MTZ - Earnings call transcript Q1 2022

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Operator

Welcome to MasTec's First Quarter 2022 Earnings Conference Call, initially broadcast on Friday, May 6, 2022.

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

Marc Lewis

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

call Executive be about Jose, non-GAAP and In measure will have earnings not financial measures remarks With call we The financial the form announcements Jose George last in will addition, this in by non-GAAP a us Chief press most George. followed Financial be we Mas, EVP reconciled financial Pita, the of GAAP use XX Chief and Officer; these and the by review a expect may call. any in measures followed today, our reconciliation be Officer. discussions to found comparable we of certain release. by A our and from conference opening can our These period, Q&A comments financial minutes.

talk of to about a lot have We today. important things

we so to Jose? the started. turn I'll So, over get Jose call can

Jose Mas

our providing quarter Today, MasTec's for to markets my results we I'll welcome as and be First XXXX morning, as Good Quarter Marc. the serve. outlook well Call. first reviewing Thanks,

quarter first we've EBITDA was first quarter in at billion. earnings and million, EPS of exceeded and $X.XX, the In adjusted summary, record $XX.X $XX share EBITDA with $X.XXX generally the some Adjusted results time expectations. and slightly was was revenue, was ahead backlog billion, highlights. a end more level were negative per First, billion. our than quarter for Revenue $XX line

anticipated getting midst in the in it Before offer like the XXXX, the segment excellent significant course and the that about MasTec's my the we is to of we had transition in of quarter weakness I'd guidance, or to business opportunities. into invest earnings. pandemic where a to oil set today. our currently around areas business as perspective specifics on relates those MasTec gas we Based long-term mix and in our on growth time business felt of started our

In addition these to offerings. our and made organic revenue MasTec growth and we enhanced service expect on a in number in acquisitions repositioned that investments, beyond. significant our initiatives, and diversification we of XXXX XXXX Based

billion investments seeing XXXX, totaled over We're growth XX% for gas and months. from current the $X.X example, expect planned further of $X.X revenues encouraged an approach to non-oil we anticipated year even customers. rate by XX level and In we XXXX. As these revenue full our billion, are on in

ramp to results shareholder to their and years This appreciation. last are will our confidence us We gives meet our made X tremendous the significant first we've request I to goals. customers' decisions needs build our responding believe long-term to over and stated quarter demonstrate drive aggressively plans. the begin

to compared and gas and revenues non-oil earnings grew last quarter. year's quarter, first both First over XX%

XXXX release, we of we work level updated ourselves, considerable still reach have to progress. Yesterday, expect in to our are making do performance earnings we of guidance. the we While that

industry. is we in and the currently announced the business anti-circumvention earlier investigation of solar this was second, Department Mountain Our factors: which our impact impacted seeing are Commerce primary from the X completion guidance First, the Valley Pipeline, delay that the by of of week; ongoing was in solar

to expected during year business XXXX. a our as significantly activity We challenging declined and for new oil XXXX project gas be

delayed recent events the need prices meantime, for Mountain expecting on to should we commodity were expect new positive In the have pipelines, impact impact complete a and a increased meaningful the XXXX. world That until While we don't Valley in-service XXXX. our Pipeline of year project, in removed however, updated released project has in now second a from until our we have current guidance guidance. been yesterday, and date project half XXXX that

project, within the solar segment. our addition guidance pipeline In reduced for revenues Clean our to Energy expectation we

offers for us Solar long-term a area focused has been believe opportunities. great that growth of we

Although solar XXXX levels. nearly to expected revenues double we in XXXX

move Cambodia; X of investigation dependent are anywhere was the of could We costs. Thailand; sold anti-circumvention XX% view project represent added to nearly the our panels. solar States. investigation These X a tariffs the February and XX% Department countries: of that range Malaysia; Commerce's of United risk that complicating of XXX% all issue from be this total panels to that forward This the approximately would in on into panel countries with to would tariffs Further now moderating these retroactive be The has it Vietnam. investigation the made impossible these the is because of of year.

by on clarity will decision developers preliminary much provide too XX. Our decision for an the investigation risk. August is who today unknown of due A have

roughly are now based shipped decision, potentially be $XXX we a our panels of on Based guidance other slated being the now that were from assumes are this, previous ramp panels revenue, the of U.S. ongoing While to or a that affected countries, projects reduction $XXX projects are million our in using to not the on to either million many investigation. solar guidance activity by a shipment expect to quickly following to U.S. decision. delaying sent following that

estimate prove but be We today. hopeful to conservative, will it's guidance this our that are best

growth backlog impact $XXX that in quarter-end in million verbally regardless another impact from awarded expect have solar this or we approximately revenue we expected been XXXX, same of change the perspective, backlog, for should XXXX our the in is are was work this as number. solar put stated of solar our our partly that XXXX. performed the of To guidance in nearly issue Our negotiations billion to be aside in resolution business. targets either aggressive Thus, $X.X not

responded we're exist opportunities potential long-term In progress exactly for more the Integration year. are and to made long-term are we and the solar robust well our end Customers ongoing the year, importantly, our service today. in very power delivery opportunities, efforts the acquired offerings, progress We expanding and ago the year our that the transformative by more encouraged business business. and INTREN have potential addition the of business. also our having and encouraged by encouraged growing both acquisitions we're and last about we've at X business McCoy in power made delivery one to that yesterday, Henkel's of

as we're we us to to customers' excellent efforts by encouraged opportunities importantly, meet and charging our growth. grow and with for desire More with to EV needs. customers continue Collaborative connectivity reliability, long-term provides us work revenue our on grid renewable see their hardening, expand

like specifics. Now, cover industry I'd to some

XX% Communications Our $XXX increased over by expect revenue for the sequentially. XX%. grow and and year XX% year-over-year year-over-year million was Backlog to increase, revenue over by a quarter full at $XXX million, we quarter end

sequentially. expanding to nearly as demands. We team resources geographic rapidly customers' meet this both over members presence adding XXX are added X,XXX well our as year-over-year We our segment to and

a expansion of demand entrants. existing significant number We RDOF-funded from have both new fiber related well a of customers to experienced amount as opportunities, as

of over and been Opportunity Digital next to years areas. gigabit or Fund, RDOF, connect funding will Only reminder, $XX in a provide the the As those broadband underserved XX about awarded. half have Rural speeds of billion rural build funds

next for XG of America Additionally, America. to over fund the FCC rural the XXXX, wireless billion a rural provide will XG in established October broadband to $X decade bring up to in funding connectivity which

an the the of environment spending the will future $XX operators for creating increased in addition spent spending wireless TV in years ILECs billion come. be Finally, funding. and the infrastructure These in bill the for are incremental significant included funds, an to private by which additional cable companies, majority broadband to

