Technology
MasTec Announces Fourth Quarter and Annual 2023 Financial Results and Provides Initial 2024 Guidance
Published
1 year agoon
By
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.
View original content:https://www.prnewswire.com/news-releases/mastec-announces-fourth-quarter-and-annual-2023-financial-results-and-provides-initial-2024-guidance-302076476.html
SOURCE MasTec, Inc.
You may like
Technology
LendPro and SPLICE Software Announce Strategic Partnership to Enhance Retail Financing Engagement
Published
59 minutes agoon
April 26, 2025By
CHARLOTTESVILLE, Va. and CHICAGO, April 26, 2025 /PRNewswire/ — LendPro, a leading provider of cloud-based consumer financing solutions, and SPLICE Software, an award-winning customer engagement platform, are pleased to announce a strategic partnership aimed at transforming the retail financing experience.
This collaboration integrates LendPro’s multi-lender application waterfall system with SPLICE’s Data-Driven Dialogs®, enabling retailers to deliver personalized, timely, and compliant customer communications across multiple channels. The joint solution empowers merchants to increase financing approvals, drive higher ticket sales, and enhance customer satisfaction through seamless, automated engagement.
“Our partnership with SPLICE Software represents a major advancement in how merchants can engage with their customers after the initial financing conversation. By combining LendPro’s multi-lender application waterfall with SPLICE’s intelligent communication platform, we are creating a powerful ecosystem where merchants don’t just capture leads — they nurture them.” Said Matt Dishman CEO of LendPro
“Through this collaboration, merchants will now have the ability to drive Pre-Qualified Offers and Open-to-Buy financing opportunities back to the consumer — all tied directly to the original merchant who created the lead. This means merchants maintain ownership of their customer relationships, create more buying moments, and ultimately increase ticket sizes and lifetime value.”
“At LendPro, our goal has always been to empower merchants to serve more customers and close more sales. This partnership ensures that no opportunity is left behind — it brings financing full circle, from initial application to ongoing personalized engagement.”
“We are excited for what this means not only for our retailers, but for the future of embedded consumer financing and customer-centric marketing.”
“Our partnership with LendPro brings a new level of personalization and efficiency to retail financing communications,” said Tara Kelly, President & CEO of SPLICE Software. “Our combined technologies will enable retailers to engage customers more effectively, fostering stronger relationships and driving business growth.”
Come visit us Furniture Market in the Resource Center booth #12
About LendPro
Founded in 2011, LendPro offers a cloud-based lending platform designed to facilitate consumer applications for retail finance programs. The company’s platform enables consumers to apply for financing from multiple lender partners integrated into the Open-to-Buy ecosystem, covering a wide range of credit profiles. LendPro’s solutions are utilized across various industries, including home furnishings, medical and dental, mobile electronics, automotive, and jewelry.
About SPLICE Software
SPLICE Software is a leading customer engagement company focused on insurance, retail, financial services, and healthcare. SPLICE’s Data-Driven Dialogs® enable businesses to send proactive notifications and engage in two-way dialogues via their channels of choice, including text, chat, call, email, and voice-first, with full opt-in and opt-out management.
Media Contacts:
SPLICE Software
Email: PR@SPLICESoftware.com
403 720 – TEAM
LendPro
Email: CEO@mylendpro.com
Phone: (434) 202-0137
View original content:https://www.prnewswire.com/news-releases/lendpro-and-splice-software-announce-strategic-partnership-to-enhance-retail-financing-engagement-302438893.html
SOURCE SPLICE Software Inc
Technology
Meizu Dazzled at Geely Global Intelligent Mobility Expo, Showcasing the Appeal of Its Integrated AI Ecosystem in the World
Published
59 minutes agoon
April 26, 2025By
HANGZHOU, China, April 26, 2025 /CNW/ — Meizu participated in the Geely Global Intelligent Mobility Expo on April 25, 2025. Meizu set up an exhibition booth at the Geely Building Plaza in Hangzhou and delivered a keynote speech during the workshop session, introducing its smartphones, AR smart glasses, smart cockpit and other products to global consumers and demonstrating the appeal of its integrated AI ecosystem in the world.
