MasTec Inc (MTZ) 2024 Q3 法說會逐字稿

Welcome to MasTech third quarter 2024 earnings conference call initially broadcast on Friday, November 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, Mark Lewis, MasTech, Vice President of Investor Relations. Mark?

歡迎參加 MasTech 2024 年第三季財報電話會議，該電話會議最初於 2024 年 11 月 1 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、MasTech 投資者關係副總裁 Mark Lewis。標記？

Thanks, Marie and good morning, everyone. 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 MasTech 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 this call.

謝謝瑪麗，大家早安。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陳述，例如有關 MasTech 未來業績、計劃和我們經營所在行業的預期趨勢的陳述，這些前瞻性陳述是公司在首次廣播之日的預期。

And the company does not undertake to update these expectations based on subsequent events or knowledge. Various risks uncertainties and assumptions are detailed in the press release and filings with the SEC.

且公司不承諾根據後續事件或知識更新這些預期。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。

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. In today's remarks by management, we will be discussing adjusted financial metrics reconciled in yesterday's press release and supporting schedules.

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。實際結果可能與現今這些通訊中明示或暗示的結果有很大不同。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。

In addition, we may use certain non-GAAP financial measures in today's call a reconciliation of any non-GAAP financial measures not reconciling these comments to the most comparable GAAP measure can be found in our press release.

此外，我們可能會在今天的電話會議中使用某些非 GAAP 財務指標，對任何非 GAAP 財務指標進行調節，如果這些評論與最具可比性的 GAAP 指標不相符，請參閱我們的新聞稿。

Please note that we have two additional documents associated with today's webcast along with our earnings release, which can be found on the investor page in the events and presentation section 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以及我們的收益發布，這些文件可以在 mastec.com 的活動和演示部分的投資者頁面上找到。

There is a comparison presentation with information about analytics on the quarter just ended and a guided summary to exist -- to assist you in financial models for Q4 and the year. Both PDF files are available for download immediately.

有一個比較演示文稿，其中包含有關剛結束的季度的分析資訊和現有的指導性摘要，以幫助您建立第四季度和全年的財務模型。兩份 PDF 檔案均可立即下載。

With us today, we have Jose Mas, our CEO; and Paul Dimarco, our EVP and Chief Financial Officer. The format of the call, we open market analysis by Jose, followed by a financial review from Paul and we expect the call to last about 60 minutes. We had nice quarter and a lot of important things to say today.

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。電話會議的形式是，我們先由 Jose 進行市場分析，然後由 Paul 進行財務審查，我們預計電話會議將持續約 60 分鐘。今天我們度過了愉快的季度，也有很多重要的事情要說。

So I'd like to turn over to Jose. Jose?

所以我想把時間交給何塞。何塞？

Thanks, Mark. Good morning and welcome to MasTec's 2024 third quarter call. Today, I'll be reviewing our third quarter results as well as providing my outlook for the markets we serve. First some third quarter highlights, revenue for the quarter was $3.3 billion, adjusted EBITDA was $306 million, adjusted earnings per share was $1.63 and backlog at quarter end was $13.9 billion, a $520 million sequential increase.

謝謝，馬克。早安，歡迎參加 MasTec 2024 年第三季的電話會議。今天，我將回顧我們第三季的業績，並提供我對我們所服務的市場的展望。首先是第三季的亮點，該季度營收為 33 億美元，調整後 EBITDA 為 3.06 億美元，調整後每股收益為 1.63 美元，季末積壓訂單為 139 億美元，季增 5.2 億美元。

In summary, we had another good and clean quarter. While revenues were slightly below expectations, EBITDA margins were about 85 basis points better than expected. For me, the highlight of the quarter was that every segment outperformed our margins compared to guidance.

總而言之，我們又度過了一個良好而乾淨的季度。雖然營收略低於預期，但 EBITDA 利潤率比預期高出約 85 個基點。對我來說，本季的亮點是，與指導相比，每個細分市場的利潤率都超過了我們的利潤率。

This demonstrates the significant improvement in our business and with record backlog, we enter 2025 with great momentum and confidence.

這表明我們的業務取得了顯著改善，並且積壓創紀錄，我們以強勁的動力和信心進入 2025 年。

I'd like to point out some further highlights about our quarter. Our communications segment revenue grew over 12% both year over year and sequentially, which resulted in recordly quarterly revenues for this segment.

我想指出有關我們季度的一些進一步亮點。我們的通訊部門營收年增超過 12%，這導致該部門的季度收入創歷史新高。

Our communications segment EBITDA margin of 11.5% was its highest performance in two years. Our clean energy and infrastructure segment also had record quarterly revenue and EBITDA. Our clean energy and infrastructure EBITDA margin of 7.5% was its best performance since 2019.

我們的通訊部門 EBITDA 利潤率為 11.5%，是兩年來的最高業績。我們的清潔能源和基礎設施部門也創下了季度收入和 EBITDA 的紀錄。我們的清潔能源和基礎設施 EBITDA 利潤率為 7.5%，是自 2019 年以來的最佳表現。

And revenue in our power delivery segment was up year over year for the first time in 2024 and was up about 10% versus both guidance and sequentially and begins to reflect an improving environment on distribution spending.

我們的電力傳輸部門的收入在 2024 年首次同比增長，較指導值和環比增長約 10%，並開始反映出配電支出環境的改善。

I'd also like to point out that our total company non-oil and gas revenue was up over 15% sequentially and non-oil and gas EBITDA improved 36% sequentially, which was the primary driver of our earnings beat. We made significant investments post pandemic to diversify our business and position us to participate and benefit from the changing landscape of both power generation and delivery.

我還想指出的是，我們公司的非石油和天然氣總收入環比增長了 15% 以上，非石油和天然氣 EBITDA 環比增長了 36%，這是我們盈利增長的主要推動力。在疫情大流行後，我們進行了大量投資，以使我們的業務多元化，並使我們能夠參與不斷變化的發電和輸送格局並從中受益。

While we believed, we had made great progress in our ability to compete and win today's earnings, begin to demonstrate our success. To be clear while we're happy with today's results, we have room for significant improvement across all of our segments.

儘管我們相信，我們在競爭能力和贏得今天的收益方面已經取得了巨大進步，開始證明我們的成功。需要明確的是，雖然我們對今天的結果感到滿意，但我們所有部門都有顯著的改進空間。

That opportunity for improvement is actually what I'm most excited about. We are seeing incredibly strong demand for our services. We participate in great end markets and our prospects for strong organic growth are as good as they've ever been.

這個改進的機會其實是我最興奮的。我們看到對我們服務的需求異常強勁。我們參與了龐大的終端市場，我們強勁的有機成長前景一如既往。

We also have the ability to meaningfully improve margins while we have made progress this year, that margin improvement coupled with strong revenue growth should lead to significant value creation for our stakeholders.

在今年取得進展的同時，我們還有能力顯著提高利潤率，利潤率的提高加上強勁的收入成長應該會為我們的利害關係人創造顯著的價值。

I'm excited about that opportunity and I'm confident that the MasTec team will deliver. Now, I'd like to cover some segment highlights. In our communications segments, third quarter revenues were up double digits year over year and sequentially and represented the segment's highest revenue in our history.

我對這個機會感到很興奮，並且相信 MasTec 團隊將會實現這一目標。現在，我想介紹一些片段的亮點。在我們的通訊部門，第三季營收年增兩位數，是我們歷史上該部門的最高收入。

Margins at 11.5% were at a two year high, on the wireless side our market share expansion with AT&T coupled with the Nokia Ericsson swap out is on track and playing out as we expected on the wireline side, demand remains incredibly strong.

11.5% 的利潤率達到兩年來的最高點，在無線方面，我們與 AT&T 的市場份額擴張以及諾基亞愛立信的替換正在按計劃進行，並且正如我們預期的那樣在有線方面，需求仍然非常強勁。

While there have been some short term delays, the impact of beads funding will be a catalyst for our business as will the growing demand for fiber associated with artificial intelligence and data centers. As an example, we are excited to announce that post quarter end and not included in backlog. We were awarded a major fiber program build from Lumen Technologies.

雖然存在一些短期延遲，但珠子資金的影響將成為我們業務的催化劑，與人工智慧和資料中心相關的光纖需求不斷增長也將成為我們業務的催化劑。舉個例子，我們很高興地宣布，季度末未包括在積壓訂單中。我們獲得了 Lumen Technologies 的主要光纖專案建設。

This multistate award represents over 8,000 miles of fiber in support of their efforts to provide capacity for hyperscalers and expand their high capacity network infrastructure, enhance connectivity and address the demand for reliable advanced digital networks.

該多州獎項代表了超過 8,000 英里的光纖，以支持他們為超大規模企業提供容量、擴展其高容量網路基礎設施、增強連接性並滿足對可靠的先進數位網路的需求的努力。

In our power delivery segment, during the quarter, revenue was above our expectations as we began to see some improving trends from our distribution customers who had cut back earlier in the year. The third quarter represented our first year over year revenue increase in 2024.

