MasTec Inc (MTZ) 2023 Q2 法說會逐字稿

Welcome to MasTec's Second Quarter 2023 Earnings Conference Call, initially broadcasted on Friday, August 4, 2023. Let me remind participants that today's call is being recorded. At this time, I would 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 年第二季度收益電話會議，該電話會議最初於 2023 年 8 月 4 日星期五播出。讓我提醒與會者，今天的電話會議正在錄音。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, Jess. Good morning, everyone. Welcome to MasTec's second quarter 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，傑西。大家，早安。歡迎參加 MasTec 第二季度的電話會議。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、計劃和我們經營所在行業的預期趨勢。

These forward-looking statements are the company's expectations via the initial broadcast of this conference call and the company does not undertake to update these expectations based upon subsequent events or knowledge. Various risks, uncertainties and assumptions are detailed in our press release from yesterday and filings with the SEC. 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最初播出時的預期，公司不承諾根據後續事件或知識更新這些預期。我們昨天的新聞稿和向美國證券交易委員會提交的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 on this call. A reconciliation of any non-GAAP financial measures not reconciled in these comments to the most comparable GAAP financial measures can be found in our earnings press release.

在管理層今天的講話中，我們將討論昨天的新聞稿和支持計劃中協調的調整後的財務指標。此外，我們可能會在本次電話會議中使用某些非公認會計準則財務指標。這些評論中未調節的任何非公認會計準則財務指標與最具可比性的公認會計準則財務指標的調節可以在我們的收益新聞稿中找到。

Please note that we also have 2 documents associated with today's webcast on the Investors Events and Presentations page of our website at mastec.com. There is a companion document with information and analytics on the quarter just ended and a guidance summary to assist in developing your financial models going forward. Both PDF files were available for download.

請注意，我們在 mastec.com 網站的投資者活動和演示頁面上還提供了 2 份與今天網絡廣播相關的文件。還有一份配套文件，其中包含剛剛結束的季度的信息和分析以及指導摘要，以幫助您開發未來的財務模型。兩個 PDF 文件均可供下載。

With us today, we have Jose Mas, our CEO; and Paul Dimarco, Executive Vice President, CFO. The form of the call will be opening remarks and announcement by Jose, followed by a financial review from Paul. This discussion will be followed by a Q&A period, and we expect the call to last about an hour. We had an inline quarter with a slight beat, I had a lot of important things to talk about today, so I'd like to turn the call over to Jose so we can get going. Jose?

今天與我們在一起的有我們的首席執行官何塞·馬斯 (Jose Mas)；執行副總裁兼首席財務官 Paul Dimarco。電話會議的形式將是何塞的開幕致辭和宣布，隨後保羅將進行財務審查。討論結束後將進行問答，我們預計電話會議將持續大約一個小時。我們有一個稍微節拍的內聯季度，我今天有很多重要的事情要談，所以我想把電話轉給何塞，這樣我們就可以開始了。何塞？

Thanks, Marc. Good morning, and welcome to MasTec's 2023 Second Quarter Call. Today, I'll be reviewing our second quarter results as well as providing my outlook for the markets we serve.

謝謝，馬克。早上好，歡迎參加 MasTec 2023 年第二季度電話會議。今天，我將回顧我們第二季度的業績，並提供我對我們所服務的市場的展望。

First, some second quarter highlights. Revenue for the quarter was $2.874 billion, adjusted EBITDA was $255 million. Adjusted earnings per share was $0.89 and backlog at quarter end was $13.4 billion. In summary, EBITDA up $76 million with non-oil and gas EBITDA up 57% year-over-year. EPS was up 22% and revenue was up 25% year-over-year but about $125 million less than our previous expectations. EBITDA margins improved in every segment in the second quarter, and we expect strong second half performance despite some revenue challenges.

首先是第二季度的一些亮點。該季度收入為 28.74 億美元，調整後 EBITDA 為 2.55 億美元。調整後每股收益為 0.89 美元，季度末積壓訂單為 134 億美元。總之，EBITDA 增長了 7600 萬美元，其中非石油和天然氣 EBITDA 同比增長 57%。每股收益同比增長 22%，收入同比增長 25%，但比我們之前的預期少約 1.25 億美元。第二季度每個細分市場的 EBITDA 利潤率均有所改善，儘管存在一些收入挑戰，但我們預計下半年業績將強勁。

I'd like to highlight that our progression -- our margin progression story is greatly intact. And while the lower revenue guidance is having some margin impact on the second half of 2023, margins are generally in line with previous guidance and above 2022 second half performance. I think this is critical as you think about MasTec and our future. I'm highly confident that the goals we set out to show significant margin improvement, specifically in our Clean Energy and Infrastructure segment are proving out. Thus, our challenges in 2023 are predominantly due to revenue misses in some segments, offset by the expected second half revenue increases in our Oil and Gas segment. I'd like to cover our second half of 2023 revenue challenges in more detail.

我想強調的是，我們的進展——我們的利潤進展故事非常完整。雖然較低的收入指引對 2023 年下半年的利潤率產生了一些影響，但利潤率總體上與之前的指引一致，並高於 2022 年下半年的業績。我認為當您考慮 MasTec 和我們的未來時，這一點至關重要。我非常有信心，我們設定的顯著提高利潤率的目標，特別是在我們的清潔能源和基礎設施領域，正在得到證明。因此，我們 2023 年的挑戰主要是由於某些細分市場的收入未達標，但被我們石油和天然氣細分市場預計下半年收入的增長所抵消。我想更詳細地介紹我們 2023 年下半年的收入挑戰。

First, let me start with some high-level numbers. We still expect 2023 total company revenue growth to exceed 30%. If you exclude IEA from this calculation, so think of it as MasTec pre IEA, we're expected to grow 18% organically. There is about a 5% to 6% bump from the MVP pipeline in that number. So even excluding MVP, we expect double-digit organic full year total company revenue growth, albeit slightly lower than our previous expectations.

首先，讓我從一些高級數字開始。我們仍預計2023年公司總收入增速將超過30%。如果您將 IEA 排除在計算之外，那麼可以將其視為 IEA 之前的 MasTec，我們預計有機增長 18%。這個數字比 MVP 管道增加了大約 5% 到 6%。因此，即使排除 MVP，我們預計公司全年總收入將實現兩位數的有機增長，儘管略低於我們之前的預期。

Let me cover some segment revenue expectations in detail. In our Communications segment, we now expect 5% year-over-year revenue growth, with second half revenues flat to last year. The softness is predominantly in the wireless area where our customers are moderating their 2023 spend plans. We still expect wireline activity to increase about 20% over last year and see further opportunity in 2024 as large off-balance sheet deployment projects begin to generate revenues.

讓我詳細介紹一些細分市場的收入預期。在我們的通信部門，我們目前預計收入同比增長 5%，下半年收入與去年持平。疲軟主要出現在無線領域，我們的客戶正在調整他們的 2023 年支出計劃。我們仍然預計有線活動將比去年增加約 20%，並且隨著大型表外部署項目開始產生收入，我們將在 2024 年看到更多機會。

We believe the communications market continues to be strong with some short-term impact as our customers adjust to the economic and interest rate environment. Our Power Delivery revenue expectations are generally in line with previous expectations with slightly lower predicted storm revenue, which could quickly change. Our oil and gas revenue is expected to be about $2 billion or roughly a $500 million increase from previous expectations due to the restart of the MVP project.

我們相信，隨著我們的客戶適應經濟和利率環境，通信市場將繼續強勁，並帶來一些短期影響。我們的電力輸送收入預期總體上與之前的預期一致，預計風暴收入略低，但這一情況可能很快就會發生變化。由於 MVP 項目的重啟，我們的石油和天然氣收入預計約為 20 億美元，比之前的預期增加約 5 億美元。

Finally, I'd like to cover our Clean Energy & Infrastructure segment, where we are having the most significant revenue challenges. Again, let me start with some high-level numbers. We currently expect full year 2023 segment revenues of about $4.5 billion, with MasTec's Legacy Renewable and Infrastructure business contributing approximately $2.5 billion. This compares to $2 billion last year for our Legacy business or about 25% organic growth. IEA is now expected to generate approximately $2 billion of revenues in 2023 versus our original estimate of $2.5 billion and the $2.4 billion they generated for the full year of 2022. Thus, IEA has a negative organic growth of approximately 16% in 2023 or a $500 million decline versus our original expectation.

