MasTec Inc (MTZ) 2024 Q2 法說會逐字稿

Welcome to MasTec's second quarter 2024 earnings conference call, initially broadcast on Friday, August 2, 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.

歡迎參加 MasTec 2024 年第二季財報電話會議，該電話會議最初於 2024 年 8 月 2 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。

Thanks, Samara, and 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 make certain statements that are forward-looking, such as statements regarding MasTec's future results, plans and anticipated trends in industries where we operate.

謝謝薩馬拉，大家早安。歡迎參加 MasTec 第二季的電話會議。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條款做出的。在這些通訊中，我們做出某些前瞻性聲明，例如有關 MasTec 未來業績、計劃以及我們經營所在行業的預期趨勢的聲明。

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

這些前瞻性陳述是本公司在本次電話會議首次廣播之日的預期，本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 today's call.

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不正確，實際結果可能與今天電話會議中明示或暗示的結果有顯著差異。

In today's remarks by management, we will be discussing adjusted financial metric reconciled in yesterday's press release and supporting schedules. In addition, we may use certain non-GAAP financial measures during the call today. 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，我們可能會在今天的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 have two additional documents associated with today's webcast, which, along with the earnings press release, can be found on the Investors, events and presentations page of our website at mastec.com.

請注意，我們還有兩份與今天的網路廣播相關的附加文件，這些文件與收益新聞稿一起可以在我們網站 mastec.com 的投資者、活動和演示頁面上找到。

There is a companion presentation with information analytics on the quarter just ended and guidance summary for Q3 and the balance of the year. This should help you with your models. Both PDF files are available for download.

還有一個配套演示文稿，其中包含剛結束的季度的資訊分析以及第三季和今年剩餘時間的指導摘要。這應該對您的模型有所幫助。兩個 PDF 檔案均可下載。

With us today, we have Jose Mas, our Chief Executive Officer; and Paul Dimarco, our EVP and Chief Financial Officer. The format of the call will be opening remarks and analysis by Jose, followed by financial review from Paul. These discussions will be followed by a Q&A period, and we expect the call to last about 60 minutes. We had nice quarter, a lot of important things to talk about today. So I'll turn the call over to Jose Mas. Jose?

今天與我們在一起的有我們的執行長何塞·馬斯 (Jose Mas)；以及我們的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白和分析，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。我們度過了愉快的季度，今天有很多重要的事情要討論。所以我會把電話轉給何塞·馬斯。何塞？

Thanks, Marc. Good morning, and welcome to MasTec's 2024 second quarter call. Today, I'll be reviewing our second quarter results as well as providing my outlook for the markets we serve. First, some second quarter highlights. Revenue for the quarter was $3 billion, adjusted EBITDA was $268 million. Adjusted earnings per share was $0.96 and backlog at quarter end was $13.3 billion, a $500 million sequential increase.

謝謝，馬克。早安，歡迎參加 MasTec 2024 年第二季的電話會議。今天，我將回顧我們第二季的業績，並提供我對我們所服務的市場的展望。首先是第二季的一些亮點。該季度營收為 30 億美元，調整後 EBITDA 為 2.68 億美元。調整後每股盈餘為 0.96 美元，季末積壓訂單為 133 億美元，季增 5 億美元。

In summary, we had another good and clean quarter. While revenues were slightly below expectations. Margins were about 65 basis points better than expected. Solid margin performance in our communication and pipeline segments, coupled with solid improvements in our clean energy segment were partially offset by some pressure in our power delivery segment.

總而言之，我們又度過了一個很好而乾淨的季度。雖然收入略低於預期。利潤率比預期高出約 65 個基點。我們的通訊和管道部門的穩健利潤率表現，加上我們清潔能源部門的穩定改善，部分被我們電力傳輸部門的一些壓力所抵消。

Our second quarter results, coupled with our full year guidance, which is essentially unchanged, demonstrate both the improvements in our business over the last year and our confidence in the future.

我們的第二季業績，加上基本沒有變化的全年指導，表明了我們去年業務的改善以及我們對未來的信心。

As a reminder, on our 2023 year-end call, in February, we talked extensively about the signs of weakness we were seeing in electrical distribution spending. While some of the pressure continues, we're pleased that our diversification strategy and strength in other markets have allowed us to perform above the expectations.

提醒一下，在 2 月的 2023 年年終電話會議上，我們廣泛討論了我們在配電支出方面看到的疲軟跡象。儘管一些壓力仍然存在，但我們很高興我們的多元化策略和在其他市場的實力使我們的表現超出了預期。

Despite the short term pressure in our power delivery segment, the longer term outlook continues to get significantly better. The projected energy load growth in the US will have a substantial impact on our business as our customers take advantage of this growth opportunity resulting in meaningful increases in investment in both generation and grid expansion.

儘管我們的電力傳輸領域面臨短期壓力，但長期前景仍持續明顯改善。美國預計的能源負載成長將對我們的業務產生重大影響，因為我們的客戶利用這一成長機會，導致發電和電網擴建投資顯著增加。

We are incredibly well positioned to take advantage of this opportunity. These opportunities, coupled with increased federal funding, impacting our communications and infrastructure segments, along with an increased expectation that natural grass will play a larger role in energy generation going forward, provide us with unprecedented opportunities across our entire portfolio.

我們處於非常有利的位置來利用這個機會。這些機會，加上聯邦資金的增加，影響了我們的通訊和基礎設施領域，以及人們對天然草將在未來能源生產中發揮更大作用的期望的增加，為我們的整個投資組合提供了前所未有的機會。

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 revenues and earnings.

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收益的能力產生重大影響。

First, in our Power Delivery segment. During the second quarter, MasTec was awarded a 700 mile high-voltage transmission and substation project. The project is expected to start in early 2025 and complete in 2028, with annual revenues projected to be in the $3 million to $500 million range.

首先，在我們的電力傳輸領域。第二季度，MasTec 獲得了 700 英里高壓輸變電站專案。該計畫預計將於 2025 年初啟動，2028 年完成，年收入預計在 300 萬至 5 億美元之間。

This project, one of the largest in the United States represents a significant win for MasTec as a pursuit of large transmission projects has been an important part of our strategy. We've made significant investments over the last few years to better position us to compete and win large projects, and this award is a great start.

該項目是美國最大的項目之一，代表著 MasTec 的重大勝利，因為追求大型輸電項目一直是我們策略的重要組成部分。在過去的幾年裡，我們進行了大量投資，以便更好地競爭並贏得大型項目，這個獎項是一個很好的開始。

While there continues to be a number of large transmission opportunities in the near term, the reality is that to meet load growth expectations, transmission spending is going to have to meaningfully increase. While a major challenge has been the time involved in the development cycle for transmission projects. We are encouraged by recent proposed legislation in Washington.

儘管短期內仍存在大量大型輸電機會，但現實情況是，為了滿足負載成長預期，輸電支出必須大幅增加。而一個主要挑戰是輸電專案開發週期所涉及的時間。我們對華盛頓最近提出的立法感到鼓舞。

On Wednesday of this week, the Senate Energy and Natural Resources Committee in a bipartisan 15 to 4 vote passed the Energy Permitting Reform Act of 2024. The purpose of this bill is to accelerate the expansion and upgrade of the US electricity grid. While the bill needs to make it through Congress, and there will be challenges in an election year, it demonstrates the bipartisan awareness of the importance of this issue. We believe this is a great sign.

本週三，參議院能源和自然資源委員會以兩黨 15 比 4 的投票結果通過了《2024 年能源許可改革法案》。該法案的目的是加速美國電網的擴建和升級。儘管該法案需要在國會獲得通過，並且在選舉年將面臨挑戰，但它表明了兩黨對該問題重要性的認識。我們相信這是一個好兆頭。

In our communications segment, margins outperformed, and we expect that trend to continue. Our second half growth is largely intact, and we're encouraged by our progress in both the wireless and wireline markets. Our market share expansion with AT&T, coupled with the Nokia Ericsson swap-out is on track for our second half expectations, and we continue to experience strong growth opportunities in our wireline business. We expect second half revenues in 2024 to grow organically by nearly 20% compared to last year.

在我們的通訊領域，利潤率表現出色，我們預計這種趨勢將持續下去。我們下半年的成長基本上保持不變，我們對無線和有線市場的進展感到鼓舞。我們與 AT&T 的市佔率擴張，加上諾基亞愛立信的換出，正在實現我們下半年的預期，而我們的有線業務將繼續經歷強勁的成長機會。我們預計 2024 年下半年營收將比去年有機成長近 20%。

Looking ahead, beads funding is becoming clear as to both size and timing, and we expect it to have an impact on our business in 2025, there has been a number of new customer entrants to the market. Many are backed by private equity and very interested in our end to end solutions approach which we believe gives them a competitive edge, thus providing a great opportunity for us.

