Ήϊ²ϊΊΪΑΟ³ΤΉΟΠΉΓάΘλΏΪ Announces First Quarter 2023 Financial Results with Record Backlog and Updates Guidance for the Year
May 04, 2023
- First Quarter 2023 Revenue Increased 32% Over Same Quarter Last Year
- First Quarter 2023 Results Include GAAP Net Loss of
$80.5 Million , Adjusted EBITDA of$102.5 Million , Diluted Loss Per Share of$1.05 and Adjusted Diluted Loss Per Share of$0.54 , Exceeding Guidance Expectations by$0.07 and$0.03 Per Share, Respectively - Record 18-month Backlog as of
March 31, 2023 of$13.9 Billion , a 31% increase Over the Same Quarter Last Year - Annual 2023 Guidance Range Includes Revenue of
$13.0 to$13.2 Billion , GAAP Net Income of$165 to$200 Million , Adjusted EBITDA of$1.10 to$1.15 Billion , Diluted Earnings Per Share of$2.11 to$2.55 and Adjusted Diluted Earnings Per Share of$4.35 to$4.85
First quarter 2023 revenue was up 32.2% to
First quarter 2023 adjusted net loss and adjusted diluted loss per share, both non-GAAP measures, were
18-month backlog as of
Adjusted net income, adjusted diluted earnings per share, and adjusted EBITDA, which are all non-GAAP measures, exclude certain items which are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures.
Based on the information available today, the Company is providing second quarter and updating full year 2023 guidance. The Company currently expects full year 2023 revenue to range from
For the second quarter of 2023, the Company expects revenue of approximately
Management will hold a conference call to discuss these results on
The following tables set forth the financial results for the periods ended
Consolidated Statements of Operations |
|||
For the Three Months Ended |
|||
2023 |
2022 |
||
Revenue |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 2,584,659 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 1,954,400 |
|
Costs of revenue, excluding depreciation and amortization |
2,359,494 |
1,733,316 |
|
Depreciation |
107,247 |
85,194 |
|
Amortization of intangible assets |
41,944 |
25,589 |
|
General and administrative expenses |
163,914 |
145,390 |
|
Interest expense, net |
52,693 |
16,041 |
|
Equity in earnings of unconsolidated affiliates, net |
(9,152) |
(6,777) |
|
Other (income) expense, net |
(6,201) |
3,754 |
|
Loss before income taxes |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (125,280) |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (48,107) |
|
Benefit from income taxes |
44,734 |
13,148 |
|
Net loss |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (80,546) |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (34,959) |
|
Net (loss) income attributable to non-controlling interests |
(6) |
19 |
|
Net loss attributable to |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (80,540) |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (34,978) |
|
Loss per share: |
|||
Basic and diluted loss per share |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (1.05) |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (0.47) |
|
Basic and diluted weighted average common shares outstanding |
76,984 |
74,789 |
Μύ
Consolidated Balance Sheets |
|||
|
|
||
Assets |
|||
Current assets |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 3,656,663 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 3,859,127 |
|
Property and equipment, net |
1,730,602 |
1,754,101 |
|
Operating lease right-of-use assets |
276,231 |
279,534 |
|
|
2,065,602 |
2,045,041 |
|
Other intangible assets, net |
904,412 |
946,299 |
|
Other long-term assets |
421,826 |
409,157 |
|
Total assets |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 9,055,336 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 9,293,259 |
|
Liabilities and Equity |
|||
Current liabilities |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 2,378,535 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 2,496,037 |
|
Long-term debt, including finance leases |
3,045,526 |
3,052,193 |
|
Long-term operating lease liabilities |
190,132 |
194,050 |
|
Deferred income taxes |
535,531 |
571,401 |
|
Other long-term liabilities |
257,980 |
238,391 |
|
Total equity |
2,647,632 |
2,741,187 |
|
Total liabilities and equity |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 9,055,336 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 9,293,259 |
Μύ
Consolidated Statements of Cash Flows |
|||||
For the Three Months Ended |
