MTZ - Earnings call transcript Q2 2022

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Operator

Good morning and welcome to MasTec's Second Quarter 2022 Earnings Conference Call initially broadcast on Friday, August 5, 2022.

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

Marc Lewis

Thanks Christina and good morning everyone. quarter call. second MasTec's to XXXX earnings Welcome The harbor the for is made Private the safe pursuant to forward-looking XXXX. Litigation Act following Reform statement Securities of statements described in statements today's that regarding In future and where the plans trends results, may we we make operate. MasTec's are such as communications forward-looking statements in industry anticipated certain to based These are the the of subsequent of broadcast initial call knowledge. forward-looking company's and day expectations statements this 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 today's underlying one of assumptions call. 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 financial we'll press today's by yesterday's in schedules. adjusted and reconciled discussing release be metrics supporting management In

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

Jose? get to Jose now I'll call turn So going. to the over

Jose Mas

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

levels announced was adjusted $X.XX, $X.X $XX $XXX First, backlog at for earnings quarter EBITDA end was share quarter acquisition quarter and record our call level. billion, some highlights. On of outside typical or that Revenue for week, pass escalators. adjustments per was our the with and IEA adjusted getting experiencing with balance pricing we billion the a cost to was second challenges million, mitigate last to on limited customers increases our we of higher talked the generally were about year annual of the ability

was cost in While fuel margins pressures. inflationary the prices quarter material second labor with negatively by guidance segment. coupled in impacted MasTec Increases was in line, have and delays quarter impacted every

But future make areas impacted we the responsibility margin it's to ability be to understand the loss we're segment. quarters, our a has significant improve improve, in Energy understand understand understand a Infrastructure profile now making To had with it's in some addition of underperformed our and can our had. EBITDA confident the and and segment we've of a beyond, quarter confidence I where quickly trying by have in able important execution full significant being to earnings. the not that in investment focusing select issues are In a potential I'd excuses it's to XXXX, XXXX inflationary the improvement we've important The quarter. of we a number our start more To and for we have clear, break earnings for I'm like IEA an showing segment. why the to segment how on so meaningfully addition the for pressure, and of It's the segment that Clean second are need see we detail. also execution where business issues to underperformed. our to for take down to to

for has negatively XXXX, issues our others control circumvention previously revenue expectations direct of market like purely projects that same it's financially. investigation, outside our While get we've continue the have solar to been been discussed been some worse have and execution-driven. which Unfortunately of solar the the driven impacted

the certain cost As exasperates we business, to with of projects, we're we the losses. have cases the rework portions to our get escalations these dealing see some across end same which us required which further in

As we break down divisions: think Infrastructure it civil into Clean about the and three segment, Energy renewables, industrial. and we

to problem EBITDA industrial business for full a the industrial be losses our year. margin projects is and Our the rate at and renewables civil have year-to-date Removing X% performing been business. in is revenue and our expected X%

XXXX the go-forward absorption, expect renewable as into these levels pricing have the cost pressures improve been previous market, margin impacted solar the delays built to civil we've levels and cost experienced. expect these margins and With We material the and both overhead to negatively pressures of in the investigation, significantly profile get improve performance. to single-digit expected and high growth back we this of by

been efforts improving fixing So business. have in and our focus and the Industrial

what we mean The in like industrial. first first are I'd question why by define the we to business?

solutions is overlap services. sustainable is we on where this MasTec focus empower considerable there other Our industry with think

For projects. example, the advanced industrial natural with carbon and of burning of hydrogen, gas projects ability capture both installations turbine class components the and sustainability

performance, and be those has will well. of which in our industrial and project projects, two completed approximately performed a years And excellent built will were Infrastructure mix both developed $XXX revenue Clean segment be by financial our majority with Despite the of in XXXX, great million relationships. projects Energy problems Our the we've two ago. bid of the outside in year-end. our projects, The balance over resume

cost $XXX for next have forward booked look on million more our projects to XXXX, in we having already As to contracts year. mitigated contracts, industrial shifting by risk we plus industrial over cost-plus

is process to intermediate electric be per material these transform that critical nickel, back One to XXX,XXX in facility take mass to scrap battery year. that first battery will is batteries cobalt battery materials lithium and This an battery-grade as kind, be metals, lithium. manufacturing able returned containing projects, battery equivalent lithium-ion will to end-of-life facility into a chain. black and of its vehicles recycling produce mass, to The a black the valuable of such that supply facility will approximately product

gate of the losses number take the achieved, well endured us have the of advantage positioned While very to organic new better a opportunities. in we'd we've financial segment, obviously have we've within like the market the to growth despite of date to out Industrial performed mostly

billion the Going contract able forward, us as and we our coupled to margins, high Infrastructure XXXX segment, for of that market, new the be Renewable proves about revenue conservative great mid single-digit going think hope of the discussed the previously business, our in segment, both potential confidence forward we improvements performance acquisition our at to Civil Energy our in in EBITDA and and to in and that gives expected C&I the projects with achieve in and of Clean legislation. being $X target industrial light energy structures in IEA

on Moving of to other our business. parts

segment the revenue XXX million Communications. and growth the segment quarter. in were our the of and Communications second revenue of up quarter One of was basis year-over-year points Communications from up XX% in first was our highlights $XXX XX% sequentially margins

and to While show covered Fund of start we've growth RDOF, infrastructure Digital all at see both great opportunities to with communication associated the length, or finally our Rural XG Opportunity the finally of up in financials. impact the the it's

in RDOF-funded XX% and strong revenue of number sequential was million customers. driven with that by XX% quarter, million costs. down the with was by segment, delays AT&T, performance driven absorption Our and growth due $XX and was & increases by expectations, was about a Power McCoy, our INTREN of quarter the with exceeded XX% In of who both MasTec revenues T-Mobile, in offset Delivery Henkels legacy growth internal project our Comcast, somewhat with with was material in our to and business, which $XXX impacting XX% Verizon,

largest XXXX. to in XXXX of improvements excited EBITDA, are and to the segment, experiencing. years, for contract and announce that despite the down down with this from XX-inch $XXX fourth Revenue were in despite EBITDA, billion being XXX-mile million better the three million revenues in our we starts Gas from signed our year-over-year than We segment, over strong In in be quarter second $X pipeline of we inflationary performance expect but at in $XXX post third expected quarter margins XXXX, is Oil over this quarter challenges year that pipeline construction we're end, XX.X% to year. a expected

