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MasTec Announces Fourth Quarter and Annual 2023 Financial Results and Provides Initial 2024 Guidance

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Record Fourth Quarter and Annual Revenue of $3.3 Billion and $12.0 Billion, RespectivelyFull Year 2023 Cash Flow from Operations of $687 Million, a 95% Increase Over Full Year 2022Fourth Quarter Reduction in Net Debt of $455 Million 2023 Results Include GAAP Net Loss of $47.3 Million, Adjusted Net Income of $156.7 Million, Adjusted EBITDA of $860.3 Million, Diluted Loss Per Share of $0.64 and Adjusted Diluted Earnings Per Share of $1.97Adjusted Diluted Earnings per Share was $0.22 Above the Prior Guidance EstimateIssuing Initial Annual 2024 Guidance Including Revenue of $12.5 Billion, a 4% Increase Over 2023, GAAP Net Income of $105 Million, Adjusted EBITDA of $955 Million, with Diluted Earnings Per Share of $1.04, and Adjusted Diluted Earnings Per Share of $2.69

CORAL GABLES, Fla., Feb. 29, 2024 /PRNewswire/ — MasTec, Inc. (NYSE: MTZ) today announced 2023 fourth quarter and full year financial results and issued its initial 2024 guidance expectation.

For the Fourth Quarter:

Fourth quarter 2023 revenue was up 9.0% to $3.3 billion, compared to $3.0 billion for the fourth quarter of 2022. GAAP net income was $1.2 million, or $0.01 per diluted share, compared to $3.4 million, or $0.04 per diluted share, in the fourth quarter of 2022.

Fourth quarter 2023 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were $52.0 million and $0.66, respectively, as compared to $80.0 million and $1.03, respectively, in the fourth quarter of 2022.

Fourth quarter 2023 adjusted EBITDA, also a non-GAAP measure, was $231.4 million, compared to $257.9 million in the fourth quarter of 2022. Fourth quarter 2023 adjusted EBITDA margin rate was 7.1% of revenue.

18-month backlog as of December 31, 2023 was $12.4 billion, with sequential growth in each segment, excluding Oil & Gas, totaling $373 million.  The Oil & Gas backlog decrease was primarily related to the expected 2024 completion of a large natural gas pipeline project.

Fourth quarter Cash Flow from Operations was very strong at almost $500 million, enabling significant net debt reduction. Net debt leverage ratio improved significantly from 3.4 times at the end of the third quarter to 2.9 times at yearend.

For the Full Year:

For the year ended December 31, 2023, revenue was up 23% to $12.0 billion, compared to $9.8 billion for the prior year. GAAP net loss was $47.3 million, or a loss of $0.64 per diluted share, compared to net income of $33.9 million, or earnings of $0.42 per diluted share in 2022.

Full year 2023 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were $156.7 million and $1.97, respectively, compared to $234.8 million and $3.05, respectively, during 2022.

Full year 2023 adjusted EBITDA, also a non-GAAP measure, was up 10% to $860.3 million, compared to $780.6 million in 2022. Full year 2023 adjusted EBITDA margin rate was 7.2% compared to 8.0% last year.

Adjusted net income, adjusted diluted earnings per share, adjusted EBITDA and net debt, which are all non-GAAP measures, exclude certain items that are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures. 

Jose Mas, MasTec’s Chief Executive Officer, commented, “Fourth quarter results were in line with our expectations after a challenging 2023. We look forward to the opportunities we have this year and expect to deliver record levels of revenue and adjusted EBITDA in 2024. Demand is very strong for our services, and I expect 2024 will position us to deliver double digit revenue and earnings growth in 2025 and beyond.”

Mr. Mas continued, “I’d once again like to thank the 34,000 men and women of MasTec who work every day to build, maintain, and improve the nation’s communications, transportation, energy, and industrial infrastructure. It is hard work, and it’s because of them that we have great long-term opportunities.”

Paul DiMarco, MasTec’s Executive Vice President, and Chief Financial Officer, noted, “I’m pleased that we were able to finish 2023 with strong cash flow generation of almost $500 million in Q4, significantly exceeding our prior expectations. DSO, at 74 days was at its lowest level since mid-2017. We are keenly focused on capital allocation to ensure we are generating appropriate returns on the capital we deploy. We will continue to focus on improving the tools and processes we utilize to measure and optimize our performance, and to capitalize on the robust demand environment provided by our end markets.”

Based on the information available today, the Company is providing both first quarter and full year 2024 guidance. The Company currently expects full year 2024 revenue will approximate $12.5 billion, a record level. 2024 full year GAAP net income and diluted earnings per share are expected to approximate $105 million and $1.04, respectively. Full year 2024 adjusted EBITDA is expected to approximate $955 million, representing 7.6% of revenue, and adjusted diluted earnings per share is expected to approximate $2.69.

For the first quarter of 2024, the Company expects revenue of approximately $2.6 billion. First quarter 2024 GAAP net loss is expected to approximate $61 million, with GAAP diluted loss per share expected to approximate $0.88. First quarter 2024 adjusted EBITDA is expected to approximate $130 million or 5.0% of revenue, with adjusted diluted loss per share expected to approximate $0.48. The projected loss in the first quarter is the result of a normal seasonally slow quarter, project delays and project start-up costs.

