Â鶹ÊÓƵ Announces First Quarter 2024 Financial Results and Raises Guidance for the Year
05/02/2024
- Record First Quarter 2024 Revenue of
$2.7 Billion - First Quarter 2024 GAAP Net Loss of
$34.5 Million , a$46.0 Million Improvement over First Quarter 2023 and Beating Consensus Estimates by$33.1 Million - First Quarter 2024 Adjusted EBITDA of
$157.3 Million , a$54.8 Million Improvement Over First Quarter 2023 and Beating Consensus Estimates by$28.7 Million - First Quarter 2024 Diluted Loss Per Share of
$0.53 and Adjusted Diluted Loss Per Share of$0.13 , Beating Consensus Estimates by$0.33 and$0.35 , Respectively - 18-month Backlog as of
March 31, 2024 of$12.8 Billion Increased$430 Million sequentially from the Fourth Quarter 2023 - Annual 2024 Guidance Increased to Revenue of
$12.55 Billion , GAAP Net Income of$121 Million , Adjusted Net Income of$257 Million , Adjusted EBITDA of$975 Million , Diluted Earnings Per Share of$1.23 and Adjusted Diluted Earnings Per Share of$2.95
First quarter 2024 revenue was up 4% to
First quarter 2024 adjusted net loss and adjusted diluted loss per share, both non-GAAP measures, were
18-month backlog as of
Adjusted net (loss) income, adjusted diluted (loss) earnings per share, adjusted EBITDA, adjusted EBITDA margin and net debt, which are all non-GAAP measures, exclude certain items which are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures.
Based on the information available today, the Company is providing second quarter and updating full year 2024 guidance. The Company currently expects full year 2024 revenue of approximately
For the second quarter of 2024, the Company expects revenue of approximately
Management will hold a conference call to discuss these results on
The following tables set forth the financial results for the periods ended
Consolidated Statements of Operations |
||||
(unaudited - in thousands, except per share information) |
||||
For the Three Months Ended |
||||
2024 |
2023 |
|||
Revenue |
$ÌýÌýÌýÌýÌý 2,686,849 |
$ÌýÌýÌýÌýÌý 2,584,659 |
||
Costs of revenue, excluding depreciation and amortization |
2,379,672 |
2,359,494 |
||
Depreciation |
107,435 |
107,247 |
||
Amortization of intangible assets |
33,691 |
41,944 |
||
General and administrative expenses |
165,536 |
163,914 |
||
Interest expense, net |
52,059 |
52,693 |
||
Equity in earnings of unconsolidated affiliates, net |
(9,219) |
(9,152) |
||
Other expense (income), net |
3,213 |
(6,201) |
||
ÌýÌý Loss before income taxes |
$ÌýÌýÌýÌýÌýÌýÌýÌý (45,538) |
$ÌýÌýÌýÌýÌýÌý (125,280) |
||
Benefit from income taxes |
11,079 |
44,734 |
||
ÌýÌýÌýÌýÌýÌý ÌýNet loss |
$ÌýÌýÌýÌýÌýÌýÌýÌý (34,459) |
$ÌýÌýÌýÌýÌýÌýÌýÌý (80,546) |
||
Net income (loss) attributable to non-controlling interests |
6,721 |
(6) |
||
ÌýÌý Net loss attributable to |
$ÌýÌýÌýÌýÌýÌýÌýÌý (41,180) |
$ÌýÌýÌýÌýÌýÌýÌýÌý (80,540) |
||
Loss per share: |
||||
ÌýÌý Basic and diluted loss per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.53) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (1.05) |
||
ÌýÌý Basic and diluted weighted average common shares outstanding |
77,942 |
76,984 |
Ìý
Consolidated Balance Sheets |
|||
(unaudited - in thousands) |
|||
|
