Â鶹ÊÓƵAnnounces First Quarter 2023 Financial Results with Record Backlog and Updates Guidance for the Year
May 04, 2023
- First Quarter 2023 Revenue Increased 32% Over Same Quarter Last Year
- First Quarter 2023 Results Include GAAP Net Loss of
$80.5 Million , Adjusted EBITDA of$102.5 Million , Diluted Loss Per Share of$1.05 and Adjusted Diluted Loss Per Share of$0.54 , Exceeding Guidance Expectations by$0.07 and$0.03 Per Share, Respectively - Record 18-month Backlog as of
March 31, 2023 of$13.9 Billion , a 31% increase Over the Same Quarter Last Year - Annual 2023 Guidance Range Includes Revenue of
$13.0 to$13.2 Billion , GAAP Net Income of$165 to$200 Million , Adjusted EBITDA of$1.10 to$1.15 Billion , Diluted Earnings Per Share of$2.11 to$2.55 and Adjusted Diluted Earnings Per Share of$4.35 to$4.85
First quarter 2023 revenue was up 32.2% to
First quarter 2023 adjusted net loss and adjusted diluted loss per share, both non-GAAP measures, were
18-month backlog as of
Adjusted net income, adjusted diluted earnings per share, and adjusted EBITDA, which are all non-GAAP measures, exclude certain items which are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures.
Based on the information available today, the Company is providing second quarter and updating full year 2023 guidance. The Company currently expects full year 2023 revenue to range from
For the second quarter of 2023, 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 |
|||
For the Three Months Ended |
|||
2023 |
2022 |
||
Revenue |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 2,584,659 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1,954,400 |
|
Costs of revenue, excluding depreciation and amortization |
2,359,494 |
1,733,316 |
|
Depreciation |
107,247 |
85,194 |
|
Amortization of intangible assets |
41,944 |
25,589 |
|
General and administrative expenses |
163,914 |
145,390 |
|
Interest expense, net |
52,693 |
16,041 |
|
Equity in earnings of unconsolidated affiliates, net |
(9,152) |
(6,777) |
|
Other (income) expense, net |
(6,201) |
3,754 |
|
Loss before income taxes |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (125,280) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (48,107) |
|
Benefit from income taxes |
44,734 |
13,148 |
|
Net loss |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (80,546) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (34,959) |
|
Net (loss) income attributable to non-controlling interests |
(6) |
19 |
|
Net loss attributable to |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (80,540) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (34,978) |
|
Loss per share: |
|||
Basic and diluted loss per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (1.05) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.47) |
|
Basic and diluted weighted average common shares outstanding |
76,984 |
74,789 |
Ìý
Consolidated Balance Sheets |
|||
|
|
||
Assets |
|||
Current assets |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 3,656,663 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 3,859,127 |
|
Property and equipment, net |
1,730,602 |
1,754,101 |
|
Operating lease right-of-use assets |
276,231 |
279,534 |
|
|
2,065,602 |
2,045,041 |
|
Other intangible assets, net |
904,412 |
946,299 |
|
Other long-term assets |
421,826 |
409,157 |
|
Total assets |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 9,055,336 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 9,293,259 |
|
Liabilities and Equity |
|||
Current liabilities |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 2,378,535 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 2,496,037 |
|
Long-term debt, including finance leases |
3,045,526 |
3,052,193 |
|
Long-term operating lease liabilities |
190,132 |
194,050 |
|
Deferred income taxes |
535,531 |
571,401 |
|
Other long-term liabilities |
257,980 |
238,391 |
|
Total equity |
2,647,632 |
2,741,187 |
|
Total liabilities and equity |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 9,055,336 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 9,293,259 |
