MasTec Inc (MTZ) 2023 Q4 法說會逐字稿

Welcome to MasTec's Fourth Quarter 2023 Earnings Conference Call initially broadcast on Friday, March 1, 2024. 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 於 2024 年 3 月 1 日星期五首次播出的 2023 年第四季財報電話會議。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, Maddie, and good morning, everyone. Welcome to MasTec's fourth quarter call.

謝謝，麥迪，大家早安。歡迎參加 MasTec 第四季的電話會議。

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. These forward-looking statements are the company's expectations on the day of the initial broadcast of the call. And the company does not undertake to update these expectations based on subsequent events or knowledge.

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產業的預期趨勢。這些前瞻性陳述是公司在首次廣播電話會議當天的預期。且公司不承諾根據後續事件或知識更新這些預期。

Various risks, uncertainties and assumptions are detailed in our press releases 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 today.

我們的新聞稿和向 SEC 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，實際結果可能與今天這些通訊中明示或暗示的結果有顯著差異。

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 this 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 press release.

在管理層今天的演講中，我們將討論在昨天的新聞稿和支援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 today, we have two documents associated with the webcast on the Events & Presentations page of our website at mastec.com. There is a companion document with information and analytics about the quarter and year just ended and a guided summary for 2024 to assist you in developing your financial models going forward. Both PDF files are available for download.

請注意，今天，我們在 mastec.com 網站的「活動和演示」頁面上有兩份與網路廣播相關的文件。還有一份配套文件，其中包含有關剛結束的季度和年度的資訊和分析，以及 2024 年的指導摘要，以幫助您開發未來的財務模型。兩個 PDF 檔案均可下載。

With us today, we have Jose Mas, our Chief Executive Officer; and Paul Dimarco, EVP and Chief Financial Officer. The format of the call will be opening remarks and announcements by Jose, followed by a financial review from Paul. These discussions will be followed by a Q&A period, and we expect the call to last about 60 minutes.

今天與我們在一起的有我們的執行長何塞·馬斯 (Jose Mas)；以及執行副總裁兼財務長 Paul Dimarco。電話會議的形式將是何塞的開場致詞和公告，隨後保羅的財務回顧。這些討論之後將是問答期，我們預計電話會議將持續約 60 分鐘。

We had a nice quarter and a lot of important things to talk about today, so I'm going to go ahead and turn it over to Jose. Jose?

我們度過了一個美好的季度，今天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 Fourth Quarter and Year-End Call. Today, I'll be reviewing our fourth quarter and full year results as well as providing my outlook for 2024 and the markets we serve.

謝謝，馬克。早安，歡迎參加 MasTec 2023 年第四季和年終電話會議。今天，我將回顧我們的第四季度和全年業績，並提供 2024 年和我們服務的市場的展望。

First, some fourth quarter highlights. Revenue was $3.3 billion, a 9% year-over-year increase. Fourth quarter adjusted EBITDA was $231 million and fourth quarter adjusted EPS was $0.66.

首先是第四季的一些亮點。營收為 33 億美元，年增 9%。第四季調整後 EBITDA 為 2.31 億美元，第四季調整後每股收益為 0.66 美元。

For the full year, 2023 revenue was $12 billion, a 23% year-over-year increase. 2023 adjusted EBITDA was $860 million, a 10% year-over-year increase. 2023 full year adjusted earnings per share was $1.97. And full year cash flow from operations was $687 million. And net debt was reduced by $535 million since the first quarter.

2023年全年營收為120億美元，年增23%。 2023 年調整後 EBITDA 為 8.6 億美元，年增 10%。 2023 年全年調整後每股收益為 1.97 美元。全年營運現金流為 6.87 億美元。自第一季以來，淨債務減少了 5.35 億美元。

In summary, our fourth quarter performance was slightly better than our guidance with strong performance in our pipeline business and strong cash collections across the entire business. While we enjoyed year-over-year growth in both revenue and EBITDA, our performance was significantly below our original expectations.

總而言之，我們第四季的業績略好於我們的指導，我們的管道業務表現強勁，整個業務的現金回款也強勁。雖然我們的營收和 EBITDA 都實現了同比成長，但我們的業績卻大大低於我們最初的預期。

As we discussed in detail on our last call, we had a number of challenges related to the acquisition of IEA, coupled with moderated spending by customers in the second half of the year. While we expect some continued pressure in the early part of 2024, I'd like to walk through a number of positive developments that I believe will have a significant impact on our ability to grow both revenue and earnings and get back to our long-term targeted revenue goals.

正如我們在上次電話會議中詳細討論的那樣，我們面臨著與收購 IEA 相關的許多挑戰，以及下半年客戶支出的放緩。雖然我們預計 2024 年初會繼續面臨一些壓力，但我想介紹一些積極的進展，我相信這些進展將對我們增加收入和盈利以及恢復長期盈利的能力產生重大影響。有針對性的收入目標。

During the fourth quarter, in our Communications segment, we significantly expanded our relationship with our biggest wireless customer, AT&T. In addition to the maintenance contract we announced on our third quarter call, AT&T expanded both our scope and geographic territory on our core wireless work.

第四季度，在我們的通訊部門，我們顯著擴大了與最大的無線客戶 AT&T 的關係。除了我們在第三季電話會議上宣布的維護合約之外，AT&T 還擴大了我們核心無線工作的範圍和地理區域。

This expansion, coupled with their recent announcement of a complete swap-out of Nokia equipment to Ericsson equipment over a 5-year period, is expected to significantly increase our wireless business over the next few years. While we won't see the impact of this new award until the second half of 2024, this award alone should increase our 2025 segment revenues by double digits.

此次擴張，加上他們最近宣佈在 5 年內將諾基亞設備完全更換為愛立信設備，預計將在未來幾年顯著增加我們的無線業務。雖然我們要到 2024 年下半年才能看到這項新獎項的影響，但光是這項獎項就應該讓我們 2025 年的部門收入增加兩位數。

This, coupled with the continued demand for our wireline services, where we saw double-digit growth in 2023, and the expected impact of BEAD's funding, gives us great visibility for future years. We've invested heavily in our Communications segment. And we believe starting in the second half of 2024 and beyond, the benefit of these investments will be materialized with solid revenue growth and, more importantly, improved margins.

再加上對我們有線服務的持續需求（我們在 2023 年看到了兩位數的成長）以及 BEAD 資金的預期影響，使我們對未來幾年有了很大的了解。我們在通訊領域投入了大量資金。我們相信，從 2024 年下半年及以後開始，這些投資的效益將透過穩健的收入成長以及更重要的是利潤率的提高而實現。

Our Oil and Gas pipeline segment overperformed as revenue and EBITDA both came in higher than estimates. On our third quarter call, we guided pipeline revenues down with the same EBITDA dollars for 2024, resulting in higher margin expectation. This is due to the expected completion of the MVP project during the second quarter of 2024.

我們的石油和天然氣管道部門表現出色，收入和 EBITDA 均高於預期。在我們的第三季電話會議上，我們將 2024 年的 EBITDA 美元下調至相同的水平，從而導致更高的利潤率預期。這是因為 MVP 專案預計在 2024 年第二季完成。

While we're holding that guidance, we are very encouraged about the strength in this market. While backlog is down, demand is actually up considerably. We expect this segment to return to a more book-and-burn cadence as it relies less on larger projects.

雖然我們維持這項指引，但我們對這個市場的實力感到非常鼓舞。雖然積壓下降，但需求實際上大幅上升。我們預計該細分市場將回歸更多的預訂和銷毀節奏，因為它較少依賴大型專案。

We're also really encouraged about 2025 and beyond. Based on verbal awards and, obviously, based on project timings, we expect this business to grow in 2025. We had previously talked about a longer-term expectation of annual revenues in the range of $1.5 billion to $2 billion. We now expect long-term annual revenue to consistently be at or above the higher end of the range.

我們對 2025 年及以後的前景也感到非常鼓舞。根據口頭獎勵，顯然，根據專案時間安排，我們預計該業務將在 2025 年實現成長。我們之前曾討論過年收入在 15 億至 20 億美元範圍內的長期預期。我們現在預計長期年收入將持續處於或高於該範圍的高端。

Our Power Delivery business performed slightly above expectations in the fourth quarter and secured long-term extensions and expansions during the quarter with current key customers. Post quarter end, a negative rate case ruling in Illinois has impacted our customers in the state. Having a large presence in the area, we've moderated 2024 revenue expectations to be roughly flat to 2023. We're hopeful that this will be conservative but feel as prudent as we think about 2024 segment revenues.

我們的電力傳輸業務在第四季度的表現略高於預期，並在本季度與當前主要客戶實現了長期擴展和擴張。季度末後，伊利諾伊州的負利率案件裁決對該州的客戶產生了影響。由於在該地區擁有大量業務，我們已將 2024 年收入預期調整為與 2023 年大致持平。我們希望這將是保守的，但與我們考慮 2024 年部門收入時一樣謹慎。

Exelon, who owns one of the utilities in the state, has significantly cut capital expenditures for distribution spend in Illinois but has also announced increases in transmission spending in the state and increased CapEx outside of Illinois. We believe we are well positioned to participate in that growth but again have taken a conservative view until we have better clarity.

Exelon 擁有該州的一家公用事業公司，該公司大幅削減了伊利諾伊州配電支出的資本支出，但也宣布增加該州的輸電支出，並增加伊利諾伊州以外的資本支出。我們相信，我們有能力參與這一成長，但在我們更加清楚之前，我們再次採取保守的觀點。

While we've experienced some fluctuation in capital spending by different utilities in different geographic areas in the second half of 2023, some of which we continue to expect in early '24, there is no question about the need and commitment for significant capital spending on our nation's electrical infrastructure. Expectation for load growth is increasing across the country. And a number of utilities this quarter announced increases to their expected capital spending.

雖然我們在2023 年下半年經歷了不同地理區域的不同公用事業公司的資本支出出現了一些波動，其中一些我們在24 年初仍預計會出現這種波動，但毫無疑問，對重大資本支出的需求和承諾我們國家的電力基礎設施。全國各地對負荷成長的預期都在增加。本季許多公用事業公司宣布增加預期資本支出。

It's important to remember that in 2021, just 2 short years ago, MasTec's Power Delivery business generated $1 billion of revenue for the year. We closed out 2023 generating over $2.7 billion or nearly a threefold increase in revenue in just 2 years. With the integration efforts of the acquisitions in Power Delivery behind us, we believe we are better positioned than ever.

