Mastec Earnings 2020-09-30

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

mtz-20200930

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, 2020

☐ 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

_____________________________________________

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 26, 2020, MasTec, Inc. had 73,866,947 shares of common stock outstanding.

MASTEC, INC.

FORM 10-Q

QUARTER ENDED SEPTEMBER 30, 2020

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

MASTEC, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited - in thousands, except per share amounts)


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Revenue	$	1,698,279	$	2,016,618	$	4,684,180	$	5,473,965
Costs of revenue, excluding depreciation and amortization	1,380,522		1,690,558		3,948,644		4,636,006
Depreciation	71,397		50,515		182,173		160,019
Amortization of intangible assets	11,200		4,681		28,384		14,152
General and administrative expenses	72,690		77,146		243,163		220,581
Interest expense, net	13,553		19,297		45,365		58,178
Equity in earnings of unconsolidated affiliates	(7,445)		(6,966)		(22,092)		(19,778)
Loss on extinguishment of debt	5,569		—		5,569		—
Other (income) expense, net	(6,612)		8,002		(18,481)		16,323
Income before income taxes	$	157,405	$	173,385	$	271,455	$	388,484
Provision for income taxes	(40,520)		(43,303)		(61,681)		(95,073)
Net income	$	116,885	$	130,082	$	209,774	$	293,411
Net income attributable to non-controlling interests	394		1,486		48		1,993
Net income attributable to MasTec, Inc.	$	116,491	$	128,596	$	209,726	$	291,418

Earnings per share (Note 2):
Basic earnings per share	$	1.61	$	1.71	$	2.87	$	3.88
Basic weighted average common shares outstanding	72,138		75,217		72,971		75,131

Diluted earnings per share	$	1.59	$	1.69	$	2.84	$	3.85
Diluted weighted average common shares outstanding	73,095		75,934		73,787		75,760

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

MASTEC, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited - in thousands)


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Net income	$	116,885	$	130,082	$	209,774	$	293,411
Other comprehensive (loss) income:
Foreign currency translation losses, net of tax	(616)		(334)		(1,753)		(321)
Unrealized gains (losses) on investment activity, net of tax	2,839		(7,108)		(21,447)		(21,302)
Comprehensive income	$	119,108	$	122,640	$	186,574	$	271,788
Comprehensive income attributable to non-controlling interests	394		1,486		48		1,993
Comprehensive income attributable to MasTec, Inc.	$	118,714	$	121,154	$	186,526	$	269,795

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

MASTEC, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited - in thousands, except share information)


	September 30, 2020		December 31, 2019
Assets
Current assets:
Cash and cash equivalents	$	238,174	$	71,427
Accounts receivable, net of allowance	917,099		850,326
Contract assets	1,019,879		1,024,568
Inventories, net	85,541		100,069
Prepaid expenses	44,365		52,000
Other current assets	29,017		75,169
Total current assets	$	2,334,075	$	2,173,559
Property and equipment, net	994,193		905,835
Operating lease assets	187,531		229,903
Goodwill, net	1,231,717		1,221,440
Other intangible assets, net	191,673		211,528
Other long-term assets	262,560		254,741
Total assets	$	5,201,749	$	4,997,006
Liabilities and equity
Current liabilities:
Current portion of long-term debt, including finance leases	$	138,935	$	118,429
Current portion of operating lease liabilities	74,439		81,561
Accounts payable	582,849		535,029
Accrued salaries and wages	108,796		87,562
Other accrued expenses	169,748		115,581
Contract liabilities	368,184		206,180
Other current liabilities	71,203		74,784
Total current liabilities	$	1,514,154	$	1,219,126
Long-term debt, including finance leases	1,164,457		1,314,030
Long-term operating lease liabilities	125,639		154,553
Deferred income taxes	301,216		296,326
Other long-term liabilities	219,138		221,280
Total liabilities	$	3,324,604	$	3,205,315
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 - 92,761,041 and 91,909,430 (including 1,732,454 and 1,221,593 of unvested stock awards) as of September 30, 2020 and December 31, 2019, respectively	9,276		9,191
Capital surplus	829,495		809,753
Retained earnings	1,720,435		1,510,709
Accumulated other comprehensive loss	(98,906)		(75,706)
Treasury stock, at cost: 18,941,926 shares and 15,344,917 shares as of September 30, 2020 and December 31, 2019, respectively	(586,955)		(466,727)
Total MasTec, Inc. shareholders’ equity	$	1,873,345	$	1,787,220
Non-controlling interests	$	3,800	$	4,471
Total equity	$	1,877,145	$	1,791,691
Total liabilities and equity	$	5,201,749	$	4,997,006

