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 2020-06-30 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 2020-08-04 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-10.1 mtz6302010-qex101.htm
EX-10.2 mtz6302010-qex102.htm
EX-22.1 mtz6302010-qex221.htm
EX-31.1 mtz6302010-qex311.htm
EX-31.2 mtz6302010-qex312.htm
EX-32.1 mtz6302010-qex321.htm
EX-32.2 mtz6302010-qex322.htm

Mastec Earnings 2020-06-30

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

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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 June 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
_____________________________________________

image0a15.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 July 27, 2020, MasTec, Inc. had 73,818,180 shares of common stock outstanding.




MASTEC, INC.
FORM 10-Q
QUARTER ENDED JUNE 30, 2020

TABLE OF CONTENTS
 
 

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 June 30,
 
For the Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Revenue
$
1,569,297

 
$
1,939,006

 
$
2,985,901

 
$
3,457,346

Costs of revenue, excluding depreciation and amortization
1,341,825

 
1,633,400

 
2,568,122

 
2,945,448

Depreciation
57,687

 
55,279

 
110,776

 
109,504

Amortization of intangible assets
9,793

 
4,665

 
17,184

 
9,471

General and administrative expenses
84,959

 
70,819

 
170,473

 
143,436

Interest expense, net
14,808

 
16,623

 
31,812

 
38,881

Equity in earnings of unconsolidated affiliates
(6,813
)
 
(6,551
)
 
(14,647
)
 
(12,811
)
Other (income) expense, net
(10,527
)
 
4,812

 
(11,869
)
 
8,317

Income before income taxes
$
77,565

 
$
159,959

 
$
114,050

 
$
215,100

Provision for income taxes
(20,738
)
 
(39,736
)
 
(21,161
)
 
(51,770
)
Net income
$
56,827

 
$
120,223

 
$
92,889

 
$
163,330

Net (loss) income attributable to non-controlling interests
(178
)
 
513

 
(346
)
 
507

Net income attributable to MasTec, Inc.
$
57,005


$
119,710

 
$
93,235

 
$
162,823

 
 
 
 
 
 
 
 
Earnings per share (Note 2):
 
 
 
 
 
 
 
Basic earnings per share
$
0.79

 
$
1.59

 
$
1.27

 
$
2.17

Basic weighted average common shares outstanding
72,045

 
75,183

 
73,392

 
75,088

 
 
 
 
 
 
 
 
Diluted earnings per share
$
0.78

 
$
1.58

 
$
1.26

 
$
2.15

Diluted weighted average common shares outstanding
72,777

 
75,747

 
74,135

 
75,661


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 June 30,
 
For the Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Net income
$
56,827

 
$
120,223

 
$
92,889

 
$
163,330

Other comprehensive (loss) income:
 
 
 
 
 
 
 
Foreign currency translation (losses) gains, net of tax
(840
)
 
113

 
(1,137
)
 
13

Unrealized losses on equity investee activity, net of tax
(1,325
)
 
(8,732
)
 
(24,286
)
 
(14,194
)
Comprehensive income
$
54,662

 
$
111,604

 
$
67,466

 
$
149,149

Comprehensive (loss) income attributable to non-controlling interests
(178
)
 
513

 
(346
)
 
507

Comprehensive income attributable to MasTec, Inc.
$
54,840

 
$
111,091

 
$
67,812

 
$
148,642


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

4



MASTEC, INC.
CONSOLIDATED BALANCE SHEETS
 (unaudited - in thousands, except share information)
 
June 30,
2020
 
December 31,
2019
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
48,638

 
$
71,427

Accounts receivable, net of allowance
927,764

 
850,326

Contract assets
965,887

 
1,024,568

Inventories, net
104,893

 
100,069

Prepaid expenses
44,138

 
52,000

Other current assets
45,728

 
75,169

Total current assets
$
2,137,048

 
$
2,173,559

Property and equipment, net
972,177

 
905,835

Operating lease assets
198,844

 
229,903

Goodwill, net
1,227,405

 
1,221,440

Other intangible assets, net
202,165

 
211,528

Other long-term assets
252,346

 
254,741

Total assets
$
4,989,985

 
$
4,997,006

Liabilities and equity
 
 
 
Current liabilities:
 
 
 
Current portion of long-term debt, including finance leases
$
126,697

 
$
118,429

Current portion of operating lease liabilities
78,044

 
81,561

Accounts payable
630,456

 
535,029

Accrued salaries and wages
118,068

 
87,562

Other accrued expenses
163,629

 
115,581

Contract liabilities
338,230

 
206,180

Other current liabilities
68,267

 
74,784

Total current liabilities
$
1,523,391

 
$
1,219,126

Long-term debt, including finance leases
1,115,839

 
1,314,030

Long-term operating lease liabilities
133,535

 
154,553

Deferred income taxes
267,525

 
296,326

Other long-term liabilities
198,859

 
221,280

Total liabilities
$
3,239,149

 
$
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 - 92,665,097 and 91,909,430 (including 1,734,554 and 1,221,593 of unvested stock awards) as of June 30, 2020 and December 31, 2019, respectively
9,267

 
9,191

Capital surplus
821,584

 
809,753

Retained earnings
1,603,944

 
1,510,709

Accumulated other comprehensive loss
(101,129
)
 
(75,706
)
Treasury stock, at cost: 18,941,926 shares and 15,344,917 shares as of June 30, 2020 and December 31, 2019, respectively
(586,955
)
 