展望未來，珠子融資的規模和時機都變得越來越清晰，我們預計它將在 2025 年對我們的業務產生影響，已有許多新客戶進入市場。許多人都得到了私募股權的支持，並對我們的端到端解決方案非常感興趣，我們相信這給他們帶來了競爭優勢，從而為我們提供了絕佳的機會。

In our oil and gas pipeline segment, revenues were slightly lower than expected as some projects shifted to the second half, but margins outperformed. While backlog is down, demand is strong. We expect this segment to return to a more book-and-burn cadence as it relies less on larger projects.

在我們的石油和天然氣管道部門，由於一些項目轉移到下半年，收入略低於預期，但利潤率表現出色。雖然積壓減少，但需求強勁。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 are confident in the visibility we have in this segment for the next few years. And we now believe the gas-fired generation will play a much larger role in helping meet load growth needs. Having good visibility over a multiyear timeframe is very different than where we've been in the last few years. And that gives us a lot of confidence about our business.

我們對未來幾年在這一領域的知名度充滿信心。我們現在相信燃氣發電將在幫助滿足負載成長需求方面發揮更大的作用。在多年的時間範圍內擁有良好的可見性與我們過去幾年的情況有很大不同。這讓我們對我們的業務充滿信心。

Finally, in our clean energy and infrastructure segment, revenue was up 25% sequentially and margins were in line with expectations. We had about a 1.2 times book-to-bill and backlog for the segment. And most importantly, we have excellent visibility going forward. We're in great shape on project activity, and while we have a big ramp projected for the second half of the year, we're confident in our ability to hit it.

最後，在我們的清潔能源和基礎設施領域，營收季增 25%，利潤率符合預期。該細分市場的訂單出貨比和積壓訂單約為 1.2 倍。最重要的是，我們對未來擁有良好的視野。我們的專案活動狀況良好，雖然我們預計下半年會有大幅成長，但我們對實現這一目標的能力充滿信心。

We also expect continued backlog growth through the balance of the year and beyond. We continue to see really strong demand in both renewables and infrastructure projects. And based on expected wins in bookings, believe we're in great shape to show really strong growth in 2025.

我們也預計今年剩餘時間及以後積壓訂單將持續成長。我們繼續看到再生能源和基礎設施項目的強勁需求。根據預期的預訂量，相信我們將在 2025 年展現出真正強勁的成長。

In infrastructure, the need for our nation and our states to invest in deferred infrastructure spending has never been greater. Infrastructure build investments in highways, bridges, seaports, airports, and rail, coupled with significant increases in private spending related to site development, manufacturing and data centers, is providing MasTec’s infrastructure business with exciting growth opportunities. Bid activity is very high and on many opportunities, competition is limited.

在基礎設施方面，我們國家和各州投資延期基礎設施支出的需求從未如此之大。高速公路、橋樑、海港、機場和鐵路等基礎設施建設投資，加上與場地開發、製造和資料中心相關的私人支出大幅增加，為 MasTec 的基礎設施業務提供了令人興奮的成長機會。投標活動非常活躍，許多機會的競爭也很有限。

As it relates to renewables, we had a solid quarter of bookings and we expect that trend to continue. on next year's recent earnings call, they stated that demand for renewables is expected to triple over the next seven years versus the prior seven. Let me repeat that triple over the next seven years. While I believe we need to embrace all forms of electricity generation to meet the growing demands of both manufacturing and artificial intelligence, there is no faster alternative than deploying renewables with storage.

由於與再生能源相關，我們有一個穩定的季度預訂量，我們預計這種趨勢將持續下去。在明年最近的財報電話會議上，他們表示，未來七年對再生能源的需求預計將比前七年成長兩倍。讓我在接下來的七年重複這個三倍。雖然我相信我們需要採用各種形式的發電來滿足製造業和人工智慧日益增長的需求，但沒有比部署再生能源和儲存更快的替代方案了。

During the last quarter, we have seen virtually all of our renewable customers, utilities as well as independent developers positioned themselves to meet the growing demand of load growth through the deployment of renewables. We strongly believe that irrespective of the election and political dynamics, renewables are going to play a leading role in meeting our country's future energy needs. We at MasTec are incredibly well positioned to benefit from that for many years to come.

在上個季度，我們幾乎看到所有再生能源客戶、公用事業公司以及獨立開發商都透過部署再生能源來滿足不斷增長的負載成長需求。我們堅信，無論選舉和政治動態如何，再生能源都將在滿足我國未來能源需求方面發揮主導作用。我們 MasTec 處於非常有利的位置，可以在未來的許多年中從中受益。

In summary, we delivered another solid quarter and are off to a good start to the year. Our recent transmission project win is an important milestone for us and hopefully the beginning of many more future awards. This win, coupled with the industry's need to meet the load growth demands, positions our power delivery segment to outperform for the foreseeable future.

總而言之，我們又實現了一個穩健的季度，並為今年開了個好頭。我們最近贏得的輸電項目對我們來說是一個重要的里程碑，並希望成為未來更多獎項的開始。這場勝利，加上產業需要滿足負載成長需求，使我們的電力傳輸領域在可預見的未來表現出色。

Our clean energy and Infrastructure segment will also be a big beneficiary of the increased investments in power generation. Couple that with both the demand and telecom and the stability within our oil and gas pipeline segment, and I believe MasTec has never been so well positioned.

我們的清潔能源和基礎設施部門也將成為發電投資增加的一大受益者。再加上石油和天然氣管道領域的需求、電信和穩定性，我相信 MasTec 從未處於如此有利的地位。

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，並以最佳價值為客戶提供優質專案。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，我們才能夠為持續成長和成功做好準備。

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？

Thank you, Jose, and good morning, everyone. To begin a few second quarter highlights. We generated adjusted EBITDA of $268 million, exceeding guidance by $8 million with margins 65 basis points ahead of expectations. This despite revenue coming in about 4% below guidance.

謝謝你，何塞，大家早安。首先介紹一些第二季的亮點。我們的調整後 EBITDA 為 2.68 億美元，超出指導價值 800 萬美元，利潤率超出預期 65 個基點。儘管收入比指導值低約 4%，但情況仍然如此。

Our pipeline segment had a very strong quarter and we were in line with our margin expectations in the other segments. Adjusted earnings per share was $0.96, exceeding guidance by $0.08, driven primarily by the adjusted EBITDA beat.

我們的管道部門有一個非常強勁的季度，我們在其他部門的利潤率預期是一致的。調整後每股收益為 0.96 美元，超出指導值 0.08 美元，這主要是由於調整後 EBITDA 超出預期。

We generated approximately $265 million of cash flow from operations in the quarter, despite 10% sequential revenue growth. Our improving margin profile and lower DSOs were the key drivers to the strong cash flow.

儘管營收季增 10%，但本季我們的營運現金流量約為 2.65 億美元。我們改善的利潤率和較低的 DSO 是強勁現金流的關鍵驅動因素。

Accordingly, we reduced net debt by approximately $200 million with net leverage under 2.5 times. 18 month backlog at Q2 totaled $13.3 billion, an increase of $500 million from the first quarter. This reflects an increase to record levels for each segment except for pipeline, which continues to transition towards more book-and-burn activity with less reliance on larger projects.

因此，我們將淨債務減少了約 2 億美元，淨槓桿率低於 2.5 倍。第二季 18 個月的積壓訂單總額為 133 億美元，比第一季增加 5 億美元。這反映了管道之外的每個細分市場都達到了創紀錄的水平，管道繼續轉向更多的預訂和銷毀活動，減少對大型項目的依賴。

The main drivers of the overall increase in backlog was the large power delivery award Jose discussed earlier, and good bookings at CE&I. We also continue to see improving visibility towards higher volume next year in our communications segment.

積壓訂單整體增加的主要驅動因素是 Jose 先前討論的大額電力傳輸獎項以及 CE&I 的良好預訂。我們也繼續看到明年通訊領域銷量的成長。

Now I'd like to cover our segment performance and expectations. Second quarter pipeline segment revenue was $572 million, with adjusted EBITDA of $135 million or 23.6%. Revenue was slightly below forecast due to timing of project burn, but we continue to have strong performance across a broad mix of service offerings. MVP is now online with only right-of-way restoration activities remaining.

