Primoris Services Corp (PRIM) 2023 Q4 法說會逐字稿

Good morning. My name is Dennis, and I will be your conference operator today. At this time, I would like to welcome everyone to the Primoris Services Corporation Fourth Quarter and Full Year 2023 Earnings Conference Call and Webcast. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star then the number one on your telephone keypad. To withdraw your question, press star one there and I would now like to turn the conference over to Blake Holcomb, Vice President of Investor Relations. Please go ahead.

早安.我叫丹尼斯，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 Primoris Services Corporation 2023 年第四季和全年財報電話會議和網路廣播。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。如果您想在此期間提問，只需按星號，然後按電話鍵盤上的數字 1 即可。要撤回您的問題，請按那裡的明星一號，我現在想將會議轉給投資者關係副總裁布萊克·霍爾科姆（Blake Holcomb）。請繼續。

Good morning, and welcome to the Morris Fourth Quarter and Full Year 2023 earnings conference call. Joining me today with prepared comments are Tom McCormick, President and Chief Executive Officer, and Tim Dugan, Chief Financial Officer.

早上好，歡迎參加莫里斯 2023 年第四季和全年財報電話會議。今天與我一起發表事先準備好的評論的是總裁兼首席執行官湯姆·麥考密克 (Tom McCormick) 和首席財務官蒂姆·杜根 (Tim Dugan)。

Before we begin, I'd like to make everyone aware of certain language contained in our Safe Harbor statement. The Company cautions that certain statements made during this call are forward-looking and subject to various risks and uncertainties. Actual results may differ materially from our projections and expectations. These risks and uncertainties are discussed in our reports filed with the SEC.

在開始之前，我想讓每個人都了解我們的安全港聲明中包含的某些語言。該公司警告稱，本次電話會議中做出的某些陳述具有前瞻性，並受到各種風險和不確定性的影響。實際結果可能與我們的預測和期望有重大差異。我們向美國證券交易委員會提交的報告中討論了這些風險和不確定性。

Our forward-looking statements represent our outlook as of today, February 27th, 2024. We disclaim any obligation to update these statements except as may be required by law.

我們的前瞻性陳述代表了我們截至今天（2024 年 2 月 27 日）的展望。除法律要求外，我們不承擔更新這些聲明的義務。

In addition, during this conference call, we will make reference to certain non-GAAP financial measures. A reconciliation of these non-GAAP financial measures are available on the Investors section of our website and in our fourth quarter and full year 2023 earnings press release, which was issued yesterday. I would now like to turn the call over to Tom McCormick.

此外，在本次電話會議中，我們將參考某些非公認會計準則財務指標。這些非 GAAP 財務指標的調整可在我們網站的投資者部分以及昨天發布的第四季度和 2023 年全年收益新聞稿中找到。我現在想把電話轉給湯姆·麥考密克。

Thank you, Dwight, and good morning, and thank you for joining us today to discuss our fourth quarter and full year 2023 results. And our initial outlook for 2020 for 2023 was a good year for Morse as we delivered revenue growth for the eighth consecutive year and set a record for backlog for a third consecutive year.

謝謝德懷特，早安，感謝您今天加入我們討論我們的第四季度和 2023 年全年業績。我們對 2020 年和 2023 年的初步展望對 Morse 來說是美好的一年，因為我們連續第八年實現收入成長，並連續第三年創下積壓記錄。

Revenue increased to $5.7 billion, up 29% from 2022. The growth was driven largely by our Energy segment, which was up 39%, primarily due to a robust utility-scale solar market growth in our industrial business and improvement in our pipeline business from 2022 lows. The utility segment also saw strong revenue growth, up 18% from the previous year. This was driven by the organic expansion of our power delivery and communications businesses as well as from acquisitions made in 2022.

營收增至 57 億美元，較 2022 年成長 29%。這一成長主要是由我們的能源部門推動的，該部門成長了 39%，這主要是由於我們工業業務中公用事業規模太陽能市場的強勁成長以及我們的管道業務較 2022 年低點有所改善。公用事業部門的營收也出現強勁成長，比上年成長 18%。這是由我們的電力傳輸和通訊業務的有機擴張以及 2022 年的收購所推動的。

Looking at backlog, we booked $7.5 billion of work during the year for a book-to-bill ratio of 1.3 times. This resulted in our ending the year with $10.9 billion of total backlog or an increase of approximately 20% from 2020 to much of this increase was new project awards in our Energy segment, our renewables, heavy civil and industrial construction businesses all secured key awards in part driven by infrastructure legislation and the ongoing macro trends of the energy transition and reindustrialization. These trends are leading toward higher energy demand and the desire that the power generation required to meet this demand come from lower carbon-emitting sources.

從積壓訂單來看，我們年內預訂了 75 億美元的工作，訂單出貨比為 1.3 倍。這導致我們年底的積壓總額為109 億美元，比2020 年增加了約20%，其中大部分增長是我們能源部門的新項目獎項，我們的可再生能源、重型民用和工業建築業務都獲得了2020年的關鍵獎項。 部分是由基礎設施立法以及能源轉型和再工業化的持續宏觀趨勢所驅動的。這些趨勢導致能源需求增加，並且希望滿足這種需求所需的發電量來自碳排放較低的來源。

We also had a record year with respect to our safety performance in 2023 with a total recordable incident rate of 0.46, which surpassed the record we set in 2021, despite working approximately 10 million more work hours. This is an accomplishment we take pride in and one that requires the commitment and diligence of all our employees in the field and their offices across North America. Our success in these and other metrics demonstrate both the tailwinds in our end markets and our ability to capitalize on opportunities within these markets due to our safe performance, quality execution and strong customer relationships. Continued success in these areas will enable us to remain on a path of profitable growth and earnings expansion.

2023 年，我們的安全績效也創下了紀錄，總可記錄事故率為 0.46，超過了我們在 2021 年創下的記錄，儘管工作時間增加了約 1,000 萬小時。這是我們引以為傲的一項成就，它需要我們在該領域及其北美辦事處的所有員工的承諾和勤奮。我們在這些和其他指標上的成功證明了我們終端市場的順風車，以及我們利用這些市場機會的能力，因為我們的安全性能、高品質執行和強大的客戶關係。這些領域的持續成功將使我們能夠繼續走在獲利成長和獲利擴張的道路上。

Now let's look at our operating segments in detail. In our Utility segment, we achieved a number of organizational and commercial goals during the year. We modified our organizational structure by service line to better align with how our customers are organized. With the goal of improving our operational performance, we hired additional talent to strengthen operational leadership teams, particularly in power delivery and placing an emphasis on growing our mix of project work, along with expanding the scope of our MSA contracts.