As one investing increased to and this leading choice, the are meet contractors turnkey expanding demand. of of we

our previously markets second communicated. also activity XXXX, expect as are the of significant wireless in as gearing We half we've acceleration project in up we

Delivery Power million last was to Moving versus Revenue million first year's $XXX our segment. quarter. in $XXX

hardening, INTREN $X.X scale market in First great a renewable approximately clear focus reliability, and ahead. quarter growth growth us leader We to revenue substantial future. a with in and a for pace segment distribution results the on with on create the been with changes able transmission both is customers fire the opportunities our we and in annual included and vehicle usage. connectivity as have the believe power in generate of modernizing for Henkels The positions grid electrical goal billion With have opportunities XXXX needs, electrical McCoy. to of

segment about excited future. MasTec with customers scale and offering the is the demands. this to is at in allows We're in our look their us our Our to reshaping combined that competitive how service clearly a cost-effective market, meet solutions position provide will

are confident for improve We margin long-term will on the potential performance outlook segment. continue the and are becoming margin more that to optimistic

billion year. Moving in versus in to year. guidance billion segment $X.X expect was the we last Gas this last Pipeline, Oil our After Valley Revenue $X.X million the and of $XXX $XXX adjustment nearly segment. for million versus Mountain approximately revenue

carbon not trough for does projects revenue and and hydrogen sequestration few very we This, great XXXX we will projects approaching for us our Discussion the base believe coupled any demonstrates seen of a levels construction this what future revenue build current include Our opportunities with segment. level. project large years. off are expectation active, activity level give haven't in to be

diversification increase we're up $XXX increase. Moving solar With $X.X segment to We XX% million over Infrastructure of $XXX expect our first full was our approximate revenue quarter XX% meeting is year capable roughly versus we XX% any this year-over-year. segment in the in our to our a was billion, revenue as of and Backlog year, for prior segment, reduced strength year-over-year Clean customers' believe guidance, Energy XXXX. the this demands. our million a in

solar While generation with we our we've discussed our strides focus, renewable our along been and business, infrastructure business business built. in -- we've earlier, made civil baseload great projects our has

turbines we installation some second thrown of had project For customer. recap, way our believe running lead in many success year. will hydrogen, example, we've now are both so curveballs we're on to this our our To project. class this capable and opportunities advanced utility and far this with gas turbine more These

believe I these enjoy to a significant strongly way reiterate opportunities that through I that to allow our we managing been we've how us with will in While long-term MasTec position want customers. challenges,

of challenging that, be philosophy half will around more at both than and growth buybacks we potential. of end our of shares demonstrate I think our first It's started back important light shares buy expected, to we has XXXX originally buying back to try second been XXXX the performance the quarter. In will that opportunistically. While margin note MasTec's to

were executed prices I'm of I'd are ago best been MasTec able a committed programs like buyback in women at As by project and to their position to share. of values women privileged an X great-quality years ourselves people's at for a group. men again a integrity, customers customers, example, and continued to success. $XX been traits honesty the These and stewardship, of and and our thank last to growth great MasTec our $XX, have of providing work performance. recognized safety, and great our lead it's environmental of we've our $XX such average men because the and the honored value. The for that

CEO had the the the see lot And over do last investment XX years turning I'd George, MasTec. opportunity a like also while to thank fortunate become I this to ago call community. George? feel excited of more I'm truly We've I the now to I been years. built to XX extremely to that and best over for quarter, ahead years. of I'll call what over over the and next George couldn't about financial the yet time, review. our in proud come, the XX be to what turn is lies we Before

George Pita

Jose, Thanks, our I'll well Today, morning, first as good financial cover quarter updated and as everyone. XXXX results our guidance.

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

First was levels. with primarily revenue quarter slightly our billion, results of our $X and at guidance, which higher $X.XX million a adjusted were above result EBITDA $XX as million, above approximately revenue guidance, of

begun worth operations quarter first a reflect to year-over-year accentuated number seasonally recurring has activity of only itself a our factors on quarter quarter make quarter our last project service services utility that and first derived agreements in initiated decline delivery first and from comparisons difficult operations. XX% fourth completed XXXX previously this with during including: with is As year. acquisitions; XX% power slow during expanded manifesting in revenue master costs; diversification the programmatic assess, strategy start-up integration XXXX is that the It the Oil of a versus revenue quarter, from of noting quarter first year-over-year and increase significant segment communicated, recurring segment. derived Gas results Most in recently our

We & Infrastructure or during the year's the non-oil will expect XXXX segments. that Delivery Clean XXXX a our in significant second expectation level. earnings Energy and continue in and gas Clean second communications, with This more and end operations, our half become during adjusted should quarter, operations Power accelerating Energy supporting exceed to trend our EBITDA evident last shift of the namely balance market revenue

March serve that performance XXXX. change precursor primarily expected approximately shifting will and and $XXX as project U.S. billion interruptions in in view of the investigation approximately As solar reiterate delivery Commerce regulatory To the in we Department we second comments late impacts. believe oil XXXX a strong $XXX announced into and regarding half indicated, our XXXX revenue anti-circumvention result guidance XXXX large is Jose's updated $X.X as permitting half The the of for XXXX by from million XXXX a is project delays of and have composed a million year, a in judicial towards as gas revenue. of of of caused result in second panel transition previously in a

be strength for of approximately XXXX. $XXX us further authorization price Board in our shares will approximately of yesterday, MasTec XXXX leaves of $XX In future Directors. $XX. of of growth XXX,XXX of average a resolved This both total in and provide expected support will open approximately We an cost share slightly million, million, we to with of from remaining belief under expect repurchase momentum opportunities, as our have these issues repurchased in

detail Now, will I some cover segment results and our regarding expectations.

