MasTec Inc (MTZ) 2026 Q1 法說會逐字稿

Thank you for standing by, and welcome to MasTec's first-quarter 2026 financial results conference call. I want to remind participants that today's call is being recorded. I'd now like to turn the call over to Marc Lewis for some opening comments.

感謝各位稍候，歡迎參加 MasTec 2026 年第一季財務業績電話會議。提醒各位與會者，今天的電話會議將被錄音。現在我想把電話交給 Marc Lewis，請他先做開場致詞。

Thank you, Lisa, and good morning, everyone, and thanks for joining us for MasTec's first-quarter conference call. Joining me today are Jose Mas, Chief Executive Officer; and Paul Dimarco, our CFO.

謝謝你，Lisa，各位早安，也感謝大家參加 MasTec 第一季電話會議。今天與我一同出席的有執行長 Jose Mas，以及我們的財務長 Paul Dimarco。

We have prepared slides to supplement our remarks today, which are posted on MasTec's website under the Investors tab and through the webcast link this morning. There is also a companion document with information analytics on the quarter and a guide summary to assist in financial modeling.

我們已準備投影片以補充今天的說明，投影片已張貼於 MasTec 官網「投資人」頁籤下，並可透過今天早上的網路直播連結取得。另外也有一份搭配文件，提供本季的資訊分析以及指引摘要，協助進行財務模型建置。

Please read the forward-looking statement disclaimer contained in the slides accompanying this call. During this call will make certain 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.

請閱讀本次電話會議隨附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日期之未來計畫與預期，做出若干前瞻性陳述。由於這些陳述係基於目前的假設與涉及風險及不確定性的因素，我們的實際表現與結果可能與前瞻性陳述有重大差異。

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

我們的 Form 10-K（並由我們目前及定期報告與申報文件更新）包含對可能造成此等差異之風險與不確定性的詳細討論。此外，在今天的說明中，我們將討論已於昨日新聞稿及其附表中對帳之調整後財務指標。

We may also use certain non-GAAP financial measures on this call. A reconciliation of any non-GAAP financial measures not reconciled in these comments to the most comparable GAAP financial measure can be found in our earnings press release, slides or companion documents.

我們也可能在本次電話會議中使用若干非 GAAP 財務衡量指標。對於本段說明中未進行對帳的任何非 GAAP 財務衡量指標，其與最可比 GAAP 財務衡量指標之對帳，可於我們的財報新聞稿、投影片或搭配文件中查閱。

We had another great quarter to start the year, and let's get into it. I will now turn the call over to Jose. Jose?

我們以另一個出色的季度展開新的一年，接下來就進入重點。我現在把電話交給 Jose。Jose？

Thanks, Marc. Good morning, and welcome to MasTec's 2026 first-quarter call. Today, I'll be reviewing our first-quarter results as well as providing my outlook for the markets we serve. First, some first-quarter highlights.

謝謝你，Marc。各位早安，歡迎參加 MasTec 2026 年第一季電話會議。今天我將回顧第一季業績，並提供我們所服務市場的展望。首先，先看第一季重點摘要。

Revenue for the quarter was $3.829 million up 34% year-over-year. Adjusted EBITDA was $284 million, a 73% year-over-year increase. Adjusted earnings per share was $1.39, a 174% year-over-year increase. And backlog at quarter end was $20.3 billion a $1.4 billion sequential increase and a new record level.

本季營收為 38.29 億美元，年增 34%。調整後 EBITDA 為 2.84 億美元，年增 73%。調整後每股盈餘為 1.39 美元，年增 174%。季末在手訂單為 203 億美元，較前一季增加 14 億美元，並創下新高紀錄。

In summary, we delivered a great quarter. In fact, the strongest first quarter in our history, setting new highs across virtually every key metric. Revenue, EBITDA, and EPS were all above guidance, with strong year-over-year double-digit growth. EBITDA margins improved 170 basis points versus last year first quarter and total company book-to-bill was 1.4 times, setting yet another backlog record.

總結來說，我們交出了一個非常出色的季度。事實上，這是我們公司史上最強的第一季，幾乎在所有關鍵指標上都創下新高。營收、EBITDA 與 EPS 皆高於指引，且年增皆為強勁的雙位數成長。EBITDA 利潤率較去年第一季提升 170 個基點；全公司接單出貨比（book-to-bill）為 1.4 倍，再度創下在手訂單新紀錄。

2026 should be a great year, and I'm excited about the momentum we are building as we look ahead to 2027 and beyond. Maybe more importantly, when you step back from the quarter, what we're seeing across our end markets continues to reinforce our confidence in the longer-term opportunity in front of us.

2026 年應該會是非常好的一年；展望 2027 年及更長期，我對我們正在建立的動能感到振奮。更重要的是，當你從本季拉高視角來看，我們在終端市場看到的情況，持續強化我們對眼前長期機會的信心。

The amount of investment going into critical infrastructure right now is significant and is being driven by some very durable trends, whether that's AI and data centers, grid reliability, energy demands, critical infrastructure or connectivity. And the way we're positioned at MasTec, we're right in the middle of all of that.

目前投入關鍵基礎設施的投資規模相當可觀，且由一些非常具持久性的趨勢所驅動，無論是 AI 與資料中心、電網可靠度、能源需求、關鍵基礎設施或連結性。以 MasTec 的布局而言，我們正處於這一切的核心位置。

On the Telecom side, we feel really good about where we are. The fundamentals continue to improve, driven by strong growth in total data usage. Aggregate US data consumption is estimated to almost double by 2030. This growth is fueled by increasing demand for streaming video, cloud computing, gaming, and connected devices.

在電信（Telecom）方面，我們對自身所處位置感到非常樂觀。在總數據使用量強勁成長的帶動下，基本面持續改善。預估到 2030 年，美國整體數據消耗量將接近翻倍。此成長由串流影音、雲端運算、遊戲以及連網裝置需求增加所推動。

The rapid expansion in total network traffic underscores durable demand and significant long-term growth potential. At the same time, you've got the next wave of investment coming from bead funding, which will support rural broadband and middle mile builds over the next several years.

整體網路流量的快速擴張凸顯了具韌性的需求與顯著的長期成長潛力。同時，下一波投資也將來自 BEAD 資金，未來數年將支持鄉村寬頻與中段網路（middle mile）建設。

But the biggest shift we're seeing is around data center interconnectivity. AI is driving a level of demand for fiber capacity, redundancy, and low latency that we haven't seen before. Connecting data centers, both long haul and metro, is becoming a major driver of spend, and we think that creates a multiyear opportunity measured in the tens of billions of dollars.

但我們看到最大的轉變是在資料中心互連（data center interconnectivity）。AI 正在推動對光纖容量、備援與低延遲的需求水準，這是我們前所未見的。連接資料中心（包含長途與都會區）正成為支出的一大驅動因素，我們認為這將帶來以數百億美元計的多年期機會。

In Power Delivery, the visibility remains strong. We're in the middle of a multiyear investment cycle in the grid. Utilities are spending heavily on transmission, system hardening, and reliability, and that's being driven by both aging infrastructure and increasing demand.

在電力輸配（Power Delivery）方面，可見度仍然強勁。我們正處於電網多年期投資循環的中段。公用事業公司正大幅投入輸電、系統強化與可靠度提升，驅動因素包括基礎設施老化以及需求增加。

A big part of that demand is coming from AI and data centers, which could drive up to 12% of total US electricity consumption by the end of the decade. That kdin of growth requires significant expansion of the grid, new transmission lines, substations, and upgrades across the system.

其中一大部分需求來自 AI 與資料中心，到本十年末可能推升至占美國總用電量的 12%。那種成長需要電網大幅擴張、新建輸電線路、變電站，以及全系統的升級。

So when you combine load growth, resilience, and energy transition, it creates a long duration, highly visible opportunity set, and we think we're really well positioned there. Power Delivery revenue for the quarter was up 16%, and EBITDA was up 40%, and book-to-bill was 1.6 times, with backlog increasing over $600 million sequentially.

因此，當你把負載成長、韌性與能源轉型結合起來，就形成一個期間長、可見度高的機會集合，而我們認為自己在那裡的布局非常到位。本季電力輸配營收年增 16%，EBITDA 年增 40%，接單出貨比為 1.6 倍，在手訂單較前一季增加超過 6 億美元。

In Clean Energy and Infrastructure, what's really making a difference is the platform we've built across renewables, civil, industrial, and general building. Our renewable revenue was up over 60% year-over-year and margins improved 70 basis points.

在潔淨能源與基礎建設（Clean Energy and Infrastructure）方面，真正帶來差異的是我們在再生能源、土木、工業與一般建築所建立的平台。我們的再生能源營收年增超過 60%，利潤率提升 70 個基點。

In our industrial and infrastructure markets, we're seeing significant opportunities tied to critical infrastructure, including gas-fired generation, civil construction, and general building permission-critical projects. Data center development is a big part of that. Each one of those projects require significant site work, power infrastructure, and ongoing expansion, and that plays directly into our capabilities.

在工業與基礎建設市場，我們看到與關鍵基礎設施相關的重大機會，包括燃氣發電、土木工程，以及一般建築中具許可關鍵性的專案。資料中心開發是其中的重要一環。上述每一類專案都需要大量場地工程（site work）、電力基礎設施與持續擴建，這與我們的能力高度契合。

Our recent turnkey data center award is progressing very well. The demand for both the skill set that MasTec has developed in construction management, coupled with the capabilities we have in, civil, power, telecom, and maintenance provides us the opportunity to exponentially grow this part of our business.

我們近期取得的交鑰匙（turnkey）資料中心案進展非常順利。市場對 MasTec 在施工管理所培養的技能組合之需求，加上我們在土木、電力、電信與維護方面的能力，為我們帶來將此業務部分呈指數型成長的機會。

As the opportunity for full turnkey services matures, we continue to look for ways to increase our self-perform capabilities and improve margins. Clean Energy and Infrastructure segment revenues increased 45% year-over-year, EBITDA was up 56%, and segment backlog increased sequentially by over $770 million, representing a book-to-bill of 1.6 times.

隨著全方位交鑰匙服務的機會逐步成熟，我們持續尋求提升自營施工（self-perform）能力並改善利潤率的方法。潔淨能源與基礎建設事業群營收年增 45%，EBITDA 年增 56%，事業群在手訂單較前一季增加超過 7.7 億美元，接單出貨比為 1.6 倍。

On the Pipeline side, the fundamentals are also very solid. For the quarter, Pipeline segment revenue was up 92% year-over-year and EBITDA more than tripled. There's a growing need for natural gas infrastructure, particularly to support gas-fired generation, which remains critical for reliability as power demand increases.

在管線（Pipeline）方面，基本面同樣非常穩健。本季管線事業群營收年增 92%，EBITDA 超過三倍成長。天然氣基礎設施的需求正在增加，特別是為了支援燃氣發電；隨著用電需求上升，燃氣發電對可靠度仍至關重要。

And at the same time, global LNG demand continues to grow, driving investment in export infrastructure and related pipelines, both domestically and internationally. So we see this as a business with good visibility and steady demand going forward.

同時，全球 LNG 需求持續成長，帶動對出口基礎設施及相關管線的投資，涵蓋美國國內與國際市場。因此，我們認為這是一項未來具良好可見度且需求穩定的業務。

Our reported backlog is not fully representative of the potential as it only includes signed contracts. Based on current negotiations and verbal awards, our visibility in this segment is as strong as it's ever been, and we expect strong long-term growth.

