MYR Group Inc (MYRG) 2025 Q2 法說會逐字稿

Good morning, everyone, and welcome to the MYR Group's second quarter 2025 earnings results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家早安，歡迎參加 MYR 集團 2025 年第二季獲利業績電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to Jennifer Harper, MYR Group's Vice President of Investor Relations and Treasurer. Please go ahead, Jennifer.

現在，我想將會議交給 MYR 集團投資者關係副總裁兼財務主管 Jennifer Harper。請繼續，珍妮佛。

Thank you, and good morning, everyone. I would like to welcome you to the MYR Group conference call to discuss the company's second quarter results for 2025, which were reported yesterday.

謝謝大家，早安。歡迎您參加 MYR 集團電話會議，討論公司昨天公佈的 2025 年第二季業績。

Joining us on today's call are Rick Swartz, President and Chief Executive Officer; Kelly Huntington, Senior Vice President and Chief Financial Officer; Brian Stern, Senior Vice President and Chief Operating Officer of MYR Group's Transmission and Distribution segment; and Don Egan, Senior Vice President and Chief Operating Officer of MYR Group's Commercial and Industrial segment.

參加今天電話會議的有總裁兼首席執行官 Rick Swartz、高級副總裁兼首席財務官 Kelly Huntington、MYR 集團輸配電部門高級副總裁兼首席營運官 Brian Stern 以及 MYR 集團商業和工業部門高級副總裁兼首席營運官 Don Egan。

A copy of yesterday's press release is available on the MYR Group website at myrgroup.com under the Investors tab. A webcast replay of today's call will be available on the website for seven days following the call.

昨天新聞稿的副本可在 MYR 集團網站 myrgroup.com 的「投資者」標籤下找到。今天電話會議的網路直播重播將在電話會議結束後七天內在網站上提供。

Before we begin, I want to remind you that this discussion may contain forward-looking statements. Any such statements are based upon information available to MYR Group's management as of this date, and MYR Group assumes no obligation to update any such forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.

在我們開始之前，我想提醒您，本次討論可能包含前瞻性陳述。任何此類聲明均基於截至本日期 MYR 集團管理層掌握的信息，MYR 集團不承擔更新任何此類前瞻性聲明的義務。這些前瞻性陳述涉及風險和不確定性，可能導致實際結果與前瞻性陳述有重大差異。

Accordingly, these statements are no guarantee of future performance. These risks and uncertainties are discussed in the company's annual report on Form 10-K for the year ended December 31, 2024, the company's quarterly report on Form 10-Q for the second quarter of 2025 and in yesterday's press release.

因此，這些聲明並不能保證未來的表現。這些風險和不確定性在公司截至 2024 年 12 月 31 日的 10-K 表年度報告、公司 2025 年第二季度的 10-Q 表季度報告以及昨天的新聞稿中進行了討論。

We also present certain non-GAAP financial measures. A reconciliation of these non-GAAP measures to the most comparable GAAP measures is set forth in yesterday's press release.

我們也提出了某些非公認會計準則財務指標。昨天的新聞稿中列出了這些非公認會計準則指標與最具可比性的公認會計準則指標的對照表。

With that, let me turn the call over to Rick Swartz.

說完這些，讓我把電話轉給 Rick Swartz。

Thanks, Jennifer. Good morning, everyone. Welcome to our second quarter 2025 conference call to discuss financial and operational results. I will begin by providing a summary of the second quarter results, and then will turn the call over to Kelly Huntington, our Chief Financial Officer, for a detailed financial review.

謝謝，珍妮佛。大家早安。歡迎參加我們的 2025 年第二季電話會議，討論財務和營運結果。我將首先提供第二季業績摘要，然後將電話轉給我們的財務長 Kelly Huntington 進行詳細的財務審查。

Following Kelly's overview, Brian Stern and Don Egan, Chief Operating Officers for our T&D and C&I segments, will provide a summary of our segments' performance and discuss some of the MYR Group's opportunities going forward. I will then conclude today's call with some closing remarks and open the call up for your questions.

在凱利 (Kelly) 概述之後，我們 T&D 和 C&I 部門的首席營運長 Brian Stern 和 Don Egan 將總結我們部門的業績並討論 MYR 集團未來的一些機遇。然後，我將以一些結束語來結束今天的電話會議，並開始回答大家的問題。

A steady second quarter performance resulted from the strength of our long-term customer relationships, operational consistency and strong market presence. We were awarded several master service agreements, further expanding existing relationships with key customers while safely performing ongoing work around the U.S. and Canada. We also captured additional projects in our chosen core markets, further solidifying our market position and continue to strategically pursue new opportunities.

第二季業績的穩定性得益於我們長期的客戶關係、營運的一致性和強大的市場影響力。我們獲得了幾項主服務協議，進一步擴大了與主要客戶的現有關係，同時安全地在美國和加拿大持續工作。我們還在所選的核心市場中獲得了更多項目，進一步鞏固了我們的市場地位，並繼續策略性地尋求新的機會。

Across both business segments, bidding activity remains healthy, driven by the demand for electricity and reliable, resilient infrastructure as well as the increasing prominence of modern technologies, such as artificial intelligence.