$XXX rate of revenue. of First impact various deployments quarter an adjusted in costs of our wireline with generally XG lower was with Communications and margin expectation to RDOF and million, wireless EBITDA ramp the are This was segment revenue performance revenue X.X% as new for of this levels expected line start-up market work includes summer.

performance high segment Communications mid quarter the in with year-over-year margin in mid growth the We the expect accelerating revenue improved range, high to to second XX% in XXs. adjusted EBITDA rate

unchanged, ranging guidance billion segment annual XXXX adjusted annual $X.X billion, the rate EBITDA margin this with to and revenue Our to for essentially is Communications in between mid-XXs. segment $X.X low

higher the on the adjusted in Within second and EBITDA performance revenue half of rate quarter based XXXX, seasonality. expected we third expect normal margin

our Clean First EBITDA based revenue range. inclusive we of quarter slow project delays, with seasonally Based million, absorption. in project timing, $XXX second expected generally performance on to adjusted overhead Energy was quarter X.X% line margin Energy with anticipate Clean segment solar $XXX that mid-X% low EBITDA and margin approximate million, will the rate rate revenue. was with of segment This expectation a quarter in adjusted low on was

million Our investigation Commerce of Energy our $X.X the $X.X expectation low the between solar range. expectation, $XXX EBITDA Clean segment is solar high delays X% to project billion, approximately in to Department of panel X% is rate adjusted annual now from margin timing XXXX and inclusive in revenue billion

higher slightly the expecting and in based of expect completion on quarter timing. timing XXXX, based rate in seasonality while higher the quarter margin project project adjusted a slightly Within third fourth we on the levels second revenue expected half EBITDA

for once and should by While a we beyond the interruptions, EBITDA future the on adjusted solar activity expected of affecting significant XXXX and side capacity panel future lack delivery tariff power has the been XXXX project on wind are logistical demand renewable that believe revenue transmission XXXX hampered and and side issues is provide growth and resolved, are generation opportunities. that unprecedented, by

gas transition occurred segment our reminder, better support power as to last quarter, generation renewable Delivery scale expanded electrical harden reach to of reflect needs offerings service work compelling we capacity firmly current grid. including a As service customer distribution, and our to acquisitions. operations, renamed utility in and and service the Transmission which We provide suite a Electrical believe that our customers' XXXX to they to market, and geographic offerings Power from our the expanded

programmatic Delivery revenue million quarter mostly slightly recurring, utility in was X.X% from margin spend. of rate EBITDA both performance acquisition revenue. revenue, First rate. expectation margin MSA approximately and revenue $XXX Within and adjusted adjusted Power segment This segment, of $XXX services generated exceeded and for was comprised primarily million, our EBITDA revenue, INTREN, Henkels this

customer both our that Power will I in with As Delivery these EBITDA recurring anticipate first slight and quarter revenue MasTec's second We levels adjusted of previously a quarter MSA the approach acquisitions level revenue stated, rate. margin segment diversifying improvement second base. profile, improved stream significantly revenue quarter increasing sequential

revenue margin annual billion. in between XXXX to the segment billion to expectation rate remains low annual Power remains our And Our $X.X range. $X.X EBITDA double-digit Delivery adjusted high single expectation

Oil quarter our revenue, Gas XX.X% our of rate adjusted in EBITDA and was expectations. $XXX line and segment generally million, margin was revenue First with

this was EBITDA substantial a causing expected, approximately million $XXX decrease quarter to year-over-year As decrease adjusted revenue with a year. decline, the when first to last compared substantial

range the quarter and second improving expect $XXX with adjusted rate will million on segment basis. a revenue accelerate margin EBITDA slightly sequential to Oil We Gas low

EBITDA expected for permitting project segment 'XX approximately low segment billion, annual this to this judicial annual $X.X mid-teens. issues. regulatory assumes due adjusted million the XXXX guidance selected $X.X $XXX move and restart expected Accordingly, for to to to will our guidance margin instead Our activity, is annual to now in large and in approximates revenue that view billion XXXX rate initially of July

rate higher the EBITDA fourth to third expect levels in we XXXX, due the margin quarter normal and quarter as Within to the expected seasonality. second revenue half performance compared of adjusted

of approximately segment quarter corporate revenue. first were adjusted X.X% consolidated $XX or quarter million costs First

general Our X.X% inclusive ago. first quarter costs, administrative integration consolidated $XX.X of of acquisition a X% revenue million of GAAP, revenue and in year expense, to was compared and

previously process currently we is basis points corporate underway. and XXX G&A we expect to XXXX functions recently this for are Adjusted are optimizing while revenue. corporate higher expected annual approximate corporate acquisitions, indicated, of have certain XXX and closed annual costs to As XXXX integrating and 'XX segment costs

We efforts are will that these with we have third progress to pleased and with we date expect the be complete substantially our made during quarter. integration

the expected acquisition in quarter. and $XX level to incur of second a in the cost second approximately of million expect We higher costs with quarters, a and integration third cumulative

As mentioned to diversify increase revenue efforts work clearly in our customer generated our quarter results. I level of are earlier, our MSA XXXX and base through the evident recurring first

time customers For first represented been since our represented XX I customer single first consolidated more no have our And revenue. of XXXX of XX% than top XX% total consolidated quarter at MasTec, only revenue. the

XX% While our again might clear AT&T it's it that XXXX that Also, increasing exceed base XX% of compared our is possible total revenue XXXX derived utility from reached customer primarily recurring has significant the XX% acquisitions, derived And a revenue profile. total once is revenue diversification service ago. master first of quarter our greatly occurred. of threshold, year this agreements from spend repeatable increase to revenue of a from service type our only nature

up backlog of and sequentially record XXXX, approximately As last billion, we year. XX, $XX.X the March $XXX period of approximately same total $X.X to up million, compared had when billion, approximately

That quarter within single power our operations. we've energy be levels only quarter lumpy a that end delivery burn indicated at as for the contract come is communications, revenue market awards said, backlog occurring contracts each point backlog time. new off and clean demonstrating record this backlog into Importantly, and first represented years, segments, across as can in shift

with In opportunities discuss liquidity cash flexibility near-term maximize and structure usage. advantage capital our any maturities is will shareholder to full to ample us significant Now, and solid no value. working of I long-term giving growth summary, liquidity, flow, take our capital potential

at million under average per As in in acquiring indicated thus price slightly an share. in yesterday's far $XX $XX XXX,XXX release, repurchases we've approximately XXXX, share shares invested MasTec

debt liquidity repurchase trailing level. have $X We from the at with $X.XX leverage comfortable authorization flat defined equivalents XX-month less open billion debt, and in as X.Xx total equates net share ended metric. We million cash the and our a essentially approximately of Directors. billion, approximately in to remaining versus cash $XXX quarter year-end our Board This

year's quarter quarter to operating $XXX DSOs this for with first higher includes acquisitions, cash was total. First and the approximately the provided fourth which quarter, compared at We ended were first than million. recent XX by days XX quarter activities slightly days last consolidated

integration, of high higher that As $XXX million year-end first and flow $XXX levels our compared we down the will the second quarter. working forward increase second look before the and the third fall slightly currently We in XXXX this XXs, million, target borrowing XXs in DSOs again the year-end high revenue anticipate quarter DSOs XXXX to into acquisition and towards towards to anticipate continued quarter and levels when we expect XXs with approximate back XXXX of balance XXXX. levels. low anticipate annual to so will to to the from compared by year-end and to range we quarter fourth expectation will operations cash consume debt range will levels capital levels of mid- expectation, decreasing work by be XXXX XX% or that Within third that

of $X.XX adjusted $X.XX. and ranging updated earnings and EBITDA me, XXXX $XXX We XXXX sorry, with $X.XX excuse annual project to between ranging approximately revenue million, between Moving guidance. -- billion, to adjusted $X.X our diluted million $XXX

