Company Quick10K Filing
Mastec
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 76 $3,716
10-Q 2019-10-31 Quarter: 2019-09-30
10-Q 2019-08-01 Quarter: 2019-06-30
10-Q 2019-05-02 Quarter: 2019-03-31
10-K 2019-02-28 Annual: 2018-12-31
10-Q 2018-11-01 Quarter: 2018-09-30
10-Q 2018-08-02 Quarter: 2018-06-30
10-Q 2018-04-30 Quarter: 2018-03-31
10-K 2018-02-27 Annual: 2017-12-31
10-Q 2017-11-02 Quarter: 2017-09-30
10-Q 2017-08-03 Quarter: 2017-06-30
10-Q 2017-05-04 Quarter: 2017-03-31
10-K 2017-02-24 Annual: 2016-12-31
10-Q 2016-11-03 Quarter: 2016-09-30
10-Q 2016-08-04 Quarter: 2016-06-30
10-Q 2016-05-05 Quarter: 2016-03-31
10-K 2016-02-26 Annual: 2015-12-31
10-Q 2015-11-03 Quarter: 2015-09-30
10-Q 2015-08-17 Quarter: 2015-06-30
10-Q 2015-08-07 Quarter: 2015-03-31
10-K 2015-07-31 Annual: 2014-12-31
10-Q 2014-10-30 Quarter: 2014-09-30
10-Q 2014-08-11 Quarter: 2014-06-30
10-Q 2014-05-01 Quarter: 2014-03-31
10-K 2014-02-27 Annual: 2013-12-31
10-Q 2013-10-31 Quarter: 2013-09-30
10-Q 2013-08-01 Quarter: 2013-06-30
10-Q 2013-05-02 Quarter: 2013-03-31
10-K 2013-02-28 Annual: 2012-12-31
10-Q 2012-11-01 Quarter: 2012-09-30
10-Q 2012-08-02 Quarter: 2012-06-30
10-Q 2012-05-03 Quarter: 2012-03-31
10-K 2012-02-29 Annual: 2011-12-31
10-Q 2011-11-03 Quarter: 2011-09-30
10-Q 2011-08-03 Quarter: 2011-06-30
10-Q 2011-05-04 Quarter: 2011-03-31
10-K 2011-02-23 Annual: 2010-12-31
10-Q 2010-11-03 Quarter: 2010-09-30
10-Q 2010-08-04 Quarter: 2010-06-30
10-Q 2010-05-05 Quarter: 2010-03-31
10-K 2010-02-25 Annual: 2009-12-31
8-K 2019-10-31 Earnings, Regulation FD, Exhibits
8-K 2019-09-19 Enter Agreement
8-K 2019-08-01 Earnings, Regulation FD, Exhibits
8-K 2019-05-23 Shareholder Vote
8-K 2019-05-02 Earnings, Regulation FD, Exhibits
8-K 2019-02-28 Earnings, Regulation FD, Exhibits
8-K 2018-11-01 Earnings, Regulation FD, Exhibits
8-K 2018-08-02 Earnings, Regulation FD, Exhibits
8-K 2018-05-22 Shareholder Vote
8-K 2018-04-30 Earnings, Regulation FD, Exhibits
8-K 2018-02-27 Earnings, Regulation FD, Exhibits
MTZ 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Note 1 - Business, Basis of Presentation and Significant Accounting Policies
Note 2 - Earnings per Share
Note 3 - Goodwill and Other Intangible Assets
Note 4 - Fair Value of Financial Instruments
Note 5 - Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities
Note 6 - Property and Equipment, Net
Note 7 - Debt
Note 8 - Lease Obligations
Note 9 - Stock-Based Compensation and Other Employee Benefit Plans
Note 10 - Other Retirement Plans
Note 11 - Equity
Note 12 - Income Taxes
Note 13 - Segments and Related Information
Note 14 - Commitments and Contingencies
Note 15 - Related Party Transactions
Note 16 - Supplemental Guarantor Condensed Consolidating Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 4. Mine Safety Disclosures
Item 6. Exhibits
EX-10.1 mtz9301910-qex101.htm
EX-31.1 mtz9301910-qex311.htm
EX-31.2 mtz9301910-qex312.htm
EX-32.1 mtz9301910-qex321.htm
EX-32.2 mtz9301910-qex322.htm

