MTZ - Earnings call transcript Q2 2018

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Operator

Good day and welcome to MasTec's Second Quarter 2018 Earnings Conference Call, initially broadcast on August 3, 2018.

Let me remind participants that today's call is being recorded. At this time, I'd like to turn the conference over to Marc Lewis, MasTec's Vice President of Investor Relations. Marc, please go ahead.

J. Marc Lewis

Thanks, Ann, and good morning, everyone. quarter conference second MasTec's to XXXX call. earnings Welcome pursuant Safe the Harbor following Securities statement forward-looking the made is XXXX. of in The for to statements Reform Act Litigation Private described MasTec's statements Communications, these forward-looking, statements and where the we trends certain we future In that operate. plans, results, make such are as in industries anticipated regarding to based These are the the of subsequent of broadcast initial call knowledge. forward-looking company's and day expectations statements the does company update events or undertake not the on expectations on these conference the risks, detailed Various SEC. in press releases uncertainties the with our and assumptions are and filings Should these underlying one of assumptions Communications. or expressed differ risks our actual or incorrect, results uncertainties may results materialize or more prove significantly of in should implied any from these or remarks adjusted we and today's and by discussed as press discussing supporting in schedules. metrics, be reconciled will financial yesterday's release management, In

in talk of and another to about quarter last review will financial our XX-Q or PowerPoint and With XX opening of most found a had remarks our posted our A our addition, about Q&A financial today, things CFO. measures use be mastec.com. by George. conference Executive In call may the great followed Investors located José will we and Pita, of reconciled call. comments non-GAAP financial located have George website this by can to release, the earnings followed lot any be be Mas, non-GAAP The GAAP and in CEO; measure Vice these a minutes. a we These we in today. measures our in News to President expect reconciliation call presentation format certain and José, discussions not press comparable and us analysis from period XX-K the at sections in of release, by and We important the

it José? started. turn José to I'll So over now to get it

José Ramón Mas

our reviewing will as as quarter XXXX the second providing call. well Today, for and my be morning, second welcome to serve. MasTec's outlook quarter Good I results we markets

it another very about the EBITDA better. quarter our $X.XXX backlog highlights. a were project. In have the good been million, second margins had was Adjusted $X.XX a we was increase quarter adjusted Revenue billion. were end primarily quarter, million slower First, $XXX Pipeline but quarter. start Mountain came the driven could XXX quarter from shy in to $XXX billion, Revenue some Despite by $X at for summary, expectations, of first Valley lower $ earnings per and the better-than-expected. share was revenues, million

delivered Our sequential the despite in EBITDA Oil Gas the came project Pipeline impact Rover increase for for and the from start the the negative and segment quarter. Valley project XX% the margins quarter, increase. to solid slow Mountain margin a This

seeing performing projects opportunities segment, and pipeline in very portfolio is Our we detail later. we'll this which of significant are well discuss in

than also during quarter, sequential the better what in the originally well to the we in the Rico impact due segment Communications our both revenues the Our performed quarter second margins decrease and restoration first expected. in Puerto results storm had quarter. were Despite

we our opportunities More are our addition across segments. of financial to results, importantly, all in seeing business accelerating

rollouts, (X:XX) in positioned Communications as equipment investment equipment. significant by in well both well of increasing as benefit announcement expansion, Our the from recent as to is segment T-Mobile's XG XG fiber-related demonstrated

expected the lot takeaway day takeaway barrels to million today capacity. to impact lack Permian Permian created about X.X continues with see of demand. end been capacity the X.X cost Our exceed takeaway strong Oil XXXX. and a by of press capacity and day differential the by per issues estimated per There at million is has the Gas barrels of business production

issues. takeaway barrels million production next years, expected exasperating is five per in to X.X Permian the reach the day, the Over further

our We long-term expect demand services. significant for

the second accounts Puerto $X are efforts well to million require we own complete a roughly company. estimated electric contract to announced as which is investment. as by with to $X the the During both $XXX contract award billion billion grid Rican quarter, This restoration to PREPA, a PREPA's the modernizations, begin

of begin In quarter the Transmission We backlog. this either continue expect contract we segment, mobilization in the in to fourth early late build or quarter. third our to

segment. projects, awarded to on year also backlog on anticipated further XXXX significant signings, we of contract expect have in a a With which making amount calls. end. future been We backlog through verbally year We growth two hope discuss focus large this of our we growth

segment more in excited expecting us beyond. We're for while half the on record years. to and first financially, with and exceed the about performing this over coming think, the XXXX historical Again, opportunities well balance we're well-positioned for we're to MasTec, revenue are in we of We even to levels we're year well way performance, XXXX be another of achieving our that. our front

specifics. to like I'd Now some industry cover

was in year-over-year. increase quarter the $XXX This business, which slight by for and million business, installation decline revenue driven our over revenue wireline year. last in our was growth declined in wireless in a strong million versus Communications $XXX growth Our XX%

those awarded decline DIRECTV the be see half demand the years. for and re-launched a we home up continue deployment In company to and under increase year-over-year our installation we projects both with in were original business, professional would and services continue XX% security our demand. the over wireless Nationwide nationwide to expand second founder. we've to coming this revenues expect is continue quarter their its company. wireline fiber previously to we strong expect versus to contract Wireline owned for double year, LifeShield by by grow revenues and year, a recently offset For a LifeShield installation installation last digits been to of year-over-year business.

we last been year. We on are permitting aggressively the and working on engineering several markets over awarded have

has trend activity. expect and activity are growth In continue. in ramp, backlog grown we're expect We expect growth these permits into Wireless to business, that XXXX. our and construction incremental leading significant approved, as we wireless seeing order to

up half be expect more to second we beyond. ramp a in revenues double XXXX XXXX of aggressive into expecting and digits, we're While the

a T-Mobile's very for strong both levels years in their in expect to valued Sprint deal over considerable $X.X with years to with XG goes on companies. We We spend increase back-end is and FirstNet billion of spend to OEM. deployment through come. a week recent large deal recent of plans by equipment billion be and $XX their saw to this in spend if three order first announcement compared XXXX XG just loaded at the

segment, for by over our the $XXX growth million. strong of year. our as million Moving and Generation million We're the this segment to backlog demonstrated in expecting was Power prior revenue Industrial $XX quarter versus $XXX second in

to half over We revenues double second expect year's second than last more half.