現在我想介紹一下我們的部門績效和期望。第二季管線部門營收為 5.72 億美元，調整後 EBITDA 為 1.35 億美元，成長 23.6%。由於項目燒毀的時間安排，收入略低於預期，但我們在廣泛的服務產品組合中繼續保持強勁的業績。MVP 現已上線，僅剩下通行權恢復活動。

We continue to see improving demand in this segment and now expect 2024 pipeline segment revenue to reach $2.1 billion, a $100 million increase from our prior guidance. Adjusted EBITDA margins for the full year are now expected to be in the high teens, improving 300 to 400 basis points versus 2023. For the third quarter, we expect revenue to be approximately $540 million with adjusted EBITDA margins also in the high teens.

我們繼續看到該細分市場的需求不斷改善，現在預計 2024 年管道細分市場的收入將達到 21 億美元，比我們先前的指導增加 1 億美元。目前預計全年調整後 EBITDA 利潤率將達到十幾歲，比 2023 年提高 300 至 400 個基點。我們預計第三季的營收約為 5.4 億美元，調整後的 EBITDA 利潤率也將達到十幾歲。

Second quarter communications revenue was $825 million, with adjusted EBITDA margin of 9.9%, ahead of our guidance. As we gain visibility towards the second half of 2024, we are reducing full year segment revenue guidance by $50 million to $3.45 billion, but keeping our adjusted EBITDA forecast unchanged with margins in the high single digits.

第二季通訊營收為 8.25 億美元，調整後 EBITDA 利潤率為 9.9%，高於我們的指引。隨著我們對2024 年下半年的情況有了更清晰的認識，我們將全年部門收入指引減少5000 萬美元，至34.5 億美元，但保持調整後EBITDA 預測不變，利潤率保持在高個位數。

For the third quarter, we anticipate revenue will be approximately $950 million, up 15% year-over-year with adjusted EBITDA margins in the low double digits. We continue to see strong demand for both wireless and wireline services that are expected to continue to ramp in the second half of 2024 and be fully ramped in 2025. Communications segment backlog of $5.9 billion, once again represents a new record.

我們預計第三季的營收約為 9.5 億美元，年增 15%，調整後 EBITDA 利潤率將達到低兩位數。我們繼續看到對無線和有線服務的強勁需求，預計這些需求將在 2024 年下半年繼續成長，並在 2025 年全面成長。通訊部門積壓訂單達 59 億美元，再次創下新紀錄。

Second quarter power delivery segment revenue was $637 million and adjusted EBITDA margin was 8.1%. Revenue was slightly lower than expectations, as we saw continued softness for distribution services with certain customers. We are excited to announce the signing of the significant transmission and substation contract, which provides excellent visibility and resource utilization for the next few years.

第二季電力傳輸部門營收為 6.37 億美元，調整後 EBITDA 利潤率為 8.1%。收入略低於預期，因為我們看到某些客戶的分銷服務持續疲軟。我們很高興地宣布簽署重要的輸電和變電站合同，這為未來幾年提供了良好的可見性和資源利用率。

18-month backlog for power delivery is about $3 billion, representing a record for this segment as well. Please note our backlog only includes a portion of the new transmission award.

18 個月的電力傳輸積壓金額約為 30 億美元，也創下了該領域的紀錄。請注意，我們的積壓訂單僅包括新傳輸獎勵的一部分。

For the full year, we are revising our forecast to reflect a slower recovery in demand for distribution services as certain customers continue to defer spending in the near term. We now expect segment revenue to be $2.5 billion with adjusted EBITDA margins in the high single digits or about 100 basis points lower than 2023.

對於全年，我們正在修改我們的預測，以反映由於某些客戶在短期內繼續推遲支出，分銷服務需求的復甦速度較慢。我們現在預計該部門營收將達到 25 億美元，調整後的 EBITDA 利潤率將達到高個位數，比 2023 年低約 100 個基點。

Our 2024 forecast does not include a significant contribution from emergency restoration services or the large transmission award noted earlier. While we are taking the temporary slowdown as an opportunity to evaluate our overall cost structure, we are highly confident these deferrals will alleviate, so we are being cautious to preserve capacity. Third quarter revenue is forecasted at $650 million with adjusted EBITDA margins in line with the full year estimate.

我們的 2024 年預測不包括緊急復原服務或前面提到的大型輸電獎項的重大貢獻。雖然我們將暫時的放緩作為評估整體成本結構的機會，但我們非常有信心這些延期將會緩解，因此我們對保留產能持謹慎態度。第三季營收預計為 6.5 億美元，調整後 EBITDA 利潤率與全年預期一致。

Second quarter clean energy and infrastructure segment revenue was $942 million, about $80 million below guidance, driven by timing of project starts, primarily in our civil infrastructure group. We expect to make up this revenue in the back half of 2024.

第二季清潔能源和基礎設施部門的收入為 9.42 億美元，比指導值低約 8,000 萬美元，這主要是由於專案啟動時間的推動，主要是在我們的民用基礎設施部門。我們預計將在 2024 年下半年彌補這筆收入。

Adjusted EBITDA margin was 5% for the quarter, in line with our forecast. Backlog increased $160 million to approximately $3.7 billion, reflecting strong bookings for clean energy projects in the quarter. In addition to these awards we are still working under limited notices to proceed on contracts with total value greater than $2 billion, the vast majority of which will be formed in 2025.

本季調整後 EBITDA 利潤率為 5%，符合我們的預測。積壓訂單增加了 1.6 億美元，達到約 37 億美元，反映出本季清潔能源項目的強勁預訂。除了這些合約之外，我們仍在有限通知下繼續推進總價值超過 20 億美元的合同，其中絕大多數將於 2025 年簽訂。

Our full year clean energy segment guidance remains unchanged at $4.4 billion of revenue with mid-single digit adjusted EBITDA margin. Third quarter segment revenue is forecasted to be $1.3 billion, up 20% year-over-year, with adjusted EBITDA margins in the mid-single digits, improving approximately 100 basis points from Q2.

我們的全年清潔能源業務指引維持在 44 億美元收入不變，調整後 EBITDA 利潤率為中個位數。第三季部門營收預計為 13 億美元，年增 20%，調整後 EBITDA 利潤率為中個位數，較第二季提高約 100 個基點。

On a consolidated basis, full-year revenue is now expected to be $12.4 billion, with adjusted EBITDA unchanged from our prior guidance at $975 million. Our consolidated second half outlook remains largely unchanged with $6.75 billion of revenue and adjusted EBITDA margins of approximately 8%. We expect third quarter revenue to be $3.45 billion with adjusted EBITDA of $295 million or 8.6%. We are also raising our adjusted EPS estimates the $3.03 for the full year and $1.24 for the third quarter.

綜合來看，全年營收目前預計為 124 億美元，調整後 EBITDA 與我們先前的指引值 9.75 億美元持平。我們對下半年的綜合展望基本上保持不變，營收為 67.5 億美元，調整後 EBITDA 利潤率約為 8%。我們預計第三季營收為 34.5 億美元，調整後 EBITDA 為 2.95 億美元，即 8.6%。我們也將全年調整後每股盈餘預測上調至 3.03 美元，將第三季調整後每股盈餘預測上調至 1.24 美元。

We had very strong cash flow performance in Q2, generating $265 million of cash flow from operations despite 10% sequential revenue growth. Our improved earnings and strong working capital management with DSOs at 69 days were key drivers.

我們第二季的現金流表現非常強勁，儘管營收季增 10%，但營運現金流仍達到 2.65 億美元。我們的獲利改善和 69 天 DSO 的強大營運資本管理是關鍵驅動力。

Liquidity stands at $1.8 billion and net leverage is under 2.5 times. The expected second half revenue growth will drive additional working capital investment, particularly in the third quarter, and our outlook assumes DSO in the mid-70s for the second half, an increase from the 69 days achieved during the second quarter. We now expect full year cash flow from operations to be in the low $600 million range, exceeding our prior forecast of $550 million.

流動性為 18 億美元，淨槓桿比率低於 2.5 倍。預計下半年的營收成長將推動額外的營運資本投資，特別是在第三季度，我們的前景假設下半年的 DSO 為 70 多天，比第二季度實現的 69 天有所增加。我們現在預計全年營運現金流將在 6 億美元左右，超過我們先前預測的 5.5 億美元。

In regards to our capital structure, in Q2, we completed a $550 million inaugural investment-grade notes offering to refinance our term loan maturing in 2025 and certain bonds we assumed with the acquisition of IEA. The financing was very well received by investors with a peak order book 7 times oversubscribed. The new notes reduced interest rates by approximately 80 basis points versus the refinanced debt.

