Centuri Holdings Inc (CTRI) 2025 Q4 法說會逐字稿

Greetings and welcome to Centuri's fourth quarter 2025 earnings call. (Operator Instructions)

各位來賓，歡迎參加 Centuri 2025 年第四季財報電話會議。（操作說明）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Nate Tetlow, Vice President, Investor Relations. Please, you may begin.

再次提醒，本次會議正在錄影。現在，我很高興向大家介紹主持人，投資者關係副總裁內特·特特洛。請開始。

Thank you, Angeline, and hello, everyone.

謝謝你，安吉琳，大家好。

This morning, we issued and posted to Centuri Holdings website our year-end 2025 earnings press release and investor presentation.

今天上午，我們發布了 2025 年末收益新聞稿和投資者演示文稿，並將其發佈在 Centuri Holdings 網站上。

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，並提供一些長期指引。

Some of the information that will be discussed today contains forward-looking statements.

今天將要討論的部分資訊包含前瞻性陳述。

Within the meaning of the Private Securities Litigation Reform Act. These statements are as of today's date and based on management's assumptions and are subject to several risks and uncertainties, including uncertainties surrounding the impacts of future economic conditions and regulatory approvals. A cautionary note, as well as a note regarding non-GAAP measures is included in today's press release in the investor presentation. And in our filings with the Securities and Exchange Commission, which we encourage you to review.

根據《私人證券訴訟改革法案》的規定。這些聲明截至今日有效，基於管理層的假設，並受到多種風險和不確定性的影響，包括未來經濟狀況和監管審批等方面的不確定性。今天的投資者簡報中包含一份警示說明以及一份關於非GAAP指標的說明。我們已向美國證券交易委員會提交了文件，我們鼓勵您查閱這些文件。

Also provided our reconciliations of our non-GAAP measures to related GAAP measures. These risks and uncertainties may cause actual results to differ materially from statements made today.

此外，我們也提供了非GAAP指標與相關GAAP指標的調節表。這些風險和不確定性可能導致實際結果與今天所作的聲明有重大差異。

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

我們提醒各位不要過度依賴任何前瞻性陳述，除法律要求外，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.

今天的電話會議將進行網路直播，會議結束後不久，即可在公司網站的投資者關係版塊觀看回放。

On today's call, we have Chris Brown, President and Chief Executive Officer, and Greg Eisenstark, Chief Financial Officer. I'll now turn the call over to Chris.

在今天的電話會議上，我們有總裁兼執行長克里斯·布朗，以及財務長格雷格·艾森斯塔克。現在我將把電話交給克里斯。

Ma, hello to all, and thank you for joining our call today.

馬，大家好，感謝各位今天參加我們的電話會議。

In 2025 we delivered $3 billion of revenue, a record per century.

2025年，我們實現了30億美元的收入，創下百年來的最高紀錄。

We improved adverse profitability and produced adjusted net income of $39 million which was a 49% increase over the prior year.

我們改善了虧損獲利能力，調整後淨收入為 3,900 萬美元，比上年增長了 49%。

As a reminder, when speaking of base revenue and base gross profit, we are referring to the measures that exclude the impact of storm restoration services.

再次提醒大家，在談到基本收入和基本毛利時，我們指的是不包含風暴恢復服務影響的指標。

We believe that base results provide our stakeholders with information that is helpful in evaluating fundamental business performance and provide relevant period over period comparisons.

我們認為，基礎績效能夠為利害關係人提供有助於評估基本業務績效的信息，並提供相關的期間比較。

In 2025, base revenue increased by 18% and our base gross profit increased by 35% year over year. This exceeded expectations and reflects the strength of our company, the dedication of our teams across the US and Canada, and their unwavering commitment to safety, productivity, and delivering exceptional customer service.

2025年，基本營收年增18%，基本毛利較去年同期成長35%。這超出了預期，體現了我們公司的實力、我們在美國和加拿大各地團隊的奉獻精神，以及他們對安全、生產力和提供卓越客戶服務的堅定承諾。

I'll start with a commercial update.

我先從商業方面的最新進展說起。

Coming into 2025, we set a goal to achieve a 1.1 times book to bill ratio.

展望 2025 年，我們設定了實現訂單出貨比 1.1 倍的目標。

We didn't just exceed our goal, we shattered it, delivering a 1.5 times book to bill for the year.

我們不僅超額完成了目標，而且還遠遠超出了目標，全年訂單出貨量達到了訂單總額的 1.5 倍。

In total, our bookings surpassed 4.5 billion.

我們的總預訂量超過 45 億。

The mix of bookings included 34% of bid work, 21% of new or expanded scope of work on our MSAs, and 45% MSA renewals. Our strong emphasis on business growth was evident, with more than half of the bookings representing true incremental a creative work to our business.

預訂組合包括 34% 的投標工作、21% 的 MSA 新增或擴展工作範圍，以及 45% 的 MSA 續約。我們對業務成長的重視顯而易見，超過一半的訂單代表著我們業務的真正成長和創意成果。

We maintained our 100% MSA renewal rate and are actively working to secure new customers and add new work, scopes and geographies with existing customers.

我們維持了 100% 的 MSA 續約率，並積極努力爭取新客戶，以及與現有客戶增加新的工作、範圍和地理位置。

In 2025 we added new MSAs across Texas, Oklahoma, Arizona, Georgia, Indiana, Wisconsin, and several other states.

2025年，我們在德克薩斯州、俄克拉荷馬州、亞利桑那州、喬治亞州、印第安納州、威斯康辛州以及其他幾個州新增了MSA。

On the new bid work, we secured over 600 awards, with an average size of approximately 2.4 million.

在新投標項目中，我們獲得了 600 多個合同，平均金額約為 240 萬美元。

A few notable bid awards included a significant natural steel gas pipe replacement project, major substation upgrade work to strengthen grid reliability and increase capacity.

一些值得注意的得標項目包括一項重要的天然氣鋼管更換項目、一項旨在加強電網可靠性和提高容量的大型變電站升級工程。

A mechanical vapor recompression system for an ethanol plant.

乙醇廠用機械蒸汽再壓縮系統。

Construction of a renewable natural gas facility, several projects to rebuild and construct utility scale transmission lines, several data center awards with varying scopes of work, additional scopes of work that include substations, transmission work, heat pump installation, compressor work, HVAC removals and installs, plus many others.

建造再生天然氣設施，多個重建和建設公用事業規模輸電線路的項目，多個資料中心項目（工作範圍各不相同），以及其他工作範圍，包括變電站、輸電工程、熱泵安裝、壓縮機工程、暖通空調拆除和安裝等等。

We anticipate continued strong bookings due to the multi-year tailwinds within our rent markets and our $13 billion Opportunity pipeline.

由於租賃市場多年來的利多因素以及我們130億美元的項目儲備，我們預計預訂量將繼續保持強勁增長。

Our renewal success and our consistent win rates support our desire for growth.

我們續約業務的成功和持續的高成交率支持了我們追求成長的願望。

Through February 20, we have booked approximately 1.1 billion, which includes approximately 800 million of MSA renewals, nearly 150 million of new MSAs.

截至 2 月 20 日，我們已預訂約 11 億，其中包括約 8 億份主服務協議 (MSA) 續約，以及近 1.5 億份新 MSA。

And more than 150 million of bid work, so we are off to a very good start in 2026.

2026 年我們獲得了超過 1.5 億的投標工作，開局非常順利。

For the year we are targeting a book to bill ratio of 1.1times to 1.2 times.

今年我們的目標是訂單出貨比達到 1.1 倍至 1.2 倍。

Our Opportunity pipeline includes about 580 bid opportunities, which collectively amount to EUR6.7 billion, or just over half of our current Opportunity pipeline.

我們的潛在項目儲備包括約 580 個投標機會，總金額達 67 億歐元，略高於我們目前潛在項目的一半。

At year end we had 2.8 billion of near term opportunities which are active proposals with award decisions expected by the end of the second quarter. These include about 2/3 of new bid work and 1/3 of MSAs, with over 75% within our electrical segments and the remainder in gas.

截至年底，我們有 28 億個近期機會，這些都是正在進行的提案，預計將在第二季末做出授標決定。其中包括約 2/3 的新投標工作和 1/3 的主服務協議 (MSA)，其中超過 75% 屬於我們的電氣領域，其餘屬於天然氣領域。

If we consider our year-to-date bookings, remaining active proposals and prospects we have submitted in the new year, the current near term opportunity sits around 1.3 billion.