最後，我想談談我們的清潔能源和基礎設施領域，我們在該領域面臨著最重大的收入挑戰。再次，讓我從一些高級數字開始。我們目前預計 2023 年全年該部門收入約為 45 億美元，其中 MasTec 的傳統可再生能源和基礎設施業務貢獻約 25 億美元。相比之下，我們去年的傳統業務價值為 20 億美元，有機增長約為 25%。 IEA 目前預計 2023 年將產生約 20 億美元的收入，而我們最初估計為 25 億美元，2022 年全年為 24 億美元。因此，IEA 2023 年的有機負增長約為 16%，即 500 美元與我們最初的預期相比下降了100 萬。

So I'd like to cover IEA and our Clean Energy segment in some detail. Again, 2022 revenue for IEA was roughly $2.4 billion and our expectation for 2023 was for mid-single-digit revenue growth, knowing that the wind market would be softer offset by a growing solar market. The 2023 plan, which we vetted after acquisition was detailed by projects and customers. First and second quarter revenues tracked generally in line, but as the second quarter developed many of the projects that were supposed to start in the latter part of the second quarter and even into the third quarter, began getting pushed into later in 2023 or into 2024.

因此，我想詳細介紹一下國際能源署和我們的清潔能源部門。同樣，IEA 2022 年的收入約為 24 億美元，我們對 2023 年收入的預期是中個位數增長，因為我們知道風能市場將被不斷增長的太陽能市場所抵消。收購後我們審查的2023年計劃由項目和客戶詳細列出。第一季度和第二季度的收入總體上保持一致，但隨著第二季度的開發，許多本應在第二季度後半段甚至第三季度啟動的項目開始被推遲到2023 年晚些時候或2024 年。

As the year has played out, there has been a big difference in customers' ability to execute on their project pipeline. We knew that the project analysis would be very important in 2023. As evidenced by our legacy business is expected 25% organic growth this year, we think we did a really good job of understanding that in our Legacy business. While we're excited about the relationships IEA has and the demand they are seeing, we collectively misjudge IEA's second half of the year project pipeline risk and potential.

隨著這一年的過去，客戶執行項目的能力出現了很大差異。我們知道項目分析在 2023 年將非常重要。正如我們的傳統業務預計今年將實現 25% 的有機增長所證明的那樣，我們認為我們在理解我們的傳統業務中做得非常好。雖然我們對 IEA 的關係以及他們所看到的需求感到興奮，但我們集體錯誤地判斷了 IEA 今年下半年項目管道的風險和潛力。

It's also important to note that these aren't canceled projects rather deferred into future periods. While we're obviously very disappointed with this adjustment to guidance, we do still expect significant second half of the year revenue growth both at IEA and for our Clean Energy & Infrastructure segment. Segment revenue is expected to grow 48% in the second half versus the first half, albeit below our expectations. As we finish out 2023 and prepare for 2024, we believe we are bringing the right scrutiny to the IEA projects as we fill our 2024 pipeline and believe we will be much more consistent in our revenue predictability. Again, it's taken us time to both get to know the IEA customer base and the company's thought process around revenue expectations.

同樣重要的是要注意，這些不是取消的項目，而是推遲到未來的時期。雖然我們顯然對這一指導調整感到非常失望，但我們仍然預計 IEA 以及我們的清潔能源和基礎設施部門的收入將在今年下半年大幅增長。預計下半年該部門收入將較上半年增長 48%，儘管低於我們的預期。當我們結束 2023 年並為 2024 年做準備時，我們相信我們正在對 IEA 項目進行正確的審查，因為我們填補了 2024 年的管道，並相信我們的收入可預測性將更加一致。同樣，我們花了一些時間來了解 IEA 客戶群以及該公司圍繞收入預期的思維過程。

While we believe 2023 represented a unique set of challenges, MasTec's detailed review and risk assessment process will add a lot of value to IEA and it's ability to properly forecast revenue. We also believe that the industry is better prepared to deal with supply chain, interconnect and permitting issues going into 2024. Demand for our renewable services for 2024 is unprecedented. At the start of 2023, we strongly believe that one of our main goals and objectives of the year to drive shareholder value had to be our ability to show significant margin improvement in our Clean Energy and Infrastructure segment.

雖然我們認為 2023 年將面臨一系列獨特的挑戰，但 MasTec 的詳細審查和風險評估流程將為 IEA 及其正確預測收入的能力增加很多價值。我們還相信，到 2024 年，該行業已做好更好的準備來應對供應鏈、互聯和許可問題。2024 年對我們可再生能源服務的需求是前所未有的。在 2023 年初，我們堅信，今年推動股東價值的主要目標和目標之一必須是我們有能力在清潔能源和基礎設施領域實現顯著的利潤率改善。

I want to emphasize again that while we're disappointed with our revenue miss, we believe our margin goals in the second half of 2023 are unchanged. We expect to achieve these goals without the cost absorption afforded by our previous revenue guidance. Thus, as our revenue increases into 2024 and we benefit from this operating leverage, we believe our ability to expand margins further actually improves.

我想再次強調，雖然我們對收入未達預期感到失望，但我們相信 2023 年下半年的利潤率目標不會改變。我們希望在不吸收我們之前的收入指導所提供的成本的情況下實現這些目標。因此，隨著我們的收入增加到 2024 年，並且我們從這種運營槓桿中受益，我們相信我們進一步擴大利潤率的能力實際上有所提高。

Moving to our Oil and Gas segment. We started remobilizing on to the Mountain Valley pipeline. While we had some starts and stops in the last month, we now expect to reach full capacity by the end of September. Since MVP wasn't originally contemplated in our year, we juggled lots of projects with customers and will ultimately have just under 4,000 people and over 1,100 pieces of equipment deployed on the project. In our guidance, we've assumed completion in 2024. We expect full year oil and gas revenues to approximate $2 billion or up about $500 million from previous guidance and we now expect 2024 to approximate similar revenue levels.

轉向我們的石油和天然氣部門。我們開始重新調動前往山谷管道。雖然我們在上個月有一些啟動和停止，但我們現在預計到 9 月底將達到滿負荷運行。由於我們當年並未考慮 MVP，因此我們與客戶一起處理了許多項目，最終在該項目上部署了不到 4,000 名員工和 1,100 多台設備。在我們的指導中，我們假設在 2024 年完成。我們預計全年石油和天然氣收入約為 20 億美元，比之前的指導增加約 5 億美元，我們現在預計 2024 年將接近類似的收入水平。

In our Communications segment, we continue to see strong wireline demand with some softness in short-term wireless spend. with continued federal dollars available for fiber and broadband expansion and funds beginning to be distributed through the state level, we continue to be very bullish about the long-term opportunities.

在我們的通信領域，我們繼續看到有線需求強勁，但短期無線支出有所疲軟。隨著聯邦資金持續用於光纖和寬帶擴張，並且資金開始通過州一級分配，我們仍然非常看好長期機會。

Finally, our Power Delivery segment is performing as expected. While we see some utilities managing capital budgets a little tighter, we continue to see strong demand. With the expected significant acceleration of renewable projects, we are seeing utilities and developers increased their demand for both new grid construction and upgrades.

最後，我們的電力輸送部門的表現符合預期。雖然我們看到一些公用事業公司管理資本預算有點緊張，但我們仍然看到強勁的需求。隨著可再生能源項目的預期顯著加速，我們看到公用事業公司和開發商對新電網建設和升級的需求增加。

To recap, we're pleased with our margin performance to date and expect continued progress through year-end. While we expect strong organic revenue growth for both full year and second half of 2023, we're disappointed we didn't manage our renewable revenue expectations better. We believe we've implemented the right process to ensure much better revenue predictability in the future, and we continue to be very excited about our future growth opportunities for 2024 and beyond.

總而言之，我們對迄今為止的利潤率表現感到滿意，並預計到年底將繼續取得進展。雖然我們預計 2023 年全年和下半年的有機收入將強勁增長，但我們對未能更好地管理可再生能源收入預期感到失望。我們相信，我們已經實施了正確的流程，可以確保未來更好的收入可預測性，並且我們仍然對 2024 年及以後的未來增長機會感到非常興奮。

I'd like to take this opportunity to thank the men and women of MasTec. I'm honored and privileged to lead such a great group. 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.

我想藉此機會感謝 MasTec 的工作人員。我很榮幸能夠領導這樣一個偉大的團隊。 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。

I will now turn the call over to Paul for our financial review. Paul?

我現在將把電話轉給保羅，以進行我們的財務審查。保羅？

Thank you, Jose, and good morning, everyone. Beginning with our second quarter results. Consolidated revenue was approximately $2.87 billion, below guidance by approximately $125 million. Despite lower revenue, we still generated adjusted EBITDA of $255 million and adjusted earnings per share of $0.89, both exceeding our estimates. Our quarterly revenue and adjusted EBITDA were both records for the second quarter. Our Communications segment performance was roughly in line with expectations at $869 million of revenue and $94 million of adjusted EBITDA or 10.8%. Adjusted EBITDA margin was up 310 basis points versus the first quarter and 40 basis points year-over-year.

