Florida
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65-0829355
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(State or Other jurisdiction of
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(I.R.S. Employer
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Incorporation or Organization)
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Identification No.)
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800 S. Douglas Road, 12th Floor,
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Coral Gables, FL
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33134
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(Address of Principal Executive Offices)
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(Zip Code)
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Large accelerated filer
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þ
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Accelerated filer
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¨
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Non-accelerated filer
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¨
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(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Page
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ITEM 1.
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FINANCIAL STATEMENTS
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
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||||||||||||
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2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenue
|
$
|
1,232,404
|
|
|
$
|
1,066,629
|
|
|
$
|
2,206,630
|
|
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$
|
2,069,896
|
|
Costs of revenue, excluding depreciation and amortization
|
1,068,182
|
|
|
945,947
|
|
|
1,952,583
|
|
|
1,832,361
|
|
||||
Depreciation and amortization
|
40,657
|
|
|
43,254
|
|
|
79,664
|
|
|
85,852
|
|
||||
General and administrative expenses
|
67,852
|
|
|
69,250
|
|
|
127,900
|
|
|
143,279
|
|
||||
Interest expense, net
|
12,639
|
|
|
12,907
|
|
|
24,797
|
|
|
23,880
|
|
||||
Equity in (earnings) losses of unconsolidated affiliates
|
(489
|
)
|
|
2,638
|
|
|
(3,555
|
)
|
|
3,223
|
|
||||
Other expense (income), net
|
1,524
|
|
|
(4,991
|
)
|
|
(11,830
|
)
|
|
(5,583
|
)
|
||||
Income (loss) before income taxes
|
$
|
42,039
|
|
|
$
|
(2,376
|
)
|
|
$
|
37,071
|
|
|
$
|
(13,116
|
)
|
(Provision for) benefit from income taxes
|
(17,601
|
)
|
|
(1,444
|
)
|
|
(15,514
|
)
|
|
2,908
|
|
||||
Net income (loss)
|
$
|
24,438
|
|
|
$
|
(3,820
|
)
|
|
$
|
21,557
|
|
|
$
|
(10,208
|
)
|
Net income (loss) attributable to non-controlling interests
|
350
|
|
|
(120
|
)
|
|
162
|
|
|
(245
|
)
|
||||
Net income (loss) attributable to MasTec, Inc.
|
$
|
24,088
|
|
|
$
|
(3,700
|
)
|
|
$
|
21,395
|
|
|
$
|
(9,963
|
)
|
|
|
|
|
|
|
|
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||||||||
Earnings per share
(Note 2):
|
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) per share
|
$
|
0.30
|
|
|
$
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(0.05
|
)
|
|
$
|
0.27
|
|
|
$
|
(0.12
|
)
|
Basic weighted average common shares outstanding
|
80,351
|
|
|
79,830
|
|
|
80,253
|
|
|
81,106
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Diluted earnings (loss) per share
|
$
|
0.30
|
|
|
$
|
(0.05
|
)
|
|
$
|
0.26
|
|
|
$
|
(0.12
|
)
|
Diluted weighted average common shares outstanding
|
81,266
|
|
|
79,830
|
|
|
81,043
|
|
|
81,106
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income (loss)
|
$
|
24,438
|
|
|
$
|
(3,820
|
)
|
|
$
|
21,557
|
|
|
$
|
(10,208
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation gains (losses), net of tax
|
247
|
|
|
3,309
|
|
|
5,871
|
|
|
(18,719
|
)
|
||||
Unrealized losses on equity method investment activity, net of tax
|
(4,577
|
)
|
|
—
|
|
|
(12,587
|
)
|
|
—
|
|
||||
Comprehensive income (loss)
|
$
|
20,108
|
|
|
$
|
(511
|
)
|
|
$
|
14,841
|
|
|
$
|
(28,927
|
)
|
Comprehensive income (loss) attributable to non-controlling interests
|
350
|
|
|
(120
|
)
|
|
162
|
|
|
(245
|
)
|
||||
Comprehensive income (loss) attributable to MasTec, Inc.
|
$
|
19,758
|
|
|
$
|
(391
|
)
|
|
$
|
14,679
|
|
|
$
|
(28,682
|
)
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
8,758
|
|
|
$
|
4,984
|
|
Accounts receivable, net of allowance
|
1,091,025
|
|
|
911,106
|
|
||
Inventories, net
|
115,799
|
|
|
90,599
|
|
||
Prepaid expenses
|
45,074
|
|
|
54,879
|
|
||
Other current assets
|
61,186
|
|
|
68,190
|
|
||
Total current assets
|
$
|
1,321,842
|
|
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$
|
1,129,758
|
|
Property and equipment, net
|
559,057
|
|
|
558,667
|
|
||
Goodwill, net
|
998,089
|
|
|
988,511
|
|
||
Other intangible assets, net
|
192,583
|
|
|
199,379
|
|
||
Other long-term assets
|
52,372
|
|
|
51,032
|
|
||
Total assets
|
$
|
3,123,943
|
|
|
$
|
2,927,347
|
|
Liabilities and equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Current maturities of long-term debt
|
$
|
70,367
|
|
|
$
|
77,400
|
|
Accounts payable
|
440,972
|
|
|
348,543
|
|
||
Accrued salaries and wages
|
83,083
|
|
|
46,550
|
|
||
Other accrued expenses
|
85,035
|
|
|
69,369
|
|
||
Acquisition-related contingent consideration, current
|
22,064
|
|
|
17,731
|
|
||
Billings in excess of costs and earnings
|
130,621
|
|
|
149,483
|
|
||
Other current liabilities
|
34,292
|
|
|
43,459
|
|
||
Total current liabilities
|
$
|
866,434
|
|
|
$
|
752,535
|
|
Acquisition-related contingent consideration, net of current portion
|
25,151
|
|
|
41,675
|
|
||
Long-term debt
|
998,440
|
|
|
932,868
|
|
||
Long-term deferred tax liabilities, net
|
173,220
|
|
|
188,759
|
|
||
Other long-term liabilities
|
90,482
|
|
|
68,119
|
|
||
Total liabilities
|
$
|
2,153,727
|
|
|
$
|
1,983,956
|
|
Commitments and contingencies
(See 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 - 90,403,416 (including 1,898,678 of unvested restricted shares) and 88,197,474 as of June 30, 2016 and December 31, 2015, respectively
|
9,040
|
|
|
8,820
|
|
||
Capital surplus
|
781,251
|
|
|
769,996
|
|
||
Retained earnings
|
400,073
|
|
|
378,678
|
|
||
Accumulated other comprehensive loss
|
(79,067
|
)
|
|
(72,351
|
)
|
||
Treasury stock, at cost: 8,094,004 shares as of both June 30, 2016 and December 31, 2015
|
(145,573
|
)
|
|
(145,573
|
)
|
||
Total MasTec, Inc. shareholders’ equity
|
$
|
965,724
|
|
|
$
|
939,570
|
|
Non-controlling interests
|
$
|
4,492
|
|
|
$
|
3,821
|
|
Total equity
|
$
|
970,216
|
|
|
$
|
943,391
|
|
Total liabilities and equity
|
$
|
3,123,943
|
|
|
$
|
2,927,347
|
|
|
For the Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income (loss)
|
$
|
21,557
|
|
|
$
|
(10,208
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
79,664
|
|
|
85,852
|
|
||
Non-cash interest expense, net
|
1,473
|
|
|
1,324
|
|
||
Non-cash stock-based compensation expense
|
7,405
|
|
|
6,320
|
|
||
Excess tax benefit from stock-based compensation
|
(1,132
|
)
|
|
(53
|
)
|
||
Provision for (benefit from) deferred income taxes
|
1,155
|
|
|
(10,026
|
)
|
||
Other non-cash items
|
3,230
|
|
|
736
|
|
||
Losses (gains) on sales of assets, including estimated losses on fixed assets held-for-sale
|
1,177
|
|
|
(1,427
|
)
|
||
Changes in assets and liabilities, net of acquisitions:
|
|
|
|
||||
Accounts receivable
|
(179,372
|
)
|
|
159,384
|
|
||
Inventories
|
(26,454
|
)
|
|
9,356
|
|
||
Other assets, current and long-term portion
|
28,878
|
|
|
1,023
|
|
||
Accounts payable and accrued expenses
|
123,958
|
|
|
(37,335
|
)
|
||
Billings in excess of costs and earnings
|
(18,856
|
)
|
|
(33,100
|
)
|
||
Book overdrafts
|
10,075
|
|
|
1,217
|
|
||
Other liabilities, current and long-term portion
|
(24,270
|
)
|
|
(11,774
|
)
|
||
Net cash provided by operating activities
|
$
|
28,488
|
|
|
$
|
161,289
|
|
Cash flows used in investing activities:
|
|
|
|
||||
Cash paid for acquisitions, net of cash acquired
|
(4,102
|
)
|
|
(148
|
)
|
||
Capital expenditures
|
(63,893
|
)
|
|
(48,431
|
)
|
||
Proceeds from sale of property and equipment
|
10,163
|
|
|
4,146
|
|
||
Payments for other investments
|
(2,040
|
)
|
|
(65,150
|
)
|
||
Net cash used in investing activities
|
$
|
(59,872
|
)
|
|
$
|
(109,583
|
)
|
Cash flows provided by (used in) financing activities:
|
|
|
|
||||
Proceeds from credit facilities
|
684,287
|
|
|
844,494
|
|
||
Repayments of credit facilities
|
(604,640
|
)
|
|
(741,302
|
)
|
||
Repayments of other borrowings
|
(5,993
|
)
|
|
(6,683
|
)
|
||
Payments of capital lease obligations
|
(27,506
|
)
|
|
(28,469
|
)
|
||
Repurchase of common stock
|
—
|
|
|
(100,000
|
)
|
||
Proceeds from stock-based awards, net of tax withholdings
|
3,338
|
|
|
1,849
|
|
||
Excess tax benefit from stock-based compensation
|
1,132
|
|
|
53
|
|
||
Payments of acquisition-related contingent consideration
|
(14,572
|
)
|
|
(39,257
|
)
|
||
Payments of financing costs
|
—
|
|
|
(1,053
|
)
|
||
Net cash provided by (used in) financing activities
|
$
|
36,046
|
|
|
$
|
(70,368
|
)
|
Effect of currency translation on cash
|
(888
|
)
|
|
(642
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
$
|
3,774
|
|
|
$
|
(19,304
|
)
|
Cash and cash equivalents - beginning of period
|
$
|
4,984
|
|
|
$
|
24,059
|
|
Cash and cash equivalents - end of period
|
$
|
8,758
|
|
|
$
|
4,755
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income (loss) attributable to MasTec:
|
|
|
|
|
|
|
|
||||||||
Net income (loss) - basic and diluted
(a)
|
$
|
24,088
|
|
|
$
|
(3,700
|
)
|
|
$
|
21,395
|
|
|
$
|
(9,963
|
)
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding - basic
(b)
|
80,351
|
|
|
79,830
|
|
|
80,253
|
|
|
81,106
|
|
||||
Dilutive common stock equivalents
|
915
|
|
|
—
|
|
|
790
|
|
|
—
|
|
||||
Weighted average shares outstanding - diluted
|
81,266
|
|
|
79,830
|
|
|
81,043
|
|
|
81,106
|
|
(a)
|
Calculated as total net income (loss) less amounts attributable to non-controlling interests.
