Centuri Holdings Inc (CTRI) 2026 Q1 法說會逐字稿

Greetings, and welcome to Centuri 's first-quarter 2026 Earnings and Strategy Overview Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation.

各位好，歡迎參加 Centuri 2026 年第一季財報與策略概覽電話會議。目前所有與會者皆處於僅聆聽模式。正式簡報結束後將進行簡短的問答環節。

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

提醒各位，本次會議將被錄音。現在我很榮幸介紹本次會議主持人——投資人關係副總裁 Nate Tetlow。請開始。

Thank you, Liz, and hello, everyone. Yesterday, we issued and posted to Centuri Holdings website our first quarter earnings release and investor presentation. In addition, we have posted to the website a Vision One Centuri presentation that will be referenced during this call. Please note that on today's call, we will address certain factors that may impact this year's earnings and provide longer-term guidance.

謝謝你，Liz，大家好。昨天我們已發布並上傳至 Centuri Holdings 官網第一季財報新聞稿與投資人簡報。此外，我們也在網站上提供了本次電話會議將引用的 Vision One Centuri 簡報。請注意，在今天的電話會議中，我們將說明可能影響本年度盈餘的若干因素，並提供較長期的指引。

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

今天將討論的部分資訊包含《私人證券訴訟改革法》所定義的前瞻性陳述。這些陳述以今日日期為準，係基於管理階層的假設，並受多項風險與不確定性影響，包括未來經濟情勢與監管核准影響所帶來的不確定性。

A cautionary note as well as a note regarding non-GAAP measures is included in yesterday's press release in the investor presentation and in our filings with the Securities and Exchange Commission, which we encourage you to review. Also provided are reconciliations of our non-GAAP measures to related GAAP measures.

昨日新聞稿、投資人簡報以及我們向美國證券交易委員會提交的文件中，均載有警示說明以及關於非 GAAP 指標的說明，我們建議各位查閱。同時亦提供我們的非 GAAP 指標與相關 GAAP 指標之調節表。

These risks and uncertainties may cause actual results to differ materially from statements made today. We caution against placing undue reliance on any forward-looking statements, and we assume no obligation to update any such statements, except as required by law.

上述風險與不確定性可能導致實際結果與今日所述內容出現重大差異。我們提醒各位勿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之義務。

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. On today's call, we have Chris Brown, President and Chief Executive Officer; and Greg Izenstark, Chief Financial Officer. In a moment, Chris will discuss our strategy.

今天的電話會議亦同步進行網路直播，並將於會議結束後不久在我們官網的投資人關係專區提供重播。今天與會者包括總裁兼執行長 Chris Brown，以及財務長 Greg Izenstark。稍後 Chris 將說明我們的策略。

But first, I'll turn the call to Greg to review the first quarter results. Greg?

不過首先，我先把電話交給 Greg，請他回顧第一季業績。Greg？

Thank you, Nate, and thank you, everyone, for joining us today. In the first quarter, we delivered exceptional results, highlighted by significant year-over-year growth, including revenue up 31%, base revenue up 29%, gross profit up 76% and base gross profit up 96%. For the quarter, we reported revenue of $723 million and base revenue of $689 million, gross profit of $36 million and base gross profit of $28 million.

謝謝你，Nate，也謝謝各位今天加入我們。第一季我們交出非常亮眼的成果，年增成長顯著：營收成長 31%、基礎營收成長 29%、毛利成長 76%、基礎毛利成長 96%。本季我們的營收為 7.23 億美元，基礎營收為 6.89 億美元，毛利為 3,600 萬美元，基礎毛利為 2,800 萬美元。

Our base gross profit margin was 4.1% for the quarter, up from 2.7% last year and on a trailing 12-month basis was 8%, a 100 basis point increase from the same measure last year. Net loss attributable to common stock in the quarter was $9 million or $0.09 per share compared to a loss of $18 million or $0.20 on a per share basis last year.

本季基礎毛利率為 4.1%，高於去年同期的 2.7%；以過去 12 個月（TTM）計算為 8%，較去年同一指標提升 100 個基點。本季歸屬普通股股東的淨損為 900 萬美元或每股 0.09 美元，去年同期為淨損 1,800 萬美元或每股 0.20 美元。

Adjusted net loss in the first quarter was $2 million or $0.02 on a per share basis compared to a loss of $11 million or $0.12 per share in the same quarter last year. And our adjusted EBITDA for the quarter was $33 million, representing a 35% increase from last year.

第一季調整後淨損為 200 萬美元或每股 0.02 美元，去年同期為淨損 1,100 萬美元或每股 0.12 美元。本季調整後 EBITDA 為 3,300 萬美元，較去年成長 35%。

Net cash used in operating activities for the quarter was $35 million and free cash flow was negative $54 million, both of which were driven primarily by the timing of changes in working capital. First quarter free cash flow was consistent with our expectations. And for the full year, we continue to expect free cash flow to exceed $60 million.

本季營運活動使用之淨現金為 3,500 萬美元，自由現金流為負 5,400 萬美元，主要係由營運資金變動時點所致。第一季自由現金流符合我們的預期。就全年而言，我們仍預期自由現金流將超過 6,000 萬美元。

SG&A for the quarter was $33 million, an increase of about $6 million year-over-year. Approximately $2 million of the increase relates to the timing of professional fees in support of our strategic initiatives, with the remaining increase consistent with the growth of the business. As a percent of revenue, SG&A is down 25 basis points versus a year ago.

本季 SG&A（銷售、一般及行政費用）為 3,300 萬美元，年增約 600 萬美元。其中約 200 萬美元的增加與支援我們策略性計畫之專業服務費用認列時點有關，其餘增加則與業務成長一致。以營收百分比計，SG&A 較去年下降 25 個基點。

As we previously stated, we anticipate that SG&A will be around 4% of revenue for the full year.We ended the quarter with a net debt to adjusted EBITDA ratio of 2.7x, which was down from 3.5x a year ago. And we continue to forecast net debt to adjusted EBITDA of around 2x by year-end.

如先前所述，我們預期全年 SG&A 約占營收 4%。本季末淨負債對調整後 EBITDA 比率為 2.7 倍，低於去年同期的 3.5 倍。我們仍預估年底淨負債對調整後 EBITDA 約為 2 倍。

Now to our segments. U.S. Gas revenue was $284 million, an increase of 44% compared to 2025. The increase was driven by progress on bid works, bid projects and our actions to secure work that is less impacted by weather. Gross loss for the quarter was $6 million, a 57% improvement from a $15 million gross loss last year.

接著看各事業部門。美國天然氣（U.S. Gas）營收為 2.84 億美元，較 2025 年成長 44%。成長動能來自投標工程（bid works）、投標專案（bid projects）的進展，以及我們為取得較不受天候影響之工作所採取的行動。本季毛損為 600 萬美元，較去年 1,500 萬美元毛損改善 57%。

The year-over-year improvement is a testament to our work addressing seasonal impacts, particularly considering the challenge that winter storm Fern posed, which not only impacted work in the Northeast, but also briefly slowed work on a new multiyear MSA in Texas.

年對年改善證明我們在因應季節性影響方面的努力，尤其是在面對冬季風暴 Fern 所帶來的挑戰之下；該風暴不僅影響東北地區的作業，也使德州一項新的多年期 MSA 的工作短暫放緩。

Canadian operations revenue was $60 million, up 51% from last year. The increase is primarily from the inclusion of Connect Atlantic Utility Services in the current year results. Operational performance in this segment remains strong against a solid demand backdrop. As expected, gross profit margin was down slightly to 15%, driven by the inclusion of Connect. Union Electric base revenue was $199 million, an increase of 14% year-over-year.

加拿大營運營收為 6,000 萬美元，較去年成長 51%。成長主要來自本年度業績納入 Connect Atlantic Utility Services。該部門在穩健需求環境下的營運表現仍然強勁。如預期，毛利率小幅下降至 15%，主要受納入 Connect 影響。工會電力（Union Electric）基礎營收為 1.99 億美元，年增 14%。

Base gross profit margin was 8.7% for the quarter, up 200 basis points from a year ago. Growth has been fueled by robust activity in projects serving industrial end-user customers, particularly substation infrastructure and data center-related work. Non-union electric base revenue was $151 million, an increase of 25% over last year. This growth reflects a significant expansion in MSA activity.

本季基礎毛利率為 8.7%，較去年提升 200 個基點。成長來自服務工業終端客戶之專案活動強勁，尤其是變電站基礎設施與資料中心相關工作。非工會電力（Non-union electric）基礎營收為 1.51 億美元，較去年成長 25%。此成長反映 MSA 活動的顯著擴張。

Base gross profit margin was 6.3% compared to 8.7% in the prior year, driven by activity ramp early in the year on an MSA contract, resource allocations to on-system storm restoration work and seasonal weather impacts in January and early February. Activity and margins were back to normal by the end of March.

基礎毛利率為 6.3%，低於去年同期的 8.7%，主要因年初 MSA 合約活動爬坡、資源配置至系統內風暴復電（storm restoration）工作，以及 1 月與 2 月上旬的季節性天候影響所致。至 3 月底，活動量與毛利率已恢復正常。

Moving on to our commercial update. In the first quarter, we delivered bookings of $1.3 billion or a 1.8x book-to-bill ratio. Awards included $900 million of MSA renewals, $180 million of new or growth MSAs and $250 million in bid work. Momentum has continued into April as we have approximately $2 billion of pending bids outstanding, including nearly $200 million of data center work that is in negotiations. For the year, we are targeting a 1.1x to 1.2x book-to-bill ratio.

接著是商務更新。第一季我們取得訂單（bookings）13 億美元，訂單出貨比（book-to-bill）為 1.8 倍。得標內容包括 9 億美元的 MSA 續約、1.8 億美元的新簽或成長型 MSA，以及 2.5 億美元的投標工程。動能延續至 4 月，目前仍有約 20 億美元的待決投標案（pending bids）在手，其中包含近 2 億美元的資料中心工作正在協商中。全年我們目標訂單出貨比為 1.1 倍至 1.2 倍。

Our focus remains on securing higher-margin work and building on the backlog for 2027. Lastly, we are reiterating our full year 2026 guidance. As a reminder, base revenue and base gross profit are non-GAAP measures that exclude the impact of storm restoration services. For 2026, we expect base revenue of $3.15 billion to $3.45 billion and base gross profit of $255 million to $285 million. Revenue, adjusted EBITDA, and adjusted net income are measures that include storm restoration services. Guidance for these measures include storm restoration services using a 3-year average of $88 million in revenue and $28 million in gross profit.

我們的重點仍是取得更高毛利的工作，並為 2027 年累積在手訂單（backlog）。最後，我們重申 2026 年全年指引。提醒各位，基礎營收與基礎毛利為非 GAAP 指標，排除風暴復電服務的影響。2026 年我們預期基礎營收為 31.5 億至 34.5 億美元，基礎毛利為 2.55 億至 2.85 億美元。營收、調整後 EBITDA 與調整後淨利為包含風暴復電服務的指標。這些指引係以 3 年平均的風暴復電服務假設納入：營收 8,800 萬美元、毛利 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, the net CapEx outlook at $75 million to $90 million.

2026 年我們預期營收為 32.4 億至 35.4 億美元，調整後 EBITDA 為 2.80 億至 3.10 億美元，調整後淨利為 5,500 萬至 7,500 萬美元；最後，淨資本支出（net CapEx）展望為 7,500 萬至 9,000 萬美元。

I will now turn it to Chris for the strategy discussion. Chris?

我現在把時間交給 Chris 進行策略討論。Chris？

Thank you, Greg, and hello to all, and thank you for joining the call today. I'll be discussing our strategy and multiyear financial outlook, and I'll be referring to the Vision One Centuri slide deck that was posted on our website late yesterday.