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

MASTEC, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(unaudited - in thousands, except shares)


	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, 2020
Balance as of June 30, 2020	92,665,097	$	9,267	(18,941,926)	$	(586,955)	$	821,584	$	1,603,944	$	(101,129)	$	1,746,711	$	4,125	$	1,750,836
Net income									116,491				116,491		394		116,885
Other comprehensive income											2,223		2,223				2,223
Non-cash stock-based compensation							5,639						5,639				5,639
Issuance of restricted shares, net	1,391	—					—						—				—
Other stock issuances, net of shares withheld for taxes	94,553	9					2,272						2,281				2,281

Distributions to non-controlling interests													—		(719)		(719)
Balance as of September 30, 2020	92,761,041	$	9,276	(18,941,926)	$	(586,955)	$	829,495	$	1,720,435	$	(98,906)	$	1,873,345	$	3,800	$	1,877,145

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

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

MASTEC, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(unaudited - in thousands, except shares)


	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, 2020
Balance as of December 31, 2019	91,909,430	$	9,191	(15,344,917)	$	(466,727)	$	809,753	$	1,510,709	$	(75,706)	$	1,787,220	$	4,471	$	1,791,691
Net income									209,726				209,726		48		209,774
Other comprehensive loss											(23,200)		(23,200)				(23,200)
Non-cash stock-based compensation							15,538						15,538				15,538
Issuance of restricted shares, net	694,746	69					(69)						—				—
Other stock issuances, net of shares withheld for taxes	156,865	16					4,273						4,289				4,289
Acquisition of treasury stock, at cost				(3,597,009)	(120,228)								(120,228)				(120,228)
Distributions to non-controlling interests													—		(719)		(719)
Balance as of September 30, 2020	92,761,041	$	9,276	(18,941,926)	$	(586,955)	$	829,495	$	1,720,435	$	(98,906)	$	1,873,345	$	3,800	$	1,877,145

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

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

MASTEC, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited - in thousands)


	For the Nine Months Ended September 30,
	2020		2019
Cash flows from operating activities:
Net income	$	209,774	$	293,411
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	182,173		160,019
Amortization of intangible assets	28,384		14,152
Non-cash interest expense, net	2,201		1,691
Non-cash stock-based compensation expense	15,538		12,132
Provision for deferred income taxes	7,947		8,546
Provision for credit losses	14,213		1,326

Equity in earnings of unconsolidated affiliates	(22,092)		(19,778)
Gains on sales of assets, net	(12,874)		(9,627)
Other non-cash items, net	8,833		(2,841)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable, net of allowance	(49,802)		(33,522)
Contract assets	10,637		34,253
Inventories	15,645		21,293
Other assets, current and long-term portion	38,729		16,641
Accounts payable and accrued expenses	109,689		(30,641)
Contract liabilities	160,648		(52,537)
Other liabilities, current and long-term portion	(7,185)		26,876
Net cash provided by operating activities	$	712,458	$	441,394
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	(11,251)		(94,647)
Capital expenditures	(183,725)		(85,095)
Proceeds from sale of property and equipment	29,744		27,102
Payments for other investments	(17,436)		(5,589)
Proceeds from other investments	648		14,705
Other investing activities, net	4,843		—
Net cash used in investing activities	$	(177,177)	$	(143,524)
Cash flows from financing activities:
Proceeds from credit facilities	1,415,426		2,185,714
Repayments of credit facilities	(1,725,845)		(2,371,965)
Proceeds from issuance of 4.50% senior notes	600,000		—
Repayments of 4.875% senior notes	(400,000)		—
Repayments of other borrowings, net	(50)		(333)
Payments of finance lease obligations	(92,260)		(59,045)
Payments of acquisition-related contingent consideration	(39,379)		(29,267)
(Distributions to) proceeds from non-controlling interests	(719)		584
Proceeds from stock-based awards	5,483		3,414
Payments for stock-based awards	(614)		(34)
Repurchases of common stock	(120,228)		(5,652)


Other financing activities, net	(11,078)		(5,459)
Net cash used in financing activities	$	(369,264)	$	(282,043)
Effect of currency translation on cash	730		(154)
Net increase in cash and cash equivalents	$	166,747	$	15,673
Cash and cash equivalents - beginning of period	$	71,427	$	27,422
Cash and cash equivalents - end of period	$	238,174	$	43,095


