Company: MTZ
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000015615-25-000128
Chunk: 306

Company: MASTEC INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 5
Chunk 306
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 the most recently completed quarter as of the balance sheet date.  A decrease in DSO has a favorable impact on cash flow from operating activities, while an increase in DSO has a negative impact on cash flow from operating activities.  Our DSO was 69 as of September 30, 2025 as compared with DSO of 60 as of December 31, 2024.  Our DSOs can fluctuate from period to period due to timing of billings, billing terms, collections and settlements, timing of project close-outs and retainage collections, changes in project and customer mix and to a lesser extent the effect of working capital initiatives, including certain accounts receivable financing arrangements.  The increase in DSO as of September 30, 2025 as compared with December 31, 2024 was due to timing of ordinary course billing and collection activities.  Other than certain ordinary course matters subject to litigation, we do not anticipate material collection issues related to our outstanding accounts receivable balances, nor do we believe that we have material amounts due from customers experiencing financial difficulties.  Based on current information, we expect to collect substantially all of our outstanding accounts receivable balances within the next twelve months.

Investing Activities.  Net cash used in investing activities was $155 million as compared to $81 million for the nine months ended September 30, 2025 and 2024, respectively, for an increase of $75 million.  Capital expenditures totaled $180 million, or $137 million, net of asset disposals, for the nine months ended September 30, 2025, as compared with $101 million, or $52 million, net of asset disposals, for the same period in 2024, for an increase in cash used in investing activities of approximately $86 million, primarily to support operational growth and the replacement of older machinery and equipment.

Financing Activities.  Net cash used in financing activities for the nine months ended September 30, 2025 was $187 million, as compared to $917 million for the same period in 2024, for a decrease in cash used in financing activities of approximately $729 million.  For the nine months ended September 30, 2025, we had $81 million of borrowings, net of repayments, under our credit facility and term loans, as compared with $1,046 million of repayments, net of borrowings, for the same period in 2024, for a decrease in cash used in financing activities