Solv Energy Inc (MWH) 2026 Q1 法說會逐字稿

Good morning, and welcome to SOLV Energy's first quarter earnings results conference call.

各位早安，歡迎參加 SOLV Energy 第一季財報結果電話會議。

(Operator Instruction)

（接線員指示）

Good morning, everyone, thank you for joining us for SOLV Energy's first quarter 2026 earnings conference call. Before we begin, we would like to remind you that this conference call may include forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements, which are subject to various risks, uncertainties, and assumptions, could cause our actual results to differ materially from these statements. These risks, uncertainties, and assumptions are detailed in this morning's press release, as well as our filings with the SEC, which can be found on our website at investors.solvenergy.com. We undertake no obligation to revise or update any forward-looking statements or information except as required by law. During our call today, we'll also reference certain non-GAAP financial information.

各位早安，感謝各位參加 SOLV Energy 2026 年第一季財報電話會議。在開始之前，我們提醒各位，本次電話會議可能包含《1995 年私人證券訴訟改革法案》安全港條款所定義的前瞻性陳述。這些陳述受多項風險、不確定性與假設影響，可能導致我們的實際結果與這些陳述存在重大差異。相關風險、不確定性與假設已於今早的新聞稿以及我們向美國證券交易委員會（SEC）提交的文件中詳述，並可於我們網站 investors.solvenergy.com 查閱。除法律要求外，我們不承擔修訂或更新任何前瞻性陳述或資訊之義務。在今天的電話會議中，我們也將提及若干非 GAAP 財務資訊。

The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Reconciliations of GAAP to non-GAAP measures can be found in this morning's press release and in our SEC filings. Joining me on the call today is SOLV Energy's CEO, George Hershman, and CFO, Chad Plotkin. Following our prepared remarks, we'll open the call for your questions. As a reminder, there will be a replay of this call posted on the IR website. With that, I'll turn it over to George.

呈列該等非 GAAP 財務資訊，並非意圖使其被單獨考量，或作為依 GAAP 編製與呈列之財務資訊的替代。GAAP 與非 GAAP 指標之調節表可於今早的新聞稿及我們的 SEC 申報文件中查閱。今天與我一同參與電話會議的有 SOLV Energy 執行長 George Hershman 與財務長 Chad Plotkin。在我們完成事先準備的發言後，將開放提問。提醒各位，本次電話會議的重播將發布於投資人關係（IR）網站。接下來我把時間交給 George。

Thank you, Anthony. Good morning, everyone. We're excited to be here today to give an update on our first quarter performance. Before we begin, I'd like to officially welcome Mike Adams as Vice President of Investor Relations to the SOLV Energy team. Mike brings over 20 years experience with a broad background spanning investor relations, capital markets, and corporate finance. Mike is here with us this morning, and we are thrilled to have him on board. With that, let me begin with a few key highlights from the quarter. First, safety remains top of mind across the organization. We continue to perform well against industry benchmarks, and our last 12 months results through the first quarter reflect a strong and consistent safety culture across our field operations. Our focus on safety remains steadfast, and we will continue to work across the entire organization for continued improvement in this critical area.

謝謝你，Anthony。各位早安。我們很高興今天在此向各位更新第一季的營運表現。在開始之前，我想正式歡迎 Mike Adams 加入 SOLV Energy 團隊，擔任投資人關係副總裁。Mike 擁有超過 20 年經驗，背景涵蓋投資人關係、資本市場與公司財務等多個領域。Mike 今天也在現場，我們非常高興他加入團隊。接下來，我先分享本季幾項重點。第一，安全仍是全公司最優先的事項。我們持續在產業基準之下表現良好，且截至第一季的過去 12 個月結果，反映出我們在現場營運中具備強健且一致的安全文化。我們對安全的重視始終如一，並將持續在整個組織內推動改善，精進這個關鍵領域。

Turning to performance, in which Chad will provide more color, our first quarter results reflect strong execution across the business, with profitability coming in above expectations. From a market standpoint, conditions remain as constructive as we've outlined previously. We continue to see no change in the underlying outlook. Demand for power is accelerating. The need for new supply is clear, and solar batteries and battery storage remain among the most competitive solutions to meet that demand. Against that backdrop, we are executing on our growth strategy. We expanded the number of MW under O&M contracts during the quarter, further extending our long-term reoccurring revenue base. We also announced the exciting acquisition of Roberson Waite Electric, which strengthens our capabilities in utility infrastructure and supports our continued expansion into the regulated market. That execution, combined with our differentiated value proposition, continues to drive backlog momentum.

談到營運表現，Chad 稍後會提供更多細節；我們第一季結果反映出全業務的強勁執行力，獲利表現高於預期。就市場面而言，整體環境仍如我們先前所述般具建設性。我們持續認為基本面展望沒有改變。電力需求正在加速成長；新增供給的需求十分明確，而太陽能與電池儲能仍是滿足該需求最具競爭力的解決方案之一。在此背景下，我們正執行成長策略。本季我們擴增了 O&M（營運與維護）合約下的兆瓦數，進一步擴大我們長期、經常性收入基礎。我們也宣布令人振奮的 Roberson Waite Electric 收購案，強化我們在公用事業基礎設施方面的能力，並支持我們持續擴張至受監管市場。上述執行成果，加上我們差異化的價值主張，持續推動在手訂單（backlog）的動能。

We ended the quarter with approximately $8.2 billion of backlog, providing strong visibility into future revenue. Finally, given the strength of our first quarter results, the evolving business mix, and additional projects reaching full notice to proceed, we are increasing our full year guidance for both adjusted gross profit and adjusted EBITDA. Overall, we believe the quarter underscores both the durability of the market and our continued ability to execute and capture that opportunity. As we turn to slide 5, we will give a quick reminder of who we are. SOLV Energy is a leading provider of lifecycle infrastructure services to the US power sector, with a strong position across utility scale solar, storage, O&M, and high voltage infrastructure. What differentiates us is our lifecycle model.

本季結束時，我們的在手訂單約為 82 億美元，為未來營收提供強勁能見度。最後，鑑於第一季結果強勁、業務組合的演變，以及更多專案取得完整的開工通知（full notice to proceed），我們上調全年調整後毛利與調整後 EBITDA 的財測指引。整體而言，我們認為本季凸顯了市場的韌性，以及我們持續執行並掌握機會的能力。接著看第 5 張投影片，我們快速回顧公司概況。SOLV Energy 是美國電力產業生命週期基礎設施服務的領先供應商，在公用規模太陽能、儲能、O&M 以及高壓基礎設施方面具備強勢地位。我們的差異化在於生命週期模式。

We support assets from initial design and build through long-term operations and future repowering opportunities, looking out over a 35-year horizon. That integrated approach drives deeper customer relations, fits, and more durable revenue streams. We build and operate at scale with over 21 gigawatts constructed to date and nearly 22 gigawatts under management. This is supported by a national footprint of a large, experienced workforce. That scale gives us strong visibility into both market demand and customer needs. Importantly, our model combines EPC execution with long-duration O&M contracts, allowing us to extend each project into a reoccurring long-term revenue opportunity. Overall, our breadth of capabilities, execution track record, and lifecycle approach positions us well to capture continued growth as investment in power infrastructure and grid reliability remains a national priority. Moving to slide 6. The demand backdrop for our business remains compelling and continues to strengthen.

