69ÌìÌà Announces Fourth Quarter and Annual 2023 Financial Results and Provides Initial 2024 Guidance
02/29/2024
- Record Fourth Quarter and Annual Revenue of
$3.3 Billion and$12.0 Billion , Respectively - Full Year 2023 Cash Flow from Operations of
$687 Million , a 95% Increase Over Full Year 2022 - Fourth 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$1.97 - Adjusted Diluted Earnings per Share was
$0.22 Above the Prior Guidance Estimate - Issuing 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
For the Fourth Quarter:
Fourth quarter 2023 revenue was up 9.0% to
Fourth quarter 2023 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were
Fourth quarter 2023 adjusted EBITDA, also a non-GAAP measure, was
18-month backlog as of
Fourth quarter Cash Flow from Operations was very strong at almost
For the Full Year:
For the year ended
Full year 2023 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were
Full year 2023 adjusted EBITDA, also a non-GAAP measure, was up 10% to
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.Ìý
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
For the first quarter of 2024, the Company expects revenue of approximately
Management will hold a conference call to discuss these results on
The following tables set forth the financial results for the periods ended
Consolidated Statements of Operations |
|||||||
(unaudited - in thousands, except per share information) |
|||||||
For the Three Months Ended |
For the Years Ended |
||||||
2023 |
2022 |
2023 |
2022 |
||||
Revenue |
$ÌýÌýÌýÌýÌý 3,280,083 |
$ÌýÌýÌýÌýÌý 3,008,361 |
$ÌýÌýÌý 11,995,934 |
$ÌýÌýÌýÌýÌý 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 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 15 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 12,609 |
$ÌýÌýÌýÌýÌýÌýÌýÌý (82,704) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 43,059 |
|||
Benefit from (provision for) income taxes |
1,177 |
(9,239) |
35,408 |
(9,171) |
|||
Net income (loss) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1,192 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 3,370 |
$ÌýÌýÌýÌýÌýÌýÌýÌý (47,296) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 33,888 |
|||
Net income attributable to non-controlling interests |
439 |
146 |
2,653 |
534 |
|||
Net income (loss) attributable to |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 753 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 3,224 |
$ÌýÌýÌýÌýÌýÌýÌýÌý (49,949) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 33,354 |
|||
Earnings (loss) per share: |
|||||||
Basic earnings (loss) per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.01 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.04 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.64) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.45 |
|||
Basic weighted average common shares outstanding |
77,879 |
76,492 |
77,535 |
74,917 |
|||
Diluted earnings (loss) per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.01 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.04 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.64) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.42 |
|||
Diluted weighted average common shares outstanding |
78,288 |
77,770 |
77,535 |
76,185 |
Ìý
Consolidated Balance Sheets |
|||
(unaudited - in thousands) |
|||
|
|
||
Assets |
|||
Current assets |
$ÌýÌýÌýÌýÌý 3,974,253 |
$ÌýÌýÌýÌýÌý 3,859,127 |
|
Property and equipment, net |
1,651,462 |
1,754,101 |
|
Operating lease right-of-use assets |
418,685 |
279,534 |
|
|
2,126,366 |
2,045,041 |
|
Other intangible assets, net |
784,260 |
946,299 |
|
Other long-term assets |
418,485 |
409,157 |
|
Total assets |
$ÌýÌýÌýÌýÌý 9,373,511 |
$ÌýÌýÌýÌýÌý 9,293,259 |
|
Liabilities and Equity |
|||
Current liabilities |
$ÌýÌýÌýÌýÌý 2,837,219 |
$ÌýÌýÌýÌýÌý 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 |
$ÌýÌýÌýÌýÌý 9,373,511 |
$ÌýÌýÌýÌýÌý 9,293,259 |
Ìý
Consolidated Statements of Cash Flows |
|||
(unaudited - in thousands) |
|||
For the Years Ended |
|||
2023 |
2022 |
||
Net cash provided by operating activities |
$ÌýÌýÌýÌýÌýÌýÌýÌý 687,277 |
$ÌýÌýÌýÌýÌýÌýÌýÌý 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 |
$ÌýÌýÌýÌýÌýÌýÌýÌý 370,592 |
$ÌýÌýÌýÌýÌýÌýÌýÌý 360,736 |
|
Cash and cash equivalents - end of period |
$ÌýÌýÌýÌýÌýÌýÌýÌý 529,561 |
$ÌýÌýÌýÌýÌýÌýÌýÌý 370,592 |
Ìý
Backlog by Reportable Segment (unaudited - in millions) |
|
|
|
||