As a key part of Geely’s promotion campaigns for Auto Shanghai 2025, the Geely Global Intelligent Mobility Expo attracted over 400 guests. Through diverse interactive activities, the event showcased Geely’s cutting-edge achievements and its ecosystem strategy in the smart mobility sector.
At Meizu’s booth, smartphones and wearable devices designed for overseas markets drew significant attention. Several foreign journalists experienced products such as AR smart glasses, showing particular interest in StarV View and StarV Air2. StarV View, utilizing a BirdBath solution, offers users an immersive 188-inch virtual screen equivalent to a 6-meter viewing distance, enabling on-the-go immersive entertainment. It is also the only smart glasses in its price range featuring 0-600° myopia adjustment. During a recent Dubai launch event, local attendees excitedly pointed at the StarV View and exclaimed, “I have to buy this!”
The StarV Air2 also attracted the attention of foreign journalists. When witnessing real-time translation of Chinese presentations into English displayed directly on the glasses, many guests exclaimed “Amazing!” and captured the amazing moment on camera. Currently supporting 14 languages for bidirectional translation, StarV Air2’s “multilingual AI-powered real-time translation” feature has been used for over 390,000 hours, accompanying users to travel across more than 30 countries and regions. It facilitates seamless communication in business meetings and travel.
Beyond translation, StarV Air2 integrates functions like teleprompter, AR navigation, meeting assistance, music, etc. Its voice-to-text feature also bridges communication gaps for hearing-impaired users by converting speech into text in real time.
During the workshop, Peng Bo, Meizu’s Product Director, delivered a keynote speech titled “Empowering Smart Glasses: How AI Technology Drives Innovation and Practical Applications”. Peng Bo emphasized that AI-enabled smart glasses extend human senses, transforming them into versatile terminals integrated into daily life, and smart glasses may emerge as the next-generation personal computing devices and AI terminals to unlock a huge market worth hundreds of billions of yuan. Moving forward, Meizu will continue innovating AR smart glasses by enhancing product performance and battery life through AI integration, while collaborating with more partners to expand application scenarios of AR smart glasses.
Meizu’s booth epitomized its accelerating global expansion. Starting from product development, Meizu has defined products to meet the requirements of users from different countries and regions to support its globalization. These products have been recognized and welcomed by overseas users. With its overseas footprint expanding, Meizu’s ecosystem products have been sold in many countries and regions such as Asia-Pacific, Latin America, the Middle East, Central Asia, and Europe, and cars equipped with Flyme Auto have been exported to the Middle East, Eastern Europe, Asia-Pacific and other regions. Meizu’s overseas AI ecosystem products integrating “people, cars, and homes” have taken shape.
Meizu is the smartphone brand of DreamSmart Group, which carries AI eco-products in three product areas, which are smartphones, XR and smart cars. With deep technological expertise in multiple industries, DreamSmart is recognized as a leader in smart ecosystems.
In 2025, Meizu is advancing its globalization strategy, partnering with Geely to host new product launch and interaction events in Indonesia, Sri Lanka, the Philippines, Vietnam, Australia, the UAE, and other countries. In the future, Meizu will hold more than 10 product events overseas to launch more new products for the global market, and build ecological experience stores presenting smartphones, cars, and glasses overseas. Meizu will also work with Geely to build a premium tech ecosystem brand to export products, technologies, and ecosystems, showcasing the appeal of integrated AI ecosystem to more overseas users.
