Primoris Services Corp (PRIM) 2025 Q2 法說會逐字稿

(video playing)

（影片播放）

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

感謝您的支持。我叫凱瑟琳，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 年第二季財報電話會議和網路廣播。（操作員指示）

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

謝謝。現在我想將電話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 Primoris second-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. Before we begin, I'd like to make everyone aware of certain language contained in our Safe Harbor statement.

早安，歡迎參加 Primoris 2025 年第二季財報電話會議。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。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。

The company cautions that certain statements made during this call are forward-looking and therefore 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. Our forward-looking statements represent our outlook as of today only, August 5, 2025. We disclaim any obligation to update these statements, except as may be required by law.

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，因此存在各種風險和不確定性。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。我們的前瞻性陳述僅代表截至今天（2025 年 8 月 5 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 in our second-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」部分中找到，該部分位於我們昨天發布的 2025 年第二季財報新聞稿中。

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 second-quarter 2025 financial and operational results. Primoris had a record second quarter, achieving new highs in the revenue, operating income, and earnings. Our results exhibit the effectiveness of our financial and operational strategy to grow profitably through disciplined capital allocation.

謝謝你，布萊克。早安，感謝您今天加入我們討論我們的 2025 年第二季財務和營運業績。Primoris 在第二季度創下了紀錄，收入、營業收入和收益均創下新高。我們的業績證明了我們的財務和營運策略透過嚴格的資本配置來實現獲利成長的有效性。

Even amid an unpredictable tariff and regulatory environment, our portfolio of essential infrastructure solutions continues to thrive. This is a testament to our hardworking teams across the United States and Canada. Their commitment to safe, productive, and quality execution as well as a customer-centric approach serve as a foundation of our success.

即使在不可預測的關稅和監管環境中，我們的基本基礎設施解決方案組合仍在繼續蓬勃發展。這證明了我們在美國和加拿大各地辛勤工作的團隊。他們對安全、高效和高品質執行的承諾以及以客戶為中心的方法是我們成功的基礎。

We see the opportunity to build on this success in the years ahead as Primoris plays a key role in providing solutions to the infrastructure needs in North America. We have highlighted in the past the growing need for power generation and the means to deliver that power to the end user. We have the capability to do both and execute very well.

由於 Primoris 在提供滿足北美基礎設施需求的解決方案方面發揮關鍵作用，我們看到了在未來幾年鞏固這一成功的機會。我們過去曾強調日益增長的發電需求以及將電力輸送給最終用戶的方式。我們有能力做到這兩點，並且執行得很好。

In addition to increased industrial and residential power demand, emerging technologies and data center development are driving the growth in power generation and consumption. While less than 10% of our revenue today is directly tied to data centers, we see significant opportunities on the horizon to increase our exposure. We are currently evaluating nearly $1.7 billion of work related to data centers estimated to be contracted by year-end, and we are optimistic that we will win our fair share of this work.

除了工業和住宅電力需求增加之外，新興技術和資料中心的發展也在推動發電和消費的成長。雖然目前我們只有不到 10% 的收入與資料中心直接相關，但我們看到了增加曝光度的巨大機會。我們目前正在評估預計到年底將簽訂的近 17 億美元數據中心相關合同，我們樂觀地認為我們將贏得這項工作的公平份額。

Primoris offers a variety of services to these projects, including early-stage site preparation, power generation, utility infrastructure, and fiber network construction. Essentially, we are a premier partner for comprehensive solution outside the walls of the data center and a market experiencing very tight supply for these services.

Primoris 為這些專案提供各種服務，包括早期場地準備、發電、公用事業基礎設施和光纖網路建設。本質上，我們是資料中心外綜合解決方案的首要合作夥伴，也是這些服務供應非常緊張的市場。

Beyond work directly tied to data centers, power generation and electric utility needs are even more substantial. We are trusted providers to our nation's utilities with extensive plans to build transmission lines and substations in the coming years. We believe this will be a multi-year opportunity that could last for a decade or longer. There is an enormous amount of upcoming work that fits very well with our capabilities without having to expose our sales to unnecessary risks on large lump sum projects with potentially less attractive margins.

除了與資料中心直接相關的工作之外，發電和電力公用事業的需求更加巨大。我們是國家公用事業值得信賴的供應商，並計劃在未來幾年內建造輸電線路和變電站。我們相信這將是一個可能持續十年甚至更長的多年機會。有大量即將到來的工作非常適合我們的能力，而不必讓我們的銷售人員在利潤率可能較低的大額項目上面臨不必要的風險。

On the power generation side, we are preparing and submitting bids for more than $2.5 billion in natural gas generation projects planned in the coming years. There's also between $20 billion and $30 billion of solar projects planned through 2028 that are on our sales radar. As a top-tier provider for both types of generation, we are optimistic about our future in power generation to drive organic growth and margin expansion.

在發電方面，我們正在準備並提交未來幾年計劃投資超過25億美元的天然氣發電項目的投標。到 2028 年，我們還計劃推出價值 200 億至 300 億美元的太陽能項目，這些項目都在我們的銷售範圍內。作為兩種發電類型的頂級供應商，我們對未來發電業務充滿信心，相信能夠推動有機成長和利潤率擴張。

I will now turn to our performance for the quarter by segment. In the Utility segment, revenues were up double digits from the prior year. The gas operations business, which experienced slower activity last year due to pending rate case discussions, saw significant improvement in revenue and improved margins. Several new projects on the West Coast and increased MSA work in the Midwest have led to better-than-expected productivity and activity during the quarter and year-to-date.