謝謝你，Greg，各位好，也感謝大家今天加入這通電話。我將說明我們的策略與多年期財務展望，並會引用我們昨晚稍晚發布在官網上的 Vision One Centuri 簡報。

I've now been CEO for about 17 months, and I'm extremely proud of what has been accomplished in that very short time and the path that we are on as demonstrated by the strength of the first quarter results and the incredible year-over-year growth. Centuri has more than 115 years of successful operating history, as we can see on Slide 2, has a long-standing relationship and reputation as a trusted, high-quality and above all safe infrastructure services partner.

我擔任執行長至今約 17 個月，對於在這麼短的時間內所完成的成果，以及我們所走的道路感到非常自豪；第一季結果的強勁表現與驚人的年增成長都證明了這一點。Centuri 擁有超過 115 年成功的營運歷史，如投影片 2 所示，並長期以來與客戶建立關係、累積聲譽，成為值得信賴的高品質、最重要的是安全的基礎設施服務合作夥伴。

Everything we're building now is on the solid foundation of decades of operating history and industry leadership paired with intentional decisions aimed at building a lasting and successful future. We will start with purchase of our largest operating company, NPL, in 1996 through to the mid-2000s, the company has significantly achieved growth from geographic expansion with a focus on servicing regulated utilities and building strong customer relationships through master services agreements.

我們現在所打造的一切，都建立在數十年營運歷史與產業領導地位的堅實基礎之上，並搭配有意識的決策，旨在打造長久且成功的未來。我們將從 1996 年收購我們最大的營運公司 NPL 談起；一直到 2000 年代中期，公司透過地理版圖擴張實現顯著成長，聚焦服務受監管公用事業，並透過主服務協議（MSA）建立穩固的客戶關係。

In 2012, the company reached $500 million in revenue and just 3 years later, revenue doubled to $1 billion. From there, the company continues to grow through strategic acquisitions that diversify the service capabilities and the reach of our business. After joining Centuri in late 2024, my assessment was clear; nothing was broken from within the business. That view remains the same.

2012 年，公司營收達到 5 億美元，而僅 3 年後營收便倍增至 10 億美元。此後，公司透過策略性併購持續成長，以多元化服務能力並擴大我們業務的觸及範圍。我在 2024 年底加入 Centuri 後，我的評估很明確：公司內部沒有壞掉的地方。這個看法至今不變。

My initial focus was centered around breaking away from certain legacy priorities and practices born under a utility parent, establishing a growth mindset, installing growth-related KPIs across the organization, driving capital efficiency and unifying the company around a clear vision, what we now call One Centuri. Simply put, we all have a common purpose, strategic direction and a common set of values.

我最初的重點在於擺脫在公用事業母公司體制下形成的某些傳統優先事項與作法，建立成長思維，在全組織導入與成長相關的 KPI，提升資本效率，並讓公司圍繞清晰願景凝聚一致，也就是我們現在所稱的 One Centuri。簡而言之，我們都有共同的使命、策略方向與共同的價值觀。

To advance the One Centuri vision, the leadership team began a strategic evaluation last year with several areas of focus, assessing our end markets, benchmarking all our peers, identify the measures that drive shareholder value and establish credible top-tier goals, advanced growth initiatives supported by our capabilities and the end markets and enhance internal functions to enable sustainable growth, specifically focused on resource planning and risk management.

為推進 One Centuri 願景，領導團隊去年啟動策略評估，聚焦多個面向：評估我們的終端市場、對所有同業進行標竿比較、辨識驅動股東價值的衡量指標並建立可信的頂尖目標、推動由我們能力與終端市場支持的進階成長計畫，以及強化內部職能以支撐可持續成長，特別聚焦資源規劃與風險管理。

In 2025, we began implementing the One Centuri approach, which proved to be a true inflection year for Centuri. On Slide 3, we highlight some of what we achieved, including becoming fully independent, reducing our net debt to adjusted EBITDA to 2.5times, commencing the fleet initiatives and achieving records for bookings, backlog and revenue.

2025 年，我們開始落實 One Centuri 作法，這也證明是 Centuri 真正的轉折之年。在投影片 3，我們重點呈現部分成果，包括完成全面獨立、將淨負債對調整後 EBITDA 降至 2.5 倍、啟動車隊相關計畫，以及在接單、在手訂單（backlog）與營收方面創下紀錄。

Beyond the tangible results of 2025, I'm also proud of the way the organization emboldened commitments to our customers while also embracing the changes necessary to set Centuri on a path for value creation. We are all very well positioned to execute against a favorable market backdrop and look forward to delivering for our stakeholders.

除了 2025 年的具體成果之外，我也為組織在強化對客戶承諾的同時，擁抱為讓 Centuri 走上價值創造之路所必須的改變而感到自豪。我們已具備非常有利的條件，可在良好的市場背景下執行，並期待為利害關係人交付成果。

Moving to Slide 4. We are anchored by 4 objectives: top-tier earnings growth, top-tier revenue growth, being an agile, integrated customer-facing organization and establishing a world-class resource delivery led organization. These objectives were established based on the value drivers we believe matter most to our stakeholders.

接著看投影片 4。我們以四項目標為核心：頂尖的獲利成長、頂尖的營收成長、成為敏捷且整合的客戶導向組織，以及建立由資源交付主導的世界級組織。這些目標是基於我們認為對利害關係人最重要的價值驅動因素所制定。

While scaling the business will drive revenue growth, long-term shareholder value creation will be achieved through earnings growth. Retaining existing business, expanding relationships and secure new customers are all about how we execute and engage with our customers. This is the strength of Centuri and will remain core to our culture. To enable the growth, we will execute a plan to build further on our industry-leading workforce, more on that later.

雖然擴大業務規模將帶動營收成長，但長期股東價值創造將透過獲利成長來實現。維持既有業務、擴大合作關係並取得新客戶，關鍵都在於我們如何執行以及如何與客戶互動。這是 Centuri 的強項，也將持續是我們文化的核心。為了支撐成長，我們將執行計畫，進一步強化我們業界領先的勞動力，稍後會再說明。

To set the stage, let me first review the end markets, starting on Slide 5. The North American energy infrastructure build-out represents a true tailwind for Centuri. It's durable and long term in nature. Between grid modernization, electrification expansion, gas infrastructure replacement and power demand for industrial and data center customers, the opportunity set for Centuri is evident. None of this should be used to anybody on this call.

為了鋪陳背景，我先從投影片 5 開始回顧終端市場。北美能源基礎設施建設擴張對 Centuri 來說是真正的順風，而且具有耐久性與長期性。無論是電網現代化、電氣化擴張、天然氣基礎設施汰換，或工業與資料中心客戶的用電需求，Centuri 的機會版圖都很明顯。這些對在座各位而言應該都不陌生。

Slide 6 is the big picture view. We started with an overall analysis of our core gas and electrical T&D end markets and the relevant adjacent end markets. This represents over $2 trillion of cumulative spend from 2026 through to 2029. Our next step in the process was to drill into the data and capture those areas that were relevant to Centuri. This results in a true Centuri total addressable market of $625 billion over the next four years.

投影片 6 是宏觀視角。我們先對核心的天然氣與電力輸配電（T&D）終端市場，以及相關的鄰近終端市場進行整體分析。這代表 2026 年至 2029 年累計支出超過 2 兆美元。接下來，我們深入數據，鎖定與 Centuri 相關的領域，得出未來四年 Centuri 真正的可服務總市場（TAM）為 6,250 億美元。

For perspective, our current $13 billion pipeline and $6.5 billion of record backlog reflects only a fraction of this opportunity. On an annual basis, the opportunity pipeline is less than 10% of Centuri's total addressable market. Importantly, the market data and our analysis reinforce that we do not need to change in direction or we do not need to pivot differently.

作為對照，我們目前 130 億美元的機會管線（pipeline）與 65 億美元的創紀錄在手訂單（backlog），僅反映這些機會的一小部分。以年度來看，機會管線不到 Centuri 可服務總市場的 10%。重要的是，市場數據與我們的分析再次證實：我們不需要改變方向，也不需要以不同方式轉向。

Instead, we are all well positioned to drive profitable growth through our existing capabilities, expanding our scale and geography and selectively pursuing market supported initiatives. Our operational leadership has all confirmed through the process that the end markets fully underpin our growth targets as we've laid out.

相反地，我們完全有利於透過既有能力推動獲利成長，擴大規模與地理覆蓋，並有選擇地推進由市場支持的計畫。我們的營運領導團隊也在此過程中一致確認，終端市場足以支撐我們所提出的成長目標。

Moving to Slide 7. This breaks down the core end markets into electric and gas across transmission and distribution. In short, the forecasted 8% CAGR to 2029 confirms the tailwinds we've been seeing and expect moving forward. In nominal dollars, the electric market offers the largest opportunity with transmission expected to grow a bit faster than the distribution segment.

接著看投影片 7。這將核心終端市場按輸電與配電拆分為電力與天然氣。簡而言之，預估至 2029 年 8% 的年複合成長率（CAGR）印證了我們一直看到、且預期未來仍將持續的順風。以名目金額計，電力市場提供最大的機會，其中輸電預期成長速度略快於配電。

On Slide 8, we highlight the adjacent markets. Again, the data suggests further tailwinds and ample opportunity to capture more market share. It's no surprise that data spend exhibits the highest percentage growth, but each of these markets have the size and growth qualities that makes some very attractive opportunities for Centuri as a group.

在投影片 8，我們強調鄰近市場。同樣地，數據顯示仍有進一步順風與充足機會可取得更多市占。資料相關支出呈現最高的百分比成長並不令人意外，但這些市場各自都具備規模與成長特性，使其成為對 Centuri 集團而言非常具吸引力的機會。

Now let's get into our strategy on Slide 9. Our strategy is designed to be sustainable, successful through market cycles, driven by choices rather than acting out of necessity, and it maintains our low risk profile in the work we execute as we expand our business. We've laid out our ambition on the slide, which ultimately centers around delivering exceptional value to all stakeholders, being customers, employees and shareholders.

現在進入投影片 9 的策略。我們的策略設計旨在可持續、能跨越市場循環而成功、由選擇驅動而非迫於必要，同時在擴張業務時仍維持我們在執行工作上的低風險特性。我們在投影片上闡述了我們的企圖心，核心在於為所有利害關係人—客戶、員工與股東—創造卓越價值。

To achieve this, we will focus on three fundamental principles. Firstly, we will protect and deepen the core. We'll remain diverted to our long-standing relationships with regulated utilities, executing with the quality, reliability and safety they expect and trust us to deliver.

為達成此目標，我們將聚焦三項基本原則。第一，我們將保護並深化核心。我們將持續專注於與受監管公用事業的長期合作關係，以他們所期待並信任我們交付的品質、可靠性與安全來執行。

We will expand relationships with existing customers, pursue increased MSA work through new customer relationships, cultivate cross-selling opportunities and continue to lean into bid work by leveraging our core capabilities in our well-defined adjacent markets.

我們將擴大與既有客戶的合作關係，透過新的客戶關係爭取更多主服務協議（MSA）工作，培育交叉銷售機會，並持續運用我們在界定清楚的鄰近市場中的核心能力，積極投入投標型業務。

Second, we will pursue initiatives to grow the portfolio. These growth initiatives build on our existing capabilities, existing services and the strength of our organization and are supported by strong end market demand. In parallel, we will pursue tuck-in acquisitions that are accretive to our core business or directly advance our targeted growth initiatives.

