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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)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________ Form 10-Q _____________________________________________ (Mark One) 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 _____________________________________________ MasTec, Inc. ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the qua ...

MasTec, Inc. (NYSE:MTZ) Q1 2023 Earnings Conference Call May 5, 2023 9:00 AM ET Company Participants Marc Lewis - Vice President, Investor Relations Jose Mas - Chief Executive Officer Paul Dimarco - Executive Vice President & Chief Financial Officer Conference Call Participants Alex Rygiel - B. Riley Justin Hauke - Robert W. Baird Neil Mehta - Goldman Sachs Jamie Cook - Credit Suisse Brent Thielman - D.A. Davidson Andy Kaplowitz - Citigroup Adam Thalhimer - Thompson Davis Marc Bianchi - TD Cowen Avi Jarosla ...

3 Infrastruction that O Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements include, but are not limited to, statements relating to expectations regarding the future financial and operational performance of MasTec; the projected impact and benefits of IEA on MasTec's operating or financial results; expectations regarding MasTec's business or financial outlook; expectations regarding MasTec' ...

Part I. Financial Information [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) MasTec, Inc. reported a 32% revenue increase to $2.58 billion in Q1 2023, but a wider net loss of $80.5 million, with significant negative operating cash flow [Consolidated Statements of Operations](index=3&type=section&id=Consolidated%20Statements%20of%20Operations) Q1 2023 revenue grew to $2.58 billion, but net loss widened to $80.5 million ($1.05 per share) due to higher costs and interest expense Consolidated Statements of Operations Highlights (in thousands, except per share amounts) | Metric | For the Three Months Ended March 31, 2023 | For the Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Revenue (in thousands) | $2,584,659 | $1,954,400 | | Costs of revenue (in thousands) | $2,359,494 | $1,733,316 | | Loss before income taxes (in thousands) | $(125,280) | $(48,107) | | **Net loss attributable to MasTec, Inc. (in thousands)** | **$(80,540)** | **$(34,978)** | | **Basic and diluted loss per share ($)** | **$(1.05)** | **$(0.47)** | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to $9.06 billion as of March 31, 2023, driven by a reduction in cash, while total liabilities and equity also slightly declined Key Balance Sheet Items (in thousands) | Metric | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents (in thousands) | $141,560 | $370,592 | | Total current assets (in thousands) | $3,656,663 | $3,859,127 | | Goodwill, net (in thousands) | $2,065,602 | $2,045,041 | | **Total assets (in thousands)** | **$9,055,336** | **$9,293,259** | | Total current liabilities (in thousands) | $2,378,535 | $2,496,037 | | Long-term debt, including finance leases (in thousands) | $3,045,526 | $3,052,193 | | **Total liabilities (in thousands)** | **$6,407,704** | **$6,552,072** | | **Total equity (in thousands)** | **$2,647,632** | **$2,741,187** | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow shifted to a net use of $86.4 million in Q1 2023, contributing to a $229.0 million net decrease in cash and cash equivalents Consolidated Cash Flows Summary (in thousands) | Cash Flow Activity | For the Three Months Ended March 31, 2023 | For the Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities (in thousands) | $(86,371) | $131,518 | | Net cash used in investing activities (in thousands) | $(89,486) | $(101,361) | | Net cash used in financing activities (in thousands) | $(53,442) | $(158,016) | | **Net decrease in cash and cash equivalents (in thousands)** | **$(229,032)** | **$(127,603)** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail business structure, accounting policies, and financial components, highlighting $8.4 billion in remaining performance obligations, acquisition activity, and a significant legal contingency - As of March 31, 2023, the company's remaining performance obligations (unearned revenue from contracts) totaled **$8.4 billion**. The company expects to recognize approximately **$5.7 billion** of this amount as revenue during the remainder of 2023[35](index=35&type=chunk) - In Q1 2023, the company incurred **$17.1 million** in acquisition and integration costs related to recent acquisitions. Acquisition-related revenue for the quarter was **$400.6 million**, primarily from the IEA acquisition[65](index=65&type=chunk)[66](index=66&type=chunk) - A jury found acquired subsidiary IEA liable in a lawsuit concerning a solar farm project, awarding plaintiffs **$1.5 million** in remediation costs, **$9 million** in compensatory damages (**70%** apportioned to IEA), and a total of **$100 million** in punitive damages against IEA and its subsidiary. The company intends to appeal the