在兩個業務部門中，競標活動依然保持健康，這受到對電力和可靠、有彈性的基礎設施的需求以及人工智慧等現代技術日益突出的推動。

Emphasis on grid modernization and hardening continue to be strong market drivers and could present opportunities for consistent success across our business. As always, our focus remains on collaborating closely with our customers in an open and trusting partnership while delivering safe, quality and consistent on-time results in this dynamic energy landscape.

對電網現代化和強化的重視繼續成為強大的市場驅動力，並可能為我們整個業務的持續成功提供機會。像往常一樣，我們的重點仍然是與客戶建立開放和信任的伙伴關係，同時在這個充滿活力的能源領域提供安全、優質和始終如一的準時成果。

Overall, the increased electrification and investments being made in the electrical infrastructure are encouraging and highlight why we believe our chosen markets are poised for ongoing success for years to come.

總體而言，電氣化程度的提高和電力基礎設施的投資令人鼓舞，這也凸顯了我們為什麼相信我們所選擇的市場將在未來幾年持續取得成功。

Now Kelly will provide details on our second quarter 2025 financial results.

現在凱利將提供有關我們 2025 年第二季財務業績的詳細資訊。

Thank you, Rick, and good morning, everyone. Our second quarter 2025 revenues were $900 million, which represents an increase of $71 million or 8.6% compared to the same period last year. Our second quarter T&D revenues were $506 million, an increase of 10% compared to the same period last year.

謝謝你，里克，大家早安。我們 2025 年第二季的營收為 9 億美元，與去年同期相比增加了 7,100 萬美元，增幅為 8.6%。我們第二季的輸配電收入為 5.06 億美元，比去年同期成長 10%。

The breakdown of T&D revenues was $305 million for Transmission and $201 million for Distribution. Distribution revenues increased by $25 million and Transmission revenues increased by $23 million. Work performed under master service agreement continued to represent approximately 60% of our T&D revenues.

T&D 收入細分為輸電收入 3.05 億美元和配電收入 2.01 億美元。分銷收入增加了 2500 萬美元，傳輸收入增加了 2300 萬美元。根據主服務協議完成的工作繼續占我們輸配電收入的約 60%。

C&I revenues were $394 million, an increase of 6% compared to the same period last year, primarily due to an increase in revenue on fixed price contracts. Our gross margin was 11.5% for the second quarter of 2025 compared to 4.9% for the same period last year.

C&I 營收為 3.94 億美元，比去年同期成長 6%，主要由於固定價格合約收入增加。2025 年第二季我們的毛利率為 11.5%，去年同期為 4.9%。

The increase in gross margin was primarily due to the second quarter of 2024 being negatively impacted by certain T&D clean energy projects and a C&I project. In the second quarter of 2025, gross margin was also positively impacted by better-than-anticipated productivity and a favorable job closeout. These margin increases were partially offset by an increase in costs associated with labor and project inefficiencies and unfavorable change orders.

毛利率的成長主要是由於2024年第二季受到某些T&D清潔能源項目和C&I項目的負面影響。2025 年第二季度，毛利率也受到好於預期的生產力和有利的工作完成情況的正面影響。這些利潤率的成長被與勞動力和專案效率低下以及不利的變更單相關的成本增加部分抵消。

T&D operating income margin was 8% for the second quarter of 2025 compared to an operating loss margin of 1.8% for the same period last year. The increase was primarily due to the second quarter of 2024 being negatively impacted by certain clean energy projects as well as better-than-anticipated productivity on certain projects during the second quarter of 2025. These increases were partially offset by higher costs related to labor and project inefficiencies.

2025 年第二季輸配電營業收入利潤率為 8%，而去年同期的營業虧損利潤率為 1.8%。成長的主要原因是 2024 年第二季受到某些清潔能源項目的負面影響，以及 2025 年第二季某些項目的生產力優於預期。這些成長被與勞動力和專案效率低下相關的更高成本部分抵消。

C&I operating income margin was 5.6% for the second quarter of 2025 compared to 0.4% for the same period last year. The increase was primarily due to the second quarter of 2024 being negatively impacted by a single project as well as contingent compensation expense related to a prior acquisition that did not recur in the second quarter of 2025.

2025 年第二季 C&I 營業收入利潤率為 5.6%，去年同期為 0.4%。成長的主要原因是 2024 年第二季受到單一專案的負面影響，以及與 2025 年第二季未再次發生的先前收購相關的或有薪資費用。

In addition, higher gross margin in the second quarter of 2025 was due to a larger portion of our projects progressing at higher contractual margins, some of which are nearing completion as well as better-than-anticipated productivity and a favorable job closeout. These positive drivers were partially offset by higher costs related to labor and project inefficiencies and unfavorable change orders.

