0001193125-20-129347.txt : 20200501 0001193125-20-129347.hdr.sgml : 20200501 20200430195010 ACCESSION NUMBER: 0001193125-20-129347 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20200430 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200501 DATE AS OF CHANGE: 20200430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MASTEC INC CENTRAL INDEX KEY: 0000015615 STANDARD INDUSTRIAL CLASSIFICATION: WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION [1623] IRS NUMBER: 650829355 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08106 FILM NUMBER: 20837842 BUSINESS ADDRESS: STREET 1: 800 S. DOUGLAS ROAD STREET 2: 12TH FLOOR CITY: CORAL GABLES STATE: FL ZIP: 33134 BUSINESS PHONE: 3055991800 MAIL ADDRESS: STREET 1: 800 S. DOUGLAS ROAD STREET 2: 12TH FLOOR CITY: CORAL GABLES STATE: FL ZIP: 33134 FORMER COMPANY: FORMER CONFORMED NAME: BURNUP & SIMS INC DATE OF NAME CHANGE: 19920703 8-K 1 d924297d8k.htm 8-K 8-K
MASTEC INC false 0000015615 0000015615 2020-04-30 2020-04-30

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 30, 2020

 

MASTEC, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Florida

  

001-08106

  

65-0829355

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

800 S. Douglas Road, 12th Floor

Coral Gables, Florida 33134

(Address of Principal Executive Office)

Registrant’s telephone number, including area code (305) 599-1800

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

  

Trading

symbol(s)

  

Name of each exchange

on which registered

Common Stock, $0.10 Par Value

  

MTZ

  

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

ITEM 2.02 Results of Operations and Financial Condition.

The information contained in Item 7.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.02.

ITEM 7.01 Regulation FD Disclosure.

On April 30, 2020, MasTec, Inc., a Florida corporation (the “Company”), announced its financial results for the quarter ended March 31, 2020. In addition, the Company issued guidance for the quarter ending June 30, 2020 and revised its guidance for the year ending December 31, 2020, in each case as set forth in the earnings press release. A copy of the Company’s earnings press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference in this Item 7.01. The information contained in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

ITEM 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit
Number

   

Description

         
 

  99.1

   

Press Release, April 30, 2020

         
 

101.INS

   

Inline XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.

         
 

101.SCH

   

Inline XBRL Taxonomy Extension Schema

         
 

101.CAL

   

Inline XBRL Taxonomy Extension Calculation Linkbase

         
 

101.DEF

   

Inline XBRL Taxonomy Extension Definition Linkbase

         
 

101.LAB

   

Inline XBRL Taxonomy Extension Label Linkbase

         
 

101.PRE

   

Inline XBRL Taxonomy Extension Presentation Linkbase

         
 

104

   

The cover page of MasTec, Inc.’s Current Report on Form 8-K, formatted in Inline XBRL (included with the Exhibit 101 attachments).

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

MASTEC, INC.

             

Date: April 30, 2020

 

 

By:

 

/s/ Alberto de Cardenas

 

 

 

Alberto de Cardenas

 

 

 

Executive Vice President, General Counsel and Secretary

EX-99.1 2 d924297dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

 

Contact:    800 S. Douglas Road, 12th Floor
J. Marc Lewis, Vice President-Investor Relations    Coral Gables, Florida 33134
305-406-1815    Tel: 305-599-1800
305-406-1886 fax    Fax: 305-406-1960
marc.lewis@mastec.com    www.mastec.com

For Immediate Release

MasTec Announces Better than Expected First Quarter 2020 Results and Updated Annual Guidance Incorporating Potential COVID-19 Pandemic Impacts

 

•  

First Quarter 2020 Results include GAAP Net Income of $36.1 Million, Adjusted EBITDA of $118 Million, Diluted Earnings Per Share of $0.48, and Adjusted Diluted Earnings of $0.60 per Share, with all Key Metrics Exceeding Guidance Expectations

 

•  

Record First Quarter 2020 Cash Flow from Operations of $203 Million Funded $119 Million in Share Repurchases During the Quarter, with a Sequential Decrease in Net Debt Levels

 

•  

Strong Balance Sheet as of March 31, 2020, Comfortable Leverage Metrics and Ample Liquidity of Approximately $950 Million

 

•  

Record Backlog as of March 31, 2020 of $8.3 Billion

 

•  

Slightly Adjusting 2020 Annual Guidance for Diluted Earnings per Share, Adjusted EBITDA and Adjusted Diluted Earnings per Share for Potential Impacts of the COVID-19 Pandemic

Coral Gables, FL (April 30, 2020) — MasTec, Inc. (NYSE: MTZ) today announced better than expected first quarter financial results and updated its guidance for the remainder of 2020 for the potential impacts of the COVID-19 Pandemic.