重要的是要記住，就在兩年前，2021 年，MasTec 的電力傳輸業務在當年創造了 10 億美元的收入。到 2023 年，我們的收入將超過 27 億美元，即在短短 2 年內收入增加了近三倍。隨著我們在電力傳輸領域的收購整合努力，我們相信我們比以往任何時候都處於更好的位置。

While the majority of our business is recurring MSA-driven, our project business has the greatest opportunity for growth. We are currently bidding on a number of very large projects, any one of which individually could grow the segment by double digits annually. After spending the last few years building out our platform geographically, we are really excited about this segment's future.

雖然我們的大部分業務都是由 MSA 驅動的，但我們的專案業務擁有最大的成長機會。我們目前正在競標許多非常大的項目，其中任何一個項目都可以使該細分市場每年實現兩位數的成長。在花了過去幾年的時間在地理上建立我們的平台之後，我們對該細分市場的未來感到非常興奮。

Finally, in our Clean Energy and Infrastructure segment, margins were in line with our expectations for the fourth quarter. We spent a lot of time on our last call talking about the issues and challenges we faced in 2023. I'd like to spend time today on 2024 and beyond and what we're seeing in the market. Today, we've guided segment revenues of $4.4 billion for 2024. This compares to about $4 billion in 2023.

最後，在我們的清潔能源和基礎設施部門，利潤率符合我們對第四季的預期。我們在上次電話會議上花了很多時間討論我們在 2023 年面臨的問題和挑戰。今天我想花一些時間討論 2024 年及以後的情況以及我們在市場上看到的情況。目前，我們預計 2024 年該部門的營收為 44 億美元。相較之下，2023 年的營收約為 40 億美元。

To add some color, our renewable revenue was budgeted by performing a bottoms-up project review. For example, we built an estimate of every project we've won or believe we will win and estimated a cadence of quarterly revenue. We took into account potential challenges and risks projects may face and took a conservative view. All this to say that our process for 2024 is significantly different and more conservative than last year.

為了增加一些色彩，我們的再生能源收入是透過執行自下而上的專案審查來預算的。例如，我們對我們已經贏得或相信我們會贏得的每個項目進行了估算，並估算了季度收入的節奏。我們考慮了專案可能面臨的潛在挑戰和風險，採取了保守的觀點。所有這些都表明，我們 2024 年的流程與去年有很大不同，而且更加保守。

While short-term challenges still exist, we strongly believe in the long-term fundamentals of this segment. The undeniable shift towards renewables and the cost-competitiveness they offer create significant opportunities for the market. We continue to believe that we have significant opportunities to grow revenue. And 2024 does not reflect the growth potential we expect to achieve.

儘管短期挑戰仍然存在，但我們堅信該領域的長期基本面。不可否認的是，向再生能源的轉變及其提供的成本競爭力為市場創造了巨大的機會。我們仍然相信我們有很大的機會增加收入。而 2024 年並沒有體現出我們預期實現的成長潛力。

For example, between what we've been awarded and expect to be awarded over the next 2 quarters, not only does it solidify 2024 revenue but actually carries over a similar amount of revenue into 2025. With continued strong demand, our growth potential in 2025 and beyond should help us achieve our original annual revenue goals for this segment.

例如，在我們已獲得的獎勵和預計在未來兩個季度獲得的獎勵之間，它不僅鞏固了2024 年的收入，而且實際上將類似數量的收入結轉至2025 年。由於需求持續強勁，我們在2025 年的成長潛力以及其他方面應該有助於我們實現該細分市場最初的年度收入目標。

In summary, while we know we've had our challenges, we are incredibly bullish about our ability to grow our business and build scale to deliver to our customers safe and cost-competitive solutions to help them meet their infrastructure needs. I strongly believe that the investments we've made in the last few years to build scale along our vertical offerings and position ourselves as a leader in the businesses we operate in will translate to not only strong levels of revenue growth but the ability to meaningfully improve margins.

總而言之，雖然我們知道我們面臨挑戰，但我們非常看好我們發展業務和擴大規模的能力，以便為客戶提供安全且具有成本競爭力的解決方案，幫助他們滿足基礎設施需求。我堅信，我們在過去幾年中為擴大垂直產品範圍並將自己定位為所經營業務的領導者而進行的投資不僅將轉化為強勁的收入增長水平，而且將轉化為有意義地改進的能力邊距。

I want to make sure I emphasize that thought. I truly believe that the most successful companies in our space are those that have the scale to meet our customers' demand. Our customers' projects have significantly increased in size and scope. And there is no question that our customers want to simplify and work with less partners.

我想確保我強調了這個想法。我深信，我們這個領域最成功的公司是那些有足夠規模來滿足客戶需求的公司。我們客戶的項目的規模和範圍顯著增加。毫無疑問，我們的客戶希望簡化工作並與更少的合作夥伴合作。

I believe that over the last few years, our biggest accomplishment has been to position ourselves as one of only a few partners that's viewed throughout our industry as a partner whose size and scale affords us capabilities to take on any project. While I'm proud of that accomplishment, I also understand the need for this advantageous positioning to be reflected in our financial results.

我相信，在過去的幾年裡，我們最大的成就是將自己定位為少數幾個被整個行業視為規模和規模使我們有能力承擔任何專案的合作夥伴之一。雖然我為這項成就感到自豪，但我也理解這種優勢定位需要反映在我們的財務表現中。

I'm optimistic that our results will show continued improvement throughout 2024. As we expect revenue to be more predictable and consistent, we are working and focusing on improving margins. While incremental revenue has a very positive impact on margins, as we reach our desired scale across our segments, it allows us to focus on maximizing efficiency. Again, I'm looking forward to the opportunities that 2024 and beyond bring and providing our stakeholders with better consistency in our performance.

我樂觀地認為，我們的業績將在 2024 年持續改善。由於我們預計收入將更加可預測和一致，因此我們正在努力並專注於提高利潤率。雖然增量收入對利潤率有非常積極的影響，但當我們在各個部門達到預期規模時，它使我們能夠專注於效率最大化。我再次期待 2024 年及以後帶來的機會，並為我們的利害關係人提供更好的績效一致性。

I'd like to take this opportunity to thank the men and women of MasTec. 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. I also know how competitive our people are and the desire they have to perform at a very high level. I know they're up for the task.

我想藉此機會感謝 MasTec 的工作人員。 MasTec 的員工致力於安全、環境管理、正直、誠實的價值觀，並為客戶提供最有價值的優質專案。我也知道我們的員工有多麼有競爭力，以及他們必須在很高水準上表現的願望。我知道他們已經做好了迎接任務的準備。

I'll 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？

Thanks, Jose, and good morning, everyone. Before I turn to the financial review, I wanted to provide color on some key developments for 2023 and financial initiatives going forward. Despite the disappointing financial performance and visibility we provided last year, we made significant progress on key areas of our integration in Power Delivery and Clean Energy.

謝謝，何塞，大家早安。在進行財務回顧之前，我想先介紹 2023 年的一些關鍵進展和未來的財務舉措。儘管我們去年的財務表現和知名度令人失望，但我們在電力傳輸和清潔能源整合的關鍵領域取得了重大進展。

In Power Delivery, we are deploying a regional operating model, consolidating leadership over our various companies in common geographies to drive efficiency and enhanced customer support. In Clean Energy, we are organizing this segment in the market sectors, namely renewables, infrastructure and industrial with the various components of our legacy business and IEA integrated to effectively deliver the full breadth of our operating capabilities to our customers.

在電力傳輸方面，我們正在部署區域營運模式，鞏固對共同地區各公司的領導地位，以提高效率並增強客戶支援。在清潔能源方面，我們正在市場領域組織這個細分市場，即可再生能源、基礎設施和工業，並將我們傳統業務和IEA 的各個組成部分整合起來，以有效地向客戶提供我們全方位的營運能力。

We are now focused on fully deploying consistent tools and processes across each segment to put all our teams in a position to excel. We are confident these strategic changes will enable us to capitalize on the robust long-term demand afforded by our end markets.

我們現在專注於在每個細分市場中全面部署一致的工具和流程，以使我們所有的團隊都能脫穎而出。我們相信，這些策略變化將使我們能夠利用終端市場提供的強勁長期需求。

From a financial perspective, we are keenly focused on capital allocation to ensure we are generating appropriate returns on the capital we deploy. As we look at investments for organic growth, we have enhanced our evaluation of capital expenditure allocations to drive higher utilization of owned equipment and operating profit. Coupled with our ongoing working capital initiatives, we expect to drive higher returns on invested capital and improve our strategic flexibility.

從財務角度來看，我們非常關注資本配置，以確保我們所部署的資本產生適當的回報。當我們著眼於有機成長的投資時，我們加強了對資本支出分配的評估，以提高自有設備的利用率和營業利潤。加上我們正在進行的營運資本計劃，我們預計將帶來更高的投資資本回報並提高我們的策略靈活性。

Now I will turn to our 2023 financial review. Fourth quarter revenue was $3.3 billion, in line with our guidance. And adjusted EBITDA was $231 million or 7.1%, exceeding guidance by approximately $10 million. Adjusted earnings per share was $0.66, exceeding guidance by $0.22, driven primarily by the adjusted EBITDA beat.

現在我將談談我們的 2023 年財務回顧。第四季營收為 33 億美元，符合我們的指引。調整後的 EBITDA 為 2.31 億美元，即 7.1%，比指導值高出約 1,000 萬美元。調整後每股收益為 0.66 美元，超出預期 0.22 美元，這主要是由於調整後 EBITDA 超出預期。

Accordingly, annual 2023 results followed suit. Revenue of $12 billion was in line with our guidance while adjusted EBITDA of $860 million and adjusted earnings per share of $1.97 both exceeded our annual guidance expectations.