此外，2025 年第二季毛利率上升是由於我們的大部分專案以更高的合約利潤率進展，其中一些專案已接近完工，而且生產力好於預期，工作完成情況良好。這些積極的驅動因素被與勞動力和專案效率低下以及不利的變更單相關的更高成本部分抵消。

Second quarter 2025 SG&A expenses were $63 million, an increase of approximately $2 million compared to the same period last year. The increase was primarily due to increases in employee incentive compensation costs and employee-related expenses to support future growth. These increases were partially offset by $5 million of contingent compensation expense related to a prior acquisition recognized during the second quarter of 2024, that did not recur in 2025.

2025 年第二季銷售、一般及行政費用為 6,300 萬美元，與去年同期相比增加約 200 萬美元。成長的主要原因是員工激勵薪酬成本和員工相關費用的增加，以支持未來的成長。這些增加的部分被 2024 年第二季確認的與先前收購相關的 500 萬美元或有薪酬費用所抵消，該費用在 2025 年沒有再次發生。

Second quarter 2025 net income was $27 million compared to a net loss of $15 million for the same period last year. Net income per diluted share was $1.70 compared to negative $0.91 for the same period last year. Second quarter 2025 EBITDA was $56 million compared to negative $5 million for the same period last year.

2025 年第二季淨收入為 2,700 萬美元，而去年同期淨虧損為 1,500 萬美元。每股攤薄淨利潤為 1.70 美元，去年同期為負 0.91 美元。2025 年第二季 EBITDA 為 5,600 萬美元，去年同期為負 500 萬美元。

Total backlog as of June 30, 2025, was $2.64 billion, 4% higher than a year ago. Total backlog as of June 30, 2025, consisted of $927 million for our T&D segment and $1.72 billion for our C&I segment.

截至 2025 年 6 月 30 日，總積壓訂單為 26.4 億美元，比一年前高出 4%。截至 2025 年 6 月 30 日，我們的 T&D 部門的總積壓訂單為 9.27 億美元，C&I 部門的總積壓訂單為 17.2 億美元。

Second quarter 2025 operating cash flow was $33 million compared to $23 million for the same period last year. The increase in cash provided by operating activities was primarily due to higher net income. Second quarter 2025 free cash flow was $12 million compared to $3 million for the same period last year, reflecting an increase in operating cash flow, partially offset by higher capital expenditures.

2025 年第二季的營運現金流為 3,300 萬美元，去年同期為 2,300 萬美元。經營活動現金流增加主要是因為淨收入增加。2025 年第二季的自由現金流為 1,200 萬美元，而去年同期為 300 萬美元，這反映了經營現金流的增加，但部分被更高的資本支出所抵消。

Moving to liquidity and our balance sheet. We had approximately $251 million of working capital, $86 million of funded debt and $383 million in borrowing availability under our credit facility as of June 30, 2025. We have continued to maintain a strong funded debt-to-EBITDA leverage ratio of 0.46 times as of June 30, 2025.

轉向流動性和我們的資產負債表。截至 2025 年 6 月 30 日，我們的信貸安排下擁有約 2.51 億美元的營運資金、8,600 萬美元的融資債務和 3.83 億美元的可用借款。截至 2025 年 6 月 30 日，我們持續維持強勁的債務與 EBITDA 槓桿率，為 0.46 倍。

We believe that our credit facility, strong balance sheet and future cash flow from operations will enable us to meet our working capital needs, support the organic growth of our business, pursue acquisitions and opportunistically repurchase shares.

我們相信，我們的信貸額度、強勁的資產負債表和未來的營運現金流將使我們能夠滿足營運資金需求，支持業務的有機成長，進行收購併適時回購股票。

Our Board of Directors authorized a new $75 million share repurchase program, which replaces our prior repurchase program. The new program will expire on February 4, 2026 or when the authorized funds are exhausted, whichever is earlier.

我們的董事會批准了一項新的 7,500 萬美元股票回購計劃，以取代我們先前的回購計劃。新計畫將於 2026 年 2 月 4 日或授權資金用完時（以較早者為準）到期。

I'll now turn the call over to Brian Stern, who will provide an overview of our Transmission and Distribution segment.

現在我將把電話轉給 Brian Stern，他將概述我們的傳輸和配電部門。

Thanks, Kelly, and good morning, everyone. Our T&D segment achieved steady results in the second quarter as our focus remained on strengthening and expanding existing relationships with key customers by executing our work at a high level and creating value. Healthy bidding activity continued in the second quarter as we monitored and selectively pursued projects of various sizes with our project portfolio consisting of master service agreements and a healthy mix of smaller to midsized jobs.

