ÀÏ˾»úapp Announces Second Quarter 2023 Financial Results with Record Revenue and Updates Guidance for the Year
August 03, 2023
- Record Second Quarter 2023 Revenue Increased 25% Over Same Quarter Last Year to
$2.9 Billion - Second Quarter 2023 Results Include GAAP Net Income of
$16.8 Million with Adjusted Net Income of$70.7 Million - Adjusted EBITDA Increased 43% to
$255.4 Million , Diluted Earnings Per Share of$0.20 and Adjusted Diluted Earnings Per Share of$0.89 , with Adjusted Diluted Earnings Per Share Exceeding Guidance Expectations by$0.03 . - Annual 2023 Guidance Range Updated to Revenue of
$12.7 Billion to$13.0 Billion , GAAP Net Income of$111 Million to$141 Million , Adjusted EBITDA of$1.05 Billion to$1.10 Billion , Diluted Earnings Per Share of$1.38 to$1.77 and Adjusted Diluted Earnings Per Share of$3.75 to$4.19
Second quarter 2023 revenue was up 25% to
Second quarter 2023 adjusted net income and adjusted diluted earnings 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 third quarter and updating full year 2023 guidance. The Company currently expects full year 2023 revenue to range from
For the third quarter of 2023, the Company expects revenue to range from
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 Six Months Ended |
||||||
2023 |
2022 |
2023 |
2022 |
||||
Revenue |
$ÌýÌýÌýÌýÌý 2,874,115 |
$ÌýÌýÌýÌýÌý 2,301,792 |
$ÌýÌýÌýÌýÌý 5,458,774 |
$ÌýÌýÌýÌýÌý 4,256,192 |
|||
Costs of revenue, excluding depreciation and amortization |
2,484,780 |
2,028,111 |
4,844,274 |
3,761,427 |
|||
Depreciation |
103,038 |
87,001 |
210,285 |
172,195 |
|||
Amortization of intangible assets |
42,043 |
27,673 |
83,987 |
53,263 |
|||
General and administrative expenses |
176,155 |
133,785 |
340,069 |
279,175 |
|||
Interest expense, net |
59,415 |
19,387 |
112,108 |
35,428 |
|||
Equity in earnings of unconsolidated affiliates, net |
(7,496) |
(6,587) |
(16,648) |
(13,364) |
|||
Other income, net |
(3,508) |
(5,825) |
(9,709) |
(2,071) |
|||
Income (loss) before income taxes |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 19,688 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 18,247 |
$ÌýÌýÌýÌýÌýÌý (105,592) |
$ÌýÌýÌýÌýÌýÌýÌýÌý (29,861) |
|||
(Provision for) benefit from income taxes |
(2,934) |
(1,992) |
41,800 |
11,157 |
|||
Net income (loss) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 16,754 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 16,255 |
$ÌýÌýÌýÌýÌýÌýÌýÌý (63,792) |
$ÌýÌýÌýÌýÌýÌýÌýÌý (18,704) |
|||
Net income attributable to non-controlling interests |
1,212 |
43 |
1,206 |
62 |
|||
Net income (loss) attributable to |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 15,542 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 16,212 |
$ÌýÌýÌýÌýÌýÌýÌýÌý (64,998) |
$ÌýÌýÌýÌýÌýÌýÌýÌý (18,766) |
|||
Earnings (loss) per share: |
|||||||