就我們的資本結構而言，第二季度，我們完成了 5.5 億美元的首次投資等級票據發行，為 2025 年到期的定期貸款以及我們在收購 IEA 時承擔的某些債券進行再融資。本次融資受到投資人熱烈歡迎，訂單高峰超額認購7倍。與再融資債務相比，新票據的利率降低了約 80 個基點。

Finally, as a reminder, you can find a guidance summary on our Investor Relations section of our website that summarizes our outlook and provides additional data points for modeling purposes.

最後，提醒一下，您可以在我們網站的投資者關係部分找到指導摘要，其中總結了我們的前景並提供了用於建模目的的其他數據點。

I'll now turn the call over to the operator for Q&A.

我現在將把電話轉給接線員進行問答。

(Operator Instructions) Jamie Cook, Truist Securities.

（操作員指示）Jamie Cook，Truist 證券公司。

Hi, good morning and congrats on a nice quarter, considering the noise out there from some of your peers. But Jose, I guess my first question, congratulations on the large transmission win? If you could help us just understand the competitive environment with that project, sort of the comfort level with risk?

你好，早安，恭喜你度過了一個愉快的季度，考慮到你的一些同行的噪音。但是何塞，我想我的第一個問題是，祝賀大型傳輸獲勝？您能否幫助我們了解該專案的競爭環境，以及對風險的承受程度？

And do we assume that's a margin that would be above segment level because I'm assuming there's probably a little more risk in there. And then just sort of what else is out there in 2024 that you could potentially book, which secures your visibility for 2025?

我們是否假設該利潤率高於細分市場水平，因為我假設其中可能存在更多風險。那麼 2024 年您還可以預訂哪些其他產品，以確保您在 2025 年的知名度呢？

And then my second question, cash flow guidance very strong this quarter, you're going to be under 2 times levered lots of growth opportunities, Jose, first to sort of capitalize OpEx historically. I'm just wondering your appetite for M&A and where that would be. Would it be data center? Are you interested in power-gen as that market could be coming back? Just trying to understand your thoughts there because you usually -- again, the first to go to market and get in front of people. Thank you.

然後我的第二個問題，本季的現金流指引非常強勁，你將獲得低於兩倍槓桿的大量成長機會，何塞，首先要從歷史上對營運支出進行資本化。我只是想知道您對併購的興趣以及興趣在哪裡。會是資料中心嗎？您對發電市場有興趣嗎，因為該市場可能會復甦？只是想了解您的想法，因為您通常是第一個進入市場並站在人們面前的人。謝謝。

Yeah, good morning, Jamie, and thanks for the question. I think a couple of things we've obviously been talking about our pursuit of large transmission projects for a long time. I think we feel great about this project. We're super excited. We're a little bit limited and what we're saying. We obviously haven't announced the name of the project, and we'll be making a joint announcement with the customer in the coming months as they finalize really the start date.

是的，早上好，傑米，謝謝你的提問。我認為我們長期以來一直在談論我們對大型輸電項目的追求。我認為我們對這個項目感覺很好。我們非常興奮。我們所說的有點有限。顯然我們還沒有宣布該項目的名稱，我們將在未來幾個月內與客戶共同宣布，因為他們最終確定了開始日期。

So we're really excited. We think the -- we've gone after a number of these, we're really comfortable with the risk profile that we've taken. We think we understand the project really well. It's been a long pursuit for us and one that we're excited to get behind us. And I think it bodes incredibly well for us in the market, right.

所以我們真的很興奮。我們認為－我們已經採取了一些措施，我們對我們所承擔的風險狀況感到非常滿意。我們認為我們非常了解這個項目。這對我們來說是一項長期的追求，我們很高興能夠支持這個目標。我認為這對我們市場來說是一個非常好的兆頭，對吧。

I think that obviously this is the largest transmission project we've ever won, and our ability to execute on it is going to really open a lot of doors for us. And again, we're super excited. As it relates to our leverage, we're in great shape, we've been talking about paying down debt over the course of the last year.

我認為這顯然是我們贏得的最大的輸電項目，我們執行該項目的能力將為我們打開很多大門。我們再次感到非常興奮。由於這與我們的槓桿率有關，我們的狀況很好，去年我們一直在談論償還債務。

I think we've made great strides. I think we're in a position, quite frankly, to do anything we want, As it respects to M&A. With that said, I think we're really focused on organic growth. I think the organic opportunities in front of us are unbelievable. And I think that's our primary focus. I think we'll look at M&A maybe more for tuck-ins for really opportunities to open markets and maybe we're not in, but I don't think you should expect anything major from us on the M&A side.

我認為我們已經取得了很大的進步。坦白說，我認為我們可以做任何我們想做的事情，就併購而言。話雖如此，我認為我們真正關注的是有機成長。我認為我們面前的有機機會令人難以置信。我認為這是我們的首要關注點。我認為我們會更專注於併購，以尋找真正開放市場的機會，也許我們沒有參與，但我認為你不應該對我們在併購方面抱有任何重大期望。

But just to follow up on that transmission project, is there anything else out there that you could book for 2024 or do we need to sort of get through this project before, you know what I mean, before we see incremental bookings on large transmission? Thanks.

但是，為了跟進該輸電項目，您是否還可以在 2024 年預訂其他項目，或者我們是否需要先完成該項目，您知道我的意思，然後才能看到大型輸電的增量預訂？謝謝。

Well, no, there are number of projects that are out there currently that we're chasing. Obviously, this is a project that's going to be built from '25 to '28. So this project by itself is going to give our group really nice growth opportunities but we're not out of the market. There are a number of projects we're still competing. We hope to win more projects, and we hope this is just the start of really the -- what we've kind of been building up for.

嗯，不，目前我們正在追逐許多項目。顯然，這是一個將在 25 年至 28 年期間建造的項目。因此，這個項目本身將為我們集團帶來非常好的成長機會，但我們並沒有退出市場。我們仍在競爭許多項目。我們希望贏得更多項目，我們希望這只是我們一直在努力的目標的開始。

I mean, we've we made a number of acquisitions in 2022 to really position us to be in the space in a more meaningful way. I think this is really the culmination and the beginning of those of starting that of getting a first big win and really positioning ourselves in the marketplace as somebody that can and will do these on an ongoing basis.

我的意思是，我們在 2022 年進行了多項收購，以真正讓我們以更有意義的方式進入該領域。我認為這確實是獲得第一個重大勝利的巔峰和開始，並將我們真正定位在市場中，成為能夠並且願意持續實現這些目標的人。

Thank you and congrats.

謝謝你並恭喜你。

Thanks, Jamie.

謝謝，傑米。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

Yeah. Good morning, Jose, and team. Congrats on a strong quarter here. My first question was just around the outlook for the communications segment. 2025 can be an important year in terms of that business. And so just curious about some of the moving pieces as we think about '25 versus '24 and then anything about the multiyear outlook for that segment?

是的。早安，何塞和團隊。恭喜本季表現強勁。我的第一個問題是關於通訊領域的前景。就該業務而言，2025 年可能是重要的一年。因此，當我們考慮「25 年」與「24 年」以及該細分市場的多年前景時，我們只是對一些變化感到好奇？

Yeah, good morning, Neil. I think we feel great about it, we've talked about really double-digit growth in that business in '25 where we're coming off in '24 just based on what's happened in the business over the last year with the awards that we got at the end of '23. We're still comfortable with that.

是的，早上好，尼爾。我認為我們對此感覺很好，我們已經討論了 25 年該業務的兩位數增長，我們將在 24 年實現這一目標，這只是基於去年該業務發生的情況以及我們獲得的獎項到了23年底。我們對此仍然感到滿意。

Obviously, we're super excited about what beads funding is going to bring to the market. There's no question that, with federal funding, sometimes there's delays. So there's we never expected beads to really impact our business in '24. We think it impacts our business in '25, but that's not the peak year, right. We think we'll begin to see it in 25.