repowering with Our of improved the year we strong turbines, of was XXXX as Electrical turbines expect of multiple versus technology our sequentially. had. projects $XX be XXXX since drastically previously of in a ever good is of years. repowering power. while should year, are we've efficient Transmission couple repowered And gigawatts be installed Transmission last megawatts projects to quarter. backlog for now planned of of throughout million up was also seeing the next Revenue inception a Backlog $XX business United wind year's growth. wind in being in has backlog Thousands to for second largest turbines wind States the the demand renewable over We're more million

two into increase have As large Transmission I we been going backlog will awarded projects verbally said that significantly XXXX. earlier,

Pipeline. delays Our quarter $X.X the and compared for with pipeline Valley ramp-up of in were in Gas of second revenues by Mountain Oil segment quarter million the in last impacted to $XXX the year's had second our revenues associated Revenue of work billion quarter. the

more in than the we we significantly now expected planned be originally third revenues on slightly quarter fourth originally quarter with expect project planned. than higher lower quarter. revenues We to We second revenue this had

working have the job the We value margins Oil both approximately increase At healthy business a of our estimated. from into was improved very and activity XXXX members our the and today sequentially projects also to achieved macro Rover level first We above expect and year-over-year to level, expect until pipeline we margin to segment X,XXX This very and and delays. well performing completion. margins team originally Gas that project. is of continue a to because expect the XX%. EBITDA in despite are drag part the and the maintain contract currently

margins market is pipeline guidance, For use to continue of we The through strong. to estimated hope outperform and as our purposes very projects. we these work

We recap, To visibility remain market and to we've had the to XXXX. come. have start excellent years expect strong to excellent an for

sacrifices. increased to commitment thank work We half have to full-year and the guidance this for take in the expect of safety, MasTec and like opportunity men I and again to and for their EBITDA would women EPS. their hard our acceleration of their business second

George excited so and people our because the asset important for Our review. turn our performance over I'm call bullish George? now future. our it's their are of to financial that about most I'll and

George L. Pita

expectation quarter are share, cover XXXX. summary, strong second and EBITDA, share. earnings increase José quarter Thanks, cash full-year expansion, well adjusted adjusted expectation our EBITDA increased pleased earnings and second margin diluted to diluted significant rate guidance per we for flow, liquidity for financial XXXX our XXXX as and I'll and a capital morning, with guidance had as per structure, In adjusted results good everyone. Today, including

in Act of bullish we and have XXXX beyond. and with our sizable the flow benefits several coupled that in growth programs multi-year remain the cash generate More should Cuts that opportunities customers importantly, our initiated Jobs XXXX infrastructure customers to Tax

Marc include in the EBITDA. our adjusted our our website measures indicated be and call, beginning adjusted non-GAAP of details press SEC of our in earnings, filings. will non-GAAP As of discussion results at and found the or release and guidance financial on Reconciliation can

are our comments Here regarding performance. quarter a summary XXXX second few

project from Oil due $X.XX activity. XXXX quarter levels billion of and Gas primarily revenue XX% to year expected lower last decreased of Second

our Gas Second more expectation, by quarter primarily Power half to towards scheduled back project and our caused below quarterly levels the pushing levels also production were Industrial delays activity quarterly and revenue segments, Oil XXXX. of effectively approximately in project lower-than-expected XXXX Generation due of and X%

We record significant activity markets consecutive backlog this sequentially strength signals booking during continued believe for marks XXXX, our end our of our approximately demand in total and and of backlog third billion. quarter, of This the second the we $X.X trend to beyond. the evidence increasing strong XXXX quarter

points or over a significant margin and basis XXX rate Second approximately was second revenue, quarter levels million reflecting of XXXX basis quarter of $XXX improvement XXXX first over XXXX. points quarter XX.X% EBITDA XXX adjusted

rate Oil EBITDA quarter exceeded and to quarterly better-than-expected expectation and our Second Communications segment Gas performance. margin adjusted due performance

project. diluted We expectation. the in ended $X.XX Since profit Oil quarter, large per with guidance exceed completion projects. the slightly for per expectations finalizing working Oil quarter capital on lower certain revenue as significant allowing this share, margin project's mid-July, rate were In customer. share offset quarterly above XXXX levels, Gas our closeouts and we this earnings expected quarterly improvement Second $X.XX in quarter. higher-than-normal substantial large our quarterly with, Simply project's in achieved Gas we the progress EBITDA completion, and stated, XXXX a made adjusted us to have continued adjusted our

We expect the by amounts flow during dramatic XXXX associated cash project. with the third and this of payment quarter, improvement driven resolution

we XXXX flow to generate million. will a exceeding that operations also We expect record $XXX of from level cash continue full-year

repurchased cost at a of under we $XX authorization Lastly, during approximately second us directors. share leaving of an the XXXX board quarter repurchase program our in approximately remaining million, shares of $XX authorized share million approximately with XXX,XXX from repurchase

into results. some segment get second detail me let quarter regarding Now,

Oil decreased last year approximately $XXX XX% compared XXXX and quarter Second same period to revenue million. the to approximately segment Gas

second segment made Gas to Oil unchanged, shortfalls the with the activity revenue activity decline, Oil remains expect XXXX year-over-year our expect half overall up project project it are As second contract delays. increase in XXXX earlier, the a third slowed XXXX. in Accordingly, quarter indicated to and fourth an out of expected cause and first was view value essentially by other levels of quarter. move revenue permitting greater-than-anticipated, into and XXXX additional was the quarter although of Gas be large expected we full-year and as delays the These we to activity segment we into project second of production of production quarter selected some and while quarter

the and Oil combination at rate margins. cost period elements project XXXX by basis stronger-than-expected segment quarter XX.X% revenue, over improvement project large of coupled EBITDA of prior lower the pressured second quarter XXX with Second recently-completed has second of driven of point levels activity This a activity, was with initiation the XXXX. on Gas reimbursable improvement adjusted large margin a was XXXX that quarter

Second compared quarter last revenue the segment increased to $XXX million. Communications to same year period XXXX approximately approximately X%

point of XXX Second improvement over basis of strong quarter rate XXXX adjusted a second Communications quarter EBITDA segment XXXX. margin at was XX.X% revenue,

decreased line revenue primarily Adjusted was segment Transmission approximately quarter. of our Electrical quarterly on substantially to approximately loss XXXX XX% due was EBITDA $X during approximately quarter compared completed million, with period in Second inefficiencies same a expectation. year last a that $XX to generally to the the project million,