Management will hold a conference call to discuss these results on Friday, March 1, 2024 at 9:00 a.m. Eastern Time. The call-in number for the conference call is (856) 344-9221 or (888) 256-1007 with a pass code of 4316181. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the Investors section of the Company’s website at www.mastec.com. The webcast replay will be available for at least 30 days.

The following tables set forth the financial results for the periods ended December 31, 2023 and 2022:

Consolidated Statements of Operations

(unaudited – in thousands, except per share information)

For the Three Months Ended
December 31,

For the Years Ended
December 31,

2023

2022

2023

2022

Revenue

$      3,280,083

$      3,008,361

$    11,995,934

$      9,778,038

Costs of revenue, excluding depreciation and amortization

2,912,370

2,637,071

10,613,762

8,586,333

Depreciation

108,611

107,753

433,929

371,240

Amortization of intangible assets

42,981

54,666

169,233

135,908

General and administrative expenses

178,190

155,194

698,899

559,437

Interest expense, net

59,741

49,942

234,405

112,255

Equity in earnings of unconsolidated affiliates, net

(7,262)

(9,413)

(30,697)

(28,836)

Other (income) expense, net

(14,562)

539

(40,893)

(1,358)

Income (loss) before income taxes

$                  15

$           12,609

$         (82,704)

$           43,059

Benefit from (provision for) income taxes

1,177

(9,239)

35,408

(9,171)

Net income (loss)

$             1,192

$             3,370

$         (47,296)

$           33,888

Net income attributable to non-controlling interests

439

146

2,653

534

Net income (loss) attributable to MasTec, Inc.

$                753

$             3,224

$         (49,949)

$           33,354

Earnings (loss) per share:

Basic earnings (loss) per share

$               0.01

$               0.04

$             (0.64)

$               0.45

Basic weighted average common shares outstanding

77,879

76,492

77,535

74,917

Diluted earnings (loss) per share

$               0.01

$               0.04

$             (0.64)

$               0.42

Diluted weighted average common shares outstanding

78,288

77,770

77,535

76,185

 

Consolidated Balance Sheets

(unaudited – in thousands)

December 31,
2023

December 31,
2022

Assets

Current assets

$      3,974,253

$      3,859,127

Property and equipment, net

1,651,462

1,754,101

Operating lease right-of-use assets

418,685

279,534

Goodwill, net

2,126,366

2,045,041

Other intangible assets, net

784,260

946,299

Other long-term assets

418,485

409,157

Total assets

$      9,373,511

$      9,293,259

Liabilities and Equity

Current liabilities

$      2,837,219

$      2,496,037

Long-term debt, including finance leases

2,888,058

3,052,193

Long-term operating lease liabilities

292,873

194,050

Deferred income taxes

390,399

571,401

Other long-term liabilities

243,701

238,391

Total equity

2,721,261

2,741,187

Total liabilities and equity

$      9,373,511

$      9,293,259

 

Consolidated Statements of Cash Flows

(unaudited – in thousands)

For the Years Ended

December 31,

2023

2022

Net cash provided by operating activities

$         687,277

$         352,297

Net cash used in investing activities

(178,061)

(821,183)

Net cash (used in) provided by financing activities

(350,998)

480,897

Effect of currency translation on cash

751

(2,155)

Net increase in cash and cash equivalents

158,969

9,856

Cash and cash equivalents – beginning of period

$         370,592

$         360,736

Cash and cash equivalents – end of period

$         529,561

$         370,592

 

Backlog by Reportable Segment (unaudited – in millions)

December 31,
2023

September 30,
2023

December 31,
2022

Communications

$             5,627

$             5,299

$             5,303

Clean Energy and Infrastructure

3,115

3,073

3,227

Power Delivery

2,440

2,437

2,709

Oil and Gas

1,225

1,681

1,740

Other

—

—

—

Estimated 18-month backlog

$           12,407

$           12,490

$           12,979

Backlog is a common measurement used in our industry. Our methodology for determining backlog may not, however, be comparable to the methodologies used by others. Estimated 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 estimated backlog also includes amounts under master service and other service agreements and our proportionate share of estimated revenue from proportionately consolidated non-controlled contractual joint ventures. Estimated backlog for work under master service and other service agreements is determined based on historical trends, anticipated seasonal impacts, experience from similar projects and estimates of customer demand based on communications with our customers.

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

For the Three Months Ended
December 31,

For the Years Ended

December 31,

Segment Information

2023

2022

2023

2022

Revenue by Reportable Segment

Communications

$             759.9

$             858.6

$          3,259.5

$          3,233.7

Clean Energy and Infrastructure

1,067.4

1,125.0

3,962.0

2,618.6

Power Delivery

658.0

739.8

2,735.1

2,725.2

Oil and Gas

802.2

291.6

2,072.8

1,219.6

Other

—

—

—

—

Eliminations

(7.4)

(6.7)

(33.5)

(19.1)

Consolidated revenue

$          3,280.1

$          3,008.4

$        11,995.9

$          9,778.0

For the Three Months Ended
December 31,

For the Years Ended

December 31,

2023

2022

2023

2022

Adjusted EBITDA by Segment

EBITDA

$             211.3

$             225.0

$             754.9

$             662.5

Non-cash stock-based compensation expense (a)

9.0

8.6

33.3

27.4

Acquisition and integration costs (b)