謝謝你，何塞，大家早上好。從我們的第二季度業績開始。合併收入約為 28.7 億美元，比指導值低約 1.25 億美元。儘管收入下降，我們仍然產生了 2.55 億美元的調整後 EBITDA 和 0.89 美元的調整後每股收益，均超出了我們的預期。我們的季度收入和調整後 EBITDA 均創下第二季度的記錄。我們的通信部門業績大致符合預期，收入為 8.69 億美元，調整後 EBITDA 為 9,400 萬美元，即 10.8%。調整後 EBITDA 利潤率較第一季度增長 310 個基點，同比增長 40 個基點。

We did experience some revenue slowdown in the quarter as certain customers revised capital expenditure plans for the balance of 2023. Our Power Delivery segment was also in line with expectations with revenue of $703 million and adjusted EBITDA of $57 million or 8.2%. Adjusted EBITDA margin improved in this segment as well, up 130 basis points from Q1 and 70 basis points year-over-year. We continue to see positive performance trends from our integration efforts over the last year.

由於某些客戶修改了2023 年剩餘時間的資本支出計劃，我們確實在本季度經歷了一些收入放緩。我們的電力輸送部門也符合預期，收入為7.03 億美元，調整後EBITDA 為5700 萬美元，即8.2%。該細分市場的調整後 EBITDA 利潤率也有所改善，較第一季度提高 130 個基點，同比提高 70 個基點。我們繼續從去年的整合工作中看到積極的業績趨勢。

Our Oil & Gas segment had a strong quarter with revenue of $342 million and adjusted EBITDA of $77 million or 22.5% of revenue, significantly higher than our expectations of low double-digit adjusted EBITDA margins. Performance was driven by favorable developments related to project closeouts and strong execution on numerous projects. Second quarter clean energy revenue and adjusted EBITDA were both slightly below expectations, driven by delays in execution of certain projects. Revenue was $970 million, and adjusted EBITDA was $50 million or 5.1%. This represents approximately 400 basis point improvement versus Q1 and over 600 basis points improvement when compared to last year's second quarter.

我們的石油和天然氣部門季度表現強勁，收入為 3.42 億美元，調整後 EBITDA 為 7700 萬美元，佔收入的 22.5%，顯著高於我們對低兩位數調整後 EBITDA 利潤率的預期。業績是由項目收尾相關的有利發展和眾多項目的強有力執行推動的。由於某些項目執行的延遲，第二季度清潔能源收入和調整後的 EBITDA 均略低於預期。收入為 9.7 億美元，調整後 EBITDA 為 5,000 萬美元，即 5.1%。這意味著與第一季度相比提高了約 400 個基點，與去年第二季度相比提高了超過 600 個基點。

While pleased with the margin progression, there are a number of factors causing project start dates to slip putting pressure on the segment's anticipated results in the second half versus our prior expectations. Backlog for the second quarter was $13.4 billion, reflecting a 3% decline versus the first quarter's record level. The decline was driven by timing of contract execution in our Clean Energy segment, where backlog excludes projects totaling over $1.9 billion that we are currently working on under limited notices to proceed. For our policy, these contracts will be included in backlog once fully executed. Additionally, our Communications segment backlog is lower sequentially as we are expecting work from certain customers to slow in the back half of 2023.

儘管對利潤率進展感到滿意，但有許多因素導致項目啟動日期推遲，給該部門下半年的預期業績（與我們之前的預期相比）帶來壓力。第二季度的積壓訂單為 134 億美元，比第一季度的創紀錄水平下降了 3%。下降的原因是我們清潔能源部門的合同執行時間，該部門的積壓訂單不包括總金額超過 19 億美元的項目，這些項目是我們目前在有限通知下進行的項目。根據我們的政策，這些合同一旦完全執行，將被納入積壓訂單中。此外，我們的通信部門積壓訂單量環比下降，因為我們預計某些客戶的工作量將在 2023 年下半年放緩。

Q2 cash flow used by operations was $12 million, driven by higher levels of working capital investment to support revenue growth, partially offset by our DSO improvement in 90 days from 94 days at Q1. As stated last quarter, we expect DSO to return to the mid-80s over the course of 2023, and we expect further improvement in subsequent quarters. Net debt leverage was unchanged from Q1 at 3.5x pro forma for last year's acquisition of IEA. Liquidity for the second quarter remained strong at approximately $900 million.

第二季度運營使用的現金流量為1,200 萬美元，這是由較高水平的營運資本投資推動的，以支持收入增長，但部分被我們的DSO 從第一季度的94 天改善到90 天所抵消。正如上季度所述，我們預計 DSO 將在 2023 年恢復到 80 年代中期，並且預計後續幾個季度將進一步改善。去年收購 IEA 後，預計淨債務槓桿率為 3.5 倍，與第一季度持平。第二季度的流動性依然強勁，約為 9 億美元。

As reflected in our updated guidance, there have been a number of developments impacting our outlook for the second half of 2023. As Jose discussed, our Clean Energy segment experienced delays in project start dates due to several factors. Uncertainty around the inflation reduction act, supply chain issues, permitting delays and interconnection agreement lead times are all contributing to start date slips for our customers. To illustrate this impact, we now expect over $575 million of project activity originally planned for 2023 to shift into 2024 due to some combination of these factors. We believe our revenue outlook for the second half is appropriately conservative in light of these market developments, and we'll continue to closely monitor these items as we evaluate project timing going forward. We remain extremely confident in our outlook for 2024 and beyond.

正如我們更新的指引中所反映的，有許多事態發展影響了我們對 2023 年下半年的展望。正如 Jose 所討論的，由於多種因素，我們的清潔能源部門的項目啟動日期出現了延遲。通脹削減法案的不確定性、供應鏈問題、許可延誤和互連協議交付時間都導致了我們客戶的啟動日期推遲。為了說明這種影響，由於這些因素的綜合作用，我們現在預計原計劃於 2023 年進行的超過 5.75 億美元的項目活動將轉移到 2024 年。我們認為，鑑於這些市場發展，我們下半年的收入前景是適當保守的，我們將在評估未來項目時機時繼續密切關注這些項目。我們對 2024 年及以後的前景仍然充滿信心。

In our Communications segment, performance is impacted by reduced volume from certain customers who are moderating second half capital spend after a strong first half and continued higher costs in their overall supply chain. This is predominantly related to wireless construction services. Turning to the Oil and Gas segment. With the Mountain Valley pipeline now approved, we expect to be fully mobilized on this project next week, where we see a meaningful contribution to revenue in the second half, predominantly in Q3 before winter weather sets in.

在我們的通信部門，業績受到某些客戶數量減少的影響，這些客戶在經歷了上半年的強勁表現後，下半年資本支出有所減少，而且整個供應鏈的成本持續上升。這主要與無線施工服務有關。轉向石油和天然氣領域。隨著山谷管道現已獲得批准，我們預計下週將在該項目上充分動員起來，我們看到下半年對收入的有意義的貢獻，主要是在冬季天氣到來之前的第三季度。

Factoring in these developments, we now expect 2023 revenue to range from $12.75 billion to $13 billion, with adjusted EBITDA of $1.05 billion to $1.1 billion or 8.2% to 8.5% of revenue. We anticipate a meaningful shift in revenue mix with our oil and gas segment now expected to generate approximately $2 billion, an increase of $500 million versus our prior guidance. Adjusted EBITDA margins for this segment are still expected to be in the mid-teens. Second half revenue is largely driven by MVP, which is a lower risk cost plus contract at margins below segment average. We expect Clean Energy revenue of $4.4 billion to $4.6 billion in 2023, reflecting the previously mentioned project delays. This compares to our previous guidance of $5 billion. Adjusted EBITDA margins should remain in the mid-single digits. We expect communications to generate $3.4 billion to $3.5 billion with adjusted EBITDA margins in the low double digits. We anticipate some margin pressure versus prior guidance due to lowering operating leverage with lower revenue expectations.

