MasTec Inc (MTZ) 2025 Q1 法說會逐字稿

Thank you for standing by and welcome to MasTec's first-quarter 2025 financial results conference call. Today's call is being recorded.

感謝您的支持，歡迎參加 MasTec 2025 年第一季財務業績電話會議。今天的通話正在錄音。

I'd like to turn the call over to Chris McCray, Vice President of Investor Relations.

我想將電話轉給投資者關係副總裁克里斯麥克雷 (Chris McCray)。

Good morning and thank you for joining us for MasTec's first quarter of 2025 financial results conference call. Joining me today are Jose Moss, Chief Executive Officer; and Paul DeMarco, Chief Financial Officer. We've prepared slides to supplement our remarks, which are posted on MasTec's website under the investors tab and through the webcast link. There's also a companion document with information and analytics on the corner.

早安，感謝您參加 MasTec 2025 年第一季財務業績電話會議。今天與我一起出席的還有執行長 Jose Moss；以及財務長 Paul DeMarco。我們準備了幻燈片來補充我們的評論，這些幻燈片發佈在 MasTec 網站的投資者選項卡下並透過網路廣播連結發布。角落還有一份包含資訊和分析的配套文件。

A guidance summary to assist in financial modeling. Please read the forward-looking statement disclaimer contained in the slides accompanying this call. During this call, we'll make forward-looking statements regarding our plans and expectations about the future as of the date of this call. Because these statements are based on current assumptions and factors that involve risks and uncertainties, our actual performance and results may differ materially from our forward-looking statements.

協助財務建模的指導摘要。請閱讀本次電話會議投影片中所包含的前瞻性聲明免責聲明。在本次電話會議中，我們將就截至本次電話會議之日的未來計劃和預期做出前瞻性陳述。由於這些聲明是基於當前的假設和涉及風險和不確定性的因素，我們的實際業績和結果可能與我們的前瞻性聲明有重大差異。

Our Form 10-K as updated by current periodic reports, includes a detailed discussion of principal risks and uncertainties that may cause such differences. In today's remarks, we'll be discussing adjusted financial metrics reconciled in yesterday's press release and supporting schedules.

我們的 10-K 表格已根據當前定期報告進行了更新，其中包含可能導致此類差異的主要風險和不確定性的詳細討論。在今天的演講中，我們將討論昨天的新聞稿和支援時間表中調整後的財務指標。

We may also use certain non-gap financial measures in the conference call. A reconciliation of any non-GAAP financial measures not reconciled in these do these comments to the most comparable GAAP financial measures can be found in our earnings press release.

我們也可能在電話會議中使用某些非差距財務指標。在我們的收益新聞稿中可以找到這些評論中未與最具可比性的 GAAP 財務指標相協調的任何非 GAAP 財務指標的協調情況。

And I'll turn the call over to Mark Lewis for some parting remarks. Mark>

我將把電話轉給馬克‧劉易斯 (Mark Lewis)，請他發表一些臨別贈言。標記>

Thanks, Chris. Good morning, everyone. This is my 92nd consecutive quarterly earnings call after more than 23 years as VP of Investor Relations, and MasTec has unquestionably been the highlight of my 50 year professional career. It's been an incredible ride. I've had the best hour job in America and I was blessed to have Leanne, the best Corporate wife of 52 years to keep things running at home while I was traveling the world talking about the next big thing in my state.

謝謝，克里斯。大家早安。這是我擔任投資者關係副總裁 23 年以來連續第 92 次召開季度收益電話會議，毫無疑問，MasTec 是我 50 年職業生涯中的亮點。這是一次令人難以置信的旅程。我擁有美國最好的計時工作，並且很幸運能擁有 Leanne，52 年來最好的公司妻子，當我周遊世界談論我所在州的下一件大事時，她在家裡照顧一切。

There are lots of MasTec people to thank. I first like to thank our Chairman, Jorge Mos for his leadership and inspiration. Jorge taught me that adversity is always only temporary. There are always hidden opportunities, and you just have to look for them and exploit them to your full advantage.

我們要感謝很多 MasTec 人。我首先要感謝我們的主席 Jorge Mos 的領導和啟發。豪爾赫告訴我，逆境永遠只是暫時的。總是存在著隱藏的機會，你只需要尋找它們並充分利用它們。

I'd also like to thank our Board and General Counsel, Albert Cardenas, who've been constant sources of guidance and strength. They were steady in good times and bad and never failed in their leadership and wise counsel for the management team.

我還要感謝我們的董事會和總法律顧問阿爾伯特·卡德納斯 (Albert Cardenas)，他們一直是我們的指導和力量來源。他們在順境和逆境中都表現穩定，在領導和為管理團隊提供明智建議方面從未失敗過。

I'd also like to thank our prior CEO, Austin Schmfelter, who hired me in 2022 or 2002, and along with prior CFO, Bob Campbell, who both took us through a very challenging turnaround and recapitalization process in the early 2000s, which put my stack on the path to growth and future success. I'd like to thank my good friend and longtime COO, Bob Apple, who has led a great team of men and women. A great team is always the foundation of a successful company, and their ever improving performance has made my job easy. I'd like to thank George Peta for his financial leadership as CFO and the hundreds of financial support and operational staff who supported me in my efforts.

我還要感謝我們前任執行長奧斯汀·施姆費爾特 (Austin Schmfelter)，他於 2022 年或 2002 年聘用了我，同時還要感謝前任首席財務官鮑勃·坎貝爾 (Bob Campbell)，他們帶領我們度過了 21 世紀初極具挑戰性的扭虧為盈和資本重組過程，這使我的公司走上了增長和未來成功的道路。我要感謝我的好朋友兼長期首席營運長鮑勃·阿普爾 (Bob Apple)，他領導了一支優秀的男女團隊。優秀的團隊始終是公司成功的基礎，他們不斷提升的績效讓我的工作變得輕鬆。我要感謝喬治佩塔 (George Peta) 作為財務長所發揮的財務領導作用，以及數百名支持我工作的財務支持和營運人員。

And now, Paul Dimarco bringing new outside the box thinking to the CFO role. But most of all, I'd like to thank Jose Mos. There were a lot of skeptics when he took over as CEO in 2007 at 35 years of age, and he proved them all wrong. His leadership and vision for diversification and growth has turned MasTec into a Fortune 500 company. That we're all proud to be a part of.

現在，保羅·迪馬科 (Paul Dimarco) 為財務長 (CFO) 的角色帶來了新的思維。但最重要的是，我要感謝 Jose Mos。2007 年，35 歲的他接任執行長時，有很多人持懷疑態度，但他證明所有人都錯了。他的領導力以及多元化和成長的遠見使 MasTec 成為財富 500 強公司。我們都為能成為其中的一員而感到自豪。

The corporate culture he's created is why I've been here so long and why so many of my co-worker friends have been here for 10, 20 and even 30 years. He's the best CEO I've ever worked for, and I know the best is yet to come for MasTec under his brilliant and success-driven leadership.

他所創造的企業文化是我在這裡工作這麼久的原因，也是我的許多同事朋友在這裡工作了 10 年、20 年甚至 30 年的原因。他是我合作過的最好的首席執行官，我知道在他的卓越和成功驅動的領導下，MasTec 將迎來最好的未來。

Finally, I'd like to thank all the thousands of shareholders, portfolio managers, and analysts I've worked with over the years. We've had a lot of success together and some fun, and I really miss talking to each of you.

最後，我要感謝多年來與我合作的數千名股東、投資組合經理人和分析師。我們一起取得了很多成功，也享受了一些樂趣，我真的很想念和你們每個人交談。

Most of all, I'll miss being on the road constantly telling you about MasTec's next pathway to growth and ever increasing shareholder value. I love this company, it's history. It's hard to leave a great company and a job you truly love, but the time is right for me and for MasTec.

最重要的是，我會懷念在路上不斷向你們講述 MasTec 下一步的成長之路以及不斷增加的股東價值。我喜歡這家公司，它的歷史。離開一家偉大的公司和一份你真正熱愛的工作很難，但對我和 MasTec 來說現在是時候了。

I'm excited to turn I over I over to Chris McCray, a long time true IR professional who will take investor relations at MasTec to the next level. With that said, as I have often said over the last 23 years, MasTec had another great quarter, and there are a lot of good things to talk about to do.

我很高興將我的職責交給 Chris McCray，他是一位資深的投資者關係專業人士，他將帶領 MasTec 的投資者關係更上一層樓。話雖如此，正如我過去 23 年經常說的那樣，MasTec 又度過了一個偉大的季度，還有很多好事可以談，可以做。

So it is my pleasure to turn the call over to my good friend Jose Mas one last time. Jose.

因此，我很高興最後一次將電話轉給我的好朋友何塞·馬斯 (Jose Mas)。何塞。

Thanks, Mark. Good morning and welcome to MasTec's 2025 first quarter call. Before getting started today, I'd like to say a few words about Mark Lewis. Today is bittersweet. I'm excited for Mark as he begins a new chapter in his life and for his successor, Chris, whom I think is going to do an amazing job. But obviously in some ways sad as well.

謝謝，馬克。早安，歡迎參加 MasTec 2025 年第一季電話會議。在今天開始之前，我想先談談馬克劉易斯 (Mark Lewis)。今天真是苦樂參半。我為馬克開啟人生新篇章而感到興奮，也為他的繼任者克里斯感到興奮，我認為克里斯將會做出非凡的成就。但顯然從某種程度上來說這也是令人悲傷的。

As Mark said, I became CEO of MasTec in 2007 at the age of 35 and quite frankly, with lots to learn in the Investor Relations world. Mark was a solid constant for MasTec, and his guidance and direction not only served me well, but all MasTec stakeholders. I also want to commend Mark for his leadership through actions.

正如馬克所說，我在 2007 年 35 歲時成為 MasTec 的首席執行官，坦白說，在投資者關係領域還有很多東西要學。Mark 是 MasTec 的堅實後盾，他的指導和指引不僅對我有幫助，而且對所有 MasTec 利害關係人也都有幫助。我還要讚揚馬克透過行動所展現的領導能力。

Mark truly loves MasTec and everything it stands for. He personifies our goal for all MasTec team members, which is to not only be an employee, but rather part of a family where you can dream, excel, grow, and provide a better future for your own family. Mark, thank you for everything. We will miss you, but know that you will always be a part of MasTec. Good luck, my friend.

馬克 (Mark) 真心熱愛 MasTec 及其所代表的一切。他體現了我們對所有 MasTec 團隊成員的目標，即不僅成為一名員工，更成為一個家庭的一部分，在這裡你可以夢想、超越、成長，並為你自己的家庭提供更美好的未來。馬克，謝謝你所做的一切。我們會想念您，但請相信，您永遠是 MasTec 的一部分。祝你好運，我的朋友。

Now I'd like to review our first quarter results as well as provide my outlook for the markets that we serve. I'm pleased to report that we exceeded guidance in revenue, EBITDA, and EPS for the first quarter. We also delivered year-over-year growth despite a difficult comparison quarter.

現在我想回顧一下我們的第一季業績，並對我們所服務的市場做出展望。我很高興地報告，我們第一季的營收、EBITDA 和 EPS 都超出預期。儘管本季業績比較艱難，但我們仍實現了同比成長。

As a reminder, in last year's first quarter, our pipeline business had a strong start as we were completing the Mountain Valley pipeline. Pipeline segment EBITDA in last year's first quarter was $93 million compared to $45 million in this year's first quarter.