|||||
2023 |
2022 |
||||
Net cash (used in) provided by operating activities |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (86,371) |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 131,518 |
|||
Net cash used in investing activities |
(89,486) |
(101,361) |
|||
Net cash used in financing activities |
(53,442) |
(158,016) |
|||
Effect of currency translation on cash |
267 |
256 |
|||
Net decrease in cash and cash equivalents |
(229,032) |
(127,603) |
|||
Cash and cash equivalents - beginning of period |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 370,592 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 360,736 |
|||
Cash and cash equivalents - end of period |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 141,560 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 233,133 |
|||
Backlog by Reportable Segment (unaudited - in millions) |
2023 |
2022 |
2022 |
||
Communications |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 5,602 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 5,303 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 4,920 |
||
Clean Energy and Infrastructure |
3,546 |
3,227 |
1,693 |
||
Oil and Gas |
2,013 |
1,740 |
1,382 |
||
Power Delivery |
2,731 |
2,709 |
2,650 |
||
Other |
β€” |
β€” |
β€” |
||
Estimated 18-month backlog |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 13,892 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 12,979 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 10,645 |
Backlog is a common measurement used in our industry.Μύ Our methodology for determining backlog may not, however, be comparable to the methodologies used by others.Μύ Estimated backlog represents the amount of revenue we expect to realize over the next 18 months from future work on uncompleted construction contracts, including new contracts under which work has not begun, as well as revenue from change orders and renewal options.Μύ Our estimated backlog also includes amounts under master service and other service agreements and our proportionate share of estimated revenue from proportionately consolidated non-controlled contractual joint ventures.Μύ Estimated backlog for work under master service and other service agreements is determined based on historical trends, anticipated seasonal impacts, experience from similar projects and estimates of customer demand based on communications with our customers.Μύ
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures |
|||
For the Three Months Ended |
|||
Segment Information |
2023 |
2022 |
|
Revenue by Segment |
|||
Communications |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 806.6 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 664.2 |
|
Clean Energy and Infrastructure |
824.9 |
435.9 |
|
Oil and Gas |
256.5 |
211.0 |
|
Power Delivery |
709.4 |
650.5 |
|
Other |
β€” |
β€” |
|
Eliminations |
(12.7) |
(7.2) |
|
Consolidated revenue |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 2,584.7 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 1,954.4 |
|
For the Three Months Ended |
|||
2023 |
2022 |
||
Adjusted EBITDA by Segment |
|||
EBITDA |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 76.6 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 78.7 |
|
Non-cash stock-based compensation expense (a) |
8.5 |
6.3 |
|
Acquisition and integration costs (b) |
17.1 |
13.6 |
|
Losses on fair value of investment (a) |
0.2 |
β€” |
|
Adjusted EBITDA |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 102.5 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 98.7 |
|
Segment: |
|||
Communications |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 61.7 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 41.1 |
|
Clean Energy and Infrastructure |
10.5 |
10.9 |
|
Oil and Gas |
14.5 |
23.5 |
|
Power Delivery |
49.1 |
53.2 |
|
Other |
7.1 |
6.9 |
|
Segment Total |
142.9 |
135.6 |
|
Corporate |
(40.4) |
(36.9) |
|
Adjusted EBITDA |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 102.5 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 98.7 |
(a) |
Non-cash stock-based compensation expense and losses on the fair value of our investment in AVCT are included within Corporate results. |
(b) |
For the three month period ended |
Μύ
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures |
|||
For the Three Months Ended |
|||
2023 |
2022 |
||