如果我們考慮今年迄今為止的預訂量、仍在進行中的提案以及我們在新的一年提交的潛在客戶，那麼目前的近期機會約為 13 億。

On data centers, we are actively executing several scopes of work at several data center sites.

在資料中心方面，我們正在多個資料中心積極執行多個範圍的工作。

In our Opportunity pipeline, we have more than 20 opportunities with an aggregate value of approximately 1.4 billion.

在我們的潛在項目儲備中，有超過 20 個項目，總價值約為 14 億美元。

We also have dozens of prospects that are not yet included in our pipeline figures, because they are early in the evaluation process.

我們還有數十個潛在客戶尚未計入我們的專案儲備數據，因為他們還處於評估過程的早期階段。

We believe the total value of these prospects could reach as high as 2 billion.

我們認為這些勘探項目的總價值可能高達20億美元。

Data center opportunities offer a variety of work scopes for centuries, including power delivery services like simple cycle turbines, substation, compressors or metering stations, plus core electric work like switch gear, transformers, UPS units and generators.

資料中心提供了數百年來各種各樣的工作機會，包括電力傳輸服務，如簡單循環渦輪機、變電站、壓縮機或計量站，以及核心電氣工作，如開關設備、變壓器、UPS 裝置和發電機。

On the mechanical side, we handle chiller and HTCAC system in Seoul.

在機械方面，我們負責首爾的冷水機組和HTCAC系統。

Additionally, we will bid on traditional infrastructure work like gas, sewer, water lines, plus telecom and fiber conduit.

此外，我們還將競標傳統的基礎建設工程，例如燃氣管道、污水管道、供水管道以及電信和光纖管道。

Moving over to the backlog, at year end our backlog is approximately $5.9 billion, an increase of 2.2 billion, or 59% from last year. This year in backlog forecast is to provide over 85% of our 2026 base revenue gags.

再來看積壓訂單，截至年底，我們的積壓訂單約為 59 億美元，比去年增加了 22 億美元，增幅達 59%。今年的積壓訂單預計將提供我們 2026 年基本收入目標的 85% 以上。

More details on bookings, backlog, and the Opportunity pipeline are on slides 8 and 9 in the investor presentation which we've posted.

有關預訂、積壓訂單和機會管道的更多詳細信息，請參閱我們發布的投資者演示文稿的第 8 頁和第 9 頁。

Now moving to margins.

現在來看邊距。

In 2025 we reported a base gross margin of 8%, an increase of approximately 100 basis points over 2024, and we have several initiatives underway focused on further margin improvement.

2025 年，我們公佈的基本毛利率為 8%，比 2024 年增長了約 100 個基點，目前我們正在進行幾項旨在進一步提高毛利率的舉措。

First, we have initiated a plan to address the first quarter seasonality in our gas business.

首先，我們已經啟動了一項計劃，以應對我們天然氣業務第一季的季節性波動。

The focus is expanding the volume of work in warmer geographies and securing more indoor work. Our goal is to fully address the seasonality over 3 years, with 2026 being year one.

重點是擴大在氣候溫暖地區的工作量，並確保更多的室內工作機會。我們的目標是在三年內徹底解決季節性問題，2026 年是第一年。

Halfway through this current quarter, we are on track to deliver year over year improvement, a good first step towards our three-year goal.

本季度過半，我們有望實現年比改善，這是朝著三年目標邁出的良好第一步。

Second, we are working to improve fleet efficiency through enhanced supplier pricing, improved utilization rates, and optimized allocation across our business units. Through these efforts, we are aiming for at least 20% improvement in the efficiency of our fleet.

其次，我們正在努力透過提高供應商定價、提高利用率和優化各業務部門之間的資源分配來提高車隊效率。透過這些努力，我們的目標是使我們的車隊效率至少提高 20%。

Third, we are driving improved crew efficiency in our non-union Electric sector, which has delivered significant growth over the last 12 months. As crews gain experience and jobs mature, we expect improved productivity.

第三，我們正在提高非工會電氣部門的員工效率，該部門在過去 12 個月中實現了顯著成長。隨著工作人員經驗的累積和工作的成熟，我們預期生產力將會提高。

This margin in this segment were up in the 4th quarter and we expect to see more progress throughout 2026.

該細分市場的利潤率在第四季度有所上升，我們預計在 2026 年全年將取得更大進展。

Finally, given the growing number of bid opportunities and our current win rates, we expect our average weighted bid margin to expand over the very near term.

最後，鑑於投標機會不斷增加以及我們目前的中標率，我們預計在不久的將來，我們的平均加權投標利潤率將會擴大。

Higher bid margins are the first part of the equation, and we will continue to drive operational execution to capture this favorable market dynamic and drive further margin growth.

更高的投標利潤率是成功的第一步，我們將繼續推進營運執行，以抓住這一有利的市場動態，並推動利潤率的進一步成長。

Beyond the commercial and financial success, 2025 also included several important milestones. In September, we became fully separated from our former parent after completing four successful follow-on offerings. In November, we closed the acquisition of Connect Atlantic Utility Services, giving us a Canadian electric service platform from which we can grow and expand our customer relationships.

除了商業和財務上的成功之外，2025 年還包括幾個重要的里程碑。9 月，在成功完成四次後續發行後，我們與先前的母公司徹底分離。11 月，我們完成了對 Connect Atlantic Utility Services 的收購，從而獲得了一個加拿大電力服務平台，我們可以藉此發展壯大並拓展客戶關係。

We also made significant strides in reducing our leverage, ending the year end with net debt to adjusted EBITDA at 2.5 times.

我們在降低槓桿率方面也取得了顯著進展，到年底淨負債與調整後 EBITDA 的比率為 2.5 倍。

We are not only driving significant growth in our business, we are doing so on the foundation of a stronger balance sheet and our ownership base. We are extremely well positioned to execute in 2026 and look forward to delivering for our shareholders.

我們不僅實現了業務的顯著成長，而且是建立在更強勁的資產負債表和所有權基礎之上的。我們已做好充分準備，迎接2026年的到來，並期待為股東創造價值。

Now we'll go to Greg to discuss the results.

現在我們請格雷格來討論結果。

Thank you, Chris, and thank you everyone for joining us today. I'll start with the 4th quarter, which included another record company record for revenue and overall strong financial results.

謝謝克里斯，也謝謝今天到場的各位。我先從第四季說起，該季度公司營收再次創下歷史新高，整體財務表現強勁。

Revenues totaled $859 million a 20% increase from the same quarter last year. Base revenue was $855 million which was a 28%, which was 28% higher than the fourth quarter of 2024.

營收總計 8.59 億美元，比去年同期成長 20%。基本收入為 8.55 億美元，比 2024 年第四季成長了 28%。

Gross profit for the quarter was $80 million compared to $71 million last year, and the gross profit margin was 9.4%. Base gross profit was $80 million which was a 50% increase year over year.

本季毛利為 8,000 萬美元，而去年同期為 7,100 萬美元，毛利率為 9.4%。基本毛利為 8000 萬美元，年增 50%。

Net income attributable to common stock in the quarter was $30 million or $0.32 per share compared to $10 million or $0.12 on a per share basis last year.

本季歸屬於普通股股東的淨利為 3,000 萬美元，即每股 0.32 美元，而去年同期為 1,000 萬美元，即每股 0.12 美元。

Fourth quarter net income was impacted by a $23.7 billion income tax benefit related to deferred tax asset allocations from our formerpar.

第四季淨收入受到來自前股東的遞延所得稅資產配置的 237 億美元所得稅優惠的影響。

Adjusted net income in the fourth quarter was $16 million or $0.17 on a per share basis compared to $18 million or $0.21 per share in the same quarter last year.

第四季調整後淨收入為 1,600 萬美元，即每股 0.17 美元，去年同期為 1,800 萬美元，即每股 0.21 美元。

Adjusted EBITDA for the quarter was $78 million which compares to $71 million last year.

本季調整後 EBITDA 為 7,800 萬美元，而去年同期為 7,100 萬美元。

Our cash flow from operations was $84 million and free cash flow for the quarter was $106 million.

本季經營活動產生的現金流為 8,400 萬美元，自由現金流為 1.06 億美元。

The remainder of my comments will focus on full year results. Revenues totaled $3 billion a record for century, and was a 13% increase from 2024. Gross profit was $247 million compared to $221 million last year, and gross profit margin was 8.3% in 2025.

接下來我的評論將主要集中在全年業績。營收總額達 30 億美元，創百年新高，比 2024 年成長 13%。毛利為 2.47 億美元，而去年為 2.21 億美元，2025 年毛利率為 8.3%。

Base revenues was $300 billion or $2.9 billion or 18% higher year over year.