現在我將介紹我們各部門的季度業績。在公用事業領域，收入比上一年增長了兩位數。天然氣營運業務去年因利率案談判懸而未決而活動放緩，但今年其收入和利潤率均顯著改善。西海岸的幾個新項目和中西部 MSA 工作的增加導致本季和年初至今的生產力和活動好於預期。

There are rate cases still being determined in certain markets, and some dual utility clients are allocating more resources to higher priority power delivery services. However, the outlook for gas operations is trending more favorably than anticipated. We are seeing more utilities opting to use third-party service providers and scheduling extensive buildouts in the Midwest and Southeast that will support revenue and margin growth.

某些市場中的費率情況仍在確定中，一些雙重公用事業客戶正在為更高優先順序的電力傳輸服務分配更多資源。然而，天然氣業務的前景比預期更為樂觀。我們看到越來越多的公用事業公司選擇使用第三方服務提供商，並計劃在中西部和東南部進行大規模建設，以支持收入和利潤的成長。

Communications revenue and margins were also up double digits from the prior year on continued growth in fiber-to-the-home programs and network bills supporting data centers. We are seeing substantial investment in fiber, and our outstanding execution has resulted in customers requesting us to enter new geographies. There is also a growing opportunity for high-margin EPC long-haul and middle mile network projects driven by data centers.

由於光纖到戶計畫和支援資料中心的網路費用持續成長，通訊收入和利潤率也比上年增長了兩位數。我們看到光纖領域正在發生大量投資，而我們出色的執行力使得客戶要求我們進入新的地區。由資料中心驅動的高利潤 EPC 長途和中英里網路計畫也面臨越來越大的機會。

In the multi-year guidance we laid out in April of 2024, we projected low single-digit growth for gas operations and the communications markets. However, these growth projections are likely understated as the current backdrop in these markets appear to be trending more positively than expected. In power delivery, top-line revenue increased from the prior year, but the real story of the quarter was margin improvement.

在我們於 2024 年 4 月制定的多年期指導中，我們預測天然氣業務和通訊市場將實現低個位數成長。然而，這些成長預測可能被低估了，因為這些市場的當前背景似乎比預期的趨勢更為積極。在電力傳輸方面，營業收入較上年增加，但本季真正的亮點是利潤率的提高。

We are seeing the results of our multi-pronged strategy to drive higher margins in power delivery. Better rates on renewed MSA contracts and an increase in transmission and substation work and improved crude productivity have all contributed to growing our margins closer to where we want them to be in the business. There is still progress to be made, but we are certainly headed in the right direction.

我們正在看到多管齊下的策略所取得的成果，以提高電力傳輸的利潤率。續約 MSA 合約的利率更高、輸電和變電站工作增加以及原油生產率提高都有助於我們的利潤率更接近我們期望的業務水平。雖然我們仍需要取得進展，但我們肯定正朝著正確的方向前進。

Our power delivery clients are highly engaged with our leadership teams on resiliency plans to support the necessary power grid expansion in several key geographies. We remain focused on attracting and retaining the talent needed to meet these needs, and we'll continue to invest in the recruitment and training of these personnel to grow the business.

我們的電力傳輸客戶與我們的領導團隊密切合作，制定彈性計劃，以支援幾個主要地區必要的電網擴建。我們仍然專注於吸引和留住滿足這些需求所需的人才，並且我們將繼續投資這些人員的招募和培訓以發展業務。

Turning to the Energy segment, the Renewables business was the main driver of the revenue growth as we continue to exceed our plans in utility-scale EPC and battery storage. Renewables is now on track to generate close to $2.5 billion compared to our outlook at the beginning of the year of $2.2 billion to $2.3 billion. Despite a variable tariff and regulatory environment, the solar market continues to benefit from high demand for power and its cost competitiveness with other sources of generation in many cases without federal subsidies.

談到能源領域，再生能源業務是收入成長的主要驅動力，因為我們在公用事業規模 EPC 和電池儲存方面繼續超越我們的計劃。再生能源目前預計將創造近 25 億美元的收入，而我們年初的預期是 22 億至 23 億美元。儘管關稅和監管環境不斷變化，但太陽能市場仍受益於對電力的高需求，並且在許多情況下無需聯邦補貼即可與其他發電來源進行成本競爭。

The recent legislation passed by Congress and signed into law has offered some clarity on the sunsetting of tax incentives that will better allow our customers to plan for the future. While our customers still need clarity from the treasury department on a certain language in the bill, our customers have continued with business as usual, and we have not seen any project push out. We still expect a solid renewables bookings environment in the second half of the year and into 2026, and we are off to a good start with several projects awarded or contracted during the first month of Q3.

國會最近通過並簽署成為法律的法案對稅收優惠政策的取消做出了一些明確的規定，這將使我們的客戶能夠更好地規劃未來。雖然我們的客戶仍然需要財政部對法案中某些語言的澄清，但我們的客戶仍照常開展業務，我們也沒有看到任何項目被推遲。我們仍然預計今年下半年和 2026 年可再生能源訂單環境將保持穩健，並且我們已在第三季度第一個月授予或簽約了多個項目，這是一個良好的開端。

As we discussed last quarter, we could see a deceleration of the growth in the battery storage business despite best tax credits extending limitations on the domestic supply of materials and near-term uncertainty in the gross prospects of this market. However, this currently represents only a small percentage of our renewables revenue.

