Company Quick10K Filing
Mastec
Price65.08 EPS4
Shares76 P/E15
MCap4,942 P/FCF11
Net Debt1,278 EBIT420
TEV6,219 TEV/EBIT15
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

MTZ 10Q Quarterly Report

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

Mastec Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
5.04.03.02.01.00.02012201420172020
Assets, Equity
2.11.71.20.80.3-0.12012201420172020
Rev, G Profit, Net Income
0.40.20.1-0.1-0.2-0.42012201420172020
Ops, Inv, Fin

mtz-20200930
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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, 2020
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
_____________________________________________

mtz-20200930_g1.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 classTrading symbol(s)
Name of each exchange on which registered
Common Stock, $0.10 Par ValueMTZNew 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
 
Page
 
2


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,
2020201920202019
Revenue$1,698,279 $2,016,618 $4,684,180 $5,473,965 
Costs of revenue, excluding depreciation and amortization1,380,522 1,690,558 3,948,644 4,636,006 
Depreciation71,397 50,515 182,173 160,019 
Amortization of intangible assets11,200 4,681 28,384 14,152 
General and administrative expenses72,690 77,146 243,163 220,581 
Interest expense, net13,553 19,297 45,365 58,178 
Equity in earnings of unconsolidated affiliates(7,445)(6,966)(22,092)(19,778)
Loss on extinguishment of debt5,569  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 interests394 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 outstanding72,138 75,217 72,971 75,131 
Diluted earnings per share$1.59 $1.69 $2.84 $3.85 
Diluted weighted average common shares outstanding73,095 75,934 73,787 75,760 

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,
2020201920202019
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 tax2,839 (7,108)(21,447)(21,302)
Comprehensive income$119,108 $122,640 $186,574 $271,788 
Comprehensive income attributable to non-controlling interests394 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.
4


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 allowance917,099 850,326 
Contract assets1,019,879 1,024,568 
Inventories, net85,541 100,069 
Prepaid expenses44,365 52,000 
Other current assets29,017 75,169 
Total current assets$2,334,075 $2,173,559 
Property and equipment, net994,193 905,835 
Operating lease assets187,531 229,903 
Goodwill, net1,231,717 1,221,440 
Other intangible assets, net191,673 211,528 
Other long-term assets262,560 254,741 
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 liabilities74,439 81,561 
Accounts payable582,849 535,029 
Accrued salaries and wages108,796 87,562 
Other accrued expenses169,748 115,581 
Contract liabilities368,184 206,180 
Other current liabilities71,203 74,784 
Total current liabilities$1,514,154 $1,219,126 
Long-term debt, including finance leases1,164,457 1,314,030 
Long-term operating lease liabilities125,639 154,553 
Deferred income taxes301,216 296,326 
Other long-term liabilities219,138 221,280 
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 surplus829,495 809,753 
Retained earnings1,720,435 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.
5


MASTEC, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited - in thousands, except shares) 
Common StockTreasury StockCapital SurplusRetained EarningsAccumulated Other Comprehensive Loss
Total
MasTec, Inc. Shareholders’ Equity
Non-Controlling InterestsTotal Equity
SharesAmountSharesAmount
For the Three Months Ended September 30, 2020
Balance as of June 30, 202092,665,097 $9,267 (18,941,926)$(586,955)$821,584 $1,603,944 $(101,129)$1,746,711 $4,125 $1,750,836 
Net income116,491 116,491 394 116,885 
Other comprehensive income2,223 2,223 2,223 
Non-cash stock-based compensation5,639 5,639 5,639 
Issuance of restricted shares, net1,391     
Other stock issuances, net of shares withheld for taxes94,553 9 2,272 2,281 2,281 
Distributions to non-controlling interests (719)(719)
Balance as of September 30, 202092,761,041 $9,276 (18,941,926)$(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, 201991,626,986 $9,163 (15,344,917)$(466,727)$799,162 $1,281,198 $(74,675)$1,548,121 $3,217 $1,551,338 
Net income128,596 128,596 1,486 130,082 
Other comprehensive loss(7,442)(7,442)(7,442)
Non-cash stock-based compensation4,192 4,192 4,192 
Forfeiture of restricted shares, net(920)    
Other stock issuances, net of shares withheld for taxes28,092 2 1,133 1,135 1,135 
Balance as of September 30, 201991,654,158 $9,165 (15,344,917)$(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.


