Mastec, Inc. · NYSE:MTZ
Mastec — Q4 2024 Earnings Presentation
15 slides from Mastec's earnings presentation, Feb 28, 2025
Slide 1: MasTec Fourth Quarter 2024 Earnings Call Presentation
MasTec Fourth Quarter 2024 Earnings Call Presentation February 28, 2025 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 2024 Summary
Fiscal Year 2024 Summary • Record full year revenue of $12.3B and Revenue record non-Pipeline revenues • Revenue exceeded guidance expectations Adjusted by $79M EBITDA1 • Total Backlog of $14.3B reflects a sequential 18 Month Adjusted increase of $440M and year-over-year Backlog2 $1.0B Diluted EPS1
Slide 4: 2024 Segment Results
2024 Segment Results Revenue1 ($M) Adj. EBITDA1,2,3 ($M) $1,006 $11,996 $12,304 $846 $2,134 $389 $2,073 $284 $2,682 $2,735 $188 $216 $4,092 $257 $3,962 $170 $334 $3,260 $3,460 $292 2023 2024 2023 2024 Communications Clean Energy and Infrastructure Pipeline Infrastructure Power Delivery 1 Consolidate
Slide 5: Q4 2024 Backlog
Q4 2024 Backlog1 • Total backlog of $14.3B is up 15%, 18 Month Backlog ($B) or $1.9B on a year-over-year basis, and $440M, or 3% sequentially $14.3 $13.9 $14.0 • Represents record level for MasTec $12.4 and all three non-pipeline segments $3.3 $12.0 $3.2 $2.4 • Clean Energy and Infrastructure $0.7 $
Slide 6: Cash Flow, Leverage & Liquidity
Cash Flow, Leverage & Liquidity Cash Flow from Operations ($M) 80 DSO1 74 $600 $491 70 68 $472 $400 60 60 $200 $0 50 Q4 2023 Q4 2024 Q4 2023 Q3 2024 Q4 2024 Leverage1 Liquidity1 ($B) 4.0x $2.5 $2.2 3.0x 3.0x $2.0 $1.9 2.2x $1.6 2.0x 1.8x $1.5 1.0x $1.0 Q4 2023 Q3 2024 Q4 2024 Q4 2023 Q3 2024 Q4 2024
Slide 7: 2025 Guidance Summary
2025 Guidance Summary1 ($M, with exception of EPS) Q1 Full Year Guidance Guidance Revenue $2,700 $13,450 Adjusted EBITDA1 $160 $1,100 - $1,150 Adjusted Net Income1 $30 $454 - $493 Diluted EPS (GAAP) $(0.05) $3.75 - $4.24 Adjusted Diluted EPS1 $0.34 $5.35 - $5.84 1 Guidance issued on February 27, 202
Slide 8: 2025 Cash Flow and Leverage Projections
2025 Cash Flow and Leverage Projections • We anticipate 2025 cash flow from operations will approximate $700M • We expect 2025 leverage1 to remain below 2x range • We remain committed to maintaining our Investment Grade Rating and have proactively communicated our outlook to the various rating agenc
Slide 9: Appendix
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Slide 10: Full Year Non-GAAP Reconciliations
Full Year Non-GAAP Reconciliations1,2 Guidance for the Year For the Year Ended For the Year Ended EBITDA and Adjusted EBITDA Margin Reconciliation Ended December 31, 2025 December 31, 2023 December 31, 2024 Est.3 Net income (loss) $ (47.3) (0.4)% $ 199.4 1.6 % $ 327 - 366 2.4 - 2.7% Interest expense
Slide 11: Full Year Non-GAAP Reconciliations
Full Year Non-GAAP Reconciliations1,2 Guidance for the For the Year Ended Year Ended Adjusted Net Income Reconciliation December 31, 2024 December 31, 2025 Est.3 Net income $ 199.4 $ 327 - 366 Non-cash stock-based compensation expense 32.7 34 Amortization of intangible assets 139.9 131 Loss on extin
Slide 12: Quarterly Non-GAAP Reconciliations
Quarterly Non-GAAP Reconciliations1,2,3 EBITDA and Adjusted EBITDA Margin Reconciliation Q4 2023 Q4 2024 Q1 2024 Q1 2025 E4 Net income (loss) $ 1.2 0.0 % $ 84.7 2.5 % $ (34.5) (1.3)% $ (1) (0.0)% Interest expense, net 59.7 1.8 % 43.6 1.3 % 52.1 1.9 % 43 1.6% (Benefit from) provision for income taxes
Slide 13: Quarterly Non-GAAP Reconciliations
Quarterly Non-GAAP Reconciliations1,2,3 Adjusted Net Income (Loss) Reconciliation Q4 2023 Q4 2024 Q1 2024 Q1 2025 E4 Net income (loss) $ 1.2 $ 84.7 $ (34.5) $ (1) Non-cash stock-based compensation expense 9.0 8.6 9.7 8 Amortization of intangible assets 43.0 38.2 33.7 33 Changes in fair value of acqu
Slide 14: 2024 Non-GAAP Reconciliations
2024 Non-GAAP Reconciliations1,2,3 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, 2024 For the Year Ended December 31,
Slide 15: 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