$XXX our is previously million to shift changes activity and large of I in into mentioned, the oil that As now primary solar XXXX. guidance to expectation project revenue previous related from and our gas expected

over the As expense share Federal I also will short-term incremental recent borrowing forecasted actions. rate per from of includes the later, view balance of XXXX and share higher adjusted discuss per interest Reserve earnings approximately from expected $X.XX rates diluted adjusted

of quarter, of $X.XX. million adjusted with per of adjusted share the revenue, For billion, diluted revenue expect earnings $X.X $XXX and X% we EBITDA second or of

$XXX expectations million, in this for initial approximately I net expectations, As with We some reflects for we million an spending XXXX at to cash have our modeling CapEx provided XXXX leases. briefly anticipate previously additional XXXX CapEx $XXX some level will be cover investment segment $XXX under guidance purposes. now finance incurred And million additional acquisitions. color to annual regarding some

are expected We rates interest our actions Federal interest to to levels expectation higher Reserve annual from million recent both during short-term revising incorporate expense for XXXX $XX and XXXX.

share only and For impact is includes of XX.X this count shares, the million share to modeling XXXX estimated repurchases date. purposes,

a expense As if repurchases, the borrowings. you reminder, additional model also additional consider interest of impact share

We that operator This prepared lastly, expect annual now approximate revenue. XXXX annual call X.X% expect tax to I'll our to expense million, we $XXX Operator? the adjusted turn depreciation income XXXX of And the XX.X%. rate over for will concludes approximate Q&A. remarks.

Operator

first [Operator of from Instructions] Our question Justin today comes Hauke Baird.

Justin Hauke

Great.

point? then solar that's work. MVP, fully at did you impacted that makes So -- on today, this XX clarify, want you the pretty And the into first take and the to impact stuff the appreciate there of of I and it, that's I to the flowing just what said I that's is color the I all, that maybe were in same backlog backlog, expecting? MVP $XXX work pushed million That on you out thing your by that, not only there's did you solar was 'XX backlog that as of previously that issue. missed tariffs, XXXX, $XXX solar But on million the is of through. clear all the have but got and it since the think million in months mostly $XXX that

Jose Mas

a So couple Justin, things. of

verbally got or a jobs a backlog. in been going negotiations solar that either -- them without side, awarded we lot date, that we've of start the in On we're put not currently to we've

XXXX So the the to we to expected going added perform backlog. be of balance that work was in to

of of backlog out be is add XXXX. an made to we actually The going ever was nothing completed is that we in any actually other QX that We start awarded projects in understanding what expect So yet. don't for have kind backlog. date it taken stuff didn't in

have done no there projects that was backlog that being been from than impact that come awarded negative in related other would XXXX. So would the positive have to issue, to

and On we it Mountain we within period from expect backlog complete did the not the oil remove gas view. side, pipeline Valley as the our XX-month backlog pipeline still of to

Justin Hauke

low on I then, And oil my in of right. at just wondering you talked no large about there. and All a I'm just that because the is is revenue there's from kind Okay. projects question the this guess on gas, the a that for where that the -- least higher to if mid-teens level, level second and standpoint -- you otherwise is margin? trough are Is margins rightsized project at a trough under-absorption Or EBITDA margin? is would were to there MVP? that margin? be also that if of kind the Or margin, stayed you in this

Jose Mas

I no mean there's we're question, right, absorbed. under that

feel think Based of what's the market considerably. -- we happening customers. XXXX activity I we're going improve is in irrespective on that this across the to year, that we're seeing our all of

sentiment it months was than is ago. the dramatically I think different today,

lot problem takes to of get The are in is that projects a queue to from construction. it them there think queue. time are that I

able Some get and of it takes to delivered. time order it is to it the just pipeline amount being of

the to to back better. today a a fact work So And people we're that to know lot we going expect XXXX. thus, 'XX to be be able of put we're lot on based of incurring costs that we we've a in lot got

margin that cut If more projects that future it's think imagination. So coming, optimized definitely we would costs stretch better, a not any we see be didn't have. of 'XX didn't already we no there's if we would than profile question is by the

Operator

comes Mehta Sachs. question of Goldman from next Neil Our

Neil Mehta

have there approached aggressive of how repurchases the through philosophy historically the about of thanks balance continues a about volatility that was your the year? color question you share good first the that see to just repurchases, you you an for and market gave can the to And be extent opportunity market the and around around the little color share team, George, given you bit talk recent guys. In Jose, stock here to performance, is it? price

Jose Mas

we working 'XX earnings our a know know it. was be expecting to for what going right? It's business, consider, when aligned and at and we be just the transition the to take frankly, always of the -- that pandemic And quite frame, look value only an that it But of and internally, the going something We we year. bought on longer-term positive we challenging out longer felt we opportunities, able shares course bought we obviously where this $XX. future at we right? the think to that them And we we in years, created a at a We today, lot year. really that. shortly isn't profile we'd that way We we go that misunderstood a $XX. we done things is the So term, either think something the lot opportunity amount had always the that shares In of or were we over feel during a enormous is there's value seeing, progress back think think beginning do were that if we what we at about year. really many can of with that we 'XX, we with XXXX, 'XX we're to and to us buy an be incredibly shares the of we coming right where thereafter, you because when what were then same think, we've of -- think time buy story you

started and execute to is we it's profile where is plan, So to think that feel be, our earnings dramatically, back shares. we why that on relatively the change and perform today that's if to and going cheap buying stock our we we going we

what I to we of happens, that's the philosophy. capacity jump business. lot right do have think we the extent a So market. We'll for the what to That's we really And ultimately our capacity, into is see of think when right?

stock historically, again, to relative really allocated So investing it's we to what's We've allocate opportunities we at look and decision. at have, opportunities got capital. that something we've We've have look price there's the feel organic disjointed towards we look to growth to when our that a buybacks only ahead. see buybacks. got I out we potentially the And think at We've to in got about inorganically. there

Neil Mehta

is investor follow-up morning. an conversations the Jose. helpful, this That's I And guess

weighted. guidance, the One marks is of about question year we it's very your back-half full as EBITDA much think