Ìý
Consolidated Statements of Cash Flows |
|||||
For the Three Months Ended |
|||||
2023 |
2022 |
||||
Net cash (used in) provided by operating activities |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (86,371) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 131,518 |
|||
Net cash used in investing activities |
(89,486) |
(101,361) |
|||
Net cash used in financing activities |
(53,442) |
(158,016) |
|||
Effect of currency translation on cash |
267 |
256 |
|||
Net decrease in cash and cash equivalents |
(229,032) |
(127,603) |
|||
Cash and cash equivalents - beginning of period |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 370,592 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 360,736 |
|||
Cash and cash equivalents - end of period |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 141,560 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 233,133 |
|||
Backlog by Reportable Segment (unaudited - in millions) |
2023 |
2022 |
2022 |
||
Communications |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 5,602 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 5,303 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 4,920 |
||
Clean Energy and Infrastructure |
3,546 |
3,227 |
1,693 |
||
Oil and Gas |
2,013 |
1,740 |
1,382 |
||
Power Delivery |
2,731 |
2,709 |
2,650 |
||
Other |
— |
— |
— |
||
Estimated 18-month backlog |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 13,892 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 12,979 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 10,645 |
Backlog is a common measurement used in our industry.Ìý Our methodology for determining backlog may not, however, be comparable to the methodologies used by others.Ìý 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.Ìý 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.Ìý 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.Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures |
|||
For the Three Months Ended |
|||
Segment Information |
2023 |
2022 |
|
Revenue by Segment |
|||
Communications |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 806.6 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 664.2 |
|
Clean Energy and Infrastructure |
824.9 |
435.9 |
|
Oil and Gas |
256.5 |
211.0 |
|
Power Delivery |
709.4 |
650.5 |
|
Other |
— |
— |
|
Eliminations |
(12.7) |
(7.2) |
|
Consolidated revenue |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 2,584.7 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1,954.4 |
|
For the Three Months Ended |
|||
2023 |
2022 |
||
Adjusted EBITDA by Segment |
|||
EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 76.6 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 78.7 |
|
Non-cash stock-based compensation expense (a) |
8.5 |
6.3 |
|
Acquisition and integration costs (b) |
17.1 |
13.6 |
|
Losses on fair value of investment (a) |
0.2 |
— |
|
Adjusted EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 102.5 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 98.7 |
|
Segment: |
|||
Communications |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 61.7 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 41.1 |
|
Clean Energy and Infrastructure |
10.5 |
10.9 |
|
Oil and Gas |
14.5 |
23.5 |
|
Power Delivery |
49.1 |
53.2 |
|
Other |
7.1 |
6.9 |
|
Segment Total |
142.9 |
135.6 |
|
Corporate |
(40.4) |
(36.9) |
|
Adjusted EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 102.5 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 98.7 |
(a) |
Non-cash stock-based compensation expense and losses on the fair value of our investment in AVCT are included within Corporate results. |
(b) |
For the three month period ended |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures |
|||
For the Three Months Ended |
|||
2023 |
2022 |
||
Adjusted EBITDA Margin by Segment |
|||
EBITDA Margin |
3.0Ìý% |
4.0Ìý% |
|
Non-cash stock-based compensation expense (a) |
0.3Ìý% |
0.3Ìý% |
|
Acquisition and integration costs (b) |
0.7Ìý% |
0.7Ìý% |