提醒一下，去年第一季度，我們的管道業務開局良好，因為我們完成了山谷管道的建設。去年第一季管道部門的 EBITDA 為 9,300 萬美元，而今年第一季為 4,500 萬美元。

So the balance of our business, our non-pipeline segments, improved EBITDA from $97 million in last year's first quarter to $155 million in this year's first quarter, a 60% year-over-year increase. Non-pipeline revenue was up by over 21%, with every segment delivering double-digit revenue growth.

因此，我們的業務餘額，即非管道部門，將 EBITDA 從去年第一季的 9,700 萬美元提高到今年第一季的 1.55 億美元，年增 60%。非管道收入成長超過21%，每個部門都實現了兩位數的收入成長。

Our power delivery segment revenue was up 13%. Our clean energy and infrastructure business was up 22%, and our communications business saw revenues increase 35% year-over-year. More importantly, backlog was up materially and represented one of the largest sequential increases in the company's history. Backlog increased over 10% sequentially, and booked to bill for the quarter was 1.55 times.

我們的電力傳輸部門收入成長了 13%。我們的清潔能源和基礎設施業務成長了 22%，通訊業務收入年增了 35%。更重要的是，積壓訂單大幅增加，是公司史上最大的連續增幅之一。積壓訂單季增超過 10%，本季訂單出貨量為 1.55 倍。

Every segment delivered backlog growth with our solid performance across our non-pipeline segments and a significantly improving pipeline market demonstrated by backlog more than doubling in that segment sequentially, MasTec is incredibly well positioned, and we remain very optimistic about both our full year and longer term outlook.

每個部門都實現了積壓訂單增長，非管道部門表現穩健，管道市場也顯著改善，該部門積壓訂單環比增長一倍以上，MasTec 處於非常有利的地位，我們對全年和長期前景仍然非常樂觀。

In fact, today, we raised guidance for full year 2025, increasing revenue guidance to $13.650 million. Increasing the range of our EBITDA guidance to $1.120 to $1.160, and increase the range of EPS guidance to a midpoint of $6.08 per share. Our midpoint EPS guide is a 54% increase over last year and an over threefold increase from 2023 EPS.

事實上，今天我們提高了 2025 年全年的預期，將營收預期提高到 1,365 萬美元。將我們的 EBITDA 指導範圍提高至 1.120 美元至 1.160 美元，並將 EPS 指導範圍提高至每股 6.08 美元的中間值。我們的中點每股盈餘指引比去年同期成長 54%，比 2023 年每股盈餘成長三倍以上。

Turning to some segment highlights. In our communications segment, top line growth in the first quarter was 35% year-over-year, coupled with 82% adjusted EBITDA growth with a 180 basis point improvement in margin. Backlog increased 7% sequentially to $4.9 billion.

轉向一些片段亮點。在我們的通訊部門，第一季的營業收入年增 35%，調整後 EBITDA 成長 82%，利潤率提高 180 個基點。積壓訂單季增 7%，達到 49 億美元。

The telecom infrastructure demand backdrop remains robust and we believe should be fairly well resistant to macro pressures given the capital investments being made to support broadband delivery and enable the AI economy.

電信基礎設施需求背景依然強勁，我們認為，考慮到為支持寬頻交付和推動人工智慧經濟而進行的資本投資，應該能夠很好地抵禦宏觀壓力。

In the first quarter, we saw revenue growth from nearly all of our top 10 customers. MasTec's wireless business continues to see growth from expanded geography served and from broadening of services. We have a large core customer in this business where ongoing work to support infrastructure technology upgrades continues to perform well.

第一季度，我們前十大客戶的營收幾乎全部實現成長。MasTec 的無線業務繼續透過擴大服務範圍和服務範圍而實現成長。我們在這個業務中擁有一個大型核心客戶，其支援基礎設施技術升級的持續工作繼續表現良好。

In wireline, overall demand continues to be supported by broadband infrastructure buildouts and federal investment. Middle mile broadband buildouts and the recent surge in hyperscalar CapEx associated with data centers is also driving fiber demand. We see no material slowdown in project opportunities for macro concerns around AI power intensity.

在有線方面，整體需求繼續受到寬頻基礎設施建設和聯邦投資的支持。中間一哩寬頻建設和最近與資料中心相關的超標量資本支出激增也在推動光纖需求。我們認為，圍繞人工智慧電力強度的宏觀擔憂並未導致專案機會出現實質放緩。

The bottom line there is a race to build data center capacity. The data center opportunity for MasTec crosses all segments, and we coordinate that opportunity from a central office with joint customer outreach to hyperscalers and other customers.

歸根究底，這是一場資料中心容量建構的競賽。MasTec 的資料中心機會跨越所有領域，我們從中央辦公室協調此機會，並與超大規模企業和其他客戶進行聯合客戶拓展。

Turning to power delivery. First quarter revenues increased nearly 13% year-over-year and beat our forecasts. With profit in line and a slight decline in margins versus prior year. We were pleased with the solid performance, but note that it could have been even better as it included weather impacts and some productivity headwinds in select projects. So it was not representative of optimal segment performance.

轉向電力傳輸。第一季營收年增近 13%，超出我們的預期。利潤與上年持平，但利潤率略有下降。我們對穩健的表現感到滿意，但請注意，由於其中包括天氣影響和某些項目中的一些生產力阻力，它本來可以做得更好。因此它不能代表最佳細分市場的表現。

We still see the full year playing out as expected with double-digit revenue growth and high single digit margins. The Greenlink transmission project remains on plan and is anticipated to build revenue production as the year develops.

我們仍認為全年業績將如預期般呈現兩位數的營收成長和較高的個位數的利潤率。Greenlink 輸電專案仍在按計劃進行，預計隨著時間的推移將產生收益。

We are now actively working on two segments of the transmission line and multiple substations. We continue to see Greenland producing strong revenue in 2025, estimated now to be between $375 million and $450 million.

目前，我們正在積極建造兩段輸電線路和多個變電站。我們繼續預期格陵蘭島將在 2025 年創造強勁的收入，目前估計將在 3.75 億美元至 4.5 億美元之間。

We are still very bullish on grid investment demand, which is backed by substantial utility customer CapEx expend for years to come as utilities focus on meeting strong power load growth demands. This demand requires large CapEx commitments across transmission, substation, distribution, and new generation capacity.

我們仍然非常看好電網投資需求，因為公用事業公司專注於滿足強勁的電力負載成長需求，未來幾年公用事業客戶的大量資本支出將為其提供支援。這種需求需要在輸電、變電站、配電和新一代發電能力方面投入大量的資本支出。

Our backlog this quarter increased 6% sequentially to $5 billion in this segment. We continue to target a broadset of projects of varying scope, and we expect a number of larger award projects to be awarded in late 2025, early 2026.

本季度，我們該部門的積壓訂單季增 6%，達到 50 億美元。我們將繼續瞄準範圍各異的廣泛項目，並預計在 2025 年末、2026 年初將授予一些更大的獎項項目。

Shifting to clean energy and infrastructure. First quarter revenue grew 22% year-over-year and adjusted EBITDA more than doubled to $57 million with a margin of 6.2%, also a significant increase from prior year. Our business in clean energy and infrastructure continues to see strong demand, but we are certainly aware of some of the concerns around federal renewable support.

轉向清潔能源和基礎設施。第一季營收年增 22%，調整後 EBITDA 成長一倍多，達到 5,700 萬美元，利潤率為 6.2%，也比上年大幅成長。我們在清潔能源和基礎設施領域的業務繼續受到強勁的需求，但我們當然也意識到圍繞聯邦再生能源支援的一些擔憂。

I'd note that tariff-driven material inflation or unfavorable policy shifts don't change the fact that renewals represent shovel-ready power at a competitive rate. Near-term political factors will not fundamentally change this backdrop, and we feel very good about the future of renewables as a competitive source of clean power. Backlog for this segment was up sequentially to a record level of $4.4 billion, and book to bill was nearly 1.2 times.

我要指出的是，關稅驅動的材料通膨或不利的政策轉變不會改變續約代表著具有競爭力的價格的隨時可用的電力這一事實。短期政治因素不會從根本上改變這個背景，我們對再生能源作為具有競爭力的清潔能源的未來充滿信心。該部門的積壓訂單季增至創紀錄的 44 億美元，訂單出貨比接近 1.2 倍。

Regarding potential changes to the IRA and other legislation or regulatory shifts, there are scenarios that would create some timing headwinds. But if we take a step back, we have an administration that is leaning towards a pro-energy stance and acting to reduce burdensome regulation that could accelerate permitting on projects that we build. So while we have to be mindful of changes, we don't see a meaningful risk to our 2025 business outlook.

關於 IRA 和其他立法或監管變化的潛在變化，有些情況可能會帶來一些時間上的阻力。但如果我們退一步來看，我們的政府傾向於支持能源立場，並採取行動減少繁瑣的監管，這可能會加速我們所建造計畫的許可。因此，雖然我們必須注意變化，但我們認為 2025 年的業務前景不會面臨重大風險。

Our first quarter renewable performance represents the state of this market today. We grew revenue nearly 25% year-over-year and met our profit plan. Further, we grew backlogged despite a strong revenue burn rate. Both wind and solar businesses saw solid backlog growth for the sixth straight quarter, and we are well covered for our 2025 plan from a combination of recent and 2024 bookings.

我們第一季的再生能源表現代表了當今市場的狀況。我們的營收年增了近25%，並實現了我們的利潤計劃。此外，儘管收入消耗率很高，但我們的積壓訂單仍然增加。風能和太陽能業務連續第六個季度實現穩健的積壓訂單增長，並且透過結合近期和 2024 年的訂單，我們為 2025 年計劃提供了充分的保障。

One reason for our confidence is increased work generated from framework agreements with our key customers, which is a testament to our ability to serve larger or more complex projects where others have often struggled. We have a great funnel of projects either in negotiations or bidding, and our 2026 backlog build is off to a great start.

我們充滿信心的原因之一是，我們與主要客戶達成的框架協議帶來了更多的工作，這證明了我們有能力為其他人通常難以完成的更大或更複雜的專案提供服務。我們有大量項目處於談判或投標階段，而且我們的 2026 年積壓訂​​單建設已有一個良好的開端。

Infrastructure and industrial in the period had solid results with double-digit revenue year-over-year revenue growth, meeting plan, and adjusted EBITDA exceeding plan, also with strong growth from the prior year. The demand climate remains firm, and we have seen no tariff-related delays.

本期間基礎設施和工業業績穩健，營收年增兩位數，符合計劃，調整後的 EBITDA 超出計劃，且較上年同期實現強勁增長。需求環境依然堅挺，我們沒有看到與關稅相關的延誤。

Now turning to our pipeline infrastructure segment. We saw revenue decline 44% with a slightly greater drop in profit of 52%. We've noted the driver here being the challenging comparisons from NBP project wind down last year. The top line actually beat our projections on stronger than expected project starts, though the margin decrease from prior year was more in line.

現在轉向我們的管道基礎設施部分。我們發現收入下降了 44%，利潤下降幅度更大，為 52%。我們注意到，這裡的驅動因素是去年 NBP 計畫結束所帶來的挑戰性比較。由於專案開工情況優於預期，儘管利潤率較去年同期的下降趨勢較為合理，但營業收入實際​​上超出了我們的預期。

More importantly, backlog bookings were strong, and we expect further increases throughout the year. Bookings in the first quarter included over 1.1 billion of new contracts, more than doubling our 18 month backlog to $1.5 billion, the highest level we've had in six quarters.