On $XXX in the positive include José this mentioned, this for process, million, two backlog segment grew level. level record quarter XX% large a definitive second sequentially even backlog and for will awarded backlog side, segment are Transmission XXXX projects not it will agreements as further. And that which to

active We continue to activity to and that lead large experience significant project increased beyond. very Transmission growth in should future bidding XXXX

segment Second approximately approximately XX% growth increased revenue quarter with XXXX of occurring Industrial organically. XXX% Power Generation and this

delayed slightly start-up quarterly rate, segment activity. revenue While this project due below quarter growth represents was a second to strong our some expectation,

at X.X% revenue. Second quarter margin rate EBITDA generally was expectation XXXX with of line adjusted in

equity in will currently that operations from pipeline Other this we $XX commercial million Second approximately quarter generate million, earnings approximately in our was earnings million in and and $X ownership benefit interest we pipeline operations investment to from $XX segment XXXX, XXXX optimization. Waha equity as anticipate

percentage backlog strength backlog. our X% XX%, That breadth our Georgia the balance the XX% Pipeline, trend and point Verizon each the backlog Comcast third large of sizable EPIC construction the Gas was history, Oil our market additional of backlog further quarter in this Individual service XXXX XX%, Now opportunities. of certain revenue. revenue. were XX-month record Gas a the Transmission recently-completed level Communications reflects levels separate backlog regarding at as I of serves of approximately was XXXX fiber backlog. $XXX will of awards our backlog project our of in XXXX, signed, within $X wireless quarter also XX% new increase Pipeline services optimism lumpy the company AT&T the EQT one level trends Communications these within markets the us a should approximately three It from summary a is AT&T falling the both to initiation and independently revenue and of end opportunities. as items awarded was XXXX reflecting growing X%. segment approximately growth large universe. note and and year years, which consisting XXXX at Southern activity single during backlog backlog billion, comprised record and higher a largest increase into strength service of the time. at was Company, at XXXX Corporation as basis, of organization, $XXX and testament again summary, Power, was and first Oil once multiyear multiple note and a managed budgeted a of this significant reflects during Duke umbrella install-to-home to Energy of master our services trend under as total backlog offerings with were sequentially exceeded only to or quarter large customers XX% top XXXX. off On second same backlog quarter are million with the of wireline of project and Corporation, combined level approximately be time summary, activity. for projects, $X.X that their revenue were lower revenue. XX second corporate second total offerings corporate at our Remember, second our for each XX% a on a there In process and end diversification quarter of these Energy consecutive said we've was our totaled reduced related our billion project marks and projects affiliates activity. large large record Transfer indicated quarter comprising period This X% and being giving to Renewable In million the XXXX. at to Electrical agreements derived are that XX% quarter a in second with discuss segment mix tend support large compared important Millennium over while so At quarterly of burn past each period last year. amounts contract come project. for projects

Now, I'll structure. capital cash and cover our liquidity, flow,

of long-term ratio with times previously liquidity have $XXX of our and debt is debt rates near-term billion, we low of We significant approximately book and structure maturities. noted, ended quarter capital total our As with leverage million. quarter-end net solid as no less cash second a X.X defined $X.X

and higher-than-normal Oil indicated we during expanded invested and XXXX we into projects capital delays As in of with that had earlier, working half XXXX, large extended in Gas first the size of have completion. stated our and certain caused which has receivable XXXX DSOs our outstanding, activity XXX well stand in range days, This XXs. days above increase of a target at accounts DSO mid-to-high sales XXXX temporary now or levels

the area this cash in the quarter we and during will changeover $XX in third expect into progress second approvals During collections quarter. approvals second quarter, we convert by as million the made evidenced

With the have our recent XXXX a orders. with finalizing contract made Oil large substantial on completion project, progress close-outs and of Gas remaining we significant customer and change

we taken completion cost many was a long, this hurdles. of why this required consuming Final project detail understand preparation has achieved. and available frustration closeout has delays time has been only project process and significant shareholder been with While after regulatory fully amounts of complex on review so substantial

will cash leverage exceed XXXX. record improvement book and XXXX full-year to with operations continue We reach and flow significant the also we improve during that of expect expect significantly flow cash quarter third levels quarter from performance second to million, $XXX

capital share like the to expected would associated continue other as opportunities reduction. we in approximately our half X% our debt well repurchased quarter cash repurchased priorities. shares X.X use during about of initiatives share reiterate first XXXX, to grow return the during our of flow strong operations and half base. on the acquisitions We for or investment the of as repurchase generation strategic expectations second XXXX, XXX,XXX evaluate we second with about on views Mainly, shares funds I usage of and our Given to the and total million

we a share open million have currently authorization. in approximately As $XX repurchase remaining reminder,

XXXX, second cash approximately under of equipment, in in and as $XX incurred the $XX defined CapEx, CapEx net cash equipment spending we of disposals, additional equipment on capital we our leases. million net quarter Regarding million during an purchased

full-year the $XXX for that approximately under expect leases. to million CapEx in require We period, cash equipment also $XXX capital expect incur and $XXX in approximately net will million XXXX we to million

Moving to to our full-year of revenue $X.X current XXXX expect continue we guidance, billion. XXXX

We impact of quarter our $X.XX and half large guidance are per share known per share. EBITDA increasing third revenue of revenue, earnings and scope XXXX. of diluted In full-year second of expected adjusted $X and into XXXX estimate adjusted first adjusted currently completion $XXX million for billion expectation of to XXXX delays XXXX $XXX the raising earnings or that will increase EBITDA with million the $X.XX. adjusted extend incorporates Oil Gas diluted project XXXX project the quarter XX% We summary, to at of and

$X for count expense full-year share to expect quarter this XXXX second purposes Rican efforts Our guidance wireless approximate some guidance and expectation primarily levels to level rising also revenue income with and this details average shares tax and levels shares. the due M&A that costs XXXX Jobs approximate Puerto share related reflects initiatives lastly, XX.X Relative pleased interest initiate be and of annual of with guidance, expectation expense modeling year-to-date and strong share provided XXXX XXXX due We We anticipated capital to the over full-year to working services will Tax with fiber quarter of up to Act. that benefit half the interest approximate of likely the activity. XXXX Communications recently-awarded be had million we contract our impact full-year of XXXX million, includes In amortization expense a raise And approximating not to with of rates. to million restoration Cuts repurchases, in X.X% second XX rate until the increase approximate XXXX the our XXXX. XX.X%, to anticipate and and anticipate full-year half second at the late majority XXXX the under depreciation XXXX, $XX with our adjusted are higher-than-normal XXXX will reconstruction of ramp this and the third we expectation. in first of weighted expenditures to estimate capital are full-year impact investments, expanded the XXXX of count annualization summary, position vast expected lower half additional and interest wireline segment we will

prepared us, to opportunities and the As growth And believe accelerate as strongly remarks future call importantly, we markets that infrastructure XXXX now initiatives expand and multi-year over and operator. our concludes in afford the the in we'll beyond. turn our

Operator

Nicolaus. Thank our ahead. today going question to go Please you. take Noelle Dilts from We're first Stifel, from

Noelle Christine Dilts

good Hi, morning.

