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MasTec Announces Second Quarter 2024 Financial Results and Updates Guidance for the Year

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2 years ago

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Record Second Quarter 2024 Revenue of $3.0 BillionSecond Quarter 2024 Diluted Earnings Per Share of $0.43 and Adjusted Diluted Earnings Per Share of $0.96, $0.08 Above ExpectationsSecond Quarter 2024 GAAP Net Income of $43.8 Million and Adjusted EBITDA of $267.8 Million, $7.8 Million Above Expectations18-month Backlog as of June 30, 2024 of $13.3 Billion Increased $501 Million Sequentially from the First Quarter of 2024 and Represents Record Levels for the Clean Energy and Infrastructure, Power Delivery and Communications SegmentsCash Flow Generated by Operating Activities of $264 Million and DSO at 69 days

CORAL GABLES, Fla., Aug. 1, 2024 /PRNewswire/ — MasTec, Inc. (NYSE: MTZ) today announced second quarter 2024 financial results and updated its full year 2024 guidance expectations.

Second quarter 2024 revenue was up 3% to $2.96 billion, a second quarter record, compared to $2.87 billion for the second quarter of 2023. GAAP net income was up 161% to $43.8 million, or $0.43 per diluted share, compared to a net income of $16.8 million, or $0.20 per diluted share, in the second quarter of 2023.

Second quarter 2024 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were $85.6 million and $0.96, respectively, as compared to adjusted net income and adjusted diluted earnings per share of $70.7 million and $0.89, respectively, in the second quarter of 2023. Second quarter 2024 adjusted EBITDA, also a non-GAAP measure, was $267.8 million, compared to $255.4 million in the second quarter of 2023.

18-month backlog as of June 30, 2024, was $13.3 billion, up $501 million sequentially from the first quarter of 2024. Backlog growth was driven by a multi-year transmission and substation project and strong bookings in our Clean Energy & Infrastructure segment in the second quarter.

Jose Mas, MasTec’s Chief Executive Officer, commented “We are pleased with our solid second quarter performance, and expect to build on this momentum during the balance of 2024 and in 2025. Our record backlog in multiple segments illustrates the confidence our customers have in MasTec to partner on their strategic capital programs. I’d like to highlight that during the second quarter, MasTec was awarded an approximately 700-mile high voltage transmission project that is expected to start in early 2025. We are experiencing significant demand for our services and look forward to continue delivering best in class execution for our customers in a safe, timely and cost-effective manner through the hard work and dedication of the men and women of MasTec.”

Paul DiMarco, MasTec’s Executive Vice President and Chief Financial Officer, noted, “We exceeded our second quarter cash flow expectations, generating $264 million of cash flow from operations and driving net debt leverage below 2.5x. Our end markets provide us with exposure to a number of macrotrends that offer significant organic growth opportunities, and our improving capital structure will afford us more flexibility to complement these opportunities.”

Based on the information available today, the Company is providing third quarter and updating full year 2024 guidance. The Company currently expects full year 2024 revenue of approximately $12.4 billion. Full year 2024 GAAP net income is expected to approximate $131 million, representing 1.1% of revenue, with GAAP diluted earnings per share expected to be $1.25. Full year 2024 adjusted EBITDA is expected to be $975 million, representing 7.9% of revenue, with adjusted diluted earnings per share expected to be $3.03.

For the third quarter of 2024, the Company expects revenue of approximately $3.45 billion. Third quarter 2024 GAAP net income is expected to approximate $72 million, representing 2.1% of revenue, with GAAP diluted earnings per share expected to be $0.78. Third quarter 2024 adjusted EBITDA is expected to approximate $295 million, representing 8.6% of revenue, with adjusted diluted earnings per share expected to be $1.24.

Adjusted net income, adjusted diluted 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.

Management will hold a conference call to discuss these results on Friday, August 2, 2024 at 9:00 a.m. Eastern Time. The call-in number for the conference call is (856) 344-9221 or (888) 204-4368 with a pass code of 3980141. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed for 60 days through the Investors section of the Company’s website at www.mastec.com.

The following tables set forth the financial results for the periods ended June 30, 2024 and 2023:

Consolidated Statements of Operations

(unaudited – in thousands, except per share information)

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

2024

2023

2024

2023

Revenue

$      2,961,086

$      2,874,115

$      5,647,935

$      5,458,774

Costs of revenue, excluding depreciation and amortization

2,540,447

2,484,780

4,920,119

4,844,274

Depreciation

102,141

103,038

209,576

210,285

Amortization of intangible assets

33,611

42,043

67,301

83,987

General and administrative expenses

167,081

176,155

332,618

340,069

Interest expense, net

50,571

59,415

102,630

112,108

Equity in earnings of unconsolidated affiliates, net

(5,892)

(7,496)

(15,111)

(16,648)

Loss on extinguishment of debt

11,344

—

11,344

—

Other (income) expense, net

(1,329)

(3,508)

1,884

(9,709)

   Income (loss) before income taxes

$           63,112

$           19,688

$           17,574

$       (105,592)

(Provision for) benefit from income taxes

(19,344)

(2,934)

(8,265)

41,800

        Net income (loss)

$           43,768

$           16,754

$             9,309

$         (63,792)

Net income attributable to non-controlling interests

9,780

1,212

16,501

1,206

   Net income (loss) attributable to MasTec, Inc.

