Company: MTZ
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000015615-25-000128
Chunk: 328

Company: MASTEC INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 6
Chunk 328
---
5 (a)    Recast to reflect first quarter of 2025 segment changes.Foreign Operations.  MasTec operates primarily within the United States and Canada, and, to a far lesser extent, in the Caribbean, India and Mexico.  Revenue derived from foreign operations totaled $39.0 million and $20.0 million for the three months ended September 30, 2025 and 2024, respectively, and totaled $132.7 million and $70.9 million for the nine months ended September 30, 2025 and 2024, respectively.  Revenue from foreign operations was derived primarily from the Company’s Canadian operations in its Pipeline Infrastructure segment.  As of September 30, 2025 and December 31, 2024, long-lived assets held by the Company’s businesses in foreign countries included property and equipment, net, of $23.4 

22

million and $25.3 million, respectively, and intangible assets and goodwill, net, of $109.2 million and $108.8 million, for the respective periods.  Substantially all of the Company’s long-lived and intangible assets and goodwill in foreign countries relate to its Canadian operations.Significant Customers.  For both the three and nine months ended September 30, 2025, AT&T represented approximately 10% of the Company’s total consolidated revenue.  The Company’s relationship with AT&T is based upon multiple separate master service and other service agreements, including for maintenance services and construction/installation contracts for wireless and wireline, and for which the related revenue is included primarily within the Communications segment.  No customer represented greater than 10% of the Company’s total consolidated revenue in either of the three or nine months ended September 30, 2024.  Revenue from governmental entities for the three months ended September 30, 2025 and 2024 totaled approximately 13% and 14% of total revenue, respectively, and for both the nine months ended September 30, 2025 and 2024, totaled approximately 13% of total revenue, all of which was derived from its U.S. operations.

Note 11 – Commitments and Contingencies

MasTec is subject to a variety of legal cases, claims and other disputes that arise from time to time in the ordinary course of its business, including project contract price and other project disputes, other project-related liabilities and acquisition purchase price disputes.  MasTec cannot provide assurance that it will