因此，2023 年年度業績也隨之而來。 120 億美元的收入符合我們的指導預期，而調整後的 EBITDA 為 8.6 億美元，調整後的每股收益為 1.97 美元，均超出了我們的年度指導預期。

We generated almost $500 million of cash flow from operations in the fourth quarter, bringing the total for 2023 to $687 million. This exceeded guidance by almost $300 million, driven by a significant improvement in DSO, which at 74 days was down 11 days sequentially from the third quarter.

第四季我們的營運產生了近 5 億美元的現金流，使 2023 年的現金流總額達到 6.87 億美元。這超出了指導價值近 3 億美元，這得益於 DSO 的顯著改善，DSO 為 74 天，比第三季度連續下降了 11 天。

Our liquidity remained very strong at $1.6 billion. Cash flow generation has been a key area of focus for MasTec. And we are very pleased with the efforts displayed across the company to achieve these results. Our strong cash flow performance resulted in net debt at year-end of $2.5 billion, a $315 million reduction year-over-year and puts net leverage at 2.9x.

我們的流動性仍然非常強勁，達到 16 億美元。現金流產生一直是 MasTec 關注的重點領域。我們對整個公司為實現這些成果所做的努力感到非常高興。我們強勁的現金流表現導致年末淨債務為 25 億美元，年減 3.15 億美元，淨槓桿率為 2.9 倍。

18-month backlog at year-end totaled $12.4 billion with sequential growth in each segment, excluding Oil and Gas pipeline due to the significant work performed on MVP in Q4. I'll cover more details on the individual segments shortly.

截至年底，18 個月的積壓訂單總額為 124 億美元，每個細分市場均較上季成長，不包括石油和天然氣管道，因為第四季 MVP 方面開展了大量工作。我將很快介紹各個部分的更多細節。

Turning now to the segment performance and expectations. Fourth quarter Communications revenue was $760 million with an adjusted EBITDA margin of 7.6%, both in line with guidance. Annual 2023 Communications segment revenue was $3.26 billion, flat year-over-year, with adjusted EBITDA margins declining 140 basis points to 8.9%. As we discussed last quarter, the reduction in second half volume had a negative impact on operating leverage and margins.

現在轉向該部門的業績和預期。第四季通訊營收為 7.6 億美元，調整後 EBITDA 利潤率為 7.6%，均符合預期。 2023 年通訊部門全年營收為 32.6 億美元，較去年同期持平，調整後 EBITDA 利潤率下降 140 個基點至 8.9%。正如我們上季度討論的那樣，下半年銷售的減少對營運槓桿和利潤率產生了負面影響。

Our outlook for this segment continues to improve, particularly on the wireless front, where AT&T has revised its long-term build plan and is consolidating its vendor base to drive efficiency. We expect to begin realizing the benefits of these consolidations in the second half of 2024 and be fully ramped in 2025.

我們對該細分市場的前景持續改善，特別是在無線方面，AT&T 已修改其長期建設計劃，並正在鞏固其供應商基礎以提高效率。我們預計將在 2024 年下半年開始實現這些整合的好處，並在 2025 年全面推廣。

Based on preliminary estimates, these developments should drive 10%-plus revenue growth in the segment. You can see these benefits begin to come through in the segment backlog, which grew by approximately $325 million versus Q3. We anticipate that Communications segment annual 2024 revenue will approximate $3.5 billion with adjusted EBITDA margin improving 50 to 60 basis points year-over-year.

根據初步估計，這些發展應會推動該領域 10% 以上的收入成長。您可以看到這些優勢開始在細分市場積壓訂單中顯現出來，與第三季相比增長了約 3.25 億美元。我們預計通訊部門 2024 年的年度營收將約為 35 億美元，調整後的 EBITDA 利潤率將年增 50 至 60 個基點。

Q1 revenue is expected to be $700 million with adjusted EBITDA margins in the mid-single-digit range. Q1 guidance reflects historical trends of a modest decline in volume sequentially from the fourth quarter as well as potential short-term disruption from the realignments in our wireless business. We expect year-over-year growth in the segment for each subsequent quarter of 2024.

第一季營收預計為 7 億美元，調整後 EBITDA 利潤率在中個位數範圍內。第一季指引反映了第四季銷售連續小幅下降的歷史趨勢，以及無線業務重組可能帶來的短期幹擾。我們預計 2024 年後續每季該細分市場都會出現年增率。

Fourth quarter Clean Energy and Infrastructure segment revenue was $1.1 billion, slightly below our guidance, with adjusted EBITDA margin of 4.8%. Full year segment revenue was approximately $4 billion with adjusted EBITDA margin of 4.3%. Backlog for this segment was up slightly from Q3 to $3.1 billion. Of note, year-end backlog includes a reduction in our industrial sector of $200 million due to the previously discussed indefinite pause of construction on the Rochester Hub project.

第四季清潔能源和基礎設施部門營收為 11 億美元，略低於我們的指導，調整後 EBITDA 利潤率為 4.8%。全年部門營收約 40 億美元，調整後 EBITDA 利潤率為 4.3%。該領域的積壓訂單較第三季略有增加，達到 31 億美元。值得注意的是，由於先前討論過無限期暫停羅徹斯特樞紐項目的建設，年底積壓訂單包括我們工業部門的 2 億美元減少。

For 2024, we expect Clean Energy segment revenue to approximate $4.4 billion, representing low double-digit growth. Adjusted EBITDA margins are expected to be in the mid-single digits with at least 100 basis point improvement versus 2023. Q1 revenue is expected to be $775 million, showing a slight contraction versus 2023 due to timing of project burn. We currently expect adjusted EBITDA margins to remain in the low single digits with modest margin expansion versus last year.

到 2024 年，我們預計清潔能源部門的營收約為 44 億美元，呈現兩位數的低成長。調整後的EBITDA 利潤率預計將達到中個位數，與2023 年相比至少提高100 個基點。第一季收入預計為7.75 億美元，由於項目燒毀的時間安排，與2023 年相比略有收縮。我們目前預計調整後的 EBITDA 利潤率將維持在較低的個位數，且利潤率較去年略有成長。

Fourth quarter pipeline segment revenue was $800 million with adjusted EBITDA margins of 11.9%. We had good production on a number of fronts, leading to higher adjusted EBITDA margins than anticipated. Annual segment revenue was just shy of $2.1 billion with adjusted EBITDA margins of 13.7%.

第四季管道部門營收為 8 億美元，調整後 EBITDA 利潤率為 11.9%。我們在許多方面都有良好的生產，導致調整後的 EBITDA 利潤率高於預期。部門年收入略低於 21 億美元，調整後 EBITDA 利潤率為 13.7%。

We anticipate 2024 pipeline segment revenue will decline to $1.9 billion. We expect adjusted EBITDA to be flat year-over-year at $285 million with the anticipated margin expansion due to a lower contribution of cost-plus work. First quarter revenue will be approximately $600 million with adjusted EBITDA margin in the low double digits. Q1 will likely be the highest revenue quarter for this segment in 2024.

我們預計 2024 年管道部門收入將下降至 19 億美元。我們預計調整後的 EBITDA 將同比持平，為 2.85 億美元，由於成本加成工作的貢獻較低，預期利潤率將擴大。第一季營收約 6 億美元，調整後 EBITDA 利潤率低兩位數。 2024 年第一季可能是該細分市場收入最高的季度。

Fourth quarter Power Delivery segment revenue was $658 million and adjusted EBITDA margin was 8%, both in line with our expectations. Annual 2023 Power Delivery segment revenue was approximately $2.7 billion with annual adjusted EBITDA margin of 7.9%.

第四季電力傳輸部門營收為 6.58 億美元，調整後 EBITDA 利潤率為 8%，均符合我們的預期。 2023 年電力傳輸部門的年度收入約為 27 億美元，調整後的年度 EBITDA 利潤率為 7.9%。

2024 began with some challenges in parts of our Power Delivery segment as certain customers in Illinois received unfavorable rate case decisions. We are optimistic this will be resolved in the coming months but feel it's prudent to factor in a prolonged appeal process in our outlook.

2024 年伊始，我們的部分電力傳輸領域面臨一些挑戰，因為伊利諾州的某些客戶收到了不利的費率案判決。我們樂觀地認為這個問題將在未來幾個月內得到解決，但認為在我們的前景中考慮長期上訴過程是謹慎的做法。

Accordingly, 2024 annual revenue is expected to approximate $2.8 billion with annual adjusted EBITDA margins similar to 2023. First quarter revenue is forecasted at $550 million, seeing the biggest quarterly impact from this deferred spending and lower levels of transmission activity versus '23 as we transition from certain completed projects to new work expected to start in Q2. The reduced operating leverage will weigh on earnings in Q1 with adjusted EBITDA margins in the mid-single digits.

因此，2024 年的年收入預計約為28 億美元，年度調整後EBITDA 利潤率與2023 年相似。第一季營收預計為5.5 億美元，隨著我們的轉型，延後支出和輸電活動水準相對23 年較低的季度影響最大從某些已完成的項目到預計在第二季度開始的新工作。營運槓桿的降低將影響第一季的獲利，調整後的 EBITDA 利潤率為中個位數。

Annual 2024 Corporate segment costs are expected to approximate 125 basis points of consolidated revenue. And investments reported in our Other segment are expected to generate approximately $30 million of adjusted EBITDA.

2024 年企業部門成本預計約為合併收入的 125 個基點。我們其他部門報告的投資預計將產生約 3000 萬美元的調整後 EBITDA。

Turning to our consolidated guidance announced yesterday. We are projecting 2024 annual revenue of approximately $12.5 billion with adjusted EBITDA approximating $955 million. Adjusted earnings per share is expected to approximate $2.69. This represents double-digit adjusted EBITDA growth and approximately 30% adjusted EPS growth versus 2023.

轉向我們昨天宣布的全面指導。我們預計 2024 年年營收約 125 億美元，調整後 EBITDA 約為 9.55 億美元。調整後每股收益預計約為 2.69 美元。與 2023 年相比，這意味著調整後 EBITDA 實現兩位數成長，調整後每股盈餘成長約 30%。

We expect Q1 revenue of $2.625 billion, adjusted EBITDA of $130 million or 5% and an adjusted diluted loss of $0.48 per share. This expectation includes the combination of a normal seasonally slow first quarter and the Q1 impacts we noted earlier in our Communications and Power Delivery segments.

