Centuri Holdings Inc (CTRI) 2024 Q4 法說會逐字稿

Greetings and welcome to Centuri's 4th quarter and full year 2024 earnings call.. (Operator Instructions).

問候並歡迎參加 Centuri 2024 年第四季和全年財報電話會議。（操作員指令）。

It is now my pleasure to introduce your host, Jason Wilcox, Centuri's chief legal and administrative officer and corporate secretary. Please you may begin.

現在我很高興介紹您的主持人 Jason Wilcox，Centuri 的首席法律和行政官兼公司秘書。請開始。

Thank you, Joelle and hello, everyone. We appreciate you joining our call this morning. We issued and posted the Centuri Holdings website, our 4th quarter 2024 earnings lease.

謝謝你，喬爾，大家好。感謝您今天上午參加我們的電話會議。我們在 Centuri Holdings 網站上發布並公佈了我們的 2024 年第四季收益租賃。

The slides accompanying today's call are also available on Centuri Holdings website.

今天電話會議的幻燈片也可在 Centuri Holdings 網站上找到。

Please note that on today's call we will address certain factors that may impact this year's earnings and provide some longer term guidance.

請注意，在今天的電話會議上，我們將討論可能影響今年收益的某些因素並提供一些長期指導。

Some of the information that will be discussed today contains forward-looking statements within the meeting of the Private Securities Litigation Reform Act. These statements are as of today's date and based on management's assumptions on what the future holds, but are subject to several risks and uncertainties, including uncertainties surrounding the impact of future economic conditions and regulatory approvals.

今天將要討論的一些資訊包含《私人證券訴訟改革法案》會議內的前瞻性陳述。這些聲明截至今天為止均基於管理層對未來情況的假設，但受若干風險和不確定性的影響，包括未來經濟狀況和監管部門批准的影響的不確定性。

This cautionary note, as well as a note regarding non-A measures, is included on slides 2 and 16 of this presentation, today's press release, and our filings with the Securities and Exchange Commission, which we encourage you to review. These risks and uncertainties may cause actual results to differ materially from statements made today.

此警告說明以及有關非 A 措施的說明包含在本簡報的第 2 張和第 16 張投影片、今天的新聞稿以及我們向美國證券交易委員會提交的文件中，我們鼓勵您閱讀。這些風險和不確定性可能會導致實際結果與今天的聲明有重大差異。

We caution against placing undue reliance on any forward-looking statements, and we assume no obligation to update any such statement.

我們警告不要過度依賴任何前瞻性陳述，並且我們不承擔更新任何此類陳述的義務。

Today's call is also being webcast live and will be available for replay in the investor relations section of our website shortly after the completion of this call.

今天的電話會議也將進行網路直播，會議結束後不久即可在我們網站的投資者關係部分重播。

On today's call, we have from Centuri Holdings the following members of the leadership team Christian Brown, President and Chief Executive Officer,; Gregory A. Izenstark, Chief Financial Officer. I'll now turn the call over to.

在今天的電話會議上，我們邀請了 Centuri Holdings 的以下領導團隊成員：總裁兼執行長 Christian Brown； Gregory A. Izenstark，財務長。我現在將電話轉給。

Chris.

克里斯。

Thank you, Jason. Good day, everybody.

謝謝你，傑森。大家好。

Thank you for joining us for our 4th quarter of full year 2024 and it's called. My first as President and CEO of Centuri.

感謝您參加我們 2024 年全年第四季的活動。我第一次擔任 Centuri 總裁兼執行長。

It is an honor to lead this organization, and I deeply appreciate the warm welcome I've received since joining in early December. Thank you to all my colleagues.

我很榮幸能夠領導這個組織，我非常感謝自 12 月初加入以來所受到的熱烈歡迎。感謝我所有的同事。

Long before officially joining Centuri, over a number of years, I had the opportunity to observe how Centuri has built its scale, reach, and capability and admire how it operates and services its clients.

早在正式加入 Centuri 之前的幾年裡，我就有機會觀察 Centuri 如何建立其規模、影響力和能力，並欽佩其營運和服務客戶的方式。

Moreover, during 7 months of recruitment process, I was able to further strengthen my knowledge from inside the organization.

此外，在7個月的招募過程中，我能夠進一步加強組織內的知識。

Now, after over 3 months, I've engaged with many of our employees, our customers, routinely visited all of our primary operating locations, and visited many sites across North America.

現在，經過三個多月的時間，我已經與我們的許多員工和客戶進行了接觸，定期訪問了我們所有的主要營運地點，並訪問了北美各地的許多站點。

In doing so, I've been truly impressed by the strength of our organization and the dedication of our people and our teams. Our leaders are deeply connected with their customers, possess a strong understanding of our organization, and consistently ensure that we deliver the safe, high quality service that defines our organization and our culture.

在過程中，我真正感受到了我們組織的實力以及我們員工和團隊的奉獻精神。我們的領導與客戶有著深厚的聯繫，對我們的組織有著深刻的了解，並始終確保我們提供安全、高品質的服務，這正是我們組織和文化的特徵。

Against this backdrop, I'm incredibly enthusiastic to speak with the investment community for the first time today and in the weeks and months ahead.

在這樣的背景下，我非常高興今天以及未來幾週和幾個月內第一次與投資界交流。

Centuri is a leading utility infrastructure services company and as a platform that we can build from, growing our end markets in a more focused, structured and significant way.

Centuri 是一家領先的公用事業基礎設施服務公司，作為我們的平台，我們可以以更有針對性、更有條理和更重要的方式發展我們的終端市場。

We believe we're incredibly well positioned in both our primary aid markets.

我們相信，我們在兩個主要援助市場都處於非常有利的地位。

With respect to electric, we are able to capitalize on the evolving energy demands and infrastructure expansion.

在電力方面，我們能夠利用不斷變化的能源需求和基礎設施擴張。

The need to upgrade and upgrade an aging grid, enhance its reliability, and expand its capacity due to the growth we are seeing from data Centuri, advanced manufacturing, electrification, and renewables present significant op opportunity for us.