Mastec Earnings 2019-09-30

MTZ 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
SBS 5,386 43,565 24,013 0 0 0 0 5,354 0%
MTZ 3,716 4,797 3,246 7,352 1,071 316 614 5,015 15% 8.2 7%
AWR 2,732 1,567 988 462 110 76 162 3,012 24% 18.6 5%
CWT 2,617 2,965 2,241 654 0 15 120 3,375 0% 28.1 1%
SJW 1,706 2,004 1,110 403 0 44 156 1,795 0% 11.5 2%
DY 1,672 2,328 1,475 3,315 572 60 290 2,603 17% 9.0 3%
MSEX 1,048 808 136 0 34 60 1,219 0% 20.3 4%
PRIM 1,024 1,825 1,204 3,238 343 90 231 1,382 11% 6.0 5%
CTWS 845 981 292 127 0 21 34 1,118 0% 32.9 2%
MYRG 605 807 468 1,831 179 33 91 707 10% 7.8 4%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________
Form 10-Q
_____________________________________________
(Mark One)
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019
 
OR
     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __ to __
Commission File Number 001-08106
_____________________________________________

image0a12.jpg
MasTec, Inc.
(Exact name of registrant as specified in its charter)
Florida
65-0829355
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
 
800 S. Douglas Road, 12th Floor
 
Coral Gables,
Florida
33134
(Address of principal executive offices)
(Zip Code)
(305) 599-1800
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common Stock, $0.10 Par Value
MTZ
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes   No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes   No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act.)    Yes    No 
As of October 28, 2019, MasTec, Inc. had 76,332,198 shares of common stock outstanding.




MASTEC, INC.
FORM 10-Q
QUARTER ENDED SEPTEMBER 30, 2019

TABLE OF CONTENTS
 
 
Page
 
 
 
 
 
 
 

2



PART I.     FINANCIAL INFORMATION

ITEM 1.
FINANCIAL STATEMENTS


MASTEC, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited - in thousands, except per share information)

 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Revenue
$
2,016,618

 
$
1,977,227

 
$
5,473,965

 
$
4,991,865

Costs of revenue, excluding depreciation and amortization
1,690,558

 
1,681,438

 
4,636,006

 
4,285,320

Depreciation and amortization
55,196

 
54,863

 
174,171

 
156,478

General and administrative expenses
77,146

 
80,311

 
220,581

 
211,535

Interest expense, net
19,297

 
22,330

 
58,178

 
60,183

Equity in earnings of unconsolidated affiliates
(6,966
)
 
(7,671
)
 
(19,778
)
 
(19,080
)
Other expense (income), net
8,002

 
323

 
16,323

 
(1,976
)
Income before income taxes
$
173,385

 
$
145,633

 
$
388,484

 
$
299,405

Provision for income taxes
(43,303
)
 
(25,091
)
 
(95,073
)
 
(71,999
)
Net income
$
130,082

 
$
120,542

 
$
293,411

 
$
227,406

Net income (loss) attributable to non-controlling interests
1,486

 
(124
)
 
1,993

 
(312
)
Net income attributable to MasTec, Inc.
$
128,596


$
120,666

 
$
291,418

 
$
227,718

 
 
 
 
 
 
 
 
Earnings per share (Note 2):
 
 
 
 
 
 
 
Basic earnings per share
$
1.71

 
$
1.55

 
$
3.88

 
$
2.87

Basic weighted average common shares outstanding
75,217

 
78,096

 
75,131

 
79,399

 
 
 
 
 
 
 
 
Diluted earnings per share
$
1.69

 
$
1.52

 
$
3.85

 
$
2.83

Diluted weighted average common shares outstanding
75,934

 
79,201

 
75,760

 
80,484


The accompanying notes are an integral part of these consolidated financial statements.