我們預計第一季營收為 26.25 億美元，調整後 EBITDA 為 1.3 億美元，即 5%，調整後稀釋虧損為每股 0.48 美元。這項預期包括第一季正常的季節性放緩以及我們先前在通訊和電力傳輸領域提到的第一季的影響。

In terms of the cadence for 2024, we expect the majority of our revenue growth to come in the second and third quarters with Q4 roughly flat last year without any contribution from MVP. Our guidance indicates a 50 basis point improvement in full year adjusted EBITDA margins. And we expect the majority of this expansion to also come during Q2 and Q3.

就 2024 年的節奏而言，我們預計大部分營收成長將來自第二季和第三季度，第四季與去年基本持平，沒有 MVP 的任何貢獻。我們的指導表明，全年調整後 EBITDA 利潤率提高了 50 個基點。我們預計大部分擴張也將在第二季和第三季發生。

We expect to generate approximately $550 million of cash flow from operations in 2024, assuming DSOs are in the high 70s over the course of the year. Coupled with the anticipated growth in adjusted EBITDA, we expect to reduce leverage to the low 2s by the end of 2024. We remain committed to maintaining our investment-grade rating and have proactively communicated our outlook to the various rating agencies.

假設 DSO 全年處於 70 多歲的高位，我們預計 2024 年的營運現金流將達到約 5.5 億美元。加上調整後 EBITDA 的預期成長，我們預計到 2024 年底將槓桿率降至 2 左右。我們仍然致力於維持我們的投資等級評級，並主動向各評級機構傳達我們的前景。

In closing, I've enjoyed the first year of engagement with our analysts and our investor community. I look forward to continuing to build relationships with you and improve our communication and your confidence in our performance and outlook.

最後，我很享受與我們的分析師和投資者社群接觸的第一年。我期待著繼續與您建立關係，改善我們的溝通以及您對我們的業績和前景的信心。

That concludes our prepared remarks. I'll now turn the call over to the operator for Q&A.

我們準備好的演講到此結束。我現在將把電話轉給接線員進行問答。

(Operator Instructions) We will take our first question from Sangita Jain with KeyBanc.

（操作員說明）我們將透過 KeyBanc 回答 Sangita Jain 提出的第一個問題。

Jose and Paul, if I can ask you on your Power Delivery bookings, you expressed a lot of optimism on the bookings momentum. Can you share with us how close we may be to some of those translating into backlog? Is it like a first half event or later? And also, given that you're working through these large projects, what gives you the confidence in the high single-digit margins in this segment?

Jose 和 Paul，如果我可以問一下你們的電力傳輸預訂情況，你們對預訂勢頭表示了非常樂觀的態度。您能否與我們分享一下，我們距離其中一些轉化為積壓的情況有多近？是上半場的比賽還是稍後的比賽？而且，考慮到您正在完成這些大型項目，是什麼讓您對這領域的高個位數利潤率充滿信心？

Yes, so a couple of things. I think that on the project side of our Power Delivery business, where we've been really excited for a period of time, we think we have been really close on a number of projects that we haven't won over the last couple of years. We've obviously been doing a lot of integration as we integrated all the acquisitions that we've made. And I think our -- where we stand in the market today versus where we were a year or 2 ago is a very different place. And I think customers recognize that.

是的，有幾件事。我認為，在我們的電力傳輸業務的項目方面，我們在一段時間內非常興奮，我們認為我們已經非常接近過去幾年我們尚未贏得的許多項目。顯然，我們已經進行了大量的整合，因為我們整合了我們所做的所有收購。我認為我們今天在市場上的處境與一兩年前相比是一個非常不同的地方。我認為客戶認識到這一點。

And I think customers are excited about giving us an opportunity to work on large projects. And I think we're going to be very successful this year on being able to attain that. So I do think that over the coming quarters, hopefully, we'll have at least something to announce and talk about and add to backlog, which I think could have an impact as early as 2024. With that said, for margins for the year, we're basically guiding relatively flat margins on a year-over-year basis. So there's not a big change in the margin profile for 2024 as it was in 2023.

我認為客戶很高興為我們提供參與大型專案的機會。我認為今年我們將非常成功地實現這一目標。因此，我確實認為，在接下來的幾個季度中，希望我們至少會有一些東西要宣布、討論並添加到積壓訂單中，我認為這最早可能會在2024 年產生影響。話雖如此，對於今年的利潤率，我們基本上指導利潤率比去年同期相對持平。因此，2024 年的利潤率狀況與 2023 年相比沒有太大變化。

Great. And if I can follow up with one on Communications, you talked about the AT&T, Ericsson contract. Can you help us understand what your scope may be on the AT&T FirstNet program maybe?

偉大的。如果我可以跟進通信方面的問題，您談到了 AT&T 和愛立信的合約。您能否幫助我們了解您在 AT&T FirstNet 計劃中的範圍？

So our contract with AT&T is what they call a turf contract, right? So in certain geographic areas, we have exclusivity on specific types of work. And that isn't really changing. So whether -- whatever initiative they'll be doing in the geographies that we've been awarded, we're going to be the ones that perform those services.

那麼我們與 AT&T 的合約就是他們所說的地盤合同，對吧？因此，在某些地理區域，我們對特定類型的工作有排他性。這並沒有真正改變。因此，無論他們將在我們獲得的地區採取什麼舉措，我們都將成為提供這些服務的人。

We will take next question from Brian Brophy with Stifel.

我們將回答 Brian Brophy 和 Stifel 提出的下一個問題。

Been hearing a lot about the ramp in the tax credit transferability market on the Clean Energy side in recent months. Curious what you guys are seeing here, how impactful it is for your customer base. And how important is it to the Clean Energy outlook overall?

近幾個月來，我們聽到很多有關清潔能源方面稅收抵免可轉讓市場的成長的消息。很好奇你們在這裡看到了什麼，它對你們的客戶群有多大影響。它對清潔能源的整體前景有多重要？

Well, there's no question that the sentiment has been improving. Transferability is having a significant impact. But I think more importantly, what we've done as a company is we really went through every project that we see potential on in terms of stuff that we expect to happen in 2024. I think we significantly derisked our expectations relative to understanding where every project stands from a financing perspective, from an interconnect perspective. And I think that while we talked a lot about this last year, it's something that, quite frankly, we don't have to hope to talk a lot about this year.

毫無疑問，人們的情緒一直在改善。可轉移性正在產生重大影響。但我認為更重要的是，我們作為一家公司所做的是，我們確實經歷了我們認為在2024 年發生的事情方面具有潛力的每個項目。我認為，我們大大降低了相對於了解每個項目的期望的風險。專案是從融資的角度、從互聯的角度來看的。我認為，雖然我們去年對此進行了很多討論，但坦白說，我們今年不必希望對此進行太多討論。

There are a number of other projects that could hit, quite frankly, that we've probably underestimated their ability to be performed in '24. But anything that has significant risk to it, we've kind of moved it aside and not counted it for '24. But there's no question that the sentiment is improving. The opportunity to use different methods to finance projects has improved considerably since the latter part of next year. And I think as a total industry, we're going to see a significant increase in what comes out in the second half of 2024.

坦白說，還有許多其他項目可能會受到影響，但我們可能低估了它們在 24 年執行的能力。但任何有重大風險的事情，我們都會把它放在一邊，不計入 24 年。但毫無疑問，人們的情緒正在改善。自明年下半年以來，使用不同方法為專案融資的機會已大大增加。我認為作為整個產業，我們將看到 2024 年下半年的產量顯著增加。

Okay, that's great. And then another one on Power Delivery. Obviously, low single-digit guidance on the top line, probably a little bit lower than some expected. It sounds like some of it kind of a customer mix issue in Illinois. But just curious what you guys are embedding on the emergency restoration side in 2024 relative to 2023, given the easier comp there.

好的，太好了。然後是另一篇關於電力傳輸的文章。顯然，營收指引較低，可能略低於某些人的預期。這聽起來像是伊利諾伊州的客戶組合問題。但只是好奇你們在 2024 年相對於 2023 年的緊急恢復方面嵌入了什麼，因為那裡的補償更容易。

So we didn't -- we haven't assumed that it's going to be any better than 2023. 2023 was a really low storm year. It's very difficult to model that. So we have a very -- we have a baseline budget that you've got to include something for. So it's not much different than what '23 was. So I think there's opportunity there.

所以我們沒有——我們沒有假設它會比 2023 年更好。2023 年是一個真正低風暴的年份。對此進行建模非常困難。所以我們有一個非常--我們有一個基線預算，你必須在其中包含一些內容。所以這與 23 年沒有太大不同。所以我認為那裡有機會。

To be clear on the previous part, I mean, Exelon did announce a significant reduction, right? They've announced a $1.25 billion reduction over 3 years in distribution spend. It is a big area for us. So that is what's having the impact, where we've slightly moderated our revenue target for 2024 in our Power Delivery business.

為了澄清前一部分，我的意思是，Exelon 確實宣布大幅削減，對嗎？他們宣布三年內削減 12.5 億美元的分銷支出。對我們來說這是一個很大的區域。這就是產生影響的原因，我們略微調整了 2024 年電力傳輸業務的收入目標。

We will take our next question from Andy Kaplowitz with Citigroup.

我們將回答花旗集團安迪·卡普洛維茨的下一個問題。

Jose, I just want to go back to your comments on Communications for a second. You did see a significant uptick in sequential bookings as you guys mentioned. You already talked about the higher scope of work with AT&T and Nokia there, Ericsson also transition later this year.

何塞，我想先回顧一下您對通信的評論。正如你們所提到的，你確實看到連續預訂量顯著上升。您已經談到了與 AT&T 和諾基亞的更大範圍的合作，愛立信也將在今年晚些時候進行轉型。

But could you break down what you were thinking in terms of core wireless and wireline for '24? And could you tell us how much larger your contract is with AT&T now maybe versus what it was? And did you actually see a positive inflection in your core markets, excluding this new work that you have?

