MasTec Inc (MTZ) 2023 Q1 法說會逐字稿

Welcome to MasTec's First Quarter 2023 Earnings Conference Call. Initially broadcast on Friday, May 5, 2023. Let me remind participants that today's call is being recorded. At this time, I'd like to turn the call over to our host, Marc Lewis, MasTec's Vice President of Investor Relations. Marc?

歡迎參加 MasTec 2023 年第一季度收益電話會議。最初於 2023 年 5 月 5 日星期五播出。讓我提醒參與者，今天的通話正在錄音。現在，我想將電話轉給我們的主持人、MasTec 投資者關係副總裁 Marc Lewis。馬克？

Thanks, Aly, and good morning, everyone. Welcome to MasTec's First Quarter 2023 Conference Call. The following statement is made pursuant to the safe harbor for forward-looking statements described in the Private Securities Litigation Reform Act of 1995. In these communications, we may make certain statements that are forward looking such as statements regarding MasTec's future results, plans and anticipated trends in the industries where we operate.

謝謝，艾莉，大家早上好。歡迎參加 MasTec 2023 年第一季度電話會議。以下聲明是根據 1995 年《私人證券訴訟改革法案》中描述的前瞻性聲明的安全港作出的。在這些通訊中，我們可能會做出某些前瞻性聲明，例如有關 MasTec 未來業績、計劃和預期的聲明我們經營所在行業的趨勢。

These forward-looking statements are the company's expectations on the day of the initial broadcast of this conference call, and the company does not undertake to update these expectations based on subsequent events or knowledge. Various risks, uncertainties and assumptions are detailed in our press releases and SEC filings. Should one or more of these risks or uncertainties materialize or should any of our underlying assumptions prove incorrect, actual results may differ significantly from results expressed or implied in these communications.

這些前瞻性陳述是公司在本次電話會議首次播出當天的預期，公司不承諾根據後續事件或知識更新這些預期。我們的新聞稿和 SEC 文件中詳細介紹了各種風險、不確定性和假設。如果這些風險或不確定性中的一項或多項成為現實，或者我們的任何基本假設被證明是不正確的，則實際結果可能與這些通信中明示或暗示的結果存在顯著差異。

In today's remarks by management, we'll be discussing adjusted financial metrics, reconciled in yesterday's press release and supporting schedules. In addition, we may use certain non-GAAP financial measures in the conference call. A reconciliation of any non-GAAP financial measures not reconciled in these comments to the most comparable GAAP financial measure can be found in our earnings release as well.

在管理層今天的講話中，我們將討論調整後的財務指標，並在昨天的新聞稿和支持計劃中進行協調。此外，我們可能會在電話會議中使用某些非公認會計準則財務指標。這些評論中未與最具可比性的 GAAP 財務指標進行調節的任何非 GAAP 財務指標的調節表也可以在我們的收益報告中找到。

With us -- today, we have Jose Mas, our Chief Executive Officer; and Paul Dimarco, our EVP and Chief Financial Officer. The format of the call will be opening remarks announces by Jose followed by a financial review from Paul. We have posted a new guidance back sheet and earnings presentation to the Investor Relations section of our website just below the webcast link. The earnings presentation is also embedded in our webcast audio page and can be downloaded there as well.

今天，我們的首席執行官何塞·馬斯 (Jose Mas) 與我們同在；以及我們的執行副總裁兼首席財務官 Paul Dimarco。電話會議的形式將是何塞宣布開場白，隨後保羅進行財務審查。我們已在網絡廣播鏈接下方的網站投資者關係部分發布了新的指導背板和收益演示。收益演示文稿也嵌入在我們的網絡廣播音頻頁面中，也可以在那裡下載。

These discussions will be followed by a Q&A session, and we expect the call to last about 60 minutes. We had another good quarter with a lot of important things to talk about. So I'm going to go ahead and hand it over to Jose. Jose?

這些討論之後將進行問答環節，我們預計電話會議將持續約 60 分鐘。我們又度過了一個美好的季度，有很多重要的事情要討論。所以我要把它交給何塞。何塞？

Thanks, Marc. Good morning, and welcome to MasTec's 2023 First Quarter Call. Today, I will be reviewing our first quarter results as well as providing my outlook for the markets we serve. First, some first quarter highlights. Revenue for the quarter was $2.585 billion, adjusted EBITDA was $102 million, adjusted earnings per share was negative $0.54 and backlog at quarter end was $13.9 billion, a record level.

謝謝，馬克。早上好，歡迎參加 MasTec 2023 年第一季度電話會議。今天，我將回顧我們第一季度的業績，並提供我對我們所服務的市場的展望。首先，介紹一些第一季度的亮點。該季度收入為 25.85 億美元，調整後 EBITDA 為 1.02 億美元，調整後每股收益為負 0.54 美元，季末積壓訂單為 139 億美元，創歷史新高。

In summary, results were in line with revenue, EBITDA and EPS slightly ahead of our expectations. Before getting into specifics, I'd like to offer my perspective on MasTec's business today. Over the course of the last few years, we've talked extensively about our initiatives to diversify the business and reduce our exposure to the Oil and Gas markets. Since 2021, we've worked hard both organically and acquisitively to position MasTec to take advantage of the significant opportunities in the markets we serve, and I'd like to quickly highlight the progress we've made.

總而言之，業績與收入相符，EBITDA 和每股收益略高於我們的預期。在討論具體細節之前，我想先談談我對 MasTec 今天業務的看法。在過去幾年中，我們廣泛討論了業務多元化和減少石油和天然氣市場敞口的舉措。自 2021 年以來，我們一直在努力進行有機和收購，以使 MasTec 能夠利用我們所服務的市場中的重大機遇，我想快速強調一下我們所取得的進展。

Just 16 months ago, we ended 2021 with just over $5.4 billion of non-Oil and Gas revenues. This year, we expect non-Oil and Gas revenues to be just over $11.5 billion, more than double 2021. This is a significant transition in just 2 years, and I'd like to highlight the progress we've made in each of our segments. Our Communications segment's revenue is expected to grow to approximately $3.6 billion this year compared to just under $2.6 billion in 2021, a nearly 40% increase over the last 2 years.

就在 16 個月前，2021 年結束時，我們的非石油和天然氣收入略高於 54 億美元。今年，我們預計非石油和天然氣收入將略高於 115 億美元，是 2021 年的兩倍多。這是短短 2 年內的重大轉變，我想強調一下我們在各個方面取得的進展段。我們的通信部門的收入預計今年將增長至約 36 億美元，而 2021 年將接近 26 億美元，比過去兩年增長近 40%。

Despite this aggressive mostly organic growth rate, we expect to deliver continued margin improvements over both 2021 and 2022. Our Power Delivery segment generated just over $1 billion of revenue in 2021. Early in 2021, we made our first large transmission and distribution acquisition. And this year, we expect this segment to generate approximately $3 billion in revenue. That's a threefold increase over the last 2 years, and margins are expected to grow year-over-year. We're now in the second year of operations of our acquired businesses. And while we're pleased with our performance, we know there are lots of areas for improvement.

儘管有機增長率非常激進，但我們預計 2021 年和 2022 年的利潤率將持續提高。我們的電力輸送部門在 2021 年創造了略高於 10 億美元的收入。2021 年初，我們進行了首次大型輸電和配電收購。今年，我們預計該細分市場將產生約 30 億美元的收入。這是過去兩年的三倍增長，並且利潤率預計將逐年增長。我們現在正處於所收購業務運營的第二年。雖然我們對自己的表現感到滿意，但我們知道還有很多需要改進的地方。

Our Clean Energy and Infrastructure segment, which just -- which generated just under $2 billion of revenue in 2021, is expected to do $5 billion this year. The acquisition late last year of IEA doubled our market presence. And while we have a lot of work to do to improve efficiency and continue to make our offering more competitive, the opportunities that we've been able to cultivate post-transaction are significantly better than our original expectations.

我們的清潔能源和基礎設施部門在 2021 年創造了近 20 億美元的收入，預計今年將達到 50 億美元。去年年底收購 IEA 使我們的市場佔有率翻了一番。雖然我們還有很多工作要做來提高效率並繼續使我們的產品更具競爭力，但我們在交易後培養的機會明顯好於我們最初的預期。

In the slide deck we provided today, we have a slide on near-term revenue opportunity levels by segment. Our Clean Energy and Infrastructure segment shows our largest near-term potential. While our $6 billion target is unchanged from previous traps, the potential for achieving that target as early as 2024 has significantly increased. While we're pleased with our progress across these segments, the best part of our story is the continued opportunities we have to continue to grow our business.

在我們今天提供的幻燈片中，我們按細分市場展示了近期收入機會水平的幻燈片。我們的清潔能源和基礎設施部門顯示出我們近期最大的潛力。雖然我們的 60 億美元目標與之前的陷阱相比沒有變化，但最早在 2024 年實現該目標的潛力已顯著增加。雖然我們對這些領域取得的進展感到滿意，但我們故事中最精彩的部分是我們必須繼續發展業務的持續機會。

While we continue to face some challenges around supply chain, permitting and higher interest costs, the long-term demand of our services is incredibly strong. Across all of our segments, we are working with our customers on long-term plans and are engaged in a number of very large opportunities. We believe the transition we've made into diversifying our services, coupled with the macro trends, particularly in both broadband infrastructure and the energy markets, gives us excellent visibility into future revenue and earnings growth.

雖然我們繼續面臨供應鏈、許可和更高利息成本方面的一些挑戰，但我們服務的長期需求非常強勁。在我們的所有細分市場中，我們正在與客戶合作制定長期計劃，並參與許多非常大的機會。我們相信，我們向服務多元化所做的轉型，加上宏觀趨勢，特別是寬帶基礎設施和能源市場的趨勢，使我們能夠對未來的收入和盈利增長有良好的了解。

Now I'd like to cover some industry specifics. Our Communications revenue for the quarter was $807 million, a 21% year-over-year increase. Backlog for the segment at quarter end was $5.6 billion, a record level. We are experiencing a significant amount of demand related to fiber expansion opportunities from our customers, and we continue to invest in increasing our capabilities as we expect this demand to continue to increase over the coming years.