第二，我們將推動成長計畫以擴大產品組合。這些成長計畫建立在我們既有能力、既有服務與組織優勢之上，並受到強勁終端市場需求的支持。同時，我們也將尋求能為核心業務帶來增益（accretive）的補強型併購，或能直接推進我們鎖定的成長計畫的併購。

And lastly, to enable long-term growth, we will sustainably scale the enterprise. We will do this by achieving industry-leading talent acquisition capabilities, driving operational excellence through standardized performance management and enhancing our risk management practices.

最後，為了支撐長期成長，我們將以可持續方式擴大企業規模。我們將透過達成業界領先的人才招募能力、以標準化績效管理推動營運卓越，以及強化風險管理實務來做到這一點。

The result of this work will be 10% to 15% compounded annual growth rate in base revenue through 2029 and an improvement of 70 basis points to 170 basis points in base gross profit margin. On Slide 10, we dig into the first principle, protect and deepen the core. This is the foundation that defines Centuri today and also our future. Across both gas and electric, MSA work is the cornerstone of Centuri.

這些工作的成果將是：至 2029 年基礎營收年複合成長率達 10% 至 15%，且基礎毛利率提升 70 個基點至 170 個基點。在投影片 10，我們深入第一項原則：保護並深化核心。這是定義今日 Centuri、也定義我們未來的基礎。無論在天然氣或電力領域，MSA 工作都是 Centuri 的基石。

These agreements represent stable, long-cycle opportunities, and we are deeply committed to protecting and strengthening this core. Our 100% MSA renewal rate is a powerful validation of the trust we have earned through relationships with our customers over many years and in many cases, decades. When it comes to growth, our priority is securing new and expanding scope of work from existing customers by leveraging our operating track record, the execution consistency and the reputation we have earned.

這些協議代表穩定、長週期的機會，我們也堅定致力於保護並強化這一核心。我們 100% 的 MSA 續約率，有力驗證了我們多年、且在許多情況下長達數十年與客戶建立關係所贏得的信任。就成長而言，我們的優先事項是運用我們的營運實績、穩定一致的執行力，以及我們所建立的聲譽，從既有客戶取得新的工作並擴大工作範疇。

We are focused on adding new customers, again, leveraging our reputation and relationships through cross-selling and our One Centuri go-to-market approach. Our ability to offer integrated solutions across the value chain positions Centuri as a differentiated service provider and partner to our customers.

我們專注於新增客戶，同樣透過交叉銷售以及我們的 One Centuri 市場進入策略，運用我們的聲譽與關係。我們能在價值鏈各環節提供整合式解決方案，使 Centuri 成為具差異化的服務供應商，並成為客戶的合作夥伴。

Looking back to '25, we booked $900 million of new or expanded scope MSAs. And in the first quarter this year, we booked a further $180 million. We absolutely intend to keep this momentum going as we move into subsequent quarters and subsequent years. At the same time, big work opportunities are abundant and represent meaningful incremental growth and margin upside.

回顧 2025 年，我們簽下 9 億美元的新簽或擴大範疇的 MSA。而在今年第一季，我們又進一步簽下 1.8 億美元。我們絕對打算在接下來的季度與年度持續維持這股動能。同時，大型工程機會相當充沛，代表可觀的增量成長與毛利率上行空間。

For us, big work is a natural extension of MSA work. It's the same services utilizing the same capabilities and equipment, just executing on a different contract structure. This work not only originates from our well-defined adjacent markets, but also from many of our existing MSA customers who often have projects that fall outside the MSA scope.

對我們而言，大型工程是 MSA 工作的自然延伸。服務內容相同、使用相同的能力與設備，只是採用不同的合約結構來執行。這些工作不僅來自我們界定清楚的相鄰市場，也來自許多既有的 MSA 客戶；他們經常有落在 MSA 範疇之外的專案。

As mentioned many times before, the data center market is our fast-growing adjacent market. Data centers offer a range of work scopes well suited for Centuri. And since the start of 2025, we've already secured $170 million of data center-related work. Additionally, we continue to evaluate and bid for approximately $1.5 billion of further data center work. We see this as a market with strong multiyear growth potential and attractive margin characteristics.

如同先前多次提到，資料中心市場是我們快速成長的相鄰市場。資料中心提供多種非常適合 Centuri 的工作範疇。自 2025 年初以來，我們已取得 1.7 億美元的資料中心相關工作。此外，我們仍在評估並投標約 15 億美元的進一步資料中心工作。我們認為這個市場具備強勁的多年期成長潛力，且具吸引力的利潤率特性。

In summary, MSA work is our core today and will continue to be our core. We are focused on deepening and expanding that core through new and broader MSAs, while bid work serves as a growth engine and is margin accretive. This is protect and deepen the core. Moving to Slide 11. We have identified several initiatives to enhance our growth rates and drive margin expansion.

總結而言，MSA 工作是我們目前的核心，未來也將持續是核心。我們專注於透過新的與更廣泛的 MSA 來深化並擴大這一核心；同時，投標型工作（bid work）作為成長引擎，且可提升利潤率。這就是保護並深化核心。接著看第 11 頁。我們已識別出數項措施，以提升成長率並推動利潤率擴張。

Each initiative is supported by end market data and represents an extension of our core capabilities. Let me start with electric transmission. Today, we have electric transmission capabilities in both our union and nonunion electric businesses, generating less than 10% of our annual revenue. Compare this to the $150 billion of utility spend on electric transmission work expected over the next four years, and it's clear this is an area we are under serving.

每項措施都有終端市場數據支持，並代表我們核心能力的延伸。我先從電力輸電（electric transmission）談起。目前，我們在工會與非工會的電力業務中都具備輸電能力，年營收占比不到 10%。相較於未來四年公用事業在輸電工程上預計投入的 1,500 億美元，很明顯這是我們服務不足的領域。

And we've recently had a number of customers driving us to build further capability and execute more of these services within this segment. With grid modernization, significant work for us and the build-out of high-voltage lines as an opportunity for Centuri to capture transmission projects in the low to mid-voltage range. Our focus will be on projects under the $200 million in size.

而近期也有多位客戶推動我們進一步建立能力，並在此細分領域執行更多服務。隨著電網現代化，我們將有大量工作機會；同時，高壓線路建設的擴張，也為 Centuri 在低至中電壓範圍內承接輸電專案提供機會。我們將聚焦於規模低於 2 億美元的專案。

This is a size where Centuri has the scale, track record to compete and win against smaller regional players, while also remaining below the typical size targeted by larger industrial players. In addition, we offer customers a fully integrated solution across transmission line tower construction, substation work, interconnects and battery storage. This is true differentiation for Centuri.

在這樣的規模區間，Centuri 具備足夠的規模與實績，可與較小的區域型業者競爭並勝出，同時也仍低於大型工業業者通常鎖定的專案規模。此外，我們可為客戶提供涵蓋輸電線塔建設、變電站工程、互連工程與電池儲能的全方位整合式解決方案。這是 Centuri 真正的差異化優勢。

While larger than our current portfolio of transmission projects, we have confidence in our ability to execute based on our track record of core capabilities over many years. Next, we will expand our service offerings into underserved geographies and areas that need more scale. Our One Centuri go-to-market strategy will facilitate this initiative. Our operating companies no longer will act in silos.

雖然這些專案規模大於我們目前的輸電專案組合，但基於我們多年來在核心能力上的實績，我們對自身的執行能力充滿信心。接下來，我們將把服務範疇擴展到服務不足、且需要更大規模的地理區域與領域。我們的 One Centuri 市場進入策略將促成這項措施。我們的營運公司將不再各自為政、各自孤立運作。

Instead, we approach customers with a full suite of services across gas, electric, union and nonunion. Several recent awards highlight the success of this approach. First, we were able to leverage a long-standing relationship with a premier customer in Canada to make introductions with the Midwest gas utility who is owned by the same parent company.

相反地，我們將以涵蓋天然氣、電力、工會與非工會的完整服務組合來接觸客戶。近期數個得標案例凸顯了此作法的成功。首先，我們得以運用與加拿大一位頂級客戶的長期關係，向同一母公司旗下的美國中西部天然氣公用事業公司進行引薦。

This introduction, coupled with the Google with them through many years of quality service has led to a new multiyear FSA award across the U.S. In another example, a recent electric award for a Florida customer was secured through relationships and introductions originating from our gas business. This represents our first work for the utility customer and nice entry into the Floridian market. I absolutely expect more examples like these to materialize over the coming weeks, months and into the subsequent years.

這項引薦，加上我們多年來以高品質服務與其合作所累積的口碑，促成了在美國範圍內一項新的多年期 FSA 得標。另一個例子是，我們近期為佛羅里達州一位客戶取得的電力業務得標，是透過源自我們天然氣業務的關係與引薦而取得。這代表我們首次為該公用事業客戶提供服務，也讓我們順利切入佛羅里達市場。我完全預期在未來幾週、幾個月以及往後數年，將會出現更多類似案例。

On the slide, we've highlighted a few areas where we see logical geographic expansion, including the Southeast for gas, the Midwest for electric and in Canada, where we are targeting expansion of our new electric capabilities into the Ontario region. Lastly, we believe there's an opportunity to exceed expectations on our new bid work. This can be achieved through business development efforts to generate more opportunities from the total addressable market or just by exceeding our historical win rates.

在投影片中，我們標示了幾個我們認為具邏輯性的地理擴張方向，包括：天然氣業務的美國東南部、電力業務的美國中西部，以及加拿大（我們目標將新建立的電力能力擴展至安大略省）。最後，我們認為在新的投標型工作方面，有機會超越預期。這可透過業務開發努力，從可服務總市場（TAM）中創造更多機會，或僅僅透過高於歷史水準的得標率來達成。

We also aim to do more for existing customers, offering them access to all of our services and being their partner of choice. The strength of the market is unlike anything I've seen in my career. And as the market data supports, we believe this trend will continue at least through the end of the decade. Now let's shift to Slide 12 for the other leg of grow the portfolio, which is M&A. We operate in a fragmented industry and believe there are strong merits to consolidation and benefits of scale.

我們也希望為既有客戶做得更多，讓他們能使用我們所有服務，並成為他們的首選合作夥伴。市場的強勁程度是我職涯中前所未見的。而如市場數據所示，我們相信這股趨勢至少會延續到本十年末。現在讓我們切換到第 12 頁，談成長投資組合的另一支柱，也就是併購（M&A）。我們所處的產業相當分散，我們相信整併具有明確優勢，且規模化能帶來效益。

At Centuri, we've established several attributes we look for in tuck-in acquisitions. In terms of geography, we're focused on the Midwest and Southeast and in terms of scope, electric services, in particular, transmission is a focus. While we are pursuing these areas organically, the right acquisition could prove immediate -- the right acquisition that can provide immediate scale from which to grow is attractive to us.

在 Centuri，我們已建立對於補強型收購（tuck-in acquisitions）所尋找的幾項特質。就地理而言，我們聚焦於美國中西部與東南部；就業務範疇而言，電力服務，特別是輸電，是重點。雖然我們也在以有機方式推進這些領域，但合適的收購標的若能提供立即的規模、作為後續成長的基礎，對我們而言非常具吸引力。

Strategically, our focus is not on acquisitions that need to be fixed. Rather, we target companies that match Centuri's operating excellence, our culture and bring already established customer relationships. We look for opportunities that add to the foundation of Centuri, providing more scale and scope for the core business to grow.

在策略上，我們的重點不是收購需要被「修復」的公司。相反地，我們鎖定與 Centuri 的營運卓越、文化相契合，且已建立客戶關係的公司。我們尋找能強化 Centuri 基礎的機會，為核心業務成長提供更大的規模與更廣的範疇。

Slide 13 highlights the Connect acquisition that we closed last year. It's the perfect case study for what we look for in an acquisition. Connect fill two needs. It gives us an electrical T&D services platform in Canada and entrance into the Atlantic region of Canada. Connect has a strong track record of operations and has existing long-term relationships with high-quality customers.

