Primoris Services Corp (PRIM) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the Primoris Services Corporation first quarter 2025 earnings conference call and webcast. (Operator Instructions)

感謝您的支持。我叫凱特，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Primoris Services Corporation 2025 年第一季財報電話會議和網路廣播。（操作員指示）

I would now like to turn the call over to Blake Holcomb, Vice President, Investor Relations. Please go ahead.

現在我想將電話轉給投資者關係副總裁 Blake Holcomb。請繼續。

Good morning, and welcome to the Primoris first quarter 2025 earnings conference call. Joining me today with prepared comments are David King, Chairman and Interim President and Chief Executive Officer; and Ken Dodgen, Chief Financial Officer.

早安，歡迎參加 Primoris 2025 年第一季財報電話會議。今天與我一起發表準備好的評論的還有董事長兼臨時總裁兼首席執行官 David King 和首席財務官 Ken Dodgen。

Before we begin, I would 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 are subject to various risks and uncertainties.

在我們開始之前，我想讓大家了解我們的安全港聲明中包含的某些語言。該公司警告稱，本次電話會議中所做的某些聲明具有前瞻性，並受各種風險和不確定性的影響。

Actual results may differ materially from our projections and expectations. These risks and uncertainties are discussed in our reports filed with the SEC. Forward-looking statements represent our outlook as of today, May 6, 2025. We disclaim any obligation to update these statements, except as may be required by law.

實際結果可能與我們的預測和預期有重大差異。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。前瞻性陳述代表了我們截至 2025 年 5 月 6 日的展望。我們不承擔更新這些聲明的任何義務，除非法律另有要求。

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 our first quarter 2025 earnings press release, which was issued yesterday.

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。這些非公認會計準則財務指標的對帳表可在我們網站的「投資者」部分和我們昨天發布的 2025 年第一季財報新聞稿中找到。

I would now like to turn the call over to David King.

現在我想把電話轉給大衛金。

Thank you, Blake. Good morning, and thank you for joining us today to discuss our first quarter 2025 financial and operational results.

謝謝你，布萊克。早安，感謝您今天加入我們討論我們 2025 年第一季的財務和營運表現。

Primoris had a great start to the year delivering higher revenue, margins and cash flow compared to the prior year. I want to congratulate our employees on a well-executed first quarter. Their commitment to operating safely while focusing on our strategic initiatives to drive improved profitability, margin improvements and cash flow continues to yield positive results.

Primoris 今年開局良好，收入、利潤和現金流均比上一年有所提高。我要祝賀我們的員工第一季取得了出色的成績。他們致力於安全運營，同時專注於我們的策略性舉措，以提高獲利能力、利潤率和現金流，並繼續取得積極成果。

While uncertainty persists regarding global trade, tariff and regulatory policy, the underlying fundamentals of our end markets remain intact with strong demand. As we have often commented, the outlook for ongoing investment in North American power, industrial and energy infrastructure is very favorable, and we believe Primoris is well positioned to capitalize on what we expect will be a multiyear endeavor.

儘管全球貿易、關稅和監管政策的不確定性仍然存在，但我們的終端市場的基本面依然完好，需求強勁。正如我們經常評論的那樣，北美電力、工業和能源基礎設施的持續投資前景非常樂觀，我們相信 Primoris 已做好準備，利用我們預期的多年努力來實現這一目標。

Many of the services we provide and projects we construct are essential to maintaining the existing infrastructure that supports our communities and is critical to future economic growth. Although we are still awaiting clarity on ultimate outcome of the evolving policy landscape, we can provide insight into what we are currently seeing and hearing from our customers and suppliers.

我們提供的許多服務和建設的許多項目對於維護支持我們社區的現有基礎設施至關重要，對未來的經濟成長也至關重要。儘管我們仍在等待不斷變化的政策環境的最終結果明朗化，但我們可以深入了解我們目前從客戶和供應商那裡看到和聽到的情況。

In relation to tariffs, we do not expect to see a material impact on our operations during 2025. Most of the materials and components associated with our work are supplied by the customer, many of which have the ability to source necessary components and materials domestically or have sufficient inventory of imported goods to move forward with their existing plans.

關於關稅，我們預計 2025 年我們的營運不會受到重大影響。與我們的工作相關的大部分材料和部件均由客戶提供，其中許多客戶有能力在國內採購必要的部件和材料，或擁有足夠的進口貨物庫存以推進其現有計劃。

For our equipment and materials we supply to our projects, we are confident in our ability to source from a diverse group of mostly domestic suppliers. In cases where we may need to procure from outside the US, we believe the incremental cost under the current tariff regime for these smaller components would not significantly increase the overall cost of the project.

對於我們為專案提供的設備和材料，我們有信心從主要由國內供應商組成的多元化群體中採購。如果我們可能需要從美國境外採購，我們認為，在現行關稅制度下，這些較小零件的增加成本不會顯著增加專案的總成本。

Additionally, the vast majority of our contracts include terms and conditions that allow us to pass along these incremental costs to the customer. Prolonged economic and regulatory uncertainty could, in future quarters, lead customers rethinking the economics and timing of their projects in 2026 and beyond. But as of now, we are optimistic that we will continue to book new work throughout the year in order to maintain or potentially grow our backlog, given the elevated demand for critical infrastructure services.

此外，我們的絕大多數合約都包含允許我們將這些增量成本轉嫁給客戶的條款和條件。未來幾個季度，長期的經濟和監管不確定性可能會導致客戶重新考慮其 2026 年及以後專案的經濟性和時機。但截至目前，鑑於對關鍵基礎設施服務的需求增加，我們樂觀地認為，我們將在全年繼續預訂新工作，以維持或可能增加我們的積壓工作。

I'll now provide some comments on performance for the quarter by segment. Beginning with the Utilities segment. We had a very solid operational performance and activity during the quarter, where we typically see a seasonal low in revenue and margins.

我現在將對各部門本季的業績發表一些評論。從公用事業部分開始。本季我們的營運業績和活動非常穩健，而營收和利潤率通常會在季節性低點出現。

In Q1, each of our Utilities businesses exceeded our expectations and exceeded the prior year revenue and gross profit. In gas operations, we had increased activity on the West Coast and favorable project closeouts that helps support margin improvement.

在第一季度，我們的各項公用事業業務均超出了我們的預期，收入和毛利都超過了去年同期。在天然氣業務方面，我們增加了西海岸的活動，並取得了有利的項目收尾，這有助於支持利潤率的提高。

While we did see our typical slow start in the Midwest due to colder weather, we were able to ramp up on a strong backlog of work in the region.

儘管由於天氣寒冷，我們在中西部地區的開局通常比較緩慢，但我們能夠增加該地區大量積壓的工作量。

In communications, we continue to see expansion in fiber-to-the-home builds and increase system maintenance work in several new and existing geographic areas. We also had an almost $20 million increase in fiber loop network build revenue compared to prior year.

在通訊領域，我們繼續看到光纖到府建設的擴張，並在幾個新的和現有的地理區域增加系統維護工作。與前一年相比，我們的光纖環路網路建設收入也增加了近 2,000 萬美元。

We are seeing a growing list of opportunities to support customers with these network build-outs in major metropolitan areas in the Central and Western United States. However, the biggest driver of improved performance compared to last year was in the power delivery business. We had several clients release work sooner than anticipated to begin the year, which drove revenues and productivity higher.