在我們的電力傳輸領域，本季的收入超出了我們的預期，因為我們開始看到今年稍早削減開支的配電客戶出現了一些改善趨勢。第三季是我們 2024 年營收首次年增。

We made good progress on our large 700 mile transmission award that we announced last quarter and we are on schedule to fully mobilize in early 2025. Despite the revenue be backlog was up nearly $200 million sequentially and booked a bill was strong at 1.29 times.

我們在上個季度宣布的大型 700 英里傳輸獎勵方面取得了良好進展，並按計劃於 2025 年初全面啟動。儘管收入積壓仍比上一季增加了近 2 億美元，並且預訂帳單高達 1.29 倍。

Projected energy load growth in the US will have a substantial impact on our business as our customers meaningfully increase their investment in both generation and grid expansion.

美國預計的能源負載成長將對我們的業務產生重大影響，因為我們的客戶大幅增加了對發電和電網擴建的投資。

We are incredibly well positioned to take advantage of this opportunity. In our oil and gas pipeline segment, revenues were slightly lower than expected but margins outperformed while backlog is down, demand is better than backlog suggests we have a number of verbally awarded projects that will convert to backlog.

我們處於非常有利的位置來利用這個機會。在我們的石油和天然氣管道部門，收入略低於預期，但利潤率優於預期，同時積壓訂單下降，需求好於積壓訂單表明我們有許多口頭授予的項目將轉換為積壓訂單。

We currently have strong multiyear visibility and are excited about the role gas fired generation is going to play in helping meet our country's load growth needs. Finally, in our clean energy and infrastructure segment revenues were up over 20% sequentially and EBITDA was up 80% sequentially.

目前，我們對多年的能見度很高，並對燃氣發電在幫助滿足我國負載成長需求方面將發揮的作用感到興奮。最後，我們的清潔能源和基礎設施部門營收季增超過 20%，EBITDA 較上季成長 80%。

Both revenue and EBITDA were at record levels for the segment. Margins of 7.5% were well ahead of expectations. I'd like to congratulate our clean energy and infrastructure team for their performance. 2023 was a difficult year in this segment and we made a number of changes to both maximize our competitive positioning and improve our operational performance.

該部門的收入和 EBITDA 均創歷史新高。7.5%的利潤率遠超預期。我要祝賀我們的清潔能源和基礎設施團隊的表現。 2023 年是該領域艱難的一年，我們做出了許多改變，以最大限度地提高我們的競爭地位並提高我們的營運績效。

The third quarter results begin to reflect their progress. In addition to the financial progress backlog for this segment is at record levels and increased nearly $500 million sequentially for a book to bill of over 1.4 times backlog is up over $1 billion from this time last year and that positions us well for 2025 and beyond.

第三季的業績開始反映出他們的進步。除了財務進展外，該部門的積壓訂單達到了創紀錄的水平，並且連續增加了近5 億美元，圖書開單率超過1.4 倍，積壓訂單比去年同期增加了10 億美元以上，這使我們在2025 年及以後處於有利地位。

In addition to the growth opportunity, we are focused on continuing to improve margins. While the third quarter showed great progress, we expect to keep improving. In summary, this was a good quarter with solid performance across all of our segments. The investments we've made in the last few years to build scale along our vertical offerings are beginning to translate to financial success.

除了成長機會外，我們還專注於繼續提高利潤率。雖然第三季取得了巨大進展，但我們預計會繼續進步。總而言之，這是一個良好的季度，我們所有部門都表現穩定。過去幾年，我們為擴大垂直產品的規模而進行的投資已開始轉化為財務上的成功。

I want to highlight again that what excites me the most today is our opportunity to not only grow revenues but to do it while simultaneously improving margins that combination provides tremendous upside for MasTec. We are pleased with our market position, our diversified business model and our ability to offer our customers integrated solutions at scale.

我想再次強調，今天最讓我興奮的是我們不僅有機會增加收入，而且同時提高利潤率，而這個組合為 MasTec 提供了巨大的優勢。我們對我們的市場地位、多元化的業務模式以及為客戶提供大規模整合解決方案的能力感到滿意。

I 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, scope and complexity and there is no question that our customers need strong partners.

我相信，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。我們客戶的專案在規模、範圍和複雜性方面都顯著增加，毫無疑問，我們的客戶需要強大的合作夥伴。

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 workforce size and scale affords it the capabilities to take on any project.

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其員工規模和規模使其有能力承擔任何專案的合作夥伴之一。

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.

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的專案。

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.

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

我現在將把電話轉給保羅，以進行我們的財務審查。保羅？

Thank you, Jose and good morning everyone to begin a few third quarter highlights. Third quarter adjusted EBITDA was $306 million exceeding guidance by $11 million and a quarterly record. Adjusted EBITDA margin of 9.4% exceeded our guidance by 85 basis points.

謝謝何塞，大家早安，開始第三季的一些亮點。第三季調整後 EBITDA 為 3.06 億美元，超出指引值 1,100 萬美元，創季紀錄。調整後 EBITDA 利潤率為 9.4%，超出我們的指引 85 個基點。

We met or exceeded our adjusted EBITDA guidance for each segment despite the lower than expected revenue in the quarter, as certain projects saw us slow burn than anticipated. Adjusted earnings per share was $1.63 exceeding guidance by $0.39 driven by the adjusted EBITDA beat lower depreciation and interest.

儘管本季收入低於預期，但我們達到或超過了每個部門調整後的 EBITDA 指導，因為某些項目的燃燒速度比預期慢。調整後每股收益為 1.63 美元，比指導值高 0.39 美元，原因是調整後 EBITDA 擊敗了較低的折舊和利息。

18 month backlog at Q3 totaled $13.9 billion an increase of $520 million in the second quarter and $1.4 billion year over year. Growth was driven by continued strong bookings of renewable energy projects where backlog has more than doubled from last year's third quarter.

第三季 18 個月的積壓總額為 139 億美元，第二季增加 5.2 億美元，較去年同期增加 14 億美元。成長是由再生能源項目的持續強勁預訂推動的，這些項目的積壓訂單比去年第三季增加了一倍多。

Lastly, we continue to improve our balance sheet in the third quarter with cash flow from operations of approximately $280 million despite 10% sequential revenue growth. Accordingly, we reduced net debt by approximately $120 million in Q3 with net leverage of 2.2 times.

最後，我們第三季的資產負債表繼續改善，儘管收入環比增長了 10%，但營運現金流仍約為 2.8 億美元。因此，我們在第三季減少了約 1.2 億美元的淨債務，淨槓桿率為 2.2 倍。

Turning now to our segment performance and expectations. Third quarter, communications revenue was $927 million with an adjusted EBITDA margin of 11.5% generally in line with our expectations. Modestly lower revenue in the quarter versus guidance was driven by delayed construction starts on certain wireline projects.

現在談談我們的細分市場表現和預期。第三季度，通訊收入為 9.27 億美元，調整後 EBITDA 利潤率為 11.5%，基本上符合我們的預期。由於某些有線項目的開工延遲，導致本季收入略低於預期。

Overall demand remains very strong. So this represents a delay in timing of revenue recognition. Our updated outlook incorporates these delays with full year segment revenue guidance reduced by $50 million to $3.4 billion but maintaining our adjusted EBITDA forecast unchanged with margins in the high single digits.

整體需求仍然非常強勁。因此，這代表收入確認時間的延遲。我們更新後的展望將這些延遲納入其中，全年部門收入指引減少了 5000 萬美元，至 34 億美元，但維持調整後 EBITDA 預測不變，利潤率保持在高個位數。

For the fourth quarter, we anticipate revenue will be approximately [$915 million] up 20% year over year with adjusted EBITDA margins in the low double digits.

對於第四季度，我們預計營收將年增約 [9.15 億美元] 20%，調整後的 EBITDA 利潤率低兩位數。

Third quarter, power delivery segment revenue was $713 million and adjusted EBITDA was $54 million or 7.6%. Revenue was higher than expectations as we saw some rebounded distribution services and a modest impact of emergency restoration services in the Southeast US.

第三季度，電力傳輸部門營收為 7.13 億美元，調整後 EBITDA 為 5,400 萬美元，成長 7.6%。收入高於預期，因為我們看到配送服務反彈，且美國東南部的緊急恢復服務影響不大。

18 month backlog for power delivery increased by approximately $185 million from Q2 to $3.2 billion a record level. For the full year, we are revising our forecast to reflect third quarter performance and continued emergency restoration in the fourth quarter.

18 個月的電力輸送積壓訂單比第二季增加了約 1.85 億美元，達到創紀錄的 32 億美元。對於全年，我們正在修改預測，以反映第三季的業績和第四季度持續的緊急恢復。

We now expect segment revenue to be $2.65 billion with adjusted EBITDA margins in the high single digits. Fourth quarter revenue is anticipated to be $730 million with adjusted EBITDA margins in line with the full year estimate.