第 13 頁重點介紹我們去年完成的 Connect 收購案。這是我們尋找收購標的的完美案例研究。Connect 滿足兩項需求：它為我們在加拿大提供電力輸配電（T&D）服務平台，並讓我們進入加拿大大西洋地區。Connect 具備強勁的營運實績，且與高品質客戶維持既有的長期關係。

Focus now is leveraging our existing gas relationships to grow the Connect platform into the Ontario region. Just a few months into this acquisition, we are already gaining traction on the business development side and expect to have positive updates on these efforts in the coming quarters.

目前的重點是運用我們既有的天然氣客戶關係，將 Connect 平台拓展至安大略省。收購完成僅數個月，我們在業務開發端已開始取得進展，並預期在未來幾個季度就這些努力帶來正面更新。

Now turning to Slide 14. We believe the execution of our strategy supports a conservative base revenue compounded annual growth rate of 10% to 15% through 2029. We believe we have the strategic direction and plans in place to deliver this top-tier revenue growth. In order to achieve our targets and scale the organization, we must advance our enabling functions and our structure.

接著看第 14 頁。我們相信策略的執行可支持至 2029 年、保守基礎情境下 10% 至 15% 的營收複合年成長率（CAGR）。我們認為我們已具備策略方向與計畫，以實現這一流的營收成長。為了達成目標並擴大組織規模，我們必須推進我們的賦能職能與組織架構。

On Slide 15, we highlight 3 areas of ongoing focus. First on the talent side, we've added several key additions to the team in 2025, a Head of Fleet and a President of Gas. In addition, we launched development efforts and began building out our talent pipeline. We anticipate adding more leadership talent within the coming year. Second, on fleet, we shifted away from the historic practice of purchasing all equipment to a balanced funding plan that aims to be 50-50 lease versus buy.

在第 15 頁，我們強調三個持續聚焦的領域。第一，在人才方面，我們於 2025 年為團隊新增了數位關鍵成員，包括車隊主管（Head of Fleet）與天然氣事業總裁（President of Gas）。此外，我們啟動人才培育工作並開始建立人才管道。我們預期在未來一年內再增補更多領導人才。第二，在車隊方面，我們從過去一貫購置所有設備的做法，轉向更平衡的資金規劃，目標為租賃與購買各占 50%。

This allows us to generate more free cash flow and be more strategic with our equipment sourcing. We are also well underway with our analysis and implementation of fleet utilization improvement plans, which will drive margins higher and improve efficiency across the entire organization.

這使我們能夠產生更多自由現金流，並在設備採購上更具策略性。我們也正積極推進對車隊使用率提升計畫的分析與落地，這將推動利潤率提升，並改善整個組織的效率。

Lastly, we established a sales pipeline, which now houses all opportunities that our business development team is evaluating and preparing to bid. The pipeline allows us to track win rates, see trends more quickly, be more accountable and forecast more accurately.

最後，我們建立了銷售管線，目前已納入我們業務開發團隊正在評估並準備投標的所有機會。該管線使我們能追蹤得標率、更快看出趨勢、提升問責性，並更準確地進行預測。

Now moving to Slide 16. A critical aspect to enable our strategic execution is our ability to source human capital. Centuri is starting from a solid platform. We have many programs in place, including local relationships and partnerships with colleges, trade schools and vocational programs. We also have an apprentice program in our nonunion electric segment that is currently training more than 800 people.

接著看第16頁投影片。要推動我們的策略執行，一個關鍵面向是我們取得人力資本的能力。Centuri 具備穩固的起點。我們已建立多項計畫，包括在地關係，以及與大學、技職學校與職業訓練計畫的合作夥伴關係。我們在非工會電力業務也有學徒計畫，目前正在培訓超過800人。

We do an excellent job sourcing our labor needs today, but we must think ahead and take our platform to the next level. To that end, we are already underway of building an integrated group-wide data-driven workforce forecasting tool that will interface with our sales pipeline. This interface will allow us to stay ahead of growth.

我們目前在滿足勞動力需求方面做得非常出色，但我們必須超前思考，將平台提升到下一個層級。為此，我們已著手打造一套整合式、集團層級、以數據驅動的人力預測工具，並將與我們的銷售管線介接。此介接將使我們能夠領先因應成長。

We'll be able to identify specific skill set needs for specific projects and specific regions over long time frames. Rather than just knowing we need to add headcount, we will be precise and strategic with our sourcing. Our goal is to ensure that each job has the right people at the right time. We'll also use the tool to identify new geographies to establish as resourcing hubs.

我們將能在長時間跨度內，針對特定專案與特定區域辨識所需的特定技能組合。不再只是知道需要增加人頭，而是能以精準且具策略性的方式進行招募與配置。我們的目標是確保每一個工作在正確的時間有正確的人。我們也會運用該工具辨識新的地理區域，並建立為資源配置樞紐。

This program, along with our other deliberate work to upskill the workforce and our mix of union and nonunion labor will provide Centuri the flexibility to support expanded MSA, new bid work and expansion into new geographies. We expect to have this tool fully implemented during the course of this year. Developing a group-wide resourcing delivery plan is critical to our success.

此計畫，加上我們其他有意識地提升員工技能的工作，以及工會與非工會勞動力的組合，將使 Centuri 具備彈性，以支援擴大的 MSA、新的投標工作，以及拓展至新的地理區域。我們預期在今年內完成該工具的全面導入。制定集團層級的資源配置交付計畫對我們的成功至關重要。

We will be investing in our people and our workforce pipeline in a far more structured and focused way. And as we grow, we'll seek to capture and share lessons learned across the business to up-level the entire organization through a formal knowledge network. This culture of continuous improvement will further differentiate us for our customers and enable us to deliver true value-added solutions.

我們將以更有架構且更聚焦的方式投資於員工與人才供給管線。隨著我們成長，我們也將透過正式的知識網絡，彙整並分享跨業務的經驗教訓，以提升整個組織的能力。這種持續改善的文化將進一步讓我們在客戶面前形成差異化，並使我們能提供真正具附加價值的解決方案。

Another critical aspect required to achieve our goals is managing the risk that comes with growing our business. We outlined this on Slide 17. We are currently in the process of establishing an enterprise-level project management office that will guide the organization through consistent good practices, standardization of controls, data analysis to drive margin improvement and continuous learning.

達成目標所需的另一個關鍵面向，是管理業務成長所伴隨的風險。我們在第17頁投影片中概述了這點。我們目前正建立企業層級的專案管理辦公室（PMO），以引導組織採用一致的良好實務、控制標準化、透過數據分析推動利潤率改善，以及持續學習。

This effort will leverage the existing talent by consolidating our operating company PMO competencies that already exists into a groupwide PMO. We have full line across our operating company leadership team regarding the critical nature of this function, and we expect to have this group up and running during the course of this year. Now let's jump to the financial outputs beginning with Slide 19. In 2025, our business mix was about 78% MSA and 22% bid work.

這項工作將透過整合既有人才，把目前已存在於各營運公司中的 PMO 能力匯聚成集團層級的 PMO。我們的各營運公司領導團隊對此職能的重要性已充分一致認同，並預期在今年內讓該團隊正式運作。接著我們跳到財務成果，從第19頁投影片開始。2025年，我們的業務組合約為78% MSA、22% 投標業務。

And our split between gas and electric was 53% gas and 47% electric. As we've talked about, we expect bid work growth to outpace MSA growth over the next few years. And we also see more opportunity on the electric side, recognizing that both electric and gas end markets are growing. When we project out to 2029, we anticipate that bid work to grow approximately to 35% of the business and the gas and electric split to be equal at 50-50.

而天然氣與電力的占比為：天然氣53%、電力47%。如同我們所談到的，未來幾年我們預期投標業務的成長將快於 MSA 的成長。同時我們也看到電力端有更多機會，並認知到電力與天然氣終端市場都在成長。當我們展望到2029年，我們預期投標業務將成長至約占整體業務的35%，且天然氣與電力的占比將各半，為50/50。

Importantly turn to Slide 20, where we provide base revenue growth and base gross profit margin targets by segments. These targets do not include impacts from potential M&A or storm restoration work. For U.S. gas, we are targeting base gross profit margins between 7% and 8% by 2029, reflecting our action plan to fully mitigate the seasonal impacts of the business.

重要的是請看第20頁投影片，我們按部門提供基礎營收成長與基礎毛利率目標。這些目標不包含潛在併購（M&A）或風暴災後修復工作的影響。就美國天然氣業務而言，我們目標在2029年前將基礎毛利率提升至7%至8%，反映我們的行動計畫將全面緩解該業務的季節性影響。

Consistent with the mix shift, growth in the Electric segment is expected to outpace the gas segment. On Slide 21, we outlined both the progress made and expectations for our corporate level gross base profit margin. I remind everyone in 2025, we delivered significant improvements from 2024 going from a 6.9% to 8% base gross profit margin.

與組合轉移一致，電力部門的成長預期將快於天然氣部門。在第21頁投影片中，我們概述了公司層級基礎毛利率的進展與展望。我提醒各位，2025年我們相較2024年有顯著改善，基礎毛利率由6.9%提升至8%。

As we look out to 2029, we have clearly identified areas of focus and several drivers that will allow us to drive further growth and margin expansion at a 70 to 170 basis point level. First on seasonality. We are about a year into this initiative.

展望2029年，我們已清楚辨識重點領域與多項驅動因素，可使我們在70至170個基點的幅度上推動進一步成長與利潤率擴張。首先是季節性。我們推動這項倡議已約一年。

And as Greg talked about, we have achieved a meaningful year-on-year improvement in the first quarter of 2026. We continue to be focused on securing customers and work that is less impacted by weather in the first quarter. The ultimate goal, as we've consistently said, is to achieve consistent profitability in the first quarter when compared to the remaining nine months of the year.

如 Greg 所提到的，我們在2026年第一季已達成顯著的年對年改善。我們仍聚焦於在第一季爭取受天候影響較小的客戶與工作。我們一再強調的最終目標，是在第一季相較於一年其餘九個月也能達到一致的獲利能力。

Next, our overall margin profile will improve as our mix shifts over the next few years towards higher-margin bid work. Lastly, we see margin improvement from operational excellence program we have launched, increased pricing power, be more selective on projects as well as the work that is advanced on fleet efficiency. We are already excited about the operational excellence opportunity and believe it offers upside potential.

其次，隨著未來幾年我們的組合轉向毛利率較高的投標業務，我們整體利潤率結構將改善。最後，我們也看到利潤率改善將來自我們已啟動的營運卓越計畫、定價能力提升、更有選擇性地承接專案，以及在車隊效率方面已推進的工作。我們已對營運卓越的機會感到振奮，並相信其具有上行潛力。

Operational excellence involves dissecting each job and identifying components that perform well and an appropriate margins and identify those components that we don't perform well and under deliver on margin. This level of performance attribution analysis will allow us to make informed decisions moving forward. In some cases, certain aspects of the job might always underperform, and we should look to subcontract the work or increase our pricing or in some cases, we might have inconsistent margin delivery across different locations of the operations.

營運卓越包含拆解每一項工作，辨識哪些構成要素表現良好且具適當利潤率，同時找出我們表現不佳、利潤率未達標的要素。這種績效歸因分析的深度，將使我們能在未來做出有依據的決策。在某些情況下，工作的某些部分可能總是表現不佳，我們應考慮將該部分分包，或提高價格；又或者在不同營運據點之間，我們的利潤率交付可能不一致。

In this case, we can assess what's causing the underperformance and quickly apply lessons learned to improve. We have well advanced this granular analysis and expect the benefits to accrue over the coming months and years.

