Slide 1: MasTec First Quarter 2024 Earnings Call Presentation
MasTec First Quarter 2024 Earnings Call Presentation May 3, 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: Q1 2024 Summary
Q1 2024 Summary Revenue • Record Q1 revenue increased ~4% year- over-year organically. Adjusted EBITDA1 • Revenue exceeded guidance by ~$60M. 18 Month Adjusted Backlog2 $157M Diluted EPS1 • Total backlog of $12.8B reflects an increase of ~$430M from year-end, despite significant $12.8B ($0.13) Backl
Slide 4: Q1 2024 Segment Results
Q1 2024 Segment Results 1,2 Revenue ($M) Adjusted EBITDA Margin % $2,687 $2,625 5.9% 5.0% 14.6% Low double digits 4.8% Mid-single digits 2.7% Low single digits 6.7% Mid-single digits 3 3 1 Consolidated totals also include results from the ‘Other’ segment, Corporate and eliminations. 2 See Appendix f
Slide 5: Cash Flow, Leverage & Liquidity
Cash Flow, Leverage & Liquidity DSO1 Cash Flow from Operations ($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) Q2 Guidance Full Year Guidance Revenue $3,100 $12,550 Adjusted EBITDA2 $260 $975 Adjusted Net Income2 $75 $257 Adjusted Diluted EPS2 $0.88 $2.95 1 Guidance issued on May 2, 2024. 2 See Appendix for reconciliations of Adjusted measures to GAAP measur
Slide 7: Revenue and Adjusted EBITDA Cadence
Revenue and Adjusted EBITDA Cadence Revenue1 $B $6.5 $6.8 $5.5 $5.8 Adjusted EBITDA Margin1,2 % 1 Q2, 1H, 2H, FY 2024 reflects guidance as of May 2, 2024. Q1 2024 reflects actual results as of March 31st. Consolidated totals also include results from the ‘Other’ segment, Corporate and eliminations.
Slide 8: 2024 Cash Flow and Leverage Projections
2024 Cash Flow and Leverage Projections • We anticipate 2024 cash flow from operations will approximate $550M • We expect year-end leverage1 will be in the low 2x range as previously communicated • We remain dedicated to effectively managing our capital structure and maintaining a strong balance she
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%) $ 121 1.0% 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) $ 121 Non-cash stock-based compensation expense 33.3 38 Amortization of intangible assets 169.2 134 Acqu
Slide 12: Quarterly Non-GAAP Reconciliations
Quarterly Non-GAAP Reconciliations1,2 Q1 2023 Q1 2024 Q2 2023 Q2 2024 E3 EBITDA and Adjusted EBITDA Margin Reconciliation $ (in $ (in $ (in $ (in millions) % margin millions) % margin millions) % margin millions) % margin Net income (loss) $ (80.5) (3.1%) $ (34.5) (1.3%) $ 16.8 0.6% $ 40 1.3% Intere
Slide 13: Quarterly Non-GAAP Reconciliations
Quarterly Non-GAAP Reconciliations1,2 Adjusted Net Income (Loss) Reconciliation Q1 2023 Q1 2024 Q2 2023 Q2 2024 E3 Net income (loss) $ (80.5) $ (34.5) $ 16.8 $ 40 Non-cash stock-based compensation expense 8.5 9.7 8.6 $ 10 Amortization of intangible assets 41.9 33.7 42.0 $ 34 Acquisition and integrat
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 E3 2H 2023 2H 2024 E3 Reconciliation Net (loss) income $ (64) (1.2)% $ 6 0.1 % $ 17 0.3% $ 116 1.7% Interest expense, net 112 2.1 % 106 1.8 % 122 1.9% 107 1.6% (Benefit from) provision for income taxes (42
Slide 15: Q1 2024 Non-GAAP Reconciliations
Q1 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 Q1 2023 Q1 2024 Segment EBITDA $ 76.6 3.0% $ 147.6 5.5% Non-c
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