謝謝，凱利，大家早安。我們的輸配電部門在第二季度取得了穩定的業績，因為我們仍然專注於透過高水準開展工作和創造價值來加強和擴大與關鍵客戶的現有關係。第二季度，我們監控並選擇性地進行各種規模的項目，我們的項目組合包括主服務協議和各種中小型項目，因此投標活動繼續保持健康。

This quarter, an MYR Group subsidiary executed a five-year design, build electric distribution master service agreement with Xcel Energy with anticipated revenues to be in excess of $500 million over the five-year period. The MSA is effective through 2029 with construction projects estimated to begin in the first part of 2026.

本季度，MYR 集團子公司與 Xcel Energy 簽訂了為期五年的設計、建設電力分配主服務協議，預計五年內的收入將超過 5 億美元。MSA 有效期至 2029 年，建設項目預計將於 2026 年初開始。

In addition, we were awarded two other MSAs with major utilities in the Northeast and Midwest. Beyond MSAs, we also won a variety of transmission and substation work across the country, including two 30 kV and three 45 KV transmission line rebuilds in South Carolina and Missouri, respectively.

此外，我們還與東北部和中西部地區的兩家大型公用事業公司簽訂了另外兩份 MSA。除了 MSA 之外，我們還贏得了全國各地的各種輸電和變電站工程，包括分別在南卡羅來納州和密蘇裡州的兩條 30 kV 和三條 45 kV 輸電線路重建。

The growing demand for electricity continues to create exciting growth opportunities in the industry. A recent Deloitte Research Center for Energy and Industrials report released in February forecast $1.4 trillion of capital investments in the U.S. power sector from 2025 to 2030 and predicts similar expenditures to last until 2050.

不斷增長的電力需求繼續為該行業創造令人興奮的成長機會。德勤能源與工業研究中心 2 月發布的最新報告預測，2025 年至 2030 年美國電力產業的資本投資將達到 1.4 兆美元，並預期類似的支出將持續到 2050 年。

The report also projects that by 2030, power demand will increase 10% to 17% from 2024 levels. MYR Group will continue serving as a dependable and agile partner for our utility customers as they strive to meet this increasing electrification demand, helping build an improved infrastructure for the future.

報告也預測，到2030年，電力需求將比2024年的水準成長10%至17%。MYR 集團將繼續作為我們公用事業客戶可靠且靈活的合作夥伴，努力滿足日益增長的電氣化需求，幫助建立更好的未來基礎設施。

In summary, our strong focus and commitment to safety and project execution has enabled us to grow our customer base with new contract wins and expand our current partnerships. We continually strive to leverage the full capabilities of our companies and teams to contribute to our customers' success.

總而言之，我們對安全和專案執行的高度關注和承諾使我們能夠透過贏得新合約來擴大客戶群並擴大我們現有的合作夥伴關係。我們不斷努力充分利用我們公司和團隊的全部能力，為客戶的成功做出貢獻。

I will now turn the call over to Don Egan, who will provide an overview of our Commercial and Industrial segment.

現在我將把電話轉給唐伊根 (Don Egan)，他將概述我們的商業和工業部門。

Thanks, Brian, and good morning, everyone. The second quarter saw steady results in the C&I segment as we continue to strengthen and leverage strong relationships with our valued customers while professionally executing projects of various sizes and strategically bidding new opportunities. Bidding activity remains healthy in our chosen core markets even as wider economic questions linger moving forward. The major construction indices continue reporting increases in growth potential compared to the previous year.

謝謝，布萊恩，大家早安。第二季度，商業與工業 (C&I) 部門取得了穩定的業績，因為我們繼續加強和利用與尊貴客戶的牢固關係，同時專業地執行各種規模的專案並策略性地競標新機會。儘管更廣泛的經濟問題仍然存在，但我們選擇的核心市場的競標活動仍然保持健康。主要建築指數與上一年相比繼續顯示出成長潛力的成長。

According to the most recent Q1 2025 market conditions report based on information from the US Census Bureau, total nonresidential constructions spending in the US increased 3.9% from February 2024 to February 2025. This includes 6.7% increase for educational construction spending and a 4.8% increase in manufacturing construction spending.

根據美國人口普查局資訊發布的最新 2025 年第一季市場狀況報告，從 2024 年 2 月到 2025 年 2 月，美國非住宅建築總支出增加了 3.9%。其中教育建設支出增加6.7%，製造業建設支出增加4.8%。

This improvement is also reflected in the latest Dodge Momentum Index report released in June, which saw an overall 3.7% growth in May compared to the previous month, including a 10.5% increase in institutional building. The report also found that DMI was up 24% when compared to May of 2024 with data centers still significantly contributing to the overall healthy growth.

這項改善也反映在6月發布的最新道奇動量指數報告中，該報告顯示，5月份整體較上季成長3.7%，其中機構建設成長10.5%。報告還發現，與 2024 年 5 月相比，DMI 成長了 24%，資料中心仍對整體健康成長做出了重大貢獻。

Last quarter, we mentioned the verbal award of Phase 1 of a large-scale data center project in Colorado for Sturgeon Electric valued at over $90 million, which has now been contractually awarded and added to our backlog. We also won additional work throughout our core markets across the country in the quarter including aerospace, healthcare and higher education. We also received awards in battery storage, transportation and manufacturing.