在這種情況下，我們可以評估造成表現不佳的原因，並迅速套用經驗教訓以改善。我們已大幅推進這項細緻分析，並預期其效益將在未來數月與數年逐步顯現。

Moving to Slide 22. Here, for the first time, I guess, we present the long-term financial targets for Centuri. In addition to the top line growth and the margin improvements I talked about, we expect significant growth in earnings over the next few years. From a bottom line perspective, adjusted EPS is expected to grow at a compounded annual growth rate of 30% to 45% through 2029.

接著看第22頁投影片。在此，我想是第一次，我們提出 Centuri 的長期財務目標。除了我提到的營收成長與利潤率改善之外，我們預期未來幾年獲利將顯著成長。就損益表底線而言，調整後每股盈餘（adjusted EPS）預期在2029年前以30%至45%的年複合成長率成長。

We expect our net debt to adjusted EBITDA to be around 2x by year-end '26, and we anticipate keeping year-end leverage below 2times thereafter.

我們預期在2026年年底，淨負債對調整後 EBITDA 約為2倍，並預期此後將把年底槓桿維持在2倍以下。

This plan is also achieved with no equity issuances pursued over the forecasted period. Lastly, we expect a meaningful improvement in our free cash flow conversion over the next few years. This will be fueled by lower interest expense, the shift to more bid work, fleet leasing, capital efficiency and working capital efforts aimed at reducing our DSO. We expect to reach a free cash flow conversion rate of between 40% and 50% by 2029.

此計畫亦是在預測期間不進行任何股權發行的前提下達成。最後，我們預期未來幾年自由現金流轉換率將有顯著改善。這將受惠於利息費用降低、業務組合轉向更多投標工作、車隊租賃、資本效率提升，以及以降低 DSO（應收帳款週轉天數）為目標的營運資金改善措施。我們預期在2029年前達到40%至50%的自由現金流轉換率。

I'll conclude on Slide 23. Centuri is well positioned today. We have the scale, the capabilities and talent across gas and electric to execute. We have long-term and deep customer relationships with end market tailwinds, and we have a leadership team fully aligned and committed to the long Centuri vision. Our strategy is conservative, but built for long-term success.

我將在第23頁投影片作結。Centuri 目前具備良好定位。我們在天然氣與電力領域具備規模、能力與人才以落實執行。我們與客戶建立長期且深厚的關係，終端市場亦有順風因素；同時我們的領導團隊對 Centuri 的長期願景完全一致並全力投入。我們的策略偏保守，但以長期成功為基礎打造。

It is anchored in staying true to who we are and what we do best, and it will deliver top-tier growth while maintaining a low-risk profile. We are all in Centuri extremely excited about our path forward and delivering value for our shareholders.

該策略以忠於我們的本質與最擅長的事為核心，將在維持低風險特性的同時，帶來一流的成長。我們 Centuri 全體對前進的道路感到非常振奮，並將為股東創造價值。

I thank everybody for dialing in and listening to us today. And operator, I think we're ready to open up the call to any questions that people dialing in may have.

感謝各位今天撥入並收聽我們的電話會議。接線員，我想我們已準備好開放電話，讓撥入的各位提出任何問題。

(Operator Instructions)

（接線員指示）

Joseph O'Dea, Wells Fargo Securities LLC

Joseph O'Dea，Wells Fargo Securities LLC

Hi, good morning. Chris, I appreciate all the details on the strategic vision. I got one short-term and one longer-term question. I'll start on the shorter-term side. So just in terms of the revenue strength that we saw in the quarter and demand strength with revenue up 31% and book-to-bill at 1.8, and I think with no raise in the revenue guidance for the year, just any color on how you're thinking about Q2 revenue growth, details on the gas and electric side as we think about kind of rest of the year tracking after Q1 strength?

嗨，早安。Chris，感謝你就策略願景提供的所有細節。我有一個短期問題和一個較長期的問題。我先從短期面開始。就本季我們看到的營收強勁與需求強勁而言，營收年增31%，接單出貨比（book-to-bill）為1.8，而我想在全年營收指引沒有上調的情況下，能否請你補充一下你們對第二季營收成長的看法？以及在第一季強勁之後，從天然氣與電力兩端來看，對於今年其餘期間的走勢有何細節可分享？

Yeah. I wouldn't read into just reaffirming guidance and no change to guidance. There's anything other than the conservatism that we run the business. Look, we're a quarter in first quarter beat what we expected internally from both the revenue. All businesses in the first quarter beat their budgeted EBIT margins and EBITDA margins and performed exceptionally well.

是的。我不會把僅僅重申指引、且未調整指引解讀為任何事情，除了我們經營業務一貫的保守作風之外。你看，我們才進入第一季，第一季的表現無論在營收上都優於我們內部預期。第一季所有事業都超越其預算的EBIT利潤率與EBITDA利潤率，表現非常出色。

So I wouldn't read into the fact we didn't break guidance in the first quarter of anything other than we're just conservative, and we'll be that way. As I look forward to the remainder of the year, let's just deal with bookings first. We've reiterated we think the book-to-bill will be in the region of 1.1 to 1.2. There's every indication that, that is a really solid number for us.

所以我不會把我們第一季沒有上調指引解讀為任何事情，除了我們就是保守，而且我們會持續如此。展望今年剩餘時間，先談接單。我們已重申，我們認為接單出貨比將落在約1.1到1.2的區間。各項跡象都顯示，這對我們而言是非常穩健的數字。

The end markets are supporting the amount of bid work and Greg referred to some of it when he spoke earlier. We've got about and a little bit more than that actually bid work ongoing and our win rates are holding nicely. So I think it's fair to say that we have good confidence in continuing to build the backlog through the rest of the year and achieving the book-to-bill margins.

終端市場支撐了我們目前的投標工作量，Greg稍早發言時也提到其中一些。我們目前有大約——其實還略多於此——的投標案正在進行中，而我們的得標率維持得不錯。因此我認為可以合理地說，我們對於在今年其餘時間持續累積在手訂單（backlog）、並達成接單出貨比水準，具有相當信心。

I'd also talk about the coverage for the year, and I think most on the call will know what I mean by coverage. It is sort of backlog under contract, the bid work that we're targeting adjusted to what our current win rates are and the confidence level we've got. I think Slide 9 shows it quite well in the quarter deck. We've got almost all of the midpoint guidance under contract, and we've got upside.

我也想談談全年「覆蓋率」（coverage），我想多數與會者都知道我指的是什麼。它大致上是指已簽約的在手訂單，加上我們鎖定的投標案，並依我們目前的得標率與信心程度做調整。我認為簡報第9頁在本季簡報資料中呈現得很清楚。我們幾乎已將指引中點的全部金額納入合約之中，而且還有上行空間。

We've got further bid work, which we anticipate booking in the next few weeks that will take us to the upper end.So we feel really confident not only the ability to do well against the guidance, we also see a positive momentum in the margins as well as you've seen in the first quarter results.

我們還有更多投標案，預期在接下來幾週內會轉為接單，這將使我們達到區間上緣。因此我們非常有信心，不僅能夠在指引之下表現良好，同時也如你在第一季結果中所見，我們也看到利潤率的正向動能。

So I guess to recap I'd say the conservatism in us is the reason that we didn't increase guidance. We did reaffirm it. I would look to various points in the deck that should indicate where we feel we are in the year, which is very strong bookings, a continued emphasis on booking more work to build backlog. You see margin improvements from a year ago of 7% trailing 12 months to now 8%. I think what gets lost is the seasonality aspect of our business.

所以總結來說，我會說我們之所以沒有上調指引，是出於保守。我們確實重申了指引。我會請大家參考簡報中的幾個重點，這些都能顯示我們今年所處的位置：接單非常強勁，並持續強調要再接更多案子以擴大在手訂單。你也看到利潤率相較去年有所改善，過去12個月約7%，現在到8%。我認為容易被忽略的是我們業務的季節性因素。

You can't look at the business in a sequential quarter basis. You've got to look at it Q1 last year to Q1 this year, and you've seen 30% growth in revenue. We have seen that in the gas seasonality, and you've seen gross margins go from sort of 2.7% to 4.1%. So overall, it's really good, and we feel good about the rest of the year.

你不能用逐季（sequential quarter）的方式來看這個業務；你必須比較去年第一季到今年第一季，而你已看到營收成長30%。我們在天然氣業務的季節性上也看到了這點，且你看到毛利率從約2.7%提升到4.1%。整體而言表現非常好，我們對今年其餘時間也感到樂觀。

I appreciate all those details. And then just on the longer-term side of things and the 2029 targets, when we think about really good base growth on revenue, 10% to 15% CAGR that you've got out there, the adjusted EBITDA CAGR, 9% to 17%. And so just the question in terms of why not greater opportunities for operating leverage?

感謝這些細節。接著談較長期的部分與2029年目標：當我們考量你們提出的良好基本面營收成長，年複合成長率（CAGR）10%到15%，以及調整後EBITDA的CAGR 9%到17%。我的問題是：為什麼營運槓桿（operating leverage）的機會不更大？

I think you've talked about the fleet strategy and owned versus lease as a near-term headwind, but efficiency opportunities to offset that. And so we would think that there's some operating leverage opportunity within that 10% to 15% base growth.

我想你提到車隊策略，以及自有與租賃在短期內是一個逆風，但也有可抵銷的效率提升機會。因此我們會認為，在10%到15%的基本成長之中，應該存在一些營運槓桿的機會。

Yeah. There is. I mean, look, we took a while -- I mean I just go back to the basic principles, we took a while to get our organization to work as one having been led as a subsidiary of the utility in an OpCo environment. So this exercise to pull the strategy together has been as much about change as it has been delivering a long-term strategy.

是的，確實有。我的意思是，你看，我回到基本原則：我們花了一些時間，才讓組織能夠像一個整體運作，因為過去在公用事業的OpCo環境下，我們是以子公司形式被管理。因此，這次把策略整合起來的工作，既是關於變革，也同樣是關於交付長期策略。

What I will tell you is everything that we communicate is well backed by fact, alignment and data. So the numbers you see in the deck here are things that I can and my team and more broadly across the business have a plan around to understand and know how to get there. So there's an element of conservatism in what we produced.

我可以告訴你的是，我們對外溝通的每一件事，都有事實、共識與數據作為充分支撐。所以你在這份簡報中看到的數字，是我、我的團隊，以及更廣泛的整個業務單位都有相對應計畫，能理解並知道如何達成的。因此，我們提出的內容帶有一定程度的保守性。

So specific to your question, of course, we are very much focused on doing better than you see there. There is absolute desire to do better than that, but we wanted to be sure that we have a long-range plan, long-range targets, confirming that we are sticking to the knitting. We're not adding any more risk into the business that we know when we make the commitments we can deliver.

就你的問題而言，當然，我們非常專注於做到比你在這裡看到的更好。我們絕對有意願做得更好，但我們希望確保我們有一個長期計畫與長期目標，並確認我們是在做我們最擅長的事。我們不會在業務中增加任何我們不確定能承擔的風險；我們要確保一旦做出承諾，就能交付。

And I will be challenged about the conservatism and I look with that every day, but we feel good about what we've published. You can go from top to bottom in this organization and our team is aligned that this is very well achievable. But you can also take from us wherever there's other opportunity to grow margin expansion or to do more work at higher margins or to be more efficient, we will.