更重要的是，積壓訂單量強勁，我們預計全年還會進一步成長。第一季的訂單包括超過 11 億美元的新合同，使我們 18 個月的積壓訂單增加了一倍多，達到 15 億美元，這是我們六個季度以來的最高水平。

Our customers continue to invest in pipeline capacity to serve gas-fired power generation needs that are well short of forecasted demand looking out some years. We fully expect to benefit from a multi-year investment curve in this important baseload generation source. So we see a low point this past quarter in revenue terms and a positive slope of demand and business volume to come.

我們的客戶繼續投資管道容量，以滿足未來幾年遠低於預測需求的燃氣發電需求。我們完全有信心從這重要基載發電源的多年投資曲線中獲益。因此，我們預計上個季度的營收將處於低點，而未來需求和業務量將出現積極增長。

I'm more bullish today about our 2026 outlook. We expect strong revenue growth in our pipeline segment in '26 with continued company leading margins, coupled with significant momentum and improvement in our non-pipeline business, we expect a strong multi-year outlook from MasTec.

我今天對 2026 年的前景更加樂觀。我們預計，26 年管道部門的收入將強勁增長，公司利潤率將繼續保持領先，再加上非管道業務的強勁發展勢頭和改善，我們預計 MasTec 的多年前景將十分強勁。

Last quarter, I emphasized MasTec's model strength in our diversity, our strong market position, and our ability to operate at scale for our customers. To follow up on this, I'd note that we are now talking to customers across multiple segments about framework agreements that further solidify our presence in key markets, which is a testament to MasTec's ability to serve our market to scale. We are in a great position to capitalize on market opportunities for scaled service providers over the coming years.

上個季度，我強調了 MasTec 在多元化、強大的市場地位以及為客戶大規模營運的能力方面的模型優勢。為了跟進這一點，我想指出，我們現在正在與多個領域的客戶討論框架協議，以進一步鞏固我們在主要市場的地位，這證明了 MasTec 有能力為我們的市場提供規模服務。未來幾年，我們處於有利地位，可以利用規模化服務提供者的市場機會。

With that said, we also need to keep focusing on operational execution and evolving our business processes to ensure both consistency of outcomes and strong structural profitability. Our margin improvement opportunity is real, and we are taking many steps to realize it. We look forward to updating you on the steps we take along the road to achieving our goal of consistent double digit margins.

話雖如此，我們還需要繼續專注於營運執行並改善業務流程，以確保結果的一致性和強大的結構獲利能力。我們的利潤率提高機會是真實的，我們正在採取許多措施來實現它。我們期待向您通報我們在實現持續兩位數利潤率目標的過程中所採取的措施。

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, honestly, 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 的全體員工。我很榮幸能夠領導如此優秀的團隊。MasTec 的員工致力於安全、環境管理、正直、誠實的價值觀，並致力於以最優惠的價格為客戶提供優質的專案。這些特質已經得到了我們客戶的認可，而且正是由於我們員工的出色工作，我們才能夠為持續的成長和成功做好準備。

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

我現在將電話轉給保羅進行財務審查，保羅？

Thank you, Jose, and good morning everyone. We are pleased to report solid first quarter results and to exceed the overall expectations that we laid out in our March earnings call. The macro news flow this quarter has been pretty volatile, and our results illustrate that MasTec sits on a foundation of strong structural demand and stable long-term drivers.

謝謝你，何塞，大家早安。我們很高興地報告第一季業績穩健，並且超出了我們在三月收益電話會議上提出的整體預期。本季的宏觀新聞流相當不穩定，我們的結果表明，MasTec 擁有強勁的結構性需求和穩定的長期驅動力的基礎。

This is true even if marginal outcomes can be influenced by macro and sector-specific effects from global trade, regulatory, or funding factors downstream from us. As Jose noted, we feel very good about our business today and into the years ahead.

即使邊際結果可能受到全球貿易、監管或下游融資因素的宏觀和特定行業影響，情況也是如此。正如何塞所說，我們對目前的業務以及未來的前景感到非常滿意。

Let me start with some first quarter highlights. First quarter revenue was above expectations at $2.85 billion and adjusted EBITDA was $164 million exceeding guidance by about 5% and 3% respectively. Communications and clean energy and infrastructure led the way, both exceeding forecast to adjusted EBITDA by double digits.

首先讓我介紹一下第一季的一些亮點。第一季營收高於預期，達 28.5 億美元，調整後 EBITDA 為 1.64 億美元，分別超出預期約 5% 和 3%。通訊、清潔能源和基礎設施領域處於領先地位，其調整後 EBITDA 均超出預期兩位數。

18 month backlog at quarter end totaled $15.9 billion, up $1.6 billion from year end and $3 billion year-over- year. This represents another record for the company and includes a big improvement in the pipeline segment after waning levels seen during 2024 as a completed MVP.

截至本季末，18 個月的積壓訂單總額為 159 億美元，比年底增加 16 億美元，比去年同期增加 30 億美元。這代表了該公司的另一個紀錄，其中包括在 2024 年 MVP 完成期間管道水平下降之後管道部分的巨大改善。

As Jose noted, we have solid visibility to support our 2025 outlook, and we are actively building the book for 2026 and beyond. We generated cash flow from operations of $78 million in the first quarter with DSOs at 66 days in line with our expectations. Capital expenditures, net disposals in the period were slightly higher than the prior year, as we accelerated certain capital investments, resulting in free cash flow of $45 million versus $93 million in Q1 of '24.

正如 Jose 所指出的，我們擁有堅實的可預見性來支持我們對 2025 年的展望，並且我們正在積極建構 2026 年及以後的規劃。我們第一季的經營現金流為 7,800 萬美元，DSO 為 66 天，符合我們的預期。由於我們加快了某些資本投資，本期資本支出、淨處置額略高於上年，導致自由現金流為 4,500 萬美元，而 24 年第一季為 9,300 萬美元。

We completed $37 million of share repurchase in the first quarter and extinguished our remaining authorization in April, bringing the year-to-date total to $77 million at an average price of $110 per share. Our Board authorized an additional $250 million repurchase program earlier this week, and we will continue to be opportunistic when acquiring MasTec stock.

我們在第一季完成了 3,700 萬美元的股票回購，並於 4 月終止了剩餘的授權，使年初至今的回購總額達到 7,700 萬美元，平均價格為每股 110 美元。我們的董事會本週稍早批准了一項額外的 2.5 億美元回購計劃，我們將繼續抓住機會收購 MasTec 股票。

On tariffs, while nobody is unaffected by potential downstream economic impacts, MasTec is fairly insulated from the direct exposure, and we currently don't see a meaningful impact overall to our 2025 financial forecasts.

關於關稅，雖然沒有人能免受潛在的下游經濟影響，但 MasTec 相當不受直接影響，我們目前認為這對我們 2025 年的財務預測總體上不會產生重大影響。

We buy limited foreign source materials and we carry only about $115 million in inventory. We also have various contractual protections on most projects that further mitigate risk to our job economics. Regarding some highlights from first quarter segment performance, first quarter communication results saw impressive top and bottom line growth, easily exceeding our forecast for the period.

我們購買的外國原料有限，庫存只有約 1.15 億美元。我們也對大多數專案採取了各種合約保護措施，以進一步降低我們的工作經濟風險。關於第一季分部業績的一些亮點，第一季的通訊業績實現了令人印象深刻的營收和利潤成長，輕鬆超出了我們對該時期的預測。

We saw a strong start to 2025 in our wireless and wireline businesses, both contributing to the revenue growth and earnings beat. The adjusted EBITDA margin increase of 180 basis points year-over-year was also ahead of plan, though still below long-term margin potential.

我們的無線和有線業務在 2025 年迎來了強勁開局，為收入成長和獲利成長做出了貢獻。調整後的 EBITDA 利潤率年增 180 個基點，也超出了計劃，但仍低於長期利潤潛力。

We see the first quarter adjusted EBITDA margin of 6.9% as an expected low for the year, held back somewhat by business investments to support expected growth and by reduced operating leverage largely on the wireline side.

我們認為第一季調整後的 EBITDA 利潤率為 6.9%，是今年預期的低點，這在一定程度上受到支持預期增長的商業投資以及有線業務方面營運槓桿降低的影響。

Overall, and market strength remains firm, witnessing the communications backlog growth that Jose covered. First quarter backlog editions were led by the wireline side and included a significantly diverse set of customers. In clean energy and infrastructure, I'd highlight that a significant year-over-year improvement in adjusted EBITDA margin, up 350 basis points, 6.6.2% was great to see, and we forecast a hold around that level in Q2.

總體而言，市場實力依然強勁，見證了 Jose 所涵蓋的通訊積壓業務的成長。第一季度的積壓訂單版本由有線方面主導，並包括一組非常多樣化的客戶。在清潔能源和基礎設施方面，我要強調的是，調整後的 EBITDA 利潤率同比大幅提高，上升了 350 個基點，達到 6.6.2%，這是一個令人欣喜的成績，我們預測第二季度的利潤率將保持在該水平左右。

But with improvement, further improvement expected in the second half, this would come from volume development across the business as projects ramp, including a few that were slower to start than we initially modeled. We see all three segment verticals contributing to achieve our full year target for margin improvement and volume growth this year.

但隨著情況的改善，預計下半年將進一步改善，這將來自整個業務的批量開發，因為專案正在增加，其中包括一些啟動速度比我們最初預測的要慢的專案。我們認為所有三個垂直細分市場都將有助於我們實現今年利潤率提高和銷售成長的全年目標。

On CENI backlog, visibility for 2025 revenue looks really strong at this point, and we are more focused on developing contracted work for next year. With a strong start already in place, I know some are skeptical now about the relative strength of renewables as we look at 2026, especially on the wind market, given a few publicized project approval delays on the offshore side.

就 CENI 積壓訂單而言，目前 2025 年營收的可見度看起來非常強勁，我們更專注於開發明年的合約工作。儘管已經有了強勁的開端，但我知道有些人現在對2026年可再生能源的相對實力持懷疑態度，尤其是在風能市場，因為離岸風電項目審批已經出現了一些延遲。

I note that we really aren't seeing that sentiment with our customers. We are progressing with large projects in various onshore markets. We're seeing it with contract signings in real time, and actually we could book more work in renewables in the second quarter than we just did in the first.

我注意到，我們確實沒有在客戶身上看到這種情緒。我們正在各個國內市場推進大型專案。我們正在即時查看合約簽署情況，實際上，我們在第二季度簽訂的可再生能源工作比第一季要多。

Regarding pipeline infrastructure, Jose noted that we exceeded our top line forecasts, but we missed our adjusted EBITDA target primarily due to project mix. I'll reiterate that first quarter was the most challenging comparison for the year, with MVP revenue peaking in 124 and then declining sequentially from there.

關於管道基礎設施，Jose 指出，我們的收入超出了預期，但由於專案組合的原因，我們未能達到調整後的 EBITDA 目標。我要重申的是，第一季是今年最具挑戰性的比較，MVP 收入在 124 年達到頂峰，然後從那時起就持續下降。

We should benefit from anticipated volume ramping from the first quarter level. Jose also noted the strong pipeline backlog development. We booked over a dozen jobs this quarter, each with contract values over $10 million and two of those were over $250 million in book value.

我們應該會受益於第一季預期銷售的成長。何塞也指出，管道積壓工作進展強勁。本季我們預訂了十幾個工作，每個工作的合約價值都超過 1000 萬美元，其中兩個工作的帳面價值超過 2.5 億美元。

There are also numerous other smaller book and burn jobs, so we are seeing diverse demands spread across our various service offerings. We also expect to bid on several larger projects currently anticipated for contracting in the second half of this year.

