MasTec Inc (MTZ) 2025 Q2 法說會逐字稿

Thank you for standing by and welcome to MasTec's second quarter 2025 financial results conference call. Today's call is being recorded. I'd like to turn the call over to Chris McCray, Vice President of Investor Relations.

感謝您的支持，歡迎參加 MasTec 2025 年第二季財務業績電話會議。今天的通話正在錄音。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, everybody, and thank you for joining us from MasTech's second quarter of 2025 financial results conference call. Joining me today are Jose Mas, Chief Executive Officer, and Paul Dimarco, Chief Financial Officer. We've prepared slides to supplement our remarks, which are posted on MasTech's website under the investors tab and through the webcast link.

大家早安，感謝您參加 MasTech 2025 年第二季財務業績電話會議。今天與我一起出席的還有執行長 Jose Mas 和財務長 Paul Dimarco。我們準備了幻燈片來補充我們的評論，這些幻燈片發佈在 MasTech 網站的投資者標籤下並透過網路廣播連結發布。

There's also a companion document with information and analytics on the quarter, and 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.

還有一份配套文件，其中包含本季的資訊和分析，以及協助財務建模的指導摘要。請閱讀本次電話會議投影片中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目前的假設和涉及風險和不確定性的因素，我們的實際表現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 our current and periodic reports, includes a detailed discussion of 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. We may also use certain non-GAAP financial measures in this conference call for reconciliation of any non-GAAP financial measures. Not reconciled in these comments to the most comparable GAAP financial measures can be found in our earnings press release, slides or companion documents.

我們的 10-k 表格（由我們的當前和定期報告更新）詳細討論了可能導致此類差異的風險和不確定性。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。我們也可能在本次電話會議中使用某些非 GAAP 財務指標來協調任何非 GAAP 財務指標。這些評論與最具可比性的 GAAP 財務指標不一致的內容可以在我們的收益新聞稿、投影片或配對文件中找到。

I'll now turn the call over to Jose.

我現在將電話轉給何塞。

Thank you. Good morning and welcome to MasTech's 2025 second quarter call. Today I will be reviewing our second quarter results as well as providing My outlook for the markets we serve. I am pleased to report that we exceeded guidance in revenue, met our EBITDA expectation, and beat our EPS guidance for the second quarter. We're happy to have delivered significant year over year growth in revenue, despite the difficult comparison from the mountain valley pipeline completion in the first half of last year.

謝謝。早安，歡迎參加 MasTech 2025 年第二季電話會議。今天我將回顧我們的第二季業績，並對我們服務的市場做出展望。我很高興地報告，我們第二季度的收入超過了預期，達到了 EBITDA 預期，並且超過了 EPS 預期。儘管與去年上半年山谷管道竣工相比存在一些困難，但我們很高興收入同比實現了大幅增長。

The remaining segments are non-pipeline business, improved EBITDA from 181 million to $257 million in this year's second quarter, a 42% year over year increase. Revenue for our non-pipeline business was up 26%, with power delivery and clean energy and infrastructure both up 20% and communications up 40% year over year.

其餘部門為非管線業務，今年第二季 EBITDA 從 1.81 億美元增至 2.57 億美元，年增 42%。我們的非管道業務收入成長了 26%，其中電力傳輸、清潔能源和基礎設施均成長了 20%，通訊業務年增了 40%。

We expect revenues to sequentially increase again by double digits in the third quarter. Margins for our non-pipeline segments also improved 100 basis points year over year and posted a strong 230 basis points sequential improvement. Both our communication segment and power delivery segment improved EBITDA margins 300 basis points sequentially, and clean energy improved 120 basis points.

我們預計第三季營收將再次實現兩位數的環比成長。我們的非管道部門的利潤率也比去年同期提高了 100 個基點，比上一季強勁增長了 230 個基點。我們的通訊部門和電力傳輸部門的 EBITDA 利潤率均連續提高了 300 個基點，清潔能源部門的 EBITDA 利潤率提高了 120 個基點。

We expect further sequential improvements in the third quarter in both our communications and power delivery segments with margins in our clean energy segment expected to be about even with the second quarter. Total company backlog in the quarter also remained healthy, posting a 23% year over year growth, including a 4% sequential increase, resulting in a book to bill ratio in the second quarter of 1.2 times.

我們預計第三季我們的通訊和電力傳輸部門將進一步連續改善，清潔能源部門的利潤率預計將與第二季持平。本季公司總積壓訂單量也保持健康，較去年同期成長 23%，其中較上季成長 4%，導致第二季訂單出貨比為 1.2 倍。

The sequential growth from the first quarter included an 11% increase from clean energy and infrastructure inclusive of solid growth for both renewables and infrastructure. And by ongoing growth of 2% from communications offset partly by flatter performance in pipeline, and power delivery inclusive of stronger burn rates in the period. We expect further backlog growth in the second half of this year and expect to end 2025 at record levels of backlog.

與第一季相比，清潔能源和基礎設施實現了 11% 的連續成長，其中再生能源和基礎設施均實現了穩健成長。通訊業務持續成長 2%，但這一成長被管道業務和電力傳輸業務表現平緩（包括該期間更高的消耗率）部分抵消。我們預計今年下半年積壓訂單將進一步成長，並預計 2025 年底積壓訂單將達到創紀錄的水平。

We are increasing revenue guidance to a range of $13.9 billion to $14 billion for full year 2025, a roughly $300 million increase over previous guidance. We are slightly increasing the range of our EBITDA guidance to $1,130 million to $1,160 million. And we are increasing the range of EPS guidance to a midpoint of $6.34 per share. Our midpoint EPS guide implies a 60% increase year over year.

我們將 2025 年全年的營收預期上調至 139 億美元至 140 億美元，比先前預期的增加約 3 億美元。我們將 EBITDA 預期範圍略微上調至 11.3 億美元至 11.6 億美元。我們將每股盈餘預期範圍上調至每股 6.34 美元的中間值。我們的中點 EPS 指南顯示其將年增 60%。

I'd like to highlight that we are seeing clear acceleration across our business. Revenue is stronger than our initial guidance, and demand is incredibly strong. During the second quarter, we added nearly 4,000 new team members and over 10% increase in our workforce. This compares to an increase of a [couple 100] in last year's second quarter.

我想強調的是，我們的業務正在明顯加速發展。收入高於我們最初的預期，而且需求也非常強勁。第二季度，我們增加了近4,000名新團隊成員，員工人數增加了10％以上。相比之下，去年第二季增加了 [幾百] 人。

These additions are a direct result of the demand we are enjoying today, but more importantly, for the need we see to scale up for what we are expecting in 2026 and beyond. Every segment added team members in the quarter, including our pipeline segment. I'd like to remind everyone that entering 2025 we expected to right-size resources in our pipeline segment and set some assets as we initially expected revenues in the $1.8 billion range versus last year's $2.1 billion.

這些新增產能是我們今天所享受的需求的直接結果，但更重要的是，我們看到了擴大規模以滿足 2026 年及以後的預期需求。每個部門在本季度都增加了團隊成員，包括我們的管道部門。我想提醒大家，進入 2025 年，我們預計將調整管道部門的資源規模並設定一些資產，因為我們最初預計收入在 18 億美元左右，而去年為 21 億美元。

We now expect revenues to be approximately $2 billion in pipeline this year, but more importantly, the investment we are making in increasing headcount and equipment in our pipeline segment is being driven by the incredible demand we are seeing for 2026 and beyond. These increases in headcount will position us to take advantage of the growing opportunities ahead. However, this investment is slightly impacting margins in 2025. While these additions should allow us to further increase our margin potential, we expect any impact to be short term, particularly in our pipeline segment.

我們現在預計今年管道收入約為 20 億美元，但更重要的是，我們在增加管道部門員工數量和設備方面的投資是由我們對 2026 年及以後的巨大需求所驅動的。員工人數的增加將使我們能夠充分利用未來不斷增長的機會。然而，這項投資對 2025 年的利潤率影響很小。雖然這些新增功能應該可以讓我們進一步提高利潤潛力，但我們預期任何影響都是短期的，特別是在我們的管線部門。

We expect pipeline segment margins to improve sequentially in the third quarter and achieve its best margin performance in the fourth quarter, setting us up for strong performance going into 2026. Turning to some segment highlights, in our communications segment, revenue in the second quarter was up 42% year over year, while adjusted EBITDA grew 55% with a 90 basis points improvement in margin. Backlog increased sequentially to a record $5 billion and increased 13% from the prior year.

我們預計管道部門利潤率將在第三季環比提高，並在第四季度實現最佳利潤率表現，為我們在 2026 年取得強勁業績奠定基礎。談到一些分部亮點，在我們的通訊分部，第二季的營收年增 42%，而調整後的 EBITDA 成長 55%，利潤率提高了 90 個基點。積壓訂單季增至創紀錄的 50 億美元，較上年增加 13%。

The market backdrop for telecom infrastructure remains very healthy and dynamic given robust capital investments being made by our customers to support broadband delivery and enable enhanced artificial intelligence applications. We saw continued year over year revenue growth in the second quarter from nearly all of our TOP10 customers, and our list of significant customers has increased meaningfully in recent years.

由於我們的客戶為支援寬頻交付和增強人工智慧應用而進行了大量的資本投資，電信基礎設施的市場背景仍然非常健康和充滿活力。我們看到，第二季幾乎所有十大客戶的收入都實現了同比增長，而且近年來，我們的重要客戶名單也有了顯著增加。

MasTech's wireless business continues to see strong growth from expanded geography serve and from continued broadening of services. In wireline, overall strong demand continues to be supported by broadband infrastructure buildouts and by federal investment. Middle mile broadband buildouts and the recent surge in hyper scalar CapEx associated with data centers is also driving substantial fiber deployment demand.

MasTech 的無線業務持續保持強勁成長，這得益於服務地域的擴大和服務範圍的不斷拓寬。在有線領域，寬頻基礎設施建設和聯邦投資繼續支撐整體強勁的需求。中間一英里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推動了大量光纖部署需求。

Over the last few months, A number of our customers have laid out very specific goals. AT&T recently announced a milestone of passing over 30 million fiber locations and reaffirmed their goal of achieving 60 million by 2030, basically doubling over the next five years. Verizon publicly stated their goal to also double fiber passings by 2028. And T-Mobile is looking to add 12 million to 15 million fiber passings by 2030. These ambitious plans in conjunction with both increased demand from the traditional cable broadband carriers and a number of new entrant overbuilders create significant growth opportunities for MasTec.

在過去的幾個月裡，我們的許多客戶都設定了非常具體的目標。AT&T 最近宣布了光纖覆蓋範圍超過 3000 萬個的里程碑，並重申了到 2030 年實現 6000 萬個光纖覆蓋範圍的目標，即在未來五年內基本翻一番。Verizon 公開表示，他們的目標是到 2028 年將光纖傳輸量翻倍。T-Mobile 計劃在 2030 年增加 1,200 萬至 1,500 萬光纖用戶。這些雄心勃勃的計劃，加上傳統有線寬頻營運商和大量新進入的過度建設者不斷增長的需求，為 MasTec 創造了巨大的成長機會。

Turning to Power Delivery. Second quarter revenues increased 20% year over year and slightly beat our forecast with profit and margins as expected. We believe we are on track to meet our full year targets and continue to expect margin improvement in the second half of the year from a combination of volume growth, mix improvement and solid execution. We still expect mid-teens revenue growth and high single-digit margins for the year.