基本營收為 3,000 億美元，較上年同期成長 29 億美元，增幅達 18%。

Base gross profit was $234 million up 35% compared to 2024.

基本毛利為 2.34 億美元，比 2024 年成長 35%。

Base gross profit margin was 8% in 25 versus 6.9% last year.

2025年的基本毛利率為8%，而去年同期為6.9%。

Net income attributable to common stock in 2025 was $23 million or $0.25 per share, compared to a loss of $7 million or an $0.08 loss on a per share basis in 2024.

2025 年歸屬於普通股股東的淨利為 2,300 萬美元，即每股 0.25 美元，而 2024 年則虧損 700 萬美元，即每股虧損 0.08 美元。

Adjusted net income in 2025 was $39 million or $0.43 on a per share basis compared to $26 million or $0.32 per share in 2024.

2025 年調整後淨收入為 3,900 萬美元，即每股 0.43 美元，而 2024 年為 2,600 萬美元，即每股 0.32 美元。

And finally adjusted EBITDA for the year was $249 million which compares to $238 million last year.

最後，經調整後的本年度 EBITDA 為 2.49 億美元，去年為 2.38 億美元。

Now to our segments. US gas revenue was $1.3 billion an increase of 5% compared to 2024. This reflects solid growth in MSA volumes and bid projects, demonstrating the underlying strength of our customer relationships and market position. Gross profit margin was 5.4% in 2025, consistent with prior year. We continue to focus on expanding MSA work and the seasonality initiative that Chris mentioned earlier.

現在進入我們的節目環節。美國天然氣收入為 13 億美元，比 2024 年成長 5%。這反映了 MSA 交易量和投標項目的穩定增長，證明了我們客戶關係和市場地位的強大。2025 年毛利率為 5.4%，與前一年持平。我們將繼續專注於擴大 MSA 工作和 Chris 之前提到的季節性舉措。

Canadian operations revenue was $247 million up 25% over 2024.

加拿大業務收入為 2.47 億美元，比 2024 年成長 25%。

Operational performance in this segment remains strong against a solid demand backdrop.

在強勁的需求背景下，該業務板塊的營運業績仍保持良好。

Gross profit margin was 18.6%, which compares to 15.9% in the previous year.

毛利率為18.6%，而上年同期為15.9%。

Union Electric base revenue was $800 million an increase of 21% year over year, and base gross profit margin was 8.7% for the for the year, an increase of 110 basis points over the prior year.

Union Electric 的基本收入為 8 億美元，年增 21%；基本毛利率為 8.7%，比前一年增長 110 個基點。

Growth has been fueled by robust activity and projects serving industrial end user segments, particularly substation infrastructure and data center related work.

強勁的成長動能得益於服務工業終端用戶領域的各項活動和項目，特別是變電站基礎設施和資料中心相關工作。

Our non-union electric segment had base revenue in 2025 of $569 million an increase of 51% over 2024. This growth reflects a significant expansion in MSA activity.

我們非工會電力部門 2025 年的基本收入為 5.69 億美元，比 2024 年成長 51%。這一增長反映了MSA活動的顯著擴張。

Base gross profit margin was 8.5% compared to 5.9% in the prior year, as Chris mentioned in 2026, we're focused on performance management and improving crew crew efficiency.

基本毛利率為 8.5%，而前一年為 5.9%。正如 Chris 在 2026 年所提到的，我們專注於績效管理和提高船員效率。

Now turning to fleet investments and caps. In 2025, we began shifting away from the historic practice of purchasing all fleet equipment to a balanced approach that targets 50/50 buy verse fleets. The new funding mix drives better free cash flow generation and more balance sheet flexibility.

現在來談談艦隊投資和上限。2025年，我們開始摒棄以往購買所有車隊設備的傳統做法，轉而採取平衡的方法，目標是採購與車隊建設各佔50%。新的融資組合能夠帶來更好的自由現金流和更大的資產負債表彈性。

In 2025 we invested a total of $135 million in fleet assets, funded and funded the investments through $55 million of operating leases, $38 million of sale leasebacks, and $42 million of net cap.

2025 年，我們總共投資了 1.35 億美元用於車隊資產，並透過 5,500 萬美元的營運租賃、3,800 萬美元的售後回租和 4,200 萬美元的淨資本來為這些投資提供資金。

For 2026, we forecast fleet investment of $150 million to $180 million with funding expected to be approximately 50/50 by our fleets.

2026 年，我們預測車隊投資額為 1.5 億美元至 1.8 億美元，預計資金將由我們的車隊將承擔 50%。

Moving to the balance sheet, in November we executed an underwritten equity offering in concurrent private placement, raising net proceeds of approximately $251 million. We used $58 million of proceeds to fund the Kinect acquisition, with the remainder used for net debt reduction.

從資產負債表來看，11 月我們執行了一項承銷股權發行，同時進行了私募配售，籌集了約 2.51 億美元的淨收益。我們以 5,800 萬美元的收益為 Kinect 的收購提供資金，其餘則用於減少淨債務。

We ended the year with a net debt to adjust DPA ratio of 2.5 times, down from 3.6 times at year end 2024.

年底時，我們的淨負債與調整後 DPA 比率為 2.5 倍，低於 2024 年底的 3.6 倍。

In 2026 we plan to further delever and forecast net debt to adjust EBITA of around 2 times by year end.

2026年，我們計劃進一步降低槓桿率，預計到年底淨債務將調整為EBITA的2倍左右。

Last month we repriced our term loan B securing a 25 basis point rate reduction. Based on our current debt level and lower interest rates, we expect 2026 interest expense to be about 30% lower than it was in 2025.

上個月，我們對B類定期貸款進行了重新定價，成功將利率降低了25個基點。根據我們目前的債務水準和較低的利率，我們預計 2026 年的利息支出將比 2025 年減少約 30%。

Finally, turning to our outlook. Today, we initiated full year 2026 financial guidance. As we've talked about, base revenue and base gross profit exclude impacts from storm restoration services.

最後，談談我們的展望。今天，我們發布了2026年全年財務預測。正如我們之前討論過的，基本收入和基本毛利不包括風暴災後重建服務的影響。

For 2026 we expect base revenue of $3.15 billion to $3.45 billion and base gross profit of $255 million to $285 million.

預計 2026 年基本收入為 31.5 億美元至 34.5 億美元，基本毛利為 2.55 億美元至 2.85 億美元。

Revenue, adjusted EBITA, and adjusted net income are measures that include storm restoration services. Guidance for these measures includes storm restoration services using a 3-year average of $88 million in revenue and $28 million in gross profit.

收入、調整後 EBITA 和調整後淨收入是包含風暴災後重建服務的指標。這些措施的指導原則包括風暴災後重建服務，三年平均收入為 8,800 萬美元，毛利為 2,800 萬美元。

For 2026, we expect revenue of $3.24 billion to $3.54 billion adjusted EBITDA of $280 million to $310 million. Adjusted net income of $55 million to $75 million. And lastly, net cap is expected to be between $75.90 million.

預計 2026 年營收為 32.4 億美元至 35.4 億美元，調整後 EBITDA 為 2.8 億美元至 3.1 億美元。調整後淨收入為 5500 萬美元至 7500 萬美元。最後，淨資本預計在 7,590 萬美元左右。

I will now turn it back to Chris to wrap up her prepared remarks. Chris.

現在我將把發言權交還給克里斯，讓她總結她準備好的發言稿。克里斯。

Thank you, Greg.

謝謝你，格雷格。

2025 was a pivotal year for century.

2025年是本世紀的關鍵一年。

We demonstrated our ability to identify opportunities.

我們展現了我們辨識機會的能力。

To secure substantial bookings, to expand our footprint and capabilities, to deliver earnings growth, to growth based margins, and to strengthen the balance sheet.

為了確保獲得大量訂單，擴大我們的業務範圍和能力，實現獲利成長，實現基於成長的利潤率，並加強資產負債表。

The hard work of 2025 has positioned century for continued success going into 2026.

2025年的辛勤努力為本世紀在2026年繼續取得成功奠定了基礎。

The market backdrop remained very strong across multiple years, with our rent market showing no sign of slowing.

多年來，市場環境一直非常強勁，我們的租賃市場沒有任何放緩的跡象。

Century offers top tier growth while maintaining the low risk profile you expect from us. Our growth has come, and will continue to come, by focusing on our core capabilities, delivering for our customers and staying disciplined for who we are. We have a diverse, high-quality, large utility customer base across gas and electric, union and non union, and supported by a high percentage of long-term MSA contracts.