Communications |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 5,627 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 5,299 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 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 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 12,407 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 12,490 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 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 |
For the Years Ended |
||||||
Segment Information |
2023 |
2022 |
2023 |
2022 |
|||
Revenue by Reportable Segment |
|||||||
Communications |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 759.9 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 858.6 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 3,259.5 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 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 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 3,280.1 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 3,008.4 |
$ÌýÌýÌýÌýÌýÌýÌý 11,995.9 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 9,778.0 |
|||
For the Three Months Ended |
For the Years Ended |
||||||
2023 |
2022 |
2023 |
2022 |
||||
Adjusted EBITDA by Segment |
|||||||
EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 211.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 225.0 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 754.9 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 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 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 231.4 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 257.9 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 860.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 780.6 |
|||
Segment: |
|||||||
Communications |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 57.7 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 94.9 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 291.7 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 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 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 264.5 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 273.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 986.9 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 883.4 |
|||
Corporate |
(33.2) |
(15.5) |
(126.6) |
(102.8) |
|||
Adjusted EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 231.4 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 257.9 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 860.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 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 |
(c) |
Project results from a non-controlled joint venture are included within Other segment results |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures |
|||||||
(unaudited - in millions, except for percentages and per share information) |
|||||||
For the Three Months Ended |
For the Years Ended |
||||||
2023 |
2022 |
2023 |
2022 |
||||
Adjusted EBITDA Margin by Segment |
|||||||
EBITDA Margin |
6.4Ìý% |
7.5Ìý% |
6.3Ìý% |
6.8Ìý% |
|||
Non-cash stock-based compensation expense (a) |
0.3Ìý% |
0.3Ìý% |
0.3Ìý% |
0.3Ìý% |
|||
Acquisition and integration costs (b) |
0.3Ìý% |
0.9Ìý% |
0.6Ìý% |
0.9Ìý% |
|||
Losses, net, on fair value of investment (a) |
—Ìý% |
0.0Ìý% |
0.0Ìý% |
0.1Ìý% |
|||
Project results from non-controlled joint venture (c) |
—Ìý% |
(0.1)Ìý% |
—Ìý% |
(0.0)Ìý% |
|||
Bargain purchase gain (a) |
—Ìý% |
—Ìý% |
—Ìý% |
(0.0)Ìý% |
|||
Adjusted EBITDA margin |
7.1Ìý% |
8.6Ìý% |
7.2Ìý% |
8.0Ìý% |
|||
Segment: |
|||||||
Communications |
7.6Ìý% |
11.1Ìý% |
8.9Ìý% |
10.3Ìý% |
|||
Clean Energy and Infrastructure |
4.8Ìý% |
7.0Ìý% |
4.3Ìý% |
4.2Ìý% |
|||
Power Delivery |
8.0Ìý% |
7.7Ìý% |
7.9Ìý% |
8.9Ìý% |
|||
Oil and Gas |
11.9Ìý% |
11.5Ìý% |
13.7Ìý% |
14.1Ìý% |
|||
Other |
NM |
NM |
NM |
NM |
|||
Segment Total |
8.1Ìý% |
9.1Ìý% |
8.2Ìý% |
9.0Ìý% |
|||
Corporate |
—Ìý% |
—Ìý% |
—Ìý% |
—Ìý% |
|||
Adjusted EBITDA margin |
7.1Ìý% |
8.6Ìý% |
7.2Ìý% |
8.0Ìý% |
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 |
(c) |
Project results from a non-controlled joint venture are included within Other segment results. |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures |
|||||||
(unaudited - in millions, except for percentages and per share information) |
|||||||
For the Three Months Ended |
For the Years Ended |
||||||
2023 |
2022 |
2023 |
2022 |
||||
EBITDA and Adjusted EBITDA Reconciliation |
|||||||