我們支援資產從初期設計與建置，到長期營運，以及未來的汰舊換新（repowering）機會，並以 35 年的視角進行規劃。這種整合式方法能促進更深的客戶關係、更高的契合度，以及更具韌性的收入來源。我們以規模化方式建置與營運，迄今已建置超過 21 吉瓦，並管理近 22 吉瓦。這由遍布全國、規模龐大且經驗豐富的勞動力所支撐。這樣的規模使我們對市場需求與客戶需求都具備高度能見度。重要的是，我們的模式結合 EPC 執行與長期 O&M 合約，使每個專案得以延伸為長期、經常性的收入機會。整體而言，我們的能力廣度、執行實績與生命週期方法，使我們在電力基礎設施投資與電網可靠性仍為國家優先事項之際，具備良好條件以掌握持續成長。接著看第 6 張投影片。我們業務所面對的需求背景仍具吸引力，且持續增強。

We're seeing a step change in the U.S. power demand, with load expected to grow approximately 28% over the next decade, well above the roughly 5% growth seen over the prior decade. That acceleration is being driven by structural trends including AI infrastructure build-out and the reshoring of industrial manufacturing capacity. At the same time, the expectations are for over $500 billion of investment in solar and battery storage over the same period, translating to roughly 430 gigawatts of new capacity, about 3 times the level of the prior decade. Battery storage, in particular, continues to scale rapidly, with growth in the mid-20% range annually. Importantly, that build-out creates a long-duration opportunity for our lifecycle model.

我們看到美國電力需求出現階躍式變化，預期未來十年負載將成長約 28%，遠高於前一個十年約 5% 的成長。此加速主要由結構性趨勢所驅動，包括 AI 基礎設施建置，以及製造業產能回流本土（reshoring）。同時，市場預期在同一期間太陽能與電池儲能的投資將超過 5,000 億美元，換算約新增 430 吉瓦容量，約為前一個十年的 3 倍。尤其是電池儲能持續快速擴張，年增率約在 20% 中段。重要的是，這樣的建置潮為我們的生命週期模式創造了長期機會。

We expect operating solar capacity to more than triple over the next decade, and each gigawatt deployed represents decades of ongoing operations, maintenance, upgrades, and repowering activity. Taken together, these dynamics reinforce our confidence in the long-term growth trajectory of the market and position SOLV to participate across both the upfront build cycle and reoccurring lifecycle opportunity that follows. Let's move to slide 7 for a reminder of our growth strategy. Against the market demand backdrop, we have a clear and disciplined growth strategy. First, we continue focusing on the fastest-growing segment of the U.S. PV and storage market, projects above 200 megawatts, where our scale matters most and is resulting in ongoing growth in our backlog. Second, we are expanding our O&M business to deepen our reoccurring revenue base with nearly 22 gigawatts under contract.

我們預期未來十年在運轉中的太陽能容量將增加至三倍以上，而每部署 1 吉瓦，便代表未來數十年的持續營運、維護、升級與汰舊換新活動。綜合而言，這些動態強化了我們對市場長期成長軌跡的信心，並使 SOLV 能同時參與前端建置循環，以及其後續的經常性生命週期機會。接著看第 7 張投影片，回顧我們的成長策略。在市場需求背景之下，我們有清晰且嚴謹的成長策略。第一，我們持續聚焦於美國 PV（光伏）與儲能市場中成長最快的區隔：200 兆瓦以上的專案；在此區隔中，我們的規模優勢最為關鍵，並正帶動在手訂單持續成長。第二，我們擴大 O&M 業務，以深化經常性收入基礎，目前合約下規模接近 22 吉瓦。

Third, we are leveraging our capabilities to move into adjacent markets where we can add immediate value. Fourth, we are investing in innovation, digital tools, construction methods, and predictive maintenance to accelerate growth and expand margins. Finally, strategic acquisitions that strengthen our capabilities and extend our reach will be important to our growth strategy. In fact, as we turn to the next page, we can see that following the end of first quarter, we announced the strategic acquisition of Roberson Waite Electric, which further advances our long-term positioning in utility infrastructure. Roberson Waite Electric is a California-based high voltage and utility substation contractor founded in 1975 with deep, long-standing relationships across the major California utilities. The business brings an experienced workforce of approximately 100 employees and specialized capabilities in turnkey substation construction, as well as battery energy storage system deployments.

第三，我們運用自身能力切入相鄰市場，以立即創造價值。第四，我們投資於創新、數位工具、施工方法與預測性維護，以加速成長並擴大利潤率。最後，能強化我們能力並延伸觸及範圍的策略性併購，將是我們成長策略的重要一環。事實上，當我們翻到下一頁可看到，在第一季結束後，我們宣布策略性收購 Roberson Waite Electric，進一步推進我們在公用事業基礎設施領域的長期布局。Roberson Waite Electric 是一家位於加州的高壓與公用事業變電站承包商，成立於 1975 年，與加州主要公用事業公司建立了深厚且長期的合作關係。該公司擁有約 100 名員工的資深團隊，並具備交鑰匙變電站建置以及電池儲能系統部署等專業能力。

From a strategic standpoint, this transaction expands our utility infrastructure platform and accelerates our entry into the regulated utility market, an area where we see sustained investment driven by grid modernization and resiliency priorities. Importantly, RWE adds differentiated substation capabilities across construction, testing, and commissioning. This enhances our ability to offer a more complete lifecycle-oriented solution alongside our existing solar, storage, and high-voltage infrastructure services. We also see a strong cultural and operational fit. Their experienced team and established utility relationships are highly complementary to our platform and should provide incremental operating leverage as we scale these capabilities across the business. From a transaction perspective, total consideration is approximately $45 million, subject to customary closing adjustments and will be funded with cash on hand. We currently expect the transaction to close in the third quarter of 2026.

從策略角度來看，此交易擴大我們的公用事業基礎設施平台，並加速我們進入受監管公用事業市場；我們認為該領域將因電網現代化與韌性優先事項而持續投資。重要的是，RWE 增添了在施工、測試與試運轉（commissioning）方面具差異化的變電站能力。這提升了我們在既有太陽能、儲能與高壓基礎設施服務之外，提供更完整、以生命週期為導向解決方案的能力。我們也看見強烈的文化與營運契合度。他們經驗豐富的團隊與既有的公用事業客戶關係，與我們的平台高度互補，並可在我們於全業務擴大這些能力時，帶來額外的營運槓桿。就交易條件而言，總對價約 4,500 萬美元，將依慣例交割調整，並以手頭現金支付。我們目前預期該交易將於 2026 年第三季完成交割。

Thank you. and now I'll turn the call over to Chad to provide a summary of our first-quarter results and updated guidance.

謝謝。接下來我把電話交給 Chad，請他就我們第一季的業績與更新後的財測提供摘要。

Thank you, George. Good morning, everyone. Let's start on slide 10. I'm pleased to report that our first quarter results reflect strong momentum across the business and demonstrate the continued execution capability of the SOLV team. First quarter revenue was $677 million, an increase of 66% year-over-year. This growth was primarily driven by significant new construction revenue as our strong and growing backlog continues to convert into results. On gross profit, please note that on a go-forward basis, due to the treatment of the allocation of non-cash compensation and cost of revenue, including that which relates to legacy awards, we will be presenting an adjusted gross profit and margin figure to appropriately communicate our profitability. On that point, adjusted gross profit for the quarter was $124 million, reflecting adjusted gross margin of 18.4%.