顯然，我們對珠子融資將為市場帶來什麼感到非常興奮。毫無疑問，在聯邦資助下，有時會出現延誤。因此，我們從未預期珠子會真正影響我們 24 年的業務。我們認為這會影響我們 25 年的業務，但那不是高峰年，對吧。我們認為我們將在 25 年後開始看到它。

In our prepared remarks, we talked a little bit about the types of customers that are entering the market. We've had a lot of private equity backed customers that are starting to overbuild and build their own fiber to the home systems. We think we're incredibly well positioned to offer them services that others can't.

在我們準備好的發言中，我們討論了一些正在進入市場的客戶類型。我們有許多私募股權支持的客戶，他們開始過度建造並建立自己的光纖到戶系統。我們認為我們處於非常有利的位置，可以為他們提供其他人無法提供的服務。

So we're really bullish on the business. We think '25 is going to be a great year, much better than '24, both from a revenue and a margin perspective, and we think that only builds in '26 and beyond.

所以我們非常看好這項業務。我們認為，從收入和利潤的角度來看，25 年將是偉大的一年，比 24 年好得多，我們認為這只會在 26 年及以後建立。

Okay. That’s helpful. And then a follow-up, you had mentioned on the distribution side, some deferral of spend, and we've seen that with some of your peers as well. And it's just difficult to reconcile with the fact that we need to spend so much to keep our grid in good shape here with the oncoming growth in power demand. So what's driving that? Is that a function of regulatory outcomes or timing? And just your perspective on how this evolves here as we go into 2025?

好的。這很有幫助。然後是後續行動，您在分配方面提到了一些支出的延期，我們在您的一些同行中也看到了這一點。令人難以接受的事實是，隨著電力需求的不斷增長，我們需要花費大量資金來保持電網的良好狀態。那麼是什麼推動了這一點呢？這是監管結果或時間安排的函數嗎？進入 2025 年，您對這種情況如何演變有何看法？

Look, I think there's so much is around rate cases. And there's a lot of rate cases that are either started this year are going to start next year. Utilities have been impacted by both inflation and supply chain increases over the course of the last couple of years, they're looking for a recovery. Its -- we're seeing a concerted effort on transmission and generation. So I do think we're going to see massive increases in both on the utility side.

聽著，我認為有很多關於利率案件的事情。有很多利率案件要么今年開始，要么明年開始。在過去的幾年裡，公用事業公司受到了通貨膨脹和供應鏈成長的影響，他們正在尋求復甦。我們看到了輸電和發電方面的共同努力。所以我確實認為我們將看到公用事業的大幅成長。

And on the distribution side, I think it all catches up right at the end of the day, as these rate cases get defined, I think they're going to get what they need and we're going to see it get back to the levels that we were expecting.

在分配方面，我認為這一切都會在一天結束時迎頭趕上，隨著這些費率案例的定義，我認為他們將得到他們需要的東西，我們將看到它回到了我們所期望的水平。

In the meantime, we haven't seen a heavy storm season yet. We're it's expected to be a release of strong storm season. And I think the challenges in restoring those systems are going to create a lot of pressure on the utilities, especially if they begin to underspend in distribution.

同時，我們還沒有看到強風暴季節。我們預計這將是強風暴季節的釋放。我認為恢復這些系統的挑戰將為公用事業公司帶來很大的壓力，特別是如果他們開始在配電方面支出不足。

So I think this is a momentary issue that we will get through. It doesn't make sense when you think about what's happening at the macro level with the load growth demands that are coming. And I think the utilities are going to feel that pressure and eventually be forced to not only invest in distribution, but more importantly invest in both generation and transmission.

所以我認為這是一個暫時的問題，我們將會解決。當您考慮宏觀層面上正在發生的事情以及即將到來的負載成長需求時，這是沒有意義的。我認為公用事業公司將感受到這種壓力，最終被迫不僅投資於配電，更重要的是投資發電和輸電。

Common sense should prevail. Thanks Jose.

常識應該佔上風。謝謝何塞。

Thanks, Neil.

謝謝，尼爾。

Sangita Jain, KeyBanc.

桑吉塔‧賈恩 (Sangita Jain)，KeyBanc。

Hi, good morning. Thank you for taking my questions. So Jose if I can ask one more on the transmission project, do you feel like you have all the necessary state and schedule permits to start construction in early 2025? Or are they still being lined up?

嗨，早安。感謝您回答我的問題。那麼 Jose，如果我可以再問一個關於輸電項目的問題，您認為您是否擁有在 2025 年初開始施工所需的所有必要的州和時間表許可？還是說他們還在排隊？

Well, I think all these projects, they kind of start when the permits are already. So there are still a handful of permits that are being secured. We expect them to be secured by the end of the year and the project to start at the beginning of the year. And I think as we make progress there. That's when you'll see us do a joint announcement with our customer.

嗯，我認為所有這些項目都是在獲得許可後才開始的。因此，仍有少數許可證正在獲得中。我們預計這些項目將在年底前落實，項目將於年初啟動。我認為隨著我們在那裡取得進展。屆時您將看到我們與客戶發布聯合公告。

Great. And on clean energy, I just kind of wanted to see how you're positioned for the rest of the year, given all the policy headwinds. Do you feel like you have to book more work to meet your guidance? Or are you comfortable with what you have in backlog to meet your guidance for the rest of the year?

偉大的。在清潔能源方面，我只是想看看，考慮到所有的政策阻力，今年剩餘時間你的處境如何。您是否覺得必須預訂更多工作才能滿足您的指導？或者您對積壓的工作是否符合今年剩餘時間的指導要求？

It's a great question. We obviously have a big ramp in the second half versus the first half. We feel that at this point all the projects that we need to meet that ramp we have. So we do not feel that we need to book any new work or unidentified work to meet our projections for 2024.

這是一個很好的問題。與上半場相比，我們下半場顯然有很大的進步。我們認為，目前我們已經擁有滿足該需求所需的所有項目。因此，我們認為不需要預訂任何新作品或未確定的作品來滿足我們對 2024 年的預測。

Obviously, we're still super bullish, and I think Paul alluded to what we're seeing in the bidding market there. We expect backlog to continue to increase which is going to position us incredibly well for 2025. So I know there's a lot of noise out there. I know there's a lot of concerns, but quite frankly, we don't see it. We think the demand is off the charts. We think there's tremendous opportunities out there, and we're really bullish not just for the balance of '24, but quite frankly, going into '25 what we're seeing in that market.

顯然，我們仍然非常樂觀，我認為保羅提到了我們在投標市場中看到的情況。我們預計積壓訂單將繼續增加，這將使我們在 2025 年處於有利地位。所以我知道外面有很多噪音。我知道有很多擔憂，但坦白說，我們沒有看到。我們認為需求超出預期。我們認為那裡有巨大的機會，我們不僅看好 24 年的剩餘時間，而且坦率地說，進入 25 年我們在該市場看到的情況。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Alex Rygiel, B. Riley.

亞歷克斯·里吉爾，B.萊利。

Thank you. Good morning, Jose, nice quarter.

謝謝。早安，何塞，美好的季度。

Good morning, Alex.

早安，亞歷克斯。

Hey, as you think about the communications segment, there's a bit of a mix shift here as we enter 2025 from kind of a traditional tower construction in mature telco and cable company kind of wireline work to equipment changeout, speed projects with a lot of new entrants. So if that's the case, how might we think about the margin profile in communications over the next couple of years?

嘿，當你想到通訊領域時，當我們進入2025 年時，這裡會出現一些混合轉變，從成熟的電信和有線電視公司的傳統塔式建設（有線電視工作）到設備更換，用大量新設備加快項目速度參賽者。那麼，如果是這樣的話，我們如何看待未來幾年通訊領域的利潤狀況？

We're really proud of the margins that we delivered in Q2 relative to the expectations, we were slightly better. We talked a lot in the past about when our comms margins were at 12% to 13%. We think that's doable again. We're obviously in a growth cycle right now, it's going to take a little bit of time to get to steady-state. But I do think that margin profile is available. And I do think that across the industry, not just domestic, but across the industry, you're going to see continued margin appreciation in telecom.

相對於預期，我們對第二季交付的利潤率感到非常自豪，我們略好一些。過去我們多次談論我們的通訊利潤率何時達到 12% 至 13%。我們認為又是可行的。我們現在顯然正處於成長週期，需要一點時間才能達到穩定狀態。但我確實認為保證金概況是可用的。我確實認為，在整個行業，不僅僅是國內，而是整個行業，您將看到電信業的利潤率持續上升。

And congratulations on that power delivery projects, super exciting to see it start 2025. Margins historically in power delivery have been in the high single digits as we look out into 2025 and beyond. Do you think the volume of work you could be capturing now might allow you to raise your sort of margin profile to that double digit level longer term?