而我也會被質疑這種保守性，我每天都在面對這點，但我們對已發布的內容感到踏實。你可以從組織上到下看，我們的團隊一致認為這些目標非常可達成。但你也可以期待我們：只要有其他機會能擴大利潤率、以更高利潤率承接更多工作，或提升效率，我們都會去做。

Thanks very much.

非常感謝。

Manish Somaiya, Cantor Fitzgerald LP.

Manish Somaiya，Cantor Fitzgerald LP。

Good morning, Chris and team. I just wanted to go back to Chris, Q1, which, in your words, was a strong quarter. Obviously, I appreciate the long-term agenda that you put out. But I'm just trying to understand the disconnect perhaps based on what you're saying and how the market is looking at it with the stock down 15%.

早安，Chris與團隊。我想回到你對第一季的評論，Chris，你說第一季是一個強勁的季度。顯然我很感謝你提出的長期議程。但我試著理解，或許在你所說的內容與市場的解讀之間存在落差，因為股價下跌了15%。

And again, I just want to hear it from you in terms of what the market might be missing, which clearly is not something that's being digested. So I would appreciate your thoughts on that.

同樣地，我只是想從你這裡聽聽，你認為市場可能忽略了什麼；顯然有些訊息沒有被消化。因此我會很感謝你對此的看法。

And then I did have one other question.

然後我還有另一個問題。

I deliberately haven't looked at where the share price is this morning. But let me answer your question hopefully a complete way. We have a budget that we developed for 2026. That budget guides the midpoint, which we've communicated to the outside world. We set a target for the first quarter, which was to grow at least 10% and to mitigate some of the seasonality and improve margins.

我刻意沒有去看今天早上股價是多少。但我希望能完整地回答你的問題。我們制定了一份2026年的預算。該預算對應到我們對外溝通的指引中點。我們為第一季設定的目標是至少成長10%，並緩解部分季節性影響、改善利潤率。

We just closed the first quarter, which not only includes the results of the first quarter, but the forecast for the full year. I compare that to what drove our budget process and I compare the absolute results to where we are in our forecast.

我們剛結束第一季，這不僅包含第一季的實際結果，也包含對全年（full year）的預測。我把這些與當初推動我們預算流程的假設做比較，也把實際結果與我們目前預測中的位置做比較。

And as I said in my earlier comment, every one of our operating businesses, whether that be nonunion electric, Union Electric, Canada Oil and Gas has to beat the budget, every one of them when it comes to revenue and profitability. We are 35% -- excuse me, 30% on the revenue base. Everybody in this on the revenue base, but more importantly, the gas business is up $80 million and it delivered $80 million of growth at 10% margin.

如我先前所說，我們每一個營運事業——不論是非工會電力（nonunion electric）、工會電力（Union Electric）、加拿大油氣（Canada Oil and Gas）——在營收與獲利能力上都必須超越預算，而他們全部都做到了。我們在營收基礎上成長了35%——抱歉，是30%。大家都在營收基礎上成長，但更重要的是，天然氣業務增加了8,000萬美元，並以10%的利潤率貢獻了8,000萬美元的成長。

We reduced the loss from 15% down to 6%. So I would say this is a strong operating quarter, it met every expectation internally. Every forecast that we have taken out of our monthly reviews, and we're only just looking at April confirms that we continue to deliver on our expectations.

我們將虧損從 15% 降到 6%。所以我會說這是一個強勁的營運季度，內部而言它符合每一項預期。我們在每月檢討中提出的每一項預測——而我們現在才剛看 4 月——都確認我們持續達成我們的預期。

I can't explain what's getting lost with the outside world. I think some of it may be that people look at our business on a pure sequential basis and neglect the fact that we've got a massive seasonal impact that happens in the first quarter. I think that might be it. But I also -- I just believe that the business has maintained and stuck to what we said we were going to do. I just don't think that's always translated into what people write about us.

我無法解釋外界到底遺漏了什麼。我認為其中一部分可能是，人們以純粹的逐季（sequential）角度看待我們的業務，而忽略了第一季會出現非常巨大的季節性影響。我想可能是這樣。但我也——我就是相信，這項業務一直維持並堅持我們說過要做的事。我只是不認為這總是能反映在外界對我們的報導上。

And then I just wanted to go back to the bookings. I know in the past, we've talked about the $13 billion opportunity pipeline, $1.4 billion of data center-related work. And then I think Greg alluded to the $2 billion in earlier stage opportunities. How soon can we get some more sort of completeness around actually formalizing some of those orders? Because we've been kind of hearing about this for some time.

另外我想回到訂單（bookings）這件事。我知道過去我們談過 130 億美元的機會管線（opportunity pipeline）、14 億美元的資料中心相關工作。然後我想 Greg 也提到約 20 億美元的更早期機會。那麼，我們多久能在實際把其中一些訂單正式化方面，得到更完整的資訊？因為我們已經聽到這些一段時間了。

So I'm just trying to get a sense as to how we can sort of get more comfortable with the pipeline and the prospects that you see.

所以我只是想了解，我們要如何才能對你們看到的管線與前景更有信心。

Yeah. I'll talk a couple of things about it, Manish. That's a fair question. I think our book to bill, I think Greg said $170 million. And so we have we have found and we've been able to book and bill and collect cash on between $170 million and $200 million of revenue so far.

好的。我來談幾點，Manish。這是個合理的問題。我想我們的接單出貨比（book-to-bill），我想 Greg 說是 1.7 億美元。因此到目前為止，我們已經找到、並且能夠接單、出貨並收現的營收約在 1.7 億到 2 億美元之間。

We have been very selective and I will repeat what I think I said on prior calls to many people. Data centers are just one of our many customers. And our real challenge here is to make sure that we focus on those data center customers that have got capital that is deployed. We like the stuff to work. It's consistent with our capabilities and that we've got a contracting format allows us to deliver higher margins.

我們一直非常有選擇性，我也會重申我在先前多次電話會議對很多人說過的話：資料中心只是我們眾多客戶之一。我們真正的挑戰是確保我們聚焦在那些已部署資本（capital that is deployed）的資料中心客戶。我們希望事情能順利運作；它要與我們的能力相符；而且我們要有一種合約形式，讓我們能交付更高的利潤率。

And sometimes it's not always clear to see what is happening with the data center value chain. But what I will tell you is we've got close to $300 million, give or take of data center work that we believe we have been selected and are currently negotiating. So that should be in the next quarter, Manish. The next quarter being Q2, to be precise.

而且資料中心價值鏈正在發生什麼，有時候並不總是那麼清楚。但我可以告訴你的是，我們有接近 3 億美元、上下浮動一些的資料中心工作，我們相信我們已被選定，且目前正在談判中。所以那應該會在下一季，Manish。更精確地說，下一季是第二季（Q2）。

Okay. Great. Thank you, Chris.

好的。太好了。謝謝你，Chris。

Appreciate the questions.

感謝你的提問。

Justin Hauke, Robert W. Baird.

Justin Hauke，Robert W. Baird。

Great. Thanks for taking my questions and all the stuff you laid out here. I wanted to clarify on the 10% to 15% base revenue growth forecast that you have through 2029. It's not totally clear -- does that include M&A in it or not? Because you have Slide 14 that kind of shows like there's an M&A piece, but then Slide 20, at segment level, you're saying that it doesn't include it.

很好。謝謝讓我提問，也謝謝你們在這裡說明的所有內容。我想釐清一下你們到 2029 年為止 10% 到 15% 的基礎營收成長預測。這不是很清楚——這是否包含併購（M&A）？因為你們的第 14 頁投影片看起來有一個併購的部分，但第 20 頁在事業部門層級又說不包含。

All right. Let me just give you clarity. If you look at Slide 14 on the strategy deck, I apologize if I jumped in. And I reiterate the words conservative. The base revenue growth organically is about 12%, which is higher than what we previously communicated at 10%. And the M&A component that's gone into our modeling is 73%.

好。我來把它講清楚。如果你看策略簡報的第 14 頁投影片——如果我插話了我先道歉——我再強調一次「保守」這個詞。基礎營收的有機成長（organically）大約是 12%，高於我們先前溝通的 10%。而我們納入模型的併購（M&A）貢獻是 3%。

Okay. All right. Got it. And so I guess if I was doing the math on your free cash flow conversion of EBITDA, it looks like it would bring your leverage lower than kind of your target over the time line. So I'm assuming that, that's capital that you anticipate kind of redeploying into M&A to drive that 3% in the algorithm.

好的。好。了解了。那我想如果我用你們 EBITDA 的自由現金流轉換率來算，槓桿看起來會在時間軸上降到比你們目標還低。所以我猜那是你們預期會把資本重新部署到併購上，以推動演算法（algorithm）中的那 3%。

You've got it absolutely right. And I stress what I alluded to in the slide deck, and then I'll let Greg chime in a second. But this is a self-sustaining plan to 2029. So we don't need to issue equity, but there will be an allocation of capital in really two areas -- three areas. First of all, we've got to fund organic growth.

你完全說對了。我也要強調我在簡報中提到的內容，然後我等一下讓 Greg 補充。但這是一個到 2029 年可自我維持的計畫。所以我們不需要發行股權，但資本會分配在其實兩個領域——三個領域。首先，我們必須為有機成長提供資金。

Secondly, we've assumed we will do three possibly four tuck-in acquisitions over the planning period. And then we want to take the debt below the two mark. That's it. It's that simple.

第二，我們假設在規劃期間會做三筆、可能四筆補強型（tuck-in）收購。第三，我們希望把負債降到 2 倍以下。就這樣。就是這麼簡單。

Yeah. Okay. All right. My other one, I just wanted to understand, we've talked a lot about the revenue conservatism, but I'm a little confused, too, on the book-to-bill, the 1.1 to 1.2 that you've maintained for the year. Just given that you did 1.8 here in the first quarter, 1.5 on a trailing 12-month basis and all the opportunity that you guys have kind of laid out that you expect.

是的。好的。好。我另外一個問題是，我想了解：我們談了很多營收預測的保守性，但我對你們全年維持 1.1 到 1.2 的接單出貨比（book-to-bill）也有點困惑。因為你們第一季做到 1.8，過去 12 個月（trailing 12-month）是 1.5，而且你們也列出了很多你們預期的機會。

So I guess I'm just trying to understand why because mathematically, that would assume sub 1 for the rest of the year. So I just wanted to understand that disconnect a little bit. I don't know maybe it's the same conservatism as the revenue side.

所以我想了解為什麼——因為從數學上看，這代表今年剩下的時間會低於 1。只是想理解一下這個落差。我不知道，也許這跟營收端一樣是出於保守。

I wish it was a finite science just to roll out 12 months, 52 weeks and the book-to-bill isn't. What I will tell you is, yes, there's some conservatism. I will commit to something we can just try. And every bit of data internally, as you know, data is confirming we're going to be in that range. I think immediately, Q2 will be just a little slower than the rest of the year, then it will pick up.

我希望這是一門精確科學，可以直接把 12 個月、52 週攤開來推，但接單出貨比不是。我可以告訴你的是：是的，確實有一些保守。我也願意承諾一件事：我們可以試著去做。而且如你所知，內部的每一筆數據——數據正在確認——我們會落在那個區間。我認為第二季（Q2）會比今年其餘時間稍微慢一些，之後會加速。

And that's just part of the timing on the awards. We've got a couple of that awards, I think, at the end of Q3, beginning of Q4. But what I will also tell you, and I refer to Slide 9 in the deck for the overall quarter, we're not out bidding work for this year. We pretty much have got this year's budget business to deliver on the commitment both to our business as well as our shareholders.