discussions on was have considerable every to slow offerings. has is except segment, as previously we in which for been Delivery, our demand flat, the While growing as Power quarter, end our years. sequential level projects diversifying XXXX, service all remains for segment a demonstrating we and with business few portfolio. Also MasTec for focused communicated, billion, $XX over of we strong virtually and next the recent new has level our for Strategically, transitioning the increase the considerably of activity opportunities this record increased, backlog quarter expect exceeded note of at and

quarter infrastructure and expect Clean results opportunity Infrastructure advantage a how position to decade. take Delivery MasTec we next reflect we growth the Energy have offerings continue developed of sectors Power in in spending to service extremely portfolio and the these we've segments. proud our I'm of major three that second over will Our Communications, growing that of significant the

will these remote where economy, of First, in power, transmission bring for charging regions locations solar green to massive the well office exist population centers, Southwestern and lines, resources, wind nation's highway Midwest the located fueled will in new and from include order as a This and by which installing transition be home, remote miles to electrical with very best thousands few to upgrading today. power harness necessary as green of are investments to of often carbon-neutral distribution networks agricultural the last-mile industrial and desert. required stations,

to Our that of an meeting is intent step important IEA recent acquire announcement objective. in the

communications our and must power. vehicles. of most ecosystem, connected, XG transformation autonomous addition cities, added Internet the will factories, demand to be towers, of also Things, upgraded and cell Power millions meet new small expanded smart new bring to microcells and the a the be built and entire homes, revolution the In and ever-increasing of business equipment including existing only to and requiring for network to fiber be smart the Not

presence maintenance new will ongoing require these of and All service. points of

been expansion of will Additionally, in network burning that pipeline the we bridge the natural help the clean to have energy. involved gap clean gas

facilities and positions major in force sequestration of pipelines the As company, be ultimately, hydrogen also and construction a capture and to carbon of development this expected miles pipelines. of a MasTec leading thousands pipeline

in few we make decades significant the over steady emphasis turns has that growth our what sustainable organically to now needs. for believe to of and and the grow of to portfolio a be execution to these certain will With address been focus Our all deployment best position acquisitions MasTec past opportunity our over the place, capacity years come.

in the direction detail, our with of in like for EBITDA IEA future reiterate George to out XXXX the billion deck expectations our $XX of I'd revenues Included provided, slide While Acquisition during $X.X cover XXXX of of path will gave the billion. a we expectations. Call laid we we approximately

during targets because we words motivated the we've early had adjust do and our the of many as years and few great great to the to committed our George environment as turn by the over a were our it's XX of organization, I'd we've and these such of our success. thank things our deliver people's of what I'm guidance with are achieve. and and integrity, show a review. planning to performance over and ability recognized financial been to to pleased for MasTec environmental I work CEO and just and can providing the now to meet today but this MasTec in MasTec tenure group. create last we that position are of that and take opportunity of One The the I'm quarters. hard consistency proudest results a we a women and my not for to felt could to privileged have traits XXXX confidence. are in great-quality best outlook continued for I'll we been degree These guidance. the and like over for has and at safety, And over George? value. the men exceed last I'm high been to our understand men years provided, honored able excited that these growth our challenging women call customers in financial their and ourselves achieve customers lead we, cautious project stewardship, honesty, an to of values work.

George Pita

Today the I'll everyone. some financial on Thanks good Jose XXXX and morning quarter and guidance our color our provide balance the second additional year. expectation review of results for

is from future quarter. contribution effect include For IEA acquisition If that my the expectation acquisition discussed guidance clarity, the in expected the assumed announced of sake is fourth be which of IEA any to that clearly close will XXXX any remarks, the will proposed in from any discussion assumption indicated. recently not late

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

Second expectation of during revenue in communicated earnings quarter our quarter with adjusted $XXX results billion generally $X.X with our million. EBITDA at were guidance line and first

in oil Second clean quarter approximately a partially offset was infrastructure and million growth our $XXX of segments. grew our delivery, comprised an segment communications, approximately revenue gas million. by revenue or $XXX revenue year-over-year $XXX gas energy namely and increase approximately expected segments, decrease XX% and million, and growth non-oil power in This clean in our energy year-over-year of

strategic Second revenue where shift segments demand made end of estimate. from reflect put slightly quarter almost the representing we our we capacity of To our to XXXX, our $X.X gas in trends is annual areas year market full the and expand this of $X revenue billion expect XX% million in have and perspective, shift generate non-oil over revenue to significance growing. operations

an As oil end only in was less summary, XXXX than a of a are our billion. non-gas revenue transition our while completing $X.X we years two also midst In significant ago, mix, gas business and this That segment oil -- comparison, annual market inflationary the in acquisitions. segment we both and earnings for expansion. said, revenue disappointing company integration we have This, with believe made strongly XXXX have efforts that perspective. operating long-term power pressures, from on well-positioned the year and delivery opportunities segment coupled in cost profit growth

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

a Second reflecting compared services, was the year network compared quarter quarter million, accelerate fiber period Communications when increase to deployment XX% partners spectrum of first XX% to increase expanded XG the and, for transformational sequential revenue $XXX same to as when telecommunications the last and begin wireless/wireline enhancement. a

levels We to billion, half and revenue approximate revenue levels expect half second XXXX first $XXX from million. $X.X third quarter accelerate, approaching with

rate EBITDA over levels, quarter a improvement lower basis revenue overhead with of Second some pressures rate well as costs. wireline second That still market levels, quarter RDOF impacted market new XXX sequentially from new costs, materials. start-up and adjusted RDOF to margin primarily said, was adjusted quarter fuel segment Communications start-up segment levels labor, Communications as first by coupled cost on due EBITDA was point inflationary XX.X%, leverage margin increased

to half start-up improvement XXXX XX.X% margin range of EBITDA We from this levels expect elimination adjusted additional second operations rate revenue of will ramp. RDOF second costs, the half to and with between leverage new market higher due revenue, XX% overhead as