正如我們上個季度所討論的那樣，儘管最佳稅收抵免延長了國內材料供應的限制，並且該市場總體前景短期內存在不確定性，但我們可能會看到電池存儲業務的增長放緩。然而，這目前僅占我們再生能源收入的一小部分。

Industrial Services were also up from the prior year, driven primarily by the increase in natural gas generation activity. As I stated earlier in my comments, there is a high demand for these services, and we are working to build teams to take on more work. We have added talent this year, which will allow us to increase the number of projects in the coming quarters, and we will continue adding and training personnel for additional project teams.

工業服務也比上年有所成長，主要原因是天然氣生產活動的增加。正如我之前在評論中提到的，這些服務的需求很高，我們正在努力組建團隊來承擔更多的工作。我們今年增加了人才，這將使我們能夠在未來幾季增加專案數量，並且我們將繼續為其他專案團隊增加和培訓人員。

Disciplined growth with high-quality experienced leaders is crucial to the success in this market. Our pipeline business was down from the prior year, but the near-term outlook is improving, particularly for large-diameter pipelines for natural gas and gas liquids. Larger-diameter lines are best suited for our expertise, and we are seeing more of these types of projects receive final investment decisions from customers.

擁有高素質、經驗豐富的領導者的規範成長對於在這個市場取得成功至關重要。我們的管道業務較上年有所下降，但近期前景正在改善，特別是大直徑天然氣和液化氣管道。更大直徑的管道最適合我們的專業領域，我們看到越來越多的此類項目從客戶那裡獲得最終投資決策。

We are optimistic about the opportunity to add new projects to backlog late this year or in early '26. Overall, Primoris had an outstanding second quarter and a first half of the year. We are excited about our growth prospects going forward and the tailwinds we are experiencing in many of the markets we service.

我們對今年年底或 2026 年初在積壓項目中添加新項目的機會感到樂觀。總體而言，Primoris 在第二季和上半年表現出色。我們對未來的成長前景以及我們在許多服務市場中遇到的順風感到興奮。

I'll now turn it over to Ken for more on our financial results.

現在我將把話題交給肯，讓他進一步介紹我們的財務表現。

Thanks, David. And good morning, everyone. Our Q2 revenue was just under $1.9 billion, an increase of $327 million or 20.9% from the prior year, driven by double-digit growth in both the Energy and Utilities segments. The Energy segment was up $263.3 million or 27% from the prior year driven by increased renewables activity as we had over $100 million of revenue pulled forward from the second half of 2025 and almost $50 million pulled forward from 2026. This was partly offset by lower pipeline activity.

謝謝，大衛。大家早安。我們第二季的營收略低於 19 億美元，比上年增加 3.27 億美元，成長 20.9%，這得益於能源和公用事業部門的兩位數成長。能源部門較前一年增加 2.633 億美元（27%），這得益於再生能源活動的增加，因為我們從 2025 年下半年提前了超過 1 億美元的收入，從 2026 年提前了近 5,000 萬美元。這被管道活動的減少部分抵消。

The Utilities segment was up $72.2 million or 11.6% from the prior year, driven by higher activity across all service lines, gas, communications, and power delivery. Gross profit or the second quarter was $231.7 million, an increase of $45 million or 24.1% compared to the prior year. This is primarily due to increased revenue in both segments and improved margins in the Utilities segment. As a result, gross margins were 12.3% for the quarter compared to 11.9% in the prior year.

公用事業部門比上年增加了 7,220 萬美元，即 11.6%，這得益於所有服務線路、天然氣、通訊和電力傳輸活動的增加。第二季毛利為 2.317 億美元，較上年增加 4,500 萬美元，增幅 24.1%。這主要是由於兩個部門的收入增加以及公用事業部門的利潤率提高。因此，本季毛利率為 12.3%，去年同期為 11.9%。

Turning to our segment results, Utilities segment gross profit was $97.5 million, up $33.5 million or 52.3% compared to the prior year. This was driven by improved profitability across all service lines, but particularly in power delivery, where gross profit more than doubled from Q2 of the prior year. As a result, gross margins improved to 14.1% compared to 10.3% in the prior year.

談到我們的分部業績，公用事業分部的毛利為 9,750 萬美元，比上年增加 3,350 萬美元，增幅為 52.3%。這是由於所有服務線的獲利能力提高，特別是電力輸送，其毛利比去年第二季增加了一倍以上。因此，毛利率從上年度的 10.3% 提高至 14.1%。

We are seeing the positive results of our strategic efforts to improve margins in the Utilities segment. Increased customer activity, a favorable mix of project work, and improved productivity are all contributing to higher revenue and margins in the segment. While we are always mindful of our normal seasonal decline in Q4, our year-to-date results and current outlook give us confidence that utilities margins will be in the 10% to 12% range for 2025.

我們看到了提高公用事業部門利潤率的策略努力的積極成果。客戶活動的增加、專案工作的良好組合以及生產力的提高都有助於提高該部門的收入和利潤。雖然我們始終關注第四季度的正常季節性下滑，但今年迄今為止的業績和當前的前景讓我們有信心，到 2025 年，公用事業利潤率將在 10% 至 12% 的範圍內。

In the Energy segment, gross profit was $134.2 million for the quarter, an increase of $11.5 million or 9.4% from the prior year due to higher revenue. Gross margins in this segment were 10.8%, down from 12.6% in the prior year. The decrease in margin was driven by fewer project closeouts compared to the prior year and increased cost on certain renewables projects due to unfavorable weather conditions during the quarter. However, we anticipate that margins in the Energy segment will tick up in the back half of the year.