$           33,988

$           15,542

$           (7,192)

$         (64,998)

Earnings (loss) per share:

   Basic earnings (loss) per share

$               0.44

$               0.20

$             (0.09)

$             (0.84)

   Basic weighted average common shares outstanding

78,038

77,635

77,984

77,306

   Diluted earnings (loss) per share

$               0.43

$               0.20

$             (0.09)

$             (0.84)

   Diluted weighted average common shares outstanding

78,860

78,372

77,984

77,306

 

Consolidated Balance Sheets

(unaudited – in thousands)

June 30,
2024

December 31,
2023

Assets

Current assets

$      3,477,064

$      3,974,253

Property and equipment, net

1,514,660

1,651,462

Operating lease right-of-use assets

418,893

418,685

Goodwill, net

2,125,893

2,126,366

Other intangible assets, net

717,232

784,260

Other long-term assets

425,244

418,485

Total assets

$      8,678,986

$      9,373,511

Liabilities and Equity

Current liabilities

$      2,747,909

$      2,837,219

Long-term debt, including finance leases

2,359,637

2,888,058

Long-term operating lease liabilities

283,117

292,873

Deferred income taxes

326,249

390,399

Other long-term liabilities

227,967

243,701

Total equity

2,734,107

2,721,261

Total liabilities and equity

$      8,678,986

$      9,373,511

 

Consolidated Statements of Cash Flows

(unaudited – in thousands)

For the Six Months Ended
June 30,

2024

2023

Net cash provided by (used in) operating activities

$          372,199

$         (97,910)

Net cash used in investing activities

(24,470)

(141,460)

Net cash used in financing activities

(579,078)

(12,155)

Effect of currency translation on cash

(626)

838

Net decrease in cash and cash equivalents

$         (231,975)

$        (250,687)

Cash and cash equivalents – beginning of period

$          529,561

$         370,592

Cash and cash equivalents – end of period

$          297,586

$         119,905

 

Backlog by Reportable Segment (unaudited – in millions)

June 30,
2024

March 31,
2024

June 30,
2023

Communications

$                 5,898

$                 5,797

$                 5,420

Clean Energy and Infrastructure

3,666

3,504

3,324

Power Delivery

2,974

2,479

2,656

Oil and Gas

800

1,057

2,042

Other

—

—

—

Estimated 18-month backlog

$               13,338

$               12,837

$               13,442

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.

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

Segment Information

2024

2023

2024

2023

Revenue by Reportable Segment

Communications

$             824.6

$             868.7

$          1,557.5

$          1,675.2

Clean Energy and Infrastructure

942.3

969.7

1,695.8

1,794.6

Power Delivery

636.6

702.6

1,207.5

1,412.0

Oil and Gas

572.4

341.8

1,206.2

598.3

Other

—

—

—

—

Eliminations

(14.8)

(8.7)

(19.1)

(21.3)

Consolidated revenue

$          2,961.1

$          2,874.1

$          5,647.9

$          5,458.8

 

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

2024

2023

2024

2023

Adjusted EBITDA by Segment

EBITDA

$             249.4

$             224.2

$             397.1

$             300.8

Non-cash stock-based compensation expense (a)

7.0

8.6

16.7

17.1

Loss on extinguishment of debt (a)

11.3

—

11.3

—

Acquisition and integration costs (b)

—

22.7

—

39.8

Losses on fair value of investment (a)

—

—

—

0.2

Adjusted EBITDA

$             267.8

$             255.4

$             425.1

$             357.9

Segment:

Communications

$               81.9

$               94.1

$             130.7

$             155.8

Clean Energy and Infrastructure

47.4

49.7

67.8

60.2

Power Delivery

51.4

57.4

78.7

106.5

Oil and Gas

135.1

77.0

227.8

91.6

Other

2.8

6.7

9.8

13.8

Segment Total

$             318.6

$             284.9

$             514.8

$             427.9

Corporate

(50.8)

(29.5)

(89.7)

(70.0)

Adjusted EBITDA

$             267.8

$             255.4

$             425.1

$             357.9

(a)

Non-cash stock-based compensation expense, loss on extinguishment of debt and losses on the fair value of an investment are included within Corporate EBITDA.

