Supplemental Guarantor Financial Information (Tables)

3 Months Ended

Mar. 31, 2020

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



For the Three Months Ended March 31, 2020	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Revenue	$	—		$	1,312.3		$	111.8		$	(7.5	)	$	1,416.6
Costs of revenue, excluding depreciation and amortization	—			1,138.8			95.0			(7.5		)	1,226.3
Depreciation and amortization	—			54.2			6.3			—			60.5
General and administrative expenses	1.0			73.9			10.6			—			85.5
Interest expense, net	—			15.8			1.2			—			17.0
Equity in earnings of unconsolidated affiliates	—			(0.2		)	(7.6		)	—			(7.8		)
Other income, net	—			(1.1		)	(0.2		)	—			(1.3		)
(Loss) income before income taxes	$	(1.0	)	$	30.9		$	6.5		$	—		$	36.5
Benefit from (provision for) income taxes	0.3			(10.0		)	9.3			—			(0.4		)
Net (loss) income before equity in income from subsidiaries	$	(0.7	)	$	20.9		$	15.8		$	—		$	36.1
Equity in income from subsidiaries, net of tax	36.9			—			—			(36.9		)	—
Net income (loss)	$	36.2		$	20.9		$	15.8		$	(36.9	)	$	36.1
Net loss attributable to non-controlling interests	—			—			(0.2		)	—			(0.2		)
Net income (loss) attributable to MasTec, Inc.	$	36.2		$	20.9		$	16.0		$	(36.9	)	$	36.2
Comprehensive income (loss)	$	13.0		$	17.5		$	(4.1	)	$	(13.6	)	$	12.8



For the Three Months Ended March 31, 2019	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Revenue	$	—		$	1,402.4		$	139.1		$	(23.2	)	$	1,518.3
Costs of revenue, excluding depreciation and amortization	—			1,200.7			134.5			(23.2		)	1,312.0
Depreciation and amortization	—			54.7			4.3			—			59.0
General and administrative expenses	0.8			67.3			4.5			—			72.6
Interest expense (income), net	—			37.7			(15.4		)	—			22.3
Equity in losses (earnings) of unconsolidated affiliates	—			0.1			(6.3		)	—			(6.3		)
Other expense (income), net	—			5.0			(1.5		)	—			3.5
(Loss) income before income taxes	$	(0.8	)	$	36.9		$	19.0		$	—		$	55.1
Benefit from (provision for) income taxes	0.3			(12.0		)	(0.3		)	—			(12.0		)
Net (loss) income before equity in income from subsidiaries	$	(0.5	)	$	24.9		$	18.7		$	—		$	43.1
Equity in income from subsidiaries, net of tax	43.7			—			—			(43.7		)	—
Net income (loss)	$	43.2		$	24.9		$	18.7		$	(43.7	)	$	43.1
Net loss attributable to non-controlling interests	—			—			(0.0		)	—			(0.0		)
Net income (loss) attributable to MasTec, Inc.	$	43.2		$	24.9		$	18.7		$	(43.7	)	$	43.1
Comprehensive income (loss)	$	37.5		$	24.9		$	13.2		$	(38.1	)	$	37.5

CONDENSED CONSOLIDATING BALANCE SHEETS (unaudited - in millions)



As of March 31, 2020	MasTec, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated MasTec, Inc.
Assets
Total current assets	$	—	$	1,871.6	$	236.5	$	(28.3	)	$	2,079.8
Property and equipment, net	—		898.8		38.5		—			937.3
Operating lease assets	—		201.3		9.3		—			210.6
Goodwill and other intangible assets, net	—		1,260.4		161.5		—			1,421.9
Investments in and advances to consolidated affiliates, net	1,667.2		1,382.7		—		(3,049.9		)	—
Other long-term assets	18.3		39.6		186.0		—			243.9
Total assets	$	1,685.5	$	5,654.4	$	631.8	$	(3,078.2	)	$	4,893.5
Liabilities and equity
Total current liabilities	$	—	$	1,205.6	$	82.7	$	(28.3	)	$	1,260.0
Long-term debt, including finance leases	—		1,294.9		2.4		—			1,297.3
Advances from consolidated affiliates, net	—		—		199.3		(199.3		)	—
Long-term operating lease liabilities	—		131.7		11.7		—			143.4
Other long-term liabilities	—		482.4		20.5		—			502.9
Total liabilities	$	—	$	3,114.6	$	316.6	$	(227.6	)	$	3,203.7
Total equity	$	1,685.5	$	2,539.8	$	315.2	$	(2,850.6	)	$	1,689.8
Total liabilities and equity	$	1,685.5	$	5,654.4	$	631.8	$	(3,078.2	)	$	4,893.5



