#1Corporate Presentation March 2020 NYSE: MTZ 青春 MasTec Infrastructure that Delivers#2Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to a number of risks, uncertainties, and assumptions, including market conditions, technological developments, regulatory changes or other governmental policy uncertainty that affects us or our customers' industries; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, including potential adverse effects of public health issues, such as the coronavirus outbreak on economic activity generally, commodity price fluctuations, the availability and cost of financing, and customer consolidation in the industries we serve; activity in the oil and gas, utility and power generation industries and the impact on our customers' expenditure levels caused by fluctuations in prices of oil, natural gas, electricity and other energy sources; our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; the timing and extent of fluctuations in operational, geographic and weather factors affecting our customers, projects and the industries in which we operate; the highly competitive nature of our industry, the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; risks related to completed or potential acquisitions, including our ability to identify suitable acquisition or strategic investment opportunities, to integrate acquired businesses within expected timeframes and to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, including the risk of potential asset impairment charges and write- downs of goodwill; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks associated with potential environmental issues and other hazards from our operations; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks related to our strategic arrangements, including our equity investments; any exposure resulting from system or information technology interruptions or data security breaches; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the effect of state and federal regulatory initiatives, including costs of compliance with existing and potential future safety and environmental requirements, including with respect to climate change; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and related projects and expenditures; the adequacy of our insurance, legal and other reserves; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; our ability to maintain a workforce based upon current and anticipated workloads; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, and our ability to enforce any noncompetition agreements; fluctuations in fuel, maintenance, materials, labor and other costs; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multi-employer union pension plans, including underfunding and withdrawal liabilities; risks associated with operating in or expanding into additional international markets, including risks from fluctuations in foreign currencies, foreign labor and general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; restrictions imposed by our credit facility, senior notes, and any future loans or securities; our ability to obtain performance and surety bonds; a small number of our existing shareholders have the ability to influence major corporate decisions; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience in connection with shares we may issue as consideration for earn-out obligations or as purchase consideration in connection with past or future acquisitions, or as a result of other stock issuances; as well as other risks detailed in our filings with the Securities and Exchange Commission. Actual results may differ significantly from results expressed or implied in these statements. We do not undertake any obligation to update forward-looking statements. 