我們看到，透過在美國中部和西部主要大都市地區進行網路建設，為客戶提供支援的機會越來越多。然而，與去年相比，業績提升的最大驅動力是電力傳輸業務。我們有幾個客戶在年初比預期更早發布了工作成果，這推動了收入和生產力的提高。

We are also seeing increased engagement from clients regarding grid resiliency plans, and several public utility commissions are approving transmission line build-outs that we believe will lead to several opportunities in key service locations.

我們也看到客戶對電網彈性計畫的參與度有所提高，一些公用事業委員會正在批准輸電線路建設，我們相信這將在關鍵服務地點帶來一些機會。

We are pleased with the progress we have made in driving higher margins and cash flow in power delivery. Our teams have successfully taken on the challenge of upholding the priority to safety while operating with improved efficiency and productivity.

我們對在提高電力傳輸利潤率和現金流方面取得的進展感到滿意。我們的團隊成功地接受了在提高效率和生產力的同時堅持安全優先的挑戰。

This, combined with an increasing mix of project work we see on the horizon as well as further optimization of our service areas and contracts, has us optimistic about the prospect of future margin expansion in the years ahead.

再加上我們即將開展的專案工作種類不斷增加，以及我們的服務領域和合約進一步優化，我們對未來幾年利潤率的擴大前景充滿信心。

Moving on to the Energy segment. We achieved significant top line and operating income growth driven by record revenue in renewables. We started or made substantial progress on several utility-scale solar projects during the quarter and also had increased revenue contribution from each of the Premier PV, battery storage and O&M compared to the first quarter of last year.

接下來是能源領域。在再生能源創紀錄收入的推動下，我們的營收和營業收入實現了大幅成長。本季度，我們啟動或取得了多個公用事業規模太陽能專案的實質進展，與去年第一季相比，Premier PV、電池儲存和 O&M 的收入貢獻也有所增加。

We recognize that the uncertainty around the solar market has been heightened in recent months given the changing regulatory tax and tariff environment. We continue to monitor and evaluate how changes to the Inflation Reduction Act, antidumping and other tariffs could impact our customers and their plans.

我們認識到，由於監管稅和關稅環境的變化，近幾個月來太陽能市場的不確定性加劇了。我們將繼續監測和評估《通貨膨脹削減法案》、反傾銷和其他關稅的變化將如何影響我們的客戶及其計劃。

Based on our assessment of the market conditions currently, we do not anticipate material changes to our revenue or new contract signings in 2025. Many of our customers have solar panels and materials needed to continue executing on the projects under contract, and many potential projects that are being evaluated have domestic supply.

根據我們對當前市場狀況的評估，我們預計 2025 年我們的收入或新合約簽署不會發生重大變化。我們的許多客戶都擁有繼續執行合約專案所需的太陽能電池板和材料，許多正在評估的潛在專案都有國內供應。

One area of our renewables business we believe could be the most impacted by future bookings would be the battery storage materials sourced from outside the United States, particularly China. The market conditions in solar in the US economy remain dynamic. However, we believe that the growing need for generation capacity will continue to create opportunities for solar and other forms of power generation in the future.

我們認為，再生能源業務中受未來訂單影響最大的一個領域是來自美國以外（尤其是中國）的電池儲存材料。美國經濟中的太陽能市場狀況依然活躍。然而，我們相信，對發電能力不斷增長的需求將在未來繼續為太陽能和其他形式的發電創造機會。

Looking at the other areas of the Energy segment, the growth in renewables helped to offset lower industrial and pipeline revenue from the prior year. Although industrial revenue declined due to the completion of certain projects and the wind down of noncore businesses in 2024, we did see improvement in margin performance.

從能源領域的其他領域來看，再生能源的成長有助於抵消去年工業和管道收入的下降。儘管由於某些項目的完成以及 2024 年非核心業務的結束導致工業收入下降，但我們確實看到利潤率表現有所改善。

The market demand for natural gas generation resources continues to be favorable, and we have a number of opportunities to book new projects in 2025. We have the benefit of being selective on the projects, customers and contract terms and will remain diligent in bidding and winning projects that we view as the most attractive and that align with our expertise.

天然氣發電資源的市場需求持續看好，我們有許多機會在2025年預訂新項目。我們的優勢在於對專案、客戶和合約條款進行選擇性，並將繼續勤奮地競標和贏得我們認為最具吸引力且符合我們專業知識的專案。

In summary, we are encouraged by our performance in the first quarter and the positive trends we see across the business despite the challenges from the macroeconomic uncertainty. We are focused on controlling what we can control and staying in close communication with our customers to ensure we have the crews and equipment to execute on their projects. Although it is early in the year and circumstances can change rapidly, we are optimistic that we have the opportunity to achieve or even exceed 2025 financial and operational goals.

總而言之，儘管面臨宏觀經濟不確定性的挑戰，但我們對第一季的業績以及整個業務的積極趨勢感到鼓舞。我們專注於控制我們能夠控制的事情，並與我們的客戶保持密切溝通，以確保我們擁有執行他們專案的人員和設備。儘管現在才年初，情況可能瞬息萬變，但我們樂觀地認為，我們有機會實現甚至超越 2025 年的財務和營運目標。

Now I'll turn it over to Ken to discuss our financial results.

現在我將把時間交給肯恩來討論我們的財務結果。

Thanks, David, and good morning, everyone. Revenue for the first quarter was $1.6 billion, an increase of $235 million or 16.7% from the prior year, driven by growth in both our Energy and Utilities segments. The Energy segment was up $161 million or 17% from the prior year, driven by strong growth in solar from the start-up of new projects awarded in the second half of last year.

謝謝，大衛，大家早安。第一季營收為 16 億美元，比上年增加 2.35 億美元，增幅為 16.7%，這得益於能源和公用事業部門的成長。能源部門的收入比去年增加了 1.61 億美元，增幅為 17%，這得益於去年下半年新項目啟動後太陽能產業的強勁成長。

The Utilities segment was up over $75 million or 15.5% as our power delivery, gas operations and communications businesses all grew revenue compared to the prior year.

公用事業部門的收入較上年同期有所增長，增長超過 7,500 萬美元，增幅為 15.5%。我們的電力傳輸、天然氣營運和通訊業務的收入均有所成長。

Gross profit for the first quarter was approximately $171 million, an increase of $37 million or 28% from the prior year. This was due to higher revenue and improved profitability, particularly in our power delivery business. Gross margins were 10.4% for the quarter compared to 9.4% in the prior year.

第一季毛利約 1.71 億美元，較上年增加 3,700 萬美元，增幅為 28%。這是由於收入增加和盈利能力提高，特別是我們的電力傳輸業務。本季毛利率為 10.4%，去年同期為 9.4%。

Looking further at our segments. In the utilities segment, gross profit was $51.6 million, up $22.1 million compared to the prior year. This was driven by higher revenue in the gas operations business and the continuation of work orders assigned in the latter part of Q4, additional communication work on fiber loops and significant improvement in power delivery profitability during the quarter.

進一步看看我們的細分市場。公用事業部門的毛利為 5,160 萬美元，比上年增加 2,210 萬美元。這是由於天然氣運營業務收入增加、第四季度後半段分配的工作訂單繼續執行、光纖環路的額外通信工作以及本季度電力輸送盈利能力的顯著提高。

We are pleased with the progress we were seeing in executing on our plans to drive higher margins in the power delivery business. We have negotiated higher rates on contract renewals, driven better performance in certain businesses and we are seeing more opportunities for transmission and substation work.

我們對執行提高電力輸送業務利潤率的計畫所取得的進展感到滿意。我們已經協商了更高的合約續約費率，推動了某些業務的更好表現，並且我們看到了更多的輸電和變電站工作機會。

Gross margins in Utilities increased to 9.2% from 6% in the prior year, largely due to the improved execution in power delivery and growth in higher-margin gas operations and communications activity. We expect to see margins increase sequentially in Q2 and Q3 driven by normal seasonality in order to reach our goal of low to mid-10% margins for the full year.

