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New words:
absence, accretive, advantage, America, attract, Biden, boost, brought, capability, contemplated, country, decree, departure, derailed, diligence, discovered, divert, fail, frame, gain, impairment, impression, incurrence, Indigo, injunction, intensify, invocation, Joe, man, MasTec, merit, motivate, North, pendency, President, registered, reluctant, restraining, sock, statement, suffer, superior, surviving, unforeseen, vi, waiting, waiver, warranty, York
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affirmative, Similarly
Financial report summary
?Risks
- Our quarterly operating results may fluctuate significantly and constrain liquidity, falling below the expectations of securities analysts and investors, due to multiple factors including seasonality, spending patterns of our customers, adverse weather conditions, supply chain and labor market constraints, inflation and other factors, some of which are beyond our control, and may result in a decline in our stock price.
- Our business may be affected by delays, only some of which may be recovered through claims against project owners, subcontractors, or suppliers, which could increase our costs, reduce profitability and have a material adverse effect on our financial results.
- Our business is subject to physical hazards that could result in substantial liabilities and weaken our financial condition.
- We are self-insured against certain potential liabilities.
- Acquisition activity presents certain risks to our business, operations and financial position, and we may not realize the financial and strategic goals contemplated at the time of a transaction.
- If we are unable to attract and retain qualified managers and skilled employees, we will be unable to operate efficiently, which could reduce our revenue, profitability and liquidity.
- The U.S. wind and solar industries benefit from tax and other economic incentives and political and governmental policies. A significant change in these incentives and policies could materially and adversely affect our business, financial condition, results of operations, cash flows and growth prospects.
- Many of our customers are regulated by federal and state government agencies, and the addition of new regulations or changes to existing regulations may adversely impact demand for our services and the profitability of those services.
- Our fixed priced contracts and federal, state and local government contracts pose inherent risks, including inaccurate estimations of costs associated with the contracts, lack of funding from government sources, onerous terms and competitive bidding processes, all of which could impair our financial performance.
- We could incur substantial costs to comply with environmental, health, and safety laws and regulations and to address violations of or liabilities created under these requirements.
- We derive a significant portion of our revenue from a concentrated base of customers and rely on a limited number of
- suppliers for certain equipment used in our projects. The loss of our significant customers, or reduced demand for our services, or the loss of our significant suppliers could impair our financial performance.
- In the ordinary course of our business, we may become subject to lawsuits, indemnity or other claims, which could materially and adversely affect our business, financial condition, results of operations, profitability, cash flows and growth prospects.
- Certain of our businesses have employees who are represented by unions and collective bargaining agreements. The use of a unionized workforce and any related obligations could adversely affect our business, financial condition, results of operations, profitability, cash flows and growth prospects.
- Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our financial condition and results of operations.
- We rely on information, communications and data systems in our operations. Systems and information technology interruptions and/or breaches in our data security could adversely affect our ability to operate and our operating results or could result in harm to our reputation.
- We have a significant amount of debt. Our indebtedness could adversely affect our business, financial condition and results of operations and our ability to meet our payment obligations.
- Our Senior Unsecured Notes and Credit Agreement impose restrictions on us that may prevent us from engaging in transactions that might benefit us.
- There may be future sales of our common stock or other dilution of our equity, including as a result of the exercise of our warrants, that could adversely affect the market price of our common stock. We additionally have the option to issue shares of our common stock instead of cash for future acquisitions.
- M III and Mohsin Meghji has significant ability to influence corporate decisions.
- Our Certificate of Incorporation, Bylaws and certain provision of Delaware law contain anti-takeover provisions that could impair a takeover attempt.
- Our stock price has experienced significant volatility.
- Economic downturns could reduce capital expenditures in the industries we serve, which could result in decreased demand for our services.
- Our industry is highly competitive, which may reduce our market share and impact our financial performance.
Management Discussion
- For a detailed discussion of revenue and gross profit, see Segment Results below.
- Revenue. Revenue increased 21.5%, or $120.4 million, in the second quarter of 2022, as compared to the same period in 2021.
- Gross profit. Gross profit increased 15.1%, or $8.1 million, in the second quarter of 2022, as compared to the same period in 2021. As a percentage of revenue, gross profit was 9.0% in the quarter, as compared to 9.5% in the prior-year period.