First quarter 2020 revenue was $1.4 billion, and cash flow from operations was a first quarter record at $203 million, a $250 million increase over cash flow from operations during the same period last year.

First quarter GAAP net income was $36.1 million, or $0.48 per diluted share. GAAP results exceeded the Company’s previously announced diluted earnings per share expectation by $0.10. First quarter 2020 adjusted net income, a non-GAAP measure, was $44.9 million. Adjusted diluted earnings per share, a non-GAAP measure, was $0.60, exceeding the Company’s previously announced expectation by $0.12. First quarter 2020 adjusted EBITDA, also a non-GAAP measure, was $118 million, exceeding the Company’s previously announced expectation by approximately $10 million.

LOGO

 

18-month backlog as of March 31, 2020 was a record $8.3 billion, a $367 million sequential increase when compared to fourth quarter 2019 and a $327 million increase compared to the first quarter of 2019.

Adjusted net income, adjusted diluted earnings per share and adjusted EBITDA, which are all non-GAAP measures, exclude certain items which are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures.

Jose Mas, MasTec’s Chief Executive Officer, commented, “I’d first like to thank the men and women of MasTec for their dedication, commitment and focus. I’m inspired by their efforts, as millions of families throughout the U.S. rely on the power, communications, entertainment and other services we help our customers provide. The safety of our people has been our primary focus and I’m proud of their resilience and creativity in making sure we provide value to our customers.”

Mr. Mas continued, “As it relates to COVID-19, we’ve assessed and continue to manage the impact across all of our segments. We are closely monitoring the impact the pandemic is having on commodity prices and, in particular how it is affecting demand. We expect continued volatility and caution as the world begins to reopen and demand recovers. In the meantime, we enjoy significant backlog and have strong visibility both for the remainder of 2020 and 2021.”

Mr. Mas concluded, “Our first quarter results exceeded our expectations, our balance sheet is strong, backlog across all of our segments is solid and we feel we are in an excellent position to not only weather this storm but to actively work with all of our customers to provide value as they evaluate their future needs.”

George Pita, MasTec’s Executive Vice President and Chief Financial Officer noted, “We had record first quarter cash flow from operations which enabled us to opportunistically repurchase approximately 5% of the outstanding shares of our common stock, while still reducing our overall net debt levels. Our balance sheet remains in excellent shape, ending the quarter with approximately $950 million in liquidity, which we define as cash and availability under our credit facility. We continue to monitor conditions during this uncertain time and will prudently manage our cash flow and liquidity.”

The Company also noted that, to date, most of its construction services have been deemed essential under state and local pandemic mitigation orders, and all of its business segments have continued to operate. While the COVID-19 pandemic had minimal impact on its first quarter operations, the Company does expect some impact for the remainder of the year. These impacts may include lost productivity from governmental permitting delays, reduced crew productivity due to social distancing and other mitigation measures, lower levels of overhead cost absorption, and/or delayed project start dates or project shutdowns that may be imposed on us, or our customers.

Because of the risk for potential impacts of the COVID-19 pandemic, the Company is revising guidance expectations for the remainder of 2020. Based on the information available today, the Company estimates 2020 annual revenue of approximately $7.3 to $7.7 billion, with 2020 annual GAAP net income and diluted earnings per share expected to approximate $289 to $326 million and $3.90 to $4.41, respectively. 2020 annual adjusted EBITDA, a non-GAAP measure, is expected to be between $775 and $825 million, and 2020 annual adjusted diluted earnings per share, a non-GAAP measure, is expected to range from $4.50 to $5.00.