José Ramón Mas

Noelle. Morning, Good

Noelle Christine Dilts

For the FirstNet back are of of half really underway. Communications these as division, you as mentioned bigger year – ramp up fiber get the programs and the costs in the some

we're growth often hear of folks significant the we about tower labor, is one Given the that worried is, the are about particularly climbers. of availability the things in industry, expecting

second, of to initially how of are couple And questions. were costs bit a are little expecting? up addressing elevated ramp be kind labor? tightness in what that relative you looking like they'll you these a So, One, potential

José Ramón Mas

Noelle. Sure,

couple think we've talking the if about go XXXX; been of last hasn't around our really you to Communications and view quarters, I XXXX back changed.

a today for increasing we from they're Activity side. to think XXXX. good expected cover perspective have a to a which year saying projects really to see as permitting, going goes is pushing industry's the in We've XXXX way engineering where activity the forward. preparing in lot I lot feel the Construction terms Construction last we for both it's the planned the begin actually the things those start in is time a construction. to in put that preparation, long going sides, is both important projects about ready these just in out We've these over really begin done I'll We XXXX, on how on projects ramp and labor a whole We be and of is in of about will move where on. focus in are to XXXX. ramp happen it's about fiber and in based we always it course ourselves a lot but are been that. to think huge XXXX, year in to that

forefront great if think we're originally a relative XXXX. I with brought builds the labor very you XXXX. opportunities going similar, the the the to in at some the we bit going which Wireless faster think But in in we XXXX, labor it. we than So, business to for is country. the a we're little has start construction to we think to quite look is And probably the really construction in position wireless contractor boom into frankly associated Again, largest fiber FirstNet well-positioned is active more of anticipated, think XXXX. we're

carriers doing story, it, we about and today, it's that think a we really how market that. really we're ourselves available it, position going get in is and market worse to in frankly, helps the into XXXX, think are helps there sell as so a from XXXX in a what we quite think FirstNet XG, the and is for we become as around great but lot the for tightness some XG about Aside handsets when us

Noelle Christine Dilts

really was shifting also And Rover XX% mean to considering then almost impressive over light Gas, of Oil in Thanks. drag. and the margin I the

in maybe much any you of that – notable of how there drag to is that of can that call want quarter? give And sense us on the sense you'd out any closeouts margin? a then anything terms was in So

José Ramón Mas

this it country. when – of look quarter driven look people performance. Again, things year, by to into by wanted you strength. quarter. this from the was very as margins we and the we a understood dozens margins a in getting the margin have take or kind it's on is our a well. that make we've forward guidance. sure closeouts across our of our with close-ups, It's balance exceeding just better we're are even called driven how came market. working of in didn't margin bid view of in modeling of that's out of portfolio look those conservative the kind wasn't projects more terms, tight that forward the at We build been performing Right the margin, It's a what of we significant getting to projects. One tighter operational proudest total We're extremely now, is, at Rover we opportunities. kind any We've estimated We on truly as

got So we be guiding of balance But to we've we guidance we're the a margins beat been We're performing, frankly, level those great for to to we're position. year. the quite not think we've at in if we'll a what into the continue built perform able our confident on go-forward basis.

Noelle Christine Dilts

Thank you.

Operator

you. Thank

Rygiel Alex Our FBR. Please from ahead. today from go Riley comes next question B.

Alex Rygiel

José. quarter, you. Thank Nice

José Ramón Mas

Alex. Thanks,

Alex Rygiel

you like, last than XXXX? of at August the looks year year this Would in up backlog out your time of XX% visibility being looking your is your characterize looking sort into better year-over-year. of it into José, visibility out XXXX

José Ramón Mas

about of and at if it's longer today this even EPC of last as highest we're to time of been today with been, to work for that No to people actually as what business. saying number there's bullish a for take construction period of $XXX lesser year that at cycles today We've out that units, the is you were market not of lot a of think In a our And the construction some take half question, that to right, this with going same work going Communications been is ever higher. materialize so we're we be further lot if backlog, Transmission we terms P&L. look long going ourselves are the burn very for sitting for problem it's lot business, significant of the we've the the the is think right, market on in that extremely bullish backlog, that activity I'm over until Transmission message and of it our to active to it's booking Communications, relates the and I in thing it's it to wins it underperforming our Part is about I'm that's we're visibility lot that to about means extremely of some or historically Transmission take the company. a be this for been to it's that our it's as well more through, that revenue winning much we've extent market, about you kind great had level is preparing we're a we're reality a million high so ever we're a bodes there backlog we're going projects as our like future million, probably of MasTec second think off winning doing and it, story time. the right, that winning going hard of has a to work at excited XXXX. going and of in point much very than year, whether what get but and work I've it last our which But levels backlog, at although $XXX see

Alex Rygiel

here, sort – and of obviously year-end rate and maybe and kind year-end yet, XXXX, how guidance you DSO on then higher talked DSOs appropriate have? its an we think do think year-end what I if can we way of front, know improvement have sort you therefore receivables of bit a XXXX, little in into George, accounts now their that kind is walked we up, XXXX, much XXXX don't if can about can And, near-term of but think receivables up have walked you about about you convert you you target think run that there do out cash at way between

George L. Pita

We've always a mean XXXX mid-to-high said of changed. so experienced first we far And to the XXs. about to us talked expect is target range in project, hasn't that that DSO for the we've and in the we've in is itself specific that elevation now half really QX. resolve I which the related

reflects XXs, our normalized is the DSO a the of perspective, of our expect a mix forward. would good of kind structure we range working a from the and mid-to-high really is business that that going So and a basis mix projects, in capital view on of

Alex Rygiel

much. very you Thank

José Ramón Mas

Alex. Thanks,

Operator

you. Thank

Our ahead. next Markets. from question go Tahira comes from Afzal Please Capital today KeyBanc