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

to XXXX rate approximately the annual annual rate mid-XX% a Our expectation margin segment XXXX adjusted range. EBITDA at in growth Communications low XX-plus percent continues, with revenue $X.X billion, annual

rate run and second giving XXXX, to us opportunities. in accelerate significant accelerated the continue of performance growth expect We half XXXX,

segment $XXX increase compared million, X% was when Energy same revenue year. the to period Clean quarter last a Second

adjusted quarter $X EBITDA a loss Second million. was of

losses, adjusted As two overhead Energy existing as projects solar cost we quarter Jose already power generation second where towards of impacted Clean renewable impact by incurred EBITDA move was project absorption, the due lower closeout. discussed, on select our to revenue negatively and projects project disruptions, pressures industrial inflationary segment we

second projected year. half select revenue from expect coupled with fourth accelerate half project inefficiencies levels similar we we the leverage Based to approximate first half nonrecurrence As expected levels benefits of segment overhead from industrial look and closeout to last quarter on revenue, billion. second $X.X forward, Clean and Energy higher

both annual half rate improve annual believe second and rate, with Clean will XX-plus This of EBITDA and We rate quarter growth X% levels. expect margin segment segment expectation, adjusted the Clean beyond. investigation. X%. the and activity, now fourth quarter Energy Energy approximate impacts XXXX generation deferred, with the megatrend Energy segment adjusted and adjusted transition higher significant XXXX billion, EBITDA power of chain approximately rate to EBITDA includes X.X% benefit third in XXXX as year-over-year This and disrupted project Clean adjusted will levels than margin margin rate from was future to growth solar to of margin solar the of energy resolved due higher, We panel expectation XXXX revenue a supply revenue, percent equates $X.X approximating activity EBITDA in slightly anti-circumvention

IEA the addition of XXXX platform impact providing acquisition, both proposed would in For and expectations, sake segment clarity, including union-based of maintenance, enhance and regarding which significantly the renewables expansion energy of new in the comments geographies our the renewable new capabilities customers. construction exclude

that As of services Transmission gas we We XXXX, These reflect to scale, needs market better firmly customer grid Power renamed quarter customers' the XXXX to generation support grid in expanded from believe reach utility service during transition our power expanded renewable our offerings to expanded hardening, fourth our of as reminder, provide the work our the capacities segment a for and geographic they to and compelling services to our capabilities. suite support sources. a the acquisitions. Electrical of and and operations, Delivery, prepare electrical impacts distribution

made XXXX. Power substantial complete activities XXXX operations we our these of to the and Regarding progress during expect integration acquired in acquisitions, Delivery have

EBITDA margin Second revenue, Power rate $XXX and was quarter segment Delivery was million adjusted X.X%.

was the to quarter revenue compared segment grew $XXX first flat year last same quarter Second and period approximately levels. million essentially over XXXX

third the underperformed well, Henkels charge. and closeout to legacy $X and quarter due of Delivery our activity project delays services, operation Power our performed and million & the electrical start-up transmission with segment, gas expectation operations Within pushing including our while project INTREN the distribution to McCoy, a this

margin annual range. in an to X% with revenue $X.X second half rate equates approximating X.X%. expect This segment billion, with half adjusted high low Delivery XXXX will approximate billion second we revenue the X% margin EBITDA to forward, $X.X adjusted segment view, approximating rate Looking EBITDA Power

and was segment rate was $XXX XX.X%. revenue and Second Oil Gas million quarter EBITDA margin adjusted

we project margin efficiencies expectation, and second While EBITDA lower expected our closeouts the quarter, rate the of exceeded quarter. quarter adjusted to levels during primarily due during revenue

As we $X.X rate margin approximating EBITDA to and approximate approximately of XX%. Gas annual Gas will $XXX approaching Oil Oil segment XXXX adjusted look This XX%. and million, segment margin forward, an EBITDA we adjusted expect view equates with half second revenue billion with rate revenue

reflects Oil levels as we expectation as increased revenue XXXX are This to increased indicated EBITDA annual a expect adjusted Jose largest decline demand he of in activity. third we and compared the segment Gas years. bidding our XXXX, and have by is While where that and when mentioned, seeing we significant we comment natural project gas during evidenced were awarded several Jose's quarter, in seen pipeline the XXXX,

adjusted of basis consolidated Corporate million were approximately XX revenue. $XX second segment quarter quarter costs or points Second

Henkels' Second through corporate quarter due levels lower levels as costs the some segment first other costs. adjusted costs from of coupled back-office quarter with the timing we and Corporate integration, improved to of work settlements

we we forward expect costs segment to second Corporate half As of second approximate revenue. adjusted X.X% consolidated look half the to

of Based diversification business total the revenue stream, customer Turning mix. our second represented XX% our our on of to no strategic during quarter, than more the revenue.

reached significant Second of our repeatable nature from revenue a our profile. utility service master revenue this compared increasing the increase derived to is derived revenue, ago recurring from services primarily total XX% year and quarter when spend, greatly a of agreements

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

burn end indicated operations. represented revenue record demonstrating market said, quarter within Power Communications, a large occurring is into can off as Importantly, contract as awards quarter actual come our result backlog lumpy, point we've each only Clean backlog and a for Delivery years, new contract at that single segments, as of Energy shift the That this across levels and time backlog contracts in signings. be second large

liquidity, capital flow, cash usage and our discuss I'll Now, investments. capital working

a net billion. from led IEA. XXXX. cash associated the combination cash purchases slight expenditures $X.X and will inventory chain reduction basis, with impact inflationary In a second share, and closing to half lower coupled that net year-end a revenue $XXX activity reduction lower in approximate XXXX billion, levels with lower debt cash $XXX On capital working earnings, debt approximate the million. of price purchases of revenue flat levels, conversion $X.X of debt the shares concerns we essentially excludes based to in MasTec expectation, the capital anticipate million will in project strategic our material in During our front-loaded we levels. compared from sequential into summary, billing XXXX Within of to quarter $XX.XX second XXXX half And X.X continued annual Strong growth, to and net and with address flows and investments. any of second expected increase an approximately million third with temporary from working we've a improved and $XXX fourth quarter, levels at of other seasonally potential quarter capital impact half the a second and repurchased total this of acceleration average anticipate material $XX combination per flow the operations of inventory expectation associated expenditures are -- million this capital with expect million on supply of year-to-date cost