|
Losses on fair value of investment (a) |
0.0Ìý% |
—Ìý% |
|
Adjusted EBITDA margin |
4.0Ìý% |
5.0Ìý% |
|
Segment: |
|||
Communications |
7.7Ìý% |
6.2Ìý% |
|
Clean Energy and Infrastructure |
1.3Ìý% |
2.5Ìý% |
|
Oil and Gas |
5.7Ìý% |
11.1Ìý% |
|
Power Delivery |
6.9Ìý% |
8.2Ìý% |
|
Other |
NM |
NM |
|
Segment Total |
5.5Ìý% |
6.9Ìý% |
|
Corporate |
— |
— |
|
Adjusted EBITDA margin |
4.0Ìý% |
5.0Ìý% |
NM - Percentage is not meaningful |
|
Note: The Communications, Clean Energy and Infrastructure, and Power Delivery segments represent theÌý"non-OilÌý&ÌýGas" segments. |
|
(a) |
Non-cash stock-based compensation expense and losses on the fair value of our investment in AVCT are included within Corporate results. |
(b) |
For the three month period ended |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures |
|||
For the Three Months Ended |
|||
2023 |
2022 |
||
EBITDA and Adjusted EBITDA Reconciliation |
|||
Net loss |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (80.5) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (35.0) |
|
Interest expense, net |
52.7 |
16.0 |
|
Benefit from income taxes |
(44.7) |
(13.1) |
|
Depreciation |
107.2 |
85.2 |
|
Amortization of intangible assets |
41.9 |
25.6 |
|
EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 76.6 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 78.7 |
|
Non-cash stock-based compensation expense |
8.5 |
6.3 |
|
Acquisition and integration costs |
17.1 |
13.6 |
|
Losses on fair value of investment |
0.2 |
— |
|
Adjusted EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 102.5 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 98.7 |
|
For the Three Months Ended |
|||
2023 |
2022 |
||
EBITDA and Adjusted EBITDA Margin Reconciliation |
|||
Net loss |
(3.1)Ìý% |
(1.8)Ìý% |
|
Interest expense, net |
2.0Ìý% |
0.8Ìý% |
|
Benefit from income taxes |
(1.7)Ìý% |
(0.7)Ìý% |
|
Depreciation |
4.1Ìý% |
4.4Ìý% |
|
Amortization of intangible assets |
1.6Ìý% |
1.3Ìý% |
|
EBITDA margin |
3.0Ìý% |
4.0Ìý% |
|
Non-cash stock-based compensation expense |
0.3Ìý% |
0.3Ìý% |
|
Acquisition and integration costs |
0.7Ìý% |
0.7Ìý% |
|
Losses on fair value of investment |
0.0Ìý% |
—Ìý% |
|
Adjusted EBITDA margin |
4.0Ìý% |
5.0Ìý% |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures |
||||||
For the Three Months Ended |
||||||
2023 |
2022 |
|||||
Adjusted Net Income Reconciliation |
||||||
Net loss |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (80.5) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (35.0) |
||||
Non-cash stock-based compensation expense |
8.5 |
6.3 |
||||
Amortization of intangible assets |
41.9 |
25.6 |
||||
Acquisition and integration costs |
17.1 |
13.6 |
||||
Losses on fair value of investment |
0.2 |
— |
||||
Income tax effect of adjustments (a) |
(29.2) |
(12.5) |
||||
Adjusted net loss |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (41.9) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (2.0) |
||||
For the Three Months Ended |
||||||
2023 |
2022 |
|||||
Adjusted Diluted Earnings per Share Reconciliation |
||||||
Diluted loss per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (1.05) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.47) |
||||
Non-cash stock-based compensation expense |
0.11 |
0.08 |
||||
Amortization of intangible assets |
0.54 |
0.34 |
||||
Acquisition and integration costs |
0.22 |
0.18 |
||||
Losses on fair value of investment |
0.00 |
— |
||||
Income tax effect of adjustments (a) |
(0.38) |
(0.17) |
||||
Adjusted diluted loss per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.54) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.03) |
(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 the vesting of share-based payment awards.Ìý 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 |
Ìý
Calculation of Net Debt |
|
|
|
Current portion of long-term debt, including finance leases |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 166.7 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 171.9 |
|
Long-term debt, including finance leases |
