Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 886

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 886
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 consolidation; competition; the nature of the Company’s contracts, which do not obligate its customers to undertake any infrastructure projects and may be canceled on short notice; customer disputes related to the performance of services; exposure to litigation; seasonality, adverse weather conditions and fluctuations in operational factors; potential exposure to environmental liabilities; exposure from system or information technology interruptions; recoverability of goodwill; collectibility of receivables; the adequacy of the Company’s reserves; public health matters; exposure related to strategic investments or foreign operations; and exposure to multiemployer pension plan liabilities.  The Company grants credit, generally without collateral, to its customers.  Consequently, the Company is subject to potential credit risk related to changes in business and economic factors, including from current economic uncertainty.  However, MasTec generally has certain lien rights on that work and maintains a diverse customer base.  The Company believes its billing and collection policies are adequate to minimize potential credit risk.  MasTec’s customers include: wireless and wireline/fiber service providers; broadband operators; install-to-the-home service providers; public and private energy providers, including renewable and other energy providers; pipeline operators; civil, transportation and industrial infrastructure providers; and government entities.  The industries served by MasTec’s customers include the communications, energy and utilities industries, including the power industry, among others.The Company had approximately 1,640 customers for the year ended December 31, 2024.  As of 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.  As of December 31, 2023, one customer accounted for approximately 10% of the Company’s consolidated net accounts receivable position.  For the years ended December 31, 2024, 2023 and 2022, the Company derived 35%, 38% and 39%, respectively, of its revenue from its top ten customers.

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Note 15 – 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 years ended December 31, 2024