轉向電力傳輸。第二季營收年增 20%，略高於我們的預期，利潤和利潤率符合預期。我們相信，我們預計將實現全年目標，並繼續預計下半年利潤率將透過銷售成長、產品組合改善和穩健執行等因素有所提高。我們仍預計今年的營收成長率將達到中等水平，利潤率將達到高個位數。

Our optimism and bullishness on overall grid investment remains unchanged. The need for substantial utility customer capital expenditures in the coming years is pressing as power demand drives the need to upgrade and add to an aging infrastructure. This demand requires large CapEx commitments across transmission, substations, distribution, as well as new generation capacity.

我們對整體電網投資的樂觀和看漲態度保持不變。由於電力需求推動了老化基礎設施的升級和擴大需求，未來幾年公用事業客戶迫切需要大量的資本支出。這種需求需要在輸電、變電站、配電以及新一代發電能力方面投入大量的資本支出。

Backlog this quarter for the segment was up about 14% versus the second quarter of 2024. We continue to target a broad set of projects of bearing scope, and we still expect several larger projects to be awarded in the coming periods.

該部門本季的積壓訂單量與 2024 年第二季相比成長了約 14%。我們將繼續瞄準一系列具有廣泛影響力的項目，並且我們仍然預計在未來的一段時間內將授予幾個更大的項目。

In our Clean Energy & Infrastructure segment, second quarter revenue grew 20% year over year and adjusted EBITDA nearly doubled from $47.3 million to $83.3 million with a margin of 7.4%, an increase of 240 basis points from the prior year. New awards accelerated in the second quarter and totaled $1.6 billion for the segment compared to $1.1 billion in the first quarter. Backlog was up 11% to a new record level of $4.9 billion, and book to bill was 1.4 times.

在我們的清潔能源和基礎設施部門，第二季營收年增 20%，調整後的 EBITDA 幾乎翻了一番，從 4,730 萬美元增至 8,330 萬美元，利潤率為 7.4%，比前一年增加 240 個基點。第二季度，該部門的新獎項頒發加速，總額達到 16 億美元，而第一季為 11 億美元。積壓訂單成長 11%，達到 49 億美元的新紀錄水平，訂單出貨比為 1.4 倍。

We remain in great shape to deliver our 2025 goals, and are already progressing well in building backlog for 2026. Within this segment, both renewables and infrastructure had double-digit growth and solid margin performance. We see significant opportunities for new bookings for the second half in these areas as well as opportunities for behind the meter power infrastructure, giving substantial experience in this area.

我們仍處於實現 2025 年目標的良好狀態，並且在為 2026 年累積訂單方面也已取得良好進展。在這一領域，再生能源和基礎設施均實現了兩位數的成長，利潤率也表現穩健。我們看到這些地區下半年有大量新訂單機會，以及用戶側電力基礎設施機會，這為我們在該領域提供了豐富的經驗。

We are fully covered for our 2025 revenue guidance, and recent bookings continued to fill in the 2026 year. An important development during the quarter was the passage of the one big beautiful bill. The legislation leaves intact tax credits associated with renewables through 2027, and created a clear path for safe harboring projects, which would allow construction through 2030.

我們已經完全實現了 2025 年的收入預期，最近的預訂將繼續填滿 2026 年的收入。本季的一個重要進展是《一項美麗法案》的通過。該法案保留了與再生能源相關的稅收抵免直至 2027 年，並為安全港計畫制定了明確的道路，允許其建設直至 2030 年。

Our subsequent executive order was signed, and we expect more clarity in the coming months. As it relates to MasTec and as demonstrated in our backlog, we are very confident that our customer mix, which is heavily skewed to the top-tier developers, will have a high level of success in their ability to safe harbor projects.

我們隨後簽署了行政命令，我們預計未來幾個月將有更多明確的消息。由於它與 MasTec 相關且正如我們的積壓訂單所證明的那樣，我們非常有信心，我們的客戶組合（嚴重偏向頂級開發商）將在安全港專案的能力方面取得高度成功。

We are also confident in the ability for renewables to compete over time even without federal subsidies. As electricity demand continues to expand, driven by artificial intelligence and data center construction, the cost of competitive power becomes increasingly more important in a global marketplace. For example, in the Middle East, renewable power is being sold at approximately $15 a megawatt hour compared to $50 in the US, in an unsubsidized and free market. I have no doubt that renewables will continue to play an important role in the domestic energy generation, along with other sources, including natural gas.

我們也相信，即使沒有聯邦補貼，再生能源也能夠長期保持競爭力。隨著人工智慧和資料中心建設推動的電力需求不斷擴大，競爭性電力的成本在全球市場上變得越來越重要。例如，在中東，無補貼的自由市場中，再生能源的售價約為每兆瓦時 15 美元，而美國則為 50 美元。我毫不懷疑，再生能源將與包括天然氣在內的其他能源一起繼續在國內能源生產中發揮重要作用。

Turning to our Pipeline Infrastructure segment. We saw revenue decline 6% and EBITDA dropped to $62 million from $135 million the year before. We've noted the primary driver here being the challenging comparisons from the MVP project wind down last year. Pipeline revenue of $540 million was well higher than our guidance of about $475 million and a substantial acceleration from the first quarter with a 52% sequential increase as overall activity picks up. Profits in the quarter met our plan on slightly weaker margins than forecasted as we invested to prepare for future demand.

轉向我們的管道基礎設施部門。我們的營收下降了 6%，EBITDA 從上年的 1.35 億美元下降到 6,200 萬美元。我們注意到，這裡的主要驅動因素是去年 MVP 計畫結束時的挑戰性比較。5.4 億美元的管道收入遠高於我們預期的 4.75 億美元，隨著整體活動的回暖，較第一季大幅加速，季增 52%。由於我們為滿足未來需求而進行了投資，本季的利潤符合我們的計劃，但利潤率略低於預期。

While backlog for the segment was down about 5% sequentially, our second quarter backlog does not include a number of verbally awarded project whose contracts we expect to sign shortly. As I previously covered, we expect backlog growth through the balance of the year. Gas-fired generation is clearly going to play a much more significant role in future years than we were expecting, and we fully expect to benefit from a multiyear investment curve in this important baseload generation source.

雖然該部門的積壓訂單環比下降了約 5%，但我們第二季度的積壓訂單並不包括一些我們預計很快就會簽署合約的口頭授予項目。正如我之前提到的，我們預計今年餘下的訂單將會成長。顯然，燃氣發電在未來幾年將發揮比我們預期更重要的作用，我們完全有望從這項重要基載發電源的多年投資曲線中受益。

I'm very bullish and excited about both the short and long term outlook for our pipeline segment. In summary, 2025 is shaping up very well, and the momentum we are building across every segment is very encouraging. I've mentioned previously that we are working more closely with key customers across multiple segments at MasTec on framework agreements, that benefit both parties while strengthening our position in diversified end markets. We saw continued progress in the second quarter with such agreements, which have been particularly helpful in securing visibility in all segments.

我對我們的管道部門的短期和長期前景都非常樂觀和興奮。總而言之，2025 年的情況非常好，我們在各個領域所建立的勢頭非常令人鼓舞。我之前提到過，我們正在與 MasTec 多個部門的關鍵客戶就框架協議進行更緊密的合作，這對雙方都有利，同時加強我們在多元化終端市場中的地位。我們在第二季度看到此類協議繼續取得進展，這對於確保所有領域的知名度特別有幫助。

We are very excited about our market position and the ability to leverage close customer relationships to improve visibility and outcomes for our business, as we execute on growth with scaled businesses across our enterprise. Of course, the outcomes are dictated and determined in large part by our execution against this significant volume opportunity. Our efforts on operational execution and evolving our business processes to ensure both consistency of outcomes and strong structural profitability is a primary focus.

我們對我們的市場地位以及利用密切的客戶關係來提高業務知名度和成果的能力感到非常興奮，因為我們透過整個企業的規模業務實現了成長。當然，結果很大程度取決於我們針對此重大批量機會的執行情況。我們致力於營運執行和改進業務流程，以確保結果的一致性和強大的結構獲利能力，這是我們的首要重點。

Our margin improvement opportunity is real, and we are taking many steps to realize it. I'm particularly pleased with the progress we showed in the second quarter and expect to have a lot more to show in this regard across our segments in the second half, as we continue to develop volumes across the business and refine our operational execution in key areas. As we talk about execution, I'd also like to thank all of our people at MasTec for their continued commitment to our corporate values of safety, environmental stewardship and integrity and honesty, all while serving our customers with the diligence and ensuring the delivery of a great work product.

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。我對第二季的進展感到特別高興，並期望下半年各部門在這方面取得更多進展，因為我們將繼續擴大整個業務的規模並完善關鍵領域的營運執行。當我們談論執行時，我還要感謝 MasTec 的所有員工，感謝他們持續致力於我們的企業價值觀，即安全、環境管理、正直和誠實，同時勤勉地為客戶服務並確保交付出色的工作產品。

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

謝謝大家。現在我將把電話轉給保羅，進行我們的財務審查。保羅？

Thank you, Jose, and good morning. As Jose mentioned, we are very pleased that our second quarter results exceeded guidance, coming in large part from strong sequential volume development and continued solid execution. We remain highly confident in our business positioning today and into the years ahead. And this is true across all of our end markets given solid demand drivers that will require a significant investment in infrastructure for years to come. This is the case regardless of which technologies are favored and whether financing mechanisms include government incentives.

謝謝你，何塞，早安。正如 Jose 所提到的，我們很高興看到第二季的業績超出預期，這很大程度上得益於強勁的連續銷售成長和持續穩健的執行。我們對目前以及未來的業務定位仍然充滿信心。由於強勁的需求驅動力，我們所有的終端市場都將面臨這種情況，未來幾年將需要對基礎設施進行大量投資。無論哪種技術受到青睞，無論融資機制是否包括政府激勵，情況都是如此。

Our customers are clear. They need us to fulfil plans that include major projects across the spectrum of markets we serve. Let me start with some quarterly highlights. Second quarter revenue was well above expectations at $3.54 billion, a new quarterly record with 20% growth year over year and 25% growth sequentially from the first quarter.

我們的客戶很清楚。他們需要我們完成包括我們所服務的各個市場中的重大項目的計劃。首先讓我介紹一些季度亮點。第二季營收遠高於預期，達到 35.4 億美元，創下季度新高，年增 20%，季增 25%。

Adjusted EBITDA of $275 million met our forecast. Three of our four segments beat volume expectations in the period, while the stand-up performance in profit and margins came from Clean Energy and Infrastructure. 18 month backlog at quarter end totaled $16.45 billion, an increase of 4% from the first quarter and 23% year over year.

