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Q1 2024 Summary ·MasTec | --- | --- | --- | --- | --- | --- | |-------------|---------|-------------------------------------------------------------------------------------------------------------------------------|---------------------|--------------------|----------------------------| | | | | | | | | Revenue | • • | Record Q1 revenue increased ~4% yearover-year organically. Revenue exceeded guidance by ~$60M. | | Adjusted EBITDA 1 | | | | • | Total backlog of $12.8B reflects an increase | 18 Month Backlog ...

Exhibit 99.1 Contact: J. Marc Lewis, Vice President-Investor Relations 305-406-1815 marc.lewis@mastec.com For Immediate Release MasTec Announces First Quarter 2024 Financial Results and Raises Guidance for the Year Coral Gables, FL (May 2, 2024) — MasTec, Inc. (NYSE: MTZ) today announced first quarter 2024 financial results and updated its full year 2024 guidance expectations. First quarter 2024 revenue was up 4% to $2.69 billion, a first quarter record, compared to $2.58 billion for the first quarter of 20 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________ Form 10-Q _____________________________________________ (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __ to __ Commission File Number 001-08106 ________________________ ...

Record First Quarter 2024 Revenue of $2.7 Billion First Quarter 2024 GAAP Net Loss of $34.5 Million, a $46.0 Million Improvement over First Quarter 2023 and Beating Consensus Estimates by $33.1 Million First Quarter 2024 Adjusted EBITDA of $157.3 Million, a $54.8 Million Improvement Over First Quarter 2023 and Beating Consensus Estimates by $28.7 Million First Quarter 2024 Diluted Loss Per Share of $0.53 and Adjusted Diluted Loss Per Share of $0.13, Beating Consensus Estimates by $0.33 and $0.35, Respectiv ...

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MasTec, Inc. (NYSE:MTZ) Q4 2023 Earnings Conference Call March 1, 2024 9:00 AM ET Company Participants Marc Lewis - Vice President-Investor Relations Jose Mas - Chief Executive Officer Paul DiMarco - Executive Vice President and Chief Financial Officer Conference Call Participants Sangita Jain - KeyBanc Capital Markets Brian Brophy - Stifel Andy Kaplowitz - Citigroup Steven Fisher - UBS Marc Bianchi - TD Cowen Neil Mehta - Goldman Sachs Adam Thalhimer - Thompson Davis Brett Castelli - Morningstar Justin Hau ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________ Form 10-K _____________________________________________ (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (305) 599-1800 (Registrant's telephone number, including area code) Securities registered pursuant to ...

Exhibit 99.1 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 marc.lewis@mastec.com www.mastec.com For Immediate Release MasTec Announces Fourth Quarter and Annual 2023 Financial Results and Provides Initial 2024 Guidance Coral Gables, FL (February 29, 2024) — MasTec, Inc. (NYSE: MTZ) today announced 2023 fourth quarter and full year financial results and issued its initial 2024 guidance expectation. For the ...