2#3Company Overview * MasTec is a leading infrastructure construction company operating mainly throughout North America Activities include the engineering, building, installation, maintenance and upgrade infrastructure for: Wireless, wireline/fiber, network optimization and install-to-the-home offerings Energy pipelines and facilities (natural gas, oil and other products) Electrical transmission & distribution Power generation and industrial (mostly renewable and other) * MasTec has a high-quality, diversified customer base, served by about 21,000 employees across approximately 350 locations 3#4A Low Risk Specialty Contractor in Growing Markets • Growing Markets Telecommunications Renewables Short-term Projects Mitigate Multi-year Risks . Electrical Transmission . Safe, modern Pipelines & Facilities Minimal Wage Inflation Risk Minimal Commodities Price Risk Significant Revenue from Recurring MSAs 4#510+ Years of Strong Growth and Diversification 2007 Segments-$0.9 Billion Revenue 2019 Segments-$7.2 Billion Revenue Oil & Gas Communications Communications Diversification and Growth Electrical Transmission Power Generation & Industrial Electrical Transmission Communications 99% Communications 37% Oil & Gas 0% Oil & Gas 43% Electrical Transmission ~1% Electrical Transmission 6% Power Generation & Industrial 0% Power Generation & Industrial 14% Other -0% Other -0% 5#6Industry Opportunities Services Offered Description Key Statistics (2019) Communications Sales ($mm) EBITDA $ EBITDA (%) Oil & Gas Electrical Transmission Power Generation & Industrial Other 2,619 Sales ($mm) 3,117 Sales ($mm) 414 Sales ($mm) 1,034 Sales ($mm) 0.2 209 EBITDA $ 634 EBITDA $ 30 EBITDA $ 40 EBITDA $ 27 8.0% EBITDA (%) 20.3% EBITDA (%) 7.1% EBITDA (%) 3.9% EBITDA (%) >100% Backlog (Q4-19) ($mm) 4,228 Backlog (Q4-19) ($mm) 1,929 Backlog (Q4-19) ($mm) Backlog (Q4-19) ($mm) 1,289 512 Record Backlog (Q4-19) ($mm) 1 • Provides construction and maintenance services for wireline/fiber, wireless communications and install- to-the-home services • Wireless & wireline/fiber network engineering, construction & optimization Fiber-to-the-home engineering, construction & optimization • Install-to-the-home services • 5G & Small/micro Cell deployment ⚫ FirstNet first responder network 1 Gig and Verizon OneFiber "Smart City" initiatives • Provides construction and maintenance services for pipelines and processing facilities Pipeline construction • Facilities, pumping stations ⚫ Gathering lines Union and Non-union pipeline construction • In all major producing basins in North America U.S. Production expansion U.S. LNG export • Long-term takeaway needs ⚫ Pipeline integrity • Water pipelining Provides engineering, procurement and construction of electrical transmission lines and substations • Transmission systems Distribution systems Substations and switchyards Emergency restoration Storm/fire hardening ⚫ Preferential return for utilities on transmission investments Transmission needs for renewable power generation • "Smart Grid" and resilience initiatives Represents results for the twelve months ended December 31, 2019 Installs and constructs various types of renewable power generation facilities, as well as civil and industrial infrastructure • Alternative and conventional energy infrastructure construction, such as wind, solar power, geothermal heat, biofuels, biomass and natural gas peaker power generation plants ⚫ Trend towards combined heating & power (CHP) facilities • Renewable portfolio standards requirements and other climate change initiatives • Customer direct production trend • WAHA investment ⚫ Other segment includes joint ventures, equity method investments and other small business units 6#7In Millions Significant Revenue Growth 2007-2020E $8,000 $7,000 $6,000 18% CAGR $5,135 $5,000 $4,612 $4,325 $4,208 $3,727 $4,000 $2,831 $3,000 $2,143 $2,000 $1,482 $1,251 $938 $1,000 $0 2007 2008 (1) Reflects Guidance issued on February 27, 2020 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 $6,607 2019 $6,909 $7,183 2020E (1) Guidance 7 $8,000#8In Millions Significant Organic / Post-acquisition Revenue Growth $8,000 Revenue Growth 2007-2020E(2) $8,000 $7,000 18% CAGR $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $938 $0 2007 $3,727 $3,593 49% $3,469 ■Acquisition $3,593 ■Organic $1,335 51% $4,407 $2,392 2012 2020E ■Base Business (1) Organic ~$7.1B Revenue Growth from 2007-2020E (1) Base business represents existing business in 2007 plus the first twelve months results for all acquired entities since that time (2) Guidance as of February 