|
||
Assets |
|||
Current assets |
$ÌýÌýÌýÌýÌý 3,445,470 |
$ÌýÌýÌýÌýÌý 3,974,253 |
|
Property and equipment, net |
1,572,766 |
1,651,462 |
|
Operating lease right-of-use assets |
424,575 |
418,685 |
|
|
2,126,041 |
2,126,366 |
|
Other intangible assets, net |
751,008 |
784,260 |
|
Other long-term assets |
425,493 |
418,485 |
|
Total assets |
$ÌýÌýÌýÌýÌý 8,745,353 |
$ÌýÌýÌýÌýÌý 9,373,511 |
|
Liabilities and Equity |
|||
Current liabilities |
$ÌýÌýÌýÌýÌý 2,633,371 |
$ÌýÌýÌýÌýÌý 2,837,219 |
|
Long-term debt, including finance leases |
2,537,091 |
2,888,058 |
|
Long-term operating lease liabilities |
291,707 |
292,873 |
|
Deferred income taxes |
347,424 |
390,399 |
|
Other long-term liabilities |
245,736 |
243,701 |
|
Ìý Ìý ÌýÌýÌýÌýÌýÌýTotal equity |
2,690,024 |
2,721,261 |
|
Ìý Ìý ÌýÌýÌýÌýÌýÌýTotal liabilities and equity |
$ÌýÌýÌýÌýÌý 8,745,353 |
$ÌýÌýÌýÌýÌý 9,373,511 |
Ìý
Consolidated Statements of Cash Flows |
|||
(unaudited - in thousands) |
|||
For the Three Months Ended |
|||
2024 |
2023 |
||
Net cash provided by (used in) operating activities |
$ÌýÌýÌýÌýÌýÌýÌýÌý Ìý107,750 |
$ÌýÌýÌýÌýÌýÌýÌýÌý (86,371) |
|
Net cash used in investing activities |
(13,031) |
(89,486) |
|
Net cash used in financing activities |
(374,822) |
(53,442) |
|
Effect of currency translation on cash |
(132) |
267 |
|
Net decrease in cash and cash equivalents |
$ÌýÌýÌýÌýÌýÌýÌý (280,235) |
$ÌýÌýÌýÌýÌýÌýÌý (229,032) |
|
Cash and cash equivalents - beginning of period |
$ÌýÌýÌýÌýÌýÌýÌýÌý 529,561 |
$ÌýÌýÌýÌýÌýÌýÌýÌý 370,592 |
|
Cash and cash equivalents - end of period |
$ÌýÌýÌýÌýÌýÌýÌýÌý 249,326 |
$ÌýÌýÌýÌýÌýÌýÌýÌý 141,560 |
Ìý
Backlog by Reportable Segment (unaudited - in millions) |
|
|
|
||
Communications |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 5,797 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 5,627 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 5,602 |
||
Clean Energy and Infrastructure |
3,504 |
3,115 |
3,546 |
||
Power Delivery |
2,479 |
2,440 |
2,731 |
||
Oil and Gas |
1,057 |
1,225 |
2,013 |
||
Other |
— |
— |
— |
||
Estimated 18-month backlog |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 12,837 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 12,407 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 13,892 |
Backlog is a common measurement used in our industry. Our methodology for determining backlog may not, however, be comparable to the methodologies used by others. Estimated backlog represents the amount of revenue we expect to realize over the next 18 months from future work on uncompleted construction contracts, including new contracts under which work has not begun, as well as revenue from change orders and renewal options. Our estimated backlog also includes amounts under master service and other service agreements and our proportionate share of estimated revenue from proportionately consolidated non-controlled contractual joint ventures. Estimated backlog for work under master service and other service agreements is determined based on historical trends, anticipated seasonal impacts, experience from similar projects and estimates of customer demand based on communications with our customers.