公用事業的毛利率從去年的 6% 上升至 9.2%，這主要得益於電力傳輸執行情況的改善以及高利潤率的天然氣業務和通訊活動的成長。我們預計，受正常季節性因素的影響，第二季和第三季的利潤率將環比增長，從而實現全年利潤率 10% 左右的目標。

In the Energy segment, gross profit was just over $119 million for the quarter, a $15.2 million increase from the prior year due to higher revenue in our renewables business. Gross margins were 10.7%, down slightly from the prior year of 11%. The slightly lower gross margins were a result of fewer project closeouts and the ramping up of new projects in renewables. We anticipate margins will tick up during the year with good execution and project closeouts.

在能源部門，本季毛利略高於 1.19 億美元，比上年增加 1,520 萬美元，這得益於再生能源業務收入的增加。毛利率為10.7%，較前一年的11%略有下降。毛利率略低的原因是專案收尾數量減少以及再生能源新專案的增加。我們預計，隨著良好的執行和專案收尾，今年的利潤率將會上升。

Turning to SG&A. Expenses in the first quarter were $99.5 million, an increase of $10.9 million compared to the prior year. The increase was driven by increased personnel costs to support our growth and $3.2 million in severance costs. As a percent of revenue, SG&A was 6% compared to 6.3% in the first quarter of last year. We continue to expect SG&A for the full year to be approximately 6% of revenue.

談到銷售、一般及行政費用 (SG&A)。第一季的支出為 9,950 萬美元，比上年增加 1,090 萬美元。成長的原因在於支持我們成長而增加的人員成本以及 320 萬美元的遣散費。銷售、一般及行政費用佔收入的百分比為 6%，去年第一季為 6.3%。我們仍預計全年銷售、一般及行政費用將佔收入的約 6%。

Net interest expense in the first quarter was $7.8 million, down around $10.2 million from the prior year. The decrease was a result of lower average debt balances and lower interest rates. Our effective tax rate was 29% for the quarter, and we believe this rate will be consistent for the full year.

第一季淨利息支出為 780 萬美元，較前一年減少約 1,020 萬美元。下降的原因是平均債務餘額減少和利率降低。本季我們的有效稅率為 29%，我們相信全年此稅率將保持不變。

Moving on to cash flow. For Q1, we saw cash from operations of $66.2 million, an increase of nearly $95 million from the prior year and a first quarter record for Primoris. The primary working capital drivers were the improved collection of receivables and higher operating income.

繼續討論現金流。第一季度，我們的經營現金流為 6,620 萬美元，比前一年增加近 9,500 萬美元，創下了 Primoris 第一季的最高紀錄。主要的營運資本驅動因素是應收帳款回收的改善和營業收入的增加。

Looking at the balance sheet, we maintained strong liquidity of $652 million, which includes approximately $352 million of cash and $300 million in available borrowing capacity on our revolver. As we mentioned on the fourth quarter call, we also paid down $100 million on our term loan in the first quarter.

從資產負債表來看，我們保持了 6.52 億美元的強勁流動性，其中包括約 3.52 億美元的現金和 3 億美元的循環信貸可用借款能力。正如我們在第四季電話會議上提到的，我們還在第一季償還了 1 億美元的定期貸款。

Given our cash balance and favorable outlook across our businesses, the Board of Directors authorized a new share purchase program on April 30. The new plan allows for the purchase of up to $150 million in Primoris shares through April 30, 2028. We believe this flexibility allows us to opportunistically invest in Primoris while also preserving the ability to continue investing in organic growth and pursue M&A that aligns with our strategic and financial targets.

鑑於我們的現金餘額和業務的良好前景，董事會於 4 月 30 日批准了一項新的股票購買計劃。新計劃允許在 2028 年 4 月 30 日之前購買價值高達 1.5 億美元的 Primoris 股票。我們相信，這種靈活性使我們能夠抓住機會投資 Primoris，同時保留繼續投資有機成長和進行符合我們策略和財務目標的併購的能力。

With respect to backlog, we ended the quarter with $11.4 billion in total backlog compared to $11.9 billion at the end of 2024. The Energy segment backlog decreased $567 million primarily due to the timing of new solar awards, which we expected to be softer in Q1 and Q2 after a strong second half of bookings last year.

就積壓訂單而言，本季末我們的積壓訂單總額為 114 億美元，而 2024 年底為 119 億美元。能源部門的積壓訂單減少了 5.67 億美元，主要是因為新的太陽能獎項頒發的時間安排，在去年下半年訂單量強勁之後，我們預計第一季和第二季的積壓訂單將會減少。

We continue to see a broad range of opportunities across our end markets, particularly in renewables, natural gas generation and power delivery. Based on our conversations with customers, we expect bookings to accelerate in the back half of the year, similar to last year, although we could continue to see variability quarter-to-quarter depending on the timing of contract signings. Utilities backlog increased $88 million from year-end, driven by MSA and fixed backlog.

我們繼續看到終端市場中廣泛的機會，特別是在再生能源、天然氣發電和電力傳輸領域。根據我們與客戶的對話，我們預計今年下半年的預訂量將會加速成長，與去年類似，儘管根據合約簽署的時間，我們可能會繼續看到季度間的變化。受 MSA 和固定積壓訂單的推動，公用事業積壓訂單較年底增加了 8,800 萬美元。

Wrapping up with our guidance. We are maintaining our full year EPS guidance of $3.70 to $3.90 per share, adjusted EPS guidance of $4.20 to $4.40 per share and adjusted EBITDA guidance of $440 million to $460 million for the full year 2025.

總結我們的指導。我們維持 2025 年全年每股收益指引為 3.70 美元至 3.90 美元，調整後每股收益指引為 4.20 美元至 4.40 美元，調整後 EBITDA 指引為 4.4 億美元至 4.6 億美元。

We are encouraged by the first quarter results and we are now more confident that the higher end of our ranges are achievable. We will continue to evaluate market conditions and further assess our guidance as we progress through the year. Clearly, we are on track for another strong year in 2025.

第一季的業績令我們感到鼓舞，現在我們更有信心能達到更高的目標範圍。隨著今年的進展，我們將繼續評估市場狀況並進一步評估我們的指導。顯然，我們預計在 2025 年迎來另一個強勁成長的一年。

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

說完這些，我會把發言權交還給大衛。

Thanks, Ken. Before we open up the call to your questions, I want to highlight a few key takeaways from the quarter. First, I'm proud of our employees for their efforts in performing their jobs with the highest levels of safety and embracing our strategy to drive higher margins and improved cash flow.

謝謝，肯。在我們開始回答您的問題之前，我想強調本季的一些關鍵要點。首先，我為我們的員工感到自豪，他們努力以最高的安全水平完成工作，並接受我們的策略，以提高利潤率並改善現金流。

We have a lot of teams in the field and in our offices working to deliver further success in these areas, and we are seeing the results of their hard work. We had a very good start to the year and believe we have the ability to achieve our goals for the year.

我們在現場和辦公室有很多團隊致力於在這些領域取得進一步的成功，我們正在看到他們的辛勤工作的成果。我們今年的開局非常好，相信我們有能力實現今年的目標。

Second, we are closely monitoring the risk and uncertainties that we and our customers face in the current environment. We have faced challenges in the past and believe we have demonstrated the ability to quickly adapt to the changes, both positive and negative, to our end markets. While we do not know what lies ahead, we remain committed to serving our customers and providing them with safe, reliable and quality performance.