調整後的 EBITDA 為 2.75 億美元，符合我們的預測。我們四個部門中有三個部門的銷售量超出預期，而利潤和利潤率的突出表現來自清潔能源和基礎設施。季度末的 18 個月積壓訂單總額為 164.5 億美元，較第一季成長 4%，年增 23%。

This represents another record level of total backlog from MasTec, with the growth led by an 11% increase recorded at CE&I that included continued strong bookings in the Renewables portfolio, which is fully booked for the current year, and continues to build momentum for 2026 and beyond.

這代表 MasTec 的總積壓訂單量再創歷史新高，其中 CE&I 的訂單量增長了 11%，其中包括可再生能源組合的持續強勁預訂，該組合今年的訂單已全部滿，並將繼續為 2026 年及以後的發展積聚力量。

We generated cash flow from operations of $6 million in the second quarter and $84 million year to date, with DSOs at 65 days, a one-day improvement from the first quarter, both in line with our expectations. Our strong second quarter revenue growth with consistent DSOs drove higher working capital investment in the quarter. Free cash flow for Q2 was a use of $45 million versus the source of $253 million in the prior year quarter.

我們在第二季度產生了 600 萬美元的經營現金流，年初至今產生了 8,400 萬美元的經營現金流，DSO 為 65 天，比第一季減少了一天，均符合我們的預期。我們第二季強勁的營收成長和持續的 DSO 推動了本季營運資本投資的增加。第二季的自由現金流使用量為 4,500 萬美元，而去年同期的自由現金流來源為 2.53 億美元。

The variance was driven mainly by higher working capital investment versus last year, as well as somewhat higher capital expenditures, as we accelerated certain capital investments for growth. You may recall in 2024, we saw DSOs decrease from 79 days in Q1 to 69 days for Q2, allowing us to reduce working capital last year, whereas this year did not have the same benefit with DSOs remaining consistent in the mid-60s. We completed $40 million of share repurchases in the second quarter and extinguished our prior remaining authorization, bringing the year to date total to $77 million at an average price of $110 per share. Also in the second quarter, our Board authorized an additional $250 million repurchase program.

造成這一差異的主要原因是與去年相比營運資本投資增加，以及資本支出略有增加，因為我們加快了某些資本投資以實現成長。您可能還記得，在 2024 年，我們看到 DSO 從第一季度的 79 天減少到第二季度的 69 天，這使得我們去年減少了營運資金，而今年並沒有獲得同樣的好處，DSO 保持在 60 年代中期的水平。我們在第二季完成了 4,000 萬美元的股票回購，並取消了先前剩餘的授權，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。此外，在第二季度，我們的董事會批准了另外 2.5 億美元的回購計畫。

Regarding some highlights from the second quarter segment performance. Our Communications segment produced quite significant top and bottom line growth with revenue easily exceeding our forecast for the period, and benefiting from continued strong demand in both wireless and wireline businesses from a diverse set of customers across the telecom and tech landscape.

關於第二季分部業績的一些亮點。我們的通訊部門實現了相當顯著的營收和利潤成長，收入輕鬆超過了我們對該期間的預測，並受益於電信和科技領域不同客戶對無線和有線業務的持續強勁需求。

The adjusted EBITDA margin of 90 basis points year over year was generally in line with guidance, inclusive of certain program expenditures ahead of expected growth that held back margin performance. Second quarter adjusted EBITDA margin was 9.9% compared with 9% in the prior year and increased significantly from 6.9% in the first quarter as volumes ramped positively.

調整後的 EBITDA 利潤率年減 90 個基點，基本上符合預期，其中包括某些超出預期成長的項目支出，這些支出阻礙了利潤率的表現。第二季調整後的 EBITDA 利潤率為 9.9%，而去年同期為 9%，由於銷量大幅增長，較第一季的 6.9% 大幅增長。

Overall, end market strength remained strong, and second quarter backlog increased 2% or $102 million despite the record segment revenue in the quarter. Power Delivery continues to see substantial growth across the country, and we exceeded our quarterly revenue forecast by close to $50 million, producing 20% growth year over year.

總體而言，終端市場仍然強勁，儘管本季分部營收創歷史新高，但第二季積壓訂單仍增加了 2% 或 1.02 億美元。電力輸送在全國範圍內持續呈現大幅成長，我們的季度收入超出預期近 5,000 萬美元，年增 20%。

Adjusted EBITDA was generally in line with our forecast. Power Delivery backlog increased slightly as solid bookings were partially offset by the record quarterly revenue earned in Q2. We continue to see significant new bookings opportunities, as we look forward to the balance of the year, and anticipate structural growth for this business for years to come given the anticipated electricity demand and system upgrade requirements for our utility clients.

調整後的 EBITDA 基本上符合我們的預測。由於第二季創紀錄的季度收入部分抵消了穩定的訂單量，電力輸送積壓訂單略有增加。我們期待今年的平衡，並預計未來幾年該業務將實現結構性成長，因為我們的公用事業客戶預期的電力需求和系統升級要求。

In Clean Energy and Infrastructure, we saw continued improvement in Q2 adjusted EBITDA margin, which increased 230 basis points year over year. Our Renewables business was a strong contributor to the CE&I margin performance with the benefit of some impacts from project closeouts in the quarter. We continue to see strong performance in the second half from operating leverage with higher volume and continued focus on strong execution. Our guidance assumes margins hold at similar levels to Q2 in the second half of the year.

在清潔能源和基礎設施領域，我們看到第二季調整後的 EBITDA 利潤率持續改善，年增 230 個基點。我們的再生能源業務對 CE&I 利潤表現做出了巨大貢獻，並受益於本季專案收尾的一些影響。我們繼續看到下半年業績表現強勁，得益於更高的銷售量和對強勁執行力的持續關注。我們的指導假設利潤率在下半年將保持與第二季度相似的水平。

On CE&I backlog, we saw solid bookings from all three business verticals, contributing to the 11% sequential increase. This included almost $200 million of renewables backlog growth despite the noise in the period from the Big Beautiful Bill legislation. These new project additions continue to build our book for future years and reinforce the sentiment among our customers that their projects are essential, driven by strong offtake demand. We remain highly optimistic about the sector, driven by the fundamental cost competitiveness of renewable energy and the limited availability of near-term alternatives for new power generation.

在 CE&I 積壓訂單方面，我們看到來自所有三個業務垂直領域的訂單量都很穩定，這推動了 11% 的環比增長。儘管《美麗大法案》的立法在此期間引發了軒然大波，但其中再生能源積壓訂單增加了近 2 億美元。這些新項目的加入將繼續為我們未來幾年的業務奠定基礎，並加強了客戶的信心，即在強勁的承購需求的推動下，他們的項目至關重要。由於再生能源的基本成本競爭力以及近期新發電替代方案的有限可用性，我們對該行業仍然非常樂觀。

Regarding Pipeline Infrastructure, our revenue results in the quarter beat our expectations by nearly $65 million on strong product development, driven by a host of smaller and medium-sized projects. Adjusted EBITDA margin for the quarter was in line with expectations with an 11.5% margin versus guidance of low double digits, but we did see less flow-through from the incremental revenue due to the investments made to support future growth.

關於管道基礎設施，由於一系列中小型專案的推動，本季我們的產品開發表現強勁，營收超出預期近 6,500 萬美元。本季調整後的 EBITDA 利潤率符合預期，為 11.5%，而指導值為低兩位數，但由於為支持未來成長而進行的投資，我們確實看到增量收入的流入減少。

The year over year comparison remained challenged by the MVP project completion in the first half of last year, and we now expect that we will revert to growth beginning in the third quarter to complement ongoing sequential growth after the lower first quarter volume result. Pipeline backlog development was more muted versus the large increase reported in the first quarter, but we continue to see solid new awards totalling over $450 million in the period, and the backlog did not include certain project verbal awards after they mentioned.

由於去年上半年 MVP 專案的完成，同比數據仍然面臨挑戰，我們目前預計，在第一季銷售較低之後，我們將從第三季開始恢復成長，以補充持續的連續成長。與第一季報告的大幅成長相比，管道積壓訂單的發展較為溫和，但我們繼續看到該期間的新獎項總額超過 4.5 億美元，並且積壓訂單不包括他們提到後的某些項目口頭獎項。

We continue to expect to bid on a number of larger projects in the second half of this year with a robust bid schedule that reflects strong sources of demand across multiple geographies and related to numerous major gas basins domestically. The continued diversity of demand drivers related to LNG export, domestic, residential and commercial demand, is leading to a clear resurgence of pipeline construction activity that we are seeing play out over multiple years to come.

我們繼續期望在今年下半年競標一些大型項目，並製定一個強有力的競標時間表，以反映多個地區的強勁需求來源以及與國內眾多主要天然氣盆地相關的需求。與液化天然氣出口、國內、住宅和商業需求相關的需求驅動因素持續多樣化，導致管道建設活動明顯復甦，我們將在未來幾年看到這一趨勢。

Last quarter, I highlighted our focus on margin enhancement over time, particularly in our non-pipeline segments, Communications, Power Delivery and Clean Energy and Infrastructure. Collectively, these segments delivered an 8.5% adjusted EBITDA margin in the second quarter, a 100 basis points improvement year over year.

上個季度，我強調了我們對利潤率長期提升的關注，特別是在我們的非管道部門、通訊、電力傳輸和清潔能源和基礎設施。總體而言，這些部門第二季的調整後 EBITDA 利潤率為 8.5%，年增 100 個基點。

We remain optimistic about continued progress in the second half of 2025 for these operations, including a solid increase sequentially in the third quarter with margins approaching double digits for the first time. This expected improvement is driven by operating leverage on higher volume and our continued focus on execution, productivity and disciplined cost management.

我們對這些業務在 2025 年下半年的持續進展保持樂觀，包括第三季環比穩定成長，利潤率首次接近兩位數。這項預期改善是由更高銷售量的經營槓桿以及我們對執行力、生產力和嚴格的成本管理的持續關注所推動的。

Shifting to our updated consolidated guidance, I'd like to remind you that we posted supplemental guidance document on our IR website and encourage you to review that for segment and other financial guidance details. We are now raising 2025 annual revenue guidance to range between $13.9 billion and $14 billion with adjusted EBITDA ranging from $1.13 billion to $1.16 billion. Adjusted EBITDA performance driven by almost 30% expected growth in our non-pipeline segments year over year.

轉向我們更新的合併指南，我想提醒您，我們在我們的 IR 網站上發布了補充指南文件，並鼓勵您查看該文件以了解細分和其他財務指南的詳細資訊。我們目前將 2025 年年度營收預期上調至 139 億美元至 140 億美元之間，調整後的 EBITDA 範圍為 11.3 億美元至 11.6 億美元。調整後的 EBITDA 業績受到非管道部門預計將年增近 30% 的推動。

Adjusted EPS is forecasted to be $6.23 to $6.44 with the midpoint up 60% versus 2024. We expect Q3 revenue of $3.9 billion, adjusted EBITDA of $370 million and adjusted EPS of $2.28. We are increasing 2025 revenue estimates to account for the second quarter beat and the continued strong demand visibility with significant year over year improvements in most segments, partially offset by the lower pipeline revenue recorded in the first half due to MVP project runoff.

