Supplemental Guarantor Financial Information (Tables)

9 Months Ended

Sep. 30, 2012

Condensed Unaudited Consolidating Balance Sheet

CONDENSED UNAUDITED CONSOLIDATING BALANCE SHEET

As of September 30, 2012 (in thousands)



	MasTec, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Assets
Current assets	$	—	$	973,839	$	35,058		$	—		$	1,008,897
Current assets of discontinued operations	—		8,184		8,481			—			$	16,665
Property and equipment, net	—		276,414		11,115			—			$	287,529
Goodwill and other intangible assets, net	—		795,424		31,152			—			$	826,576
Net investments in and advances to (from) consolidated affiliates	813,546		175,803		(25,614		)	(963,735		)	$	—
Other assets	7,701		39,309		28			—			$	47,038
Long-term assets of discontinued operations	—		751		8,444			—			$	9,195
Total assets	$	821,247	$	2,269,724	$	68,664		$	(963,735	)	$	2,195,900
Liabilities and Shareholders’ Equity
Current liabilities	$	21	$	719,273	$	24,872		$	—		$	744,166
Current liabilities of discontinued operations	—		—		5,334			—			$	5,334
Long-term debt	—		410,490		71			—			$	410,561
Other liabilities	—		201,732		18,141			—			$	219,873
Total liabilities	$	21	$	1,331,495	$	48,418		$	—		$	1,379,934
Total shareholders’ equity	$	821,226	$	938,229	$	20,246		$	(963,735	)	$	815,966
Total liabilities and shareholders’ equity	$	821,247	$	2,269,724	$	68,664		$	(963,735	)	$	2,195,900

CONDENSED UNAUDITED CONSOLIDATING BALANCE SHEET

As of December 31, 2011 (in thousands)



	MasTec, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Assets
Current assets	$	—	$	738,881	$	53,328		$	—		$	792,209
Current assets of discontinued operations	—		22,572		8,036			—			$	30,608
Property and equipment, net	—		251,948		11,059			—			$	263,007
Goodwill and other intangible assets, net	—		793,844		31,635			—			$	825,479
Net investments in and advances to (from) consolidated affiliates	811,982		117,963		(41,830		)	(888,115		)	$	—
Other assets	7,119		47,580		1,033			—			$	55,732
Long-term assets of discontinued operations	—		114,378		7,317			—			$	121,695
Total assets	$	819,101	$	2,087,166	$	70,578		$	(888,115	)	$	2,088,730
Liabilities and Shareholders’ Equity
Current liabilities			$	527,931	$	29,265		$	—		$	557,196
Current liabilities of discontinued operations	—		20,912		8,362			—			$	29,274
Long-term debt	—		460,603		87			—			$	460,690
Other liabilities	—		209,225		21,138			—			$	230,363
Total liabilities	$	—	$	1,218,671	$	58,852		$	—		$	1,277,523
Total shareholders’ equity	$	819,101	$	868,495	$	11,726		$	(888,115	)	$	811,207
Total liabilities and shareholders’ equity	$	819,101	$	2,087,166	$	70,578		$	(888,115	)	$	2,088,730

Condensed Unaudited Consolidating Statements Of Operations And Comprehensive Income

CONDENSED UNAUDITED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Nine Months Ended September 30, 2012 (in thousands)



	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Revenue	$	—		$	2,644,197		$	152,267		$	(2,033	)	$	2,794,431
Costs of revenue, excluding depreciation and amortization	—			2,312,564			134,525			(2,033		)	2,445,056
Depreciation and amortization	1			63,403			1,721			—			65,125
General and administrative expenses	1,052			109,454			7,686			—			118,192
Interest expense, net	—			27,880			3			—			27,883
Other expense, net	—			7,775			214			—			7,989
Income (loss) from continuing operations before provision for income taxes	$	(1,053	)	$	123,121		$	8,118		$	—		$	130,186
Benefit (provision) for income taxes	423			(49,766		)	(1,886		)	—			(51,229		)
Income (loss) from continuing operations	$	(630	)	$	73,355		$	6,232		$	—		$	78,957
Income (loss) from discontinued operations, net of tax	—			(6,086		)	(1,795		)	—			(7,881		)
Equity in income from subsidiaries, net of tax	71,706			—			—			(71,706		)	—
Net income (loss)	$	71,076		$	67,269		$	4,437		$	(71,706	)	$	71,076
Net loss attributable to non-controlling interests	—			—			(9		)	—			(9		)
Net income (loss) attributable to MasTec, Inc.	$	71,076		$	67,269		$	4,446		$	(71,706	)	$	71,085
Comprehensive income (loss)	$	71,415		$	67,269		$	6,741		$	(71,706	)	$	73,719

CONDENSED UNAUDITED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Nine Months Ended September 30, 2011 (in thousands)



	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Revenue	$	—		$	2,036,180		$	63,494		$	—		$	2,099,674
Costs of revenue, excluding depreciation and amortization	—			1,753,352			52,645			—			1,805,997
Depreciation and amortization	—			51,317			1,452			—			52,769
General and administrative expenses	1,754			92,918			3,067			—			97,739
Interest expense, net	—			25,077			125			—			25,202
Gain on remeasurement of equity interest in acquiree	—			(29,041		)	—			—			(29,041		)
Other expense (income), net	—			441			(281		)	—			160
Income (loss) from continuing operations before provision for income taxes	$	(1,754	)	$	142,116		$	6,486		$	—		$	146,848
Benefit (provision) for income taxes	684			(55,378		)	(1,680		)	—			(56,374		)
Income (loss) from continuing operations	$	(1,070	)	$	86,738		$	4,806		$	—		$	90,474
Income (loss) from discontinued operations, net of tax	—			8,682			(1,745		)	—			6,937
Equity in income from subsidiaries, net of tax	98,481			—			—			(98,481		)	—
Net income (loss)	$	97,411		$	95,420		$	3,061		$	(98,481	)	$	97,411
Net loss attributable to non-controlling interests	—			—			(31		)	—			(31		)
Net income (loss) attributable to MasTec, Inc.	$	97,411		$	95,420		$	3,092		$	(98,481	)	$	97,442
Comprehensive income (loss)	$	97,227		$	95,420		$	1		$	(98,481	)	$	94,167