And questions what ability confidence around to Can acceleration? that, relative market the gives the about guidance? you to give XQ so the or happens see to just back and always when a XQ in number. the to more EBITDA that what you about around relative little confidence And execution you hit there's get color half XQ

Jose Mas

spend of we made big time really that. guidance. lot haven't historically a adjustments to Obviously, we going through Look,

cycle. took a on. very it something was of time a We this So looked we We seriously. at month-by-month on lot that spent

be And quarter-to-quarter financials, going for able evident I think we just that. to had starting. to second looked it to attain April the relative we're we're things as comfortable, guidance were of happen to in go be the the be how we projects right? what So things booked. us what quarter. as to we we know may but by. June us, May will moving wasn't to have part to for second -- our projects but We feel a it acceleration months what we see release We I internally evident May, know at June, us It think our that from not to July, to of incredibly lot

to was the and which more more XXXX and that. as can't of have We being the be us. about what we second in revenue We're a importantly So to and look to what more part balance wait growth a of we've we're think saying and of like And going get shifted proud pretty from think the very a stream, to term. time, good of business half EBITDA and half. the what mean long of margin more beyond outs our noise to a year second level will transition year. And demonstrate can much to the we've I of really being diversified We for in it's state oil excited of a think a of very lot a profile we people in as confidence be has had that we the will that look the going to gas, earnings we and now this at ins the and ultimately, the long fairly related got right? half the we knew a been plan that what importantly, to -- get business for high good year all for achieve normalized this without means what that second the

Operator

from next Alex comes question Our Rygiel Riley. of B.

Alex Rygiel

And really A congratulations. Jose, couple nice quarter. of questions.

a coming First, with of MasTec on can majority I'm the next of I but you've years? such mentioned new that Can of positive in a communications. here we here from the expand here of number of revenue to top think a reoccurring. couple customers for new And those and next years. charging, within X carbon excited what are base that X us the business next sort at you over of opportunities What it's level EV sort upon opportunities not over actually months, about layer of see a is growth newer maybe sort big of capture to of as some X the some

Jose Mas

in to it's being We the it, think of happening the when you Sure, going you they've segments what telecom, done. differently mean that changing, and one doing, both on the expansion saying of vastly when part of -- in been opportunities, are be When each from different plans private in the The than We traditionally they're new impacting you single service these industries It's power perspective government serve, course every how same what's how is network power used. future through be so in delivery, it dollars businesses, broadband are are them the the than transformation of incredibly look mean years, perspective, it's created And XG the are I viewing amount that much totally term to pretty about to the build we've seen is touches of time long -- over And the number right? the last thing going a could I the anything an industries. is imagined. businesses going we out world have luckily, see their power at able we've fiber far a we're in Alex. to this how get And that right? ever plans, an is offering all. to energy our delivered, power remarkable right? how it's anything are invested us and by generated, exciting keep we quite country, from all think that beyond of I the before. guys a are chain. energy

that done, not revenues increased the only the traditionally being but enjoy think we all are these going new created. work for to I services of are we've of So, types that

street. is of I think to power traditionally the is backups, easiest battery baseload we've see what much in happen, to to anything being battery in to totally bridges think the about different our vehicles there's a of happening When them what's on so we've in roads generation. everything people happening electrical the things have the different one renewables happening you than Energy it grid, to with really done. and understand for But because that business more than that's installed is seen to and from lot grid, which, and the what's the we again, historically technologies Clean Infrastructure all

have areas one important in dual-sourced understanding is a I privileged burn going are to engines opportunities of for offer think think, to our many generation going to some the I going every of be is hydrogen, to an for forward. And that so to of baseload These us. absolutely we're and are new growth chain sort of tremendous generation new huge going think, found are touch customers that these of how gas part there's that. going different

incredibly be part an different So it's these time to just of industries. exciting

Alex Rygiel

you be there be the lastly, whereby in complete come X how of the your to it's solar these then you you complete still uncertainty conservative X solar for some may opportunities to revising and Phase then were in X And the months phases and projects do in panels? you guidance back or see market? And later

Jose Mas

answer We've try yes, got the a make that right? think is make to -- customers, some financial latter do able right? the question many the I especially costs to This to the they're development unknowns of having those the don't to have they issue, decisions serious to they're those jobs that to right? incremental They from capacity are is along. related having so part can, that, and underway, be So pass that to best aside it projects.

could I a doubt. lot slow So lot noise. it's the was was going our a it. there until way don't is This think through A figure there lot to of is isn't I industry people certainty, down. the first, of think at -- -- industry There thought of

because now, destroy of the it's tremendous decision. coverage. gotten is, to going Energy I right Secretary we've think in that, Department think I I could energy And of whole It's political become prevail. Biden's to out pressure, has think some that a on, I think critical Commerce. And football. very I make thing thesis. the They've recent frustrated Commerce The a the be think think Commerce. good political to decision. and on sanity There's to put the pressure of there's This is I what's with of be days the last quick going they're of Department letters weeks, last be few feeling in very a lot of going the X here seen

this and And what all look, to on, ability So was, back going going think today. spigot I it's of We're level going demand. think turn in favor, the come best we're be guidance, to the So this some amazing about that to about these I could the conservative challenges to to approach when business in and does turns everything things is that be doing able guidance think how realistic right? us. opportunities. about hit hopeful to but that we feel of a provided it. mitigate guidance taken the we realistic, we're talk our We good are we've think to to of can and them we I our front ultimately, the there conservative an saying how the and react, pent-up going going to think back. have is to it's a From I is question we fast flowing create of it's of nature decision to everybody the does is drive incredible market what is Again, -- amount

Operator

question is Bianchi Marc Cowen. next from of Our

Marc Bianchi

prepared heard backlog was solar that I the remarks in think million. I $XXX the

the projects Can you the Or of that there? is? it's the another? kind rest on backlog And of XX% risk? those talk types are one So wind? like And of types about backlog. does what's it higher what margin to all would difference the the what Is of in imply projects? or execution and lower profile relative some what look Or then relatively of division's

Jose Mas

Sure.

diversity about So the for we've time. we've I in talked that a -- mean long segment

civil is a it's a foray that's incredibly thought years huge lot a that I that's since ago civil industrial done averages Wind was primary business, our it's about we've that play -- business our been made business. coming segment above performing building now, the talk infrastructure bill. That's of The their the got when I behind think side an business. seeing. business was which first a we garnering say the attention. us. it. turbines strength And performed and revenue is what utilities, I into really It owned it's job class installations we infrastructure of infrastructure and called when of of we're on a great It's think baseload future started. really amount across our driver advanced grown generation lot. It the was well thesis We that with probably business. an piece a predominantly of and seeing -- the of what component. think lot about Again, is enormous we've source we're company growing of been was huge and and But X.X for that, of acquisition talk a the we FNF our of market. still that really a acquisition for a we They've bridges. the really works a -- I It's roads the where that

this I cleanest form baseload is generation. the think of

a runway business. involved in built with ever projects able we're first in revolutionary. think going to be the of think, And couple have I do us us terms country, ultimately it's give that I truly tremendous in for this what a to to of been

within next of backlog is that X get of done within of it the to It's all the say those components. I'd we XX lot XX work composed the So next expect frankly a months. months,

basis the we've the of that revenue thesis laid that for So really out creates and it a lot today for business. targets

Marc Bianchi

in I Okay. guidance right, of if the single to for that by the ought digits up that that that, at we interpret to thinking that's be how you right time Should that's of And high be getting 'XX 'XX? should there you to And into set in the we sort level be fourth margin quarter? does am get you the kind business?