世紀公司在提供一流成長的同時，也維持了您所期望的低風險水準。我們之所以能夠發展壯大，並將繼續發展壯大，是因為我們專注於核心能力，為客戶提供服務，並堅守我們的企業文化。我們擁有多元化、高品質、龐大的公用事業客戶群，涵蓋天然氣和電力，包括工會和非工會客戶，並有很高比例的長期 MSA 合約作為支撐。

In 2025, 78% of our revenue was generated under MSA contracts.

到 2025 年，我們 78% 的收入將來自 MSA 合約。

And our year-end backlog included 82% MSA work.

在我們年末積壓的工作中，82%是 MSA 相關工作。

Whilst we absolutely expect bid work revenue to grow at a faster rate than MSA revenue over the next few years, it is important to note that the scope of work under bid projects is consistent with the services that we deliver under MSAs. It is the same capabilities, only executed under a different type of agreement.

雖然我們絕對預期未來幾年投標工作的收入增長速度將超過主服務協議 (MSA) 的收入增長速度，但值得注意的是，投標項目的工作範圍與我們在主服務協議 (MSA) 下提供的服務是一致的。能力相同，只是執行方式不同。

Our bid work portfolio is also well diversified, with 285 different projects and an average remaining project value of 3.8 million.

我們的投標工作組合也十分多元化，共有 285 個不同的項目，平均剩餘項目價值為 380 萬人。

For further context, the largest 25 big projects in the pipeline are expected to contribute about 15% of our total 2026 base revenue.

進一步說明，目前正在建造的 25 個大型專案預計將貢獻我們 2026 年總基礎收入的約 15%。

We believe Century represents a compelling investment opportunity, pairing high growth in strong end markets with a notably low risk profile, with further potential to drive margin expansion and capital efficiency through solid execution.

我們認為 Century 代表著極具吸引力的投資機會，它將強勁的終端市場中的高成長與顯著的低風險相結合，並且透過穩健的執行力，還有進一步推動利潤率擴張和資本效率提升的潛力。

In closing, I want to commend our workforce, who are executing day in and day out. Your dedication to operational excellence, to safety and customer service is what earns our reputation as a leading provider of high-quality infrastructure services. I thank you all.

最後，我要表揚我們日復一日辛勤工作的員工。您對卓越營運、安全和客戶服務的執著追求，使我們贏得了作為高品質基礎設施服務提供者的領先聲譽。謝謝大家。

We appreciate everybody's time and interest today. I'll hand it to the operator so we can start Q&A.

感謝大家今天抽出時間並關注此事。我會把它交給操作員，這樣我們就可以開始問答環節了。

Thank you.

謝謝。

(Operator Instructions) Sangita Jain, Key Bank Capital Markets.

（操作員指示）桑吉塔·賈恩，關鍵銀行資本市場。

Good morning, Chris Craig, thank you for taking my question. So for the first question, I want to find out you're including a 3 year average storm revenue in your guidance. How much of that was, already kind of realized in the January storm?

早安，克里斯·克雷格，感謝您回答我的問題。所以第一個問題是，我想確認一下，你們的預測中是否包含了三年平均風暴收入。一月份的暴風雪中，有多少已經初現端倪？

Good morning. We did, when you refer to adjusted EVA, and total revenue include, some level of storm. The storm impact thus far this year, has been, pretty, minor.

早安.我們確實，當您提到調整後的 EVA 和總收入時，其中包含了一定程度的風暴影響。今年迄今為止，風暴的影響相當輕微。

It's largely in line with what we did last year, so no, nothing unexpected or nothing, significant.

這與我們去年的做法基本上一致，所以，沒有什麼出乎意料或意義重大的事情發生。

You mean in the January, storm winter storm Fern was.

你是說一月份的冬季風暴弗恩嗎？

What I was referring to. yeah, and I would say that the storm activities that we've done thus far, are largely in line with last year, nothing of a significant nature, and last year been a quiet year.

我指的就是這個。是的，我想說，到目前為止我們所進行的防風暴活動，與去年基本一致，沒有任何重大事件發生，而去年也是平靜的一年。

Okay, got it.

好的，明白了。

Thank you. And then on the guidance, if I look at the core guidance, if I exclude storms for the for a minute, then the gross margin seems to be lower versus this year. Am I reading too much into that? Is there a mixed impact that I'm misinterpreting? Can you help me understand?

謝謝。然後，就業績效指引而言，如果我看一下核心績效指引，如果我暫時排除風暴的影響，那麼毛利率似乎比今年要低。我是不是想太多了？是否存在我誤解的混合影響？你能幫我理解一下嗎？

No, they, the gross profit margin would be, largely in line with this year, up a little bit on an annualized basis.

不，他們的毛利率將與今年基本持平，按年計算略有上升。

I got it.

我得到了它。

Thank you.

謝謝。

Thank you.

謝謝。

Justin Hauke, Robert Baird.

賈斯汀·豪克，羅伯特·貝爾德。

Oh great.

哦，太好了。

First of all, yes, thanks for all the color on the awards and the new disclosure. It's helpful, for understanding things. So, thank you for that. I wanted to, I guess, follow-up on the, on the margin expectations and the guidance and maybe you could talk a little bit about the seasonality. I know one of the things, you've talked about his initiative is reducing that seasonality for the gas segment. I think you said you were expecting. Margins to be up year over year, in one queue, but I guess I'm just curious how much of a GAAP you're narrowing. I mean, last year there was a little bit of a loss. Are we more like to break even this year or what, what's kind of the expectation for how to think about the season out as we go through the year?

首先，是的，感謝您對獎項和新披露的資訊所做的詳細介紹。它有助於理解事物。所以，謝謝你。我想跟進一下利潤率預期和指導意見，也許您還能談談季節性因素。我知道你提到的其中一項舉措是減少天然氣產業的季節性波動。我想你說過你懷孕了。利潤率預計將年上升，這是其中一個指標，但我只是好奇你們在多大程度上縮小了GAAP（通用會計準則）的適用範圍。我的意思是，去年我們有點虧損。我們今年更有可能收支平衡嗎？還是會怎樣？隨著賽季的進行，我們對本季的預期是什麼？

So Justin, I'll answer the question and then pass over Greg for any additional commentary.

那麼，賈斯汀，我來回答這個問題，然後請格雷格補充評論。

But we are striving to be predictable and consistent and then build continual improvement, and that should be reflected in everything that you've seen of us over the last few weeks and few months.

但我們正在努力做到可預測和一致，並不斷改進，這一點應該體現在過去幾週和幾個月裡你們看到的我們的一切工作中。

So when it comes to sort of margins, it's like our confident flaw. We feel very good about being able to deliver it. It reflects the current backlog. It doesn't assume that we've got lots of things to do to get to that margin. So there's an element of conservatism. Just to be consistent that we have in our margins, then I'll go specifically to the initiatives to improve margin, where, where's the margin improvement going to come from, the seasonality which you've just mentioned on the gas business, and where are we with that, we, it's only one month in, but we see many positive signs in our ability to find work, to win work. In the gas business and push that through to the revenue and the income lines in the P&L. It's early January numbers. We're really just getting into February numbers now, but I think we're going to make a big dent in that 3 year program to actually make the seasonality in the gas business nonexistent across the 4 quarters. So I can't give you much more than that at the moment for obvious reasons, but we are pleased.

所以，說到利潤空間，這就像是我們的自信缺陷。我們非常有信心能夠交付成果。它反映了當前的積壓工作量。它並不認為我們需要做很多事情才能達到那個目標。所以這裡麵包含保守主義的因素。為了保持我們利潤率的一致性，接下來我將具體談談提高利潤率的舉措，利潤率的提高將來自哪裡，以及您剛才提到的天然氣業務的季節性因素，我們在這方面進展如何？雖然才一個月，但我們在尋找工作、贏得工作方面看到了許多積極的跡象。在天然氣業務中，並將這些因素轉化為損益表中的收入和利潤。這是1月初的數據。我們現在才剛開始統計二月份的數據，但我認為我們將在為期三年的計劃中取得重大進展，從而真正消除天然氣業務在四個季度中的季節性波動。所以目前由於顯而易見的原因，我無法透露更多信息，但我們對此感到滿意。

As we closed out.

我們結束了。

The January results and we're pleased with the volume of work that we're tracking.

一月份的業績以及我們目前的工作量都令我們滿意。

Then the big work which drives the margins upwards, we are very selective now in opportunities and the margin that those opportunities can deliver to us, and that's institutionalized across all of our individual businesses that are tendering work every day, and there is, as you see in the slides, we've got very good backlog, very good coverage to deliver our budget, as well as the guidance this year, and there's an opportunity therefore with any additional awards to drive margin improvement.