27, 2020 8#9Significant Adjusted EBITDA Growth 2007-2020E (1) $900 $843 In Millions $900 $800 $700 $600 $500 23% CAGR $721 $646 $477 $449 $425 $336 $308 $400 $249 $300 $204 $127 $200 $89 $59 $100 $0 2007 2008 2009 (1) See Reg G reconciliation tables in Appendix for Adjusted EBITDA (2) Reflects Guidance issued on February 27, 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Guidance 2020E (2) 6#10Significant Organic / Post-acquisition Adjusted EBITDA Growth (1) In Millions $900 $800 23% CAGR $900 11.3% Adj. EBITDA Growth 2007-2020E(3) 43% $700 $481 $600 $500 9.0% $336 $360 $481 Acquisition Organic $400 $300 $92 $419 57% $200 $59 6.3% $244 $100 $59 $0 2007 2012 2020E 2 ■Base Business (2) ■ Organic $841 Million Adjusted EBITDA Growth from 2007-2020E (1) See Reg G reconciliation tables in Appendix for Adjusted EBITDA (2) Base business represents existing business in 2007 plus the first twelve months results for all acquired entities since that time (3) Guidance as of February 27, 2020 10 10#11Significant Backlog Growth 2012-2019 In Millions $8,000 $7,000 $6,000 $5,000 $4,126 $4,346 $4,000 $3,000 $2,000 $5,674 $5.419 $7,087 $7,690 $7,959 $1,000 2013 2014 2015 2016 2017 2018 2019 11#12Adjusted Net Income vs. Free Cash Flow Performance (1) Free Cash Flow vs. Adjusted Net Income Adjusted Net Income Net Cash Provided by Operating Activities Less: Cash Capital Expenditures Add: Proceeds on Sale of Fixed Assets Free Cash Flow Free Cash Flow as a Percent of Adjusted Net Income (1) See Reg G reconciliation tables in Appendix for Adjusted Net Income 2019 $ 397.2 $ 550.3 (126.5) 35.0 $ 458.8 116% 12#13Liquidity and Capital Structure MasTec, Inc. Debt Summary - as of December 31, 2019 Principal Balance (In 000s) Rate Maturity Revolving Credit Facility $339,200 Term Loan 400,000 3.5% September 2024 3.1% September 2024 Senior notes Finance lease and other obligations 400,000 305,600 4.9% March 2023 4.1% varies Total Debt $ 1,444,800 Weighted Average Interest Rate 3.9% Total Equity $ 1,791,700 Total Capital $ 3,236,500 (1) Net debt equals total debt less cash. → Ended Q4-19 with a net debt(1) leverage ratio of at 1.6x * Strong and increased liquidity profile, sufficient to capitalize on expected growth and strategic opportunities → No significant near-term maturities & low blended cash interest rate 13#14Communications 14#15Communications: End-to-End Services 111 Existing Copper Satellite L.A. Distributed Antenna Systems Long Haul Fiber New York City Miami (((())) Central Business District Small Cells Local Node Residential Fiber Optic Cable Telco Central Office Switching Fiber Backhaul Fiber Optic Cable Cell Tower O MasTec, Inc., 2013 Smart Phone Residential 15#16Communications Has Multiple Long-term Drivers Fiber Backhaul Fixed Local Continuing 4GLTE Upgrades Security Systems Rural Telco Upgrades Loop Optimization Autonomous Vehicles MiMo Antennas Fixed Wireless 5G 1-Gigbit One Fiber Fiber-to-the-Home Internet of Things Micro Cells New Cell Towers Customer Fulfillment Small Cells Wireless Densification First Net Wireless Fiber Smart Cities Macro Sites Engineering 16#175G Wireless Network Spending is Accelerating 5G has the potential to change our world and empower a new industrial and social revolution... Eric Hutchinson, CEO of Spirent Communications, December 2, 2018 U.S. 5G infrastructure Key Point 5G. spending is expected to grow at a 78% CAGR from 2020 to 2025... BIS Research, 4G Global 5G Infrastructure Market, March 2019 ((9)) ((8) (၅) Key Point We forecast that between 2019 and 2025 inclusive, mobile operators across the world will spend $1.3 trillion on capex, with more than three quarters of that 5G- related.... GSMA Intelligence, April 2019 Underground Fiber Backhaul -)) ((p) (၃) ((•)) Central Office Headend ((9)) ((•)) (((4+1)) ((0))((0)) ((•)) (()) Single Family ((9)) ((p)) ((+)) Aerial Fiber Optic Cable Tower, cell & fiber locations are for illustration purposes only (()) (()) ((p)) (8) ((q)) ((p) (p)) MasTec, Inc. 2017 Traditional Towers Micro/Small Cell Distributed Antenna System 17#18FirstNet™ is a Significant Wireless Opportunity ➤ Separate wireless 4G/LTE network that can be dedicated to First