第二，我們正在密切關注我們和我們的客戶在當前環境下面臨的風險和不確定性。我們過去曾面臨挑戰，並相信我們已經證明有能力快速適應終端市場的正面和負面變化。雖然我們不知道未來會發生什麼，但我們仍然致力於服務我們的客戶，並為他們提供安全、可靠和優質的性能。

Finally, we see a tremendous number of opportunities ahead for all of our infrastructure services. We have a strong balance sheet and continue to drive strong free cash flow that provides us with the flexibility to continue to invest in Primoris, take advantage of market opportunities and navigate through potential near-term disruptions to meet the long-term needs of our customers and communities.

最後，我們看到所有基礎設施服務都面臨著巨大的機會。我們擁有強大的資產負債表，並繼續推動強勁的自由現金流，這為我們提供了靈活性，可以繼續投資 Primoris，利用市場機會並應對潛在的短期中斷，以滿足客戶和社區的長期需求。

We will now open up the call for your questions.

我們現在開始回答大家的提問。

(Operator Instructions) Lee Jagoda, CGS Securities.

（操作員指示）Lee Jagoda，CGS 證券。

It's Pete Lukas for Lee. Talking about your customers, you had mentioned that they're concerned about prolonged economic uncertainty, but I think you said you did expect bookings to kind of accelerate in the second half.

皮特盧卡斯 (Pete Lukas) 飾演李。談到您的客戶，您曾提到他們擔心長期的經濟不確定性，但我認為您確實說過預計下半年預訂量會加速成長。

Can you maybe give us a little more color about the conversations you're having with customers as it relates to the pause that we're seeing in some of the new project signings? And what are the main things that have to happen in your minds for that to unfreeze a bit?

您能否向我們詳細介紹您與客戶進行的對話，因為這與我們在一些新專案簽約中看到的暫停有關？那麼，為了緩解這種緊張情緒，你們心中需要發生哪些主要的事情呢？

Yeah. Pete, look, I don't think anything is frozen by any means. So let's just clarify that. We had already anticipated a little bit of a slowdown in Q1 and maybe a little bit in Q2 simply because of everything to be pulled forward.

是的。皮特，你看，我認為無論如何都沒有任何東西被凍結。因此，讓我們澄清一下這一點。我們已經預期第一季會出現一些放緩，第二季可能也會有一點放緩，只是因為一切都要提前。

In terms of the conversations we're having with our customers, we're just continuing to regularly talk to them like we always do about what their queue of projects looks like, what they're engineering right now and in particular, right now, whether or not they're feeling any impact from the tariffs and all the discussion and the uncertainty that's going on right now.

就我們與客戶的對話而言，我們只是像往常一樣繼續定期與他們交談，了解他們的項目隊列情況、他們目前正在進行的工程，特別是現在，他們是否感受到關稅以及所有討論和正在進行的不確定性的影響。

Clearly, everybody is talking about it. We haven't seen any customers make any major pauses at all right now. Again, the backlog build and the new contract signings is just kind of normal -- just the normal cadence of uncertainty from quarter-to-quarter that we usually see.

顯然，每個人都在談論它。目前我們還沒有看到任何客戶做出任何重大停頓。再次強調，積壓訂單和新合約的簽署只是一種正常現象——只是我們通常看到的季度間不確定性的正常節奏。

Yeah. And this is David. I might add, Ken, our plan for the bookings in first quarter, we exceeded those by approximately $300 million in the first quarter. So our plan for the bookings is actually better than we expected in the first quarter.

是的。這是大衛。肯，我想補充一下，我們第一季的預訂計劃超出了約 3 億美元。因此，我們的預訂計劃實際上比第一季的預期要好。

Very helpful. And then just one more for me in terms of interest expense. It looks like the guide implies a significant uptick in expense versus Q1 for the balance of the year. Can you provide a little more color around this?

非常有幫助。然後就利息支出而言，我再說一點。該指南似乎暗示今年餘下的支出與第一季相比將大幅增加。您能對此提供更多詳細資訊嗎？

Yeah. I don't know that we should expect to see any uptick in interest expense. We're monitoring that right now, too. It definitely came in below our expectations in Q1. Part of that was lower interest expense and part of it was better interest income than we had anticipated.

是的。我不知道我們是否應該看到利息支出的上升。我們現在也在監控這一點。第一季的業績肯定低於我們的預期。部分原因是利息支出較低，部分原因是利息收入比我們預期的好。

So we're going to monitor that in Q2. If we see this trend continuing for the full year, we'll factor that into any change in guidance.

因此我們將在第二季對此進行監控。如果我們發現這種趨勢將持續全年，我們將把它納入指導方針的任何變更中。

Julien Dumoulin-Smith, Jefferies.

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

It's [Brian Russo] on for Julien. I was wondering if you could just talk about the '24 to '26 financial targets from the Analyst Day. I see that the slide you had in the fourth quarter presentation was not included this quarter.

由 [Brian Russo] 取代 Julien 演出。我想知道您是否可以談談分析師日的 24 年至 26 年財務目標。我發現您在第四季度簡報中使用的幻燈片沒有包含在本季度中。

I just wanted to get your confidence level in those targets given the macro environment and then also the very strong first quarter results. Are you on track or ahead? Or what are the pros and cons there?

我只是想了解一下，在宏觀環境下，以及在第一季業績非常強勁的情況下，您對這些目標的信心程度。您是否已步入正軌或領先？或者說其優點和缺點是什麼？

Yeah. Brian, good question. No, we are absolutely on track. We had a great year last year, of course. We're starting to see the margin improvement in the Utilities side of the business that we were expecting to see.

是的。布萊恩，好問題。不，我們絕對是按計劃進行。當然，去年我們過得很愉快。我們開始看到公用事業業務的利潤率有所提高，這正是我們預期的。

I actually was expecting that later this year and into next year. And so that's actually accelerated and more -- and ahead of where I had originally expected. And then obviously, building on last year's strength in free cash flow, we are feeling very good about that as well. So in general, I would say we are either on track or ahead of schedule in all of the metrics that we laid out.

我實際上預計今年晚些時候和明年就會發生這種情況。因此，這實際上是加速了，並且超出了我最初的預期。顯然，基於去年自由現金流的強勁成長，我們對此也感到非常滿意。所以總的來說，我想說我們在所有製定的指標上都達到了預期或提前完成了計劃。

Okay. Great. And can you maybe talk a little bit more detail on the renewable revenue targets for full year '25? I think it was previously $200 million due to the $250 million pull forward into '24, and then it's a $300 million to $400 million annual run rate post 2025. Given comments and maybe some conservatism or macro concerns with customers, just wondering, post 2025, how you're viewing that run rate for renewable.

好的。偉大的。能否更詳細地談談 25 年全年再生能源收入目標？我認為之前是 2 億美元，因為 2.5 億美元提前到了 2024 年，然後 2025 年之後每年的運行率將達到 3 億到 4 億美元。鑑於評論以及客戶的一些保守主義或宏觀擔憂，我只是想知道，2025 年後，您如何看待再生能源的運作率。

Yeah. Post 2025, we are still expecting to be right back on track for our normal $300 million to $400 million growth cadence. We already got about 40% to 50% of 2026 booked and in backlog. And right now we're working with customers on projects that we should within the next three quarters. So by the time we get to the end of the year, we'll have all of 2026 booked and part of 2027. So feeling very good about that.