然後是那些能提高利潤率的大項目，我們現在對機會和這些機會能為我們帶來的利潤率都非常挑剔，這在我們所有每天都在投標的各個業務部門中都已製度化。正如你在幻燈片中看到的，我們有非常好的積壓訂單，足以完成我們的預算和今年的業績指引，因此，任何額外的中標都有機會提高利潤率。

And then the third thing which will take a little bit longer, is the efficiency through our fleet and the indirect costs associated with it. We've mobilized the resources we need. Our priority was to get the funding of our fleet aligned with better industry practices so that we could. Free cash flow to invest in the business, so we've done that last year and that's followed further into 2026 and the focus of the team now is to actually figure out better ways to get more return on the existing asset fleet we've got across all of the businesses operate as one century. And I guess the last maybe the last comment we did allude to it in the in the comments is on the non-union side, non-union electric side, we had a massive growth year over year with pretty much negligible amount of storms. There was a massive mobilization in the second quarter, the 3rd. The quarter we saw as we signaled to everybody an improvement in margins. Those margins continued into Q4. The workforce now is really stable and functioning very efficiently, and I suspect we'll see further improvement across the non-union electorate as we close out the first quarter all the way through 2026.

第三件事需要花點時間，那就是提高我們車隊的效率以及與之相關的間接成本。我們已經調動了所需的資源。我們的首要任務是使我們的船隊資金與更好的行業慣例保持一致，以便我們能夠…自由現金流用於投資業務，我們去年就這麼做了，而且這一趨勢延續到了 2026 年，團隊現在的重點是找到更好的方法，從我們所有業務部門現有的資產組合中獲得更高的回報，這些業務部門作為一個世紀運營。我想，我們最後可能提到的一點是，在非工會方面，非工會電力方面，我們實現了同比大幅增長，而風暴的數量幾乎可以忽略不計。第二季和第三季都發生了大規模的動員。本季我們看到，正如我們向所有人表明的那樣，利潤率有所提高。這些優勢延續到了第四季。目前的勞動市場非常穩定，運作效率也很高，我估計隨著第一季結束，一直到 2026 年，非工會選民的情況都會進一步改善。

Okay, no, thank you for that. I guess my second question before I turn it over would just be on the award front. I think data set something obviously you guys highlighted as kind of newer or tangential to what you were doing, last quarter, you won $140 million, in 25. You talked about this pipeline 1.4 billion. I think that's actually up a little bit for the data center versus what you called out last quarter, and I know that you had a A fair amount of work that was currently out for bid at the time and I guess I'm just curious on the status of, kind of the win rates and how those have come in in 4Q and year-to-date and, the expectation for that pipeline, when those awards will come in over the next couple of quarters.

好的，不用了，謝謝你。我想在把問題轉達給別人之前，我的第二個問題是關於獎項方面的。我認為數據集顯然是你們重點強調的比較新的或與你們上個季度所做的事情相關的，你們在 25 年間贏得了 1.4 億美元。你提到了這條價值 14 億美元的管道。我認為資料中心的實際數據比你上個季度提到的略有上升，我知道當時你們有很多項目正在招標，所以我想了解一下目前的狀況，比如中標率，以及第四季度和今年迄今為止的中標情況，還有未來幾個季度這些項目的預期中標情況。

Just fair question, I don't typically look at the win rates just on a quarterly basis, it's more of a trend, and our win rates actually have continued to go up all the way through to where we sit today going into February. So if you go back the 13 months that we've been really driving performance through our sales pipeline, We have seen continual improvement. I think the win rates were happy where they are. Specifically to data centers, your observations are quite right. I think I had spoken about 2 to $2 billion of opportunity that we could see, of which we are very disciplined on what we will assume in our forecasting, what we really put capital behind to go win and resources to go win, because you can chase a lot of work that actually doesn't. Doesn't conclude with an award that can that can pay the bills, so the overall focus on data centers remains very much targeted on those customers that we know have capital, that we know are going to award contracts, and that can deliver our our returns and our margins, and we are the wins in data centers so far this year are a little slower than expected. But we have a number, without getting into commercial sensitivities awards that we are, that are in our near term pipeline of about a billion, 56 currently, that we're, that we are negotiating or tendering now.

問得好，我通常不會只按季度查看勝率，而是更關注趨勢，而我們的勝率實際上一直持續上升，直到二月份才達到目前的水平。所以，回顧過去 13 個月我們透過銷售管道真正推動業績成長的歷程，我們看到了持續的進步。我認為目前的勝率已經足夠了。具體到資料中心，你的觀察完全正確。我想我之前說過，我們看到了價值 20 億到 20 億美元的機會，我們在預測中會非常謹慎地做出假設，並投入資金和資源去贏得這些機會，因為你可能會追逐很多實際上並不能帶來成功的機會。最終並沒有獲得足以支付帳單的獎勵，因此，資料中心的整體重點仍然主要集中在那些我們知道有資金、知道會授予合約、並且能夠為我們帶來回報和利潤的客戶身上，而且今年到目前為止，我們在資料中心領域的成功速度比預期要慢一些。但是，在不涉及商業敏感性的前提下，我們近期還有大約 56 個項目正在進行談判或投標，這些項目目前都在我們的項目儲備中，總額約為 10 億美元。

Thank you.

謝謝。

Thank you.

謝謝。

Joe O'dea, Wells Fargo.

喬‧奧迪亞，富國銀行。

Hi, good morning. In the release, you talk about how the organization has sort of proven its ability to identify and secure growth opportunities over the course of 2025 and, certainly see it in terms of the backlog growth.

您好，早安。在新聞稿中，您談到該組織如何證明了其在 2025 年期間識別和確保成長機會的能力，並且肯定從積壓訂單的成長來看，這一點尤為明顯。

But can you just outline this happened pretty quickly, and can you outline some of the key changes that were implemented in the business in 2025 to drive this and how you think about the the room and opportunity to further advance those in 2026, any specific initiatives underway.

您能否簡要概述一下這件事是如何迅速發生的？能否概述一下 2025 年公司為推動這項發展而實施的一些關鍵變革？以及您如何看待 2026 年進一步推動這些變革的空間和機會？目前還有哪些具體措施正在進行中？

Joe, thank you for your question, and I kind of take you all back to the beginning of 25 and I talked about the block and tackling that was needed in the business. And the block and tackling was we needed to get a very effective sales pipeline to predict in a more thoughtful way what work was in the pipeline, what wasn't in the pipeline, where we needed to find more work so that we could drive growth into the business. So the interaction around the pipeline, the institutional level sales pipeline across all of the codes on a consistent basis is now kind of what we do. Day to day without any hesitation, we speak about that daily, weekly, monthly, and that will continue, and that's driven the predictability in our revenue growth, it's driven the predictability on margins, and it's driven the predictability on when we speak about forecasting in the business. The second thing we implemented was really tight block and tackling oversight of the business on a weekly and monthly basis.

喬，謝謝你的提問，這讓我想起了25年前我談到的那個行業中需要的阻擋和擒抱。而關鍵在於，我們需要建立一個非常有效的銷售管道，以便更周全地預測哪些工作在銷售管道中，哪些工作不在銷售管道中，以及我們需要在哪裡找到更多的工作，從而推動業務成長。所以，我們現在所做的，就是圍繞著管道，持續不斷地與所有程式碼中的機構級銷售管道互動。我們每天都毫不猶豫地談論這件事，無論是每天、每週、每月，而且這種情況還會繼續下去，這推動了我們收入增長的可預測性，推動了利潤率的可預測性，也推動了我們在談論業務預測時的可預測性。我們實施的第二件事是，對業務進行每周和每月的嚴格監督和盤點。

And that's allowed us to not only drive accountability, it's also allowed us to identify opportunities to do better and create more returns. So they've been the two operational things which will continue into perpetuity with tweaks along the way. The third thing was capital efficiency, we were funding our fleet. With old balance sheet cash year over year, we were cash negative, I think 4 out of the prior 6 years, as you've seen from this year's results, we've we've managed to fund growth in the fleet but using leasing and still being able to improve margins in the bird's business. So those 3 block and tackling items have just become institutionalized. The last 12 months and will continue to drive growth.