這只是獎項（awards）時點的一部分。我們有幾個獎項，我想是在第三季末、第四季初。但我也要告訴你——我指的是簡報第 9 頁對整體季度的說明——我們今年並不是在外面積極競標工作。我們基本上已經有今年預算內的業務，來履行我們對公司以及股東的承諾。

What we're looking at now is work that allows us to improve margins for this year and building back for '27. So yes, conservatism. I'd just remind you that we've got ample work book for '26. So we're trying to find those opportunities that bring margin improvement for this year, but more importantly, building a bigger platform going into next year 2027, so that we can be -- we can meet or beat what we've laid out in the strategy deck.

我們現在看的，是能讓我們改善今年利潤率的工作，以及為 2027 年重新建立動能。所以，是的，保守。我也提醒你，我們對 2026 年有充足的在手工作量（work book）。因此我們正在尋找那些能在今年帶來利潤率改善的機會，但更重要的是，在進入 2027 年時建立更大的平台，讓我們能夠——能夠達到或超越我們在策略簡報中提出的目標。

Thank you.

謝謝。

Sangita Jain, KeyBanc Capital Markets Inc

Sangita Jain，KeyBanc Capital Markets Inc。

Good morning. Thanks for taking my question. So if I can ask one from each deck. From your earnings deck, I just want to kind of get some additional color on the pipeline, which seems to have stayed at $13 billion. So I just want to see what moved in, what moved out.

早安。謝謝讓我提問。如果可以的話，我想從每一份簡報各問一題。先從你們的財報簡報：我想請你們對管線（pipeline）再補充一些細節，它看起來仍維持在 130 億美元。所以我想看看有哪些進來、有哪些出去。

And it also seems to have moved a little bit more towards gas from electric. So any color on what you may have added in gas and what may have come out of electric? And I have a follow-up.

而且它看起來也從電力（electric）稍微往天然氣（gas）移動了一些。能否說明一下你們在天然氣方面新增了什麼、以及電力方面可能移出了什麼？我還有一個追問。

Let me just talk about the dynamic in the pipeline. I care about quality in the pipeline, not necessarily quantity. We've booked in the last sort of 15 months close to just over $6 billion of work, which means we've clearly bid a lot more work than that because we don't win everything we bid, yet the pipeline has stayed flat. I mean that's a pretty good achievement, frankly. I feel as though the pipeline is of high quality, is very, very, very sustainable.

我先談一下管線的動態。我在意的是管線的品質，不一定是數量。我們在過去大約 15 個月裡已接到接近、略高於 60 億美元的工作，這表示我們顯然投標了更多的工作，因為我們不可能贏得所有投標，但管線仍維持持平。坦白說，這是相當不錯的成就。我覺得這個管線品質很高，而且非常、非常、非常可持續。

We can add quantity into the pipeline. I just don't think we need to. I think we're very much focused on quality of opportunity in the pipeline that drives higher margins this year and build quality going into 2027. I wouldn't read anything into the mix, Sangita, about gas and electric.

我們可以在管線中增加數量。我只是認為我們不需要。我認為我們今年非常專注於管線中機會的品質，以帶動更高的利潤率，並為邁向 2027 年建立更高品質的基礎。Sangita，我不會從燃氣與電力的組合中解讀出任何特別訊號。

As I said in my commentary, I think inevitably, the gas market grows at a slightly slower pace than the electric markets where we play. I'm quite pleased that we're about 50-50 in the mix. As long as it's 50-50, 48-52 or the other way, I'm not worried about it, quite frankly. If you go back a year to my first quarter last year, most of what we were booking was gas related, and that was driven by MSAs and the push to have more backlog for seasonality.

如我在評論中所說，我認為不可避免地，燃氣市場的成長速度會略慢於我們所參與的電力市場。我很高興我們的組合大約是 50-50。只要是 50-50、48-52 或反過來，坦白說我都不擔心。如果你回到去年我第一季的時候，我們當時簽下的大多數訂單都與燃氣相關，那是由 MSAs 以及為了季節性而推動增加在手訂單所帶動的。

If you look at the latter part of last year into the first quarter this year, most of the bookings are on the electrical side.So the takeaway is that I'm not concerned of the size of the pipeline. Bear in mind, we've already booked $6 billion in the first 15 months and completely replenish that. The pipeline has held well at $13 billion. I'm also not worried that we've got a mix of more electric than gas.

如果你看去年後半段到今年第一季，大多數訂單是在電力端。所以重點是：我不擔心管線規模。請記住，我們在前 15 個月已經簽下 60 億美元，並且已完全補回。管線一直穩定維持在 130 億美元。我也不擔心我們的組合中電力多於燃氣。

I think that just is consistent not only with the way our customers award work, but also where the market opportunity growth is. And I think I said in my strategy, I would anticipate that bookings in electrical will outpace those in gas, just purely driven by the market opportunity.

我認為這不僅符合客戶授予工作的方式，也符合市場機會成長所在的方向。而且我在策略中也提到，我預期電力的接單會超過燃氣，純粹是由市場機會所驅動。

But it's super helpful. And then one on your strategy deck. You talked about $550 million of potential M&A in your 2029 outlook on Slide 14. I kind of just want to get a sense of the size of -- like should we think of the average size as being similar to the one you did in Canada recently? Or are you contemplating larger M&A to make up for that $550 million?

這非常有幫助。接著關於你的策略簡報：你在第 14 頁的 2029 年展望中提到 5.5 億美元的潛在併購（M&A）。我想大概了解一下規模——我們是否應該把平均規模想成跟你最近在加拿大做的那筆類似？還是你在考慮更大型的併購來達成那 5.5 億美元？

I'll restate we see the M&A funded by the existence of the balance sheet without doing any equity offering. And I think we believe we've got line of sight on some already, but they'll all be within the range of Connect but less than about $100 million of revenue.

我再重申一次，我們看到的併購將由資產負債表的能力來支應，而不需要進行任何股權發行。我們也相信對其中一些已經有可見度，但它們都會落在 Connect 的範圍內，且營收規模會低於約 1 億美元。

Got it. Appreciate it.Thank you so much, Chris.

了解。感謝。非常謝謝你，Chris。

Thank you.

謝謝。

Avinatan Jaroslawicz, UBS.

Avinatan Jaroslawicz，瑞銀（UBS）。

Hey, good morning. Thank you. So just on the margins in non-union electric in Q1, you noted that the new MSA that you're ramping up on was a drag in the quarter, but expect margins on that to improve throughout the year. I just want to understand, is that going to be a margin drag throughout the rest of the year? Or are you thinking that it should get up to segment level margins by sometime before the end of the year?

早安，謝謝。關於第一季非工會電力業務的利潤率，你提到正在爬坡的新 MSA 在本季造成拖累，但預期該項利潤率會在全年逐步改善。我想了解的是：這會在今年剩餘時間持續拖累利潤率嗎？還是你認為在年底前某個時間點，它應該能提升到該分部的利潤率水準？

No. It's not a long-term issue at all. In fact, when we look at March and we look at some preliminary data from April already, we've already recovered where we think we should be and with some upside throughout the remainder of the year. So it is limited to earlier in the first quarter, just given the ramp-up after the holidays and some other things. So nothing of a long-term impact.

不，這完全不是長期問題。事實上，當我們看 3 月，以及已經看到的 4 月一些初步數據時，我們已經回到我們認為應有的水準，並且在今年剩餘時間還有一些上行空間。所以影響僅限於第一季較早期，主要是因為假期後的爬坡以及其他一些因素。因此不會有任何長期影響。

Okay. Got it. And just staying on the margins in that segment. Can you help us understand just why the storm work that you did there in the quarter came in at seasonally lower margin than it did last year. I noted that work for on-system customers came in, yes, lower margin. Was that more about like favorable rates for those customers or anything related to execution there?

好的，了解。再延伸一下該分部的利潤率：你能否協助我們理解，為什麼你們本季在那裡做的風暴工程，其季節性利潤率比去年低？我注意到針對系統內（on-system）客戶的工作確實是較低利潤率。這比較像是因為對那些客戶的費率較有利，還是與執行面有關？

Yeah. Nothing about execution. I think it's just the reality that not all storm work comes at the same margin. It's something we've talked about in the past. When we do on system storm work, generally, the margins are lower than if we're able to travel or take crews from the Southeast and go to the Northeast or hurricanes where we work a little bit longer. It's just the makeup of the storm and when it occurs, if we're able to work over the weekend, our margins are a little bit greater than when we're working and replacing it with base work during the week.

是的，與執行無關。我認為現實就是：不是所有風暴工程的利潤率都一樣。這是我們過去談過的。當我們做系統內的風暴工程時，一般利潤率會低於我們能夠外派、或把東南部的團隊調到東北部，或是在颶風情境下工作時間更長的情況。這取決於風暴的型態以及發生時間；如果我們能在週末作業，我們的利潤率會比在平日作業、且以風暴工作取代平日基礎工作時更高一些。

So there's a number of different factors. Regardless of the factors or the specifics, margin on storm work is greater than base work. How much greater kind of depends on the other variables that I just mentioned.

所以有許多不同因素。不論因素或細節如何，風暴工程的利潤率都高於基礎工作。高出多少則取決於我剛提到的其他變數。

All right. Appreciate it. Thank you.

好的，感謝。謝謝。

Sherif El-Sabbahy, Bofa Merrill Lynch Asset Holdings Inc.

Sherif El-Sabbahy，美銀美林資產控股公司（Bofa Merrill Lynch Asset Holdings Inc.）。

Good morning. Just starting off, I wanted to touch on the quarter. The use of cash for free cash flow picked up this year versus last. Could you touch on what drove the use of cash?

早安。先從本季談起：今年自由現金流的用現金（現金流出）相較去年增加。你能談談是什麼驅動了用現金嗎？

Yeah. It's just some timing and changes in working capital, and we grew our revenue over $150 million year-over-year. And obviously, there's an investment that we need to make and that will kind of unwind over the remainder of the year. We're still very confident that we'll see $60 million of free cash flow for the year, which is what we said back in February, and we remain very confident in that.

是的。主要是一些時點因素與營運資金的變動，而且我們的營收年增超過 1.5 億美元。顯然我們需要做一些投資，而這些影響會在今年剩餘時間逐步回轉。我們仍然非常有信心全年會有 6,000 萬美元的自由現金流，這也是我們在 2 月所說的，我們對此依然非常有信心。

And then just looking at the bid work, it seems like the average sizes are picking up $3.9 million this quarter, $3.8 million in the last and $3.2 million the quarter before. Is it fair to say bid work projects on average are getting larger over time just given the scale of the build-out utilities are faced with? And then could you also just remind us of the average project size for MSA work?

再看投標（bid）工作，平均規模似乎在上升：本季 390 萬美元、上一季 380 萬美元、再前一季 320 萬美元。是否可以說，隨著公用事業面臨的建置規模擴大，投標專案的平均規模正隨時間變大？另外也請你提醒一下，MSA 工作的平均專案規模是多少？

Yeah. From a bid perspective, yes, I guess there is a small increase quarter-over-quarter, but nothing is changing from the scope of work that we're doing, the size -- the type of work we're doing. Nothing is changing from the details. But yes, I guess it is upticking a little bit. I think as we continue to see increased opportunity on the bid side, and we'll continue to grow that part of our portfolio, you might see a bit of increase.

是的。就投標而言，是的，我想確實有一點點季對季的增加，但我們所做工作的範疇、規模——以及我們所做工作的類型，細節上都沒有任何改變。不過是的，我想它確實略有上升。我認為隨著我們持續看到投標端機會增加，並且會持續擴大這部分的組合，你可能會看到一些增幅。

But on average, it's still $4 million, and that's a pretty comfortable number for us. From an MSA perspective, we're still in that $50,000 to $75,000 per work order range, whether it's gas or electric, no material changes from that perspective.