Net income (loss) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.2 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 3.4 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (47.3) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 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 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 211.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 225.0 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 754.9 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 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 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 231.4 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 257.9 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 860.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 780.6 |
|||
For the Three Months Ended |
For the Years Ended |
||||||
2023 |
2022 |
2023 |
2022 |
||||
EBITDA and Adjusted EBITDA Margin Reconciliation |
|||||||
Net income (loss) |
0.0Ìý% |
0.1Ìý% |
(0.4)Ìý% |
0.3Ìý% |
|||
Interest expense, net |
1.8Ìý% |
1.7Ìý% |
2.0Ìý% |
1.1Ìý% |
|||
(Benefit from) provision for income taxes |
(0.0)Ìý% |
0.3Ìý% |
(0.3)Ìý% |
0.1Ìý% |
|||
Depreciation |
3.3Ìý% |
3.6Ìý% |
3.6Ìý% |
3.8Ìý% |
|||
Amortization of intangible assets |
1.3Ìý% |
1.8Ìý% |
1.4Ìý% |
1.4Ìý% |
|||
EBITDA margin |
6.4Ìý% |
7.5Ìý% |
6.3Ìý% |
6.8Ìý% |
|||
Non-cash stock-based compensation expense |
0.3Ìý% |
0.3Ìý% |
0.3Ìý% |
0.3Ìý% |
|||
Acquisition and integration costs |
0.3Ìý% |
0.9Ìý% |
0.6Ìý% |
0.9Ìý% |
|||
Losses, net, on fair value of investment |
—Ìý% |
0.0Ìý% |
0.0Ìý% |
0.1Ìý% |
|||
Project results from non-controlled joint venture |
—Ìý% |
(0.1)Ìý% |
—Ìý% |
(0.0)Ìý% |
|||
Bargain purchase gain |
—Ìý% |
—Ìý% |
—Ìý% |
(0.0)Ìý% |
|||
Adjusted EBITDA margin |
7.1Ìý% |
8.6Ìý% |
7.2Ìý% |
8.0Ìý% |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP DisclosuresÌý |
|||||||
(unaudited - in millions, except for percentages and per share information) |
|||||||
For the Three Months Ended |
For the Years Ended |
||||||
2023 |
2022 |
2023 |
2022 |
||||
Adjusted Net Income Reconciliation |
|||||||
Net income (loss) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.2 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 3.4 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (47.3) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 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 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 52.0 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 80.0 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 156.7 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 234.8 |
|||
For the Three Months Ended |
For the Years Ended |
||||||
2023 |
2022 |
2023 |
2022 |
||||
Adjusted Diluted Earnings per Share Reconciliation |
|||||||
Diluted earnings (loss) per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.01 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.04 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.64) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 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 effectsÌý(b) |
0.06 |
0.07 |
0.06 |
0.07 |
|||
Adjusted diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.66 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.03 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.97 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 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 |
Ìý
Calculation of Net Debt |
|
|
|
Current portion of long-term debt, including finance leases |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý177.2 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý171.9 |
|
Long-term debt, including finance leases |
2,888.1 |
3,052.2 |
|
Total Debt |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý3,065.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 3,224.1 |
|
Less: cash and cash equivalents |
(529.6) |
(370.6) |
|
Net Debt |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 2,535.7 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 2,853.5 |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP DisclosuresÌý |
|||
(unaudited - in millions, except for percentages and per share information) |
|||
Guidance for the |
For the Three |
||
EBITDA and Adjusted EBITDA Reconciliation |
|||
Net loss |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý(61) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (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 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý121 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 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 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý130 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 102.5 |
|
Guidance for the |
For the Three |
||
EBITDA and Adjusted EBITDA Margin Reconciliation |
|||
Net loss |
(2.3)Ìý% |
(3.1)Ìý% |
|
Interest expense, net |
2.3Ìý% |
2.0Ìý% |