我們所報告的在手訂單並未能完全代表潛在機會，因為其中僅包含已簽署的合約。基於目前的協商進展與口頭授標，我們在此業務領域的能見度達到前所未有的強勁水準，並預期長期將有強勁成長。

In closing, we delivered an exceptional start to 2026 with record performance across revenue, profitability, and backlog. These results reflect strong execution across the business and the strength of our diversified platform. More importantly, the long-term fundamentals across all of our end markets remain highly compelling, from AI-driven data center growth and telecom demand, to grid modernization, energy infrastructure, and pipeline opportunities, the scale and durability of investment continue to grow.

最後，我們在2026年以卓越的開局起步，在營收、獲利能力與在手訂單方面皆創下紀錄。這些成果反映出我們在全公司範圍內的強勁執行力，以及多元化平台的優勢。更重要的是，我們所有終端市場的長期基本面仍極具吸引力——從AI驅動的資料中心成長與電信需求，到電網現代化、能源基礎設施與管線機會，投資的規模與持久性持續擴大。

We believe MasTec is uniquely positioned at the center of these critical infrastructure trends with the capabilities, customer relationships, and backlog to drive sustained growth. Given our strong performance and momentum, we are increasing our full-year guidance. We now expect revenue of $17.5 billion, adjusted EBITDA of $1.5 billion, and earnings per share of $8.79, representing year-over-year growth of 22%, 30%, and 34%, respectively.

我們相信，MasTec 憑藉其能力、客戶關係與在手訂單，獨特地位於這些關鍵基礎設施趨勢的核心，足以推動持續成長。鑑於我們強勁的表現與動能，我們上調全年財測指引。我們目前預期營收為175億美元、調整後EBITDA為15億美元、每股盈餘為8.79美元，分別代表年增22%、30%與34%。

With strong visibility, accelerating demand, and meaningful momentum across our segments, we are confident in our outlook for 2026 and and increasingly optimistic about the opportunities ahead in 2027 and beyond.

在能見度強勁、需求加速，以及各事業部門具備顯著動能的情況下，我們對2026年的展望充滿信心，並對2027年及更長遠的機會愈加樂觀。

I'd like to take a moment to thank the men and women at MasTec. It is both an honor and a privilege to lead such an outstanding team. Our people are deeply committed to the values that define us: safety, environmental stewardship, integrity, and honesty while consistently delivering high-quality projects at the best possible value for our customers.

我想花點時間感謝 MasTec 的每一位同仁。能夠領導如此傑出的團隊，對我而言既是榮耀也是特權。我們的同仁深切投入於定義我們的價值觀：安全、環境管理、正直與誠信，同時持續以對客戶最具價值的方式交付高品質專案。

These principles have not gone unnoticed. Our customers recognize and appreciate the dedication and excellence our team brings to every project. It is through the hard work and commitment of our people that we have positioned ourselves for continued growth and long-term success. I'd like to thank you for your continued support.

這些原則並未被忽視。我們的客戶看見並珍視團隊在每個專案中展現的投入與卓越。正是憑藉同仁的辛勤工作與承諾，我們已為持續成長與長期成功奠定定位。感謝各位持續的支持。

And I'll now turn the call over to Paul for our financial review. Paul?

接下來我將把電話會議交給 Paul 進行財務回顧。Paul？

Thank you, Jose, and good morning. We are pleased with the momentum built by our first-quarter results and the continued trend of improved first-quarter performance. This has been a focused effort in recent years and 2026 marks the best first quarter in MasTec history.

謝謝你，Jose，大家早安。我們對第一季業績所建立的動能，以及第一季表現持續改善的趨勢感到滿意。這是我們近年來專注推動的成果，而2026年則是 MasTec 歷史上最佳的第一季。

Off of our strong start, we now expect to generate almost 45% of our full-year EBITDA in the first half of 2026, implying markedly lower seasonality than our business has experienced historically. Our Q1 results represent record levels of first-quarter revenue, adjusted EBITDA, EPS and backlog. Year-over-year, we drove meaningful growth with revenue up 34%, adjusted EBITDA up 73%, EPS 174%, and backlog by 28%.

在這個強勁開局之下，我們目前預期在2026年上半年將貢獻接近全年EBITDA的45%，意味著季節性波動將顯著低於我們過去的歷史水準。我們第一季的成果創下第一季營收、調整後EBITDA、每股盈餘（EPS）與在手訂單的紀錄新高。年增方面，我們實現顯著成長：營收成長34%、調整後EBITDA成長73%、EPS成長174%，在手訂單成長28%。

We continue to see strong customer demand for MasTec's broad service offerings and expertise to meet their infrastructure development goals. Our customers continue to show high confidence in MasTec, seeking deeper integration and partnership through alliance agreements, sole-sourced contracts, and a desire for MasTec to provide turnkey services on strategic infrastructure builds. This is particularly apparent when speed and execution certainty are critical. Our scale, expertise, and focus on mutually beneficial outcomes are key components driving this confidence.

我們持續看到客戶對 MasTec 廣泛服務內容與專業能力的強勁需求，以協助其達成基礎設施開發目標。客戶對 MasTec 仍展現高度信心，並透過聯盟協議、單一來源合約，以及希望由 MasTec 在策略性基礎設施建置中提供交鑰匙服務，來尋求更深度的整合與合作夥伴關係。在速度與執行確定性至關重要時，這一點尤其明顯。我們的規模、專業能力，以及對互利成果的專注，是推動這份信心的關鍵要素。

Now I'll share some further details on our first-quarter segment performance and our outlook. Our Communications segment had a good start to the year, generating revenue of $802 million, growing 18% year-over-year and 7% ahead of expectations. EBITDA margins were about 100 basis points below last year's first quarter, negatively impacted by cost to exit certain markets in our DirecTV fulfillment business.

接下來我將分享第一季各事業部門表現與展望的更多細節。我們的通訊事業部門在年初有不錯的開局，營收達8.02億美元，年增18%，且較預期高出7%。EBITDA利潤率較去年第一季低約100個基點，主要受到我們在 DirecTV 履約業務中退出部分市場的相關成本影響。

Communications backlog in the first quarter was up slightly from year-end and 12% year-over-year to another record level. We continue to see strong broad-based demand for wireline services with customers engaging for multiyear turnkey opportunities.

通訊事業部門第一季在手訂單較年末略增，且年增12%，再創新高。我們持續看到對有線（wireline）服務的強勁且廣泛的需求，客戶也積極洽談多年期的交鑰匙機會。

Our second-quarter Communications outlook calls for $875 million of revenue, with EBITDA margins slightly higher than 2025 in the low double digits. We also expect to achieve double-digit EBITDA margins for the remainder of the year, resulting in approximately 70 basis points of margin expansion versus 2025.

我們對第二季通訊事業部門的展望為營收8.75億美元，EBITDA利潤率在低雙位數，略高於2025年水準。我們也預期今年剩餘期間可達成雙位數EBITDA利潤率，較2025年約擴張70個基點。

First-quarter Power Delivery results exceeded our guidance by 10% of revenue and 21% in EBITDA with solid execution to start the year, resulting in 120 basis points of EBITDA margin expansion year-over-year. Most notable in the quarter was the continued backlog strength with a 1.6 times book-to-bill, driving backlog to a new record of $6.2 billion. We saw a number of new contracts executed in Q1, as well as expanded scope on some existing projects.

第一季電力輸配（Power Delivery）業績超越我們指引：營收高出10%，EBITDA高出21%；在年初即展現穩健執行力，使EBITDA利潤率年增擴張120個基點。本季最值得注意的是在手訂單持續強勁，接單出貨比（book-to-bill）達1.6倍，推動在手訂單創下62億美元的新高。我們在第一季簽訂多項新合約，並在部分既有專案上擴大工作範圍。

Regarding Greenlink, our client resolved the transmission permitting review earlier than anticipated, and we are now operating across the full contractual scope. This is one of the factors driving our revenue guidance higher to approximately $4.8 billion or 14% year-over-year growth. Full-year EBITDA margins remain on track to approach double digits and are trending higher than our prior guidance. We continue to expect year-over-year margin expansion in each quarter for Power Delivery with 60 to 70 basis points of margin expansion for Q2 specifically.

關於 Greenlink，我們的客戶比預期更早完成輸電許可審查，我們目前已在完整的合約範圍內運作。這是推動我們將營收指引上調至約48億美元（年增14%）的因素之一。全年EBITDA利潤率仍按計畫可接近雙位數，且走勢高於我們先前的指引。我們仍預期電力輸配在每一季都將實現年增利潤率擴張，其中第二季預計擴張60至70個基點。

Our Pipeline segment had a terrific first quarter, generating $682 million of revenue, almost doubling year-over-year, with EBITDA margins of 21%. Margins exceeded our guidance by 165 basis points and increased 270 basis points sequentially. It is important to note that broader Pipeline construction demand is still developing, and we are generating these margin results in a competitive environment.

我們的管線（Pipeline）事業部門第一季表現非常出色，營收達6.82億美元，年增近一倍，EBITDA利潤率為21%。利潤率較我們指引高出165個基點，且較前一季提升270個基點。需要強調的是，整體管線建設需求仍在發展中，而我們是在競爭環境下取得這樣的利潤率表現。

Unquestionably, we are executing at a high level, delivering high-quality projects ahead of schedule for our clients. These positive outcomes further illustrate MasTec's position as the leader in this space and will continue to be a differentiating factor as the cycle develops.

毫無疑問，我們正以高水準執行，為客戶提前完工並交付高品質專案。這些正面成果進一步彰顯 MasTec 在此領域的領導地位，並將在景氣循環發展過程中持續成為我們的差異化因素。

For the second quarter, we expect revenue of $600 million, with EBITDA margins in the high-teens, slightly below the first-quarter result. Full-year margins are still forecasted in the mid-teens, but trending higher with the first-half performance.

就第二季而言，我們預期營收為6億美元，EBITDA利潤率在高十位數，將略低於第一季結果。全年利潤率仍預估在中十位數，但在上半年表現帶動下呈現上行趨勢。

We are currently taking a conservative view around second-half project timing and productivity while we firm up specific resource allocations. Longer term, we continue to see an unprecedented level of project activity and remain very bullish on the opportunity set for this segment in the years ahead.

目前我們對下半年專案時程與生產力採取較保守的看法，同時也在進一步確認具體的資源配置。從更長期來看，我們持續看到前所未有的專案活動水準，並對未來數年此事業部門的機會組合保持非常樂觀。

Clean Energy and Infrastructure also started the year off strong, delivering over $1.3 billion of revenue, up 45% year-over-year almost 10% ahead of our guidance. EBITDA margins of 6.7% expanded 50 basis points from Q1 of 2025, and we generated 56% EBITDA growth. Renewables and general buildings both contributed to the revenue beat with year-over-year growth of 63% and 166%, respectively.