在能源部門，本季毛利為 1.342 億美元，由於收入增加，比上年增加 1,150 萬美元或 9.4%。該部門的毛利率為10.8%，低於上年的12.6%。利潤率下降的原因是，與前一年相比，專案收尾數量減少，以及本季惡劣的天氣條件導致某些再生能源專案的成本增加。不過，我們預期能源部門的利潤率將在今年下半年上升。

Looking at SG&A, expenses in the second quarter were $104.5 million, an increase of only $4.4 million compared to the prior year. As a percent of revenue, SG&A declined from the prior year to 5.5% as we control SG&A growth to produce improved operating leverage. We do not expect to see material increases in SG&A in the second half of the year and expect SG&A to be just below 6% of revenue for the full-year 2025.

從銷售、一般及行政費用來看，第二季的支出為 1.045 億美元，與前一年相比僅增加 440 萬美元。由於我們控制銷售、一般及行政費用的成長以產生更好的經營槓桿，銷售、一般及行政費用佔收入的百分比較上年下降至 5.5%。我們預計下半年銷售、一般及行政費用不會大幅增加，並預計 2025 年全年銷售、一般及行政費用將略低於收入的 6%。

Net interest expense in the quarter was $7.6 million, down $9.6 million from the prior year due to lower average debt balances and interest rates. Based on current trends and expectations, we are updating our guidance for interest expense to be between $33 million to $37 million for the full year of 2025, down from the $44 million to $48 million we anticipated at the beginning of the year.

本季淨利息支出為 760 萬美元，較上年減少 960 萬美元，原因是平均債務餘額和利率較低。根據目前的趨勢和預期，我們將 2025 年全年利息支出預期更新為 3,300 萬美元至 3,700 萬美元之間，低於年初預期的 4,400 萬美元至 4,800 萬美元。

Our effective tax rate was 29% for the quarter, and we expect that this rate will be consistent for the full year. Net income increased to $84.3 million or $1.54 per fully diluted share, both up around 70% from the prior year. Adjusted EPS increased over 60% to $1.68 per fully diluted share, and adjusted EBITDA was up over 30% to $154.8 million compared to the prior year.

本季我們的有效稅率為 29%，我們預計全年此稅率將保持不變。淨收入增至 8,430 萬美元或每股 1.54 美元，較上年增長約 70%。調整後的每股盈餘較上年同期成長 60% 以上，達到每股 1.68 美元；調整後的 EBITDA 較上年同期成長 30% 以上，達到 1.548 億美元。

Transitioning to cash flow, Q2 cash from operations was a little over $78 million, a record for our second quarter, bringing our year-to-date operating cash flow to nearly $145 million. This represents a $157 million improvement in operating cash flow from the first half of last year. The increase was driven by higher net income and favorable working capital leverage. We are on pace for another solid year of operating cash flow that we currently expect to range between $250 million to $300 million.

轉向現金流，第二季營運現金流略高於 7,800 萬美元，創下第二季的最高紀錄，使我們年初至今的營運現金流達到近 1.45 億美元。這意味著經營現金流比去年上半年增加了 1.57 億美元。成長的動力來自於更高的淨收入和有利的營運資本槓桿。我們預計再創輝煌，實現 2.5 億至 3 億美元的營運現金流。

Moving over to the balance sheet, we maintained strong liquidity of $690 million, which includes approximately $390 million of cash and a little over $300 million in available borrowing capacity on our revolver. Our trailing 12-month net debt-to-EBITDA ratio dropped to 0.5 times EBITDA at the end of Q2. This puts us in a great position to continue to deploy capital to invest organically in the high-growth, higher-margin areas of the business, pay down debt and be opportunistic around M&A that meets our strategic and financial criteria.

轉到資產負債表，我們保持了 6.9 億美元的強勁流動性，其中包括約 3.9 億美元的現金和略高於 3 億美元的循環信貸可用借貸能力。截至第二季末，我們過去 12 個月的淨負債與 EBITDA 比率下降至 EBITDA 的 0.5 倍。這使我們處於有利地位，可以繼續部署資本，對高成長、高利潤的業務領域進行有機投資，償還債務，並在符合我們的策略和財務標準的併購方面抓住機會。

Total backlog at the end of Q2 was just under $11.5 billion, an increase of approximately $100 million sequentially from Q1. Fixed backlog was lower by $500 million for Q1, primarily due to the timing of energy segment bookings. As David mentioned, we have had a good start to the third quarter in renewables and energy awards and believe that we will see bookings accelerate for the remainder of the year into 2026.

第二季末的總積壓訂單略低於 115 億美元，比第一季季增約 1 億美元。第一季固定積壓訂單減少了 5 億美元，主要原因是能源部門的預訂時間表。正如戴維所提到的，我們在再生能源和能源獎項方面在第三季度取得了良好的開端，並相信在今年剩餘時間直至 2026 年，我們的預訂量將會加速增長。

MSA backlog is up a little over $600 million from Q1, driven primarily by increased activity across our utility businesses, particularly power delivery. We are encouraged by the growing funnel of opportunities across the entire company and believe we are on track for a strong back half of the year. While the timing of contract signings and our progress on existing work can vary, we expect to be in a solid backlog position to start 2026.