Part I. FINANCIAL INFORMATION This section provides the company's unaudited financial statements, management's discussion and analysis, and disclosures on market risk and internal controls [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) MasTec's Q3 2023 revenue grew significantly due to acquisitions, but net income declined, while nine-month results showed a net loss despite revenue growth [Consolidated Statements of Operations](index=3&type=section&id=Consolidated%20Statements%20of%20Operations) This section details MasTec's revenue, income, and earnings per share for Q3 and the nine months ended September 30, 2023, compared to the prior year Q3 2023 vs Q3 2022 Performance (in thousands, except per share) | Metric | Q3 2023 | Q3 2022 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $3,257,077 | $2,513,484 | +29.6% | | Income before income taxes | $22,874 | $60,311 | -62.1% | | **Net income attributable to MasTec, Inc.** | $14,296 | $48,896 | -70.8% | | **Diluted EPS** | $0.18 | $0.65 | -72.3% | Nine Months 2023 vs 2022 Performance (in thousands, except per share) | Metric | Nine Months 2023 | Nine Months 2022 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $8,715,851 | $6,769,677 | +28.7% | | (Loss) income before income taxes | $(82,718) | $30,450 | N/A | | **Net (loss) income attributable to MasTec, Inc.** | $(50,702) | $30,130 | N/A | | **Diluted EPS** | $(0.65) | $0.38 | N/A | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) This section presents MasTec's financial position, including assets, liabilities, and equity, as of September 30, 2023, and December 31, 2022 Balance Sheet Summary (in thousands) | Account | Sep 30, 2023 | Dec 31, 2022 | Change | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $214,174 | $370,592 | -42.2% | | Total current assets | $4,038,533 | $3,859,127 | +4.6% | | **Total assets** | **$9,529,727** | **$9,293,259** | **+2.5%** | | Total current liabilities | $2,811,293 | $2,496,037 | +12.6% | | Long-term debt | $3,029,939 | $3,052,193 | -0.7% | | **Total liabilities** | **$6,816,006** | **$6,552,072** | **+4.0%** | | **Total equity** | **$2,713,721** | **$2,741,187** | **-1.0%** | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This section outlines MasTec's cash inflows and outflows from operating, investing, and financing activities for the nine months ended September 30, 2023 and 2022 Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Cash Flow Activity | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | **Net cash provided by operating activities** | $196,572 | $118,671 | +$77,901 | | **Net cash used in investing activities** | $(171,683) | $(241,694) | +$70,011 | | **Net cash used in financing activities** | $(181,587) | $(139,478) | -$42,109 | | Net decrease in cash | $(156,418) | $(265,060) | +$108,642 | | Cash at end of period | $214,174 | $95,676 | +$118,498 | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes provide details on MasTec's business segments, revenue recognition, significant acquisitions, debt structure, and a material legal contingency - The company operates across five reportable segments: Communications, Clean Energy and Infrastructure, Oil and Gas, Power Delivery, and Other[24](index=24&type=chunk) - Revenue is primarily recognized over time using a cost-to-cost measure of progress. As of September 30, 2023, remaining performance obligations were **$7.6 billion**[33](index=33&type=chunk)[38](index=38&type=chunk) - For the nine months ended September 30, 2023, the company incurred **$60.9 million** in acquisition and integration costs, primarily included in general and administrative expenses[74](index=74&type=chunk) - As of September 30, 2023, the company had total debt obligations of **$3.22 billion**, including a senior credit facility, senior notes, and term loans[97](index=97&type=chunk) - A jury awarded significant damages against IEA, a subsidiary, in a solar project lawsuit. However, on October 23, 2023, the court ordered a new trial on damages unless the plaintiffs agree to a substantial remittitur (reduction) of the award[130](index=130&type=chunk)[131](index=131&type=chunk)[134](index=134&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 2023 revenue growth driven by acquisitions, segment performance variations, and profitability impacts from inefficiencies and higher interest expenses [Backlog](index=32&type=section&id=Backlog) This section provides a breakdown of MasTec's estimated 18-month backlog by segment, highlighting the growth in Clean Energy and Infrastructure 18-Month Estimated Backlog by Segment (in millions) | Reportable Segment | Sep 30, 2023 | Sep 30, 2022 | Change | | :--- | :--- | :--- | :--- | | Communications | $5,299 | $5,024 | +5.5% | | Clean Energy and Infrastructure | $3,073 | $1,933 | +59.0% | | Oil and Gas | $1,681 | $1,513 | +11.1% | | Power Delivery | $2,437 | $2,757 | -11.6% | | **Total Estimated 18-month backlog** | **$12,490** | **$11,227** | **+11.2%** | - Backlog differs from remaining