現在我想談談一些行業細節。本季度我們的通信收入為 8.07 億美元，同比增長 21%。截至季度末，該部門的積壓訂單為 56 億美元，創歷史新高。我們正在經歷與客戶的光纖擴張機會相關的大量需求，並且我們將繼續投資於提高我們的能力，因為我們預計這種需求在未來幾年將繼續增加。

While we are seeing the impact of current funding related to RDOF, the Rural Digital Opportunity Fund, the amount of federal grants available to the industry are going to exponentially increase with the Infrastructure Bill and Inflation Reduction Act. The 5G revolution continues to transform the communications ecosystem requiring networks to be upgraded and expanded to meet the ever-increasing demand for data and Internet usage.

雖然我們看到了當前與 RDOF（農村數字機會基金）相關資金的影響，但隨著基礎設施法案和通貨膨脹削減法案的出台，該行業可獲得的聯邦撥款金額將呈指數級增長。 5G革命繼續改變通信生態系統，要求網絡升級和擴展，以滿足不斷增長的數據和互聯網使用需求。

Not only must new equipment be added to existing cell towers, millions of new small and micro cells must be built and connected, including fiber and power. All of these new points of presence not only need to be built but they will require ongoing maintenance and service, creating a significant long-term maintenance opportunity.

不僅必須在現有的蜂窩塔上添加新設備，還必須建造和連接數百萬個新的小型和微型蜂窩基站，包括光纖和電源。所有這些新的存在點不僅需要建造，而且需要持續的維護和服務，從而創造重要的長期維護機會。

Moving to our Power Delivery segment. Revenue was $709 million versus $650 million in last year's first quarter. We are in the midst of an energy transition in the United States, and our customers' focus on reliability, hardening, renewable connectivity and meeting the challenges of providing power to customers for electric vehicle charging demand usage are transforming the grid.

轉向我們的電力輸送部分。收入為 7.09 億美元，而去年第一季度的收入為 6.5 億美元。美國正處於能源轉型之中，我們的客戶對可靠性、強化、可再生連接的關注以及應對為客戶提供電力以滿足電動汽車充電需求的挑戰正在改變電網。

We believe the scale we have been able to achieve, along with our history of performance and safety, uniquely position us to play a significant role in helping meet the needs of utilities and energy developers. With our integration efforts of our acquired assets over the last 2 years, mostly complete, we are now focused on growth off of our current base and on driving margin improvements throughout the organization.

我們相信，我們能夠實現的規模以及我們的性能和安全歷史，使我們能夠在幫助滿足公用事業和能源開發商的需求方面發揮重要作用。隨著過去兩年我們對收購資產的整合工作已基本完成，我們現在專注於在現有基礎上實現增長，並推動整個組織的利潤率提高。

We expect organic double-digit revenue growth in 2023 with slightly improved margins for the year and are confident in our ability to improve margins to the low double-digit range over the next few years. We have significant near- and long-term opportunities related to growing our transmission business and have been investing heavily in resources and equipment. We recently began construction on a multi-hundred million dollar 500 kV transmission project. The project got off to a great start, and we feel we are well positioned for future growth.

我們預計 2023 年收入將實現兩位數的有機增長，當年的利潤率將略有改善，並對我們在未來幾年將利潤率提高到兩位數的能力充滿信心。我們擁有與發展輸電業務相關的重大近期和長期機會，並且一直在資源和設備方面進行大量投資。我們最近開始建設耗資數億美元的 500 kV 輸電項目。該項目有了一個良好的開端，我們認為我們已經為未來的發展做好了充分的準備。

Moving to our Clean Energy and Infrastructure segment. Revenue was $825 million for the first quarter versus $436 million in the prior year. Most of the increase was due to the acquisition of IEA. EBITDA for the quarter was 1.3% and was below our expectations. It's important to note that on a pro forma basis, last year's first quarter EBITDA in this segment would have been negative 1% as IEA had reported a $17 million EBITDA loss. While margins showed nice pro forma year-over-year improvement, IEA still had a loss. And while it was much improved, it was below our original estimates leading into the year.

轉向我們的清潔能源和基礎設施部門。第一季度收入為 8.25 億美元，去年同期收入為 4.36 億美元。大部分增長是由於收購了 IEA。本季度 EBITDA 為 1.3%，低於我們的預期。值得注意的是，根據預估，去年第一季度該領域的 EBITDA 為負 1%，因為 IEA 報告了 1700 萬美元的 EBITDA 損失。儘管預計利潤率同比有所改善，但 IEA 仍然出現虧損。雖然有了很大改善，但仍低於我們今年的最初估計。

Margins at IEA were impacted by delayed project starts and supply chain delays, which created project inefficiencies. As we think about the balance of the year in Clean Energy, we are confident about our ability to achieve $5 billion in annual revenue. This would compare to roughly $4.4 billion on a pro forma basis for full year 2022 and represent about 15% organic growth on a pro forma look.

IEA 的利潤受到項目啟動延遲和供應鏈延遲的影響，從而導致項目效率低下。當我們思考今年清潔能源領域的剩餘情況時，我們對實現 50 億美元年收入的能力充滿信心。相比之下，2022 年全年預計約為 44 億美元，預計有機增長約為 15%。

Backlog increased $319 million sequentially in this segment. And while at record levels, we expect significant backlog build over the coming quarters. While our margin guidance for this segment is mid- to high 6%, we are confident margins will improve and approach double digits over the next year or 2. We have the scale to flex considerably. And as I stated earlier, our visibility to reaching our stated $6 billion revenue goal is much clearer. With increased utilization, the overall demand of the market and our customers' desire to lock in resources earlier, we feel we are really well positioned to profitably serve the market.

該領域的積壓訂單環比增加了 3.19 億美元。儘管積壓數量達到創紀錄水平，但我們預計未來幾個季度將出現大量積壓。雖然我們對該細分市場的利潤率指引為 6% 的中高水平，但我們有信心利潤率將在未來一兩年內改善並接近兩位數。我們有能力大幅調整規模。正如我之前所說，我們實現 60 億美元收入目標的前景更加清晰。隨著利用率的提高、市場的整體需求以及客戶更早鎖定資源的願望，我們認為我們確實處於有利的地位，可以為市場提供有利可圖的服務。

While early in our integration efforts, we are confident that we are mining tremendous synergies, both operationally and financially, and believe we are truly building a differentiated service and product for our customers.

在整合工作的早期，我們有信心在運營和財務上挖掘巨大的協同效應，並相信我們正在真正為客戶打造差異化的服務和產品。

Moving to our Oil and Gas segment. Revenue was $257 million versus $211 million last year. EBITDA was generally in line and was impacted by lower utilization as we ramp up for increased activity for the balance of the year. Backlog in this segment was up almost $300 million sequentially, and second quarter revenues are expected to increase by nearly 50% with further growth in the third quarter.

轉向我們的石油和天然氣部門。收入為 2.57 億美元，去年為 2.11 億美元。 EBITDA 總體保持穩定，但由於我們在今年餘下時間裡加大了活動力度，因此利用率較低，從而受到影響。該領域的積壓訂單比上一季度增加了近 3 億美元，隨著第三季度的進一步增長，第二季度收入預計將增長近 50%。

As we've previously shared, future project activity is very active approaching levels we haven't seen in a few years. This, coupled with carbon sequestration and hydrogen projects, give us great opportunities to build off of our 2023 revenue level. While we expect revenue to grow by over 20% in 2023 versus 2022, we still believe this year's revenue continues to be a low watermark and are confident we have solid growth opportunities as newer fuel sources are transported by pipelines.

正如我們之前所分享的，未來的項目活動非常活躍，接近我們幾年來從未見過的水平。再加上碳封存和氫項目，為我們提供了在 2023 年收入水平基礎上進一步發展的絕佳機會。雖然我們預計 2023 年收入將比 2022 年增長 20% 以上，但我們仍然相信今年的收入仍然處於低水位，並相信隨著更新的燃料來源通過管道運輸，我們擁有堅實的增長機會。

To recap, we started the year as planned, and I am confident our financial results this year will begin to demonstrate MasTec's potential. I truly believe that we are just beginning to see the impact of the significant transformation we've accomplished over the last few years, and I'm excited about what the future holds for MasTec. I'd like to thank the men and women of MasTec. I'm honored and privileged to lead such a great group.

回顧一下，我們按計劃開始了新的一年，我相信我們今年的財務業績將開始展示 MasTec 的潛力。我堅信，我們才剛剛開始看到過去幾年所完成的重大轉型的影響，我對 MasTec 的未來感到興奮。我要感謝 MasTec 的工作人員。我很榮幸能夠領導這樣一個偉大的團隊。

The men and women of MasTec are committed to the values of safety, environmental stewardship, integrity, honesty and in providing our customers a great-quality project at the best value. These traits have been recognized by our customers, and it's because of our people's great work that we've been able to position ourselves for continued growth and success. I'll now turn the call over to Paul for our financial review. Paul?

MasTec 的員工致力於安全、環境管理、正直、誠實的價值觀，並為客戶提供最具價值的優質項目。這些特徵得到了我們客戶的認可，正是由於我們員工的出色工作，我們才能夠為持續增長和成功做好準備。我現在將把電話轉給保羅，以進行我們的財務審查。保羅？

Thanks, Jose, and good morning, everyone. Beginning with our first quarter results, performance was slightly above our guidance, with revenue approaching $2.6 billion and adjusted EBITDA of $102 million or 4% of revenue, with an adjusted diluted loss per share of $0.54. From a segment perspective, our Communications segment was ahead of expectations with $807 million of revenue and $62 million of adjusted EBITDA or a margin of 7.7%. This equates to over 20% revenue growth and 150 basis points of margin expansion versus last year's first quarter, benefiting from the market expansion efforts executed in the first half of 2022.