還有許多其他較小的書籍和刻錄工作，因此我們看到各種服務產品中存在著各種各樣的需求。我們也預計將在今年下半年競標幾個目前預計簽約的大型專案。

Power delivery saw particularly strong revenue growth this quarter, beating our plan by around $50 million, while adjusted EBITDA was more in line, despite some productivity pressures, largely in our non-union business and adverse weather in the central region. All other regional markets exceeded 1Q forecasts.

本季度，電力傳輸部門的營收成長尤為強勁，超出計劃約 5,000 萬美元，儘管面臨一些生產力壓力（主要是非工會業務和中部地區惡劣天氣），但調整後的 EBITDA 仍然更符合預期。所有其他區域市場均超出第一季預測。

Power delivery backlog grew solidly in the first quarter, and we see a double digit revenue growth -- year from the segment. Further back by tailwinds for Midwest Utility clients that resolved their rate cases in Q4 and are increasing capital expenditures and as anticipated so far this year.

第一季電力交付積壓訂單穩定成長，我們預計該部門的營收將達到兩位數成長。中西部公用事業客戶在第四季度解決了費率問題，並增加了資本支出，這與今年迄今為止的預期一致，因此獲得了進一步的順風。

We've talked about our potential for stronger margins, and we're actively taking steps to achieve this through automation tools, but also deliberate steps taken across our business lines to improve and unify processes around total lifecycle project management. We have already made great strides in enhancing risk management and contract terms, but there is more to come, and we look forward to talking more about this over time, achieving stronger structural margins across the business remains a top priority.

我們已經討論了提高利潤率的潛力，並且正在積極採取措施透過自動化工具實現這一目標，同時我們還在各個業務線上採取了慎重的措施來改進和統一整個生命週期專案管理的流程。我們已經在加強風險管理和合約條款方面取得了長足的進步，但未來還有更多的工作要做，我們期待隨著時間的推移對此進行更多討論，實現整個業務的更強勁的結構性利潤率仍然是我們的首要任務。

Shifting to updated consolidated guidance. I'd like to remind you that we've posted a supplemental guidance document on our IR website and encourage you to review that for segment and other financial guidance details.

轉向更新的綜合指導。我想提醒您，我們已經在我們的 IR 網站上發布了一份補充指導文件，並鼓勵您查看該文件以了解細分和其他財務指導詳情。

We are now raising 2025 annual revenue guidance to $13.65 billion with adjusted EBITDA ranging from $1.12 million to $1.16 billion.

我們目前將 2025 年年度營收預期上調至 136.5 億美元，調整後的 EBITDA 範圍為 112 萬美元至 11.6 億美元。

Adjusted EBITDA performance is driven by almost 30% growth in our non-pipeline segments year-over-year. Adjusted EPS is forecasted to be $5.90 to $6.25 with the midpoint of 54% versus 2024. We expect Q2 revenue of $3.4 billion adjusted EBITDA of $270 million to $280 million and adjusted EPS of $1.36 to $1.46.

調整後的 EBITDA 表現得益於我們非管道部門年增近 30%。調整後的每股盈餘預計為 5.90 美元至 6.25 美元，中位數為 2024 年的 54%。我們預計第二季營收為 34 億美元，調整後 EBITDA 為 2.7 億至 2.8 億美元，調整後 EPS 為 1.36 至 1.46 美元。

Our 2025 expectations include the significant year-over-year improvements laid out for our non-pipeline segments, partially offset by lower levels of pipeline activity due to MVP's contribution in 2024. The 2025 expected results lay a very strong foundation for future value creation as we continue to expect pipeline segment growth to accelerate in 2026 and beyond.

我們對 2025 年的預期包括非管道部門的同比顯著改善，但由於 2024 年 MVP 的貢獻導致管道活動水準降低，部分抵消了這一改善。2025 年的預期結果為未來的價值創造奠定了非常堅實的基礎，因為我們繼續預期管道部門的成長將在 2026 年及以後加速。

We are raising 2025 revenue estimates to account for the first quarter beat and continuing strong visibility to project activity while maintaining our 8.2% to 8.5% EBITDA margin forecast. The improvement in EPS is driven by higher earnings coupled with lower depreciation and tax rate expectations.

我們上調了 2025 年的營收預期，以反映第一季的業績超出預期，並繼續保持專案活動的強勁可見性，同時維持 8.2% 至 8.5% 的 EBITDA 利潤率預測。每股盈餘的改善是由更高的收益以及更低的折舊和稅率預期推動的。

Just to note, on pipeline infrastructure, our forecast implies that second half expected revenue will be up low double digits as we lap the MVP wind down and new projectivity continues to ramp. In power delivery, we previously noted that this year would have a slow start, and we continue to anticipate improving project volumes and productivity as the year progresses.

值得注意的是，在管道基礎設施方面，我們的預測意味著，隨著 MVP 項目的逐步結束和新項目的持續推進，下半年的預期收入將出現兩位數的低點增長。在電力傳輸方面，我們之前曾指出，今年的開局將會比較緩慢，但我們預計隨著時間的推移，專案數量和生產力將會提高。

We do not see a material impact from other tariffs or other changes to federal infrastructure support in the outlet for the current year, and as such, do not factor in any explicit impact. Though we have considered the broader macro uncertainty of the current policy environment as we discount risk in our forward planning.

我們沒有看到其他關稅或聯邦基礎設施支持的其他變化對今年的出口產生重大影響，因此，沒有考慮任何明確的影響。儘管我們在前瞻性規劃中考慮了風險，但我們已經考慮了當前政策環境更廣泛的宏觀不確定性。

On cash flow and the balance sheet, we maintain our approximately $700 million of cash flow from operations forecast for 2025, assuming DSOs average around the mid-60s for the balance of the year. We ended the quarter with total liquidity of $2.2 billion and net leverage of 1.9 times, both in line with year-end levels.

在現金流量和資產負債表方面，我們維持對 2025 年約 7 億美元營運現金流的預測，假設 DSO 在當年餘額中平均維持在 60 年代中期左右。本季末，我們的總流動資金為 22 億美元，淨槓桿率為 1.9 倍，均與年末水準一致。

We were pleased that both S&P and Moody's revised MasTec's outlook to stable in March, reflecting the considerable 2024 improvements in our financial metrics and strong outlook for our business. Given our current balance sheet profile, we have substantial capacity and optionality around capital allocation, and we will continue to base decisions on optimizing return on invested capital.

我們很高興看到標準普爾和穆迪在 3 月都將 MasTec 的展望調整為穩定，這反映了我們 2024 年財務指標的顯著改善以及業務的強勁前景。鑑於我們目前的資產負債表狀況，我們在資本配置方面擁有相當大的能力和選擇權，我們將繼續以優化投資資本回報率為基礎做出決策。

Supporting organic growth will continue to be a top priority, complemented by opportunistic and largely tucking acquisitions that complement our current service line strengths. We will also continue to maintain a share of purchase authorization and we'll deploy capital to buy backs on an opportunistic basis when our share price trades below our view of intrinsic value.

支持有機成長仍將是我們的首要任務，同時輔以機會性收購和大規模收購，以補充我們目前的服務線優勢。我們也將繼續保持一定比例的購買授權，當我們的股價低於我們的內在價值預期時，我們將適時部署資本回購。

This completes our prepared remarks, and I'll now turn the call back over to the operator for Q&A.

我們的準備好的演講到此結束，現在我將把電話轉回給接線員進行問答。

(Operator instructions)

（操作員指示）

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc 資本市場。

Good morning. Thank you for taking my questions. Jose and Paul, if you could just give us a little more detail on the oil and gas bookings, maybe the geographies where you're seeing most interest and if these bookings came in maybe a little bit sooner than you were expecting?

早安.感謝您回答我的問題。何塞和保羅，你們能否向我們詳細介紹一下石油和天然氣訂單情況，例如你們最感興趣的地區，以及這些訂單是否比你們預期的要早一些？

Yeah, good morning, Sangita. So I'd say a couple of things. I think Paul in his prepared remarks talked about almost a dozen projects. So I think the surprising part that it wasn't driven by any single one really large project. We had two projects that were over $250 million, as Paul mentioned. But I think we feel great about it.

是的，早安，桑吉塔。所以我想說幾件事。我認為保羅在他的準備好的發言中談到了近十幾個項目。所以我認為令人驚訝的是它不是由任何一個真正大型的項目推動的。正如保羅所提到的，我們有兩個項目的價值超過 2.5 億美元。但我認為我們對此感覺很好。

The reality is that we have a lot of other projects that we feel we're in line to win. We have a number of projects that we've been burbly awarded that aren't in backlog yet. So we actually expect our backlog to increase as the year progresses in '25. And again, we're super bullish on what the pipeline market is going to deliver in '26 and beyond.

事實上，我們還有很多其他項目，我們覺得自己有望獲勝。我們已獲得多個尚未積壓的項目。因此，我們實際上預計，隨著 25 年的進展，我們的積壓訂單將會增加。再次強調，我們對 26 年及以後管道市場的發展非常樂觀。

Great. And if I can ask a follow-up on capital allocation. I know Paul just mentioned tuck-in type acquisitions or buybacks. Could you help us end markets that you feel would be more suitable for MasTec at this point where you could look for acquisitions?

偉大的。我是否可以詢問有關資本配置的後續問題？我知道保羅剛才提到了收購或回購。您能否協助我們找到您認為目前更適合 MasTec 的終端市場，以便我們尋找收購機會？

Sure. I think we haven't changed. We're still super focused on organic growth. I think there's so much upside to our business, both in terms of the opportunities that we're seeing and more importantly in the margin progression that we think we're going to be able to deliver. With that said, there are still within the businesses that we're in, there's still a number of pockets of geographies where we think we can strengthen.

當然。我想我們並沒有改變。我們仍然高度重視有機成長。我認為我們的業務有很多優勢，不僅在於我們看到的機遇，更重要的是我們認為我們能夠實現的利潤成長。話雖如此，我們認為在我們所從事的業務範圍內，仍有一些地區可以加強。

There's still some customers we think we can do a better job of building relationships with. I think those are the key things that we're looking at as we look at acquisition targets. And we think it's been a -- we think it's an improving market. I think there's a lot of interest out there. I think the uncertainty over the course of the last six months have made especially tuck-ins more reasonable, and it's something that we hope we can execute on during '25.

我們認為我們仍然可以與一些客戶更好地建立關係。我認為這些是我們在考慮收購目標時關注的關鍵事項。我們認為這是一個正在改善的市場。我認為大家對此很感興趣。我認為過去六個月的不確定性使得特別是促銷變得更加合理，我們希望能夠在 2025 年期間執行這項措施。

Thank you so much for taking my question.

非常感謝您回答我的問題。

Thank you.

謝謝。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Hi, good morning and congrats on a nice quarter. I guess my first question, Jose, sorry, back on the pipeline business again. I think you said last quarter that given what you saw in terms of booking potentials, you thought revenues and pipeline in 2026 could potentially be at 2024 level. So I'm sorry if I missed it because there's multiple calls going on. But can you just sort of give us an update on your thoughts there and your confidence level? And I guess within pipeline, just the competitive environment, I would assume it's the projects are yours to sort of lose, I guess, is I would say with no one else in it.