|
(b)
|
Excludes non-participating unvested restricted share awards.
|
|
Communications
|
|
Oil and Gas
|
|
Electrical
Transmission
|
|
Power
Generation and Industrial
|
|
Total Goodwill
|
||||||||||
Goodwill, gross carrying amount
|
$
|
420.7
|
|
|
$
|
382.6
|
|
|
$
|
149.9
|
|
|
$
|
117.6
|
|
|
$
|
1,070.8
|
|
Accumulated impairment losses
|
—
|
|
|
(72.7
|
)
|
|
—
|
|
|
—
|
|
|
(72.7
|
)
|
|||||
Goodwill, net
|
$
|
420.7
|
|
|
$
|
309.9
|
|
|
$
|
149.9
|
|
|
$
|
117.6
|
|
|
$
|
998.1
|
|
|
Other Intangible Assets
|
||||||||||||||||||
|
Non-amortizing
|
|
Amortizing
|
|
|
||||||||||||||
|
Trade Names
|
|
Pre-Qualifications
|
|
Customer Relationships and Backlog
|
|
Other
(a)
|
|
Total
|
||||||||||
Other intangible assets, gross carrying amount as of December 31, 2015
|
$
|
34.8
|
|
|
$
|
73.4
|
|
|
$
|
195.4
|
|
|
$
|
25.7
|
|
|
$
|
329.3
|
|
Accumulated amortization
|
|
|
|
|
(114.6
|
)
|
|
(15.3
|
)
|
|
(129.9
|
)
|
|||||||
Other intangible assets, net, as of December 31, 2015
|
$
|
34.8
|
|
|
$
|
73.4
|
|
|
$
|
80.8
|
|
|
$
|
10.4
|
|
|
$
|
199.4
|
|
Amortization expense
|
|
|
|
|
(8.9
|
)
|
|
(1.6
|
)
|
|
(10.5
|
)
|
|||||||
Currency translation adjustments
|
—
|
|
|
2.9
|
|
|
0.6
|
|
|
0.2
|
|
|
3.7
|
|
|||||
Other intangible assets, net, as of June 30, 2016
|
$
|
34.8
|
|
|
$
|
76.3
|
|
|
$
|
72.5
|
|
|
$
|
9.0
|
|
|
$
|
192.6
|
|
(a)
|
Consists principally of trade names and non-compete agreements.
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Contract billings
|
$
|
526.8
|
|
|
$
|
437.3
|
|
Retainage
|
175.6
|
|
|
148.8
|
|
||
Costs and earnings in excess of billings
|
398.2
|
|
|
332.7
|
|
||
Accounts receivable, gross
|
$
|
1,100.6
|
|
|
$
|
918.8
|
|
Less allowance for doubtful accounts
|
(9.6
|
)
|
|
(7.7
|
)
|
||
Accounts receivable, net
|
$
|
1,091.0
|
|
|
$
|
911.1
|
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Land
|
$
|
4.6
|
|
|
$
|
4.6
|
|
Buildings and leasehold improvements
|
22.0
|
|
|
21.7
|
|
||
Machinery and equipment
|
953.3
|
|
|
912.9
|
|
||
Office furniture and equipment
|
140.0
|
|
|
136.9
|
|
||
Construction in progress
|
23.7
|
|
|
10.8
|
|
||
Total property and equipment
|
$
|
1,143.6
|
|
|
$
|
1,086.9
|
|
Less accumulated depreciation and amortization
|
(584.5
|
)
|
|
(528.2
|
)
|
||
Property and equipment, net
|
$
|
559.1
|
|
|
$
|
558.7
|
|
Description
|
|
Maturity Date
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Senior secured credit facility:
|
|
|
|
|
|
|
||||
Revolving loans
|
|
October 29, 2018
|
|
$
|
307.6
|
|
|
$
|
208.5
|
|
Term loan
|
|
November 21, 2019
|
|
243.8
|
|
|
250.0
|
|
||
4.875% Senior Notes
|
|
March 15, 2023
|
|
400.0
|
|
|
400.0
|
|
||
Other credit facilities
|
|
Varies
|
|
10.1
|
|
|
16.4
|
|
||
Capital lease obligations, weighted average interest rate of 2.8%
|
|
In installments through June 13, 2021
|
|
107.2
|
|
|
130.9
|
|
||
Notes payable, equipment, weighted average interest rate of 2.8%
|
|
In installments through May 31, 2018
|
|
11.5
|
|
|
17.4
|
|
||
Total debt
|
|
$
|
1,080.2
|
|
|
$
|
1,023.2
|
|
||
Less unamortized deferred financing costs
|
|
(11.4
|
)
|
|
(12.9
|
)
|
||||
Less current maturities
|
|
(70.4
|
)
|
|
(77.4
|
)
|
||||
Long-term debt
|
|
$
|
998.4
|
|
|
$
|
932.9
|
|
Activity, restricted shares:
(a)
|
Restricted
Shares |
|
Per Share Weighted Average Grant Date Fair Value
|
|||
Non-vested restricted shares, as of December 31, 2015
|
1,630,232
|
|
|
$
|
22.94
|
|
Granted
|
441,266
|
|
|
13.21
|
|
|
Vested
|
(71,970
|
)
|
|
23.64
|
|
|
Canceled/forfeited
|
(56,100
|
)
|
|
22.58
|
|
|
Non-vested restricted shares, as of June 30, 2016
|
1,943,428
|
|
|
$
|
20.71
|
|
(a)
|
Includes
44,750
and
32,250
restricted stock units as of
June 30, 2016
and
December 31, 2015
, respectively.
|
Activity, stock options:
|
Stock
Options |
|
Per Share Weighted Average
Exercise Price |
|
Weighted Average
Remaining Contractual Life (in years) |
|
Aggregate Intrinsic
Value
(a)
(in millions)
|
|||||
Options outstanding and exercisable as of December 31, 2015
|
202,700
|
|
|
$
|
13.06
|
|
|
0.55
|
|
$
|
0.9
|
|
Exercised
|
(156,439
|
)
|
|
13.10
|
|
|
|
|
|
|||
Options outstanding and exercisable as of June 30, 2016
|
46,261
|
|
|
$
|
12.93
|
|
|
0.09
|
|
$
|
0.4
|
|
(a)
|
Amount represents the difference between the exercise price and the closing share price of the Company’s stock on the last trading day of the corresponding period, multiplied by the number of in-the-money options.