As of December 31, 2019	MasTec, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated MasTec, Inc.
Assets
Total current assets	$	—	$	1,987.8	$	248.1	$	(62.4	)	$	2,173.6
Property and equipment, net	—		862.0		43.9		—			905.8
Operating lease assets	—		214.7		15.2		—			229.9
Goodwill and other intangible assets, net	—		1,265.6		167.3		—			1,433.0
Investments in and advances to consolidated affiliates, net	1,768.9		1,233.5		—		(3,002.4		)	—
Other long-term assets	18.4		42.6		193.8		—			254.7
Total assets	$	1,787.3	$	5,606.2	$	668.3	$	(3,064.8	)	$	4,997.0
Liabilities and equity
Total current liabilities	$	0.1	$	1,141.6	$	139.8	$	(62.4	)	$	1,219.1
Long-term debt, including finance leases	—		1,310.9		3.1		—			1,314.0
Advances from consolidated affiliates, net	—		—		167.5		(167.5		)	—
Long-term operating lease liabilities	—		143.0		11.6		—			154.6
Other long-term liabilities	—		493.1		24.5		—			517.6
Total liabilities	$	0.1	$	3,088.6	$	346.5	$	(229.9	)	$	3,205.3
Total equity	$	1,787.2	$	2,517.6	$	321.8	$	(2,834.9	)	$	1,791.7
Total liabilities and equity	$	1,787.3	$	5,606.2	$	668.3	$	(3,064.8	)	$	4,997.0

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (unaudited - in millions)



For the Three Months Ended March 31, 2020	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated MasTec, Inc.
Net cash provided by operating activities	$	—		$	189.6		$	13.7		$	—	$	203.3
Cash flows from investing activities:
Capital expenditures	—			(59.3		)	(1.2		)	—		(60.6		)
Proceeds from sale of property and equipment	—			7.8			0.6			—		8.4
Payments for other investments	—			—			(12.0		)	—		(12.0		)
Proceeds from other investments	—			0.6			—			—		0.6
Other investing activities, net	—			4.8			—			—		4.8
Net cash used in investing activities	$	—		$	(46.1	)	$	(12.6	)	$	—	$	(58.7	)
Cash flows from financing activities:
Proceeds from credit facilities	—			673.0			3.0			—		675.9
Repayments of credit facilities	—			(668.8		)	(2.9		)	—		(671.8		)
Payments of finance lease obligations	—			(30.4		)	(0.4		)	—		(30.9		)
Repurchases of common stock	(119.4		)	—			—			—		(119.4		)
Proceeds from stock-based awards	1.5			—			—			—		1.5
Payments for stock-based awards	(0.6		)	—			—			—		(0.6		)
Net financing activities and advances from (to) consolidated affiliates	118.5			(119.2		)	0.6			—		—
Net cash (used in) provided by financing activities	$	—		$	(145.4	)	$	0.3		$	—	$	(145.2	)
Effect of currency translation on cash	—			—			0.9			—		0.9
Net (decrease) increase in cash and cash equivalents	$	—		$	(1.9	)	$	2.2		$	—	$	0.2
Cash and cash equivalents - beginning of period	$	—		$	36.4		$	35.0		$	—	$	71.4
Cash and cash equivalents - end of period	$	—		$	34.5		$	37.2		$	—	$	71.7

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (unaudited - in millions)



For the Three Months Ended March 31, 2019	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated MasTec, Inc.
Net cash used in operating activities	$	—		$	(43.5	)	$	(3.3	)	$	—	$	(46.8	)
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	—			(93.7		)	—			—		(93.7		)
Capital expenditures	—			(32.9		)	(1.5		)	—		(34.4		)
Proceeds from sale of property and equipment	—			4.8			3.9			—		8.7
Payments for other investments	—			(1.4		)	(0.8		)	—		(2.2		)
Proceeds from other investments	—			10.4			—			—		10.4
Net cash (used in) provided by investing activities	$	—		$	(112.8	)	$	1.6		$	—	$	(111.2	)
Cash flows from financing activities:
Proceeds from credit facilities	—			862.7			3.7			—		866.4
Repayments of credit facilities	—			(667.2		)	(3.6		)	—		(670.8		)
Payments of finance lease obligations	—			(16.7		)	(0.5		)	—		(17.2		)
Repurchases of common stock	(5.7		)	—			—			—		(5.7		)
Proceeds from stock-based awards	1.1			—			—			—		1.1
Net financing activities and advances from (to) consolidated affiliates	4.6			(27.3		)	22.7			—		—
Net cash provided by financing activities	$	—		$	151.5		$	22.3		$	—	$	173.8
Effect of currency translation on cash	—			—			—			—		—
Net (decrease) increase in cash and cash equivalents	$	—		$	(4.8	)	$	20.6		$	—	$	15.8
Cash and cash equivalents - beginning of period	$	—		$	11.9		$	15.6		$	—	$	27.4
Cash and cash equivalents - end of period	$	—		$	7.1		$	36.2		$	—	$	43.2