11.0

26.6

71.9

86.0

Losses, net, on fair value of investment (a)

—

0.4

0.2

7.7

Project results from non-controlled joint venture (c)

—

(2.8)

—

(2.8)

Bargain purchase gain (a)

—

—

—

(0.2)

Adjusted EBITDA

$             231.4

$             257.9

$             860.3

$             780.6

Segment:

Communications

$               57.7

$               94.9

$             291.7

$             331.8

Clean Energy and Infrastructure

51.7

79.0

169.5

109.2

Power Delivery

52.8

56.8

216.3

241.9

Oil and Gas

95.5

33.6

284.4

171.5

Other

6.8

9.0

25.0

29.0

Segment Total

$             264.5

$             273.3

$             986.9

$             883.4

Corporate

(33.2)

(15.5)

(126.6)

(102.8)

Adjusted EBITDA

$             231.4

$             257.9

$             860.3

$             780.6

(a)

Non-cash stock-based compensation expense, losses, net, on the fair value of an investment and the bargain purchase gain from a prior year acquisition are included within Corporate EBITDA.

(b)

For the year ended December 31, 2023, Communications, Clean Energy and Infrastructure and Power Delivery EBITDA included $22.5 million, $37.1 million and $8.5 million respectively, of acquisition and integration costs related to our recent acquisitions, and Corporate EBITDA included $3.8 million of such costs.  For the year ended December 31, 2022,  Communications, Clean Energy and Infrastructure, Power Delivery, Oil and Gas and Corporate EBITDA included $4.7 million, $6.4 million, $39.0 million, $8.0 million and $27.9 million of such acquisition and integrations costs, respectively.

(c)

Project results from a non-controlled joint venture are included within Other segment results

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

For the Three Months Ended
December 31,

For the Years

Ended December 31,

2023

2022

2023

2022

Adjusted EBITDA Margin by Segment

EBITDA Margin

6.4 %

7.5 %

6.3 %

6.8 %

Non-cash stock-based compensation expense (a)

0.3 %

0.3 %

0.3 %

0.3 %

Acquisition and integration costs (b)

0.3 %

0.9 %

0.6 %

0.9 %

Losses, net, on fair value of investment (a)

— %

0.0 %

0.0 %

0.1 %

Project results from non-controlled joint venture (c)

— %

(0.1) %

— %

(0.0) %

Bargain purchase gain (a)

— %

— %

— %

(0.0) %

Adjusted EBITDA margin

7.1 %

8.6 %

7.2 %

8.0 %

Segment:

Communications

7.6 %

11.1 %

8.9 %

10.3 %

Clean Energy and Infrastructure

4.8 %

7.0 %

4.3 %

4.2 %

Power Delivery

8.0 %

7.7 %

7.9 %

8.9 %

Oil and Gas

11.9 %

11.5 %

13.7 %

14.1 %

Other

NM

NM

NM

NM

Segment Total

8.1 %

9.1 %

8.2 %

9.0 %

Corporate

— %

— %

— %

— %

Adjusted EBITDA margin

7.1 %

8.6 %

7.2 %

8.0 %

NM – Percentage is not meaningful

(a)

Non-cash stock-based compensation expense, losses, net, on the fair value of an investment and the bargain purchase gain from a prior year acquisition are included within Corporate EBITDA.

(b)

For the year ended December 31, 2023, Communications, Clean Energy and Infrastructure and Power Delivery EBITDA included $22.5 million, $37.1 million and $8.5 million respectively, of acquisition and integration costs related to our recent acquisitions, and Corporate EBITDA included $3.8 million of such costs.  For the year ended December 31, 2022,  Communications, Clean Energy and Infrastructure, Power Delivery, Oil and Gas and Corporate EBITDA included $4.7 million, $6.4 million, $39.0 million, $8.0 million and $27.9 million of such acquisition and integrations costs, respectively.

(c)

Project results from a non-controlled joint venture are included within Other segment results.

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

For the Three Months Ended
December 31,

For the Years Ended

December 31,

2023

2022

2023

2022

EBITDA and Adjusted EBITDA Reconciliation

Net income (loss)

$                 1.2

$                 3.4

$             (47.3)

$               33.9

Interest expense, net

59.7

49.9

234.4

112.3

(Benefit from) provision for income taxes

(1.2)

9.2

(35.4)

9.2

Depreciation

108.6

107.8

433.9

371.2

Amortization of intangible assets

43.0

54.7

169.2

135.9

EBITDA

$             211.3

$             225.0

$             754.9

$             662.5

Non-cash stock-based compensation expense

9.0

8.6

33.3

27.4

Acquisition and integration costs

11.0

26.6

71.9

86.0

Losses, net, on fair value of investment

—

0.4

0.2

7.7

Project results from non-controlled joint venture

—

(2.8)

—

(2.8)

Bargain purchase gain

—

—

—

(0.2)

Adjusted EBITDA

$             231.4

$             257.9

$             860.3

$             780.6

For the Three Months Ended
December 31,

For the Years Ended
December 31,

2023

2022

2023

2022

EBITDA and Adjusted EBITDA Margin Reconciliation

Net income (loss)