LOGO

 

For the second quarter of 2020, the Company expects revenue to be between $1.5 and $1.6 billion. Second quarter 2020 GAAP net income is expected to approximate $47 to $54 million with GAAP diluted earnings per share expected to approximate $0.64 to $0.75. Second quarter 2020 adjusted EBITDA, a non-GAAP measure, is expected to approximate from $150 to $160 million with adjusted diluted earnings per share, a non-GAAP measure, expected to approximate $0.78 to $0.89.

Finally, the Company also notes that it has updated its corporate website, www.mastec.com, to include a new Sustainability section disclosing new information on the Company’s environmental stewardship, employee health, safety, training and education, community impact, and sustainability leadership and other governance related initiatives. The Company has also dedicated board level committee oversight to Sustainability issues.

Senior Management will hold a conference call to discuss these results on Friday, May 1, 2020, at 9:00 a.m. Eastern time. The call-in number for the conference call is (323) 794-2551 or (888) 204-4368 and the replay number is (719) 457-0820, with a pass code of 3818954. The replay will run for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the Investors section of the Company’s website at www.mastec.com.

The following tables set forth the financial results for the periods ended March 31, 2020 and 2019:

LOGO

 

Consolidated Statements of Operations

(unaudited—in thousands, except per share information)

 

     For the Three Months Ended
March 31,		  
     2020     2019  

Revenue

    $ 1,416,604     $ 1,518,340  

Costs of revenue, excluding depreciation and amortization

      1,226,297       1,312,048  

Depreciation

      53,089       54,226  

Amortization of intangible assets

      7,391       4,805  

General and administrative expenses

      85,514       72,616  

Interest expense, net

      17,004       22,258  

Equity in earnings of unconsolidated affiliates

      (7,834 )      (6,260 ) 

Other (income) expense, net

      (1,342 )      3,507  
  

 

 

    

 

 

  

Income before income taxes

    $ 36,485     $ 55,140  

Provision for income taxes

      (423 )      (12,033 ) 
  

 

 

    

 

 

  

Net income

    $ 36,062     $ 43,107  
  

 

 

    

 

 

  

Net loss attributable to non-controlling interests

      (168 )      (5 ) 
  

 

 

    

 

 

  

Net income attributable to MasTec, Inc.

    $ 36,230     $ 43,112  
  

 

 

    

 

 

  

Earnings per share:

     

Basic earnings per share

    $ 0.48     $ 0.57  
  

 

 

    

 

 

  

Basic weighted average common shares outstanding

      74,738       74,991  
  

 

 

    

 

 

  

Diluted earnings per share

    $ 0.48     $ 0.57  
  

 

 

    

 

 

  

Diluted weighted average common shares outstanding

      75,413       75,578  
  

 

 

    

 

 

  

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Consolidated Balance Sheets

(unaudited—in thousands)

 

     March 31,
2020		      December 31,
2019		  
Assets      

Current assets

    $ 2,079,779      $ 2,173,559  

Property and equipment, net

      937,309        905,835  

Operating lease assets

      210,637        229,903  

Goodwill, net

      1,221,147        1,221,440  

Other intangible assets, net

      200,788        211,528  

Other long-term assets

      243,888        254,741  
  

 

 

     

 

 

  

Total assets

    $ 4,893,548      $ 4,997,006  
  

 

 

     

 

 

  
Liabilities and Equity      

Current liabilities

    $ 1,260,033      $ 1,219,126  

Long-term debt, including finance leases

      1,297,342        1,314,030  

Long-term operating lease liabilities

      143,441        154,553  

Deferred income taxes

      276,060        296,326  

Other long-term liabilities

      226,859        221,280  

Total equity

      1,689,813        1,791,691  
  

 

 

     

 

 

  

Total liabilities and equity

    $ 4,893,548      $ 4,997,006  
  

 

 

     

 

 

  

Consolidated Statements of Cash Flows

(unaudited—in thousands)

 

     For the Three Months
Ended March 31,		  
     2020     2019  

Net cash provided by (used in) operating activities

    $ 203,266     $ (46,807 ) 

Net cash used in investing activities

      (58,740 )      (111,203 ) 