是的。2025 年後，我們仍有望重回 3 億至 4 億美元的正常成長節奏。我們已經預訂了 2026 年訂單的約 40% 到 50%，並且還有積壓訂單。目前我們正在與客戶合作未來三個季度內完成的專案。因此，到今年年底，我們將預訂全部 2026 年和部分 2027 年。所以對此感覺非常好。

And then also any update on the permanent CEO search, is there a time line or any specific criteria you're looking for or things that we should anticipate as we move through the year?

另外，關於永久執行長搜尋的任何更新，是否有時間表或您正在尋找的任何具體標準，或者我們在一年中應該預期的事情？

Sure. The Board is prioritizing finding the right candidate for the role rather than really setting a time line. The process is underway and is probably likely to span a few quarters. I plan to continue to execute on our strategy to invest in our high-growth markets, including renewables, power delivery, natural gas generation while continuing strong results in our other businesses through consistent execution.

當然。董事會優先考慮尋找適合該職位的候選人，而不是真正設定時間表。該過程正在進行中，可能會持續幾個季度。我計劃繼續執行我們的策略，投資於我們的高成長市場，包括再生能源、電力傳輸、天然氣發電，同時透過持續執行繼續在我們的其他業務中取得強勁業績。

This strategy was developed by our executive team with the support of the Board, and we believe it's the right strategy. A couple of attributes that I would say we sought after in candidates would be public company executive experience and experience with acquiring and integrating businesses.

該策略是由我們的執行團隊在董事會的支持下制定的，我們相信這是正確的策略。我想說，我們在候選人身上尋求的幾個特質是上市公司高階主管經驗以及收購和整合企業的經驗。

(Operator Instructions) Brent Thielman, DA Davidson.

（操作員指示）Brent Thielman，DA Davidson。

I just had a question on the Utilities segment. I mean really strong margin performance to start the year. And Ken, I just wanted to get a sense from you, what are the variables you need to see through the rest of the year that might push you above those that Utilities margin target range?

我只是想問一下有關公用事業部分的問題。我的意思是今年年初的利潤表現確實非常強勁。肯，我只是想從您那裡了解一下，在今年剩餘時間內，您需要看到哪些變數可能會推動您超越公用事業利潤目標範圍？

Sure. We're expecting modest growth in the Utilities primarily due to a strong storm year we had in 2024 and an expected slower year for gas operations. But that being said, gas operationally did have a better-than-expected Q1.

當然。我們預計公用事業將出現溫和成長，主要是因為 2024 年將遭遇強風暴，而且預計天然氣業務將放緩。但話雖如此，天然氣第一季的營運確實好於預期。

We certainly see growth pick up if the supply chain continues to show improvement, although most of our customers have adjusted to the longer lead times. Project work still remains a focus, and we do plan to book more projects this year, but it's not really required to see those continued progress in our margins.

儘管我們的大多數客戶已經適應了更長的交貨時間，但如果供應鏈繼續改善，我們肯定會看到成長回升。專案工作仍然是我們的重點，我們確實計劃今年預訂更多項目，但這並不是我們利潤率持續成長的必要條件。

Okay. And then on Energy, could you talk -- you did mention you're in pursuit of some nat gas generation opportunities. Any way to size that potential for Primoris that could be reflected in bookings as we progress through the year?

好的。然後關於能源，您能談談嗎——您確實提到您正在尋找一些天然氣生產機會。有什麼方法可以衡量 Primoris 的潛力，並使其在全年的預訂量中得到體現嗎？

Yeah. I think you know we have extensive experience as a company in building various types of facilities, and we're preparing to be ready to help the customers and a lot of these build-outs. We're currently looking at or vetting close to about $1 billion in natural gas projects tied to data centers throughout the US in the coming years. And there are certainly other opportunities outside data center development, too.

是的。我想您知道，我們公司在建造各種類型的設施方面擁有豐富的經驗，我們正準備為客戶提供幫助並完成許多此類建設。我們目前正在研究或審查未來幾年與美國各地資料中心相關的近 10 億美元的天然氣項目。當然，除了資料中心開發之外還有其他機會。

So the funnel of opportunities is very attractive to us. I believe, as you see the power grid begin to be built out, you'll need to supply power to that power grid. So that also gives opportunities for our power generation segment.

因此，這個機會管道對我們來說非常有吸引力。我相信，當你看到電網開始建造時，你就需要為該電網供電。這也為我們的發電部門提供了機會。

Kevin Gainey, Thompson Davis.

凱文蓋尼、湯普森戴維斯。

Guys, great quarter.

夥計們，這一季度表現很棒。

Thank you.

謝謝。

Maybe what we can do is kind of dissect a little bit more in the utilities segment. Maybe you guys could talk to the conversations that you're having with your communication customers and the power delivery customers as they kind of deal with not only like the change in dynamics with tariffs but just demand.

也許我們可以做的是對公用事業領域進行更深入的分析。也許你們可以談談與通訊客戶和電力傳輸客戶的對話，因為他們不僅要處理關稅動態的變化，還要處理需求的變化。

Well, let me start with the smaller one first. On the communications side, you've seen that we've continued to gain around and increase our revenue there each quarter. We're still being asked by customers to increase growth in certain areas for them. So you'll continue to see that.

好吧，我先從較小的一個開始。在通訊方面，您已經看到我們每個季度都在持續成長並增加收入。客戶仍然要求我們提高他們某些領域的成長。所以你會繼續看到這一點。

Relative to the power side of the business, the major capital programs that you've seen recently announced by the Utilities helped to drive growth for us, as I briefly mentioned earlier, not only in our T&D businesses, but also these new grids will need to be repowered and then supply of those power needs will drive growth for us in the power generation businesses.

就電力業務而言，正如我之前簡要提到的，公用事業公司最近宣布的主要資本計劃有助於推動我們的成長，不僅是在我們的輸配電業務中，而且這些新電網也需要重新供電，然後滿足這些電力需求將推動我們發電業務的成長。

Our clients, specifically two of them, have been talking with us. They've been proposing this for several quarters. And Primoris has acted pretty proactively and looking at our training centers, developing additional resources, required equipment and things to serve those needs. So we really see that as a pretty bright future for the next several years of build-out.

我們的客戶，特別是其中的兩位，一直在與我們交談。他們已經提出這個建議好幾個季度了。Primoris 採取了非常積極主動的行動，專注於我們的培訓中心，開發額外的資源、所需的設備和物品來滿足這些需求。因此，我們確實認為未來幾年的建設前景非常光明。

Appreciate the color there. And then maybe we can talk about kind of balance sheet cash flow. There's an uptick in payables. Ken, maybe what's driving that? And then -- it just seems relatively high. And then maybe how we can -- how the outlook for cash flow is in the back half.

欣賞那裡的色彩。然後我們或許可以討論一下資產負債表現金流。應付款項有所增加。肯，也許是什麼導致了這種情況？然後——它看起來相對較高。然後也許我們可以——下半年的現金流前景如何。

Yeah. Look, AP was purely just timing of quarter end. I expect that to kind of normalize over the course of the next couple of quarters. So nothing unusual there. And then with respect to cash flow for the balance of the year, we had forecasted and talked about two months ago the fact that operating cash flow would be kind of in that $200 million to $225 million range.

是的。瞧，AP 純粹只是季度末的時間安排。我預計這種情況將在接下來的幾個季度內恢復正常。所以這沒什麼不尋常的。關於今年餘額的現金流，我們兩個月前就預測並討論過，經營現金流將在 2 億美元至 2.25 億美元之間。

I still feel very confident about that this year. And actually, with the strength of Q1, I think it may actually have an opportunity to be as much as $250 million or more.