performance obligations (**$7.6 billion**) primarily due to the inclusion of **$7.1 billion** of estimated future revenue under master service agreements, which are not contractually committed[173](index=173&type=chunk)[38](index=38&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Q3 2023 revenue grew 30% driven by Clean Energy and Oil & Gas, but overall profitability declined due to segment inefficiencies and increased interest expense - Q3 2023 consolidated revenue increased by **$744 million (30%)**, with acquisitions contributing **$533 million** and organic revenue increasing by **$210 million (8%)**[184](index=184&type=chunk) - Clean Energy and Infrastructure Q3 revenue grew **95% to $1.1 billion**, with acquisitions (primarily IEA) contributing **$485 million**[186](index=186&type=chunk) - Oil and Gas Q3 revenue increased **79% to $672 million** due to higher levels of large-diameter pipeline project work[187](index=187&type=chunk) - Communications Q3 revenue decreased **7%** organically by **13%**, driven by lower wireless and wireline project activity due to macroeconomic conditions and customer financing costs[185](index=185&type=chunk) - Net interest expense for Q3 increased by **$36 million (133%)** year-over-year, primarily due to higher average debt balances from acquisitions and higher interest rates on floating-rate debt[193](index=193&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=41&type=section&id=Financial%20Condition,%20Liquidity%20and%20Capital%20Resources) MasTec's liquidity relies on operations and credit facilities, with working capital and cash decreasing, though operating cash flow improved, and DSO slightly increased - Working capital decreased by **$136 million to $1.227 billion** as of September 30, 2023, from December 31, 2022[246](index=246&type=chunk) - For the first nine months of 2023, the company spent **$157 million** on capital expenditures and used **$69 million** in cash for acquisitions[239](index=239&type=chunk)[240](index=240&type=chunk) - Days Sales Outstanding (DSO), net of contract liabilities, was **85 days** as of September 30, 2023, compared to **83 days** at the end of 2022[248](index=248&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) MasTec's primary market risk is interest rate exposure on variable-rate debt, with minimal foreign currency risk - The company's primary market risk is interest rate risk on its variable-rate debt, which includes the Credit Facility and term loans[264](index=264&type=chunk) - A **100 basis point** increase in applicable interest rates would have increased interest expense by approximately **$16 million** for the nine months ended September 30, 2023[267](index=267&type=chunk) - Foreign currency risk is not significant, with revenue from foreign operations representing only **1%** of total revenue for the nine-month period[269](index=269&type=chunk) [Item 4. Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls were ineffective due to material weaknesses in internal control over financial reporting, with ongoing remediation efforts - The CEO and CFO concluded that disclosure controls and procedures were not effective as of September 30, 2023[272](index=272&type=chunk) - The ineffectiveness is due to material weaknesses identified in internal control over financial reporting, related to areas such as the order-to-cash cycle at acquired entities, purchase price allocation for the IEA acquisition, and IT general controls[272](index=272&type=chunk)[273](index=273&type=chunk) - Management is actively implementing remediation actions, including expanding IT compliance, enhancing training, and refining control procedures, but the weaknesses will not be considered fully remediated until the new controls have operated effectively for a sufficient period[276](index=276&type=chunk) Part II. OTHER INFORMATION This section provides updates on legal proceedings, risk factors, and unregistered equity sales [Item 1. Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) The company refers to Note 14 for legal proceedings, highlighting a recent court order significantly reducing potential damages in a solar project lawsuit - For a discussion of material legal proceedings, the report refers to Note 14 - Commitments and Contingencies[279](index=279&type=chunk) [Item 1A. Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors were reported, subject to general economic conditions - No material changes have been made to the risk factors previously disclosed in the 2022 Form 10-K[281](index=281&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase shares under its public program in Q3 2023, with $77.3 million remaining available for future repurchases - No shares were repurchased under the publicly announced program during the quarter ended September 30, 2023[282](index=282&type=chunk) - As of September 30, 2023, **$77.3 million** remained available for share repurchases under the March 2020 **$150 million** share repurchase program[283](index=283&type=chunk)