但能否詳細分析您對 24 世紀核心無線和有線的想法？您能否告訴我們您現在與 AT&T 的合約與以前相比可能大了多少？除了你的這項新作品之外，你真的看到你的核心市場出現了正面的變化嗎？

Well, when we look at '23, let's start with '23, right, what we've said is our wireless business was down versus '22. Our wireline business was up double digits, right? So we had another strong wireline year. We've talked a lot about this on our third quarter call. So that was really unchanged through the balance of the year.

好吧，當我們看 23 年時，讓我們從 23 年開始，對吧，我們說過我們的無線業務比 22 年有所下降。我們的有線業務成長了兩位數，對吧？因此，我們又迎來了有線業務強勁的一年。我們在第三季的電話會議上對此進行了很多討論。因此，這一年餘下的時間實際上沒有改變。

As we think about 2024, we expect our wireline business to be up again because it's a very strong market. There's changes in cadences. We did see a slowdown in the second half of '23 versus the first half of '23. But again, the demand in that business is extremely high. And when you add on BEAD's funding, which will start impacting the business in '25, it's a very positive development.

展望 2024 年，我們預計我們的有線業務將再次成長，因為這是一個非常強勁的市場。節奏有變化。我們確實看到 23 年下半年與 23 年上半年相比有所放緩。但同樣，該行業的需求非常高。如果再加上 BEAD 的資金（這將在 25 年開始影響業務），這是一個非常積極的發展。

On the wireless side, it's different, right? On the wireless side, I think this particular award, coupled with the change that AT&T is doing in their network, will have a significant impact on MasTec. And today, our wireline, wireless -- it used to be we were bigger on wireless. Quite frankly, today, we're bigger on wireline. So it's about a 60-40 split.

在無線方面，情況有所不同，對嗎？在無線方面，我認為這個特殊的獎項，加上 AT&T 在其網路中所做的改變，將對 MasTec 產生重大影響。今天，我們的有線、無線——過去我們在無線方面做得更大。坦白說，今天，我們在有線方面的規模更大。所以大約是 60-40 的分配。

This contract will probably get it closer to 50-50 over the course of the next couple of years. And it's going to have a meaningful impact to our wireless business. So our wireless business has the ability to grow probably 30% to 50% from where it was in '23. So it's a significant award that has a significant impact on the total revenues for the segment.

這份合約可能會在未來幾年內讓比分接近 50-50。這將對我們的無線業務產生有意義的影響。因此，我們的無線業務有能力比 23 年成長 30% 到 50%。因此，這是一個重大獎項，對該部門的總收入產生重大影響。

Very helpful, Jose. And then kind of a similar question for the Clean Energy side, could you tell us what you're assuming for IEA in '24, maybe differences between wind, solar and infrastructure? Obviously, you've seen there's still a fair amount of noise in the developer world. I think you said you're only assuming sort of what you can tell is already going forward. So how did you sort of discount like the noise that's out there in the developer world, especially on the IEA side, for '24?

非常有幫助，何塞。然後是清潔能源方面的類似問題，您能否告訴我們您對 24 年 IEA 的假設，也許是風能、太陽能和基礎設施之間的差異？顯然，您已經看到開發人員世界中仍然存在相當多的噪音。我想你說過你只是假設你所知道的事情已經發生了。那麼，對於 24 世紀開發者界，尤其是 IEA 方面的噪音，您是如何打折扣的呢？

Yes. So the first -- I think the first thing that's really important to kind of focus on is, as we looked at '24, even in late '23, right, we're not viewing it as MasTec legacy versus IEA. We've gone to market with one business, so we've got a MasTec renewables business. We do have different operating groups that might perform the work. But in-market, we're in-market as MasTec renewables with one leadership team.

是的。因此，第一點——我認為真正需要關注的第一件事是，正如我們在24 年，甚至在23 年底所看到的那樣，我們並沒有將其視為MasTec 的遺產，而不是IEA 的遺產。我們已經將一項業務推向市場，因此我們有了 MasTec 再生能源業務。我們確實有不同的操作小組可以執行這項工作。但在市場上，我們作為 MasTec 再生能源公司，擁有一支領導團隊。

And when we think about the industry as a whole, it ends up being very focused on customers, right? Each customer is in a different place. Each customer has different challenges. So it's really about understanding where every customer sits on a particular project, irrespective of what's happening across the entire marketplace. The entire marketplace, there is definitely some that have more challenges than others. I think it's going to get better for everybody as the year goes on. But we've really focused on those developers and projects that we think are primed to be built in '24, are going to have less issues. And that's kind of how we've built our model.

當我們考慮整個行業時，它最終會非常關注客戶，對嗎？每個客戶都在不同的地方。每個客戶都有不同的挑戰。因此，這實際上是為了了解每個客戶在特定項目上的情況，而不管整個市場發生了什麼。整個市場，肯定有一些比其他市場面臨更多的挑戰。我認為隨著時間的推移，每個人的情況都會變得更好。但我們真正關注的是那些我們認為準備在 24 年建成的開發商和項目，問題將會減少。這就是我們建構模型的方式。

Surprisingly, when we think about '24, the growth in wind and solar has been somewhat equal. We're seeing a lot of strength in the wind market, especially on the repowering side. We've had a lot of bookings there. We think that's -- what we like about that is the predictability of it. Those projects have a lot less potential issues as you think about the constructability during a year. So wind has been -- and quite frankly, it was pretty strong for us in '35, our split -- in '23.

令人驚訝的是，當我們回想 24 年時，風能和太陽能的成長在某種程度上是相等的。我們看到風電市場表現強勁，尤其是在重新供電方面。我們那裡已經有很多預訂了。我們認為我們喜歡的是它的可預測性。當你考慮一年內的可施工性時，這些項目的潛在問題要少得多。因此，坦白說，我們在 35 年、23 年分裂時風勢相當強勁。

Our split last year was about 60-40, 40% being wind. And I think it's going to be somewhat similar this year in '24 so that the market's held. And we feel good about how we built our plan from a bottoms-up perspective. There's opportunity. We know there's going to be challenges on certain projects. So we took some overall contingencies. But I do think as the year goes on, things will get better and there might be some projects that you get to add on in the second half of '24.

去年我們的分配比例約為 60-40，其中 40% 是風能。我認為今年 24 年的情況會有些相似，這樣市場就能穩定下來。我們對如何從自下而上的角度製定計劃感到滿意。有機會。我們知道某些專案將會面臨挑戰。所以我們採取了一些整體的應急措施。但我確實認為隨著時間的推移，情況會變得更好，並且可能會在 24 年下半年添加一些項目。

We will take our next question from Steven Fisher with UBS.

我們將回答瑞銀的史蒂文費雪提出的下一個問題。

Wanted to just follow up on that last question, wondering if you can maybe bridge for us the $4.4 billion of expected revenues in Clean Energy versus the $3.1 billion of year-end backlog. How much of that kind of incremental $1.3 billion is discrete renewable projects that are maybe in like limited notice to proceed that you expect to put into backlog and then burn versus how much is maintenance or small capital projects, just kind of flow work or maybe there's something specific in civil infrastructure or industrial that you have expected to bridge that sort of backlog versus revenue gap?

我想跟進最後一個問題，想知道您是否能為我們彌補清潔能源領域 44 億美元的預期收入與年終積壓的 31 億美元之間的差距。 13 億美元的增量中有多少是離散的可再生能源項目，這些項目可能會在有限的通知中進行，您希望將其積壓然後燒毀，而有多少是維護或小型資本項目，只是一種流動工作，或者可能有您期望在民用基礎設施或工業領域中採取哪些具體措施來彌補積壓與收入差距？

Yes. So I guess, generally, right, when you think about industrial and civil, to get it out of the way, backlog is pretty much set in those. We believe that in our backlog numbers, we have most of the burn required in 2024. We've -- there's some work that you're going to book and burn. But for the most part, we think we're sitting in a really good place relative to backlog versus revenue expectations.

是的。所以我想，一般來說，當你考慮工業和民用時，為了擺脫困境，積壓的工作幾乎都集中在這些方面。我們相信，在我們的積壓工作數量中，我們已經完成了 2024 年所需的大部分銷毀工作。我們已經——有一些工作需要您預訂並銷毀。但在大多數情況下，我們認為相對於積壓訂單與收入預期，我們處於一個非常好的位置。

On the renewable side of the business, the reality is that, in our minds, right, the business is much better than what backlog shows. I think you're going to see considerable backlog build in Q1. And I think you'll see considerable backlog build again in Q2. And that will give, in my opinion, at least the outside world that doesn't see our numbers day-to-day, the comfort that our '24 is solidified.

在業務的可再生能源方面，現實是，在我們看來，業務比積壓訂單顯示的要好得多。我認為第一季您將看到大量積壓。我認為您將在第二季度再次看到大量積壓。在我看來，這至少會給那些每天都看不到我們數據的外界帶來安慰，因為我們的 24 小時已經得到鞏固。

In our prepared remarks, we talked about that actually having a really positive impact for '25 because these projects actually have a similar, if not a little bit greater, amount of volume activity in '25 than they do in '24, which I think positions us incredibly well for a really strong growth year in '25. But the good thing is we've identified them, right?

在我們準備好的發言中，我們談到了這實際上對 25 年產生了非常積極的影響，因為這些項目實際上在 25 年的交易量活動量與 24 年類似，甚至更大一些，我認為使我們在25 年實現真正強勁的成長。但好消息是我們已經識別出它們了，對吧？

So even though they may not be in backlog, we know every project. We've identified it. We know when they're supposed to sign. Most of it is under LNTP, if not all of it. But it's really about, at the end of the day, getting into a signed contract and being able to work on it. And that's what we hope to be able to deliver in the first and second quarter from a backlog perspective.

因此，即使它們可能沒有積壓，我們也了解每個項目。我們已經識別出來了。我們知道他們什麼時候應該簽字。大部分（如果不是全部）都在 LNTP 下。但歸根結底，這實際上是為了簽訂合約並能夠按照合約開展工作。從積壓的角度來看，這就是我們希望能夠在第一季和第二季實現的目標。

Okay, that's helpful. And then just a little bit of near-term cadencing, I guess, in terms of your Q1 numbers, we're already starting March here, so 2/3 of the quarter is done. I guess, to what extent are there still any notable things that have to happen in order to hit your Q1 numbers?