Responders in emergencies ➤ Deploying in all 50 States, territories and tribal lands ➤ Awarded to AT&T in 2017 AT&T expects to invest ~$40 Billion over the life of project Federal investment of $6.5 Billion ➤MasTec has significant opportunity under existing AT&T "Turf" contract. FirstNet™ 77 Tower Deployment; and Fiber Deployment/Interconnect Tower & fiber locations are simplified assumptions derived from First.net.gov, and are for illustration purposes only. MasTec, Inc. 2017 18#19Communications- Wireless CAPEX Spending to Accelerate AT&T Contract States Alaska Global Mobile Data Traffic 2017 to 2022 (Exabytes per Month) ~45% CAGR for 2017-2022E 41.0 29.0 19.0 12.0 57.0 77.0 Hawaii MasTec Turf Contract States Puerto Rico As of July 21, 2016 2017 2018 2019 2020 2021 2022 Source: Cisco Visual Networking Index: Global Mobile Data Traffic Forecast Update, 2017-2022, February, 2019 * Offering Program and Project Management, Site Acquisition, Architecture, Engineering & Optimization services, as well as self-perform construction services across a broad geographic territory in the U.S. Key Point * Expecting large-scale 5G deployments beginning in late 2020, with excellent multi-year visibility. Key Point ◆ FirstNet™ first responder network is incremental, with AT&T expected to spend $40 billion. (1) Key Point We believe MasTec is among the largest of the nationwide wireless contractors. (1) AT&T press release, March 30, 2017 19#20Energy Pipeline and Facilities 20 20#21Gas Pipelines: End-to-End Services Natural Gas Components ** Long Haul Ft.Worth Little Rock Chicago Gathering System Small Compressor Gas Treatment Plant Station Power Plant Large Compressor Station O MasTec, Inc., 2013 Factory Mid-Stream 21#22MasTec Oil & Gas Segment Among the largest U.S. pipeline contractors, with footprint in all major productive basins Balanced portfolio of pipeline services, offering union & non-union services * Self-perform, state-of-the-art operations Excellent safety record High degree of visibility in large project and midstream pipeline markets, especially in the Permian Basin Demand driven by desire to reduce commodity transportation costs Midstream & gathering pipeline demand driven by increased drilling and production activity $70 Revenue from Oil & Gas ($ in millions) ~41% CAGR for 2008-2019 $2,024 $1,738 $1,495 $3,497 $3,289 $3,117 2008 2014 2015 2016 2017 2018 2019 22 22#23Multiple Pipeline Opportunities - Permian Basin Bottleneck Means More Pipelines Historical U.S Rig Count (1) Permian Basin Oil & Gas Production Growth Continues (3) Gas 12.0 Oil 3.0 10.0 1200 1000 800 600 400 200 0 2016 2.5 8.0 2.0 6.0 1.5 1.0 0.5 0.0 2017 Permian Basin Over 32,000 miles of new and planned North American oil & gas pipelines estimated at December 31, 2019. (2) Key Point 2018 2019 Total 2011 2012 O 2013 2014 2015 2016 4.0 2.0 0.0 Oil (MMbbl/D) Gas (Bcf/D) It is predicted that oil production in the Permian Basin will increase over the next 10 years. (4) Key Point 2017 2018 2019 Sources: 1) Baker Hughes, April 28, 2019 2) Pipeline and Gas Journal, 2020 Global Pipeline Construction Outlook in the U.S. report 3) Texas RRC Production Statistics through November 2019 4) Enverus Drillinginfo, October 2019 223 23#24Power Generation & Industrial (Wind, Solar, Civil and Other) and Electrical Transmission (Smaller Segments with Excellent Projected Growth Rates) 24 24#25Power Generation & Electrical Transmission: End-to-End Services Wind Farm Central Business District Residential Solar Farm Factory Electrical Substation O MasTec, Inc., 2013 Electrical Substation Power Plant Electrical Substation 25#26Cumulative U.S. Wind Capacity (MMWs)(3) Power Generation & Industrial Proven top tier contractor in wind farm construction services, including civil, electrical substation and transmission line integration The cost of wind energy is down two-thirds since 2009. (1) Key Point Our customers see increasing demand for green power generation, with continued development of renewable energy sources, irrespective of changes in federal tax credit or tariff policy The close similarity between the minimum PV and wind prices in the cost comparisons suggests