調整後的每股盈餘預計為 6.23 美元至 6.44 美元，中點較 2024 年上漲 60%。我們預計第三季營收為 39 億美元，調整後息稅折舊攤提前利潤 (EBITDA) 為 3.7 億美元，調整後每股盈餘 (EPS) 為 2.28 美元。我們上調了 2025 年營收預期，以反映第二季度業績超出預期以及持續強勁的需求可預見性，大多數細分市場同比顯著改善，但上半年由於 MVP 項目終止導致的渠道收入下降部分抵消了這一影響。

On adjusted EBITDA margins, we expect second half year over year margin expansion for Communications and Power Delivery, offset by slightly lower second half margins year over year for Pipeline and Clean Energy due to the investments we are making to support anticipated future growth. Similarly, we are raising our net cash capital expenditure guidance to $140 million, as we procure additional equipment to support this growth.

在調整後的 EBITDA 利潤率方面，我們預計通訊和電力傳輸部門下半年的利潤率將同比增長，但由於我們為支持預期的未來增長而進行的投資，管道和清潔能源部門下半年的利潤率同比將略有下降。同樣，我們將淨現金資本支出指引提高至 1.4 億美元，因為我們購買了額外的設備來支持這一成長。

Also notable, we still do not see material impact from either tariffs or federal tax incentive changes from the recent big beautiful bill legislation and our 2025 outlook that we have considered a measure of general macro uncertainty from the current policy and geopolitical environment, as we discount risk in our forecast planning.

同樣值得注意的是，我們仍然沒有看到最近的大美麗法案立法和 2025 年展望中的關稅或聯邦稅收激勵變化的實質影響，我們已經考慮了當前政策和地緣政治環境中的一般宏觀不確定性，因為我們在預測計劃中降低了風險。

Regarding cash flow and the balance sheet, we are increasing our expectation to $700 million to $750 million of cash flow from operations for 2025, assuming DSOs average around the mid-60s for the balance of the year. We ended the quarter with total liquidity of approximately $2 billion and net leverage of 2.0 times, which we expect to decrease in the back half of the year.

關於現金流量和資產負債表，我們預計 2025 年營運現金流將達到 7 億至 7.5 億美元，假設當年的 DSO 平均值在 60 年代中期左右。本季末，我們的總流動資金約為 20 億美元，淨槓桿率為 2.0 倍，我們預計下半年這一數字將會下降。

In June, we successfully refinanced our credit facilities, resulting in extension of maturities and favourable adjustments to certain terms, covenants and pricing. Our strong balance sheet and well-structured debt profile provides significant financial flexibility to pursue a disciplined, return-focused capital allocation strategy.

6 月份，我們成功地對信貸額度進行了再融資，延長了期限並對某些條款、契約和定價進行了有利調整。我們強勁的資產負債表和結構良好的債務狀況提供了顯著的財務靈活性，以推行嚴謹的、以回報為重點的資本配置策略。

Our top priority remains supporting our robust organic growth opportunities through investments in equipment and capacity expansion, where we see compelling returns. We will also continue to evaluate opportunistic accretive acquisitions that complement our existing service lines, consistent with our long-standing approach. In addition, we maintain a share repurchase authorization and will deploy capital to buybacks opportunistically.

我們的首要任務仍然是透過投資設備和產能擴張來支持我們強勁的有機成長機會，我們看到了令人信服的回報。我們也將繼續評估機會性增值收購，以補充我們現有的服務線，這與我們的長期做法一致。此外，我們保留股票回購授權，並將適時部署資本進行回購。

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

我們的準備好的演講到此結束，現在我將把電話轉給接線員進行問答。

(Operator Instructions) Steven Fisher, UBS.

（操作員指示）瑞銀 (UBS) 的史蒂文費雪 (Steven Fisher)。

Thanks. Good morning. Just to follow up on the clean energy comments you made. Just curious about kind of what you experienced in terms of customer feedback and activity during the quarter as all the policy uncertainty played out. I know you -- it sounds like you're pretty well set on '25, but did that kind of change things around with any specific projects or what you might have already had booked for 2026? And how much actually do you have in your '26 plan booked at the moment?

謝謝。早安.只是想跟進一下您關於清潔能源的評論。我只是好奇，當所有政策不確定性都顯現出來時，您在本季的客戶回饋和活動方面經歷了什麼。我了解你——聽起來你已經為 2025 年做好了充分的準備，但這是否會改變任何具體項目或你已經為 2026 年預定的項目？那麼，您目前的 26 年計劃中實際上預訂了多少？

Good morning, Steve. So I would say a couple of things. I'd say our customers so far have been unaffected, right? I think what everybody's plans were for '25 are ongoing, quite frankly. What everybody's plans were for '26 are ongoing. The work that we booked, the success that we've had in bookings in both the first and the second quarter have nothing to do with the federal legislative process as it's played out.

早安，史蒂夫。所以我想說幾件事。我想說到目前為止我們的客戶還沒有受到影響，對嗎？坦白說，我認為每個人對 25 年的計劃都還在進行中。每個人對 26 年的計畫都還在進行中。我們預定的工作、我們在第一季和第二季預定中取得的成功與正在進行的聯邦立法程序無關。

I think it's completely solidified our plan for '25. It's put us in an incredible position for '26, where we would expect to further grow that piece of the business. And at the end of the day, we're really excited about what came out of the legislation. We think the one big beautiful bill is a good bill for MasTec. Obviously, we've got an executive order that we're paying attention to, but we work for top-tier developers, and we think that they're in the best position to really maintain their business over a really long cycle.

我認為這完全鞏固了我們 25 年的計劃。這讓我們在 26 年處於一個令人難以置信的位置，我們期望進一步發展這部分業務。最後，我們對立法的結果感到非常興奮。我們認為，對 MasTec 來說，這張漂亮大鈔是一張好鈔。顯然，我們收到了一項行政命令並對此保持關注，但我們為頂級開發商工作，我們認為他們最有能力在很長的周期內真正維持他們的業務。

Okay. That's helpful. And then in power delivery, just curious how you're thinking about the timing of bookings here. I think, Jose, you said the coming periods, could that mean still the second half of this year? And what are you thinking of your focus projects here?

好的。這很有幫助。然後在電力傳輸方面，只是好奇您是如何考慮這裡的預訂時間的。我認為，何塞，您說的是未來時期，這是否仍然意味著今年下半年？您認為這裡的重點項目是什麼？

Is it more on the very high-voltage lines? Or would it be substations or anything else or all of the above?

它更多地發生在高壓線路上嗎？或是變電站或其他什麼東西或以上所有？

Well, I mean, we're focused on all of the above. I think we've made great progress in the business. If you look at our guidance, we're guiding to grow just under 20% for the year. That's virtually all organic. So I think we've done a great job in that business of building off of what already was a good 2024.

嗯，我的意思是，我們專注於以上所有內容。我認為我們的業務取得了巨大進展。如果你看一下我們的指導，你會發現我們預計今年的成長率將略低於 20%。這些其實都是有機的。所以我認為我們在 2024 年已經表現良好的基礎上，在業務上做得非常出色。

I think margin progression is happening in that business as we expected. We're really excited about what the second half is going to bring for us in Power Delivery. We think our positioning in the market is fantastic. We expect to be a player on big projects as we go forward, but also on the day to day business, right?

我認為該業務的利潤率成長正如我們預期的那樣。我們對下半年電力傳輸領域將帶來的成果感到非常興奮。我們認為我們在市場上的定位非常好。我們希望在未來參與大型項目，同時也參與日常業務，對嗎？

The day to day business is really important for us. It's the bulk of what we do. We're constantly winning projects. We're constantly getting more competitive. We're talking a lot about margin expansion opportunities and what we've done to build margins.

日常業務對我們來說確實很重要。這是我們的主要工作。我們不斷贏得項目。我們的競爭力正在不斷增強。我們正在討論很多有關利潤擴張機會以及我們為提高利潤所做的努力。

And if you think about where we've come in that business from just a few years ago in '22, '23, as we were very acquisitive in that business, I think we've made tremendous inroads and margin expansion and then really positioning in the market, and we're really excited about what's going to come in that market for us.

如果您想想我們幾年前（2022 年、2023 年）在該行業的進展，由於我們在該行業的收購非常積極，我認為我們已經取得了巨大的進展和利潤率的擴大，然後在市場上真正佔據了主導地位，我們對該市場的未來感到非常興奮。

Philip Shen, ROTH Capital Partners

羅仕證券（ROTH Capital Partners）的沈飛（Philip Shen）

Hey guys, thanks for taking the questions. First one as a follow-up, Jose, on the (inaudible) expectations for how that could play out and maybe the different outcomes? And how are the Tier 1 customers positioned for those different outcomes? Thanks.

嘿夥計們，感謝你們回答問題。首先作為後續問題，何塞，關於（聽不清楚）對事情將如何發展以及可能產生的不同結果的預期？那麼一級客戶如何應對這些不同的結果呢？謝謝。

Sure. So look, I think a number of our customers today have a lot of -- a very large portfolio of safe harbor projects. The way that the legislation is written is through '27, everybody keeps their credits. Beyond '27 is what you have safe harbor. There's a lot of opportunities for people to further safe harbor projects all the way into the middle '26.

當然。所以，我認為我們今天的許多客戶都擁有大量的安全港專案組合。立法規定，到 27 年，每個人都可以保留自己的信用。27 年以後，您就擁有了安全的港灣。人們有很多機會進一步推進安全港項目，直至 26 年中期。

There will be some changes in the executive order relative to that. We think they'll be manageable. And more importantly, we think they'll be manageable by the top-tier developers. I think the work that we've done post the acquisition in terms of really focusing ourselves on the customers that we were working for, the relationships that we're creating. When you look at our customer base today in that industry, we think it's best in class. It's tier 1, and we think those are the ones that are best positioned to take advantage of the opportunities that will exist to safe harbor. It literally puts your projects in play all the way to 2030.

與此相關的行政命令將會有一些變化。我們認為這些都是可以控制的。更重要的是，我們認為頂級開發人員能夠管理它們。我認為我們在收購後所做的工作真正集中在我們服務的客戶以及我們正在建立的關係。當您查看我們目前在該行業的客戶群時，我們認為它是同類中最好的。這是第一層，我們認為這些是最有能力利用現有安全港機會的。它實際上會讓您的專案一直運行到 2030 年。

Obviously, there's another election in 2028. So we'll see what happens. But we're excited about, again, not just '26, where -- I have no doubt in my mind that this business is going to grow for us in 2026. I think it will grow beyond that. And over time, and we said it in our prepared remarks, I actually think the market is becoming a lot more competitive.

顯然，2028 年還會有另一場選舉。因此我們將拭目以待。但我們感到興奮的不僅僅是 2026 年——我毫不懷疑這項業務將在 2026 年為我們成長。我認為它將會超越這個層次。隨著時間的推移，正如我們在準備好的發言中所說，我確實認為市場競爭變得更加激烈。

When you look at the sources of power that exists, right, you've got nuclear, which is a ways out. You've got gas that will see significant increases in three to five years. But when you look at the price of that, renewables start getting really competitive even without subsidies.