上個季度，我們口頭提到了科羅拉多州大型資料中心專案第一階段的授予，該專案價值超過 9000 萬美元，現已簽訂合約並添加到我們的積壓訂單中。本季度，我們還在全國核心市場贏得了更多業務，包括航空航太、醫療保健和高等教育。我們還在電池儲存、運輸和製造方面獲得了獎項。

In summary, we are proud of our employees for their creative thinking, dedication and commitment to collaborating closely with our valued customers. Their proactive and customer-focused approach enables us to maintain a healthy pipeline of work and enhance our potential for continued growth.

總而言之，我們為我們的員工的創造性思維、奉獻精神以及與我們尊貴的客戶密切合作的承諾感到自豪。他們積極主動、以客戶為中心的方法使我們能夠保持健康的工作流程並增強我們持續成長的潛力。

Thanks, everyone, for your time today. I will now turn the call back to Rick, who will provide us with some closing comments.

謝謝大家今天抽出時間。現在我將把電話轉回給 Rick，他將為我們提供一些結束語。

Thank you for those updates, Kelly, Brian and Don. Our performance in the second quarter reflects the strength of our operational teams, our ability to maintain and expand diverse customer relationships and the stability of our core markets. We continue to be proactive and disciplined in this dynamic energy landscape and remain committed to the strong operating principles and sound business strategies that have enabled us to become an industry leader.

感謝凱利、布萊恩和唐提供的最新消息。我們第二季的業績反映了我們營運團隊的實力、我們維持和擴大多元化客戶關係的能力以及我們核心市場的穩定性。在這個充滿活力的能源格局中，我們繼續積極主動、嚴守紀律，並繼續致力於強大的營運原則和健全的業務策略，這些使我們成為行業領導者。

We recognize the importance of adapting to market conditions and being an agile partner for our customers as we respond to industry changes. This is supported by our continued investment and development of our teams, who drive value for our customers and communities by the work they perform each day. Thank you to every employee for your dedication and invaluable contributions to this organization. It does not go unnoticed.

我們認識到在應對行業變化時適應市場條件和成為客戶敏捷合作夥伴的重要性。這得歸功於我們對團隊的持續投資和發展，他們透過每天的工作為我們的客戶和社區創造價值。感謝每一位員工對本組織的奉獻和寶貴貢獻。它不會被忽視。

And finally, I want to thank each of you for your continued support of MYR Group. We look forward to progressing our business strategies, while emphasizing our customer relationships and creating shareholder value.

最後，我要感謝大家對 MYR 集團的持續支持。我們期待推進我們的業務策略，同時強調我們的客戶關係並創造股東價值。

Operator, we are now ready to open the call up for comments and questions.

接線員，我們現在可以開始徵求意見和提問了。

Thank you. (Operator Instructions) Sangita Jain, KeyBanc.

謝謝。（操作員指示）Sangita Jain，KeyBanc。

First, if I can ask Rick and Kelly on the MSA that you press released earlier, I think it was, this month. If it was -- I'm presuming it's a new MSA and not a renewal and whether you displaced an incumbent or if it's like brand-new scope that you won with Xcel?

首先，我可以問 Rick 和 Kelly 關於你們早些時候在新聞中發布的 MSA 的問題嗎？我想是這個月發布的。如果是的話——我假設這是一個新的 MSA 而不是續約，您是否取代了現任者，或者這是否是您透過 Xcel 贏得的全新範圍？

It's new scope. So it's additional to what we already have under our MSAs.

這是新的範圍。因此，它是對我們 MSA 中已有內容的補充。

And did you displace -- and so there was no displacement. This was just new work you're saying?

您是否進行了置換—因此沒有置換。你說這只是新作品？

This is additional work, yes.

是的，這是額外的工作。

Okay. And then -- that's helpful. And then if I can ask a follow-up on your C&I backlog? Good to see the data center $90 million award getting booked in 2Q. But I'm just trying to wonder why the backlog was down sequentially? And if there's anything big that you -- that got finished in the second quarter? Or how should we think about that?

好的。然後——這很有幫助。然後我是否可以詢問一下您的 C&I 積壓事宜？很高興看到資料中心 9000 萬美元的獎項在第二季獲得批准。但我只是想知道為什麼積壓量會連續下降？您在第二季完成了什麼大事嗎？或者我們應該如何思考這個問題？

I would say it was the normal progression of work. Our backlog is always going to be lumpy. I've said that for years. I mean it takes us a long time to negotiate out these contracts, lots of good activity on that side. But again, it's going to be lumpy. These projects are longer-term projects in a lot of cases when you're getting into some of the data centers and other types of work, some of the transportation work and those projects, again, can take months to negotiate it out.