0.0 %

0.1 %

(0.4) %

0.3 %

Interest expense, net

1.8 %

1.7 %

2.0 %

1.1 %

(Benefit from) provision for income taxes

(0.0) %

0.3 %

(0.3) %

0.1 %

Depreciation

3.3 %

3.6 %

3.6 %

3.8 %

Amortization of intangible assets

1.3 %

1.8 %

1.4 %

1.4 %

EBITDA margin

6.4 %

7.5 %

6.3 %

6.8 %

Non-cash stock-based compensation expense

0.3 %

0.3 %

0.3 %

0.3 %

Acquisition and integration costs

0.3 %

0.9 %

0.6 %

0.9 %

Losses, net, on fair value of investment

— %

0.0 %

0.0 %

0.1 %

Project results from non-controlled joint venture

— %

(0.1) %

— %

(0.0) %

Bargain purchase gain

— %

— %

— %

(0.0) %

Adjusted EBITDA margin

7.1 %

8.6 %

7.2 %

8.0 %

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures 

(unaudited – in millions, except for percentages and per share information)

For the Three Months Ended
December 31,

For the Years Ended
December 31,

2023

2022

2023

2022

Adjusted Net Income Reconciliation

Net income (loss)

$                 1.2

$                 3.4

$             (47.3)

$               33.9

Non-cash stock-based compensation expense

9.0

8.6

33.3

27.4

Amortization of intangible assets

43.0

54.7

169.2

135.9

Acquisition and integration costs

11.0

26.6

71.9

86.0

Losses, net, on fair value of investment

—

0.4

0.2

7.7

Project results from non-controlled joint venture

—

(2.8)

—

(2.8)

Bargain purchase gain

—

—

—

(0.2)

Income tax effect of adjustments (a)

(16.8)

(16.4)

(75.3)

(58.6)

Statutory and other tax rate effects (b)

4.6

5.5

4.6

5.5

Adjusted net income

$               52.0

$               80.0

$             156.7

$             234.8

For the Three Months Ended
December 31,

For the Years Ended
December 31,

2023

2022

2023

2022

Adjusted Diluted Earnings per Share Reconciliation

Diluted earnings (loss) per share

$               0.01

$               0.04

$             (0.64)

$               0.42

Non-cash stock-based compensation expense

0.11

0.11

0.43

0.36

Amortization of intangible assets

0.55

0.70

2.16

1.78

Acquisition and integration costs

0.14

0.34

0.92

1.13

Losses, net, on fair value of investment

—

0.01

0.00

0.10

Project results from non-controlled joint venture

—

(0.04)

—

(0.04)

Bargain purchase gain

—

—

—

(0.00)

Income tax effect of adjustments (a)

(0.21)

(0.21)

(0.96)

(0.77)

Statutory and other tax rate effects (b)

0.06

0.07

0.06

0.07

Adjusted diluted earnings per share

$               0.66

$               1.03

$               1.97

$               3.05

(a)

Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income.

(b)

For the years ended December 31, 2023 and 2022, includes the effect of statutory and other tax rate changes.

 

Calculation of Net Debt

December 31,
2023

December 31,
2022

Current portion of long-term debt, including finance leases

$              177.2

$              171.9

Long-term debt, including finance leases

2,888.1

3,052.2

Total Debt

$            3,065.3

$          3,224.1

Less: cash and cash equivalents

(529.6)

(370.6)

Net Debt

$          2,535.7

$          2,853.5

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures 

(unaudited – in millions, except for percentages and per share information)

Guidance for the
Three Months
Ended March 31,
2024 Est.

For the Three
Months Ended
March 31, 2023

EBITDA and Adjusted EBITDA Reconciliation

Net loss

$                       (61)

$                    (80.5)

Interest expense, net

60

52.7

Benefit from income taxes

(23)

(44.7)

Depreciation

110

107.2

Amortization of intangible assets

34

41.9

EBITDA

$                       121

$                      76.6

Non-cash stock-based compensation expense

9

8.5

Acquisition and integration costs

—

17.1

Losses, net, on fair value of investment

—

0.2

Adjusted EBITDA

$                       130

$                    102.5

Guidance for the
Three Months
Ended March 31,
2024 Est.

For the Three
Months Ended
March 31, 2023

EBITDA and Adjusted EBITDA Margin Reconciliation

Net loss

(2.3) %

(3.1) %

Interest expense, net

2.3 %

2.0 %

Benefit from income taxes

(0.9) %

(1.7) %

Depreciation

4.2 %

4.1 %

Amortization of intangible assets

1.3 %

1.6 %

EBITDA margin

4.6 %

3.0 %

Non-cash stock-based compensation expense

0.4 %

0.3 %

Acquisition and integration costs

— %

0.7 %

Losses, net, on fair value of investment

— %

0.0 %

Adjusted EBITDA margin

5.0 %

4.0 %

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures 

(unaudited – in millions, except for percentages and per share information)

Guidance for the
Three Months
Ended March 31,
2024 Est.

For the Three
Months Ended
March 31, 2023

Adjusted Net Loss Reconciliation

Net loss

$                    (61)

$               (80.5)

Non-cash stock-based compensation expense

9

8.5

Amortization of intangible assets

34

41.9

Acquisition and integration costs

—

17.1

Losses, net, on fair value of investment

—

0.2

Income tax effect of adjustments (a)

(12)

(29.2)

Adjusted net loss

$                    (29)

$ (41.9)

Guidance for the
Three Months
Ended March 31,
2024 Est.