祝賀該電力傳輸項目，看到它於 2025 年啟動非常令人興奮。展望 2025 年及以後，電力傳輸的利潤率歷史上一直處於高個位數。您認為您現在可以捕捉的工作量是否可以讓您將利潤率長期提高到兩位數水準？

I mean, I think the short answer is absolutely. When you look at the evolution of our power delivery segment, again, it kind of started through a number of acquisitions a few years ago. We were very public about the margin profile of those acquisitions. We think we've done a really good job at improving those margins. But at the end of the day, it's about scale, right? And I think we're getting to that point where we're building the scale that we need to deliver double digit margins, which we think is quite custom throughout the peer group.

我的意思是，我認為簡短的答案是絕對的。當你再次審視我們電力傳輸領域的發展時，你會發現它是從幾年前的一系列收購開始的。我們對這些收購的利潤狀況非常公開。我們認為我們在提高利潤率方面做得非常好。但歸根結底，這與規模有關，對吧？我認為我們已經達到了這樣的程度，我們正在建立我們需要提供兩位數利潤率的規模，我們認為這在整個同行群體中是相當普遍的。

We think we'll achieve that, we think we're getting close. We were hopeful that margins would do better than they have in '24. Obviously, the challenges in the distribution market have impacted our margins for '24. But we're really bullish about what our positioning is in the market and our ability to continue to improve those margins as the next couple of years roll off.

我們認為我們會實現這一目標，我們認為我們已經很接近了。我們希望利潤率會比 24 年更好。顯然，分銷市場的挑戰影響了我們 24 年的利潤率。但我們非常看好我們在市場中的定位，以及我們在未來幾年繼續提高利潤率的能力。

Thank you.

謝謝。

Thanks, Alex.

謝謝，亞歷克斯。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

Good morning, everyone.

大家早安。

Morning, Andy.

早安，安迪。

Jose you raised your oil and gas revenue and margin forecast for '24, and we know you have a number of Permian projects that can move forward over the next few quarters. Obviously, there's a focus on natural gas as you talked about. The elections out there, maybe it changes the landscape, but could you actually maintain your '24 revenue level moving forward even without an MVP type project? And can you sustain margins at these higher levels that you are now doing moving forward?

Jose，您提高了 24 年的石油和天然氣收入和利潤預測，我們知道您有許多二疊紀項目可以在未來幾季推進。顯然，正如您所說，天然氣是重點。那裡的選舉也許會改變格局，但即使沒有 MVP 類型的項目，您實際上還能維持 24 年的收入水準嗎？您能否將利潤率維持在目前的高水準？

Yeah. So look, we think it's a really active market. We I think, on our last call, we talked about our belief that we can maintain this $2 billion level for the foreseeable future without any really large projects, we continue to believe that. So we think '25 is going to be a very stable year. We also think that there's some things that could potentially improve that, right. There are some larger type projects being talked about. We have some of these alternative type projects like some of the CO2 and hydrogen projects that we think could meaningfully move that industry as well.

是的。所以看，我們認為這是一個非常活躍的市場。我認為，在上次電話會議上，我們談到了我們的信念，即我們可以在可預見的未來保持 20 億美元的水平，而無需任何大型項目，我們仍然相信這一點。所以我們認為 25 年會是非常穩定的一年。我們也認為有些事情可能會改善這一點，對吧。有一些更大類型的項目正在討論中。我們有一些替代類型的項目，例如一些二氧化碳和氫氣項目，我們認為這些項目也可以有意義地推動該行業的發展。

So we're really bullish, a lot more bullish than we've been about the future of that business. I don't know that a lot of that hits in '25. I think '25 is a stable year, but I do think beyond '25, there's some really good opportunities to significantly expand on that market.

所以我們真的很看好，比我們之前對該業務的未來更加看好。我不知道其中有很多是在 25 年流行的。我認為 25 年是穩定的一年，但我確實認為 25 年後，會有一些非常好的機會來顯著擴展市場。

Thanks for that Jose. And then we are about 10 questions in, and we still haven’t had a question on data centers yet so, the state of the market, but maybe you can update us on what’s going on for you guys there. I think last quarter, you told us, you completed $150 million of work. There is about $1 billion of RFPs out there. So, how has the market developed for you? Is this a '25 opportunity for you? How should we think about it for you guys?

謝謝你的何塞。然後我們大約有 10 個問題，而且我們還沒有關於資料中心的問題，所以，市場狀況，但也許你可以向我們介紹你們那裡發生的最新情況。我想上個季度，您告訴我們，您完成了 1.5 億美元的工作。大約有 10 億美元的 RFP。那麼，市場對您來說發展得如何？這對你來說是一個 '25 的機會嗎？我們該如何為你們考慮？

So I think it's developing as we expected, right? We expect to do a couple of hundred million dollars in '24 still on data center work. We're hoping that, that number significantly increases in '25. The opportunities are there. We're in the middle of what we think is a pretty hefty bid cycle right now. So we'll know more as in the coming months.

所以我認為它的發展正如我們所預期的那樣，對嗎？我們預計 24 年將在資料中心工作上投入數億美元。我們希望這個數字在 25 年能顯著增加。機會就在那裡。我們認為現在正處於一個相當大的投標週期之中。因此，我們將在接下來的幾個月中了解更多。

But look, I mean, we -- I know we didn't use the word data center, but the reality is data centers is driving so many pieces of our business, right? We think that what we've learned and I think it continues to evolve. But what we're learning is it's all about power, right. It's all about the ability to power these data centers that's going to be ultimately how fast this moves ahead. It's all going to be centered around power and that significantly impacts our business right from all the way from generation to power delivery and both sides of it, we think we're incredibly well positioned.

但是，我的意思是，我們——我知道我們沒有使用資料中心這個詞，但現實是資料中心正在推動我們的許多業務，對吧？我們認為我們所學到的東西並且我認為它會繼續發展。但我們了解到，一切都與權力有關，對吧。這一切都與為這些資料中心提供動力的能力有關，而這最終將取決於其發展的速度。這一切都將以電力為中心，這對我們的業務從發電到電力輸送以及雙方的各個方面都產生了重大影響，我們認為我們處於非常有利的位置。

We think it's going to add a tremendous growth opportunities to our customer base, which then forces them to spend a lot more capital on the types of projects that we do. And I feel like so much of what we do every day is really around having those conversations, talking to people on both sides, both on the data center hyperscaler side versus the utility side, understanding how everybody is attacking and trying to position ourselves in the best manner to win.

我們認為這將為我們的客戶群增加巨大的成長機會，從而迫使他們在我們所做的專案類型上花費更多的資金。我覺得我們每天所做的很多事情實際上都是圍繞著進行這些對話，與雙方的人員進行交談，無論是資料中心超大規模企業方面還是公用事業方面，了解每個人如何攻擊並試圖在市場中定位自己獲勝的最佳方式。

So I feel great. I think there's going to be a lot more opportunities than we've even talked about to date. And we've really got to position ourselves to take advantage of that. But I think it's going to be a huge opportunities for companies in our space.

所以我感覺很棒。我認為將會有比我們迄今為止所談論的更多的機會。我們確實必須做好定位才能利用這一點。但我認為這對我們這個領域的公司來說將是一個巨大的機會。

Appreciate it Jose

欣賞何塞

Thanks, Andy.

謝謝，安迪。

Justin Hauke, Robert W. Baird.

賈斯汀·豪克，羅伯特·W·貝爾德。

Great. Yeah, no, I just wanted to ask a couple more on the transmission project as well, given that, that is new. I mean something you guys have talked about wanting to be in for a while. I was just curious, I mean, is that fully a sole sourced from you or some of that being subcontracted out?

偉大的。是的，不，我只是想再問一些關於傳輸項目的問題，因為這是新的。我的意思是你們談論過想要參與一段時間的事情。我只是很好奇，我的意思是，這完全是您獨家採購的還是其中一些是分包出去的？

And I guess if it is, I mean, just the I guess just the visibility you have on that and even just the labor capacity, you have to do some that work, given the a little bit different on the high-voltage side versus maybe some of the work that you guys have generally done in that segment?

我想如果是的話，我的意思是，我想只是你對此的可見性，甚至只是勞動力能力，你必須做一些有效的事情，因為高壓側與可能的有點不同你們通常在該領域所做的一些工作？

Well, I want to clarify a couple of things. One is we've done a lot of high-voltage transmission work. It's been an important part of our business for a long time. We've just come off of a handful of really successful projects in the last couple of years that I think gave our customers the confidence in our ability to perform and do these kind of projects. So we feel we're extremely qualified to do this, and we've done a lot of it.