考慮到這些發展，我們現在預計 2023 年收入範圍為 127.5 億美元至 130 億美元，調整後 EBITDA 為 10.5 億美元至 11 億美元，佔收入的 8.2% 至 8.5%。我們預計我們的石油和天然氣部門的收入結構將發生有意義的轉變，目前預計將產生約 20 億美元，比我們之前的指導增加 5 億美元。該部門調整後的 EBITDA 利潤率預計仍將在十幾歲左右。下半年收入主要由 MVP 推動，這是一種較低的風險成本加上利潤率低於細分市場平均水平的合同。我們預計 2023 年清潔能源收入為 44 億至 46 億美元，反映了前面提到的項目延遲。相比之下，我們之前的指導金額為 50 億美元。調整後的 EBITDA 利潤率應保持在中個位數。我們預計通信業務將產生 34 億至 35 億美元的收入，調整後的 EBITDA 利潤率為低兩位數。我們預計，由於運營槓桿率下降以及收入預期下降，與之前的指引相比，利潤率將面臨一些壓力。

Finally, 2023 Power Delivery segment revenue is expected to be $2.9 billion to $3 billion with high single-digit EBITDA margins. Introducing the lower range for revenue takes into account the potential for less emergency restoration services than we performed in 2022. We also revised our 2023 adjusted earnings per share guidance to range from $3.75 to $4.19. In addition to our adjusted EBITDA update, the revised adjusted EPS guidance is impacted by higher expected depreciation expense due to equipment required for the Mountain Valley Pipeline and a small asset purchase we completed in Q2.

最後，2023 年電力輸送部門的收入預計為 29 億至 30 億美元，EBITDA 利潤率高達個位數。引入較低的收入範圍是考慮到緊急恢復服務可能會比 2022 年減少。我們還將 2023 年調整後每股收益指引從 3.75 美元修改為 4.19 美元。除了我們調整後的 EBITDA 更新外，修訂後的調整後每股收益指引還受到山谷管道所需設備和我們在第二季度完成的小額資產購買導致的預期折舊費用較高的影響。

Interest expense is also expected to be higher due to sustained higher rates and timing of cash flow. We now expect full year interest expense of $220 million to $225 million and depreciation of $436 million. For the third quarter, we expect revenue of $3.75 billion to $3.85 billion and adjusted EBITDA of $360 million to $390 million or 9.6% to 10.1% of revenue. This equates to approximately 50% year-over-year revenue and adjusted EBITDA growth. Adjusted earnings per share is expected to range from $1.85 to $2.13.

由於利率和現金流持續走高，預計利息支出也會增加。我們現在預計全年利息支出為 2.2 億至 2.25 億美元，折舊為 4.36 億美元。我們預計第三季度營收為 37.5 億美元至 38.5 億美元，調整後 EBITDA 為 3.6 億美元至 3.9 億美元，佔營收的 9.6% 至 10.1%。這相當於收入和調整後 EBITDA 同比增長約 50%。調整後每股收益預計為 1.85 美元至 2.13 美元。

Looking at our third quarter expected segment performance. Our Communications segment revenue is expected to be flat with the second quarter, approximating $870 million, with adjusted EBITDA margin slightly higher than Q2. We anticipate that third quarter Clean Energy segment revenue will approximate $1.3 million to $1.4 million with adjusted EBITDA margins in the mid-single-digit range. Our expected margin for Q3 reflects improved operating leverage as our revenue ramps, but also some inefficiencies and carrying costs for the delayed project starts previously mentioned. Third quarter Power Delivery revenue should approximate $750 million with low double-digit adjusted EBITDA margins, slightly below last year's strong third quarter.

看看我們第三季度的預期部門業績。我們的通信部門收入預計與第二季度持平，約為 8.7 億美元，調整後 EBITDA 利潤率略高於第二季度。我們預計第三季度清潔能源部門的收入將約為 130 萬至 140 萬美元，調整後的 EBITDA 利潤率將在中個位數範圍內。我們對第三季度的預期利潤率反映了隨著我們的收入增加而改善的運營槓桿，但也反映了前面提到的延遲項目啟動帶來的一些低效率和持有成本。第三季度電力輸送收入應約為 7.5 億美元，調整後 EBITDA 利潤率為低兩位數，略低於去年強勁的第三季度。

Oil and Gas segment revenue for Q3 is expected to approximate $850 million with adjusted EBITDA margins in the mid-teens, lower than previous forecast, reflecting the cost-plus structure of our work on MVP in the quarter. Finally, corporate expenses are expected to again approximate to 100 basis points of Q3 revenue. We continue to expect to generate cash from operations of approximately $550 million in 2023, with net cash CapEx of approximately $100 million. We still expect year-end 2023 net debt leverage to be in the low 2x.

第三季度石油和天然氣部門的收入預計約為 8.5 億美元，調整後的 EBITDA 利潤率在十幾歲左右，低於之前的預測，反映了我們本季度 MVP 工作的成本加成結構。最後，預計企業支出將再次接近第三季度收入的 100 個基點。我們仍然預計 2023 年運營產生的現金約為 5.5 億美元，淨現金資本支出約為 1 億美元。我們仍然預計 2023 年底淨債務槓桿率將處於較低的 2 倍水平。

Lastly, as Mark mentioned, we have posted a guidance fact sheet to the Investor Relations section of our website. That summarizes these comments and provides detail and additional assumptions for modeling purposes. I'll now turn the call over to the operator for Q&A.

最後，正如馬克提到的，我們已在我們網站的投資者關係部分發布了指導情況說明書。它總結了這些評論並提供了用於建模目的的詳細信息和附加假設。我現在將把電話轉給接線員進行問答。

(Operator Instructions) Our first question comes from Alex Rygiel with B. Riley.

（操作員說明）我們的第一個問題來自 Alex Rygiel 和 B. Riley。

Good morning, gentlemen, nice quarter. A couple of quick questions here. First, as it relates to the $1.9 billion of new awards that are pending, what segment is that in? What's the timing? And is any of that in your 2023 guidance?

早上好，先生們，美好的季度。這裡有幾個簡單的問題。首先，由於它涉及懸而未決的 19 億美元新獎項，它屬於哪個部分？時間是什麼時候？您的 2023 年指導中有這些內容嗎？

Yes. So to be clear, right, that is specifically renewable projects in our Clean Energy and Infrastructure business. So it's only renewable projects. And the reason we thought that number was important is to give, obviously, what the revenue mix, it's to give comfort around what we're seeing, how we're seeing it and why we're so bullish on the future growth of the business. So of the $1.9 billion, it will not all be in '24, right? Some of those projects will extend beyond 2024. And I actually don't believe any of that $1.9 billion is currently in our second half projections for 2023.

是的。需要明確的是，這就是我們清潔能源和基礎設施業務中的可再生能源項目。所以這只是可再生能源項目。我們認為這個數字很重要的原因是，顯然，它給出了收入組合，這是為了讓我們對所看到的、我們如何看待它以及為什麼我們如此看好未來的增長感到安慰。商業。那麼 19 億美元中不會全部都在 24 年，對嗎？其中一些項目將延續到 2024 年之後。實際上，我認為目前我們對 2023 年下半年的預測並不包括這 19 億美元中的任何一個。

And then secondly, your oil and gas directional guidance for 2024 revenue. It sounded like it was $2 billion, which would be flat to 2023, but your 2023 includes MVP, which is a pretty quick burn project. So I guess my question here is, what's the visibility on the backfill to MVP in 2024 that gives you so much confidence that we see oil and gas flattish in 2024?

其次，您對 2024 年石油和天然氣收入的方向指導。聽起來好像是 20 億美元，到 2023 年將持平，但 2023 年包括 MVP，這是一個相當快速燒錢的項目。所以我想我的問題是，2024 年 MVP 回填的可見性如何，讓您對我們看到 2024 年石油和天然氣持平有如此大的信心？

We agree with you, Alex. We purposely said it because we think it's a very bullish statement on the segment. Our visibility is excellent. We have a -- most of that work secured, although not -- maybe not all in backlog, but a lot of it is secure. So we feel really good about entering '24. We always knew MVP would hit at a certain point in time, and it would impact a given year, and we were always worried about what the next year comp would be relative to that project. And I think the way it's playing out is we're going to do a great job of maintaining the segment revenues despite having a project that has such a big impact in a given year.

我們同意你的觀點，亞歷克斯。我們特意這樣說，因為我們認為這是對該領域非常樂觀的聲明。我們的能見度非常好。我們的大部分工作都是安全的，儘管不是全部都處於積壓狀態，但其中很多都是安全的。所以我們對進入 '24 感覺非常好。我們一直都知道 MVP 會在某個時間點出現，並且會影響特定年份，並且我們總是擔心明年的比較與該項目的關係。我認為，儘管有一個項目在某一年產生瞭如此大的影響，但我們將在維持部門收入方面做得很好。

Next question comes from Neil Mehta with Goldman Sachs.

下一個問題來自高盛的尼爾·梅塔。

Team, I wanted to start on the Clean Energy and Infrastructure, the $575 million that's getting pushed out to 2024. So can you give us some more granularity around what's driving the push outs on the ground? And then what's the confidence interval that does show up in 2024 and some of the issues that are showing in '23 do get addressed?