我想說這是正常的工作進度。我們的積壓工作總是很多。我已經這麼說很多年了。我的意思是，我們花了很長時間來協商這些合同，這方面有很多很好的活動。但同樣，它將會變得凹凸不平。在很多情況下，這些項目都是長期項目，當你進入一些資料中心和其他類型的工作，一些運輸工作和這些項目時，可能需要幾個月的時間來談判。

Atidrip Modak, Goldman Sachs.

高盛的 Atidrip Modak。

Rick, that color on the MSA was very helpful. But I guess, maybe in terms of the business footprint expansion, assuming that is mostly the MSA, anything you can talk to in terms of the philosophy on how additional expansion would occur? And should we expect new MSA announcements or something that you're actively pursuing?

里克，MSA 上的顏色非常有用。但我想，也許就業務範圍擴展而言，假設主要是 MSA，您可以談談關於如何進行額外擴展的理念嗎？我們是否應該期待新的 MSA 公告或您正在積極追求的某些事情？

We're always -- I mean, we like the MSA work, as Kelly said, it was approximately 60% of our T&D revenue for this last quarter. But again, we like the bid work too. So it's really just timing how it comes in, not all customers want to do MSA work. So we'll continue to expand that where we can. And -- but very good opportunities when we're looking kind of the mid- to large-sized longer-term projects out there, too. So we're pushing on, I guess, all fronts on that side. But this last quarter, we did have some pretty good MSA activity.

我們一直——我的意思是，我們喜歡 MSA 工作，正如凱利所說，它約占我們上個季度 T&D 收入的 60%。但同樣，我們也喜歡競標工作。因此，這實際上只是時間問題，並不是所有客戶都想做 MSA 工作。因此，我們將繼續盡我們所能擴大這一範圍。而且 — — 當我們尋找中型到大型的長期專案時，這也是非常好的機會。所以我想，我們正在從各個方面努力。但上個季度，我們確實有一些相當不錯的 MSA 活動。

That's great. And then as you think of this new sort of incremental slice of revenue, how are you thinking about labor requirements? Any need to acquire or sort of expand part of work that is not self-sourced? And how should we think about the margin impact of these new MSAs?

那太棒了。然後，當您考慮這種新的增量收入時，您如何考慮勞動力需求？是否需要取得或擴展非自有來源的部分工作？我們該如何看待這些新的 MSA 對利潤的影響？

I think for the most part, we've always self-performed 100% of our electrical work. We do ancillary services, we'll subcontract that out. But good opportunities in the labor market. I think we do a lot on the training, the development side, the recruitment side. Over the years, we've shown we can grow our company that way. And then again, we're always looking for that right, tuck-in acquisition on top of it where it makes sense, and it would be additive to our company. So I think we're really pushing it on all fronts, but trying to make sure we're patient and make the right decisions.

我認為在大多數情況下，我們的電氣工作都是 100% 自行完成的。我們提供輔助服務，我們會將其分包出去。但勞動市場上有很好的機會。我認為我們在培訓、發展和招聘方面做了很多工作。多年來，我們已經證明我們可以透過這種方式發展我們的公司。再說一次，我們一直在尋找合適的、附加的收購，只要它是合理的，並且對我們的公司有益。所以我認為我們確實在各個方面都在努力，但同時也努力確保我們有耐心並做出正確的決定。

Justin Hauke, Baird.

賈斯汀·豪克，貝爾德。

I guess I wanted to get an update just because you guys have kind of intentional -- I know you've been in the solar market forever, renewables generation forever, but it's kind of been something that you've moved away from some of your work there from maybe where it was at a peak. I think you've given us some stats for the T&D business in terms of some of the trailing 12-month revenue contribution from solar work. And I guess I was just hoping to get an update on that.

我想了解最新情況，只是因為你們有點故意——我知道你們一直在太陽能市場、再生能源發電領域工作，但你們可能已經放棄了在那裡的一些工作，也許那時你們的工作處於巔峰狀態。我認為您已經向我們提供了一些有關輸配電業務的統計數據，包括過去 12 個月太陽能工作帶來的收入貢獻。我想我只是希望得到有關此事的最新消息。

And I guess the reason why specifically, maybe you can comment on this, just any change in customer discussions in terms of their planning with the One Big Beautiful Bill because that's something that's obviously topical and we're getting a lot of questions on that.

我想，具體原因在於，也許您可以對此發表評論，只是關於客戶討論中有關“One Big Beautiful Bill”計劃的任何變化，因為這顯然是一個熱門話題，我們收到了很多關於此的問題。

Yes. I would say on the T&D side, we continue to be selective on those projects. We haven't seen big changes in the markets that we've talked about that we've competed on historically in the -- on the solar side of our T&D business. So being selective, we haven't announced any new work come into that. But again, our core T&D business is growing well.