Tahira Afzal

much. Thank you very

little you've to of juice the especially. more push-outs, replace be on of on takeaway seen a look really which Was timeline other this as the pipe work the pipe have kind and the consequence? given to some in a you of this José, your the does side that add you year push-outs, environment norm So seems if some of some the early at part side? But it

José Ramón Mas

of of couple we lot issues. has lot are things A One, takeaway in activity a happening. to Well, than originally anticipated. XXXX we're that think I with a Permian more seeing even the do

that especially lot coming there's thinking or are that of time last about, been this today projects So, have to a fruition we about talking at wouldn't been wouldn't year. have

– beginning some With said, getting there the that is So there's second is XXXX. other of some into stuff the of the activity half of pushed into XXXX. coming more

project We we're rates. today, longer at to up direction we're second But that. quarter on in our whatever about pick Even market extremely Mountain issue full is enough shouldn't and very active, right extremely actually you keeping utilization getting can anticipated. bit is is more Valley trying We work think for don't the your levels. utilization It's pushed, on the healthy. the higher to anybody. we're than a Quite ramped quite your backfill. work doing than frankly project, be to took the I that an it's with It pleased levels had little high, think frankly, projects it's So the there's that ramp continue today. we getting work gone.

probably industry We also We've been primary over almost benefit because of these. the the – is But, of has us a We to to for on it what more done complex these expect little most the be, worked think little little they some more seen. are to be is, a that of have bit going you three them. a that continue, we've probably all they years are yes. more than ever that last enough move the pipeline difficult again arounds, a answer used contractor difficult, jobs projects the on bit we that's

as with regulatory there's don't think the are contractor. I much has we as do So happening hurdles the country in a experience anybody that that as today

us know think I our customers and given great I that and hope advantage. I competitive think a that's

pipeline you're bodes it, if at know trying for us. I you the a pipeline, done that, experience a the build think So well to and good in that managing owner there know who's out MasTec has it, you job we've

first we've XXXX But, be originally XXXX XXXX the and we than think anticipated. bullish XXXX. do half of going levels probably in are very been to and activity better I again, So about

So has for relative changed us. that anything I don't think to

Tahira Afzal

the and mid-XXs, second guess José seems question I the little was George stock free receivable when And high-XXs. have second in timing that year. and flow of used the my rightly yourself so Rover you bullish the very you really Okay. confidence the the It strong, a have is on your half are around the and more cash it language in much of trickier,

all buybacks So at you these not highlighted? the three that why priority from that George your would levels have be options

José Ramón Mas

So say things a Tahira. let couple me

ever record for long we and saying obviously, talking we been First, done weeks be receivables, now issues. saying making of around phone of was to few there, million, We're cash we've reports our the it – XXXX. we our year, we've accusations XXXX previous I been earnings clear the what the about receivables inundated other kinds in around $XXX million best quality those state feel a year all over are $XXX we've that last how out flow how collection we exceed calls don't we're about a the around time, collection expected expect short than that of know to right? can today with

cash ever we're had. So this we've dramatically flow to than generate year going more

we We are complete. which point the long us out. we that project. we're was it's It resolution. just the issues final wait where lot reimbursable, to do extremely closing inroads made getting It required end bullish somewhat to think has structure taking the We unfortunately that of were about been why The frankly before could from an to it. in extremely terms there. cost forced done to so have contract complex that. get to We've difficult a backing a We're not data with and all have that quite and down significant substantially

believe that We under The that $XX our just stock look undervalued what forward. you moving share. at we're if shares the bought very second we is So we a quarter. bought during were

range, to it us supportive we're only the very going it to quarter, and frankly stock very of expect that again. said, buybacks, on our with be recovered can within consider to list position but shortly to to in during begin always will with. that going – around the opportunistic here and dip a as active the capital You We've from especially somewhat be a we're very be flow perspective, cash quite top we're in obviously to our of things be cash comes absolutely deploy different our the

Tahira Afzal

That Okay. you. helpful. is Thank very

José Ramón Mas

Thank you, Tahira.

Operator

you. Thank

free flow – up, just so or XXXX, a mean of what question I guess Hi, sort back is of second and get picking net you flow. guess next Suisse. percentage onetime I questions. Jamie cash more morning. I of these around big $XXX should Our L. Gas good with the - question just the cash time versus, of we walk think Jamie to net a about see me income Oil ahead. just as we more to free $XXX One, complexities José the longer just Suisse cash mean I on the pipeline Please term million income flow pretty couple Cook of from like be expect George Credit jobs. cash big can I And sorry LLC today comfortable my million then, number. which a do flow because George, comes from lumpy can Cook just assumptions market go is over we in (USA) Securities the the Credit

So I guess I'll start there?

George L. Pita

back, Well, Suisse we to we Jamie Securities from expect exceed let's million... - Cook mean $XXX I XXXX said operations go Sorry. L. (USA) LLC flow Credit cash

José Ramón Mas

LLC – XXXX Jamie ...and Cook million. we Yeah. talked (USA) $XXX Securities - L. Credit about yeah, Suisse

José Ramón Mas

from to about plus simply – mid-to-high billion in number view, to apply year talked operations. in end going million about the that $XXX gets end long our guidance we range our normal is north elevated. year are flow guidance of $XXX to the which come our that DSO to or you a more approximately million a XXs of you're you to talking $X.X and year all million to if et And cash fact of been We've level a the cetera. DSOs $XXX And

flow larger when had had we and were delever back, a XXXX, is from that our reality from working significantly Access. expect is, we to where doing to capital million to surmise larger we I to if there's have our year-end, resolution would this a than cash you of The occur that So $XXX mysterious working we nothing going project, going are today. capital, Relative higher when Gas we're been that about flow back and that ever, because getting number. in structure, quarter. the by And largest projects we the go in the flow and usage And has with significant to operations Oil norm. the our generation not third time normal we're cash generation, cash that Dakota

the LLC margins guess the - a I Jamie Credit Cook little to since we're where contracts the been we Gas that's Okay. That's we then and range point just But think the this Gas expect that And think me us and and to same our sort therefore, moving (USA) XXXX you margins, project. we're before our the we Oil activity. beginning year issues of capital it. process the and L. back XX% So, range. are, unique XX% pleased to is view Securities at future now the are don't of really behind second and be José we're are which to to with DSO a talked you about really fit mid-to-high-XXs. past question the bit be working And to in and Suisse where on into be Oil we're cost about moving view normal element, into going normalized that call should that said that really – reimbursable and should have more the of normalized associated this on I now what

in to wondering And does you about just think pipeline Valley, prevent side the to sort moving Valley still then from that it? capacity with and incremental of way – is right does some the get work Mountain ability into on is given in queue. way? then the that constrain back push given your win Thanks, hurt any the I'm I'll XXXX, that your that So Mountain fact or of