潔淨能源與基礎設施（Clean Energy and Infrastructure）也在年初強勁起步，營收超過13億美元，年增45%，較我們指引高出近10%。EBITDA利潤率為6.7%，較2025年第一季擴張50個基點，且我們實現EBITDA成長56%。再生能源與一般建築兩項業務皆對營收超預期有所貢獻，分別年增63%與166%。

While our recent acquisitions were solid contributors to the quarter, organically, we still generated over 30% year-over-year growth. Backlog continued to develop nicely, reaching another record level of $7.3 billion. This represents a total book-to-bill of 1.6 times, inclusive of 1.3 times organically. Infrastructure led to backlog development, but renewables also extended its streak to 11 consecutive quarters of backlog growth.

雖然我們近期的併購對本季有穩健貢獻，但就有機成長而言，我們仍實現超過30%的年增幅。在手訂單持續良好發展，再度創下73億美元的新高。這代表整體接單出貨比（book-to-bill）為1.6倍，其中有機部分為1.3倍。基礎設施業務帶動在手訂單成長，但再生能源也將其在手訂單連續成長紀錄延伸至第11個季度。

Demand continues to be robust across the business verticals, leading us to increase our full-year revenue guidance to approximately $6.7 billion, up $325 million or 5% higher than previous forecasts. EBITDA margins are still forecasted in the high single digits, comparable year-over-year, largely due to the higher mix of general building activity in 2026. Q2 revenue is expected to increase almost 50% year-over-year to $1.7 billion, with EBITDA margins also comparable to 2025 second quarter.

各業務垂直領域的需求持續強勁，促使我們將全年營收指引上調至約 67 億美元，較先前預測增加 3.25 億美元，或提高 5%。EBITDA 利潤率仍預期維持在高個位數水準，與去年同期大致相當，主要是因 2026 年一般建築活動占比提高。第二季營收預期將年增近 50% 至 17 億美元，EBITDA 利潤率亦預期與 2025 年第二季相當。

We generated cash flow from operations of $99 million in the first quarter with higher revenue levels versus guidance, driving additional working capital investment. We also saw DSOs increase to 72 days versus 65 days at year-end, resulting in lower cash conversion than anticipated. We expect DSOs to trend back to the mid-60s over the course of the year.

第一季我們的營運活動現金流為 9,900 萬美元，營收水準高於指引，帶動額外的營運資金投入。我們也看到應收帳款週轉天數（DSO）由年末的 65 天上升至 72 天，導致現金轉換低於預期。我們預期 DSO 將在今年內逐步回落至 60 天中段水準。

Our liquidity stands at approximately $1.8 billion and net leverage of 1.8 times is well within the terms of our financial policy and criteria to maintain our investment-grade ratings. Our improved Q1 performance, coupled with continued capital efficiency led to further growth of return on invested capital, expanding almost 100 basis points from year-end to over 10%. We expect this trend to continue, and we'll share more thoughts regarding ROIC targets at our upcoming Investor Day.

我們的流動性約為 18 億美元，淨槓桿倍數為 1.8 倍，完全符合我們財務政策條款以及維持投資級評等的標準。第一季表現改善，加上持續的資本效率，帶動投入資本報酬率（ROIC）進一步成長，較年末擴大近 100 個基點至 10% 以上。我們預期此趨勢將持續，並將在即將舉行的投資人日分享更多關於 ROIC 目標的看法。

Moving to our consolidated 2026 guidance. We are raising our full-year guidance to reflect the first-quarter beat and our improving outlook for the remainder of 2026. We now expect revenue of $17.5 billion or 22% growth year-over-year and 3% higher than our prior forecast.

接著談我們 2026 年合併指引。我們上調全年指引，以反映第一季優於預期的表現，以及我們對 2026 年剩餘期間展望的改善。我們目前預期營收為 175 億美元，年增 22%，且較先前預測高出 3%。

For adjusted EBITDA, we are now forecasting $1.5 billion or an 8.6% margin with a $50 million increase, representing a 10% margin flow-through on the increased revenue outlook. Adjusted EPS is forecast to be $8.79, an increase of almost 35% year-over-year and 5% ahead of our prior guidance.

就調整後 EBITDA 而言，我們目前預估為 15 億美元，或 8.6% 的利潤率，較先前增加 5,000 萬美元，代表在營收展望上調的增量中約有 10% 的利潤率流入。調整後 EPS 預估為 8.79 美元，年增近 35%，且較先前指引高出 5%。

Our cash flow from operations outlook remains unchanged, expecting to exceed $1 billion for 2026. We are increasing our net cash capital expenditure forecast to about $220 million to support the additional revenue growth.

我們對營運活動現金流的展望維持不變，預期 2026 年將超過 10 億美元。我們將淨現金資本支出預估上調至約 2.2 億美元，以支援額外的營收成長。

Our second-quarter outlook reflects another strong quarter of year-over-year growth across all of our major financial metrics, with revenue, adjusted EBITDA, and EPS growing 21%, 38%, and 47%, respectively. Adjusted EBITDA margins are expected to expand by over 100 basis points compared to the second quarter of 2025.

我們對第二季的展望反映出在所有主要財務指標上再度出現強勁的年增成長，營收、調整後 EBITDA 與 EPS 分別成長 21%、38% 與 47%。調整後 EBITDA 利潤率預期將較 2025 年第二季擴大超過 100 個基點。

Lastly, I want to remind you that MasTec will be hosting Investor Day on May 12, which will also be webcast live via a link at MasTec Investor site. We are excited to introduce additional members of our operational management team to the investment community and provide a medium-term financial outlook.

最後提醒各位，MasTec 將於 5 月 12 日舉辦投資人日，並將透過 MasTec 投資人網站上的連結進行線上直播。我們很期待向投資社群介紹更多營運管理團隊成員，並提供中期財務展望。

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

以上為我們事先準備的發言。接下來我將把電話會議交給接線員進行問答。

(Operator Instructions) Alex Rygiel, Texas Capital Securities.

(接線員指示) Alex Rygiel，Texas Capital Securities。

Jose, congratulations to you and your team on another outstanding quarter. In the context of profit margins, growth at MasTec has been very impressive. And now with backlog up 28% year-over-year, can you talk about how pricing and/or contract terms are changing? And is there a point where price and contract terms become more important to the company rather than volume?

Jose，恭喜你和你的團隊再度交出一個非常出色的季度表現。就利潤率而言，MasTec 的成長非常令人印象深刻。而現在在積壓訂單年增 28% 的情況下，你能談談定價和／或合約條款如何變化嗎？以及是否存在某個時間點，價格與合約條款對公司而言會比量的成長更重要？

So Alex, I think it's a great question. I think we've been talking about the momentum of the business over the course of the last year. We've obviously seen it in our backlog growth, right? If you -- I think backlog in '25 was up about $4.5 billion. We're up another $1.4 billion this quarter. I think in the last two quarters alone, we're up around $3.5 billion.

Alex，我認為這是個很好的問題。我想我們在過去一年一直在談業務動能。我們顯然也在積壓訂單成長中看到了這點，對吧？如果你看——我想 2025 年的積壓訂單增加了約 45 億美元。而本季我們又增加了 14 億美元。我認為僅過去兩個季度，我們就增加了約 35 億美元。

So I would argue that a lot of the improvements that we've seen in the business from a pricing perspective, obviously, from a growth perspective, haven't really even started hitting our financials yet, right? I think we're just at the beginning of seeing some of the improvements that we saw in '25 relative to backlog and repricing, and I think that will play through the balance of '26 and into '27.

因此我會主張，我們在定價面、以及成長面所看到的許多改善，其實還沒有真正反映到我們的財務數字上，對吧？我認為我們才剛開始看到 2025 年在積壓訂單與重新定價方面的改善所帶來的效益，而我認為這將在 2026 年剩餘期間並延續到 2027 年逐步體現。

So I definitely think it's something to pay attention to. We feel really good about what we have in backlog. We feel really good about our ability to not just grow our revenue, but I think we've talked about margins a lot, and our intention is to improve them on a segment by segment level. We know we have a lot of opportunity there, and we're looking forward to delivering on that.

所以我確實認為這是值得關注的事情。我們對目前的積壓訂單非常有信心。我們對自身不僅能提升營收、也能——我們談了很多利潤率——並且我們的意圖是在各個事業部層級改善利潤率，這點也很有信心。我們知道那裡有很大的機會，我們也期待把成果交付出來。

Excellent. And then as it relates to the pipeline market, which appears poised for notable upside. Can you comment on the competitive environment there and how you're positioned? It sounds like it's a little bit more of a 2027 opportunity from a P&L standpoint, but maybe talk about the timeline here over the next few years?

很好。另外，關於管線市場，看起來具備顯著上行空間。你能評論一下那裡的競爭環境以及你們的定位嗎？聽起來從損益表（P&L）的角度看，這更像是 2027 年的機會，但也請談談未來幾年的時間表？

Sure. So nothing's changed. I think going into this year, we said we'd expect it to do about $2.5 billion. We knew we would be somewhat constrained because a lot of projects were going to be pending materials that were going to take a long time to come online.

當然。所以沒有任何改變。我想在今年開始時，我們說過預期大約做到 25 億美元。我們知道會有些受限，因為許多專案會受制於材料供應，且需要很長時間才能上線。

So we've always said we thought '27 was a significant growth year for us. We're really happy with the way we started '26. And we do think there's some potential at the back end of '26 to maybe bring in some projects and hopefully be a little bit different than what we've been saying.

所以我們一直都說，我們認為 2027 年會是我們顯著成長的一年。我們對 2026 年的開局非常滿意。而我們也確實認為在 2026 年下半年末端可能有一些潛力，或許能導入一些專案，並希望能與我們先前所說的情況略有不同。

But right now, we're very bullish on '27 and beyond. We've talked about getting to historical highs in revenue. So I mean, we feel great about all of that. I think to the beginning of the question, which was the competitive landscape in the business, there's no question that post-pandemic, we saw companies -- we saw some companies fail. We saw some companies disappear completely. We saw others deemphasize the pipeline business.

但就目前而言，我們對 2027 年及之後非常樂觀。我們談過要把營收推升到歷史高點。所以，我們對這一切感覺非常好。回到問題的前半段，也就是業務的競爭格局，毫無疑問地，在疫情之後，我們看到一些公司——我們看到有些公司倒閉。我們看到有些公司完全消失。我們也看到其他公司降低對管線業務的重視。

So I think the competitive landscape today really benefits MasTec. We never -- we continue to invest in the business. We kept our strongest people. I think we've rebuilt. So I think we're in a great position to not just win the market share in the past, but to actually increase our market share throughout the cycle.

因此我認為當前的競爭格局其實非常有利於 MasTec。我們從未——我們持續投資這項業務。我們保留了最強的人才。我認為我們已經重建完成。所以我認為我們處於非常有利的位置，不僅能贏回過去的市占，還能在整個景氣循環中進一步提高市占率。

Andy Kaplowitz, Citigroup.

Andy Kaplowitz，Citigroup。

I'd be curious about your thoughts on this cycle versus others. Your backlog, as you know, is almost -- is up almost 30% year-over-year, and that's what pipeline backlog being down. We know you think pipeline earnings will be stronger going forward.

我想了解你對這一輪景氣循環相較於過去其他循環的看法。如你所知，你們的積壓訂單幾乎——年增接近 30%，而這是在管線積壓訂單下滑的情況下達成的。我們也知道你們認為未來管線的獲利會更強。

So I think you expect to grow EPS now mid-30s this year. You're starting to think about that growth being sustainable in '27? And do you think it will be Pipeline leading earnings growth or actually one of your other segments such as Clean Energy?