當你觀察現有的能源時，你會發現核能是一種出路。天然氣產量在未來三到五年內將大幅成長。但當你考慮到價格時，即使沒有補貼，再生能源也開始變得非常有競爭力。

When you look at the rest of the world and what they're able to build renewables at in a free market, it's a low cost. So it is a formidable form of power generation at a low cost, especially when you consider storage, and we think the market is going to be strong for a really, really long time with or without federal in sense.

當你觀察世界其他地區以及他們在自由市場中建立再生能源的能力時，你會發現成本很低。因此，它是一種低成本、強大的發電方式，特別是當你考慮到儲存時，我們認為，無論有沒有聯邦政府的參與，這個市場都將在很長一段時間內保持強勁。

Great, thank you. And then you talked about also how bookings have accelerated, I think, for Clean Energy. And I think in the back half that might continue. And so I was wondering if you could just kind of give a little bit more color post-OBB, what the conversations were like with customers? Did you see really an aggressive kind of amount of activity in July?

太好了，謝謝。然後您也談到了清潔能源的預訂量如何加速成長。我認為後半段這種情況可能會持續下去。所以我想知道您是否可以提供更多有關 OBB 的細節，與客戶的對話是什麼樣的？您是否真的看到七月份出現了大量活躍的活動？

And do you expect that acceleration to sustain through Q3 and Q4? Or do you think that kind of slows down as we get through the year? Thanks.

您預計這種加速趨勢會持續到第三季和第四季嗎？或者您認為隨著時間的流逝，這種趨勢會逐漸減緩嗎？謝謝。

So I would say not yet. So the bookings that we enjoyed in Q1 and Q2 had nothing to do with one-- the bill, right? So in Q1, we booked over $1 billion in new projects, which we were really excited about. And I think we had a -- I don't remember 1.4 times book to bill in that market in Q1. We booked $1.6 billion in Q2. And I think that acceleration is critically important.

所以我想說還沒有。那麼，我們在第一季和第二季獲得的預訂量與帳單無關，對嗎？因此，在第一季度，我們預訂了超過 10 億美元的新項目，我們對此感到非常興奮。我認為我們有一個——我不記得第一季該市場的訂單出貨比是 1.4 倍。我們在第二季的訂單為 16 億美元。我認為加速至關重要。

I think we're going to have a really strong second half of the year. I think we're going to have a really good third quarter yet again. And I would argue that none of that has to do with the bill. Depending on what happens with the executive order, there is a possibility in place that people work really hard to safe harbor and pull in a lot of work. We have not taken any of that into account in any of our thought process.

我認為今年下半年我們的業績將會非常強勁。我認為我們將再次迎來一個非常好的第三季。我認為這些都與該法案無關。根據行政命令的執行情況，人們可能會非常努力地尋求安全港並做大量的工作。在我們的任何思考過程中，我們都沒有考慮到這些。

That would -- we don't know. Obviously, that would be upside to MasTec and others in the industry. But we'll keep working with our customers to see if that's going to be required or not. Hopefully, it won't be, and people will work off their current safe harboring over the course of the next five or so years.

那會是——我們不知道。顯然，這對 MasTec 和業內其他公司來說都是有利的。但我們會繼續與客戶合作，看看是否需要這樣做。但願這種情況不會發生，人們將在未來五年左右的時間內擺脫目前的安全庇護。

Great, thank you. One more, if I may, as it relates to margin. In terms of EBITDA margin, what are your latest thoughts on the overall trajectory in '26 and '27? Are double-digit margins still on the table in the near to medium term? Thanks.

太好了，謝謝。如果可以的話，我再問一個問題，因為它與保證金有關。就 EBITDA 利潤率而言，您對 26 年和 27 年的整體趨勢有何最新看法？中短期內是否仍能達到兩位數的利潤率？謝謝。

Yeah, So the question is from a -- I'm not sure if the question is from a total company perspective or specific to clean energy.

是的，所以這個問題是從——我不確定這個問題是從整個公司的角度提出的還是具體針對清潔能源的。

Total company. Thanks.

總公司。謝謝。

Thanks. Yeah, so from a total company perspective, look, we're really bullish on every segment that we operate in. We're seeing significant acceleration. As we said, obviously, the big driver of margins in our business is our pipeline segment. It's historically been our highest margin business.

謝謝。是的，從整個公司的角度來看，我們對我們經營的每個領域都非常看好。我們看到了顯著的加速。正如我們所說，顯然，我們業務利潤率的最大驅動力是我們的管道部分。從歷史上看，這是我們利潤最高的業務。

We're really bullish about what's going to come there. I think, when you look at our guidance for this year, we're in that low 8% range. I don't know that -- we're not going to sit here today and talk about getting to double digits in 2026. But over the long term, that is our goal. That's what we think we can achieve that.

我們對未來充滿信心。我認為，當你查看我們今年的指導時，我們處於 8% 的低位範圍內。我不知道——我們今天不會坐在這裡討論在 2026 年實現兩位數的增長。但從長遠來看，這就是我們的目標。我們認為我們能夠實現這一目標。

Obviously, it has a lot to do with the mix of our business. But we think today, when we look at our outlook over the next few years, the mix potential of our business has never been better.

顯然，這與我們的業務組合有很大關係。但我們認為，今天，當我們展望未來幾年時，我們業務的混合潛力從未如此好過。

Andy Kaplowitz, Citigroup.

花旗集團的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Good morning, everyone. Jose, so you did raise your pipeline revenue forecast a bit. But as you said, backlog was down slightly sequentially. So could you give us a little more color on what you're seeing? You mentioned I think some projects you expect to book shortly. Is it possible to quantify that?

大家早安。何塞，你確實稍微提高了管道收入預測。但正如您所說，積壓訂單量較上季略有下降。那麼，您能否向我們詳細介紹一下您所看到的情況？您提到我認為您預計很快就會預訂一些項目。可以量化嗎？

And then I know you've talked about revenue at least as big as in '24 and '26. So maybe you could update us on the potential of this cycle? Could it be comparable to pre-COVID levels?

然後我知道您談到的收入至少與 24 年和 26 年一樣多。那麼也許您可以向我們介紹一下這個週期的潛力？它能與新冠疫情之前的水平相比嗎？

Sure. Thanks for the question, Andy. So a couple of things I'd say. Our pipeline business isn't about this year, and quite frankly, it isn't even about next year. We stand firm with what we said before, which is we think that our 2026 pipeline business will look a lot more like our '24 pipeline business, which is a sizable increase from where we'll be in 2025.

當然。謝謝你的提問，安迪。我想說幾件事。我們的管道業務不是今年的事，坦白說，甚至不是明年的事。我們堅持先前的說法，即我們認為 2026 年的管道業務將更像 2024 年的管道業務，與 2025 年相比有大幅增長。

Historically, obviously, it's been our best performing business. It's been our highest margin business. It peaked at about $3.5 billion of revenues. I think on our last call, we said if the market plays out the way that we're seeing, there's potential to ultimately get there over time. We still feel that way.

從歷史上看，顯然這是我們表現最好的業務。這是我們利潤最高的業務。其收入最高達到約 35 億美元。我想在我們上次的電話會議上，我們說過，如果市場按照我們看到的方式發展，那麼隨著時間的推移，最終有可能實現這一目標。我們仍然有這種感覺。

We -- somewhat remarkable that we're even saying that based on where the business has been in the last couple of years. But the level of activity that we're seeing today is, in my mind, somewhat unprecedented. Again, not necessarily for '26, but even beyond '26, and we're making significant investments today, right? We're investing in people. We're investing in equipment, and we're preparing for what we think is going to be a really large cycle, which we'll see the beginning of in '26.

我們——根據過去幾年的業務狀況，我們甚至能說出這樣的話，這有點令人驚訝。但在我看來，我們今天看到的活動水平在某種程度上是前所未有的。再說一次，不一定是針對 26 年，但甚至要針對 26 年以後，我們今天正在進行重大投資，對嗎？我們正在投資人才。我們正在投資設備，為我們認為的真正大的週期做準備，我們將在 26 年看到這個週期的開始。

Helpful, Jose. And maybe a similar question in communications. There seems to be a ton of drivers there, whether it's fiber to the home, but now fiber to the data center. I think the Big Beautiful Bill helps with 100% bonus depreciation. So maybe you can talk about sort of the durability and duration of the cycle as you see it today, both in wireline and wireless?

很有幫助，何塞。在通訊領域也許也存在類似的問題。那裡似乎有大量的驅動因素，無論是光纖到戶，還是現在的光纖到資料中心。我認為「大美麗法案」有助於 100% 的獎金折舊。那麼，您能否談談目前有線和無線的週期的持久性和持續時間？

So again, Andy, it's been something that has somewhat caught us by surprise, the strength of the market. Our revenue guidance this year is north of 20%, again, all organic. When you look at the first two quarters, we outpaced that. We're bullish about not just this year, but what's going to quite frankly happen in '26 and beyond. We've got a number of new customers that keep coming to us with different plans, with different opportunities.

所以，安迪，市場實力再次讓我們感到驚訝。我們今年的營收預期是 20% 以上，而且全部是有機成長。如果你看一下前兩個季度，你會發現我們的表現已經超越了這個水準。我們不僅對今年充滿信心，而且坦白說，對 26 年及以後的發展也充滿信心。我們有許多新客戶，他們不斷向我們提出不同的計劃和不同的機會。

We're pricing a lot of things in that market. There's no reason that we don't think that next year is going to be another really strong growth year. And quite frankly, we think we're at the beginning of the cycle there as well.

我們正在為該市場的許多東西定價。我們沒有理由不相信明年將會是另一個真正強勁的成長年。坦白說，我們認為我們也正處於這個週期的開始。

There's been a lot of talk about beads, and beads hasn't even shown up yet, so we'll see how that also impacts the market. But today, the drivers of the business that, that middle fiber expansion, which is being built to not only focus on data centers, but really all of the growth that we're seeing across different industries is really driving that business, and we don't expect that to end anytime soon.

關於珠子的討論已經很多了，但珠子甚至還沒有出現，所以我們將看看這對市場有何影響。但今天，業務的驅動力是中間光纖擴展，其建設不僅關注資料中心，而且實際上我們看到的不同行業的所有增長都在推動該業務，我們預計這種情況不會很快結束。

Sangita Jain, KeyBanc Capital.

Sangita Jain，KeyBanc Capital。

Hi, good morning. Thanks for taking my questions. Jose, if I can follow up with one more on the Communications segment. Can you talk specifically about MasTec's split, wireline versus wireless as you last did with [Ericsson] order? And as we talked about all the fiber opportunities sum up.

嗨，早安。感謝您回答我的問題。何塞，我是否可以再跟進一下有關通訊部分的問題。您能否具體談談 MasTec 的拆分，有線與無線，就像您上次對 [愛立信] 訂單所做的那樣？正如我們所討論的所有光纖機會總結。

Sure. So again, historically, wireless business for a long time was the biggest piece of the business. It's not anymore. Our wireless business is probably roughly 40% of what we do. The balance is wireline. Wireline has a lot of growth. Our wireless business, though, we're still really bullish on. The Ericsson project is really less than a year old. It really started in the second half of last year. So we're in the first year of what's going to be a long multiyear cycle on that specific opportunity.

