Slide 1: MasTec Fourth Quarter 2023 Earnings Call Presentation
MasTec Fourth Quarter 2023 Earnings Call Presentation March 1, 2024 NYSE: MTZ
Slide 2: Safe Harbor Statement
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 o
Slide 3: Fiscal Year 2023 Summary
Fiscal Year 2023 Summary • Record 2023 revenue increased 23% year- over-year, despite the impact of delays on Revenue certain project starts and customer's deferral Adjusted of previously planned activity EBITDA1 • Non-Oil & Gas revenue grew 16% year- over- 18 Month Adjusted year Backlog2 $860M Dilu
Slide 4: 2023 Segment Results
2023 Segment Results Revenue1 ($M) Adj. EBITDA1,2 ($M) $860 $11,996 $781 $9,778 1 Consolidated totals also include results from the ‘Other’ segment, Corporate and eliminations. 2 See appendix for reconciliations of Adjusted measures to GAAP measures. 4
Slide 5: Cash Flow, Leverage & Liquidity
Cash Flow, Leverage & Liquidity DSO1 Cash Flow from Operations ($M) Leverage1 Liquidity1 ($M) 5 1 Refer to appendix for definition of Days Sales Outstanding (DSO), leverage, and liquidity.
Slide 6: 2024 Guidance Summary
2024 Guidance Summary1 ($M, with exception of EPS) Q1 Guidance Full Year Guidance Revenue $2,625 $12,500 Adjusted EBITDA1 $130 $955 Adjusted Net Income (Loss)1 $(29) $234 Diluted EPS (GAAP) $(0.88) $1.04 Adjusted Diluted EPS1 $(0.48) $2.69 1 Guidance issued on February 29, 2024. See appendix for rec
Slide 7: 2024 Cash Flow and Leverage Projections
2024 Cash Flow and Leverage Projections • We currently anticipate 2024 cash flow from operations will approximate $550M • We expect 2024 leverage1 to be in the low 2x range • We remain committed to maintaining our Investment Grade Rating and have proactively communicated our outlook to the various r
Slide 8: Appendix
Appendix j ~ “ MasTec \kraructive that Delivers
Slide 9: Full Year Non-GAAP Reconciliations
Full Year Non-GAAP Reconciliations1,2 For the Year Ended December Guidance for the Year Ended 31, 2023 December 31, 2024 Est.3 EBITDA and Adjusted EBITDA Margin Reconciliation $ (in millions) % margin $ (in millions) % margin Net (loss) income $ (47.3) (0.4%) $ 105 0.8% Interest expense, net 234.4 2
Slide 10: Full Year Non-GAAP Reconciliations
Full Year Non-GAAP Reconciliations1,2 Guidance for the For the Year Ended Year Ended December 31, 2023 December 31, 2024 Adjusted Net Income Reconciliation Est.3 Net (loss) income $ (47.3) $ 105 Amortization of intangible assets 169.2 134 Non-cash stock-based compensation expense 33.3 38 Acquisition
Slide 11: Quarterly Non-GAAP Reconciliations
Quarterly Non-GAAP Reconciliations1,2 Q4 2022 Q4 2023 Q1 2023 Q1 2024 E3 EBITDA and Adjusted EBITDA Margin Reconciliation $ (in $ (in $ (in $ (in millions) % margin millions) % margin millions) % margin millions) % margin Net income (loss) $ 3.4 0.1% $ 1.2 0.0% $ (80.5) (3.1%) $ (61) (2.3)% Interest
Slide 12: Quarterly Non-GAAP Reconciliations
Quarterly Non-GAAP Reconciliations1,2 Adjusted Net Income (Loss) Reconciliation Q4 2022 Q4 2023 Q1 2023 Q1 2024 E3 Net income (loss) $ 3.4 $ 1.2 $ (80.5) $ (61) Non-cash stock-based compensation expense 8.6 9.0 8.5 9 Amortization of intangible assets 54.7 43.0 41.9 34 Acquisition and integration cos
Slide 13: 2023 Non-GAAP Reconciliations
2023 Non-GAAP Reconciliations1,2 A reconciliation of EBITDA and EBITDA margin to Adjusted EBITDA and Adjusted EBITDA margin by segment for the periods indicated is as follows: Adjusted EBITDA and Adjusted EBITDA Margin by Segment For the Year Ended December 31, 2023 For the Year Ended December 31, 2
Slide 14: Miscellaneous Definitions
Miscellaneous Definitions1 • Backlog - Backlog represents the amount of revenue we expect to realize over the next 18 months from future work on uncompleted construction contracts, including new contracts under which work has not begun, as well as revenue from change orders and renewal options. Our