working open XX share half end days Board, closing, the anticipate during in of first given of XX to at anticipated were we to million our during DSOs $XX XXXX. MasTec the profile have share compared additional still repurchases second do quarter With acquisition second repurchase from the capital authorization of XXXX days regard we the XXXX. our second quarter, the While quarter not IEA year-end

to improve balance As towards mid-XXs. forward year-end towards the we DSOs by anticipate XXXX we will of XXXX and the acquisition look work slightly integration,

purchases solid. as structure anticipate CapEx supply cash half our we of cash and $XXX CapEx XXXX we to investment-grade expenditure And net first we rating. We committed moderate be $XX our approach $XXX the As of annual capital equipment. significantly XXXX, million will previously summary, second CapEx is chain-constrained approximately half expenditure incurring that in accelerated approximately total net net secured million to capital long-term during mentioned, million. continue estimate In for a cash

acquisition if the during with XXXX impact rating. that our credit post-transaction mindful post-transaction our plan have IEA ratio. leverage who have we normalize is near-term it investment-grade during agencies And leverage are to maintained completed rating will communicated our We our profile the our fourth quarter

updated of expect our EBITDA view, $X.X share. income with annual XXXX recently guidance net which revenue approximating approximately we and to approximately Moving of adjusted diluted billion, $X.XX to $XXX adjusted leads million of million per adjusted earnings $XXX

For of Operator? of prepared the quarter $XXX million for earnings Q&A. share We'll $X.XX revenue call X.X% the expect third we our over billion, per turn with adjusted or $X.XX. adjusted to EBITDA concludes and remarks. operator of diluted This of revenue back the

Operator

question you. Instructions] first we'll Riley. B. from Rygiel our Thank And with Alex [Operator take

Alex Rygiel

morning, Nice Good quarter. gentlemen.

Jose Mas

Good morning, Alex.

Alex Rygiel

the quick is mix significant from definitely other couple businesses. here, Oil here obviously Do and customers? is shift to Gas are markets? away responding becoming notable Energy business much, the and A And of customers towards how feel they bigger the your Have the occurring in like your now? of questions you talked this platform IEA some MasTec to Clean much you established

Jose Mas

Sure.

couple laid business significant our pandemic. the was things, couple a and during really struggling. a the shrinkage of Oil There move strategy look, a because of a So pandemic the away from obviously years ago out demand to Gas in we was of

But right, we've a George XXXX. alluded business $X above of to got to MasTec back business about billion. acknowledge our it transition a is seen business Gas I at one step look take going just year prepared really we was that non-Oil at to be us kind and $X.X the remarkable of forces a And This to billion think like we've lot. in is spoken things in our the it in differently change remarks. his and that So

it be $XX north will year of Next billion.

So business we opportunities incredible that the built exist we've an marketplace. think -- just in we around the

with we've So We point an business built say at we great that, think portfolio. so much would got we've a forward. think upside going this amazing I

execution. I not interaction IEA, to really energy has it from two fully our hasn't enormous on that the had question customers that caught been all an today. by right? discussion take in on obviously companies we early think really it think business. about our we're focus, what build we've somewhat of we're now execute, And To I in really shortly difference very the that's going integrate, on think after own focus the managing focused haven't been as just us industry. to on. our -- manner. but make to companies big, to we're today. new positive we're amount That's of -- tremendous, the But separate Obviously, to IEA there's customer time a will our It's the -- with the big announcement surprise excitement I a very your

we're So really excited that. about

Alex Rygiel

been into three solid that sustainable is Communications revenue here turning a but the long-term? kind over is about the we four obviously we've seemed deployment XG XX% like the therefore it It revenue for waiting And of looks is been of like, has talk develop, as guidance years. XG step-up to then, are us in where of here you higher year-over-year. or feels strong segment, for to think growth to the fantastic, this well. step sequentially yet in equipment you in And And margin Can for network? XG your

Jose Mas

Sure.

to that say I'd the seen So expect couple we of date a of to a into that we've go a One, been to lot network, right? has the levels lot pre-work that up still it's a be. the wireless near still has nowhere picked side obviously ultimately the been this fiber-based the it's while it's the work. of work things. lot substantially, of to believe So going I of

with start. to off a separately carriers all able its of at was faster get spectrum obviously look you If T-Mobile issues to the

starting. I think AT&T and Verizon are really just

revenue expect 'XX. on the I much into XXXX So do acceleration wireless growth and side going in a throughout greater

our a also has in I side wireline side the And fiber business been on the of of seen by just that the I business. think started. you've driven the it's lot growth think getting

been the this business their that the the the in that I've do to business time is in to any probably they need see big the been other differences of business differently I've today in versus demands of and is workforce. been the realization One things has right customers' the I there longest labor meet that at the not

our think to creatively of with customers put success lot long-term a working with I we're really position them. ourselves for in a

it resources customers good concerned it's I it's and further from and to increase our about the to expect -- are be where for think place quite industry at. it our a and I frankly they're that's significantly to open

Alex Rygiel

very you Thank much.

Jose Mas

Thanks, Alex.

Operator

Sachs. next from And Goldman Neil with Mehta take question our we'll

Neil Mehta

Valley morning, the team. moving of that the like want Pipeline. around higher there's the pieces feels a pieces Good of Jose, one And I moving forward. is -- probability off Mountain to on the legislation start it

can set that you for is how So, do MVP? And quantify a the perspective? 'XX you about what financial from around opportunity think

Jose Mas

Neil. Sure

So, that the we've for generate with have that haven't a that kind maintaining we the and constructability We MVP. your of in agree at sentiment. certain we out project full included the laid everything to-date maintaining right of really way We status today. of of currently and amount revenue it's the

probably happening segment, our the anticipated. higher a than faster it And out numbers and there that provided for the the during Gas that impact obviously laid we will It on and built the permit billion, gets in we have $X call, built. Oil how we business that think meaningful originally if ultimate between of likelihood upside kind is With in charts project we've of that depending being is at somewhere us into probably of the -- took out. much to MVP when I had a in acquisition I to shake think completion MVP $X.X IEA account billion XXXX. said our don't

happening of amount And I increases likelihood for in left the substantial of 'XX the there's a think by work on that project day. that So, us.

Neil Mehta

$X.X clarify incremental of billion potential to -- great That's fair to through it for that guidance. just that's have to $X that's And teens that type 'XX And the color. if billion of so is to of the margin recognize that revenue EBITDA type does in low think you MVP not go work?