(b)

For the three month period ended June 30, 2023, Communications, Clean Energy and Infrastructure and Power Delivery EBITDA included $4.6 million, $16.4 million and $0.3 million, respectively, of acquisition and integration costs related to certain acquisitions, and Corporate EBITDA included $1.4 million of such costs, and for the six month period ended June 30, 2023, $13.5 million, $21.7 million, $1.9 million and $2.7 million of such costs were included in EBITDA of the segments and Corporate, respectively.

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

2024

2023

2024

2023

Adjusted EBITDA Margin by Segment

EBITDA Margin

8.4 %

7.8 %

7.0 %

5.5 %

Non-cash stock-based compensation expense (a)

0.2 %

0.3 %

0.3 %

0.3 %

Loss on extinguishment of debt (a)

0.4 %

— %

0.2 %

— %

Acquisition and integration costs (b)

— %

0.8 %

— %

0.7 %

Losses on fair value of investment (a)

— %

— %

— %

0.0 %

Adjusted EBITDA margin

9.0 %

8.9 %

7.5 %

6.6 %

Segment:

Communications

9.9 %

10.8 %

8.4 %

9.3 %

Clean Energy and Infrastructure

5.0 %

5.1 %

4.0 %

3.4 %

Power Delivery

8.1 %

8.2 %

6.5 %

7.5 %

Oil and Gas

23.6 %

22.5 %

18.9 %

15.3 %

Other

NM

NM

NM

NM

Segment Total

10.8 %

9.9 %

9.1 %

7.8 %

Corporate

—

—

—

—

Adjusted EBITDA margin

9.0 %

8.9 %

7.5 %

6.6 %

NM – Percentage is not meaningful

(a)

Non-cash stock-based compensation expense, loss on extinguishment of debt and losses on the fair value of an investment are included within Corporate EBITDA.

(b)

For the three month period ended June 30, 2023, Communications, Clean Energy and Infrastructure and Power Delivery EBITDA included $4.6 million, $16.4 million and $0.3 million, respectively, of acquisition and integration costs related to certain acquisitions, and Corporate EBITDA included $1.4 million of such costs, and for the six month period ended June 30, 2023, $13.5 million, $21.7 million, $1.9 million and $2.7 million of such costs were included in EBITDA of the segments and Corporate, respectively.

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

2024

2023

2024

2023

EBITDA and Adjusted EBITDA Reconciliation

Net income (loss)

$               43.8

$               16.8

$                 9.3

$             (63.8)

Interest expense, net

50.6

59.4

102.6

112.1

Provision for (benefit from) income taxes

19.3

2.9

8.3

(41.8)

Depreciation

102.1

103.0

209.6

210.3

Amortization of intangible assets

33.6

42.0

67.3

84.0

EBITDA

$             249.4

$             224.2

$             397.1

$             300.8

Non-cash stock-based compensation expense

7.0

8.6

16.7

17.1

Loss on extinguishment of debt

11.3

—

11.3

—

Acquisition and integration costs

—

22.7

—

39.8

Losses on fair value of investment

—

—

—

0.2

Adjusted EBITDA

$             267.8

$             255.4

$             425.1

$             357.9

 

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

2024

2023

2024

2023

EBITDA and Adjusted EBITDA Margin Reconciliation

Net income (loss)

1.5 %

0.6 %

0.2 %

(1.2) %

Interest expense, net

1.7 %

2.1 %

1.8 %

2.1 %

Provision for (benefit from) income taxes

0.7 %

0.1 %

0.1 %

(0.8) %

Depreciation

3.4 %

3.6 %

3.7 %

3.9 %

Amortization of intangible assets

1.1 %

1.5 %

1.2 %

1.5 %

EBITDA margin

8.4 %

7.8 %

7.0 %

5.5 %

Non-cash stock-based compensation expense

0.2 %

0.3 %

0.3 %

0.3 %

Loss on extinguishment of debt

0.4 %

— %

0.2 %

— %

Acquisition and integration costs

— %

0.8 %

— %

0.7 %

Losses on fair value of investment

— %

— %

— %

0.0 %

Adjusted EBITDA margin

9.0 %

8.9 %

7.5 %

6.6 %

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

2024

2023

2024

2023

Adjusted Net Income Reconciliation

Net income (loss)

$               43.8

$               16.8

$                 9.3

$             (63.8)

Non-cash stock-based compensation expense

7.0

8.6

16.7

17.1

Amortization of intangible assets

33.6

42.0

67.3

84.0

Loss on extinguishment of debt

11.3

—

11.3

—

Acquisition and integration costs

—

22.7

—

39.8

Losses on fair value of investment

—

—

—

0.2

Income tax effect of adjustments (a)