Jose Mas

And investments that's right? what we've that -- talking long within time, the our we've made that saying diversification different growth, been plays been for industry. our about a in We've growing those

going you're half. think that I shift see the a in second business margin to huge in

you're think to And I year perform on 'XX. full in accurate that profile So a on that your assessment. a strive basis margin I we think be will

Operator

Cook today question Jamie Next Credit Suisse. of from comes

Jamie Cook

my should I to -- then be about given thinking I about Jose, XXXX. same potentially thinking as about degree And [indiscernible] creates better XXXX? questions starts business, of year, that think it you're the volatile we fairly while think time, to At would the over guess to a I and you guess that's mean, business degree question, delayed what just the in second as what time, this the additive business we're XXXX, strategically cyclicality? oil risk and earnings project more just what and getting sort that to and X cyclical [indiscernible] business, do it's projects, gas stops

Jose Mas

Sure.

say couple think I So of Jamie, things. a I'd

upside, we've when cyclical, and cyclical that way us it's time that the all the First, it's from I owned nature while oil the argue had since been of 'XX. to -- gas, business the a growth business about to the dramatic that literally, think XXXX for it, mean frame XXXX, I'd we right? from and right, 'XX,

amazing and climate we dynamics this change, I importance were that to that been an going clean run. that a the the expectations I around been of realization pandemic, had gas that of business, talked it right? think power think were of changed, So The also country, change to goals business business, the energy the has drive everything that extent. fundamental the question right? of But all seeing There's a is since of that being -- in that there's about. baseload think definitely there's large I no

I the and the for for the is all around happened developments Russia export have the in world. need around gas U.S. think recent natural LNG U.S. positioned that the the and the of with world, and Ukraine and between potential that to

has sentiment changed. radically the I around think that that business

is that back historically and level think right? excited we don't has right? lack that adds now hydrogen back billion. peaks, lot to about talking -- of you that it, will happening pipelines, additive. a it of definitely much still think unfathomable $X.X have to but a we're ago. when long going that about coming of probably you And carbon the of time, We're trying level because And level are something for over we're be capacity There's that start year pipeline ever to a reading base that hide over think talk technologies need now when that's been you very about articles at We that you the in pipelines, which to really the think which new period I more would to healthier market that that's a of time. a market will sequestration bulk top I than the at and know will to, with pretty that, that that that that, at it business. I On level what's a anything think sustainable capture I be that this throw get be the it's of we've been and about going not think get today. to that it performed is

is think so business those converge the pipeline. into than I more historical of going the to activities types

to there's pipelines, all which period pipelines, to still for be time. think active, new historical You're these in they're a I lot create going gas of on very and time in you're active a a going building right? a also point working of period it's

over in our And my it's one at values and today which option with at this tremendous doing give I the stock. us think, we're being when almost market, point, what the leaders potential trading about the term. think at, perspective, it's of that from industry, So value long the you in just being industry

a of do look, relates on it goes, MVP got left job. be a going MVP, to We've As when work lot to to it's it. great

is Our even don't I obviously to assumption it positive when build that in in at have know We're go. this it. ready would it this impact ready that at will significant it's point. point go being think 'XX. baking it to we're mindful very the about a to 'XX, customers We

to have terms I the project ultimately it be they by we'll of a have ultimately and project. there that the think all when steps build for in desire their that to taking they're confidence do, them. they build We're encouraged right successful to

Operator

question next Thalhimer Our Davis. Adam from Thompson is of

Adam Thalhimer

quickly. are in expectations really clarify back for delivery to What caught wanted that. I the just Not power I the margin the half? sure

Jose Mas

lower a be it what first half. in roughly, half margins little XX% will roughly full expect Obviously, bit the up we the So was, in second we said picking year, the of for year. the

and the then building So it's from second Xs there. low quarter and in first up

George Pita

being about talked the digit for We to high double Adam. year, digit low single

bit with continue quarter, we more half should the above So year that it the seasonality a little be of profitable. expand as second will to particularly in third be the

Adam Thalhimer

said Okay. comment what made through Was that into said you that carries margin you somebody where a question that power delivery? 'XX. you And is else's -- to

Jose Mas

to it the energy, because clean our in questions half in digits second whole the Well, about year. margins was are business, I more the be were single clean the I think -- earlier high right, should energy think of going right? the

related on what think was that it. to and been the doing it I year full for we've basis historically question means business a that, to relative what

half first of margins. in we're a to 'XX, going half are half to are in going 'XX in first I'd high lot utilizations the period businesses where same, right? shift argue and should I compared 'XX seen. into for into time of fundamental that that versus margins But of look get I it think really change business well high, So to we've bode think the second absorption really there's what going 'XX a a is our

George Pita

the with power that as side, have and Henkels with things and opportunity side say do of we've on And Adam, we the much done, advance would INTREN all margin, the our operations X.X delivery that this things Really we're all at on the year. should we as that expect the I we right? the as combination top -- with to opportunities would think and X.X, into some certainly this that rate are to happening the grid and really come we the spend, run 'XX, relative of with the move grow leverage. kind We

Operator

Our of is Andy question from Citigroup. Kaplowitz next

Andy Kaplowitz

When and supply margin difficult energy been, you look difficult costs, how low delays business headwind? is continuing to range deliver today then in deal how with ability chain And year? stepping high gave at inflation, chain thinking the that solar, well overall supply has high labor the are MasTec's clean maybe you X% to current you back, guidance the Jose, to environment, about as as the X% in general how it for

Jose Mas

Sure.