Adjusted EBITDA Margin by Segment |
|||
EBITDA Margin |
3.0Μύ% |
4.0Μύ% |
|
Non-cash stock-based compensation expense (a) |
0.3Μύ% |
0.3Μύ% |
|
Acquisition and integration costs (b) |
0.7Μύ% |
0.7Μύ% |
|
Losses on fair value of investment (a) |
0.0Μύ% |
β€”Μύ% |
|
Adjusted EBITDA margin |
4.0Μύ% |
5.0Μύ% |
|
Segment: |
|||
Communications |
7.7Μύ% |
6.2Μύ% |
|
Clean Energy and Infrastructure |
1.3Μύ% |
2.5Μύ% |
|
Oil and Gas |
5.7Μύ% |
11.1Μύ% |
|
Power Delivery |
6.9Μύ% |
8.2Μύ% |
|
Other |
NM |
NM |
|
Segment Total |
5.5Μύ% |
6.9Μύ% |
|
Corporate |
β€” |
β€” |
|
Adjusted EBITDA margin |
4.0Μύ% |
5.0Μύ% |
NM - Percentage is not meaningful |
|
Note: The Communications, Clean Energy and Infrastructure, and Power Delivery segments represent theΜύ"non-OilΜύ&ΜύGas" segments. |
|
(a) |
Non-cash stock-based compensation expense and losses on the fair value of our investment in AVCT are included within Corporate results. |
(b) |
For the three month period ended |
Μύ
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures |
|||
For the Three Months Ended |
|||
2023 |
2022 |
||
EBITDA and Adjusted EBITDA Reconciliation |
|||
Net loss |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (80.5) |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (35.0) |
|
Interest expense, net |
52.7 |
16.0 |
|
Benefit from income taxes |
(44.7) |
(13.1) |
|
Depreciation |
107.2 |
85.2 |
|
Amortization of intangible assets |
41.9 |
25.6 |
|
EBITDA |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 76.6 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 78.7 |
|
Non-cash stock-based compensation expense |
8.5 |
6.3 |
|
Acquisition and integration costs |
17.1 |
13.6 |
|
Losses on fair value of investment |
0.2 |
β€” |
|
Adjusted EBITDA |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 102.5 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 98.7 |
|
For the Three Months Ended |
|||
2023 |
2022 |
||
EBITDA and Adjusted EBITDA Margin Reconciliation |
|||
Net loss |
(3.1)Μύ% |
(1.8)Μύ% |
|
Interest expense, net |
2.0Μύ% |
0.8Μύ% |
|
Benefit from income taxes |
(1.7)Μύ% |
(0.7)Μύ% |
|
Depreciation |
4.1Μύ% |
4.4Μύ% |
|
Amortization of intangible assets |
1.6Μύ% |
1.3Μύ% |
|
EBITDA margin |
3.0Μύ% |
4.0Μύ% |
|
Non-cash stock-based compensation expense |
0.3Μύ% |
0.3Μύ% |
|
Acquisition and integration costs |
0.7Μύ% |
0.7Μύ% |
|
Losses on fair value of investment |
0.0Μύ% |
β€”Μύ% |
|
Adjusted EBITDA margin |
4.0Μύ% |
5.0Μύ% |
Μύ
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures |
||||||
For the Three Months Ended |
||||||
2023 |
2022 |
|||||
Adjusted Net Income Reconciliation |
||||||
Net loss |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (80.5) |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (35.0) |
||||
Non-cash stock-based compensation expense |
8.5 |
6.3 |
||||
Amortization of intangible assets |
41.9 |
25.6 |
||||
Acquisition and integration costs |
17.1 |
13.6 |
||||
Losses on fair value of investment |
0.2 |
β€” |
||||
Income tax effect of adjustments (a) |
(29.2) |
(12.5) |
||||
Adjusted net loss |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (41.9) |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (2.0) |
||||
For the Three Months Ended |
||||||
2023 |
2022 |
|||||
Adjusted Diluted Earnings per Share Reconciliation |
||||||
Diluted loss per share |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (1.05) |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (0.47) |
||||
Non-cash stock-based compensation expense |
0.11 |
0.08 |
||||
Amortization of intangible assets |
0.54 |
0.34 |
||||
Acquisition and integration costs |
0.22 |
0.18 |
||||
Losses on fair value of investment |
0.00 |
β€” |
||||
Income tax effect of adjustments (a) |
(0.38) |
(0.17) |
||||
Adjusted diluted loss per share |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (0.54) |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ (0.03) |
(a) |
Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from the vesting of share-based payment awards.Μύ Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income.Μύ |
Μύ
Calculation of Net Debt |
|
|
|
Current portion of long-term debt, including finance leases |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 166.7 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 171.9 |
|
Long-term debt, including finance leases |
3,045.5 |
3,052.2 |