今年我對此仍然充滿信心。實際上，鑑於第一季的強勁表現，我認為它實際上有機會達到 2.5 億美元甚至更多。

Jerry Revich, Goldman Sachs.

高盛的傑瑞·雷維奇。

This is Adam Bubes on for Jerry today. The Utilities growth has been pretty robust in the last couple of quarters, up double digits. I think in the Investor Day, you folks outlined a 2% to 4% Utilities revenue growth outlook.

今天，我是 Adam Bubes，代替 Jerry 報道。過去幾個季度，公用事業的成長相當強勁，增幅達到兩位數。我認為在投資者日，你們概述了 2% 至 4% 的公用事業收入成長前景。

So can you just update us, I mean, how you're thinking about puts and takes around the growth outlook in utilities in the balance of the year? And from here, on one end, there's rising power demand. On the other. You folks are continuing to emphasize quality of contracts. So just the puts and takes around growth from here.

那麼，您能否向我們簡單介紹一下，您如何看待今年剩餘時間公用事業的成長前景？一方面，電力需求不斷上升。另一方面。你們一直在強調合約的品質。因此，從這裡開始只是圍繞著成長的投入和產出。

Yeah. Look, on the Utilities side, we were focused, as you pointed out, on more margin improvement rather than revenue growth. We are absolutely executing on the margin improvement that we talked about. The nice thing about it is without really focusing on revenue growth, that's happening anyway because of the growth in demand.

是的。你看，在公用事業方面，正如你所指出的，我們更注重利潤率的提高而不是收入的成長。我們絕對會實現我們談到的利潤率提高目標。它的好處在於，即使不真正關注收入成長，由於需求的成長，收入成長也會實現。

So -- and so far, that's mostly been distribution with some transmission and substation. And what's nice, Adam, is that right now, we're seeing more opportunities -- and David alluded a little bit of this, we're seeing more opportunities for transmission substation projects than we'd originally anticipated for 2026.

所以 — — 到目前為止，這主要是透過一些輸電和變電站進行分配。亞當，令人高興的是，現在我們看到了更多的機會——大衛稍微提到了這一點，我們看到的輸電變電站項目機會比我們最初預期的 2026 年還要多。

And a lot of that is just because after we did our Analyst Day a little over a year ago, the load growth and demand growth projections picked up as well as the increased need for generation. So a few things that are working to our advantage there that should help us to exceed our goals.

這在很大程度上是因為，在我們一年多前舉辦分析師日活動之後，負載成長和需求成長預測以及發電需求都有所增加。因此，有一些對我們有利的事情應該可以幫助我們超越我們的目標。

And I'll also add -- go ahead.

我還要補充一點——繼續。

Please go ahead.

請繼續。

I was going to say I'll also add with Ken, as we see that demand increasing, we are still very selective on the projects we contract for and making sure that we've got good visibility into the customer's ability to procure the materials so that we don't have any scheduled slippages and continuing to be very diligent in the way that we accept contract terms, making sure the risk profile meets our risk profile.

我想說的是，我還要補充一點，正如肯所說，隨著需求的增加，我們對承包項目仍然非常挑剔，並確保我們對客戶採購材料的能力有很好的了解，這樣我們就不會出現任何預定的延誤，並且我們將繼續非常勤勉地接受合約條款，確保風險狀況符合我們的風險狀況。

Terrific. And then it sounds like you folks aren't seeing any pauses in projects and activity remains strong. But we are in a choppy economic environment. So can you just talk about to what extent you can move resources around between end markets if we see an uneven demand environment for parts of your business?

了不起。聽起來你們沒有看到專案有任何暫停，活動依然強勁。但我們正處於動盪的經濟環境。那麼，如果我們發現您部分業務的需求環境不均衡，您能否談談您可以在多大程度上在終端市場之間轉移資源？

Sure. Absolutely. We've got the ability to grow the resources, as I mentioned, and we got the to move those resources around the different end markets. I think you saw, as we had slowdowns in our pipeline and field services areas, we were able to move those resources over to our renewables area as well as into some of our data center construction projects and things.

當然。絕對地。正如我所提到的，我們有能力增加資源，我們有能力將這些資源轉移到不同的終端市場。我想您已經看到了，由於我們的管道和現場服務領域出現放緩，我們能夠將這些資源轉移到我們的再生能源領域以及一些資料中心建設專案和其他領域。

So the ability to move our resources around, and for that matter of fact, anything to do with our fleet, is one of the really advantages, I think, Primoris has when we talk with customers in delivering their projects.

因此，我認為，當我們與客戶交談並交付他們的專案時，能夠調動我們的資源，事實上，與我們的車隊有關的任何事情，都是 Primoris 真正的優勢之一。

We've not seen any slowdowns on any of the projects that we booked for and even the ones that appear to be going to be booked toward the end of this year. We're not seeing any slowdown from our customers, and we're not hearing anything at all that would concern us at this time.

我們所預訂的任何項目，甚至那些看起來將在今年年底預訂的項目，都沒有出現任何放緩的跡象。我們沒有看到客戶有任何放緩的跡象，也沒有聽到任何讓我們擔心的消息。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc 資本市場。

This is actually Alex on for Sangita. So first question, as we think about the 10% to 12% energy segment margin outlook for this year, how do we think about upside and downside drivers here through the year, whether it's tariffs, execution or something else?

這實際上是 Alex 為 Sangita 表演的。所以第一個問題是，當我們考慮今年能源部門 10% 至 12% 的利潤率前景時，我們如何看待全年的上行和下行驅動因素，無論是關稅、執行力還是其他因素？

And I think in that segment, it sounded like you expect solar closeouts this year. Is there any sense on how big these could be and when they could come in the year?

我認為在那部分中，聽起來您預計今年太陽能市場將出現清倉。有沒有跡象表明這些影響會有多大以及它們會在一年內何時出現？

Yeah. On the solar closeouts, it's still a little early. A lot of projects were just started, as a matter of fact, in Q1. So it will be later in the year before we got really a good sense to that. But then with respect to upside and downside, look, margin closeouts across the entire spectrum of projects, in particular, solar and in our industrial business, in our natural gas power plant work is really we're going to see most of the margin upside, in addition to just potential revenue growth or additional opportunities we see maybe in and around pipeline this year in the back half of the year.

是的。就太陽能清倉而言，現在還為時過早。事實上，很多專案在第一季才剛啟動。所以，我們要到今年晚些時候才能真正意識到這一點。但就上行和下行而言，看看整個項目範圍內的利潤收尾，特別是太陽能和我們的工業業務，在我們的天然氣發電廠工作中，我們實際上將看到大部分利潤上漲，此外還有潛在的收入增長或我們可能在今年下半年在管道內外看到的額外機會。

Look, on the downside, there's not a whole lot that we're really worried about right now other than we always worry about weather every single quarter. Surprises on weather, heavy rains, extended rains can obviously slow down projects and drive a little bit of increased costs. So we'll continue to monitor that from quarter-to-quarter as well.

瞧，不利的一面是，除了每個季度都擔心天氣之外，我們現在真正擔心的並不多。天氣突變、大雨、持續降雨顯然會減緩計畫進度並導致成本略有增加。因此，我們也將繼續逐季度監控這一情況。

Yeah. And I would add, when Ken talks about some of these solar project closeouts, we are still seeing a very large demand for our services. I think we're tracking currently somewhere close to $8 billion to $10 billion of opportunities over the next several years that we're looking to evaluate.

是的。我想補充一點，當肯談到一些太陽能專案收尾時，我們仍然看到對我們服務的巨大需求。我認為，我們目前正在追蹤未來幾年內價值接近 80 億至 100 億美元的機遇，並希望對其進行評估。

So we really don't see that as a slowdown for us. It's more toward the back half of the year, but we certainly don't see that as a slowdown in bookings.