3,045.5 |
3,052.2 |
|
Less: cash and cash equivalents |
(141.6) |
(370.6) |
|
Net Debt |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 3,070.6 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 2,853.5 |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures |
|||||
Guidance for the |
For the Year |
For the Year |
|||
EBITDA and Adjusted EBITDA Reconciliation |
|||||
Net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 165 - 200ÌýÌý |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 33.9 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 330.7 |
||
Interest expense, net |
215 |
112.3 |
53.4 |
||
Provision for income taxes |
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 54 - 66Ìý Ìý |
9.2 |
99.3 |
||
Depreciation |
428 |
371.2 |
345.6 |
||
Amortization of intangible assets |
168 |
135.9 |
77.2 |
||
EBITDA |
$ÌýÌýÌýÌýÌýÌý 1,030 – 1,076Ìý Ìý |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 662.5 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 906.3 |
||
Non-cash stock-based compensation expense |
34 |
27.4 |
24.8 |
||
Acquisition and integration costs |
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 35 - 40Ìý Ìý |
86.0 |
3.6 |
||
Bargain purchase gain |
— |
(0.2) |
(3.5) |
||
Losses on fair value of investment |
0 |
7.7 |
7.8 |
||
Project results from non-controlled joint venture |
— |
(2.8) |
— |
||
Adjusted EBITDA |
Ìý $Ìý Ìý Ìý Ìý Ìý1,100 – 1,150ÌýÌý |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 780.6 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 939.1 |
||
Guidance for the |
For the Year |
For the Year |
|||
EBITDA and Adjusted EBITDA Margin Reconciliation |
|||||
Net income |
1.3 - 1.5 % |
0.3Ìý% |
4.2Ìý% |
||
Interest expense, net |
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.6 – 1.7 % |
1.1Ìý% |
0.7Ìý% |
||
Provision for income taxes |
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.4 – 0.5 % |
0.1Ìý% |
1.2Ìý% |
||
Depreciation |
Ìý3.2 – 3.3 % |
3.8Ìý% |
4.3Ìý% |
||
Amortization of intangible assets |
1.3Ìý% |
1.4Ìý% |
1.0Ìý% |
||
EBITDA margin |
ÌýÌýÌýÌý Ìý7.9 – 8.2 % |
6.8Ìý% |
11.4Ìý% |
||
Non-cash stock-based compensation expense |
0.3Ìý% |
0.3Ìý% |
0.3Ìý% |
||
Acquisition and integration costs |
0.3Ìý% |
0.9Ìý% |
0.0Ìý% |
||
Bargain purchase gain |
—Ìý% |
(0.0)Ìý% |
(0.0)Ìý% |
||
Losses on fair value of investment |
0.0Ìý% |
0.1Ìý% |
0.1Ìý% |
||
Project results from non-controlled joint venture |
—Ìý% |
(0.0)Ìý% |
—Ìý% |
||
Adjusted EBITDA margin |
ÌýÌýÌýÌý Ìý8.5 – 8.7 % |
8.0Ìý% |
11.8Ìý% |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited |
|||||
Guidance for the |
For the Year |
For the Year |
|||
Adjusted Net Income Reconciliation |
|||||
Net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 165 - 200Ìý |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 33.9 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 330.7 |
||
Non-cash stock-based compensation expense |
34 |
27.4 |
24.8 |
||
Amortization of intangible assets |
168 |
135.9 |
77.2 |
||
Acquisition and integration costs |
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý35 - 40Ìý |
86.0 |
3.6 |
||
Bargain purchase gain |
— |
(0.2) |
(3.5) |
||
Losses on fair value of investment |
0 |
7.7 |
7.8 |
||
Project results from non-controlled joint venture |
— |
(2.8) |
— |
||
Income tax effect of adjustments (a) |
ÌýÌýÌýÌýÌýÌýÌý (60) – (61) |
(58.6) |
(27.4) |
||
Statutory tax rate effects (b) |
— |
5.5 |
6.7 |
||
Adjusted net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 342 - 380 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 234.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 420.0 |
||
Guidance for the |
For the Year |
For the Year |
|||
Adjusted Diluted Earnings per Share ReconciliationÌý Ìý Ìý Ìý Ìý |
|||||
Diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 2.11 – 2.55 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.42 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 4.45 |
||
Non-cash stock-based compensation expense |
0.43 |
0.36 |
0.34 |
||