|
Less: cash and cash equivalents |
(141.6) |
(370.6) |
|
Net Debt |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 3,070.6 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 2,853.5 |
Μύ
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures |
|||||
Guidance for the |
For the Year |
For the Year |
|||
EBITDA and Adjusted EBITDA Reconciliation |
|||||
Net income |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 165 - 200ΜύΜύ |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 33.9 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 330.7 |
||
Interest expense, net |
215 |
112.3 |
53.4 |
||
Provision for income taxes |
ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 54 - 66Μύ Μύ |
9.2 |
99.3 |
||
Depreciation |
428 |
371.2 |
345.6 |
||
Amortization of intangible assets |
168 |
135.9 |
77.2 |
||
EBITDA |
$ΜύΜύΜύΜύΜύΜύ 1,030 – 1,076Μύ Μύ |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 662.5 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 906.3 |
||
Non-cash stock-based compensation expense |
34 |
27.4 |
24.8 |
||
Acquisition and integration costs |
ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 35 - 40Μύ Μύ |
86.0 |
3.6 |
||
Bargain purchase gain |
β€” |
(0.2) |
(3.5) |
||
Losses on fair value of investment |
0 |
7.7 |
7.8 |
||
Project results from non-controlled joint venture |
β€” |
(2.8) |
β€” |
||
Adjusted EBITDA |
Μύ $Μύ Μύ Μύ Μύ Μύ1,100 – 1,150ΜύΜύ |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 780.6 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 939.1 |
||
Guidance for the |
For the Year |
For the Year |
|||
EBITDA and Adjusted EBITDA Margin Reconciliation |
|||||
Net income |
1.3 - 1.5 % |
0.3Μύ% |
4.2Μύ% |
||
Interest expense, net |
ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 1.6 – 1.7 % |
1.1Μύ% |
0.7Μύ% |
||
Provision for income taxes |
ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 0.4 – 0.5 % |
0.1Μύ% |
1.2Μύ% |
||
Depreciation |
Μύ3.2 – 3.3 % |
3.8Μύ% |
4.3Μύ% |
||
Amortization of intangible assets |
1.3Μύ% |
1.4Μύ% |
1.0Μύ% |
||
EBITDA margin |
ΜύΜύΜύΜύ Μύ7.9 – 8.2 % |
6.8Μύ% |
11.4Μύ% |
||
Non-cash stock-based compensation expense |
0.3Μύ% |
0.3Μύ% |
0.3Μύ% |
||
Acquisition and integration costs |
0.3Μύ% |
0.9Μύ% |
0.0Μύ% |
||
Bargain purchase gain |
β€”Μύ% |
(0.0)Μύ% |
(0.0)Μύ% |
||
Losses on fair value of investment |
0.0Μύ% |
0.1Μύ% |
0.1Μύ% |
||
Project results from non-controlled joint venture |
β€”Μύ% |
(0.0)Μύ% |
β€”Μύ% |
||
Adjusted EBITDA margin |
ΜύΜύΜύΜύ Μύ8.5 – 8.7 % |
8.0Μύ% |
11.8Μύ% |
Μύ
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures - Unaudited |
|||||
Guidance for the |
For the Year |
For the Year |
|||
Adjusted Net Income Reconciliation |
|||||
Net income |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 165 - 200Μύ |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 33.9 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 330.7 |
||
Non-cash stock-based compensation expense |
34 |
27.4 |
24.8 |
||
Amortization of intangible assets |
168 |
135.9 |
77.2 |
||
Acquisition and integration costs |
ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ35 - 40Μύ |
86.0 |
3.6 |
||
Bargain purchase gain |
β€” |
(0.2) |
(3.5) |
||
Losses on fair value of investment |
0 |
7.7 |
7.8 |
||
Project results from non-controlled joint venture |
β€” |
(2.8) |
β€” |
||
Income tax effect of adjustments (a) |
ΜύΜύΜύΜύΜύΜύΜύ (60) – (61) |
(58.6) |
(27.4) |
||
Statutory tax rate effects (b) |
β€” |
5.5 |
6.7 |
||
Adjusted net income |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 342 - 380 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 234.8 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 420.0 |
||
Guidance for the |
For the Year |
For the Year |
|||
Adjusted Diluted Earnings per Share ReconciliationΜύ Μύ Μύ Μύ Μύ |
|||||
Diluted earnings per share |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 2.11 – 2.55 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 0.42 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 4.45 |
||
Non-cash stock-based compensation expense |
0.43 |
0.36 |
0.34 |
||
Amortization of intangible assets |
2.14 |
1.78 |
1.04 |
||
Acquisition and integration costs |
ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 0.45 – 0.51Μύ |
1.13 |
0.05 |
||
Bargain purchase gain |
β€” |
(0.00) |
(0.05) |
||
Losses on fair value of investment |