Jose Mas

a of absorption will would that they'll what have the end -- been at end we same on that final going on be has segment. is of would of And whole higher use. additive That costs the it's means the margins. range right? So but for accurate, been Neil, that of what think with expectations project at the sure in helps our think, constructive profile for it perspective. from and on depend that it for to margin maintenance the we're to project I construction to dramatically the It's But obviously low seeing somewhat And currently segment, deliver end the be the it that low some the I be not permitting margin good overtime.

Neil Mehta

Perfect.

Jose Mas

Neil. Thanks,

Operator

question We'll Bianchi take with Marc from Cowen. our next

Marc Bianchi

in the 'XX announcement? remarks post was Thanks. IEA contemplated we Gas that mentioned prepared is that the the about Sticking you close. with business, in some and big that? And guide Oil the quarter got How additional awards with

Jose Mas

it we little talk a acquisition Marc the about did bit So on cost.

it over three we've So, been awarded was building it exciting not in than capacity. a a was than still mean It's did held what for we contemplated there. the activity ago, months level more six new that think exists market I It's It's to commodity It's importantly think than different I I different project completely ago. that the just back. that it I a us. came XX-inch going necessarily don't the think prices incredibly in give a is market in years. project was we pipeline, is it And XXX-mile We're market largest today. values. an -- people of out pipeline. year off

the especially of capacity today lack again. lot there's think shales a I discussion Southern about of in

I that I beneficiary it. So, that in and a see market be significant in big uptick a think of think going we're to will industry,

to hoping years. we're many start the few we'll over next is of build the get this So, just projects that

Marc Bianchi

Energy making significant on Clean the I'm then half back the And the But in progress you the guide earlier. for that in much which made is a curious year, given of the on how uplift you quarter the just Great. points that Okay. margin quarter? versus fourth third understandable anticipate

Jose Mas

Sure.

profile quarter. margin expect quarter to some fourth a third we'll better still through the So, the the from in issues of than working because third be we the do quarter be

in year's I then to the second the in. scenarios quarter start fourth third the to double of a third pricing from last some And best see do work quarter year of the margins improvement and in the I I nice will as to So, new talked some kicks we'll think think kick about quarter. we've have quarter. we'll the levels think close in quarter of Obviously, that

margin third roughly So, the a between it somewhere call in X% and X% I'd quarter. quarter growing to the X% in fourth

Marc Bianchi

that. back. much Great. for it Thanks turn so will I

Jose Mas

Thanks.

Operator

take next our question we'll And Stifel. Dilts Noelle with from

Noelle Dilts

Good Jose. thanks. morning. Hi,

Jose Mas

Noelle. morning, Good

Noelle Dilts

IEA the you of the a up -- contracts wanted to your costs. conjunction talked not yet about some I in announcement opening in lot the adjust call So for with to on

if the of two, basically you're if current newer one, sort And you're talk longer-term alter curious, contracts. current the as the contracts? Thanks. of how was change able is, changing -- with environment to language inflation how structuring could inflationary some you're environment just of or structuring around MSA you these open these I some one, up about So dealing contracts your if

Jose Mas

Sure, Noelle.

right? step our -- So, back, annual maybe taking escalators of don't that by escalations the it's we I dates escalations, not right? do we on right, get that a those contracts contracts. it's of think, So anniversary On get we it's have many

what up, our through are increases, are anniversary readjust the have rates, customers dates is increases year. right? kind we to been working of as those we've way seeing their mid-cycle come And said but So unwilling those

weren't second second across of So of the in entire get increases where just contracts of between those annual We up and the relationships the that number cost be and it in rapid the and had a escalators business. now quarter, lot escalations our we quarter. there end a will of book significant do year, customer happened

those quarter, plays some second. did we third in get first the as The the problem to first the escalators. in the We out, extent as begin plays they fourth the quarter that So hadn't quarter the quarter, is in to the will got right? escalated out, cost

pressure quarter, So reflect will that to in of adjusted saw next those the we XXXX. -- some be XXXX first

rolling exercise. a really it's So,

it just go as costs as up. do You're the soon to able not

the adjust of period think time cost a -- singular rapid going this $XX labor, all of it's that daily yes. last a waiting is, even answer you there's one a in versus as to percentage escalators The on effect. I'd escalations right, that on in But we And XXX So this over revenue fuel revenue, basis of some the up these we're impacted going last issues an us go back it's similar adding that issue annual We you're And million had that up quarter. to a XXXX QX that we've to future? fourth seen there historically, moved for million any issue dramatically in to these in also a start when $XX the of you're similar of you the while outside saw because QX for of XXXX. issue been try the We fuel, it's from by. to of that take second say, year. things our obvious if on fuel points. I lives revenue, there absorbing comparison have contract we're our some about have higher in quarter. Are like third year year, to percentage to of as a quarter We're haven't keep based costs, talking

on in big historically basis haven't just a we on seen less a that. swing a rate percentage pure that's a pure than right where year So

the that to So we're think probably attention have good don't historically. job our with we it's go allow these that previously changes. as negotiations caught done I tracking more like to a to than not just a something prices of enough all lot did. and forward we've into going our going detail us do learning has of expenses knowing will to And contract

Noelle Dilts

Thanks. bit on like the more kind within And and into then what a up of delivery I just just to power of the acquired some it. of I also business electric quite wanted little decline at And in communications I overall. more your Okay. Got kind broadly guess then core your electric business was operations? dig looks the bit. think growth work versus a

entities look more look when we there. that than would look of at or these would to about fuel two projects kind of and sort communications we second, -- How for of like characterize when targeted So sort see a now questions the distribution within H&M we at what T&D? utility could kind that you do kind of you dynamic? when going different we project say at that drivers talk a MasTec, INTREN, have or work you of H&M. One, legacy about that might of going as are MasTec different legacy is competing, set these think And