由於我們看到數據 Centuri、先進製造、電氣化和再生能源的成長，需要升級和改造老化的電網，提高其可靠性，並擴大其容量，這為我們提供了重大的營運機會。

At the same time, natural gas remains a vital part of our mix of solutions that will be required to meet future demands, and there is an improving and healthy demand for our services to expand and replace systems, pipelines, and infrastructure across North America.

同時，天然氣仍然是我們滿足未來需求的解決方案組合的重要組成部分，並且對我們在北美擴展和更換系統、管道和基礎設施的服務的需求正在不斷增長和健康。

It is my job to ensure the growth we're seeing in the market is reflected in the company's growth and subsequent returns. This is where I intend to lean on my past experiences, leading solid companies to structured profitable growth.

我的工作是確保我們在市場上看到的成長能夠反映在公司的成長和隨後的回報中。在這裡，我打算依靠我過去的經驗，帶領穩健的公司實現結構化的獲利成長。

With the exciting prospects ahead, we are actively instilling a proactive growth mindset in our culture, one that maximizes capabilities across the entire enterprise and actively drives our expansion.

面對令人興奮的未來前景，我們正在積極地在我們的文化中灌輸積極主動的成長思維，最大限度地發揮整個企業的能力並積極推動我們的擴張。

This means growing with our existing customers, adding new customers, and continuously looking for opportunities.

這意味著我們要與現有客戶共同成長，增加新客戶，並不斷尋找機會。

Our leaders are being challenged to not just deliver services under contract, but to actively look for opportunities to do more. Achieving this requires having the best positioning, the best people, the best tools, and a culture to deliver greater value and services to all our existing and our new customers.

我們的領導者面臨的挑戰不僅要按照合約提供服務，還要積極尋找機會做更多的事情。要實現這一目標，需要擁有最佳定位、最佳人才、最佳工具和文化，為我們所有現有和新客戶提供更大的價值和服務。

As we complete the transition from being a subsidiary of a utility company to maturing as a stand-alone service provider, we will further our focus on the following areas in the coming months.

隨著我們完成從公用事業公司的子公司到成熟獨立服務提供者的轉型，我們將在未來幾個月進一步關注以下領域。

Firstly, We'll create a structured company-wide approach to business development, focused on high growth development of our pipeline, more focused market positioning, business winning strategies, and securing of new awards beyond our existing MSAs.

首先，我們將創建一個結構化的全公司範圍的業務發展方法，重點關注我們產品線的高成長發展、更有針對性的市場定位、業務制勝策略以及獲得超出我們現有 MSA 的新獎項。

Our organizational obligation is to not only simply execute the services we are contracted to provide, but to grow and to bring further value to our customers.

我們的組織義務不僅僅是簡單地執行我們合約規定的服務，而且還要發展並為我們的客戶帶來更多價值。

Secondly, we'll focus on improving capital efficiency with a focus on increasing returns across our asset base, which will include 1, growing the fleet size by reducing balance sheet funding and maximizing other efficient sources of funding, including leasing and rental, and 2, a greater focus on reducing working capital by optimizing invoicing and our collections.

其次，我們將專注於提高資本效率，重點是提高整個資產基礎的回報，這將包括：1、透過減少資產負債表資金和最大限度地利用其他有效資金來源（包括租賃和租金）來擴大機隊規模；2、透過優化發票和收款，更加重視減少營運資本。

And thirdly, improving our financial performance through tighter performance management, which includes exiting and renegotiating any of the contracts that we feel are underperforming.

第三，透過更嚴格的績效管理來提高我們的財務業績，包括退出和重新談判任何我們認為表現不佳的合約。

The implementation of these plans across these three focused areas is well underway, and we anticipate seeing tangible and quantifiable benefits over the coming months and quarterly reporting periods. In the second half of 2025, we intend to seek further, we intend to build further on this work by conducting a more long term view of our end markets and seek to quantify actions and plans needed to drive greater growth and sustainability into our business into the future.

這些計劃在這三個重點領域的實施正在順利進行，我們預計在未來幾個月和季度報告期內將看到切實可量化的效益。2025 年下半年，我們打算進一步尋求，我們打算透過對我們的終端市場進行更長遠的審視來進一步開展這項工作，並尋求量化推動未來業務更大增長和可持續性所需的行動和計劃。

Before we turn to specific trends in our business, it's worth commenting about the changed political dynamic and evolving energy policy in the United States and how that impacts century.

在我們討論業務中的具體趨勢之前，值得先評論一下美國不斷變化的政治動態和不斷發展的能源政策以及這些政策對本世紀的影響。

Our view is that our core end markets across the entire value chain will remain strong. We are seeing capital investment levels continue to grow into the double digits driven by the need for energy resiliency, demand and growth. We are position and have positioned our pipeline a future opportunity such that we are not relying upon new offshore wind and other unfunded major projects to deliver the growth expectations that we all have.

我們認為，整個價值鏈的核心終端市場將保持強勁。我們看到，在能源彈性、需求和成長需求的推動下，資本投資水準持續成長到兩位數。我們已經為未來的機會做好了準備，這樣我們就不會依賴新的離岸風電和其他沒有資金支持的大型專案來實現我們所有人的成長預期。

Fortunately, Centuri has the capability, people's expertise, and a skilled platform to be able to meet infrastructure needs across the energy and in the utility value chain.

幸運的是，Centuri 擁有能力、專業知識和技術平台，能夠滿足整個能源和公用事業價值鏈的基礎設施需求。

Turning to business trends for the 4th quarter and today starting with our gas business. 4 revenues and volumes under our FSA and our gas segment largely normalized.

談談第四季的業務趨勢，今天先從我們的天然氣業務開始。 4 我們的金融服務管理局 (FSA) 和天然氣部門的收入和銷售量基本上正常化。

While rape cases are a constant factor in our industry for 2025, we have not identified any that pose significant concerns regarding their potential impact on our 2025 operations.

雖然強暴案件是我們產業在 2025 年持續存在的因素，但我們尚未發現任何會對我們 2025 年的營運造成潛在影響的重大擔憂。

In December we were pleased to see several of our gas clients allocate remaining funds in their 2024 budgets to complete capital investments which positively impacted our top line. This pattern aligns with historical behaviors where clients set annual budgets to ensure they spend allocated funds by the end of the year to maximize their returns.