現在讓我們詳細看看我們的營運部門。在我們的公用事業部門，我們在這一年中實現了許多組織和商業目標。我們按服務線修改了組織結構，以更好地適應客戶的組織方式。為了提高我們的營運績效，我們聘請了更多人才來加強營運領導團隊，特別是在電力傳輸方面，並專注於發展我們的專案工作組合，同時擴大我們的 MSA 合約範圍。

We saw the benefits of these initiatives as our non MSA revenue increased by more than 70% from the previous year, which included several transmission and substation projects. Our teams also worked hard to continue to secure new MSA contracts and update the billing rates of our contracts to be more in line with the current market. Although negotiations on MSAs is an ongoing and often lengthy process, we began to benefit from updated rates in the back half of 2023 and should more fully realize these as we continued contract renewals in 2024.

我們看到了這些措施的好處，我們的非 MSA 收入比上一年增長了 70% 以上，其中包括多個輸電和變電站項目。我們的團隊也努力繼續獲得新的 MSA 合同，並更新合約的計費費率，使其更符合當前市場。儘管有關管理服務協議的談判是一個持續且通常漫長的過程，但我們在2023 年下半年開始受益於更新的費率，並且隨著我們在2024 年繼續續簽合同，我們應該更充分地認識到這些。

Although we have a number of accomplishments to highlight these areas. There were also some challenges that we faced during the year that impacted our margins in the segment. In Gas operations, we had solid execution performance. However, the business was impacted by a slight decline in revenues compared to the prior year. Power Delivery margins were adversely impacted from legacy PLH. projects experienced higher costs than were anticipated. We also operated for much of the year on our below market rates on several of our MSAs and with some excess equipment that weighed on margins during the year.

儘管我們已經取得了許多成就來突出這些領域。我們在這一年中也面臨一些挑戰，影響了我們在該領域的利潤率。在天然氣業務方面，我們有紮實的執行力。然而，該業務受到收入較上年略有下降的影響。傳統 PLH 對電力傳輸利潤率產生了不利影響。項目的成本高於預期。我們在今年的大部分時間裡還以低於市場的價格運營了幾個管理服務協議，並且使用了一些過剩的設備，這些都影響了這一年的利潤率。

Lastly, we had a communications project experienced cost overruns that led to lower than anticipated margins compared to 2022. However, we believe that we've been able to remedy many of the issues that we faced in 2023 and are confident that we will be able to deliver improved margins in this segment back closer to the midpoint of our 9% to 11% range.

最後，我們的一個通訊項目經歷了成本超支，導致與 2022 年相比利潤率低於預期。然而，我們相信，我們已經能夠解決 2023 年面臨的許多問題，並且有信心將該細分市場的利潤率提高到接近 9% 至 11% 範圍的中點。

Turning to the Energy segment, our pipeline business delivered a strong turnaround from 2022 going from negative gross margins to the high single digits. This was accomplished through a significant project award in the mid-Atlantic that was successfully executed by our union pipeline business and solid performance on projects acquired in the PLH. acquisition.

轉向能源領域，我們的管道業務從 2022 年起實現了強勁的轉變，從負毛利率變為高個位數。這是透過我們的聯合管道業務成功執行的大西洋中部的一個重要項目獎項以及在 PLH 收購的項目上的可靠表現而實現的。獲得。

Our industrial construction business has also delivered a solid year of revenue, gross profit growth while positioning the business to have an even better 2024 by securing several key projects in the back half of 2023 in early 2024. There continues to be a substantial number of opportunities for industrial construction and heavy civil businesses that line up well with the respective expertise.

我們的工業建築業務今年也實現了穩健的收入和毛利成長，同時透過在 2023 年下半年和 2024 年初獲得多個關鍵項目，使該業務在 2024 年取得更好的成績。工業建築和重型民用企業仍然存在大量與各自專業知識相匹配的機會。

The renewables business continued its impressive track record of revenue growth and margin expansion while also closing the year with more than $2.4 billion in backlog. You may recall that we entered 2023 with over $1.3 billion of backlog for our renewables business, representing an approximate 1.8 times book-to-bill. We met or exceeded many of our goals despite challenges that face the industry, including higher interest rates, supply chain challenges or uncertainty around tax incentives.

再生能源業務繼續保持其令人印象深刻的收入成長和利潤擴張記錄，同時年底積壓訂單超過 24 億美元。您可能還記得，進入 2023 年，我們的再生能源業務積壓訂單超過 13 億美元，約為訂單出貨比的 1.8 倍。儘管產業面臨挑戰，包括利率上升、供應鏈挑戰或稅收優惠的不確定性，但我們還是實現或超越了許多目標。

Our results are evidence of the resilience of our business model and collaborative client relationships as we were able to mitigate or work around a number of obstacles the industry faced during the year. We are optimistic about the future potential of renewables as our current portfolio of projects in various phases of our sales cycle is $5.8 billion.

我們的結果證明了我們的業務模式和協作客戶關係的彈性，因為我們能夠減輕或解決該行業在這一年中面臨的許多障礙。我們對再生能源的未來潛力持樂觀態度，因為我們目前處於銷售週期各個階段的專案組合為 58 億美元。

A significant portion of the work we do for our existing customers is not competitively bid as they know our track record and appreciate the value we bring to their projects. We expect our teams to be fully utilized on projects in 2024 and are now building our backlog for 2025 and beyond. Our leadership is focused on building project management teams diligently and deliberately in order to meet this growing demand. And we plan to expand from our current level of 15 project teams to 17 project teams by the end of the year.

我們為現有客戶所做的工作的很大一部分不是競爭性投標，因為他們了解我們的業績記錄並欣賞我們為其項目帶來的價值。我們預計我們的團隊將在 2024 年的專案中充分利用，目前正在為 2025 年及以後建立積壓工作。我們的領導階層致力於努力、謹慎地建立專案管理團隊，以滿足這一不斷增長的需求。我們計劃在今年年底從目前的 15 個專案團隊擴大到 17 個專案團隊。

In addition to our growth in solar construction, we continue to make headway in building out other adjacencies in the solar business, including battery storage, O&M and high-voltage work. We believe that these areas of growth will begin to have a more meaningful contribution to the business in 2024. Overall for Morris had a strong operational year 2023, and we believe we are well-positioned to have another great year in 2024 we have a healthy backlog of projects and the teams in place to execute on our growth plans. Our end markets are positioned for long-term growth, and our expectation is that we will continue to benefit from ongoing investments in infrastructure services. However, our focus is on taking the right projects with the right contract terms in the right markets with the right partners which will allow us to improve margins and generate additional positive cash flow. In certain instances of businesses, we may opt to grow below market rates or even choose to exit a specific market in order to ensure that we maintain our focus and better position ourselves to grow earnings and cash flow.

