MasTec, Inc. Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Performance

  • Q4 2021 revenue was $1.8 billion, up 10.5% year-over-year.
  • Q4 adjusted EBITDA was $219 million with a 12.1% margin.
  • Full-year 2021 revenue reached a record $8 billion, up 26% from 2020.
  • Full-year adjusted EBITDA was also a record $931 million (11.7% margin).
  • Adjusted EPS for the year was $5.58.
  • Cash flow from operations for 2021 was $793–800 million.

Key Themes

  • Strong non-Oil & Gas performance: Q4 revenue up 43% year-over-year and EBITDA up 75%.
  • Oil & Gas EBITDA fell nearly $115 million year-over-year in Q4.
  • Supply chain and inflationary pressures impacted multiple segments, particularly Communications and Clean Energy.
  • Company continues strategic transformation away from Oil & Gas dependency.

2022 Outlook and Guidance

  • 2022 revenue guidance: approximately $10 billion (achieving the multiyear goal earlier than expected).
  • 2022 EBITDA guidance: approximately $950 million.
  • Oil & Gas expected to decline by ~$600 million in revenue and ~$275 million in EBITDA in 2022.
  • Non-Oil & Gas revenue expected to grow ~50% and EBITDA ~85% year-over-year.
  • Major revenue ramp expected in Q2 and even more so in the second half (>35% year-over-year growth in H2).

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Operator: Welcome to MasTec's Fourth Quarter 2021 Earnings Conference Call initially broadcast on Friday, February 25, 2022. Let me remind participants that today's call is being recorded. At this time, I would like to turn the call over to our host, Marc Lewis, MasTec's Vice President of Investor Relations. Marc? Marc Lewis: Thank you, Christina, and good morning, everyone. Welcome to MasTec's fourth quarter earnings call. The following statement is made pursuant to the safe harbor for forward-looking statements described in the Private Securities Litigation Reform Act of 1995. In these communications, we may make certain statements that are forward-looking, such as statements regarding MasTec's future results, plans and anticipated trends in the industries where we operate. These forward-looking statements are the company's expectations on the day of the initial broadcast of this conference call. And the company does not undertake to update these expectations based on subsequent events or knowledge. Various risks, uncertainties and assumptions are detailed in our press release and filings with the SEC. Should one or more of these risks or uncertainties materialize or should any of our underlying assumptions prove incorrect, actual results may differ significantly from results expressed or implied in these communications. In today's remarks by management, we will be discussing adjusted financial metrics reconciled in yesterday's press release and supporting schedules. In

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