但平均而言仍是 400 萬美元左右，這對我們來說是相當舒適的數字。就 MSA 而言，我們仍然維持每張工單 5 萬到 7.5 萬美元的區間，不論是燃氣或電力，從這個角度看沒有重大變化。

Yeah. There's no shift, and I try to say it, Sherif, in my words. We're going to continue to stick to the knitting as we go through '29. I think the average contract size will still very small, probably less than $5 million is what we're projecting. MSAs don't change that materially. So the average contract size will be less than $100,000.

是的，沒有任何轉變，我也試著用我的話來說清楚，Sherif：我們在走向 2029 年的過程中會持續專注於本業。我認為平均合約規模仍會非常小，可能低於 500 萬美元，這是我們的預估。MSA 不會在實質上改變這點。所以平均合約規模會低於 10 萬美元。

What you'll see change is just the amount of bid work as a percentage of revenue going to that 65% and 35% bid work. But the overall concept of the business, the structure of it, the revenue streams and more importantly, the risk profile just won't change materially at all.

你會看到改變的只是投標工作占營收的比例，會走向 65% 與 35% 的投標工作占比。但整體商業概念、結構、營收來源，更重要的是風險輪廓，都不會有任何實質性的改變。

Understood. And looking at those long-term targets, as you highlighted, a big pickup in bid work, but still sort of in the 50-50 electric gas mix. Is that just driven by the fact that, again, there's that large-scale build-out needed by utilities. And so the opportunities in front of you are just for those somewhat larger projects versus sort of the day-to-day MSA work?

了解。再看那些長期目標：如你所強調，投標工作會大幅提升，但電力與燃氣的組合仍大致維持在 50-50。這是否只是因為公用事業需要大規模建置，因此你們眼前的機會主要是那些相對較大的專案，而不是日常的 MSA 工作？

Yeah. . MSA, it's not science. I mean we've got customers that bid work to us and then choose to roll it into an MSA. And I think the MSA work is just generally by intent, grow year-over-year at a slower rate than bid work. MSA is a slower moving machine versus the bid cycle.

是的。MSA，這不是科學。我是說，我們有客戶先把工作拿來讓我們投標，之後再選擇把它納入一份 MSA。我認為 MSA 的工作一般在設計上，年增率會比投標案更慢。MSA 相較於投標週期，是一台運轉較慢的機器。

So I think I wouldn't read a lot into the rates than they just reflect the rate that we will grow in the market we're currently in. But 50-50 on electric I will tell you will swing a little bit. It not only is it somewhat seasonal, as I referred to a question that Sangita asked, I mean, early last year, most of the bookings were driven by the gas business yet late in the year and early this year were electric driven. That's just a customer thing. It's nothing more than that.

所以我覺得不需要對這些比率做太多解讀，它們只是反映我們在目前所處市場中的成長速度。不過電力 50-50 的占比我可以告訴你會有些波動。它不僅有些季節性（如我回應 Sangita 的問題時提到的），我的意思是，去年年初大多數訂單是由天然氣業務帶動，但到了去年年底以及今年年初則由電力帶動。那只是客戶端的因素，沒有別的。

I would say there is definitely a drive we hear from our customers, they want us to deliver services on the transmission side, electrical. So there will be absolutely a push to find more opportunities that we convert into bids and wins and backlog. But I wouldn't expect a violent shift in mix of gas and electric in the pipeline or in the backlog. You just won't see it. It's pretty steady.

我會說，我們確實聽到客戶有一股明確的推動力：他們希望我們在輸電端、也就是電力方面提供服務。因此，我們一定會去尋找更多機會，把它們轉化為投標、得標與在手訂單（backlog）。但我不預期天然氣與電力在管線（pipeline）或在手訂單中的組合會出現劇烈變化。你不會看到那種情況。它相當穩定。

And then just with that bid work mix shift, does that change your exposure to heavier transmission versus distribution? Anything on that front of the type of work that's going into that?

另外，隨著投標工作組合的轉移，這會改變你們對較多輸電相對於配電的曝險嗎？在進入的工作類型方面，有沒有什麼影響？

No. Look, we've done electrical transmission work, we've done -- we do about 10% of revenue less than that each year in transmission work. We do a lot more distribution work. If I look at the end markets and I look at the customers, what they're saying to us and the opportunity, and I referred to an award we've got in Florida, customers want us to do more small transmission projects.

不會。你看，我們做過電力輸電工程，我們也做——我們每年輸電工程的營收大約占 10%，甚至更少。我們做的配電工程多得多。如果我看終端市場、看客戶，以及他們對我們說的話與機會（我也提到我們在佛州拿到的一個案子），客戶希望我們做更多小型輸電專案。

And those transmission projects may have a few miles of cable in the ground, they have substation attached to it, may have battery energy storage cost to a mix of things. And they fit our scope of work really well. So I think the margins are a little better on the transmission work because we have slightly larger contracts.

而那些輸電專案可能包含幾英里的電纜埋設，會連帶有變電站，也可能把電池儲能成本等各種東西混在一起。它們非常符合我們的工作範疇。所以我認為輸電工程的毛利率會稍微好一些，因為合約規模略大。

I think the scope of work is more integrated, which sits us well. I think the competitive forces for those probably play well to where we sit versus trying to bid against large, large contracts, which we're not equipped to do.

我認為工作範疇更為整合，這對我們很有利。我也認為在那些案子上的競爭態勢，可能更符合我們的位置，而不是去跟超大型合約競標——我們並不具備做那種案子的能力。

Manish Somaiya, Cantor Fitzgerald.

Manish Somaiya，Cantor Fitzgerald。

Thank you so much. Hi. Thank you again for taking my question. I had one question on the '25 to '29 targets. You have 10% to 15% CAGR for base revenue growth, 12% to 19% for base gross profit. I'm not sure why the adjusted EBITDA CAGR is 9% to 17%. Why isn't it at least in line or higher than the gross profit CAGR? And then secondly, I know we just talked about backlog, Chris.

非常感謝。嗨。再次感謝讓我提問。我有一個關於 2025 到 2029 年目標的問題。你們的基礎營收年複合成長率（CAGR）是 10% 到 15%，基礎毛利是 12% 到 19%。我不太明白為什麼調整後 EBITDA 的 CAGR 是 9% 到 17%。為什麼它沒有至少與毛利 CAGR 一致或更高？第二點，我知道我們剛剛談到在手訂單（backlog），Chris。

But if you can also just help us understand the visibility that you have into '27. I think you mentioned '26 is pretty much kind of sold out for the most part. Maybe if you can just help us understand what that visibility picture looks like for '27. Thank you.

但如果你也能幫我們理解一下你們對 2027 年的能見度。我想你提到 2026 年大致上幾乎已經賣滿了。也許你可以幫我們理解一下 2027 年的能見度圖景大概是什麼樣子。謝謝。

Absolutely, Manish. I will let Greg talk about the margins because that's a really important point. I think it does get missed by the outside world. So he will take margin and then I'll take the backlog.

當然可以，Manish。我會讓 Greg 談談利潤率，因為那是一個非常重要的點。我認為外界確實容易忽略。所以他會回答利潤率，我來回答在手訂單。

Yeah. Thanks for the follow-up question. I think when you're reconciling and going from gross profit to adjusted EBITDA, one of the key characteristics of this model is the continuation of what we started late last year around our capital efficiency and purchasing and buying a more balanced amount of our fleet. So 50% buy, 50% leased.

是的。謝謝這個追問。我想當你在對帳、從毛利走到調整後 EBITDA 時，這個模式的一個關鍵特徵，是延續我們從去年年底開始推動的資本效率、採購，以及以更均衡的方式配置我們的車隊。所以是 50% 購買、50% 租賃。

As that kind of compounds over the five year period, there is a bit of a headwind on margin when you get to EBITDA, not as much when you get to gross profit.

當這種做法在五年期間累積發酵時，到了 EBITDA 這一層會對利潤率形成一些逆風，但在毛利層面影響就沒那麼大。

Offsetting that is the scale that we're getting on a G&A perspective as a percent of revenue. So there is some partial offset. But net-net, there is a bit of a headwind just from the leasing impact. Obviously, you get that benefit on free cash flow, that's allowing us to reinvest it in the business and look at opportunities for tuck-ins and such like that.

與此相抵的是，我們在一般與行政費用（G&A）占營收比重上，因規模擴大而獲得的效益，所以會有部分抵消。但整體而言，淨額上仍會因租賃的影響而有些逆風。當然，你會在自由現金流上得到好處，這讓我們能把資金再投入業務，並尋找補強型併購（tuck-ins）之類的機會。

Manish, on the backlog question, let's just close out '26 comment first. I think Slide 9 in the deck that shows the histogram there and the coverage. I'm talking about the quarter deck strategy deck. I think you can read that literally. We kind of got the midpoint and trending towards the upper end of the guidance, close to sort of $3.5 billion, $3.6 billion.

Manish，關於在手訂單的問題，我們先把 2026 年的評論收尾。我想簡報第 9 頁有那個長條圖（histogram）以及覆蓋率。我說的是季度簡報策略 deck。我覺得你可以照字面解讀。我們大概在指引中位數，並且趨向上緣，接近約 35 億到 36 億美元。

And you can do the math. I mean it adds to it other than what we see within our pipeline is where we currently think we'll be during 2026, which, as you know, from last year is up from 3% to what you see in that chart, so somewhere between 15% and 18%.

你可以自己算一下。除了我們在管線中看到的部分之外，我們目前認為 2026 年會落在那個水準；如你所知，相較去年是從 3% 提升到你在圖表中看到的水準，也就是大約 15% 到 18% 之間。

When I look to 27%, which is kind of where the focus on BD is at the moment, Manish, I don't see any negative trends in the market around bookings that we will have this year that will feed next year's backlog and coverage.

當我看 2027 年（目前商務開發 BD 的重點所在），Manish，我沒有看到市場上有任何關於今年我們將取得的訂單（bookings）會出現負面趨勢，進而影響明年的在手訂單與覆蓋率。

A little rule of thumb, I will tell you, even though the data was a little bit -- was not as developed as it is now, but if you go back 12 months ago when we were looking at the end of the first quarter to '26, I think we were about $1.8 billion of revenue -- sorry, if you go back to '25 first quarter, we're about $1.8 billion, give or take of coverage backlog rather going into '26. We've got about 35% more this time looking into '27 at this time of year.

我給你一個小經驗法則：雖然當時的資料還沒有現在這麼完整，但如果你回到 12 個月前，當我們在第一季末看 2026 年時，我想我們大約有 18 億美元左右的營收——抱歉，是指進入 2026 年的覆蓋在手訂單（coverage backlog）。如果回到 2025 年第一季，我們大約是 18 億美元上下。以今年這個時間點看進入 2027 年，我們大約多了 35%。

So the trends are all positive. I don't see any concern that we won't meet our bookings and our ultimate coverage going into next year.

所以趨勢都是正面的。我不擔心我們無法達成訂單目標，以及進入明年的最終覆蓋率。

Thanks so much, Chris, for that. I appreciate it.

非常感謝，Chris。我很感激。

We have no further questions at this time. I would now like to turn the call back over to Nate Tetlow for closing remarks.

目前沒有其他問題。我現在想把電話交回給 Nate Tetlow 做結語。

Great. Thanks, Liz. Thank you, everyone, for participating today and all of your questions. And please feel free to reach out to myself if you have further questions. Thank you. That concludes the call.

很好。謝謝你，Liz。也謝謝各位今天的參與以及所有提問。如果你們還有進一步問題，歡迎隨時與我聯繫。謝謝。電話會議到此結束。

Ladies and gentlemen, that does conclude today's call. Thank you all for joining. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位加入。現在可以掛線。