Basic earnings (loss) per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.20 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.22 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.84) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.25) |
|||
Basic weighted average common shares outstanding |
77,635 |
74,445 |
77,306 |
74,615 |
|||
Diluted earnings (loss) per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.20 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.20 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.84) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.27) |
|||
Diluted weighted average common shares outstanding |
78,372 |
75,537 |
77,306 |
74,647 |
Ìý
Consolidated Balance Sheets |
|||
(unaudited - in thousands) |
|||
|
|
||
Assets |
|||
Current assets |
$ÌýÌýÌýÌýÌý 3,829,004 |
$ÌýÌýÌýÌýÌý 3,859,127 |
|
Property and equipment, net |
1,753,667 |
1,754,101 |
|
Operating lease right-of-use assets |
347,060 |
279,534 |
|
|
2,079,522 |
2,045,041 |
|
Other intangible assets, net |
862,775 |
946,299 |
|
Other long-term assets |
415,792 |
409,157 |
|
Total assets |
$ÌýÌýÌýÌýÌý 9,287,820 |
$ÌýÌýÌýÌýÌý 9,293,259 |
|
Liabilities and Equity |
|||
Current liabilities |
$ÌýÌýÌýÌýÌý 2,440,835 |
$ÌýÌýÌýÌýÌý 2,496,037 |
|
Long-term debt, including finance leases |
3,154,576 |
3,052,193 |
|
Long-term operating lease liabilities |
235,977 |
194,050 |
|
Deferred income taxes |
520,820 |
571,401 |
|
Other long-term liabilities |
247,192 |
238,391 |
|
Total equity |
2,688,420 |
2,741,187 |
|
Total liabilities and equity |
$ÌýÌýÌýÌýÌý 9,287,820 |
$ÌýÌýÌýÌýÌý 9,293,259 |
Ìý
Consolidated Statements of Cash Flows |
|||
(unaudited - in thousands) |
|||
For the Six Months Ended |
|||
2023 |
2022 |
||
Net cash (used in) provided by operating activities |
$ÌýÌýÌýÌýÌýÌýÌýÌý (97,910) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1,541 |
|
Net cash used in investing activities |
(141,460) |
(220,021) |
|
Net cash used in financing activities |
(12,155) |
(2,984) |
|
Effect of currency translation on cash |
838 |
(343) |
|
Net decrease in cash and cash equivalents |
(250,687) |
(221,807) |
|
Cash and cash equivalents - beginning of period |
$ÌýÌýÌýÌýÌýÌýÌýÌý 370,592 |
$ÌýÌýÌýÌýÌýÌýÌýÌý 360,736 |
|
Cash and cash equivalents - end of period |
$ÌýÌýÌýÌýÌýÌýÌýÌý 119,905 |
$ÌýÌýÌýÌýÌýÌýÌýÌý 138,929 |
Ìý
Backlog by Reportable Segment (unaudited - in millions) |
|
|
|
||
Communications |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 5,420 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 5,602 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 5,031 |
||
Clean Energy and Infrastructure |
3,324 |
3,546 |
1,896 |
||
Oil and Gas |
2,042 |
2,013 |
1,456 |
||
Power Delivery |
2,656 |
2,731 |
2,622 |
||
Other |
— |
— |
— |
||
Estimated 18-month backlog |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 13,442 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 13,892 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 11,005 |
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.