是的。我想說，在輸配電方面，我們將繼續選擇性地選擇這些項目。在我們談論過的、我們歷史上參與競爭的輸配電業務的太陽能市場中，我們並沒有看到重大變化。因此，出於選擇性考慮，我們尚未宣布任何新的工作。但我們的核心輸配電業務仍成長良好。

On our C&I side where we do active solar work, seeing good activity in the markets we're in there, seeing long-term activity and good conversations with our clients. So we're having conversations with our clients across the country. But I would say in the T&D areas, not as strong a conversation as far as what's going to be built out for pending projects for us right now, but we continue to watch that and monitor it. And at the right contractual terms and the right pricing, we like that market, but we're patient again.

在我們積極進行太陽能工作的 C&I 方面，我們看到所在市場的良好活動，看到了長期活動以及與客戶之間的良好對話。因此我們正在與全國各地的客戶進行對話。但我想說，在 T&D 領域，目前對於我們即將開展的專案的討論並不那麼激烈，但我們會繼續關注和監控。在合適的合約條款和合適的定價下，我們喜歡這個市場，但我們再次保持耐心。

Okay. Would it be fair to say that, that's a low single-digit percentage contribution of your revenue in that is little more stuff at this point?

好的。可以公平地說，這只是對您的收入的一個較低的個位數百分比貢獻，目前這只是一點點？

Yes. So if you look on the T&D side of our revenues, it was 10% of our revenues last year. And as we've mentioned previously, it was down to just 4% of our fourth quarter revenues and that percentage has continued to decline in the first and second quarters as we've been undertaking activities to reach final completion on that existing portfolio of projects.

是的。因此，如果你看我們收入的 T&D 部分，你會發現它佔了去年我們收入的 10%。正如我們之前提到的，它只占我們第四季度收入的 4%，而且由於我們一直在開展活動以最終完成現有的專案組合，這一比例在第一季和第二季繼續下降。

And then on the C&I side, it's been a core market for us for a long time and been a part of our growth on the C&I side of the business, but not a single one of our core markets is dominant, including fuller or data centers.

然後在 C&I 方面，它長期以來一直是我們的核心市場，也是我們 C&I 業務成長的一部分，但我們的核心市場中沒有一個佔據主導地位，包括更全面的市場或資料中心。

Yes. Okay. All right. That's helpful. And I guess my second question, Rick, you talked a little bit about the M&A. But just philosophically thinking about it, your balance sheet is obviously in a really good position. You've got the new $75 million authorization. You were aggressive on buying the stock in the first quarter.

是的。好的。好的。這很有幫助。我的第二個問題是，瑞克，你談到了一點關於併購的事情。但只要從哲學角度思考一下，你的資產負債表顯然處於非常好的狀態。您已獲得新的 7500 萬美元授權。您在第一季積極購買股票。

But just thinking about, I don't know, kind of the various ways that you could deploy capital, desire for M&A versus buyback or just how you're balancing that, especially since some of your peers have been more aggressive, particularly on the C&I side in terms of bringing on some more capacity. Just maybe just the lay of the land of capital allocation outlook.

但是，我只是在想，你可以部署資本的各種方式，是併購的願望還是回購，或者你如何平衡這兩者，特別是因為你的一些同行更加積極，特別是在商業和工業方面，在增加一些產能方面。這也許只是資本配置前景的概況。

Sure, sure. When you look at that side of it, I think for us, it's finding the right acquisition. So we continue to look. We see good activity out there, but it's just finding the right one. And again, we're going to be disciplined in the price we'll pay for an acquisition. So that plays into it. We've seen multiples come up significantly on the C&I side. But again, for the right company, we will pay a fair multiple for that company, and we want somebody that's going to be with us long term.

當然，當然。當你從這個角度來看時，我認為對我們來說，這就是找到正確的收購。因此我們繼續觀察。我們看到了好的活動，但只是找到正確的活動。再次強調，我們將嚴格控制收購價格。所以這就起到了作用。我們已經看到工商業方面的倍數顯著上升。但同樣，對於合適的公司，我們會為該公司支付合理的倍數，我們希望找到一個能夠與我們長期合作的人。

So continue to look at those opportunities. But with our balance sheet, with the shape it's in, our leverage as low as it is, we've got the opportunities to still do acquisitions, push our organic growth and do stock buybacks when it makes sense.

因此，請繼續尋找這些機會。但鑑於我們的資產負債表、目前的狀況以及較低的槓桿率，我們仍然有機會進行收購、推動有機成長並在合理的時候進行股票回購。

Jon Braatz, Kansas City Capital Associates.

喬恩‧布拉茨 (Jon Braatz)，堪薩斯市資本合夥公司。

Rick, Kelly, maybe my first question is your environment -- your operating environment seems to be getting incrementally better every quarter. You hear a lot of great news about demand for electricity. I guess my question is, Rick, do you have to sort of ramp up your investment spending, your CapEx spending and maybe your -- sort of your corporate expenses to meet this incrementally stronger demand? Any reason you have to begin to accelerate spending?