我們目前預計該部門營收將達到 26.5 億美元，調整後 EBITDA 利潤率將達到高個位數。第四季營收預計為 7.3 億美元，調整後 EBITDA 利潤率與全年預期一致。

In the third quarter, our clean energy and infrastructure segment generated adjusted EBITDA of $85 million or 7.5% of revenue ahead of our expectations by 150 basis points.

第三季度，我們的清潔能源和基礎設施部門調整後 EBITDA 為 8,500 萬美元，佔營收的 7.5%，比我們的預期高出 150 個基點。

The strong margin performance was driven by improved project execution across all three verticals, renewables, infrastructure and industrial, all of which achieved their best margin quarter of the year. Revenue of $1.14 billion was $187 million below guidance a certain project activity saw near term delays pushing revenue into future quarters.

強勁的利潤率表現得益於再生能源、基礎設施和工業這三個垂直行業項目執行力的改善，所有這些行業都實現了今年最好的利潤率季度。收入為 11.4 億美元，比指導值低 1.87 億美元，因為某些項目活動近期出現延誤，導致收入推遲到未來幾季。

These delays were driven by a combination of factors including timing of material deliveries and the impacts of adverse weather. Backlog conversion remained very strong growing over $470 million sequentially and $1.1 billion year over year to approximately $4.1 billion a new record.

這些延誤是由多種因素造成的，包括材料交付時間和惡劣天氣的影響。積壓訂單轉換仍然非常強勁，連續成長超過 4.7 億美元，年增 11 億美元，達到約 41 億美元，創下新紀錄。

For the full year, we now expect clean energy segment revenue to be $4.1 billion with mid-single digit adjusted EBITDA margins trending 100 basis points to 150 basis points higher year over year. Fourth quarter revenue guidance of $1.3 billion reflects 11% sequential revenue growth and 19% year over year.

我們現在預計全年清潔能源部門營收將達到 41 億美元，調整後 EBITDA 利潤率為中個位數，年增 100 至 150 個基點。第四季營收指引為 13 億美元，反映出營收季增 11%，年增 19%。

Fourth quarter margins are expected to be in the mid-single digits approaching Q3's level. Third quarter pipeline segment revenue was $498 million with adjusted EBITDA of $103 million or 20.7% revenue was slightly below expectations due to the timing of project burn, which we expect to make up in Q4.

第四季的利潤率預計將達到中個位數，接近第三季的水平。第三季管道部門收入為 4.98 億美元，調整後 EBITDA 為 1.03 億美元，即 20.7%，由於項目燒毀的時間安排，收入略低於預期，我們預計將在第四季度彌補。

Our full year pipeline segment outlook remains unchanged with revenues of $2.1 billion and adjusted EBITDA margins in the high-teens. This equates the fourth quarter revenue of $425 million and adjusted EBITDA margins in the mid-teens.

我們的全年管道部門前景保持不變，收入為 21 億美元，調整後 EBITDA 利潤率高達十位數。這相當於第四季營收為 4.25 億美元，調整後 EBITDA 利潤率為 10%左右。

On a consolidated basis full year revenue is now expected to be $12,225 million with adjusted EBITDA of $990 million reflecting the Q3 B. Our consolidated fourth quarter outlook remains largely unchanged with $3.325 billion of revenue and adjusted EBITDA margins of approximately 8%.

在合併基礎上，全年營收目前預計為122.25 億美元，調整後EBITDA 為9.9 億美元，反映了第三季B。 EBITDA 利潤率約8%。

We are also raising our adjusted EPS estimates to $3.75 for the full year and $1.29 for the fourth quarter. As part of our continued efforts to improve fixed asset utilization and return on invested capital. We completed a comprehensive review of MasTec's depreciation policy in the third quarter.

我們也將全年調整後每股盈餘預期上調至 3.75 美元，第四季調整後每股盈餘預期上調至 1.29 美元。作為我們不斷努力提高固定資產利用率和投資資本回報率的一部分。我們在第三季完成了對 MasTec 折舊政策的全面審查。

The overall size diversity of asset categories and usage patterns of our capital fleet have changed significantly in recent years. So we launched this initiative to ensure we are more accurately capturing the cost of our capital expenditures to enable proper evaluation of the associated return on investment.

近年來，我們的資產類別和使用模式的整體規模多樣性發生了顯著變化。因此，我們發起了這項舉措，以確保我們能夠更準確地掌握資本支出的成本，從而能夠正確評估相關的投資回報。

We found our operations were consistently utilizing assets beyond the useful lives stated in the prior policy. Further evidenced by our relatively low CapEx as a percentage of revenue in recent years. The revised policy was implemented prospectively in the third quarter. So these depreciation levels are comparable to future expectations.

我們發現我們的營運持續使用超出先前保單規定的使用壽命的資產。近年來我們的資本支出佔收入的比例相對較低，這進一步證明了這一點。修訂後的政策預期於第三季實施。因此，這些折舊水準與未來預期相當。

Shifting to the balance sheet. We committed to deleveraging following our strategic acquisition in 2022 and through the third quarter of 2024 we have now repaid over $900 million of debt.

轉向資產負債表。在 2022 年進行策略性收購後，我們致力於去槓桿化，到 2024 年第三季度，我們現在已償還了超過 9 億美元的債務。

Our cash flow conversion over that same time frame equates to approximately 85% of adjusted EBITDA. I am proud of the focus and discipline MasTec has exhibited to drive these solid results.

同一時間範圍內我們的現金流量轉換相當於調整後 EBITDA 的約 85%。我為 MasTec 為取得這些紮實成果所展現的專注和紀律感到自豪。

Q3 year-to-date cash flow from operations totaled almost $650 million exceeding our prior full year estimate. ESO at Q3 came in at 68 days, slightly better than Q2 and liquidity stands at $1.9 billion. We expect some working capital investment in Q4 and now expect full year cash flow from operations to be approximately $700 million.

今年第三季迄今的營運現金流總計近 6.5 億美元，超出了我們先前的全年預期。第三季的 ESO 期限為 68 天，略優於第二季度，流動性為 19 億美元。我們預計第四季會有一些營運資本投資，目前預計全年營運現金流約為 7 億美元。

As a reminder, we have posted a guidance summary on the investor relations section of our website that summarizes our outlook and provides additional data points for modeling purposes.

提醒一下，我們在網站的投資者關係部分發布了指導摘要，總結了我們的前景，並提供了用於建模目的的其他數據點。

We now turn the call back over to the operator for Q&A.

我們現在將電話轉回給接線員進行問答。

(Operator Instructions)

（操作員說明）

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

Good morning, everyone. Nice quarter.

大家早安。不錯的季度。

Morning, Andy.

早安，安迪。

Well, obviously strong margin performance across the company, but it seems like rarely do you have essentially all of your segments operating better than you expected together. So could you give us a little more color into what's going on?

嗯，整個公司的利潤率表現顯然很強勁，但似乎很少有基本上所有部門的運作都比你預期的更好。那麼您能給我們更多關於正在發生的事情的資訊嗎？

Are you running the company at all differently this year after the year, last year? Or is this just a function of improved price versus cost given labor and equipment supply chains are better as well as obviously good blocking and tackling from the team.

與去年相比，今年您對公司的營運方式是否有所不同？或者這只是考慮到勞動力和設備供應鏈更好以及團隊明顯良好的攔截和處理，價格與成本的提高的函數。

So Andy, I think this should be the expectation of ourselves and even in the market of us, right? I think that we've made significant investments in the company over the course of the last few years to take advantage of the market opportunities that we had in front of us. And I think what you're seeing today is kind of the beginning of that translating to financial success.

那麼Andy，我想這應該是我們自己甚至是我們市場的期望吧？我認為，在過去幾年中，我們對公司進行了大量投資，以利用我們面前的市場機會。我認為你今天所看到的只是轉化為財務成功的開始。

We think we've had great operational success over the course of the last nine months or so in terms of how the business was trending, how we were doing with customers wins, our reputation in the industry, the types of projects we were winning. And I think it was just going to be a matter of time before that demonstrated itself in the financial performance of the company and I think we started to see that in Q3.

我們認為，在過去九個月左右的時間裡，我們在業務趨勢、我們贏得客戶的方式、我們在行業中的聲譽以及我們贏得的專案類型方面取得了巨大的營運成功。我認為這在公司的財務表現中反映出來只是時間問題，我認為我們在第三季開始看到這一點。

Okay. And then I know it's a bit early to talk too much about '25 but you did mention the confidence going into '25 given your sequential backlog growth, you've got that Lumen Award which curious if how big that is? But like I think the street is forecasting close to mid-teens EBITDA growth for MasTech in '25. So maybe any puts and takes you see across the businesses and your confidence level in meeting or beating that forecast. Are you comfortable with it?