Supplemental cash flow information:
Interest paid	$	57,098	$	73,570
Income tax payments, net of refunds	$	12,091	$	73,502
Supplemental disclosure of non-cash information:
Additions to property and equipment from finance leases	$	86,083	$	163,458

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

MASTEC, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1 – Business, Basis of Presentation and Significant Accounting Policies

Nature of the Business

MasTec, Inc. (collectively with its subsidiaries, “MasTec” or the “Company”) 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; pipeline infrastructure; electrical utility transmission and distribution; power generation, including from clean energy and renewable sources; heavy civil; and industrial infrastructure. MasTec’s customers are primarily in these industries. MasTec reports its results under five reportable segments: (1) Communications; (2) Oil and Gas; (3) Electrical Transmission; (4) Clean Energy and Infrastructure; and (5) Other. During the second quarter of 2020, the Company renamed its Power Generation and Industrial segment as the Clean Energy and Infrastructure segment to better represent the nature of the segment’s operations, end markets and customer characteristics. There was no change to the composition of the segment or its historical results.

Basis of Presentation

The accompanying consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying consolidated balance sheet as of December 31, 2019 is derived from the Company’s audited financial statements as of that date. Because certain information and footnote disclosures have been condensed or omitted, these consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2019 contained in the Company’s 2019 Annual Report on Form 10-K (the “2019 Form 10-K”). In management’s opinion, all normal and recurring adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included. When necessary, certain prior year amounts have been reclassified to conform to the current period presentation. Interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The Company believes that the disclosures made in these consolidated financial statements are adequate to make the information not misleading.

Principles of Consolidation

The accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that MasTec consolidates are reported as non-controlling interests within equity, except for mandatorily redeemable non-controlling interests, which are recorded within liabilities. Net income or loss attributable to non-controlling interests is reported as a separate line item below net income or loss. The Company’s investments in entities for which the Company does not have a controlling interest, but over which it has the ability to exert significant influence, are accounted for using the equity method of accounting. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity.

Translation of Foreign Currencies

The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates, with resulting translation gains or losses included within other comprehensive income or loss. Revenue and expenses are translated into U.S. dollars at average rates of exchange during the applicable period. Substantially all of the Company’s foreign operations use their local currency as their functional currency. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in other income or expense, net. In these consolidated financial statements, “$” means U.S. dollars unless otherwise noted.

Management Estimates

The preparation of consolidated financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on historical experience and various other assumptions, including the potential future effects of the COVID-19 pandemic and other relevant global events. These estimates form the basis for making judgments about the Company’s operating results and the carrying values of assets and liabilities that are not readily apparent from other sources. While management believes that such estimates are reasonable when considered in conjunction with the Company’s consolidated financial position and results of operations taken as a whole, actual results could differ materially from those estimates.

Key estimates include: the recognition of revenue and project profit or loss, which the Company defines as project revenue, less project costs of revenue, including project-related depreciation, in particular, on construction contracts accounted for under the cost-to-cost method, for which the recorded amounts require estimates of costs to complete and the amount and probability of variable consideration included in the contract transaction price; fair value estimates, including those related to acquisitions, valuations of goodwill and intangible assets, acquisition-related contingent consideration and other liabilities, equity investments and other long-lived assets; allowances for credit losses; asset lives used in computing depreciation and amortization; fair values of financial instruments; self-insurance liabilities; other accruals and allowances; income taxes; and the estimated effects of litigation and other contingencies.

COVID-19 Pandemic

During March 2020, the World Health Organization declared a global pandemic related to the rapidly growing outbreak of a novel strain of coronavirus (“COVID-19”). The COVID-19 pandemic has significantly affected economic conditions in the United States and internationally, as national, state and local governments reacted to the public health crisis by requiring mitigation measures resulting in workforce, supply chain and other market disruptions that have created significant uncertainties in the U.S. and global economies and disrupted business activities for an uncertain period of time. Although certain jurisdictions have subsequently taken steps to lift or ease such restrictions to various degrees, such lifting or easing could subsequently be reversed, or new restrictions imposed, due to a rise in cases of COVID-19.