Net cash (used in) provided by financing activities

      (145,224 )      173,773  

Effect of currency translation on cash

      934       9  
  

 

 

    

 

 

  

Net increase in cash and cash equivalents

      236       15,772  
  

 

 

    

 

 

  

Cash and cash equivalents—beginning of period

    $ 71,427     $ 27,422  
  

 

 

    

 

 

  

Cash and cash equivalents—end of period

    $ 71,663     $ 43,194  
  

 

 

    

 

 

  

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Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited—in millions, except for percentages and per share information)

 

     For the Three Months
Ended March 31,		  
Segment Information    2020     2019  

Revenue by Reportable Segment

     

Communications

    $ 644.1     $ 612.8  

Oil and Gas

      359.1       621.3  

Electrical Transmission

      128.1       94.9  

Power Generation and Industrial

      286.3       189.4  

Other

      0.0       0.0  

Eliminations

      (1.0 )      (0.1 ) 

Corporate

      —       —  
  

 

 

    

 

 

  

Consolidated revenue

    $ 1,416.6     $ 1,518.3  
  

 

 

    

 

 

  
     For the Three Months
Ended March 31,		  
     2020     2019  

Adjusted EBITDA by Reportable Segment

     

EBITDA

    $ 114.0     $ 136.4  

Non-cash stock-based compensation expense

      4.0       3.7  
  

 

 

    

 

 

  

Adjusted EBITDA

    $ 118.0     $ 140.1  
  

 

 

    

 

 

  

Reportable Segment:

     

Communications

    $ 50.8     $ 45.3  

Oil and Gas

      74.4       107.4  

Electrical Transmission

      8.3       3.8  

Power Generation and Industrial

      5.0       3.2  

Other

      7.4       6.2  

Corporate

      (27.9 )      (25.8 ) 
  

 

 

    

 

 

  

Adjusted EBITDA

    $ 118.0     $ 140.1  
  

 

 

    

 

 

  
     For the Three Months
Ended March 31,		  
     2020     2019  

Adjusted EBITDA Margin by Reportable Segment

     

EBITDA Margin

      8.0 %      9.0 % 

Non-cash stock-based compensation expense

      0.3 %      0.2 % 
  

 

 

    

 

 

  

Adjusted EBITDA margin

      8.3 %      9.2 % 
  

 

 

    

 

 

  

Reportable Segment:

     

Communications

      7.9 %      7.4 % 

Oil and Gas

      20.7 %      17.3 % 

Electrical Transmission

      6.5 %      4.0 % 

Power Generation and Industrial

      1.7 %      1.7 % 

Other

      NM       NM  

Corporate

      —       —  
  

 

 

    

 

 

  

Adjusted EBITDA margin

      8.3 %      9.2 % 
  

 

 

    

 

 

  

NM—Percentage is not meaningful

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Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited—in millions, except for percentages and per share information)

 

     For the Three Months Ended
March 31, (a)		  
         2020             2019      

EBITDA and Adjusted EBITDA Reconciliation

     

Net income

    $ 36.1     $ 43.1  

Interest expense, net

      17.0       22.3  

Provision for income taxes

      0.4       12.0  

Depreciation

      53.1       54.2  

Amortization of intangible assets

      7.4       4.8  
  

 

 

    

 

 

  

EBITDA

    $ 114.0     $ 136.4  
  

 

 

    

 

 

  

Non-cash stock-based compensation expense

      4.0       3.7  
  

 

 

    

 

 

  

Adjusted EBITDA

    $ 118.0     $ 140.1  
  

 

 

    

 

 

  
     For the Three Months Ended
March 31, (a)		  
     2020     2019  

EBITDA and Adjusted EBITDA Margin Reconciliation

     

Net income

      2.5 %      2.8 % 

Interest expense, net

      1.2 %      1.5 % 

Provision for income taxes

      0.0 %      0.8 % 

Depreciation

      3.7 %      3.6 % 

Amortization of intangible assets

      0.5 %      0.3 % 
  

 

 

    

 

 

  

EBITDA margin

      8.0 %      9.0 % 
  

 

 

    

 

 

  

Non-cash stock-based compensation expense

      0.3 %      0.2 % 
  

 

 

    

 

 

  

Adjusted EBITDA margin

      8.3 %      9.2 % 
  

 

 

    

 

 

  

 

(a)

All prior year periods have been updated to conform with the current period presentation.