團隊，我想從清潔能源和基礎設施開始，這筆 5.75 億美元的資金將被推遲到 2024 年。那麼您能否給我們提供更多關於推動實際推進的因素的詳細信息？那麼 2024 年出現的置信區間是多少，23 年出現的一些問題確實得到了解決？

Yes. It's an excellent question, Neil. Good morning. I'd say a couple of things. One, as we think about 2024, there is a massive subset of projects available, right? There is incredible demand for the services. And I think one of the most important things that we have to do, right, as we did in our Legacy business this year, is identify those projects which we think have the highest likelihood of moving forward. In some cases, those $575 million, some of those projects will definitely be in there. But in some cases, some of those projects we may pass on, right? Because we may not have the high level of certainty that we need to be comfortable.

是的。這是一個很好的問題，尼爾。早上好。我想說幾件事。第一，當我們考慮 2024 年時，有大量可用的項目，對嗎？對服務的需求令人難以置信。我認為我們必須做的最重要的事情之一，就像我們今年在遺留業務中所做的那樣，就是確定那些我們認為最有可能推進的項目。在某些情況下，這 5.75 億美元中的一些項目肯定會在那裡。但在某些情況下，我們可能會放棄其中一些項目，對吧？因為我們可能沒有足夠的確定性來保持舒適。

With that said, many of those projects are in very late stages. So some of them we feel really, really good about. Some of them will start before year-end. So -- and I think there's a lot of different reasons. I think Paul laid out very well, some of the different things that are happening, but we're seeing everything from people trying to understand the rules around the inflation Reduction Act, right? Because it impacts the financials of the project, some developers more than others. I think we're definitely seeing haves and have nots, right? The people that have been in this business for a long time that have very predictable work that do a certain number of megawatts every year, have been more consistent in 2023. And some of the newer developers that are building projects that are more cyclical.

話雖如此，其中許多項目仍處於後期階段。所以我們對其中一些感覺非常非常好。其中一些將在年底前開始。所以——我認為有很多不同的原因。我認為保羅很好地闡述了正在發生的一些不同的事情，但我們看到了人們試圖理解《通貨膨脹削減法案》相關規則的一切，對嗎？因為它對項目的財務狀況有影響，所以一些開發商比其他開發商影響更大。我認為我們肯定會看到富人和窮人，對吧？那些在這個行業工作了很長時間的人，每年都會做一定數量的兆瓦工作，他們在 2023 年的表現更加穩定。而一些新的開發商正在建設更具週期性的項目。

And I think when we look at IEA's business, it was much more geared toward the latter part where MasTec's business was much more geared towards the prior type of customer. And I think managing that mix is going to be critically important. And again, I think there's a lot of work out there that allows you to properly manage that risk. And shame on us, we didn't do a good job of that in 2023.

我認為，當我們審視 IEA 的業務時，它更適合後者，而 MasTec 的業務則更適合前一類客戶。我認為管理這種組合至關重要。再說一遍，我認為有很多工作可以讓你正確管理這種風險。讓我們感到羞恥的是，我們在 2023 年沒有做得很好。

The follow-up is just around leverage. And I think you had indicated that there's a glide path to get to the low 2s from a leverage perspective. So just talk about balance sheet management and how you want to get -- where you want to get your debt to in the path to get there?

後續只是圍繞槓桿。我認為您已經指出，從槓桿角度來看，有一條下滑路徑可以達到低點 2。因此，只需談談資產負債表管理以及您希望如何實現這一目標——在實現這一目標的過程中，您希望將債務轉移到哪裡？

Sure, Neil. So a lot of it's from earnings growth, obviously. We've got a big appreciation to EBITDA in the back half of the year. But we do think we're going to be able to pay down a couple of hundred million dollars of debt through year-end as well, encapsulating the revenue growth that we see. So there's obviously some working capital investment required for that. But with the cadence of the year and our DSO and DPO being at the level they should be, it's -- we feel pretty confident about the ability to achieve that.

當然，尼爾。顯然，其中很大一部分來自盈利增長。今年下半年，我們的 EBITDA 大幅增長。但我們確實認為，到年底我們也將能夠償還幾億美元的債務，這體現了我們所看到的收入增長。因此，顯然需要一些營運資本投資。但隨著今年的節奏以及我們的 DSO 和 DPO 達到應有的水平，我們對實現這一目標的能力非常有信心。

We'll go to our next question from Andy Kaplowitz with Citigroup.

我們將回答花旗集團安迪·卡普洛維茨提出的下一個問題。

Jose, maybe you give us a little more color regarding what's happening to IEA, like just from the ground. Your large peer, you talked about hiring 3,000 people this quarter, which is a jump for them. Maybe talk about the workforce. Are you seeing any sort of unexpected attrition? And then give us more color in terms of wind versus solar? Is it really just all wind projects getting delayed? Obviously, there's been a lot of issues in the wind industry. So sort of what are you seeing there?

Jose，也許你可以給我們更多關於 IEA 發生的事情的信息，就像來自地面的信息一樣。你的大同行，你談到本季度招聘 3,000 名員工，這對他們來說是一個飛躍。也許談論勞動力。您是否看到任何意外的人員流失？然後給我們更多關於風能與太陽能的色彩？難道真的只是所有風電項目都被推遲了嗎？顯然，風電行業存在很多問題。那麼你在那裡看到了什麼？

I'd maybe backtrack a little bit and again, reemphasize some of the stuff we said in the prepared remarks. Last year, IEA did about just over $2.4 billion of revenue. Obviously, it was an acquisition that closed late in the year, a public company. We were able to really do a lot of deep dive on the planning process post acquisition, which for all intents and purposes was done by the time we bought them. And quite frankly, we feel good about their plan, right? We didn't have a lot of growth estimated in the plan. We knew that the wind business would be challenged in 2023. We knew the solar market was growing. They have a very good customer base that they have a lot of history for. I think historically, they had done an okay job of managing revenue expectations relative to reality, although they did have some issues in the past. .

我可能會一次又一次地回溯，重新強調我們在準備好的發言中所說的一些內容。去年，IEA 的收入略高於 24 億美元。顯然，這是一項於今年年底完成的收購，是一家上市公司。我們能夠真正對收購後的規劃流程進行大量深入研究，無論出於何種意圖和目的，這些都是在我們購買它們時完成的。坦白說，我們對他們的計劃感覺很好，對吧？我們的計劃中沒有預計太多的增長。我們知道風能業務將在 2023 年面臨挑戰。我們知道太陽能市場正在增長。他們擁有非常好的客戶群，並且擁有悠久的歷史。我認為從歷史上看，他們在管理相對於現實的收入預期方面做得不錯，儘管他們過去確實遇到了一些問題。 。

So we generally felt okay. We didn't get too aggressive around the plan. And again, first and second quarter were generally in line with what the expectations were. So as the year develops, there's no question that historically, they've been heavier on the wind side. They're also heavier on the union side, which adds another complexity to these type of projects and the ability to kind of move resources to other projects that are available. So we -- it's split. There's definitely a bigger hit to the wind business. Their wind revenue is down more than their solar revenue, but their solar revenue didn't grow at the level that it should in 2023 either, and it's because a lot of the projects they had slated to begin got pushed.

所以我們總體感覺還不錯。我們並沒有對這個計劃採取過於激進的態度。同樣，第一季度和第二季度總體符合預期。因此，隨著時間的推移，毫無疑問，從歷史上看，它們的風向越來越重。它們在聯盟方面也更重，這增加了此類項目的複雜性以及將資源轉移到其他可用項目的能力。所以我們——分裂了。風電業務肯定會受到更大的打擊。他們的風能收入下降幅度大於太陽能收入，但他們的太陽能收入也沒有達到 2023 年應有的水平，這是因為他們計劃啟動的許多項目都被推遲了。

So I think it's really about understanding where the customers were, understanding where the projects were, and then once you commit to a job, it's really hard to go secure another job because you've got your resources committed. And I think what we saw was a number of their customers begin to fall off without the -- in short order, the work is not available to remobilize those resources.

所以我認為這實際上是要了解客戶在哪裡，了解項目在哪裡，然後一旦你承諾了一份工作，就很難再找到另一份工作，因為你已經投入了你的資源。我認為我們看到的是，他們的許多客戶開始流失，而在短時間內，無法重新調動這些資源。

So to your question about our peers, look, there is absolutely no doubt that the industry right now, the demand is incredibly high. And the reason we wanted to kind of split Legacy versus IEA was to show you the success that we're having in our Legacy business, right? We have 25% organic growth in our Legacy business. So the market's there, right? These are unforced errors on our part that we need to fix. We're not worried about the go-forward potential of the market. It's about our ability to understand the projects, execute on them and plan better. And I think that's what we're all working very diligently to do.

