Mastec, Inc. · NYSE:MTZ
Mastec — SPAC Merger (July 2022)
15 slides from Mastec's SPAC merger presentation, Jul 25, 2022
Slide 1: Strategic Acquisition of Infrastructure and Energy Alternatives, Inc. (IEA)
Strategic Acquisition of Infrastructure and Energy Alternatives, Inc. (“IEA”) July 25, 2022 Filed by MasTec, Inc. pursuant to Rule 425 under the Securities Act of 1933 Subject company: Infrastructure and Energy Alternatives, Inc. Commission File No. 001-37796
Slide 2: IEA Acquisition Strategic Benefits
IEA Acquisition Strategic Benefits Expands MasTec’s presence in the attractive Renewable Power Generation market Adds Renewable Power capabilities in Union areas Expands Non-union crew capacity and scale in a challenging labor market Expands Renewable Maintenance Service capabilities Strong levels o
Slide 3: IEA – Company Overview
IEA – Company Overview LTM Revenue as of Q1 2022A ($mm) IEA Renewables Specialty Civil Wind Solar Heavy Civil Rail Environmental $2.3-2.5bn Total Revenue 2022E Adjusted EBITDA (1) 2022E $140-150mm Revenue CAGR 2018A – 2021A 39% Total Backlog as of 1Q2022 $2.9bn Renewables Revenues % of LTM 1Q2022 71
Slide 4: IEA – Segment Overview
IEA – Segment Overview Renewables Includes full EPC project delivery, design, site development, construction, installation and maintenance of solar power projects and infrastructure Solar Includes full EPC project delivery, design, site development, construction, installation and maintenance of wind
Slide 5: Accelerates Positioning in Attractive Wind and Solar Industries
Accelerates Positioning in Attractive Wind and Solar Industries… Renewable Outlook: Decade-long Growth Opportunity In April 2022, wind and solar energy sources alone contributed ~20% of all U.S. electricity, demonstrating the rapid shift towards renewables nationally Key Takeaways: EIA–Annual Energy
Slide 6: IEA's Strong ESG Profile Aligns with MasTec's Commitment to Sustainability
We believe that Sustainability is central to our mission and success IEA’s Strong ESG Profile Aligns with MasTec’s Commitment to Sustainability (1) Homes powered per year based on the GW installed compared to the average annual electricity consumption in the US per household, then further adjusted f
Slide 7: Transaction Summary
Transaction Summary Transaction Value $14.00 per share composed of 75% cash ($10.50) and 25% stock ($3.50) consideration Estimated enterprise value transaction price of ~$1.1bn(1) (~$600M in cash and ~2.8M MasTec shares) Attractive and Accretive EV/2023 IEA standalone Adjusted EBITDA transaction mul
Slide 8: Business Mix Transition Provides Significant Growth Potential
Business Mix Transition Provides Significant Growth Potential Segment Revenue Mix 2021A 2022E 2023E Pro Forma $8.0B MasTec Standalone ~$9.2B ~$13B Pro Forma Including IEA $3.5B $1.7B $2.9B $5.0B $3.0B Renewables $2.0B Civil $3.2B $1.3B $2.1B $2.6B $2.6B $1.0B $1.9B $2.5B
Slide 9: Expanded Scale & Capacity Adds Incremental Near-term Growth Potential
Communications Clean Energy & Infrastructure Expanded Scale & Capacity Adds Incremental Near-term Growth Potential Sector Catalysts Near-term Revenue Potential Revenue ~$3.5B ~$3.2B ~$2.6B ~5.0B ~$2.1B ~$1.9B Total ~$13B ~$9.2B ~$8.0B ~$4.0B ~$6.0B ~$15.5B 5G and Small Cells, Fiber to the Home, Rura
Slide 10: Consistent EBITDA Margin Expansion in Diversified Portfolio
Consistent EBITDA Margin Expansion in Diversified Portfolio Segment Revenue Mix Adjusted EBITDA Margin % Adjusted EBITDA Margin Rate 2022E (1) 2023E (2) Near Term Potential (2) ~8 %(1) ~9%(2) ~10+%(2) Corporate/Other ~90bps ~90bps ~80bps MasTec Standalone Pro Forma Including IEA Power Delivery High
Slide 11: Additional Information
Additional Information Additional Information and Where to Find It: This communication relates to a proposed acquisition of Infrastructure & Energy Alternatives, Inc. (IEA) by MasTec, Inc. (MasTec). In connection with the proposed acquisition, MasTec and IEA intend to file relevant materials with th
Slide 12: 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 13: Reconciliation of Future non-GAAP Measures
Reconciliation of Future non-GAAP Measures Reconciliation of fiscal year 2022 non-GAAP measures is included in this presentation. Reconciliations of fiscal year 2023 forward-looking financial measures included in this presentation that are non-GAAP financial measures to the corresponding GAAP financ
Slide 14: IEA Reg. G 2022 EBITDA Reconciliation Table
IEA Reg. G 2022 EBITDA Reconciliation Table IEA, Inc. Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions) Guidance for the Year Ended December 31, 2022 Low Estimate Guidance for the Year Ended December 31, 2022 High Estimate EBITDA and Adjusted EBITDA Reconc
Slide 15: MasTec Reg. G 2022 EBITDA Reconciliation Table
MasTec Reg. G 2022 EBITDA Reconciliation Table MasTec, Inc. Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions) Guidance for the Year Ended December 31, 2022 Est. EBITDA and Adjusted EBITDA Reconciliation Net income $95 Interest expense, net 84 Provision for