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures |
||||
(unaudited - in millions, except for percentages and per share information) |
||||
For the Three Months Ended |
||||
Segment Information |
2024 |
2023 |
||
Revenue by Reportable Segment |
||||
Communications |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 732.9 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 806.6 |
||
Clean Energy and Infrastructure |
753.5 |
824.9 |
||
Power Delivery |
571.0 |
709.4 |
||
Oil and Gas |
633.8 |
256.5 |
||
Other |
— |
— |
||
Eliminations |
(4.4) |
(12.7) |
||
Consolidated revenue |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 2,686.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 2,584.7 |
||
For the Three Months Ended |
||||
2024 |
2023 |
|||
Adjusted EBITDA by Segment |
||||
EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 147.6 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 76.6 |
||
Non-cash stock-based compensation expense (a) |
9.7 |
8.5 |
||
Acquisition and integration costs (b) |
— |
17.1 |
||
Losses on fair value of investmentÌý(a) |
— |
0.2 |
||
Adjusted EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 157.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 102.5 |
||
Segment: |
||||
Communications |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 48.8 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 61.7 |
||
Clean Energy and Infrastructure |
20.4 |
10.5 |
||
Power Delivery |
27.4 |
49.1 |
||
Oil and Gas |
92.8 |
14.5 |
||
Other |
7.0 |
7.1 |
||
Segment Total |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 196.4 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 142.9 |
||
Corporate |
(39.1) |
(40.4) |
||
Adjusted EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 157.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 102.5 |
(a)ÌýÌý |
Non-cash stock-based compensation expense and losses on the fair value of an investment are included within Corporate EBITDA. |
(b)Ìý Ìý |
For the three month period ended |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP DisclosuresÌý |
||||
(unaudited - in millions, except for percentages and per share information) |
||||
For the Three Months Ended |
||||
2024 |
2023 |
|||
Adjusted EBITDA Margin by Segment |
||||
EBITDA Margin |
5.5Ìý% |
3.0Ìý% |
||
Non-cash stock-based compensation expense (a) |
0.4Ìý% |
0.3Ìý% |
||
Acquisition and integration costs (b) |
—Ìý% |
0.7Ìý% |
||
Losses on fair value of investmentÌý(a) |
—Ìý% |
0.0Ìý% |
||
Adjusted EBITDA margin |
5.9Ìý% |
4.0Ìý% |
||
Segment: |
||||
Communications |
6.7Ìý% |
7.7Ìý% |
||
Clean Energy and Infrastructure |
2.7Ìý% |
1.3Ìý% |
||
Power Delivery |
4.8Ìý% |
6.9Ìý% |
||
Oil and Gas |
14.6Ìý% |
5.7Ìý% |
||
Other |
NM |
NM |
||
Segment Total |
7.3Ìý% |
5.5Ìý% |
||
Corporate |
— |
— |
||
Adjusted EBITDA margin |
5.9Ìý% |
4.0Ìý% |
NM - Percentage is not meaningful |
|
(a)ÌýÌý |
Non-cash stock-based compensation expense and losses on the fair value of an investment are included within Corporate EBITDA. |
(b)Ìý Ìý |
For the three month period ended |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures |
||||
(unaudited - in millions, except for percentages and per share information) |
||||
For the Three Months Ended |
||||
2024 |
2023 |
|||
EBITDA and Adjusted EBITDA Reconciliation |
||||
Net loss |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (34.5) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (80.5) |
||
Interest expense, net |
52.1 |
52.7 |
||
Benefit from income taxes |
(11.1) |
(44.7) |
||
Depreciation |
107.4 |
107.2 |
||
Amortization of intangible assets |
33.7 |
41.9 |
||
EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 147.6 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 76.6 |
||
Non-cash stock-based compensation expense |
9.7 |
8.5 |
||
Acquisition and integration costs |
— |
17.1 |
||
Losses on fair value of investment |
— |
0.2 |
||
Adjusted EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 157.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 102.5 |
||
For the Three Months Ended |
||||
2024 |
2023 |
|||
EBITDA and Adjusted EBITDA Margin Reconciliation |
||||
Net loss |
(1.3)Ìý% |
(3.1)Ìý% |
||
ÌýÌýÌýÌýÌýÌý Interest expense, net |
1.9Ìý% |
2.0Ìý% |
||
Benefit from income taxes |
(0.4)Ìý% |
(1.7)Ìý% |
||
Depreciation |
4.0Ìý% |
4.1Ìý% |
||
Amortization of intangible assets |
1.3Ìý% |
1.6Ìý% |
||
EBITDA margin |
5.5Ìý% |
3.0Ìý% |
||
Non-cash stock-based compensation expense |
0.4Ìý% |
0.3Ìý% |
||
Acquisition and integration costs |
—Ìý% |
0.7Ìý% |
||
Losses on fair value of investment |
—Ìý% |
0.0Ìý% |
||
Adjusted EBITDA margin |
5.9Ìý% |
4.0Ìý% |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures |
||||
(unaudited - in millions, except for percentages and per share information) |
||||
For the Three Months Ended |
||||
2024 |
2023 |
|||
Adjusted Net Loss Reconciliation |