嗨，早上好，恭喜您本季取得良好業績。我想我的第一個問題是何塞，抱歉，又回到管線業務。我想您上個季度說過，根據您所看到的預訂潛力，您認為 2026 年的收入和管道可能會達到 2024 年的水平。因此，如果我因為多通電話正在通話而錯過了，我感到很抱歉。但是您能否向我們介紹一下您的想法和信心程度？我想，在管道內，只是競爭環境，我認為這些項目都是你的，你會失去它們，我想，我想說的是，其中沒有其他人。

And then my second question, just the color on the power delivery. It sounded like the margins were off to a slower start than what you thought. Just a little more color there. And I think you said the same thing on the -- I can't remember what other business, maybe it was Clean Energy, but I guess I'm trying to understand what the true earnings power of the quarter would be if we didn't have that noise and obviously, the implications of what that would mean for your full year guide? Thanks.

我的第二個問題是電力傳輸的顏色。聽起來利潤的成長速度比你想像的還要慢。那裡的顏色稍微多一點。我認為您也說過同樣的話——我不記得其他業務是什麼，也許是清潔能源，但我想我試圖了解如果我們沒有這些噪音，本季度的真正盈利能力會是什麼，顯然，這對您的全年指南意味著什麼？謝謝。

Sure. So a couple of things. I think as we think about the pipeline business, we haven't changed really our guide significantly for '25. So a lot of what we're seeing is really for '26, if things play out the way that they should, there's some potential in the back half of '25 to be a little bit better than what we're seeing.

當然。有幾件事。我認為，當我們考慮管道業務時，我們並沒有真正大幅改變 25 年的指導方針。因此，我們所看到的許多情況實際上都是針對 26 年的，如果事情按照應有的方式發展，那麼 25 年下半年的情況可能會比我們所看到的更好。

But a lot of what we're booking and seen is really for '26 and beyond. We did say last quarter that we were beginning to see '26 shape up to a place where it should be at or exceed '24 levels, we still feel that way. So we've got, again, a lot of optimism as to what's happening in the pipeline business, and hopefully, that continues. And if gas continues to play a larger role in future energy generation, we're going to be a bigger beneficiary. So again, super exciting what's happening there.

但我們預訂和觀看的許多節目實際上都是為 26 年及以後準備的。我們上個季度確實說過，我們開始看到 26 年的情況發展到應該達到或超過 24 年的水平，我們仍然這麼認為。因此，我們對管道業務的前景再次抱持著很大的樂觀態度，並希望這種樂觀能持續下去。如果天然氣在未來的能源生產中繼續發揮更大的作用，我們將成為更大的受益者。所以再說一遍，那裡發生的事情超級令人興奮。

And I think what's really important to note there is, obviously, that's our highest margin business. And to the extent that, that business grows, it's going to have a significant impact on the overall earnings opportunity of the company. And that's probably what excites us the most. And I think maybe something that a lot of people miss, right? It's not just that the business is growing.

我認為真正值得注意的是，這顯然是我們利潤最高的業務。隨著業務的成長，它將對公司的整體獲利機會產生重大影響。這或許就是最讓我們興奮的事。我想這可能是很多人都忽略的事情，對吧？這不僅僅是業務在成長。

It's our highest margin business is expected to grow nicely for years to come. On the project side, we actually performed really well in the clean energy side. We didn't have any projects of note to call out. We actually exceeded our margin guidance in clean energy and infrastructure quite a bit relative to our previous guide. So we feel really good about how that business is performing.

這是我們利潤最高的業務，預計未來幾年將實現良好成長。在專案方面，我們在清潔能源方面實際上表現得非常出色。我們沒有任何值得注意的項目。與我們先前的指引相比，我們在清潔能源和基礎設施方面的利潤率實際上已經遠遠超出了我們的預期。因此，我們對該業務的表現感到非常滿意。

We were a little light in revenues in clean energy because a couple of projects started early in Q2 rather than late in Q1. On the Power Delivery segment, we did call out a couple of projects. We did have one particular project that was significantly impacted by weather. If not the margins in that business would have been better. We actually think that the margins would also have exceeded what we originally guided to.

我們的清潔能源收入略低，因為有幾個項目是在第二季度初而不是在第一季末啟動的。在電力傳輸領域，我們確實啟動了幾個專案。我們確實有一個特定的項目受到天氣的嚴重影響。如果不是這樣，該業務的利潤率可能會更高。我們實際上認為利潤率也會超過我們最初預期的水平。

When you look at the progression of that business going from Q1 to Q2, it's very similar to what we delivered last year, that business, in particular, had a 290 basis point improvement in Q1 of '24 to Q2 of '24. We're guiding something similar to that.

當您查看該業務從第一季到第二季的進度時，您會發現它與我們去年的業績非常相似，特別是該業務從 2024 年第一季到 2024 年第二季提高了 290 個基點。我們正在指導一些類似的事情。

And based on the fact that the margin should have been better in Q1, we feel really comfortable about our ability in hitting that. So all in all, the quarter could have been better. But quite frankly, I think we've built great momentum going into Q2 and the balance of the year, so we feel great about where we're at.

基於第一季利潤率應該更高的事實，我們對自己實現這一目標的能力感到非常有信心。總的來說，本季的表現本來可以更好。但坦白說，我認為我們在第二季和今年餘下時間累積了巨大的發展勢頭，因此我們對目前的狀況感到滿意。

Thanks and congratulations.

謝謝並祝賀。

Thank you, Jamie.

謝謝你，傑米。

Andy Kaplowitz, Citi.

花旗銀行的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Thanks everyone. Marc, it's been a true pleasure. We'll miss you. Jose, could you give us more color into what you're seeing in communications? You beat your rev guidance on Q1, raised your outlook for the year. But I think there's some consternation out there that at least fiscal stimulus, whether it's start off, it could be slowed a bit.

謝謝大家。馬克，我真的很榮幸。我們會想念你的。何塞，您能否向我們詳細介紹一下您在通訊方面所看到的情況？您超出了第一季的收入預期，提高了全年的預期。但我認為，有些人感到擔憂，至少財政刺激措施，無論是否開始，都可能放緩。

I know that BEAD hasn't been in your guidance. It's still wireline growing faster than wireless for you? When do you fully ramp up and all the market share wins that you've had and/or the fiber to data center opportunity?

我知道 BEAD 還沒有得到你的指導。對您來說有線網路的成長速度仍然比無線網路快嗎？您何時才能全面提升並贏得所有市場份額和/或光纖到資料中心的機會？

Sure. So great question, Andy. I think when we think about BEADs because I'd like to cover that. We've always said we didn't expect much impact to it in '25. We do think it will be a catalyst for '26 and beyond with some awards in '25.

當然。安迪，這個問題問得真好。我認為當我們考慮 BEAD 時是因為我想涵蓋這一點。我們一直說我們預計它不會在 25 年產生太大影響。我們確實認為它將成為 26 年及以後的催化劑，並在 25 年獲得一些獎項。

But there's no doubt that it's AI and middle-mile fiber today is -- it feels like a much better and larger long-term opportunity. And when you think about the size of BEAD, it's actually somewhat unbelievable that we're saying that. So I think the state of the market is fantastic. I think the opportunity subset is greater than what we expected. Bookings have been really strong.

但毫無疑問，今天的人工智慧和中距離光纖——感覺像是一個更好、更大的長期機會。當你考慮到 BEAD 的大小時，你會發現我們這麼說確實有點令人難以置信。所以我認為市場狀況非常好。我認為機會子集比我們預期的要大。預訂情況一直非常強勁。

We expect bookings to continue. So I'm really bullish about the opportunities in that business. I'm bullish about our margin progression opportunities in that business over time. I think today, even in Q1, we hired a little bit more. We're having to hire more people than we probably expected.

我們預計預訂將會繼續。所以我非常看好這個行業的機會。我對該業務未來利潤成長的機會持樂觀態度。我認為今天，即使在第一季度，我們也僱用了更多人。我們必須僱用比我們預期更多的人。

Training costs are having an impact in that business. But the revenue growth is offsetting that. And I think if that just plays itself really well out over the next couple of years as we hit consistency and improvement in margins. So I think we're in early, early innings.

培訓成本對該業務產生了影響。但收入成長正在抵消這一影響。我認為，如果這種情況在未來幾年內能夠得到很好的發揮，那麼隨著我們實現利潤率的一致性和提高，情況就會好轉。所以我認為我們處於早期階段。

To your latter part of your question, a lot of the projects that we're starting on are really the first phases of much larger projects. So again, we feel this is the beginning of what's going to be a very long cycle in support of what's happening predominantly with AI.

對於您問題的後半部分，我們正在啟動的許多專案實際上都是更大專案的第一階段。因此，我們再次感覺到，這將是一個非常漫長的周期的開始，以支持人工智慧領域的主要發展。

And Jose, maybe just stepping back, I asked you this last quarter, but I think I need to ask you again, frankly, it doesn't seem fair after you booked so much this quarter. But Paul just mentioned booking more work in clean energy in Q2 than you did in Q1. So maybe you can talk about whether you can continue to sequentially grow backlog in this environment? And have you noticed any changes in your customers' conversations or behavior since Liberation Day?

還有 Jose，也許只是退一步說，我上個季度問過你這個問題，但我想我需要再問你一次，坦白說，在你這個季度預訂了這麼多之後，這似乎不公平。但保羅剛才提到，第二季在清潔能源方面的工作安排比第一季還要多。那麼也許您可以談談在這種環境下您是否可以繼續連續增加積壓訂單？自解放日以來，您是否注意到客戶的談話或行為有什麼變化？

I think the most important thing to think about is a short term and generally speaking, renewables is the fastest dispatchable form of power and the most cost competitive. There's massive power demand, which means renewables are going to be a huge part of new generation for a really long time.

我認為最重要的是考慮短期因素，一般來說，再生能源是可調度速度最快的電力形式，也是最具成本競爭力的。電力需求龐大，這意味著再生能源將在很長一段時間內成為新一代能源的重要組成部分。

I mean, Paul, I think you caught it well, Paul said we expect our renewables business. We have an opportunity to book more in Q2 than we did in Q1. When you look at just renewables, our book-to-bill in the first quarter was 1.45.

我的意思是，保羅，我認為你理解得很好，保羅說我們期待我們的再生能源業務。我們有機會在第二季比第一季預訂更多。如果只看再生能源，我們第一季的訂單出貨比為 1.45。

So -- I mean we're feeling really, really good about our conversations with our customers. We've talked about alliance agreements and how we're really contracting with key customers in that space and the opportunity that we're getting to view their pipeline. Much longer out than '25, we're talking about what they're seeing for '26. We're talking about tariffs. We're talking about IRA, the progression of their business.

所以——我的意思是我們對與客戶的對話感到非常非常滿意。我們討論了聯盟協議以及我們如何與該領域的關鍵客戶簽訂合同，以及我們獲得了解其管道的機會。比 25 年更長的時間，我們正在談論他們對 26 年的看法。我們正在討論關稅。我們正在談論 IRA，他們的業務進展。

And quite frankly, I think when we've modeled out '25, we've taken all that into account. I think we've been conservative. I think that if we can get through the tariff talk and we can get through the IRA talk somewhat unscathed, I think there's a lot of opportunity for this business to not only perform better in '25, but more importantly, to perform a lot better in the outer years.

坦白說，我認為當我們模擬 25 年時，我們已經將所有這些都考慮在內了。我認為我們一直都比較保守。我認為，如果我們能夠順利通過關稅談判，並且能夠毫髮無損地通過愛爾蘭共和軍談判，那麼這項業務就有很大機會不僅在 25 年表現更好，而且更重要的是，在未來幾年表現得更好。

Appreciate all the color.