這不僅使我們能夠追究責任，也使我們能夠發現做得更好、創造更多回報的機會。因此，這兩項營運措施將持續下去，並在此過程中進行一些調整。第三點是資金效率，我們當時正在為我們的船隊籌集資金。根據先前的資產負債表現金情況，在過去的 6 年中，我們有 4 年現金為負。正如您從今年的業績中看到的那樣，我們透過租賃的方式為機隊成長提供了資金，並且仍然能夠提高鳥類業務的利潤率。所以這三項防守和攔截技術就此成為慣例。過去 12 個月以來，成長勢頭一直強勁，並將繼續保持成長。

Now looking forward, I think if you look at slide 8 or 9 actually in the deck, we've given more color around backlog pending awards. You can see the shift in the amount of work we've got coming into the fiscal 2026 year. And that's continued to grow. You can add the blocks up. We were 2 billion of backlog going into 25, and we're now over 3 billion going into 2026. And our drive now is to capture these market tailwinds in our pipeline, to build up more backlog, to not only do more this year, but build a bigger backlog going into 2027. So the block and tackling is fundamental to being a predictable service provider, which is our desire. And our commitment and then using the pipeline to continue driving growth across all our opportunities of all of our businesses such that we have a greater backlog going into 27 and we've committed to double-digit growth year over year and we still stand by that. We believe the pipeline affords that opportunity without relying upon things we can't control like storm, and we will continue to drive the businesses to at least meet that obligation.

展望未來，我認為如果你看一下簡報中的第 8 或 9 頁，我們會更詳細地介紹待處理的獎項。你可以看到，進入 2026 財年，我們的工作量改變了。而且這種趨勢還在持續成長。你可以把這些積木加起來。2025年年初，我們的積壓訂單為20億美元，而到了2026年，積壓訂單已經超過30億美元。我們現在的目標是抓住這些市場順風，在我們的產品線中累積更多訂單，不僅在今年完成更多工作，還要在 2027 年累積更大的訂單。因此，穩紮穩打是成為可預測的服務提供者的基礎，而這正是我們所希望的。我們致力於利用現有管道，繼續推動我們所有業務領域所有機會的成長，從而在 2027 年擁有更大的訂單儲備，我們承諾每年實現兩位數的成長，我們仍然堅持這一承諾。我們相信，這條輸油管提供了這樣的機會，而無需依賴我們無法控制的因素，例如風暴，我們將繼續推動企業至少履行這項義務。

Commitment.

承諾。

That, that's great color and maybe sticking with that last point, when you talk about 2025 backlog and the bookings you've had to date this year represent 85% of the '26 base revenue, when you think about how the organization is sized today, relative to that '26 base revenue, what kind of investments are you making and if the demand backdrop supports something better than the base revenue guide.

那真是個好主意，也許可以繼續說最後一點，當你談到 2025 年的積壓訂單，而你今年迄今為止的預訂量佔 2026 年基礎收入的 85% 時，當你考慮到公司目前的規模，相對於 2026 年的基礎收入，你正在進行什麼樣的投資，以及需求是否支持比基礎收入指導比基礎收入更好的方案。

Are you sized for that today or what kind of additional investments will be required?

您目前的規模是否足以應對這種情況，或者還需要哪些額外的投資？

I think we've got, if you look at slide 9 again.

我認為我們已經找到了，如果你再看一下第 9 張投影片的話。

And refer back to it, we've.

我們會回顧它。

Lied, we're not sized to capacity.

說謊了，我們的規模並沒有達到飽和。

We've we've got more capacity that we build, we find, we add to the organization every day of every week. I mean, what probably goes unsaid is the work that our resourcing teams across the nation do every year. We added over 12, in fact, it's nearly 15% headcount in the last 13 months.

我們擁有更多的能力，我們每天每週都在為組織增加、發現和擴充這些能力。我的意思是，可能很少有人提及的是我們全國各地的資源團隊每年所做的工作。事實上，在過去的 13 個月裡，我們增加了 12 名員工，員工總數增加了近 15%。

And our desire is to continue to hire at that rate or better. That's apprentices, that's veterans coming into our veterans program. It's resourcing from parts of the country where we can see people coming out of other adjacent industries. It's cross training, cross developing. So in terms of capacity, we are, we will commit in our guidance.

我們希望繼續保持或提高目前的招募速度。那是學徒，那是加入我們退伍軍人計畫的退伍軍人。這是從全國各地引進的資源，我們可以看到這些地區的人才來自其他相關產業。這是交叉訓練，交叉發展。所以就產能而言，我們將在指導方針中做出承諾。

A conservative level of performance that we know we can meet based upon the backlog we have, the resources we can see and have.

這是根據我們現有的積壓訂單、我們所能看到和擁有的資源，我們認為能夠達到的保守績效水準。

And things we can control. We are constantly seeking to add capacity so that we can drive better margins and more volume through the business. So there is upward, there is upward potential there as our teams continue to build capacity, mainly on the people's side. I am less worried about fleet. We can add fleet as much as we need and we can fund it efficiently so that we're still able to generate positive cash, but on the people's side it's our focus and we're doing. There are a number of things, some of which I alluded to on the last call, to operate as one century, not as individual opcos, meaning that we can have a more longer range plan, more wholesome, one century approach to resourcing across the entire continent, and we think we can do therefore better in terms of hiring more than 12% to 15% more headcount per year.

以及我們能夠控制的事物。我們一直在尋求增加產能，以便透過業務實現更高的利潤率和更大的銷售量。所以，隨著我們的團隊不斷提昇能力，尤其是在人員方面，存在著上升的潛力。我不太擔心艦隊的問題。我們可以根據需要增加車隊，並且可以有效地為其提供資金，以便我們仍然能夠產生正現金流，但我們的重點是人民，我們正在這樣做。有很多事情，其中​​一些我在上次電話會議上已經提到過，例如要作為一個世紀整體來運營，而不是作為獨立的運營公司，這意味著我們可以製定一個更長遠的計劃，一個更全面、更統一的百年戰略來為整個非洲大陸提供資源，因此我們認為，在每年增加 12% 到 15% 以上的員工人數方面，我們可以做得更好。

Thank you, helpful detail.

謝謝，這個細節很有幫助。

Thank you. Manish Somaiya, Cantor.

謝謝。Manish Somaiya，坎托爾。

Good morning, Chris, Greg, Nate.

早安，克里斯、格雷格、內特。

Thank you for Getting me in the queue, Greg, I had a question for you on guidance. I just want to be very clear on this, that I understand this right.

格雷格，謝謝你讓我排隊，我有個關於指導方面的問題想問你。我只是想非常明確地確認一下，我理解得對嗎？

On the base guidance that you've given, the midpoint of the gross margin.

根據您給出的基本指導，毛利率的中點。

Is 8.2% and I guess including the storm you have an EBITA.

是 8.2%，我猜把風暴的影響算進去，你的 EBITA 就是 8.2%。

Range and I was hoping maybe if you can just kind of help us with apples to apples comparisons and and maybe just tell us.

Range 和我希望您能幫我們做一些公平的比較，並告訴我們一些資訊。

You know what that gross margin would be with storms just like the way you showed it for the base guidance just to help us out please.

你知道在暴風雨的情況下毛利率會是多少，就像你之前在基本指導中展示的那樣，請你幫我們解釋一下。

Yeah, so we said in our, earnings release that the gross profit we're assuming is about 28% or $28 million of storm, on storm revenue of about $88 million.

是的，我們在收益報告中提到，我們預期風暴帶來的毛利約為 28%，即 2,800 萬美元，風暴帶來的收入約為 8,800 萬美元。

So When you factor that in on our midpoint.

所以，當你把這一點考慮進我們的中點。

You'd get something higher than 8.2%. I don't have that number.

你會得到高於 8.2% 的結果。我沒有那個號碼。

We'll give you.

我們會給你。

The calculation offline. It's not meant to be cryptic in where we are. We've given margins on storm. We've given revenues on storm based upon historical averages. We've given the base margins. We can very quickly just do the calculation.

離線計算。我們並非有意隱瞞我們所在的位置。我們已經給出了風暴的緩衝時間。我們根據歷史平均值給出了風暴帶來的收入。我們已經給出了基本利潤率。我們可以很快地進行計算。

No, I appreciate that.

不，我很感激。

It, it.

它，它。

At the midpoint, it's about 8.8%, yeah.

中間值大約是 8.8%，沒錯。

Still shy of.

還是有些猶豫。

Okay, that, that's super helpful. That's the number I was sort of guesstimating. I just wanted to confirm that. I appreciate that the.

好的，這太有幫助了。那正是我大致估計的數字。我只是想確認一下。我很感激。

The other question, maybe for Chris is, obviously, we talked about, this huge opportunity, I think 13 billion of opportunities. I think it's a fairly big number, through the end of the second quarter, I think 2 billion plus closer to 3 billion.

