Company: MTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000015615-25-000052
Chunk: 43

Company: MASTEC INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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 master service and other service agreements, which are generally multi-year agreements.  The remainder of our work is generated pursuant to contracts for specific projects or jobs that require the construction or installation of an entire infrastructure system or specified units within an infrastructure system.

We manage our operations under five operating segments, which represent our five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Power Delivery; (4) Pipeline Infrastructure and (5) Other.  This structure is generally focused on broad end-user markets for our labor-based construction services.  

In the first quarter of 2025, we made changes to our Communications and Power Delivery segment structure to more closely align with our segments’ end markets and to better correspond with the operational management reporting structure of both segments.  These changes included moving a component with utility operations previously reported in our Communications segment to our Power Delivery segment.  These changes did not impact our consolidated financial statements, but did impact our reportable segments, including historical financial information.  See Note 11 – Segments and Related Information and Note 12 – Commitments and Contingencies in the notes to the consolidated financial statements, which are incorporated by reference, for additional information regarding our segment reporting and significant customer concentrations.

Backlog

Estimated backlog represents the amount of revenue we expect to realize over the next 18 months from future work on uncompleted construction contracts, including new contracts under which work has not begun, as well as revenue from change orders and renewal options.  Our estimated backlog also includes amounts under master service and other service agreements and our proportionate share of estimated revenue from proportionately consolidated non-controlled contractual joint ventures.  Estimated backlog for work under master service and other service agreements is determined based on historical trends, anticipated seasonal impacts, experience from similar projects and estimates of customer demand based on communications with our customers.  Based on current expectations of our customers’ requirements, we anticipate that we will realize approximately 60% of our estimated March 31, 2025 backlog in 2025.  The following table presents 18-month estimated backlog by reportable segment as of the periods indicated:

Reportable Segment (in millions):March 31, 2025December 31, 2024 (a)March 31, 2024 (a)Communications$4,906 $4,571 $4,348 Clean Energy and Infrastructure4,416 4,244 3,504 Power Delivery5,024 4,748 3,928