that solar is now becoming increasingly competitive with wind. (2) Key Point Will continue to develop additional capabilities in industrial infrastructure and renewables, including: Oil & gas facilities - compression, pumping and metering stations Power generation - simple cycle, combined cycle power & biomass plants Other renewables (solar and biofuels) and Heavy civil Wind operations and maintenance (O&M) - a fast growing market due to aging wind assets Notes: (1) American Wind Energy Association, January 30, 2019 (2) Wind Power Monthly, February 1, 2019 (3) AWEA.org, Wind Facts at a Glance, February 2020 120 100 80 60 60 60 40 40 20 20 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 26 26#27Electrical Transmission Industry Spending Expected to Grow Improving bidding environment with new & larger project awards, benefiting late 2020 and beyond. *Utilities are interested in, and have supported, a diversified supplier market. *Continued interest in renewable power generation, grid resiliency, 'smart grid' projects and use of electric vehicles provide additional opportunities for grid infrastructure expansion. Mas Tec's strong balance sheet and performance history are competitive advantages. In Billions U.S. & Canada Total Transmission $40 $35 $30 $25 $20 $15 $10 $5 $0 2018E Spending Forecast (1) 2019E 2020E 2021E Chart Source: Stifel Estimates and Industry Data, December 2019 (1) Includes estimates of all small and medium, under construction, approved, advanced development, and moderate confidence projects 27 27#28MasTec, Inc. 800 S. Douglas Road, 12th Floor Coral Gables, FL 33134 J. Marc Lewis Vice President-Investor Relations (305) 406-1815 (305) 406-1886 fax [email protected] www.mastec.com MasTec Infrastructure that Delivers 28#29Appendix 29 29#30North American Oil & Gas Production is Changing the Game stern Canada Gammon Bakken Niobrara Anrtim Monterey New Albany Lewis Woodford Fayetteville Barnett Permian Haynesville Tuscaloosa Eagle Ford MasTec, Inc., 2013 Maltrata Marcellus/Utica Increasing Energy Independence for North America U.S. Refining Corridor Pimienta Domestic Production is Displacing Foreign Imports 30 30#31* The Mexican Energy Infrastructure Opportunity is Developing (1) Ehrenberg Los Algodones San Luis Rio Colorado 2 Natural Gas Pipelines Constructed by MasTec Up to $30 Billion for 12,000 miles of pipeline opportunities are planned by Pemex and Comisión Federal de Electricidad (CFE). (2) Sasabe La Paz By 2028, the demand for natural gas is expected to about double to 7.7 Bcf/d as Mexico is projected to add 34.6 gigawatts of new natural gas fired electric generation capacity. (2) Experts predict a 75% increase in demand for natural gas over the next 15 years as Mexico continues growing and the country switches to natural gas-fired power generation. (3) Topoloba Los Cabos Waha Samalayuda Облада El Encino Durango Colombia La Laguna Escobedo Ramones Sur de Texas LNG regasification terminals Gas pipelines in operation Gas pipelines sponsored by CFE Gas pipelines sponsored by PGPB Gas pipelines jointly sponsored by CFE/PGPB Proposed natural gas liquefaction/compression plant Proposed natural gas regasification/ decompression plant Maritime natural gas supply route Compression station Aguascalientes V. Reyes Naranjos Tuxpan Guadalajara Tula Sources: (1) Map Data from SENER Cempoala Jáltipan Salina Cruz Tapachula Mérida Cancún (2) Pipeline and Gas Journal, January 2016, BTU Analytics, August 2015 (3) Pipeline and Gas Journal, January 2017 31#32Reg. G Adjusted EBITDA - Continuing Operations (1)(2) EBITDA and Adjusted EBITDA Reconciliation Revenue Income (loss) from continuing operations before non- controlling interests Interest expense, net Provision for income taxes Depreciation and amortization EBITDA - Continuing Operations Non-cash stock-based compensation expense 2007 % margin 2008 % margin 2009 % margin 2010 % margin 2011 % margin $ 932.4 $ 1,250.8 $ 1,482.1 $ 2,143.0 $ 2,831.3 $ (13.5) (1.5)% $ 42.1 3.4% $ 44.8 3.0% $ 66.1 3.1% $ 97.5 3.4% 9.8 1.0% 15.1 1.2% 24.7 1.7% 29.2 1.4% 34.5 1.2% 0.6 0.0% 5.7 0.4% 47.9 2.2% 61.8 2.2% 17.4 1.9% 27.1 2.2% 48.2 3.3% 56.9 2.7% 74.2 2.6% $ 