所以我想你們現在預期今年 EPS 成長約在 30% 中段。你們是否開始思考這樣的成長在 2027 年仍具可持續性？以及你認為會是管線業務帶動獲利成長，還是你們其他事業部（例如潔淨能源）之一來帶動？

Yeah. So lots of questions in there, Andy. I'd start by saying, look, the momentum of our business is incredible. I think that comparing it to past cycles -- I've been CEO since 2007. I can't remember a time where every business was just humming right, where everything just had great opportunities in front of it, where we see backlog growing across the board, where we see momentum actually increasing.

是的。Andy，裡面有很多問題。我先說，我們業務的動能非常驚人。如果拿它跟過去的景氣循環相比——我從2007年起擔任CEO。我不記得有哪個時候每個業務都運轉得這麼順、每件事前面都有很好的機會、我們看到各業務的在手訂單全面成長，而且動能還在加速。

So I think from a total business perspective, it's just as good as I've ever seen. And quite frankly, I would only expect it to get better. We're going to have a great year across the board on every financial metric. I think we've got our Investor Day on May 12, where we're going to lay out some longer-term targets.

所以從整體業務的角度來看，這是我見過最好的狀態之一。而且坦白說，我只預期它會變得更好。我們今年在各項財務指標上都會有非常好的一年。我們在5月12日有投資人日，屆時會提出一些較長期的目標。

We're really bullish about what we think we can accomplish in the mid to long term, and we're excited. We spent so much time, whether it's on these conference calls or at investor conferences talking about either the previous quarter or the next quarter or the current year. And we're looking forward to having a day where we can lay out a little bit of a longer-term vision and really give you some long-term targets that I think everybody is going to really feel good about.

我們對於中長期能達成的成果非常看多，也很興奮。我們花了很多時間，不論是在這些電話會議上或在投資人會議上，談的不是上一季、就是下一季、或是當年度。我們很期待有一天能夠提出更長期的願景，並真正給各位一些長期目標，我想大家都會對此感到很有信心。

Okay. So then I'll ask you a quick follow-up. So just -- you're positively surprised pretty much every quarter in Communications over the last few quarters. But I think you raised '26 Communications revenue guidance by even less than you beat in Q1. So is it just conservatism? Or do you continue to see the momentum moving forward across most of your Communication businesses?

好的。那我再追問一個很快的問題。就——你們在通訊業務上，過去幾季幾乎每一季都帶來正向驚喜。但我認為你們把2026年通訊營收指引上調的幅度，甚至小於你們在第一季超預期的幅度。所以這只是保守嗎？還是你們仍然看到通訊各項業務在往前推進的動能？

Yeah, I'd say a couple of things. I think Paul laid out in his script, we took some one-time charges there that impacted margins by about 100 basis points, if not it would have been flat with last year. When we look at the balance of the year, I mean, we're guided to $17.5 billion number. It was a nice round figure.

是的，我會說幾點。我想Paul在他的講稿裡提到，我們有一些一次性費用，對利潤率造成大約100個基點的影響；若沒有這些費用，利潤率會與去年持平。當我們看今年剩餘期間，我們給出的指引是175億美元。那是一個漂亮的整數。

I don't think you should take anything into the back end -- back half Communications guidance. We have plenty of opportunity there. And hopefully, we'll continue with our goal of at least meeting, but if not beating expectations on a quarter-by-quarter basis.

我不認為你應該從通訊業務下半年指引中解讀出任何特別的訊號。我們那邊有很多機會。也希望我們能持續達成目標：至少每季達標，甚至逐季超越市場預期。

Steven Fisher, UBS.

Steven Fisher，瑞銀。

Congratulations. Jose, you mentioned that you're seeing potential for exponential growth. And I think it was the, essentially, the data center piece of Clean Energy and Infrastructure. To what extent do you think this is going to be the main narrative for the Clean Energy segment going forward? And how much will natural gas plants be part of that?

恭喜。Jose，你提到你看到指數型成長的潛力。我想那主要是清潔能源與基礎建設（Clean Energy and Infrastructure）中的資料中心那一塊。你認為這在未來會在多大程度上成為清潔能源部門的主要敘事主軸？而天然氣電廠會在其中扮演多大角色？

So I'd say a couple of things. When we look at -- we look at our Clean Energy and Infrastructure business and break it out in roughly four buckets, right? So we've got renewables. We've got our industrial business, which would include any new power generation, conventional power generation.

我會說幾點。我們看清潔能源與基礎建設業務時，大致分成四個桶（四大類），對吧？我們有再生能源。我們有工業業務，其中包含任何新的發電建置、傳統發電。

We've got our infrastructure business, which is a lot of what we're doing on the civil side. And then we've got our general buildings group, which is what has really been focused on both critical infrastructure and the data center subset.

我們有基礎建設業務，主要是我們在土木端做的很多事情。然後我們有一般建築事業群，這一塊一直很聚焦在關鍵基礎設施以及資料中心這個子領域。

So I would say, if you look at backlog, every one of those had a backlog increase in the first quarter relative to sequential backlog growth. So we're feeling good about all four of them. Obviously, the data center opportunity subset is massive, and it's one that I think will play a big role in MasTec's future.

所以我會說，如果看在手訂單，第一季這四個類別相較前一季的在手訂單都呈現成長。因此我們對這四塊都感到樂觀。當然，資料中心這個機會子集合非常龐大，我認為它將在MasTec的未來扮演重要角色。

What we found -- we're on one job currently. What we found is it's an incredible opportunity for us. We bring a really unique skill set that I think many are interested in. We have an incredible number of opportunities that we're going through right now that I think will develop.

我們發現——我們目前正在做一個案子。我們發現這對我們來說是個極佳的機會。我們具備非常獨特的技能組合，我想很多人都很感興趣。我們現在正在推進的機會數量非常多，我認為接下來會逐步開花結果。

So we feel good about that part, but we -- quite frankly, we feel good about the whole business. I think we've been really adamant about what our position is on power generation on the conventional side. Historically, done a lot of simple cycle; haven't done a lot of CCGT work. And we feel good about that.

所以我們對那一塊感到很有信心，但——坦白說，我們對整個業務都很有信心。我想我們一直非常明確地表達我們在傳統發電端的立場。歷史上我們做了很多簡單循環（simple cycle），但複循環燃氣渦輪（CCGT）的工作做得不多。而我們對此感到滿意。

There's a tremendous amount of opportunity of demand. It will be a part of our growth story. It won't be the leading part of our growth story, but it will definitely be a part of our growth story, and I think we're well exposed to all of it.

需求端有非常大量的機會。它會是我們成長故事的一部分。它不會是我們成長故事的主軸，但一定會是其中一部分，而且我認為我們在各個面向都有很好的布局與曝險。

That's great. And then on the Power Delivery side, I wonder if you could just talk about transmission opportunities for bookings. I'm curious to what extent are customers coming to you looking for skill sets and capacity versus putting out a more competitive process? And what's the timing of next major bookings for you?

很好。那在電力輸配（Power Delivery）方面，我想請你談談輸電（transmission）在接單（bookings）上的機會。我很好奇，客戶找上你們的原因，在多大程度上是因為你們的技能組合與產能，而不是走更具競爭性的招標流程？以及你們下一波重大接單的時間點大概會是什麼時候？

We're really excited about the growth in backlog in our Power Delivery this quarter, right? 1.6 book-to-bill, over a $600 million backlog increase broad-based, no major projects pushed that way. From a major project perspective, we're seeing more activity than we ever have. I think we're in a great position.

我們對本季電力輸配在手訂單的成長非常興奮，對吧？接單/出貨比（book-to-bill）1.6，在手訂單增加超過6億美元，且是廣泛性的成長，並不是由某個大型專案單獨推動。從大型專案的角度來看，我們看到的活動量比以往任何時候都多。我認為我們處在非常有利的位置。

I think the fact that we're working Greenlink and our success on Greenlink has really positioned us differently across the industry. So couldn't be more excited about the opportunities that are on the way and I think we're really well positioned. So that will be a big part of our story on a go-forward basis.

我想我們正在執行Greenlink專案，以及我們在Greenlink上的成功，確實讓我們在整個產業中的定位變得不同。所以對於即將到來的機會，我們再興奮不過了，而且我認為我們的準備非常充分、位置也很好。因此，這將會是我們未來敘事中很重要的一部分。

(Operator Instructions) Brian Brophy, Stifel.

（接線員指示）Brian Brophy，Stifel。

Congrats on the nice quarter. Just wanted to ask on CE&I, obviously, awards there were pretty healthy. Just any color on where the source of strength is coming from when I think across your clean energy, civil, street highway businesses? Or were there any additional GC awards in the quarter?

恭喜這一季表現不錯。我想問一下清潔能源與基礎建設（CE&I），顯然本季得標（awards）相當健康。當我看你們的清潔能源、土木、道路與公路等業務時，能否補充一下強勁動能主要來自哪些來源？或者本季是否有任何額外的總承包（GC）得標？

And then you talked about having about $4 billion of projects under LNTP in that segment. Did that come down with the backlog build here? Or does that remain elevated still?

另外你提到該部門大約有40億美元的專案處於LNTP之下。隨著這次在手訂單增加，那個數字有下降嗎？還是仍然維持在高檔？

Yeah. So just to reiterate on the last question, because it was similar, right? On our Clean Energy and Infrastructure business, right, in all four buckets backlog increased, I think, maybe in general buildings we were flat. So to the point of it being data center driven, it was not. It was really made up from the other three parts of the business.

是的。所以先重申上一個問題，因為很類似，對吧？就我們的清潔能源與基礎建設業務而言，在四個類別中在手訂單都有增加，我想一般建築可能是持平。所以就「是否由資料中心帶動」這點來說，並不是。主要是由另外三個業務部分所構成的成長。

I would say that our LNTP work is either at the same number or it's actually increased. So I think we feel really good about our potential to continue building backlog in renewables through the balance of the year and, for sure, for the segment.

我會說，我們的LNTP工作要嘛維持在相同水準，要嘛其實還增加了。所以我認為我們對於今年剩餘期間、以及整個部門在再生能源方面持續累積在手訂單的潛力感到非常樂觀。

So I would expect Clean Energy and Infrastructure backlog to be a lot higher by the end of the year than it is today. It may not be every single quarter, but we feel really good about what we'll end the year. And again, momentum is just really, really strong today.

因此，我預期到今年年底，潔淨能源與基礎建設的在手訂單將會比現在高出許多。可能不會每一季都如此，但我們對年底的收官情況感到非常有信心。而且再說一次，目前的動能真的、真的非常強勁。

Yeah, that's great. I appreciate the color there. And then just a big picture question on the GC business. When you think about the opportunity in terms of size and scale, how are you thinking about it in terms of number of projects you can take on and size of project ranges you're looking at?

是的，這很棒。感謝你提供這些補充說明。接著是一個關於 GC 業務的宏觀問題。當你從機會的規模與量體來看，你如何思考可承接的專案數量，以及你們鎖定的專案規模區間？

It's a great question. And by the way, it's the beauty of the business that we're in. And I think we'll elaborate a lot on this on our Investor Day. But the beauty of a turnkey data center site is the number of people that it actually takes on the construction management side is relatively limited. So we can stand up groups relatively quickly to meet our customers' needs, right?