謝謝你，George。各位早安。我們先看第 10 頁投影片。我很高興報告，我們第一季的結果反映出全公司強勁的動能，並展現 SOLV 團隊持續的執行能力。第一季營收為 6.77 億美元，年增 66%。這項成長主要來自顯著的新建工程營收，因為我們強勁且持續成長的在手訂單正不斷轉化為實際成果。關於毛利，請注意，未來基於非現金薪酬費用與營收成本（包含與既有獎酬相關者）的分攤處理方式，我們將呈現調整後毛利與毛利率，以更適切地傳達我們的獲利能力。就此而言，本季調整後毛利為 1.24 億美元，調整後毛利率為 18.4%。

This performance was driven by productivity gains from continued strong project execution, seasonally favorable weather conditions across several key regions, and the recovery of reserves related to favorable settlements of outstanding change orders. Adjusted EBITDA for the first quarter was $93 million, representing an increase of 174% year-over-year. Adjusted EBITDA benefited from the favorable gross margin and reflects the increasing operating leverage in our business as we scale our revenue base. I do want to address the net loss of $27 million that you will see in our reported results. This was primarily due to a one-time non-cash expense of $52 million from the modification of legacy equity awards associated with the reorganization in connection with our IPO. This is non-recurring, non-cash item and is not reflective of the underlying performance of the business.

這項表現主要受惠於持續強勁的專案執行帶來的生產力提升、數個關鍵區域季節性有利的天候條件，以及因未結變更單（change orders）有利結算而回沖準備金。第一季調整後 EBITDA 為 9,300 萬美元，年增 174%。調整後 EBITDA 受惠於有利的毛利率，並反映出隨著我們擴大營收規模，業務的營運槓桿正持續提升。我確實想說明一下你們在我們已揭露結果中會看到的 2,700 萬美元淨損。這主要是因應 IPO 相關重組而修改既有股權獎酬所產生的一次性、非現金費用 5,200 萬美元所致。這是非經常性、非現金項目，並不反映公司基本面的經營表現。

We have provided additional information around the composition of our GAAP SG&A in the appendix section of the presentation. Before we move on, I just want to thank the entire SOLV team. These results are a direct reflection of your hard work, discipline, and commitment in the field and across the organization. Turn to the next slide to discuss our backlog. At the end of the first quarter, backlog stood at approximately $8.2 billion. This represents 82% growth over the last 12 months and a continuation of the sequential net growth in each quarter since year-end 2024. This ongoing momentum underscores our commitment to excellence, the strength of our customer relationships, and the compelling value proposition we offer as a full lifecycle service provider. On our backlog, there are a couple of important points for consideration we'd like to remind you of.

我們已在簡報附錄部分提供更多關於 GAAP 銷售、一般及管理費用（SG&A）組成的資訊。在繼續之前，我想先感謝整個 SOLV 團隊。這些成果直接反映了你們在現場與整個組織中的辛勤付出、紀律與承諾。請看下一頁，我們來談在手訂單。第一季末，在手訂單約為 82 億美元。這代表過去 12 個月成長 82%，並延續自 2024 年底以來每一季的連續淨成長。這股持續動能凸顯我們對卓越的承諾、客戶關係的強韌，以及我們作為全生命週期服務供應商所提供的具吸引力價值主張。關於在手訂單，我們想提醒各位有幾點重要事項需要留意。

First, quarterly bookings and net backlog changes will not be linear and may be lumpy due to the nature of our sales cycle and the timelines involved in moving from LNTP to FNTP. Additionally, our reported backlog does not include verbal awards or other business development activity that has not yet been contracted or reached the LNTP stage. On this point, the pipeline outlook for activity bump beyond what is reported remains robust. With that, let's turn to slide 12 for an update on our financial outlook. Today, I'm pleased to share that based on our strong first quarter performance, continued confidence in our outlook and execution capabilities of our teams, we are updating our full year 2026 financial guidance. Revenue guidance remains unchanged at $3.72 billion-$3.82 billion.

第一，受我們銷售週期的特性以及從 LNTP 到 FNTP 的推進時程影響，季度接單與在手訂單淨變動不會呈線性，可能會有波動。此外，我們揭露的在手訂單不包含口頭授予（verbal awards）或其他尚未簽約或尚未達到 LNTP 階段的業務開發活動。就此而言，超出目前揭露數字之外的管線活動展望仍然強勁。接著請看第 12 頁，我們更新財務展望。今天我很高興分享，基於第一季強勁表現、我們對展望的持續信心，以及團隊的執行能力，我們將更新 2026 全年財務指引。營收指引維持不變，為 37.2 億至 38.2 億美元。

We are updating our adjusted gross profit guidance to a range of $610 million-$650 million, which accounts for the adjustment related to the allocation of non-cash comp expense. This reflects an updated gross margin expectation with a range of 16.4%-17%. We are also increasing our adjusted EBITDA guidance to a range of $435 million-$455 million, up from our prior range of $400 million-$420 million. Lastly, we are making progress on our key financial goals and objectives. First, we expect to deliver on our financial targets, and our first quarter results were an incredible start. Second, we are executing on accretive growth opportunities to expand our service offerings as evidenced by the Roberson Waite Electric acquisition.

我們將調整後毛利指引更新為 6.10 億至 6.50 億美元，已納入與非現金薪酬費用分攤相關的調整。這反映更新後的毛利率預期區間為 16.4% 至 17%。我們也將調整後 EBITDA 指引上調至 4.35 億至 4.55 億美元，高於先前的 4.00 億至 4.20 億美元。最後，我們在關鍵財務目標與任務上持續取得進展。第一，我們預期能達成財務目標，而第一季的結果是一個令人驚豔的開端。第二，我們正執行具增益性的成長機會以擴大服務內容，Roberson Waite Electric 的收購即為明證。

Third, we remain focused on driving ongoing professionalization as a public company with continued progress towards Sarbanes-Oxley compliance. With that, I'll turn it back to George for closing remarks.

第三，我們仍專注於作為上市公司持續推動專業化，並在邁向《沙賓法案》（Sarbanes-Oxley）合規方面持續進展。接下來我把時間交回給 George 做結語。

Thank you, Chad, and thank you all for joining us for our first quarter earnings call. For SOLV Energy, this reflects our continued progress as we build momentum and convert our strong foundations into results. We are pleased with our performance to date and energized by the opportunities ahead, including our continued focus on disciplined and strategic M&A to enhance our capability and support long-term growth. I will end today with where it all begins, our incredibly passionate and dedicated people. I'm humbled by their passion, expertise, and consistent execution. They are committed to delivering value for all of our customers and stakeholders each and every day. With that, we are pleased to take your questions.

謝謝你，Chad，也謝謝各位參加我們第一季法說會。對 SOLV Energy 而言，這反映我們在建立動能並將堅實基礎轉化為成果方面的持續進展。我們對目前的表現感到滿意，也對未來的機會充滿動力，包括我們持續聚焦於有紀律且具策略性的併購（M&A），以強化能力並支持長期成長。今天我將以一切的起點作結：我們充滿熱情且敬業的同仁。我對他們的熱忱、專業與一貫的執行力深感敬佩。他們每天都致力於為所有客戶與利害關係人創造價值。接下來，我們很高興回答各位的提問。

I will hand it back over to the operator. Thank you.

我將把電話交回給主持人。謝謝。

Thank you. We will now be conducting a question and answer session. (Operator Instruction)

謝謝。我們現在開始問答環節。（主持人指示）

The first question comes from the line of Mark Strouse with J.P. Morgan. Please go ahead.

第一個問題來自 J.P. Morgan 的 Mark Strouse。請開始。

Hey, this is Michael Fairbanks on for Mark. I'm wondering if you guys could talk about the acquisition and just how it complements or adds to the existing capabilities from Spartan T&D. Also, I would just be curious to hear how the acquisition factors into the new guidance. Thank you.