好的。然後我知道現在談論太多關於 25 年的事情還為時過早，但您確實提到了考慮到您的積壓訂單連續增長對進入 25 年的信心，您獲得了流明獎，很好奇它有多大？但正如我所認為的那樣，華爾街預測 25 年 MasTech 的 EBITDA 成長將接近 15%。因此，也許您在整個業務中看到的任何看跌期權和看跌期權以及您對滿足或超過該預測的信心水平。你覺得舒服嗎？

Sure. So if you look at 2024 versus '23 EBITDA with our new guidance is going to be up about 15%. If you look at, we haven't provided guidance for '25. But if you look at consensus estimates out there, it's just under that growth for '25 versus '24.

當然。因此，如果你看看 2024 年與 23 年相比，根據我們的新指導，EBITDA 將成長約 15%。如果你看一下，我們還沒有提供 '25 的指導。但如果你看看市場上的共識估計，你會發現 25 年與 24 年的成長速度略低於這個水準。

We believe that to be achievable when we think about our businesses at a high end, right, when we think about our comms business, our power delivery business, our clean energy and infrastructure business, we expect all of those businesses to be up double digits from a revenue perspective on a year over year basis organically.

我們相信，當我們考慮我們的高端業務時，這是可以實現的，對吧，當我們考慮我們的通訊業務、電力傳輸業務、清潔能源和基礎設施業務時，我們預計所有這些業務都將實現兩位數成長從收入的角度來看，年比是有機的。

Again, we have tremendous momentum across all those. We would expect our oil and gas business to be flattish to potentially slightly down. It's going to be really dependent on project timing starts, but we feel great about revenues.

同樣，我們在所有這些方面都擁有巨大的動力。我們預計我們的石油和天然氣業務將持平甚至可能略有下降。這實際上取決於專案的啟動時間，但我們對收入感到滿意。

We feel great, we think again -- we think we've got the opportunity to improve margins across all of our segments, maybe with the exception of oil and gas. And we think we've got a great chance of delivering that. So that's how we would -- that's our early thoughts around '25 as we sit here today.

我們感覺很棒，我們再次思考——我們認為我們有機會提高所有部門的利潤率，也許石油和天然氣部門除外。我們認為我們有很大的機會實現這一目標。這就是我們今天坐在這裡的 25 年左右的早期想法。

And just Lumen is it seems like a very large job any more color on that?

只是流明似乎是一項非常大的工作，還有更多的顏色嗎？

Yeah. Look, they haven't historically been a big customer. They've been a sub $50 million customer for us for the last two years. It's a big win for us with the customer that, we typically haven't had done a lot of business with.

是的。看，他們歷來都不是大客戶。過去兩年他們為我們提供了價值低於 5000 萬美元的客戶。這對我們與客戶來說是一次巨大的勝利，而我們通常沒有做過很多業務。

So it's I think a great advancement of our relationship. And we're super excited about helping them, they've got a ton to do. They've been very successful as it comes to hyper scalers and their ability to sell their network in. So we hope to keep growing with them and keep supporting them to hopefully keep winning awards over time.

所以我認為這是我們關係的巨大進步。我們非常高興能夠幫助他們，他們有很多事情要做。他們在超大規模擴展和銷售網路的能力方面非常成功。因此，我們希望繼續與他們一起成長並繼續支持他們，希望隨著時間的推移不斷贏得獎項。

Appreciate the color.

欣賞顏色。

Thanks, Andy.

謝謝，安迪。

Steven Fisher, UBS.

史蒂文費雪，瑞銀。

Thanks, good morning and congratulations on the nice margin trajectory here. Just to start off on the slower clean energy revenue ramp. Was that specifically solar project? It sounded like maybe there's some material delivery delays and weather can you talk about how many projects that was driven by? And what's the path to improvement there? Is there any risk to that in Q4 and into 2025?

謝謝，早安，恭喜這裡的利潤軌跡良好。只是為了開始較慢的清潔能源收入成長。那是專門的太陽能專案嗎？聽起來可能有一些材料交付延遲和天氣問題，您能談談有多少項目是由這些項目推動的嗎？改進的途徑是什麼？第四季和 2025 年是否有任何風險？

Yeah. Good morning, Steve. So I'd say a couple things, I say if you look at our clean energy business from second quarter to third quarter, we were up roughly $200 million or just over 20% on a sequential basis. I think, that's a big number. When we look at -- what we expect to do in Q4, it actually ramps faster than that.

是的。早安，史蒂夫。所以我想說幾件事，如果你看看我們第二季到第三季的清潔能源業務，我們的營收季增了約 2 億美元，略高於 20%。我認為，這是一個很大的數字。當我們看到我們預計在第四季度做什麼時，它實際上比這更快。

So these are big projects, these are projects that, if you slip a week or two, it has a significant impact to revenue. There were no major changes in project outlook or what we expected to do. There were just some projects that slip by a couple of weeks, it could be delivery of materials, it could have been a particular permit.

所以這些都是大項目，如果延後一兩週，就會對收入產生重大影響。專案前景或我們預期要做的事情沒有重大變化。只是有些項目推遲了幾週，可能是材料的交付，也可能是特定的許可證。

But we don't see anything, especially within the backlog that we have today. We don't see anything, we're uncomfortable about hitting our fourth quarter numbers. We actually think most of the -- all of the jobs that we need to do that have all been started.

但我們什麼也沒看到，特別是在今天的積壓。我們什麼也沒看到，我們對達到第四季的數字感到不安。實際上，我們認為我們需要做的大部分工作都已經開始。

So we're pretty excited about where we are again with big projects, slips of a couple of weeks have an impact to revenue. And I think that's what you saw in Q3, which I think was more than made up for the outperformance in earnings, which has a lot to do with the fact that a lot of the older projects are burning off and we're starting a lot of the newer projects that we've been much more successful at.

因此，我們對大型專案再次取得的進展感到非常興奮，幾週的失誤會對收入產生影響。我認為這就是你在第三季度看到的情況，我認為這足以彌補收益的優異表現，這與許多舊項目正在燒毀而我們正在啟動很多事實有很大關係我們在一些新項目上取得了更大的成功。

Sounds good. And then just a follow up on the good cash flow and as it relates to capital allocation, I mean, can you just talk about some of the underlying cash flow drivers there that are maybe kind of separate from the non-recourse financing?

聽起來不錯。然後是對良好現金流的跟進，因為它與資本配置有關，我的意思是，您能否談談一些可能與無追索權融資不同的潛在現金流驅動因素？

I'm just kind of curious if there's any connection to sort of the increase in those receivable sales this year to M&A strategy. I'm wondering if the market that you're seeing for M&A is perhaps active enough that it makes you want to have sort of lower leverage sooner to be able to kind of pursue some of those deals that you might be seeing out there. Thank you.

我只是有點好奇今年應收帳款銷售額的成長是否與併購策略有任何關聯。我想知道您所看到的併購市場是否足夠活躍，以至於您希望盡快獲得較低的槓桿率，以便能夠進行您可能會看到的一些交易。謝謝。

Yeah, Steve, this is Paul. So I mean, the situations where we're using facilities to advance receivables with customers is frankly pretty small. The driver is from really the contract assets, we're billing quicker, we're billing more accurately. And that's really from the focus that, all of our teams have on that effort.

是的，史蒂夫，這是保羅。所以我的意思是，坦白說，我們使用設施向客戶預收應收帳款的情況非常小。驅動力實際上來自合約資產，我們的計費速度更快，我們的計費更準確。這確實是我們所有團隊都在努力的重點。

Some of its mix, generally renewable and infrastructure projects have better working capital profiles. So as that segment grows, we're going to have a just a better mix of billing parameters in the contracts. But where we are today is achievable and we're very comfortable with leverage as it stands now and the flexibility gives us to deploy capital in the manner that, we think is best for shareholder value.

它的一些組合，通常是可再生能源和基礎設施項目，具有更好的營運資金狀況。因此，隨著該細分市場的成長，我們將在合約中提供更好的計費參數組合。但我們今天的處境是可以實現的，我們對目前的槓桿水平感到非常滿意，靈活性使我們能夠以我們認為最有利於股東價值的方式部署資本。

So we think we're in a position now where we'll support the organic needs of the business. And if the right M&A opportunities come up, then we have the flexibility to look at that as well.

因此，我們認為我們現在可以支持業務的有機需求。如果出現合適的併購機會，我們也可以靈活地考慮。

And Steve, maybe just to add to that I think that is a big change, right? We -- if -- what a difference a year makes, right? We were sitting here last year, very focused on reducing debt. We put out a target of approximately 2 times leverage. I think we're well on our way of beating that this year.

史蒂夫，也許只是補充一點，我認為這是一個很大的變化，對嗎？我們——如果——一年會有多大的不同，對吧？去年我們坐在這裡，非常關注減少債務。我們設定的目標大約是2倍槓桿。我認為今年我們正在努力克服這項挑戰。

So I think we have great financial flexibility. We do see a very active M&A market today, I think we've been very successful in M&A in the past, especially in the type of deals that we historically did. So I think it could be reasonable for you expect for you to expect us that, we're engaged, we're looking and there are some things that we would potentially do in the future.