欣賞所有的色彩。

Thanks, Andy.

謝謝，安迪。

Ati Modak, Goldman Sachs.

高盛的阿蒂·莫達克（Ati Modak）。

Hey, good morning team. Jose, can you talk about the nature of the pipeline projects that you've booked already? You highlighted two larger ones. Are those long-haul pipelines, what's in the small ones? And how should we think about the order sizes in the second half of the year as you look at contracting?

嘿，大家早安。何塞，您能談談您已經預訂的管道項目的性質嗎？您突出顯示了兩個較大的。這些是長距離管道嗎？短距離管道裡有什麼？從簽約的角度來看，我們該如何看待下半年的訂單規模？

Yes. So I'd say, if you think about the pipeline business in general, right, there's a significant amount of infrastructure that needs to be built for power demand. You've got still takeaway capacity needs. You've got the LNG potential and what we're seeing there over the long term. It's just -- it's an incredibly active market.

是的。所以我想說，如果你從整體上考慮管道業務，你會發現需要建造大量的基礎設施來滿足電力需求。您仍然有外帶容量需求。您已經了解液化天然氣的潛力以及我們對其長期前景的展望。這只是——這是一個非常活躍的市場。

We wouldn't consider any of the projects that we booked in Q1 would be really large projects. There are large projects coming that we feel that we will be a significant part of. So we expect really strong further awards as the year plays out with quite frankly, a lot more activity in outer years.

我們認為第一季預訂的任何項目都不是真正的大型項目。一些大型專案即將到來，我們覺得自己將在其中發揮重要作用。因此，隨著今年的到來，我們預計還會有更多強勁的獎項，坦白說，今年的獎項將更加活躍。

So there's been an unbelievable shift in the perception and the -- just the confidence of that business on behalf of our customers over the last six months since the new administration came in. And I think it's -- we're seeing a lot of project activity that, quite frankly, we didn't expect and I think that's really positive.

因此，自新政府上台以來的六個月裡，我們的客戶對我們業務的看法和信心發生了令人難以置信的轉變。我認為——我們看到了很多專案活動，坦白說，這是我們沒有想到的，我認為這是非常積極的。

Thank you. And then on the framework agreements you spoke about, can you give us any more color there and how that de-risks your forward backlog visibility, especially in a world where the market might be concerned about things like IRA, for instance, I think you said framework agreements are across segments. So maybe any color there.

謝謝。然後，關於您談到的框架協議，您能否向我們提供更多細節，以及這如何降低您未來積壓訂單可見性的風險，特別是在市場可能關注 IRA 等事物的世界中，例如，我認為您說過框架協議是跨部門的。所以那裡可能有任何顏色。

I think it's a big shift, right? I think, unfortunately, and I hate to go back, but we had a tough 2023 with the integration of IRA, but I think that, that taught us a lot about that business. And what was important in that business, which was to really align ourselves with key customers and key projects. I think we've done that. I think it's now -- we're now in our third solid quarter there where we delivered good results.

我認為這是一個很大的轉變，對嗎？我認為，不幸的是，我不想回頭，但我們在 2023 年經歷了 IRA 整合的艱難時期，但我認為這讓我們學到了很多關於這項業務的知識。而這項業務中最重要的是真正與關鍵客戶和關鍵項目保持一致。我想我們已經做到了。我認為現在——我們已經進入第三個穩健的季度，取得了良好的業績。

I think a lot of it has to do with how we change that business and how we went to market. I think the evolution of that are these framework agreements and these alliances. I think in those, the goal of that, right, is to kind of guarantee resources to a customer for a certain amount of work over a long period of time.

我認為這很大程度上與我們如何改變業務以及如何進入市場有關。我認為這些框架協議和聯盟就是其發展的結果。我認為，這樣做的目的就是在很長一段時間內保證提供客戶一定量的工作資源。

What that does is it allows us to go into that customer and view their project workflow for long periods of times, multiple years and to specifically start working on projects very early on, which gives us incredible visibility into the likelihood of those projects happening what the risks are, what the potential IRA Risorto project with tariff for (inaudible) project, which allows us to really make high assessments of the viability of when that project will go. I think it's paramount to our business.

這樣做的目的是讓我們能夠深入了解客戶並長期（多年）查看他們的項目工作流程，並且能夠在項目初期就開始著手開展工作，這讓我們能夠清楚地了解這些項目發生的可能性、風險是什麼、潛在的 IRA Risorto 項目及其關稅（聽不清）項目，這使我們能夠對項目何時啟動的可行性做出高度評估。我認為這對我們的業務至關重要。

I think it's the most important thing that we do, and I think we're doing a great job at it today. I think the customer relationships and our ability to continue to add alliance agreements quarter-after-quarter has been phenomenal and will continue to help drive our business for a really long time. So it's a very, very important part of what we're doing.

我認為這是我們所做的最重要的事情，而且我認為我們今天做得很好。我認為客戶關係和我們每季繼續增加聯盟協議的能力非常出色，並將在很長一段時間內繼續幫助推動我們的業務發展。所以這是我們工作中非常非常重要的一部分。

That's very helpful, Jose. Thank you.

這非常有幫助，何塞。謝謝。

Thank you.

謝謝。

Steven Fisher, UBS.

瑞銀的史蒂文·費雪。

But thanks, good morning and congrats on a a great quarter. Just wanted to come back to follow up on Andy's question on the communications. I mean, clearly, you have a lot of opportunities there and a great setup for '26. But -- and your slide is very helpful. And just looking at that slide shows that your second half of the year in communications is pretty flat with last year. So just curious, I'm sure it's just sort of timing, but why in light of all the trends here, only flat revenue growth in communications in the second half of the year?

但還是謝謝您，早安，恭喜您本季取得了出色的成績。只是想回來跟進安迪關於通信的問題。我的意思是，顯然，你在那裡有很多機會，並且為 26 年做好了很好的準備。但是——你的幻燈片非常有用。從投影片可以看出，今年下半年的通訊業務與去年同期相比基本持平。所以只是好奇，我相信這只是時間問題，但為什麼考慮到這裡的所有趨勢，下半年通訊收入僅持平增長？

Steve, thank you for the question. I think when we think about our business, I think we had a really good first quarter. I think we've got great progression planned into not only the second quarter, but second half versus first half as a total company. I think there's a lot of opportunity for things to go better across the different segments in our business. But there's also a lot of noise, right?

史蒂夫，謝謝你的提問。我認為，當我們考慮我們的業務時，我認為我們的第一季表現非常好。我認為我們不僅在計劃第二季度取得巨大進步，整個公司在下半年相對於上半年也取得了巨大進步。我認為，我們業務的各個不同領域都有很多機會可以做得更好。但也有很多噪音，對吧？

We've got, obviously, the administration has created volatility. And I think that today, we've taken the position that we'd rather be conservative as we look at '25 versus really pushing a lot of things through with so many unknowns left in the market. Again, we feel good. And hopefully, as some of this stuff settles out, we'll be able to both relook at the second half of the year and more importantly, '26 and beyond.

顯然，政府已經製造了動盪。我認為，今天，我們採取的立場是，在展望 25 年時我們寧願採取保守態度，而不是在市場上還有這麼多未知數的情況下大力推動很多事情。再次，我們感覺很好。希望隨著這些事情逐漸平息，我們將能夠重新審視今年下半年，更重要的是，2026 年及以後。

Makes good sense. And then a similar question on the pipeline side. Obviously, very strong bookings. It sounds like you've got more to come. And you did only raise the guidance there by about $75 million. So I'm curious if there were any offsets to that?

很有道理。然後是關於管道方面的一個類似問題。顯然，預訂量非常大。聽起來你還有更多事情要做。而你確實只將指導金額提高了約 7500 萬美元。所以我很好奇是否有任何抵消措施？

And I would think, typically, on these pipeline projects, especially if they're not like they're really huge ones, the time between booking and actually getting started is usually fairly short, if I understand that correctly. So I'm just curious, is that conservatism again? Are there permits that need to be kind of arranged here? Why isn't that ramping up a bit sooner?

而且我認為，通常對於這些管道項目，特別是如果它們不是真的很大的項目，從預訂到實際開始的時間通常相當短，如果我理解正確的話。所以我很好奇，這又是保守主義嗎？這裡需要辦理什麼許可證嗎？為什麼這進程不早一點加快呢？

We shouldn't see a lot of it in the second quarter. So the reality is that the potential starts to really bake itself in late third quarter, early fourth. And again, a couple of months slips on a job has a huge impact. So again, I think we've taken a very prudent assessment of what it means for the balance of '25. And again, we're hopeful that as some of this stuff shakes out and settles out, that some of this will be better.

我們在第二季不會看到太多這樣的情況。因此，現實情況是，潛力在第三季末、第四季初才開始真正顯現。再次強調，工作上幾個月的延誤會產生巨大的影響。因此，我認為我們已經對它對 25 年平衡的意義進行了非常謹慎的評估。我們再次充滿希望，隨著一些事情逐漸明朗穩定下來，情況會有所改善。

Sounds good. Thanks very much.

聽起來不錯。非常感謝。

Thanks, Steve.

謝謝，史蒂夫。

Justin Hauke, Robert W. Baird.

賈斯汀·豪克、羅伯特·W·貝爾德。

Great. I guess, I wanted to ask on the power delivery and some of the large transmission lines that have been announced like in the Texas region. And just -- I know you talked about in the past that you've got capacity to do like another Greenlink and you feel comfortable about that. And I guess I was just going to ask just any kind of geographic strength where you feel maybe you've got a more competitive position on winning something of that size? I don't know if it's just in the West or Texas would include that?

偉大的。我想問一下有關電力傳輸以及一些已宣布的大型輸電線路的問題，例如在德克薩斯地區。而且—我知道您過去曾談過，您有能力再做一次 Greenlink，並且您對此感到很放心。我想我只是想問一下，您認為憑藉何種地理優勢，您在贏得如此規模的比賽時會更具競爭力嗎？我不知道它是否僅在西部或德克薩斯州也包括在內？

And then I guess the corollary to that is just looking at your head count, it's actually down a little bit year-over-year despite the growth. And so just thinking about where you see head count going against kind of the growth trends that you're seeing and your ability to kind of ramp up training and staffing to meet that? Thank you.

然後我想，由此得出的推論是，只要看一下員工人數，就會發現儘管人數有所增長，但實際上同比還是略有下降。那麼，您認為員工人數是否與您所看到的成長趨勢相悖，您是否有能力增加培訓和人員配置以滿足此需求？謝謝。

Sure. So I'd say a couple of things. One is, I think the transmission market is incredibly robust. There are a number of projects in the market that will be getting awarded late '25, early '26. We see broad geographic opportunities.

當然。所以我想說幾件事。一是，我認為傳輸市場非常強勁。市場上有許多項目將在 2025 年末或 2026 年初獲得授予。我們看到了廣闊的地理機會。

You mentioned Texas. The West Coast is extremely active. You think about what's happening in PJM and MISO, just tremendous opportunities across quite frankly, the entire country and the needs are there. We feel we're incredibly well positioned to take advantage of that, both for medium and large-size jobs. So we feel great about our competitive position.