嗨，我是代替 Mark 的 Michael Fairbanks。我想請你們談談這次收購，以及它如何補足或強化 Spartan T&D 既有的能力。另外，我也想了解這次收購如何反映在新的財測指引中。謝謝。

I'll take that first. You know, from a strategic point of view, RWE brings a lot of expertise in high voltage and substation work, so it's complementary to our Spartan acquisition, and that really focuses on transmission and distribution. You know, our RWE's expertise is in this substation and high voltage work itself and really brings a, you know, complementary expertise to our existing high voltage services.

我先回答第一個。從策略角度來看，RWE 在高壓與變電站工程方面具備大量專業能力，因此能與我們對 Spartan 的收購形成互補，而 Spartan 的重點主要在輸電與配電。RWE 的專長在於變電站與高壓工程本身，確實為我們既有的高壓服務帶來互補的專業能力。

Michael, on your other question, just given the timing of the transaction, and when we would expect to close, and obviously just the relative size of the acquisition, I'd say that it certainly informed how we looked at it. It's the dollar amounts are implicitly in the range, more than anything else.

Michael，關於你另一個問題，考量交易時點、我們預期何時完成交割，以及當然還有收購案的相對規模，我會說這確實影響了我們評估的方式。金額大致上已隱含在指引區間之內，主要就是這樣。

Great. Maybe just as a follow-up, backlog's grown for at least 5 consecutive quarters now. As you look at the pipeline, Chad, I think you mentioned continued strength. Anything you can say about visibility into continued growth in the backlog or anything you see here in the pipeline? Thank you.

很好。再追問一下，在手訂單至少已連續 5 個季度成長。Chad，從你提到的管線持續強勁來看，你能否談談對在手訂單持續成長的能見度，或你在管線中看到的任何訊號？謝謝。

We are seeing, you know, continued growth in the pipeline and more opportunities that are converting throughout, you know, this quarter. I would expect to see continued growth in our backlog.

我們看到管線持續成長，也有更多機會在本季持續轉化。我預期我們的在手訂單將會持續成長。

Thank you.

謝謝。

Thank you. Next question comes from the line of Julien Dumoulin-Smith with Jefferies. Please go ahead.

謝謝。下一個問題來自 Jefferies 的 Julien Dumoulin-Smith。請開始。

Hey, guys. Julien Dumoulin-Smith on for Julien. Really nicely done on the quarter. You know, margins clearly were the standout. I saw you noted change orders and favorable weather as drivers there. Can you help just parse out how much of the margin upside was in those items versus maybe structural bid margins on your contracts flowing through? Separately, you know, with the guide raise, should we think of this as like a new baseline for margins or more of a reflection of timing on those existing projects? Thanks.

嗨，各位。我是代替 Julien 的 Julien Dumoulin-Smith。本季做得很不錯。你知道，毛利率顯然是亮點。我看到你們提到變更單與有利天候是推動因素。你能否協助拆解一下，毛利率超預期的部分有多少來自這些項目，還是更多來自合約投標毛利率等結構性因素的逐步反映？另外，隨著指引上調，我們應該把這視為毛利率的新基準，還是更多反映既有專案在時點上的影響？謝謝。

Yeah, it's a good question, so maybe on a couple of them. On the change order one, I would look at that impact. It's, you know, the way to think about it is these were prior reserves that ultimately, for settlement reasons and stuff, I would look at that number sort of inside of the $10 million mark. I think on the rest of it's sort of a mixture of just project execution and on whether. I mean, if the way I would think about it is we all are aware of sort of the conditions across the country through the winter and the end of winter. There's areas where, such as like the southwest part of the country, where it was incredibly dry, which allows our teams to be more productive.

是的，這是個好問題，我可以就其中幾點說明。關於變更單那一項，我會這樣看它的影響：這些是先前提列的準備金，最終因結算等原因而回沖；我會把那個數字大致看作在 1,000 萬美元以內。至於其餘部分，則是專案執行與天候因素的混合。我想我們都知道全國在冬季及冬末的整體狀況。有些地區，例如美國西南部，天氣非常乾燥，讓我們的團隊能更有效率、提升生產力。

It helps reduce costs on sites because you've got less in things like general condition costs that are needed. I mean, not to get in the weeds, but a simple example is you don't have to bring on as much salt to help in, you know, icier conditions and stuff like that. That certainly was really helpful overall. I think on your point on margins, you know, look, we're gonna report on overperformance. We don't forecast overperformance. You know, we see the opportunity, as we've talked about in the past, to do really well on our projects. Then obviously, as we continue to expand the service business, that contribution is very accretive, as we've talked in the past. We're optimistic about other parts of the business that we've acquired recently, where we'll see improved margin contribution as well coming out of those investments.

這有助於降低工地成本，因為你在像是一般管理（general condition）這類必要成本上的投入會更少。我是說，不想鑽牛角尖，但一個簡單的例子是，你不需要為了應付更結冰的天候之類的狀況而運進那麼多鹽。整體而言這確實非常有幫助。至於你提到的利潤率，你知道，坦白說，我們會在結果中揭露超預期表現（overperformance）。我們不會去預測超預期表現。你知道，我們看到了機會，正如我們過去談到的，我們有機會在專案上做得非常好。然後很明顯地，隨著我們持續擴大服務業務，那部分的貢獻如同我們過去所說，是非常具增益性的（accretive）。我們也對近期收購的其他業務部分感到樂觀，因為我們將會看到這些投資帶來的利潤率貢獻改善。

Awesome. Separately, you know, we've seen some mixed project updates from maybe some of your solar E&C peers. Just curious on whether you're seeing anything similar across your portfolio, whether that's scheduling delays, cost pressure, maybe even tax equity issues at the counterparty level on any of your projects. Thanks.

太棒了。另外，你知道，我們看到你們一些太陽能E&C同業的專案更新有些好壞參半。想請教你們在投資組合中是否也看到類似情況，例如排程延遲、成本壓力，甚至在某些專案的交易對手層面出現稅務股權（tax equity）問題。謝謝。

We aren't seeing any, you know, specific issues that you addressed. You know, obviously across the entire business, we have, you know, pressures on pricing and schedule. I will just, you know, say that, you know, our teams continue to execute and we are seeing the outperformance in a number of areas reflecting in our results. You know, we obviously understand. You know, that is part of our business, and we have to build a robust infrastructure to be able to manage and mitigate those risks.

我們沒有看到你提到的那些特定問題。你知道，當然在整個業務範圍內，我們確實面臨價格與工期上的壓力。我只想說，我們的團隊持續執行到位，而且我們在多個領域看到的超預期表現也反映在我們的業績結果中。你知道，我們當然理解，這是我們業務的一部分，我們必須建立健全的基礎設施，才能管理並降低這些風險。

I'll leave it there. Hey, guys, thank you so much. All the best.

我就先說到這裡。各位，真的非常感謝。祝一切順利。

Thanks, Nick.

謝謝你，Nick。

Thank you. Next question comes from the line of Jon Windham with UBS. Please go ahead.

謝謝。下一個問題來自UBS的Jon Windham。請發問。

Perfect. Congratulations on the result, and thanks for taking the questions. I just had sort of a big picture question. I'm just wondering if you know, you're one of the larger EPC companies working on storage in the United States. There have been a number of announcements from the auto OEMs, namely General Motors, Ford, SK, and Honda, and LG with their legacy Stellantis, JV, converting battery factories in the United States from EV technologies to LFP for stationary storage. I'm just wondering, if you've already started having conversations and how you would think about having the benefits of having more available batteries in the United States. Thanks.