瑞克、凱利，也許我的第一個問題是你們的環境——你們的營運環境似乎每季都在逐步改善。您聽到了很多關於電力需求的好消息。我的問題是，瑞克，你是否必須增加投資支出、資本支出，甚至公司支出，才能滿足這種日益強勁的需求？您有什麼理由開始加速支出嗎？

I think we watch that all the time, especially on the CapEx side. When you look at equipment deliveries, where that size is at, the commitments we need to make for some potentially larger projects out there, we continue to look at it. But I wouldn't say it's going to be a needle mover on something that's going to double or anything like that, but we continue to make the right calls, buy the equipment and advance, make the right capital expenditures as needed and invest in our people to capture the right people to manage this work.

我認為我們一直在關注這一點，特別是在資本支出方面。當您查看設備交付情況、規模以及我們需要對一些潛在的更大項目做出的承諾時，我們會繼續關注它。但我不會說這會對某件事產生推動作用，使其翻倍或類似的事情發生，但我們會繼續做出正確的決定，購買設備和推進，根據需要進行正確的資本支出，並投資於我們的員工，以吸引合適的人才來管理這項工作。

So I would say it's a balancing act, but a very strong long-term market out there that we're really trying to monitor, gauge and adapt to as we -- and prepare to be ready to take on this work.

所以我想說這是一個平衡的行為，但這是一個非常強大的長期市場，我們確實在努力監控、衡量和適應它——並準備好承擔這項工作。

Okay. And a question for Don. Obviously, there's a lot of noise out there all the time regarding tariffs and supply chain and so on. Are you seeing any C&I projects or any projects having to go back to -- for rebid and maybe the time line to project rewards lengthening at all?

好的。還有一個問題要問唐。顯然，關於關稅、供應鏈等問題一直存在著許多爭議。您是否看到任何 C&I 專案或任何專案必須重新招標，並且專案獎勵的時間軸可能會延長？

Haven't necessarily seen many projects extend their schedules. However, we do have clients that are coming to us much sooner, issuing, in some cases, a limited notice to proceed to get long lead equipment coming, so we're talking actively with our customers to try to do what we can to prevent any extension to schedules.

不一定會看到很多項目延長其工期。然而，確實有一些客戶來得更早，在某些情況下，他們會發出有限的通知，以便繼續獲取長週期設備，因此我們正在積極與客戶溝通，盡我們所能防止任何時間表的延長。

Brian Brophy, Stifel.

布萊恩·布羅菲，Stifel。

I guess if I remember correctly, you guys have previously talked about high single-digit growth in T&D this year, excluding some of the headwind on the clean energy side. It feels like after this quarter and some of the backlog and order activity that maybe there is some upside to that. Just curious if you would mind providing an update there.

如果我沒記錯的話，你們之前曾談到今年輸配電產業的高個位數成長，不包括清潔能源方面的一些阻力。感覺這個季度之後，一些積壓訂單和訂單活動可能會帶來一些好處。只是好奇您是否介意提供更新。

Yes, I would say Kelly would -- go ahead, Kelly.

是的，我想說凱利會——繼續吧，凱利。

Okay, sure. So we still see that expectation for the full year, that high single-digit growth, excluding solar, which as I mentioned before, was 10% of our revenues last year. I think we're continuing to see a really strong market environment out there.

好的，當然。因此，我們仍然對全年業績抱有很高的期望，即不包括太陽能業務，即高個位數成長，正如我之前提到的，太陽能業務占我們去年收入的 10%。我認為我們將繼續看到一個真正強勁的市場環境。

And I think the one thing that can continue to be a little bit unpredictable on how quarterly revenues fall out on both sides of the business really is timing and materials expense and when projects are ramping up, pushes by a few weeks in either direction can cause some variability to quarterly revenues, but continue to see a strong market outlook and that high single-digit growth for both C&I and for T&D, excluding solar.

我認為，在決定兩個業務的季度收入如何下降時，唯一可能繼續有點難以預測的因素是時間和材料費用，當項目加速時，任何一個方向的幾週推動都可能導致季度收入出現一些變化，但市場前景仍然強勁，商業和工業以及輸配電（不包括太陽能）都將實現高個位數增長。

I am showing no further questions in the queue. I will now turn the call over to Rick Swartz for any additional or closing remarks.

隊列中沒有其他問題。現在我將把電話轉給 Rick Swartz，請他發表任何補充或結束語。

To conclude, on behalf of Kelly, Brian, Don and myself, I sincerely thank you for joining us on the call today. I don't have anything further, and we look forward to working with you in the future and speaking with you again on our next conference call. Until then, stay safe.

最後，我代表凱利、布萊恩、唐和我本人，真誠地感謝您今天參加我們的電話會議。我沒有其他消息了，我們期待未來與您合作，並在下次電話會議上再次與您交談。在那之前，請保持安全。

Thank you. This concludes today's conference call. We thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。