For the Three
Months Ended
March 31, 2023

Adjusted Diluted Loss per Share Reconciliation

Diluted loss per share

$                    (0.88)

$   (1.05)

Non-cash stock-based compensation expense

0.12

0.11

Amortization of intangible assets

0.43

0.54

Acquisition and integration costs

—

0.22

Losses, net, on fair value of investment

—

0.00

Income tax effect of adjustments (a)

(0.15)

(0.38)

Adjusted diluted loss per share

$                    (0.48)

$ (0.54)

(a)

Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income.

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures 

(unaudited – in millions, except for percentages and per share information)

Guidance for the
Year Ended
December 31,
2024 Est.

For the Year
Ended December
31, 2023

For the Year
Ended December
31, 2022

EBITDA and Adjusted EBITDA Reconciliation

Net income (loss)

$                       105

$                    (47.3)

$                      33.9

Interest expense, net

210

234.4

112.3

Provision for (benefit from) income taxes

33

(35.4)

9.2

Depreciation

436

433.9

371.2

Amortization of intangible assets

134

169.2

135.9

EBITDA

$                     917

$                    754.9

$                    662.5

Non-cash stock-based compensation expense

38

33.3

27.4

Acquisition and integration costs

—

71.9

86.0

Losses, net, on fair value of investment

—

0.2

7.7

Project results from non-controlled joint venture

—

—

(2.8)

Bargain purchase gain

—

—

(0.2)

Adjusted EBITDA

$                     955

$                    860.3

$                    780.6

Guidance for the
Year Ended
December 31,
2024 Est.

For the Year
Ended December
31, 2023

For the Year
Ended December
31, 2022

EBITDA and Adjusted EBITDA Margin Reconciliation

Net income (loss)

0.8 %

(0.4) %

0.3 %

Interest expense, net

1.7 %

2.0 %

1.1 %

Provision for (benefit from) income taxes

0.3 %

(0.3) %

0.1 %

Depreciation

3.5 %

3.6 %

3.8 %

Amortization of intangible assets

1.1 %

1.4 %

1.4 %

EBITDA margin

7.3 %

6.3 %

6.8 %

Non-cash stock-based compensation expense

0.3 %

0.3 %

0.3 %

Acquisition and integration costs

— %

0.6 %

0.9 %

Losses, net, on fair value of investment

— %

0.0 %

0.1 %

Project results from non-controlled joint venture

— %

— %

(0.0) %

Bargain purchase gain

— %

— %

(0.0) %

Adjusted EBITDA margin

7.6 %

7.2 %

8.0 %

   

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures 

(unaudited – in millions, except for percentages and per share information)

Guidance for the
Year Ended
December 31,
2024 Est.

For the Year
Ended December
31, 2023

For the Year
Ended December
31, 2022

Adjusted Net Income Reconciliation

Net income (loss)

$                       105

$                    (47.3)

$                      33.9

Non-cash stock-based compensation expense

38

33.3

27.4

Amortization of intangible assets

134

169.2

135.9

Acquisition and integration costs

—

71.9

86.0

Losses, net, on fair value of investment

—

0.2

7.7

Project results from non-controlled joint venture

—

—

(2.8)

Bargain purchase gain

—

—

(0.2)

Income tax effect of adjustments (a)

(41)

(75.3)

(58.6)

Statutory and other tax rate effects (b)

—

4.6

5.5

Adjusted net income

$                       234

$                    156.7

$                    234.8

Guidance for the
Year Ended
December 31,
2024 Est.

For the Year
Ended December
31, 2023

For the Year
Ended December
31, 2022

Adjusted Diluted Earnings per Share Reconciliation

Diluted earnings (loss) per share

$                    1.04

$                    (0.64)

$                      0.42

Non-cash stock-based compensation expense

0.48

0.43

0.36

Amortization of intangible assets

1.69

2.16

1.78

Acquisition and integration costs

—

0.92

1.13

Losses, net, on fair value of investment

—

0.00

0.10

Project results from non-controlled joint venture

—

—

(0.04)

Bargain purchase gain

—

—

(0.00)

Income tax effect of adjustments (a)

(0.52)

(0.96)

(0.77)

Statutory and other tax rate effects (b)

—

0.06

0.07

Adjusted diluted earnings per share

$                      2.69

$                      1.97

$                      3.05

(a)

Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income.

(b)

For the years ended December 31, 2023 and 2022, includes the effect of statutory and other tax rate changes.

The tables may contain slight summation differences due to rounding.

MasTec uses EBITDA and Adjusted EBITDA, as well as Adjusted Net Income, Adjusted Diluted Earnings Per Share and net debt, to evaluate our performance, both internally and as compared with its peers, because these measures exclude certain items that may not be indicative of its core operating results, as well as items that can vary widely across different industries or among companies within the same industry. MasTec believes that these adjusted measures provide a baseline for analyzing trends in its underlying business.  MasTec believes that these non-U.S. GAAP financial measures provide meaningful information and help investors understand its financial results and assess its prospects for future performance. Because non-U.S. GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-U.S. GAAP financial measures having the same or similar names. These financial measures should not be considered in isolation from, as substitutes for, or alternative measures of, reported net income or diluted earnings per share or total debt, and should be viewed in conjunction with the most comparable U.S. GAAP financial measures and the provided reconciliations thereto. MasTec believes these non-U.S. GAAP financial measures, when viewed together with its U.S. GAAP results and related reconciliations, provide a more complete understanding of its business. Investors are strongly encouraged to review the company’s consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure.

MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company’s primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy, utility and other infrastructure, such as: wireless, wireline/fiber and customer fulfillment activities; power delivery infrastructure, including transmission, distribution, environmental planning and compliance; power generation infrastructure, primarily from clean energy and renewable sources; pipeline infrastructure, including for natural gas, water and carbon capture sequestration pipelines and pipeline integrity services; heavy civil and industrial infrastructure, including roads, bridges and rail; and environmental remediation services. MasTec’s customers are primarily in these industries. The Company’s corporate website is located at www.mastec.com. The Company’s website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.

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 of MasTec; expectations regarding MasTec’s business or financial outlook; expectations regarding MasTec’s plans, strategies and opportunities; expectations regarding opportunities, technological developments, competitive positioning, future economic conditions and other trends in particular markets or industries; the impact of inflation on MasTec’s costs and the ability to recover increased costs, as well as other statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. These statements are based on currently available operating, financial, economic and other information, and are subject to a number of significant risks and uncertainties. A variety of factors in addition to those mentioned above, many of which are beyond our control, could cause actual future results to differ materially from those projected in the forward-looking statements. Other factors that might cause such a difference include, but are not limited to:  market conditions, including from rising or elevated levels of inflation or interest rates, regulatory or policy changes, including permitting processes and tax incentives that affect us or our customers’ industries, supply chain issues and technological developments; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and related projects and expenditures; project delays due to permitting processes, compliance with environmental and other regulatory requirements and challenges to the granting of project permits, which could cause increased costs and delayed or reduced revenue; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, including potential economic downturns, inflationary issues, the availability and cost of financing, supply chain disruptions, climate-related matters,  customer consolidation in the industries we serve and/or the effects of public health matters; activity in the industries we serve and the impact on the expenditure levels of our customers of, among other items, fluctuations in commodity prices, including for fuel and energy sources, fluctuations in the cost of materials, labor, supplies or equipment, and/or supply-related issues that affect availability or cause delays for such items; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; risks related to completed or potential acquisitions, including our ability to integrate acquired businesses within expected timeframes, including their business operations, internal controls and/or systems, which may be found to have material weaknesses, and our ability to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, as well as the risk of potential asset impairment charges and write-downs of goodwill; our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, our ability to enforce any noncompetition agreements, and our ability to maintain a workforce based upon current and anticipated workloads; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the adequacy of our insurance, legal and other reserves; the timing and extent of fluctuations in operational, geographic and weather factors, including from climate-related events, that affect our customers, projects and the industries in which we operate; the highly competitive nature of our industry and the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; the effect of state and federal regulatory initiatives, including risks related to the costs of compliance with existing and potential future environmental, social and governance requirements, including with respect to climate-related matters; requirements of and restrictions imposed by our credit facility, term loans, senior notes and any future loans or securities; systems and information technology interruptions and/or data security breaches that could adversely affect our ability to operate, our operating results, our data security or our reputation, or other cybersecurity-related matters; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks associated with potential environmental issues and other hazards from our operations; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks related to our strategic arrangements, including our equity investments; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience, including as a result of shares we may issue as purchase consideration in connection with acquisitions, or as a result of other stock issuances; our ability to obtain performance and surety bonds; risks associated with operating in or expanding into additional international markets, including risks from fluctuations in foreign currencies, foreign labor and general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multiemployer union pension plans, including underfunding and withdrawal liabilities; risks associated with our internal controls over financial reporting, as well as other risks detailed in our filings with the Securities and Exchange Commission. We believe these forward-looking statements are reasonable; however, you should not place undue reliance on any forward-looking statements, which are based on current expectations. Furthermore, forward-looking statements speak only as of the date they are made. If any of these risks or uncertainties materialize, or if any of our underlying assumptions are incorrect, our actual results may differ significantly from the results that we express in, or imply by, any of our forward-looking statements. These and other risks are detailed in our filings with the Securities and Exchange Commission. We do not undertake any obligation to publicly update or revise these forward-looking statements after the date of this press release to reflect future events or circumstances, except as required by applicable law. We qualify any and all of our forward-looking statements by these cautionary factors.

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SOURCE MasTec, Inc.

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Bloomberg Accelerates Financial Analysis with Gen AI Document Insights

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9 minutes ago

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April 7, 2025

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Research Analysts & Corporate Decision Makers Can Ask Complex Questions within Company Documents

NEW YORK, April 7, 2025 /PRNewswire/ — Bloomberg today announced the launch of AI-Powered Document Insights which uses generative AI to make it easier for research analysts and corporate decision makers to quickly surface insights from a company document by asking questions in everyday conversational language. This innovative research solution is an evolution of Bloomberg’s AI-Powered Earnings Call Summaries, complements AI-Powered News Summaries, and links seamlessly with Bloomberg’s other purpose-built analytical tools and workflows as part of the company’s mission to reimagine the Bloomberg Terminal for the age of AI.