所以我們確實不認為這對我們來說是一種放緩。雖然這種情況更多發生在下半年，但我們當然不認為預訂量會放緩。

Got it. Very helpful. And then can you talk about your recent M&A discussions, if anything's changed recently, if anything is progressing there where we could potentially see a deal this year? I think the strategy is primarily to target power delivery tuck-ins.

知道了。非常有幫助。然後，您能談談最近的併購討論嗎？最近是否有任何變化？是否有任何進展？我們今年是否有可能達成交易？我認為該策略主要是為了實現電力傳輸。

Correct me if I'm wrong. Are there certain geographies or capabilities you're looking to fill there? Just any update there.

如果我錯了，請糾正我。您是否希望在那裡填補某些特定地域或能力的空缺？那裡只是任何更新。

Well, I would probably tell you all of the above would be the way I would answer that question with you. Let me comment that I'm not going to speak specifically about any particular type of acquisition. But I would just say that our appetite for acquisitions has not decreased at all.

好吧，我可能會告訴你以上所有內容都是我回答你這個問題的方式。我要聲明的是，我不會具體談論任何特定類型的收購。但我只想說，我們的收購興趣絲毫沒有減弱。

And as you've seen us continue to pay down debt and position ourselves, I think we can take advantage of a potential acquisition. And so our eyes are wide open. I don't know if you want to add anything to that, Ken, or not.

正如您所看到的，我們繼續償還債務並進行自我定位，我認為我們可以利用潛在的收購。因此我們的眼睛睜得大大的。我不知道你是否想對此進行補充，肯。

No. Other than we continue to be very disciplined about acquisitions, and we're not going to do one just for the sake of adding revenue. We're going to be disciplined. We're going to look for ones that meet our strategic hurdles as well as all of our financial hurdles. And so far, we haven't found that yet.

不。除此之外，我們繼續對收購保持嚴格紀律，我們不會僅僅為了增加收入而進行收購。我們將嚴守紀律。我們將尋找能夠滿足我們策略障礙以及所有財務障礙的障礙。但到目前為止，我們還沒有發現這一點。

Drew Chamberlain, JPMorgan.

摩根大通的德魯張伯倫。

First one, just on the 2025 guide, appreciate that you guys don't procure panels or battery cells. But can you just talk about the risk of imports getting tariffed? And how much of the projects planned for this year already have panels or cells already into the US and what that could be -- what that could mean for a risk to this year?

首先，僅就 2025 年指南而言，感謝你們不購買面板或電池單元。但是您能談談進口產品被徵收關稅的風險嗎？今年計劃的項目中有多少已經將面板或電池片運往美國，這可能對今年的風險意味著什麼？

Sure. I'll start out. The -- relative to our solar and as I think we mentioned, we're really not seeing tariffs impact our business really at all. In the battery energy storage side, sure, there's some battery that could be impacted. Kind of interesting, I will tell you, all of our materials are currently on site for our projects.

當然。我先走了。相對於我們的太陽能，正如我們所提到的，我們實際上並沒有看到關稅對我們的業務產生任何影響。在電池儲能方面，當然有些電池可能會受到影響。這很有趣，我會告訴你，我們所有的材料目前都在我們專案的現場。

And the ones in the battery area that are not, in a recent conversation we've had with our customer, it's not a matter of whether they're going to purchase them or not. They're trying to look and purchase them at the right time. So they've actually asked us in our execution plans to look at build arounds so that those batteries can be put in at a later date. And I think that's what you'll see a lot of the customers do.

而電池領域的產品則沒有，在我們最近與客戶的對話中，他們是否購買並不重要。他們試圖在合適的時間尋找並購買它們。因此，他們實際上要求我們在執行計劃中考慮週邊設施，以便以後可以安裝這些電池。我認為你會看到很多顧客都是這麼做的。

And then it's a really small part of the project in the overall grand scheme of things, Drew. So I think that's the bigger issue. Even if the batteries get delayed or the battery storage gets scaled down a little bit because of the impact of tariffs, relative to our total renewables business, it's still very, very small and should not have much of an impact.

那麼，從整個宏偉計劃來看，這只是項目的一小部分，德魯。所以我認為這是更大的問題。即使由於關稅的影響，電池延遲或電池儲存量略有縮減，相對於我們的整個再生能源業務而言，它仍然非常非常小，不會產生太大影響。

Right, right. Okay. And then just moving on to the bookings here. I have a multipronged question. But first, I think you mentioned, David, at the start of the Q&A, that there was maybe -- you exceeded your bookings by $300 million or so in the quarter. Can you talk a little bit about where that -- where those wins came from, what segment of the business?

對，對。好的。然後繼續這裡的預訂。我有一個多方面的問題。但首先，大衛，我想您在問答開始時提到過，本季度您的預訂額可能超出了 3 億美元左右。您能否稍微談談這些勝利來自哪裡，屬於哪個業務部門？

And then, Ken, you mentioned that you expect a similar type profile of bookings for the year. Do you think of it as like the same magnitude where you saw in energy 1.2 -- or 1.5 book-to-bill roughly in the second half of last year? Do you think that's possible again? And maybe our customer conversations changing for 2026 projects or maybe even into 2027 projects as uncertainty in the market is looming.

然後，肯，您提到您預計今年的預訂情況會類似。您是否認為這與去年下半年能源產業訂單出貨比 1.2 或 1.5 的幅度差不多？您認為這還有可能嗎？由於市場不確定性的臨近，我們的客戶對話可能會轉向 2026 年項目，甚至可能轉向 2027 年項目。

Let me start out and answer your question first and then I'll ask Ken to talk to you about the book-to-bill toward the back half and things. We saw a great uptick on the industrial side in the bookings around data centers, things of that nature. We also saw increases in just about every one of our product lines, but the major majority of it was in the industrial sector.

首先讓我回答你的問題，然後我會請肯和你談談後半部分的訂單出貨比和其他事情。我們看到工業領域資料中心等訂單量大幅上升。我們的幾乎每條產品線都實現了成長，但其中大部分成長是在工業領域。

Yeah. And look, Drew, with respect to the cadence for last year, yes, I think it's -- I think we're definitely looking at a Q3 and Q4 that's comfortably above one. What it's actually going to be, it's a little too early to tell because, again, as you know, the signing of projects can vary from quarter-to-quarter.

是的。德魯，就去年的節奏而言，是的，我認為——我認為我們肯定會看到第三季和第四季的節奏輕鬆超過 1。現在談論實際情況還為時過早，因為正如你所知，專案的簽署情況每季都會有所不同。

But we feel really strong about how the year is going to come out. And despite -- and again, despite the fact that we were below one for the quarter, we beat our expectations, as David pointed out, by $300 million. So that just shows a little bit of the uncertainty from quarter-to-quarter.

但我們對今年的前景充滿信心。儘管 — — 儘管本季我們的營收低於 1，但正如戴維所指出的那樣，我們還是超出了預期 3 億美元。所以這只是顯示出季度與季度之間的一點不確定性。

Julio Romero, Sidoti & Company.

胡里奧·羅梅羅，西多蒂公司。

This is [Justin] on for Julio. Can you talk about your level of comfort of bidding for new projects, accepting new work and just executing in the broader operating environment given trade policy and tariff uncertainty?