|
|
For the Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Cash proceeds
(in millions)
|
$
|
1.3
|
|
|
$
|
0.9
|
|
Common shares issued
|
83,680
|
|
|
57,258
|
|
||
Weighted average price per share
|
$
|
15.95
|
|
|
$
|
16.41
|
|
Weighted average per share grant date fair value
|
$
|
4.36
|
|
|
$
|
4.43
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Non-cash stock-based compensation expense
|
$
|
3.9
|
|
|
$
|
2.7
|
|
|
$
|
7.4
|
|
|
$
|
6.3
|
|
Income Tax Effects:
|
|
|
|
|
|
|
|
||||||||
Income tax benefit from non-cash stock-based compensation
|
$
|
2.3
|
|
|
$
|
1.3
|
|
|
$
|
3.9
|
|
|
$
|
2.5
|
|
Excess tax benefit from non-cash stock-based compensation
(a)
|
$
|
0.9
|
|
|
$
|
0.1
|
|
|
$
|
1.1
|
|
|
$
|
0.1
|
|
(a)
|
Excess tax benefits, which represent cash flows from tax deductions in excess of the tax effect of compensation expense associated with exercised stock options and vested restricted shares, are classified as financing cash flows in the Company’s condensed unaudited consolidated statements of cash flows.
|
|
Multiemployer Plans
|
||||||||||||||||
|
Covered Employees
|
|
Contributions
(in millions)
|
||||||||||||||
|
Low
|
|
High
|
|
Pension
|
|
Other Multiemployer
|
|
Total
|
||||||||
For the Three Months Ended June 30:
|
|
|
|
|
|
|
|
|
|
||||||||
2016
|
1,410
|
|
|
4,170
|
|
|
$
|
12.2
|
|
|
$
|
2.5
|
|
|
$
|
14.7
|
|
2015
|
1,124
|
|
|
2,463
|
|
|
$
|
9.3
|
|
|
$
|
2.2
|
|
|
$
|
11.5
|
|
For the Six Months Ended June 30:
|
|
|
|
|
|
|
|
|
|
||||||||
2016
|
1,112
|
|
|
4,170
|
|
|
$
|
17.0
|
|
|
$
|
4.7
|
|
|
$
|
21.7
|
|
2015
|
590
|
|
|
2,463
|
|
|
$
|
12.7
|
|
|
$
|
4.4
|
|
|
$
|
17.1
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
Revenue:
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Communications
(a)
|
$
|
592.2
|
|
|
$
|
468.9
|
|
|
$
|
1,103.8
|
|
|
$
|
938.8
|
|
Oil and Gas
|
425.6
|
|
|
410.5
|
|
|
718.4
|
|
|
737.3
|
|
||||
Electrical Transmission
|
95.6
|
|
|
78.2
|
|
|
181.9
|
|
|
194.3
|
|
||||
Power Generation and Industrial
|
119.7
|
|
|
103.1
|
|
|
201.1
|
|
|
187.4
|
|
||||
Other
|
3.9
|
|
|
6.9
|
|
|
7.3
|
|
|
13.5
|
|
||||
Eliminations
|
(4.6
|
)
|
|
(1.0
|
)
|
|
(5.9
|
)
|
|
(1.4
|
)
|
||||
Consolidated revenue
|
$
|
1,232.4
|
|
|
$
|
1,066.6
|
|
|
$
|
2,206.6
|
|
|
$
|
2,069.9
|
|
(a)
|
Revenue generated primarily by utilities customers represented
11.0%
and
11.4%
of Communications segment revenue for the three month periods ended
June 30, 2016
and
2015
, respectively, and represented
10.7%
and
10.1%
for the
six
month periods ended
June 30, 2016
and
2015
, respectively.
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
EBITDA:
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Communications
|
$
|
66.4
|
|
|
$
|
40.5
|
|
|
$
|
128.1
|
|
|
$
|
92.2
|
|
Oil and Gas
|
53.6
|
|
|
41.3
|
|
|
69.8
|
|
|
62.9
|
|
||||
Electrical Transmission
|
(9.9
|
)
|
|
(21.4
|
)
|
|
(33.7
|
)
|
|
(23.9
|
)
|
||||
Power Generation and Industrial
|
4.8
|
|
|
8.0
|
|
|
7.7
|
|
|
(0.9
|
)
|
||||
Other
|
0.3
|
|
|
(0.0
|
)
|
|
0.5
|
|
|
(5.1
|
)
|
||||
Corporate
|
(19.9
|
)
|
|
(14.6
|
)
|
|
(30.9
|
)
|
|
(28.6
|
)
|
||||
Consolidated EBITDA
|
$
|
95.3
|
|
|
$
|
53.8
|
|
|
$
|
141.5
|
|
|
$
|
96.6
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
Depreciation and Amortization:
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Communications
|
$
|
12.4
|
|
|
$
|
12.4
|
|
|
$
|
24.6
|
|
|
$
|
24.4
|
|
Oil and Gas
|
19.3
|
|
|
22.3
|
|
|
37.5
|
|
|
44.3
|
|
||||
Electrical Transmission
|
5.8
|
|
|
5.2
|
|
|
11.0
|
|
|
10.5
|
|
||||
Power Generation and Industrial
|
1.5
|
|
|
1.7
|
|
|
3.1
|
|
|
3.3
|
|
||||
Other
|
0.0
|
|
|
0.0
|
|
|
0.0
|
|
|
0.0
|
|
||||
Corporate
|
1.7
|
|
|
1.7
|
|
|
3.5
|
|
|
3.4
|
|
||||
Consolidated depreciation and amortization
|
$
|
40.7
|
|
|
$
|
43.3
|
|
|
$
|
79.7
|
|
|
$
|
85.9
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
EBITDA Reconciliation:
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
EBITDA
|
$
|
95.3
|
|
|
$
|
53.8
|
|
|
$
|
141.5
|
|
|
$
|
96.6
|
|
Less:
|
|
|
|
|
|
|
|
||||||||
Interest expense, net
|
(12.6
|
)
|
|
(12.9
|
)
|
|
(24.8
|
)
|
|
(23.9
|
)
|
||||
Depreciation and amortization
|
(40.7
|
)
|
|
(43.3
|
)
|
|
(79.7
|
)
|
|
(85.9
|
)
|
||||
Income (loss) before income taxes
|
$
|
42.0
|
|
|
$
|
(2.4
|
)
|
|
$
|
37.1
|
|
|
$
|
(13.1
|
)
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||
Customer:
|
2016
|
|
2015
|
|
2016
|
|
2015
|
AT&T (including DIRECTV
®
)
(a)(b)
|
36%
|
|
30%
|
|
37%
|
|
31%
|
Energy Transfer affiliates
(c)
|
22%
|
|
2%
|
|
20%
|
|
4%
|
(a)
|
The Company’s relationship with AT&T is based upon multiple separate master service agreements, other service agreements and construction/installation contracts for AT&T’s (i) wireless, (ii) wireline/fiber, (iii) home security and automation businesses, and (iv) for DIRECTV® services, is based upon an agreement to provide installation and maintenance services. Revenue from AT&T is included in the Communications segment.
|
(b)
|
DIRECTV® was acquired by AT&T in July 2015. Revenue from DIRECTV® is presented on a combined basis with AT&T for all periods.
|
(c)
|
The Company's relationship with Energy Transfer affiliates is based upon various construction contracts for pipeline activities with Energy Transfer Partners L.P., Sunoco Logistics Partners L.P., and their subsidiaries and affiliates, all of which are consolidated by Energy Transfer Equity, L.P. Revenue from Energy Transfer affiliates is included in the Oil and Gas segment.
|
For the Three Months Ended June 30, 2016
|
MasTec, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
MasTec, Inc.
|
||||||||||
Revenue
|
$
|
—
|
|
|
$
|
1,149.4
|
|
|
$
|
93.5
|
|
|
$
|
(10.5
|
)
|
|
$
|
1,232.4
|
|
Costs of revenue, excluding depreciation and amortization
|
—
|
|
|
995.0
|
|
|
83.7
|
|
|
(10.5
|
)
|
|
1,068.2
|
|
|||||
Depreciation and amortization
|
—
|
|
|
31.7
|
|
|
9.0
|
|
|
—
|
|
|
40.7
|
|
|||||
General and administrative expenses
|
0.6
|
|
|
61.5
|
|
|
5.8
|
|
|
—
|
|
|
67.9
|
|
|||||
Interest expense (income), net
|
—
|
|
|
27.8
|
|
|
(15.2
|
)
|
|
—
|
|
|
12.6
|
|
|||||
Equity in earnings of unconsolidated affiliates
|
—
|
|
|
—
|
|
|
(0.5
|
)
|
|
—
|
|
|
(0.5
|
)
|
|||||
Other expense (income), net
|
—
|
|
|
1.8
|
|
|
(0.3
|
)
|
|
—
|
|
|
1.5
|
|
|||||
(Loss) income before income taxes
|
$
|
(0.6
|
)
|
|
$
|
31.6
|
|
|
$
|
11.0
|
|
|
$
|
—
|
|
|
$
|
42.0
|
|
Benefit from (provision for) income taxes
|
0.2
|
|
|
(12.6
|
)
|
|
(5.2
|
)
|
|
—
|
|
|
(17.6
|
)
|
|||||
Net (loss) income before equity in income from subsidiaries
|
$
|
(0.4
|
)
|
|
$
|
19.0
|
|
|
$
|
5.8
|
|
|
$
|
—
|
|
|
$
|
24.4
|
|
Equity in income from subsidiaries, net of tax
|
24.4
|
|
|
—
|
|
|
—
|
|
|
(24.4
|
)
|
|
—
|
|
|||||
Net income (loss)
|
$
|
24.0
|
|
|
$
|
19.0
|
|
|
$
|
5.8
|
|
|
$
|
(24.4
|
)
|
|
$
|
24.4
|
|
Net income attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
|||||
Net income (loss) attributable to MasTec, Inc.
