Supplemental Guarantor Financial Information (Tables)

3 Months Ended

Mar. 31, 2018

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



For the Three Months Ended March 31, 2018	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Revenue	$	—		$	1,265.6		$	185.6		$	(54.4	)	$	1,396.8
Costs of revenue, excluding depreciation and amortization	—			1,136.2			155.5			(54.4		)	1,237.3
Depreciation and amortization	—			43.3			6.6			—			49.9
General and administrative expenses	0.8			59.2			3.6			—			63.6
Interest expense (income), net	—			32.9			(15.8		)	—			17.1
Equity in earnings of unconsolidated affiliates	—			—			(5.6		)	—			(5.6		)
Other income, net	—			(2.6		)	(0.5		)	—			(3.1		)
(Loss) income before income taxes	$	(0.8	)	$	(3.4	)	$	41.8		$	—		$	37.6
Benefit from (provision for) income taxes	0.2			0.8			(12.1		)	—			(11.1		)
Net (loss) income before equity in income from subsidiaries	$	(0.6	)	$	(2.6	)	$	29.7		$	—		$	26.5
Equity in income from subsidiaries, net of tax	27.1			—			—			(27.1		)	—
Net income (loss)	$	26.5		$	(2.6	)	$	29.7		$	(27.1	)	$	26.5
Net loss attributable to non-controlling interests	—			—			(0.1		)	—			(0.1		)
Net income (loss) attributable to MasTec, Inc.	$	26.5		$	(2.6	)	$	29.8		$	(27.1	)	$	26.6
Comprehensive income (loss)	$	33.8		$	(2.6	)	$	36.8		$	(34.3	)	$	33.7



For the Three Months Ended March 31, 2017	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Revenue	$	—		$	1,083.2		$	87.9		$	(12.9	)	$	1,158.2
Costs of revenue, excluding depreciation and amortization	—			888.7			95.3			(12.9		)	971.1
Depreciation and amortization	—			35.3			7.6			—			42.9
General and administrative expenses	0.6			59.6			4.6			—			64.8
Interest expense (income), net	—			27.9			(15.3		)	—			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	)	$	71.7		$	(3.1	)	$	—		$	68.0
Benefit from (provision for) income taxes	0.2			(26.3		)	(1.3		)	—			(27.4		)
Net (loss) income before equity in income from subsidiaries	$	(0.4	)	$	45.4		$	(4.4	)	$	—		$	40.6
Equity in income from subsidiaries, net of tax	41.4			—			—			(41.4		)	—
Net income (loss)	$	41.0		$	45.4		$	(4.4	)	$	(41.4	)	$	40.6
Net loss attributable to non-controlling interests	—			(0.1		)	(0.2		)	—			(0.3		)
Net income (loss) attributable to MasTec, Inc.	$	41.0		$	45.5		$	(4.2	)	$	(41.4	)	$	41.0
Comprehensive income (loss)	$	42.8		$	45.5		$	(2.7	)	$	(43.2	)	$	42.4

CONDENSED UNAUDITED CONSOLIDATING BALANCE SHEETS (in millions)



As of March 31, 2018	MasTec, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated MasTec, Inc.
Assets
Total current assets	$	—	$	1,641.5	$	376.6	$	(110.5	)	$	1,907.6
Property and equipment, net	—		648.2		61.6		—			709.8
Goodwill and other intangible assets, net	—		1,195.6		137.3		—			1,332.9
Investments in and advances to consolidated affiliates, net	1,356.0		1,016.6		702.5		(3,075.1		)	—
Other long-term assets	15.7		23.8		164.5		—			204.1
Total assets	$	1,371.7	$	4,525.7	$	1,442.5	$	(3,185.6	)	$	4,154.3
Liabilities and equity
Total current liabilities	$	—	$	996.7	$	161.1	$	(110.5	)	$	1,047.3
Long-term debt	—		1,336.0		7.5		—			1,343.5
Other long-term liabilities	—		380.4		8.9		—			389.3
Total liabilities	$	—	$	2,713.1	$	177.5	$	(110.5	)	$	2,780.2
Total equity	$	1,371.7	$	1,812.6	$	1,265.0	$	(3,075.1	)	$	1,374.2
Total liabilities and equity	$	1,371.7	$	4,525.7	$	1,442.5	$	(3,185.6	)	$	4,154.3