這是個很好的問題。順帶一提，這正是我們所處產業的迷人之處。我想我們會在投資人日對此做更深入的說明。但交鑰匙資料中心基地的優勢在於，實際上在施工管理端所需的人力相對有限。因此，我們可以相對快速地組建團隊來滿足客戶需求，對吧？

On the self-perform side, it's a little different because you need a lot of craft. And in some cases, we're really well positioned. And then maybe in some geographies, we're not. But from a pure construction management perspective, with a relatively small group of people, you can actually do some incredible work on behalf of the customer.

在自營施工（self-perform）方面就有些不同，因為你需要大量技工人力。而在某些情況下，我們的布局非常到位。但在某些地理區域，可能就不是如此。不過，若純粹從施工管理的角度來看，以相對小規模的團隊，其實就能代表客戶完成非常出色的工作。

And that's really what we've been working on. We've been working about building our resources there. I think we're super well positioned. I think we can take a significant number of projects on concurrently. We're working towards that. And I think, again, I think at our Investor Day, we'll get into a lot more details on that.

這也正是我們一直在努力的方向。我們一直在建置並強化那方面的資源。我認為我們的定位非常好。我認為我們可以同時承接相當多的專案。我們正朝這個方向推進。而且我想，再次強調，我們會在投資人日提供更多細節。

(Operator Instructions) (inaudible), Goldman Sachs.

（接線員指示）（聽不清楚），高盛。

Jose, can you talk about what you're seeing on the long-haul transmission line opportunities through the next few years? You've previously talked about M&A to add capability for a third simultaneous line there. I'm curious how that thought process is progressing? What are you seeing in the market? And what should we expect?

Jose，你能談談未來幾年你們在長距離輸電線路方面看到的機會嗎？你之前提過透過併購（M&A）來增加能力，以便同時進行第三條線路。我想了解這個思路目前進展如何？你在市場上看到了什麼？以及我們應該期待什麼？

I think that a couple of things. I think we've done a great job of organically growing that side of the business. We've really focused on it in the last four or five years. Obviously, Greenlink was a solid culmination of that to really prove to ourselves into the industry that we had made significant inroads in that market.

我想有幾點。我認為我們在該業務面向的有機成長做得非常好。過去四、五年我們確實把重點放在這上面。很明顯，Greenlink 是一個很好的里程碑，讓我們向自己、也向產業證明，我們已在該市場取得顯著進展。

Again, the opportunity subset there is incredible right now. I think the industry is going to substantially grow. And again, I think we're super well positioned there. We are not -- we do not feel that we need to make an M&A transaction in that market to reach the goals that we have internally.

再說一次，目前那一塊的機會集合非常驚人。我認為整個產業將會大幅成長。而且同樣地，我認為我們在那裡的定位非常好。我們並不——我們不覺得為了達成內部目標，需要在該市場進行一筆併購交易。

But it's definitely an area where if the right opportunity arose, we would definitely pay attention and consider it. But right now, we feel good about where we are, how we're positioned, and our ability to win.

但那確實是一個領域：如果出現合適的機會，我們一定會關注並加以評估。不過就目前而言，我們對自身現況、定位以及贏得訂單的能力都很有信心。

And then maybe one for Paul. You mentioned lower seasonality than previous years. Can you give us more color on the structural element that's driving that going forward? Obviously, Q1 performance was great, but I would love to know how you're thinking about the structural elements here.

接著可能有一題給 Paul。你提到季節性比往年更低。你能否多補充一些，未來推動這個趨勢的結構性因素是什麼？顯然第一季表現很出色，但我很想了解你如何看待這裡的結構性因素。

A lot of it is just around project timing and working with our customers to promote higher productivity and access the projects that are executing through the end of the year. That was a big focus. The weather helped out a little bit. Weather, it was a little bit mild in most of the parts most areas we operate.

很大一部分與專案時程有關，以及我們與客戶合作以提升生產力，並取得那些將執行到年底的專案的進場條件。那是一個很重要的重點。天氣也稍微幫了點忙。天氣方面，我們營運的大多數地區都相對溫和。

But overall, it's just being proactive and really working with our clients to try to promote opportunities for us to keep our crews and our equipment productive. It balances out. It makes the peak to the summer months more efficient, and we're excited about how it will benefit the business in this year and the years ahead.

但整體而言，就是更積極主動，並真正與客戶合作，努力創造機會，讓我們的工班與設備能保持高效率運轉。這會讓節奏更均衡。也會讓旺季到夏季月份的效率更高；我們對它在今年以及未來幾年對業務的助益感到振奮。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Congrats on the next quarter and excited about May 12. I guess, Jose, a couple of questions. One, as we're thinking about the opportunity that you're going to lay out, how much do you want to differentiate, i.e., MasTec is largely an organic growth story versus relying on M&A or joint venture? Maybe you need to do that to manage risk or get into markets -- adjacent markets in a proper way.

恭喜下一季的表現，也很期待 5 月 12 日。Jose，我想問幾個問題。第一，當我們思考你將要闡述的機會時，你希望在多大程度上做出區隔——也就是說，MasTec 主要是一個有機成長的故事，而不是依賴併購或合資？也許你需要那樣做來管理風險，或以適當方式進入市場——相鄰市場。

And I guess my second question on that is just you have so much growth in front of you. To what degree are you prioritizing the type of growth that you want in that for MasTec, it's not growth for the sake of growth, but it's more growth for the sake of where you can generate the best margin or return?

第二個問題是，你們前方有非常多的成長。在多大程度上，你們會優先選擇你們想要的成長類型——對 MasTec 而言，不是為了成長而成長，而是為了在能創造最佳利潤率或報酬的地方去成長？

Sure. Thanks, Jamie. I'd say a couple of things. First, let's talk about organic growth versus M&A. I think MasTec was in a unique position post pandemic, where we really tried to focus on certain core diversification into the energy markets. I think we did that in 2022, '23.

當然。謝謝你，Jamie。我會說幾點。首先談有機成長與併購。我認為疫情之後 MasTec 處在一個獨特的位置，我們確實嘗試把重點放在某些核心的多元化上，特別是往能源市場的多元化。我想我們在 2022、2023 年做到了。

Obviously, those were big acquisitions for us at the time. We said very vocally that we were going to focus on organic growth. We were going to focus on really making our balance sheet a lot healthier and being in a position to put ourselves in a position to do whatever we wanted. And I think we've accomplished that.

很明顯，當時那些對我們而言是大型收購。我們也非常明確地表示，我們將專注於有機成長。我們會專注於讓資產負債表更健康，並讓自己處於一個可以做任何我們想做的事的位置。我認為我們已經達成了。

So I think that was -- [very] set our goal our goal. We had levered up a little bit on those acquisitions. We wanted to bring leverage back down. We wanted to fully integrate those acquisitions. We wanted to make sure they were performing at a high level.

所以我認為那就是——[非常]清楚地設定了我們的目標。我們在那些收購上確實把槓桿拉高了一點。我們希望把槓桿降回來。我們希望把那些收購完整整合。我們希望確保它們能維持高水準的表現。

And I think today, we sit here and it's -- we can check the box. We've done that. We're excited about that. I think you're seeing the beginning of those results, I don't even think we've seen all of those results flow through our financials yet. So we're excited about that.

而我認為今天我們坐在這裡——我們可以打勾確認。我們做到了。我們對此感到很振奮。我認為你們正在看到這些成果的開端，我甚至不覺得所有成果都已完全反映在我們的財務數字裡。所以我們對此很期待。

We're also excited about what M&A has meant to our business over a really long period of time. We've had a lot of growth via M&A since -- at least in my term as CEO since 2007. We bought some incredible companies. And I think you saw us be more active at the end of '25, right?

我們也對併購長期以來對我們業務的意義感到振奮。自從——至少在我自 2007 年擔任 CEO 以來，我們透過併購實現了大量成長。我們買下了一些非常出色的公司。而且我想你也看到我們在 25 年底變得更積極，對吧？

We bought what we thought were two incredible companies in two market segments that we think have tremendous long-term potential and growth opportunities. They're both here just over a quarter. We're excited to have them. They've been fantastic additions to MasTec.

我們在兩個市場區隔中收購了我們認為非常出色的兩家公司；我們認為這兩個區隔具有巨大的長期潛力與成長機會。它們加入我們都才剛超過一季。我們很高興能擁有它們。它們一直是 MasTec 非常棒的補強。

But the truth is there's a lot more. And we've said we're going to focus more on M&A. There are a tonne of opportunities out there, a lot of which we really like. And they're very strategic, right? We're looking at our business in a way of which to figure out where are the areas that we want to grow as a business, where are the internal opportunities that we have relative to the workforce that we have, and then where do we need to go outside and try to find some help to either bolster whether it's a geographic area or an area of work.

但事實是，還有更多。而且我們也說過，我們會更聚焦於併購（M&A）。外面有大量的機會，其中很多我們真的很喜歡。而且它們非常具策略性，對吧？我們會用一種方式來檢視我們的業務：找出哪些領域是我們希望作為企業去成長的、相對於我們現有的人力結構有哪些內部機會，然後哪些地方需要走出去尋求協助，不論是要強化某個地理區域或某個工作領域。

So I do think you're going to see us be a lot more active in M&A for sure than we've been in the last couple of years. I think we started that in the fourth quarter of '25 and I think you'll see that continue throughout '26. With all that said, I mean, today, we feel good about the segments that we're in. We think all of the segments offer us solid growth potential.

所以我確實認為，你會看到我們在併購（M&A）上肯定會比過去幾年活躍得多。我想我們在25年第四季就開始了，而且你會看到這個趨勢在26年持續。話雖如此，就目前而言，我們對我們所處的各個業務板塊感到滿意。我們認為所有板塊都能為我們提供穩健的成長潛力。

And more importantly, I think we've got the management teams within each of those businesses to handle the level of growth. So where I would be concerned on growth isn't necessarily on capital allocation because I think some of these, quite frankly, aren't even that capital intensive, some or more.

更重要的是，我認為我們在每個業務中都有管理團隊，能夠應對這樣的成長幅度。所以我對成長的擔憂不一定是在資本配置上，因為坦白說，其中一些業務甚至並不那麼資本密集，有些則相對更資本密集。

I think we feel good about the return profile of each, but where it becomes really important for us is to understand that we have the leadership strength to be able to deliver on that growth and deliver the optimal margins on that growth. And today, I think we're more than equipped to take on multiple areas of growth, multiple businesses of growth. And I think we're just really starting to enjoy that.

我想我們對各業務的報酬輪廓（return profile）感到滿意，但對我們而言真正變得非常重要的是，要理解我們是否具備足夠的領導力，能夠兌現那樣的成長，並在那樣的成長之上交付最佳的利潤率。而就今天而言，我認為我們完全有能力同時承接多個成長領域、以及多個成長中的業務。我想我們也才剛開始真正享受這一點。

I think we've worked really hard over a really long period to put ourselves in the position that we are today. And I think it's time to enjoy the fruits of our labor and to take advantage of those growth opportunities and execute on them. So I don't really see us jumping into a lot of new businesses, but quite frankly, I see us really trying to expand the ones that we're in and take advantage of the opportunities within those.

我認為我們在很長一段時間裡非常努力，才把自己放到今天這個位置。我想現在是時候享受我們努力的成果，去把握那些成長機會並把它們執行到位。所以我不太認為我們會跳進很多全新的業務；但坦白說，我看到的是我們會更努力擴大我們已經在做的業務，並把握其中的機會。

(Operator Instructions) Sangita Jain, KeyBanc.