|
$
|
24.0
|
|
|
$
|
19.0
|
|
|
$
|
5.4
|
|
|
$
|
(24.4
|
)
|
|
$
|
24.1
|
|
Comprehensive income (loss)
|
$
|
19.8
|
|
|
$
|
19.0
|
|
|
$
|
1.4
|
|
|
$
|
(20.1
|
)
|
|
$
|
20.1
|
|
For the Three Months Ended June 30, 2015
|
MasTec, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
MasTec, Inc.
|
||||||||||
Revenue
|
$
|
—
|
|
|
$
|
891.2
|
|
|
$
|
178.5
|
|
|
$
|
(3.1
|
)
|
|
$
|
1,066.6
|
|
Costs of revenue, excluding depreciation and amortization
|
—
|
|
|
784.7
|
|
|
164.3
|
|
|
(3.1
|
)
|
|
945.9
|
|
|||||
Depreciation and amortization
|
—
|
|
|
32.7
|
|
|
10.6
|
|
|
—
|
|
|
43.3
|
|
|||||
General and administrative expenses
|
0.6
|
|
|
61.7
|
|
|
7.0
|
|
|
—
|
|
|
69.3
|
|
|||||
Interest expense (income), net
|
—
|
|
|
28.1
|
|
|
(15.2
|
)
|
|
—
|
|
|
12.9
|
|
|||||
Equity in losses of unconsolidated affiliates
|
—
|
|
|
—
|
|
|
2.6
|
|
|
—
|
|
|
2.6
|
|
|||||
Other income, net
|
—
|
|
|
(4.8
|
)
|
|
(0.2
|
)
|
|
—
|
|
|
(5.0
|
)
|
|||||
(Loss) income before income taxes
|
$
|
(0.6
|
)
|
|
$
|
(11.2
|
)
|
|
$
|
9.4
|
|
|
$
|
—
|
|
|
$
|
(2.4
|
)
|
Benefit from (provision for) income taxes
|
0.3
|
|
|
4.7
|
|
|
(6.4
|
)
|
|
—
|
|
|
(1.4
|
)
|
|||||
Net (loss) income before equity in losses from subsidiaries
|
$
|
(0.3
|
)
|
|
$
|
(6.5
|
)
|
|
$
|
3.0
|
|
|
$
|
—
|
|
|
$
|
(3.8
|
)
|
Equity in losses from subsidiaries, net of tax
|
(3.3
|
)
|
|
—
|
|
|
—
|
|
|
3.3
|
|
|
—
|
|
|||||
Net (loss) income
|
$
|
(3.6
|
)
|
|
$
|
(6.5
|
)
|
|
$
|
3.0
|
|
|
$
|
3.3
|
|
|
$
|
(3.8
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|||||
Net (loss) income attributable to MasTec, Inc.
|
$
|
(3.6
|
)
|
|
$
|
(6.5
|
)
|
|
$
|
3.1
|
|
|
$
|
3.3
|
|
|
$
|
(3.7
|
)
|
Comprehensive (loss) income
|
$
|
(0.4
|
)
|
|
$
|
(6.5
|
)
|
|
$
|
6.4
|
|
|
$
|
—
|
|
|
$
|
(0.5
|
)
|
For the Six Months Ended June 30, 2016
|
MasTec, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
MasTec, Inc.
|
||||||||||
Revenue
|
$
|
—
|
|
|
$
|
2,027.7
|
|
|
$
|
189.5
|
|
|
$
|
(10.6
|
)
|
|
$
|
2,206.6
|
|
Costs of revenue, excluding depreciation and amortization
|
—
|
|
|
1,772.3
|
|
|
190.9
|
|
|
(10.6
|
)
|
|
1,952.6
|
|
|||||
Depreciation and amortization
|
—
|
|
|
63.0
|
|
|
16.7
|
|
|
—
|
|
|
79.7
|
|
|||||
General and administrative expenses
|
1.2
|
|
|
111.5
|
|
|
15.2
|
|
|
—
|
|
|
127.9
|
|
|||||
Interest expense (income), net
|
—
|
|
|
55.2
|
|
|
(30.4
|
)
|
|
—
|
|
|
24.8
|
|
|||||
Equity in earnings of unconsolidated affiliates
|
—
|
|
|
—
|
|
|
(3.6
|
)
|
|
—
|
|
|
(3.6
|
)
|
|||||
Other income, net
|
—
|
|
|
(9.4
|
)
|
|
(2.4
|
)
|
|
—
|
|
|
(11.8
|
)
|
|||||
(Loss) income before income taxes
|
$
|
(1.2
|
)
|
|
$
|
35.1
|
|
|
$
|
3.1
|
|
|
$
|
—
|
|
|
$
|
37.1
|
|
Benefit from (provision for) income taxes
|
0.5
|
|
|
(14.0
|
)
|
|
(2.0
|
)
|
|
—
|
|
|
(15.5
|
)
|
|||||
Net (loss) income before equity in income from subsidiaries
|
$
|
(0.7
|
)
|
|
$
|
21.1
|
|
|
$
|
1.1
|
|
|
$
|
—
|
|
|
$
|
21.6
|
|
Equity in income from subsidiaries, net of tax
|
22.1
|
|
|
—
|
|
|
—
|
|
|
(22.1
|
)
|
|
—
|
|
|||||
Net income (loss)
|
$
|
21.4
|
|
|
$
|
21.1
|
|
|
$
|
1.1
|
|
|
$
|
(22.1
|
)
|
|
$
|
21.6
|
|
Net income attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|||||
Net income (loss) attributable to MasTec, Inc.
|
$
|
21.4
|
|
|
$
|
21.1
|
|
|
$
|
0.9
|
|
|
$
|
(22.1
|
)
|
|
$
|
21.4
|
|
Comprehensive income (loss)
|
$
|
14.7
|
|
|
$
|
21.1
|
|
|
$
|
(5.6
|
)
|
|
$
|
(15.4
|
)
|
|
$
|
14.8
|
|
For the Six Months Ended June 30, 2015
|
MasTec, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
MasTec, Inc.
|
||||||||||
Revenue
|
$
|
—
|
|
|
$
|
1,694.1
|
|
|
$
|
380.3
|
|
|
$
|
(4.5
|
)
|
|
$
|
2,069.9
|
|
Costs of revenue, excluding depreciation and amortization
|
—
|
|
|
1,467.4
|
|
|
369.5
|
|
|
(4.5
|
)
|
|
1,832.4
|
|
|||||
Depreciation and amortization
|
—
|
|
|
65.0
|
|
|
20.9
|
|
|
—
|
|
|
85.9
|
|
|||||
General and administrative expenses
|
1.3
|
|
|
127.9
|
|
|
14.1
|
|
|
—
|
|
|
143.3
|
|
|||||
Interest expense (income), net
|
—
|
|
|
55.3
|
|
|
(31.4
|
)
|
|
—
|
|
|
23.9
|
|
|||||
Equity in losses of unconsolidated affiliates
|
—
|
|
|
—
|
|
|
3.2
|
|
|
—
|
|
|
3.2
|
|
|||||
Other (income) expense, net
|
—
|
|
|
(5.7
|
)
|
|
0.1
|
|
|
—
|
|
|
(5.6
|
)
|
|||||
(Loss) income before income taxes
|
$
|
(1.3
|
)
|
|
$
|
(15.8
|
)
|
|
$
|
3.9
|
|
|
$
|
—
|
|
|
$
|
(13.1
|
)
|
Benefit from (provision for) income taxes
|
0.5
|
|
|
6.5
|
|
|
(4.1
|
)
|
|
—
|
|
|
2.9
|
|
|||||
Net loss before equity in losses from subsidiaries
|
$
|
(0.8
|
)
|
|
$
|
(9.3
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
—
|
|
|
$
|
(10.2
|
)
|
Equity in losses from subsidiaries, net of tax
|
(9.1
|
)
|
|
—
|
|
|
—
|
|
|
9.1
|
|
|
—
|
|
|||||
Net (loss) income
|
$
|
(9.9
|
)
|
|
$
|
(9.3
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
9.1
|
|
|
$
|
(10.2
|
)
|
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
(0.2
|
)
|
|||||
Net (loss) income attributable to MasTec, Inc.
|
$
|
(9.9
|
)
|
|
$
|
(9.3
|
)
|
|
$
|
—
|
|
|
$
|
9.1
|
|
|
$
|
(10.0
|
)
|
Comprehensive (loss) income
|
$
|
(28.7
|
)
|
|
$
|
(9.3
|
)
|
|
$
|
(18.9
|
)
|
|
$
|
28.0
|
|
|
$
|
(28.9
|
)
|
As of June 30, 2016
|
MasTec, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
MasTec, Inc.