MSA 積壓訂單較第一季增加了 6 億多美元，主要原因是我們的公用事業業務（尤其是電力傳輸）的活動增加。我們對整個公司日益增長的機會感到鼓舞，並相信我們預計在今年下半年取得強勁業績。雖然合約簽署的時間和現有工作的進度可能會有所不同，但我們預計到 2026 年初將處於穩固的積壓狀態。

Before turning it back over to David, I'll close with our updated guidance. We are increasing EPS guidance to $4.40 to $4.60 per fully diluted share, adjusted EPS guidance to $4.90 to $5.10 per fully diluted share, and adjusted EBITDA guidance to $490 million to $510 million for the full-year 2025. Additionally, we are increasing the range of our gross capital expenditures by $10 million at the midpoint to $100 million to $120 million, primarily for equipment to support growth. We are extremely pleased with our performance in the first half of the year and excited about the potential for continued earnings and margin expansion in the quarters ahead.

在將其交還給戴維之前，我將以我們的最新指導作為結束。我們將 2025 年全年每股盈餘 (EPS) 指引上調至每股攤薄收益 4.40 美元至 4.60 美元，調整後每股盈餘 (EPS) 指引上調至每股攤薄收益 4.90 美元至 5.10 美元，調整後 EBITDA 指引上調至 2025 年全年 4.9 億美元。此外，我們將總資本支出範圍中位數增加 1,000 萬美元，達到 1 億至 1.2 億美元，主要用於支援成長的設備。我們對上半年的業績感到非常滿意，並對未來幾季持續獲利和利潤率擴大的潛力感到興奮。

I'll now turn it back over to David.

現在我將把發言權交還給大衛。

Thanks, Ken. before we open the call for questions, I'd like to recap a few of the key points of the quarter. First, the demand backdrop for Primoris is the best we've experienced as a company. Our portfolio of services and strong customer relationships will allow Primoris to meet the critical infrastructure needs of North America for years to come. Everything we do in some way help our communities have the energy they need and support economic growth.

謝謝，肯。在我們開始提問之前，我想回顧一下本季的幾個要點。首先，Primoris 的需求背景是我們公司經歷過的最好的。我們的服務組合和牢固的客戶關係將使 Primoris 能夠滿足未來幾年北美關鍵基礎設施的需求。我們所做的一切都以某種方式幫助我們的社區獲得所需的能源並支持經濟成長。

Second, the prospects for providing services in the data center market are vast, and we are still in the initial stages of demonstrating our capabilities in this area. We believe companies like Primoris that can offer a range of services to these projects will benefit as the customers look to build these facilities quickly and efficiently.

第二，資料中心市場服務前景廣闊，我們仍處於初步展示該領域能力的階段。我們相信，像 Primoris 這樣能夠為這些專案提供一系列服務的公司將從中受益，因為客戶希望快速且有效率地建造這些設施。

Lastly, our strategy to improve utilities margins is showing results, and the end markets are looking more favorable than a year ago across the three business lines in this segment. Our customers have big plans and value the safe, dependable, and quality services we can provide. We look forward to partnering with them and providing them with the solutions they need to make these plans a reality.

最後，我們提高公用事業利潤率的策略正在取得成效，而該部門三條業務線的終端市場表現比一年前更為有利。我們的客戶有宏偉的計劃，並重視我們所能提供的安全、可靠和優質的服務。我們期待與他們合作並為他們提供實現這些計劃所需的解決方案。

We are excited about our potential to grow, and we will do so in a safe and efficient manner. A focus on disciplined bidding and project execution, while managing risk will enable us to expand margins and increase cash flow. We are confident that our success in these areas will allow us to generate long-term value for our employees, customers, and shareholders.

我們對我們的成長潛力感到興奮，我們將以安全有效的方式實現這一目標。注重嚴格的投標和專案執行，同時管理風險，將使我們能夠擴大利潤率並增加現金流。我們相信，我們在這些領域的成功將使我們為員工、客戶和股東創造長期價值。

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, CJS Securities.

（操作員指示）Lee Jagoda，CJS Securities。

Hi, good morning. It's Peter Lukas for Lee. Just starting on the energy side of the business. When the year started, you guys were telegraphing a back-end loaded order book in terms of new awards. As we sit today, is that expectation shifted at all? Or should we still expect to see a robust end to the year from an order perspective? And maybe if you could talk how much of this would come from renewables versus natural gas power or other? Just a little color there.

嗨，早安。李的飾演者是彼得盧卡斯 (Peter Lukas)。剛開始從事能源方面的業務。今年伊始，你們就發出了新獎項後端載入訂單簿的電報。今天我們坐在這裡，這種期望有任何改變嗎？或者從訂單角度來看，我們是否仍應期待今年年底強勁成長？您能否談談其中有多少來自再生能源、多少來自天然氣能源或其他能源？那裡只有一點顏色。

Sure. Good morning. It's Dave. Yes, we're still predicting currently that we're going to be more back half loaded. We've started off, and I'll let Ken give you some breakouts between the renewables maybe and the gas, at least as best we can. But we started off good and we're still seeing Q3 shaping up the way we thought and maybe even heavier bookings in Q4. We're still seeing -- we've had some bookings already in the first month of Q3. And a lot of LNTPs beginning to sign that kind of moves through the process to set them up for the latter half of Q3 and into Q4. So still pretty -- feel pretty good about those bookings in that space.