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 Six Months Ended |
||||||
Segment Information |
2023 |
2022 |
2023 |
2022 |
|||
Revenue by Reportable Segment |
|||||||
Communications |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 868.7 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 822.0 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 1,675.2 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 1,486.2 |
|||
Clean Energy and Infrastructure |
969.7 |
494.5 |
1,794.6 |
930.4 |
|||
Oil and Gas |
341.8 |
341.2 |
598.3 |
552.2 |
|||
Power Delivery |
702.6 |
646.5 |
1,412.0 |
1,296.9 |
|||
Other |
— |
— |
— |
— |
|||
Eliminations |
(8.7) |
(2.4) |
(21.3) |
(9.5) |
|||
Consolidated revenue |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 2,874.1 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 2,301.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 5,458.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 4,256.2 |
|||
For the Three Months Ended |
For the Six Months Ended |
||||||
2023 |
2022 |
2023 |
2022 |
||||
Adjusted EBITDA by Segment |
|||||||
EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 224.2 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 152.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 300.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 231.0 |
|||
Non-cash stock-based compensation expense (a) |
8.6 |
6.8 |
17.1 |
13.2 |
|||
Acquisition and integration costs (b) |
22.7 |
12.5 |
39.8 |
26.1 |
|||
Losses on fair value of investmentÌý(a) |
— |
7.1 |
0.2 |
7.1 |
|||
Bargain purchase gain (a) |
— |
(0.2) |
— |
(0.2) |
|||
Adjusted EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 255.4 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 178.5 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 357.9 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 277.2 |
|||
Segment: |
|||||||
Communications |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 94.1 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 85.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 155.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 126.5 |
|||
Clean Energy and Infrastructure |
49.7 |
(5.2) |
60.2 |
5.6 |
|||
Oil and Gas |
77.0 |
64.1 |
91.6 |
87.6 |
|||
Power Delivery |
57.4 |
48.4 |
106.5 |
101.5 |
|||
Other |
6.7 |
7.4 |
13.8 |
14.4 |
|||
Segment Total |
284.9 |
200.0 |
427.9 |
335.6 |
|||
Corporate |
(29.5) |
(21.5) |
(70.0) |
(58.4) |
|||
Adjusted EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 255.4 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 178.5 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 357.9 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 277.2 |
Note: The Communications, Clean Energy and Infrastructure, and Power Delivery segments represent the "non-Oil & Gas" segments.ÌýÌý |
|
(a) |
Non-cash stock-based compensation expense, losses on the fair value of our investment in AVCT and the bargain purchase gain from a fourth quarter 2021 acquisition are included within Corporate results. |
(b) |
For the three month period ended |
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 Six Months Ended |
||||||
2023 |
2022 |
2023 |
2022 |
||||
Adjusted EBITDA Margin by Segment |
|||||||
EBITDA Margin |
7.8Ìý% |
6.6Ìý% |
5.5Ìý% |
5.4Ìý% |
|||
Non-cash stock-based compensation expense (a) |
0.3Ìý% |
0.3Ìý% |
0.3Ìý% |
0.3Ìý% |
|||
Acquisition and integration costs (b) |
0.8Ìý% |
0.5Ìý% |
0.7Ìý% |
0.6Ìý% |
|||
Losses on fair value of investmentÌý(a) |
—Ìý% |
0.3Ìý% |
0.0Ìý% |
0.2Ìý% |
|||
Bargain purchase gain (a) |
—Ìý% |
(0.0)Ìý% |
—Ìý% |
(0.0)Ìý% |
|||
Adjusted EBITDA margin |
8.9Ìý% |
7.8Ìý% |
6.6Ìý% |
6.5Ìý% |
|||
Segment: |
|||||||
Communications |
10.8Ìý% |
10.4Ìý% |
9.3Ìý% |
8.5Ìý% |
|||
Clean Energy and Infrastructure |
5.1Ìý% |
(1.1)Ìý% |
3.4Ìý% |
0.6Ìý% |
|||
Oil and Gas |
22.5Ìý% |
18.8Ìý% |
15.3Ìý% |
15.9Ìý% |
|||
Power Delivery |
8.2Ìý% |
7.5Ìý% |
7.5Ìý% |
7.8Ìý% |
|||
Other |
NM |
NM |
NM |
NM |
|||
Segment Total |
9.9Ìý% |
8.7Ìý% |