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Total current assets
|
$
|
—
|
|
|
$
|
1,176.4
|
|
|
$
|
145.4
|
|
|
$
|
—
|
|
|
$
|
1,321.8
|
|
Property and equipment, net
|
—
|
|
|
453.0
|
|
|
106.1
|
|
|
—
|
|
|
559.1
|
|
|||||
Goodwill and other intangible assets, net
|
—
|
|
|
1,045.3
|
|
|
145.3
|
|
|
—
|
|
|
1,190.6
|
|
|||||
Investments in and advances to consolidated affiliates, net
|
956.4
|
|
|
44.0
|
|
|
111.3
|
|
|
(1,111.7
|
)
|
|
—
|
|
|||||
Other long-term assets
|
9.3
|
|
|
19.5
|
|
|
23.6
|
|
|
—
|
|
|
52.4
|
|
|||||
Total assets
|
$
|
965.7
|
|
|
$
|
2,738.2
|
|
|
$
|
531.7
|
|
|
$
|
(1,111.7
|
)
|
|
$
|
3,123.9
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Total current liabilities
|
$
|
—
|
|
|
$
|
751.8
|
|
|
$
|
114.6
|
|
|
$
|
—
|
|
|
$
|
866.4
|
|
Long-term debt
|
—
|
|
|
976.5
|
|
|
21.9
|
|
|
—
|
|
|
998.4
|
|
|||||
Other long-term liabilities
|
—
|
|
|
232.3
|
|
|
56.6
|
|
|
—
|
|
|
288.9
|
|
|||||
Total liabilities
|
$
|
—
|
|
|
$
|
1,960.6
|
|
|
$
|
193.1
|
|
|
$
|
—
|
|
|
$
|
2,153.7
|
|
Total equity
|
$
|
965.7
|
|
|
$
|
777.6
|
|
|
$
|
338.6
|
|
|
$
|
(1,111.7
|
)
|
|
$
|
970.2
|
|
Total liabilities and equity
|
$
|
965.7
|
|
|
$
|
2,738.2
|
|
|
$
|
531.7
|
|
|
$
|
(1,111.7
|
)
|
|
$
|
3,123.9
|
|
As of December 31, 2015
|
MasTec, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
MasTec, Inc.
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Total current assets
|
$
|
—
|
|
|
$
|
927.4
|
|
|
$
|
202.4
|
|
|
$
|
—
|
|
|
$
|
1,129.8
|
|
Property and equipment, net
|
—
|
|
|
448.2
|
|
|
110.5
|
|
|
—
|
|
|
558.7
|
|
|||||
Goodwill and other intangible assets, net
|
—
|
|
|
1,047.4
|
|
|
140.5
|
|
|
—
|
|
|
1,187.9
|
|
|||||
Investments in and advances to consolidated affiliates, net
|
930.3
|
|
|
103.7
|
|
|
50.6
|
|
|
(1,084.6
|
)
|
|
—
|
|
|||||
Other long-term assets
|
9.3
|
|
|
24.4
|
|
|
17.3
|
|
|
—
|
|
|
51.0
|
|
|||||
Total assets
|
$
|
939.6
|
|
|
$
|
2,551.1
|
|
|
$
|
521.3
|
|
|
$
|
(1,084.6
|
)
|
|
$
|
2,927.3
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Total current liabilities
|
$
|
—
|
|
|
$
|
632.9
|
|
|
$
|
119.6
|
|
|
$
|
—
|
|
|
$
|
752.5
|
|
Long-term debt
|
—
|
|
|
900.1
|
|
|
32.8
|
|
|
—
|
|
|
932.9
|
|
|||||
Other long-term liabilities
|
—
|
|
|
275.5
|
|
|
23.0
|
|
|
—
|
|
|
298.5
|
|
|||||
Total liabilities
|
$
|
—
|
|
|
$
|
1,808.5
|
|
|
$
|
175.4
|
|
|
$
|
—
|
|
|
$
|
1,984.0
|
|
Total equity
|
$
|
939.6
|
|
|
$
|
742.5
|
|
|
$
|
345.9
|
|
|
$
|
(1,084.6
|
)
|
|
$
|
943.4
|
|
Total liabilities and equity
|
$
|
939.6
|
|
|
$
|
2,551.0
|
|
|
$
|
521.3
|
|
|
$
|
(1,084.6
|
)
|
|
$
|
2,927.3
|
|
For the Six Months Ended June 30, 2016
|
MasTec, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
MasTec, Inc.
|
||||||||||
Net cash (used in) provided by operating activities
|
$
|
—
|
|
|
$
|
(30.2
|
)
|
|
$
|
58.7
|
|
|
$
|
—
|
|
|
$
|
28.5
|
|
Cash flows (used in) provided by investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash paid for acquisitions, net of cash acquired
|
—
|
|
|
(4.1
|
)
|
|
—
|
|
|
—
|
|
|
(4.1
|
)
|
|||||
Capital expenditures
|
—
|
|
|
(61.3
|
)
|
|
(2.6
|
)
|
|
—
|
|
|
(63.9
|
)
|
|||||
Proceeds from sale of property and equipment
|
—
|
|
|
9.1
|
|
|
1.0
|
|
|
—
|
|
|
10.1
|
|
|||||
Payments for other investments
|
—
|
|
|
(0.5
|
)
|
|
(1.5
|
)
|
|
—
|
|
|
(2.0
|
)
|
|||||
Net cash used in investing activities
|
$
|
—
|
|
|
$
|
(56.8
|
)
|
|
$
|
(3.1
|
)
|
|
$
|
—
|
|
|
$
|
(59.9
|
)
|
Cash flows provided by (used in) financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from credit facilities
|
—
|
|
|
625.1
|
|
|
59.2
|
|
|
—
|
|
|
684.3
|
|
|||||
Repayments of credit facilities
|
—
|
|
|
(539.1
|
)
|
|
(65.5
|
)
|
|
—
|
|
|
(604.6
|
)
|
|||||
Repayments of other borrowings and capital lease obligations
|
—
|
|
|
(25.5
|
)
|
|
(8.0
|
)
|
|
—
|
|
|
(33.5
|
)
|
|||||
Proceeds from stock-based awards, net of tax withholdings
|
3.3
|
|
|
(0.3
|
)
|
|
0.3
|
|
|
—
|
|
|
3.3
|
|
|||||
Excess tax benefit from stock-based compensation
|
—
|
|
|
—
|
|
|
1.1
|
|
|
—
|
|
|
1.1
|
|
|||||
Payments of acquisition-related contingent consideration
|
—
|
|
|
(14.6
|
)
|
|
—
|
|
|
—
|
|
|
(14.6
|
)
|
|||||
Net financing activities and advances from (to) consolidated affiliates
|
(3.3
|
)
|
|
37.2
|
|
|
(33.9
|
)
|
|
—
|
|
|
—
|
|
|||||
Net cash provided by (used in) financing activities
|
$
|
—
|
|
|
$
|
82.8
|
|
|
$
|
(46.8
|
)
|
|
$
|
—
|
|
|
$
|
36.0
|
|
Effect of currency translation on cash
|
—
|
|
|
—
|
|
|
(0.9
|
)
|
|
—
|
|
|
(0.9
|
)
|
|||||
Net (decrease) increase in cash and cash equivalents
|
$
|
—
|
|
|
$
|
(4.2
|
)
|
|
$
|
7.9
|
|
|
$
|
—
|
|
|
$
|
3.7
|
|
Cash and cash equivalents - beginning of period
|
—
|
|
|
—
|
|
|
5.0
|
|
|
—
|
|
|
5.0
|
|
|||||
Cash and cash equivalents - end of period
|
$
|
—
|
|
|
$
|
(4.2
|
)
|
|
$
|
12.9
|
|
|
$
|
—
|
|
|
$
|
8.7
|
|
For the Six Months Ended June 30, 2015
|
MasTec, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
MasTec, Inc.