Jose Mas

there comm have utilities, it big our -- to you've if or was exposure which as that. about projects some smaller more transmission-based Electrical projects separate. business, first, whether it call segment, working on to we our things predominantly was Power Distribution which call legacy distribution were Well, with was Delivery, we within did of Whether scaled Transmission business, what MasTec was used couple mentioned transmission much now business the business we you a a within our we in So, it think right? and to

quarter couple impacted quarter a there's second to here So issues third that deliveries. start larger from hoping ones in material a transmission of revenue were are in perspective start we're quarter by that out have from the our and about delayed second jobs pushed that been that the the

permitting. of them Some impacted been have by

markets first to some the but really skewed was have across at and & seen look core that we called lines. more country. impact a markets When MasTec business focused their distribution They heavily we've to within all, assets, right? transmission-related also transmission So you versus they've they're out, their traveling of to Henkels in local that they're relative McCoy, -- of -- which INTREN they

project integrating not business pieces We've about pieces done overlap. mix. delineated we've against size not units project There's think kind We and from a together. don't compete have just really of geographically, each of that the other we putting good projects. even same of segment, job a for lot when really the but So

that the areas there's the their what So companies looked bought. I we what groups what of We've as best of from Some their as are, for of sure, that shifted some a make to at think of we've trying very to that responsibility different the has right? changed, business are. the opportunities are, clear geographical direction areas

I on than basis better building any individually. think businesses go-forward much were a the we're platform of a

I out it right? different we'll there's So and business that our go the what performing And results, part forward in of laying very and keep we think, think our components as Because we understand, that's but definitely that. to important than fashion, clear better doing working think lay doing, it's what's delineation. and as of out do we're I I what's

Operator

with Suisse. We'll take Credit from next Cook our Jamie question

Jamie Cook

morning. guess questions. Good Hi. I two

can pretty and organic is – conversion how does understanding so in the a MasTec ramp Jose a how And question cash the versus done deals, I'm opportunities has quarter flow questions, go-forward fund great we haven't company the flow cash driving growth, quarter just together. a ahead. deals change big which one second then obviously, think growth Couple second about of third the to lot getting IEA on of close And to of investors a my but that is, with really quarter historically of lot the – what's two so get Henkels basis? from then big help fourth that? a big you I First, working your there guide, to with capital mean, of us follow-up sort and

So, associated Thanks. with with you two of to organic integrating risk see sort doing acquisitions the mitigate are growth opportunities big you what ahead?

Jose Ramon

Yeah.

let I'll previous our We on So, about George talked I'll bit cash then and answer the a first call. this part second little cover flow.

perspective, a revenue long and one period from the were of realizations cost opportunity of things buying of where go from a having that, doing not the a for I think type the of perspective. that, response And that feel importantly saw success those a little out just think customers more building time deals we've customer larger we synergy I but what Henkels. the today, that us the is us from business IEA the over M&A at a both to able those we're ability really our from of after them, of confidence to and lot companies in of us larger and opened customers doing our and that different really we're opportunities provide, scale saw the lot scale. built we that, more one could growth smaller but gave with do that eyes obviously to INTREN the being of to one And what things of was because we than we services a

INTREN year, much by made to So much that time to give end of the trying really to focus is we're with progress so Henkels is this us I we think going have really necessary and integrating the of what correctly. do think that IEA to we're going on and

quite was matters. for – that Again, make that this IEA. of reason the what the I've the that think did it we had a frankly we part acquisitions in long previous So that said time, we success the did made in and us findings business scale excited about I

are cover expedite positioned we've things flow have in customers differently done positioned ever looking question. Our think schedules. the I'll cash George can And schedules let or for been their partners that marketplace the than I their the we've reduce even us really before. help that, them costs meet

George Pita

But for deposits on cash cash terms in flow note for inventory during of the terms materials – a in think increase. we revenue negative obviously, the quarter, sequential that the ops. also we've of We materials, from the the and quarter drag during our it's second comment had And that's important to flow capital talked Jamie, I drag a done a working sure. we've what right? regarding, been quarter about made was in that

if improved at cash front-loaded, earnings activity back So for when drag of materials half of year. we converting them turning the the half the billing into billing the flow generate will combination material more of year, of you into inventory will – and look that that second

would of So of that. half be quarter, in better last seeing that, year's slightly our right? And the third the than start quarter, second we second be some view we'll each year, half should

the and activity we flow materials year. of with part close year in project when debt, million, in we're half cash – from view We're So to comfortable talk here the for It convert that, have probably another a is will that by in of converting that that year invested range. you – the has first out net of done said, perspective. we half profile, of perspective working billing. which from start should when laid that outside been XX $XXX have steady. this we And a that the stayed about and be starting in the our the capital to first that some And good inventory, we've about which will we're about the into very quarter high all the driven and fact third in

our net couple the of year. then get talked capital you as look XXXX think second things, about the inventory between of expect on a of that to I combination better half spend – bit about just But in that receivables and through a working the couple we move and things. first we with We were cash because when doubled lower CapEx in we we our at levels I half CapEx, of last CapEx, the front-loaded. $XXX at close to million, We've XX little

it's CapEx. So All with is be we what back level the come as and we those which us should significantly at front-loaded we're where a to view. about same and – that put where the started of very comfortable factors year debt the together our we end

Jamie Cook

Thank you.

Jose Ramon

Thanks, Jamie.

Operator

with And Andy question take Kaplowitz next we'll Citigroup. our from

Andy Kaplowitz

everyone. morning, Good

Jose Ramon

Andy. morning, Good

Andy Kaplowitz

obviously for Henkels a ton the stuck year the But you in second embedded to hiring people. about while do what and you've XX% in think quite how kind so of know normalized now, there what's in know Communications guided XXXX. you going for as of the We half Jose, a XX% margin been Communication have forward? in margins you've range to of and got you're

how us that normalized in margins little give you're maybe a thinking margin ultimate about potential? more So, color and on segment

Jose Ramon

Sure.

had really growth of I level it's year-over-year don't were that lot people it's right XX% on growth, right? growth that new in it open growth. the of markets think, A hiring we've expensive, our is sequential get is you I say productivity. we're important -- The reason XX% that offices the same focus to

margin. an the So XXXX. improvement We margins under the XX% bit these range, going over which in expect which further that profile their be lot little the to time is we can of or We've not we think think begin even have starts offices of growth XXXX really that as into belt itself it active our see about in a become truth you at are in margins. where should also impacts demonstrate margin where is to new a that they level be. to XXXX hires XX% as But they talked more

be don't on we've going I we achievable -- better to out in continually to going the I in But XX% where margin fruits will margins have to a but our there. stable And where more Communications. an long-term a still until there. range don't don't hasn't So get take until bit I right? I what think growth from it's So of we're think growth changed we XXXX, a what think environment I significant get perspective margin able we're we and bit a be get build to enjoy laid little probably -- profile going really They to to But improvement, stabilize see little of the XXXX. it's for should think better. think time optimal levels we're we XX% from is to we long