（接線員指示）Sangita Jain，KeyBanc。

Can I ask one question given, Jose, how you said demand is inflecting so strongly in all your segments? Last year, you were resourcing in pipelines and communications as the demand emerges. How do you feel right now about the ability to keep resourcing upwards to meet the demand, whether it's labor or other facilities that you need? Is that getting harder?

Jose，鑑於你說各個板塊的需求都在非常強勁地轉折向上，我可以問一個問題嗎？去年你們在需求浮現時，於管線與通訊方面進行資源配置。你現在對於持續增加資源以滿足需求的能力感覺如何，不論是人力或你們需要的其他設施？這是否變得更困難？

So Sangita, so a couple of things I'd say. I'd say we're -- at the end of the day, we're a people business, right? It's what differentiates us. It's what makes us who we are. I think it's a critical element. It's an irreplaceable asset.

Sangita，我想我會說幾點。我會說，歸根結底，我們是一個以人為本的生意，對吧？這是我們的差異化所在。這也是我們之所以成為我們的原因。我認為這是一個關鍵要素。這是一項不可取代的資產。

Nobody can replicate the workforce that we've built, right, especially trying to come in. So it's one of our big moats. It's important to us. It's something that we keep building on. When we look at just pure numbers, right, I think we're up about 6,000 people year-over-year. We're up just under 2,000 sequentially.

沒有人能複製我們建立起來的勞動力隊伍，對吧，尤其是想要後來居上。所以這是我們的一大護城河。這對我們很重要。這也是我們持續在打造的東西。如果只看純粹的數字，我想我們的人數年增大約6,000人。我們的季增接近2,000人。

So it's -- quite frankly, it's a machine, right? We're constantly adding people. We're constantly adding resources. We're constantly manning to the opportunities that are in front of us. It's part of what makes us good at where we're at. It's critical to our success in the long term. And it's something that we're not just investing in, but we think we're good at. So we'll continue to do that.

所以坦白說，這就像一台機器，對吧？我們不斷在增加人員。我們不斷在增加資源。我們不斷為眼前的機會配置人力。這也是我們能把事情做好的原因之一。這對我們長期成功至關重要。而且這不只是我們在投資的事情，我們也認為我們很擅長。所以我們會繼續這麼做。

I think that there's been periods where, obviously, the hiring impacts margins because you're going from a slower period to a period where you're a lot busier. I think the business is much more consistent today. I just think it's part of the business. We'll continue to grow. We'll continue to grow into the demand, and then hopefully benefit from the margin opportunities that are associated with that.

我認為在某些時期，顯然招募會影響利潤率，因為你是從較慢的時期轉到忙碌得多的時期。我認為今天的業務一致性高得多。我覺得這就是業務的一部分。我們會持續成長。我們會持續隨著需求成長，然後希望能從與之相關的利潤率機會中受益。

Great. That's helpful. And then just a quick follow-up on your Communications revenue guide. You guys referred to be maybe emerging over time and being conservative in your second-half outlook. Can you tell us if there is any [bead] factored into your back half? Or is there still an optionality in the second half?

很好。這很有幫助。然後針對你們通訊（Communications）營收指引再追問一下。你們提到可能會隨時間逐步浮現，並且在下半年展望上採取保守。你能告訴我們下半年是否已經把任何[bead]納入考量？還是下半年仍然有一些選擇性（optionalitiy）？

I think we've got some design built in, but I don't think we have a lot of construction built in. So there's some revenues, but I think it has a really meaningful impact to '27.

我認為我們已經納入了一些設計（design），但我不認為我們納入了很多施工（construction）。所以會有一些營收，但我認為它對27年會有非常顯著的影響。

Liam Burke, B. Riley Securities.

Liam Burke，B. Riley Securities。

Jose, you talked in your prepared comments about the step-up in demand for telecom on data center interconnectivity. Are you seeing more of that activity on the long haul or on the local loop of the network?

Jose，你在事先準備的發言中談到，電信在資料中心互連（data center interconnectivity）方面的需求正在上升。你看到這類活動更多是發生在長途（long haul）段，還是在網路的本地迴路（local loop）？

I think both, right? I think you've got different types of data centers. I think you've got a lot of our customers chasing that business. So I think it will make some customers more competitive than other is the vastness of their infrastructure. So depending on the client, it will be more specific to one or the other, but I think both will have substantial growth over time, and we're seeing opportunities across both of those.

我認為兩者都有，對吧？我想資料中心有不同類型。我認為我們有很多客戶都在追逐那塊業務。所以我認為，讓某些客戶比其他客戶更具競爭力的，會是其基礎設施的廣度與規模。因此取決於客戶，可能會更偏向其中一種，但我認為兩者隨時間都會有可觀的成長，而我們也在兩者上都看到機會。

Great. And on Power, you had a nice step up in margin. Is that just better terms of the negotiations? Or are you just seeing the advantages of your scale?

很好。另外在電力（Power）方面，你們的利潤率有不錯的提升。那只是談判條款更好嗎？還是你們正在看到規模帶來的優勢？

Well, I think it starts with better execution, and then it gets into, obviously, all of the opportunities that the business has today relative to the size and the growth. But at the end of the day, it's -- a lot of it is our execution. Again, we made significant investments in '21, '22 to really grow that business. And I think now, a lot of the fruits of those efforts over many years of hard work are starting to pay off.

我認為首先是更好的執行，接著當然也包含今天這項業務相對於其規模與成長所擁有的所有機會。但歸根結底，其中很大一部分是我們的執行力。再說一次，我們在21、22年做了重大投資，來真正把那項業務做大。而我認為現在，多年努力工作的成果，正開始逐步顯現並帶來回報。

Maheep Mandloi, Mizuho.

Maheep Mandloi，Mizuho。

Maybe just a quick one on the gas pipeline and it's talking about like the demand over there. But when are you expecting the orders to flow in on those for next year or after that?

也許快速問一下天然氣管線（gas pipeline），談到那邊的需求。但你們預期那些訂單會在什麼時候開始進來，是明年還是之後？

Yeah. So it hasn't really changed. I think that we've got an enormous amount of confidence relative to the conversations we're having with our customers, whether they're verbal awards that we have or the expectations from our customers have laid out to us on what we're going to build.

是的。所以其實沒有太大改變。我認為，基於我們與客戶的對話，不論是我們已經拿到的口頭授標（verbal awards），或是客戶向我們說明他們對我們將要建置內容的預期，我們都非常有信心。

So for us, right, when we look at '27, we think we've got our -- our plate is pretty full as it is. When those turn into contracts and when we can report them and backlog is a different story. So it's -- and that's why we keep talking about -- backlog isn't really representative in that market today.

所以對我們來說，對吧，當我們看『27 年時，我們覺得我們——我們手上的盤子已經相當滿了。當那些轉成合約、而且我們能夠把它們列報、而且積壓訂單（backlog）就會是另一回事了。所以——也因此我們一直在講——在今天那個市場裡，積壓訂單其實並不具代表性。

It will be at some point. It's coming. It's close. It will probably be towards the latter half of 2026. But I can tell you that our visibility today in the '27 and beyond is fantastic.

在某個時間點會的。它正在來。很接近了。很可能會落在 2026 年下半年。但我可以告訴你，我們目前對『27 年以及之後的能見度非常好。

Justin Hauke, Baird.

Justin Hauke，Baird。

Great. So I guess I just wanted to get a little more clarity on the guidance. I mean, clearly, the first quarter came in much better than what you were expecting. You beat revenue by 10% and earnings by like 40%. But in the full year, flowing through a lot less than that.

很好。所以我想我只是想對你們的財測指引再釐清一些。我的意思是，很明顯第一季的表現遠優於你們原先的預期。營收超出 10%，獲利大概超出 40%。但放到全年來看，反映出來的幅度小很多。

And I know 1Q is seasonally the lines, but you're also having a lot less seasonality than you had historically. So just trying to understand what's underpinning the conservatism as you look at the balance of the year versus what you did in the first quarter?

而且我知道第一季在季節性上通常比較強，但你們現在的季節性也比過去小很多。所以我只是想了解，當你們看今年剩下的期間時，相較於第一季的表現，這種保守態度背後的依據是什麼？

Well, Justin, I think that a couple of things I'd say is that's what we did. We pushed the beat in Q1 through guide through the year; didn't necessarily reforecast the balance of the year. I think that's -- there's a lot of concerts built into that. Obviously, we haven't taken into account that that acceleration in the business is going to continue throughout the three quarters.

嗯，Justin，我想我會說幾點：那就是我們實際做的方式。我們把第一季的超預期，透過指引往全年推進；但不一定是把今年剩下的期間重新預測一遍。我想——裡面有很多保守假設（conservatism）。很顯然，我們沒有把業務加速會在接下來三個季度持續的情況納入。

And hopefully, we can deliver on that, and that will be the source of our beats throughout the balance of the year. But I think that's how we looked at it, right? So not a lot more science than that. I think we've got our Investor Day coming up on May 12, where we're going to lay out, I think, a much longer-term vision, and we're excited about how the rest of the year can play out for us.

而希望我們能做到，這也會成為我們在今年剩餘期間持續超預期的來源。但我想我們就是這樣看的，對吧？沒有比這更科學的東西。我想我們 5 月 12 日有投資人日（Investor Day），我們會在那裡闡述一個更長期的願景，我們也對今年剩下的時間能如何發展感到很興奮。

So I wouldn't read too much into it. I think we're pretty excited. I don't -- I think we took each of the areas where we beat and we pushed it through the year. And obviously, if the opportunities continue to exist across all those segments, then we will do better than what we're saying.

所以我不會對此過度解讀。我想我們相當興奮。我不——我想我們把每個超預期的領域都往全年推進了。而且很顯然，如果這些機會在所有那些業務板塊都持續存在，那我們的表現就會比我們現在所說的更好。

All right. I figured that's what you would say and looking forward to the Analyst Day, too. I guess the second question, just understanding on the Communications side, the exiting from the install-to-the-home market, was that something you guys were expecting?

好。我想我也猜到你會這麼說，也很期待分析師日。我想第二個問題是，關於通訊（Communications）這邊，退出到府安裝（install-to-the-home）市場，這是你們原本就預期會發生的嗎？

And then I guess the corollary to it is is that all done? So the cost that you took that's all contained in the quarter? Or is that something that's going to continue throughout the year?

然後我想相對應的問題是：這件事都結束了嗎？所以你們提列的成本都已經包含在本季了？還是說這會在今年持續發生？

We don't expect any more to continue throughout the year. I'd say we're still in that business, so we're not out of the business. So let me be maybe a little more clear on what that is. We've had a relationship with DirectTV as far back as I can remember.

我們不預期今年還會再持續發生。我會說我們仍然在那個業務裡，所以我們並沒有退出那個業務。所以讓我把這件事講得更清楚一點。我們和 DirectTV 的合作關係，久到我都記不清從什麼時候開始了。

And I actually think this is a remarkable story at MasTec. I became CEO in 2007. At the time, DirectTV was almost 50% of revenues. Last year, DirectTV was less than 1%. So I think that the fact that what we've been able to do the business -- to the business over the course of the last 19 years, has been phenomenal.