所以對於你關於我們同行的問題，毫無疑問，這個行業現在的需求非常高。我們想要將 Legacy 與 IEA 分開的原因是為了向您展示我們在 Legacy 業務中所取得的成功，對嗎？我們的傳統業務實現了 25% 的有機增長。那麼市場就在那裡，對嗎？這些是我們需要修復的非受迫性錯誤。我們並不擔心市場的未來潛力。這是關於我們理解項目、執行項目和更好地規劃的能力。我認為這就是我們所有人都非常努力去做的事情。

Okay. That's helpful. And then just going over to telecom. You've obviously been bullish and you talked about customers adjusting CapEx. So maybe you can talk about what changed during the quarter for you? And moving forward, you didn't change your sort of near-term forecast for telecom, that $4 billion number, but would you say near term is pushed out and 2024 could be more challenged in telecom as well? Or maybe color there would be helpful.

好的。這很有幫助。然後就轉向電信。您顯然很樂觀，並且談到了客戶調整資本支出。那麼也許您可以談談本季度您發生了什麼變化？展望未來，您沒有改變對電信業的近期預測，即 40 億美元的數字，但您是否認為短期預測會被推遲，2024 年電信業也可能面臨更大的挑戰？或者也許顏色會有幫助。

Sure. So I think when we deep dive into that, right, the majority of what we're seeing in slowdown is only on the wireless side. The wireline business is extremely active. We think there's more than enough wireline business to execute solid growth for 2024, which is why we didn't change the near to midterm outlook. We think that wireless will come back. But at this moment in time, I think it's one of the few places that our larger customers have to adjust spend. And with the interest rate environment where it is, I think you're seeing slight tweak. So again, it's not a -- I think instead of growing high single digits to 10%, we're going to grow 5% for the year. So it's -- we're still growing in the business. We still have a strong second half, but it's slightly less than what our original expectation was.

當然。所以我認為，當我們深入研究這個問題時，我們看到的大部分放緩僅出現在無線方面。有線業務極為活躍。我們認為有足夠的有線業務來實現 2024 年的穩健增長，這就是我們沒有改變近中期前景的原因。我們認為無線將會回歸。但目前，我認為這是我們的大客戶必須調整支出的少數幾個地方之一。鑑於當前的利率環境，我認為您會看到輕微的調整。再說一次，我認為今年我們不會增長 10%，而是增長 5%。所以我們的業務仍在增長。下半場我們仍然表現強勁，但略低於我們最初的預期。

Our next question comes from Steven Fisher with UBS.

我們的下一個問題來自瑞銀集團的史蒂文·費舍爾。

Just want to follow up on the IEA integration. Can you just talk a little bit about the progression of the acquisition integration costs since the deal closed, what has each increment accomplished? And if there were to be another step up, what would it need to address because they've been kind of ramping up here, they're all kind of below the line, but I'm really also wondering what the cash impact of these integration costs are and how that's ramping and whether you've included that in your net $450 million of free cash flow?

只是想跟進 IEA 整合情況。您能否簡單談談自交易結束以來收購整合成本的進展情況，每次增量完成了什麼？如果要再進一步，需要解決什麼問題，因為它們在這裡一直在增加，它們都在底線以下，但我真的也想知道這些對現金的影響是什麼整合成本是多少？它是如何增加的？您是否已將其計入4.5 億美元的淨自由現金流中？

Yes, Steven, this is Paul. So the ramping down in the second half of the year. And to your second question, any severance or termination costs are factored in to the back half of the year guidance around acquisition integration expense. (inaudible) impact on cash flow was captured as well.

是的，史蒂文，這是保羅。所以下半年的增速會有所下降。對於第二個問題，任何遣散費或終止成本都將計入下半年有關收購整合費用的指導中。 （聽不清）對現金流的影響也被記錄下來。

Okay. So -- but it's all just -- you're finding that -- you keep raising it because you're just finding more -- kind of more layers of overhead that need to be cut. I'm just kind of curious why it's sort...

好的。所以——但這一切都只是——你發現——你不斷提高它，因為你只是發現更多——更多層的管理費用需要削減。我只是有點好奇為什麼會這樣……

No, no, sometimes it is the timing of -- Sometimes it's the timing of when it can be enacted, right? So savings on things like bringing them on to our insurance program, for example, right? It's something that has to be done at a renewal or termination of license agreements, things like that. So that's where there's some tail on it. But I think we've captured it all and do expect it to moderate into Q3 and into Q4.

不，不，有時是——有時是可以頒布的時機，對吧？因此，可以節省一些費用，例如讓他們加入我們的保險計劃，對嗎？這是在續籤或終止許可協議之類的事情時必須完成的事情。這就是它有尾巴的地方。但我認為我們已經抓住了這一切，並預計它會在第三季度和第四季度有所緩和。

And then to your -- I guess, the first thought, which was integration, we've spent an enormous amount of time, obviously, on integrating IEA, I think, again, when we look at the differences in terms of the performance of the 2 units, we've done a lot of combining, we think our go-to-market strategy today is far superior to what it was prior to the IEA transaction. We think that we're capturing all of the detail that we need to understand the customers, the projects. We're in deep negotiations with lots of customers over multiyear projects and long-term projects and labor availability and labor resources, the ability to commit those over a long period of time.

然後，我想，第一個想法是整合，顯然，我們花費了大量時間來整合 IEA，我想，再次，當我們考慮性能方面的差異時對於這兩個單位，我們做了很多合併，我們認為我們今天的上市策略遠遠優於IEA 交易之前的策略。我們認為我們正在捕獲了解客戶和項目所需的所有細節。我們正在與許多客戶就多年項目和長期項目以及勞動力可用性和勞動力資源以及長期承諾的能力進行深入談判。

So I think that understanding the market, positioning ourselves for '24 and beyond, putting the right team together to execute on all of this at a much more structured level, I think we're making really good progress on and I think over the next coming quarters, we'll talk a lot more about that.

因此，我認為，了解市場、為24 世紀及以後定位自己、將合適的團隊聚集在一起，以更加結構化的水平執行所有這一切，我認為我們正在取得非常好的進展，並且我認為在接下來的時間裡在接下來的幾個季度，我們將對此進行更多討論。

Okay. And if I could just follow up on the telecom side. I know, Jose, you just said that you expect the wireless business to come back, but in the meantime, a bit slower growth I guess, to what extent are you shifting your focus strategically from wireless to fiber and cable? I know you've kind of pursued some of the RDOF programs. Is that a strategic shift that you are making? And if so, kind of what else has to happen to support that shift in strategy?

好的。如果我能在電信方面跟進的話。我知道，何塞，您剛才說您預計無線業務會復蘇，但與此同時，我想增長會稍微慢一些，您在多大程度上將戰略重點從無線業務轉移到光纖和電纜業務？我知道您已經參與了一些 RDOF 項目。這是您正在做出的戰略轉變嗎？如果是這樣，還需要發生什麼來支持這種戰略轉變？

I don't think it's a shift. If you look at our year, this year, our wireline business will grow more than 20%. So we're having a really strong growth year there. Our business today is mixed. We're still incredibly bullish about wireless over the long term. We think it's a great business, albeit the growth has moderated a little bit for the second half of this year. When you think about how we all live and how we use devices and how attached we are to devices and the amount of data that goes through these devices, the need for wireless will always be there, the need to create more capacity on the wireless networks is going to continue to increase, and that's what we do, right?

我不認為這是一個轉變。如果你看我們今年的話，今年我們的固網業務將會增長20%以上。因此，我們今年的增長非常強勁。我們今天的業務好壞參半。從長遠來看，我們仍然非常看好無線技術。我們認為這是一項偉大的業務，儘管今年下半年的增長有所放緩。當您想到我們所有人的生活方式、我們如何使用設備、我們對設備的依賴程度以及通過這些設備的數據量時，對無線的需求將始終存在，需要在無線網絡上創建更多容量將會繼續增加，這就是我們所做的，對嗎？

So I'm very bullish in that market. I know we're unfortunately in uncertain economic times. Some of our larger customers which all of these companies are very large, might have some slight adjustments. We're not seeing it impact the wireline business as much as we're seeing it impact the wireless business. And at this moment in time, the wireline growth opportunity is greater, and we're going to take advantage of it, and we think we could have similar growth, if not better growth than '24 on the wireline side versus '23. So I think when we look at the full year opportunity for us in '24 versus '23, it's still somewhat unchanged.