|
||||||||||
Net cash (used in) provided by operating activities
|
$
|
(0.7
|
)
|
|
$
|
234.2
|
|
|
$
|
(72.2
|
)
|
|
$
|
—
|
|
|
$
|
161.3
|
|
Cash flows (used in) provided by investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash paid for acquisitions, net of cash acquired
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|||||
Capital expenditures
|
—
|
|
|
(39.7
|
)
|
|
(8.7
|
)
|
|
—
|
|
|
(48.4
|
)
|
|||||
Proceeds from sale of property and equipment
|
—
|
|
|
3.8
|
|
|
0.3
|
|
|
—
|
|
|
4.1
|
|
|||||
Payments for other investments
|
$
|
—
|
|
|
$
|
(65.2
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(65.2
|
)
|
Net cash used in investing activities
|
$
|
—
|
|
|
$
|
(101.2
|
)
|
|
$
|
(8.4
|
)
|
|
$
|
—
|
|
|
$
|
(109.6
|
)
|
Cash flows provided by (used in) financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from credit facilities
|
$
|
—
|
|
|
$
|
514.6
|
|
|
$
|
329.9
|
|
|
$
|
—
|
|
|
$
|
844.5
|
|
Repayments of credit facilities
|
—
|
|
|
(437.0
|
)
|
|
(304.3
|
)
|
|
—
|
|
|
(741.3
|
)
|
|||||
Repayments of other borrowings and capital lease obligations
|
—
|
|
|
(25.0
|
)
|
|
(10.1
|
)
|
|
—
|
|
|
(35.1
|
)
|
|||||
Repurchase of common stock
|
(100.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(100.0
|
)
|
|||||
Proceeds from stock-based awards, net of tax withholdings
|
2.0
|
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
1.8
|
|
|||||
Excess tax benefits from stock-based compensation
|
—
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|||||
Payments of acquisition-related contingent consideration
|
—
|
|
|
(39.3
|
)
|
|
—
|
|
|
—
|
|
|
(39.3
|
)
|
|||||
Payments of financing costs
|
—
|
|
|
(1.1
|
)
|
|
—
|
|
|
—
|
|
|
(1.1
|
)
|
|||||
Net financing activities and advances from (to) consolidated affiliates
|
98.7
|
|
|
(161.2
|
)
|
|
62.5
|
|
|
—
|
|
|
—
|
|
|||||
Net cash provided by (used in) financing activities
|
$
|
0.7
|
|
|
$
|
(149.1
|
)
|
|
$
|
78.0
|
|
|
$
|
—
|
|
|
$
|
(70.4
|
)
|
Effect of currency translation on cash
|
—
|
|
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
|
(0.6
|
)
|
|||||
Net decrease in cash and cash equivalents
|
$
|
—
|
|
|
$
|
(16.1
|
)
|
|
$
|
(3.2
|
)
|
|
$
|
—
|
|
|
$
|
(19.3
|
)
|
Cash and cash equivalents - beginning of period
|
—
|
|
|
18.5
|
|
|
5.6
|
|
|
—
|
|
|
24.1
|
|
|||||
Cash and cash equivalents - end of period
|
$
|
—
|
|
|
$
|
2.4
|
|
|
$
|
2.4
|
|
|
$
|
—
|
|
|
$
|
4.8
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
Reportable Segment
(in millions)
:
|
June 30,
2016 |
|
March 31,
2016 |
|
June 30,
2015 |
||||||
Communications
|
$
|
3,254
|
|
|
$
|
3,257
|
|
|
$
|
2,895
|
|
Oil and Gas
|
1,628
|
|
|
1,883
|
|
|
708
|
|
|||
Electrical Transmission
|
290
|
|
|
266
|
|
|
188
|
|
|||
Power Generation and Industrial
|
139
|
|
|
238
|
|
|
259
|
|
|||
Other
|
23
|
|
|
27
|
|
|
20
|
|
|||
Estimated 18-month backlog
|
$
|
5,334
|
|
|
$
|
5,671
|
|
|
$
|
4,070
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||||||
Revenue
|
$
|
1,232.4
|
|
|
100.0
|
%
|
|
$
|
1,066.6
|
|
|
100.0
|
%
|
|
$
|
2,206.6
|
|
|
100.0
|
%
|
|
$
|
2,069.9
|
|
|
100.0
|
%
|
Costs of revenue, excluding depreciation and amortization
|
1,068.2
|
|
|
86.7
|
%
|
|
945.9
|
|
|
88.7
|
%
|
|
1,952.6
|
|
|
88.5
|
%
|
|
1,832.4
|
|
|
88.5
|
%
|
||||
Depreciation and amortization
|
40.7
|
|
|
3.3
|
%
|
|
43.3
|
|
|
4.1
|
%
|
|
79.7
|
|
|
3.6
|
%
|
|
85.9
|
|
|
4.1
|
%
|
||||
General and administrative expenses
|
67.9
|
|
|
5.5
|
%
|
|
69.3
|
|
|
6.5
|
%
|
|
127.9
|
|
|
5.8
|
%
|
|
143.3
|
|
|
6.9
|
%
|
||||
Interest expense, net
|
12.6
|
|
|
1.0
|
%
|
|
12.9
|
|
|
1.2
|
%
|
|
24.8
|
|
|
1.1
|
%
|
|
23.9
|
|
|
1.2
|
%
|
||||
Equity in (earnings) losses of unconsolidated affiliates
|
(0.5
|
)
|
|
(0.0
|
)%
|
|
2.6
|
|
|
0.2
|
%
|
|
(3.6
|
)
|
|
(0.2
|
)%
|
|
3.2
|
|
|
0.2
|
%
|
||||
Other expense (income), net
|
1.5
|
|
|
0.1
|
%
|
|
(5.0
|
)
|
|
(0.5
|
)%
|
|
(11.8
|
)
|
|
(0.5
|
)%
|
|
(5.6
|
)
|
|
(0.3
|
)%
|
||||
Income (loss) before income taxes
|
$
|
42.0
|
|
|
3.4
|
%
|
|
$
|
(2.4
|
)
|
|
(0.2
|
)%
|
|
$
|
37.1
|
|
|
1.7
|
%
|
|
$
|
(13.1
|
)
|
|
(0.6
|
)%
|
(Provision for) benefit from income taxes
|
(17.6
|
)
|
|
(1.4
|
)%
|
|
(1.4
|
)
|
|
(0.1
|
)%
|
|
(15.5
|
)
|
|
(0.7
|
)%
|
|
2.9
|
|
|
0.1
|
%
|
||||
Net income (loss)
|
$
|
24.4
|
|
|
2.0
|
%
|
|
$
|
(3.8
|
)
|
|
(0.4
|
)%
|
|
$
|
21.6
|
|
|
1.0
|
%
|
|
$
|
(10.2
|
)
|
|
(0.5
|
)%
|
Net loss attributable to non-controlling interests
|
0.4
|
|
|
0.0
|
%
|
|
(0.1
|
)
|
|
(0.0
|
)%
|
|
0.2
|
|
|
0.0
|
%
|
|
(0.2
|
)
|
|
(0.0
|
)%
|
||||
Net income (loss) attributable to MasTec, Inc.