7.8Ìý% |
7.9Ìý% |
|||
Corporate |
— |
— |
— |
— |
|||
Adjusted EBITDA margin |
8.9Ìý% |
7.8Ìý% |
6.6Ìý% |
6.5Ìý% |
NM - Percentage is not meaningful |
|
Note: The Communications, Clean Energy and Infrastructure, and Power Delivery segments represent the "non-Oil & Gas" segments.ÌýÌý |
|
(a) |
Non-cash stock-based compensation expense, losses on the fair value of our investment in AVCT and the bargain purchase gain from a fourth quarter 2021 acquisition are included within Corporate results. |
(b) |
For the three month period ended |
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 Six Months Ended |
||||||
2023 |
2022 |
2023 |
2022 |
||||
EBITDA and Adjusted EBITDA Reconciliation |
|||||||
Net income (loss) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 16.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 16.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (63.8) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (18.7) |
|||
Interest expense, net |
59.4 |
19.4 |
112.1 |
35.4 |
|||
Provision for (benefit from) income taxes |
2.9 |
2.0 |
(41.8) |
(11.2) |
|||
Depreciation |
103.0 |
87.0 |
210.3 |
172.2 |
|||
Amortization of intangible assets |
42.0 |
27.7 |
84.0 |
53.3 |
|||
EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 224.2 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 152.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 300.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 231.0 |
|||
Non-cash stock-based compensation expense |
8.6 |
6.8 |
17.1 |
13.2 |
|||
Acquisition and integration costs |
22.7 |
12.5 |
39.8 |
26.1 |
|||
Losses on fair value of investment |
— |
7.1 |
0.2 |
7.1 |
|||
Bargain purchase gain |
— |
(0.2) |
— |
(0.2) |
|||
Adjusted EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 255.4 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 178.5 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 357.9 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 277.2 |
|||
For the Three Months Ended |
For the Six Months Ended |
||||||
2023 |
2022 |
2023 |
2022 |
||||
EBITDA and Adjusted EBITDA Margin Reconciliation |
|||||||
Net income (loss) |
0.6Ìý% |
0.7Ìý% |
(1.2)Ìý% |
(0.4)Ìý% |
|||
Interest expense, net |
2.1Ìý% |
0.8Ìý% |
2.1Ìý% |
0.8Ìý% |
|||
Provision for (benefit from) income taxes |
0.1Ìý% |
0.1Ìý% |
(0.8)Ìý% |
(0.3)Ìý% |
|||
Depreciation |
3.6Ìý% |
3.8Ìý% |
3.9Ìý% |
4.0Ìý% |
|||
Amortization of intangible assets |
1.5Ìý% |
1.2Ìý% |
1.5Ìý% |
1.3Ìý% |
|||
EBITDA margin |
7.8Ìý% |
6.6Ìý% |
5.5Ìý% |
5.4Ìý% |
|||
Non-cash stock-based compensation expense |
0.3Ìý% |
0.3Ìý% |
0.3Ìý% |
0.3Ìý% |
|||
Acquisition and integration costs |
0.8Ìý% |
0.5Ìý% |
0.7Ìý% |
0.6Ìý% |
|||
Losses on fair value of investment |
—Ìý% |
0.3Ìý% |
0.0Ìý% |
0.2Ìý% |
|||
Bargain purchase gain |
—Ìý% |
(0.0)Ìý% |
—Ìý% |
(0.0)Ìý% |
|||
Adjusted EBITDA margin |
8.9Ìý% |
7.8Ìý% |
6.6Ìý% |
6.5Ìý% |
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 Six Months Ended |
||||||
2023 |
2022 |
2023 |
2022 |
||||
Adjusted Net Income Reconciliation |
|||||||
Net income (loss) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 16.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 16.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (63.8) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (18.7) |
|||
Non-cash stock-based compensation expense |
8.6 |
6.8 |
17.1 |
13.2 |
|||
Amortization of intangible assets |
42.0 |
27.7 |
84.0 |
53.3 |
|||
Acquisition and integration costs |
22.7 |
12.5 |
39.8 |
26.1 |
|||
Losses on fair value of investment |
— |
7.1 |
0.2 |
7.1 |
|||
Bargain purchase gain |
— |
(0.2) |
— |
(0.2) |
|||
Income tax effect of adjustments (a) |
(19.3) |
(14.2) |
(48.5) |
(26.8) |
|||
Adjusted net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 70.7 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 56.0 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 28.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 54.0 |
|||
For the Three Months Ended |
For the Six Months Ended |
||||||
2023 |