好的，這很有幫助。然後，我想，就第一季的數據而言，我們已經開始了 3 月份，所以本季已經完成了 2/3。我想，為了達到第一季的數字，還需要發生什麼值得注意的事？

I've seen you've factored in all the January and February weather and timing of solar projects. And then do you have an overall kind of first half versus second half EBITDA mix, just to kind of get an early framing of what you're thinking about Q2?

我發現您已經考慮了所有一月和二月的天氣以及太陽能專案的時間表。然後，您是否有上半年與下半年 EBITDA 的整體組合，只是為了儘早了解您對第二季的想法？

Yes. So look, on the first quarter, obviously, we're deep in the first quarter, so I think we've taken into account everything that we know as of today. Weather was a little bit of an issue in certain geographic parts that impact -- that are impacting our first quarter. But it's really not much different than, quite frankly, what our expectation was coming out of our third quarter call, maybe with the exception of the Illinois rate case and the impact that, that's had on our Power Delivery business in Q1. Outside of that, I think everything is pretty consistent with our expectations.

是的。所以看，在第一季度，顯然，我們在第一季度已經很深入了，所以我認為我們已經考慮了迄今為止我們所知道的一切。在某些影響我們第一季的地理區域，天氣是一個小問題。但坦白說，這實際上與我們第三季電話會議的預期沒有太大不同，也許除了伊利諾伊州的費率情況及其對我們第一季電力傳輸業務的影響之外。除此之外，我認為一切都與我們的期望非常一致。

When we think about second quarter and third quarter and we do year-over-year comps, we have a pretty similar ramp to what we had last year from an earnings perspective, right? We expect our earnings in the second, third and fourth quarter to be above where they were in '23. But we don't expect any particular quarter to be dramatically above. So I think margin profiles are going to be consistent with where they were generally last year. And it's going to really be driven by the revenue expectations.

當我們考慮第二季和第三季並進行年比比較時，從獲利角度來看，我們的成長與去年非常相似，對吧？我們預計第二、第三和第四季的獲利將高於 23 年的水準。但我們預計不會出現任何特定季度的大幅上漲。因此，我認為利潤率狀況將與去年的整體情況保持一致。這將真正受到收入預期的推動。

Paul stated the second and third quarter are going to be our 2 biggest quarters. And I think that we'll be able to show -- and it has moderate growth, right? So we're going to have nice growth between the second and third quarter, very similar to last year. So if you take last year's cadence, I think we're going to have a similar cadence in 2024.

保羅表示第二季和第三季將是我們最大的兩個季度。我認為我們將能夠展示——而且它有適度的增長，對嗎？因此，我們將在第二季和第三季之間實現良好的成長，與去年非常相似。因此，如果按照去年的節奏，我認為 2024 年我們也會有類似的節奏。

We will take our next question from Marc Bianchi with TD Cowen.

我們將回答馬克·比安奇 (Marc Bianchi) 和 TD Cowen 提出的下一個問題。

Jose, I think I heard you say that you had some optimism about the Oil and Gas business in '25 and beyond because the roll-off of this MVP does create a tough comp when you get to '25. So can you talk about where that -- those opportunities are and when we might get some visibility on that as sort of external spectators?

Jose，我想我聽到你說你對 25 年及以後的石油和天然氣業務持樂觀態度，因為當你進入 25 年時，這位 MVP 的推出確實會創造一個艱難的競爭。那麼您能否談談這些機會在哪裡以及我們何時可以作為外部旁觀者獲得一些可見性？

Well, I think it's multiple things. One, I actually think that the gas side of the pipeline business is incredibly active, especially in certain geographic areas. I think you're going to see that materialize as our year goes on just from -- some of it will be book and burn. But I think we'll have a really strong year outside of MVP.

嗯，我認為這是多方面的。第一，我實際上認為管道業務的天然氣方面非常活躍，特別是在某些地理區域。我想，隨著我們這一年的繼續，你將會看到這一點成為現實——其中一些將被預訂並燒毀。但我認為除了 MVP 之外，我們將會度過非常強勁的一年。

And then when we think about '25, we see that continuing just based on the conversations we're having with customers. And then more importantly, we're starting to see real jobs on some of the other alternative types of pipeline builds, right, whether that be carbon capture or hydrogen. We think that becomes real in '25. We think that becomes meaningful. It probably changes the business, right, because it's -- I think that's going to be very consistent in nature for a long period of time.

然後，當我們想到「25」時，我們發現這種情況僅基於我們與客戶的對話而繼續。更重要的是，我們開始在其他一些替代類型的管道建設中看到真正的工作機會，無論是碳捕獲還是氫氣。我們認為這將在 25 年成為現實。我們認為這變得有意義。它可能會改變業務，對吧，因為我認為這在很長一段時間內本質上會非常一致。

So I think the mix of our business, what we would call oil -- we view it more as a pipeline business, right? So I think there's going to be more diversity in that business in '25, which is going to lead to some of that growth that we talked about. So it's not specifically what we used to do, but it's a mix of what we're seeing in the future.

所以我認為我們的業務組合，我們稱之為石油 - 我們更多地將其視為管道業務，對嗎？因此，我認為 25 年這項業務將會更加多元化，這將帶來我們談到的一些成長。因此，這並不是我們過去所做的具體事情，而是我們未來所看到的事情的混合。

And the margin composition of that opportunity, would it be similar to sort of what's implied here in the back half of the year?

該機會的利潤組成是否與今年下半年暗示的類似？

It is.

這是。

We will take our next question from Neil Mehta with Goldman Sachs.

我們將回答高盛尼爾梅塔的下一個問題。

It's Neil Mehta here. I guess, Jose, I had some industry questions on the utility side, which is there's been a lot of talk about this load growth transition from a market that has been flat in power demand to inflecting for a variety of reasons, including data centers and electric vehicles and onshoring. So just would love your perspective as you talk to your utility customers about what that means for the CapEx profile of the industry and what does the industry need to do in order to meet growing load.

我是尼爾·梅塔。我想，何塞，我在公用事業方面有一些行業問題，即有很多關於這種負載增長轉變的討論，從電力需求持平的市場到由於各種原因而變化的市場，包括數據中心和電動汽車和外包。因此，當您與公用事業客戶討論這對行業的資本支出概況意味著什麼以及行業需要做什麼才能滿足不斷增長的負荷時，我會喜歡您的觀點。

I think we're seeing it, right? If you look at -- not to plug you, Neil, but you actually put out a note yesterday that listed a number of different utilities that had raised their CapEx here in the first quarter. I thought it was a thoughtful note. I thought it was important and reflective of what's really happening in the industry.

我想我們正在看到它，對嗎？如果你看一下——尼爾，不是為了堵你的嘴，但你昨天實際上發布了一份說明，其中列出了許多不同的公用事業公司，這些公用事業公司在第一季度提高了資本支出。我認為這是一篇深思熟慮的筆記。我認為這很重要，並反映了行業中真正發生的事情。

And that's what we're seeing, right? Our customers are talking about it. Our customers aren't just talking about it, but they're raising their CapEx dollars to deal with it. We don't think this is a short-term initiative. We think this is going to last for a really long time. And we think we're just starting to see the beginning of it. So this is an incredibly exciting market to be in.

這就是我們所看到的，對嗎？我們的客戶正在談論它。我們的客戶不僅在談論這個問題，而且還在提高資本支出來應對這個問題。我們認為這不是一個短期舉措。我們認為這將持續很長一段時間。我們認為我們才剛開始看到它的開始。因此，這是一個令人難以置信的令人興奮的市場。

Again, there has been some issues with the cadence of that spend over the course of the last year. But there's no question in my mind where the direction of that is going. From our perspective, we think we sit in a really good place. We've added an enormous amount of scale in that business.

同樣，去年的支出節奏也存在一些問題。但在我看來，毫無疑問這將走向何方。從我們的角度來看，我們認為我們處於一個非常好的位置。我們已經大幅擴大了該業務的規模。

And we think that's really going to start to pay off for us here in the next year or so. So we're really excited about what's happening in the industry. And I think that -- generally, I think people underestimate the capital requirements to meet the growing demand of energy use that we're going to have over the coming years.

我們認為這將在明年左右開始為我們帶來回報。因此，我們對行業中正在發生的事情感到非常興奮。我認為，總的來說，我認為人們低估了滿足未來幾年不斷增長的能源使用需求的資本需求。

Yes. And there's a related question, which is there's been a lot of talk about the impacts of wildfires across the utility system, and certainly -- unfortunately, we've seen a lot of incidents here over the last year or 2. I just -- again, your perspective on this is, does this represent a challenge that you see yourself as well positioned to help utilities mitigate? And just as you think about specifically in the utility system, what are different things that they can do as they think about trying to head off this problem?

是的。還有一個相關的問題，那就是關於野火對整個公用事業系統的影響有很多討論，當然 - 不幸的是，我們在過去的一兩年裡看到了很多事件。我只是 -再次，您對此的看法是，這是否代表您認為自己能夠幫助公用事業緩解這項挑戰？正如您在公用事業系統中具體考慮的那樣，當他們考慮試圖阻止這個問題時，他們可以做哪些不同的事情？

I think it's two things. I think one is wildfires and the other is storms. And I think that when you think about the West Coast, they've been more impacted by fires. The East Coast has been more impacted by storm. The fixes for either one are somewhat similar. So the investments in undergrounding systems, in hardening systems across the country become more and more meaningful as we deal with climate change.

我認為這是兩件事。我認為一是野火，二是風暴。我認為當你想到西海岸時，他們受到火災的影響更大。東海岸受風暴影響更大。任一問題的修復都有些相似。因此，隨著我們應對氣候變化，全國對地下系統和加固系統的投資變得越來越有意義。

So I do think that those are -- the challenge, right, is who's going to pay for it and what's -- where does state stand in terms of funding these initiatives and where is the cost of power in a particular state and how willing is that Public Service Commission to grant the utility dollars to be able to do it.