LOGO

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited—in millions, except for percentages and per share information)

 

     For the Three Months Ended
March 31, (b)		  
         2020             2019      

Adjusted Net Income Reconciliation

     

Net income

    $ 36.1     $ 43.1  

Non-cash stock-based compensation expense

      4.0       3.7  

Amortization of intangible assets

      7.4       4.8  

Income tax effect of adjustments (a)

      (2.7 )      (4.4 ) 
  

 

 

    

 

 

  

Adjusted net income

    $ 44.9     $ 47.2  
  

 

 

    

 

 

  
     For the Three Months Ended
March 31, (b)		  
     2020     2019  

Adjusted Diluted Earnings per Share Reconciliation

     

Diluted earnings per share

    $ 0.48     $ 0.57  

Non-cash stock-based compensation expense

      0.05       0.05  

Amortization of intangible assets

      0.10       0.06  

Income tax effect of adjustments (a)

      (0.04 )      (0.06 ) 
  

 

 

    

 

 

  

Adjusted diluted earnings per share

    $ 0.60     $ 0.62  
  

 

 

    

 

 

  

 

(a)

Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effect on pre-tax income.

(b)

All prior year periods have been updated to conform with the current period presentation.

LOGO

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited—in millions, except for percentages and per share information)

 

     Guidance for the Three Months
Ended June 30, 2020 Est.		     For the Three Months Ended
June 30, 2019 (c)		  

EBITDA and Adjusted EBITDA Reconciliation

     

Net income

    $ 47 - 54     $ 120.2  

Interest expense, net

      17       16.6  

Provision for income taxes

      17 - 19       39.7  

Depreciation

      55       55.3  

Amortization of intangible assets

      9       4.7  
  

 

 

    

 

 

  

EBITDA

    $ 146 - 156     $ 236.5  
  

 

 

    

 

 

  

Non-cash stock-based compensation expense

      4       4.2  
  

 

 

    

 

 

  

Adjusted EBITDA

    $ 150 - 160     $ 240.7  
  

 

 

    

 

 

  
     Guidance for the Three Months
Ended June 30, 2020 Est.		     For the Three Months Ended
June 30, 2019 (c)		  

EBITDA and Adjusted EBITDA Margin Reconciliation

     

Net income

      3.1 - 3.4 %      6.2 % 

Interest expense, net

      1.1 - 1.2 %      0.9 % 

Provision for income taxes

      1.1 - 1.2 %      2.0 % 

Depreciation

      3.4 - 3.7 %      2.9 % 

Amortization of intangible assets

      0.6 %      0.2 % 
  

 

 

    

 

 

  

EBITDA margin

      9.7 %      12.2 % 
  

 

 

    

 

 

  

Non-cash stock-based compensation expense

      0.3 %      0.2 % 
  

 

 

    

 

 

  

Adjusted EBITDA margin

      10.0 %      12.4 % 
  

 

 

    

 

 

  
     Guidance for the Three Months
Ended June 30, 2020 Est.		     For the Three Months Ended
June 30, 2019 (c)		  

Adjusted Net Income Reconciliation

     

Net income

    $ 47 - 54     $ 120.2  

Non-cash stock-based compensation expense

      4       4.2  

Amortization of intangible assets

      9       4.7  

Income tax effect of adjustments (a)

      (3 )      (2.1 ) 

Statutory tax rate effects (b)

      —       (1.4 ) 
  

 

 

    

 

 

  

Adjusted net income

    $ 57 - 65     $ 125.6  
  

 

 

    

 

 

  
     Guidance for the Three Months
Ended June 30, 2020 Est.		     For the Three Months Ended
June 30, 2019 (c)		  

Adjusted Diluted Earnings per Share Reconciliation

     

Diluted earnings per share

    $ 0.64 - 0.75     $ 1.58  

Non-cash stock-based compensation expense

      0.06       0.06  

Amortization of intangible assets

      0.13       0.06  

Income tax effect of adjustments (a)

      (0.04 )      (0.03 ) 

Statutory tax rate effects (b)

      —       (0.02 ) 
  

 

 

    

 

 

  

Adjusted diluted earnings per share

    $ 0.78 - 0.89     $ 1.65  
  

 

 

    

 

 

  

 

(a)

Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effect on pre-tax income.