(10.1)

(19.3)

(22.3)

(48.5)

Adjusted net income

$               85.6

$               70.7

$               82.3

$               28.8

 

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

2024

2023

2024

2023

Adjusted Diluted Earnings per Share Reconciliation

Diluted earnings (loss) per share

$               0.43

$               0.20

$             (0.09)

$             (0.84)

Non-cash stock-based compensation expense

0.09

0.11

0.21

0.22

Amortization of intangible assets

0.43

0.54

0.85

1.07

Loss on extinguishment of debt

0.14

—

0.14

—

Acquisition and integration costs

—

0.29

—

0.51

Losses on fair value of investment

—

—

—

0.00

Income tax effect of adjustments (a)

(0.13)

(0.25)

(0.28)

(0.62)

Adjusted diluted earnings per share

$               0.96

$               0.89

$               0.84

$               0.35

(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.  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. 

 

Calculation of Net Debt

June 30,
2024

December 31,
2023

Current portion of long-term debt, including finance leases

$              201.5

$             177.2

Long-term debt, including finance leases

2,359.6

2,888.1

Total Debt

$           2,561.1

$          3,065.3

Less: cash and cash equivalents

(297.6)

(529.6)

Net Debt

$           2,263.5

$          2,535.7

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

Guidance for the
Year Ended
December 31,
2024 Est.

For the Year
Ended December
31, 2023

For the Year
Ended December
31, 2022

EBITDA and Adjusted EBITDA Reconciliation

Net income (loss)

$                      131

$                    (47.3)

$                      33.9

Interest expense, net

203

234.4

112.3

Provision for (benefit from) income taxes

46

(35.4)

9.2

Depreciation

415

433.9

371.2

Amortization of intangible assets

135

169.2

135.9

EBITDA

$                      930

$                    754.9

$                    662.5

Non-cash stock-based compensation expense

34

33.3

27.4

Loss on extinguishment of debt

11

—

—

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

$                    975

$                    860.3

$                    780.6

 

Guidance for the
Year Ended
December 31,
2024 Est.

For the Year
Ended December
31, 2023

For the Year
Ended December
31, 2022

EBITDA and Adjusted EBITDA Margin Reconciliation

Net income (loss)

1.1 %

(0.4) %

0.3 %

Interest expense, net

1.6 %

2.0 %

1.1 %

Provision for (benefit from) income taxes

0.4 %

(0.3) %

0.1 %

Depreciation

3.3 %

3.6 %

3.8 %

Amortization of intangible assets

1.1 %

1.4 %

1.4 %

EBITDA margin

7.5 %

6.3 %

6.8 %

Non-cash stock-based compensation expense

0.3 %

0.3 %

0.3 %

Loss on extinguishment of debt

0.1 %

— %

— %

Acquisition and integration costs

— %

0.6 %

0.9 %

Losses on fair value of investment

— %

0.0 %

0.1 %

Project results from non-controlled joint venture

— %

— %

(0.0) %

Bargain purchase gain

— %

— %

(0.0) %

Adjusted EBITDA margin

7.9 %

7.2 %

8.0 %

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

Guidance for the
Year Ended
December 31,
2024 Est.

For the Year
Ended December
31, 2023

For the Year
Ended December
31, 2022

Adjusted Net Income Reconciliation

Net income (loss)

$                      131

$                    (47.3)

$                      33.9

Non-cash stock-based compensation expense

34

33.3

27.4

Amortization of intangible assets

135

169.2

135.9

Loss on extinguishment of debt

11

—

—

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)

(40)

(75.3)

(58.6)

Statutory and other tax rate effects (b)

—

4.6

5.5

Adjusted net income

$                      272

$                    156.7

$                    234.8

 

Guidance for the
Year Ended
December 31,
2024 Est.

For the Year
Ended December
31, 2023

For the Year
Ended December
31, 2022

Adjusted Diluted Earnings per Share Reconciliation

Diluted earnings (loss) per share

$                     1.25

$                    (0.64)

$                      0.42

Non-cash stock-based compensation expense

0.42

0.43

0.36

Amortization of intangible assets

1.71

2.16

1.78

Loss on extinguishment of debt

0.14

—

—

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)

(0.50)

(0.96)

(0.77)

Statutory and other tax rate effects (b)

—

0.06

0.07

Adjusted diluted earnings per share

$                    3.03

$                      1.97

$                      3.05

(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.  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. 

(b)

For the years ended December 31, 2023 and 2022, represents the effect of statutory and other tax rate changes.

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

Guidance for the
Three Months
Ended September
30, 2024 Est.