|
$
|
24.1
|
|
|
2.0
|
%
|
|
$
|
(3.7
|
)
|
|
(0.3
|
)%
|
|
$
|
21.4
|
|
|
1.0
|
%
|
|
$
|
(10.0
|
)
|
|
(0.5
|
)%
|
|
Revenue
|
|
EBITDA and EBITDA Margin
|
||||||||||||||||||||||||||||||||||||||||
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
|
For the Three Months Ended
June 30, |
|
For the Six Months Ended
June 30,
|
||||||||||||||||||||||||||||||||||||
Reportable Segment:
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||||||||||||||
Communications
|
$
|
592.2
|
|
|
$
|
468.9
|
|
|
$
|
1,103.8
|
|
|
$
|
938.8
|
|
|
$
|
66.4
|
|
|
11.2
|
%
|
|
$
|
40.5
|
|
|
8.6
|
%
|
|
$
|
128.1
|
|
|
11.6
|
%
|
|
$
|
92.2
|
|
|
9.8
|
%
|
Oil and Gas
|
425.6
|
|
|
410.5
|
|
|
718.4
|
|
|
737.3
|
|
|
53.6
|
|
|
12.6
|
%
|
|
41.3
|
|
|
10.1
|
%
|
|
69.8
|
|
|
9.7
|
%
|
|
62.9
|
|
|
8.5
|
%
|
||||||||
Electrical Transmission
|
95.6
|
|
|
78.2
|
|
|
181.9
|
|
|
194.3
|
|
|
(9.9
|
)
|
|
(10.4
|
)%
|
|
(21.4
|
)
|
|
(27.4
|
)%
|
|
(33.7
|
)
|
|
(18.5
|
)%
|
|
(23.9
|
)
|
|
(12.3
|
)%
|
||||||||
Power Generation and Industrial
|
119.7
|
|
|
103.1
|
|
|
201.1
|
|
|
187.4
|
|
|
4.8
|
|
|
4.0
|
%
|
|
8.0
|
|
|
7.8
|
%
|
|
7.7
|
|
|
3.8
|
%
|
|
(0.9
|
)
|
|
(0.5
|
)%
|
||||||||
Other
|
3.9
|
|
|
6.9
|
|
|
7.3
|
|
|
13.5
|
|
|
0.3
|
|
|
7.2
|
%
|
|
(0.0
|
)
|
|
(0.2
|
)%
|
|
0.5
|
|
|
6.8
|
%
|
|
(5.1
|
)
|
|
(38.2
|
)%
|
||||||||
Eliminations
|
(4.6
|
)
|
|
(1.0
|
)
|
|
(5.9
|
)
|
|
(1.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Corporate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19.9
|
)
|
|
NA
|
|
|
(14.6
|
)
|
|
NA
|
|
|
(30.9
|
)
|
|
NA
|
|
|
(28.6
|
)
|
|
NA
|
|
||||||||
Consolidated Results
|
$
|
1,232.4
|
|
|
$
|
1,066.6
|
|
|
$
|
2,206.6
|
|
|
$
|
2,069.9
|
|
|
$
|
95.3
|
|
|
7.7
|
%
|
|
$
|
53.8
|
|
|
5.0
|
%
|
|
$
|
141.5
|
|
|
6.4
|
%
|
|
$
|
96.6
|
|
|
4.7
|
%
|
|
For the Three Months Ended
June 30, |
|
For the Six Months Ended
June 30,
|
||||||||||||||||||||||||
EBITDA Reconciliation:
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||||||
Net income (loss)
|
$
|
24.4
|
|
|
2.0
|
%
|
|
$
|
(3.8
|
)
|
|
(0.4
|
)%
|
|
$
|
21.6
|
|
|
1.0
|
%
|
|
$
|
(10.2
|
)
|
|
(0.5
|
)%
|
Interest expense, net
|
12.6
|
|
|
1.0
|
%
|
|
12.9
|
|
|
1.2
|
%
|
|
24.8
|
|
|
1.1
|
%
|
|
23.9
|
|
|
1.2
|
%
|
||||
Provision for (benefit from) income taxes
|
17.6
|
|
|
1.4
|
%
|
|
1.4
|
|
|
0.1
|
%
|
|
15.5
|
|
|
0.7
|
%
|
|
(2.9
|
)
|
|
(0.1
|
)%
|
||||
Depreciation and amortization
|
40.7
|
|
|
3.3
|
%
|
|
43.3
|
|
|
4.1
|
%
|
|
79.7
|
|
|
3.6
|
%
|
|
85.9
|
|
|
4.1
|
%
|
||||
EBITDA
|
$
|
95.3
|
|
|
7.7
|
%
|
|
$
|
53.8
|
|
|
5.0
|
%
|
|
$
|
141.5
|
|
|
6.4
|
%
|
|
$
|
96.6
|
|
|
4.7
|
%
|
Non-cash stock-based compensation expense
|
3.9
|
|
|
0.3
|
%
|
|
2.7
|
|
|
0.3
|
%
|
|
7.4
|
|
|
0.3
|
%
|
|
6.3
|
|
|
0.3
|
%
|
||||
Restructuring charges
|
5.1
|
|
|
0.4
|
%
|
|
—
|
|
|
—
|
|
|
9.1
|
|
|
0.4
|
%
|
|
—
|
|
|
—
|
|
||||
Acquisition integration costs
|
—
|
|
|
—
|
|
|
7.8
|
|
|
0.7
|
%
|
|
—
|
|
|
—
|
|
|
16.6
|
|
|
0.8
|
%
|
||||
Audit Committee investigation related costs
|
—
|
|
|
—
|
|
|
6.7
|
|
|
0.6
|
%
|
|
—
|
|
|
—
|
|
|
9.7
|
|
|
0.5
|
%
|
||||
Losses on non-controlled joint venture
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.5
|
|
|
0.3
|
%
|
||||
Adjusted EBITDA
|
$
|
104.3
|
|
|
8.5
|
%
|
|
$
|
71.0
|
|
|
6.7
|
%
|
|
$
|
158.1
|
|
|
7.2
|
%
|
|
$
|
134.7
|
|
|
6.5
|
%
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||||||||||||||
Reportable Segment:
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||||||
Communications
|
$
|
66.6
|
|
|
11.2
|
%
|
|
$
|
48.6
|
|
|
10.4
|
%
|
|
$
|
128.4
|
|
|
11.6
|
%
|
|
$
|
109.1
|
|
|
11.6
|
%
|
Oil and Gas
|
56.5
|
|
|
13.3
|
%
|
|
41.3
|
|
|
10.1
|
%
|
|
76.1
|
|
|
10.6
|
%
|
|
62.9
|
|
|
8.5
|
%
|
||||
Electrical Transmission
|
(7.8
|
)
|
|
(8.1
|
)%
|
|
(21.4
|
)
|
|
(27.4
|
)%
|
|
(30.9
|
)
|
|
(17.0
|
)%
|
|
(23.9
|
)
|
|
(12.3
|
)%
|
||||
Power Generation and Industrial
|
4.8
|
|
|
4.0
|
%
|
|
8.0
|
|
|
7.8
|
%
|
|
7.7
|
|
|
3.8
|
%
|
|
(0.9
|
)
|
|
(0.5
|
)%
|
||||
Other
|
0.3
|
|
|
7.2
|
%
|
|
(0.0
|
)
|
|
(0.3
|
)%
|
|
0.5
|
|
|
6.8
|
%
|
|
0.4
|
|
|
2.7
|
%
|
||||
Corporate
|
(16.1
|
)
|
|
NA
|
|
|
(5.5
|
)
|
|
NA
|
|
|
(23.7
|
)
|
|
NA
|
|
|
(12.9
|
)
|
|
NA
|
|
||||
Adjusted EBITDA
|
$
|
104.3
|
|
|
8.5
|
%
|
|
$
|
71.0
|
|
|
6.7
|
%
|
|
$
|
158.1
|
|
|
7.2
|
%
|
|
$
|
134.7
|
|
|
6.5
|
%
|
Non-cash stock-based compensation expense
|
3.9
|
|
|
0.3
|
%
|
|
2.7
|
|
|
0.3
|
%
|
|
7.4
|
|
|
0.3
|
%
|
|
6.3
|
|
|
0.3
|
%
|
||||
Restructuring charges
|
5.1
|
|
|
0.4
|
%
|
|
—
|
|
|
—
|
|
|
9.1
|
|
|
0.4
|
%
|
|
—
|
|
|
—
|
|
||||
Acquisition integration costs
|
—
|
|
|
—
|
|
|
7.8
|
|
|
0.7
|
%
|
|
—
|
|
|
—
|
|
|
16.6
|
|
|
0.8
|
%
|
||||
Audit Committee investigation related costs
|
—
|
|
|
—
|
|
|
6.7
|
|
|
0.6
|
%
|
|
—
|
|
|
—
|
|
|
9.7
|
|
|
0.5
|
%
|
||||
Losses on non-controlled joint venture
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.5
|
|
|
0.3
|
%
|
||||
EBITDA
|
$
|
95.3
|
|
|
7.7
|
%
|
|
$
|
53.8
|
|
|
5.0
|
%
|
|
$
|
141.5
|
|
|
6.4
|
%
|
|
$
|
96.6
|
|
|
4.7
|
%
|
(a)
|
Non-cash EBITDA adjustments include depreciation and amortization and non-cash stock-based compensation expense.