謝謝，何塞，大家早上好。從第一季度業績開始，業績略高於我們的指導，收入接近 26 億美元，調整後 EBITDA 為 1.02 億美元，佔收入的 4%，調整後攤薄每股虧損為 0.54 美元。從細分市場的角度來看，我們的通信細分市場的收入為 8.07 億美元，調整後 EBITDA 為 6,200 萬美元，利潤率為 7.7%，超出了預期。這相當於與去年第一季度相比收入增長超過 20%，利潤率擴大 150 個基點，受益於 2022 年上半年執行的市場擴張工作。

Our Oil and Gas segment was generally in line with guidance, generating $257 million of revenue and $15 million of adjusted EBITDA. While revenue was up versus Q1 of 2022, less contribution from large project activity led to lower fixed cost absorption. First quarter Clean Energy revenue was roughly in line with our expectations, but adjusted EBITDA margin was only 1.3%. While we expected a challenging first quarter for Clean Energy, we experienced inefficiencies on certain projects, primarily at IEA, including costs related to rework on third-party design effects that we are evaluating for potential future recovery.

我們的石油和天然氣部門總體符合預期，產生 2.57 億美元的收入和 1500 萬美元的調整後 EBITDA。雖然收入較 2022 年第一季度有所增長，但大型項目活動的貢獻減少導致固定成本吸收降低。第一季度清潔能源收入大致符合我們的預期，但調整後的 EBITDA 利潤率僅為 1.3%。雖然我們預計清潔能源第一季度將面臨挑戰，但我們在某些​​項目（主要是國際能源署）上遇到了效率低下的問題，包括與第三方設計效果返工相關的成本，我們正在評估這些項目的未來潛在恢復能力。

Coming off a Q1 loss in 2022, we expected IEA to have a positive contribution to the first quarter, but they ended up with a slight loss. We are making good progress on our integration efforts, and we expect to begin realizing the benefits of these initiatives in the coming quarters.

繼 2022 年第一季度虧損之後，我們預計 IEA 將對第一季度做出積極貢獻，但最終卻出現小幅虧損。我們的整合工作正在取得良好進展，我們預計將在未來幾個季度開始實現這些舉措的好處。

Our Power Delivery segment exceeds expectations for Q1. Revenue was $709 million, exceeding our guidance by approximately 20%, and adjusted EBITDA margin was 6.9%, approximately 200 basis points over guidance. Power Delivery results were driven by improved production and higher-than-anticipated emergency restoration services, albeit less than 2022 levels. Acquisition and integration costs incurred in the first quarter were approximately $17 million.

我們的電力輸送部門超出了第一季度的預期。收入為 7.09 億美元，超出我們的指引約 20%，調整後 EBITDA 利潤率為 6.9%，比指引高出約 200 個基點。電力輸送業績的推動因素是生產改善和緊急恢復服務高於預期（儘管低於 2022 年的水平）。第一季度發生的收購和整合成本約為 1700 萬美元。

The IEA integration is trending as expected, and we also incurred incremental integration expense pursuant to a small asset purchase completed in the first quarter of this year. First quarter 2023 revenue derived from master service agreements was 47% of our total revenue and consistent with what we expect going forward, plus or minus a few percent, depending on the timing of certain projects.

IEA 整合的趨勢符合預期，而且我們還因今年第一季度完成的小規模資產購買而產生了增量整合費用。 2023 年第一季度來自主服務協議的收入占我們總收入的 47%，與我們對未來的預期一致，根據某些項目的時間安排，上下浮動幾個百分點。

Backlog for the first quarter was $13.9 billion, which is a record level for MasTec, up $910 million from year-end and approximately 31% year-over-year. Q1 backlogs increases at each segment and represented new record levels for Communications and Clean Energy, further demonstrating the broad-based diversification of our end markets. While this diversification should result in less backlog fluctuations, the timing of new project contract signing can still introduce an element of quarter-to-quarter variability.

第一季度的積壓訂單為 139 億美元，這是 MasTec 的創紀錄水平，比年底增加 9.1 億美元，同比增長約 31%。第一季度每個細分市場的積壓訂單均有所增加，代表了通信和清潔能源的新紀錄水平，進一步證明了我們終端市場的廣泛多元化。雖然這種多元化應該會減少積壓波動，但新項目合同簽署的時間仍然可能會帶來季度與季度之間的變化。

Q1 cash flow used by operations was $86 million, driven by our GAAP net loss and higher-than-anticipated levels of working capital. Days sales outstanding, or DSO, rose to 94 days, up from 83 days at year-end. While a number of factors contributed to the DSO increase, including 28% monthly revenue growth in March, we are disappointed with our performance, its impact on free cash flow and invested capital efficiency.

由於我們的 GAAP 淨虧損和高於預期的營運資金水平，第一季度運營使用的現金流量為 8600 萬美元。應收賬款天數 (DSO) 從年底的 83 天增加到 94 天。雖然 DSO 增長的因素有很多，包括 3 月份月度收入增長 28%，但我們對我們的業績及其對自由現金流和投資資本效率的影響感到失望。

We expect DSO to return to the mid-80s over the course of 2023 and will work towards further improvement in subsequent quarters. I was MasTec's Treasurer for a long time. So I have a very healthy respect for the cost of capital and our investors' expectation that we utilize the funds afforded to us efficiently. I plan to bring more internal focus on generating attractive returns on invested capital and effective management of our accounts receivable and fixed assets is critical for this objective.

我們預計 DSO 將在 2023 年恢復到 80 年代中期，並將在後續幾個季度努力進一步改善。我曾長期擔任 MasTec 的財務主管。因此，我非常尊重資本成本以及投資者對我們有效利用提供給我們的資金的期望。我計劃在內部更加關注如何為投資資本創造有吸引力的回報，而有效管理我們的應收賬款和固定資產對於實現這一目標至關重要。

Q1's cash flow performance also contributed to a slight increase in our net debt leverage to 3.5x pro forma for the 2022 fourth quarter acquisition of IEA. Liquidity for the quarter remained strong at $1 billion. For the second quarter, we expect revenue of $3 billion and adjusted EBITDA of $250 million or 8.3% of revenue. This equates to approximately 30% year-over-year revenue growth and 60 basis points of adjusted EBITDA margin expansion. Adjusted net income per share is expected to be $0.86.

第一季度的現金流表現還促使我們在 2022 年第四季度收購 IEA 時將淨債務槓桿略微提高至 3.5 倍。本季度的流動性依然強勁，為 10 億美元。我們預計第二季度收入為 30 億美元，調整後 EBITDA 為 2.5 億美元，佔收入的 8.3%。這相當於收入同比增長約 30%，調整後 EBITDA 利潤率擴大 60 個基點。調整後每股淨利潤預計為 0.86 美元。

Looking at our second quarter segment performance. Our Communications segment is expected to generate approximately $900 million in revenue, with adjusted EBITDA margins in the low double digits. This equates to approximately 10% year-over-year revenue growth and slightly higher margins than last year's second quarter. Expectations in this segment are driven by continued strength across both wireline and wireless construction and the elimination of the new market start-up costs we incurred in 2022.

看看我們第二季度的部門業績。我們的通信部門預計將產生約 9 億美元的收入，調整後的 EBITDA 利潤率為低兩位數。這相當於收入同比增長約 10%，利潤率略高於去年第二季度。有線和無線建設的持續強勁以及我們在 2022 年產生的新市場啟動成本的消除推動了該細分市場的預期。

We anticipate that second quarter Power Delivery segment revenue will approximate the first quarter level of $700 million, up about 10% year-over-year. Adjusted EBITDA margins are expected to be in the high single-digit range, showing margin expansion versus last year's second quarter. Guidance reflects the benefits of the segment integration efforts previously undertaken to reduce costs and enhance the consistency of operating results across acquired companies.

我們預計第二季度電力輸送業務收入將接近第一季度 7 億美元的水平，同比增長約 10%。調整後的 EBITDA 利潤率預計將在高個位數範圍內，顯示出與去年第二季度相比利潤率有所擴張。該指引反映了之前為降低成本並提高被收購公司經營業績一致性而進行的部門整合工作的好處。

We expect second quarter Oil and Gas revenue will increase approximately 45% versus Q1, driven by new project starts with adjusted EBITDA margin improving to the low double digits. Margin expectations reflect significant improvement versus 2023's first quarter as we achieve more fixed cost leverage through the higher revenue base. However, margins in this segment will continue to be negatively impacted by carrying costs for both labor and equipment required to execute the Mountain Valley pipeline once regulatory hurdles are cleared.

我們預計第二季度石油和天然氣收入將比第一季度增長約 45%，這得益於新項目的啟動，調整後的 EBITDA 利潤率將提高至較低的兩位數。利潤率預期反映出與 2023 年第一季度相比的顯著改善，因為我們通過更高的收入基礎實現了更多的固定成本槓桿。然而，一旦監管障礙得到清除，該部門的利潤率將繼續受到執行山谷管道所需的勞動力和設備成本的負面影響。

Second quarter Clean Energy segment revenue is expected to approach $1 billion with adjusted EBITDA margin in the low to mid-6% range. This reflects approximately 23% growth and strong margin improvement versus Q1, driven by accelerating renewable and civil project execution. Finally, corporate expenses are expected to approximate 100 basis points of Q2 revenue. Yesterday, we updated full year guidance, increasing our revenue expectation to a range of $13 billion to $13.2 billion, which reflects the first quarter results of higher-than-anticipated revenue in our non-Oil and Gas segments.

第二季度清潔能源部門收入預計將接近 10 億美元，調整後的 EBITDA 利潤率將在 6% 的中低範圍內。這反映了在加速可再生能源和民用項目執行的推動下，與第一季度相比，增長了約 23%，利潤率大幅提高。最後，預計公司支出將佔第二季度收入的 100 個基點左右。昨天，我們更新了全年指引，將收入預期提高至 130 億美元至 132 億美元，這反映了我們非石油和天然氣部門收入高於預期的第一季度業績。

Our expected adjusted EBITDA range remains unchanged at $1.1 billion to $1.15 billion. Our expected revenue mix and margin profile for each segment also remains unchanged from previous guidance. Revenue for all segments should accelerate into the second half of 2023, and adjusted EBITDA margins are forecasted to reach the low double digits for the second half.