For the Three
Months Ended
September 30,
2023

EBITDA and Adjusted EBITDA Reconciliation

Net income

$                        72

$                      15.3

Interest expense, net

51

62.6

Provision for income taxes

28

7.6

Depreciation

102

115.0

Amortization of intangible assets

34

42.3

EBITDA

$                      286

$                    242.7

Non-cash stock-based compensation expense

9

7.2

Acquisition and integration costs

—

21.1

Adjusted EBITDA

$                      295

$                    271.1

 

Guidance for the
Three Months
Ended September
30, 2024 Est.

For the Three
Months Ended
September 30,
2023

EBITDA and Adjusted EBITDA Margin Reconciliation

Net income

2.1 %

0.5 %

Interest expense, net

1.5 %

1.9 %

Provision for income taxes

0.8 %

0.2 %

Depreciation

2.9 %

3.5 %

Amortization of intangible assets

1.0 %

1.3 %

EBITDA margin

8.3 %

7.5 %

Non-cash stock-based compensation expense

0.3 %

0.2 %

Acquisition and integration costs

— %

0.6 %

Adjusted EBITDA margin

8.6 %

8.3 %

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

Guidance for the
Three Months
Ended September
30, 2024 Est.

For the Three
Months Ended
September 30,
2023

Adjusted Net Income Reconciliation

Net income

$                      72

$                      15.3

Non-cash stock-based compensation expense

9

7.2

Amortization of intangible assets

34

42.3

Acquisition and integration costs

—

21.1

Income tax effect of adjustments (a)

(6)

(10.0)

Adjusted net income

$                      108

$                      75.9

 

Guidance for the
Three Months
Ended September
30, 2024 Est.

For the Three
Months Ended
September 30,
2023

Adjusted Diluted Earnings per Share Reconciliation

Diluted earnings per share

$                     0.78

$                      0.18

Non-cash stock-based compensation expense

0.11

0.09

Amortization of intangible assets

0.43

0.54

Acquisition and integration costs

—

0.27

Income tax effect of adjustments (a)

(0.08)

(0.13)

Adjusted diluted earnings per share

$                     1.24

$                      0.95

(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.  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.

The tables may contain slight summation differences due to rounding.

MasTec uses EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin, as well as Adjusted Net Income, Adjusted Diluted Earnings Per Share and Net Debt, to evaluate our performance, both internally and as compared with its peers, because these measures exclude certain items that may not be indicative of its core operating results, as well as items that can vary widely across different industries or among companies within the same industry. MasTec believes that these adjusted measures provide a baseline for analyzing trends in its underlying business.  MasTec believes that these non-U.S. GAAP financial measures provide meaningful information and help investors understand its financial results and assess its prospects for future performance. Because non-U.S. GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-U.S. GAAP financial measures having the same or similar names. These financial measures should not be considered in isolation from, as substitutes for, or alternative measures of, reported net income or diluted earnings per share or total debt, and should be viewed in conjunction with the most comparable U.S. GAAP financial measures and the provided reconciliations thereto. MasTec believes these non-U.S. GAAP financial measures, when viewed together with its U.S. GAAP results and related reconciliations, provide a more complete understanding of its business. Investors are strongly encouraged to review MasTec’s consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure.

MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company’s primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy, utility and other infrastructure, such as: wireless, wireline/fiber and customer fulfillment activities; power delivery infrastructure, including transmission, distribution, environmental planning and compliance; power generation infrastructure, primarily from clean energy and renewable sources; pipeline infrastructure, including for natural gas, water and carbon capture sequestration pipelines and pipeline integrity services; heavy civil and industrial infrastructure, including roads, bridges and rail; and environmental remediation services. MasTec’s customers are primarily in these industries. The Company’s corporate website is located at www.mastec.com. The Company’s website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.