José Ramón Mas

Sure.

and perspective. When we We're do EBITDA utilization so think we're continue point, balance So that all look we've about we've as from today, an about the as of be outperforming you bid range year, a XX% that it's a when we gotten to need at this Valley to kind couple from of being the margin we things. estimated ramp, about that that. at of hopeful Mountain the at. levels kind specifically, that margins to perspective in ramp of talked we'll the we that at Again, look projects these

XXXX XX for out that long win have to amount Again, So a been whatsoever. looking levels we've that projects XX significant future won not start utilization, completion. work we planning time, at a we our and expect fit. project do ability projects expect very now any from are to in where now be of as continue projects until to and impact on We we're high they discussions to those at we

again, temporary, well do require Credit L. that. back very which But it in queue. – were for Okay. we're again these about we a least more Thank it quarter think and are project. as all means what comes planning look can projects, we're all to Jamie these forward equipped bullish specifically LLC company, the complicated in the We're think to get – Securities across, market one attractive Cook this I'll to we've – we at having I potential as of hope long-term incredibly I second (USA) issues we as Suisse be an today. more So it's market that relates it in extremely ramp the - as I and us and but you.

José Ramón Mas

Thanks.

Operator

you. Thank

from Andy from comes Please Citigroup. question next Kaplowitz Our go ahead.

Andrew Kaplowitz

Hey, good guys. morning,

José Ramón Mas

Andy. Hey, good morning,

Andrew Kaplowitz

potential in it'll mentioned rise in you to get and be the do to still start after levels. that QX, I should thinking, actually down the given that Oil it issues needs and you're last you basin. backlog least to done Gas but higher arguably José, pipeline to backlog likely quarter congestion again assume QX in all Permian XXXX at in work that larger near-term, the in grow QX, mean for that's here and QX back the what midstream goes

José Ramón Mas

of So up historically I think look think Andy, it's an the and this we at we're the So $X.X fourth excellent QX and of at to of then to at think about if it year $XXX billion. first quarter backlog, forward, looking the billion. $X.X look kind right? to billion how $X.X were at the XXXX, billion at end you at back down we quarter quarter the quarter I went question, to And and we we obviously have third ended a million, end at answer $X.X the in that $X.X second went shot billion, then QX to

what expect play is is think QX, a backlog you're to have may QX do some what it year go anticipated, going that the across whether QX come end and in obviously But quarter significant we to I out in we is amount into expectation had over QX in kind happens wins it happens in that quite pretty at because we'll some less QX saying. XXXX. saw of early XXXX Obviously, thus or will frankly, it's our more significant of we're at, QX do or which much all I bullish a signal. have of a an meet. And – the think that in decline where comfortable and very little exceeding happening, QX that projects. than activity versus of is just levels that but than year you because the think with bit more will of that's impact a rather to last a we We a number exceed be activity than we Valley feeling activity ended QX, in down saw number had XXXX. we dramatically we a So, of from less negative Mountain has less started a

Andrew Kaplowitz

Great. we And growth this know then you've year. related gears, said shifting end just loaded back be that will Communications

XQ does very in it really growth seem surprise. a Communications a the growth, But the low in little So, is XX%. strong of backlog the context not the

of to be or XX% year? at installation this the can you mean so decline double-digits to but difficult double-digit it for help year, DIRECTV the grow this rate grow Communications ultimately Rico mentioned a Puerto still with it you does that here year, the your could business, You decelerate end and in does continue could

José Ramón Mas

so of what not total of last and at today end right? pretty much But rate have which a the be QX of day, in it level more they obviously quarter, is you think will much QX than So, the sustainable, a customer think growth lower as the that's a driven, at frankly, still activation, it more business, levels because year. QX were we time. current I the significant. over look things, in lower somewhat gotten work business, negative the pretty so now installation steady had revenues. and was are comp quite we've We probably We'll tough the today significantly it's at a for stable for we're X% couple If it business, the to going our installed look type number to be is that maintenance doing

to that somewhat trend So is continue. going

growth second very double-digit in in wireless the going expect of in to the that's half growth strong. double-digit be We year, wireline,

purposes, a conservative we've taken very guidance view. For

is Rico, funding. about. Rico, Puerto which Puerto excited to about something As It's all we're incredibly

to that's So of bunch the is and at that is those of expect that something a funding the really again then new, requirements taking requirements require a FEMA project, start which of lot of something we QX. is FEMA beginning QX hitting end upfront which and and has and approvals time but planning to fund

pretty to XXXX going be doing think and very is going view. If we'll So, ramp be we've in is taken get to because comps the going solid conservative taken a it QX there to could we've pretty deliver that very relative thinking of heavily soft estimate project lot actually to we but a XXXX, project, have there into our That start going expectations. are amount to of of which what of better, that pretty about comp. a XXXX, solid work I we're

So, think of definitely think don't I time guidance, in baked could have tell, there's the Puerto we chance offset softness I a happen. into Rico DIRECTV, it that will our but that all of some

Andrew Kaplowitz

the similar second and again maybe of then for we growth half So of rates go half the the as year XXXX? up first ramping into

José Ramón Mas

Yes.

Andrew Kaplowitz

Thanks.

Operator

Thank you.

from Davidson. today D.A. Please ahead. Our from next Thielman comes question Brent go

Brent Edward Thielman

Thanks. Good morning.

