Company: MTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000015615-25-000052
Chunk: 145

Company: MASTEC INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 2
Chunk 145
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2025, as compared with $25 million, or $15 million, net of asset disposals, for the same period in 2024, for an increase in cash used in investing activities of approximately $19 million, due primarily to timing of equipment purchases, as well as an expected increase in capital expenditures in 2025.  

Financing Activities.  Net cash used in financing activities for the three month period ended March 31, 2025 was $98 million, as compared with $375 million for the same period in 2024, for a decrease in cash used in financing activities of approximately $277 million.  The decrease was primarily due to repayments, net of borrowings, of our credit facility and term loans, which decreased by $312 million for the three month period ended March 31, 2025 as compared with the same period in 2024.  The decrease in cash used in financing activities from above was offset, in part, by share repurchases which totaled approximately $37 million for the three month period ended March 31, 2025, of which approximately $10 million was settled in April 2025, for a net effect on cash used in financing activities of $27 million for the three month period ended March 31, 2025.  There were no share repurchases for the three month period ended March 31, 2024.  Payments of finance lease obligations increased by approximately $3 million in 2025 as compared with 2024 and payments for other financing activities, net, totaled $7.3 million for the three month period ended March 31, 2025, and included payments for other borrowing activities, as compared with $4.6 million for the same period in 2024.  

Senior Credit Facility 

We have a $2.25 billion senior unsecured credit facility (as amended from time to time, the “Credit Facility”), which is composed of $1.9 billion of revolving commitments and a Term Loan with an original principal amount of $350 million, and matures on November 1, 2026.  As of March 31, 2025, aggregate outstanding revolving borrowings totaled approximately $40 million and availability for revolving loans totaled $1,811 million.  Borrowings under our Credit Facility are used for working capital requirements, capital expenditures and other corporate purposes, including acquisitions, equity investments or other strategic arrangements, and/or the repurchase or prepayment of indebtedness, among other corporate borrowing requirements, including potential