很好。恭喜這次的結果，也謝謝讓我提問。我有一個比較宏觀的問題。我想知道，你們是美國從事儲能業務的較大型EPC公司之一。近期有多項來自汽車OEM的公告，包含通用汽車（General Motors）、福特（Ford）、SK與本田（Honda），以及LG與其既有的Stellantis合資企業（JV），正在把美國的電池工廠從電動車（EV）技術轉向用於固定式儲能的LFP。我想請教，你們是否已經開始進行相關對話？以及你們如何看待美國境內可取得更多電池所帶來的好處？謝謝。

Yeah, thanks for the question. We think it's wonderful. It's a great tailwind for our business. Honestly, what the U.S. grid and infrastructure needs is a robust supply of batteries and energy storage. It only furthers the opportunities to place storage in, you know, urban grid locations, areas where it's hard to get transmission, and continues to drive opportunities within our PV and storage business. A robust supply chain is really a strong tailwind for our business.

是的，謝謝你的問題。我們認為這非常棒。這對我們的業務是很強的順風。老實說，美國電網與基礎設施所需要的是充足且穩健的電池與儲能供應。這只會進一步擴大在城市電網位置、以及難以取得輸電的地區部署儲能的機會，並持續推動我們在光伏（PV）與儲能業務中的機會。強健的供應鏈對我們的業務而言確實是很強的順風。

Maybe just as a quick follow-up, just to be very specific. Are those players I mentioned, namely the large auto OEMs, already in the market having conversations with SOLV?

再快速追問一下，具體一點：我提到的那些業者，也就是大型汽車OEM，是否已經在市場上與SOLV展開對話？

The majority of our projects, the IPPs bring the energy storage technology, but I know that those conversations are being had by our customers and with our engineering teams. We are working with our customers to ensure that we can, you know, deliver a project with OEM technology from automakers.

我們大多數專案是由獨立電力業者（IPP）提供儲能技術，但我知道我們的客戶正與我們的工程團隊進行這些對話。我們正與客戶合作，以確保我們能夠交付採用汽車製造商OEM技術的專案。

Perfect. George, Chad, thanks so much for doing the call.

很好。George、Chad，非常感謝你們參與這通電話。

You bet.

沒問題。

Thank you. Next question comes from the line of Philip Shen with the Roth Capital Partners. Please go ahead.

謝謝。下一個問題來自Roth Capital Partners的Philip Shen。請發問。

Hey, guys. Congrats on the great quarter. wanted to check in with you guys on the permitting freeze. you know, we wrote in mid-November last year that we could see some reprieve, and we got a bunch of projects unblocked in moving forward. Since then, my sense is, things are slowing down. I was wondering how that plays out. I know, George, you talked about how you expect a backlog to continue to grow. What are your thoughts on the outlook on this topic? Thanks.

嗨，各位。恭喜這個很棒的季度。想跟你們確認一下許可凍結（permitting freeze）的情況。你知道，我們去年11月中旬寫到，我們可能會看到一些緩解，結果確實有一批專案解卡並得以繼續推進。從那之後，我的感覺是事情又慢下來了。我想知道這會如何發展。我知道George你提到你預期在手訂單（backlog）會持續成長。你對這個議題的展望是什麼？謝謝。

Thanks, Philip Shen. Appreciate the question. Yes, as we've spoken about in the past, we had some significant projects that had nexus to federal government permits. At the end of the year, those projects got approved and released, one on BLM land and one with a federal interconnect requirement. Both of those are proceeding. Both of them are near GW scale. That was exciting. You know, our current backlog has limited to no exposure to federal permitting. You know, we feel very strong on the projects currently in backlog and the pipeline. It is something that we're watching, obviously working closely with our industry partners and associations to work through, you know, any government freeze around permitting.

謝謝你，Philip Shen。感謝提問。是的，正如我們過去談到的，我們曾有一些與聯邦政府許可相關（nexus）的重大專案。在年底時，這些專案獲得核准並解除限制，其中一個在BLM土地上，另一個則有聯邦併網（interconnect）要求。這兩個專案都在推進中，而且規模都接近GW等級。這令人振奮。你知道，我們目前的在手訂單幾乎沒有或完全沒有暴露於聯邦許可風險。我們對目前在手訂單與管線中的專案非常有信心。當然，這也是我們正在關注的事項，我們也與產業夥伴與協會密切合作，以因應政府在許可方面的任何凍結。

It's a, you know, it's a huge impediment to seeing these, you know, reaching the energy goals that we need to. We're working together on it. We watch it very, very closely, right, that we limit, or minimize at all costs our exposure to federal permitting on solar and storage projects.

這是達成我們所需能源目標的一大障礙。我們正在共同努力解決。我們非常、非常密切地關注這件事，對於太陽能與儲能專案，我們會盡一切可能限制或將聯邦許可的曝險降到最低。

Got it. Okay. Thank you. Shifting over to one of your points in your growth strategy. Number four was harness innovation to grow faster and increase margins. Was wondering if you could elaborate a little bit more on that, specifically as it relates to robots. What's your sense in terms of, you know, when you could start to deploy robots more in the field to make your labor even more efficient? You know, maybe it's more of a 2027 timeframe, but could we start to see gigawatts of installations in that timeframe? What is the impact on margins? I mean, given the testing that you've done, if you've done any thus far, could we see, you know, hundreds of basis points of improvement from these robots that might be a kind of one-time upfront CapEx with, you know, again, providing a lot of leverage for the existing highly trained labor force that you guys currently have? Thanks.

了解。好的，謝謝。接著談你們成長策略中的一點。第四點是運用創新以更快成長並提升利潤率。想請你更進一步說明，特別是與機器人相關的部分。你對於何時能在現場更廣泛部署機器人、讓勞動效率更高的看法是什麼？你知道，也許會是2027年的時間框架，但在那個時間點我們是否可能看到以GW計的安裝量？對利潤率的影響是什麼？我的意思是，基於你們已做過的測試（如果目前已做過），我們是否可能看到這些機器人帶來數百個基點的改善？這可能是一筆一次性的前期資本支出（CapEx），但同時能為你們現有、受過高度訓練的勞動力帶來很大的槓桿效益。謝謝。

Yes, you know, we are using robotics today on a number of projects. We're working with, you know, a number of the manufacturers of, you know, anything from, you know, factories out on site, where they will build pre-built rows and move them into locations, as well as, you know, the module install robots that are in the market and pile drive, you know, autonomous pile driving. We're doing it all, working very closely with different manufacturers to see what best, you know, optimizes our workforce, drives speed of installation. I would say that, you know, we're gonna continue to do that. We have a large and, you know, robust innovation team and invest in that area to ensure that we can continue to deliver at the scale and demand that's necessary. Because we're being asked to build faster every day. To do that, we need to, we need to use robotics, optimize our workforce, optimize how we handle logistics. All those things are in process and, quite frankly, part of our execution strategy today and, you know, are driving strong results in a number of areas.

是的，你知道，我們今天已在多個專案上使用機器人。我們正與多家製造商合作，涵蓋從工地上的「現場工廠」，他們會先組裝預製排（pre-built rows）再移到定位；以及市場上的模組安裝機器人（module install robots）與打樁（pile drive）相關的自動化打樁（autonomous pile driving）。我們都在做，並與不同製造商非常密切合作，看看什麼最能優化我們的勞動力、提升安裝速度。我會說，我們會持續這麼做。我們有一個規模大且健全的創新團隊，並在該領域投入，以確保我們能持續以必要的規模交付並滿足需求。因為我們每天都被要求建得更快。要做到這點，我們需要使用機器人、優化勞動力、優化物流處理方式。所有這些都在進行中，而且坦白說，這些已是我們今天的執行策略的一部分，並在多個方面帶來強勁成果。

Great. Thanks, George. I'll pass it on.