所以我非常看好這個市場。我知道不幸的是我們正處於經濟不確定的時期。我們的一些較大客戶（所有這些公司都非常大）可能會有一些細微的調整。我們認為它對有線業務的影響不如對無線業務的影響那麼大。此時此刻，有線增長機會更大，我們將利用它，我們認為我們可以實現類似的增長，即使不是比 24 年有線方面的增長更好，也比 23 年更好。所以我認為，當我們看看 24 年與 23 年全年的機會時，它仍然有些變化。

Our next question comes from Justin Hauke with Robert W. Baird.

我們的下一個問題來自賈斯汀·豪克和羅伯特·W·貝爾德。

I guess I wanted to ask on the margin assumptions, but you guys don't give point estimates, you give ranges high single digit, mid-single digit, whatnot. And those aren't changed. You've got MVP coming in here in your highest margin business, and obviously, you're taking your margins down. So I guess I just wanted to clarify, is it each segment that you're assuming is kind of lower profitability than where you were? Or is there some type of concentration in 1 segment versus another one? Just maybe a little bit more help on the segment expectations?

我想我想問一下邊際假設，但你們不給出點估計，你們給出的範圍是高個位數、中個位數等等。這些都沒有改變。你的 MVP 出現在你利潤率最高的業務中，顯然，你正在降低你的利潤率。所以我想我只是想澄清一下，您認為每個細分市場的盈利能力都比您所在的行業低嗎？或者某個細分市場相對於另一細分市場是否存在某種類型的集中？也許對細分市場的期望有更多幫助？

Yes, Justin. So I'll take a stab at it and then I'll turn it over to Paul. I mean, just as it relates to MVP, right? MVP is a cost-plus job. It's not a unit job. So we've always talked about MVP having a lower margin profile than the balance of our oil and gas business. Again, we didn't expect that project to be in '23. So as that project executes out in '23, it will have a slight dilution to the margin of that segment.

是的，賈斯汀。所以我會嘗試一下，然後把它交給保羅。我的意思是，就像它與 MVP 相關一樣，對嗎？ MVP 是一項成本加成的工作。這不是單位工作。因此，我們一直在談論 MVP 的利潤率低於我們石油和天然氣業務的餘額。同樣，我們沒想到該項目會在 23 年完成。因此，隨著該項目在 23 年執行，該細分市場的利潤將略有稀釋。

Yes. And I would just add, I think there's probably from where we were previously, a little bit of pressure on communications, just with the lower operating leverage and a little bit of pressure versus our prior guidance on clean energy, still good improvement. But just with the lower volume we are going to be carrying some costs to deal with this workload as it comes in, right? In the foreseeable future. So still in that same range, but relative to where we thought they were at our Q1 guidance, slightly lower margins in those 2 segments.

是的。我想補充一點，我認為我們之前的情況可能會在溝通方面面臨一些壓力，只是運營槓桿較低，而且與我們之前對清潔能源的指導相比也有一點壓力，但仍然有很好的改進。但由於數量減少，我們將承擔一些成本來處理這種工作量，對嗎？在可預見的未來。因此，仍處於同一範圍內，但相對於我們認為的第一季度指導水平，這兩個細分市場的利潤率略低。

Okay. And I guess my follow-up, you've talked a lot about IEA. I wanted to ask actually about the Henkels acquisition, which I think had some legacy infrastructure projects in there that you guys have talked about, kind of working through and cleaning up. It looks like your kind of unbilled or kind of upticked a little bit in terms of what's on the balance sheet. I was just curious to know the status of those jobs and -- are there still charges that you're working through that are pressuring the margins at Henkel specifically?

好的。我想我的後續行動，你已經談論了很多關於國際能源署的事情。我實際上想問有關漢高收購的情況，我認為其中有一些你們已經討論過的遺留基礎設施項目，正在處理和清理。就資產負債表上的內容而言，看起來您的未開票或略有上升。我只是想知道這些工作的狀況——你們正在處理的指控是否仍然對漢高的利潤造成壓力？

Yes. So I think the industrial projects you're referring to, those weren't from Henkel's, those were projects from MasTec's Clean Energy segment, that we've been working on over the last year and a half or so. We're working through those projects. They're mostly complete. I think we're in various stages of negotiation with the customers on any closeout and claims that we have. And we feel very good about our positions and on those, and we look forward to having those behind us, hopefully by the end of Q3. From a performance perspective, they should all be complete.

是的。所以我認為你所指的工業項目不是來自漢高的，而是來自 MasTec 清潔能源部門的項目，我們在過去一年半左右的時間裡一直在致力於這些項目。我們正在研究這些項目。它們大多是完整的。我認為我們正處於與客戶就任何清倉和索賠進行談判的各個階段。我們對我們的立場和那些感覺非常好，我們期待著那些支持我們的人，希望在第三季度末。從性能的角度來看，它們應該都是完整的。

Our next question comes from Adam Thalhimer with Thomson Data.

我們的下一個問題來自 Thomson Data 的 Adam Thalhimer。

Jose, in your oil and gas outlook for next year, what's the nature of those jobs? Are those kind of traditional oil and gas jobs? Are we starting to get into some of the carbon capture?

何塞，在您對明年石油和天然氣的展望中，這些工作的性質是什麼？這些是傳統的石油和天然氣工作嗎？我們是否開始進行一些碳捕獲？

I think we'll be better prepared to talk about it over the course of the next couple of quarters. I think there's a lot available. I think our statements and the work that we've got currently booked is still around traditional -- the traditional work we've done. There are opportunities for alternative type of pipelines to be built starting as early as next year. So we're excited about that, and I think we'll be talking a lot more about that in the coming quarters. .

我認為我們將在接下來的幾個季度內做好更好的準備來討論這個問題。我認為有很多可用的。我認為我們的聲明和我們目前預訂的工作仍然圍繞著傳統——我們所做的傳統工作。最早從明年開始就有機會建造替代類型的管道。所以我們對此感到興奮，我認為我們將在未來幾個季度對此進行更多討論。 。

Okay. Fair enough. And then on Power Delivery, not much talk today. What kind of project activity are you seeing for that segment?

好的。很公平。然後是電力輸送，今天不多談。您認為該細分市場有哪些類型的項目活動？

I mean, look, we didn't talk a lot about it because it's kind of performing exactly as we expected for both the quarter and the year. To Justin's earlier question about Henkels and how we feel about the integration, I mean, we actually think that, that integration has gone really smoothly. We're kind of passed it. We've got a completely revamped business relative to how we're going to market. how we're executing on that. Tremendous opportunity in that business. I think we've positioned ourselves really well for future growth. And I think this was still a year where we were kind of trying to put everything together and it's working out as planned. And I think next year, we'll have an opportunity to show really nice growth in that business yet again.

我的意思是，看，我們沒有對此進行太多討論，因為它的表現完全符合我們對本季度和本年度的預期。對於賈斯汀之前關於漢高的問題以及我們對整合的看法，我的意思是，我們實際上認為整合進展得非常順利。我們已經通過了。相對於我們的營銷方式，我們已經徹底改造了業務。我們是如何執行的。那個行業有巨大的機會。我認為我們已經為未來的增長做好了充分的定位。我認為今年我們仍然在努力將所有事情整合在一起，並且一切都按計劃進行。我認為明年，我們將有機會再次展示該業務的良好增長。

Our next question comes from Jamie Cook with Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的傑米·庫克。

I guess 2 questions, Jose. One, 1 of your peers was talking about margins being weighed down by investment required ahead of some of these large projects that are going forward. So to what degree is the risk in 2024 that margins are weighed down by investment, understanding the longer-term margin potential is still fairly positive? And then my second question -- my second question is, I understand you don't really want to talk about 2024. But given the backlog that's out there and the growth prospects you see as we think about 2024, do you still expect earnings to be sort of more of a back-end loaded year? Or do you see opportunity for earnings to be, I guess, more normalized throughout the year versus just a back-end loaded year like the past 2 years?

我想有兩個問題，何塞。您的一位、一位同行正在談論一些正在進行的大型項目之前所需的投資，從而拖累了利潤率。那麼，2024 年利潤率受到投資拖累的風險有多大，了解長期利潤率潛力仍然相當積極？然後我的第二個問題——我的第二個問題是，我知道你真的不想談論2024 年。但是考慮到現有的積壓工作以及我們在考慮2024 年時看到的增長前景，你是否仍然期望收益更像是後端負載的一年？或者，我認為，與過去兩年那樣，只有後端負載的一年相比，您是否認為全年盈利會更加正常化？

All right, Jamie. So a lot there. Let me try to deconstruct it. So I think on -- from a margin story and the work that's available in '24 as business units, obviously, every type of work is different. When we're thinking about our renewable strategy and the work that we've done, obviously, IEA is coming off of a down year in '23 going into '24. We think they have a capacity to do a lot more without a lot of further investment. I think if you're looking at pure renewable projects, the investment required is substantially lower than if you're looking at large transmission projects. And as we think about our growth in '24, it's not necessarily going to be on the really large transmission side, it's going to be on more of the traditional renewable projects, which we think require less capital.