|
|
For the Three Months Ended June 30,
|
||||||||||||||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||||||||||||||
|
Income Before Income Taxes (in millions)
|
|
Provision for Income Taxes
(a)
(in millions)
|
|
Net Income
(in millions) |
|
Diluted Earnings Per Share
(b)(c)
|
|
(Loss) Income Before Income Taxes (in millions)
|
|
Provision for Income Taxes
(a)
(in millions)
|
|
Net (Loss) Income
(in millions) |
|
Diluted (Loss) Earnings Per Share
(b)(c)
|
||||||||||||||||
Reported U.S. GAAP measure
|
$
|
42.0
|
|
|
$
|
(17.6
|
)
|
|
$
|
24.4
|
|
|
$
|
0.30
|
|
|
$
|
(2.4
|
)
|
|
$
|
(1.4
|
)
|
|
$
|
(3.8
|
)
|
|
$
|
(0.05
|
)
|
Adjustments:
|
—
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
|
|
|
||||||||||||
Non-cash stock-based compensation expense
|
3.9
|
|
|
(1.5
|
)
|
|
2.4
|
|
|
0.03
|
|
|
2.7
|
|
|
(1.3
|
)
|
|
1.4
|
|
|
0.02
|
|
||||||||
Restructuring charges
|
5.1
|
|
|
(1.9
|
)
|
|
3.1
|
|
|
0.04
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Acquisition integration costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7.8
|
|
|
(3.8
|
)
|
|
4.0
|
|
|
0.05
|
|
||||||||
Audit Committee investigation related costs
(d)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7.5
|
|
|
(3.5
|
)
|
|
4.0
|
|
|
0.05
|
|
||||||||
Losses on non-controlled joint venture
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
(0.2
|
)
|
|
(0.00
|
)
|
||||||||
Impact of Alberta tax law change
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.8
|
|
|
2.8
|
|
|
0.04
|
|
||||||||
Adjusted non-U.S. GAAP measure
|
$
|
51.0
|
|
|
$
|
(21.0
|
)
|
|
$
|
29.9
|
|
|
$
|
0.36
|
|
|
$
|
15.6
|
|
|
$
|
(7.5
|
)
|
|
$
|
8.1
|
|
|
$
|
0.10
|
|
|
For the Six Months Ended June 30,
|
||||||||||||||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||||||||||||||
|
Income Before Income Taxes (in millions)
|
|
Provision for Income Taxes
(a)
(in millions)
|
|
Net Income
(in millions) |
|
Diluted Earnings Per Share
(b)(c)
|
|
(Loss) Income Before Income Taxes (in millions)
|
|
Provision for Income Taxes
(a)
(in millions)
|
|
Net (Loss) Income
(in millions) |
|
Diluted (Loss) Earnings Per Share
(b)(c)
|
||||||||||||||||
Reported U.S. GAAP measure
|
$
|
37.1
|
|
|
$
|
(15.5
|
)
|
|
$
|
21.6
|
|
|
$
|
0.26
|
|
|
$
|
(13.1
|
)
|
|
$
|
2.9
|
|
|
$
|
(10.2
|
)
|
|
$
|
(0.12
|
)
|
Adjustments:
|
—
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
|
|
|
||||||||||||
Non-cash stock-based compensation expense
|
7.4
|
|
|
(3.0
|
)
|
|
4.4
|
|
|
0.05
|
|
|
6.3
|
|
|
(2.8
|
)
|
|
3.5
|
|
|
0.04
|
|
||||||||
Restructuring charges
|
9.1
|
|
|
(3.7
|
)
|
|
5.5
|
|
|
0.07
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Acquisition integration costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16.6
|
|
|
(7.4
|
)
|
|
9.2
|
|
|
0.11
|
|
||||||||
Audit Committee investigation related costs
(d)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10.5
|
|
|
(4.7
|
)
|
|
5.8
|
|
|
0.07
|
|
||||||||
Losses on non-controlled joint venture
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.5
|
|
|
(2.4
|
)
|
|
3.1
|
|
|
0.04
|
|
||||||||
Impact of Alberta tax law change
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.8
|
|
|
2.8
|
|
|
0.03
|
|
||||||||
Adjusted non-U.S. GAAP measure
|
$
|
53.6
|
|
|
$
|
(22.1
|
)
|
|
$
|
31.5
|
|
|
$
|
0.39
|
|
|
$
|
25.8
|
|
|
$
|
(11.6
|
)
|
|
$
|
14.2
|
|
|
$
|
0.18
|
|
(a)
|
Represents the provision for income taxes, before and after adjustment for the tax effects of the adjusted items in the table above. The tax effects of the adjusted items were determined based on the tax treatment of the related items and after taking into consideration their effect on pre-tax income. For both the
three
and
six
month periods ended
June 30, 2016
, our consolidated effective tax rates as reported were 42%, and as adjusted, were 41%. For the
three
and
six
month periods ended
June 30, 2015
, our consolidated effective tax rates as reported were (61%) and 22%, respectively, and, as adjusted, were 48% and 45%, respectively.
|
(b)
|
Adjusted diluted earnings per share includes a per share tax effect of
$0.04
and
$0.08
for the
three
and
six
month periods ended
June 30, 2016
, respectively, and a per share tax effect of
$0.07
and
$0.18
for the three and six month periods ended
June 30, 2015
, respectively, related to the adjustments presented above.
|
(c)
|
For both the three and six month periods ended
June 30, 2015
, because the reported loss from continuing operations, on an adjusted basis is income from continuing operations, we included an additional 0.5 million weighted average common stock equivalents in our diluted share count to calculate adjusted diluted earnings per share for the respective periods.
|
(d)
|
Audit Committee investigation related costs for both the three and six month periods ended
June 30, 2015
includes $0.8 million, pre-tax, and $0.5 million, after tax, of consent solicitation agent fees recorded within interest expense, net, related to the delay in filing of the Annual Report on Form 10-K for the year ended December 31, 2014 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2015.
|
|
For the Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Net cash provided by operating activities
|
$
|
28.5
|
|
|
$
|
161.3
|
|
Net cash used in investing activities
|
$
|
(59.9
|
)
|
|
$
|
(109.6
|
)
|
Net cash provided by (used in) financing activities
|
$
|
36.0
|
|
|
$
|
(70.4
|
)
|
Item 4.
|
CONTROLS AND PROCEDURES
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
Period
|
|
Total Number of Shares Purchased
(a)
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Program
(b)
|
|
Approximate Dollar Value of Shares that May Yet be Purchased under the Program
|
|
||||||
April 1 through April 30
|
|
9,973
|
|
|
$
|
20.25
|
|
|
—
|
|
|
$
|
100,000,000
|
|
|
May 1 through May 31
|
|
1,036
|
|
|
$
|
21.28
|
|
|
—
|
|
|
$
|
100,000,000
|
|
|
June 1 through June 30
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
100,000,000
|
|
|
Total
|
|
11,009
|
|
|
|
|
—
|
|
|
|
|
(a)
|
Reflects share repurchases associated with certain employee elections under compensation and benefit programs.
|
(b)
|
No shares were purchased for the three months ended
June 30, 2016
under the Company’s publicly announced $100 million 2016 Share Repurchase Program.
|
Exhibit No.
|
|
Description
|
10.1*
|
|
Amendment No. 6 to Credit Agreement, dated as of May 13, 2016, by and among MasTec, Inc., MasTec North America, Inc., Bank of America, N.A., as Administrative Agent, Swing Line Lender, L/C Issuer and a Lender, each of the other Lenders party thereto and each of the Subsidiary Guarantors Party thereto.
|
12.1*
|
|
Computation of Ratio of Earnings to Fixed Charges
|
31.1*
|
|
Certifications required by Section 302(a) of the Sarbanes-Oxley Act of 2002
|
31.2*
|
|
Certifications required by Section 302(a) of the Sarbanes-Oxley Act of 2002
|
32.1**
|
|
Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2**
|
|
Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002
|
101.INS*
|
|
XBRL Instance Document
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
101.DEF*
|
|
XBRL Taxonomy Extension Definition Linkbase
|
101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
*
|
Filed herewith.
|
**
|
Furnished herewith.
|
|
|
MASTEC, INC.
|
Date:
|
August 4, 2016
|
|
|
|
/s/
JOSÉ R. MAS
|
|
|
José R. Mas
|
|
|
Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
/s/
GEORGE L. PITA
|
|
|
George L. Pita
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial and Accounting Officer)
|
Exhibit No.
|
|
Description
|
10.1*
|
|
Amendment No. 6 to Credit Agreement, dated as of May 13, 2016, by and among MasTec, Inc., MasTec North America, Inc., Bank of America, N.A., as Administrative Agent, Swing Line Lender, L/C Issuer and a Lender, each of the other Lenders party thereto and each of the Subsidiary Guarantors Party thereto.
|
12.1*
|
|
Computation of Ratio of Earnings to Fixed Charges
|
31.1*
|
|
Certifications required by Section 302(a) of the Sarbanes-Oxley Act of 2002
|
31.2*
|
|
Certifications required by Section 302(a) of the Sarbanes-Oxley Act of 2002
|
32.1**
|
|
Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2**
|
|
Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002
|
101.INS*
|
|
XBRL Instance Document
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
101.DEF*
|
|
XBRL Taxonomy Extension Definition Linkbase
|
101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
*
|
Filed herewith.
|
**
|
Furnished herewith.
|
EXECUTION VERSION
|
|
For the Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Earnings:
|
|
|
|
||||
Income (loss) before income taxes
|
$
|
37,071
|
|
|
$
|
(13,116
|
)
|
Add: Fixed charges
|
80,593
|
|
|
69,809
|
|
||
Less: Undistributed earnings (losses) from equity method investees
|
3,555
|
|
|
(3,223
|
)
|
||
Total earnings
|
$
|
114,109
|
|
|
$
|
59,916
|
|
Fixed charges:
|
|
|
|
||||
Interest expense
|
$
|
25,146
|
|
|
$
|
24,321
|
|
Estimate of interest expense within rental expense
|
55,447
|
|
|
45,488
|
|
||
Total fixed charges
|
$
|
80,593
|
|
|
$
|
69,809
|
|
Ratio of earnings to fixed charges
|
1.4
|
|
|
0.9
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
August 4, 2016
|
|
|
|
|
|
|
/s
/ José R. Mas
|
|
|
José R. Mas
Chief Executive Officer
(Principal Executive Officer)
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
August 4, 2016
|
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/s/ George L. Pita
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George L. Pita
Chief Financial Officer
(Principal Financial and Accounting Officer)
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(1)
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The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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Date:
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August 4, 2016
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/s/ José R. Mas
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José R. Mas
Chief Executive Officer
(Principal Executive Officer)
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(1)
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The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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Date:
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August 4, 2016
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/s/ George L. Pita
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George L. Pita
Chief Financial Officer
(Principal Financial and Accounting Officer)
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