On this page of StockholderLetter.com we present the latest annual shareholder letter from MASTEC INC — ticker symbol MTZ. Reading current and past MTZ letters to shareholders can bring important insights into the investment thesis.
800 S. Douglas Road, 12th Floor Coral Gables, Florida 33134 (305) 599-1800 $SULO Dear Fellow Shareholders: America and the world faced great challenges in 2023. A global energy crisis, geopolitical instability in Eastern Europe and the Middle East, coupled with continued inflationary pressures and higher borrowing costs at home and abroad. Despite these challenges, for the year ended December 31, 2023, MasTec reported revenue of $12.0 billion, a 23% year-over-year increase, Adjusted EBITDA of $860 million, a 10% year-over-year increase, and full-year Adjusted Diluted Earnings per Share of $1.97, while generating $687 million in cash flow from operations and reducing net debt by DSSUR[LPDWHO\ PLOOLRQ.1 So I want to take this opportunity to once again thank and congratulate all of the MasTec team members for their hard work, sacrifices and commitment to our shared success. The men and women of MasTec build and maintain energy and telecommunications infrastructure that has a significant impact on our overall economy and on the quality of life for millions of families across North America. In order to maintain long term economic growth, we must continue to improve U.S. competitiveness, the backbone of which is continued improvement and investment in our infrastructure. That is why we have positioned MasTec to be an industry leader across the multitude of infrastructure projects that will keep America strong. From building and repairing bridges and highways, to electrical vehicle charging stations, replacing lead water pipes, erecting and expanding renewable energy facilities, or building cross country high voltage transmission lines, MasTec has the resources to get the job done. We are well positioned across several growth industries that we believe will offer us expanding opportunities for continued growth, and expect full year 2024 revenue will approximate $12.5 billion, a record level. At MasTec we always believe that the best is yet to come. Thank you for your continued support. Sincerely, Jorge Mas Chairman of the Board MasTec, Inc. 1 Adjusted EBITDA and Adjusted Diluted Earnings per Share are non-GAAP measures. For a description of the rationale for our presentation of these measures, please see the disclosure under the caption Non-U.S. GAAP Financial Measures beginning on page of our attached Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 1, 2024.
 • shareholder letter icon 4/4/2024 Letter Continued (Full PDF)
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MTZ Shareholder/Stockholder Letter Transcript:

800 S. Douglas Road, 12th Floor
Coral Gables, Florida 33134
(305) 599-1800
$SULO        
Dear Fellow Shareholders:
America and the world faced great challenges in 2023. A global energy crisis, geopolitical instability in
Eastern Europe and the Middle East, coupled with continued inflationary pressures and higher borrowing
costs at home and abroad. Despite these challenges, for the year ended December 31, 2023, MasTec
reported revenue of $12.0 billion, a 23% year-over-year increase, Adjusted EBITDA of $860 million, a
10% year-over-year increase, and full-year Adjusted Diluted Earnings per Share of $1.97,
while generating $687 million in cash flow from operations and reducing net debt by DSSUR[LPDWHO\ 
      PLOOLRQ.1 So I want to take this opportunity to once again thank and congratulate all of the
MasTec team members for their hard work, sacrifices and commitment to our shared success.
The men and women of MasTec build and maintain energy and telecommunications infrastructure that
has a significant impact on our overall economy and on the quality of life for millions of families across
North America. In order to maintain long term economic growth, we must continue to improve U.S.
competitiveness, the backbone of which is continued improvement and investment in our infrastructure.
That is why we have positioned MasTec to be an industry leader across the multitude of infrastructure
projects that will keep America strong. From building and repairing bridges and highways, to electrical
vehicle charging stations, replacing lead water pipes, erecting and expanding renewable energy facilities,
or building cross country high voltage transmission lines, MasTec has the resources to get the job done.
We are well positioned across several growth industries that we believe will offer us expanding
opportunities for continued growth, and expect full year 2024 revenue will approximate $12.5 billion, a
record level. At MasTec we always believe that the best is yet to come.
Thank you for your continued support.
Sincerely,
Jorge Mas
Chairman of the Board MasTec, Inc.
1
Adjusted EBITDA and Adjusted Diluted Earnings per Share are non-GAAP measures. For a description of the
rationale for our presentation of these measures, please see the disclosure under the caption    Non-U.S.
GAAP Financial Measures    beginning on page    of our attached Annual Report on Form 10-K for the
year ended December 31, 2023, filed with the SEC on March 1, 2024.




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