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 MasTec; expectations regarding MasTec’s business or financial outlook; expectations regarding MasTec’s plans, strategies and opportunities; expectations regarding opportunities, technological developments, competitive positioning, future economic conditions and other trends in particular markets or industries; the impact of inflation on MasTec’s costs and the ability to recover increased costs, as well as other statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. These statements are based on currently available operating, financial, economic and other information, and are subject to a number of significant risks and uncertainties. A variety of factors in addition to those mentioned above, many of which are beyond our control, could cause actual future results to differ materially from those projected in the forward-looking statements. Other factors that might cause such a difference include, but are not limited to:  market conditions, including from rising or elevated levels of inflation or interest rates, regulatory or policy changes, including permitting processes and tax incentives that affect us or our customers’ industries, supply chain issues and technological developments; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and related projects and expenditures; project delays due to permitting processes, compliance with environmental and other regulatory requirements and challenges to the granting of project permits, which could cause increased costs and delayed or reduced revenue; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, including potential economic downturns, inflationary issues, the availability and cost of financing, supply chain disruptions, climate-related matters,  customer consolidation in the industries we serve and/or the effects of public health matters; activity in the industries we serve and the impact on the expenditure levels of our customers of, among other items, fluctuations in commodity prices, including for fuel and energy sources, fluctuations in the cost of materials, labor, supplies or equipment, and/or supply-related issues that affect availability or cause delays for such items; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; risks related to completed or potential acquisitions, including our ability to integrate acquired businesses within expected timeframes, including their business operations, internal controls and/or systems, which may be found to have material weaknesses, and our ability to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, as well as the risk of potential asset impairment charges and write-downs of goodwill; our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, our ability to enforce any noncompetition agreements, and our ability to maintain a workforce based upon current and anticipated workloads; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the adequacy of our insurance, legal and other reserves; the timing and extent of fluctuations in operational, geographic and weather factors, including from climate-related events, that affect our customers, projects and the industries in which we operate; the highly competitive nature of our industry and the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; the effect of state and federal regulatory initiatives, including risks related to the costs of compliance with existing and potential future environmental, social and governance requirements, including with respect to climate-related matters; requirements of and restrictions imposed by our credit facility, term loans, senior notes and any future loans or securities; systems and information technology interruptions and/or data security breaches that could adversely affect our ability to operate, our operating results, our data security or our reputation, or other cybersecurity-related matters; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks associated with potential environmental issues and other hazards from our operations; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks related to our strategic arrangements, including our equity investments; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience, including as a result of shares we may issue as purchase consideration in connection with acquisitions, or as a result of other stock issuances; our ability to obtain performance and surety bonds; risks associated with operating in or expanding into additional international markets, including risks from fluctuations in foreign currencies, foreign labor and general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, risks related to a small number of our existing shareholders having the ability to influence major corporate decisions, as well as risks associated with multiemployer union pension plans, including underfunding and withdrawal liabilities; risks associated with our internal controls over financial reporting, as well as other risks detailed in our filings with the Securities and Exchange Commission. We believe these forward-looking statements are reasonable; however, you should not place undue reliance on any forward-looking statements, which are based on current expectations. Furthermore, forward-looking statements speak only as of the date they are made. If any of these risks or uncertainties materialize, or if any of our underlying assumptions are incorrect, our actual results may differ significantly from the results that we express in, or imply by, any of our forward-looking statements. These and other risks are detailed in our filings with the Securities and Exchange Commission. We do not undertake any obligation to publicly update or revise these forward-looking statements after the date of this press release to reflect future events or circumstances, except as required by applicable law. We qualify any and all of our forward-looking statements by these cautionary factors.

View original content:https://www.prnewswire.com/news-releases/mastec-announces-second-quarter-2024-financial-results-and-updates-guidance-for-the-year-302212936.html

SOURCE MasTec, Inc.

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Technology

Quickplay’s Triple Play of New Customers, Products and Partnerships Set to Dominate NAB 2026

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April 19, 2026

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LAS VEGAS, April 19, 2026 /PRNewswire/ — (2026 NAB Show) – Quickplay, the Content to Value Operating System, today unveiled a broad array of company news including: an AI-enriched solution that identifies social signals and trending topics, and connects them to relevant content within minutes; transformative customer deployments; and powerful industry research and partnerships.

Debuting at NAB, Social Signals is a new technology within Quickplay AI Studio that identifies trending cultural moments and matches them with high-value content assets to automatically generate social-ready clips and posts. By combining external trend data with performance insights from owned channels, Social Signals enables content teams to move from insight to publishing in minutes, rather than days.

Social Signals is a key part of Quickplay’s AI Studio Solution, which includes metadata enrichment, moment detection, smart verticalization and multi-platform publishing. Its Smart Verticalizer uses multimodal AI and action tracking to intelligently reframe video –preserving key visual elements such as faces, gameplay and on-screen graphics – to maintain broadcast-quality standards across short-form formats. The company has also partnered with Visible Things, the creator-driven platform to deploy the first implementation of Social Signals across the Visible Things infrastructure.

Quickplay further announced it has gone live with Gray Media (NYSE: GTN)’s new streaming experience, which included consolidating 1,300 digital touchpoint, including 163 websites, 326 mobile apps and 815 CTV apps onto a single data-driven platform powered by Quickplay and Google Cloud (NASDAQ: GOOGL). The system now manages 269 live channels and 123 FAST channels across Amazon Prime Video, Roku (NASDAQ: ROKU), Samsung TV Plus, Vizio and Fire TV, delivering hyper-local content to 37% of U.S. TV households.

