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Segments and Related Information (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Financial Information by Reportable Segment

Summarized financial information for MasTec’s reportable segments is presented and reconciled to consolidated financial information for total MasTec in the following tables, including a reconciliation of consolidated income before income taxes to EBITDA, all of which are presented in millions. The tables below may contain slight summation differences due to rounding.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Revenue:	2022		2021		2022		2021
Communications (a)	$	888.9	$	670.3	$	2,375.1	$	1,869.3
Clean Energy and Infrastructure	563.2		518.4		1,493.5		1,350.3
Oil and Gas	375.8		858.4		927.9		2,205.3
Power Delivery	688.4		365.3		1,985.4		731.4
Other	—		0.0		—		0.0
Eliminations	(2.8)		(8.1)		(12.2)		(13.9)
Consolidated revenue	$	2,513.5	$	2,404.3	$	6,769.7	$	6,142.4

(a) Revenue generated primarily by utilities customers represented 21.8% and 22.2% of Communications segment revenue for the three month periods ended September 30, 2022 and 2021, respectively, and represented 23.7% and 21.0% for the nine month periods ended September 30, 2022 and 2021, respectively.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
EBITDA:	2022		2021		2022		2021
Communications	$	109.9	$	71.6	$	234.5	$	193.1
Clean Energy and Infrastructure	24.6		13.8		30.2		40.2
Oil and Gas	49.2		170.6		133.4		476.2
Power Delivery	63.1		34.9		150.6		47.8
Other	5.6		7.5		20.0		23.3
Corporate	(45.9)		(26.6)		(131.2)		(86.3)
Consolidated EBITDA	$	206.5	$	271.8	$	437.5	$	694.3


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Depreciation and Amortization:	2022		2021		2022		2021
Communications	$	32.5	$	26.4	$	92.1	$	72.0
Clean Energy and Infrastructure	12.4		13.0		35.5		31.1
Oil and Gas	34.1		55.5		97.9		163.8
Power Delivery	37.7		21.1		110.1		41.3
Other	—		0.0		—		0.0
Corporate	2.6		2.7		9.1		8.5
Consolidated depreciation and amortization	$	119.3	$	118.7	$	344.7	$	316.7


Assets:	September 30, 2022		December 31, 2021 (a)
Communications	$	2,436.6	$	2,100.9
Clean Energy and Infrastructure	1,047.6		1,067.0
Oil and Gas	1,575.8		1,527.6
Power Delivery	2,033.4		2,017.2
Other	287.4		238.1
Corporate	94.9		170.6
Consolidated segment assets	$	7,475.7	$	7,121.4

(a) Segment assets as of December 31, 2021 were recast during the first quarter of 2022 to conform with the change in segment reporting for the HMG acquisition, the effect of which was a decrease in Power Delivery segment assets of $192.2 million, an increase in Communications and Oil and Gas segment assets of $69.4 million and $77.0 million, respectively, and an increase in Corporate assets of $45.8 million.

Reconciliation of Consolidated Income before Income Taxes to EBITDA


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
EBITDA Reconciliation:	2022		2021		2022		2021
Income before income taxes	$	60.3	$	140.0	$	30.5	$	338.3
Plus:
Interest expense, net	26.9		13.1		62.3		39.4
Depreciation	91.3		95.4		263.5		262.1
Amortization of intangible assets	28.0		23.4		81.2		54.5
Consolidated EBITDA	$	206.5	$	271.8	$	437.5	$	694.3