另一個問題，或許對克里斯來說，很明顯，我們談到了這個巨大的機遇，我認為是 130 億個機會。我認為這是一個相當大的數字，到第二季末，我認為會超過 20 億，接近 30 億。

I know Chris, you don't talk about win rates, but.

我知道克里斯，你不談勝率，但…

How should we think about what's kind of baked into the full year guidance when you look at these opportunities, when you look at this funnel?

當我們審視這些機會、審視這個管道時，我們該如何看待全年績效指引中蘊含的因素？

Thank you so much.

太感謝了。

I mean, I could be probably a little bit more dry. I, If you look at the slide 9.

我的意思是，我可能還可以更乾一些。我，如果你看第 9 張投影片。

And I'm, you'll, we've told you within the slide that the amount of backlog we have.

而且，正如我們在幻燈片中告訴你們的，我們積壓的工作量很大。

And then there is a component of the, in addition to that in the histogram of anticipated MSA renewals in 2026.

此外，在 2026 年 MSA 續約的預期直方圖中還有一個組成部分。

And if you add three blocks up, that takes you to, we don't put the exact scale on it, but it takes you to about 3.2 billion of backlog for this year across the three categories, and that's exactly where we sit today. So how do we do more than the 3.2 billion of backlog?

如果把三個區塊加起來，我們就無法給出確切的數字，但今年這三個類別的積壓訂單總量約為 32 億美元，而這正是我們目前的狀況。那麼，我們該如何完成比32億美元的積壓訂單更多的工作呢？

That's secure backlog. It's very predictable. We've got a good handle on that forecast, so I think I would argue that's as safe and secure as any backlog could ever be. So where's the upside potential? The upside potential is going to come from winning new bids. And we've added within that histogram the work that we are currently bidding in addition to all of that in the 1st quarter. What is not in there are other opportunities that will flow through the pipeline and into the into the bidding during the course of the remaining 10 months of this year.

這是安全的積壓工作。這完全在意料之中。我們對預測結果掌握得很好，所以我認為，這已經是所有積壓訂單中最安全可靠的了。那麼上漲空間在哪裡呢？潛在的上漲空間將來自於贏得新的競標。此外，我們還在該直方圖中加入了我們目前正在投標的項目以及第一季的所有項目。除此之外，今年剩下的 10 個月裡，還有其他機會會陸續進入競標流程。

Okay, thank you guys.

好的，謝謝大家。

Thank you that that's super helpful, Chris, thank you.

謝謝你，克里斯，這真的很有幫助，謝謝你。

Thank you.

謝謝。

Sherif El-Sabbahy, Bank of America.

Sherif El-Sabbahy，美國銀行。

Hi, good morning. I just wanted to turn to free cash flow for a moment. Understand you attempt to be more capital efficient with your fleet, but what parts of working capital or limiting cash from operations flow through currently? How do you plan to improve them? And then where do you think cash from ops can go in 2026 as a percent of sales?

您好，早安。我只是想稍微談談自由現金流。我知道您試圖提高車隊的資本效率，但目前哪些營運資金或限制營運現金流的措施正在實施？你打算如何改進它們？那麼，您認為到 2026 年，營運現金流佔銷售額的百分比會是多少？

Good morning. So from a free cash flow perspective, I mean we've done a number of things, to improve in 2025 from the fee efficiency to the refinancing of the debt.

早安.所以從自由現金流的角度來看，我們做了很多事情，以期在 2025 年取得進步，從提高收費效率到債務再融資。

We're still, hyper focused as a team on reducing our DSO, and working with our customers to build our bill our revenue quicker and get collected, quicker and so that is the primary focus of 2026 from a free cash flow perspective beyond the capital efficiency work that we've already discussed.

我們團隊仍然高度專注於降低應收帳款週轉天數 (DSO)，並與客戶合作，加快帳單產生速度，更快地收回款項，因此，從自由現金流的角度來看，這是 2026 年的主要重點，除此之外，我們還討論了提高資本效率的工作。

And we think we can make some pretty meaningful progress and and improvement in that on that front.

我們認為我們可以在這一方面取得一些相當有意義的進展和改進。

Compassion from a conversion perspective, we look at it on a free cash flow conversion of adjusted EBITA, and we look about where our peers are, and we think on a longer-term basis, 50% conversion is where we can target.

從轉換率的角度來看，我們關注的是調整後 EBITA 的自由現金流轉換率，我們會看看同行的情況，我們認為從長遠來看，50% 的轉換率是我們能夠達到的目標。

Thank you.

謝謝。

Thank you.

謝謝。

Avi Harroflowix with UBS.

Avi Harroflowix 與瑞銀集團合作。

Hey, good morning.

嘿，早安。

Thank you. So, I saw that you highlighted a fiber project for data center in the slides. Can you just remind us, what the base of communications is for your business, and just kind of what type of growth you're expecting to see from communications this year?

謝謝。我注意到您在幻燈片中重點介紹了一個資料中心的光纖專案。您能否簡單介紹一下貴公司溝通的基礎是什麼，以及您預計今年溝通方面會有怎樣的成長？

Abby, thank you for the question. I think we've tried to sort of demonstrate in.

艾比，謝謝你的提問。我認為我們已經嘗試進行某種程度的演示。

In the illustrated diagrams in the deck and then maybe some of the talking points that we're not actually bidding very much standalone fiber of telecoms work. There's a little bit actually north of the border in Canada, but what we're finding is that as part of the data center scopes of work they're rolling in. The customers a number of disciplined types of work including fiber, gas connections, electrical connections, and all of the other scopes of work you see in the illustrative. We're not building out a telecoms business within Century at all. It's mainly complementary to what we already do for those customers.

在簡報中的圖示以及一些討論要點中，我們實際上並沒有競標太多獨立的電信光纖工程。實際上，在加拿大邊境以北有一小部分，但我們發現，作為資料中心工作範圍的一部分，他們正在推進這項工作。客戶的業務範圍涵蓋多種專業領域，包括光纖、燃氣連接、電氣連接以及您在範例中看到的所有其他工作範圍。我們根本沒有在Century內部建立電信業務。它主要對我們目前為這些客戶提供的服務起到補充作用。

Okay, understood. Appreciate that. And then just as we think about the, bid work awards that you're thinking of for this year, would you expect it to have a similar revenue burn kind of phasing, as the bid work that you were awarded last year, or could we see that timing differ materially this year?

好的，明白了。謝謝。那麼，當我們考慮您今年正在考慮的投標項目時，您是否預計它的收入消耗階段會與您去年獲得的投標項目類似，還是我們會看到今年的時間安排有很大的不同？

I've answered a very good question.

我回答了一個非常好的問題。

I think you'll you'll see, I think it'll be exactly the same profile or very similar. And why is that, the average contract size is not changing.

我想你會看到，我認為情況會完全一樣或非常相似。為什麼平均合約規模沒有改變？

The size of the pipeline is remaining very solid.

管道的尺寸保持非常穩定。

Our teams are very much focused on booking through the four quarters and taking away booking seasonality. So I think the profile will look very similar to last year. I don't see any of the underlying inputs will change it materially at all. You, you've got a couple of, on the MSAs, they're slightly different, but not the bid work. I think we closed out the year of 30% of the bid work went to the revenue line. If you actually go back and look at So, the 3rd quarter numbers, so really 9 months of the year with a higher number. So clearly we're booking work earlier in the year. We absolutely burn it.

我們的團隊非常注重全年四個季度的預訂，並努力消除預訂季節性的影響。所以我認為今年的概況會跟去年非常相似。我認為任何底層因素都不會對結果產生實質影響。你們有幾個，關於主服務協議（MSA），它們略有不同，但與投標工作無關。我認為我們最終實現了全年30%的投標項目收入。如果你回顧第三季的數據，你會發現一年有 9 個月的數據都比較高。顯然，我們今年的工作安排提早了。我們把它徹底燒掉了。

The bid contracts we book in the 4th quarter typically are really for 2026 or for the following year, which is why the percentage went down from 45% to 30%.

我們在第四季度簽訂的投標合約通常都是針對 2026 年或下一年的，這就是為什麼該比例從 45% 下降到 30% 的原因。

Right, okay, makes sense. Okay, appreciate it. Thank.

好的，明白了。好的，謝謝。感謝。

You.

你。

Thank you.

謝謝。

Christopher Ellinghaus, Siebert Williams Shank.

克里斯托弗·埃林豪斯，西伯特·威廉斯·尚克。

Hey, good morning guys.