12 月，我們很高興看到我們的幾家天然氣客戶在 2024 年預算中分配剩餘資金來完成資本投資，這對我們的營收產生了積極影響。這種模式與歷史行為一致，客戶設定年度預算以確保他們在年底前花掉分配的資金，從而最大化回報。

Gas margins during 2024 were below our expectations, driven by rate case approvals, competitive forces, and the need to realign resources and improve utilization rates.

2024 年天然氣利潤率低於我們的預期，原因是費率案例批准、競爭力量以及重新調整資源和提高利用率的需要。

When some of our customers slowed down given rate out case outcomes, we lacked near sales opportunities and should have optimized our group counts faster. The work to exit performing contracts and restructure the gas group now has largely been completed.

當我們的一些客戶因為費率問題而放慢速度時，我們缺乏附近的銷售機會，並且應該更快地優化我們的團隊數量。目前，天然氣集團的退出履約合約和重組工作已基本完成。

And we anticipate gross margins to normalize during 2025 to their historical averages of between 7 and 7.5%. We will of course closely monitor dynamics and make adjustments as necessary and remain attentive to gas margin improvements.

我們預計毛利率將在 2025 年恢復至 7% 至 7.5% 的歷史平均值。我們當然會密切監測動態並根據需要做出調整，並繼續關注天然氣利潤率的提高。

In our electric business we saw steady improvement in our core operations throughout the second half of 2024 into the year with a continued recovery proved counts, especially in our non-union segment, which has continued into 2025.

在我們的電力業務中，我們的核心業務在 2024 年下半年穩步改善，探明數量持續復甦，尤其是在非工會部門，這種情況一直持續到 2025 年。

As with the gas business, we've also benefited from some customers spending remaining budget dollars prior to the year end.

與天然氣業務一樣，我們也受益於一些客戶在年底前花掉剩餘的預算資金。

Additionally, our core Union Electric business experiences significant pick-up in activity as well as a significant LNG award received in the 4th quarter.

此外，我們的核心聯合電力業務活動顯著回升，並在第四季度獲得了重要的液化天然氣獎。

Our electoral results were bolstered by a record year for storm restoration work, with revenues exceeding 80% of the recent historical average. As mentioned on our last call, we have strategically built a highly skilled workforce, both union and non-union, that is ready to respond as and when needed.

今年的風暴恢復工作創下了紀錄，收入超過了近期歷史平均水平的 80%，這為我們的選舉結果提供了支撐。正如我們上次電話會議中提到的那樣，我們已經策略性地建立了一支高技能的勞動力隊伍，包括工會和非工會，隨時準備在需要時做出回應。

Our storm response success is a result of purposeful efforts in the training, positioning, and strengthening of our customer relationships. Furthermore, it says it's an entry point for longer term opportunities with new customers. Pivot business development activity.

我們對風暴的回應之所以成功，是因為我們積極努力地進行培訓、定位和加強客戶關係。此外，該公司還表示，這是獲得新客戶長期機會的切入點。重點業務發展活動。

During the quarter, we secured $221 million in new awards, including $99 million in MSA awards and $122 million in strategic bid awards. This was and was expected to be a quiet quarter for new awards and bookings. I at the year-end stood at $3.7 billion with 90% related to work performed MSA.

本季度，我們獲得了 2.21 億美元的新獎項，其中包括 9,900 萬美元的 MSA 獎項和 1.22 億美元的策略性投標獎項。本季度對於新獎項和新預訂而言是一個平靜的季度，預計也是如此。截至年底，MSA 總額為 37 億美元，其中 90% 與已完成的工作有關。

Looking ahead, we anticipate that with our increased focus on business development. We will deliver a step change in bookings and we will exceed a book to bill of 1.1 during 2025.

展望未來，我們預期我們將更加重視業務發展。我們將在訂單量上實現重大轉變，到 2025 年，訂單出貨比將超過 1.1。

E market has increased our pipeline by over 30% during the second half of 2024, and we have approximately $1.5 billion of late stage bids and the potential for over $2 billion in new revenue based upon MSA renewals during 2025.

2024 年下半年，E 市場使我們的管道增加了 30% 以上，我們有大約 15 億美元的後期投標，並且根據 2025 年 MSA 續簽，有可能獲得超過 20 億美元的新收入。

Before I, before turning the call over to our CFO, Gregory A. Izenstark, I'd like to share a few high-level thoughts on our 2025 outlook. The guidance we are introducing today includes a rate of revenue, and just to leave it that and net capital expenditures.

在將電話轉給我們的財務長 Gregory A. Izenstark 之前，我想就我們的 2025 年展望分享一些高層想法。我們今天推出的指導包括收入率，以及淨資本支出。

Informing these targets, we anticipate double digit EBITDA growth in our core business year over year, which includes the rundown of our offshore wind projects and no new awards in the market. We also assume revenue from storm restoration services at recent historical levels, which is approximately $60 million less than we secured and delivered in 2024.

根據這些目標，我們預計核心業務的 EBITDA 將比去年同期實現兩位數成長，其中包括離岸風電專案的完成以及市場上沒有新的獎項。我們也假設風暴恢復服務的收入處於近期歷史水平，比我們在 2024 年獲得和交付的收入少約 6000 萬美元。

I'll now turn over Greg to elaborate on our results and our 2024 power output.

現在請格雷格詳細說明我們的成果和 2024 年的電力輸出。

Thanks, Chris, and good morning to everyone joining us.

謝謝，克里斯，大家早安。

Fourth quarter 2024, consolidated revenues increased 7.8%. The consolidated gross profit was 32% higher compared to the prior year period. Gross profit margin of 9.9% in the fourth quarter of 2024 was well above the 8.1% we reported in the fourth quarter of 2023.

2024年第四季，綜合營收成長7.8%。綜合毛利較去年同期成長32%。2024 年第四季的毛利率為 9.9%，遠高於 2023 年第四季報告的 8.1%。

For the year 2024 revenues of $2.64 billion came in ahead of the midpoint of the guidance range we provided in July of $2.5billion to $2.7 billion.