it's we think than going lower margin expectations I look, the in. So had

out, because of tempered things some business, it we've side the of think those the clean some issues The shift I deal with. you've to the a of bit that of So little right? on had laid energy we've

low we're feel significantly Xs. So quite better. believe we We excited about high frankly, and Xs, margins should those be -- not that

and a run in that's out that the should rate prove We the of also towards year that demonstrate digits think second high the be full that a basis. on business we'll half single

We're happening, and we issues immune it's suboptimal across costs, not are for that our out. it. the they're When about the of the reasons our think think again, to of just balance they're it's inflation, So whether and delays. We're laid labor of the seeing we whether lot still business impacts it's suboptimal a whether business. you material all

of with think of for benefits that and we we're advantages going the perspective, working the they a think doing. that on immune from have MasTec looking know I not But to customers, as one it. to think solar. And of companies out, customers are again, the of I MVP, with going I a lot their that that range as that that can it. of those where we've on it. time, because takes we work customers it And to say we get of we appropriately we confidence as it when of to expenses I there's they that then And one us, of everybody think Everybody with that work been the is that is and customer it as have, laid part can at working we're guidance We're lot having right, have to get a projects and time can think to it issue, for and a of look are I same part allow really hard if amount rely I those part well. deals the we it from understands can complete you something, and is we there's our real for labor ultimately a but scale give and we're don't us done. the for pushback people we our for think sees all customers relief right? compensate issues, do

Andy Kaplowitz

And how so you're far? been double surprises, to update on low-teens know medium-term Henkels, or $X.X digits I business. overall billion the Power maybe you've about for integrating give are Any then an Delivery billion thinking your positive margins. and as us negative to $X goals

As you've level? get to can you you're really seeing ability about that and gone to to what the know talk the business,

Jose Mas

the seeing we're seen that the been subset surprising. of us have we've because think One of level that of and grow somewhat continue to see our interest customers I X things opportunity it. is to

our more to we look the the had we are be at that So, as above going margin the I better anticipated. we margins have, company we primary to the a segment be to we one able over well, we're almost anticipated with great drivers within obviously and the it's a second line George profile at look going we good think that than it's business it then to probably top that probably opportunity ultimately, than ago right? challenges I average business. when total -- opportunities that that we the And business think of here is grow -- It's opportunities two, just long I alluded it's long-term think ahead. story. that of It's one So think a think, margin term

opportunities, be So We're with. continue to engaged and excited wait super to and work again, we a about great performance. business the deliver can't to their at improving

Operator

question next is of Thielman Davidson. from Our Brent D.A.

Brent Thielman

it you ramp rollout of ago a you I months second did to your feel a that here like should I the that? clarity to are customers big And more just were few in in communications. hearing you terms do like when have guess that mean, XG? Jose, sticking into pretty see looks you're than half what even for you you view from the up guiding

Jose Mas

which the So by think first expected to right? dramatically half. half guidance I been customers. know by hasn't second it build what why We the Look, changed, changed, know in constant we've We with don't bigger than always know it We has be our We site. clarity dialogue is month. their are. plans

about good have I and really strong in to what we concerned I supporting second that. really that's our is about like playing half. think exactly how issues chain, obviously, out think -- we the we're supply that's and where for looking be very feeling going trending and view the think don't a material been it's

Brent Thielman

Commerce the to to you approach and are going do issues different Okay. here? jobs I'm from backlog a taking here? approach And just curious just How you there's to wondering add then, Department with you're from -- Solar. different a if

Jose Mas

Yes.

going they those are really customers. expand backlog market. that deliveries? from? that? not. committed I the an to decide of trying project to Where that with project? into without do point, continue coming all are customer start, I goes to the our tasks does We're to to panel or is we Are on work think account how start, ultimately the to of will to depending mean? have going right, that going how panels think what and the to there presence Are view the In have when things And to what at meantime, understanding into is our we're they're to how they it's continue this within to going So going panels take

all I to for have it's months, is industry think few of course long to But the we're next said a over there's out. the a the no solar when that and great business very done, shake going time. going question

players others some there'll be some think around are that that I and aren't.

think to term. it's be to about So that really resources as going long where commit of be your mindful important you you

Operator

of next KeyBanc. Our question Sean from is Eastman

Sean Eastman

doing well. well. I'm I'm doing

the because as second we even Just I'd bit just in terms quite the still get coming O&G the on have it half, with MVP to first bridge looks like up both there margins? more big back color segment, like could to of the half to little the into just being from revenue much and jump pushed color out possible a as XXXX. a

Jose Mas

Look, right, is business, we left have more in that so what seasonal.

to XX% revenues when quarter quarter, So the we of think QX. about from we grow second expect the versus QX to first north

and some just QX at end then down the probably to that the based lower from on slightly in QX, have patterns of the weather We than it QX again will come of year.

be we've So got of will we'll rates I they've revenue dramatically bigger. are trend we and if Those aren't most into demonstrate accomplish to it gets in that QX the think what work I albeit really a And can think have than it's been that in been, able much in radically growth, pushed don't workable. play growth lot historically months think But that into well what those been our changes different QX. I different. of kind that lines

will QX So QX that's it starting being a our are lot and because best, got will that We've our up drop winter in with again strongest the and our and QX be of projects then now of quarters kind weather of expectation. QX.

QX think margin for So perspective, best quarter margins is as well, quarter And slightly QX we is. will nothing less grow. will you're QX From good see then really similar it although a QX. us our it normally be going to usually than as there. into be unexpected as I margin margin profile a

Sean Eastman

business, clean And in leverage in particularly drilling just the energy. Okay. in then the in communications operating and expected on

expanding there? Or we period? I been Over go has getting we a drag through, expanding the still footprint, of over training, start a of ready ongoing on the years, as Where and comes growth multiyear year, an to for X ready past is process margins. this that are hiring, see are to sort mean, at the really sort leverage? revenue capacity, we'll

Jose Mas

Well, things. a couple of

begin you see think of I time. efforts of long fruits period a your to the over

to I substantially think are versus this last grow they year. So were where year revenues going

think about revenue the as QX optimal don't progresses. the numbers, you'll think as I jump of still right? from laid year I don't day, pretty I at the resources. we got end guidance we've that growth out, the continual it's We've see I business. we're -- think a adding to in QX good that think

grounding are it prepared term. alluded still We remarks. in that I and segment the being exist in almost and -- we're that think opportunities we relative -- We're to our just longer to opportunities

nature, the to the a public very going a We to in the that we're long a is only kind already extent and sliver opportunities keep grow. opportunities the to on to or is, Federal The had coming huge in are to that to that the to So going very, going are be into term date continue space. the cycle. what's longer impact small continue of going to invest, seeing the we're of extent the that dollars This reality we're dollars touched business. really