很好。謝謝你，George。我把時間交給下一位。

Thanks, Phil.

謝謝你，Phil。

Thank you. Next question comes from the line of Ben Kallo with Baird. Please go ahead.

謝謝。下一個問題來自Baird的Ben Kallo。請發問。

Hey. Thanks for taking my question. Congrats and welcome, Mike. Can you guys give us any kind of shaping of backlog and just, you know, as we look to next year, you know, how much of, you know, that of 27 is underpinned by current backlog? I have a follow-up.

嗨，謝謝讓我提問。恭喜，也歡迎Mike加入。你們能否提供一些在手訂單（backlog）的結構/輪廓資訊？以及當我們展望明年時，27（你知道，指27的那部分）有多少是由目前的在手訂單所支撐？我還有一個追問。

Yeah, I think to answer your question, I mean, look, I think if We've talked in the past, we have a slide in the appendix that gives a little bit of a characterization of just sort of the makeup of backlog. Obviously, because implicitly we've got an increase in backlog, it means you have a lot more that have gone into LNTP. We've talked about backlog as sort of a 12 to 30-month window. Some projects move faster depending on where they are and what region. Some might lag a little bit.

是的，我想回答你的問題，我的意思是，你看，我想如果我們過去談過，我們在附錄裡有一張投影片，稍微描述了一下積壓訂單（backlog）的構成。很明顯，因為我們的積壓訂單隱含地在增加，這表示有更多項目已經進入 LNTP。我們談到積壓訂單大概是一個 12 到 30 個月的時間窗。有些專案會更快，取決於它們所處的階段以及所在區域。有些可能會稍微落後一點。

obviously, Ben, I mean, if you look at financial guidance and revenue on where we are with what we have signed and what we expect to convert through the end of the year, and you look at the balance of that, I mean, that should hopefully give you a sense of kind of where we are in current origination without me getting in front of, like, providing, you know, a 2027 expectation. Look, we're excited about where we are as a business. Backlog is robust. We're seeing a lot of momentum, as George said. you know, we're obviously gonna continue to allocate capital prudently across the business and drive growth in the business.

很明顯，Ben，我的意思是，如果你看財務指引和營收，看看我們目前已簽署的內容，以及我們預期在年底前能轉換的部分，再看剩餘的平衡，我的意思是，這應該能讓你大致了解我們目前在當期承作（origination）上的位置，而不需要我搶先去提供、比如說，2027 年的預期。你看，我們對公司目前的狀況感到振奮。積壓訂單很強勁。我們看到很多動能，正如 George 所說。你知道，我們顯然會持續在整個業務中審慎配置資本，並推動業務成長。

Great. Just on the energy storage market, could you just talk about, you know, your interest in doing standalone storage? You guys, you know, talked about how strong that market is and just, you know, how we should think about that just on a go-forward basis, in addition to, solar plus storage. Thank you, guys.

很好。就儲能市場而言，你能不能談談，你知道，你們對做獨立式儲能（standalone storage）的興趣？你們，你知道，談到那個市場有多強勁，以及，你知道，除了「太陽能加儲能」之外，我們在往後應該如何看待這一塊。謝謝各位。

Yes, we are. You know, we're very excited about the growth in standalone storage and the amount of standalone storage that we're currently doing and we see in the pipeline. One of the, you know, acquisition thesis around RWE was that they bring a lot of expertise in battery storage in high density, you know, population where energy standalone storage is best served, honestly, is in areas where there is load demand and difficulty with bringing in transmission. If you think about, you know, urban centers and how do you get more energy where it's needed is battery storage at, you know, existing substations in urban areas. RWE has expertise in those areas.

是的，我們有。你知道，我們對獨立式儲能的成長、以及我們目前正在做的獨立式儲能量與管線中看到的量，都感到非常興奮。你知道，圍繞 RWE 的收購論點之一，是他們在高密度、你知道、人口聚集區的電池儲能方面帶來很多專業能力；老實說，能源獨立式儲能最適合服務的地方，是那些有負載需求、且引入輸電有困難的區域。如果你想想，你知道，城市中心，以及如何在需要的地方取得更多能源，那就是在城市區域既有變電站配置電池儲能。RWE 在這些領域有專業能力。

You know, adding that to our overall platform of understanding how to deliver energy storage at scale and their expertise of doing it in high density areas drives just a bigger opportunity for us in standalone storage. We're excited about it. Back to the earlier question about the, you know, supply chain growing and, you know, robust manufacturing in the U.S. just further drives that market.

你知道，把這些能力加入我們整體平台——我們對如何以規模交付儲能的理解——以及他們在高密度區域執行的專長，會為我們在獨立式儲能上帶來更大的機會。我們對此感到興奮。回到先前關於供應鏈成長、以及你知道、美國強健製造能力的問題，這也會進一步推動那個市場。

Mr. Kallo, are you done with the questions?

Kallo 先生，您的問題問完了嗎？

Oh, yes. Thank you, guys.

喔，是的。謝謝各位。

Thanks, Ben.

謝謝你，Ben。

Great. Thanks, Ben.

很好。謝謝你，Ben。

Thank you. Next question comes from the line of Nicholas Amicucci with Evercore ISI. Please go ahead.

謝謝。下一個問題來自 Evercore ISI 的 Nicholas Amicucci。請開始。

Hey, George. Hey, Chad. How are you guys? Just, I wanted to kind of prod a little bit on the backlog again. Just as we kind of think about the margin profile, and sorry if I missed this, the margin profile within the backlog and kind of pricing associated with that, just how is that trending or is it similar? Like, should we be kind of thinking about that still like the long-term adjusted gross margin right around that 14%-15% level over time? Or is that kind of, are we seeing kind of upward trends in that?

嗨，George。嗨，Chad。你們好嗎？我只是想再稍微追問一下積壓訂單。就我們在思考毛利率輪廓（margin profile）而言，抱歉如果我漏聽了，積壓訂單內的毛利率輪廓以及相關定價，這個趨勢如何？還是差不多？比如說，我們是否仍應該把它視為長期調整後毛利率大約在 14%–15% 的水準、隨時間推移？還是我們看到有往上走的趨勢？

Yeah. I think Nick, maybe to follow up the point, you know, I think, 1, when we think about our collective business, I think we've been very consistent that plus 15%, given all the contribution of other businesses, how we think about budgeted margins. I want to emphasize the fact on what I said earlier, which is, you know, we report on overperformance. We don't forecast that. That's an important distinction. You know, we continue to drive in our origination to optimize, you know, profit delivery across our projects. You know, I think we're certainly demonstrating in the performance of our projects on where we can drive more efficiency than, say, something that we might have underwritten.

是的。我想 Nick，或許接續你的問題點，你知道，我想第一，當我們看我們整體業務時，我想我們一直很一致地表示，15% 以上（plus 15%），考量其他業務的貢獻後，我們如何看待預算毛利率。我想強調我先前說的一點，也就是，你知道，我們報告的是超預期表現（overperformance）。我們不去預測那個。這是一個重要的區別。你知道，我們持續在承作端推動最佳化，以在各專案間最佳化利潤交付。你知道，我想我們確實在專案執行表現上展現出，我們能推動比我們原先承作評估（underwritten）時假設的更高效率。

That candidly is a benefit across the board because when we're delivering projects, better, more profitably, we're generally bringing projects online faster for our customers, which is a huge advantage for them as well. We're just optimistic about the ongoing performance of what we're seeing and the overall mix of the contribution from various parts of the business.