2024 年的營收為 26.4 億美元，高於我們 7 月提供的 25 億美元至 27 億美元指引範圍的中點。

On a GAAP basis, net income attributable to common stock in the fourth quarter was $10.3 million or diluted earnings per share of $0.12, up from a net loss attributable to common stock of $210.7 million or a diluted loss per share of $2.94 in the same period last year.

以美國通用會計準則 (GAAP) 計算，第四季歸屬於普通股的淨利潤為 1,030 萬美元，即每股攤薄收益 0.12 美元，高於去年同期歸屬於普通股的淨虧損 2.107 億美元，即每股攤薄虧損 2.94 美元。

As a reminder, the 4th quarter of 2023 results included a $209 million after tax impairment on goodwill. In the fourth quarter of 2024, total company adjusted EBITDA non-GAAP figure, was $70.7 million or 22.9% higher than the prior year quarters, $57.5 million.

提醒一下，2023 年第四季的業績包括 2.09 億美元的稅後商譽減損。2024 年第四季度，公司調整後的 EBITDA 非 GAAP 總金額為 7,070 萬美元，比去年同期的 5,750 萬美元高出 22.9%。

Adjust EBITDA margin was 9.9% for the quarter, an improvement from the 8.6% reported in the fourth quarter of 2023. For a full year 2024, our adjusted margin of 9% was in line with the guidance range provided with our mid-year results. non-GAAP adjusted net income in the fourth quarter came in at $18.4 million for an adjusted diluted earnings per share of $0.21, up from $4.9 million for an adjusted diluted earnings per share of $0.07 in the prior year period.

本季調整後 EBITDA 利潤率為 9.9%，高於 2023 年第四季的 8.6%。就 2024 年全年而言，我們的調整後利潤率為 9%，符合我們年中業績提供的指導範圍。第四季非公認會計準則調整後淨收入為 1,840 萬美元，調整後每股攤薄收益為 0.21 美元，高於去年同期的 490 萬美元和調整後每股攤薄收益 0.07 美元。

The $8.1 million dollar difference between our GAAP and non-GAAP adjusted net income primarily includes the impact of amortization of intangible assets, as well as CEO transition costs, non-cash stock-based compensation and severance costs.

我們的 GAAP 和非 GAAP 調整後淨收入之間的 810 萬美元差額主要包括無形資產攤銷的影響，以及執行長過渡成本、非現金股票薪酬和遣散費。

Now to each reportable segment, revenue from our US gas segment totaled $327.2 million reflecting a year over year increase of 5.4%. We benefited late in the quarter from customers spending plan 2024 budget dollars to complete projects which drove an improvement in volumes.

現在對於每個可報告的部門來說，我們美國天然氣部門的收入總計 3.272 億美元，年增 5.4%。本季度末，我們受益於客戶支出計劃 2024 年預算資金來完成項目，這推動了交易量的提高。

Gross profit margins decreased to 6.2% in the fourth quarter of 2024 from 7.8% in the prior year period. This decline was due to changes in the mix of work and close out of certain bid projects.

2024 年第四季毛利率從去年同期的 7.8% 下降至 6.2%。下降的原因是工作組合的變化以及某些投標項目的結束。

We are taking steps to structurally improve our contracts and cost structure in this segment as margins were under pressure throughout 2024.

由於利潤率在 2024 年全年都面臨壓力，我們正在採取措施從結構上改善該領域的合約和成本結構。

Revenue from our Canadian gas segment totaled $56.8 million effectively flat with the fourth quarter of 2023.

我們加拿大天然氣部門的收入總計 5,680 萬美元，與 2023 年第四季基本持平。

We experienced an uptake in volumes under MSA, but that work was down due to the timing of products.

我們在 MSA 下的業務量有所增加，但由於產品時間安排的原因，這項工作有所減少。

Favorable mix drove an improvement in gross profit margin to 18% from the prior year period, 17.1%. In our Union Electric segment, revenue was $193.8 million a decline of 5.5% year over year.

良好的產品組合推動毛利率從去年同期的17.1%提高至18%。在我們的聯合電氣部門，營收為 1.938 億美元，年減 5.5%。

Within the segment, offshore wind revenues were down 75%, or $43 million due to the expected wind down of project work.

在該領域，由於預計專案工作將結束，離岸風電收入下降了 75%，即 4,300 萬美元。

However, our core Union Electric segment experienced the 17.5% growth year over year driven by increased bid volumes, particularly in industrial work around substation infrastructure.

然而，我們的核心聯合電氣部門年增了 17.5%，這得益於投標量的增加，尤其是變電站基礎設施周圍的工業工作。

Union storm restoration revenues also showed improvement with revenues of $9.3 million up from $3 million in the prior year to quarter.

聯合風暴復原收入也有所改善，從去年同期的 300 萬美元成長至 930 萬美元。

Although these crews are northeast focused, we mobilize crews to the southeast to support our non-union efforts, which I will touch on momentarily.

雖然這些工作人員主要集中在東北地區，但我們也會動員工作人員前往東南部，以支持我們的非工會工作，我稍後會談到這一點。

Gross profit in the Union Electric segment increased to 9.9% in the fourth quarter of 2024 compared to 6.7% in the fourth quarter of 2023.

2024 年第四季度，聯合電氣部門的毛利從 2023 年第四季的 6.7% 成長至 9.9%。

This improvement was due to several factors, including an increase in higher margin storm work and improved margins on bid work during the quarter.

這一改善歸因於多種因素，包括本季利潤率較高的風暴作業增加以及投標作業利潤率提高。

Non-union electric net revenue in the fourth quarter of 2024 was $139.3 million. 49.7% increase year over year.

2024年第四季非工會電力淨收入為1.393億美元。較去年同期成長49.7%。

This decrease was primarily due to revenue from storm restoration services performed early in the quarter in response to Hurricane Beryl and Mil, which accounted for $40.4 million of the second's revenues.