3



MASTEC, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited - in thousands)

 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
130,082

 
$
120,542

 
$
293,411

 
$
227,406

Other comprehensive (loss) income:
 
 
 
 
 
 
 
Foreign currency translation (losses) gains, net of tax
(334
)
 
1,230

 
(321
)
 
(945
)
Unrealized (losses) gains on equity investee activity, net of tax
(7,108
)
 
3,137

 
(21,302
)
 
13,790

Comprehensive income
$
122,640

 
$
124,909

 
$
271,788

 
$
240,251

Comprehensive income (loss) attributable to non-controlling interests
1,486

 
(124
)
 
1,993

 
(312
)
Comprehensive income attributable to MasTec, Inc.
$
121,154

 
$
125,033

 
$
269,795

 
$
240,563


The accompanying notes are an integral part of these consolidated financial statements.

4



MASTEC, INC.
CONSOLIDATED BALANCE SHEETS
 (unaudited - in thousands, except share information)

 
September 30,
2019
 
December 31,
2018
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
43,095

 
$
27,422

Accounts receivable, net (Note 5)
1,953,340

 
1,923,970

Inventories, net
106,690

 
113,709

Prepaid expenses
40,502

 
56,558

Other current assets
55,069

 
47,330

Total current assets
$
2,198,696

 
$
2,168,989

Property and equipment, net
862,923

 
747,808

Operating lease assets
233,423

 

Goodwill, net
1,140,874

 
1,100,350

Other intangible assets, net
184,938

 
169,370

Other long-term assets
237,798

 
253,436

Total assets
$
4,858,652

 
$
4,439,953

Liabilities and equity
 
 
 
Current liabilities:
 
 
 
Current portion of long-term debt, including finance leases
$
99,513

 
$
82,655

Current portion of operating lease liabilities
79,150

 

Accounts payable
625,008

 
669,712

Accrued salaries and wages
133,482

 
90,218

Other accrued expenses
139,883

 
133,033

Billings in excess of costs and earnings
156,929

 
227,056

Other current liabilities
100,541

 
80,937

Total current liabilities
$
1,334,506

 
$
1,283,611

Long-term debt, including finance leases
1,221,127

 
1,324,223

Long-term operating lease liabilities
159,283

 

Deferred income taxes
277,439

 
263,687

Other long-term liabilities
186,993

 
176,408

Total liabilities
$
3,179,348

 
$
3,047,929

Commitments and contingencies (Note 14)


 


Equity
 
 
 
Preferred stock, $1.00 par value: authorized shares - 5,000,000; issued and outstanding shares – none
$

 
$

Common stock, $0.10 par value: authorized shares - 145,000,000; issued shares - 91,654,158 and 91,327,009 (including 1,148,043 and 1,251,533 of unvested stock awards) as of September 30, 2019 and December 31, 2018, respectively
9,165

 
9,133

Capital surplus
804,487

 
789,009

Retained earnings
1,409,793

 
1,118,375

Accumulated other comprehensive loss
(82,117
)
 
(60,494
)
Treasury stock, at cost: 15,344,917 and 15,329,817 shares as of September 30, 2019 and December 31, 2018, respectively
(466,727
)
 
(466,125
)
Total MasTec, Inc. shareholders’ equity
$
1,674,601

 
$
1,389,898

Non-controlling interests
$
4,703

 
$
2,126

Total equity
$
1,679,304

 
$
1,392,024

Total liabilities and equity
$
4,858,652

 
$
4,439,953


The accompanying notes are an integral part of these consolidated financial statements.