這是 [Justin] 為 Julio 表演的。考慮到貿易政策和關稅的不確定性，您能否談談您對競標新項目、接受新工作以及在更廣泛的營運環境中執行的舒適程度？

Yes. The number of opportunities that we're continuing to see hasn't really changed in that environment. Might we see some, in 2026 and beyond, maybe it pushed out a little bit? Possibly. But right now what we're seeing is, as I mentioned earlier, really no pushing out of those projects at all.

是的。在這種環境下，我們繼續看到的機會數量實際上並沒有改變。我們會在 2026 年及以後看到一些嗎，也許它會被推遲一點？有可能。但正如我之前提到的，我們現在看到的是，這些項目根本沒有得到任何推進。

Now relative to execution side of those projects, I think you've seen Primoris be very diligent that we make sure we don't take on work that we cannot perform. And so as you know, we've built various teams in our solar groups to support work.

現在相對於這些專案的執行方面，我想你已經看到 Primoris 非常勤奮，確保我們不會承擔我們無法完成的工作。如您所知，我們在太陽能集團內建立了各種團隊來支持工作。

We're building various teams in our industrial side to handle the data center growth and things of that nature. So I don't really see an issue relative to the execution. And as I mentioned, we're very diligent on the types of contracts we take on to -- relative to risk. So no, not seeing any concerns there.

我們正在工業領域組建各種團隊來處理資料中心的成長和類似的事情。所以我實際上沒有看到與執行相關的問題。正如我所提到的，我們對所承擔的合約類型非常謹慎——相對於風險。所以，沒有看到任何擔憂。

Great. And then on solar, can you speak to the potential timing and impact of the reconciliation bill, what that would mean for any existing IRA tax benefits and what you're hearing from your customers?

偉大的。然後關於太陽能，您能否談談和解法案的潛在時機和影響，這對任何現有的 IRA 稅收優惠意味著什麼，以及您從客戶那裡聽到了什麼？

Yeah. I mean we can't even begin to guess when that's going to get done. All I can tell you is we're talking with our customers daily, weekly and monthly about what's going on and we're mapping out all the scenarios. And basically, we feel -- and our customers feel like we're prepared for whichever outcome occurs.

是的。我的意思是我們甚至無法猜測什麼時候才能完成。我可以告訴你的是，我們每天、每周和每月都在與客戶討論正在發生的事情，並規劃出所有的情況。基本上，我們和我們的客戶都覺得我們已經為任何結果做好了準備。

Avi Jaroslawicz, UBS Financial.

瑞銀金融的 Avi Jaroslawicz。

You noted that within power delivery, you saw some customers release work faster than you expected this year. Just wondering why you think that is. Are they trying to get ahead of some inflationary pressures they're expecting in the back half? Or should we think of this more as just an acceleration?

您注意到，在電力傳輸方面，您發現一些客戶今年的工作發布速度比您預期的要快。我只是想知道你為什麼會這麼想。他們是否試圖應對下半年預計出現的通膨壓力？或者我們應該將其視為一種加速？

I think what you're seeing is, as you probably noticed on any power generation equipment, you've got to get in in the delivery cycle on those turbines. And so what you're seeing is people that's saying, look, I've already been in the delivery cycle.

我認為您所看到的是，正如您可能在任何發電設備上註意到的那樣，您必須進入這些渦輪機的交付週期。所以你看到的是人們說，看，我已經進入交付週期了。

So they're saying, let's move forward with this project. So I wouldn't call it an acceleration of the project. That would more permit that they're just taking advantage of the supply chain that they've been able to get into and start moving quicker with their project.

所以他們說，讓我們繼續推進這個計畫吧。所以我不會稱之為專案的加速。這將使他們能夠更好地利用他們已經能夠進入的供應鏈並開始更快地推進他們的專案。

And also some of the timing for their projects especially around the data centers have got key dates for them toward the end of the project, and so it's beneficial to move forth now.

而且他們的一些專案時間安排，特別是圍繞資料中心的專案時間安排，在專案結束時都有關鍵日期，因此現在繼續前進是有益的。

And I'll just add briefly to what David said. We were fortunate that some of our customers had some positive results on rate cases last year. And what that turned into is they immediately started engineering work that enabled us to get started a little bit earlier this year, too.

我只想簡單補充大衛所說的話。我們很幸運，去年我們的一些客戶在利率案件上取得了一些正面的結果。而結果就是他們立即開始了工程工作，這使我們能夠在今年早些時候開始工作。

Okay. Got it. That makes sense. And then just in terms of your guidance, I appreciate not wanting to be too aggressive there, but sort of just kind of curious what you would need to see happen to raise the guidance.

好的。知道了。這很有道理。然後就您的指導而言，我很理解您不想太激進，但我只是有點好奇您需要看到什麼才能提高指導。

I'll start out and then I'll let Ken add from a financial perspective. But we tend to want to make sure that any of this rhetoric we're hearing relative to tariffs and other policy issues settle down a little bit. We've certainly got good visibility into the year.

我先開始，然後讓肯從財務角度補充。但我們傾向於確保我們聽到的任何有關關稅和其他政策問題的言論能夠稍微平息下來。我們對今年的前景確實有很好的預見性。

I think you heard us say that we were going to be on the high side, if not better. But at the same point in time, we just need a little bit more visibility around these tariffs and everything else before we're comfortable in making that decision.

我想您聽到我們說過，我們將會處於領先地位，甚至更好。但同時，我們需要對這些關稅和其他所有事情有更清晰的了解，然後才能放心地做出決定。

(Operator Instructions) Will Dezellem, Tieton Capital.

（操作員指示）Tieton Capital 的 Will Dezellem。

First of all, you partially answered the question relative to the battery situation. And ultimately, what is the solution that the customers are looking at? Is it buying higher-priced or higher-tariff batteries? Is it simply waiting for batteries? Or are you seeing some utilities basically saying that they will augment with natural gas power generation? How are those dynamics working there, please?

首先，您部分回答了有關電池情況的問題。最終，客戶尋求的解決方案是什麼？是購買價格較高還是關稅較高的電池？只是在等待電池嗎？或者您看到一些公用事業公司基本上說他們將增加天然氣發電？請問那裡的動力如何運作？

On some of the projects, the ESS section of it is not the major portion of the project. So a lot of them are just waiting to make sure that -- the timing of when they want to actually purchase those. The decision to build has already been made. It's just a matter of what their overall economics look with the increased cost of the battery side of that project.

在某些專案中，ESS 部分並不是專案的主要部分。因此，他們中的許多人只是在等待確定他們實際購買這些產品的時機。建造的決定已經做出。這只是一個隨著該項目電池成本的增加，他們的整體經濟狀況如何的問題。

I'm just trying to remember the last half of your question. I'm -- could you repeat the last half of your question?

我只是想記住你問題的後半部。我——你能重複問題的後半部嗎？

Right, David, just if they were incorporating in natural gas power plants instead to supplement -- instead of doing the batteries.

對的，大衛，如果他們採用天然氣發電廠作為補充，而不是使用電池。

No, not really. They're still staying with their original concepts. If their concept has some natural gas generation along with battery, then they do that. But they're really not changing their overall scheme because of the battery supply.

不，不是真的。他們仍然堅持原來的理念。如果他們的概念包括利用電池發電和天然氣發電，那麼他們就會這麼做。但他們實際上並沒有因為電池供應而改變整體方案。

I will turn the call back over to David King for closing remarks.

我將把電話轉回大衛金 (David King) 作結束語。

Thanks again to our employees for a great first quarter and our investment community for trust in our company. We look forward to updating you next quarter. Have a good day.

再次感謝我們的員工在第一季取得的優異成績，以及投資界對我們公司的信任。我們期待下個季度向您更新最新情況。祝你有美好的一天。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。