6


MASTEC, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited - in thousands, except shares) 
Common StockTreasury StockCapital SurplusRetained EarningsAccumulated Other Comprehensive Loss
Total
MasTec, Inc. Shareholders’ Equity
Non-Controlling InterestsTotal Equity
SharesAmountSharesAmount
For the Nine Months Ended September 30, 2020
Balance as of December 31, 201991,909,430 $9,191 (15,344,917)$(466,727)$809,753 $1,510,709 $(75,706)$1,787,220 $4,471 $1,791,691 
Net income209,726 209,726 48 209,774 
Other comprehensive loss(23,200)(23,200)(23,200)
Non-cash stock-based compensation15,538 15,538 15,538 
Issuance of restricted shares, net694,746 69 (69)  
Other stock issuances, net of shares withheld for taxes156,865 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, 202092,761,041 $9,276 (18,941,926)$(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, 201891,327,009 $9,133 (15,329,817)$(466,125)$789,009 $1,118,375 $(60,494)$1,389,898 $2,126 $1,392,024 
Net income291,418 291,418 1,993 293,411 
Other comprehensive loss(21,623)(21,623)(21,623)
Non-cash stock-based compensation12,132 12,132 12,132 
Issuance of restricted shares, net232,499 23 (23)  
Other stock issuances, net of shares withheld for taxes94,650 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, 201991,654,158 $9,165 (15,344,917)$(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.

7


MASTEC, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited - in thousands)
For the Nine Months Ended September 30,
20202019
Cash flows from operating activities:
Net income$209,774 $293,411 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation182,173 160,019 
Amortization of intangible assets28,384 14,152 
Non-cash interest expense, net2,201 1,691 
Non-cash stock-based compensation expense15,538 12,132 
Provision for deferred income taxes7,947 8,546 
Provision for credit losses14,213 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, net8,833 (2,841)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable, net of allowance(49,802)(33,522)
Contract assets10,637 34,253 
Inventories15,645 21,293 
Other assets, current and long-term portion38,729 16,641 
Accounts payable and accrued expenses109,689 (30,641)
Contract liabilities160,648 (52,537)
Other liabilities, current and long-term portion(7,185)26,876 
Net cash provided by operating activities$712,458 $441,394 
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired(11,251)(94,647)
Capital expenditures(183,725)(85,095)
Proceeds from sale of property and equipment29,744 27,102 
Payments for other investments(17,436)(5,589)
Proceeds from other investments648 14,705 
Other investing activities, net4,843  
Net cash used in investing activities$(177,177)$(143,524)
Cash flows from financing activities:
Proceeds from credit facilities1,415,426 2,185,714 
Repayments of credit facilities(1,725,845)(2,371,965)
Proceeds from issuance of 4.50% senior notes
600,000  
Repayments of 4.875% senior notes
(400,000) 
Repayments of other borrowings, net(50)(333)
Payments of finance lease obligations(92,260)(59,045)
Payments of acquisition-related contingent consideration(39,379)(29,267)
(Distributions to) proceeds from non-controlling interests(719)584 
Proceeds from stock-based awards5,483 3,414 
Payments for stock-based awards(614)(34)
Repurchases of common stock(120,228)(5,652)
Other financing activities, net(11,078)(5,459)
Net cash used in financing activities$(369,264)$(282,043)
Effect of currency translation on cash730 (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.
8


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.
9


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.
10