當然。早安.是戴夫。是的，我們目前仍然預測我們將承擔更多半負荷。我們已經開始了，我會讓肯給你一些再生能源和天然氣之間的突破，至少是我們所能做到的。但我們開局不錯，而且我們仍然看到第三季的業績按照我們想像的方式發展，第四季的預訂量甚至可能更高。我們仍然看到——我們在第三季的第一個月已經收到一些預訂。許多 LNTP 開始透過此流程簽署此類舉措，為第三季後半段和第四季做好準備。所以仍然非常——對該領域的預訂感覺非常好。

Yes. And Pete, with respect to renewables versus the rest of energy, I think the predominance of it will be renewables the way it's looking right now. We do expect to sign some more gas generation projects in the back half, but I don't have any solid numbers on that right now. So we'll have to get back to you on that.

是的。皮特，關於再生能源與其他能源的比較，我認為從目前的情況來看，再生能源將佔據主導地位。我們確實希望在下半年簽署更多的天然氣發電項目，但目前我還沒有任何確切的數字。所以我們必須就此事回覆您。

Great, and just one more. You guys did touch on it, but on the Utilities segment, performed well so far this year, performing well. How much of this overall demand stems from MSA customers versus the timing of spend? And as we look out the next 12 to 24 months, how do you see demand levels trending for your customers?

太好了，再來一個。你們確實談到了這一點，但在公用事業領域，今年到目前為止表現良好。整體需求中有多少來自 MSA 客戶以及消費時間？展望未來 12 至 24 個月，您認為客戶的需求水準趨勢為何？

Well, a lot of it on the MSA side, obviously, on the gas utilities and the electric utilities, it's pretty much all driven by MSA work for us. I think we said we were -- we had some initiatives underway to improve margins. We did have some favorable closeout on a couple of projects. But we still see the improvement in margins holding for us. We've got some more work to do there in. Our crew productivities have improved and still feel pretty good about where we're sitting in that space.

嗯，顯然，MSA 方面的許多工作，包括天然氣公用事業和電力公用事業，幾乎都是由 MSA 工作推動的。我想我們說過我們正在採取一些措施來提高利潤率。我們確實在幾個項目上取得了一些有利的成果。但我們仍然看到利潤率提高。我們還有一些工作要做。我們的工作人員的生產效率已經提高，並且對於我們目前所處的位置仍然感到滿意。

Julien Dumoulin-Smith, Jefferies.

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

Yes, hi, good morning. It's Brian Russo on for Julien.

是的，你好，早安。布萊恩·魯索 (Brian Russo) 取代朱利安 (Julien)。

Good morning, Brian.

早安，布萊恩。

Hey, just to follow up on the Utilities segment, you upped the gross margin target for 2025 to 10% to 12%. I think that was versus the prior 9% to 11%. And I'm wondering, is that a structural shift due to all the initiatives you previously mentioned and that we're kind of seeing a step-up in the sustainability, at least 100 basis points at the midpoint for that segment, mostly power delivery?

嘿，只是為了跟進公用事業部門，您將 2025 年的毛利率目標提高到 10% 至 12%。我認為這與之前的 9% 到 11% 相比。我想知道，這是由於您之前提到的所有舉措而導致的結構性轉變嗎？我們看到永續性有所提高，該部分的中間點至少提高了 100 個基點，主要是電力傳輸？

Yes. It's exactly what we've been talking about. So we expect to start seeing that benefit back half of this year and into next year. And based on the strength of this quarter and a lot of initiatives driving that, it looks like we've accelerated that a little bit, and that's given us the confidence to not only be 10% to 12% this year but sustaining going forward.

是的。這正是我們一直在談論的。因此，我們預計今年下半年和明年我們將開始看到這種好處。根據本季的強勁表現和推動這一成長的許多舉措，我們似乎已經加快了這一步伐，這讓我們有信心今年的成長率不僅能達到 10% 至 12%，而且還能在未來保持下去。

Okay, great. And just obviously, very strong solar revenue and bookings, right? You've increased -- it looks like the full year to $2.5 billion. How much of that was realized in the first half?

好的，太好了。顯然，太陽能收入和訂單量非常強勁，對吧？您已經將全年預算增加至 25 億美元。其中有多少是在上半年達成的？

How much of renewables was realized in the first half?

上半年再生能源實現了多少？

Yes, out of the $2.5 billion.

是的，25億美元。

How much of the $2.5 billion?

這25億美元有多少？

On the top line.

位於頂線。

About $1.4 billion.

約14億美元。

Okay. And so how does that tie into the $200 million to $250 million revenue target I think you had previously for FY25 and then the $300 million to $400 million longer-term annual run rate? And are you seeing any pull forward from the recent OBBB?

好的。那麼，這與您先前為 2025 財年設定的 2 億至 2.5 億美元的收入目標以及 3 億至 4 億美元的長期年運行率有何關係？您是否看到最近的 OBBB 有任何推動作用？

Yes, so we're upping our expectation for growth this year to about $300 million to $400 million from the original $200 million to $250 million, and there's a chance we may exceed that. On a go-forward basis, long-term basis, I think we're still targeting that $300 million to $400 million range. This year, it's a pull forward from not only -- there's about $100 million pull forward in the back half of the year, about $50 million pull forward from next year to the first half of the year. And really, none of it is due to OBBB or to tariffs. It's purely just been to good performance and timing of execution on the jobs.