我們預期調整後 EBITDA 範圍保持在 11 億美元至 11.5 億美元之間不變。我們對每個細分市場的預期收入組合和利潤率也與之前的指導保持不變。到 2023 年下半年，所有細分市場的收入都將加速增長，調整後的 EBITDA 利潤率預計將在下半年達到較低的兩位數。

To further illustrate 2023's margin cadence in order to achieve full year adjusted EBITDA margin expectations, our non-Oil and Gas segments need to improve margins 120 basis points from our Q2 guidance to the second half. This compares to the 270 basis point improvement we generated in 2022 over the same period. We are very confident in our ability to execute at these levels. We also revised our 2023 adjusted earnings per share guidance to range from $4.35 to $4.85. The revised adjusted EPS guidance is driven by higher expected interest expense based on higher anticipated rates and depreciation expectations closer to the high end of our previous range, due to timing of capital expenditures and our first quarter asset purchase previously mentioned.

為了進一步說明 2023 年的利潤率節奏，以實現全年調整後 EBITDA 利潤率預期，我們的非石油和天然氣部門需要將利潤率從第二季度指引到下半年提高 120 個基點。相比之下，我們在 2022 年同期實現了 270 個基點的改善。我們對自己在這些級別上的執行能力非常有信心。我們還將 2023 年調整後每股收益指引從 4.35 美元修改為 4.85 美元。修訂後的調整後每股收益指引是由於預期利率上升和折舊預期接近我們之前範圍的高端而導致的預期利息支出上升，這是由於資本支出的時機和我們之前提到的第一季度資產購買所致。

We now expect full year interest expense of $250 million and depreciation of $428 million. We will continue to monitor the capital markets for opportunities to refinance tranches of our capital structure to enhance our maturity or interest rate profile. For 2023, we expect to generate cash flow from operations of approximately $550 million with net cash CapEx of approximately $100 million.

我們現在預計全年利息支出為 2.5 億美元，折舊為 4.28 億美元。我們將繼續監控資本市場，尋找為我們的資本結構的部分再融資的機會，以提高我們的期限或利率狀況。到 2023 年，我們預計運營現金流將達到約 5.5 億美元，淨現金資本支出約為 1 億美元。

Full year cash flow estimates are impacted by the anticipated working capital investment required to support revenue growth in the latter part of 2023. Year-end 2023 net debt leverage is expected to fall to the low 2x. Coming off the strategic investments we've made to diversify our end markets, reducing our leverage as a priority, and we are committed to maintaining our investment-grade rating.

全年現金流量預測受到支持 2023 年下半年收入增長所需的預期營運資本投資的影響。預計 2023 年年底淨債務槓桿率將降至 2 倍低位。我們放棄了為實現終端市場多元化而進行的戰略投資，將降低杠桿率作為優先事項，並致力於維持我們的投資級評級。

We've aligned our leverage reduction plans with the rating agencies, who have expressed support as evidenced by Standard & Poor's recent affirmative rating action. We've posted a guidance fact sheet to the Investor Relations section of our website that summarizes these comments and provides detail on additional assumptions for modeling purposes.

我們已經與評級機構協調了我們的槓桿削減計劃，標準普爾最近的平權評級行動就證明了評級機構的支持。我們已在網站的投資者關係部分發布了一份指導情況說明書，其中總結了這些評論，並提供了用於建模目的的其他假設的詳細信息。

To conclude, MasTec is well positioned at the forefront of the energy transition landscape, and we are excited by the opportunities in front of us today. Our end market diversification and breadth of service offerings are unmatched and provide us confidence in our ability to continue to drive strong operating results and long-term shareholder value.

總而言之，MasTec 處於能源轉型領域的前沿，我們對今天擺在我們面前的機遇感到興奮。我們的終端市場多元化和服務範圍是無與倫比的，這使我們對繼續推動強勁的經營業績和長期股東價值的能力充滿信心。

We are thankful to our 33,000 team members for all of their hard work and sacrifice on behalf of MasTec, and we look forward to providing all of them with the tools and resources required to excel in their roles. I'll now turn the call back to the operator for Q&A.

我們感謝 33,000 名團隊成員為 MasTec 所做的辛勤工作和犧牲，我們期待為他們所有人提供出色的工作所需的工具和資源。我現在將把電話轉回給接線員進行問答。

(Operator Instructions) And we'll go ahead and start off with our first question from Alex Rygiel with B. Riley.

（操作員說明）我們將繼續從 Alex Rygiel 和 B. Riley 提出的第一個問題開始。

Congratulations on the solid quarter, and thank you for the expanded guidance.

祝賀本季度業績穩定，並感謝您提供的擴展指導。

Thank you.

謝謝。

As Clean Energy becomes your largest segment with a back-end weighted year, can you comment on your visibility within backlog as it relates to the bidding environment and margin projections?

隨著清潔能源成為您在後端加權年份中最大的細分市場，您能否評論一下積壓訂單中與投標環境和利潤預測相關的可見性？

It's a great question, Alex. And I think when we think about the business, we're somewhat surprised based on the fact that we closed the IEA acquisition last year. At the total demand of our services, right, I think the market is on fire. I think the expectation of our customers is to significantly increase the amount of projects they want to build. I think the challenge that we're all facing is what projects are truly constructible in 2023 versus what projects have to wait for outer years.

這是一個很好的問題，亞歷克斯。我認為，當我們考慮這項業務時，我們對去年完成對 IEA 的收購感到有些驚訝。就我們服務的總需求而言，我認為市場正在火熱進行。我認為我們客戶的期望是大幅增加他們想要建造的項目數量。我認為我們都面臨的挑戰是哪些項目在 2023 年真正可以建設，哪些項目必須等待未來幾年。

There's no question in my mind that if the supply chain would be available, if the panel availability would be there, the amount of activity would dwarf what we're going to see in 2023. So with that, I mean, what we -- I think what we've done very well and we spent a lot of time doing is really analyzing every project that we're expecting that we have on the books, that we expect to win, that we're in dialogue with our customers, understanding where supply is coming from and making sure that they're buildable projects in '23, and that's kind of how we built up our '23 model.

在我看來，毫無疑問，如果供應鏈可用，如果面板可用，那麼活動量將使我們在 2023 年看到的情況相形見絀。因此，我的意思是，我們——我認為我們做得很好，我們花了很多時間做的是真正分析我們期望的每個項目，我們期望我們在書上有，我們期望贏得，我們正在與客戶對話，了解供應從何而來，並確保它們是 23 年可建設的項目，這就是我們建立 23 世紀模型的方式。

The reality is that if we counted all of our customers' demands even for 2023, it would far exceed our guidance levels, but we think that the $5 billion range is what's actually doable based on the supply chain issues that we see in front of us for the balance of the year. So we actually have what we think is a very high level of visibility for our ability to hit that number.

現實情況是，如果我們計算所有客戶的需求，即使到 2023 年，也會遠遠超出我們的指導水平，但我們認為，根據我們面前的供應鏈問題，50 億美元的範圍是實際可行的為當年的餘額。因此，我們實際上對達到這個數字的能力擁有非常高的可見度。

And then, Paul, can you also discuss some of the variables that can impact full year cash flow to be either higher or lower than your guidance of $ 550 million?

然後，Paul，您能否也討論一些可能影響全年現金流高於或低於 5.5 億美元指導的變量？

Yes, Alex, I mean, the main driver is going to be working capital for us. I mean if we think we've got visibility into the profitability of the business. So it's really making sure that we're managing the balance sheet effectively, getting DSOs down where they need to be across the company and making sure that we're diligent in that regard. That's going to be the biggest driver for us getting back down to our stated range and then working to improve from there.

是的，亞歷克斯，我的意思是，主要驅動力將是我們的營運資金。我的意思是，如果我們認為我們已經了解了業務的盈利能力。因此，真正要確保我們有效地管理資產負債表，將 DSO 部署到整個公司需要的地方，並確保我們在這方面勤奮工作。這將是我們回到既定範圍並努力改進的最大動力。

Our next question will come from Justin Hauke with Robert W. Baird.

我們的下一個問題將由賈斯汀·豪克和羅伯特·W·貝爾德提出。

So I guess my question is just in Clean Energy, I mean, you talked about the IEA projects and obviously, that came in a little bit light. I'm just curious, are there legacy projects that are in there that need to burn off or complete before the margins can improve? And I know you also had some civil work that was in that segment that came from Henkels & McCoy that was kind of legacy challenged. And I'm just curious where the status is on all of those.

所以我想我的問題只是在清潔能源方面，我的意思是，你談到了國際能源署的項目，顯然，這有點光明。我只是很好奇，是否有遺留項目需要燒掉或完成才能提高利潤？我知道你們也有一些來自 Henkels & McCoy 的土木工程，這對遺產提出了挑戰。我只是好奇所有這些的狀態在哪裡。

Yes, Justin, so I think a couple of things. First, when you think about project activity, I think one of the issues in Q1 was project starts being pushed relative to some customers knowing what supply was available and deciding to start their projects a little bit later and what that means to overall absorptions. With all that said, revenue was good. So there was other project activity that either accelerated or came towards the end of projects. I think there were a number of projects at IEA that they started construction on, especially some solar farms that were customer started projects without panels, expected panels to arrive by this time in having.

是的，賈斯汀，所以我想了幾件事。首先，當你考慮項目活動時，我認為第一季度的問題之一是項目開始被推動，因為一些客戶知道可用的供應量，並決定稍後啟動他們的項目，這對整體吸收意味著什麼。話雖如此，收入還是不錯的。因此，還有其他項目活動要么加速，要么接近項目結束。我認為 IEA 有許多項目已經開始建設，特別是一些太陽能發電場，這些太陽能發電場是客戶啟動的沒有面板的項目，預計面板此時會到達。

So those are other complexities that we're managing through for different projects. I do think there is a portion of the business in both the renewables and the civil that obviously needs to work itself off. I think we've built that into our modeling all the way back to last year. I don't think there's been any significant changes related to that. And again, based on -- we're in a year where customers that have panels, customers that have all their suppliers know that they have some leverage over the business because their projects are obviously going to get built.