13.7 1.5% $ 84.8 6.8% $ 123.4 8.3% $ 200.1 9.3% $ 267.9 9.5% 5.6 0.6% 3.8 0.3% 3.1 0.2% 3.9 0.2% 3.6 0.1% Goodwill and intangible asset impairment Acquisition integration costs Audit committee investigation related costs Project results from non-controlled joint venture Court mandated settlement (Gain) loss on equity investee interest rate swaps Legacy litigation claims and other disputes 39.3 4.2% Sintel litigation settlement expense Gain from remeasurement of equity interest in acquiree Charges (recoveries) from multiemployer pension plans Loss from extinguishment of debt (29.0) (1.0)% 6.4 0.2% $ 58.6 6.3% $ 88.6 7.1% $ 126.5 8.5% $ 204.0 9.5% $ 248.9 8.8% Adjusted EBITDA - Continuing Operations Notes: (1) Differences due to rounding, $ in millions (2) Additional non-GAAP reconciliations are included in Company's SEC filings and press releases 32 32#33Reg. G Adjusted EBITDA - Continuing Operations (1)(2) 2012 % margin 2013 % margin 2014 % margin 2015 % margin 2016 % margin EBITDA and Adjusted EBITDA Reconciliation Revenue $ 3,726.8 Income (loss) from continuing operations before non- controlling interests Interest expense, net Provision for income taxes Depreciation and amortization EBITDA - Continuing Operations Non-cash stock-based compensation expense Goodwill and intangible asset impairment Acquisition integration & restructuring costs Audit committee investigation related costs Project results from non-controlled joint venture Court mandated settlement $ 4,324.8 $ 4,611.8 $ 4,208.3 $ 5,134.7 $ 116.6 3.1% $ 147.7 37.4 1.0% 76.1 2.0% 46.4 92.5 2.1% 3.4% 1.1% $ 122.0 2.9% 50.8 1.2% 76.4 $ (79.7) (1.9)% 48.1 1.1% $ 134.0 2.6% 50.7 1.0% 1.8% 12.0 0.3% 91.8 1.8% 92.0 2.5% 140.9 3.3% 154.5 3.7% $ 322.1 8.6% 427.6 9.9% $ 403.7 8.8% $ 150.0 169.7 4.0% 3.6% 164.9 3.2% $ 441.5 8.6% 4.4 0.1% 12.9 0.3% 15.9 0.4% 12.4 0.3% 15.1 0.3% 78.6 1.9% 5.3 0.1% 17.8 0.4% 15.2 0.3% 16.5 0.4% 16.3 0.4% 5.1 0.1% 12.2 0.3% 4.4 0.1% (Gain) loss on equity investee interest rate swaps Legacy litigation claims and other disputes Sintel litigation settlement expense 9.6 0.3% 2.8 0.1% Gain from remeasurement of equity interest in acquiree Charges (recoveries) from multiemployer pension plans Notes: Loss from extinguishment of debt (1) Differences due to rounding, $ in millions 5.6 0.1% Adjusted EBITDA - Continuing Operations $ 336.1 9.0% $ 448.9 10.4% $ 424.9 9.2% $ 308.1 7.3% $ 476.9 9.3% 33 33 (2) Additional non-GAAP reconciliations are included in Company's SEC filings and press releases#34Reg. G Adjusted EBITDA - Continuing Operations (1)(2) EBITDA and Adjusted EBITDA Reconciliation 2017 % margin 2018 % margin Revenue $6,607.0 $6,909.0 % margin 2020E % margin 2019 $7,183.2 $8,000.0 Income (loss) from continuing operations before non- controlling interests Interest expense, net $ 348.9 5.3% $ 259.2 3.8% $ 394.1 5.5% $ 397 5.0% 61.0 0.9% 82.6 1.2% 77.0 1.1% 75 0.9% Provision for income taxes Depreciation and amortization EBITDA - Continuing Operations 22.9 0.3% 106.1 1.5% 116.8 1.6% 126 1.6% $ 620.9 188.0 2.8% 9.4% 212.9 3.1% 235.5 3.3% 281 3.5% Non-cash stock-based compensation expense 15.7 0.2% $ 660.8 13.5 0.2% 9.6% 823.4 11.5% 880 11.0% 16.4 0.2% 20 0.3% Goodwill and intangible asset impairment 47.7 0.7% 3.3 0.0% Acquisition integration & restructuring costs 0.6 0.0% Project results from non-controlled joint venture 7.9 0.1% (1.0) 0.0% Charges from multiemployer pension plans Adjusted EBITDA - Continuing Operations $ 645.6 0.7 0.0% 9.8% $ 721.0 10.4% 843.2 11.7% 900 11.3% (1) Differences due to rounding, $ in millions (2) Additional non-GAAP reconciliations are included in Company's SEC filings and press releases (3) Guidance as of February 27, 2020 Notes: 34 =4#35Reg. G Adjusted Net Income (1)(2) Adjusted Net Income Reconciliation (in millions) Net income Adjustments: Non-cash stock-based compensation expense Goodwill and intangible asset impairment Income tax effect of adjustments Statutory tax rate effects Adjusted net income 2019 $ 394.1 16.4 3.3 (8.8) (7.8) $ 397.2 Notes: (1) Differences due to rounding, $ in millions (2) Additional non-GAAP reconciliations are included in Company's SEC filings and press releases 35 55