Most of the Company’s construction services have been and currently are deemed essential under state and local pandemic mitigation orders, and all of its business segments continue to operate. Where safe and possible, the Company has generally been directed by its customers to maintain normal work schedules. Management’s top priority has been to take appropriate actions to protect the health and safety of its employees, customers and business partners, including adjusting its standard operating procedures to respond to evolving health guidelines. The COVID-19 pandemic has had a negative impact on the Company’s operations and is expected to have some continued negative impact. These impacts include lost productivity from governmental permitting approval delays, reduced crew productivity due to social distancing, other mitigation measures or other factors, the health and availability of work crews or other key personnel, including subcontractors or supply chain disruptions, and/or delayed project start dates or project shutdowns or cancellations that may be mandated or requested by governmental authorities or others, all of which could result in lower revenue or higher operating costs and/or create lower levels of overhead cost absorption.

In response to the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was signed into law on March 27, 2020. The CARES Act provides for various tax relief and incentive measures, including provisions permitting the deferral and/or reduction of certain federal and payroll tax amounts. The Company has pursued certain of these relief provisions, and for the nine month period ended September 30, 2020, has deferred approximately $22 million of payroll taxes, net. The Company will continue to evaluate the potential effects of the CARES Act on its financial position, results of operations and cash flows.

Management believes that it is taking appropriate steps to mitigate any potential impact to the Company; however, given the uncertainty regarding the potential effects of the COVID-19 pandemic, any future impacts cannot be quantified or predicted with specificity.

Significant Accounting Policies

Revenue Recognition

The Company recognizes revenue from contracts with customers under Accounting Standards Codification (“ASC”) Topic 606 (“Topic 606”). Under Topic 606, revenue is recognized when, or as, control of promised goods and services is transferred to customers, and the amount of revenue recognized reflects the consideration to which an entity expects to be entitled in exchange for the goods and services transferred. Revenue is primarily recognized by the Company over time utilizing the cost-to-cost measure of progress, which best depicts the continuous transfer of control of goods or services to the customer, and correspondingly, when performance obligations are satisfied for the related contracts.

Contracts. The Company derives revenue primarily from construction projects performed under: (i) master and other service agreements, which provide a menu of available services in a specific geographic territory that are utilized on an as-needed basis, and are typically priced using either a time and materials, or a fixed price per unit basis; and (ii) contracts for specific projects requiring the construction and installation of an entire infrastructure system, or specified units within an infrastructure system, which are subject to multiple pricing options, including fixed price, unit price, time and materials, or cost plus a markup. Revenue derived from projects performed under master service and other service agreements totaled 32% of consolidated revenue for both the three month periods ended September 30, 2020 and 2019, and totaled 36% and 35% for the nine month periods ended September 30, 2020 and 2019, respectively.

For certain master service and other service agreements under which the Company performs installation and maintenance services, primarily for install-to-the-home service providers in its Communications segment, revenue is recognized at a point in time. This is generally when the work order has been fulfilled, which is typically the same day the work is initiated. Point in time revenue accounted for approximately 4% of consolidated revenue for both the three month periods ended September 30, 2020 and 2019, and accounted for approximately 5% for both the nine month periods ended September 30, 2020 and 2019. Substantially all of the Company’s other revenue is recognized over time.

The total contract transaction price and cost estimation processes used for recognizing revenue over time under the cost-to-cost method is based on the professional knowledge and experience of the Company’s project managers, engineers and financial professionals. Management reviews estimates of total contract transaction price and total project costs on an ongoing basis. Changes in job performance, job conditions and management’s assessment of expected variable consideration are factors that influence estimates of the total contract transaction price, total costs to complete those contracts and the Company’s profit recognition. Changes in these factors could result in revisions to revenue in the period in which the revisions are determined, which could materially affect the Company’s consolidated results of operations for that period. Provisions for losses on uncompleted contracts are recorded in the period in which such losses are determined. For both the nine month periods ended September 30, 2020 and 2019, project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2019 and 2018. Revenue recognized for the three month periods ended September 30, 2020 and 2019 as a result of changes in total contract transaction price estimates, including for variable consideration, from performance obligations satisfied or partially satisfied in prior periods, totaled approximately $8.8 million and $13.3 million, respectively, and totaled $11.5 million and $52.2 million for the nine month periods ended September 30, 2020 and 2019, respectively.

The Company may incur certain costs that can be capitalized, such as initial set-up or mobilization costs. Such costs, which are amortized over the life of the respective projects, were not material as of September 30, 2020 or December 31, 2019.

