Supplemental Guarantor Financial Information (Tables)

3 Months Ended

Mar. 31, 2017

CONDENSED UNAUDITED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (in millions)



For the Three Months Ended March 31, 2017	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Revenue	$	—		$	1,085.1		$	94.2		$	(21.1	)	$	1,158.2
Costs of revenue, excluding depreciation and amortization	—			891.1			101.1			(21.1		)	971.1
Depreciation and amortization	—			34.1			8.8			—			42.9
General and administrative expenses	0.6			59.5			4.7			—			64.8
Interest expense (income), net	—			27.8			(15.2		)	—			12.6
Equity in earnings of unconsolidated affiliates	—			—			(1.6		)	—			(1.6		)
Other expense, net	—			—			0.4			—			0.4
(Loss) income before income taxes	$	(0.6	)	$	72.6		$	(4.0	)	$	—		$	68.0
Benefit from (provision for) income taxes	0.2			(26.6		)	(1.0		)	—			(27.4		)
Net (loss) income before equity in income from subsidiaries	$	(0.4	)	$	46.0		$	(5.0	)	$	—		$	40.6
Equity in income from subsidiaries, net of tax	41.4			—			—			(41.4		)	—
Net income (loss)	$	41.0		$	46.0		$	(5.0	)	$	(41.4	)	$	40.6
Net loss attributable to non-controlling interests	—			—			(0.3		)	—			(0.3		)
Net income (loss) attributable to MasTec, Inc.	$	41.0		$	46.0		$	(4.7	)	$	(41.4	)	$	41.0
Comprehensive income (loss)	$	42.8		$	46.0		$	(3.2	)	$	(43.2	)	$	42.4



For the Three Months Ended March 31, 2016	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated MasTec, Inc.
Revenue	$	—		$	878.1		$	96.1		$	—	$	974.2
Costs of revenue, excluding depreciation and amortization	—			777.2			107.2			—		884.4
Depreciation and amortization	—			31.3			7.7			—		39.0
General and administrative expenses	0.6			50.0			9.4			—		60.0
Interest expense (income), net	—			27.4			(15.2		)	—		12.2
Equity in earnings of unconsolidated affiliates	—			—			(3.1		)	—		(3.1		)
Other income, net	—			(11.3		)	(2.1		)	—		(13.4		)
(Loss) income before income taxes	$	(0.6	)	$	3.4		$	(7.8	)	$	—	$	(5.0	)
Benefit from (provision for) income taxes	0.2			(1.3		)	3.2			—		2.1
Net (loss) income before equity in losses from subsidiaries	$	(0.4	)	$	2.1		$	(4.6	)	$	—	$	(2.9	)
Equity in losses from subsidiaries, net of tax	(2.3		)	—			—			2.3		—
Net (loss) income	$	(2.7	)	$	2.1		$	(4.6	)	$	2.3	$	(2.9	)
Net loss attributable to non-controlling interests	—			—			(0.2		)	—		(0.2		)
Net (loss) income attributable to MasTec, Inc.	$	(2.7	)	$	2.1		$	(4.4	)	$	2.3	$	(2.7	)
Comprehensive (loss) income	$	(5.1	)	$	2.1		$	(7.0	)	$	4.7	$	(5.3	)

CONDENSED UNAUDITED CONSOLIDATING BALANCE SHEETS (in millions)



As of March 31, 2017	MasTec, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated MasTec, Inc.
Assets
Total current assets	$	—	$	1,116.0	$	194.7	$	(43.6	)	$	1,267.1
Property and equipment, net	—		474.5		96.0		—			570.5
Goodwill and other intangible assets, net	—		1,034.4		138.0		—			1,172.4
Investments in and advances to consolidated affiliates, net	1,129.7		716.0		820.9		(2,666.6		)	—
Other long-term assets	12.6		26.3		66.9		—			105.8
Total assets	$	1,142.3	$	3,367.2	$	1,316.5	$	(2,710.2	)	$	3,115.8
Liabilities and equity
Total current liabilities	$	—	$	742.5	$	114.4	$	(43.6	)	$	813.3
Long-term debt	—		874.0		19.4		—			893.4
Other long-term liabilities	—		249.6		11.8		—			261.4
Total liabilities	$	—	$	1,866.1	$	145.6	$	(43.6	)	$	1,968.0
Total equity	$	1,142.3	$	1,501.1	$	1,170.9	$	(2,666.6	)	$	1,147.8
Total liabilities and equity	$	1,142.3	$	3,367.2	$	1,316.5	$	(2,710.2	)	$	3,115.8