這一下降主要歸因於本季初為應對颶風貝麗爾和米爾而進行的風暴恢復服務的收入，這兩項服務佔第二季度收入的 4,040 萬美元。

Improved productivity driven by the additional crews and higher work hours for existing crews also contributed to year on year growth in our core non-union electric business.

增加員工人數和增加現有員工的工作時間所帶來的生產力提高也促進了我們核心非工會電力業務的同比增長。

Segment gross profit increased to 15.3% in the current period compared to 6.8% in the prior year period, reflecting the contribution from the more profitable storm restoration work and higher work hours.

本期分部毛利由去年同期的 6.8% 增至 15.3%，這反映了風暴恢復工作利潤的提高和工作時間的增加所帶來的貢獻。

Chris referenced the strength of our restoration services efforts in 2024. We generated revenues of $137 billion for emerging storm restoration work, well above the prior three year average of approximately $75 million. Throughout our territories, we dispatched more than 3,200 employees to respond to severe weather events.

克里斯提到了我們 2024 年修復服務工作的能力。我們為新出現的風暴恢復工作創造了 1,370 億美元的收入，遠高於前三年約 7,500 萬美元的平均水平。我們在整個領土內派遣了 3,200 多名員工來應對惡劣天氣事件。

We take pride in our ability to quickly mobilize and restore power to those affected during these challenging times. One thing to take note of, while we report storm revenues and profitability, there is some offset whereby those crews would have been working with their core customers at lower revenue and profitability levels.

我們為能夠在這些困難時期迅速調動並為受影響的人們恢復電力而感到自豪。需要注意的一點是，雖然我們報告了風暴收入和盈利能力，但存在一些抵消，即這些工作人員在較低的收入和盈利水平下與他們的核心客戶合作。

For the full year, net CapEx was $89.4 million down from $94.9 million in 2023, and free cash flow was $69 million down slightly from $73 million in 2023. Note we now define free cash flow, the cash flow provided by or used in operations, less net capital expenditures.

全年淨資本支出為 8,940 萬美元，低於 2023 年的 9,490 萬美元，自由現金流為 6,900 萬美元，略低於 2023 年的 7,300 萬美元。請注意，我們現在定義自由現金流，即營運提供或使用的現金流量減去淨資本支出。

Moving to balance sheet highlights on a trailing 12 month basis, our net debt to adjust to ratio improved at 3.6 times in December 2024 from 4 times in December 2023 and was lower sequentially from the end of the third quarter, consistent with expectations previously disclosed. We ended the year with $49 million in cash equivalents on the balance sheet. Growing our business in a capital efficient manner remains a core strategic priority.

轉到過去 12 個月的資產負債表重點，我們的淨債務調整比率從 2023 年 12 月的 4 倍改善到 2024 年 12 月的 3.6 倍，並且從第三季度末開始環比下降，與先前披露的預期一致。截至年底，我們的資產負債表上有 4,900 萬美元的現金等價物。以資本高效的方式發展我們的業務仍然是我們的核心策略重點。

We will continue to target improving free cash flow and strengthening our balance sheet throughout 2025 by reducing our working capital needs and being more disciplined in our capital allocation.

我們將繼續致力於在 2025 年期間改善自由現金流並加強資產負債表，方法是減少營運資本需求並更嚴格地配置資本。

Finally, turning to our 2025 outlook which is outlined on slide 13 of our earnings presentation.

最後，讓我們來看看我們在收益報告第 13 張投影片中概述的 2025 年展望。

For revenues, we expect to deliver between $2.6 billion and $2.8 billion. For adjusted, we expect to deliver between $240 and $275 million. And lastly on capital expenditures, we are forecasting our net spend to be between $65.80 million dollars.

就收入而言，我們預計收入將在 26 億美元至 28 億美元之間。經過調整後，我們預計將交付 2.4 億美元至 2.75 億美元。最後，關於資本支出，我們預測淨支出將在 6,580 萬美元之間。

Chris alluded to some of these factors behind our forecasting.

克里斯提到了我們預測背後的一些因素。

Those include a continued improvement in our electric business that began in the second half of 2024 with growing crew counts and increased work hours and a return to modest growth in our gas business and improved margins as we exit and or renegotiate underperforming contracts.

其中包括我們的電力業務從 2024 年下半年開始持續改善，員工數量不斷增加，工作時間不斷增加，天然氣業務恢復適度增長，利潤率隨著我們退出或重新談判表現不佳的合約而提高。

These positives are partially offset by the additional wind down of offshore wind work and our assumption that storm restoration services will return to normalized levels.

這些積極因素被離岸風電項目的進一步減少以及我們對風暴恢復服務將恢復到正常水平的假設部分抵消。

With that said, let me turn it back to Chris for some closing thoughts.

話雖如此，讓我把話題轉回給克里斯，讓他發表一些最後的看法。

Thank you, Greg.

謝謝你，格雷格。

To close out my prepared remarks, I reiterate the things discussed earlier. My first few months as President and CEO have been both enlightening and also inspiring.

在結束我的準備好的發言之前，我重申之前討論過的內容。擔任總裁兼執行長的頭幾個月讓我深受啟發，也備受鼓舞。

Centuries is dedicated to increasing long-term growth opportunities by implementing strategies that drive profitable growth.

Centuries 致力於透過實施推動獲利成長的策略來增加長期成長機會。

We are committed to fostering greater predictability in our business through robust forecasting, comprehensive business reviews, and strategic growth prioritization through a highly structured approach to business development and by a dynamic pipeline model and a growth mindset, we can ensure optimized decision making.

我們致力於透過強有力的預測、全面的業務審查和策略成長優先排序，透過高度結構化的業務發展方法和動態管道模型和成長心態，提高業務的可預測性，從而確保優化決策。

We are enhancing capital efficiency by refining our capital equipment, resourcing, and fleet management and reducing working capital levels through improved AR and DSO management.

我們透過改善資本設備、資源和車隊管理來提高資本效率，並透過改進 AR 和 DSO 管理來降低營運資本水準。

Lastly, we are highly committed to marginal improvement with our gas business being a key focus area and have taken early steps to deliver improved performance.