verdict[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses 32% revenue growth driven by acquisitions and organic expansion, record backlog, but notes profitability challenges from inefficiencies, inflation, and higher interest costs 18-Month Estimated Backlog by Segment (in millions) | Reportable Segment | March 31, 2023 | December 31, 2022 | March 31, 2022 | | :--- | :--- | :--- | :--- | | Communications (in millions) | $5,602 | $5,303 | $4,920 | | Clean Energy and Infrastructure (in millions) | $3,546 | $3,227 | $1,693 | | Oil and Gas (in millions) | $2,013 | $1,740 | $1,382 | | Power Delivery (in millions) | $2,731 | $2,709 | $2,650 | | **Estimated 18-month backlog (in millions)** | **$13,892** | **$12,979** | **$10,645** | - Consolidated revenue increased by **$630 million** (**32%**) in Q1 2023 compared to Q1 2022. This growth was composed of **$401 million** from acquisitions and **$230 million** from organic revenue growth (**12%**)[166](index=166&type=chunk) - Interest expense increased **228%** to **$53 million** in Q1 2023, primarily due to higher average debt balances from acquisition activity (including the **$700 million** term loan for the IEA acquisition) and higher average interest rates on floating rate debt[175](index=175&type=chunk) Reconciliation of Net Loss to Adjusted EBITDA (in millions) | Metric | For the Three Months Ended March 31, 2023 | For the Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net loss (in millions) | $(80.5) | $(35.0) | | Interest, Taxes, D&A (in millions) | $156.1 | $97.7 | | **EBITDA (in millions)** | **$76.6** | **$78.7** | | Non-cash stock-based compensation (in millions) | $8.5 | $6.3 | | Acquisition and integration costs (in millions) | $17.1 | $13.6 | | Losses on fair value of investment (in millions) | $0.2 | $— | | **Adjusted EBITDA (in millions)** | **$102.5** | **$98.7** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate risk from variable debt, with a 100 basis point increase potentially raising Q1 2023 interest expense by $5 million, while foreign currency risk is minimal - The company is exposed to interest rate risk from its variable rate debt. A hypothetical **100 basis point** increase in the applicable interest rates would have increased interest expense by approximately **$5 million** for the three-month period ended March 31, 2023[223](index=223&type=chunk) - Foreign currency risk is primarily related to Canadian operations, which accounted for **1%** of total revenue in Q1 2023. The impact is minimized as most revenue and expenses are denominated in the local functional currency[225](index=225&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective as of March 31, 2023, due to material weaknesses in internal control over financial reporting, primarily from acquisition integration and ITGCs - The CEO and CFO concluded that the company's disclosure controls and procedures were **not effective** as of March 31, 2023, due to identified material weaknesses in internal control over financial reporting[229](index=229&type=chunk) - The material weaknesses relate to controls over the order-to-cash cycle at certain 2021 acquired entities, the IEA acquisition's purchase price allocation, management review controls, and IT general controls (ITGCs) in areas of user access and change management[233](index=233&type=chunk) - Management has initiated remediation plans, including expanding IT compliance, enhancing training, enforcing segregation of duties, and adding resources to improve control procedures. The weaknesses will be considered remediated once the new controls have operated effectively for a sufficient period[234](index=234&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 14 for details on material legal proceedings, highlighting a significant adverse jury verdict against acquired subsidiary IEA related to a solar project - For details on material legal proceedings, the report refers to Note 14 - Commitments and Contingencies, which discusses the significant legal matter involving the acquired subsidiary IEA[237](index=237&type=chunk) [Item 1A. Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's 2022 Annual Report on Form 10-K - There have been no material changes to the risk factors disclosed in the company's 2022 Form 10-K[239](index=239&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase shares under its public programs during the quarter, with **$77.3 million** remaining available for future repurchases - As of March 31, 2023, the company had **$77.3 million** remaining available for share repurchases under its March 2020 **$150 million** share repurchase program[241](index=241&type=chunk) [Item 6. Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section provides an index of all exhibits filed with the Form 10-Q, including employment agreements, stock plans, and SOX certifications

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, 2022 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 _____________________________ ...