As of December 31, 2016	MasTec, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated MasTec, Inc.
Assets
Total current assets	$	—	$	1,256.3	$	175.8	$	(29.6	)	$	1,402.5
Property and equipment, net	—		456.6		92.5		—			549.1
Goodwill and other intangible assets, net	—		1,037.4		138.2		—			1,175.6
Investments in and advances to consolidated affiliates, net	1,083.9		625.9		861.2		(2,571.0		)	—
Other long-term assets	12.6		25.3		18.0		—			55.9
Total assets	$	1,096.5	$	3,401.5	$	1,285.7	$	(2,600.6	)	$	3,183.1
Liabilities and equity
Total current liabilities	$	—	$	759.7	$	109.9	$	(29.6	)	$	840.0
Long-term debt	—		938.7		22.7		—			961.4
Other long-term liabilities	—		256.2		21.9		—			278.1
Total liabilities	$	—	$	1,954.6	$	154.5	$	(29.6	)	$	2,079.5
Total equity	$	1,096.5	$	1,446.9	$	1,131.2	$	(2,571.0	)	$	1,103.6
Total liabilities and equity	$	1,096.5	$	3,401.5	$	1,285.7	$	(2,600.6	)	$	3,183.1

CONDENSED UNAUDITED CONSOLIDATING STATEMENTS OF CASH FLOWS (in millions)



For the Three Months Ended March 31, 2017	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated MasTec, Inc.
Net cash provided by (used in) operating activities	$	—		$	166.5		$	(12.3	)	$	—	$	154.2
Cash flows from investing activities:
Capital expenditures	—			(21.0		)	(7.9		)	—		(28.9		)
Proceeds from sale of property and equipment	—			0.4			0.1			—		0.5
Payments for other investments	—			—			(53.3		)	—		(53.3		)
Proceeds from other investments	—			—			12.1			—		12.1
Net cash used in investing activities	$	—		$	(20.6	)	$	(49.0	)	$	—	$	(69.6	)
Cash flows from financing activities:
Proceeds from credit facilities	—			357.2			4.5			—		361.7
Repayments of credit facilities	—			(439.0		)	(8.1		)	—		(447.1		)
Repayments of other borrowings and capital lease obligations	—			(11.7		)	(2.6		)	—		(14.3		)
Payments of financing costs	—			(6.0		)	—			—		(6.0		)
Distributions to non-controlling interests	—			—			(1.3		)	—		(1.3		)
Payments for stock-based awards, net	(0.8		)	—			—			—		(0.8		)
Net financing activities and advances from (to) consolidated affiliates	0.8			(73.8		)	73.0			—		—
Net cash (used in) provided by financing activities	$	—		$	(173.3	)	$	65.5		$	—	$	(107.8	)
Effect of currency translation on cash	—			—			0.2			—		0.2
Net (decrease) increase in cash and cash equivalents	$	—		$	(27.4	)	$	4.3		$	—	$	(23.1	)
Cash and cash equivalents - beginning of period	—			28.3			10.5			—		38.8
Cash and cash equivalents - end of period	$	—		$	0.9		$	14.8		$	—	$	15.7



For the Three Months Ended March 31, 2016	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated MasTec, Inc.
Net cash (used in) provided by operating activities	$	—		$	(5.3	)	$	21.2		$	—	$	15.9
Cash flows (used in) provided by investing activities:
Capital expenditures	—			(12.2		)	(1.1		)	—		(13.3		)
Proceeds from sale of property and equipment	—			1.5			0.7			—		2.2
Payments for other investments	—			—			(1.5		)	—		(1.5		)
Proceeds from other investments	—			—			—			—		—
Net cash used in investing activities	$	—		$	(10.7	)	$	(1.9	)	$	—	$	(12.6	)
Cash flows provided by (used in) financing activities:
Proceeds from credit facilities	$	—		$	286.8		$	48.9		$	—	$	335.7
Repayments of credit facilities	—			(270.5		)	(50.2		)	—		(320.7		)
Repayments of other borrowings and capital lease obligations	—			(16.3		)	(4.3		)	—		(20.6		)
Proceeds from (payments for) stock-based awards, net	2.0			(0.2		)	—			—		1.8
Other financing activities, net	—			0.2			—			—		0.2
Net financing activities and advances (to) from consolidated affiliates	(2.0		)	13.6			(11.6		)	—		—
Net cash provided by (used in) financing activities	$	—		$	13.6		$	(17.2	)	$	—	$	(3.6	)
Effect of currency translation on cash	—			—			(0.7		)	—		(0.7		)
Net (decrease) increase in cash and cash equivalents	$	—		$	(2.4	)	$	1.4		$	—	$	(1.1	)
Cash and cash equivalents - beginning of period	—			4.8			0.3			—		5.0
Cash and cash equivalents - end of period	$	—		$	2.4		$	1.7		$	—	$	3.9