所以我確實認為，挑戰是誰來支付以及什麼是國家在資助這些舉措方面的立場以及特定國家的電力成本和意願如何公共服務委員會授予公用事業資金才能做到這一點。

We're based here in Florida. In Florida, there's been a huge initiative in the state. The Public Service Commission has passed a 30-year program with tens of billions of dollars of funding to allow the utilities here to do that. I think we're going to see more of that as time goes on. I think it's necessary. And I think it's going to be meaningful across the country in addition to what's happening with load growth, right?

我們的總部位於佛羅裡達州。在佛羅裡達州，該州採取了一項巨大的舉措。公共服務委員會已經通過了一項為期 30 年的計劃，提供數百億美元的資金，讓這裡的公用事業公司能夠做到這一點。我認為隨著時間的推移我們會看到更多這樣的情況。我認為這是必要的。我認為除了負荷增長之外，這在全國範圍內都有意義，對吧？

This helps offset. These investments help you manage some of the issues that are going to come with load growth. But they are different and they both need to be dealt with. So these are all catalysts and positive trends that we're going to see in this industry for a long time.

這有助於抵消。這些投資可協助您管理負載成長帶來的一些問題。但它們是不同的，都需要處理。因此，這些都是我們在很長一段時間內將在這個行業看到的催化劑和積極趨勢。

We will take our next question from Adam Thalhimer with Thompson, Davis.

我們將回答亞當·塔爾希默和湯普森·戴維斯提出的下一個問題。

Congrats on the strong Q4 cash flow.

恭喜第四季現金流強勁。

Thanks, Adam.

謝謝，亞當。

Jose, your comment about double-digit Communications revenue growth next year was interesting. What's the driver of that again?

何塞，您對明年通訊收入兩位數成長的評論很有趣。這又是什麼驅動力呢？

Just that wireless win, right? That contract by itself should allow us to grow double digits for the full segment next year.

只是無線的勝利，對吧？這份合約本身應該能讓我們明年的整個業務部門實現兩位數的成長。

And then related to that -- given that dynamic, what kind of margins do you think you could generate with that kind of revenue growth?

然後與此相關的是，考慮到這種動態，您認為這種收入成長可以產生什麼樣的利潤？

Improving margins, right? So if we go back a few years, at scale, our business has been declining, right? When you think about our wireline business over the course of the last year, it declined. That's challenging for margins. There's obviously a start-up phase, where we invest in the business, which we've kind of baked into the margin profile that we're expecting for '24. But with scale, right, the incremental revenue comes at a higher margin. And that's going to help drive margins up. So that's a really important part of our '25 and beyond story as well.

提高利潤率，對嗎？因此，如果我們回到幾年前，從規模上看，我們的業務一直在下降，對嗎？當你想想去年我們的有線業務時，你會發現它有所下降。這對利潤率來說是一個挑戰。顯然，我們有一個啟動階段，我們對業務進行投資，我們已經將其納入了我們預計 24 年的利潤狀況。但隨著規模的擴大，增量收入的利潤率會更高。這將有助於提高利潤率。所以這也是我們 25 年及以後故事中非常重要的一部分。

We will take our next question from Brett Castelli with Morningstar.

我們將接受晨星公司 Brett Castelli 提出的下一個問題。

Just on Power Delivery, can you talk about your capabilities today on the transmission side of that business maybe relative to history?

就電力傳輸而言，您能否談談您今天在該業務傳輸方面的能力（可能與歷史相關）？

Sure. So we -- I mean, we actually started that business, I don't know, now maybe 10, 12 years ago, really focused on the transmission side. That's where we started. We did some big projects, wanted to get into the more predictable cadence of the business. So we really started focusing on distribution. Our efforts in 2021 and '22 through the acquisitions that we made were really to expand our geographic scope.

當然。所以我們——我的意思是，我們實際上開始了這項業務，我不知道，現在可能是 10、12 年前，真正專注於傳輸方面。這就是我們開始的地方。我們做了一些大型項目，希望進入更可預測的業務節奏。所以我們真正開始關注分銷。我們在 2021 年和 22 年透過收購所做的努力實際上是為了擴大我們的地理範圍。

The primary nature of those acquisitions was also heavy MSA, heavy distribution, although they all had transmission resources available. I think since those acquisitions have made, we've really grown and added to our transmission capabilities in terms of talent and capabilities. And I think today, we're in a position where we've done some jobs here in the last 2 years that are of size and of scale.

這些收購的主要性質也是大量的 MSA、大量的分發，儘管它們都有可用的傳輸資源。我認為自從這些收購完成以來，我們在人才和能力方面確實得到了發展並增強了我們的傳輸能力。我認為今天，我們在過去兩年中已經完成了一些具有規模和規模的工作。

And I think we've really positioned ourselves to be a significant player in that market for a long time. Again, in our prepared remarks, we talked about a number of jobs that we're currently bidding that we feel comfortable and good that we'll be successful on some. And they'll have a meaningful impact to our business.

我認為長期以來我們確實將自己定位為該市場的重要參與者。再次，在我們準備好的發言中，我們談到了我們目前正在競標的一些工作，我們對其中一些工作感到滿意和良好，我們將在其中取得成功。它們將對我們的業務產生有意義的影響。

So it's -- that's probably going to be the biggest growth part of our Power Delivery business over the next couple of years. There is an incredible amount of demand across the country and there's more coming. So it's an important part of where we're trying to take that business.

因此，這可能將成為未來幾年我們電力傳輸業務最大的成長部分。全國各地的需求量令人難以置信，而且還會有更多。因此，這是我們嘗試開展該業務的重要組成部分。

And then I think you mentioned consolidation of contractors by your customer base in your prepared remarks. Is that maybe more pronounced in a certain segment or segments? Or just kind of curious on how you're seeing that across the business.

然後我認為您在準備好的發言中提到了您的客戶群對承包商的整合。這在某個或某些細分市場中是否更為明顯？或者只是好奇您在整個企業中如何看待這一點。

I think it's actually part of the same comments with scale. So I think we're actually seeing it in all of our businesses, right? We see it in the award of our biggest customer in wireless in Communications. We're seeing it in what some of the utilities did. We did talk about a nice awards in our utility business of markets where we feel some of our customers consolidated their vendors.

我認為這實際上是相同評論的一部分。所以我認為我們實際上在所有業務中都看到了這一點，對吧？我們在無線通訊領域最大客戶的獎項中看到了這一點。我們在一些公用事業公司的做法中看到了這一點。我們確實談到了我們在市場公用事業業務中獲得的不錯的獎項，我們認為我們的一些客戶整合了他們的供應商。

We're seeing it in the clean energy space, where developers, large utilities are using less vendors for their renewable projects portfolios on a go-forward basis. So we think as projects get bigger, as consolidation happens across our customers as well, people tend to want to work with less partners. And we think that's a really important part of the story.

我們在清潔能源領域看到了這一點，開發商、大型公用事業公司在其再生能源專案組合中使用的供應商越來越少。因此，我們認為，隨著專案變得越來越大，隨著我們的客戶之間也發生整合，人們往往希望與更少的合作夥伴合作。我們認為這是故事中非常重要的部分。

We think scale matters. We think we've built great scale. And our customers believe in the scale capabilities that we have. And we do think that's a really important part of what's going to make companies successful in the future. And that's really what we've been building towards.

我們認為規模很重要。我們認為我們已經建立了巨大的規模。我們的客戶相信我們擁有的規模能力。我們確實認為這是使公司在未來取得成功的非常重要的一部分。這確實是我們一直致力於實現的目標。

We will take our next question from Justin Hauke with Robert W. Baird.

我們將回答賈斯汀·豪克 (Justin Hauke) 和羅伯特·W·貝爾德 (Robert W. Baird) 提出的下一個問題。

I guess, the first one, just truly kind of just a numeric one that I wanted to clarify in terms of the backlog and what's in it and what's not. So I think you said the AT&T scope addition was booked in the fourth quarter. But the Nokia to Ericsson equipment scope that you're talking about in the second half, that's not in backlog yet. That will be when you go into the second half.

我想，第一個實際上只是一個數字，我想根據待辦事項以及其中包含哪些內容和不包含哪些內容來澄清。所以我想你說過 AT&T 範圍的增加是在第四季度預訂的。但是您在下半年談論的諾基亞到愛立信的設備範圍尚未積壓。那將是你進入下半場的時候。

And then the other numeric on that aspect would be in the Clean Energy. I think you said that you debooked the Rochester job that was $200 million. I'm just curious if there were any other significant debookings in the quarter in that segment as you kind of scrub the backlog.

那麼這方面的另一個數字將是清潔能源。我想你說過你取消了羅徹斯特價值 2 億美元的工作。我只是好奇，當您清理積壓訂單時，本季該細分市場是否還有其他重大取消預訂。

There was no other debookings. Obviously, we announced the issues with that project in the third quarter. The Li-Cycle project is on hold. So we've taken it out of backlog. It was a project that we had been working on. So typically, once a project hits backlog, usually we build it. There's very few instances where we've had to take anything out of backlog. Obviously, Li-Cycle was its own -- had its own issues.

沒有其他取消預訂的情況。顯然，我們在第三季宣布了該項目的問題。 Li-Cycle專案被擱置。所以我們已經把它從積壓中刪除了。這是我們一直在做的一個專案。因此，通常情況下，一旦專案達到積壓，我們通常就會建造它。在極少數情況下，我們必須從積壓的訂單中取出任何東西。顯然，Li-Cycle 是它自己的——有它自己的問題。

When we think about comms, a portion of it is in backlog. I think that again we're not expecting significant impact from that until the latter part of the year. And again, that's -- our backlog is -- we only take the 18-month view. So there is a component for that, but it's a relative -- we think a much smaller component than what the actual award means over the long term.

當我們想到通訊時，其中一部分處於積壓狀態。我認為，我們預計直到今年下半年才會產生重大影響。再說一次，我們的積壓工作是──我們只考慮 18 個月的觀點。所以這是有一個組成部分，但它是一個相對的——我們認為這個組成部分比實際獎項的長期意義要小得多。

Okay. And then I guess, my second question is just, maybe it's another numeric one, but just kind of quantifying the Illinois and the Exelon impact in the Power Delivery business. I guess, I didn't realize that, that was such a big geography for you. So maybe you can just give some context. I mean, the 2024 guidance assumes like 2% growth for that segment. How much is the Illinois rate case weighing on the revenue growth outlook there?