最後，我們高度致力於邊際改善，我們的天然氣業務是重點關注領域，並已採取早期措施來提高業績。

We thank you so much for your continued support and confidence in our vision and look forward to achieving your milestones.

我們非常感謝您對我們的願景的持續支持和信心，並期待實現您的里程碑。

Operating, you can start our Q&A session.

操作後，您可以開始我們的問答環節。

Thank you, ladies and gentlemen. We will now begin the question and answer session. S. (Operator Instructions)

謝謝各位，女士們、先生們。我們現在開始問答環節。年代。（操作員指示）

Sangita Jain, KeyBanc Capital Markets

Sangita Jain，KeyBanc 資本市場

Great thank you so much for taking my questions. Good morning. So first, can I ask one on the strategic review that you talked about and when we can expect to hear the outcome of that and what should we expect when that's concluded.

非常感謝您回答我的問題。早安.首先，我可以問一個關於您談到的策略評估的問題嗎？我們什麼時候可以聽到結果，以及評估結束後我們應該期待什麼。

Ma, it's Chris. I'll answer the question. I think the next sort of 3 to 6 as of the last 3 months are really prioritizing.

媽，我是克里斯。我來回答這個問題。我認為過去 3 個月中的接下來的 3 到 6 個確實是優先事項。

The business winning, the business development, organic sales to determine how large our pipeline is and all trying to be good. How do we build on the revenues we get from our core MSAs and really understand.

業務成功、業務發展、有機銷售決定了我們的通路規模有多大，一切都努力做到最好。我們如何在核心 MSA 收入的基礎上真正去理解。

More data around our ability to grow the business organically and as everybody's observed the past has been probably from a growth standpoint. I think once we have a good handle on all of the near term opportunities, we will conduct a more thorough longer term look at the end markets where the opportunities reside, look at our differentiation in the long term market growth.

有關我們有機發展業務的能力的更多數據，以及正如大家所觀察到的，過去可能都是從成長的角度出發的。我認為，一旦我們很好地掌握了所有短期機會，我們將對存在機會的終端市場進行更徹底的長期審視，並研究我們在長期市場成長中的差異化。

And then start making some prioritization around where we want to deploy capital, which new customers, which end markets we want to further grow from. So basically the first 3 to 6 months is focused on driving growth in our core business with our customers, but our core customers in our core markets in our core locations, get a very good handle on how we can drive growth, and then the longer term we'll be more focused on how do we accelerate that growth in the next 3 to 5 years.

然後開始確定我們想要在哪裡部署資本、哪些新客戶、以及我們想要從哪些終端市場進一步成長等優先順序。因此，基本上，前 3 到 6 個月我們專注於推動與客戶的核心業務成長，但我們核心市場和核心地點的核心客戶非常清楚我們如何推動成長，而從長遠來看，我們將更加專注於如何在未來 3 到 5 年內加速這一成長。

I think we'll end up being in a position towards the end of the year to actually sort of roll out a more 3 to 5 year strategy, not before then. Our priority at the moment is the block and tackling and really driving growth in in the core business as it is today.

我認為，我們最終將在年底前推出一項為期 3 至 5 年的策略，而不是在那之前。我們目前的首要任務是阻止、解決並真正推動核心業務的成長。

Understood that that's super helpful. And then maybe for Greg, the guidance that you've given us for this year, can you help us understand what's in the low end and what we should expect for you to reach the high end of that guidance range?

明白這非常有幫助。那麼，對於格雷格來說，您今年給我們的指導，能否幫助我們了解最低限度是多少，以及我們應該如何期待您達到該指導範圍的高端？

Yeah, good morning.

是的，早安。

So on the high end, the upside of that, we talked about a number of crew growth opportunities.

因此，從高端來看，我們討論了許多船員成長機會。

Obviously the timing of onboarding those crews will influence, could influence the range.

顯然，這些機組人員的登機時間將會影響航程。

Using the sales work and the business development work that Chris just mentioned, getting some greater bid opportunities and activity can obviously influence the top end of the range and then obviously storm is a little bit of a wild card. On the downside, project delays or any cancellation that might come out of, any of the other news that's in the world could contribute to it, that would probably be the biggest one.

利用克里斯剛才提到的銷售工作和業務開發工作，獲得一些更大的投標機會和活動顯然可以影響範圍的上限，然後顯然風暴有點像一張外卡。不利的一面是，專案延期或取消，以及世界上的任何其他新聞都可能對其造成影響，這可能是最大的問題。

Understood.

明白了。

Appreciate your responses.

感謝您的回覆。

Thank you.

謝謝。

Thank you.

謝謝。

Justin Hauke, Robert W. Baird & Co.

賈斯汀·豪克，羅伯特·W·貝爾德公司

Oh great, thank you. Good morning. I guess my first question here, I just, I wanted to understand a little bit more the modifications you're seeking on some of your gaps MSAs and just, I guess what gives you confidence that the terms, will improve to kind of meet what your new standards are and maybe just an update on how those negotiations are going on the.

噢，太好了，謝謝你。早安.我想我的第一個問題是，我只是想更多地了解您正在尋求對一些差距管理協議 (MSA) 進行的修改，我想是什麼讓您有信心這些條款將會得到改善以滿足您的新標準，也許只是想了解一下這些談判的進展情況。

The $2 billion that you kind of outlined as opportunities here I guess 1.5 that was better in final negotiations.

您在這裡概括的 20 億美元機會，我猜是最終談判中更好的 15 億美元。

Just let, I'll ask Greg to answer the initial response on the gas margins, and then I'll talk a little bit about what we're seeing in the pipeline.

我只是請格雷格回答關於天然氣利潤的初步反應，然後我會稍微談談我們在管道中看到的情況。

So.

所以。

From the gas side.

從氣體方面來說。

We've already taken, we're well on our way and taking steps to either exit areas that are underperforming or renegotiating underperforming contracts. This is both from an MSA perspective as well as new bid work as it comes up as new bids come up, we're repricing them accordingly.