而且我其實覺得這是 MasTec 一個很了不起的故事。我在 2007 年成為 CEO。當時 DirectTV 幾乎占了 50% 的營收。去年，DirectTV 低於 1%。所以我認為，過去 19 年我們能把業務——把這個業務做到這樣，真的非常出色。

It was a business that at its peak, reached almost $700 million in revenue. And again, it was less than 1% of revenues last year. We see challenges in our business at times, right? We had a customer that was -- it was all pay television service, satellite driven. Obviously, the Internet took off, streaming video took off, the business changed.

這個業務在高峰時，營收接近 7 億美元。而且再說一次，去年它占營收不到 1%。我們有時會在業務上遇到挑戰，對吧？我們有一個客戶——它完全是付費電視服務、以衛星為主。很顯然，網際網路起飛、串流影音起飛，業務型態改變了。

And I actually think that's part of the beauty of MasTec, right? We took a business that was such a major part of our financial performance a long time ago. We were able to adapt in the business. We were actually able to help our customers with other technologies like everything that happened relative to fiber and Internet and we were able to offset that decline over a period of time.

而我其實覺得這也是 MasTec 的魅力之一，對吧？很久以前，這個業務曾是我們財務表現中非常重要的一部分。我們能夠在業務上做出調整。我們其實也能用其他技術來協助客戶，例如光纖與網際網路相關的一切，我們也能在一段時間內抵消那個下滑。

I think what gets lost in our story a lot is the fact that we've done an amazing job growing our telecom business over many years, especially over the last few years in an environment where that business massively declined from $700 million to a negligible number. So I think this year, we exited a number of markets. It's a small business. And we took some charges in Q1 that represented about 100 basis points.

我覺得我們的故事常被忽略的一點是：多年來我們把電信業務做得非常好，尤其是過去幾年；即便在那段期間，這個業務從 7 億美元大幅下滑到幾乎可以忽略不計。所以我想今年我們退出了若干市場。那是一個小型業務。而我們在第一季提列了一些費用，約相當於 100 個基點。

Quite frankly, we probably could have [rigged] them. We decided not to and it is what it is. So we're thankful for that relationship. We're still going to work for them in any way that we can. We're still going to support them and help them in any way that we can. But I think it's a great reflection of the way that MasTec has matured in the business that we've come and the fact that we've been able to overcome something like that over such a long period and done it with a tonne of success.

坦白說，我們可能可以把它們「調整」掉。我們決定不這麼做，就是如此。所以我們很感謝這段合作關係。我們仍會以任何我們能做到的方式為他們工作。我們仍會支持他們，並以任何我們能做到的方式協助他們。但我認為，這很好地反映了 MasTec 在業務上的成熟，以及我們一路走來的歷程；而且我們能在這麼長的時間裡克服這樣的變化，並且取得大量成功。

Yeah. No, for sure, it's -- diversification is a big thing from the time we started covering. So thank you for that perspective.

是的。不，確實——從我們開始覆蓋你們以來，多元化一直是很重要的一件事。所以謝謝你提供這個觀點。

Manish Somaiya, Cantor.

Manish Somaiya，Cantor。

Jose, can you remind us what is the mix between maintenance and new projects for your Pipeline business? And what I'm trying to figure out is how I should think about the incremental upside to backlog. I mean, obviously, the backlog right now is about $1.3 billion out of the $20.3 billion. So I'm just trying to get a sense for that as well.

Jose，你能提醒我們，你們管線（Pipeline）業務中，維護（maintenance）與新專案（new projects）的組合比例大概是多少嗎？我想釐清的是，我應該如何看待積壓訂單（backlog）的增量上行空間。我的意思是，很明顯目前積壓訂單大約是 13 億美元，相對於 203 億美元。所以我也想對此有個概念。

Yeah, I don't have an exact number, but I would tell you is a few years back when the business looked doom and gloom post-pandemic, we said that we thought the bottom run rate would be $1.5 billion to $1.8 billion.

是的，我沒有精確數字，但我會告訴你的是，幾年前在疫情後、當這個業務看起來很悲觀的時候，我們說過我們認為底部的常態化營收（run rate）會是 15 億到 18 億美元。

Did that based on predominantly a maintenance-driven business, so I'd still argue that that's the range, and the balance is project driven. So I don't have an exact breakout today, but I would argue that that's pretty close. So I think that -- as you think about future projects, it will be the growth off of that base.

那是主要以維護驅動的業務為基礎做的判斷，所以我仍會主張那個區間就是維護的範圍，而其餘的部分是由專案驅動。所以我今天沒有精確的拆分，但我會主張這已經相當接近。所以我認為——當你思考未來專案時，它會是在那個基礎之上的成長。

Right. And obviously, Q1, the business did exceptionally well; favorable outlook for '26. How should I think about '27 in terms of reaching or exceeding your prior peak margins in that business?

了解。而且很明顯第一季這個業務表現非常好；對『26 年的展望也很有利。那我應該如何看待『27 年，在該業務中達到或超越你們先前的高峰利潤率（peak margins）的可能性？

Yeah. I think the opportunity is there. I mean, if I was sitting here today and I was having to guide for '27, I would say, we'll do $2.5 billion this year. I would feel super comfortable that we're going to do $3 billion or better, and I think we have an outside chance to get to historical levels, which are $3.5 billion as early as '27. And I think that's what we've been saying over the last couple of quarters.

是的。我認為機會就在那裡。我的意思是，如果我今天坐在這裡、需要對 '27 年給出指引，我會說，我們今年會做到 25 億美元。我會非常有把握我們會做到 30 億美元或更好，而且我認為我們也有機會最早在 '27 年回到歷史水準，也就是 35 億美元。而我想這就是我們過去幾個季度一直在說的。

Right. And then just on capital allocation, with leverage approaching low-1s, how are you thinking between deleveraging even further bolt-on acquisitions, repurchases? If you could just shed some light on that.

了解。那再談一下資本配置，隨著槓桿率接近 1 倍出頭的低檔，你們如何在進一步去槓桿、補強型併購、股票回購之間做取捨？如果可以的話，請再多分享一些看法。

I think based on the growth opportunities that we have in front of us, I do think you're going to see us be more active in M&A. And I think that's where you'll see deployment of capital.

我認為基於我們眼前的成長機會，我確實覺得你們會看到我們在併購（M&A）上更積極。而我想資金的運用會主要投向那裡。

(Operator Instructions) Brian Russo, Jefferies.

（接線員指示）Brian Russo，Jefferies。

Just assuming Greenlink North commences construction also next year, combined with the smaller project that I believe is supposed to commence mid-year this year. Do you have the capacity to handle more than those two projects combined in 2027? Just to tie into your comments that you don't need to grow that side of the business organically to competitively bid on new projects.

假設 Greenlink North 也在明年開始施工，再加上我相信今年年中要開工的較小專案。你們在 2027 年是否有能力承接超過這兩個專案合計的量？這也呼應你剛才的評論：你們不需要靠有機方式擴張那一端的業務，也能在新專案競標上具備競爭力。

Absolutely.

絕對可以。

Okay. Great. And then just a follow-up on the M&A question. Could you be any more specific on target markets, assuming nothing in Power Delivery target markets, that you see the most opportunity for MasTec in particular? And would you be interested in MEP at all to round out that turnkey solution for the data centers?

好的。很棒。那再追問一下併購的問題。在不涉及 Power Delivery 目標市場的前提下，你能否更具體說明你們認為 MasTec 特別有機會的目標市場有哪些？另外，你們會不會對 MEP（機電管線）有興趣，以完善資料中心的一站式交付（turnkey）解決方案？

Yeah. Look, I don't want to get ahead of myself. Again, I think that at our Investor Day, we're going to walk through strategy a lot more than what we normally do. I think from that, you'll be able to attain the types of things that we're looking at.

是的。你看，我不想操之過急。再說一次，我認為在我們的投資人日，我們會比平常更深入地說明策略。我想從那裡，你們就能了解我們正在看的方向與類型。

Again, it's broad-based. I think at the end of the day, we're still opportunistic driven, right? I don't think -- somebody asked the question earlier, I think it was Jamie, are we chasing revenue? We're not. So for us, it's strategic. I think that we've got some really good opportunities in front of us.

再說一次，範圍是廣泛的。我認為歸根結底，我們仍然是以機會驅動為主，對吧？我不認為——有人先前問過這個問題，我想是 Jamie 問的——我們是不是在追逐營收？我們不是。所以對我們而言，重點是策略性。我認為我們面前確實有一些非常好的機會。

I don't really want to tip my hand on that, but I feel like we're in a good spot. I felt like the two acquisitions that we made at the end of last year have been really beneficiary to MasTec. And I think we have a number more that we can make that would really help our company.

我不太想把底牌掀出來，但我覺得我們目前的位置很好。我覺得我們去年年底做的兩筆收購對 MasTec 非常有利。而且我認為我們還有好幾筆可以做的收購，能夠真正幫助公司。

Mark Bianchi, TD Cowen.

Mark Bianchi，TD Cowen。

I guess, first on the Communications progression from here. You're quite precise on what the margin improvement is going to be for the year. But I don't know if you want to put any precision on second quarter, but the way it looks to me like the margin improvement year-over-year may need to accelerate in the back half, if that's right? Could you just maybe walk us through that? Is that just getting to absorbing some of those earlier costs that you have? Or is there something else going on there?

我想先談通訊業務接下來的走勢。你們對今年的毛利率改善幅度講得相當精準。但我不確定你們是否願意對第二季給出更精準的說法；不過在我看來，如果我的理解沒錯，年增的毛利率改善可能需要在下半年加速？能否請你帶我們走一遍？這只是因為要消化你們先前發生的一些成本嗎？還是還有其他因素？

I think that's exactly right. So in '25, again, we had phenomenal organic growth in '25. I think it was 34% on a year-over-year basis. We entered a lot of new markets. We opened a lot of new offices. I think those offices are beginning to mature. I think we'll see the significant impact of that maturity in the second half of the year.

我認為你說得完全正確。所以在 '25 年，再次強調，我們在 '25 年有非常亮眼的有機成長。我記得年增大約是 34%。我們進入了很多新市場。我們開了很多新辦公室。我認為這些辦公室正開始成熟。我認為我們會在今年下半年看到這種成熟帶來的顯著影響。

That's why we're so comfortable of really calling for a higher profile margin in the second half of the year, and that's exactly how we expect it to play out. I think considering if you would normalize Q1 for for our charges and we look at what's happening in Q2, we feel really good that the progression of that is taking shape and are very confident in being able to say that.

這就是為什麼我們很有把握在下半年給出更高水準的毛利率表現，而這也正是我們預期的發展方式。我認為，如果你把第一季的費用一次性項目做正常化處理，再看第二季正在發生的情況，我們對這個改善進程正在成形感到非常樂觀，也非常有信心能這麼說。

Okay. Great. And the last one is for Paul. This isn't a big increase, but the CapEx number ticked up just a little bit. Could you talk about what's going on there? And maybe more broadly, how we should be thinking about capital intensity for the business going forward?

好的。很棒。最後一題給 Paul。這不是很大的增加，但資本支出（CapEx）數字小幅上調了一點。你能談談這背後發生了什麼嗎？以及更廣泛地說，未來我們應該如何看待這項業務的資本密集度？

And I said in the comments, it's really just about the additional growth we see not just in 2016 but in the years ahead. So I mean, that's our primary objective around capital allocation is supporting organic growth and fixed assets is a big piece of that.