Andy Kaplowitz

some your that Clean you mentioned of slip-ups period But your helpful, time Energy It's over the end done by in And business. as you've projects problem the of a and Energy be business within Jose. had will long year. Industrial know you that Clean

moving do or take in you're reimbursable business? projects projects? of know conditions bidding would So things price would that of the forward how shifting. you talked that's in terms forward you cost where you do industrial be that do I fixed selectivity differently why you so? about But What going

Jose Mas

Well, the business. break we first to had into of all,

significant interesting that don't some at was around really we've happy I think And It really in with of it them. built, happening the look over were and an you if new many look you to whatever this always history the our we're at a XX I too learned business. component was what lesson business they part for made We Unfortunately, Wanzek, think really I acquisition it market in smaller the step the was right? know we've last into. was that. the marketplace MasTec's hires years made decision times. few ago We years industrial

that, to a couple reason customers that You some platform. cost work us business get we can spending But end isn't for a plus meet to because we've think to having the we've there. up of learn something because to getting bad actually cost to the into their right? money you do through that we would making and that build derisk really have So achieved projects in do. the the I want business investment they're It's us. business do pay needs willing the that proven to We to never have plus ability get been and that to able we're without

Unfortunately, to quite it's some frankly on So into go-forward could business we of position is, the break basis. to a business us what in we better take to risky I build a mitigate thought but us It is we put it risk. think them. for had less that the

still see projects be with the that bit us actually newer year was that profile be you that projects. -- price. that really of those have then from part a have we where a well. do outside problem both still you the described where think would businesses the projects projects those. last the double perspective certain and our ours But going I will up we that there project that. albeit mean from on work doing position it good think industrial cost the like we -- think get When have we're fixed about to on it's I more little into we business. think fully in our growing almost you're this to able I that piece. performed customer are year risk to of probably really It's It's not -- It's a reimbursable those be very understand risk is different comfortable are we're comfortable that we we

we be we Civil going And look of when we again forward. really So where is lot like and That's it's growth both performed our at business to the a going Renewable well. going. think have where those of

nice a it's So piece.

need. we're things same that kind of reality we're at to, focus and on is customers. I is of One at customers our looking And is think these we're is that the much within cross-selling looking doing of, the so the important what what relationships,

areas is of in you be gas, well. every it be as other or capture. they're one to building think could focused could be whether has about utilities If renewables, utilities building of generation one but it's are of that be substations these extended doing developers building lot it them it building them are hydrogen, could could distribution. every lines It power customers the carbon needs. But a generation they're transmission They're

about and to extremely And we're what amount is we're pretty those when you that. and getting think with deepen better building, go that's you're through your have and relationships projects the cross-pollination easier. people I So of got with those to and you to high. excited same the get we And work tend what problems that's we're customer relationships a lot

Andy Kaplowitz

color, Jose. the Appreciate

Jose Mas

Andy. Thanks,

Operator

from question next with our to go We'll UBS. Steven Fisher

Steven Fisher

Thanks. Good morning.

that piece. out round industrial discussion to Just on the

of You look a in mentioned And XXXX like plus think Do could revenues sense industrial that the of have how be the the $XXX could and what preliminary in you cost cost $XXX you awards. much reimbursable? million million XXXX? of revenues do of

Jose Mas

do $XXX cost million, it probably I'd being we'll $XXX somewhere around of plus. million So call today that with

Steven Fisher

price price more -- the like said why fixed will customers the relationships confident? that you balance just think And is fixed remaining be you existing like will of those, deeper Okay. either the with be

Jose Mas

that we're XXXX. working flow that currently into tell will probably at are of that that can XXX Well, you least north projects on I through of

the for them. got good a I So been on as feel we've those really working of we've think financials projects

bleed some look the in that's into probably And that for is And will a that backlog what is -- into already, start which lot of like actually of So just look it they're XXXX. to XXXX going be to we some play business XXXX through question of XXXX do we XXXX does what working on So XXXX. have from quite in the right? start in frankly. going

on that today lead to is of the doing to we're going Some additional work projects.

focus the with to projects we'll multiple on if built So we're for extent we've successfully they've got it, fixed customer them, price. that behind one comfortable and projects

we of just going and built plus. that that to I is they're relationships us there's more future. cost those from think drive think For for risk, it the lot push going the to to we're in going a But we've customer existing the that the opportunities have

Steven Fisher

in could issues your Okay. and material have you. If on ask any in factored quickly How year within half you I you second absorption other of Thank improving Communications. the framework margin delays or just expectations? the

Jose Ramon

there. business that to demand really last because on especially the really really -- is year get and -- work, concerned built. that about was first that labor. meet more be we really there's the entire services the Steve, five last behind about There's right? just that's for biggest much reality to of there's the second able of in the in a not this Yeah. the scale probably we're the half -- team, about getting job that's our jobs focus to If half it's focusing so is it the today think demand we missing that it's there as materials the quarter out all offer year, the So that a need significant

and this it's serve And we're take out trying than is I advantage point. to industry, supply higher the how at to figure demand best an of. labor As something of think that much best

not being we're worried in because about enough that case than So that projects ultimately project a delayed individual is there's delayed. is behind work more there

Steven Fisher

Thank you.