View original content to download multimedia:https://www.prnewswire.com/news-releases/meizu-dazzled-at-geely-global-intelligent-mobility-expo-showcasing-the-appeal-of-its-integrated-ai-ecosystem-in-the-world-302438934.html
SOURCE Meizu
Technology
ORMCO™ ANNOUNCES THE LAUNCH OF SPARK™ RETAINERS & SPARK BITESYNC™ CLASS II CORRECTOR SYSTEM
Published
2 hours agoon
April 26, 2025By
– New Offerings Provide Further Clinical Flexibility and Overall Simplicity to Workflow Within the Spark Software –
BREA, Calif., April 26, 2025 /PRNewswire/ — Ormco Corporation, a leading provider of innovative orthodontic solutions for over 60 years, is excited to announce the official launch of Spark™ Retainers and BiteSync Class II Corrector in the United States. Developed for doctors and patients, Spark Retainers bring a new level of comfort, durability, and clinical flexibility to orthodontic retainers whether treating with Spark™ Clear Aligners, Ormco™ Digital Bonding, or fixed brackets. With the debut of BiteSync, Spark now offers an innovative solution for mandibular advancement for Class II patients in growing stage and for adults, consisting of the Occlusion Guide for mandibular advancement and the SideBar for maxillary distalization, which can be used combined or separate. The BiteSync system allows a flexible workflow customized for each patient’s needs and added simplicity within the Spark software. The official unveiling will take place at AAO (American Association of Orthodontists) in Philadelphia, PA, April 25-27, 2025 (Booth #1015).
“Through Spark technology, I can extend the same premium patient experience from initial treatment through retention. The clinical options with Spark Retainers help me maintain the beautiful smile outcomes I achieve with Spark Clear Aligners, Ormco Digital Bonding, or Damon Ultima™ braces,” said Dr. Colby Gage1. “My Spark Aligner patients continue to love the clarity, comfort, and less staining they enjoyed while in treatment.”
“BiteSync has corrected Class II cases quickly and efficiently in my practice. I’m getting bite correction in less than 6 months2. It has worked great for my teen and adult patients3,” said Dr. Jennifer Messenger.
Key Features & Benefits of Spark Retainers:
Clinical Flexibility: Spark Retainers provide clinical flexibility with customizable options, including bite ramps, pontics, trimlines, and the option to choose your preferred scanner.Single Platform Management: Improve practice efficiency by managing Spark Clear Aligners, Ormco Digital Bonding and Spark Retainer patients all in one place.Streamlined Ordering: Order any number of trays the patient needs and fabricate from a new scan or T2 position of a Spark patient. No subscription required.Premium Materials: Spark Retainers are crafted from the same advanced TruGEN™ XR materials, ensuring the same premium performance customers have come to expect from Spark Clear Aligners.Comfort & Fit: Designed with patient comfort in mind, Spark Retainers can be scalloped or trimmed with extended coverage to ensure an optimal, comfortable fit. The design ensures that patients are at ease while maintaining an effective orthodontic result.Durability and Longevity: Spark Retainers are lab-tested to meet rigorous durability standards, providing long-lasting results and contributing to the overall success of orthodontic treatment4.Stain Resistance: Powered by TruGEN technology, Spark Retainers maintain their clarity and are resistant to staining, offering a clean, aesthetic appearance throughout their use.
Key Features & Benefits of BiteSync Class II Corrector System:
Effective: The SideBar and Occlusion Guide are tested for durability and work together to achieve a more desirable bite profile.Efficient: Mandibular advancement can occur simultaneously with dental tooth movement within the same aligner stages.Simple: No additional Class II appliance is needed. Select the Spark BiteSync option within the Spark DTX Portal, design, and approve the case.Flexible: Can be used in both mixed and permanent dentition. The SideBar or Occlusion Guide can be used together or separately, depending on treatment goals.
“We are excited to bring Spark Retainers to our doctors so they can maintain their patients’ new smiles with a retainer designed to be long-lasting and more comfortable. We have advanced our digital efficiencies, giving clinical flexibility and premium product performance our customers have come to expect from Ormco,” said Jay Issa, Vice President Portfolio Management, Ormco. “In addition, with the launch of BiteSync, we can now effectively treat Class II malocclusions eliminating the need for a separate appliance or software by utilizing two modes of Class II correction built into the Spark software and Spark Aligners. This differentiates us from other Class II technology seen from competitive aligner companies,” he continued.
Spark Retainers and the BiteSync Class II Corrector System are now available in the United States and Canada. For more information on Spark Retainers, visit https://ormco.com/en-us/spark-retainers. For information on BiteSync, visit https://ormco.com/en-us/spark-clear-aligner-solution#BiteSync.