我在評論裡提到，這主要是因為我們看到的不只是 2016 年、也包括未來幾年的額外成長。所以我的意思是，我們在資本配置上的首要目標是支持有機成長，而固定資產投資是其中很重要的一部分。

So still relatively low, particularly where we've been historically. So we're still very comfortable with that level of capital intensity, but really just just focusing on supporting the demand that we see and the needs of our customers.

所以整體仍然相對偏低，特別是相較於我們歷史上的水準。因此我們對這個資本密集度水準仍然非常放心，但重點就是支持我們看到的需求以及客戶的需要。

(Operator Instructions) Philip Shen, Roth Capital Partners.

（接線員指示）Philip Shen，Roth Capital Partners。

Congrats on the great quarter. Wanted to check in on the renewables comments you made visibility you said is a strongest it's ever been. Momentum is strong, you said as well. And so I wanted to check in with you also on this tax equity pause by four major banks were -- what, four months into the year? And this has become a bit of a topic.

恭喜你們交出很棒的一季。我想追問你們對再生能源的評論：你提到能見度是史上最強。你也說動能很強。所以我也想請教，四家大型銀行暫停稅務股權（tax equity）的情況——現在大概已經進入今年的第四個月了——這件事已經成為一個討論焦點。

And I know '26 is not impacted because it's a Section 48 year. But for 2027, I think more projects might depend on 48E. So I was wondering if you could give us a little bit more color on that really strong outlook vis-a-vis this tax equity pause? And to what degree have you guys gone through your portfolio and check in with customers to make sure that the exposure here is modest, if any, at all?

我知道 '26 年不受影響，因為那是《稅法》第 48 條（Section 48）適用的一年。但對 2027 年而言，我認為更多專案可能會依賴 48E。所以我想請你就這個稅務股權暫停的議題，針對你們非常強勁的展望再多補充一些背景與細節。另外，你們在多大程度上已經檢視過你們的專案組合並與客戶確認，以確保這裡的曝險即使有也很有限？

Look, I think that's the big change in our business over the longer period. I think we've done a great job at aligning ourselves with key customers, understanding their business, understanding what their risks are, right? So I think we've managed that really well. We feel really comfortable about our book of business for '27.

你看，我認為這是我們業務在較長期間內最大的變化。我認為我們在與關鍵客戶對齊方面做得很好，理解他們的業務、理解他們的風險是什麼，對吧？所以我認為我們把這件事管理得非常好。我們對 '27 年的在手訂單（book of business）感到非常放心。

And as we generally think about it for the market, I would also add the following because I do think it's important, right? We are in the middle of an unbelievable opportunity of growth as a country relative to so much of this critical infrastructure. Power is the cog in the wheel. Everybody knows it. Everybody is talking about it. The administration knows, the President knows that everybody knows it.

而且當我們從市場角度來看時，我也想補充以下幾點，因為我確實認為這很重要，對吧？就這麼多關鍵基礎建設而言，我們正處在一個國家層面難以置信的成長機會之中。電力是整個系統的關鍵齒輪。大家都知道。大家都在談。政府知道、總統知道——大家都知道。

So while obviously, we're going to get a lot of noise at the end of the day, issues like this have to be fixed because if not, it has much, much greater implications. And I have a high level of confidence that the things that need to be done to fix issues like this will happen irrespective of that. That was a general comment for the industry. I feel good about our portfolio.

因此，雖然很明顯，最終我們會看到很多雜訊，但像這樣的問題必須被修正，因為如果不修正，其影響會大得多、嚴重得多。而我對於為了修正這類問題所需要做的事情會發生，抱持高度信心，且不受其他因素影響。那是針對整個產業的一般性評論。我對我們的投資組合感到放心。

But just seeing what's happening in Washington, seeing how they're reacting to certain things, I promise you that renewables are an incredibly important part of the story in the near to midterm. And they understand that, and they will do what they have to do to make sure that that doesn't delay meaningful investment in this country.

但就看看華盛頓正在發生的事、看看他們對某些事情的反應，我向你保證，可再生能源在短期到中期的敘事中是極其重要的一部分。他們也理解這一點，並且會做他們必須做的事，以確保這不會延宕在這個國家具有實質意義的投資。

And then as a follow-up on that topic, one thing I've been trying to track is this LNTP to NTP timeframe when it comes to solar and in renewables. And so for you guys, what is that typical timeline with customers? When they sign LNTP, is it typically six to seven months before you guys go to NTP or is it maybe nine months? Just every EPC has a different average based on geographic mix and so forth. So I was curious where you guys sit.

接著就這個主題追問一下，我一直在追蹤太陽能與可再生能源領域中，LNTP 到 NTP 的時間跨度。所以對你們而言，與客戶之間典型的時間表是什麼？他們簽署 LNTP 後，通常是六到七個月你們就會進到 NTP，還是可能九個月？每家 EPC 因地理組合等因素不同，平均值都不一樣。所以我很好奇你們大概落在哪裡。

Yeah. I think it depends on the customer, right? Some customers you have alliance agreement with other you're just doing specific projects. So I think that's vastly different between the two. We don't go to backlog until financial close on the project, which, a lot of times, is late in the cycle of that project.

是的。我認為這取決於客戶，對吧？有些客戶你們有聯盟協議，另一些則只是做特定專案。所以這兩者之間差異非常大。我們不會把它納入在手訂單（backlog），直到專案完成財務交割（financial close）；而很多時候，這是在該專案週期的後段才會發生。

So some could be open longer than others. But again, it's an important metric for us because it gives us visibility into what we're going to book into new work over time. But I don't think -- I would say the majority of it, if not all of it, is by less than a year.

所以有些可能會開放更久一些。但同樣地，這對我們是個重要指標，因為它讓我們能看見隨時間推移我們將會把哪些新工作轉為簽約入帳。不過我不認為——我會說其中大多數，若不是全部，時間都少於一年。

Adam Thalhimer, Thompson.

Adam Thalhimer，Thompson。

Data center connectivity, you said that was tens of billions of dollars. Is that the labor component and therefore, the opportunity for MasTec? And has that started? Or is that more 2027?

資料中心連接性，你說那是數百億美元。那是指勞務（labor）部分，因此也是 MasTec 的機會嗎？而且那已經開始了嗎？還是比較偏向 2027 年？

I think it started, right? I mean we've announced and back, I want to say maybe even at the end of '24, our first award relative to a customer that had gone after that work and specifically won a project around it. I think this is a really long cycle.

我認為已經開始了，對吧？我的意思是，我們已經宣布過，而且回頭看，我想可能甚至在 24 年底，我們就拿到第一個與一位客戶相關的獎項；該客戶去爭取那類工作，並且特別贏得了一個相關專案。我認為這是一個非常長的週期。

I think there's going to be an enormous amount of work that happens across the country. Obviously, data center construction is really a cycle that's just starting. So we feel good about it. We think that is a MasTec TAM number. So it's just a massive opportunity.

我認為全國各地將會有大量工作發生。很明顯，資料中心建設其實是一個才剛開始的週期。所以我們對此感到樂觀。我們認為那是一個屬於 MasTec 的 TAM（總可服務市場）數字。所以這就是一個巨大的機會。

And then quickly on pipeline. Are you seeing book and burn projects that could come in for the back half of '26, but just not putting that into guidance until you have them in hand?

然後很快問一下管線。你們是否看到一些「接單即消化」（book and burn）的專案，可能會在 26 年下半年進來，但在你們真正拿到手之前不會把它放進指引？

I mean we have a portion of our business, it's all book and burn. So we would expect to have -- I mean, there is some book and burn built into our guidance. Thus, our backlog levels don't fully support the full year anyway, right? So we need some book and burn.

我的意思是，我們有一部分業務本來就全部是「接單即消化」。所以我們會預期——我的意思是，我們的指引中確實包含了一些「接單即消化」。因此，我們的在手訂單水位本來就無法完全支撐整個年度，對吧？所以我們需要一些「接單即消化」。

But that's a normal part of the business, and we will -- we definitely feel good about that. And so to the question, right, to the, I guess, broader question, which is there are opportunities for more book and burn to improve even what we're saying? I think the short answer to that is yes.

但那是業務的正常組成部分，而我們會——我們對此確實感到放心。所以回到問題，對吧，回到我想更廣泛的問題：是否存在更多「接單即消化」的機會，甚至可以優於我們目前所說的？我認為簡短答案是：是的。

(inaudible), Wolfe Research.

（聽不清楚），Wolfe Research。

I just wanted to ask, with President Trump approving Bridger pipeline yesterday, like beyond a specific project, do you see this approval approving project activity or just more derisking project pipeline that's already in your funnel?

我想問的是，川普總統昨天批准了 Bridger 管線；除了某個特定專案之外，你是否認為這項批准會推動專案活動，還是只是讓你們漏斗（funnel）裡既有的專案管線（pipeline）更去風險（derisking）？

I think this President has been very vocal about his desire to see infrastructure built, specialty pipelines. So I think that if any project is brought to him that he has the potential to influence he will. And I think that's a good thing for the industry.

我認為這位總統一直非常直言不諱地表達他希望看到基礎建設被興建，尤其是專業管線。所以我認為，如果有任何專案被帶到他面前，而他有可能施加影響，他就會這麼做。而我認為這對產業是件好事。

Okay. And as a follow-up, can you just provide any color on the type of pipeline work that's been driving the margins? Like is it pricing, execution, project mix? And how does that evolve as you return to peak pipeline revenues?

好的。再追問一下，你能否提供一些關於推動管線業務毛利的工作類型的說明？例如是定價、執行、專案組合？而當你們回到管線收入高峰時，這會如何演變？

Yeah. Look, I don't think there was anything abnormal about our margin execution in Q1, right? We've had plenty of quarters where we've done as well. So I think that's just a moment in time where you had good utilization, you had a lot of work, and you were able to perform it at a high level.

是的。你看，我不認為我們在第一季的毛利執行有任何不尋常之處，對吧？我們有很多季度的表現也同樣好。所以我認為那只是某個時間點：你有良好的資源利用率（utilization）、你有很多工作量，而且你能以高水準把它執行完成。

So we're obviously not guiding to that for the balance of the year, but we would hope that we can continue to deliver on that. Again, utilization is a key driver there, but we had a good quarter, and hopefully, that will continue.

所以我們顯然不會在全年剩餘期間以那樣的水準作指引，但我們希望能持續交付那樣的表現。同樣地，利用率是其中的關鍵驅動因素，但我們有一個不錯的季度，希望這能延續下去。

This concludes today's Q&A session. I would like to turn the call back over to Jose for closing remarks. Please go ahead.

今天的問答環節到此結束。我想把電話交回給 Jose 作結語。請開始。

Thank you. I'd just like to thank everybody for participating today. Again, to remind everybody we've got our Investor Day on May 12 in New York. We hope you can make it. And we look forward to updating you on our second quarter call in a few months. Thank you.

謝謝。我只想感謝大家今天的參與。再次提醒大家，我們的投資人日（Investor Day）將於 5 月 12 日在紐約舉行。希望你們能出席。也期待在幾個月後的第二季電話會議上向各位更新。謝謝。

Thank you all for participating in today's program. You may now disconnect.

感謝各位參與今天的活動。您現在可以掛線。