當然。因此，從歷史上看，無線業務長期以來一直是業務中最大的組成部分。現在不再是這樣了。我們的無線業務大概占我們業務總量的 40%。該餘額是有線的。有線業務成長迅速。不過，我們仍然非常看好我們的無線業務。愛立信計畫其實還不到一年。事情真正開始於去年下半年。因此，我們正處於這特定機會的長期多年周期的第一年。

We see tons of opportunities with other carriers on the wireless side. Based on what they've got planned in the coming years, we actually think that, that business will see, again, significant growth opportunities within the entire communications sector. And the wireline market is really -- there's as much demand as we've seen. So that's going to continue to grow for us.

我們在無線領域看到了與其他營運商合作的大量機會。根據他們未來幾年的計劃，我們實際上認為，該業務將再次在整個通訊領域迎來巨大的成長機會。正如我們所見，有線市場確實存在著巨大的需求。因此，我們的業務將會持續成長。

So we think both sectors are strong. Both sectors have tremendous growth opportunities over the coming years. And while the wireline is just bigger in total scope, we really like our position in both.

因此我們認為這兩個行業都很強勁。未來幾年這兩個產業都擁有巨大的成長機會。儘管有線業務的總範圍更大，但我們確實喜歡我們在這兩項業務中的地位。

And if I can follow up on that itself, would you need to make investments on that wireline side similar to what you are doing in pipelines if the cycle does materialize the way it's looking today?

如果我可以繼續追問的話，如果週期確實像今天這樣實現，您是否需要在有線方面進行類似於管道方面的投資？

I think we've done it. We talked a little bit about that on our first quarter call. We also added people in that business in a sizable way in the second quarter. I think we've talked about ramping up for the demand. I think we've been in that circumstance now for multiple quarters.

我想我們已經做到了。我們在第一季的電話會議上討論了這一點。我們也在第二季大規模增加了該業務的員工。我認為我們已經討論過如何滿足需求。我認為我們已經處於這種情況好幾個季度了。

So I actually think we're pretty well positioned there. I don't think that the level of investment on a go-forward basis is going to be different than what it's been in the last couple of quarters. So I think we'll continue to build off that.

所以我確實認為我們在那裡處於相當有利的位置。我認為未來的投資水準與過去幾季相比不會有什麼不同。所以我認為我們會繼續以此為基礎。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies）。

Good morning team. Good morning, Jose. Thanks for the time. I appreciate it. Just maybe to kick it off a little bit, let's talk about margins here a little bit. I mean, obviously you're talking about investing and reinvesting in the business in anticipation. What's the timeline and cadence here of seeing that inflect in certain segments here? I mean, obviously, as you said yourself, some of those may not necessarily fully. Translate in bookings or at least, meaning revenue increases in 26.

大家早安。早安，何塞。謝謝你的時間。我很感激。也許只是為了稍微開始一下，我們來談談這裡的利潤率。我的意思是，顯然您正在談論的是預期對業務進行投資和再投資。在這裡看到某些片段轉變的時間線和節奏是怎麼樣的？我的意思是，顯然，正如你自己所說，其中一些可能不一定完全如此。轉換為預訂量，或至少意味著收入在 26 年內增加。

How do you think about the cadence of that margin improvement through the cycle here? And then secondly, to follow up on the pipeline commentary earlier, there's some pretty mega projects contemplated here for the half of the year. I mean, obviously given your market position, can we make presumptions about some of those large ones in your position they're in? I mean, just being aligned with those partners.

您如何看待此週期中利潤率改善的節奏？其次，為了跟進先前的管道評論，這裡正在考慮在今年半年內實施一些相當大的項目。我的意思是，顯然考慮到您的市場地位，我們能否對一些與您處境相同的大公司做出推測？我的意思是，只要與這些合作夥伴保持一致。

So I'd say a couple of things. I'd say when we think about investments relative to margin, our backlog is way up, like, I mean, considerably up since the beginning of the year. It's been across virtually all of our segments. We see what's coming.

所以我想說幾件事。我想說，當我們考慮與保證金相關的投資時，我們的積壓訂單大幅增加，我的意思是，自今年年初以來大幅增加。它幾乎涵蓋了我們所有的領域。我們知道會發生什麼。

We see what's not in backlog, but we feel confident we're going to win, and thus, the reason for the investment decisions that we've made. So we're really trying to get ahead of that. We're really trying to be in a position so that when that work comes in, we can hit it and execute on the highest margin that we can relative to that. So we think that a lot of our investment will be captured in '25 relative to what we're going to need to take advantage of some of these growing markets.

我們看到了哪些事情沒有被積壓，但我們有信心我們會贏，因此，這就是我們做出投資決策的原因。所以我們確實在努力實現這一目標。我們確實在努力做到這樣，當這項工作開始時，我們能夠完成它，並盡可能地實現最高的利潤率。因此，我們認為，相對於我們需要利用這些不斷成長的市場而言，我們的許多投資將在 25 年實現。

Obviously, there's always a need for investment, but we think we're doing a lot of that as we speak. As it relates to pipeline, look, we're the largest pipeline builder in North America. We think we're the best pipeline builder in North America. We've got the largest fleet. We've got great people, and we think that for any owner that's out there that's interested in building a pipeline, there would be no reason not to contact MasTec and want MasTec on your project for lots of reasons.

顯然，總是需要投資，但我們認為我們正在做很多投資。就管道而言，我們是北美最大的管道建設者。我們認為我們是北美最好的管道建設者。我們擁有最大的艦隊。我們擁有優秀的人才，我們認為，對於任何有興趣建造管道的業主來說，沒有理由不聯繫 MasTec 並希望 MasTec 參與您的專案。

And we think that, that will play out in the marketplace.

我們認為，這將在市場上發揮作用。

Got it. Just to clarify from earlier the renewable timing. Obviously, you saw good progress here. How do you think about the timing of some of those projects getting pulled in? You made allusion to it earlier, but maybe to put a finer point on it, do you think that you actually see a shift forward into '26 and '27 specifically on the renewal business even within your existing backlog?

知道了。只是為了澄清之前的可更新時間。顯然，您在這裡看到了良好的進展。您如何看待這些項目被納入的時機？您之前提到過這一點，但也許可以更詳細地說明一下，您是否認為即使在您現有的積壓訂單中，您實際上也看到了向 26 年和 27 年的轉變，特別是在續約業務方面？

It depends on -- well, not in existing backlog because our existing backlog is only 18 months. So we wouldn't have anything today in backlog for 2027, regardless of where we stand with customers and our expectations for the work that we'll do for them in '27. I'd say that I don't think customers are there yet. I think -- in a perfect world, customers have dozens of gigawatts of projects planned from now through 2030. And hopefully, they can work that plan off in the process that they're expecting.

這取決於——嗯，不是現有的積壓，因為我們現有的積壓只有 18 個月。因此，無論我們與客戶的關係如何，無論我們對 2027 年為他們所做的工作有何期望，我們今天都不會積壓任何 2027 年的工作。我想說的是，我認為顧客還沒有到達那裡。我認為——在理想的世界中，客戶從現在到 2030 年計劃了數十千兆瓦的專案。希望他們能夠按照預期的進程實施該計劃。

If something changes relative to the executive order and they have to accelerate that, we will definitely see a significant acceleration of the business, and then, we'll have to manage to that. I think that's speculative, so I don't really want to get into that. I actually think that there's going to be a reasonable way to safe harbor projects, and we won't see significant acceleration across the industry, but time would tell.

如果行政命令發生變化，他們必須加快這一進程，我們肯定會看到業務顯著加速，然後，我們必須設法做到這一點。我認為這只是推測，所以我真的不想深入討論這個。我實際上認為將會有一種合理的方式來保護專案的安全，而且我們不會看到整個行業的顯著加速，但時間會證明一切。

Atidrip Modak, Goldman Sachs.

高盛的 Atidrip Modak。

Hey guys, good morning, Jose, you mentioned the head count increase on the pipeline side, in particular. Can you talk about the capacity building targets there? And how many large pipelines can you be working on at the same time? And is there a difference in utilization rates as we think of margins between the long-haul lines and the connector lines?

嘿，大家早上好，何塞，你特別提到了管道方面的員工人數增加。您能談談那裡的能力建構目標嗎？您能同時處理多少條大型管道？當我們考慮長途線路和連接線路之間的利潤時，利用率是否有差異？

Sure. So the 4,000 number that we gave was company-wide. Obviously, pipeline was a big part of that. We feel like we performed well on all types of projects, large and small. We've said that in the past. We think the margin opportunity and potential doesn't necessarily vary by type, by size of projects. Sometimes it does by contract structure. So the cost plus world allows you a lower margin than if you're doing units. So we've predominantly done most of the units with some cost plus. We'll see what that mix looks like in the future.

當然。所以我們給的 4,000 這個數字是全公司範圍的。顯然，管道是其中很重要的一部分。我們感覺我們在各類項目上都表現良好，無論項目大小。我們以前就說過這句話。我們認為利潤機會和潛力不一定會因專案類型和規模而異。有時它透過合約結構來實現。因此，成本加成的世界允許你獲得比做單位更低的利潤。因此，我們主要透過增加一些成本來完成大部分工作。我們將會看到這種組合將來會是什麼樣子。

In terms of scale, we would argue we're underutilized, right? At $2 billion, our peak was -- I don't know, a couple of years ago, we were doing $3.5 billion in sales in pipeline. So we think that the opportunity for us to increase the level of productivity with the assets that we own is tremendous, and we don't think that there's a -- we don't think from a terms of scale and our ability to perform that there'll be a lack of project. So for us, it's going to be about who do we want to partner with, what customers do we want to work for and how big and how quick do we want to scale that business over time.

從規模上來說，我們認為我們的利用率還不夠高，對嗎？我們的高峰銷售額為 20 億美元——我不知道，幾年前，我們的銷售通路銷售額為 35 億美元。因此，我們認為，利用我們所擁有的資產來提高生產力水準的機會是巨大的，而且我們認為，從規模和執行能力的角度來看，我們不會缺少專案。因此，對我們來說，關鍵在於我們想與誰合作，我們想為哪些客戶服務，以及我們想隨著時間的推移將業務擴大到多大、多快。

Got it. And then on that note, I guess, on the verbally awarded contracts that you were talking about, can you help us understand the nature of that between sort of connector lines or long-haul lines? And is there a way to assess how much of the pipeline on average you are bidding for or you could be getting awards for?

知道了。然後，我想，關於您所談論的口頭授予的合同，您能否幫助我們理解連接線路或長途線路之間的性質？有沒有辦法評估您平均競標了多少管道或可以獲得多少獎勵？

In terms of the total market or a specific project?

就整個市場還是特定項目而言？

For a long-haul pipeline, I mean, are you bidding for the entire thing? Is it reasonable to expect you're going to get the entire thing or 40%, 50%, anything like that?