José Ramón Mas

Brent. morning, Good

Brent Edward Thielman

José, that on quarter the how fourth the schedule, I on some the mean the the noise kind quarter the delays of bigger based that just that that given what's is project, around ramp discussions solidified around and Valley, risk into in the of expectation, just Mountain customer? confidence fourth acceleration of with

José Ramón Mas

end or that peak to QX in the the it acceleration. QX, all QX. We to right, right be project. me moved of QX, expect QX that into QX going the QX quarter we then it's let to we until anticipated at is ramped into start towards maintain QX levels at the So, to going a we end project clear, we've fourth through QX the not way the begin that which were be to of end project now and in is as Since to soften completing and into

We're we there the is until we're MVP. expect no hit job on saying ramp at us level completion. that to level, decrease is So requirements what don't that for to closer to

ramp of no already we're need be is at the to risk there So that at. we because levels

Brent Edward Thielman

on gives opportunities, the seem I that? you doesn't I the what they these hoping considering what the little around it into moving to Perfect. other to kind issues to confidence it a move ability cycle, parts That's jobs view the of maybe you, Permian this that multi-year mean which pretty quickly, hear. projects guess is are the forward same country. faster do in get I starting larger run more And then jobs to seems of from get I was want is of really like a the like the sort

José Ramón Mas

not just think expectations Well, of the but numbers the we going to over next next the the I you we're basin of we're see of are, what what's going we few think year, think over at to course the course to if in the the only production. relative what drives look I kind see it and happening think what of years

is opportunity, to period significant to going per end per going grow currently So, activity. to The over have built not I in is growth expected our probably that a XX% and This of the opportunities day million takeaway time. expectation right? one-year lower to end be problem So to they takeaway to is increase barrels meet have problem by is day That's a in capacity XXXX going a then that to million other X.X capacity the short end is million kinds of you by estimation only that it'll and period what's the be X the in to for we're X.X some capacity low creates growth to that today time that's ours issue keep build period. fixed currently is for in was of type somewhere in a build exists, can't the Pipelines this that is long-term roughly which the going to is XXXX that produced, to basin. create of is million time like through the they're of what of production at expectation issues five-year the XXXX. that this today over. The significantly say going that basin barrels which a over barrels up think of than X If XXXX. companies takeaway you is project and can and of are get being day, gap with all that long barrel that, issue

Brent Edward Thielman

color. you. great That's Thank

Operator

Thank you.

from comes Our today Thalhimer Thompson question next from Davis. Adam

Adam Robert Thalhimer

Good guys. Thanks. morning,

José Ramón Mas

Adam. morning, Good

Adam Robert Thalhimer

was you how trend is much kind back José, in how in curious And how opportunity. give think you Communications wireless, XXXX do the backlog. of I'm us will this half. that can any of about much wireline QX thoughts backlog your

José Ramón Mas

only of months we're XX that backlog numbers, backlog months in the higher total out. putting Remember, including than backlog XX is Yeah. actually so we're our

going think own the we're course going we're these I that And be to of of Again are that's going is it's is the a they of we huge an actually is be in that's the big of now. in going next FirstNet think of what's right? because stuff completed in, sheer be project, in going of estimating to and that. excited it's fiber in, to the all the to of in XG. I when already baked kind something period. awards to in XX-month But on increase ramp big what look that you think wireless part the happens to baked driven but particular across are think very position, because a XG, think But of a and our mean lot we're is a spend and in happen extremely fiber going that other competitive we're early you've about think awarded all seeing mean by I over some as way over spend year about its going carriers, So, again next When we beneficiary got course the about, our be that is of to market think I future Everybody's that, we're you got going more somewhat size example carriers FirstNet of lot be going the years, with future companies markets about I haven't today XXXX very of been doing to the and little few XG. to what beyond. but happening, we around tests, that considerably is activity driver activity is backlog awarded. growth been the there's

Adam Robert Thalhimer

And a that decline? color could on LifeShield help award little you DTV more Okay. how then maybe that can to offset give the and

José Ramón Mas

Sure.

to it them them. pretty plan win. a be of they've installation its good arise country. their DIRECTV be we're of the LifeShield well, They've an a can but a think of within workforce across their of So homes to LifeShield got opportunities we've for as they they We there's of got asset do it's original that. from important the among how began go excited security the a obviously about a Security of work. got about that, us to DIRECTV, able largest we've third-party think in that a a to we as think LifeShield sold we re-launched and We DIRECTV having resource value bought been think long-term that a with which company we area as included was a a It growth base agreement We've partner. the lot forward be signed that AT&T product to kind a lot retail this bought be nationwide long was to then go it. about others, is think AT&T installation think on. LifeShield. potential, security created part the to founders markets lot That's and We opportunities service back deployment going country. peoples' change, that world, we ago. security a time number with talking focused years we're going leaders. to and we're to And

what a to other like over hard we're you're us and to installation extremely is types with resources announcements number are able discussions we'll the going think other in working similar from of customers out think these, I of to also be coming quarters. agreements diversify we of roll I to our continue see that

Adam Robert Thalhimer

Thanks, Perfect. José.

José Ramón Mas

you. Thank

Operator

Thank you.

from a now question have Deutsche We from Chad Bank. Dillard

Chad Dillard

Hi. Good morning, guys.

José Ramón Mas

morning, Good Chad.

Chad Dillard

way secondly, in mentioned pressure you increase can discuss with if that I'm mentioned margin quantify this an some the and curious that saw? much that increase see any you over Valley. for you there saw to of you're you whether contract going can contract you value original big how then Mountain you're value. So And the just you going Is from a quarter. Rover how associated to see

José Ramón Mas

Yeah.

little a you So, when been couple expecting about of somewhat they're scripts and think about so because MVP, cost that and money the arounds of our delays if our we're things, a to saying of the what project more delayed recently. MVP, the customers here track calls bit directly kind what said, move parroting be customer's we from their them earnings of of

cost different I made said the contracts very about a where a was is reimbursable there on different not That's certain that, because Our contract was contract, norm this, we that's not we've basis. concessions. that type forward as have the contract we of people it Rover think go think a than

as efficiently towards. to So project issues done that quickly expeditiously the regulatory do any with obviously well. we on as could with this finish that that's we're work we and will customers, year And by as of our if customers, it possibly our to as we're want to can want these there's the frankly, we they that end of as done way to at try going be look we quite to behalf possible and have working the we try as jobs – get then what we

still progress, fruition contract time year, all on. a to that's think to their said actually then publicly. next going will now work go goes projects see part the think if and comes if that expectation, that But move value which I in So I of first up as they've we'll into the obviously the is

On big number. wasn't Rover it the a side,

it else called for which other than we single margin benefit. our driven out. lay think to closeout wasn't issue think by I or out important just was driven than say performance, of anything more was by kind any I Margin operational

Chad Dillard

your same telecom, just it in some see and asking just going And pace against How forward? uncertainty backdrop it of it. sure the we're the on about higher I'm backlog pace uptick like fiber I then rate I and now? page starting because is we where relative the right of, run on of XG. to should execution think Got to to mean the make permitting in want about seems we're

José Ramón Mas

issues, like talk you we is This when the about permitting This clear, regulatory do let you know have know be to pipeline. not Yes, me is work. permitting not is you engineering issues. this

works delays happening been this so day, the of in sheer be from an goes And something – are through of fiber public departments. we're a municipalities these as relative right just we're and caused plan to happening, lot We've got delivering. shifts that's volume there. every particularly to country, this You we ramp on. in go diligently right, on. the expectations how to This a forever, what and in going the dramatic always difficult. water has as it can as that is our our of there's constraints in There a to working departments it there's expected It's on their the there's business their of work XXXX. labor get long the not portion be of and have year is where takes. not happens what's It's should said ground. around front construction a there We've out lot to business that financial like With we said, to expectation of significant get we're

activity plays and it execute players there. of them a So projects these perform. And the out to that on able lot difficult, more industry becoming to hands put those in the the into have be of bigger to and resources again, the

Chad Dillard

Thanks. I'll back queue. in hop

José Ramón Mas

Thanks.