Amortization of intangible assets |
2.14 |
1.78 |
1.04 |
||
Acquisition and integration costs |
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.45 – 0.51Ìý |
1.13 |
0.05 |
||
Bargain purchase gain |
— |
(0.00) |
(0.05) |
||
Losses on fair value of investment |
0.00 |
0.10 |
0.11 |
||
Project results from non-controlled joint venture |
— |
(0.04) |
— |
||
Income tax effect of adjustments (a) |
ÌýÌýÌýÌýÌýÌýÌý (0.77) – (0.78) |
(0.77) |
(0.37) |
||
Statutory tax rate effects (b) |
— |
0.07 |
0.09 |
||
Adjusted diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 4.35 – 4.85Ìý |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 3.05 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 5.65 |
(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 the vesting of share-based payment awards.Ìý 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 |
(b) |
For the years ended |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures |
|||
Guidance for the |
For the Three Months |
||
EBITDA and Adjusted EBITDA Reconciliation |
|||
Net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 19 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 16.3 |
|
Interest expense, net |
57 |
19.4 |
|
Provision for income taxes |
9 |
2.0 |
|
Depreciation |
105 |
87.0 |
|
Amortization of intangible assets |
42 |
27.7 |
|
EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 231 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 152.3 |
|
Non-cash stock-based compensation expense |
9 |
6.8 |
|
Acquisition and integration costs |
10 |
12.5 |
|
Bargain purchase gain |
— |
(0.2) |
|
Losses on fair value of investment |
— |
7.1 |
|
Adjusted EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý250 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 178.5 |
|
Guidance for the |
For the Three Months |
||
EBITDA and Adjusted EBITDA Margin Reconciliation |
|||
Net income |
0.6Ìý% |
0.7Ìý% |
|
Interest expense, net |
1.9Ìý% |
0.8Ìý% |
|
Provision for income taxes |
0.3Ìý% |
0.1Ìý% |
|
Depreciation |
3.5Ìý% |
3.8Ìý% |
|
Amortization of intangible assets |
1.4Ìý% |
1.2Ìý% |
|
EBITDA margin |
7.7Ìý% |
6.6Ìý% |
|
Non-cash stock-based compensation expense |
0.3Ìý% |
0.3Ìý% |
|
Acquisition and integration costs |
0.3Ìý% |
0.5Ìý% |
|
Bargain purchase gain |
—Ìý% |
(0.0)Ìý% |
|
Losses on fair value of investment |
—Ìý% |
0.3Ìý% |
|
Adjusted EBITDA margin |
8.3Ìý% |
7.8Ìý% |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures |
|||
Guidance for the |
For the Three Months |
||
Adjusted Net Income Reconciliation |
|||
Net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 19 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 16.3 |
|
Non-cash stock-based compensation expense |
9 |
6.8 |
|
Amortization of intangible assets |
42 |
27.7 |
|
Acquisition and integration costs |
10 |
12.5 |
|
Bargain purchase gain |
— |
(0.2) |
|
Losses on fair value of investment |
— |
7.1 |
|
Income tax effect of adjustments (a) |
(12) |
(14.2) |
|
Statutory tax rate effects |
— |
— |
|
Adjusted net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 67 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 56.0 |
|
Guidance for the |
For the Three Months |
||
Adjusted Diluted Earnings per Share ReconciliationÌý ÌýÌý |
|||
Diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý0.24 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.20 |
|
Non-cash stock-based compensation expense |
0.11 |
0.09 |
|
Amortization of intangible assets |
0.54 |
0.37 |
|
Acquisition and integration costs |
0.13 |
0.17 |
|
Bargain purchase gain |
— |
(0.00) |
|
Losses on fair value of investment |
— |
0.09 |
|
Income tax effect of adjustments (a) |
(0.16) |
(0.19) |
|
Statutory tax rate effects |
— |
— |
|
Adjusted diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý0.86 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.73 |
(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 the vesting of share-based payment awards.Ìý 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 |
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