我們已經採取了措施，並且進展順利，正在採取措施退出表現不佳的領域或重新談判表現不佳的合約。這既是從 MSA 的角度，也是從新投標工作的角度，隨著新投標的出現，我們會相應地重新定價。

From a MSA perspective, we have virtually 100% renewal in all our MSAs. We've already started to experience certain renewals of some key MSAs and those will continue throughout the end of the year.

從 MSA 角度來看，我們所有 MSA 的續約率幾乎達到 100%。我們已經開始經歷一些關鍵 MSA 的續簽，這些續簽將持續到今年年底。

As we've talked in the past, when new renewals come up, it gives us an opportunity to look at the pricing and the scope of work that we expect and look to kind of improve both volumes and the price kind of above and beyond that normal annual cost of, the annual escalator that's in the contracts. So those are all kind of well on the way and give us, optimism as we head into 2025.

正如我們過去所說的那樣，當新的續約出現時，它使我們有機會審視我們預期的定價和工作範圍，並尋求在合約中規定的正常年度成本（年度遞增）的基礎上提高工作量和價格。所以，這些都進展順利，讓我們對邁向 2025 年充滿樂觀。

Okay.

好的。

On the market, I would say the following, but we're not concerned at all with the market opportunity that that fits with our capability, our reach, our locations so that we can grow beyond the core MSA. So there's no concern about market opportunity we're seeing.

關於市場，我想說的是，但我們根本不關心與我們的能力、我們的覆蓋範圍、我們的位置相匹配的市場機會，以便我們能夠超越核心 MSA 而發展。因此，我們並不擔心市場機會。

About a 30% growth in pipeline opportunities. Whilst we're cautious after recent events, we think we will have a positive book to build this year of about 1.1 and the late stage you were, you mentioned, that we mentioned in the result as well as you mentioned here, we are actively negotiating to convert. We've had a good start to the year.

管道機會成長約30％。雖然我們在最近發生的事件後保持謹慎，但我們認為今年我們將有一本積極的書，大約 1.1，而您提到的後期階段，我們在結果中提到的以及您在這裡提到的，我們正在積極協商轉換。今年我們有了一個好的開始。

And so my takeaway would be no concern at all on the ability to identify opportunities for the pipeline to drive the growth. We've got some work to do internally to be more structured and focused and deliberate in driving sales, and I think once we are efficient at that, we should see.

因此，我的看法是，根本不需要擔心是否有能力發現管道推動成長的機會。我們在內部需要做一些工作，以便更有條理、更專注、更慎重地推動銷售，我認為一旦我們在這方面變得高效，我們就會看到結果。

A greater improvement in our book to build over the coming weeks and months.

在接下來的幾週和幾個月裡，我們的書將會有更大的改進。

Okay.

好的。

And I guess my second one, I guess it's a two-parter, but just on the maybe the cadence or the seasonality of 25, the first half of 24 kind of started slow, I guess, should we be thinking that, the growth contribution is kind of higher in the first half, versus maybe a seasonally abnormally low last year, or just kind of how that works through and then the last one.

我想我的第二點，我想它是一個兩部分，但只是關於 25 年的節奏或季節性，24 年的上半年開始有點慢，我想，我們是否應該認為，上半年的增長貢獻有點高，而去年可能因季節性原因而異常低，或者只是這種情況如何持續到最後一個。

For that question would just also be on the offshore wind. Is there anything in backlog for 26 at this point, or is the $40 million for 25 kind of everything that you have left on the offshore wind as it stands right now? Thank.

因為這個問題也與海上風有關。目前 26 號風電專案還有什麼積壓訂單嗎？或者說，就目前情況而言，25 號風電專案的 4000 萬美元是否已經是你們在離岸風電專案上所剩無幾的資金了？感謝。

You.

你。

Yeah, so on the seasonality.

是的，所以是季節性的。

I would expect, first quarter to be, consistent with last year obviously weather and other factors and just the seasonal nature of many of the territories in which we operate will drive that and then see, some of that increase start in the 2nd quarter and then and then accelerate in the back half of the year.

我預計第一季的業績將與去年持平，顯然天氣和其他因素以及我們經營的許多地區的季節性將推動這一趨勢，然後我們將看到，部分增長將在第二季度開始，然後在下半年加速。

From an offshore wind perspective, I think we alluded to, we have about $40 million in backlog for 2025. We have about $25 million remaining on the existing backlog or existing projects in 2026 and we have nothing else in in our pipeline related to that at this point.

從離岸風電的角度來看，我想我們已經提到過，我們在 2025 年有大約 4000 萬美元的積壓訂單。2026 年，我們在現有積壓項目或現有項目上還剩下約 2,500 萬美元，目前我們還沒有與此相關的其他項目。

Yeah, we've stripped everything out of the pipeline partly driven by change of administration, but also. The unpredictability of when those projects get sanctioned. So in the nature you won't hear too many words about offshore winds become ours. It's not in the forecast. It's not in our nature.

是的，我們已經把所有東西都從管道中剔除了，部分原因是由於政府的變動，但也有其他原因。這些項目何時獲得批准尚不可預測。所以在自然界中你不會聽到太多關於海上風能成為我們的力量的言論。這不在預測之中。這不符合我們的本性。

We're not committing a lot of sales resource to it at all. And if the future brings it back into focus with capital allocated, we'll be ready, but at the moment we don't see that as a drama at all in our business. It's pretty immaterial.

我們根本沒有投入太多的銷售資源。如果未來我們能夠重新關注這個問題並分配資本，我們就會做好準備，但目前我們並不認為這會對我們的業務造成什麼影響。這無關緊要。

Yeah, got it. Okay, thank you.

是的，明白了。好的，謝謝。

Chris Ellinghaus, Siebert Williams Shank & Co., LLC

克里斯·埃林豪斯（Chris Ellinghaus），Siebert Williams Shank & Co., LLC

Guys, how are you?

夥計們，你們好嗎？

.

。

Good morning.

早安.

As you've sort of looked in at the business from an outsider's perspective, margins historically have been materially higher.

如果你從局外人的角度來看這個行業，你會發現歷史上利潤率一直都比較高。

Question one, sometimes double digits. Do you see that as, a realistic goal going forward, and two, you talked about some of the MSAs underperforming, is that, some lag that remains from inflationary periods?