坦白說，這對整體都有好處，因為當我們把專案交付得更好、更有利潤時，我們通常也能更快讓專案為客戶上線，這對他們也是一個很大的優勢。我們對目前看到的持續表現，以及業務各部分貢獻的整體組合，仍然保持樂觀。

Perfect. Then kinda dovetailing with that too, just if we could just kinda look at the repowering opportunity. Just given, you know, you guys outlined 21 gigawatts built since 2008, what portion of the installed fleet is now or kind of approaching that repowering range, if you're able to provide it? Just how we should think about the margin profile of that, of those repowering projects relative to just a greenfield EPC.

很好。那再順著這個問題，如果可以的話，我們能不能看看改造升級（repowering）的機會？鑑於你們提到自 2008 年以來建置了 21 吉瓦，你們已裝機的機組中，有多少比例現在已經或正在接近那個需要 repowering 的區間（如果你們能提供的話）？另外，我們應該如何看待這些 repowering 專案的毛利率輪廓，相對於全新開發（greenfield）的 EPC？

Nick, we're really getting into that stage in the industry. If you think about our early-stage utility scale projects, they're, you know, they're just hitting their kind of half-life. We're starting to see those repowering opportunities because of, you know, technology failures or, you know, weather damage and other things that are causing, you know, significant rework within the fleet. I think that we are really in the early days of, you know, true repowering as we see that, you know, power density is becoming so much higher than it has just in the recent past and being able to, you know, get more megawatt hours out of a, you know, 1 acre of land is gonna become more and more valuable as you think about, you know, the interconnection value.

Nick，我們確實正進入產業的那個階段。你想想我們早期的公用事業級（utility scale）專案，它們，你知道，正好走到大概的半衰期。我們開始看到這些 repowering 的機會，因為你知道，技術故障、天候損害以及其他因素，正在導致機組群（fleet）內需要大量返工。我認為我們其實還在真正 repowering 的早期階段；同時你知道，功率密度正變得比近期過去高出許多，而能夠在你知道，一英畝土地上取得更多兆瓦時（MWh），在你思考併網（interconnection）價值時，將會變得越來越有價值。

I think when you think about immediate repowering, in quotes of repowering, is probably battery augmentation to existing solar plants. We're starting to see that in many areas where solar has been built over the last decade without energy storage, and there's a good opportunity to add energy storage to the optimization of a power plant. I think that's where we're gonna see it initially, outside of just large scale technology upgrades that are necessary to drive plant performance.

我想當你談到眼前的 repowering——打引號的 repowering——可能是對既有太陽能電廠做電池增容（battery augmentation）。我們開始在許多地區看到這種情況：過去十年建置的太陽能沒有搭配儲能，而現在有很好的機會加上儲能來最佳化電廠。我認為一開始我們會先在這裡看到，除此之外才是那些為了提升電廠表現所必需的大規模技術升級。

Makes sense. Thanks, George. Thanks, Chad.

了解。謝謝你，George。謝謝你，Chad。

Thank you. Next question comes from the line of Mark Jarvi with CIBC Capital Markets. Please go ahead.

謝謝。下一個問題來自 CIBC Capital Markets 的 Mark Jarvi。請開始。

Thanks for the great update today. Just maybe you guys could comment on the sort of mix on the backlog addition to really expand to the projects at the verbal awards today, just in terms of solar versus battery split and markets, just where you guys are on the T&D side of things as well.

謝謝今天很棒的更新。也許你們可以評論一下新增積壓訂單的組合，並延伸到今天口頭授標（verbal awards）的專案，就太陽能相對於電池的拆分、以及市場分布而言；另外在輸配電（T&D）那一側，你們目前的進展也請談談。

Yeah. On the backlog side, I think as of the we're in and around like $1.9 billion of the backlog associated to hybrid or battery projects standalone. We're seeing, you know, ongoing momentum there. It just has to do with timing and stuff when we originate deals, which is great. I think we've got the mix in the appendix, as you've seen before. I think on the T&D side, I mean, look, that is an area that we're certainly expecting to see grow over time. It's not what I would call a materially significant part of backlog at this juncture. We've got our investment in Spartan, you know, we haven't closed the RWE deal yet, but that's definitely an area.

是的。就積壓訂單而言，我想截至目前，我們大概有約 19 億美元的積壓訂單是與混合式（hybrid）或電池專案（含獨立式）相關。我們看到你知道，這方面持續的動能。這主要與我們承作交易的時間點等因素有關，這很好。我想我們在附錄裡有那個組合，你之前也看過。至於輸配電（T&D）方面，我的意思是，你看，那是我們確實預期會隨時間成長的領域。但在這個時間點，它還不是我所稱的在積壓訂單中「具重大性」的一部分。我們有對 Spartan 的投資，你知道，我們還沒完成 RWE 交易的交割，但那確實是一個領域。

I mean, look, the bulk of the backlog, as you can see, is the core business, just given with the ongoing scale and momentum that we have.

我的意思是，你看，積壓訂單的大部分，如你所見，仍是核心業務，主要是因為我們持續的規模與動能。

Good to hear. Just on acquisitions, I know RWE itself is not a big transaction, but you look ahead and maybe do more of these deals. How do you see the integration in terms of impact on margins sort of in the 1st year? Can they be neutral? Can they actually be slightly positive given operating leverage you can bring to bear? When you think about how this impacts sort of growth rates post-integration, are you looking for businesses that enhance the organic growth rate, or is it more about breadth and resiliency of the growth across the platform?

很高興聽到。就併購而言，我知道 RWE 本身不是一筆很大的交易，但你們往前看，可能還會做更多這類交易。你們怎麼看整合在第一年對毛利率的影響？能否做到中性？考量你們能帶來的營運槓桿，是否甚至可能略為正面？當你們思考整合後對成長率的影響時，你們是在尋找能提升有機成長率的業務，還是更著重於擴大平台的廣度與提升整體成長的韌性？

I think it's sort of a combination of both. I think we talked about the M&A strategy previously. There's a combination of using M&A as a vehicle to expand the breadth of services we can provide or continue to expand our ability to do more self-perform work. We are definitely looking to acquire businesses that have a growth vector to them. I don't know if that answered your question, and there was the first part of your question. Forgive me.

我想這兩者都有一些。我想我們之前談過併購策略。併購一方面是作為擴大我們可提供服務廣度的工具，另一方面也是持續提升我們自營施工（self-perform）能力的方式。我們確實在尋找具有成長動能的企業。我不確定這樣是否回答了你的問題，另外你問題的第一部分是什麼來著？請見諒。

Yeah. It was just on integration of sort of medium-sized transactions, if they'd be sort of margin neutral or can you actually drive efficiencies in the first year? Yeah.

對。主要是想問中型交易的整合，在第一年毛利率會是中性，還是你們其實能在第一年就推動效率提升？對。

Well, look, I think obviously doing things accretive is pretty important for underwriting. I think the integration strategy is, you know, it's always evolving, and I think every transaction will have sort of unique characteristics to it. We certainly want to drive ways to bring sort of operating leverage to the platform, but we also wanna be cognizant doing that in a means that doesn't in any way compromise the type of businesses that we're acquiring and making sure that they can continue to perform to our underwrite. We definitely put consideration into ways that we can leverage things like shared service across. There's no reason to, like, acquire businesses and have redundancy in sort of certain back office functions. There's a lot of things that we can do, and we look at that relative to our underwriting criteria.