對於一條長途管道，我的意思是，您是否對整個管道進行競標？期望獲得全部或 40%、50% 或類似的金額合理嗎？

Yeah. Look, so it depends on the customer. There are projects that we've done in their entirety. There are projects where we've done half a project, the majority of the project, and it all depends on the customer, the size of the project, the location, the risk tolerance, right? For us, again, we've got a lot of availability.

是的。瞧，這取決於客戶。有些項目我們已經完整地完成了。有些專案我們已經完成了一半，有些專案已經完成了大部分，而這一切都取決於客戶、專案規模、地點、風險承受能力，對嗎？對我們來說，我們再次擁有很多可用性。

We've got, we think, the most flex in the marketplace relative to our ability to gear up for any project. And we are going to responsibly try to be as strong as we can in that business and grow that business as quickly and as reasonably as we can at the margin profile that we've historically enjoyed.

我們認為，就我們為任何專案做好準備的能力而言，我們在市場上擁有最大的靈活性。我們將負責任地努力在該業務上盡可能強大，並在我們歷史上享有的利潤率水平上盡可能快速、合理地發展該業務。

Drew Chamberlain, JPMorgan.

摩根大通的德魯張伯倫。

Yeah, good morning, thank you for taking the questions. First, I just want to follow up on the pipeline margins here. And obviously, I appreciate the investment that you've put into the business this quarter. But can you maybe talk a little bit about how much further investment you need to have in 2025 to be ready for the coming years? And then also, I mean, maybe just touching a little bit, I know we've talked about the revenue volumes in the past being 3.5%. But I mean also the margin profile then was also in the 20s, right?

是的，早上好，感謝您回答問題。首先，我只想跟進這裡的管道利潤率。顯然，我很欣賞您本季對業務的投資。但是，您能否談談到 2025 年您還需要進行多少投資才能為未來幾年做好準備？然後，我的意思是，也許只是稍微觸及一點，我知道我們過去討論過的收入額是 3.5%。但我的意思是，當時的利潤率也在 20 多，對嗎？

And so I'm just wondering if you think about as that revenue ramps, do you think there's any structural change in what the margin potential is here? I'm not talking about like what you've guided to, but how you think about the potential for that business? Are there things that have changed, the labor cost, other input costs that might have necessarily changed to make you think differently about the margin profile?

所以我只是想知道，您是否認為隨著收入的增長，利潤潛力會發生任何結構性變化？我並不是說您所指導的內容，而是您如何看待該業務的潛力？是否存在一些變化，例如勞動成本、其他投入成本，這些變化可能會讓您對利潤率狀況有不同的看法？

I think the long-term answer is no. There's nothing structurally different. If you look at -- even if you look at '25, which I know we don't want to focus on '25, but if we look at the back half of '25, our guidance profile on the margin side is way up, right? So we'll be back to the mid-teens in the second half of '25 versus the first half of '25. Again, '26 isn't a peak year by any stretch of the imagination.

我認為長期的答案是否定的。結構上沒有什麼不同。如果你看一下 - 即使你看一下 25 年，我知道我們不想關注 25 年，但如果我們看一下 25 年的後半段，我們對利潤率的指導概況就會上升，對嗎？因此，與 25 年上半年相比，25 年下半年我們將回到十幾歲的水平。再說了，不管怎樣，26 年都不是巔峰之年。

I think the cycle starts in '26. I think the performance in '26 will obviously be better than the performance in '25. Again, we've said approaching '24 levels. But over time, as the volume continues to increase, there is no reason why we shouldn't be able to attain historical margin profiles. Again, we've always guided towards high to mid-teens in that market.

我認為這個週期從 26 年開始。我認為 26 年的表現顯然會比 25 年的表現更好。再次，我們說過接近‘24 級’。但隨著時間的推移，隨著交易量的不斷增加，我們沒有理由不能達到歷史利潤率水準。再次強調，我們一直引導該市場達到十幾歲到十幾歲的水平。

The opportunity to outperform that is there, but that's based on execution. So no, we don't think there's anything structurally different that wouldn't allow us if we execute well to achieve a similar level of margins as we've historically done.

超越這一目標的機會是存在的，但這取決於執行力。所以，我們認為，只要我們執行得當，沒有任何結構上的差異會阻止我們實現與歷史上類似的利潤水準。

Okay. And then a quick one on cash. I mean, obviously, a big ramp here in the second half of the year in the implied guidance. Maybe can you just maybe talk about what's giving you confidence in that ramp? I appreciate you did it last year, and so it's clearly achievable.

好的。然後快速看一下現金。我的意思是，顯然，下半年隱含指引將大幅上升。也許您能談談是什麼讓您對這個坡道充滿信心嗎？我很欣賞你去年所做的一切，所以這顯然是可以實現的。

But what's given you confidence this year? And then maybe if there are a few points that make you worried about whether it's achievable or not, things that could be headwinds in the second half to cash? I mean what would those be?

但今年是什麼給了你信心呢？那麼，如果有幾個點讓您擔心這是否可以實現，那麼下半年哪些因素可能會對現金產生不利影響？我的意思是那些會是什麼？

It's really just timing of the sequential growth, right? So we had big sequential growth in Q2, and it will moderate as we go through Q3 and Q4 from the prior quarter. It's just working capital. That's the only working capital timing. Our DSOs in the low to mid-60s are where we think they'll be structurally.

這其實只是連續成長的時間而已，對嗎？因此，我們在第二季度實現了大幅連續成長，但隨著我們進入第三季和第四季度，這種成長將會放緩。這只是營運資金。這是唯一的營運資本時機。我們認為，從結構上來看，我們的 DSO 應該處於 60 年代初期到中期的水平。

So we don't have a benefit of reducing those any further. So it's just timing of investing for the various jobs.

因此，進一步減少這些對我們沒有任何好處。所以這只是對各種工作進行投資的時機。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Hi, good morning, nice quarter. I guess, Jose, obviously, lots of growth opportunities ahead of you, and you're investing in your business as you talked about increasing your labor. I'm wondering to what degree does that create a short-term headwind, as you think about margins at least in the first part of 2026. You mean just as we're absorbing those costs and training people, et cetera?

嗨，早上好，這是一個美好的季度。我想，何塞，顯然，你面前有很多成長機會，而且正如你談到增加勞動力一樣，你正在對你的業務進行投資。我想知道，當你考慮至少在 2026 年上半年的利潤率時，這會在多大程度上造成短期阻力。您的意思是我們正在承擔這些成本並培訓人員等等？

And then I guess my second question, and I'm sorry if someone's asked this, but there's like five calls this morning. Just your thoughts on M&A, your peers -- your peer is making some pretty aggressive moves on the acquisition front. To what degree do you think you need to do more acquisitions to continue to enhance your competitive positioning? And to what degree do you need to do acquisitions to ramp the labor growth? Thank you.

然後我想我的第二個問題，如果有人問到這個問題我很抱歉，但今天早上有五通電話。只是您對併購的看法，您的同行——您的同行在收購方面採取了一些相當積極的舉措。您認為您需要在多大程度上進行更多收購才能繼續增強您的競爭地位？您需要進行多大程度的收購才能促進勞動力成長？謝謝。

Yeah. So a couple of things. I'd say that when we look at the investments that we're making, we think we're absorbing those costs in 2025. We think we absorbed some of them in the second quarter, which was why we handily beat revenues, but didn't necessarily have a lot of flow-through on EBITDA. We've got a little bit of that in Q3, again, where we've guided revenues slightly higher, but without a significant amount of flow-through.

是的。有幾件事。我想說，當我們審視我們正在進行的投資時，我們認為我們將在 2025 年吸收這些成本。我們認為我們在第二季度吸收了其中的一些，這就是為什麼我們的收入輕鬆超過預期，但在 EBITDA 上卻不一定有大量的流動。我們在第三季也出現了一些這樣的情況，我們預計收入會略有增加，但沒有大量的流通。

We think that has to do with the investments. . We actually think that starts to turn as early as the fourth quarter. We don't expect there to be significant lingering impacts of that going into '26, where we think will be highly utilized across these investments that we've made. So we're -- again, we think that's a great story and really important.

我們認為這與投資有關。。我們實際上認為這種情況最早在第四季就會開始轉變。我們預計，這種影響不會持續到 26 年，我們認為，這些影響將在我們所做的投資中得到充分利用。所以我們——再次強調，我們認為這是一個偉大的故事，而且非常重要。

As it relates to M&A and what we've said in the past, look, we were very acquisitive in the '22, '23 timeframe. We talked about really focusing on the organic opportunities that are in front of us. That's been our focus. When you look at our revenue growth this year, when you look at our earnings growth, when you look at our 60% EPS growth this year relative to last year, that's been virtually all organic. And I think that, that was important for the organization at that moment in time with some of the issues that we had with the integration of IA.

至於併購，以及我們過去所說的，你看，我們在 22、23 年期間非常有收購精神。我們討論了真正專注於擺在我們面前的有機機會。這一直是我們的重點。當你看到我們今年的營收成長、獲利成長以及相對於去年我們今年的每股盈餘成長 60% 時，你會發現這些幾乎都是有機成長。我認為，這對當時的組織來說非常重要，因為我們在 IA 整合方面遇到了一些問題。

We think we're through that. We think we're in a very different position. To your question of do we need to do M&A, our answer is we do not need to do M&A. We -- when we look at '26, right, we see -- we laid out a goal when we did the IA acquisition in the summer of 2022, that we wanted to exceed $15 billion in revenue. We've put a midterm target on that. Here we are three years later, I'm highly convinced that next year we will exceed $15 billion in revenue in 2026. I think we'll improve our EBITDA margins in 2026 versus 2025.

我們認為我們已經度過了這一關。我們認為我們處於非常不同的地位。對於您問我們是否需要進行併購，我們的回答是不需要。當我們回顧 26 年時，我們看到，我們在 2022 年夏天收購 IA 時制定了一個目標，那就是我們希望收入超過 150 億美元。我們已經為此設定了中期目標。三年後的今天，我堅信，到 2026 年，我們的收入將超過 150 億美元。我認為，與 2025 年相比，2026 年我們的 EBITDA 利潤率將會提高。

When we look at our EPS, we think we can exceed $8 of EPS in 2026 versus where we've been. So from a necessity point of view, no, to grow at double digits and to continue to grow earnings at double digits, we do not feel we need to do M&A. And with that said, are there M&A opportunities out there that we're intrigued by that we think could potentially help further grow the business, the answer is yes, right? And I think that as an organization, we're getting to a place where we're more ready for it than we've been in the last couple of years.

當我們查看我們的每股盈餘時，我們認為到 2026 年我們的每股盈餘可以超過 8 美元。因此，從必要性的角度來看，為了實現兩位數的成長並繼續以兩位數的速度成長收益，我們認為我們不需要進行併購。話雖如此，是否存在令我們感興趣並認為可能有助於進一步發展業務的併購機會，答案是肯定的，對嗎？我認為，作為一個組織，我們比過去幾年已經做好了更充分的準備。

Again, we're not looking to do anything transformational. We think we've been really good at tuck-ins over time. So that's where we're focused. But as we kind of alluded to on our last call, I do think you can expect us to be more active in the M&A world on a go-forward basis.