除了太陽能建設方面的成長外，我們還在太陽能業務的其他週邊建設方面繼續取得進展，包括電池儲存、維運和高壓工作。我們相信，這些成長領域將在 2024 年開始為業務做出更有意義的貢獻。總體而言，莫里斯在 2023 年的營運表現強勁，我們相信我們有能力在 2024 年再創輝煌，我們擁有大量的專案積壓和適當的團隊來執行我們的成長計劃。我們的終端市場定位於長期成長，我們的期望是我們將繼續受益於基礎設施服務的持續投資。然而，我們的重點是在正確的市場與正確的合作夥伴以正確的合約條款開展正確的項目，這將使我們能夠提高利潤並產生額外的正現金流。在某些企業情況下，我們可能會選擇低於市場成長率的成長，甚至選擇退出特定市場，以確保我們保持專注並更好地定位自己以增加收益和現金流。

Now I'll hand it over to Ken for more on our financial results.

現在我將把它交給肯，以了解有關我們財務表現的更多資訊。

Thanks, Tom, and good morning, everyone. Our fourth quarter revenue was $1.5 billion, an increase of $186 million or 14% compared to the prior year. The increase was primarily driven by substantial growth in our Energy segment, which was up [$196] million from the prior year, driven primarily by a 38% increase in renewables revenue.

謝謝，湯姆，大家早安。我們第四季的營收為 15 億美元，比上年增加 1.86 億美元，成長 14%。這一增長主要是由我們的能源部門的大幅增長推動的，該部門比上一年增加了 [1.96 億美元]，這主要是由可再生能源收入增長 38% 推動的。

Gross profit for the fourth quarter improved slightly on the higher revenue to approximately $157 million, an increase of $3 million. Gross margins declined to 10.3% from the prior year due to lower margins in the utility segment.

由於收入增加，第四季毛利略有改善，達到約 1.57 億美元，增加了 300 萬美元。由於公用事業部門的利潤率較低，毛利率較上年下降至 10.3%。

Turning now to our segments, utility segment revenue was essentially flat compared to the prior year. Gross profit was down to approximately $43 million, a decrease of 39% compared to the prior year on lower gross margins.

現在轉向我們的部門，公用事業部門的收入與前一年相比基本持平。由於毛利率較低，毛利下降至約 4,300 萬美元，較上年下降 39%。

Gross margins were 7.5% for the quarter, down from 12.1% in the prior year. The decrease in gross profit and margin was driven by the mix of lower-margin MSA work during the quarter, less project work during the quarter, which generally has higher margins and an earlier onset of winter in certain markets as compared to the prior year.

本季毛利率為 7.5%，低於去年同期的 12.1%。毛利和利潤率的下降是由於本季度 MSA 工作利潤較低、本季專案工作減少（專案工作通常利潤率較高）以及某些市場的冬季比上年提前到來所致。

Energy segment revenue increased to $196 million compared to the prior year on the continued strength of our renewable business and increased industrial activity in Canada and in the Western United States. Gross profit increased over 36% to $114 million and gross margins increased to 12% compared to 11.1% in the prior year.

由於我們再生能源業務的持續強勁以及加拿大和美國西部工業活動的增加，能源部門的收入與前一年相比增加至 1.96 億美元。毛利成長超過 36%，達到 1.14 億美元，毛利率從上一年的 11.1% 成長到 12%。

Gross profit and gross margins benefited from growth in our higher-margin renewables work and improved industrial margins. For the full year 2023 revenue was up $1.3 billion to a little over $5.7 billion and gross profit increased by $131 million or approximately 29%, primarily due to continued strength in our Energy segment and contributions from the PLHNB. com acquisitions.

毛利和毛利率受益於我們利潤率較高的再生能源業務的成長和工業利潤率的提高。2023 年全年營收成長 13 億美元，達到略高於 57 億美元，毛利成長 1.31 億美元，增幅約為 29%，這主要歸功於我們能源部門的持續強勁以及 PLHNB 的貢獻。 com 收購。

Looking at segment gross profit for the year, utilities gross profit decreased slightly due to lower gross margins partially offset by revenue growth. Margins declined to 8.7% for the full year. The lower gross profit and margins were driven by the lower margins in Q4, along with the higher costs on some legacy LPLH. projects noted back in Q three. We believe that the higher costs and productivity issues have been largely addressed and should not have a significant impact on the utilities margins in 2020.

從今年的分部毛利來看，公用事業毛利略有下降，原因是毛利率較低，但部分被收入成長抵銷。全年利潤率下降至 8.7%。毛利和利潤率下降的原因是第四季度利潤率較低，以及一些傳統 LPLH 的成本較高。第三季提到的項目。我們認為，較高的成本和生產力問題已基本解決，不會對 2020 年公用事業利潤率產生重大影響。

For Energy, gross profit increased over $134 million or 55% compared to the prior year. This is primarily due to higher revenue and better performance across all areas of the segment. Renewables, industrial and pipelines. Gross margins increased to 11.4% in 2023 compared to 10.3% in the prior year. This is mainly due to growth in our renewables business and improved Pipeline and Industrial margins.

能源業務的毛利比前一年增加了 1.34 億美元，即 55%。這主要是由於該部門所有領域的收入增加和業績更好。再生能源、工業和管道。2023 年毛利率增加至 11.4%，而前一年為 10.3%。這主要是由於我們的再生能源業務的成長以及管道和工業利潤率的提高。

Sg&a expense in the quarter was down almost $10 million to $81 million, compared to $91 million in the prior year. The decrease was primarily driven by higher G&A expense in the prior year from the PLH. acquisition.

本季的銷售、管理及行政費用 (SG&A) 減少近 1,000 萬美元，降至 8,100 萬美元，而去年同期為 9,100 萬美元。下降的主要原因是去年 PLH 的一般管理費用增加。獲得。

For the full year, SG&A was 5.8% of revenue, down from 6.4% in the prior year, driven by the increase in revenue and the synergy savings from integrating PLH. In 2024, we expect our SG&A will trend in the low 6% range as we continue to support our growth. Net interest expense in the fourth quarter was $22 million compared to $19 million in the prior year. Full year net interest expense was up almost $39 million from the prior year to just over $78 million.

全年，SG&A 佔收入的 5.8%，低於上一年的 6.4%，這是由於收入增加以及整合 PLH 帶來的協同節省所推動的。到 2024 年，隨著我們繼續支持我們的成長，我們預計 SG&A 將趨於 6% 的低水平。第四季淨利息支出為 2,200 萬美元，而上年同期為 1,900 萬美元。全年淨利息支出比上年增加近 3,900 萬美元，達到略高於 7,800 萬美元。

These increases were due to higher average debt balances from our acquisitions in 2022 and higher interest rates. We expect interest expense for 2024 to be between $77 million and $82 million. Our effective tax rate was 29% for 2023 compared to 16.5% for the prior year, but the higher rate was driven by the use of capital losses to offset capital gains in the prior year and the temporary change in allowing full deductibility of per diem expenses that expired at the end of 2022. We expect our effective tax rate will likely remain at approximately 29% in 2024, but this may vary depending on the mix of states in which we work.