嘿，各位早安。

On.

在。

Chris, when you talk about Reducing the Q1 seasonality, are you trying to get smoother across the year and, in general, are, is the goal to make Q1 look a lot more like a traditional Q2?

克里斯，當你談到減少第一季的季節性波動時，你是想讓全年的波動更加穩定嗎？總的來說，你的目標是讓第一季看起來更像傳統的第二季嗎？

The answer to the question, Chris, is yes. Our desire is to deliver 7+ gross profit, 7% gross profit margin in our gas business for 4 quarters of the year. We're currently doing it in 3 quarters.

克里斯，這個問題的答案是肯定的。我們希望在一年中的四個季度裡，天然氣業務的毛利達到 7% 以上。我們目前是分三個季度完成的。

And that's the driver, and we absolutely, we've had some successes on the bookings. You've seen them, we've announced them, we just need to do more. You can't do it all in the sort of 6 to 7 months that we've been working at it. So, the desire is, as you state, is to get rid of seasonality across our gas business and deliver 7% plus gross profit each quarter for 4 quarters of the year, and that's the commitment.

這就是驅動因素，而且我們確實在預訂方面取得了一些成功。你們已經看過了，我們也宣布過了，我們只需要做得更多。你不可能在短短六、七個月內完成所有事情，而我們一直在努力做這件事。所以，正如你所說，我們的目標是消除天然氣業務的季節性波動，並在一年中的四個季度中，每個季度實現 7% 以上的毛利，這就是我們的承諾。

Got you. What are you guys seeing? You did the acquisition towards the end of the year. What are you seeing in general in M&A and what sort of aspirations for tuck-ins do you have at this point?

抓到你了。你們看到了什麼？你們是在年底完成收購的。您目前對併購市場有何看法？您對未來的整合收購有何展望？

Yeah.

是的。

Again, I'll be pretty consistent with what you've heard from me in the past. I think we really like our platform with where we are.

再次聲明，我的說法將與你們過去從我這裡聽到的說法基本一致。我認為我們非常滿意我們目前的平台狀態。

We've got good scale. We've got good ability to grow organically, so we're not short of scale in the business.

我們規模很大。我們擁有良好的有機成長能力，因此我們在業務規模方面並不缺乏優勢。

Took in acquisitions to which you refer again, I'll be consistent. I think we've got some white space in the Midwest. I think we could do with more capability there and that lends itself to a possible acquisition, and I think on the transmission, electrical transmission and. And to a lesser degree, the distribution, I think we do need a little bit more of a geographic presence in that end market so that lends itself to acquisitions. So our focus would be on finding acquisitions that could fit into those two needs that support the business.

我再次提到了收購事宜，我會保持一致。我認為我們在中西部地區還有一些空白市場。我認為我們可以在這方面增強能力，這為可能的收購創造了條件，而且我認為在變速箱、電動變速箱等方面也是如此。在分銷方面，我認為我們確實需要在終端市場擁有更大的地理影響力，因此需要進行收購。因此，我們的重點是尋找能夠滿足這兩個需求、從而支持業務發展的收購目標。

Okay, great.

好的，太好了。

Vis a vis the data center potential, what's in your pipeline?

就資料中心潛力而言，你們有哪些專案正在籌備中？

Have you got much visibility into timing, and do you expect to have some more tangible, bookings throughout 2026?

您對具體時間安排有多了解？您預計在 2026 年會有一些更具體的預訂嗎？

Yeah, Chris, I will tell you, and I need to be a bit crisper in my commentary.

是的，克里斯，我會告訴你的，我的解說需要更簡潔明了一些。

You know what, we're very disciplined on what we put into our sales pipeline that forms the basis of our forecasting. And when it comes to data centers, we're hyper disciplined because there are so many opportunities around that really don't have funding.

你知道嗎，我們對銷售管道的內容有著非常嚴格的把控，而這些內容正是我們預測的基礎。而對於資料中心，我們則非常謹慎，因為周圍有很多機會，但實際上卻缺乏資金。

Are just developers who are trying to create an option that may never lead to anything. So when I talk about data centers and the discipline, the only thing that goes into the pipeline that we follow are those data centers where we have got dialogue going. We've got dialogue engaged with. The developer or with the end user who has capital and is going to deploy capital and it's a real project and where we can't get that confidence doesn't mean to say we walk away from it just remains as a lead within our sales pipeline with no value against it. So there's two numbers I've given out, like 3 numbers actually. There's there's there's about 2 billion of opportunity we see in the pipeline where we feel.

他們只是一些試圖創造某種可能永遠不會實現的選項的開發者。所以，當我談到資料中心和相關規範時，我們所遵循的流程中唯一包含的就是那些我們已經展開對話的資料中心。我們已經展開了對話。如果開發商或最終用戶擁有資金並打算投入資金，而且這是一個真正的項目，如果我們無法獲得他們的信心，並不意味著我們要放棄它，它只是作為銷售管道中的一個潛在客戶，沒有任何實際價值。所以，我已經公佈了兩個號碼，實際上是三個號碼。我們看到，在我們正在籌備的專案領域，大約有 20 億美元的機會。

There's a high probability that that will get funded and there will be real projects which will allow us to generate revenue, a good solid higher profits from it. Of the 2 billion, 1.3 billion is real today where we've got comfortable. Client has funded all the permits are in place, and it's a real contract. We are tendering that billion 3 as we speak, and we'd expect our fair share of bookings from that 1 billion 3 in the first six months of the year.

這個項目很有可能獲得資金，並且會有一些真正的項目，讓我們能夠產生收入，從中獲得可觀的利潤。這20億人口中，如今真正生活在我們感到舒適的地方的只有13億。客戶已支付所有費用，所有許可證均已辦理完畢，這是一份正式合約。我們正在就這10億30億美元的項目進行招標，我們預計在今年上半年能從這10億30億美元的訂單中獲得我們應得的份額。

Okay, that helps a lot. Lastly, in the guidance for potential storm work, that's kind of the historical norm, but you scaled the non-union side, significantly, so should there be a really good storm season in some year is the.

好的，這很有幫助。最後，在針對潛在風暴作業的指導中，這算是歷史常態，但你們大幅增加了非工會方面的工作量，所以如果某一年出現特別嚴重的風暴季，情況就會有所不同。

Way to think about it, the potential for storm revenues has increased proportionately with your capacity, or you just going to TRY to stay within some kind of range?

換個角度想，風暴收入的潛在成長是與你的能力成正比的，還是你只是打算盡量保持在某個範圍內？

Go back to Chris again I, it's a good question, but if you just go back to the principles of how we're explaining our business and how we are driving our business.

再說回克里斯，這確實是個好問題，但如果你回到我們解釋業務和推動業務發展的原則上。

We can't control the weather, but we can control our base business and the work we do for our customers 365 days a year. The non-union business has increased by over 50% year over year. The majority of those resources, almost all year, work on systems doing the day to day work for our customers. The fact that we have increased that headcount in the non-union business. Doing the day to day services on the system for our customers, if there is a weather event that gives us more upside potential for the business to generate higher margins and higher revenue from storm, yes.

我們無法控制天氣，但我們可以控制我們的基本業務以及我們一年 365 天為客戶所做的工作。非工會企業的業務量年增超過 50%。這些資源的大部分，幾乎全年都在用於為我們的客戶提供日常服務的系統。事實上，我們在非工會業務中增加了員工人數。是的，我們會為客戶提供日常系統服務，如果遇到天氣事件，能為公司帶來更大的發展潛力，從而產生更高的利潤率和更高的收入，那麼我們會利用風暴來獲利。

Okay, that that definitely is clear. All right, I appreciate it thanks for the details, guys.

好的，這一點確實很清楚了。好的，謝謝各位提供的詳細資訊。

Mr.

先生。

Thank you.

謝謝。

We have reached the end of the question-and-answer session. I will now turn the call over to Nate Tatlow for closing remarks. Please go.

問答環節到此結束。現在我將把電話交給內特‧塔特洛，請他作總結發言。請走吧。

Ahead.

前方。

Thank you all for joining us today and for your interest in Century. Please feel free to reach out to me with any follow-up questions, and this concludes today's call.

感謝各位今天蒞臨現場，也感謝各位對世紀科技的關注。如有任何後續問題，請隨時與我聯繫，今天的通話到此結束。

Thank you. Ladies and gentlemen, this is now the operator. Today's conference is scheduled.

謝謝。女士們先生們，這位是接線生。今天的會議已安排妥當。

You may now disconnect the call.

您現在可以掛斷電話了。

Thank you.

謝謝。