問題一，有時是兩位數。您是否認為這是一個現實的未來目標？其次，您談到一些 MSA 表現不佳，這是否是通貨膨脹時期遺留下來的一些滯後現象？

Just let me cover it from my perspective and then I'm sure Greg may have a couple of, supplementary inputs.

我只是從我的角度來談一下，然後我相信格雷格可能會有一些補充意見。

I don't believe our focus at the moment is going to be on, other than what we said on gas margin improvement.

我認為，除了我們所說的提高天然氣利潤率以外，我們目前的重點不會放在其他方面。

Our challenge today is not about cost efficiency and getting margins up. It's about getting the organization to becoming an organization that's not only focused on delivering the services we contracted to deliver but do more for our existing customers.

我們今天面臨的挑戰不是成本效率和提高利潤率。這是為了讓組織成為一個不僅專注於提供我們簽約的服務而且為現有客戶提供更多服務的組織。

So I think there's a block and tackling focus on getting more volume into the business, selling more and maintaining margins versus growing margins.

因此，我認為有一個障礙，解決的重點是增加業務量、增加銷售量並維持利潤率，而不是增加利潤率。

I'm not overly concerned about where the margins are, the caveat being the improvement we do expect from the gas from the gas business turning to 25.

我並不太擔心利潤率在哪裡，需要注意的是，我們確實預期天然氣業務的利潤率將達到 25%。

Our focus is about driving profitable growth consistent with our existing margins on the gas side.

我們的重點是推動與天然氣現有利潤率一致的獲利成長。

Dylan and his team have done a great job in the latter stages of 24 to sort of renegotiate those underperforming contracts.

迪倫和他的團隊在《24小時》的後期做了出色的工作，重新協商了那些表現不佳的合約。

I think reallocate resources so we're more productive. Early signs turning into 24 into 25 as you look at the seasonality effect. They look like they're getting better, so I think we've done all the work we need to do with maybe one contract still to go. So I think the gas margins is now down to performance and making sure that we maintain the right levels of productivity within those contracts.

我認為重新分配資源可以提高我們的生產力。從季節性影響來看，早期跡象顯示 24 變為 25。他們看起來越來越好了，所以我認為我們已經完成了所有需要做的工作，也許還剩下一份合約要簽。因此，我認為天然氣利潤現在取決於績效，並確保我們在這些合約中保持適當的生產力水準。

Okay you're using a 3 year average for storm restoration revenues.

好的，您使用 3 年平均值來計算風暴恢復收入。

Is that a period that you see as normal and given climate change issues, is that something that you expect off of that kind of base to have some upside to it over time?

您是否認為這是一個正常的時期？考慮到氣候變遷問題，您是否預計在這種基礎上，隨著時間的推移，這種情況會有所改善？

Chris, I, I'm going to give you a, we can look to the specifics with Greg tell you with our business. Just chasing storm revenues won't allow us to grow our core business.

克里斯，我，我會給你一個，我們可以和格雷格一起看看具體情況，告訴你我們的業務。僅僅追求風暴收入並不能讓我們發展核心業務。

So, our push into the budgeting process, our capital allocation and our resources has all been focused on driving more core business and not setting an expectation in our base budget to get an abnormal or even a sort of slightly greater. Revenue from storm.

因此，我們在預算流程、資本配置和資源方面的努力都集中在推動更多核心業務上，而不是在基本預算中設定一個異常甚至略高一點的期望。風暴帶來的收入。

So, we've set a cautious approach in what we believe we will get from storm coming into 25 because it's just not comfortable as we all observe, and we've driven the discipline into the business that we want growth from doing the day to day services that that come from the utility sector that are not predicated on storm events.

因此，我們對 25 級風暴帶來的後果採取了謹慎的態度，因為正如我們所觀察到的，情況並不令人安心，而且我們在業務中嚴格遵守紀律，希望透過公用事業部門提供的日常服務實現增長，而這些服務並不依賴於風暴事件。

So we felt the trilling three year average was With kind of a cautious approach, to drive our organization into building more capability and doing more work for our customers in our core business.

因此，我們認為三年平均成長率是一種謹慎的做法，旨在推動我們的組織在核心業務中建立更多能力並為客戶做更多工作。

Okay, that's fair.

好的，這很公平。

One last question. You sort of alluded to some of the gas customers having some, sort of catch up on their CapEx towards the end of the year. Does some of that carry forward into the first half or just the year for this year?

最後一個問題。您暗示一些天然氣客戶在年底前會彌補其資本支出。其中一些會延續到上半年還是只延續到今年？

There might be a pocket here or there, but generally speaking, we you know our gas customers were looking at what they had spent as of the end of the 3rd quarter where their budget was for the full year and trying to, spend the dollars that they had budgeted for the most part.

這裡或那裡可能會有零用錢，但一般來說，我們知道我們的天然氣客戶正在查看截至第三季末的支出情況，以及全年的預算，並試圖花掉他們大部分預算中的錢。

But I would add, but I would add, Chris, if you do dissect and I'm living without high fi day to day at the moment as the wider organization.

但我想補充一下，但我想補充一下，克里斯，如果你進行剖析，我作為更廣泛的組織，目前每天都沒有高保真度。

If you look at the data pipeline opportunities that we will tender and hopefully win, there's a significant component in gas. It's well over 50% of our pipeline today with more than ample opportunities there. We just got a winner and convert.

如果您看一下我們將要投標並希望贏得的數據管道機會，您會發現天然氣佔了很大一部分。目前，它已占我們管道的 50% 以上，並且擁有充足的機會。我們剛剛獲得了一名勝利者和一名皈依者。

Okay.

好的。

Thank you. I appreciate the details.

謝謝。我很欣賞這些細節。

Thanks Chris.

謝謝克里斯。

There are no further questions at this time, ladies and gentlemen, this concludes your conference call for today. We thank you for participating in us that you please disconnect your lines.

女士們、先生們，現在沒有其他問題了，今天的電話會議到此結束。感謝您的參與，請斷開您的線路。