這些成長是由於 2022 年收購帶來的平均債務餘額增加和利率上升所致。我們預計 2024 年的利息支出將在 7,700 萬美元至 8,200 萬美元之間。2023 年的有效稅率為 29%，而上一年為 16.5%，但較高的稅率是由於利用資本損失抵消上一年的資本收益以及允許全額扣除每日津貼的臨時變化所致該計劃於2022 年底到期。我們預計到 2024 年，我們的有效稅率可能會保持在 29% 左右，但這可能會根據我們工作所在州的組合而有所不同。

Operating cash flows in the fourth quarter were approximately $206 million. And for the full year, operating cash flows were just under $200 million, representing an increase of $115 million versus the prior year. The increase in operating cash flows were driven by our efforts to improve working capital, along with some early customer payments prior to the end of the year, partially offset by revenue growth. This shows we are beginning to make progress toward our working capital initiatives. These initiatives remain ongoing and working capital will likely be needed as we seasonally ramp up during the year, but we are pleased with our team's efforts to prioritize cash conversion and the early success we're seeing.

第四季營運現金流約2.06億美元。全年營運現金流略低於 2 億美元，比前一年增加 1.15 億美元。營運現金流的增加是由我們改善營運資本的努力以及年底前的一些早期客戶付款所推動的，但部分被收入成長所抵消。這顯示我們在營運資本計畫方面開始取得進展。這些舉措仍在持續進行中，隨著我們在年內的季節性增長，可能需要營運資金，但我們對我們的團隊優先考慮現金轉換的努力以及我們所看到的早期成功感到滿意。

Turning to CapEx, we invested $20.5 million in the fourth quarter and $103 million during the full year. This was up from $95 million in 2022. Similar to last year, we expect our gross capital expenditures to be $80 million to $100 million in 2024.

說到資本支出，我們第四季投資了 2,050 萬美元，全年投資了 1.03 億美元。這比 2022 年的 9,500 萬美元有所增加。與去年類似，我們預期 2024 年的資本支出總額為 8,000 萬至 1 億美元。

Looking at the balance sheet and liquidity, we paid down $120 million on our revolver in Q4 and ended the year with almost $218 million of cash. Borrowing capacity under our revolver was roughly $273 million, providing total available liquidity of $491 million at year end.

從資產負債表和流動性來看，我們在第四季度支付了 1.2 億美元的左輪手槍債務，並在年底擁有近 2.18 億美元的現金。我們的循環貸款能力約為 2.73 億美元，年底提供的可用流動資金總額為 4.91 億美元。

Total long-term debt was $965 million and net debt was $747 million, lowering our trailing 12-month net debt to EBITDA ratio to just over 2 times compared to 2.7 times at the end of last year. This puts us ahead of our goal of 2 times leverage by the end of 2024, we expect to see this ratio increase up to around 2.5 times with our seasonal working capital peak during Q2 and Q3. But this should cycle back down to the low twos by the end of the year.

長期債務總額為 9.65 億美元，淨債務為 7.47 億美元，將我們過去 12 個月的淨債務與 EBITDA 比率降至略高於 2 倍，而去年年底為 2.7 倍。這使我們提前實現了到 2024 年底槓桿率達到 2 倍的目標，隨著第二季和第三季的季節性營運資金高峰，我們預計這一比率將增至 2.5 倍左右。但到今年年底，這一數字應該會回落至低點。

Overall, we are delivering on our objectives to execute with operational consistency, grow earnings and increased cash flow further success in these areas will allow us to meet our capital allocation objectives to support continued organic growth of the business, pay down debt and opportunistically pursue acquisitions that align with our growth strategy.

總體而言，我們正在實現營運一致性、增加收益和增加現金流的目標，這些領域的進一步成功將使我們能夠實現資本配置目標，以支持業務的持續有機增長、償還債務並伺機進行收購符合我們的成長策略。

Moving on to backlog, we updated our backlog reporting to show our total fixed backlog and our total MSA backlog through the end of our current MSA contracts. Excluding renewals. This gives a more complete and accurate picture of our total backlog and how much is expected to burn over the next 12 months.

接下來是積壓工作，我們更新了積壓工作報告，以顯示我們的固定積壓工作總量和截至當前 MSA 合約結束時的 MSA 積壓工作總量。不含續訂。這可以更完整、準確地了解我們的總積壓量以及未來 12 個月預計消耗的量。

Comparing year-end backlog to the prior year, our next 12 month backlog increased $768 million or 19%. This was driven primarily by an increase in energy fixed backlog of $678 million or 35%. Total backlog was approximately $10.9 billion, which was $1.8 billion higher than the prior year or roughly 20%. The primary drivers of the increase in fixed backlog were continued strength in our solar EPC bookings and heavy civil and industrial project wins.

與去年相比，我們的年末積壓訂單增加了 7.68 億美元，即 19%，接下來 12 個月的積壓訂單增加了 7.68 億美元。這主要是由於能源固定訂單積壓增加了 6.78 億美元，即 35%。未完成訂單總額約 109 億美元，比上年增加 18 億美元，增幅約 20%。固定積壓訂單增加的主要驅動因素是我們的太陽能 EPC 訂單的持續強勁以及大量民用和工業項目的贏得。

I will wrap up with our earnings guidance for 2024. We expect our earnings per fully diluted share to be in the $2.50 to $2.70 range and our adjusted EPS to be in the $3.05 to $3.25 per share, both representing double-digit percent growth from 2023 at the midpoint. Our adjusted EBITDA guidance is $395 million to $415 million for 2024, representing a 7% increase over the prior year at the midpoint.

最後我將介紹 2024 年的獲利指引。我們預計完全稀釋每股收益將在 2.50 美元至 2.70 美元範圍內，調整後每股收益將在 3.05 美元至 3.25 美元之間，兩者均較 2023 年中點實現兩位數百分比增長。我們調整後的 2024 年 EBITDA 指引為 3.95 億美元至 4.15 億美元，比上年中位數成長 7%。

This growth will be primarily driven by organic growth in our renewables, industrial and utilities businesses. We believe these guidance ranges show solid steady earnings growth from the prior year with the opportunity to exceed these targets through disciplined resource allocation and consistent execution. As a reminder, our first quarter is typically our lowest quarter of the year for both revenue and net income due to seasonality, which primarily impacts our utility segment as a result, we expect our utility segment margins in the 9% to 11% range for the full year with Q1 in the 5% to 7% range. And for our Energy segment, we expect gross margins to be in the 10% to 12% range for the full year.