Jose Ramon

Steve. Thanks,

Operator

Hauke Baird. We'll Justin take from W. question next our with Robert

Justin Hauke

Yeah. guys. Good morning,

your -- comments with so asked appreciate questions this the still unapproved So uptick circle like I the to weighted just George, I the retainage flow. there's what second orders. question CapEx big answered just half about first why had any on most a I back receivable been guess change in the the all one also there guess of is half are my of and to And have -- cash being should better AR been here. look unbilled your I issues. But AR I the and balances and some really

could anything some And kind there? it these AR just to I'm would is milestone-driven to or that from of mechanically that collections cash so there like push that's of challenge contract XXXX flow, is curious disputes really get out the

George Pita

I the is major activity unbilled there's cetera. all ordinary in components this course a would UCO process George. regarding of and had the second pretty forward. including we and change moving Clearly, a sizable the Justin, et in Hey, yeah, the structural characterize of retainage really or is nothing here No growth of quarter.

second for year. some our to milestones of up a some the ended where we milestones in we the XX, And half in you were cases, be the I but happen mid-XXs. quarter the think within picture during hit expect we'll So DSOs those having

So quarter, revenue because improvement more but not the year, bit flow the there'll altogether That leads will as we'll little Certainly, close the be a cash our we to here dissipate that fourth of an talking levels a meaningful picture in have out we're some. change. about.

flow cash So improved the we'll the in see fourth. third in and

side, the are into receivables flow cash the from inventory flow just those also balance And expected the cash and here materials on as or on Second down also through it's move again, from of XXXX. the ops. unbilled, that cash investments quarter the ops out the dragging we not the it's are made to convert we've

Justin Hauke

normally you where than the any you don't thoughts -- gone. the about rates what interest guess year higher leverage and given have next I because leverage a just one, IEA is hasn't Okay. might closed, cash on next have like the And I is. can my expense a you the it it to guys but that have the just your -- little where rate comment I'm it or is a acquisition curious, component extent if since there's bit of look

about Just of it? any commentary on that think to kind

George Pita

range we're billion then acquisition Well, the stand-alone talked that in right? added the be midst debt in and of expect during to really in which $X.X we We that add the obviously in going -- do. to would what we the we're talked it call of discussing hasn't -- we changed, -- we IEA determining midst about financing, our

going pretty debt. at we -- not would higher by X% start accordingly in these about interest in to leverage of level we somewhere year we as I would that to of to mid year X%. would a certainly, these end obviously basis, But next higher on I'm of And to expect year the deleverage pro are out. look would So get that days, low as the you comments during have a the would forma a sizably terms public how range mid-Xs profile. the make play and We down single-digit that year but

to of certainly to you add associated say at as And safe what financing If look X% as From an costs it. way out that's I'd would is with has here incremental moving northward rates it's to are the in a to I level far want us because additional certainly to far that IEA. guess, rates of obviously the expense been from year interest short-term are company to up. this be, guesstimate model the but basis cost hard do, and going that all seen total the interest we've so moving increasing that's

Justin Hauke

Justin. you. you, That’s that. Thank guys. Thanks, helpful. Appreciate A Jose Thank Mas -

Operator

Brent We'll D.A. take next with Davidson. question Thielman from our

Brent Thielman

just and tariffs Hey. you think of missed I wondering I have that last Yes, solar not in but sorry, of that was sort think -- to one if rate. Jose quarter. left, A sort I adjusted I been claw push the if Mas Thanks. the the XXXX. guidance, I'm had now wondering - morning. back was Good this, and you'll

changed for hasn't expectation XXXX. real our So,

getting If up you good be thing are pretty pushed XXXX versus expected which solar we our Renewable XXXX, in look the pushed XXXX. projects that business, to is of they're The is down out because at some in sizably actually out. of

activity are we the but going probably those There'll really haven't our So view that be we know could be as late changed in some go. that of to as year, projects today. to what

Brent Thielman

luck. Jose Thanks great. Okay, - Thanks. of A Best Mas guys.

Operator

Capital our Sean And with question Eastman KeyBanc we'll Markets. take last from

Sean Eastman

Mas quarters, Thanks but couple big operational of I squeezing you level look frame about front at capture it. High perhaps, I of of that A of hires end question. And retained and deals? would to just me, a the the when leadership, at business acquisitions day, frame into sort in added great operational talked we is If opportunity? how the the Hi, - today this talent, one guys. all me. we of financial keeping about decision-making is would how think INTREN guys, it's that the be H&M, this we're end where and now you've metrics really opportunities strategic for Jose over past appreciate you we've at running our light exist, in Sean, around And our day the of these here the how and there the your challenging. all environment all people. is announced you know talent about factors of long IEA, And the will attracting avenues that leadership an that business the growth for incredibly the regardless

revenues that look about earnings, you couple MasTec team you -- much frankly, the have the the So, years last to to ability when over grow people of as about business. as at bring transformation when help of it about and and responsibility transition and quite is the and it's the we think that on the they to the MasTec continue of

acquisitions think knowledge, about said of people that think that cut the been through that to our they've those the commitment going have about starting added to XX, We being within mission, years this synergies. by be able thing. amount the acquisitions we it's up So we I with pick do our INTREN, are So, people People opportunities the a not business. costs. capacity, working efficiencies its MasTec. to about. in the the it's When when at door what When we're people have ultimately combination take advantage valuable of and IEA, going right? about people in our were way how grow walking most we the same trying the that the how the to to XX, we exist you use always think, XX there aren't look Henkels those to tremendous out pick of we in and able organizations, do that gain challenge, asset continue people to growth use the all up excess business, to scale growth that's by the there, joint more with and we that those is They're people do to

the a people McCoy impressed those makes loyalty acquisitions. what of level whether look it's you at we're talent is right? add do these people It's super talent the the so the true or incredibly we with excited And tail that we So acquired, to that which people same about and our and place career, instances, make can whether to towards had the businesses, and Again, challenge retire we've push three whether why & deals, whether that's not allow when when IEA. to about We're valuable. Henkels have IEA, -- in about I those retain we're a the along end customer holds going And the with been hopefully that or necessarily really or about left and the them ability into and career MasTec that it's now of all can hopeful their people level Henkels of it. come INTREN we is think we the their have really them INTREN, us whatever X,XXX where relationship a starting them they and and family. it's the excited that they're to to or from

done and the frankly, part And we've important these quite about, I'm that excited of in IEA honestly, most ones probably deals. So and the joining most MasTec it's team. it's the what

Sean Eastman

questions, insightful, And Thanks, there. going A Very to I’m leave Jose. Mas three it [indiscernible] - Sean. Jose that

Operator

joining That us. session. for I'll I for thank So, quarter question-and-answer months. our for concludes it any want us today's just back look couple Mas today, and you joining updating remarks. everybody to third on additional Thank or we to Jose call forward turn closing of in a you

Operator

participation. today's call. Thank This for concludes you your

now disconnect. may You

MasTec (MTZ) 5 Aug 222022 Q2 Earnings call transcript