Operator

Thank you.

from Wittmann go We now have question Baird. Andy Please ahead. a

Andrew John Wittmann

bit to wanted not if on late, mean a delays question, you way just this you're on your a to the an last and that José, reimbursable orders going get that this on and I little bit periodic Thanks. collect on you impact require the cash it's change Great. build have MVP, started project? that little could does these

José Ramón Mas

a contract, one, generating whatever costs, those you're we cost about customer of issues, a reimbursable is different markup that kind agreed actually plus you've with and costs customer. talk two cost when talk the So with to a we have term, where so sharing reimbursable, about have

are world Our contractors contracts issues in right, things more you from that today's different, relative because of to price issues like and arounds in that. delays, or most protections are they're unit the from on nature may pipelines and fixed protected arise, we've price had, move that have where

contractually of case the unit whatever agreed to. and you the in Sometimes sometimes of case adders in

and is saw year. last with So through the of active different been a very that. we working course than We've this very what customer our circumstance the over

on I what we project. So this itself Rover re-manifest saw don't with expect again to

Andrew John Wittmann

year. here to mix those the sustainability the Communications how else? viewing going I move heard, the very XX.X% favorable I a was segment in I'm of of margins. necessarily in for If this to this or historical It and just Great. talk something know if bit the is you this the quarter or segment seems don't the guys context next. margin the margins just about above weather quarter could Okay. address the It of strong level. you balance little your you're the

José Ramón Mas

happening in getting to What we've a a these for based lot market. come. that utilization just of sheer saying that of we the levels growth targeting been time With back on there's the were said, what's to long

the in but When range So, There of slight think the that pressure I basis. to year. might think a perspective, the we I the that ramp. we're of ramp the expect year, should going a solid half potential we on from there's that be balance to range go-forward some second in the look for to continue is at currently be we're

Andrew John Wittmann

This is that just in margin of sense, the work really I and but of like typical segment on enhancements got some of as margin kind and then contractual quality my PREPA, recovery in And Thanks. Transmission work contract, the profile. you've of that understand we Puerto a to of the for storm Communications storm Transmission final or understand given more in work? normal one. Should is your it work that think on restoration work also thinking the one, just in the isn't. question be a Rico, just credit nature I'd that the credit

José Ramón Mas

Yeah.

It work. So, predominantly really isn't It's first it. some a part distribution Transmission work. work of Transmission of mix with

both. plays is exactly contract will of combination ultimately out, time that a it's So FEMA. how by The PREPA And funded tell.

our to sheet is FEMA were right? to has balance FEMA This restoration that as order are we we obviously And work Congress get this to through lot companies situation. think is pay. and funded. happening different our FEMA pretty And their to When FEMA on, trying guidance by either contracting paying but projects activity has usually margins Again, gotten other we've generally look expect I certain lot to work assurances things good line, had do the requirements high, currently on we work to down that that's we it'll is that there's paying in current of built-in performed are actually where and these very historically by and that approved probably and order every a see PREPA at this available, working have awarded margins them little in rebuild. margin island prior industries above that that's contract. think storm we're us say a wouldn't only project, or flowing a work your has a our work, and them this is been on be we've very but there, there's happening Puerto I what's money currently money these how approved there, of not will typical as from I in on for of work. do been going for where do money the are accretive that to order work think how insurance basis So, to for that contractors XXXX, lot at about are more providing paid. to by money or both expect be is high, the business costs allocated this important, they This pricing, pay. is we Rico the to that that's situation this that we're that a fund that FEMA, one that still money to is approved that's once

Andrew John Wittmann

Have you. a day. Thank nice

José Ramón Mas

Thank you.

Operator

Thank you.

We have a Please follow-up question go now from Tahira Afzal Markets. from KeyBanc Capital ahead.

Tahira Afzal

Thanks for taking my follow-up.

as Chad in a had to in asked I Rover. – what just question a quickly, regards Just to follow-up

You on in gain, makes the mentioned helping Rover your is if out, quarter way guess that's guidance? receivables, But square could in you've question, around. past any that there as some chance from José you have the talked that about that you've it's away of had is other change resolve still some the a orders the the not closeouts really a it I anything, second not benefit Rover and the

José Ramón Mas

Yes.

Tahira Afzal

Thanks I Okay. all That's have. again.

José Ramón Mas

Thank you.

Operator

any closing you. over Mas turn to the or will to remarks. question-and-answer today's for Thank like conference session. conclude additional back now José I'd That

José Ramón Mas

to of like quarter forward everybody and updating everybody for look our thank a Thank on we on in today's call, participating couple to call months. just third I'd you.

Operator

your for will That call. you. gentlemen. participation, conclude conference and Thank you Thank today's ladies

may disconnect. You now

J. Marc Lewis	MasTec, Inc.
José Ramón Mas	MasTec, Inc.
George L. Pita	MasTec, Inc.
Noelle Christine Dilts	Stifel, Nicolaus & Co., Inc.
Alex Rygiel	B. Riley FBR, Inc.
Tahira Afzal	KeyBanc Capital Markets, Inc.
Jamie L. Cook	Credit Suisse Securities (NYSE:USA) LLC
Andrew Kaplowitz	Citigroup Global Markets, Inc.
Brent Edward Thielman	D.A. Davidson & Co.
Adam Robert Thalhimer	Thompson Davis & Co., Inc.
Chad Dillard	Deutsche Bank Securities, Inc.
Andrew John Wittmann	Robert W. Baird & Co., Inc.

MasTec (MTZ) 3 Aug 182018 Q2 Earnings call transcript