|
Benefit from income taxes |
(0.9)Ìý% |
(1.7)Ìý% |
|
Depreciation |
4.2Ìý% |
4.1Ìý% |
|
Amortization of intangible assets |
1.3Ìý% |
1.6Ìý% |
|
EBITDA margin |
4.6Ìý% |
3.0Ìý% |
|
Non-cash stock-based compensation expense |
0.4Ìý% |
0.3Ìý% |
|
Acquisition and integration costs |
—Ìý% |
0.7Ìý% |
|
Losses, net, on fair value of investment |
—Ìý% |
0.0Ìý% |
|
Adjusted EBITDA margin |
5.0Ìý% |
4.0Ìý% |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP DisclosuresÌý |
|||
(unaudited - in millions, except for percentages and per share information) |
|||
Guidance for the |
For the Three |
||
Adjusted Net Loss Reconciliation |
|||
Net loss |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (61) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý(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 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (29) |
$Ìý(41.9) |
|
Guidance for the |
For the Three |
||
Adjusted Diluted Loss per Share Reconciliation |
|||
Diluted loss per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.88) |
$ÌýÌýÌý(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 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.48) |
$Ìý(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. |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP DisclosuresÌý |
|||||
(unaudited - in millions, except for percentages and per share information) |
|||||
Guidance for the |
For the Year |
For the Year |
|||
EBITDA and Adjusted EBITDA Reconciliation |
|||||
Net income (loss) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý105 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (47.3) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 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 |
$ÌýÌýÌýÌýÌýÌýÌý ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý917 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 754.9 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 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 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý955 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 860.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 780.6 |
||
Guidance for the |
For the Year |
For the Year |
|||
EBITDA and Adjusted EBITDA Margin Reconciliation |
|||||
Net income (loss) |
0.8Ìý% |
(0.4)Ìý% |
0.3Ìý% |
||
Interest expense, net |
1.7Ìý% |
2.0Ìý% |
1.1Ìý% |
||
Provision for (benefit from) income taxes |
0.3Ìý% |
(0.3)Ìý% |
0.1Ìý% |
||
Depreciation |
3.5Ìý% |
3.6Ìý% |
3.8Ìý% |
||
Amortization of intangible assets |
1.1Ìý% |
1.4Ìý% |
1.4Ìý% |
||
EBITDA margin |
7.3Ìý% |
6.3Ìý% |
6.8Ìý% |
||
Non-cash stock-based compensation expense |
0.3Ìý% |
0.3Ìý% |
0.3Ìý% |
||
Acquisition and integration costs |
—Ìý% |
0.6Ìý% |
0.9Ìý% |
||
Losses, net, on fair value of investment |
—Ìý% |
0.0Ìý% |
0.1Ìý% |
||
Project results from non-controlled joint venture |
—Ìý% |
—Ìý% |
(0.0)Ìý% |
||
Bargain purchase gain |
—Ìý% |
—Ìý% |
(0.0)Ìý% |
||
Adjusted EBITDA margin |
7.6Ìý% |
7.2Ìý% |
8.0Ìý% |
Ìý Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP DisclosuresÌý |
|||||
(unaudited - in millions, except for percentages and per share information) |
|||||
Guidance for the |
For the Year |
For the Year |
|||
Adjusted Net Income Reconciliation |
|||||
Net income (loss) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý105 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (47.3) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 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 effectsÌý(b) |
— |
4.6 |
5.5 |
||
Adjusted net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý234 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 156.7 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 234.8 |
||
Guidance for the |
For the Year |
For the Year |
|||
Adjusted Diluted Earnings per Share Reconciliation |
|||||
Diluted earnings (loss) per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý1.04 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.64) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 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 effectsÌý(b) |
— |
0.06 |
0.07 |
||
Adjusted diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý2.69 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.97 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 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 |
The tables may contain slight summation differences due to rounding.
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
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SOURCE
J. Marc Lewis, Vice President-Investor Relations, 305-406-1815, marc.lewis@mastec.com