好吧，傑米。那裡有很多。讓我嘗試解構它。因此，我認為，從利潤故事和 24 年作為業務部門提供的工作來看，顯然每種類型的工作都是不同的。當我們思考我們的可再生能源戰略和我們所做的工作時，顯然，IEA 正在走出 23 年進入 24 年的低迷時期。我們認為他們有能力在不需要大量進一步投資的情況下做更多的事情。我認為，如果您正在考慮純可再生能源項目，則所需的投資遠低於您正在考慮大型輸電項目。當我們考慮 24 年的增長時，它不一定會出現在真正的大型輸電方面，而是會出現在更多傳統的可再生能源項目上，我們認為這些項目需要較少的資本。

So we don't think we have a -- our expectation isn't for us to have a margin deterioration as we're growing. We actually think we can manage through that and still improve margins in '24 relative to 2023, just based on the book of business that we're going after and the mix that we have. So we actually feel good about that.

因此，我們認為隨著我們的增長，我們的利潤率不會下降。實際上，我們認為我們可以克服這一問題，並且根據我們正在追求的業務記錄和我們擁有的組合，相對於 2023 年，我們仍然可以在 24 年提高利潤率。所以我們實際上對此感覺良好。

The second question, which is our earnings in 2024 back-end loaded? Or could we expect...

第二個問題，我們2024年後端加載的收益是多少？或者我們可以期待...

Yes, it's a good question. the beginning of '23 was relatively slow for us. So we actually think early '23 is going to be a good comp relative to what we'll see in '24. We have a lot of renewable projects that are starting -- or that have already started that are going to go well into '24. So I think we're going into '24 with a lot more activity in the early part of the year than we did '22 to '23. So I think you will not see -- we're always going to have a bigger second half of the year versus first half of the year because it's just the nature of our business. But I do think we're set up well for good comps in the first quarter of '24 versus the first quarter of '23.

是的，這是一個好問題。 23 年初對我們來說相對緩慢。所以我們實際上認為 23 年初相對於我們將在 24 年看到的情況來說將是一個很好的比較。我們有很多可再生能源項目正在啟動——或者已經啟動，並將順利進入 24 年。因此，我認為我們將在 24 年初開展比 22 至 23 年更多的活動。所以我認為你不會看到——我們下半年的業績總是會比上半年更大，因為這就是我們業務的本質。但我確實認為我們在 24 年第一季度與 23 年第一季度相比已經做好了良好的準備。

Jess, do we have any final question?

傑西，我們還有什麼問題嗎？

We do. Our final question comes from Sean Eastman with KeyBanc Capital Markets.

我們的確是。我們的最後一個問題來自 KeyBanc Capital Markets 的 Sean Eastman。

I just wanted to come back to the comment about the improved revenue predictability going into 2024 for the renewable operation. Maybe just a little bit more color there, Jose, in terms of beyond kind of the operating environment type stuff? What's been action there where the MasTec way has been implemented to help improve that predictability into next year? And to the extent you're comfortable, I mean maybe relative to this near-term potential $6 billion in revenue number, what is like a reasonable expectation for the revenue stacking up into next year?

我只是想回到關於 2024 年可再生能源業務收入可預測性提高的評論。何塞，也許在超出操作環境類型的東西方面有更多的色彩？實施 MasTec 方式的地方採取了哪些行動來幫助提高明年的可預測性？在您感到滿意的範圍內，我的意思是，相對於近期潛在的 60 億美元收入數字，對明年收入累積的合理預期是怎樣的？

So a couple of things, right? One is, again, we highlighted MasTec Legacy Clean Energy because it's just important to note the difference, right? I think we did a really good job this year of assessing risk relative to projects on the renewable side. I think we've taken all of that, and we've now implemented that at IAA. We've got 1 team that's kind of taken the lead on all project assessment going forward. Our own revenue, internal stacking based on projects and the viability of projects and what we think it's going to be.

有幾件事，對吧？一是，我們再次強調了 MasTec Legacy Clean Energy，因為註意到差異很重要，對吧？我認為今年我們在評估可再生能源方面項目的風險方面做得非常好。我認為我們已經採取了所有這些措施，並且現在已在 IAA 中實施了這些措施。我們有一個團隊在未來的所有項目評估中發揮帶頭作用。我們自己的收入、基於項目的內部堆疊以及項目的可行性以及我們對未來的預期。

I think you're going to see us be more conservative as we guide into '24 because we don't want to be in this position again. So we're -- there is no question that we will have significant growth in that segment in 2024 relative to 2023. I don't think you're going to see us guide to $6 billion, but I think you'll see us guide to a number that was higher than our original guide for 2023.

我想你會看到我們在進入 24 世紀時變得更加保守，因為我們不想再次處於這種境地。因此，毫無疑問，相對於 2023 年，我們在 2024 年該領域將實現顯著增長。我認為您不會看到我們達到 60 億美元，但我認為您會看到我們指南的數字高於我們最初的2023 年指南。

Okay. That's helpful. And then one for Paul. Just coming back to Steve Fisher's question. On the cash flow, how is it that the cash flow guidance is intact with the pretty significant reduction to the earnings guidance and the GAAP earnings guidance down quite a bit. Is it working capital has been tightened up? What's been the offset there to help you keep that number in play?

好的。這很有幫助。然後是保羅的一張。回到史蒂夫·費舍爾的問題。在現金流方面，現金流指引是否完好無損，盈利指引大幅下調，且 GAAP 盈利指引大幅下調。是不是營運資金收緊了？幫助你保持這個數字的補償是多少？

Yes. So I mean we're down on the range $50 million, right? I think a little bit lower revenue helps because there's less working capital investment. The cadence of the year helps. And I think we've had some conservatism built into the number based on the near-term DSO performance. And I think we're seeing really good momentum there across the company to improve those working capital metrics. So it's not a -- there's not an aggressive assumption set to get us to that level.

是的。所以我的意思是我們的預算減少了 5000 萬美元，對嗎？我認為收入降低一點會有所幫助，因為營運資本投資較少。今年的節奏有幫助。我認為，根據近期 DSO 的表現，我們在這個數字中加入了一些保守態度。我認為我們在整個公司看到了改善營運資本指標的良好勢頭。所以這不是——沒有一個激進的假設可以讓我們達到這個水平。

Okay. Got it. And then just last quick one. I mean, any color on what -- where you're achieving that success on the DSOs, where you're kind of capturing that slack in the working capital.

好的。知道了。然後是最後一個快點。我的意思是，任何顏色——你在 DSO 上取得了成功，你在哪裡抓住了營運資金的閒置。

Yes, some of it is mix. I mean the Clean Energy segment historically has -- traditionally has lower working capital requirements than some of our other businesses. And then there was a couple of pockets in communications that -- it got a little bit long in the queue than we've taken the opportunity with a little bit of volume slowdown to be more diligent with our customers around getting things built quickly, that we're getting paid more promptly as well.

是的，其中一些是混合的。我的意思是，清潔能源部門歷來比我們的其他一些業務的營運資本要求較低。然後還有一些溝通方面的問題——排隊的時間比我們抓住的機會稍微放慢一些，以便我們的客戶更加努力地快速構建產品，我們也能更及時地獲得報酬。

And maybe to that point, just to maybe even add a little more specificity to that. We added a lot of customers in the course of the last year in various segments, including our communications segment. And I think just understanding them and getting into the right cadence of how you build, how you get paid quicker, I think it's starting to show a lot of dividends, and that's part of what we're seeing today, which gives us a lot of confidence in the back end of the year.

也許到那時，只是為了增加一點具體性。去年，我們在各個領域增加了很多客戶，包括我們的通信領域。我認為只要理解它們並進入如何構建的正確節奏，如何更快地獲得報酬，我認為它開始顯示出很多紅利，這就是我們今天所看到的一部分，這給了我們很多對年底充滿信心。

That will conclude the Q&A session. I'll now turn it back to Mr. Jose Mas for any additional or closing comments.

問答環節到此結束。現在我將把它轉回何塞·馬斯先生以徵求任何補充或結束意見。

I just want to take the opportunity to thank everybody for participating, and we look forward to updating you on our third quarter call in a few months. Thanks for joining us.

我只是想藉此機會感謝大家的參與，我們期待在幾個月後向您通報我們第三季度電話會議的最新情況。感謝您加入我們。

Thank you. Ladies and gentlemen, that will conclude today's conference. We thank you for your participation. You may disconnect your phone line at this time.

謝謝。女士們、先生們，今天的會議到此結束。我們感謝您的參與。此時您可以斷開電話線。