所以我認為我們有很大的財務彈性。今天我們確實看到了一個非常活躍的併購市場，我認為我們過去在併購方面非常成功，特別是在我們歷史上進行的交易類型方面。因此，我認為您對我們的期望是合理的，我們正在參與，我們正在尋找，並且我們將來可能會做一些事情。

Sounds great. Thank you very much.

聽起來很棒。非常感謝。

Thank you.

謝謝。

Thanks.

謝謝。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

Hey, good morning team. Jose, you, I think you mentioned a few verbally awarded contracts in the oil and gas business. So wondering if you can provide any color there and then for the gas gen business in general or the exposure in general is what does that opportunity set look like for you? Any color you can provide?

嘿，早上好，團隊。何塞，你，我想你提到了石油和天然氣業務中的一些口頭授予的合約。因此，想知道您是否可以為一般的天然氣發電業務或一般的曝光提供任何顏色，對您來說，這個機會集是什麼樣的？你可以提供任何顏色嗎？

Yeah, so good morning. I think that the message that we're trying to get across is we're -- again we've got what we think is excellent visibility and really not just for '25 but even into '26 and '27. So we've got a number of customers that have projects that are planned over the course of the next three years. We have a really good understanding of -- which of those projects our customers want us to work on and expect us to do for them.

是的，早安。我認為我們想要傳達的訊息是，我們再次獲得了我們認為出色的可見性，而且不僅是 25 年，甚至是 26 和 27 年。因此，我們有許多客戶計劃在未來三年內開展專案。我們非常了解客戶希望我們從事哪些專案並期望我們為他們做哪些專案。

So that's incredible visibility much better than we've had in years as it relates to our oil and gas business. I think that part of what's going to be dependent on where our revenue levels are is project starts. There's -- we have a very busy second half of '25 plan and a very, very busy '26 plan. So if those projects get to start a little bit earlier, if they could push, it will have some impact on '25 revenues.

因此，與我們的石油和天然氣業務相關的可見性比我們多年來的可見度要好得多。我認為部分取決於我們的收入水準的是專案的啟動。我們有一個非常繁忙的 25 下半年計劃和非常非常繁忙的 26 計劃。因此，如果這些項目早一點開始，如果他們能夠推動的話，將對 25 年的收入產生一些影響。

But I think again, the contrast and the difference of where we were a couple of years ago in this business where we were concerned about, where that business was heading. I think today it's a very healthy business, it's a business that has tremendous upside for us. I think 2023 is turning out to be a very good year in that segment. But our 2024 is turning out to be a very good year in that segment.

但我再次想到，幾年前我們所關注的業務以及該業務的發展方向的對比和差異。我認為今天這是一個非常健康的業務，它對我們來說有巨大的上升空間。我認為 2023 年將是該領域非常好的一年。但 2024 年將是該領域非常好的一年。

But I think that as we look at some of the outer years, we think it could be even better, right. Again '25 might be more challenging because we've got the replacement of MVP that we've got to do. But when we look at '26 and '27 we're feeling really, really strong about those years and there's tremendous upside so we're very excited.

但我認為，當我們審視一些外部年份時，我們認為它可能會更好，對吧。25 年可能會再次更具挑戰性，因為我們必須更換 MVP。但當我們回顧 26 和 27 年時，我們對那些年感覺非常非常強烈，而且有巨大的上升空間，所以我們非常興奮。

From a power generation perspective look, we just believe that gas fired generation is going to play a role in that a much bigger role than we previously anticipated. And that's going to lead to, business not just for our pipeline group, but for some of our infrastructure groups as well. And again, we're super excited about the long term opportunities there.

從發電的角度來看，我們相信燃氣發電將發揮比我們先前預期更大的作用。這不僅會為我們的管道部門帶來業務，也會為我們的一些基礎設施部門帶來業務。再說一次，我們對那裡的長期機會感到非常興奮。

That's great. Thank you for all that. And then on the clean energy side, your backlog increase was pretty strong this quarter. Can you give us any color on the nature of projects, maybe size customer type if you want to and then anything you can provide on what the impact on margins should be next year?

那太棒了。謝謝你所做的一切。然後在清潔能源方面，本季你們的積壓訂單成長相當強勁。您能否為我們介紹一下專案的性質，如果您願意的話，也許可以確定客戶類型的大小，然後您可以提供有關明年對利潤率的影響的任何資訊嗎？

Sure. So I'd say a couple of things, I'd say, we had a really strong booking quarter. We hope that that trend will continue in Q4. I think one of the real changes over the course of the last year has been our ability to really have some large anchor tenants that are giving us sort of agreements to build a considerable amount of their work.

當然。所以我想說幾件事，我想說的是，我們的預訂季度非常強勁。我們希望這種趨勢將在第四季繼續下去。我認為去年發生的真正變化之一是我們真正擁有一些大型主力租戶的能力，他們向我們提供了某種協議來建造大量他們的工作。

That's been very important for us because I think, that's something that we haven't necessarily had in that business over the course of the last few years. With that said, again, we're just -- we're excited, demand is really strong. I missed the last part of you. What was the second part of your question?

這對我們來說非常重要，因為我認為，這是我們在過去幾年中在該業務中不一定擁有的東西。話雖如此，我們再次感到興奮，需求非常強勁。我錯過了你的最後一部分。你問題的第二部分是什麼？

I just wanted to understand what the impact on margins could be given the backlog strength this quarter.

我只是想了解本季積壓的訂單量會對利潤率產生什麼影響。

Yeah. So again, strong margin quarter, when we look at Q4, we're expecting margins approaching that same level. Obviously, Q4 has all the holidays built in. So I think if we can approach that level would be a huge win. I think as we think about next year, we probably need a little bit of time to properly assess what our margin progression is going to be again the last Q3 and we expect Q4 to be really good.

是的。因此，再次強調，利潤率強勁的季度，當我們看到第四季度時，我們預計利潤率將接近同一水平。顯然，第四季已經包含了所有假期。所以我認為如果我們能夠達到這個水平將是一個巨大的勝利。我認為，當我們考慮明年時，我們可能需要一點時間來正確評估第三季度我們的利潤率進展，我們預計第四季度會非常好。

And as we get a better understanding of what these projects can ultimately execute at, I think we'll give more insight of that as we provide '25 guidance. There's no question that getting rid of some of our older projects, some of our troubled projects and the performance of our newer business, the business that we've won within the last year has been a lot higher and I think that's a great trend for us.

隨著我們更好地了解這些項目最終可以執行的內容，我認為我們將在提供 '25 指南時對此提供更多見解。毫無疑問，擺脫我們的一些舊項目、一些陷入困境的項目以及我們新業務的表現，我們在去年贏得的業務要高得多，我認為這是一個很好的趨勢我們。

And I'll just add one of the biggest benefits of the visibility we have with those contractual bookings is, we started the year in a whole with really like Q1 both in '23 and '24. And you're always going to have the seasonality of the first quarter, but we have significantly more work that will continue through year end into the first quarter. And we don't expect to have that whole that we started out from a margin perspective in that segment going into '25.

我只想補充一下，我們透過這些合約預訂獲得的可見性的最大好處之一是，我們在整個一年的開始時都非常像 23 年和 24 年的第一季。第一季的季節性總是存在，但我們還有更多的工作將持續到年底到第一季。我們預計 25 年該細分市場不會出現我們從利潤角度開始的整體狀況。

Got it. Appreciate that. Thank you.

知道了。很欣賞這一點。謝謝。

Brian Brophy, Stifel.

布萊恩·布羅菲，斯蒂菲爾。

Thanks. Good morning, everybody. Congrats on the nice quarter. I just wanted to follow up on that large Lumen Award. Can you give us a sense on when that project is supposed to start? And how many years do you guys expect that bill to be?

謝謝。大家早安。恭喜這個美好的季度。我只是想跟進那個大型流明獎。您能否告訴我們該專案應該何時開始？你們預計該法案會持續多少年？

Yeah. So we're hopeful that we can actually start some projects prior to year-end. Although the bulk of that will start in '25, we expect it to be a multi-year project and we're hopeful that over time as they continue to have success that project will continue to grow.

是的。因此，我們希望能夠在年底前啟動一些專案。儘管其中大部分將在 25 年開始，但我們預計這將是一個多年期的項目，我們希望隨著時間的推移，隨著他們繼續取得成功，該項目將繼續發展。

Okay, that's helpful. And then just one on power delivery. Can you give us a sense for the emergency restoration contribution from some of the recent storm activity, you guys are expecting in the back half of this year.

好的，這很有幫助。然後只有一個關於電力傳輸。你們能否為我們介紹一下你們預計今年下半年最近發生的一些風暴活動對緊急復原的貢獻。

Yeah. The truth is that for Q3, it was relatively small, it was minimal. We really didn't have a lot of involvement in the Texas storm. So our involvement really started more in the southeast, which was a very late quarter event. It only -- it was really only a couple days at the end of the quarter.