Quickplay also announced the cloud-native transformation of Television New Zealand’s streaming platform, TVNZ+. Completed in 12 months, Quickplay replaced a fragmented ecosystem of six+ vendors across UI/UX, content management, video processing, advertising and analytics with a single, unified platform. The team at TVNZ also named Amazon Web Services (NASDAQ: AMZN) as its preferred cloud platform for the transformation, further increasing efficiencies and lowering costs by consolidating onto a single cloud vendor. The technology overhaul will drive unprecedented innovation and efficiency for TVNZ, New Zealand’s state-owned broadcaster, which reaches over two million New Zealanders daily.

“Broadcasters don’t need another point solution. They need an AI-enabled operating system that turns content into measurable outcomes,” said Paul Pastor, Co-Founder and Chief Business Officer at Quickplay. “At NAB, we’re showing how to bring cultural moments, content catalogs and distribution workflows together to create engaging and revenue opportunities in real time.”

In partnership with Caretta Research, Quickplay will also release new research, “The Broadcaster Revolution Will Not Be Televised,” highlighting a critical bottleneck in the industry: North American broadcasters spend approximately 75% of their time on technical workflows, leaving only 25% for content creation. The report outlines how automated workflows and unified operations can help broadcasters meet the growing demand for short-form video while maintaining editorial quality and accelerating monetization.

Additionally, Quickplay has joined NAB PILOT, a coalition of innovators, educators and advocates dedicated to advancing broadcast technologies and cultivating new media opportunities. As a part of this group, Quickplay is expanding its collaboration with broadcasters to redefine how value is derived from content.

Quickplay at NAB 2026:

Paul Pastor, Jordan Bartow, and Peter Tanner of Quickplay, and Albert Lai of Google Cloud will be on a panel: An Audience of One: How Gray Media + Google Cloud + Quickplay are Using AI and Cloud OTT to Personalize Local News, Enable User-Generated Content, Engage Younger Viewers, and Unlock New Revenue for Broadcasters. Central Hall Stage, Monday, April 20 at 4:15p PTAt the NAB Streaming Summit TVNZ’s Chief Digital Officer, Rob Hutchinson, will present “How TVNZ+ Built a Co-Viewing Product” on Tuesday, April 21 at 11:30 AM PT.Live Demonstrations: See Quickplay technology in action at AWS, GCP, TwelveLabs and the Encore. To book a meeting, email hello@quickplay.com

About Quickplay:
Quickplay is the Content to Value Operating System for media and entertainment, connecting every stage of the content lifecycle, from creation to monetization. By applying intelligence where it drives measurable impact, Quickplay enables broadcasters, sports operators, streamers, and creators to turn their catalogs into revenue. Quickplay powers 2.5 billion streaming minutes per month, with 5 billion ad impressions served and 99.999% streaming uptime. 

Quickplay was founded by four innovators with deep media and entertainment technology experience from AT&T, McKinsey and Company, The Walt Disney Company, and Warner Bros. Discovery. Headquartered in Toronto, the company has offices in Los Angeles, San Diego, Chennai, and throughout Europe. For more information, visit quickplay.com.

Media Contact:
Breakaway Communications for Quickplay
quickplaypr@breakawaycom.com
+1 917-731-5734

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SOURCE Quickplay

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Harmonic Enables DIRECTV to Reimagine Nationwide DTH Service

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57 minutes ago

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April 19, 2026

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Harmonic’s Cloud-Native VOS Media Software Lowers Costs by Unifying Media Playout to Delivery on a Single Platform

SAN JOSE, Calif., April 19, 2026 /PRNewswire/ — Harmonic (NASDAQ: HLIT) today announced that DIRECTV is transforming its U.S. direct-to-home (DTH) video platform with Harmonic’s VOS® Media Software. Powering DIRECTV’s playout-to-delivery workflow, Harmonic’s cloud-native software reduces operational costs while enabling scalable, exceptional-quality video delivery for the service provider’s vast array of linear channels.

“As the demand for high-quality media content soars, DIRECTV is committed to deploying innovative technology solutions that bring unparalleled entertainment experiences to our customers. Continuing our work with Harmonic is critical to achieving this mission,” said Jeffrey Seto, vice president of satellite and software engineering at DIRECTV. “Harmonic’s VOS Media Software replaces siloed systems with a unified, software-based platform. By centralizing advanced playout, ad insertion, branding and media processing, we’re simplifying operations and building a scalable foundation.”

Harmonic’s VOS Media Software enables a complete playout-to-delivery workflow for DIRECTV running in its private data center. The Harmonic solution handles ingest, advanced playout, ad insertion, branding, premium encoding and statistical multiplexing for the delivery of broadcast-quality linear channels via satellite distribution. VOS Media Software’s playout capabilities support ad insertion across DIRECTV’s high-value linear and occasional-use channels — including live events and pay-per-view programming — boosting monetization. DIRECTV’s internal automation, storage and monitoring systems are integrated directly with Harmonic’s APIs, enabling seamless control of scheduling, automation and channel operations.