這一成長將主要由我們的再生能源、工業和公用事業業務的有機成長推動。我們相信，這些指導範圍顯示出與前一年相比穩健的獲利成長，並且有機會透過嚴格的資源分配和一致的執行來超越這些目標。提醒一下，由於季節性原因，我們的第一季通常是一年中收入和淨利潤最低的季度，這主要影響我們的公用事業部門，因此，我們預計公用事業部門的利潤率將在9% 至11% 的範圍內全年第一季的成長率在 5% 至 7% 範圍內。對於我們的能源部門，我們預計全年毛利率將在 10% 至 12% 範圍內。

And with that, I'll turn it back over to Tom.

有了這個，我會把它轉回給湯姆。

In closing, I want to highlight and reiterate the progress we are making in a number of our strategic focus areas that we shared with you in previous quarters. First, we are growing our target markets of renewables, Power Delivery and communications. The combined top line growth for these businesses increased more than 35% year over year and represented more than 55% of the Company's total revenue growth. We see multi-year favorable tailwinds in these markets and plan to allocate capital to their growth. We are building critical infrastructure that addresses the ongoing need for more generation capacity, grid infrastructure upgrades, resilience and maintenance and initiatives to deliver more data over high-speed broadband to remote or low-speed areas of the country.

最後，我想強調並重申我們在前幾個季度與您分享的一些策略重點領域所取得的進展。首先，我們正在發展再生能源、電力傳輸和通訊的目標市場。這些業務的總收入成長年增超過 35%，占公司總收入成長的 55% 以上。我們看到這些市場多年來有利的推動力，並計劃為其成長配置資本。我們正在建造關鍵基礎設施，以滿足對更多發電能力、電網基礎設施升級、彈性和維護的持續需求，以及透過高速寬頻向該國偏遠或低速地區提供更多數據的措施。

Second, we continue to shift our service mix toward the higher margin business lines and toward customers that value the collaborative solutions we can provide. We are allocating our financial resources and time toward the projects and clients or partners where we see the greatest opportunity for mutual success. These efforts are bearing fruit as we expand with key customers to new markets in communications and renewables in 2024. And as noted earlier, we are succeeding in winning more project work and market rate increases in gas and power delivery.

其次，我們繼續將我們的服務組合轉向利潤率更高的業務線以及重視我們可以提供的協作解決方案的客戶。我們將財務資源和時間分配給我們認為有最大共同成功機會的專案和客戶或合作夥伴。隨著我們在 2024 年與主要客戶一起拓展通訊和再生能源的新市場，這些努力正在取得成果。如前所述，我們成功贏得了更多專案工作，並提高了天然氣和電力輸送的市場價格。

Although some of the markets we serve are experiencing more secular growth trends at the moment. The quality of our work and customer relationships are resulting in significant increase in cross selling of services. We have had a number of projects completed and under construction with scopes that include the construction of access roads and site clearing, combined with solar construction, battery storage substation and high-voltage transmission work. It is the success of these businesses working in collaboration with one another is offering our clients a more complete solution for their projects and allowing us to self-perform more of the work, which gives us better control of the project's outcome. In fact, our power delivery major projects team already has nearly $90 million in substations and high-voltage work plan for our renewables business at the start of the year, and we believe that this will be a continuing trend.

儘管我們服務的一些市場目前正在經歷更長期的成長趨勢。我們的工作品質和客戶關係導致服務交叉銷售顯著增加。我們已完成和建造多個項目，範圍包括通路建設和場地清理，以及太陽能建設、蓄電池變電站和高壓輸電工程。這些企業相互合作的成功為我們的客戶提供了更完整的專案解決方案，並使我們能夠自行執行更多的工作，從而使我們能夠更好地控制專案的結果。事實上，我們的電力傳輸主要專案團隊在今年年初就已經為我們的再生能源業務制定了近 9,000 萬美元的變電站和高壓工作計劃，我們相信這將是一個持續的趨勢。

Lastly, as Ken alluded to in his comments, we are increasing our operating cash flow and improving our leverage ratio. We put in a lot of hard work in order to position ourselves to drive cash flow. We have established teams to ensure timely and accurate billing negotiated with customers to improve payment terms and even opted not to take on work where the terms for payment were not acceptable. Cash conversion is a continuously improving process for our Company, but I am pleased to see our employees take ownership of this initiative. We believe the strong cash flow and a healthy balance sheet will provide us with the most flexibility to invest in the business and be nimble when it comes to allocating capital towards the highest returns in our portfolio of services in closing for more set out in 2023 to have safe, consistent execution on our projects performed toward our financial goals, improve cash flow and pay down debt. We accomplished these objectives and believe it has put us in great position for another successful year in 2020 for our ability to continue performing well in these and other strategic areas is the best way to ensure the long-term success of floors to the benefit of our employees, customers and shareholders.

最後，正如肯在他的評論中提到的那樣，我們正在增加我們的營運現金流並提高我們的槓桿率。為了推動現金流，我們付出了很多努力。我們建立了一個團隊，確保及時、準確地與客戶協商計費，以改善付款條件，甚至選擇不接受付款條件不可接受的工作。對於我們公司來說，現金轉換是一個不斷改進的過程，但我很高興看到我們的員工積極參與這項舉措。我們相信，強勁的現金流和健康的資產負債表將為我們提供最大的業務投資靈活性，並靈活地分配資本以實現我們服務組合中的最高回報，並在 2023 年完成更多目標安全、一致地執行我們的項目，以實現我們的財務目標，改善現金流並償還債務。我們實現了這些目標，並相信這使我們在2020 年又一個成功的一年中處於有利地位，因為我們有能力繼續在這些和其他戰略領域表現良好，這是確保地板長期成功的最佳方式，從而造福我們的客戶員工、客戶和股東。

And with that, I'll now open it up for questions.

現在，我將開放提問。

(Operator Instructions) Brent Thielmann, DA Davidson.

（操作員說明）Brent Thielmann，DA Davidson。

Hey, thanks. Good morning, Tom. Ken, I guess first question on utilities. You mentioned you see the benefit from some of these contract negotiations and better rates of 24. Can you talk about what's still left to accomplish there? And do you see it in the business? Or does this effectively kind of address what you wanted to terms increasing the rate on this contract?