是的。事實是，對於第三季來說，它相對較小，是最小的。我們確實沒有太多參與德州風暴。因此，我們的參與實際上更多地始於東南部，這是一個非常晚的季度事件。只是——實際上只有季度末的幾天時間。

Revenues for the segment were less than $15 million. So it didn't really have a meaningful impact, it will have a bigger impact in Q4. We still got some people deployed doing some work. So we don't know the exact extent of what that will be, but it is part of the reason that we did increase revenue guidance for Q4 in that business.

該部門的收入不到 1500 萬美元。所以它並沒有真正產生有意義的影響，它將在第四季度產生更大的影響。我們仍然派了一些人來做一些工作。因此，我們不知道具體的程度，但這是我們確實提高了該業務第四季度收入指引的部分原因。

Appreciate it. Thanks. I'll pass it on.

欣賞它。謝謝。我會把它傳遞下去。

Thanks, Brian.

謝謝，布萊恩。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc 資本市場。

Hi, good morning. Appreciate you taking my question. So I had one on power delivery since this year, distribution spending has been more muted. Should we expect some type of a catch up in 2025 along with the more normalized spending? I'm trying to figure out if there'll be less of the normal seasonality starting 2025.

嗨，早安。感謝您回答我的問題。因此，自今年以來，我對電力傳輸進行了一項研究，配電支出一直比較低迷。我們是否應該預期 2025 年會出現某種形式的追趕以及支出會更加正常化？我試圖弄清楚從 2025 年開始，正常的季節性是否會減少。

Sure. So look, I think we're pretty encouraged because we expect it to get back to a normalized level. I don't know that there will be a catch up, but just to get to a normalized level revenue base. I mean, if you think about 2023 for us, right. We did considerably better in 2023 than we did in '24 a lot of that was driven by distribution.

當然。所以看，我認為我們非常受到鼓舞，因為我們預計它會回到正常水平。我不知道是否會趕上，但只是為了達到正常化的收入基礎水準。我的意思是，如果你為我們考慮 2023 年，對吧。我們在 2023 年的表現比 24 年好得多，這在很大程度上是由分銷推動的。

So if we can get back to those levels and you kind of look at what we've been able to accomplish in the transmission side of the business. If we're able to get, both of those humming, we're going to do really, really well in '25. I don't know that's our full expectation today. Obviously, the transmission win that we had is going to have a meaningful increase to revenues for the segment in '25.

因此，如果我們能夠回到這些水平，您就會看看我們在業務傳輸方面所取得的成就。如果我們能夠做到這兩點，那麼我們在 25 年將會做得非常非常好。我不知道這就是我們今天的全部期望。顯然，我們在變速箱方面的勝利將在 25 年對該領域的收入產生有意義的成長。

Again, we're becoming more and more bullish about distribution spending. I think we need a little bit more time to figure that out. But I do think there's a good probability of both of those really being catalyst for our business in '25.

我們再次對分銷支出變得越來越樂觀。我認為我們需要更多時間來解決這個問題。但我確實認為這兩者很有可能真正成為我們 25 年業務的催化劑。

Got it. That's great. And my follow up is as your backlog and revenue base grows. Where do you think the biggest pinch point could be in 2025? Is it skilled labor availability or is it equipment availability for coms or clean energy? Can you talk about how you're thinking about this for next year?

知道了。那太棒了。我的後續行動是隨著您的積壓訂單和收入基礎的成長。您認為 2025 年最大的困難點可能在哪裡？是熟練勞動力的可用性還是通訊或清潔能源的設備可用性？您能談談明年您對此有何想法嗎？

Sure. I think that the biggest constraint in our industry as a whole over time is going to be labor. And I think those companies that invest in labor, invest in training have had long term programs and can convince our customers that we have really solid programs and the ability to scale up is what's going to drive the business.

當然。我認為隨著時間的推移，我們整個行業最大的限制將是勞動力。我認為那些投資於勞動力、投資於培訓的公司已經制定了長期計劃，並且可以讓我們的客戶相信我們擁有真正可靠的計劃，並且擴大規模的能力將推動業務發展。

I think we're one of a very few number of companies across the country that can say that and that can say that with confidence and the customers believe. And I think that will give us a great advantage in the marketplace.

我認為我們是全國為數不多的能夠做到這一點的公司之一，並且能夠充滿信心地做到這一點並且得到客戶的信任。我認為這將為我們在市場上帶來巨大的優勢。

Appreciate that. Thank you.

很欣賞這一點。謝謝。

Thank you.

謝謝。

Brent Thielman, DA Davidson.

布倫特·蒂爾曼，檢察官戴維森。

Hey, great, thanks. Good morning. Jose or Paul, I mean, really healthy year of cash flow. And I'm wondering how do we think about cash conversion on a go forward basis for MasTech? I understand in this conversion may not be sustainable far into the future. But what is something we can think about is sustainable after five quarters of really big cash flow here.

嘿，太好了，謝謝。早安.我的意思是，何塞或保羅，現金流非常健康的一年。我想知道我們如何看待 MasTech 未來的現金轉換？我知道這種轉變在遙遠的未來可能無法持續。但是，在五個季度的現金流量非常大之後，我們可以考慮的是可持續的。

Yes, this is Paul. Probably really, it obviously depends on revenue growth. But we think 60%, 65% is achievable for us over the longer term of EBITDA.

是的，這是保羅。也許確實如此，這顯然取決於收入成長。但我們認為，從長遠來看，我們可以實現 60%、65% 的 EBITDA。

Okay, I appreciate that Paul. And then Jose in communications, I think a few quarters ago, you talked about something in the future where we could see more balance in terms of wireless versus wireline exposure. I guess, I'm wondering if this Lumen and win is a precursor to that.

好吧，我很欣賞保羅。然後是通訊領域的何塞，我想幾個季度前，您談到了未來我們可以在無線與有線方面看到更多平衡。我想，我想知道這次流明和勝利是否是一個先兆。

And then also, I mean, obviously the wireless business seems to be picking up for you. So is that, still something you see in the future in terms of -- kind of more of a balanced communications business between those two areas.

我的意思是，顯然無線業務似乎正在好轉。因此，您在未來仍然會看到這兩個領域之間更加平衡的通訊業務。

So Brent, I think if you go back to 2021-ish, right. We finished that year doing about just over $2.5 billion in our communications business and this year, we'll do $3.4 billion, right. So we're up nearly $1 billion in three years, corresponds to almost 35% growth in that segment over a three year period. The bulk of that growth has been on the wireline side.

所以布倫特，我想如果你回到 2021 年左右，對吧。那一年我們的通訊業務收入略高於 25 億美元，今年我們的收入將達到 34 億美元，對吧。因此，我們在三年內增加了近 10 億美元，相當於該領域在三年內成長了近 35%。成長的大部分來自固網方面。

So if you think about our wireless business, it's up a little bit, but it's relatively flat compared to our wireline business, which has been the primary driver of that business. So we're pretty excited about that ray. We kind of forget about that level of growth over a three year period.

因此，如果你考慮我們的無線業務，它會有所上升，但與我們的有線業務相比相對平穩，而有線業務一直是該業務的主要驅動力。所以我們對那條射線感到非常興奮。我們有點忘記了三年期間的成長水準。

When we think about the next three year period, we actually think that growth can be accelerated versus where we've been in the past. Again, probably primarily driven by wireline versus wireless but it's a very exciting market. It's one where, we do expect wireless spending to continue to grow. I think, 5G had a lot of excitement early, I think it's slowed down, I think it's coming back.

當我們考慮未來三年時，我們實際上認為與過去相比，成長可以加速。同樣，可能主要是由有線與無線驅動，但這是一個非常令人興奮的市場。我們確實預期無線支出將持續成長。我認為，5G 早期曾令人興奮，但現在已經放緩，我認為它正在回歸。

And future technologies are going to be a driver in that growth as well. The combination of the two, obviously we're being benefited by what's happening at AT&T with their conversion program, but we expect the others to pick up over time. And we think again, both markets will be great drivers of our business over the long term.

未來的技術也將成為這種成長的驅動力。兩者相結合，顯然我們正受益於 AT&T 的轉換計劃，但我們預計其他計劃隨著時間的推移也會有所改善。我們再次認為，從長遠來看，這兩個市場都將成為我們業務的巨大推動力。

Very good. Thank you.

非常好。謝謝。

Jamie Cook, Truist Securities.

傑米庫克 (Jamie Cook)，Truist 證券公司。

Congratulations ,Jose and Paul on the nice quarter and Mark. I guess two questions, Jose back to the M&A discussion. I've always said you've been very good at identifying adjacent growth opportunities early and successful in acquisitions, but as you think about acquisitions going forward, how much of it is about getting into adjacent market versus, the other thing you mentioned in your prepared remarks that scale is going to be important.