是的，所以我們將今年的成長預期從原來的 2 億至 2.5 億美元提高到 3 億至 4 億美元左右，而且有可能超過這個數字。從長遠來看，我認為我們仍將目標定在 3 億至 4 億美元。今年，這不僅是一次提前投入——下半年有大約 1 億美元的提前投入，明年到上半年有大約 5000 萬美元的提前投入。事實上，這一切都不是 OBBB 或關稅造成的。這純粹是為了工作表現良好和執行時間正確。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc 資本市場。

Hi. This is Maddy Lehan on for Sangita. Hi, yes, you mentioned closeout payments in the Utilities segment in 2Q. Can you maybe quantify that for us and the impact that they may have had on margins in the quarter? Thank you.

你好。這是 Maddy Lehan 為 Sangita 表演的。您好，是的，您提到了第二季公用事業部門的清倉付款。您能否為我們量化一下這些因素以及它們對本季利潤率可能產生的影響？謝謝。

Yes. The main closeouts were with respect to some gas utility projects, and they contributed about $6 million of incremental gross profit during the quarter.

是的。主要的結算涉及一些天然氣公用事業項目，它們在本季度貢獻了約 600 萬美元的增量毛利。

Brent Thielman, D. A. Davidson.

布倫特·蒂爾曼、D.A.戴維森。

Hey, thanks. Good morning, guys. Great quarter. I actually wanted to dive a little bit more into -- obviously margins were great in Utilities, but the bookings were really fantastic. And wanted to piece that apart a little bit more. What were the big levers in the quarter for that segment?

嘿，謝謝。大家早安。很棒的一個季度。我實際上想深入了解一下——顯然公用事業的利潤率很高，但預訂量確實很棒。並想將其進一步分解。本季該部門的重大槓桿是什麼？

Hey, Brent. Look, I don't know if there are any specifically big levers. It was really -- it was all MSA driven, and it was spread across predominantly power delivery and multiple customers there but also a little bit in gas and comms. I think what's surprising us is -- the main surprise there is not the growth in power delivery bookings as much as -- if you go back to our Analyst Day last year, we expected low single-digit growth in gas and communications. We're now looking at closer to mid-single-digit growth in gas and communications for both this year and probably next year as well. So encouraged by the upside that we've seen in both of those areas.

嘿，布倫特。看，我不知道是否有任何特別大的槓桿。這確實全部是由 MSA 驅動的，主要涉及電力傳輸和多個客戶，但也涉及少量天然氣和通訊領域。我認為令我們感到驚訝的是——主要的驚訝之處並不是電力交付訂單的成長——如果你回顧去年的分析師日，我們預計天然氣和通訊業務將出現低個位數成長。我們現在預計今年以及明年天然氣和通訊產業的成長率都將接近中等個位數。我們看到這兩個領域都出現了積極跡象，這讓我們備受鼓舞。

Yes, Brent, I'll add a little bit. Obviously, the big spend in the T&D that everybody is talking about, but we're seeing some of our dual-service utility companies actually put in some very attractive spending programs on the gas side of their business also. And I think we weren't expecting that to be quite as much of a dramatic spend program, so that's boosting us also.

是的，布倫特，我會補充一點。顯然，大家都在談論輸配電領域的巨額支出，但我們看到一些雙服務公用事業公司實際上也在其業務的天然氣方面投入了一些非常有吸引力的支出計劃。我認為我們並沒有想到這將是一個如此大規模的支出計劃，所以這也對我們起到了推動作用。

Okay. And so this is really absent maybe some of the fixed project -- fixed-price power delivery projects I know you guys are pursuing on the smaller side. That really hasn't kicked in here yet. Is that fair?

好的。所以這確實缺少一些固定項目——固定價格電力傳輸項目，我知道你們正在追求較小的項目。但實際上，這還沒有真正開始。這樣公平嗎？

That is correct.

沒錯。

Okay, and I imagine that pipeline is still relatively interesting. Is there any comments you can make on that and how you could see that? We could see that play out over the next kind of 12, 18 months?

好的，我想那條管道還是比較有趣。您對此有何評論？您如何看待此事？我們能在接下來的 12 到 18 個月內看到這種情況嗎？

No. The only thing I would say is it's still very robust out there, and we're still pretty confident in some of our bookings coming either late Q3 or into Q4 on some of the power gen side, and they'll be nice bookings. And then obviously, the funnel for us in '26 even looks pretty nice also. So I think we'll end out '25 with some good bookings in that power side also on the gas side.

不。我唯一想說的是，市場仍然非常強勁，我們仍然非常有信心在第三季末或第四季的部分發電訂單中，這將是不錯的訂單。顯然，26 年我們的漏斗看起來也相當不錯。因此我認為，到 2025 年，我們將在電力和天然氣方面獲得一些不錯的預訂。

Okay. And then just on pipeline. I mean, it sounds like we're nearing an inflection here in the business just based on what you guys seem to be seeing going forward. David, I guess part one is, maybe there was a thought to manage this around $500 million in revenue. Does that go away and you're comfortable letting this be a larger business? And two, maybe the size and scale of some of the things that you're seeing in the pipeline, no pun intended, coming down the way here.