您提到了德克薩斯州。西海岸極為活躍。想想 PJM 和 MISO 正在發生的事情，坦白說，整個國家都面臨著巨大的機會和需求。我們覺得，無論是中型或大型工作，我們都擁有極佳的條件來利用這一點。因此，我們對自己的競爭地位感到非常滿意。

We feel good that we will win another large job and have multiple jobs working concurrently over the years to come, and we think that's a big part of our transmission driver. On a people perspective, the biggest impact has been the hit to our pipeline business. Obviously, our pipeline business employs a lot of people. We have a large union operation there. where we scale up and down based on a per project basis.

我們很高興能夠贏得另一項大工作，並在未來幾年同時開展多項工作，我們認為這是我們傳動驅動的重要組成部分。從人員角度來看，最大的影響是管道業務受到的打擊。顯然，我們的管道業務僱用了很多人。我們在那裡有一個大型工會組織。我們根據每個項目的情況擴大或縮小規模。

So I think our total employee count is down, but our nonpipeline employee count is way up. And as the pipeline business comes back, there will be a significant ramp in personnel related to pipeline as well. So when we think about people, it's our most important asset. It's one of the most important things that we need to focus on to grow. It's the key to our business.

所以我認為我們的員工總數下降了，但非流程員工的數量卻大幅上升。隨著管道業務的復甦，與管道相關的人員數量也將大幅增加。因此，當我們考慮人時，人就是我們最重要的資產。這是我們為了成長而需要關注的最重要的事情之一。這是我們業務的關鍵。

We invest heavily in not just the development of our profit and the development of our management. We've opened up over 45 training centers across the country, and we feel good about not just our ability to develop our people, but more importantly to meet the demands of our customers. So it's going to scale up and down. And I'm highly confident that by the end of this year will be at record levels of team members.

我們不僅在利潤發展和管理發展方面投入了大量資金。我們在全國開設了 45 多個培訓中心，我們不僅為培養人才的能力感到自豪，更重要的是，我們能夠滿足客戶的需求。所以它會逐漸擴大和縮小。我非常有信心，到今年年底團隊成員的數量將達到創紀錄的水平。

Okay. Thanks for that perspective. My second one would just be, you talked a lot about the indirect benefit from the data center infrastructure, but I know you also have some direct work that you've done for them, I think, about $200 million that you did last year. I guess, just any update on maybe some of the direct work that you've won and thinking about the revenue potential for that business in '25? And that's my last question. Thank you.

好的。感謝您的觀點。我的第二個問題是，您談了很多關於資料中心基礎設施帶來的間接利益，但我知道您也為他們做了一些直接的工作，我想，去年您做了大約 2 億美元的工作。我想，您能否更新您贏得的一些直接工作，並思考這項業務在 25 年的收入潛力？這是我的最後一個問題。謝謝。

Sure. So a lot of talk about data centers over the course of the last quarter. Different hyperscalers are doing different things. I think one hyperscaler, in particular, they are shifting their business a little bit. We're highly -- we're seeing tons of opportunities.

當然。上個季度有很多關於資料中心的討論。不同的超大規模企業正在做不同的事情。我認為，特別是超大規模企業，他們正在稍微轉變他們的業務。我們高度重視——我們看到了大量的機會。

The opportunity subset is incredible, both direct and indirect. And we feel that we're going to continue to grow our business in both. Some of -- there have been some shifts in '25 that have negatively impacted us as well. Those are built into our models, but we think the opportunity subset far exceeds that.

機會子集令人難以置信，無論是直接的還是間接的。我們相信，我們的業務將在這兩個領域繼續成長。25 年發生的一些變化也對我們產生了負面影響。這些都已融入我們的模型中，但我們認為機會子集遠遠超出了這一點。

Drew Chamberlain, JPMorgan.

摩根大通的德魯張伯倫。

Yeah, thanks for taking the questions. First one, just on the renewable side. I mean how is that -- to the extent that some of these projects might end up facing delays, so into tariffs or other sorts of policy concerns. I mean do you think you have an ability to pull in other projects or replace teams onto other areas of work to backfill whatever could come of any revenue holes?

是的，感謝您回答這些問題。第一個，僅涉及可再生方面。我的意思是，這些項目最終可能會面臨延誤，從而引發關稅或其他政策問題。我的意思是，您是否認為您有能力引入其他專案或替換團隊到其他工作領域來填補可能產生的收入缺口？

That's why alliance agreements and framework agreements are so important because you're looking at portfolio views in addition to just individual projects. With that said, when we've talked extensively about this, but when one of our projects in backlog, it's not -- a lot of the work that we started is under what we call LNTPs. This is a backlog.

這就是為什麼聯盟協議和框架協議如此重要，因為除了單一項目之外，您還要考慮投資組合的觀點。話雖如此，當我們廣泛討論這個問題時，但當我們的一個專案積壓時，情況並非如此——我們開始的許多工作都屬於所謂的 LNTP。這是一個積壓問題。

This is work that's ready to go, projects that have started that are starting in short order. So again, when we look at our 2025 guidance and the revenue that we have in our plan, we do not feel there is much risk at all about any delays or any push outs.

這些都是準備就緒的工作，專案已啟動，並將很快啟動。因此，當我們再次審視 2025 年的指導方針和計劃中的收入時，我們並不認為任何延誤或延遲存在太大風險。

When we look longer term to the project subset, that's where we do more management of portfolios versus projects. And again, I think that's been our strength. I think that it's allowed us to deliver 25% growth in the first quarter, which I think is really, really strong relative to the industry. When we look at the balance of the year, we're expecting 20% growth, 25% growth in our renewables business in '25 versus '24. I think that's going to be a great number relative to the industry. And again, I think a lot of that has to do with how we've managed our customers and our projects.

當我們從長遠角度看待專案子集時，我們會更專注於投資組合而不是專案管理。我再次認為這是我們的優勢。我認為這使我們在第一季實現了 25% 的成長，我認為這相對於整個產業來說真的是非常強勁的。當我們展望今年的平衡時，我們預計 2025 年我們的再生能源業務將比 2024 年成長 20% 到 25%。我認為相對於整個產業來說這將是一個很大的數字。而且，我認為這很大程度上與我們如何管理客戶和專案有關。

Okay. Great. Makes sense. And then just I appreciate the revenue color for '25 from Greenlink there. I think that might have been a bit more than some folks had been thinking was going to come in, in '25. Can you just talk a little bit about how that project is starting and what additional color you can provide about revenue cadence throughout the next couple of years there?

好的。偉大的。有道理。然後我很欣賞 Greenlink 25 年的收入顏色。我認為這可能比一些人認為的 25 年要多一點。您能否簡單談談該專案的啟動情況以及您能提供哪些有關未來幾年收入節奏的額外資訊？

Yes. I think it's within the previous that we put out, it's a tighter range than said, maybe towards the upper end, but within the range that we had previously stated. I think we feel great about the start. We're on multiple -- both segments of the transmission line with multiple substations. It's a long project.

是的。我認為它在我們之前提出的範圍內，它的範圍比所說的要窄，可能接近上限，但在我們之前所說的範圍內。我認為我們對這個開始感覺很好。我們在輸電線路的兩個段上都有多個變電站。這是一個長期的項目。

Again, we're -- we feel really good about the first six months or so that we've been on it. We started it late in the fourth quarter. A lot to do, a lot of opportunity there. We expect that that's going to grow considerably in revenues in years to come on an annual basis. So again, a perfect project for us. And again, our goal is to begin to hunt for the next one and have to at least start with two concurrently.

再說一次，我們對我們已經使用這個系統的前六個月左右感覺非常好。我們在第四季末開始實施這項計劃。那裡有很多事情要做，也有很多機會。我們預計未來幾年的年收入將會大幅成長。所以，這對我們來說又是一個完美的項目。再說一次，我們的目標是開始尋找下一個，並且必須至少同時從兩個開始。

Great. Thanks, Jose.

偉大的。謝謝，何塞。

Liam Burke, B. Riley.

利亞姆伯克、B.萊利。

Thank you. Good morning, Jose.

謝謝。早安，何塞。

Good morning, Liam.

早上好，利亞姆。

Jose, you touched on in one of your earlier questions on LNG. Is your pipeline business seeing any benefit now? Or is that something on the holdback that we can expect in the future?

何塞，您在先前的問題中提到了液化天然氣。您的管道業務現在有收益嗎？還是這是我們未來可以預見的阻礙？

I think the truth is those are longer-term projects. There's a lot of projects out there that are being discussed, priced out preliminary pricing, but not part of what we're expecting when we talk about either current backlog or even backlog growth within '25.

我認為事實是這些都是長期專案。目前有許多項目正在討論中，價格已確定，但並不屬於我們在談論當前積壓訂單或 25 年積壓訂​​單成長時所預期的部分。

Great. And on the regulatory front, there's been a lot of chatter, obviously, about the renewables, but have you seen any positive benefits of deregulation?

偉大的。在監管方面，顯然有很多關於再生能源的討論，但您是否看到放鬆管制有什麼積極的好處？

I think that there's optimism relative to what's coming. I don't know that anything has been done that has significantly changed the permitting environment today. But I think that, that is one thing that can be done that could have a huge positive impact on the business. There are a lot of people in the administration focused on that, on ways to do just that. There's a lot of conversations happening, but I wouldn't say it's impacted the market yet.

我認為人們對未來的事情持樂觀態度。我不知道是否已經採取了任何措施來顯著改變當今的許可環境。但我認為，這是可以做到的一件事，並且可能對業務產生巨大的正面影響。政府中有很多人都在關注這個問題，並尋找實現這一目標的方法。目前有很多討論，但我不會說它已經對市場產生了影響。

Great. Thank you Jose.

偉大的。謝謝你，何塞。

Thanks, Liam.

謝謝，利亞姆。

Brian Brophy, Stifel.

布萊恩·布羅菲（Brian Brophy），Stifel。

Thanks, good morning everybody. Just one for me. You guys took down depreciation guidance a bit here. And obviously, it's already down a bit from last year. Can you talk about the drivers for that change? And then how you're thinking about any structural changes to the capital requirements for the business? Thanks.

謝謝，大家早安。對我來說只有一個。你們在這裡稍微降低了折舊指導。顯然，與去年相比已經有所下降。您能談談這種變化的驅動因素嗎？那麼您如何看待企業資本需求的結構性變化？謝謝。

Hey Brian, this is Paul. So I mean, I talked a lot of the focus on depreciation. From a pure comp perspective, it's pretty clear that our depreciation was running at much higher levels. We've continued to focus on that. We continue to evaluate our useful lives.

嘿，布萊恩，我是保羅。所以我的意思是，我談了很多關於折舊的問題。從純粹的比較角度來看，很明顯地我們的折舊率處於更高的水平。我們一直關注這一點。我們繼續評估我們的有用生命。

We still had gains on sale in this period despite the changes we made to our depreciation policy last year. So it will continue to be a focus and the amount of capital we deploy, as we've talked about is going to be driven by utilization and making sure that we're having high efficiency out of the fleet that we have. So I think we're still at a moderated level. The growth of the pipeline segment can be a driver. It's obviously our most capital-intensive segment.

儘管我們去年對折舊政策進行了修改，但在此期間我們仍然獲得了銷售收益。因此，它將繼續成為我們關注的重點，正如我們所討論的那樣，我們部署的資本數量將由利用率驅動，並確保我們現有的船隊能夠實現高效率。所以我認為我們仍處於適度水平。管道部分的成長可以成為推動力。這顯然是我們資本最密集的部分。

But our guidance for the year, we took CapEx up a little bit. Really to take advantage of some of those opportunities we see, but we'll continue to evaluate the appropriate level of depreciation. And I think it's a downward trend relative to our revenue should be expected.