Price	65.08	EPS	4
Shares	76	P/E	15
MCap	4,942	P/FCF	11
Net Debt	1,278	EBIT	420
TEV	6,219	TEV/EBIT	15
TTM 2019-09-30, in MM, except price, ratios

10-Q	2020-09-30	Filed 2020-10-29
10-Q	2020-06-30	Filed 2020-07-31
10-Q	2020-03-31	Filed 2020-04-30
10-K	2019-12-31	Filed 2020-02-27
10-Q	2019-09-30	Filed 2019-10-31
10-Q	2019-06-30	Filed 2019-08-01
10-Q	2019-03-31	Filed 2019-05-02
10-K	2018-12-31	Filed 2019-02-28
10-Q	2018-09-30	Filed 2018-11-01
10-Q	2018-06-30	Filed 2018-08-02
10-Q	2018-03-31	Filed 2018-04-30
10-K	2017-12-31	Filed 2018-02-27
10-Q	2017-09-30	Filed 2017-11-02
10-Q	2017-06-30	Filed 2017-08-03
10-Q	2017-03-31	Filed 2017-05-04
10-K	2016-12-31	Filed 2017-02-24
10-Q	2016-09-30	Filed 2016-11-03
10-Q	2016-06-30	Filed 2016-08-04
10-Q	2016-03-31	Filed 2016-05-05
10-K	2015-12-31	Filed 2016-02-26
10-Q	2015-09-30	Filed 2015-11-03
10-Q	2015-06-30	Filed 2015-08-17
10-Q	2015-03-31	Filed 2015-08-07
10-K	2014-12-31	Filed 2015-07-31
10-Q	2014-09-30	Filed 2014-10-30
10-Q	2014-06-30	Filed 2014-08-11
10-Q	2014-03-31	Filed 2014-05-01
10-K	2013-12-31	Filed 2014-02-27
10-Q	2013-09-30	Filed 2013-10-31
10-Q	2013-06-30	Filed 2013-08-01
10-Q	2013-03-31	Filed 2013-05-02
10-K	2012-12-31	Filed 2013-02-28
10-Q	2012-09-30	Filed 2012-11-01
10-Q	2012-06-30	Filed 2012-08-02
10-Q	2012-03-31	Filed 2012-05-03
10-K	2011-12-31	Filed 2012-02-29
10-Q	2011-09-30	Filed 2011-11-03
10-Q	2011-06-30	Filed 2011-08-03
10-Q	2011-03-31	Filed 2011-05-04
10-K	2010-12-31	Filed 2011-02-23
10-Q	2010-09-30	Filed 2010-11-03
10-Q	2010-06-30	Filed 2010-08-04
10-Q	2010-03-31	Filed 2010-05-05
10-K	2009-12-31	Filed 2010-02-25

8-K	2020-10-29	Earnings, Regulation FD, Exhibits
8-K	2020-08-04	Enter Agreement, Off-BS Arrangement, Exhibits
8-K	2020-07-30	Earnings, Regulation FD, Exhibits
8-K	2020-07-21	Other Events, Exhibits
8-K	2020-07-20	Off-BS Arrangement, Regulation FD, Exhibits
8-K	2020-05-15
8-K	2020-04-30
8-K	2020-02-27
8-K	2019-10-31
8-K	2019-09-19
8-K	2019-08-01
8-K	2019-05-23
8-K	2019-05-02
8-K	2019-02-28
8-K	2018-11-01
8-K	2018-08-02
8-K	2018-05-22
8-K	2018-04-30
8-K	2018-02-27

EX-31.1	mtz9302010-qex311.htm
EX-31.2	mtz9302010-qex312.htm
EX-32.1	mtz9302010-qex321.htm
EX-32.2	mtz9302010-qex322.htm


		Page
Part I. FINANCIAL INFORMATION		3
Item 1	Financial Statements (Unaudited)	3
	Consolidated Statements of Operations	3
	Consolidated Statements of Comprehensive Income	4
	Consolidated Balance Sheets	5
	Consolidated Statements of Equity	6
	Consolidated Statements of Cash Flows	8
	Notes to Consolidated Financial Statements (Unaudited)	9
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3	Quantitative and Qualitative Disclosures About Market Risk	38
Item 4	Controls and Procedures	39
Part II. OTHER INFORMATION		40
Item 1	Legal Proceedings	40
Item 1A	Risk Factors	40
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	41
Item 4	Mine Safety Disclosures	41
Item 6	Exhibits	41
SIGNATURES		42

MTZ 10Q Quarterly Report

Mastec Earnings 2020-09-30