2022 |
2023 |
2022 |
||||
Adjusted Diluted Earnings per Share Reconciliation |
|||||||
Diluted earnings (loss) per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.20 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.20 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.84) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.27) |
|||
Non-cash stock-based compensation expense |
0.11 |
0.09 |
0.22 |
0.17 |
|||
Amortization of intangible assets |
0.54 |
0.37 |
1.07 |
0.70 |
|||
Acquisition and integration costs |
0.29 |
0.17 |
0.51 |
0.34 |
|||
Losses on fair value of investment |
— |
0.09 |
0.00 |
0.09 |
|||
Bargain purchase gain |
— |
(0.00) |
— |
(0.00) |
|||
Income tax effect of adjustments (a) |
(0.25) |
(0.19) |
(0.62) |
(0.35) |
|||
Adjusted diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.89 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.73 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.35 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.70 |
(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
Calculation of Net Debt |
|
|
|
Current portion of long-term debt, including finance leases |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 169.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 171.9 |
|
Long-term debt, including finance leases |
3,154.6 |
3,052.2 |
|
Less: cash and cash equivalents |
(119.9) |
(370.6) |
|
Net Debt |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 3,204.0 |
$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 Year |
For the Year |
|||
EBITDA and Adjusted EBITDA Reconciliation |
|||||
Net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 111 - 141 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 33.9 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 330.7 |
||
Interest expense, net |
220 – 225 |
112.3 |
53.4 |
||
Provision for income taxes |
30 – 40 |
9.2 |
99.3 |
||
Depreciation |
436 |
371.2 |
345.6 |
||
Amortization of intangible assets |
168 |
135.9 |
77.2 |
||
EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 966 - 1,011 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 662.5 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 906.3 |
||
Non-cash stock-based compensation expense |
34 |
27.4 |
24.8 |
||
Acquisition and integration costs |
50 - 55 |
86.0 |
3.6 |
||
Losses on fair value of investment |
0 |
7.7 |
7.8 |
||
Bargain purchase gain |
— |
(0.2) |
(3.5) |
||
Project results from non-controlled joint venture |
— |
(2.8) |
— |
||
Adjusted EBITDA |
$ÌýÌýÌýÌýÌýÌý 1,050 - 1,100 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 780.6 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 939.1 |
||
Guidance for the |
For the Year |
For the Year |
|||
EBITDA and Adjusted EBITDA Margin Reconciliation |
|||||
Net income |
0.9 - 1.1 % |
0.3Ìý% |
4.2Ìý% |
||
Interest expense, net |
1.7Ìý% |
1.1Ìý% |
0.7Ìý% |
||
Provision for income taxes |
0.2 - 0.3 % |
0.1Ìý% |
1.2Ìý% |
||
Depreciation |
3.4Ìý% |
3.8Ìý% |
4.3Ìý% |
||
Amortization of intangible assets |
1.3Ìý% |
1.4Ìý% |
1.0Ìý% |
||
EBITDA margin |
7.6 - 7.8 % |
6.8Ìý% |
11.4Ìý% |
||
Non-cash stock-based compensation expense |
0.3Ìý% |
0.3Ìý% |
0.3Ìý% |
||
Acquisition and integration costs |
0.4Ìý% |
0.9Ìý% |
0.0Ìý% |
||
Losses on fair value of investment |
0.0Ìý% |
0.1Ìý% |
0.1Ìý% |
||
Bargain purchase gain |
—Ìý% |
(0.0)Ìý% |
(0.0)Ìý% |
||
Project results from non-controlled joint venture |
—Ìý% |
(0.0)Ìý% |
—Ìý% |
||
Adjusted EBITDA margin |
8.2 - 8.5 % |
8.0Ìý% |
11.8Ìý% |
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 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 111 – 141 |
$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 |
50 – 55 |
86.0 |
3.6 |
||
Losses on fair value of investment |
0 |
7.7 |
7.8 |
||
Bargain purchase gain |
— |
(0.2) |
(3.5) |
||
Project results from non-controlled joint venture |
— |
(2.8) |
— |
||
Income tax effect of adjustments (a) |
(66) - (67) |
(58.6) |
(27.4) |
||
Statutory tax rate effects (b) |
— |
5.5 |
6.7 |
||