AI-Powered Document Insights provides users with robust search and summarization capabilities made possible by Bloomberg’s decades of expertise and more than 15 years of leadership in applying AI in the financial domain. Bloomberg Intelligence analysts helped train the generative AI models so they more accurately understand the nuances of financial language by using Bloomberg’s AI guardrail systems. The research solution enables customers to adjust their positions and investment views on a company by quickly analyzing text and structured data within a company document from a vast library of trusted and premium content. This research library on the Bloomberg Terminal includes more than 200 million company documents, more than 5,000 Bloomberg News stories published each day on the markets, economies, industries, and companies that matter, as well as research content like Bloomberg Intelligence reports which cover thousands of companies.

Magdalena Richardson, Credit Trading Strategist at NatWest Markets Plc, said: “What I like about AI-Powered Document Insights is that it provides a great summary of a company’s comments when asked a direct question. For example, within an earnings call transcript for an original equipment manufacturer, the solution can be asked about the impact of tariffs. I think this solution is a godsend on a day when you have multiple earnings calls and cannot attend them all or need to revisit a topic.”

Thymen Rundberg, Equity Research Associate at ING, said: “What I find valuable is that AI-Powered Document Insights allows me to quickly find specific information within earnings call transcripts, saving me time versus manually searching through the document. The tool also allows me to stay up to date with more peers of companies in my coverage. This was definitely a more tedious task before.”

Bloomberg will continue to use generative AI to enhance research solutions like AI-Powered Document Insights with additional document coverage, product features and integrations to help customers discover more answers and actionable insights with a user experience that is easy and comprehensive. Click here to request to join the beta program for our future research solutions enhanced by generative AI. 

Starting today, customers can explore the new interface and its features like ‘Ask a Question’, where users can either explore their hypothesis about developing investment themes like “tariffs” or retrieve specific information like “procurement costs.” The feature covers company documents and transcripts for earnings calls, conference presentations, investor days, capital markets days, shareholder meetings, M&A calls, sales results calls, guidance calls, and more. The solution also incorporates transparency links to highlight relevant excerpts in the original document and audio replays to hear the tone and tenor of executives and corporate spokespeople. ‘Key Notes’ provides a structured overview of Bloomberg selected topics raised in company presentations.

Suzanne Szur, Research and Companies Product Manager at Bloomberg, said: “With AI-Powered Document Insights, we’re delivering our customers a solution that is infused with financial domain knowledge. It’s been developed in close collaboration with our customers and evaluated by our team of product, data and technology experts who understand the importance of responsible AI down to the design features. Very soon we’ll launch additional research solutions to help financial professionals and their teams find unique insights, improve their research methods, and develop investment strategies tailored to various time horizons in this uncertain macro environment.”

Bloomberg’s research solutions help transform the investment research and analysis process so clients can add actionable resources to their data and tech stacks for single-desktop and enterprise-wide use. Clients can optimize their research offering so that trusted and consistent data is deeply integrated into research and production workflows throughout their enterprise, and their unique views are quickly distributed to counterparties. Bloomberg’s research solutions provide organizations access to consistent, high-quality data and analytics from Bloomberg as well as hundreds of valued content partners.

For teams of quants, research analysts and data scientists, Investment Research Data products offer end-to-end solutions to power workflows across the enterprise. This enables firms to test their investment hypotheses rigorously with granular data across asset classes and deep point-in-time history. The datasets are seamlessly interconnected with other content, including alternative data for both public and private companies, and available via a number of flexible delivery mechanisms, including the cloud. Bloomberg’s Research Management Solutions (RMS) Platform is also designed to optimize the research process by driving front-office efficiency, facilitating collaboration around ideas and throughout the investment lifecycle. Bloomberg’s RMS is also interoperable with Bloomberg’s other enterprise products, including portfolio and risk analytics offerings and leading order and investment management technology solutions, for a more comprehensive, end-to-end workflow.

About AI at Bloomberg
Since 2009, Bloomberg has been building and using artificial intelligence (AI) in the finance domain – including machine learning (ML), natural language processing (NLP), information retrieval (IR), time-series analysis, and generative models – to help process and organize the ever-increasing volume of structured and unstructured financial information. With this technology, Bloomberg is developing new ways for financial professionals and business leaders to derive valuable intelligence and actionable insights from high-quality financial information and make more informed business decisions.

About the Bloomberg Terminal
For more than four decades, the Bloomberg Terminal has revolutionized the financial services industry by bringing transparency and innovation to the capital markets. Trusted by the world’s most influential decision-makers, the Terminal provides real-time access to news, data, insights and trading tools that help our customers turn knowledge into action.

About Bloomberg
Bloomberg is a global leader in business and financial information, delivering trusted data, news, and insights that bring transparency, efficiency, and fairness to markets. The company helps connect influential communities across the global financial ecosystem via reliable technology solutions that enable our customers to make more informed decisions and foster better collaboration. For more information, visit Bloomberg.com/company or request a demo.

 

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SOURCE Bloomberg L.P.

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ZERO INDUSTRIAL ANNOUNCES $10 MILLION SERIES A INVESTMENT TO ACCELERATE DEVELOPMENT OF THERMAL ENERGY STORAGE IN NORTH AMERICA

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April 7, 2025

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CHARLESTON, S.C., April 7, 2025 /PRNewswire/ — Zero Industrial, Inc. (“Zero Industrial”), a leading development company decarbonizing industrial heat by utilizing thermal energy storage (“TES”) systems, announced today that it successfully closed $10 million in funding led by Evok Innovations (“Evok”) with participation from Rusheen Capital Management (“Rusheen”).

