Company: MTZ
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000015615-25-000128
Chunk: 246

Company: MASTEC INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 4
Chunk 246
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 and other liquidity needs for the next twelve months and the foreseeable future.

Sources and Uses of Cash

As of September 30, 2025, we had approximately $1,071 million in working capital, defined as current assets less current liabilities, as compared with $653 million as of December 31, 2024, an increase of approximately $418 million.  Cash and cash equivalents totaled approximately $231 million and $400 million as of September 30, 2025 and December 31, 2024, respectively, for a decrease of $168 million.  See discussion below for further detail regarding our cash flows and related activity.

Sources and uses of cash are summarized below (in millions):

Nine Months Ended September 30, 20252024Net cash provided by operating activities$173.0 $649.9 Net cash used in investing activities$(155.3)$(80.8)Net cash used in financing activities$(187.0)$(916.5)

Operating Activities.  Cash flow from operations is primarily influenced by changes in the timing of demand for our services and operating margins, but can also be affected by working capital needs associated with the various types of services we provide.  Working capital is affected by changes in total accounts receivable, net, prepaid expenses and other current assets, accounts payable and payroll tax payments, accrued expenses and contract liabilities, all of which tend to be related.  These working capital items are affected by changes in revenue resulting from the timing and volume of work performed, variability in the timing of customer billings and collections of receivables, as well as settlement of payables and other obligations.  Net cash provided by operating activities was $173 million as compared to $650 million for the nine months ended September 30, 2025 and 2024, respectively, for a decrease in net cash provided by operating activities of approximately $477 million.  The decrease was due primarily to changes in working capital compared with the prior period, including from the negative effect of timing-related changes in accounts receivable, net, 

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primarily driven by higher levels of revenue and an increase in DSO, and contract liabilities, offset, in part, by the positive effect of timing-related changes in accounts payable and accrued expenses, and an increase in net income as compared with the prior period.

DSO is calculated as total accounts receivable, net of allowance, less contract liabilities, divided by average daily revenue for the most recently completed quarter as of the balance sheet date.