About the Spark™ Clear Aligner System
Spark Aligners are manufactured by Ormco, a global leader in innovative orthodontics products, with 60 years of expertise, R & D and high manufacturing standards. Ormco has helped doctors treat more than 20 million patients in more than 140 countries. Spark Approver Software is designed to give doctors more control and flexibility, while Spark’s advanced aligner technology and TruGEN™ material provide more sustained force retention. Compared to the leading aligner brand and when contacting the same tooth, the Spark Aligner has 18% better surface contact with the tooth and is also designed to be more clear and more comfortable than the leading aligner brand, and stain less than the leading aligner material — which may be why 100% of patients recently surveyed said they would recommend Spark Aligners to a friend.5
For more information about Spark Aligners, visit https://ormco.com/en-us/spark.
About Ormco
Envista is a global family of more than 30 trusted dental brands, including Ormco, Nobel Biocare, DEXIS, and Kerr, united by a shared purpose: to partner with professionals to improve lives. Ormco, headquartered in Brea, Calif., is a global leader and innovator of orthodontic products and solutions to help enhance the lives of its customers and their patients. For more than 60 years, Ormco has partnered with the orthodontic community to help create over 20 million smiles in over 140 countries. Distinguished products range from twin brackets (Symetri™ Clear Brackets, Titanium Orthos™ and Mini Diamond™) to pioneering self-ligating appliances with the Damon™ System (including Damon Ultima™ System and Damon™ Clear2). The Spark™ Clear Aligner System is designed to meet the needs of the orthodontist with the TruGEN™ material and Approver Software. Ormco’s Insignia™ Advanced Smile Design™ provides an all-inclusive customized indirect bonding solution for efficiency through personalization. From personalized service to professional education programs and marketing support, Ormco is committed to helping orthodontists achieve their clinical and practice management objectives. Connect on Facebook at www.facebook.com/myormco and LinkedIn at www.linkedin.com/company/ormco.
_______________________________________
1 Dr. Colby Gage and Dr. Jennifer Messenger are paid consultants for Ormco. The opinions expressed are those of the doctors. Ormco is a medical device manufacturer and does not dispense medical advice. Clinicians should use their own judgment in treating their patients.
2 Results may vary.
3 Adult patients may be treated with the Sidebar feature of BiteSync for distalization.
4 Data on file. Spark Retainers were lab tested to withstand at least 450 insertion/removal cycles.
5 Data on file at Ormco Corporation.
View original content to download multimedia:https://www.prnewswire.com/news-releases/ormco-announces-the-launch-of-spark-retainers–spark-bitesync-class-ii-corrector-system-302438073.html
SOURCE Ormco Corporation
LendPro and SPLICE Software Announce Strategic Partnership to Enhance Retail Financing Engagement
Meizu Dazzled at Geely Global Intelligent Mobility Expo, Showcasing the Appeal of Its Integrated AI Ecosystem in the World
Trump’s WLFI crypto investments aren’t paying off
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
New Gooseneck Omni Antennas Offer Enhanced Signals in a Durable Package
Huawei Launches Global City Intelligent Twins Architecture to Accelerate City Digital Transformation
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Near Videos5 days agoNEAR AI Ecosystem – What Did You Ship This Week 5 – AI Agents That Apply to Jobs for You
-
Technology5 days agoBroadridge Schedules Webcast and Conference Call to Review Third Quarter Fiscal Year 2025 Results on May 1, 2025
-
Technology4 days agoTechman Robot Partners with Panasonic Connect’s Welding Systems Division to Advance Welding Automation in Japan
-
Near Videos5 days agoNEAR AI Ecosystem – What Did You Ship This Week 4 – AI Agents That Build Agents? NEAR AI Dev Standup
-
Technology4 days agoFujitsu and RIKEN develop world-leading 256-qubit superconducting quantum computer
-
Coin Market5 days ago
Paul Atkins, nominated by Trump, has been sworn in as SEC chair
-
Technology4 days agoChina International Development Corporation has signed MOU with Carbontech Asia Pacific
-
Technology4 days agoCentury Huatong’s Digiloong GAIC Opens for Entries, Spotlighting AI in Game Development