嗯，我想澄清幾件事。一是我們做了大量的高壓輸電。長期以來，它一直是我們業務的重要組成部分。在過去的幾年裡，我們剛剛完成了一些真正成功的項目，我認為這些項目讓我們的客戶對我們執行和完成此類項目的能力充滿信心。所以我們覺得我們非常有資格做這件事，而且我們已經做了很多。

So I don't want anybody to believe that this is something new or something different than what we've done. Obviously, the size and scale is different. But we've been we think we're really good at doing this type of business, and we've proven that time and time again.

所以我不希望任何人相信這是新事物或與我們所做的不同的東西。顯然，尺寸和規模是不同的。但我們一直認為我們非常擅長開展此類業務，並且我們已經一次又一次證明了這一點。

This project is a sole-source project. And again, it's one that we think we've got the labor and the equipment to perform. So we're -- again, we're super excited. We think we're super ready and can't wait to execute on the project and show what we can do.

該項目是一個獨家項目。再說一遍，我們認為我們有足夠的勞動力和設備來執行這項任務。所以我們再次感到非常興奮。我們認為我們已經準備好了，迫不及待地想要執行該專案並展示我們可以做什麼。

Okay, great. Yeah. Looking forward to seeing that. That started learning a little bit more about what it actually is. I guess the second one, I guess staying in this general topic, but on the regulatory challenges in distribution, is that still really just confined to Illinois for you or are you seeing it in other geographies and customers kind of on what you talked about before?

好的，太好了。是的。期待看到這一點。這開始更多地了解它到底是什麼。我想第二個，我想停留在這個一般性主題上，但關於分銷方面的監管挑戰，對您來說仍然僅限於伊利諾伊州，還是您在其他地區和客戶中看到了類似的情況，就像您之前談到的？

And then just one last one, I will just, I guess didn’t into that. But on the storm work, did you guys do anything storm restoration for hurricane barrel last month? Thanks.

然後就最後一個，我只是，我想沒有涉及到這一點。但是在風暴工作方面，你們上個月對颶風桶做了什麼風暴復原工作嗎？謝謝。

Yeah. So a couple of things on -- if you look at rate cases around the country, they are not just in Illinois, right. The rate cases everywhere. I think that the challenges have been more widespread than Illinois. I think we've got a number of peers that have announced earnings in the last two weeks that have I think talked about that at nauseam. So there is there is weaknesses in other places outside of Illinois for different reasons. And in some places we haven't seen as much weakness.

是的。所以有幾件事——如果你看看全國各地的利率案例，你會發現它們不僅僅是在伊利諾伊州，對吧。率案無所不在。我認為挑戰比伊利諾伊州更為廣泛。我認為我們有很多同行在過去兩周宣布了收益，我認為他們對此的談話令人作嘔。因此，由於不同的原因，伊利諾伊州以外的其他地方也存在弱點。在某些地方，我們並沒有看到那麼大的弱點。

So it is geographical. But I do think it's -- I think it's three big issues, right, it's rare cases, it's inflation. It's been the cost creep of the supply chain over time. And ultimately how our utilities going to be reimbursed by that within their state. So everybody's working on that a little bit different. Again, I think it all gets resolved and we're going to see a significant increase the spending again. But that's kind of the world that we're living in right now.

所以這是地理上的。但我確實認為這是三個大問題，對吧，這是罕見的情況，這是通貨膨脹。隨著時間的推移，供應鏈的成本不斷攀升。最終我們的公用事業將如何在他們的州內得到補償。所以每個人的工作都有點不同。我再次認為這一切都會得到解決，我們將再次看到支出的大幅增加。但這就是我們現在所處的世界。

And the second part of the question. On the hurricane, we didn't -- in the Southern Texas area, which is where it really impacted on the CenterPoint side, we didn't really do much with CenterPoint. So we were not very active on that storm now.

以及問題的第二部分。在颶風方面，我們沒有——在德克薩斯州南部地區，這是它真正影響 CenterPoint 方面的地方，我們並沒有對 CenterPoint 做太多事情。所以我們現在對這場風暴不是很積極。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Thanks, Justin.

謝謝，賈斯汀。

Steven Fisher, UBS.

史蒂文費雪，瑞銀。

Thanks. Good morning. I just wanted to follow up on the outlook for clean energy bookings and particularly renewables. Curious how far out your solar backlog extends at this point because I think part of what you had visibility on into 2025 before it was maybe contributing to your expectation for double digit growth there. And are you expecting to book anything notable in clean energy in the second half of this year?

謝謝。早安.我只是想跟進清潔能源預訂的前景，特別是可再生能源。我很好奇您的太陽能積壓訂單目前為止還有多長，因為我認為您在 2025 年之前所看到的部分內容可能有助於您對那裡兩位數增長的預期。您預計今年下半年會在清潔能源領域預訂任何值得注意的產品嗎？

Sure. So I'd say a few things. Unlike a lot of the equipment suppliers, right, we -- when we book something, it's a lot closer to the actual start time of construction. So there's a big difference between what we include in backlog and the visibility that we have as a company. So we have a number of customers where we've talked about multiyear outlooks, where we have really good visibility into what we think we will build for them, not only in '25, but actually in '26 and beyond.

當然。所以我想說幾句話。與許多設備供應商不同，我們——當我們預訂東西時，它距離實際施工開始時間要近得多。因此，我們在待辦事項中包含的內容與我們作為一家公司所擁有的知名度之間存在很大差異。因此，我們已經與許多客戶討論了多年的前景，我們非常清楚地了解我們將為他們建立什麼，不僅是在 25 年，而且實際上是在 26 年及以後。

The reality is that none of that shows up in backlog. So a lot of the commentary and the confidence that we have in our business has nothing to do with the backlog numbers, it has to do with the conversations that we're having with key customers about multiyear outlooks.

現實情況是，這些都沒有出現在積壓中。因此，我們對業務的許多評論和信心與積壓數量無關，而是與我們與主要客戶就多年前景進行的對話有關。

Unfortunately, that just doesn't show up in backlog. It only shows up in backlog when a project is about to start. So our backlog today doesn't really include any work that goes beyond 2025, first because it's only for 18 months. So as a matter of fact, it won't include anything. But second, we wouldn't call backlog a lot of these projects. So what we have in backlog is short term. We do expect to win a considerable amount of work in the second half of this year, that will solidify our 2025 pipeline and give, I think, really good color into what '25 will look like for us.

不幸的是，這並沒有出現在待辦事項中。它僅在專案即將開始時顯示在待辦事項中。因此，我們今天的積壓工作實際上並不包括任何超過 2025 年的工作，首先是因為它只有 18 個月。所以事實上，它不會包含任何東西。但其次，我們不會將大量此類項目稱為積壓。所以我們積壓的都是短期的。我們確實希望在今年下半年贏得大量工作，這將鞏固我們 2025 年的產品線，並為我們的 25 年的面貌提供非常好的色彩。

So we don't really, -- again, we don't need to win a lot or anything to complete our '24 year, so that we've kind of booked. We've got it in backlog. We're working off that. Now, it's all about building for '25, and I think we'll be able to demonstrate that over the next couple of quarters. And again, just on the dialogue that we're having with our customers, that's why we're so confident for a much longer period than just the 18-month backlog.

所以我們真的不需要贏得很多或任何東西來完成我們的 24 年，所以我們已經預訂了。我們已經積壓了。我們正在解決這個問題。現在，一切都是為了 25 世紀的建設，我認為我們將能夠在接下來的幾個季度中證明這一點。再說一遍，就我們與客戶的對話而言，這就是為什麼我們對未來一段時間（而不僅僅是 18 個月的積壓）充滿信心。

That's great. And then just my follow-up is it's nice to see that you're getting to the point really starting to deliver these clean energy projects for the second half of this year. So as you move into that kind of what steps are you taking to ensure that good delivery is going to be as expected? And how should we think about the supply chain and kind of the preparation of your teams to be able to deliver as expected?

那太棒了。我的後續行動是很高興看到你們已經真正開始在今年下半年交付這些清潔能源專案。那麼，當您進入這種階段時，您將採取哪些步驟來確保按預期良好交付？我們應該如何考慮供應鏈以及您的團隊的準備工作，以便能夠如預期交付？

Steve, it's a great question. And it's one that obviously, we've been focused on since the day we bought IEA. This is what it's been all about. We've really been in a position, we think to execute at this level for a long period of time. Unfortunately, last year, we didn't have the work to deliver on it. This year, we've got the backlog and the work to deliver. Our teams are ready. We're operationally focused. That's where all of our focus goes into today.