0.00 |
0.10 |
0.11 |
||
Project results from non-controlled joint venture |
β€” |
(0.04) |
β€” |
||
Income tax effect of adjustments (a) |
ΜύΜύΜύΜύΜύΜύΜύ (0.77) – (0.78) |
(0.77) |
(0.37) |
||
Statutory tax rate effects (b) |
β€” |
0.07 |
0.09 |
||
Adjusted diluted earnings per share |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύ 4.35 – 4.85Μύ |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 3.05 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 5.65 |
(a) |
Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from the vesting of share-based payment awards.Μύ Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income.Μύ |
(b) |
For the years ended |
Μύ
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures |
|||
Guidance for the |
For the Three Months |
||
EBITDA and Adjusted EBITDA Reconciliation |
|||
Net income |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 19 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 16.3 |
|
Interest expense, net |
57 |
19.4 |
|
Provision for income taxes |
9 |
2.0 |
|
Depreciation |
105 |
87.0 |
|
Amortization of intangible assets |
42 |
27.7 |
|
EBITDA |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 231 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 152.3 |
|
Non-cash stock-based compensation expense |
9 |
6.8 |
|
Acquisition and integration costs |
10 |
12.5 |
|
Bargain purchase gain |
β€” |
(0.2) |
|
Losses on fair value of investment |
β€” |
7.1 |
|
Adjusted EBITDA |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ Μύ250 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 178.5 |
|
Guidance for the |
For the Three Months |
||
EBITDA and Adjusted EBITDA Margin Reconciliation |
|||
Net income |
0.6Μύ% |
0.7Μύ% |
|
Interest expense, net |
1.9Μύ% |
0.8Μύ% |
|
Provision for income taxes |
0.3Μύ% |
0.1Μύ% |
|
Depreciation |
3.5Μύ% |
3.8Μύ% |
|
Amortization of intangible assets |
1.4Μύ% |
1.2Μύ% |
|
EBITDA margin |
7.7Μύ% |
6.6Μύ% |
|
Non-cash stock-based compensation expense |
0.3Μύ% |
0.3Μύ% |
|
Acquisition and integration costs |
0.3Μύ% |
0.5Μύ% |
|
Bargain purchase gain |
β€”Μύ% |
(0.0)Μύ% |
|
Losses on fair value of investment |
β€”Μύ% |
0.3Μύ% |
|
Adjusted EBITDA margin |
8.3Μύ% |
7.8Μύ% |
Μύ
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures |
|||
Guidance for the |
For the Three Months |
||
Adjusted Net Income Reconciliation |
|||
Net income |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 19 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 16.3 |
|
Non-cash stock-based compensation expense |
9 |
6.8 |
|
Amortization of intangible assets |
42 |
27.7 |
|
Acquisition and integration costs |
10 |
12.5 |
|
Bargain purchase gain |
β€” |
(0.2) |
|
Losses on fair value of investment |
β€” |
7.1 |
|
Income tax effect of adjustments (a) |
(12) |
(14.2) |
|
Statutory tax rate effects |
β€” |
β€” |
|
Adjusted net income |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 67 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 56.0 |
|
Guidance for the |
For the Three Months |
||
Adjusted Diluted Earnings per Share ReconciliationΜύ ΜύΜύ |
|||
Diluted earnings per share |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ Μύ0.24 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 0.20 |
|
Non-cash stock-based compensation expense |
0.11 |
0.09 |
|
Amortization of intangible assets |
0.54 |
0.37 |
|
Acquisition and integration costs |
0.13 |
0.17 |
|
Bargain purchase gain |
β€” |
(0.00) |
|
Losses on fair value of investment |
β€” |
0.09 |
|
Income tax effect of adjustments (a) |
(0.16) |
(0.19) |
|
Statutory tax rate effects |
β€” |
β€” |
|
Adjusted diluted earnings per share |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ Μύ0.86 |
$ΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύΜύ 0.73 |
(a) |
Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from the vesting of share-based payment awards.Μύ Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income.Μύ |
The tables may contain slight summation differences due to rounding. |
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements include, but are not limited to, statements relating to expectations regarding the future financial and operational performance of
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SOURCE
J. Marc Lewis, Vice President-Investor Relations, 305-406-1815, marc.lewis@mastec.com