Condensed Unaudited Consolidating Statement Of Cash Flows

CONDENSED UNAUDITED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended September 30, 2012 (in thousands)



	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated MasTec, Inc.
Net cash provided by (used in) operating activities	$	(891	)	$	96,338		$	19,223		$	—	$	114,670
Cash flows used in investing activities:
Cash paid for acquisitions, net, including contingent consideration	$	—		$	(16,094	)	$	(1,402	)	$	—	$	(17,496	)
Capital expenditures	—			(49,109		)	(1,222		)	—		(50,331		)
Proceeds from sale of assets	—			5,808			—			—		5,808
Proceeds from disposal of business, net	—			97,728			—			—		97,728
Investments in life insurance policies	(284		)	—			—			—		(284		)
Net cash provided by (used in) investing activities	$	(284	)	$	38,333		$	(2,624	)	$	—	$	35,425
Cash flows (used in) provided by financing activities:
Proceeds from credit facility	$	—		$	631,815		$	—		$	—	$	631,815
Repayments of credit facility	—			(681,815		)	—			—		(681,815		)
Repayments of other borrowings	—			(15,510		)	—			—		(15,510		)
Proceeds from (repayments of) book overdrafts	—			(5,645		)	—			—		(5,645		)
Payments of capital lease obligations	—			(14,790		)	(16		)	—		(14,806		)
Proceeds from stock options exercises and other share-based awards	1,445			—			—			—		1,445
Excess tax benefit from stock-based compensation	—			302			—			—		302
Purchases of treasury stock	(75,000		)	—			—			—		(75,000		)
Payments of financing costs	—			(113		)	—			—		(113		)
Net financing activities and advances (to) from consolidated affiliates	74,730			(58,278		)	(16,452		)	—		—
Net cash (used in) provided by financing activities	$	1,175		$	(144,034	)	$	(16,468	)	$	—	$	(159,327	)
Net increase (decrease) in cash and cash equivalents	—			(9,363		)	131			—		(9,232		)
Net effect of currency translation on cash	—			20			115			—		135
Cash and cash equivalents - beginning of period	—			16,241			4,038			—		20,279
Cash and cash equivalents - end of period	$	—		$	6,898		$	4,284		$	—	$	11,182
Cash and cash equivalents of discontinued operations	$	—		$	684		$	26		$	—	$	710
Cash and cash equivalents of continuing operations	$	—		$	6,214		$	4,258		$	—	$	10,472

CONDENSED UNAUDITED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended September 30, 2011 (in thousands)



	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated MasTec, Inc.
Net cash provided by (used in) operating activities	$	(2,436	)	$	(46,552	)	$	(14,107	)	$	—	$	(63,095	)
Cash flows used in investing activities:
Cash paid for acquisitions, net, including contingent consideration	$	(31,236	)	$	(44,687	)	$	(9,444	)	$	—	$	(85,367	)
Capital expenditures	—			(56,960		)	(36		)	—		(56,996		)
Proceeds from sale of assets	—			4,456			—			—		4,456
Proceeds from redemption of investments	—			4,600			—			—		4,600
Investments in life insurance policies	(283		)	—			—			—		(283		)
Net cash provided by (used in) investing activities	$	(31,519	)	$	(92,591	)	$	(9,480	)	$	—	$	(133,590	)
Cash flows (used in) provided by financing activities:
Proceeds from credit facility	$	—		$	135,761		$	—		$	—	$	135,761
Repayments of credit facility	—			(108,761		)	—			—		(108,761		)
Repayments of other borrowings	—			(9,098		)	—			—		(9,098		)
Proceeds from (repayments of) book overdrafts	—			22,698			—			—		22,698
Payments of capital lease obligations	—			(12,897		)	(29		)	—		(12,926		)
Proceeds from stock options exercises and other share-based awards	11,921			—			—			—		11,921
Excess tax benefit from stock-based compensation	—			3,942			—			—		3,942
Purchases of treasury stock	(1,950		)	—			—			—		(1,950		)
Payments of financing costs	—			(6,069		)	—			—		(6,069		)
Net financing activities and advances (to) from consolidated affiliates	23,984			(48,823		)	24,839			—		—
Net cash (used in) provided by financing activities $	$	33,955		$	(23,247	)	$	24,810		$	—	$	35,518
Net increase (decrease) in cash and cash equivalents	—			(162,390		)	1,223			—		(161,167		)
Net effect of currency translation on cash	—			—			(74		)	—		(74		)
Cash and cash equivalents - beginning of period	—			177,223			381			—		177,604
Cash and cash equivalents - end of period	$	—		$	14,833		$	1,530		$	—	$	16,363
Cash and cash equivalents of discontinued operations	$	—		$	9,071		$	8		$	—	$	9,079
Cash and cash equivalents of continuing operations	$	—		$	5,762		$	1,522		$	—	$	7,284