Slide 1: MasTec Second Quarter 2024 Earnings Call Presentation
MasTec Second Quarter 2024 Earnings Call Presentation August 2, 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: Q2 2024 Summary
Q2 2024 Summary • Q2 revenue of $3B - a second quarter Revenue record. Adjusted • ~4% below guidance expectations driven EBITDA1 primarily by timing of civil infrastructure project starts. 18 Month Adjusted Backlog2 $268M Diluted EPS1 • Total backlog of $13.3B reflects an increase of ~$501M from Q1
Slide 4: Q2 2024 Segment Results
Q2 2024 Segment Results 1,2 Revenue ($M) Adjusted EBITDA Margin % $3,100 $2,961 9.0% 8.4% 23.6% High teens 8.1% High single digits 5.0% Mid-single digits High single digits 9.9% 3 3 1 Consolidated totals also include results from the ‘Other’ segment, Corporate and eliminations. 2 See Appendix for re
Slide 5: Cash Flow, Leverage & Liquidity
Cash Flow, Leverage & Liquidity DSO1 Cash Flow from Operations ($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) Q3 Guidance Full Year Guidance Revenue $3,450 $12,400 Adjusted EBITDA2 $295 $975 Adjusted Net Income2 $108 $272 Adjusted Diluted EPS2 $1.24 $3.03 1 Guidance issued on August 1, 2024. 2 See Appendix for reconciliations of Adjusted measures to GAAP me
Slide 7: Revenue and Adjusted EBITDA Cadence
Revenue and Adjusted EBITDA Cadence Revenue1 $B $6.5 $6.8 $5.5 $5.6 Adjusted EBITDA Margin1,2 % 1 Q3, 2H and FY 2024 reflect guidance as of August 1, 2024. Consolidated totals also include results from the ‘Other’ segment, Corporate and eliminations. 7 2 See Appendix for reconciliations of Adjusted
Slide 8: 2024 Cash Flow and Leverage Projections
2024 Cash Flow and Leverage Projections • We anticipate 2024 cash flow from operations to be in the low $600M range • We expect year-end leverage1 to be in the low 2x range as previously communicated • We remain dedicated to effectively managing our capital structure and maintaining a strong balance
Slide 9: Appendix
Appendix j ~ “ MasTec \kraructive that Delivers
Slide 10: 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%) $ 131 1.1% Interest expense, net 234.4 2
Slide 11: 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 (Loss) Reconciliation Est.3 Net (loss) income $ (47.3) $ 131 Non-cash stock-based compensation expense 33.3 34 Amortization of intangible assets 169.2 135 Acqu
Slide 12: Quarterly Non-GAAP Reconciliations
Quarterly Non-GAAP Reconciliations1,2 Q2 2023 Q2 2024 Q3 2023 Q3 2024 E3 EBITDA and Adjusted EBITDA Margin Reconciliation $ (in $ (in $ (in $ (in millions) % margin millions) % margin millions) % margin millions) % margin Net income (loss) $ 16.8 0.6% $ 43.8 1.5% $ 15.3 0.5% $ 72 2.1% Interest expen
Slide 13: Quarterly Non-GAAP Reconciliations
Quarterly Non-GAAP Reconciliations1,2 Adjusted Net Income (Loss) Reconciliation Q2 2023 Q2 2024 Q3 2023 Q3 2024 E3 Net income (loss) $ 16.8 $ 43.8 $ 15.3 $ 72 Non-cash stock-based compensation expense 8.6 7.0 7.2 $ 9 Amortization of intangible assets 42.0 33.6 42.3 $ 34 Acquisition and integration c
Slide 14: 1st and 2nd Half Non-GAAP Reconciliations
1st and 2nd Half Non-GAAP Reconciliations1,2 EBITDA and Adjusted EBITDA Margin 1H 2023 1H 2024 2H 2023 2H 2024 E3 Reconciliation Net (loss) income $ (64) (1.2)% $ 9 0.2 % $ 17 0.3% $ 122 1.8% Interest expense, net 112 2.1 % 103 1.8 % 122 1.9% 100 1.5% (Benefit from) provision for income taxes (42) (
Slide 15: Q2 2024 Non-GAAP Reconciliations
Q2 2024 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 (in millions): Adjusted EBITDA and Adjusted EBITDA Margin by Q2 2023 Q2 2024 Segment EBITDA $ 224.2 7.8% $ 249.4 8.4% Non-
Slide 16: 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