嗯，我想很顯然，從承作評估（underwriting）的角度來看，做出具增益（accretive）的交易相當重要。我認為整合策略一直在演進，而且每筆交易都會有其獨特特性。我們當然希望找到方法把營運槓桿帶到平台上，但同時也要注意，不能以任何方式損害我們所收購的業務型態，並確保它們能持續達到我們承作評估時的預期。我們確實會考量如何運用共享服務等方式來發揮綜效。沒有理由收購企業後，還在某些後勤（back office）職能上保留重複配置。我們能做的事情很多，並會依照我們的承作評估標準來檢視這些作法。

You know, our M&A strategy is to ensure that we have that, you know, we're working with companies that will enhance our overall service offering. Ensuring that, you know, RWE can provide services to our existing customer base and services that we need to deliver on our, you know, on our life cycle approach of being able to provide services across the entire life cycle of a project. That from an operational integration standpoint is always a key factor. Spartan is, you know, building transmission for projects where we're building the solar and PV. I expect that RWE will be doing substation and substation services for projects where we're doing storage or PV. From an operational integration standpoint, it is absolutely part of our strategy.

你知道，我們的併購策略是確保我們與能提升整體服務供給的公司合作。確保 RWE 能為我們既有客戶群提供服務，也能提供我們在「全生命週期」方法中所需交付的服務，也就是能在專案的整個生命週期提供服務。從營運整合的角度來看，這一直是關鍵因素。Spartan 會在我們建置太陽能與 PV 的專案上負責輸電建設。我預期 RWE 會在我們做儲能或 PV 的專案上提供變電站及變電站相關服務。從營運整合角度來看，這絕對是我們策略的一部分。

Just on that last comment, George, have you done a lot of projects in parallel with RWE before?

就你剛才最後那點，George，你們以前有跟 RWE 同期並行做過很多專案嗎？

Not directly with RWE, but adjacent to RWE. We've known of them and the company for quite a while, and so we're looking forward to them supporting some of our projects in California where they have significant expertise.

沒有直接與 RWE 合作，但有在與 RWE 相鄰的專案環境中合作過。我們認識他們和這家公司已經有一段時間了，所以我們很期待他們能在加州的一些專案上支持我們，他們在那裡有相當深厚的專業能力。

Sounds good. Thanks for your time today.

聽起來不錯。謝謝你今天撥冗。

Good.

好的。

Thank you. Next question comes from the line of Joseph Osha with Guggenheim Securities. Please go ahead.

謝謝。下一個問題來自 Guggenheim Securities 的 Joseph Osha。請發問。

Thank you. Good morning, folks. Two questions for you. First, I'm wondering if you can just let us know roughly what the current storage attach rate is on projects. I know we've talked about that before. Secondly, thinking about freestanding storage, obviously you're doing lots of front of the meter stuff. I'm curious whether you've looked at the behind the meter opportunity. There's lots and lots of discussion around storage for data centers, whether that might be something you're beginning to look at. Thank you.

謝謝。各位早安。我有兩個問題。第一，想請你們大概說明一下，目前專案的儲能搭配率（attach rate）大約是多少？我知道我們之前談過。第二，談到獨立式儲能（freestanding storage），顯然你們做了很多表前（front of the meter）的案子。我好奇你們是否看過表後（behind the meter）的機會。市場上對資料中心儲能有非常多討論，不知道這是否是你們開始評估的方向。謝謝。

I don't know that we have an attach rate with, energy storage to PV because, usually those projects are engineered together and kind of get awarded together. So I don't know that we have a distinct attach rate because we never really see, PV being awarded to one. EPC and then energy storage on the same project being awarded to someone else. That just isn't an efficient way of doing it. So it would be hard to have a, really follow in a tax rate other than when it's, when we're building PV and storage.

我不確定我們是否有「儲能相對於 PV」的搭配率，因為通常這些專案是一起設計，並且往往也是一起得標。所以我不確定我們是否能有一個明確的搭配率，因為我們幾乎不會看到同一個專案的 PV 由一家 EPC 得標，而儲能又由另一家得標。那不是一種有效率的做法。所以除了在我們同時建置 PV 與儲能的情況下，否則很難去追蹤一個真正的搭配率。

Well, let me try asking it a different way. If I look at your portfolio of business, how much of it is solar only versus solar plus storage?

那我換個方式問。如果我看你們的業務組合，有多少是純太陽能，多少是太陽能加儲能？

Yeah. I think we talked about it. I think, you know, coming out of the first quarter, I just like to look at it relative to backlog. Within backlog, we have like $1.95 billion of our backlog is attributed to-- I think I said $1.9 billion earlier. Forgive me, I'm looking at my notes. It's roughly $1.95 billion of backlog associated to standalone or hybrid projects against our, you know, the number we just reported. That compared, it's almost aligned with what we had previously. You know, we're seeing sort of a consistent, at least out of the gate, a more or less, I hate to use the word book to bill, but that's a good way to think about it on what we saw, you know, since last year.

對。我想我們談過。以第一季結束後來看，我比較喜歡用在手訂單（backlog）來看。在在手訂單中，大約有 19.5 億美元是歸因於——我想我之前說 19 億美元。請見諒，我在看筆記——大約 19.5 億美元的在手訂單與獨立式或混合式（hybrid）專案相關，對照我們剛剛公布的數字。這跟我們先前的水準幾乎一致。你知道，我們看到的是相對一致的——至少一開始——我不太想用「接單/出貨比（book-to-bill）」這個詞，但用它來理解我們自去年以來看到的狀況，是個不錯的方式。

We're seeing good attach in the sense that projects that are coming our way are with customers are, you know, are these kinda hybrid projects, and we're gonna expect that to continue, especially as, you know, the type of power needs in many of the markets that our customers are building are looking for broader firming kind of solutions.

我們看到不錯的搭配情況，意思是說，流向我們的專案、客戶帶來的案子，很多都是這類混合式專案；我們預期這會持續，尤其是當我們客戶在許多市場建置的用電需求，正在尋求更廣泛的「穩定化（firming）」解決方案。

Okay. Thank you. The other question was behind the meter. Is that something you guys have taken a look at at all? I know it's a little far afield, but I'm curious.

好的，謝謝。另一個問題是表後（behind the meter）。你們有沒有評估過？我知道這有點偏離主題，但我很好奇。

I don't think it's far field. I think we are starting to see, our customers are, you know, in discussions with many of the hyperscalers around opportunities that are behind the meter, both in storage and in PV. You know, currently everything we're doing is in front, but I think that, you know, as these larger data center complexes and, you know, kind of bring your own power solutions happen, we will absolutely be doing large scale behind the meter, both PV and energy storage.

我不覺得那偏離主題。我認為我們開始看到，我們的客戶正在與許多超大規模業者（hyperscalers）討論表後機會，包含儲能與 PV。你知道，目前我們做的都在表前，但我認為，隨著更大型的資料中心園區，以及「自帶電力（bring your own power）」解決方案的出現，我們絕對會在表後做大規模的 PV 與儲能。

Okay, thank you very much.

好的，非常感謝。

Thank you.

謝謝。

This concludes our today's teleconference. (Operator Instruction)

本日電話會議到此結束。（接線員指示）

Thank you for your participation.

感謝各位的參與。