5



MASTEC, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited - in thousands, except share information) 

 
Common Stock
 
Treasury Stock
 
Capital Surplus
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Total MasTec, Inc. Shareholders’ Equity
 
Non-Controlling Interests
 
Total Equity
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
For the Three Months Ended September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of June 30, 2019
91,626,986

 
$
9,163

 
(15,344,917
)
 
$
(466,727
)
 
$
799,162

 
$
1,281,198

 
$
(74,675
)
 
$
1,548,121

 
$
3,217

 
$
1,551,338

Net income
 
 
 
 
 
 
 
 
 
 
128,596

 
 
 
128,596

 
1,486

 
130,082

Other comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
 
(7,442
)
 
(7,442
)
 
 
 
(7,442
)
Non-cash stock-based compensation
 
 
 
 
 
 
 
 
4,192

 
 
 
 
 
4,192

 
 
 
4,192

Forfeiture of restricted shares, net
(920
)
 

 
 
 
 
 

 
 
 
 
 

 
 
 

Other stock issuances, net of shares withheld for taxes
28,092

 
2

 
 
 
 
 
1,133

 
 
 
 
 
1,135

 
 
 
1,135

Balance as of September 30, 2019
91,654,158

 
$
9,165

 
(15,344,917
)
 
$
(466,727
)
 
$
804,487

 
$
1,409,793

 
$
(82,117
)
 
$
1,674,601

 
$
4,703

 
$
1,679,304

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of June 30, 2018
91,080,280

 
$
9,108

 
(10,835,749
)
 
$
(275,435
)
 
$
783,825

 
$
965,768

 
$
(55,234
)
 
$
1,428,032

 
$
2,366

 
$
1,430,398

Net income (loss)
 
 
 
 
 
 
 
 
 
 
120,666

 
 
 
120,666

 
(124
)
 
120,542

Other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
4,367

 
4,367

 
 
 
4,367

Non-cash stock-based compensation
 
 
 
 
 
 
 
 
3,515

 
 
 
 
 
3,515

 
 
 
3,515

Forfeiture of restricted shares, net
(5,211
)
 
(1
)
 
 
 
 
 
1

 
 
 
 
 

 
 
 

Other stock issuances, net of shares withheld for taxes
29,002

 
3

 
 
 
 
 
1,132

 
 
 
 
 
1,135

 
 
 
1,135

Acquisition of treasury stock, at cost
 
 
 
 
(1,604,359
)
 
(70,137
)
 
 
 
 
 
 
 
(70,137
)
 
 
 
(70,137
)
Balance as of September 30, 2018
91,104,071

 
$
9,110

 
(12,440,108
)
 
$
(345,572
)
 
$
788,473

 
$
1,086,434

 
$
(50,867
)
 
$
1,487,578

 
$
2,242

 
$
1,489,820


The accompanying notes are an integral part of these consolidated financial statements.

6



MASTEC, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited - in thousands, except share information) 

 
Common Stock
 
Treasury Stock
 
Capital Surplus
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Total MasTec, Inc. Shareholders’ Equity
 
Non-Controlling Interests
 
Total Equity
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
For the Nine Months Ended September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2018
91,327,009

 
$
9,133

 
(15,329,817
)
 
$
(466,125
)
 
$
789,009

 
$
1,118,375

 
$
(60,494
)
 
$
1,389,898

 
$
2,126

 
$
1,392,024

Net income
 
 
 
 
 
 
 
 
 
 
291,418

 
 
 
291,418

 
1,993

 
293,411

Other comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
 
(21,623
)
 
(21,623
)
 
 
 
(21,623
)
Non-cash stock-based compensation
 
 
 
 
 
 
 
 
12,132

 
 
 
 
 
12,132

 
 
 
12,132

Issuance of restricted shares, net
232,499

 
23

 
 
 
 
 
(23
)
 
 
 
 
 

 
 
 

Other stock issuances, net of shares withheld for taxes
94,650

 
9

 
 
 
 
 
3,369

 
 
 
 
 
3,378

 
 
 
3,378

Acquisition of treasury stock, at cost
 
 
 
 
(15,100
)
 
(602
)
 
 
 
 
 
 
 
(602
)
 