這些是我們為不同項目管理的其他復雜性。我確實認為可再生能源和民用領域的部分業務顯然需要自行解決。我認為我們從去年就已經將這一點融入到我們的建模中。我認為沒有任何與此相關的重大變化。再說一次，基於——我們正處於這樣一個一年，擁有面板的客戶、擁有所有供應商的客戶都知道他們對業務有一定的影響力，因為他們的項目顯然會建成。

So I think that as the supply chain improves, as the demand for the service continues to increase and as projects actually make it into constructability, I think across the industry, you're going to see a pretty significant improvement in margins. And I think we start seeing it in the second quarter.

因此，我認為，隨著供應鏈的改善，隨著對服務的需求不斷增加，隨著項目實際上變得可施工，我認為在整個行業中，您將看到利潤率的顯著改善。我認為我們會在第二季度開始看到這一點。

Okay. Fair enough. And I guess my second question is just the higher interest expense that you have that's going through here and the lower-than-expected cash flow. Can you just comment on kind of your rate sensitivity from here in terms of what's variable and how much sensitivity you have if rates continue to go higher?

好的。很公平。我想我的第二個問題是這裡的利息支出較高，現金流量低於預期。您能否從這裡評論一下您的利率敏感性，即什麼是可變因素以及如果利率繼續走高您的敏感性有多大？

Yes, Justin. So I mean, about $1 billion of -- about $1.3 billion is probably fixed today, and I think we're looking at, as I mentioned in the comments, we're looking at the as the bond markets and other ways to impact the interest rate profile. So we'll continue to evaluate that. So roughly probably 40% of it is fixed today. And we'll look at our forward-looking assessment of the interest rate environment and take that into account as we look at other path forward from a capital markets perspective.

是的，賈斯汀。所以我的意思是，大約 10 億美元——大約 13 億美元今天可能已經確定，我認為我們正在考慮，正如我在評論中提到的，我們正在考慮債券市場和其他影響經濟的方式。利率概況。所以我們將繼續評估這一點。所以今天大約有 40% 的問題已經得到修復。我們將審視對利率環境的前瞻性評估，並在從資本市場的角度審視其他前進道路時將其考慮在內。

Next question comes from Neil Mehta with Goldman Sachs.

下一個問題來自高盛的尼爾·梅塔。

And I'd also like to reiterate the additional guidance super helpful here. I want to shift the conversation to the Communications segment as this area sometimes where we have less visibility. And Jose, if you could just talk about customer conversations and how you're thinking about the progression of both revenue and margins over the course of the year?

我還想重申這裡的額外指導非常有幫助。我想將話題轉移到通信領域，因為這個領域有時我們的知名度較低。何塞，您能否談談與客戶的對話以及您如何看待這一年中收入和利潤的進展？

Sure. So Neil, we've had, obviously, I think, now a lot of quarters where that business has performed really well, where we've seen nice year-over-year growth for what feels like a couple of years now. And the reality is, I think, we're just starting to see the beginning of it, right? I think the only federal dollars that have really impacted the business in any significant way is RDOF. Significant capital going to come into the business relative to all of the other government legislation in the past that dealt with broadband.

當然。因此，尼爾，顯然，我認為，我們現在有很多季度的業務表現非常好，我們已經看到了幾年來的良好同比增長。我認為，現實是我們才剛剛開始看到它的開始，對嗎？我認為唯一真正對業務產生重大影響的聯邦資金是 RDOF。相對於過去涉及寬帶的所有其他政府立法，大量資本將進入該業務。

So we have a -- we're in constant dialogue with our customers. We have a lot of customers that have massive plans on a go-forward basis. I think you're going to see continued overbuild the fiber all over the country by different carriers competing with each other. And I think it's great for not just the industry but for MasTec, tremendous demand. We've geared up for it. We continue to gear up.

所以我們一直在與客戶進行對話。我們有很多客戶都有龐大的未來計劃。我認為您將看到不同運營商相互競爭，在全國范圍內繼續過度建設光纖。我認為這不僅對整個行業有利，對 MasTec 也有利，因為巨大的需求。我們已經做好了準備。我們繼續整裝待發。

We're really comfortable with what our numbers are for 2023. And again, I truly believe that we're just starting to see the beginning of what the opportunity there is going to be.

我們對 2023 年的數字非常滿意。我再次堅信，我們才剛剛開始看到機遇的開始。

And then about how there have been some bottlenecks in the 5G initiatives and some of the other issues that have affected pacing, talk about how those bottlenecks are potentially being alleviated? And when do you really feel like that momentum will show up?

然後關於5G計劃中如何存在一些瓶頸以及影響節奏的其他一些問題，談談這些瓶頸如何可能得到緩解？你什麼時候真正覺得這種勢頭會出現？

Sure. I think a couple of things. One, there's no question that the carriers are allocating dollars really where they think they can get the biggest bang for their buck today. There's a question about how fast speeds do you really need in the wireless area to be competitive in the market. So I don't -- I think 5G has gone much lower than most had expected. I still think we're at very early stages of 5G deployment.

當然。我認為有幾件事。第一，毫無疑問，運營商確實將資金分配到了他們認為今天能夠獲得最大收益的地方。有一個問題是，您在無線領域真正需要多快的速度才能在市場上具有競爭力。所以我不認為——我認為 5G 的發展速度比大多數人的預期要低得多。我仍然認為我們仍處於 5G 部署的早期階段。

I think customers have obviously spent a considerable amount of money on the wired infrastructure side of wireless. I still think we're going to continue to see that. I think one of the challenges in small cells have been the need for fiber and power. So I think, as that continues to build out, we're going to see an increase there. So I still think the best years of wireless are yet to come. I think we're going to see a substantial increase in CapEx over the coming years.

我認為客戶顯然在無線的有線基礎設施方面花費了大量資金。我仍然認為我們會繼續看到這一點。我認為小型基站面臨的挑戰之一是對光纖和電力的需求。所以我認為，隨著這種情況的繼續發展，我們將會看到那裡的增長。所以我仍然認為無線技術最好的幾年尚未到來。我認為未來幾年我們將看到資本支出大幅增加。

But I think what's driving the business today is on the wired side really and on the deployment of broadband infrastructure across the country. And that's not a bad place to be, right? So we think that, again, as more fiber gets put into the ground, we're going to see continued investments in 5G wireless technology.

但我認為當今業務的推動力實際上是有線方面以及全國范圍內寬帶基礎設施的部署。那不是一個壞地方，對吧？因此，我們再次認為，隨著更多光纖鋪設到地下，我們將看到對 5G 無線技術的持續投資。

Next question will come from Jamie Cook with Credit Suisse.

下一個問題將由瑞士信貸銀行的傑米·庫克提出。

Nice start, and I do appreciate the color on the guidance as well. So I guess two questions. One, Jose, if you look at some of the -- like if you look at the acquisition that you guys have done now having a larger transmission distribution business with the renewable business, given Quanta's win yesterday of SunZia, it proves that, that strategy is going to be very successful for the both of you, right, that you both have -- you have a tremendous sort of synergy opportunity across your renewables business and now your larger transmission distribution business.

不錯的開始，我也很欣賞指南上的顏色。所以我猜有兩個問題。一，何塞，如果你看看其中的一些——比如如果你看看你們現在已經完成的收購，擁有更大的輸配電業務和可再生能源業務，考慮到廣達昨天戰勝了 SunZia，它證明​​了這一策略對你們倆來說都將非常成功，對吧，你們倆都擁有——你們在可再生能源業務和現在更大的輸配電業務中擁有巨大的協同機會。

So my question to you is, do you -- are you bidding on projects right now that are of size that will leverage both that you could win both on the transmission side and both on the renewable side and sort of your comfort level with winning these big transformational jobs, given its -- a new acquisition and some of the challenges that we're having right now in terms -- not challenges, but you have to integrate the acquisition, right? It's still early on. So that's my first question, the opportunity and your comfort level.

所以我問你的問題是，你現在是否正在競標規模較大的項目，這些項目將利用你可以贏得輸電方面和可再生能源方面的優勢，以及贏得這些項目的舒適程度重大轉型工作，考慮到它——一項新的收購以及我們現在面臨的一些挑戰——不是挑戰，但你必須整合收購，對吧？現在還為時過早。這是我的第一個問題，機會和你的舒適度。

And then my second question gets back to your comments on focusing more on return on invested capital sort of resonated with me. So can you just sort of go a little deeper there? Do you have return on invested capital targets? Will you include that in compensation? Just a little more color on that as well.

然後我的第二個問題回到你關於更多地關注投資資本回報率的評論，這與我產生了共鳴。那麼你能再深入一點嗎？您有投資資本回報率目標嗎？你會將其包含在補償中嗎？也只是多一點顏色。

Sure. So on the first piece, I think when we look at our customers in the way that they've acted over a long period of time, many times, they look at the renewable assets, they look at the transmission assets. Sometimes those projects are interrelated. But for the most part, those jobs were bid separately. So they would bid the renewable jobs to renewable contractors and really the transmission portion of those projects for the most part would be bid separately.

當然。因此，在第一部分中，我認為當我們以客戶在很長一段時間內的行為方式來看待他們時，很多時候，他們會關注可再生資產，他們會關注輸電資產。有時這些項目是相互關聯的。但在大多數情況下，這些工作都是單獨競標的。因此，他們會將可再生能源工作招標給可再生能源承包商，而這些項目的大部分輸電部分實際上將單獨招標。

I think what you saw from Quanta yesterday, what you see from us and the deals that we've done is really the opportunity to be able to go into those customers and sell a full turnkey product. And I think that the customers are receiving that well. I think we will absolutely have our opportunities and have our wins related to that. I think that's a big positive development relative to the size of the renewable business that we have coupled with our transmission assets.