再說一次，我們不想做任何改變。我們認為，長期以來，我們一直非常擅長塞滿食物。這就是我們關注的重點。但正如我們在上次電話會議中提到的那樣，我確實認為您可以期待我們在未來更加積極地參與併購領域。

Justin Hauke, Robert W. Baird.

賈斯汀·豪克、羅伯特·W·貝爾德。

Great. I think most of my questions have been answered. I just have one quick one. Just turning back to the Communications segment. I think your previous guidance for the second half was that it would be kind of flattish, and now, 3Q in particular, is really strong and, I guess, second half up high single digits, maybe close to 10%. Is that the data center fiber work that's driving it? Or what's the change versus kind of the previous outlook that it would be flattish here in the second half?

偉大的。我想我的大部分問題都已經得到解答了。我只有一個快速答案。回到通訊部分。我認為您之前對下半年的預測是會持平，但現在，特別是第三季度，表現非常強勁，我猜下半年將成長個位數，可能接近 10%。這是資料中心光纖工作的推動力嗎？或者與先前的預測相比，下半年經濟將保持平穩，現在有什麼變化？

Well, I think it's outperformance in the first half, right? So if you look at the first half, again, we grew first half revenue versus last year in the Coms business is up 38%, which is really impressive. I think that, if anything, I'd argue we're being a little conservative in the second half, and I think it's broad-based. I think the wireless business is performing well. It's strong.

嗯，我認為上半年表現優異，對嗎？因此，如果你再看一下上半年，你會發現我們的通訊業務收入與去年同期相比成長了 38%，這確實令人印象深刻。我認為，如果有什麼不同的話，那就是我們在下半年會有點保守，而且我認為這是普遍現象。我認為無線業務表現良好。它很強大。

We've done a really good job of gearing up and -- or we did a really good job at gearing up and preparing for some of the larger projects we had in that business. I think that's showing in execution today. We continue to see tons of wireline opportunities, new ones that we're pricing, that will have some impact towards the end of '25, but quite frankly, will probably impact '26 more. So we continue to see activity.

我們已經做好了充分的準備——或者說，我們為該業務中的一些大型專案做好了充分的準備和準備。我認為這在今天的執行中得到了體現。我們繼續看到大量的有線機會，我們正在定價的新機會，將在25年底產生一定的影響，但坦白說，可能會對26年產生更大的影響。因此我們繼續看到活動。

I think, obviously, the wireless build-out started in the second half of '25. So the '25 second half comps are more difficult than the first half '25. That's part of the reason for the large variances in growth. But again, when we look at the cycle and what we think we can accomplish in this business over a longer period of time, we think high single to low double-digit top line growth is very reasonable in this market for that segment.

我認為，無線網路的建置顯然始於 2025 年下半年。因此，25 年下半年的比賽比 25 年上半年的比賽更困難。這是造成成長差異巨大的部分原因。但是，當我們審視週期以及我們認為在較長時期內我們可以在該業務上取得的成就時，我們認為在該市場中，該細分市場的高個位數到低兩位數的營收成長是非常合理的。

Brian Brophy, Stifel.

布萊恩·布羅菲（Brian Brophy），Stifel。

Yeah thanks. Good morning everybody. I appreciate you squeezing us in here. I wanted to ask about power delivery margins. There was some discussion about project inefficiencies in the Q. And I think the press release as well. And I think this is the second quarter you guys have talked about this. Any more color on what is driving these project inefficiencies? Is it related to green link at all? And how should we be thinking about this potential headwind in the second half?

是的，謝謝。大家早安。感謝您抽出時間讓我們來到這裡。我想問一下電力輸送裕度。在問答環節中有一些關於專案效率低下的討論，我認為新聞稿中也是如此。我認為這是你們討論這個問題的第二季。您能進一步解釋一下造成這些專案效率低下的原因嗎？它與綠色連結有關係嗎？我們該如何看待下半年可能出現的逆風？

Well, if you think about our second half guide for margins in Power Delivery are double digits. We think we'll achieve that in both quarters, third and fourth. So I think it's no different than the commentary we've put out in the past. I don't think there's anything significant to really highlight. I'd say in some areas, I think we had some weather impacts.

好吧，如果你考慮一下我們下半年電力傳輸利潤率的指南是兩位數。我們認為我們將在第三季和第四季實現這一目標。所以我認為這與我們過去發表的評論沒有什麼不同。我認為沒有什麼值得特別強調的。我想說，在某些地區，我認為我們受到了一些天氣影響。

We had -- geographically, we had some areas that really improved and areas that probably held us back a little bit. I do think there -- we said it in Q1, there's some margin that we felt we left on the table there in the first half of the year. . With that said, I mean, we were still up, right, in both earnings and in revenue on a year over year basis. So revenue was up about 17% in the first half year over year. EBITDA was up 10% in the first half year over year. So it's not that we didn't improve. It's quite frankly, we thought we could have improved more. And I think we'll start to show that in the second half of the year.

從地理位置來看，我們有一些領域確實取得了進步，而有些領域可能稍微阻礙了我們的發展。我確實認為──我們在第一季就說過，我們覺得在上半年我們還留有一些空間。。話雖如此，我的意思是，我們的利潤和收入同比仍然有所增長。因此，上半年營收年增約 17%。上半年EBITDA年增10%。所以並不是說我們沒有進步。坦白說，我們認為我們本可以取得更大的進步。我認為我們將在今年下半年開始展現這一點。

Brent Thielman, D.A. Davidson.

布倫特·蒂爾曼、D.A.戴維森。

Hey, thanks, congrats on all the momentum here. Jose, just had a -- look, you got a lot of businesses that sort of benefit indirectly from the AI data center build-out. Maybe just refresh us on some of the things you're doing more directly for data centers, kind of size it for us? And are you investing more in it and trying to scale that up?

嘿，謝謝，恭喜你在這裡取得的所有進展。何塞，剛才──你看，有很多企業都從人工智慧資料中心的建設間接受益。也許只是讓我們回顧一下您為資料中心所做的一些更直接的事情，為我們介紹一下它的規模？您是否會加強投資並嘗試擴大其規模？

The short answer is yes. I think everything from -- we started in that world. We talked about it. It feels like a long time ago, but we really started that on the civil side of our business with our infrastructure business. I think it's grown where we're doing a lot of power associated work relative to data centers.

簡短的回答是肯定的。我認為一切都是從──我們從那個世界開始的。我們討論過這件事。感覺好像是很久以前的事了，但我們確實是從基礎設施業務的民用方面開始做這件事的。我認為，當我們在資料中心做大量與電力相關的工作時，電力就會成長。

We're obviously doing a lot of telecom work related to data centers. Our business continues to grow there. It's performing as expected or better. I think we're probably more optimistic about the longer-term opportunities of what we have in that market than we've ever been. And I think over the next couple of quarters, hopefully, we'll be able to talk more about what that is and what services we're specifically trying to target.

我們顯然正在做很多與資料中心相關的電信工作。我們的業務在那裡持續成長。它的表現符合預期，甚至更好。我認為，我們可能比以往任何時候都更樂觀地看待我們在該市場所擁有的長期機會。我認為在接下來的幾個季度裡，我們希望能夠更多地談論這是什麼以及我們具體針對哪些服務。

Liam Burke, B. Riley Securities

伯克（Liam Burke），B. Riley 證券

Thank you. Good morning, Jose. Good morning, Paul. Jose, pipeline is accelerating, and you laid out all the reasons why. Is it just the challenge you have in front of you scaling the business? Or has there been any change in the competitive front?

謝謝。早安，何塞。早安，保羅。何塞，管道正在加速，你已經列出了所有原因。這是否只是您在擴大業務時所面臨的挑戰？或者競爭方面有什麼改變嗎？

I mean, we're not afraid of the competition. I think that -- no, it's a matter of -- there's obviously been a huge sentiment change. So if you would have asked our customers a year ago, the outlook was nowhere near what it is today. So I think as the -- obviously, the election changed a lot, the reliance on natural gas in the future has changed a lot. It's changed the business.

我的意思是，我們不怕競爭。我認為——不，問題是——顯然情緒發生了巨大的變化。因此，如果你在一年前詢問我們的客戶，你會發現前景遠不如今天。所以我認為——顯然，選舉發生了很大的變化，未來對天然氣的依賴也發生了很大的變化。它改變了業務。

Our customers are responding to that change, but it doesn't happen overnight, right? So any of these projects, there's obviously a lot of engineering, planning, you got to order pipe, you've got to work on routes and get permitting, and that's happening, right? So we're -- the level of activity that we're seeing is incredible.

我們的客戶正在對這種變化做出反應，但這不會在一夜之間發生，對嗎？因此，任何這些項目顯然都需要大量的工程和規劃，你必須訂購管道，必須規劃路線並獲得許可，而這些都在發生，對嗎？所以，我們看到的活動水平令人難以置信。

We will get more than our share of that, we believe, and it's just a matter of timing, right? So we're -- we see what's coming in the second half of the year. We're excited about it, and we're preparing for that. And that's kind of what's driving the business today and the investment decisions that we're making today.

我們相信，我們將獲得比我們應得的份額更多的回報，這只是時間問題，對嗎？所以我們——我們看到了今年下半年會發生什麼。我們對此感到興奮，並且正在為此做準備。這就是我們今天業務的驅動力以及我們今天所做的投資決策。

Great. And then just real quickly, and you mentioned this in your prepared comments that nuclear is way out there, but are there any early discussions on any of the providers on getting you involved?

偉大的。然後很快，您在準備好的評論中提到核能是可行的，但是是否有任何供應商就讓您參與其中進行過早期討論？

Look, it's the beauty of our business, right? We evolve with every one of our markets. We evolve in the different technologies as they come up. Obviously, we're paying really close attention to it. And there's no doubt in my mind that when the time comes, if that becomes a growing source of generation, we will be engaged.

瞧，這就是我們業務的美妙之處，對吧？我們隨著每一個市場而發展。隨著不同技術的出現，我們也隨之不斷發展。顯然，我們對此非常關注。我堅信，當時機成熟時，如果這成為日益增長的發電來源，我們就會參與其中。

That will conclude today's Q&A session. I would now like to turn the call back over to management for any additional or closing remarks.

今天的問答環節到此結束。現在我想將電話轉回給管理層，以便他們發表任何補充或結束語。

Thank you all for joining. This concludes today's call. Thanks for participating. And as a reminder, please visit our investor website for a replay and transcript of the call, which will be posted when available. Have a good day.

感謝大家的加入。今天的電話會議到此結束。感謝您的參與。提醒一下，請訪問我們的投資者網站，獲取電話會議的重播和記錄，我們將在可用時發布。祝你有美好的一天。

Thank you, that concludes today's call. Thanks for participating. And as a reminder, please visit our investor website for a replay and a transcript of the call, which will be posted when available.

謝謝，今天的通話到此結束。感謝您的參與。提醒一下，請訪問我們的投資者網站，獲取電話會議的重播和記錄，我們將在可用時發布。