“Harmonic is proud to support DIRECTV’s software-based approach in modernizing its playout-to-delivery operations,” said Gil Rudge, senior vice president, solutions and Americas sales, video business at Harmonic. “With Harmonic’s AI-driven encoding and advanced compression solution, DIRECTV is well positioned to deliver exceptional video experiences to viewers across their linear channels, optimizing quality while minimizing bandwidth usage and operational costs.”

Harmonic will showcase its VOS Media Software at the 2026 NAB Show, April 19-22, in Las Vegas in booth W2831. To schedule a meeting with the company, visit www.harmonicinc.com/video-streaming/events/nab/. Further information about Harmonic and the company’s solutions is available at www.harmonicinc.com.

About Harmonic
Harmonic (NASDAQ: HLIT), the worldwide leader in virtualized broadband and video delivery solutions, enables media companies and service providers to deliver ultra-high-quality video streaming and broadcast services to consumers globally. The company revolutionized broadband networking via the industry’s first virtualized broadband solution, enabling operators to more flexibly deploy gigabit internet services to consumers’ homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software platforms, or powering the delivery of gigabit internet services, Harmonic is changing the way media companies and service providers monetize live and on-demand content on every screen. More information is available at www.harmonicinc.com. 

Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements concerning Harmonic’s business and the anticipated capabilities, advantages, reliability, efficiency, market acceptance, market growth, specifications and benefits of Harmonic products, services and technology are forward-looking statements. These statements are based on our current expectations and beliefs and are subject to risks and uncertainties, including the risks and uncertainties more fully described in Harmonic’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended Dec. 31, 2025, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. The forward-looking statements in this press release are based on information available to Harmonic as of the date hereof, and Harmonic disclaims any obligation to update any forward-looking statements.

Harmonic, the Harmonic logo and other Harmonic marks are owned by Harmonic Inc. or its affiliates. All other trademarks referenced herein are the property of their respective owners.

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SOURCE Harmonic Inc.

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TVU Networks and Tencent Cloud Unveil Next-Generation Cloud Production Solution at NAB 2026

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2 hours ago

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April 19, 2026

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Strategic partnership combines TVU’s cloud-native production platform with Tencent Cloud’s global infrastructure to power next-generation live streaming workflows

LAS VEGAS, April 19, 2026 /PRNewswire/ — TVU Networks, a leader in cloud-native live video solutions, today announced a strategic partnership with Tencent Cloud to launch a next-generation cloud-based media production and distribution platform at NAB 2026. The joint solution empowers broadcasters, content creators, and enterprises to elevate the live streaming experience and unlock new revenue streams.

The global media industry is undergoing a structural shift. According to Omdia, total revenue from traditional TV and online video is projected to reach $1.03 trillion by 2030, with online video advertising expected to grow from $309 billion to $540 billion over the same period. The TVU–Tencent Cloud platform is purpose-built to help customers capture this growth — combining professional cloud production with internet-scale interactivity and monetization.

The platform serves three major segments: broadcasters and OTT providers launching agile FAST channels with global CDN distribution; media platforms and creators requiring mobile-first, broadcast-quality production from anywhere; and enterprises producing high-profile live events with professional-grade multi-camera setups and massive concurrent viewership.

At the core is TVU’s cloud-native microservices architecture — proven in the 2024 Paris Games Torch Relay, a global club football championship spanning remote production across nine countries, and BBC’s UK General Election coverage with 369 simultaneous live streams. Deep integration with Tencent Cloud delivers five key advantages: ultra-low latency streaming via intelligent routing across global edge nodes; elastic scalability powered by TKE container services; cloud-native optimization for peak reliability; AI-powered production including automated subtitles, intelligent editing, and content moderation; and enterprise-grade end-to-end encryption from acquisition through distribution.

Paul Shen, CEO of TVU Networks, stated: “TVU has always been committed to making professional production capabilities more efficient and flexible through cloud-native architecture. Tencent Cloud’s deep expertise and customer insights in the media sector are highly complementary to TVU’s product and technology strengths in cloud production — and that’s the foundation that brought us together. The goal of this joint solution is clear: to help customers build a complete pipeline from content production to audience engagement to monetization, making AI&cloud-based production a true engine for business growth.”

Yan Peng added: “Through our partnership with TVU, we can rapidly help customers build a next-generation technology infrastructure — enabling global acquisition, global production, and global distribution — while driving commercial growth through internet-based services.”

View original content to download multimedia:https://www.prnewswire.com/news-releases/tvu-networks-and-tencent-cloud-unveil-next-generation-cloud-production-solution-at-nab-2026-302746450.html

SOURCE TVU Networks

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