As of December 31, 2017	MasTec, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated MasTec, Inc.
Assets
Total current assets	$	—	$	1,536.6	$	332.9	$	(17.1	)	$	1,852.4
Property and equipment, net	—		638.7		67.8		—			706.5
Goodwill and other intangible assets, net	—		1,187.9		141.0		—			1,328.9
Investments in and advances to consolidated affiliates, net	1,415.0		847.7		746.6		(3,009.3		)	—
Other long-term assets	15.8		23.4		139.6		—			178.8
Total assets	$	1,430.8	$	4,234.3	$	1,427.9	$	(3,026.4	)	$	4,066.6
Liabilities and equity
Total current liabilities	$	—	$	778.6	$	202.3	$	(17.1	)	$	963.8
Long-term debt	—		1,269.4		11.3		—			1,280.7
Other long-term liabilities	—		379.9		8.8		—			388.7
Total liabilities	$	—	$	2,427.9	$	222.4	$	(17.1	)	$	2,633.2
Total equity	$	1,430.8	$	1,806.4	$	1,205.5	$	(3,009.3	)	$	1,433.4
Total liabilities and equity	$	1,430.8	$	4,234.3	$	1,427.9	$	(3,026.4	)	$	4,066.6

CONDENSED UNAUDITED CONSOLIDATING STATEMENTS OF CASH FLOWS (in millions)



For the Three Months Ended March 31, 2018	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated MasTec, Inc.
Net cash provided by (used in) operating activities	$	—		$	114.0		$	(30.5	)	$	—	$	83.5
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	—			(4.3		)	—			—		(4.3		)
Capital expenditures	—			(22.4		)	(0.1		)	—		(22.5		)
Proceeds from sale of property and equipment	—			4.8			0.6			—		5.4
Payments for other investments	—			—			(14.8		)	—		(14.8		)
Proceeds from other investments	—			—			5.4			—		5.4
Net cash used in investing activities	$	—		$	(21.9	)	$	(8.9	)	$	—	$	(30.9	)
Cash flows from financing activities:
Proceeds from credit facilities	—			810.6			6.3			—		816.9
Repayments of credit facilities	—			(736.6		)	(10.5		)	—		(747.1		)
Repayments of other borrowings and capital lease obligations	—			(30.6		)	(2.1		)	—		(32.7		)
Repurchase of common stock	(90.9		)	—			—			—		(90.9		)
Distributions to non-controlling interests	—			(0.6		)	—			—		(0.6		)
Proceeds from stock-based awards, net	0.9			—			—			—		0.9
Net financing activities and advances from (to) consolidated affiliates	90.0			(132.3		)	42.3			—		—
Net cash (used in) provided by financing activities	$	—		$	(89.5	)	$	36.0		$	—	$	(53.5	)
Effect of currency translation on cash	—			—			0.7			—		0.7
Net increase (decrease) in cash and cash equivalents	$	—		$	2.6		$	(2.7	)	$	—	$	(0.1	)
Cash and cash equivalents - beginning of period	$	—		$	10.0		$	30.3		$	—	$	40.3
Cash and cash equivalents - end of period	$	—		$	12.6		$	27.6		$	—	$	40.2



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	$	—		$	179.5		$	(25.3	)	$	—	$	154.2
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	—			—			—			—		—
Capital expenditures	—			(27.8		)	(1.1		)	—		(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	$	—		$	(27.4	)	$	(42.2	)	$	—	$	(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	—			(12.0		)	(2.3		)	—		(14.4		)
Distributions to non-controlling interests	—			(1.3		)	—			—		(1.3		)
Payments for stock-based awards, net	(0.8		)	—			—			—		(0.8		)
Other financing activities, net	—			(6.0		)	—			—		(6.0		)
Net financing activities and advances from (to) consolidated affiliates	0.8			(78.8		)	78.0			—		—
Net cash (used in) provided by financing activities	$	—		$	(179.9	)	$	72.1		$	—	$	(107.8	)
Effect of currency translation on cash	—			—			0.2			—		0.2
Net (decrease) increase in cash and cash equivalents	$	—		$	(27.8	)	$	4.8		$	—	$	(23.1	)
Cash and cash equivalents - beginning of period	$	—		$	28.9		$	9.9		$	—	$	38.8
Cash and cash equivalents - end of period	$	—		$	1.1		$	14.7		$	—	$	15.7