Company: MTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000015615-25-000079
Chunk: 74

Company: MASTEC INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 1
Chunk 74
---
 repurchase activity and other liquidity needs for the next twelve months and the foreseeable future.

Sources and Uses of Cash

As of June 30, 2025, we had approximately $679 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 $27 million.  Cash and cash equivalents totaled approximately $191 million and $400 million as of June 30, 2025 and December 31, 2024, respectively, for a decrease of $209 million.  See discussion below for further detail regarding our cash flows and related activity.

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

Six Months Ended June 30, 20252024Net cash provided by operating activities$84.0 $372.2 Net cash used in investing activities$(86.7)$(24.5)Net cash used in financing activities$(207.3)$(579.1)

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 $84 million as compared to $372 million for the six months ended June 30, 2025 and 2024, respectively, for a decrease in net cash provided by operating activities of approximately $288 million.  The decrease was due, in part, to the effect of net decreases in expenses that reconcile net income to operating cash flows, including a decrease in depreciation expense, changes in 

36

working capital compared with the prior period, including from the negative effect of timing-related changes in accounts receivable, net, 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,