||||
Net loss |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (34.5) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (80.5) |
||
Non-cash stock-based compensation expense |
9.7 |
8.5 |
||
Amortization of intangible assets |
33.7 |
41.9 |
||
Acquisition and integration costs |
— |
17.1 |
||
Losses on fair value of investment |
— |
0.2 |
||
Income tax effect of adjustments (a) |
(12.2) |
(29.2) |
||
Adjusted net loss |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (3.3) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (41.9) |
||
For the Three Months Ended |
||||
2024 |
2023 |
|||
Adjusted Diluted Loss per Share Reconciliation |
||||
Diluted loss per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.53) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (1.05) |
||
Non-cash stock-based compensation expense |
0.12 |
0.11 |
||
Amortization of intangible assets |
0.43 |
0.54 |
||
Acquisition and integration costs |
— |
0.22 |
||
Losses on fair value of investment |
— |
0.00 |
||
Income tax effect of adjustments (a) |
(0.16) |
(0.38) |
||
Adjusted diluted loss per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.13) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.54) |
||
(a) |
Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards.Ìý Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income.Ìý |
Calculation of Net Debt |
|
|
|
Current portion of long-term debt, including finance leases |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý180.6 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý177.2 |
|
Long-term debt, including finance leases |
2,537.1 |
2,888.1 |
|
Total Debt |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 2,717.7 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 3,065.3 |
|
Less: cash and cash equivalents |
(249.3) |
(529.6) |
|
Net Debt |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 2,468.4 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌý 2,535.7 |
Ìý
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP DisclosuresÌý |
|||||
(unaudited - in millions, except for percentages and per share information) |
|||||
Guidance for the |
For the Year |
For the Year |
|||
EBITDA and Adjusted EBITDA Reconciliation |
|||||
Net income (loss) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 121 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (47.3) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý 33.9 |
||
Interest expense, net |
213 |
234.4 |
112.3 |
||
Provision for (benefit from) income taxes |
45 |
(35.4) |
9.2 |
||
Depreciation |
424 |
433.9 |
371.2 |
||
Amortization of intangible assets |
134 |
169.2 |
135.9 |
||
EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 937 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 754.9 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 662.5 |
||
Non-cash stock-based compensation expense |
38 |
33.3 |
27.4 |
||
Acquisition and integration costs |
— |
71.9 |
86.0 |
||
Losses on fair value of investment |
— |
0.2 |
7.7 |
||
Project results from non-controlled joint venture |
— |
— |
(2.8) |
||
Bargain purchase gain |
— |
— |
(0.2) |
||
Adjusted EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 975 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 860.3 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 780.6 |
||
Guidance for the |
For the Year |
For the Year |
|||
EBITDA and Adjusted EBITDA Margin Reconciliation |
|||||
Net income (loss) |
1.0Ìý% |
(0.4)Ìý% |
0.3Ìý% |
||
Interest expense, net |
1.7Ìý% |
2.0Ìý% |
1.1Ìý% |
||
Provision for (benefit from) income taxes |
0.4Ìý% |
(0.3)Ìý% |
0.1Ìý% |
||
Depreciation |
3.4Ìý% |
3.6Ìý% |
3.8Ìý% |
||
Amortization of intangible assets |
1.1Ìý% |
1.4Ìý% |
1.4Ìý% |
||
EBITDA margin |
7.5Ìý% |
6.3Ìý% |
6.8Ìý% |
||
Non-cash stock-based compensation expense |
0.3Ìý% |
0.3Ìý% |
0.3Ìý% |
||
Acquisition and integration costs |
—Ìý% |
0.6Ìý% |
0.9Ìý% |
||
Losses on fair value of investment |
—Ìý% |
0.0Ìý% |
0.1Ìý% |
||
Project results from non-controlled joint venture |
—Ìý% |
—Ìý% |
(0.0)Ìý% |
||
Bargain purchase gain |
—Ìý% |
—Ìý% |
(0.0)Ìý% |
||
Adjusted EBITDA margin |
7.8Ìý% |
7.2Ìý% |
8.0Ìý% |
Ìý
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP DisclosuresÌý |
|||||
(unaudited - in millions, except for percentages and per share information) |
|||||
Guidance for the |
For the Year |
For the Year |
|||
Adjusted Net Income Reconciliation |
|||||
Net income (loss) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 121 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (47.3) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý 33.9 |
||
Non-cash stock-based compensation expense |
38 |
33.3 |
27.4 |
||
Amortization of intangible assets |
134 |
169.2 |
135.9 |
||
Acquisition and integration costs |
— |
71.9 |
86.0 |
||
Losses on fair value of investment |
— |
0.2 |
7.7 |
||