“We are excited to partner with Evok and Rusheen to help us accelerate the deployment of thermal energy storage projects in North America,” said Ted Kniesche, founder and CEO. “We are rapidly originating project opportunities with industrial customers who want to reduce their energy costs and lower their carbon footprint by using stored electricity as thermal energy, instead of burning gas, fuel oil or coal.”

Zero Industrial was founded in 2024 by Ted Kniesche and Jim McDermott to decarbonize industrial heat using commercially-available TES systems at industrial facilities. The company provides full project development services to its customers, including technology selection, project design and engineering of each TES system. Importantly, Zero Industrial will fully finance each project and sell clean heat or steam to its customers under a long-term Heat-as-a-Service contract without any upfront capital outlay required by the industrial facility. 

“We are excited to partner with Ted and his team at Zero Industrial to build a market leading development business that will accelerate the decarbonization of industry – one of the hardest to abate sectors of our economy,” said Naynika Chaubey, Partner at Evok Innovations. “We continue to see massive growth from cheap, intermittent renewable generation, coupled with increasingly impacted electrical grids. Zero Industrial capitalizes on these market challenges by deploying thermal storage projects that will shift curtailed or off-peak clean electricity to baseload heat and steam used by industries globally.”

Zero Industrial is actively originating and developing projects in the United States and Canada and seeking industrial customers looking to decarbonize their industrial heat, eliminate criteria pollutants and reduce energy costs and volatility.

About Zero Industrial, Inc.

Zero Industrial is a leading developer of industrial decarbonization projects, utilizing thermal energy storage technologies to eliminate the combustion of fossil fuels for heat and steam production at industrial facilities. Zero Industrial offers its customers a full end-to-end development solution from design and engineering to project execution and delivery. Heat generated from its projects will be sold under a Heat-as-a-Service agreement without requiring any capital investment from its customers. Zero Industrial is actively originating and developing projects in the United States and Canada and exploring additional international markets. For more information, please visit www.zeroindustrial.energy

About Evok Innovations

Evok is a clean tech venture capital fund focused on supporting exceptional entrepreneurs with bold visions for scaling novel technologies within heavy industry. At Evok, we provide value beyond capital by leveraging our team of technologists and company builders, along with our limited partner group—which includes major financial institutions and industrial leaders—to help accelerate the success of our companies.

In 2016, Evok was founded with the thesis of collaborating with industrial partners to invest in and scale novel technologies in the energy sector. With the launch of Evok Fund II in 2022, we expanded this mandate, bringing in strategic partners across new industrial verticals, including critical minerals. Evok is actively investing out of Fund II, a $284M USD fund focused on supporting Series A+ companies in North America that are taking novel approaches to supporting the energy transition across a wide array of sectors and industries. For more information, please visit: www.evokinnovations.com

About Rusheen Capital Management

Rusheen Capital Management (“RCM”) is a Santa Monica-based private equity firm specializing in investments that promote sustainability and resource efficiency across the energy transition landscape. Founded in 2015, RCM focuses on growth-stage companies in sectors such as carbon capture and utilization, energy transition, low-carbon energy, and water sustainability. Since 2003, RCM’s principals founded, ran, and invested in over 40 energy transition companies across the entire industrial economy. For more information, please visit www.rusheen.com.

For more information, contact Sara Holba at info@zeroindustrial.energy

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SOURCE Zero Industrial, Inc.

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MakeWell Announces Free Access to AI-Driven Healthcare Companion App in Recognition of the WHO’s World Health Day

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10 minutes ago

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April 7, 2025

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SAVANNAH, Ga., April 7, 2025 /PRNewswire/ — In honor of the annual World Health Day, MakeWell, a pioneering AI healthcare start-up, is proud to announce that its AI-driven healthcare companion app is now available free of charge on the App Store and Google Play. This initiative aligns with MakeWell’s commitment to expanding access to critical healthcare information and resources, particularly for underserved populations worldwide.

In keeping with this year’s theme, “Healthy Beginnings, Hopeful Futures” MakeWell notes that approximately 300,000 women lose their lives during pregnancy or childbirth each year. The vast majority of these deaths occur in low resource settings due to preventable causes. MakeWell’s AI-powered app is designed to bridge healthcare gaps by providing real-time, personalized guidance on maternal health, chronic disease management, and general well-being. The MakeWell app supports 200+ languages, broadening its worldwide appeal.

“With the launch of our free app, we are taking a step toward making healthcare more accessible to everyone, regardless of geography or economic status,” said Daniel Carroll, Founder of MakeWell. “No one should lose their life due to a lack of medical knowledge or access to care. Our AI-driven platform empowers individuals, putting reliable, evidence-based health insights right at their fingertips.”

MakeWell’s app offers features such as symptom assessments, possible treatment/care options, preventative health recommendations, and connections to local healthcare resources. By leveraging advanced AI technology, it serves as a 24/7 digital health companion, supporting individuals in making informed medical decisions. The MakeWell app supports 200+ languages, broadening its worldwide appeal.

The MakeWell app is now available for free download in the App Store. To learn more about how MakeWell is working to create a healthier world, please visit us at www.makewell.ai 

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SOURCE MakeWell

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