史蒂夫，這是一個很好的問題。顯然，從我們收購國際能源總署的那天起，我們就一直關注這個問題。這就是事情的全部經過。我們確實處於一個位置，我們認為可以在很長一段時間內以這個水平執行。不幸的是，去年我們沒有完成這項工作。今年，我們有積壓的工作和需要交付的工作。我們的團隊已經準備好了。我們專注於營運。這就是我們今天所有的焦點。

We're very confident in our ability to execute. We can't wait to demonstrated over the course of the next six months, but that's what our business is all about today. We think that on the front end on the business development side and the booking side, we're in a very different place, than we were a year ago. We've held onto the right resources to be able to execute on the work, and that's the stage that we're in today. And again, we're super excited about getting there versus where we were at last year.

我們對自己的執行能力非常有信心。我們迫不及待地想在接下來的六個月中進行展示，但這就是我們今天業務的全部內容。我們認為，在業務開發方面和預訂方面的前端，我們與一年前相比處於非常不同的位置。我們已經掌握了正確的資源來執行工作，這就是我們今天所處的階段。與去年相比，我們再次對實現這一目標感到非常興奮。

Great. Thanks Jose.

偉大的。謝謝何塞。

Thanks Steven.

謝謝史蒂文。

Adam Thalhimer, Thompson Davis.

亞當·塔爾希默、湯普森·戴維斯。

Morning, guys. Great quarter.

早安，夥計們。很棒的季度。

Morning Adam.

早安，亞當。

Jose you mentioned, looking at infrastructure jobs with limited competition, I'm curious what you're seeing there and what size project you'd be comfortable with?

你提到的何塞，看看競​​爭有限的基礎設施工作，我很好奇你在那裡看到了什麼以及你對什麼規模的專案感到滿意？

Yeah. Adam, look, our infrastructure business is now approaching $2 billion. It's a combination of both our legacy MasTec infrastructure business with the infrastructure business that we picked up with IEA. I think we've been surprised with the performance of the business since we acquired it, it's actually outperform segment margins since the acquisition.

是的。Adam，你看，我們的基礎設施業務現在已接近 20 億美元。它是我們傳統的 MasTec 基礎設施業務與我們與 IEA 合作的基礎設施業務的結合。我認為，自從我們收購該業務以來，我們對它的表現感到驚訝，自收購以來，它實際上優於部門利潤率。

I think we've been really surprised by the opportunity set and the fact of how rapidly it's expanding, we're seeing very limited competition across a number of different geographies on large projects. And I think we've gained a lot of confidence on our ability to execute. So it's outperforming what I expected. I think we're gaining a lot more confidence in our ability to invest in that business and grow that business. And I think that's going to be a much bigger part of MasTec's future than maybe what we originally anticipated.

我認為我們對機會集及其擴張速度感到非常驚訝，我們看到許多不同地區的大型專案的競爭非常有限。我認為我們對自己的執行能力充滿了信心。所以它的表現超出了我的預期。我認為我們對投資該業務和發展該業務的能力越來越有信心。我認為這將成為 MasTec 未來的一個比我們最初預期更大的部分。

So I still think it's early. I think that hopefully over the coming quarters, we'll be able to get deeper into the question that you just asked, which is the types and size of projects that we're willing to go after. There's actually a lot going on there, but we'd rather talk about it when we think we've had some wins and feel good about being able to publicly talk about it.

所以我還是覺得還早。我認為，希望在接下來的幾個季度裡，我們能夠更深入地探討您剛才提出的問題，即我們願意從事的專案的類型和規模。實際上，那裡發生了很多事情，但是當我們認為我們已經取得了一些勝利並且對能夠公開談論它感到滿意時，我們寧願談論它。

Okay. And the $2 billion of limited notice to proceed in clean energy. Is that -- has that been stable -- or those and those projects delayed, are they just moving through the normal course moving towards construction?

好的。以及 20 億美元的有限通知，用於清潔能源領域。是——穩定嗎——還是那些項目被推遲了，它們只是按照正常的路線走向建設嗎？

Yeah, it's the $2 billion that we have today is very different than the $2 billion that we had six months ago, right, so those projects are converting to backlog so they start with a limited notice to proceed. It eventually booked into backlog and the new projects are coming into limited notice to proceed.

是的，我們今天擁有的 20 億美元與六個月前的 20 億美元有很大不同，對吧，所以這些項目正在轉換為積壓，所以他們開始時會在有限的通知下進行。它最終被列入積壓訂單，而新項目將在有限的時間內進行。

So the $2 billion that we have today is actually completely different than the $2 billion that we had six months ago. I don't remember specifically all of those projects from a quarter ago, but it's an ever transitioning list. So it's really the -- the list that it hits before, it hits backlog. And I think it's been very active, very healthy and we continue to see that trend.

因此，我們今天擁有的 20 億美元實際上與六個月前的 20 億美元完全不同。我不太記得一個季度前的所有項目，但這是一個不斷變化的清單。所以這實際上是它之前遇到的列表，它遇到了積壓。我認為這是非常活躍、非常健康的，我們將繼續看到這種趨勢。

Good. Thanks Jose.

好的。謝謝何塞。

Thanks, Adam.

謝謝，亞當。

Brian Brophy, Stifel.

布萊恩·布羅菲，斯蒂菲爾。

Thanks. Good morning, everybody. Appreciate taking the question. I guess could you remind us just sticking on the large transmission project win here historically, what kind of margins have you had on these large transmission projects? And is there any reason to assume this one is going to be materially different?

謝謝。大家早安。感謝接受這個問題。我想您能否提醒我們，只要堅持歷史上大型輸電項目的勝利，您在這些大型輸電項目上獲得了什麼樣的利潤？是否有任何理由認為這將會有重大差異？

Yeah. So we believe that all of the large transmission projects, the ones that we've completed to date and the ones that, either were contracted to do or hopefully will do all have the ability to hit double-digit margins. At different points in times, in our project may not meet its objectives. But for the most part, we think that they're very healthy projects. They have very healthy margin potential, and it's all about our ability to execute it. So our expectation on that project would be that when it's all said and done that we've delivered, hopefully at or above double digit margins.

是的。因此，我們相信所有大型輸電項目，無論是我們迄今為止已完成的項目，還是已簽約或希望將進行的項目，都有能力達到兩位數的利潤率。在不同的時間點，我們的專案可能無法達到其目標。但在大多數情況下，我們認為它們是非常健康的項目。他們具有非常健康的利潤潛力，而這完全取決於我們的執行能力。因此，我們對該專案的期望是，當一切都說完了之後，我們已經交付了，希望利潤率達到或高於兩位數。

Okay. That's helpful. And then you also called out some civil project starts getting delayed a little bit here in the second quarter. Is there anything specific to call out there and I assume those projects are starting here in the second half? How should we be thinking about those? Thanks.

好的。這很有幫助。然後您還指出一些土木項目在第二季度開始有所延遲。有什麼特別需要指出的嗎？我們該如何思考這些？謝謝。

Yeah, some of it is starting to work. We picked up a significant civil business that has some highway and projects associated with it and stuff, and it's just normal delays. So it's just projects has started a little bit behind schedule. We've said we're going to make it up in the second half. So those projects will just accelerate a little bit as it relates to construction. So really just tweaking nothing meaningful.

是的，其中一些已經開始發揮作用。我們接手了一項重要的民用業務，其中有一些高速公路和與之相關的項目等等，這只是正常的延誤。所以只是專案的啟動有點晚於計劃。我們說過我們會在下半場彌補這一點。因此，這些項目在建設方面只會稍微加速。所以其實只是調整沒有任何意義。

Appreciate it. Thank you.

欣賞它。謝謝。

Thanks, Brain.

謝謝，大腦。

And at this time, I'll turn the conference back to Jose Mas for any additional or closing remarks.

此時，我將把會議轉回何塞·馬斯（Jose Mas）進行補充或結束語。

Just want to thank everybody for their interest in MasTec, and we look forward to updating you on our performance on our next quarterly call. Thank you.

只是想感謝大家對 MasTec 的興趣，我們期待在下一個季度電話會議上向您介紹我們的最新業績。謝謝。

And 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。