恭喜何塞和保羅，還有馬克。我猜有兩個問題，何塞回到併購討論。我總是說，您非常擅長儘早識別相鄰的成長機會並在收購中取得成功，但是當您考慮未來的收購時，有多少是為了進入相鄰市場，而不是您在您的文章中提到的其他事情準備好的言論表明規模將很重要。

So I'm wondering if given the growth that you see ahead of you, whether we need bodies, so we need to acquire more for scale versus getting into an adjacent market. And then my second question, obviously congrats on the margin performance in the businesses outside of oil and gas.

所以我想知道，考慮到您所看到的成長，我們是否需要機構，因此我們需要獲得更多的規模，而不是進入鄰近的市場。然後我的第二個問題，顯然對石油和天然氣以外的業務的利潤率表示祝賀。

But still your oil and gas margins have probably been better than what most of us, would have thought. So just trying to understand with MVP going away, how to think about the profitability of that segment. And is the risk what I mean, that is as the other oil and gas goes down more so before the other businesses can ramp, thank you. The profits in those businesses can ramp at the same time. Thanks.

但你們的石油和天然氣利潤率可能仍然比我們大多數人想像的要好。因此，我只是想了解隨著 MVP 的消失，如何考慮該細分市場的獲利能力。我的意思是風險，即在其他業務能夠增加之前，其他石油和天然氣的價格下降更多，謝謝。這些業務的利潤可以同時增加。謝謝。

Yeah, thanks, Jamie. So I'd say on M&A look, it's pretty exciting to be back in a position where we think we can do it and it doesn't really impact our balance sheet, right, relative to our capabilities of doing something. I think one of the things that we're most excited about MasTec is our organic revenue growth opportunities.

是的，謝謝，傑米。因此，我想說，就併購而言，回到我們認為可以做到的位置是非常令人興奮的，而且相對於我們做某事的能力，它並沒有真正影響我們的資產負債表，對吧。我認為 MasTec 最令我們興奮的事情之一是我們的有機收入成長機會。

We have tremendous opportunities for growth that we've been scaling for that we've been training for. So that is our primary objective. I think we have more opportunity there than probably anything else that we could imagine. With that said, we are seeing a robust market on the M&A side.

我們擁有巨大的成長機會，我們一直在為此進行擴展和培訓。這是我們的首要目標。我認為我們在那裡擁有的機會可能比我們想像的任何其他地方都多。話雖如此，我們看到併購方面的市場強勁。

We think there are opportunities for us to build scale across our existing businesses and do so in a manner that makes sense, we'll continue to evaluate that. But the truth is -- we kind of weren't in that position over the course of the last 12 months. So it's nice to be back in a position where we can actively pursue that.

我們認為我們有機會擴大現有業務的規模，並以有意義的方式做到這一點，我們將繼續評估這一點。但事實是——在過去 12 個月裡我們並沒有處於這樣的境地。因此，很高興回到我們可以積極追求這一目標的位置。

So you should expect some of that over the course of the next year. When I think to your second question on oil and gas, I'm going to remind everybody again. I mean, MVP were diluted -- has been diluted to margins this year. So MVP is not what's driving margins in that business it's the balance of the business.

所以你應該期待明年會出現一些這樣的情況。當我想到你提到的關於石油和天然氣的第二個問題時，我會再次提醒大家。我的意思是，MVP 被稀釋了——今年已經被稀釋到了利潤。因此，MVP 並不是推動該業務利潤的因素，而是業務的平衡。

When we start a year, as long as I can remember, we talk about hitting midteen margins roughly in the 15% range, I think as we think about '25 guidance, we'd probably start there. We have the ability to beat that. We don't think there's any reason why we shouldn't continue to perform at the levels we've been performing, but we'd start a little bit more conservatively as we book work.

當我們開始新的一年時，據我所知，我們談論的利潤率大致在 15% 的範圍內，我認為當我們考慮 25 年的指導時，我們可能會從那裡開始。我們有能力戰勝它。我們認為沒有任何理由不應該繼續保持我們一直在表現的水平，但我們在預訂工作時會更加保守。

But we're -- while revenue is going to be a little bit more cyclical because you had so much revenue associated with MVP. The reality is that margin shouldn't be right as MVP goes away, which is part of what you're seeing here in the second half of the year. Margins have actually improved in that business. So we don't think that changes over time.

但我們 - 雖然收入會更具週期性，因為你有這麼多與 MVP 相關的收入。現實情況是，隨著 MVP 的消失，利潤率不應該是正確的，這也是你在今年下半年看到的情況的一部分。該業務的利潤率實際上有所提高。所以我們認為這不會隨著時間的推移而改變。

Thank you. And congrats.

謝謝。恭喜。

Thanks, Jamie.

謝謝，傑米。

Justin Hauke, Robert W. Baird.

賈斯汀·豪克，羅伯特·W·貝爾德。

Great. Good morning, guys. I just -- I wanted to go back to the large transmission project and just to clarify, is that fully booked and backlog yet or does that come in when you're kind of fully mobilized at the beginning of next year? I know you've got, 18 month backlog.

偉大的。早安，夥計們。我只是 - 我想回到大型輸電項目，只是想澄清一下，該項目是否已全部預訂和積壓，或者是在明年初完全動員起來時才出現？我知道你們有 18 個月的積壓。

And just, I guess there's been some speculation about what that project are you able to comment any more on the specific scope of the work and your risk terms and on it.

只是，我想有人猜測該項目是什麼，您可以對工作的具體範圍和風險條款及其進行更多評論。

Sure, Justin. So what I can say is that as of the second quarter that was a fully signed project. So that project -- that there is no risk to that project per se. From a backlog perspective, we only book what we think are the 18 month revenue levels.

當然，賈斯汀。所以我可以說的是，截至第二季度，這是一個完全簽署的項目。因此，該項目本身沒有風險。從積壓的角度來看，我們只預訂我們認為的 18 個月收入水準。

So at any given point in time, although the project is much bigger, we're only taking 18 months of that project into backlog because it's how we do our backlog calculations. So a very small part of that project is currently in backlog. We're not in a position yet to fully announce the project. We expect the customer to do so shortly. And once they do then we'll talk about it more.

因此，在任何給定時間點，儘管專案要大得多，但我們只將該專案的 18 個月納入積壓工作，因為這就是我們進行積壓工作計算的方式。因此，該專案的一小部分目前處於積壓狀態。我們還無法完全宣布該項目。我們希望客戶盡快這樣做。一旦他們這樣做了，我們就會更多地討論它。

Okay, great. Then that's helpful. And then my second question is just on the clean energy margin. I mean, obviously they've been moving higher and they were really good this quarter. You're guiding for kind of back to mid-single digit for 4Q, which was kind of guiding the (inaudible).

好的，太好了。那麼這很有幫助。我的第二個問題是關於清潔能源邊際。我的意思是，顯然他們一直在走高，而且本季表現非常好。您正在指導第四季度回到中個位數，這在某種程度上指導了（聽不清楚）。

Were there any kind of favorable close outs or anything else in the quarter that, we should know just for thinking about modeling it for next year. It looked like the 10-Q talked about maybe some margin increases on a couple of projects in there that maybe benefited.

本季是否有任何有利的結束或其他任何事情，我們應該知道，只是為了考慮為明年建模。看起來 10-Q 談到了可能會受益的幾個項目的利潤率可能會增加。

Yeah. So there was no outsized projects that benefited the business. Obviously, we had less troubled projects in the quarter, which is -- what drove that. I think that some of that commentary is associated with just bad projects not being there or doing better.

是的。因此，沒有任何大型專案對企業有利。顯然，本季我們的問題項目較少，這是推動這一趨勢的原因。我認為其中一些評論與糟糕的項目不存在或做得更好有關。

When I think in Paul's prepared remarks, he talked about fourth quarter level of margins for that business approaching third quarter levels. So I don't think we're not expecting a significant drop in revenues in Q4 versus Q3.

當我想到保羅準備好的演講時，他談到該業務第四季度的利潤率水平接近第三季度的水平。因此，我認為我們預計第四季的營收不會比第三季大幅下降。

We do expect some drop and it's largely attributed to the fact that you have so many holidays in the fourth quarter. Look it's we've got one quarter under our belt of solid performance, hopefully the fourth quarter, does well again and we can talk about it and then I think we can provide better clarity as to what that looks like in 2025.

我們確實預計會出現一些下降，這很大程度上歸因於第四季度有太多假期。看起來，我們已經有一個季度表現穩定，希望第四季度再次表現出色，我們可以討論這個問題，然後我認為我們可以更清楚地說明 2025 年的情況。

There's no question that on a full year basis in '25 we expect margins to be better than they were than they're going to be for full year '24 in that business. The question for us is going to be how much better and I think we'll give more clarity on that on our next call.

毫無疑問，從 25 年全年的角度來看，我們預計該業務的利潤率將優於 24 年全年的水平。我們面臨的問題是改善了多少，我想我們會在下次電話會議上更清楚地說明這一點。

Okay. Thank you very much for all that. Appreciate the time, guys. Thank you.