嘿，謝謝。早上好，湯姆。肯，我想第一個問題是關於公用事業的。您提到您看到了其中一些合約談判和更好的 24 費率的好處。能談談還有哪些工作需要完成嗎？你在商業中看到了這一點嗎？或者這是否有效地解決了您想要提高合約費率的條款？

Yes, we've got to close out a couple of negotiations that we're getting close on right now and some new rate adjustments in a couple of our larger MSAs that we're in the midst of doing that now. So we said last quarter that we're starting to realize benefits of some of the MSA rate changes that we've been able to negotiate previously and expected that to go into 2024. Those are the ones that are out in front of us right now.

是的，我們必須結束幾項我們目前即將進行的談判，並對我們目前正在做的幾個較大的管理服務協議進行一些新的費率調整。因此，我們上季度表示，我們開始意識到一些 MSA 費率變化的好處，我們之前已經能夠協商並預計將在 2024 年進行。這些就是現在擺在我們面前的那些。

Okay. And then good to see the progress on kind of more of the project base power delivery business. Could you talk about what sort of objectives or targets did you have for that piece of the business in 24 as you kind of continue to build on that?

好的。很高興看到更多專案基礎電力傳輸業務的進展。您能否談談您在 24 小時內繼續發展該業務的目標或具體目標？

I think in the past about the revenue per So on a percentage basis for Powder River is probably been 10% to 20% of their total revenue. We want to grow that about 30%, 40%. We have about $90 million in backlog right now, probably have another $50 million to $60 million this pending contracts that we're working in collaboration with our renewables group on.

我認為過去，Powder River 的每個 So 的收入按百分比計算可能佔其總收入的 10% 到 20%。我們希望成長約 30%、40%。我們目前有大約 9000 萬美元的積壓訂單，可能還有 5000 萬至 6000 萬美元的待定合同，我們正在與可再生能源團隊合作。

So that's just from that group and then independently with some other clients, there's there's a number of opportunities, not necessarily larger projects, but in the $15 million to $100 million, $120 million range, which is a niche kind of we're going to we're fitting in. So we're seeing plenty of opportunities there, and we've seen some of the performance they're looking really good. We are at the moment.

因此，僅來自該群體，然後獨立於其他一些客戶，有很多機會，不一定是更大的項目，但在1500 萬美元到1 億美元、1.2 億美元的範圍內，這是我們將要進行的利基類型。所以我們在那裡看到了很多機會，而且我們也看到了他們的一些表現看起來非常好。我們現在就是這樣。

Adam Thalhimer, Thompson Davis.

亞當·塔爾希默、湯普森·戴維斯。

Good morning, guys. Nice quarter, but I didn't see any revenue guidance per se, you can you help us with kind of your top line outlook for both?

早上好傢伙。不錯的季度，但我本身沒有看到任何收入指導，您能幫助我們了解您對兩者的營收展望嗎？

Yes, we can help you out with that a little bit. I'm looking I don't know that our revenue growth is going to be near as substantial in 2014 was 23, first of all, because we do have a full year effect of acquisitions layering into that top line, we're expecting right around $6 billion, maybe a little north of $6 billion for the year, and that's going to be split, and that's going to be splits, let's see about. So our district for about 2.3 is going to be utilities and about 3.7 will be energy.

是的，我們可以為您提供一些幫助。我正在尋找，我不知道 2014 年我們的營收成長是否會接近 23 的大幅成長，首先，因為我們確實有全年的收購影響，我們的預期是正確的大約60 億美元，可能比今年的60 億美元稍高一點，這將被分割，這將被分割，讓我們看看。因此，我們的地區大約 2.3 將是公用事業，大約 3.7 將是能源。

And remember, that's all organic. There's no no M&A in that at all.

請記住，這都是有機的。這根本不存在併購。

Okay. Super helpful. And then the a couple of spots that dragged down the utilities margin in Q4, PPLHT. and D. and communications. How do you expect those units to perform this year.

好的。超有幫助。然後是第四季度拖累公用事業利潤率的幾個問題，即 PPLHT。 D. 和通訊。您預計這些單位今年的表現如何？

as a communications, I expect to perform you will get back to their historic numbers. The that was the one specific project. And it's no, it's not behind, but it's holding its own. And I think we've got the cost capture in the forecast, the Power Delivery Group wax that they'll see their margins improve, not not get to where we expect them to do would be reached later in the year and into 2025, but they should get more to high single digit your margins. So they their performance should improve as the year continues.

作為一名通訊員，我希望您能恢復到歷史數字。那是一個具體的項目。不，它沒有落後，但它堅持自己的立場。我認為我們在預測中已經考慮到了成本，電力交付集團表示，他們會看到利潤率提高，而不是達不到我們期望他們在今年晚些時候和 2025 年達到的目標，但是他們應該獲得更高的個位數利潤。因此，隨著時間的推移，他們的表現應該會有所改善。

Lee Jagoda, CJS Securities.

Lee Jagoda，CJS 證券。

Good morning, guys. I guess first one, just, Ken, based on the top line guidance you just gave on, particularly on the utility segment in terms of the $2.3 billion, you just threw out, if you're looking to increase your percentage of work driven by product projects in that segment and your MSA backlog is up year over year, why would revenue be flat to down in that segment in 2024?

早上好傢伙。我想第一個，肯，根據您剛剛給出的頂線指導，特別是在 23 億美元的公用事業領域，您剛剛拋出了，如果您希望增加由以下因素驅動的工作百分比該細分市場的產品項目以及您的MSA 積壓訂單逐年增加，為什麼2024 年該細分市場的收入會持平甚至下降？

Yes, because there are some there's some customers that we may be firing this year as we go forward. If we can't renegotiate the contracts the way we wanted to add to and look, to be honest, really, I think, in particular with utilities where we're being a little conservative on our revenue outlook for the year because this year is really not about revenue growth for each of the segments, really about margin improvement as we previously talked about.

是的，因為今年我們可能會解僱一些客戶。如果我們不能按照我們想要的方式重新談判合同，老實說，我真的認為，特別是對於公用事業公司，我們對今年的收入前景有點保守，因為今年是實際上不是每個細分市場的收入成長，而是我們之前討論過的利潤率改善。

And can you quantify the amount of projects or customers that you could fire in terms of like the percentage of revenue that's at risk if they all go away.

您能否量化您可以解僱的項目或客戶的數量，例如如果它們全部消失則面臨風險的收入百分比。

And I look, I can't right now I suspect it's going to be relatively small on a percentage basis, though we're not talking about large. We're not talking about real large customers. We're talking about smaller customers that on the margin. We're just not making as good a margins as we'd like to.

我看，我現在不能，我懷疑它的百分比會相對較小，儘管我們不是在談論大。我們不是在談論真正的大客戶。我們談論的是邊緣的小客戶。我們只是沒有獲得像我們希望的那樣好的利潤。

Okay. And just to be clear, we should be focusing on the utility segment as flat to down versus growing in terms of the guidance. Is that correct?