我認為您昨天從廣達看到的、從我們看到的以及我們所做的交易確實是能夠進入這些客戶並銷售完整交鑰匙產品的機會。我認為客戶對此反應良好。我認為我們絕對會擁有我們的機會並獲得與此相關的勝利。我認為，相對於我們與輸電資產相結合的可再生能源業務的規模，這是一個巨大的積極發展。

And I think that's something that's resonating well with the industry. And I think there's very few people that can do that. So it puts us in a very small group, and we're pretty excited about that. So yes, I do think that, that's an important part of our long-term strategy. And I think over the coming quarters, we'll be able to announce our own deals relative to that.

我認為這在行業中引起了很好的共鳴。而且我認為很少有人能做到這一點。因此，這使我們成為一個非常小的群體，我們對此感到非常興奮。所以，是的，我確實認為這是我們長期戰略的重要組成部分。我認為在接下來的幾個季度中，我們將能夠宣布我們自己的相關交易。

When we think about the comments that Paul made around really working capital and how we think about our dollars and our investments, not to make excuses, our team has been really focused on a number of acquisitions over the course of the last 2 or 3 years. It takes a lot of time to integrate these deals. There's no question that we, as an organization, feel that we've lost some focus on managing working capital.

當我們思考保羅圍繞實際營運資本發表的評論以及我們如何看待我們的美元和投資時，不要找藉口，我們的團隊在過去的兩三年裡一直專注於大量收購。整合這些交易需要花費大量時間。毫無疑問，作為一個組織，我們感覺我們已經失去了對營運資本管理的一些關注。

I think this is definitely one of Paul's strengths coming into this role. I know he's hyper-focused on and it will make the organization refocus on it. It is definitely something that we've been talking about more and more and more over the last few months. Compensation will be tied to it, and I expect to see significant improvements. We take a lot of pride in that for years. We led in every single one of those categories across the peer group. And our goal is to get back there and lead the peer group again relative to all of those metrics.

我認為這絕對是保羅擔任這個角色的優勢之一。我知道他非常專注，這將使組織重新關注它。這絕對是我們在過去幾個月裡越來越多地談論的事情。薪酬將與之掛鉤，我希望看到顯著的改進。多年來我們對此感到非常自豪。我們在所有這些類別中均處於同行領先地位。我們的目標是回到那裡，並在所有這些指標方面再次領先同行。

Next question comes from Brent Thielman with D.A. Davidson.

下一個問題來自 D.A. 的 Brent Thielman。戴維森。

Jose, the Power Delivery backlog, obviously, very good, maybe not completely representative of the kind of market that we're in and where we're headed. So I'd love to just get your comments on the trajectory of that backlog as we work our way through the year? Maybe if there's anything holding that back. But ultimately, where you're seeing that going from here?

Jose，電力輸送積壓工作顯然非常好，但可能不能完全代表我們所處的市場類型以及我們的發展方向。因此，我很想听聽您對這一年的積壓工作軌蹟的評論？也許如果有什麼阻礙的話。但最終，您認為接下來會發生什麼？

First, I think it's important to keep in mind, right, we made a number of acquisitions in the last 2 years. The bulk of the work that we're doing today is recurring maintenance-type work. So it's not driven by large projects. It's everyday book and burn business, which is really important. That's the bulk of what that unit does today. I think it was really important to get our arms around everything that we acquired rationalize the business, make sure that the customers that we're working with give us an opportunity to earn a fair wage.

首先，我認為重要的是要記住，我們在過去兩年中進行了多次收購。我們今天所做的大部分工作是重複性維護類型的工作。所以它不是由大型項目驅動的。這是日常的圖書和刻錄業務，這非常重要。這就是該部門今天所做的大部分工作。我認為，擁抱我們所獲得的一切，使業務合理化，確保與我們合作的客戶給我們一個獲得公平工資的機會，這一點非常重要。

So I think we're doing that. I think that's been the focus over the course of the last 1.5 years, 2 years. I think we've made great improvements. If you look at not just the margin improvements in the business but quite frankly, the margin dispersion amongst that business, I think each of those groups is performing a lot tighter than it ever has.

所以我認為我們正在這樣做。我認為這是過去 1.5 年、2 年的重點。我認為我們已經取得了很大的進步。如果你不僅關注業務的利潤率改善，而且坦率地說，關注該業務之間的利潤率分散情況，我認為每個群體的表現都比以往任何時候都嚴格得多。

I still think there's some differences there, where we think there's tremendous opportunities for improvement, but we feel really good about the progress we've made there, but it really has been based on a lot of the recurring-type work, which we think is critically important. We talked a lot about on our fourth quarter call about the investments that we're making on the larger project work. We're gearing for it. We started one large project. We expect to win others.

我仍然認為那裡存在一些差異，我們認為有巨大的改進機會，但我們對我們在那裡取得的進展感覺非常好，但這確實是基於很多重複性工作，我們認為至關重要。我們在第四季度的電話會議上談論了很多關於我們對更大項目工作進行的投資。我們正在為此做好準備。我們開始了一個大項目。我們期望贏得別人。

So I think that's definitely part of the mix, but it's not part of what's necessarily rolled into our numbers today. I think the bulk of what we've done, the bulk of the success that we've had has been really focused on the recurring maintenance type work, and I think we'll start layering on some of the project work, and I think you'll see that roll in over the course of the next year or 2.

所以我認為這絕對是混合的一部分，但它不是我們今天的數據中必然包含的一部分。我認為我們所做的大部分工作，我們所取得的大部分成功實際上都集中在經常性維護類型的工作上，我認為我們將開始對一些項目工作進行分層，我認為你會在接下來的一兩年內看到這種情況的發生。

Okay. I appreciate that. And then I guess on the Clean Energy business, obviously, just the momentum in renewables overshadow some of the other things you do in that business. You do have a fairly large civil infrastructure business now with the combination of IEA. Just be curious what the contribution of that business has been, the bookings where you see it headed? Obviously, you have an Infrastructure Act, I think, would be helpful. And Jose, is that a business fix core to the company long term or could be monetized?

好的。我很感激。然後我想在清潔能源業務上，顯然，可再生能源的勢頭掩蓋了您在該業務中所做的其他一些事情。通過與 IEA 的合併，你們現在確實擁有相當大的民用基礎設施業務。只是想知道該業務的貢獻是什麼，您認為它的預訂量是多少？顯然，我認為製定基礎設施法案會有所幫助。何塞，這是公司長期的業務修復核心還是可以貨幣化？

It's a good question. I think that our performance in civil so far has been better than the overall group's performance. So we're actually very pleased with the direction of that business. Our backlog growth there has been extremely strong. We have tremendous prospects in that business going forward. I think what we've said all along, we still feel like we've just got our toe in the water there. It's a sizable business today, but it's one that we still feel that we're learning.

這是一個好問題。我認為到目前為止我們在民事方面的表現比整個團隊的表現要好。所以我們實際上對該業務的方向非常滿意。我們在那裡的積壓訂單增長非常強勁。我們在該業務的未來前景廣闊。我認為我們一直以來所說的，我們仍然感覺我們剛剛涉足其中。如今，這是一項規模相當大的業務，但我們仍然覺得我們正在學習。

I think the -- my initial reaction today would be, I think the business is performing dramatically better than we expected. I think it's got dramatic more upside than we expected. Now whether how much investment we're going to be willing to put behind that and where that ultimately goes? I think the jury is still out. But to date, that business is performing really well, and we actually expect it to have a very solid 2023.

我認為，我今天的最初反應是，我認為該業務的表現比我們預期的要好得多。我認為它的上行空間比我們預期的要大得多。現在我們願意投入多少投資以及最終的投資去向？我認為陪審團還沒有定論。但迄今為止，該業務的表現非常好，我們實際上預計 2023 年的業績將非常強勁。

Our next question will come from Andy Kaplowitz with Citigroup.

我們的下一個問題將來自花旗集團的安迪·卡普洛維茨。

Jose, one of the questions you answered last quarter, you mentioned the variability of MasTec's performance should diminish considerably really by next year's first quarter. And I think the variability is still a separator between you and your significant E&C peers. So can you talk about your conviction level that you can mitigate that variability with the understanding that you do have a seasonal business. So what are you doing to mitigate it?

Jose，您在上個季度回答的問題之一中提到，到明年第一季度，MasTec 業績的波動性應該會大大減少。我認為，可變性仍然是您和重要的 E&C 同行之間的隔閡。那麼，您能否談談您的信念程度，即您可以通過了解自己的季節性業務來減輕這種變化。那麼你正在採取什麼措施來緩解這種情況呢？

Well, I think it's also where each business is at a point in time. So if we go back to the first quarter of 2021, which was just 2 years ago, our Oil and Gas business did almost $750 million versus $200 million today, right? So the comps have been very difficult for us, especially early in the year over the last few years because of the strength that Oil and Gas had early in the year. When we look forward, one of the challenges that we had coming into '23 that we knew about was the fact that renewable projects were still pushed out renewable projects were going to start in a meaningful way starting in the second quarter going into the third quarter.

嗯，我認為這也是每個企業在某個時間點所處的位置。因此，如果我們回到 2021 年第一季度，也就是兩年前，我們的石油和天然氣業務的收入幾乎為 7.5 億美元，而今天為 2 億美元，對嗎？因此，比較對我們來說非常困難，特別是在過去幾年的年初，因為石油和天然氣在年初表現強勁。展望未來，我們所知道的 23 年面臨的挑戰之一是，可再生能源項目仍然被推遲，可再生能源項目將從第二季度開始以有意義的方式啟動，進入第三季度。

But when we look at '24, right, when that renewable supply chain is kind of fixed, project activity in the first half of the year is going to be really strong in '24 versus where it was this year, making next year's first quarter comp actually, we think, quite easy. And I think the same thing is happening in the pipeline business, right? We're off historical lows. This is -- last year's first quarter and this year's first quarter, our historical lows for us in the pipeline business. I think that with the projects that we've got in queue and coming on, next year's first quarter is going to be considerably better than this year's.