好的。然後我想，我的第二個問題只是，也許這是另一個數位問題，但只是量化伊利諾伊州和 Exelon 對電力傳輸業務的影響。我想，我沒有意識到，這對你來說是一個如此廣闊的地理環境。所以也許你可以提供一些背景資訊。我的意思是，2024 年的指導假設該細分市場的成長率約為 2%。伊利諾州利率案件對當地收入成長前景的影響有多大？

So I'd say a couple of things. Exelon was -- is our fourth-largest customer at MasTec. So it's not all in Illinois, but it's a good chunk of it is. They have a meaningful cut for '24. We originally talked about mid-single-digit revenue growth in this market for '24 versus what we're saying today. And I think that entire drop is the impact.

所以我想說幾件事。 Exelon 是我們 MasTec 的第四大客戶。所以這並不全部在伊利諾州，但其中很大一部分是在伊利諾州。他們對 24 年進行了有意義的削減。與我們今天所說的相比，我們最初討論的是 24 年該市場的中個位數收入成長。我認為整個下降都是影響。

So if you want to call it $100 million, $150 million of impact in '24, that's kind of what we've built in, assuming we don't -- we're not able to really put those people on other work, which I think there's going to be an opportunity for us. So again, we talked about it being somewhat of a conservative view, but that's our view today. So we've kind of taken the entire impact that we expect in '24 completely out of guidance.

因此，如果你想在 24 年將其稱為 1 億美元、1.5 億美元的影響，這就是我們已經內建的內容，假設我們不這樣做的話——我們無法真正讓這些人從事其他工作，這我認為我們會有機會。我們再次談到這有點保守，但這就是我們今天的觀點。因此，我們對 24 年預期的整體影響完全脫離了指導。

We will take our next question from Brent Thielman with D.A. Davidson.

我們將接受 D.A. 布倫特·蒂爾曼 (Brent Thielman) 提出的下一個問題。戴維森。

Just on the $550 million cash from operations bogey, could you talk about the puts and takes that could get you potentially above that this year, just given you had a pretty strong finish to 2023?

就營運柏忌帶來的 5.5 億美元現金而言，鑑於您在 2023 年取得了相當強勁的成績，您能否談談今年可能使您超過這一目標的看跌期權和看跌期權？

Yes, this is Paul. I think the biggest driver is just around the DSO. So I said we're assuming we kind of spend the year in the high 70s versus the 74 we ended the year at. So I think there's some opportunity for us to continue to perform better from a DSO perspective. And at the revenue levels we're generating, each day is north of $30 million of cash flow so that's a pretty meaningful opportunity.

是的，這是保羅。我認為最大的推動力就在 DSO 周圍。所以我說，我們假設這一年的成長率為 70 多歲，而年底則是 74 多歲。因此，我認為從 DSO 的角度來看，我們有機會繼續表現得更好。按照我們產生的收入水平，每天的現金流量都超過 3000 萬美元，因此這是一個非常有意義的機會。

Okay, great. And then just back to Clean Energy, Jose, could you just speak to the margin profile, the structure of the contracts, anything else for the new business that you're adding into the backlog at this point and maybe how that all informs your view around higher levels of profitability for that business group kind of over the medium term? I know you've got your expectations for this year but kind of looking out beyond that.

好的，太好了。然後回到清潔能源，何塞，您能否談談利潤概況、合約結構、您此時添加到待辦事項中的新業務的其他任何內容，以及這一切如何影響您的觀點圍繞中期內該業務集團更高水準的獲利能力？我知道您對今年有期望，但也有超越這項期望的期待。

Yes, look, it's a great question. One, obviously, as '23 played out and even a little bit into early '24, we're still working on contracts that were won a while ago. Obviously, everybody knows the challenges that have existed with supply chain. So as you -- as you're working on older projects in those businesses, sometimes it has a negative impact to margins.

是的，聽著，這是一個很好的問題。顯然，隨著 23 年的結束，甚至進入 24 年初，我們仍在處理不久前贏得的合約。顯然，每個人都知道供應鏈的挑戰。因此，當您在這些業務中從事較舊的專案時，有時它會對利潤產生負面影響。

Historically, and even as we look at our '23 performance, our wind margin significantly outperformed our solar margins. That has everything to do with the fact that we've been in wind for a long time and we're a lot newer to solar. We've got a ton of opportunity to increase our solar margins, which we need to do and we need to accomplish. I think that's going to be the bigger driver of the margin growth over time.

從歷史上看，即使我們審視 23 年的業績，我們的風電利潤率也明顯優於太陽能利潤率。這與我們已經使用風能很長時間而對太陽能卻很陌生這一事實有關。我們有很多機會來增加我們的太陽能利潤，這是我們需要做的，我們需要完成的。我認為隨著時間的推移，這將成為利潤成長的更大推動力。

But wind margins, quite frankly, are holding with what we've historically done. So as the wind market comes back and as that becomes a bigger driver of revenues, we do think that the margin profile there is considerably, at least from our performance perspective, considerably better. If you go way back, we used to -- there were years where this business performed at double digits, the whole segment. A lot of that was driven by wind.

但坦白說，風電利潤率與我們歷史上的做法保持一致。因此，隨著風電市場的復甦，並成為收入的更大推動力，我們確實認為，至少從我們的業績角度來看，那裡的利潤率狀況要好得多。如果你追溯到很久以前，我們曾經——有幾年這個業務的整個細分市場的業績都達到了兩位數。其中很多是由風驅動的。

We're seeing similar margin potentials in some of those projects on a go-forward basis. We've got to get our solar business there over time, which is what we're working on. Obviously, the solar business is what's going to grow faster. So we're encouraged. '23 again was a tough year. We're going to have ups and downs in '24. We've kind of built that into our model. But I really think that our focus today is on executing these projects and driving margins out of the business. And our goal, our objective is really to increase those margins over time.

我們在其中一些項目中看到了類似的未來利潤潛力。隨著時間的推移，我們必須在那裡開展我們的太陽能業務，這就是我們正在努力的方向。顯然，太陽能業務將會成長更快。所以我們受到鼓舞。 23 年又是艱難的一年。 24 年我們將會經歷起起落落。我們已經將其內建到我們的模型中。但我確實認為我們今天的重點是執行這些項目並提高業務利潤。我們的目標實際上是隨著時間的推移增加這些利潤。

We will take our next question from Min Cho with B. Riley Securities.

我們將回答 B. Riley Securities 的 Min Cho 提出的下一個問題。

A couple of quick questions. In terms of -- Paul, you mentioned that you're breaking out the Clean Energy section into several market sectors. Can you provide a general revenue breakout right now of where like the renewables versus infrastructure and industrial stand?

幾個簡單的問題。就保羅而言，您提到您正在將清潔能源部分分為幾個市場領域。您現在能否提供再生能源與基礎設施和工業等方面的整體收入突破？

Yes, our renewables business is just over 60% of the total segment.

是的，我們的再生能源業務僅佔整個細分市場的 60% 以上。

Okay. That's obviously where all the growth potential is going forward.

好的。顯然，這就是未來所有成長潛力的所在。

Yes, Min, infrastructure has got good opportunities as well, right? I mean, so -- and that business had a meaningful -- both our legacy and IEA had a good scale in that business in different geographies. And with the infrastructure bill, there are a number of opportunities there as well. We have deemphasized industrial in the near term just in light of some of the challenges we had on projects over '21 and into latter part of '23. So I do think there's -- renewables will, for sure, drive the growth. But infrastructure has got some good opportunities as well.

是的，敏，基礎設施也有很好的機會，對嗎？我的意思是，所以——而且這項業務是有意義的——我們的遺產和國際能源署在不同地區的這項業務中都具有良好的規模。有了基礎設施法案，那裡也有很多機會。鑑於我們在 21 世紀 21 世紀和 23 世紀後期的專案中遇到的一些挑戰，我們在短期內不再強調工業。所以我確實認為再生能源肯定會推動成長。但基礎設施也有一些很好的機會。

Excellent, very helpful. And then just finally, obviously, Jose, I know you've been scaling up kind of with expectations for growth for the next couple of years. And it sounds like there's so much more growth to come, we're just at the very beginning and it's across all of your end markets. And labor is always an issue, will continue to be an issue. But when do you think the industry gets to kind of full capacity and where you start to see elongation of the cycle where it really benefits margins?

非常好，非常有幫助。最後，很明顯，何塞，我知道您一直在擴大規模，並對未來幾年的成長抱有期望。聽起來未來還會有更多的成長，我們才剛開始，而且它遍及所有終端市場。勞動力始終是一個問題，並將繼續是一個問題。但是，您認為該行業何時達到滿載運轉，以及何時開始看到週期延長，真正有利於利潤率？

I think each segment is different. I think in some segments, quite frankly, we're almost there. I think one of the really important things is customers recognize it, right? They talk about it. They don't necessarily feel it yet because they know there's still flex in the system. But everybody knows we're going to get to that point. I think coming out of '24 into '25, across all of our segments, we're going to feel some of that, some more than others. And I do think that at that point, it does start impacting what we do with customers, how we talk about it and how we price things.

我認為每個細分市場都是不同的。坦白說，我認為在某些領域我們已經接近成功了。我認為真正重要的事情之一是客戶認可它，對吧？他們談論它。他們還不一定感覺到，因為他們知道系統中仍然存在彈性。但每個人都知道我們將會達到這一點。我認為從 24 世紀到 25 世紀，在我們所有的細分市場中，我們都會感受到其中的一些，有些比其他的更強烈。我確實認為，從那時起，它確實開始影響我們與客戶的關係、我們如何談論它以及我們如何定價。

We currently do not have any further questions. I will turn it back to Mr. Mas for closing remarks.

目前我們沒有任何進一步的問題。我將把它轉回給馬斯先生做總結發言。

Just want to thank everybody for participating today, and we look forward to updating you on our first quarter call here in a short period of time. Thank you.

我只想感謝大家今天的參與，我們期待在短時間內向您通報我們第一季電話會議的最新情況。謝謝。

This concludes 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。您現在可以斷開連線。