好的。需要明確的是，我們應該關注公用事業領域的成長，而不是持平或下降。那是對的嗎？

From a top line, yeah. Bottom line, you'll see margins improve. And that would have been our goal, right? That's when we started out doing last year and it's paying dividends for us this year. And it would kind of do the same thing right now focusing on utilities.

從最上面看，是的。最重要的是，您會看到利潤率提高。這就是我們的目標，對嗎？去年我們就開始這樣做，今年它為我們帶來了紅利。現在它會做同樣的事情，重點是公用事業。

Okay. And then one more just on the cash flows. And I know for over a year now, we've had some working capital drags and issues. And I know you've been working kind of behind the scenes on trying to make progress and changes that would structurally change your working capital position. Can you give us any update on that and what we should expect in terms of working capital on the changes structurally, forgetting the seasonality?

好的。然後再談一談現金流。我知道一年多來，我們遇到了一些營運資金的困難和問題。我知道您一直在幕後努力取得進展和改變，從而從結構上改變您的營運資本狀況。您能否向我們提供有關這方面的任何最新信息，以及我們在結構性變化（忘記季節性）的營運資本方面應該期待什麼？

Yes. Look, I mean, structurally, we're continuing to focus on better billing practices and shortening our collection cycle as well. I know I don't have I don't have the days in front of me in terms of days they are right now, but those are going to be the main areas that we're focusing that we're continuing to focus on. Our forecast for operating cash flows for 2024 are going to be right around $150 million, give or take.

是的。我的意思是，從結構上看，我們將繼續專注於更好的計費實踐並縮短我們的收款週期。我知道我沒有我眼前的日子，但這些將是我們關注的主要領域，我們將繼續關注。我們對 2024 年營運現金流的預測將在 1.5 億美元左右。

Jerry Revich, Goldman Sachs.

傑瑞·雷維奇，高盛。

Hi, this is Adam for Jerry. Thanks for taking my question on, you know, for the solar business. I was just wondering if you could update us if you're seeing any impact of higher rates on customer investment decisions in terms of timing of projects and how you think about the expected revenue cadence for that line of the business as we move through the year?

嗨，這是傑瑞的亞當。感謝您就太陽能業務提出我的問題。我只是想知道您是否可以告訴我們最新情況，您是否發現更高的利率對客戶投資決策在專案時間表方面的影響以及您如何看待該業務線在我們一年中的預期收入節奏？

I'll answer your first question was can speak to the second one. The answer is we have we have not seen a slowdown. We actually were booked for 2024, but we have booked a number of projects for 2025. We have another portfolio of projects that we're looking at with our with our specific clients, our portfolio of clients to replace projects if they do have any issues. But we're not seeing we're not seeing a as of as of now going into this year. And I wouldn't expect that we would maybe in 2025, depending on who wins the election. But I don't I don't really expect that to have any impact either.

我來回答你的第一個問題是可以談談第二個問題。答案是我們沒有看到經濟放緩。我們實際上預訂了 2024 年的項目，但我們已經預訂了 2025 年的一些項目。我們正在與特定客戶一起研究另一個項目組合，如果他們確實有任何問題，我們的客戶組合將替換項目。但我們還沒看到今年的情況。我沒想到我們可能會在 2025 年實現這一目標，這取決於誰贏得選舉。但我也不認為這會產生任何影響。

Yes. With respect to the cadence of the revenue, I mean 2024, unlike the past couple of years, when we've had a lot of new projects kicking in in Q4. We've had a big Q4 revenue ramp up. We shouldn't see near that effect this year. The timing of projects and the cadence over the years should be very steady. I expect revenue per quarter to range between $400 million and $425 million.

是的。關於收入節奏，我指的是 2024 年，與過去幾年不同，當時我們在第四季度啟動了許多新專案。我們第四季的營收大幅成長。今年我們應該不會看到這種效果。多年來專案的時間安排和節奏應該非常穩定。我預計每季的營收將在 4 億到 4.25 億美元之間。

Got it. That's helpful. And nice to see the leverage trends. Can you just update us on your M&A pipeline? Or are you optimistic that you'll get a meaningful opportunity to augment the business over the next 12 to 18 months.

知道了。這很有幫助。很高興看到槓桿趨勢。您能否向我們介紹一下您的併購管道的最新情況？或者您是否樂觀地認為您將在未來 12 到 18 個月內獲得有意義的機會來擴大業務。

If the right prospect presents itself. Yes. But we're being very careful about what we look at, and we're seeing a number of opportunities there. Just we haven't seen anything yet that I would call a unicorn. So we're definitely looking and if the right opportunity presents itself, we'll definitely go after. But it's going to be probably more of a tuck-in smaller ones than anything large, but the again, the tech that could change depending on what how that market changed.

如果合適的前景出現。是的。但我們對我們所關注的事物非常謹慎，我們在那裡看到了很多機會。只是我們還沒看到任何我稱之為獨角獸的東西。因此，我們肯定會尋找，如果合適的機會出現，我們一定會抓住。但它可能更多是一種小型產品，而不是任何大型產品，但同樣，技術可能會根據市場的變化而變化。

(Operator Instructions) Julio Romero, Sidoti.

（操作員說明）Julio Romero，Sidoti。

Hey, good morning. Maybe piggybacking on Brent's question earlier on the non MSA utilities revenue. Tom, did I hear correctly you want to grow that to 30% to 40% of segment revenue overall and would that be a 2024 target?

嗨，早安。也許是藉用布倫特早些時候關於非 MSA 公用事業收入的問題。湯姆，我沒聽錯的話，您希望將其佔部門總收入的 30% 至 40%，這會是 2024 年的目標嗎？

Yes, in power delivery, but not across the segment as much the entire semi. That would be specifically for power delivery.

是的，在電力傳輸方面，但在整個細分市場上的表現不如整個半成品。那將專門用於電力傳輸。

Okay. Okay. Got you.

好的。好的。明白你了。

And we're seeing 90 days there to grow that revenue. Excuse me.

我們預計 90 天的時間即可實現收入成長。打擾一下。

And it is a 24 target for power delivery or?

它是 24 供電目標還是？

Yeah.

是的。

Okay. And then should we think about kind of the steps you're taking in utilities this year, walking away from some business, growing the power delivery side and kind of rightsizing it overall as maybe you're one of that margin initiative? And if so, kind of speak to how much pardon me how much runway you kind of see for margins over the longer term for the utility segment?