但是，當我們看看“24”時，對吧，當可再生能源供應鏈得到一定程度的修復時，“24”上半年的項目活動將比今年非常強勁，從而使明年第一季度的項目活動變得非常強勁。我們認為，實際上比較很容易。我認為同樣的事情也發生在管道業務中，對吧？我們已脫離歷史低點。這是——去年第一季度和今年第一季度，我們管道業務的歷史低點。我認為，隨著我們已經排隊並進行的項目，明年第一季度將比今年好得多。

So I think when you look at those two businesses, in particular, with the significant revenue appreciation in next year's first quarter versus this year, it's going to take away a significant amount of that seasonality. So for the last 2 years, we posted losses in Q1 that historically, we hadn't done that. I think it has a lot to do with those two businesses and the variability of those businesses, and I think that goes away in 2024.

因此，我認為，當你審視這兩項業務時，特別是明年第一季度的收入與今年相比將大幅增長，這將消除大量的季節性因素。因此，在過去的兩年裡，我們在第一季度出現了虧損，而歷史上我們從未這樣做過。我認為這與這兩項業務以及這些業務的可變性有很大關係，我認為這種情況會在 2024 年消失。

And then you got a couple of questions on Communications, but maybe just following up. You continue to book backlog in that business. So maybe talk about your conviction level in continued growth toward that $4 billion near-term number you've talked about? Has anything changed there in your view? And why is it that you continue to sort of be so much more bullish than maybe some of your customers are talking about in terms of their CapEx trends?

然後你有幾個關於溝通的問題，但也許只是跟進。您繼續預訂該業務的積壓訂單。那麼，能否談談您對持續增長、實現您所說的 40 億美元近期數字的信心程度？您認為有什麼變化嗎？為什麼您對資本支出趨勢的看法比您的一些客戶所談論的要樂觀得多？

What we're seeing in the business is a very large program build plans, right? So we've got a number of customers that have tremendous plans over the next couple of years in terms of significantly expanding their networks. We're not publicly talking about them. We're not mentioning customers' names, but we're in the middle of negotiations. We're in the middle of awards, and we feel really good about not just what that means for quite, frankly, the second half of '23 but what it means for '24 and '25.

我們在業務中看到的是一個非常大的程序構建計劃，對吧？因此，我們有許多客戶在未來幾年內製定了大幅擴展其網絡的宏偉計劃。我們不會公開談論它們。我們沒有提及客戶的名字，但我們正在進行談判。我們正處於頒獎階段，坦率地說，這不僅對 23 年下半年意味著什麼，而且對 24 和 25 年意味著什麼，我們感到非常高興。

And I think that's only going to ramp up in discussions with them. As more federal dollars become available, I think we're going to see even more of that. So again, I think that business is incredibly healthy. I think we're just starting to see the beginning of what that business is going to ultimately become. We continue to see new players break into that market in addition to the existing core players.

我認為這只會在與他們的討論中加劇。隨著更多的聯邦資金可用，我認為我們將會看到更多。再說一次，我認為這個行業非常健康。我認為我們才剛剛開始看到該業務最終將變成什麼樣子。除了現有的核心參與者之外，我們繼續看到新的參與者進入該市場。

So again, we're just really bullish in that space. We think that space is going to have continued solid growth. We think we're trying to manage our growth appropriately. We're not taking everything that's in front of us. We're trying to manage into that growth into a way where we can continue to have margin appreciation while we're growing. And I think we've executed to that so far.

再說一遍，我們非常看好這個領域。我們認為太空領域將持續穩健增長。我們認為我們正在努力適當地管理我們的增長。我們不會接受眼前的一切。我們正在努力管理這種增長，使我們能夠在增長的同時繼續實現利潤率增值。我認為到目前為止我們已經做到了這一點。

Next question will come from Adam Thalhimer with Thompson Davis.

下一個問題將由亞當·塔爾希默和湯普森·戴維斯提出。

Can you give us some insight into your -- on the Clean Energy side, can you give us some insight into your conversations with customers? And would you say that any of your customers are at all concerned about getting the construction resources they need for the next few years?

您能否向我們介紹一下您在清潔能源方面的一些見解，您能否介紹一下您與客戶的對話？您是否認為您的任何客戶都關心獲得未來幾年所需的建築資源？

I think the customers that understand the market are very concerned. And if our customers aren't concerned, they should be because the amount of work that's out there, the amount of demand that's going to be out there is, in my mind, going to somewhat dwarf the industry's capability of delivering it. I think that's why we -- for a long time, we've been talking about scale and how scale matters. I think it's a huge differentiator for us.

我想了解市場的客戶是非常關心的。如果我們的客戶不擔心，他們也應該擔心，因為在我看來，現有的工作量和需求量在某種程度上使行業的交付能力相形見絀。我認為這就是為什麼我們長期以來一直在討論規模以及規模的重要性。我認為這對我們來說是一個巨大的差異化因素。

And yes, we have a number of customers today that are committing to long-term resources, trying to commit to long-term resources, trying to lock up resources. It's a huge shift in the market. And I think it's one that we'll continue to demonstrate as '23 plays out and more importantly, in the '24 and '25. I think one of the things that's really critical to think about is we're really not going to see the significant benefits of IRA until 2025.

是的，我們今天有許多客戶正在致力於長期資源，試圖致力於長期資源，試圖鎖定資源。這是市場的巨大轉變。我認為，隨著“23”的展開，更重要的是，在“24”和“25”中，我們將繼續展示這一點。我認為真正需要考慮的重要事情之一是，直到 2025 年我們才能真正看到 IRA 的顯著好處。

So we're still waiting for the bonus or guidance that should be coming out hopefully later this quarter. But the reality is it's IRA is going to have an impact in the business in late '23 and '24, but the majority of the impact is going to be felt in '25 and beyond. And I think when you kind of put all those numbers in perspective and you kind of model out what the industry is going to need to accomplish, it's pretty significant.

因此，我們仍在等待有望在本季度晚些時候發布的獎金或指導。但現實情況是，IRA 將在 23 年末和 24 年對業務產生影響，但大部分影響將在 25 年及以後感受到。我認為，當你正確看待所有這些數字並模擬出行業需要完成的任務時，這是非常重要的。

And it's why we continue to invest and keep positioning ourselves to take advantage of what we think is going to be really healthy growth rates for a long time.

這就是為什麼我們繼續投資並不斷定位自己，以利用我們認為將在很長一段時間內真正健康的增長率。

And so when you talk about Clean Energy margins going to double digits, in light of those opportunities, does double digits feel like a stretch? Or is that where you really should be when these things start to line up?

因此，當您談論清潔能源利潤率將達到兩位數時，考慮到這些機會，兩位數是否感覺有點誇張？或者當這些事情開始排列時，這真的是你應該在的地方嗎？

Well, it's a stretch from where we are today, and we get that. So what we've said is we think there's an opportunity to approach double digits over the course of the next couple of years. I think all the industry trends are in our favor to obviously drive margins out of the business. But I don't think we should put lofty goals out there either without having achieved much, and we get that.

好吧，這與我們今天的情況相比還有很大差距，我們明白這一點。所以我們所說的是，我們認為在未來幾年內有機會接近兩位數。我認為所有行業趨勢都對我們有利，可以明顯提高業務利潤。但我認為我們也不應該在沒有取得多大成就的情況下設定崇高的目標，我們明白這一點。

So our goal for this year is to get mid- to high 6s. Our goal for the coming years is to take that and start approaching double digits, and hopefully, we can do that faster than we're saying. And hopefully, the end goal ends up being a lot larger, but I don't want to -- we're not here to hype the story. We're here to give a realistic view as to what we think we can accomplish.

所以我們今年的目標是獲得中高6分。我們未來幾年的目標是抓住這一點並開始接近兩位數，希望我們能夠比我們所說的更快地做到這一點。希望最終目標能夠變得更大，但我不想——我們不是來炒作這個故事的。我們來這裡是為了對我們認為我們可以實現的目標給出一個現實的看法。

And there's no question that the fundamentals of the market are going to allow all the players in the industry, including us, to ultimately get better returns on the investments that we're making.

毫無疑問，市場的基本面將使包括我們在內的行業所有參與者最終從我們所做的投資中獲得更好的回報。

Next question comes from Marc Bianchi with Cowen.

下一個問題來自馬克·比安奇和考恩。

I wanted to start by just clarifying something about the CapEx guidance that you have here for the $100 million net of disposals. So if I look at the first quarter, that number would have been $63 million of CapEx and then $20 million of proceeds, so $43 million net for the quarter. I just want to confirm we're on the same page there.

首先，我想澄清一下有關 1 億美元處置淨額的資本支出指南的一些內容。因此，如果我看一下第一季度，這個數字將是 6300 萬美元的資本支出，然後是 2000 萬美元的收益，因此該季度的淨額為 4300 萬美元。我只是想確認我們意見一致。

Yes, that's correct, Marc.

是的，這是正確的，馬克。

Okay. Great. So then I guess the question is, if I take a look at that on an annual basis, the $100 million is kind of low by historical standards considering how large the business has become with M&A. I know the finance lease piece has grown as well. So maybe that's the difference in that the finance lease piece on a longer-term basis is just going to constitute a larger part of CapEx. But maybe as you look at it holistically over time, what should sort of the aggregation of CapEx, asset proceeds and finance leases be to run the business?

好的。偉大的。那麼我想問題是，如果我按年來看的話，考慮到併購後業務的規模，按照歷史標準來看，1 億美元有點低。我知道融資租賃業務也有所增長。因此，也許這就是區別，因為從長期來看，融資租賃部分將構成資本支出的很大一部分。但隨著時間的推移，也許當你從整體上看時，資本支出、資產收益和融資租賃的匯總應該是什麼樣子來運營業務呢？

Marc, it's a good question, right? I think when -- if you look at MasTec in its entirety and you compare us to our peer group, from a depreciation perspective, we probably run as high of depreciation as anybody. When you look at our original cost, PP&E and even our current PP&E values relative to our revenue, it's higher than most of the peer group. So I think we're in a great place relative to our fleet.