Project results from non-controlled joint venture |
— |
— |
(2.8) |
||
Bargain purchase gain |
— |
— |
(0.2) |
||
Income tax effect of adjustments (a) |
(36) |
(75.3) |
(58.6) |
||
Statutory and other tax rate effects (b) |
— |
4.6 |
5.5 |
||
Adjusted net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 257 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 156.7 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 234.8 |
||
Guidance for the |
For the Year |
For the Year |
|||
Adjusted Diluted Earnings per Share Reconciliation |
|||||
Diluted earnings (loss) per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.23 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (0.64) |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.42 |
||
Non-cash stock-based compensation expense |
0.48 |
0.43 |
0.36 |
||
Amortization of intangible assets |
1.70 |
2.16 |
1.78 |
||
Acquisition and integration costs |
— |
0.92 |
1.13 |
||
Losses on fair value of investment |
— |
0.00 |
0.10 |
||
Project results from non-controlled joint venture |
— |
— |
(0.04) |
||
Bargain purchase gain |
— |
— |
(0.00) |
||
Income tax effect of adjustments (a) |
(0.46) |
(0.96) |
(0.77) |
||
Statutory and other tax rate effectsÌý(b) |
— |
0.06 |
0.07 |
||
Adjusted diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 2.95 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.97 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 3.05 |
(a)Ìý Ìý |
Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards.Ìý Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income.Ìý |
(b)ÌýÌý |
For the years ended |
Ìý
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP DisclosuresÌý |
|||
(unaudited - in millions, except for percentages and per share information) |
|||
Guidance for the |
For the Three |
||
EBITDA and Adjusted EBITDA Reconciliation |
|||
Net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 40 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý ÌýÌý 16.8 |
|
Interest expense, net |
54 |
59.4 |
|
Provision for income taxes |
15 |
2.9 |
|
Depreciation |
108 |
103.0 |
|
Amortization of intangible assets |
34 |
42.0 |
|
EBITDA |
$ ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý250 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 224.2 |
|
Non-cash stock-based compensation expense |
10 |
8.6 |
|
Acquisition and integration costs |
— |
22.7 |
|
Adjusted EBITDA |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 260 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 255.4 |
|
Guidance for the |
For the Three |
||
EBITDA and Adjusted EBITDA Margin Reconciliation |
|||
Net income |
1.3Ìý% |
0.6Ìý% |
|
Interest expense, net |
1.7Ìý% |
2.1Ìý% |
|
Provision for income taxes |
0.5Ìý% |
0.1Ìý% |
|
Depreciation |
3.5Ìý% |
3.6Ìý% |
|
Amortization of intangible assets |
1.1Ìý% |
1.5Ìý% |
|
EBITDA margin |
8.1Ìý% |
7.8Ìý% |
|
Non-cash stock-based compensation expense |
0.3Ìý% |
0.3Ìý% |
|
Acquisition and integration costs |
—Ìý% |
0.8Ìý% |
|
Adjusted EBITDA margin |
8.4Ìý% |
8.9Ìý% |
Ìý
Supplemental Disclosures and Reconciliation of Non-GAAP DisclosuresÌý |
|||
(unaudited - in millions, except for percentages and per share information) |
|||
Guidance for the |
For the Three |
||
Adjusted Net Income Reconciliation |
|||
Net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 40 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý Ìý16.8 |
|
Non-cash stock-based compensation expense |
10 |
8.6 |
|
Amortization of intangible assets |
34 |
42.0 |
|
Acquisition and integration costs |
— |
22.7 |
|
Income tax effect of adjustments (a) |
(8) |
(19.3) |
|
Adjusted net income |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 75 |
$ ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý ÌýÌýÌý70.7 |
|
Guidance for the |
For the Three |
||
Adjusted Diluted Earnings per Share Reconciliation |
|||
Diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.43 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.20 |
|
Non-cash stock-based compensation expense |
0.12 |
0.11 |
|
Amortization of intangible assets |
0.43 |
0.54 |
|
Acquisition and integration costs |
— |
0.29 |
|
Income tax effect of adjustments (a) |
(0.10) |
(0.25) |
|
Adjusted diluted earnings per share |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý ÌýÌý0.88 |
$ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.89 |
(a)Ìý Ìý |
Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards.Ìý Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income. |
Ìý
The tables may contain slight summation differences due to rounding.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements include, but are not limited to, statements relating to expectations regarding the future financial and operational performance of
Ìý
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SOURCE
J. Marc Lewis, Vice President-Investor Relations, 305-406-1815, marc.lewis@mastec.com