好的。非常感謝您所做的一切。珍惜時間，夥計們。謝謝。

Thanks. Appreciate it.

謝謝。欣賞它。

Drew Chamberlain, JP Morgan.

德魯張伯倫，摩根大通。

Yeah, good morning. Thank you for taking the questions. First, just on the large transmission side, I think you said in some recent quarters that there are a series of large transmission projects out there that you're actively pursuing and chasing. And just any update there, I mean, what's the competitive landscape look like? And when can we expect to possibly hear an announcement of anything?

是的，早安。感謝您提出問題。首先，在大型輸電方面，我想您在最近幾季說過，您正在積極追求和追逐一系列大型輸電項目。我的意思是，競爭格局是什麼樣的？我們什麼時候可以聽到任何消息？

So what I would say is the market is getting even better, right? We're seeing even more projects. There's no question that transmission spend is going to dramatically increase for all of the things that we see relative to the load growth demand that we're seeing. We feel good about our competitive position, we feel we'll win more projects.

所以我想說的是市場正在變得更好，對嗎？我們看到了更多的項目。毫無疑問，相對於我們所看到的負載成長需求，我們所看到的所有事情的傳輸支出都將急劇增加。我們對自己的競爭地位感覺良好，我們感覺我們將贏得更多項目。

There are a lot of active projects currently in some form of bidding cycle that we're engaged in and we're hopeful we'll win some of those and be able to talk about them. I don't know, off the top of my head, anything that we would expect to happen before year end. But we think shortly thereafter that there'll be some projects that start making it into awards over time.

目前，我們正在進行某種形式的招標週期中的許多活躍項目，我們希望能夠贏得其中一些項目並能夠討論它們。我完全不知道我們預計年底前會發生什麼事。但我們認為此後不久，隨著時間的推移，將會有一些項目開始獲得獎項。

Okay, great. And then just more generally, I think you said in the prepared remarks, Jose is that, the thing that's got you most excited is that you feel like you have room for significant improvement across each segment right now. And I just wonder if you kind of rank order or elaborate on some of the most prevalent areas where you think improvements coming.

好的，太好了。更一般地說，我想你在準備好的發言中說過，何塞是，最讓你興奮的是，你覺得現在每個細分市場都有顯著改進的空間。我只是想知道您是否對一些您認為需要改進的最普遍的領域進行了排序或詳細說明。

Yeah, we can cover them. All right. I think it's again, we're pretty excited across all the segments when we look at clean energy and infrastructure to start there, right? Backlog growth has been phenomenal. We expect strong revenue growth in 2025. Margins have outpaced where we expected it to be. We're hoping that, that can continue.

是的，我們可以掩護他們。好的。我認為，當我們考慮從清潔能源和基礎設施開始時，我們對所有細分市場都感到非常興奮，對吧？積壓訂單成長驚人。我們預計 2025 年營收將強勁成長。利潤率超出了我們的預期。我們希望這種情況能夠持續下去。

So when you're looking at an environment where you should have strong revenue growth with improving margin that creates an enormous amount of upside, right, relative to where we've been in power delivery, as we really get started on this large transmission project, we're going to have strong top line revenue.

因此，當你看到一個環境時，你應該實現強勁的收入成長，同時提高利潤率，相對於我們在電力傳輸方面的情況，創造巨大的上升空間，對吧，因為我們真正開始了這個大型輸電項目，我們將擁有強勁的營收。

We expect margins to improve their year over year as well. And in comms, it's the same thing, right, we expect, strong double digit growth and we expect margins to improve. So in all those businesses, right, communications, power delivery, clean energy, we expect double digit revenue growth this year with improved margins in '25 versus '24. Those are great trends.

我們預計利潤率也將逐年提高。在通訊領域，情況也是如此，我們預計，強勁的兩位數成長，我們預計利潤率將會改善。因此，在所有這些業務中，通訊、電力傳輸、清潔能源，我們預計今年的營收將實現兩位數成長，25 年的利潤率將比 24 年有所提高。這些都是偉大的趨勢。

We expect that to continue not just in the '25 but in beyond. And we think our oil and gas margins and revenue will hold over time. So that's just a great combination, right? We are -- I think in a very unique position for so many around MasTec and their careers to be in a position where our business is doing as well as it is from an industry perspective and our ability to not just take advantage of the revenue opportunity but to also continually improve margins. And I think that combination is what's really going to drive the upside of MasTec for years to come.

我們預計這種情況不僅會持續到 25 世紀，而且會持續到以後。我們認為，隨著時間的推移，我們的石油和天然氣利潤和收入將保持不變。所以這是一個很棒的組合，對吧？我認為，對於 MasTec 周圍的許多人及其職業生涯來說，我們處於一個非常獨特的位置，我們的業務正在開展，從行業角度來看，我們有能力不僅僅利用收入機會還要不斷提高利潤率。我認為這種結合將真正推動 MasTec 在未來幾年的發展。

Great. Thank you.

偉大的。謝謝。

Thanks, Drew.

謝謝，德魯。

Adam Thalhimer, Thompson Davis.

亞當·塔爾希默、湯普森·戴維斯。

Hey, good morning guys, Greg quarter. Can you talk at all about seasonality in 2025? I'm curious if you could actually have a stronger start to the year. Particularly in segments like clean energy based on project timing.

嘿，大家早安，格雷格·季特。您能談談 2025 年的季節性嗎？我很好奇你今年是否真的能有一個更好的開局。特別是在清潔能源等基於專案時間表的領域。

Yeah, look, I think it's a little early. Obviously, we expect the same business as we just talked about to start the year strong oil and gas will probably be down in the first quarter because it was highly impacted by MVP.

是的，我覺得現在有點早了。顯然，我們預計，我們剛剛談到的年初強勁的石油和天然氣業務可能會在第一季下降，因為它受到 MVP 的嚴重影響。

So I think, as we release results in our fourth quarter, we'll get into a lot of specifics around that. But again, I mean, generally we're feeling really good about the year. We're feeling really good about the progress. And as we look at year over year comps, we're feeling comfortable that there's nothing to really have to call out today.

因此，我認為，當我們在第四季度發布業績時，我們將對此進行詳細說明。但我的意思是，總的來說，我們對今年的感覺非常好。我們對進展感到非常滿意。當我們逐年比較時，我們感到很舒服，今天沒有什麼值得特別指出的。

Great. And then can you update us on direct work you're doing for data centers and any discussions you might be having with potential future clients?

偉大的。那麼您能否向我們介紹一下您為資料中心所做的直接工作以及您可能與未來潛在客戶進行的任何討論？

Yeah, tremendous opportunity. Last quarter, we talked about $1 billion of outstanding bids. I'd say today that number sits at about [$1.5 billion] of bids that we currently have outstanding or getting ready to bid. Over the course of the last six months or so, we've gone from being an approved vendor for one hyper scaler.

是的，巨大的機會。上個季度，我們討論了 10 億美元的未完成投標。我今天要說的是，我們目前尚未完成或準備投標的投標數量約為[15 億美元]。在過去六個月左右的時間裡，我們不再是一個超級縮放器的認可供應商。

Where we sit today, we're approved by four of the major hyper scalers to do direct work that in combination with the whole ecosystem of people that are working for them, creates tremendous opportunity, very new market for us. One that we're still learning, I think we've made tremendous inroads.

今天，我們得到了四家主要超大規模企業的批准，可以直接開展工作，與為他們工作的整個生態系統相結合，為我們創造了巨大的機會和非常新的市場。我們仍在學習這一點，我認為我們已經取得了巨大的進展。

We've got a team that's specifically focused only on data center work across all of the different segments that MasTec operates in. We think there's tremendous synergies and opportunities and actually solutions that we can bring to the customer base.

我們有一個團隊專門專注於 MasTec 營運的所有不同領域的資料中心工作。我們認為我們可以為客戶群帶來巨大的協同效應和機會以及實際的解決方案。

So we would expect that to become a much larger piece of our business on a go forward basis. Whether when it happens and how long it takes time will tell. But there's no question that the CapEx it's blowing into that industry and the capital that's going to be spent is going to be massive. And I think, we'll get a share of it and it'll be a -- and it's a big part of what could potentially be a really good growth strategy for us.

因此，我們預計這將成為我們業務中更大的一部分。它何時發生以及需要多長時間，時間會告訴我們答案。但毫無疑問，該行業的資本支出和將要花費的資本將是巨大的。我認為，我們將獲得其中的一部分，這將是我們真正良好的成長策略的重要組成部分。

Thanks (inaudible)

謝謝（聽不清楚）

Thanks, Adam.

謝謝，亞當。

We do not have any further questions. I would like to turn the call back to Jose for closing remarks.

我們沒有任何進一步的問題。我想將電話轉回給何塞，讓他致閉幕詞。

I just want to thank everybody for participating today. We look forward to updating everybody on our year end call and until then be safe. Thank you.

我只想感謝大家今天的參與。我們期待在年終電話會議上向大家通報最新情況，並在此之前確保安全。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。