About MasTec

MasTec, Inc. (MasTec) operates as an infrastructure construction company that operates mainly throughout North America across a range of industries. The company’s primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy, utility and other infrastructure, such as power delivery services, including transmission, distribution, environmental planning and compliance; wireless, wireline/fiber and customer fulfillment activities; power generation, primarily from clean energy and renewable sources; pipeline distribution infrastructure, including natural gas, carbon capture sequestration, water and pipeline integrity services; heavy civil; industrial infrastructure; and environmental remediation services. The company’s customers are primarily in these industries. The company offers its services under the MasTec and other service marks. The company provides its services to a diversified base of customers, and a significant portion of its services are provided under master service and other service agreements, which are generally multi-year agreements. The remainder of the company’s work is generated pursuant to contracts for specific projects or jobs that require the construction or installation of an entire infrastructure system or specified units within an infrastructure system. The company seeks to grow and diversify its business both organically and through acquisitions and/or other strategic arrangements in order to deepen its market presence, broaden its geographic reach and expand its service offerings. Segments The company operates through five segments: Communications; Clean Energy and Infrastructure; Oil and Gas; Power Delivery and Other. Communications segment performs engineering, construction, maintenance and customer fulfillment activities related to communications infrastructure, primarily for wireless and wireline/fiber communications and install-to-the-home customers, as well as infrastructure for utilities, among others. Clean Energy and Infrastructure segment primarily serves energy, utility, government and other end-markets through the installation and construction of power generation facilities, primarily from clean energy and renewable sources, such as wind, solar, biomass, natural gas and hydrogen, as well as battery storage for renewable energy; various types of heavy civil and industrial infrastructure, including rail; and environmental remediation services. The company performs engineering, construction and maintenance services for pipeline distribution, including natural gas, carbon capture sequestration, water and pipeline integrity services, for the energy and utilities industries through its Oil and Gas segment. Power Delivery segment primarily serves the energy and utility industries through the engineering, construction and maintenance of power transmission and distribution infrastructure, including electrical and gas transmission lines, distribution network systems and substations; and environmental planning and compliance services. The Other segment includes certain equity investees, the services of which may vary from those provided by the company’s primary segments, as well as other small business units that perform construction and other services for certain international end-markets. Strategy The key elements of the company’s business strategy are to focus on growth opportunities; and leverage core performance and expertise through strategic acquisitions. Services The company’s core services are the engineering, building, installation, maintenance and upgrade of infrastructure, primarily for communications, power generation and utilities customers. The company provides similar services to each of these customers, including: Build: The company builds infrastructure projects for customers across a range of industries. The company specializes in building underground and overhead distribution systems, including trenches, conduits, cell towers, fiber, cable and power lines that provide wireless and wireline/fiber communications; clean energy infrastructure, including for renewable energy power generation; pipeline infrastructure, including for natural gas, carbon capture sequestration and other product transport; power delivery services, including electrical and gas transmission and distribution systems; industrial and heavy civil infrastructure; compressor and pump stations and treatment plants; and water infrastructure, including water pipelines. Install: The company installs electrical and gas distribution and transmission systems, power generation facilities, buried and aerial fiber optic and other cables, and provides various install-to-the-home products and services, including home automation and energy management solutions in a variety of environments for its customers. In connection with its installation work, the company deploys and manages network connections that involve its customers’ hardware, software and network equipment. Maintain and Upgrade: The company offers 24 hour/365 days-a-year maintenance and upgrade support to its customers. The company’s comprehensive service offerings include the regular maintenance of its customers’ distribution facilities, networks and infrastructure, including communications, power generation, pipeline, electrical distribution and transmission and industrial and heavy civil infrastructure. The company also provides emergency services for service restoration following natural disasters and accidents, and it performs environmental planning, compliance and remediation. The company’s upgrade work ranges from routine replacements and upgrades to major overhauls. Customers The company has longstanding relationships with many customers, and often provides services under master service and other service agreements, which are generally multi-year agreements. The company’s master service agreements are typically exclusive up to a specified dollar amount per work order for each defined geographic area, but do not obligate its customers to undertake any infrastructure projects or other work with it. Work performed under master service and other service agreements is usually generated through work orders, each of which is performed for a fixed fee. Services provided under these agreements range from engineering, project management and installation work to maintenance and upgrade services. Master service and other service agreements are frequently awarded on a competitive bidding basis, although customers are sometimes willing to negotiate contract extensions beyond their original terms without re-bidding. The company’s master service and other service agreements have various terms, depending upon the nature of the services provided, and typically provide for termination on short or no advance notice. The remainder of the company’s work is generated pursuant to contracts for specific projects or jobs requiring the construction and installation of an entire infrastructure system or specified units within an entire infrastructure system. Customers are billed with varying frequency, the timing of which is generally dependent upon advance billing terms, milestone billings based on completion of certain phases of the work, or when services are provided. Under the typical payment terms of master and other service agreements and contracts for specific projects, the customer makes progress payments based on quantifiable measures of performance as defined in the agreements. Some of the company’s contracts include retainage provisions, under which a portion of the contract amount (generally, from 5% to 10% of billings) can be retained by the customer until final contract settlement. Sales and Marketing The company’s customers increasingly require resources from multiple disciplines. Therefore, the company’s subsidiary services companies market their services not only individually, but also in combination with other companies, including other MasTec companies and independent companies, to provide what are the most efficient and effective solutions to meet its customers’ demands. Through its unified MasTec brand and an integrated organizational structure designed to permit rapid deployment of its services, the company is able to quickly and efficiently allocate resources to meet customer needs. The company offers services that are branded under the MasTec service mark and other service marks. The company has a business development and marketing plan emphasizing the MasTec registered service mark and trade names of certain acquired companies, as well as an integrated service offering to position ourselves as a provider of a full range of service solutions, providing services, including installation as well as sophisticated engineering, design and integration. The company’s marketing efforts are principally carried out by the management of its business units and project groups in coordination with its corporate business development organization. The company’s business unit and project group managers market directly to existing and potential customers for new contracts and also seeks its inclusion on lists of vendors invited to submit proposals for service agreements and individual projects. The company also markets its services in conjunction with certain business partners, strategic investments and arrangements. The company’s executive management supplements these efforts at the national level. Regulation and Environmental Matters The company’s operations are subject to numerous other laws and regulations, such as regulations related to worker safety and health, including those established by the Occupational Safety and Health Administration (OSHA) and state equivalents; and regulations related to vehicle registrations, including those of the states and the U.S. Department of Transportation (DOT). History MasTec, Inc. was founded in 1929.