(b)

For the three month period ended June 30, 2019, includes the effects of changes in Canadian provincial statutory tax rates.

(c)

All prior year periods have been updated to conform with the current period presentation.

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Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited—in millions, except for percentages and per share information)

 

     Guidance for
the Year
Ended
December 31,
2020 Est.		     For the Year
Ended
December 31,
2019 (a)		     For the Year
Ended
December 31,
2018 (a)		  

EBITDA and Adjusted EBITDA Reconciliation

       

Net income

    $ 289 - 326     $ 394.1     $ 259.2  

Interest expense, net

      69       77.0       82.6  

Provision for income taxes

      92 - 105       116.8       106.1  

Depreciation

      270       212.5       192.3  

Amortization of intangible assets

      35       23.0       20.6  
  

 

 

    

 

 

    

 

 

  

EBITDA

    $ 755 - 805     $ 823.4     $ 660.8  
  

 

 

    

 

 

    

 

 

  

Non-cash stock-based compensation expense

      20       16.4       13.5  

Goodwill and intangible asset impairment

      —       3.3       47.7  

Project results from non-controlled joint venture

      —       —       (1.0 ) 
  

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

    $ 775 - 825     $ 843.2     $ 721.0  
  

 

 

    

 

 

    

 

 

  
     Guidance for
the Year
Ended
December 31,
2020 Est.		     For the Year
Ended
December 31,
2019 (a)		     For the Year
Ended
December 31,
2018 (a)		  

EBITDA and Adjusted EBITDA Margin Reconciliation

       

Net income

      4.0 - 4.2 %      5.5 %      3.8 % 

Interest expense, net

      0.9 %      1.1 %      1.2 % 

Provision for income taxes

      1.3 - 1.4 %      1.6 %      1.5 % 

Depreciation

      3.5 - 3.7 %      3.0 %      2.8 % 

Amortization of intangible assets

      0.5 %      0.3 %      0.3 % 
  

 

 

    

 

 

    

 

 

  

EBITDA margin

      10.3 - 10.4 %      11.5 %      9.6 % 
  

 

 

    

 

 

    

 

 

  

Non-cash stock-based compensation expense

      0.3 %      0.2 %      0.2 % 

Goodwill and intangible asset impairment

      — %      0.0 %      0.7 % 

Project results from non-controlled joint venture

      — %      — %      (0.0 )% 
  

 

 

    

 

 

    

 

 

  

Adjusted EBITDA margin

      10.6 - 10.7 %      11.7 %      10.4 % 
  

 

 

    

 

 

    

 

 

  

 

(a)

All prior year periods have been updated to conform with the current period presentation.

LOGO

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited—in millions, except for percentages and per share information)

 

     Guidance for
the Year
Ended
December 31,
2020 Est.		     For the Year
Ended
December 31,
2019 (c) (d)		     For the Year
Ended
December 31,
2018 (c)		  

Adjusted Net Income Reconciliation

       

Net income

    $ 289 - 326     $ 394.1     $ 259.2  

Non-cash stock-based compensation expense

      20       16.4       13.5  

Amortization of intangible assets

      35       23.0       20.6  

Goodwill and intangible asset impairment

      —       3.3       47.7  

Project results from non-controlled joint venture

      —       —       (1.0 ) 

Income tax effect of adjustments (a)

      (11 )      (13.2 )      (10.5 ) 

Statutory tax rate effects (b)

      —       (7.8 )      (12.8 ) 
  

 

 

    

 

 

    

 

 

  

Adjusted net income

    $ 333 - 370     $ 415.9     $ 316.7  
  

 

 

    

 

 

    

 

 

  
     Guidance for
the Year
Ended
December 31,
2020 Est.		     For the Year
Ended
December 31,
2019 (c) (d)		     For the Year
Ended
December 31,
2018 (c) (d)		  

Adjusted Diluted Earnings per Share Reconciliation

       