Adjusted net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 297 - 332 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 234.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 420.0 |
||
Guidance for the |
For the Year |
For the Year |
|||
Adjusted Diluted Earnings per Share Reconciliation |
|||||
Diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.38 - 1.77 |
$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 |
0.64 - 0.70 |
1.13 |
0.05 |
||
Losses on fair value of investment |
0.00 |
0.10 |
0.11 |
||
Bargain purchase gain |
— |
(0.00) |
(0.05) |
||
Project results from non-controlled joint venture |
— |
(0.04) |
— |
||
Income tax effect of adjustments (a) |
(0.84) - (0.85) |
(0.77) |
(0.37) |
||
Statutory tax rate effects (b) |
— |
0.07 |
0.09 |
||
Adjusted diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 3.75 - 4.19 |
$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 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
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures |
|||
(unaudited - in millions, except for percentages and per share information) |
|||
Guidance for the |
For the Three |
||
EBITDA and Adjusted EBITDA Reconciliation |
|||
Net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 101 – 122 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 49.2 |
|
Interest expense, net |
56 – 57 |
26.9 |
|
Provision for income taxes |
33 – 40 |
11.1 |
|
Depreciation |
112 |
91.3 |
|
Amortization of intangible assets |
42 |
28.0 |
|
EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 344 – 373 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 206.5 |
|
Non-cash stock-based compensation expense |
9 |
5.7 |
|
Acquisition and integration costs |
8 |
33.3 |
|
Losses on fair value of investment |
— |
0.1 |
|
Adjusted EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 360 - 390 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 245.6 |
|
Guidance for the |
For the Three |
||
EBITDA and Adjusted EBITDA Margin Reconciliation |
|||
Net income |
2.7 - 3.2 % |
2.0Ìý% |
|
Interest expense, net |
1.5Ìý% |
1.1Ìý% |
|
Provision for income taxes |
0.9 - 1.0 % |
0.4Ìý% |
|
Depreciation |
2.9 - 3.0 % |
3.6Ìý% |
|
Amortization of intangible assets |
1.1Ìý% |
1.1Ìý% |
|
EBITDA margin |
9.1 - 9.7 % |
8.2Ìý% |
|
Non-cash stock-based compensation expense |
0.2Ìý% |
0.2Ìý% |
|
Acquisition and integration costs |
0.2Ìý% |
1.3Ìý% |
|
Losses on fair value of investment |
—Ìý% |
0.0Ìý% |
|
Adjusted EBITDA margin |
9.6 - 10.1 % |
9.8Ìý% |
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 Income Reconciliation |
|||
Net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 101 – 122 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 49.2 |
|
Non-cash stock-based compensation expense |
9 |
5.7 |
|
Amortization of intangible assets |
42 |
28.0 |
|
Acquisition and integration costs |
8 |
33.3 |
|
Losses on fair value of investment |
— |
0.1 |
|
Income tax effect of adjustments (a) |
(13) |
(15.5) |
|
Adjusted net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 146 - 168 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 100.8 |
|
Guidance for the |
For the Three |
||
Adjusted Diluted Earnings per Share Reconciliation |
|||
Diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.27 - 1.55 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.65 |
|
Non-cash stock-based compensation expense |
0.11 |
0.08 |
|
Amortization of intangible assets |
0.54 |
0.37 |
|
Acquisition and integration costs |
0.10 |
0.44 |
|
Losses on fair value of investment |
— |
0.00 |
|
Income tax effect of adjustments (a) |
(0.17) |
(0.21) |
|
Adjusted diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.85 - 2.13 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.34 |
(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. |
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 ÀÏ˾»úapp;Ìýexpectations regarding
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SOURCE
J. Marc Lewis, Vice President-Investor Relations, 305-406-1815, marc.lewis@mastec.com