Company: MTZ
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000015615-25-000128
Chunk: 275

Company: MASTEC INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 5
Chunk 275
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 of another provider, the Company could be required to pay for the cost of the repair or replacement.  Warranty claims have historically not been material.Concentrations of Risk.  The Company had approximately 1,630 customers for the nine months ended September 30, 2025.  As of both September 30, 2025 and December 31, 2024, no customer represented greater than 10% of the Company’s consolidated net accounts receivable position, which is calculated as accounts receivable, net, less deferred revenue.  The Company derived approximately 35% and 34% of its revenue from its top ten customers for the three months ended September 30, 2025 and 2024, respectively, and derived approximately 34% and 37% of such revenue for the nine months ended September 30, 2025 and 2024, respectively.

Note 12 – Related Party Transactions

The Company rents and leases equipment and purchases certain supplies and servicing from CCI, an entity in which Juan Carlos Mas, who is an immediate family member of the Company’s CEO and its Chairman of the Board, serves as the chairman.  Additionally, a member of management of a MasTec subsidiary and an entity that is owned by the Mas family are minority owners of CCI.  For the three months ended September 30, 2025 and 2024, MasTec paid CCI approximately $1.8 million and $2.2 million, respectively, and for the nine months ended September 30, 2025 and 2024, MasTec paid approximately $4.5 million and $10.8 million, respectively, for such services.  Amounts payable to CCI totaled approximately $1.1 million and $0.7 million as of September 30, 2025 and December 31, 2024, respectively.  The Company also rents equipment to CCI and revenue from such rentals totaled approximately $0.3 million for both the nine months ended September 30, 2025 and 2024.MasTec has a subcontracting arrangement with an entity for the performance of construction services, the minority owners of which include an entity controlled by Jorge Mas and José R. Mas, along with two members of management of a MasTec subsidiary.  For the three months ended September 30, 2025 and 2024, MasTec incurred subcontracting expenses in connection with this arrangement of approximately $2.0 million