(466,727
)
Total MasTec, Inc. shareholders’ equity
$
1,746,711

 
$
1,787,220

Non-controlling interests
$
4,125

 
$
4,471

Total equity
$
1,750,836

 
$
1,791,691

Total liabilities and equity
$
4,989,985

 
$
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 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 June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of March 31, 2020
92,618,032

 
$
9,262

 
(18,914,841
)
 
$
(586,153
)
 
$
814,425

 
$
1,546,939

 
$
(98,963
)
 
$
1,685,510

 
$
4,303

 
$
1,689,813

Net income (loss)
 
 
 
 
 
 
 
 
 
 
57,005

 
 
 
57,005

 
(178
)
 
56,827

Other comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
 
(2,166
)
 
(2,166
)
 
 
 
(2,166
)
Non-cash stock-based compensation
 
 
 
 
 
 
 
 
5,850

 
 
 
 
 
5,850

 
 
 
5,850

Forfeiture of restricted shares, net
(1,424
)
 

 
 
 
 
 

 
 
 
 
 

 
 
 

Other stock issuances, net of shares withheld for taxes
48,489

 
5

 
 
 
 
 
1,309

 
 
 
 
 
1,314

 
 
 
1,314

Acquisition of treasury stock, at cost
 
 
 
 
(27,085
)
 
(802
)
 
 
 
 
 
 
 
(802
)
 
 
 
(802
)
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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of March 31, 2019
91,591,398

 
$
9,159

 
(15,344,917
)
 
$
(466,727
)
 
$
793,748

 
$
1,161,487

 
$
(66,056
)
 
$
1,431,611

 
$
2,121

 
$
1,433,732

Net income
 
 
 
 
 
 
 
 
 
 
119,710

 
 
 
119,710

 
513

 
120,223

Other comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
 
(8,619
)
 
(8,619
)
 
 
 
(8,619
)
Non-cash stock-based compensation
 
 
 
 
 
 
 
 
4,220

 
 
 
 
 
4,220

 
 
 
4,220

Issuance of restricted shares, net
57

 

 
 
 
 
 

 
 
 
 
 

 
 
 

Other stock issuances, net of shares withheld for taxes
35,531

 
4

 
 
 
 
 
1,194

 
 
 
 
 
1,198

 
 
 
1,198

Contributions from non-controlling interests
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
584

 
584

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


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 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 Six Months Ended June 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 (loss)
 
 
 
 
 
 
 
 
 
 
93,235

 
 
 
93,235

 
(346
)
 
92,889

Other comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
 
(25,423
)
 
(25,423
)
 
 
 
(25,423
)
Non-cash stock-based compensation
 
 
 
 
 
 
 
 
9,899

 
 
 
 
 
9,899

 
 
 
9,899

Issuance of restricted shares, net
693,355

 
69

 
 
 
 
 
(69
)
 
 
 
 
 

 
 
 

Other stock issuances, net of shares withheld for taxes
62,312

 
7

 
 
 
 
 
2,001

 
 
 
 
 
2,008

 
 
 
2,008

Acquisition of treasury stock, at cost
 
 
 
 
(3,597,009
)
 
(120,228
)
 
 
 
 
 
 
 
(120,228
)
 
 
 
(120,228
)
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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Six Months Ended June 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
 
 
 
 
 
 
 
 
 
 
162,823

 
 
 
162,823

 
507

 
163,330

Other comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
 
(14,181
)
 
(14,181
)
 
 
 
(14,181
)
Non-cash stock-based compensation
 
 
 
 
 
 
 
 
7,940

 
 
 
 
 
7,940

 
 
 
7,940

Issuance of restricted shares, net
233,419

 
23

 
 
 
 
 
(23
)
 
 
 
 
 

 
 
 

Other stock issuances, net of shares withheld for taxes
66,558

 
7

 
 
 
 
 
2,236

 
 
 
 
 
2,243

 
 
 
2,243

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

 
584

 
584

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


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 Six Months Ended June 30,
 
2020
 
2019
Cash flows from operating activities:
 
 
 
Net income
$
92,889

 
$
163,330

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation
110,776

 
109,504

Amortization of intangible assets
17,184

 
9,471

Non-cash interest expense, net
1,451

 
737

Non-cash stock-based compensation expense
9,899

 
7,940

Benefit from deferred income taxes
(20,575
)
 
(14,190
)
Equity in earnings of unconsolidated affiliates
(14,647
)
 
(12,811
)
Gains on sales of assets, net
(8,334
)
 
(6,074
)
Other non-cash items, net
12,297

 
(2,899
)
Changes in assets and liabilities, net of acquisitions:
 
 
 
Accounts receivable, net of allowance
(60,246
)
 
3,196

Contract assets
64,321

 
113,827

Inventories
(4,629
)
 
(265
)
Other assets, current and long-term portion
31,234

 
6,187

Accounts payable and accrued expenses
164,297

 
(26,355
)
Contract liabilities
130,784

 
(12,278
)
Other liabilities, current and long-term portion
(30,199
)
 
12,141

Net cash provided by operating activities
$
496,502

 
$
351,461

Cash flows from investing activities:
 
 
 
Cash paid for acquisitions, net of cash acquired
(10,493
)
 
(94,647
)
Capital expenditures
(132,755
)
 
(57,455
)
Proceeds from sale of property and equipment
17,861

 
19,567

Payments for other investments
(16,777
)