但我們今年的指導方針是，我們將資本支出略微提高了。確實要利用我們看到的一些機會，但我們將繼續評估適當的折舊水準。我認為相對於我們的收入來說這是一個下降趨勢，這是可以預料的。

And maybe just to add, I think that as an overall theme, right, we're hyper focused on improving margins. And obviously, fleet utilization is a huge driver of that and one that we're super focused on.

也許只是想補充一下，我認為作為一個總體主題，我們高度關注提高利潤率。顯然，車隊利用率是推動這項進程的重要因素，也是我們高度關注的一點。

Thanks, I'll pass it on.

謝謝，我會傳達的。

Thank you.

謝謝。

Joseph Osha, Guggenheim Partners.

古根漢合夥人公司約瑟夫‧奧沙 (Joseph Osha)。

Good morning. Thanks for taking my question. Just sort of a two-part question. First, looking at your leverage, it ticked back up a little bit. I'm wondering how we should think about the longer-term target. I know there's been some talk about maybe continuing to drive that lower.

早安.感謝您回答我的問題。這是一個由兩部分組成的問題。首先，看看你的槓桿率，它稍微回升了一點。我想知道我們應該如何考慮長期目標。我知道有人談論可能繼續降低這一水平。

And then secondly, looking at the buybacks, Jose, you talked about picking up the stock when it falls below intrinsic value. Can we think about some rough time frame in terms of executing this new $250 million? Or is it going to be dependent upon the price of the stock? Thank you.

其次，看看回購，何塞，你談到了當股票跌破內在價值時買入股票。我們能否考慮一下執行這筆新的 2.5 億美元資金的大致時間框架？或者它取決於股票的價格？謝謝。

Yes, I'll answer the buyback question and then let Paul talk a little bit about leverage. I think a couple of things to think about, right? We're not -- I mean, first, our balance sheet is in great shape, and it's getting better. I guess is the overarching theme. So it gives us tremendous flexibility to not just think about buybacks, but to also think about M&A.

是的，我會回答回購的問題，然後讓保羅談談槓桿問題。我認為有幾件事需要考慮，對嗎？我們不是——我的意思是，首先，我們的資產負債表狀況良好，而且還在不斷改善。我猜這是總體主題。因此，它為我們提供了極大的靈活性，讓我們不僅考慮回購，還考慮併購。

I think specific to buybacks, the way you should think about it is we're not habitual buyers. We only buy when we feel the price is dislocated from the opportunity that exists. The last time we bought was in 2002 at $72 and before that, it was in 2020 at $33. So we view ourselves as opportunistic buyers. We felt that the opportunity that presented itself here in the short window was too good to pass up and we'll continue to manage in that capacity.

我認為，具體到回購，你應該這樣想，我們不是習慣性買家。只有當我們感覺到價格與現有機會不符時，我們才會買入。我們上次買入是在 2002 年，當時價格為 72 美元，在此之前是在 2020 年，當時價格為 33 美元。因此我們將自己視為機會主義的買家。我們覺得，在短時間內出現的機會實在是太好了，不容錯過，我們將繼續以這種身分進行管理。

Paul, do you want to cover the leverage?

保羅，你想彌補槓桿嗎？

Sure. From a leverage perspective, our financial policy is below 2 times. It's really rounding for the quarter. I think we talked about we did accelerate some CapEx into Q1 to plan for the needs of the business and to hedge against tariffs a little bit. But we think with just the normal cash flow generation that we will continue to generate we'll delever naturally and given ourselves plenty of opportunity again to deploy capital to the manner that we see most attractive at the time.

當然。從槓桿角度來說，我們的財務政策是2倍以下。對於本季來說這確實是一個圓整的過程。我想我們討論過，我們確實加速了一些資本支出進入第一季度，以規劃業務需求並稍微對沖關稅。但我們認為，只要我們繼續產生正常的現金流，我們就會自然地去槓桿，並再次給自己充足的機會，以我們當時認為最有吸引力的方式部署資本。

Thank you very much.

非常感謝。

Kashy Harrison, Piper Sandler.

卡西·哈里森、派珀·桑德勒。

Good morning, and, thank you for taking my questions. So based on the commentary today, it sounds like you're expecting continued bookings growth through year-end despite all the tariff uncertainty. What's behind that viewpoint? Is that just based on discussions you're having with your customers? And can you share your perspective on why that tariff uncertainty isn't driving more delays in order activity?

早上好，感謝您回答我的問題。因此，根據今天的評論，聽起來儘管存在各種關稅不確定性，但您預計到年底預訂量仍將持續增長。這個觀點的背後是什麼？這只是基於您與客戶的討論嗎？您能否分享為什麼關稅不確定性不會導致訂單活動進一步延遲？

So a couple of things. I'd say, generally speaking, and forget about order activity for a second. Do I think that there's going to be impacts to the market. I think there's no question that the market has already been impacted. I think that you see it in suppliers. You see it in other companies associated in the space.

有幾件事。我想說，一般來說，暫時忘記訂單活動。我認為這會對市場產生影響嗎？我認為毫無疑問市場已經受到影響。我認為您在供應商中看到了這一點。您可以在與該領域相關的其他公司中看到它。

It's not like the market is off and running. There's no question that there's hesitancy across certain buyers. There's projects that have been pushed out. I think we are bucking the trend. And the reason we're bucking the trend is because we made an enormous amount of effort and gains in aligning ourselves with the right customers and the right projects, that would be well ahead of these potential issues.

這並不意味著市場已經恢復正常運作。毫無疑問，某些買家確實存在猶豫。有些項目已經被推遲了。我認為我們正在逆潮流而行。我們之所以能夠逆勢而上，是因為我們付出了巨大的努力，並取得了巨大的成果，與合適的客戶和合適的專案保持一致，從而遠遠領先於這些潛在的問題。

So I'm not making market statements. I'm not trying to sit here and talk to you about the state of the market because I think there's risk in the state of the market. I don't think there's risk in our portfolio and the projects that we have, the backlog that we have and the revenue generation that we expect both from '25 and even for 2026. So much of our '26 revenue will be from projects that we started in 2025.

所以我不會發表市場聲明。我並不是想坐在這裡和你們談論市場狀況，因為我認為市場狀況有風險。我認為我們的投資組合、我們擁有的項目、我們擁有的積壓訂單以及我們預計從 2025 年甚至 2026 年開始的收入都沒有風險。我們 2026 年的大部分收入將來自於 2025 年啟動的專案。

So we feel good about and we've gotten in painstaking detail with our customers about potential tariffs, what items could be tariffed, where they're at in that cycle and what it means to the projects that we're expecting to do, and that's why we're so confident in our ability to manage through this. But again, we're not sticking our head in the sand. We're not blind. We understand that there could be market risk. We just think that they're not going to affect us to the level that they may affect others.

因此，我們對此感到滿意，並且我們已經與客戶詳細討論了潛在的關稅、可能被徵收關稅的商品、它們處於週期的哪個階段以及這對我們預期開展的項目意味著什麼，這就是為什麼我們對我們管理這個問題的能力如此有信心。但再次強調，我們不會將頭埋在沙裡。我們並不盲目。我們了解可能有市場風險。我們只是認為它們對我們的影響不會達到對他人那樣的程度。

That's really great color. Thank you. And then just for my follow-up question, just going back to the discussions on pipeline. You talked about potentially revisiting 2023 revenue levels or greater in the -- sorry, yes, '24 levels, sorry, by 2026. Can you help us think through the path towards -- or if there is a path towards your prior 2017 peak of $3.5 billion or even the more recent peak of $2.5 billion. Just trying to think about where that business could go, not necessarily in one year, but on a multiyear basis? Thank you.

這顏色真是太棒了。謝謝。然後，對於我的後續問題，回到有關管道的討論。您談到了可能重新審視 2023 年的收入水平或更高水平——抱歉，是的，‘24’ 水平，抱歉，到 2026 年。您能否幫助我們思考實現這一目標的途徑——或者是否有途徑實現您之前在 2017 年實現的 35 億美元峰值，甚至是最近的 25 億美元峰值？只是想想這項業務會走向何方，不一定是一年內，而是在幾年內？謝謝。

Look, based on the activity levels that we're seeing, the truth is that, that isn't out of the question. And it's quite remarkable that we'd say that because we -- a year or two ago, you would have asked us that question, we would never have dreamed to given that answer.

看，根據我們看到的活動水平，事實是，這並非不可能。我們能這麼說真是太了不起了，因為一兩年前，你會問我們這個問題，我們做夢也不會想到會給出這樣的答案。

I'm not saying that we're there. I'm not saying that activity levels are the same, but with what we're seeing in potential future projects, the opportunity to maybe one day get there again, it is possible. So again, that's why we're so bullish. We don't have to get there, quite frankly. But if we can get anywhere near those levels, it's a monumental shift to the earnings potential of the company.

我並不是說我們已經到了那裡。我並不是說活動水平是一樣的，但從我們在未來潛在項目中看到的情況來看，也許有一天有機會再次達到這一點，這是可能的。所以，這就是我們如此樂觀的原因。坦白說，我們沒必要到達那裡。但如果我們能夠接近這些水平，那麼對於公司的獲利潛力來說將是一個巨大的轉變。

Thank you.

謝謝。

Adam Thalhimer, Thompson Davis.

亞當泰爾希默，湯普森戴維斯。

Thanks. Good quarter, guys. Marc, congratulations on your retirement. And Chris, welcome to the call. Most of my questions have been asked, I did want to ask you on power delivery. The market challenges you saw in distribution last year, are those behind you yet? And as you look at the year-over-year comparisons, when does that flip from a headwind to a tailwind?

謝謝。大家，這個季度過得還不錯。馬克，恭喜你退休。克里斯，歡迎參加電話會議。我的大部分問題都已經被問過了，我確實想問你關於電力傳輸的問題。去年您在分銷領域遇到的市場挑戰已經過去了嗎？當您查看同比情況時，什麼時候會從逆風轉為順風？

Yes. So thanks for the question. I think that things were obviously better. We talked a lot about, especially the Midwest utilities and kind of a lot of the rate case resolutions that they went through in the fourth quarter. Obviously, that doesn't get all fixed in a quarter.

是的。感謝您的提問。我認為情況明顯好轉了。我們討論了很多，特別是中西部公用事業以及他們在第四季度經歷的許多費率案例解決方案。顯然，這個問題不可能在一個季度內解決。

So we actually expect an improving environment throughout the year, although in the first quarter, it was slightly better than where it had been in the second half of the year, but still a tough comp on a year-over-year basis because a lot of that thing start to post Q1 last year. So we feel good and quite frankly, expect it to get better. So I think we're in a great spot.

因此，我們實際上預計全年環境都會改善，儘管第一季的情況比下半年略有好轉，但與去年同期相比仍很艱難，因為許多情況是在去年第一季後開始出現的。因此我們感覺很好，坦白說，希望情況會變得更好。所以我認為我們處於一個很好的位置。

I'll turn it over. Thanks.

我把它翻過來。謝謝。

Thanks Adam.

謝謝亞當。

There are no other questions at this time.

目前沒有其他問題。

So just like to take this opportunity to thank everybody for joining us on today's call. We look forward to updating you on our second quarter call. And again, thank the men and women at MasTec for their hard work, commitment and dedication. Thank you.

因此，我想藉此機會感謝大家參加今天的電話會議。我們期待在第二季電話會議上向您通報最新情況。再次感謝 MasTec 全體員工的辛勤工作、承諾和奉獻。謝謝。

This does conclude today's conference 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。