Diluted earnings per share

    $ 3.90 - 4.41     $ 5.17     $ 3.26  

Non-cash stock-based compensation expense

      0.28       0.22       0.17  

Amortization of intangible assets

      0.47       0.30       0.26  

Goodwill and intangible asset impairment

      —       0.04       0.60  

Project results from non-controlled joint venture

      —       —       (0.01 ) 

Income tax effect of adjustments (a)

      (0.15 )      (0.17 )      (0.14 ) 

Statutory tax rate effects (b)

      —       (0.10 )      (0.16 ) 
  

 

 

    

 

 

    

 

 

  

Adjusted diluted earnings per share

    $ 4.50 - 5.00     $ 5.46     $ 3.98  
  

 

 

    

 

 

    

 

 

  

 

(a)

Represents the tax effect of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effect on pre-tax income.

(b)

For the year ended December 31, 2019, includes the effects of Canadian provincial statutory tax rates, as well as changes in state tax rates, and for the year ended December 31, 2018, includes the effects of the 2017 Tax Act.

(c)

All prior year periods have been updated to conform with the current period presentation.

(d)

Reflects revised estimate for tax effects as compared to earnings release filed on February 27, 2020.

LOGO

 

The tables may contain slight summation differences due to rounding.

MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company’s primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber, and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; heavy civil, and industrial infrastructure. MasTec’s customers are primarily in these industries. The Company’s corporate website is located at www.mastec.com. The Company’s website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on management’s current expectations and are subject to a number of risks, uncertainties, and assumptions, including market conditions, technological developments, regulatory changes or other governmental policy uncertainty that affects us or our customers’ industries; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, including potential adverse effects of public health issues, such as the COVID-19 pandemic, on economic activity generally, our customers and our operations commodity price fluctuations, the availability and cost of financing, and customer consolidation in the industries we serve; activity in the oil and gas, utility and power generation industries and the impact on our customers’ expenditure levels caused by fluctuations in prices of oil, natural gas, electricity and other energy sources; our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; the timing and extent of fluctuations in operational, geographic and weather factors affecting our customers, projects and the industries in which we operate; the highly competitive nature of our industry and the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; risks related to completed or potential acquisitions, including our ability to identify suitable acquisition or strategic investment opportunities, to integrate acquired businesses within expected timeframes and to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, including the risk of potential asset impairment charges and write-downs of goodwill; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks associated with potential environmental issues and other hazards from our operations; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks related to our strategic arrangements, including our equity investments; any exposure resulting from system or information technology interruptions or data security breaches; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the effect of state and federal regulatory initiatives, including costs of compliance with existing and potential future safety and environmental requirements, including with respect to climate change; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and related projects and expenditures; the adequacy of our insurance, legal and other reserves; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; our ability to maintain a workforce based upon current and anticipated workloads; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, and our ability to enforce any noncompetition agreements; fluctuations in fuel, maintenance, materials, labor and other costs; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multi-employer union pension plans, including underfunding and withdrawal liabilities; risks associated with operating in or expanding into additional international markets, including risks from fluctuations in foreign currencies, foreign labor and general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; restrictions imposed by our credit facility, senior notes, and any future loans or securities; our ability to obtain performance and surety bonds; a small number of our existing shareholders have the ability to influence major corporate decisions; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience in connection with shares we may issue as consideration for earn-out obligations or as purchase consideration in connection with past or future acquisitions, or as a result of other stock issuances; as well as other risks detailed in our filings with the Securities and Exchange Commission. Actual results may differ significantly from results expressed or implied in these statements. We do not undertake any obligation to update forward-looking statements.

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Entity Registrant Name MASTEC INC
Amendment Flag false
Entity Central Index Key 0000015615
Document Type 8-K
Document Period End Date Apr. 30, 2020
Entity Incorporation State Country Code FL
Entity File Number 001-08106
Entity Tax Identification Number 65-0829355
Entity Address, Address Line One 800 S. Douglas Road
Entity Address, Address Line Two 12th Floor
Entity Address, City or Town Coral Gables
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33134
City Area Code (305)
Local Phone Number 599-1800
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, $0.10 Par Value
Trading Symbol MTZ
Security Exchange Name NYSE
Entity Emerging Growth Company false
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