 
 
(602
)
Contributions from non-controlling interests
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
584

 
584

Balance as of September 30, 2019
91,654,158

 
$
9,165

 
(15,344,917
)
 
$
(466,727
)
 
$
804,487

 
$
1,409,793

 
$
(82,117
)
 
$
1,674,601

 
$
4,703

 
$
1,679,304

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2017
90,935,584

 
$
9,094

 
(8,132,811
)
 
$
(147,124
)
 
$
775,387

 
$
857,154

 
$
(63,712
)
 
$
1,430,799

 
$
2,554

 
$
1,433,353

Cumulative effect of adoption, Topic 606
 
 
 
 
 
 
 
 
 
 
1,562

 
 
 
1,562

 
 
 
1,562

Net income (loss)
 
 
 
 
 
 
 
 
 
 
227,718

 
 
 
227,718

 
(312
)
 
227,406

Other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
12,845

 
12,845

 
 
 
12,845

Non-cash stock-based compensation
 
 
 
 
 
 
 
 
10,086

 
 
 
 
 
10,086

 
 
 
10,086

Issuance of restricted shares, net
90,807

 
9

 
 
 
 
 
(9
)
 
 
 
 
 

 
 
 

Other stock issuances, net of shares withheld for taxes
77,680

 
7

 
 
 
 
 
3,009

 
 
 
 
 
3,016

 
 
 
3,016

Acquisition of treasury stock, at cost
 
 
 
 
(4,307,297
)
 
(198,448
)
 
 
 
 
 
 
 
(198,448
)
 
 
 
(198,448
)
Balance as of September 30, 2018
91,104,071

 
$
9,110

 
(12,440,108
)
 
$
(345,572
)
 
$
788,473

 
$
1,086,434

 
$
(50,867
)
 
$
1,487,578

 
$
2,242

 
$
1,489,820


The accompanying notes are an integral part of these consolidated financial statements.


7



MASTEC, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited - in thousands)

 
For the Nine Months Ended September 30,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Net income
$
293,411

 
$
227,406

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
174,171

 
156,478

Non-cash interest expense, net
1,691

 
1,836

Non-cash stock-based compensation expense
12,132

 
10,086

Provision for deferred income taxes
8,546

 
51,405

Equity in earnings of unconsolidated affiliates
(19,778
)
 
(19,080
)
Gains on sales of assets, net, including fixed assets held-for-sale
(9,627
)
 
(12,021
)
Other non-cash items, net
(1,515
)
 
5,055

Changes in assets and liabilities, net of acquisitions:
 
 
 
Accounts receivable, net
731

 
(763,893
)
Inventories
21,293

 
(37,025
)
Other assets, current and long-term portion
16,641

 
34,495

Accounts payable and accrued expenses
(30,641
)
 
367,938

Billings in excess of costs and earnings
(73,231
)
 
(9,432
)
Other liabilities, current and long-term portion
47,570

 
13,522

Net cash provided by operating activities
$
441,394

 
$
26,770

Cash flows from investing activities:
 
 
 
Cash paid for acquisitions, net of cash acquired
(94,647
)
 
(6,684
)
Capital expenditures
(85,095
)
 
(134,214
)
Proceeds from sale of property and equipment
27,102

 
29,676

Payments for other investments
(5,589
)
 
(36,330
)
Proceeds from other investments
14,705

 
5,415

Net cash used in investing activities
$
(143,524
)
 
$
(142,137
)
Cash flows from financing activities:
 
 
 
Proceeds from credit facilities
2,185,714

 
2,422,556

Repayments of credit facilities
(2,371,965
)
 
(1,997,392
)
Repayments of other borrowings, net
(333
)
 
(15,830
)
Payments of finance lease obligations
(59,045
)
 
(54,560
)
Payments of acquisition-related contingent consideration
(29,267
)
 
(15,929
)
Proceeds from (distributions to) non-controlling interests
584

 
(559
)
Proceeds from stock-based awards, net
3,380