馬克，這是個好問題，對吧？我認為，如果你從整體上看 MasTec，並將我們與同行進行比較，從折舊的角度來看，我們的折舊率可能與任何人一樣高。當你看看我們的原始成本、PP&E，甚至我們當前的 PP&E 值相對於我們的收入時，你會發現它高於大多數同行。所以我認為相對於我們的機隊來說，我們處於一個很好的位置。

I think we've got a lot of flexibility relative to our fleet with what we want to do relative to kind of how that plays into our financials. So we've made, we've said it. We've made significant investments over the last couple of years to prepare ourselves to be in the position that we're in. I think it's time to start enjoying that and mining that equipment and put it all to work so we can get high utilizations and then make determinations on the balance of our CapEx relative to that.

我認為，相對於我們的機隊，我們有很大的靈活性，我們想要做什麼，相對於我們的財務狀況如何發揮作用。所以我們已經做到了，我們已經說過了。在過去的幾年裡，我們進行了大量投資，為我們所處的位置做好準備。我認為是時候開始享受這一點並挖掘該設備並將其全部投入使用，以便我們獲得高利用率然後確定我們相對於此的資本支出餘額。

But I think there isn't a company in the peer group with the size of fleet relative to us on a revenue basis or quite frankly, the amount of depreciation that's going through our books. So we actually think we need to rationalize that a little bit better and bring us more in line with other peers.

但我認為，在同行中，沒有一家公司的機隊規模與我們的收入相當，或者坦率地說，我們賬簿上的折舊金額與我們相當。因此，我們實際上認為我們需要更好地合理化這一點，並使我們與其他同行更加一致。

Okay. And maybe, Paul, just if you could, is the finance lease number in the first quarter of [$37 million] a good number to assume for the remainder of the year or any guidance on what we should assume for the year there?

好的。保羅，如果可以的話，也許第一季度的融資租賃數量 [3700 萬美元] 是一個適合今年剩餘時間的假設數字，或者對我們今年應該假設什麼有任何指導嗎？

Yes, that's a reasonable number. I think we've said before about $150 million is the expectation on the finance leases for the full year.

是的，這是一個合理的數字。我想我們之前說過，全年融資租賃的預期約為 1.5 億美元。

Next question will come from Avi with UBS.

下一個問題將由 Avi 和 UBS 提出。

Avi on for Steve Fisher. Just when we -- so when we think of the near-term potential for Power Delivery, you got the margins going to double digit to low teens. Just how much of that margin expansion would be from absorption at higher revenue levels versus some of the project mix you were talking about versus other operational improvements?

史蒂夫·費舍爾 (Steve Fisher) 的 Avi 已上線。就在我們——所以當我們考慮電力輸送的近期潛力時，你的利潤率將達到兩位數到十幾歲。與您所談論的一些項目組合相比，與其他運營改進相比，利潤率擴張到底有多少來自於更高收入水平的吸收？

Well, I think it's all of it. When we -- one of the points that we talked about earlier was margin dispersion, especially amongst that business because we've made a lot of acquisitions, right? I think it's much tighter than it's ever been since we've acquired those businesses. But -- and I think it's different, right? We don't necessarily operate as different units. We've tried to create geographical clusters where we can operate under one entity.

嗯，我想這就是全部了。當我們——我們之前討論的要點之一是利潤率分散，特別是在該業務中，因為我們進行了大量收購，對嗎？我認為自從我們收購這些業務以來，這比以往任何時候都更加緊張。但是——我認為這是不同的，對吧？我們不一定作為不同的單位運作。我們嘗試創建地理集群，讓我們能夠在一個實體的領導下開展業務。

But we still see a wide range of margins. And while that may not seem overly positive at first, we think that, that actually shows the opportunities for improvement in the business. So while margins aren't as dispersed, they still run anywhere on the low end from 6 to 12. And what that tells us is there's tremendous opportunities to continue to fix a number of those areas that need improvement.

但我們仍然看到了很大的利潤空間。雖然一開始這似乎不太積極，但我們認為，這實際上表明了業務改進的機會。因此，雖然利潤率沒有那麼分散，但它們仍然在 6 到 12 之間的低端運行。這告訴我們，有巨大的機會繼續修復一些需要改進的領域。

So I do think a portion of that comes from improvements in underperforming markets to this day. Again, although we're really satisfied with the progress that we've made. And I think that's only added by the change of project mix and the ability to grow revenues and absorb some of your fixed costs faster. So I think it's a combination of all. I don't think we only need to rely on new projects for margin expansion. I think there's margin expansion available to us both within our base business and then obviously with some of the newer opportunities.

所以我確實認為其中一部分來自於迄今為止表現不佳的市場的改善。再說一次，儘管我們對所取得的進展感到非常滿意。我認為，只有項目組合的變化以及增加收入和更快吸收部分固定成本的能力才能增加這一點。所以我認為這是所有因素的結合。我認為我們不僅僅需要依靠新項目來擴大利潤。我認為我們的基礎業務以及一些新的機會都可以實現利潤擴張。

Okay. Appreciate that. And then in terms of the near-term potential for the Oil and Gas segment, so you mentioned some of the fuels and carbon capture opportunities as being catalysts. So wondering if you could talk about what you're seeing in that part of the market? What would the scale of some of the projects that you're maybe starting to see the time line, who's developing these projects? Just any kind of color you might have.

好的。感謝。然後就石油和天然氣領域的近期潛力而言，您提到了一些燃料和碳捕獲機會作為催化劑。想知道您是否可以談談您在這部分市場中看到的情況？您可能開始看到的一些項目的規模是多少，誰在開發這些項目？任何你可能擁有的顏色都可以。

Well, I think there's a lot of activity on multiple fronts. I still think we're hopeful that we start seeing those projects in '24 and activity starts in '24. We've been in very prolonged discussions with a number of players. We're -- one of our hesitations and talking about it a lot more publicly is just having strong assurances of when those projects will start. But I think over the coming quarters, you're going to hear us talk a lot more about that.

嗯，我認為在多個方面都有很多活動。我仍然認為我們希望在 24 年開始看到這些項目，並在 24 年開始活動。我們與許多玩家進行了很長時間的討論。我們的猶豫之一是，我們更公開地談論這個問題，只是對這些項目何時啟動有強有力的保證。但我認為在接下來的幾個季度裡，你會聽到我們更多地談論這個問題。

Our last question will come from Sean Eastman with KeyBanc.

我們的最後一個問題將由 KeyBanc 的 Sean Eastman 提出。

I just wanted to come back to the Communications outlook. Maybe just through the lens of the bridge to the $4 billion kind of near-term potential. Just so I understand it, is the message that it's really largely the rural broadband opportunity that bridges us to that number? Or help me understand exactly what you guys are trying to communicate there?

我只是想回到通信前景。也許只是通過橋樑的鏡頭就能看到 40 億美元的近期潛力。據我了解，這是否意味著農村寬帶機會確實將我們帶到了這個數字？或者幫助我準確理解你們想要在那里溝通的內容？

Well, I would argue that we kind of put that out a while ago, just to give a pathway to how we achieve $15 billion of revenue. I mean the reality is, as we performed, that bridge is kind of small now. So we do $3.6 billion this year in revenue and comps to get to $4 billion is just 10% growth. The reality is that that's not by any stretch of imagination aggressive. So that's probably not the right midterm goal for us anymore. It's probably a lot larger.

嗯，我認為我們不久前就推出了這個，只是為了為我們如何實現 150 億美元的收入提供一條途徑。我的意思是，現實是，正如我們所表演的，那座橋現在有點小。因此，我們今年的收入為 36 億美元，而達到 40 億美元僅增長 10%。現實情況是，這並不具有攻擊性。因此，這可能不再是我們正確的中期目標。它可能要大得多。

With that said, we don't -- that type of growth should actually come naturally from all components of the business, right? The entire business should be lifting at roughly a rate close to that. So I think, again, it's probably a very conservative target that we're laying out there as a goal.

話雖如此，我們並不認為——這種類型的增長實際上應該來自業務的所有組成部分，對嗎？整個業務的增長速度應該大致接近這個水平。所以我再次認為，我們設定的目標可能是一個非常保守的目標。

Okay. Got you. And maybe just in closing, a high level one. If -- through last year, we were kind of framing 2022 as a transition year, how would you want the Street to characterize 2023 for MasTec?

好的。明白你了。也許就在結束時，這是一場高水平的比賽。如果去年我們將 2022 年定為過渡年，您希望華爾街如何為 MasTec 描述 2023 年？

Well, I think '22 was a transformative year for MasTec as we radically changed the look and the feel of the business and the size that we were in the different markets. I think 2023 is going to be a -- it's, in my mind, still somewhat of a transition year, but more of an earnings transition year. So I think the earnings power that you'll start seeing coming through the business in the second quarter and then further augmented in Q3 and Q4 is going to give people the right look and the outlook of what the potential for MasTec is long term.

嗯，我認為 22 年對於 MasTec 來說是變革的一年，因為我們從根本上改變了業務的外觀和感覺以及我們在不同市場的規模。我認為 2023 年將是——在我看來，這仍然是一個轉型年，但更多的是一個盈利轉型年。因此，我認為您將在第二季度開始看到該業務的盈利能力，然後在第三季度和第四季度進一步增強，這將使人們對 MasTec 的長期潛力有正確的看法和前景。

While it will still be somewhat of a seasonal business from quarter-to-quarter, I think the second half performance of '23 is going to give great color to what this business can do on a full year basis in 2024. And I think that will show a radically different MasTec than the one that you see today.

雖然從季度到季度來看，它仍然是一個季節性業務，但我認為 23 年下半年的業績將為該業務在 2024 年全年的表現增添色彩。我認為將展示一款與您今天看到的完全不同的 MasTec。

There are no further questions in the queue, that does conclude our question-and-answer session for today. I would now like to turn the call back over to Jose Mas for any additional or closing remarks.

隊列中沒有其他問題，今天的問答環節到此結束。我現在想將電話轉回何塞·馬斯，請他發表補充或結束語。

Just want to thank everybody for their interest and participating today, and we look forward to updating everybody on our second quarter call. Thank you. Talk soon.

只是想感謝大家今天的興趣和參與，我們期待著向大家通報第二季度電話會議的最新情況。謝謝。一會再聊。

With that, that does conclude today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。