So size -- really business, is to going of this the it what going if market be make dwarf these mean, to and I to the dollars today. is field we to ever the see

think So, I there's still tremendous opportunity.

we expect and much push for adding in just year. the do year. next I half seeing cycle, stop expect going of versus long-term what than the I hasn't changed. those training. couple think be last margins do while. costs manner in that improvement that think you I a improvement we business more in or our how growth. that where the why to the think to With business it's position how absorb a of us much But over in balance we're said, a we'll able see been you revenue you be I cycle think profile year, we've a I second of But much margin the So of are is stop we increased in in that efficient expect to do years, and to allows still in And this course resources margin which improvement don't in think the we is we're invest

Operator

from Noelle Dilts question Stifel. of next is Our

Noelle Dilts

that how I bit at point So like those backfill projects the in at I availability a that could could projects some tight would there quarter, of there maybe give limiting of a pushed of last out maybe and those doesn't some the that an to update we of start, perhaps the work Maybe full million delayed whole sounds just or happen. that this factor forward. just on have because still $XXX to MVP, moving some of. thought us the And it discussion million getting $XXX point? also you it looking like Is was seems even first, you're as might if like be just of On thought construction clarification.

Jose Mas

Yes.

So with the first. part the of second question I'll start

are -- projects an projects the obviously think trying people do I issue in impacting that supply fashion. to expedited chain is

activity some in chance there is late So there a for year, to hit the is.

we take think of it's to as view a risk, try been a think as MVP, that lot we about we can. because so lot We something haven't When still of there's we really extremely included a that's conservative fluid. obviously

those the And we've that So what on know answer point. that got up ends being a will I understanding don't numbers truly full taken hope again, we've great look but XXX at this it out conservative, like.

it we So took out. all

Noelle Dilts

then, again, I to Solar, commentary on guess, trying And yet opinions this across extremely the market to just the for solar means what I'm seems it. back going and to be got what group. reconcile Okay, mixed contractor

put if maybe to a the curious, So to cover up bond I'm like willingness about the but "Hey, customers panel developers? with one, potential today seeing how you're reduction, or treating trying Or and to your this to differences from that guidance sort that? And are versus this, of are customers we're tariff any talked you in sort calls getting of utility-scale you sort something saying, of solar issue just of ahead smaller XXXX?" pushing just projects are the you get out then

Jose Mas

but it XX%, for talk I and only logical market, think can -- customers panels ourselves, of we right? about deal you have with, cost I that potential a those makes you that about so the of we think an sense, project to are escalate for you right? when by Look, X.Xx. think guess, costs for When enormous north the the

selling do that is can there their the power after developer number. country into price So certain they've on model especially in a that that no retroactively agreed and at

So there. are willing some When I of think other, just difference what that's is logical, right? a you kind developers play out take risk to versus there

its there's this. definitely difference between been this that at pending been that think versus put end of I projects a is hold a towards point, have outcome starting. the project on have maybe There

look, take better to August second going and get a in resolution year. can going a the the are you half things be to think I that, view there's of in

of view. know I view. logical they the there XXXX didn't NextEra year having 'XX. what talked what about gigawatts potentially year. very decided moderate risk years. think that like positive come We in second see without the of the X that's we outlook based kind the We a that They've half today through on We take to could to very changed X have out their is customers been of haven't future The vocal. moving into of

We're even lines will which time we're I open cycles possibly with interesting will all laid year. look, is be. as that construction we the more that the risk. approach their But contractors to the to going compress, are for I laid But to out it out we compress, of follow all best We've make to where can think as being means able it's just be like that So going it us. think market potential the for We've issue. the I together. today, way think

Operator

Lewittes comes from next of question Our [ph] Avi Yara UBS.

Steven Fisher

Fisher. Steve is This

we've -- especially so commerce a the investigation, Noelle heard of timing. out similar of this what the So around implications to coming said, number

be of it overhang was when on said supposed wondering unseasonably. you XXXX know big for solar I kind the expect you MasTec speed So last we see guys as impact of to for quarter, this just QX you should biggest now.

is at So now is looking still that way? Or risk? that that

Jose Mas

Look, mean, learn It's the probably in decision. will XX. preliminary we investigation final August a a by but decision, the will August January, ultimate within decision the be to in whatever I come have has commerce decision

away post come. very what will on investigation sign that, get right August that impact and investigation ultimately we're have think But this much think I to So their of headed be the from a answers. to it's good what months happen a of things is not or to few where the knowing may how have I an There going that is to on be to depending business. finds

you to -- has yes, if all everything weren't make quarter, world impacted, would As the that projects, countries XX% are even panels good been it sure the come we to involved. in countries panels the The to problem their in is other relates buy There projects X -- again, developers right? where over can So it's those projects from it's panels. took that that that only of their they're XXXX, make that thought that we time are sure delayed, countries. start X the second

in trying American waiting the out panels. new chain But using lot most securing either there's supply happening out are today. figure So a this by manufactured the to world panels, developers investigation

for of available So things there's end the panels of U.S. lot the happening. right? right, moment, an issue. at noise day, It's a lot the of a and are But the of the to majority

those laid a think on The guidance know resolved, on not what we that's we so what's We feel but million $XXX bit time of know communications about. what We And for great -- out. are. there's I is perfect exactly us. in that going So change why not they're until little quarterly to we it's jobs And have projects that the the represent with We've got we've us, issue happen clarity guided dollars originally frame great from perfect solar, doing, same thus, clarity. the those doing this customers. to exactly they're that the it.

Steven Fisher

of And that thought. Got down it. line just continuing

that that business? million out $XXX Like some energy offset Solar to around maybe the the to for offer able that you parts this thinking So year, you able through of you're after are clean other to cut? took some are upside resources move you that of

Jose Mas

accelerations took quickly I So work not a mean, people? answer if No, The industry. the -- will our energy it we to be we're we chain based right? chain Reason took solar that what it on the just are there built in from -- other we new we by did being labor anything for right we But save is, is It's opportunities again, seeing today with in The that this amount. out, it where our yes. is look, in environment model where use clean our guidance the use no, labor is project different business. revenue supply with get the lowered So we exists project the supply that in -- to than sits, hard it's right? it difficult. from some and out have

Operator

that's to to and closing hand the additional like questions Mas have any I for the call would today. we remarks. over Jose Ladies all time gentlemen, for or

Jose Mas

again quarterly Just us call. look you everybody on for want forward to today, joining and we thank to next updating our

appreciate being today. us Thank you you. I with So

Operator

participation. that and Ladies does your conclude thank for gentlemen, today's conference you call. We

You may now disconnect.

MasTec (MTZ) 6 May 222022 Q1 Earnings call transcript