好的。然後，我們是否應該考慮您今年在公用事業領域採取的措施，放棄某些業務，發展電力傳輸方面，並在整體上調整規模，因為也許您是利潤計劃之一？如果是這樣，請告訴我，從長遠來看，公用事業領域的利潤率有多少跑道？

I would expect it's going to be about a two to a two to three year process. I really expect us to be up to traditional margin levels in that segment by the by 2025, the end of 2025. So it's something we'll get bigger. So we're going to see improvement this year. And again, what we wanted to do is size the business appropriately and then grow from strength and improve the profitability doesn't extend across all the business lines, either specifically a lot of storage within power delivery, but we expect to see that we're seeing improvements now and we'll expect to see that through the end of this year. They won't get by the end of 24 exactly where we want them that will have that occur more 2025.

我預計這將是一個大約兩到兩到三年的過程。我真的預計到 2025 年，也就是 2025 年底，我們將達到該領域的傳統利潤水準。所以我們會做得更大。所以今年我們會看到進步。再說一次，我們想要做的是適當調整業務規模，然後增強實力並提高盈利能力，這並沒有擴展到所有業務線，特別是電力輸送中的大量存儲，但我們希望看到我們“現在我們看到了改進，我們預計到今年底就能看到這一點。到 24 年底，他們還無法完全達到我們希望的目標，而這種情況將在 2025 年左右發生。

Judah Aronovitz, UBS.

猶大‧阿羅諾維茨，瑞銀集團。

I think for taking the question. Judah unlimited calling in for Steve Fisher, you said last quarter that utilities business should be at the upper end of the margin range. I think you said you'll do closer to the midpoint this year. But just wondering if anything has changed from last quarter that creates a new drag on the margin, or is it just too early in the year to set the bar at the higher end.

我想回答這個問題。猶大無限呼叫史蒂夫費雪，您上季表示公用事業業務應該處於利潤範圍的上限。我想你說過今年會接近中點。但只是想知道上季度是否發生了任何變化，對利潤率造成了新的拖累，或者今年設定高端標準是否還為時過早。

It's really just too early in the year, built in the same vein that we were expecting a little bit stronger margins in Q4, but winter kicked in a little early and impacted our margins in 2023. We're watching that closely here in Q1, and we'll be watching in Q4 that could impact that up or down.

今年確實還為時過早，我們原本預計第四季的利潤率會稍高一些，但冬季來得有點早，影響了我們 2023 年的利潤率。我們在第一季密切關注這一點，我們將在第四季度關注這可能會影響這一點的上升或下降。

So that's helpful. And I guess to that end, we're now well into the first quarter. So are there any Q1 expectations you can set maybe in terms of revenue margin, cash flow and maybe any weather impacts of knows?

所以這很有幫助。我想為此，我們現在已經進入第一季了。那麼，您是否可以在收入利潤率、現金流以及已知的任何天氣影響方面設定第一季的預期？

No -- I'm looking at Tom. No significant weather impacts that I can think of right now with respect to utilities margins. I am not going to get into revenue for Q1 right now. But with respect to utilities margins, I think I commented in my prepared statements that we're expecting between 5% to 7%.

不——我正在看著湯姆。我目前認為天氣對公用事業利潤沒有重大影響。我現在不打算討論第一季的收入。但關於公用事業利潤率，我想我在準備好的聲明中評論說，我們預計在 5% 到 7% 之間。

And you got to keep bear in mind that our first quarter with respect to utilities is typically their slowest quarter clients come back after the holidays get their business plans out, getting work, released it. And then you have the you have the limitations that you get with weather, inclement weather, winters, winter weather?

你必須記住，我們關於公用事業的第一季通常是他們在假期後回來最慢的季度，他們制定了他們的業務計劃，開始工作，發布它。那你有天氣、惡劣天氣、冬天、冬天天氣的限制嗎？

Lee Jagoda, CJS Securities.

Lee Jagoda，CJS 證券。

Hey, just one more quick one for me. I'm not sure if I missed it or not. Just in terms of the what was the renewables revenue for full year in 2023?

嘿，給我再快一點。我不確定我是否錯過了。就 2023 年全年再生能源收入而言，是多少？

In 2023, it was a little over $1.3 billion.

2023 年，這一數字略高於 13 億美元。

And I think some you had guided last quarter to like a soft guide for '24 of 20% to 40% growth in renewables in '24. Is that still something we should be thinking about or is it lower, higher?

我認為你們上個季度指導的一些人喜歡「24 年可再生能源成長 20% 至 40%」的軟指南。這仍然是我們應該考慮的事情，還是更低、更高？

I think it's toward the bottom end of that range. I think from I think we were I think when we were talking 20% to 40%, we were talking over the course of the next couple of years. So going into '24, we're expecting about 20% growth, which will take us from that $1.3 billion and change range to the $1 billion -- almost $1.7 billion that I mentioned.

我認為它已接近該範圍的底部。我認為，當我們談論 20% 到 40% 的時候，我們談論的是未來幾年的情況。因此，進入 24 年，我們預計成長率約為 20%，這將使我們從 13 億美元和變化範圍達到 10 億美元——我提到的幾乎 17 億美元。

This concludes the questions and answer portion of today's call. I will now turn the call back to the Company's President and Chief Executive Officer, Tom McCormick, for closing remarks.

今天電話會議的問答部分到此結束。現在我將把電話轉回給公司總裁兼執行長湯姆·麥考密克 (Tom McCormick)，他將致閉幕詞。

Thank you, operator. I want to again congratulate all of our employees that made 2023 a great year for safety as well as both operational and financial performance. I'm proud of the men and women of Primoris in their 2023 achievements and I'm looking forward to being a part of what we will accomplish in 2020 for thank you to those who joined us today. We appreciate your time and interest in from Morse. We hope that many of you will join us in New York at our upcoming Analyst and Investor Day on Wednesday, April third. Look forward to introducing you to more of our leadership team and excited to update you on our strategic priorities and financial objectives that we made that we aim to achieve over the next few years. We believe the best days for Morris lay ahead of us. Have a good day.

謝謝你，接線生。我想再次祝賀我們所有的員工，他們使 2023 年成為安全、營運和財務業績出色的一年。我為 Primoris 的男女員工在 2023 年的成就感到自豪，並期待成為我們 2020 年實現目標的一部分，感謝今天加入我們的人們。我們感謝您的時間和莫爾斯的興趣。我們希望你們中的許多人能夠在紐約參加我們即將於 4 月 3 日星期三舉行的分析師和投資者日活動。期待向您介紹我們更多的領導團隊，並很高興向您介紹我們的策略重點和財務目標，我們希望在未來幾年內實現這些目標。我們相信莫里斯最好的日子就在前方。祝你有美好的一天。

This concludes the premier Services Corporation Fourth Quarter and Full Year 2023 earnings conference call and a webcast thank you for your participation. You may now disconnect.

Services Corporation 2023 年第四季和全年財報電話會議和網路廣播到此結束，感謝您的參與。您現在可以斷開連線。