好的。然後就在管道上。我的意思是，從你們對未來發展的看法來看，我們似乎正接近業務的轉捩點。大衛，我想第一部分是，也許有人想過要將收入控制在 5 億美元左右。這種情況會消失嗎？您是否願意讓它發展成為一項更大的業務？第二，也許您正在看到的正在籌備中的一些事情的大小和規模，沒有雙關語的意思，正在發生。

Yes, Brent. Look, the short answer is we're going to be opportunistic around pipeline. We're going to scale up, we're not going to let it get out of control, and we're going to always be disciplined in what we bid. And so yes. Could I see it getting up to $500 million next year or maybe $600 million? Yes, it's all just going to depend on the opportunities and whether we get the ones that we want.

是的，布倫特。看起來，簡短的回答是，我們將在管道方面抓住機會。我們將擴大規模，不會讓事情失控，而且我們將始終嚴格遵守我們的投標規定。是的。我能否預見到明年其銷售額將達到 5 億美元或 6 億美元？是的，這一切都取決於機會以及我們是否能得到我們想要的機會。

Yes. And then Brent, I'll add, we've already picked up a really small one. But it's so small, it's not worth really talking too much about. But it kind of shows you that the gates beginning to open on some of those. And the funnel relative to some of the larger ones that we see are shaping up nicely. Again, I think even last call, we told you, and I don't think we have anything really different here that we're seeing. I think it's going to be more of a 2026 play than anything and then into '27.

是的。然後布倫特，我要補充一點，我們已經挑選了一個非常小的。但它太小了，不值得談論太多。但它向你表明，其中一些領域的大門開始打開。我們看到，相對於一些較大的漏斗，這個漏斗正在形成良好的狀態。再說一次，我想即使是最後一次通話，我們也告訴過你，我認為我們在這裡沒有看到任何真正不同的東西。我認為這更像是一場 2026 年的演出，然後進入 2027 年。

Joseph Osha, Guggenheim Partners.

古根漢合夥人公司約瑟夫‧奧沙。

Hello. Good morning. I have two questions. First, it does sound to me on the power delivery side like you're still saying you're going to try and stick with 380 kVa and below market. Am I kind of reading your comments correctly, or might we see you get after some 765? And I have one other question.

你好。早安.我有兩個問題。首先，從電力傳輸方面來看，你似乎仍在說要嘗試堅持 380 kVa 及以下的市場。我是否正確地理解了您的評論，或者我們是否可以看到您在 765 之後的表現？我還有一個問題。

Sure. I think you're reading it correctly. We have got some customers that are asking us to do small portions of a 765 for the purposes of maintenance and other storm-related work in the future. But again, we've got plenty of opportunities in those lower voltage ranges. So I think you're reading that exactly correct.

當然。我認為你讀得正確。有些客戶要求我們完成 765 的一小部分工作，以便將來進行維護和其他與風暴相關的工作。但同樣，在較低電壓範圍內我們仍有許多機會。所以我認為你的理解完全正確。

Yes. And obviously, I think the concern there had been about getting into a really -- a big -- a bigger high-risk project. And that's -- I'm hearing that that's not going to happen, so that's good. And then yes, just wondering, can I think of renewables? Obviously, it's growing, but is that subsegment may be perhaps a little bit margin dilutive on that side of the business, just looking at how the margin trended there and the revenue. Thank you.

是的。顯然，我認為人們擔心的是參與一個真正大、高風險的計畫。而且——我聽說這種事不會發生，所以這很好。是的，我只是想知道，我可以考慮再生能源嗎？顯然，它正在成長，但該細分市場可能會稍微稀釋該業務的利潤率，只需看看那裡的利潤率趨勢和收入即可。謝謝。

Yes. Joe, I think it was a little bit dilutive for the quarter just because of the weather impacts that I mentioned in my prepared comments. But in general, no, not dilutive at all.

是的。喬，我認為由於我在準備好的評論中提到的天氣影響，本季的業績已稀釋。但整體來說，不會，根本不會稀釋。

And is there any -- just as a follow up there, I mean, do you guys see any kind of potential for organic improvement in renewables gross margin going forward?

而且還有什麼——只是作為後續問題，我的意思是，你們是否認為再生能源毛利率未來有任何有機改善的潛力？

Yes, we always see opportunity there. And as you know from in the past, it's usually in conjunction with project closeout. So we will always see better margins or almost always see better margins in renewables in quarters where we have more project closeouts, which is not unlike what we saw a year ago at this time.

是的，我們總是在那裡看到機會。正如您過去所了解的，它通常與專案收尾相結合。因此，在專案收尾較多的季度，我們總是會看到更好的利潤率，或者幾乎總是會看到再生能源的利潤率更高，這與我們一年前此時看到的情況並無不同。

But that's kind of a one-off. I mean, just more generally -- I mean, is there a potential for those margins to get better more generically or they kind of are what they are?

但這只是一次性事件。我的意思是，更一般地說——我的意思是，這些利潤率是否有可能變得更好，或者它們目前的情況如何？

I see what you're saying, yes. No, they are what they are. We've always had strong margins in renewables. We expect to continue having strong margins, but I don't know if, going forward, there's going to be opportunity to actually get better than what we've been experiencing.

是的，我明白你的意思。不，他們就是他們。我們在再生能源領域一直擁有很高的利潤率。我們預計將繼續保持強勁的利潤率，但我不知道未來是否有機會比我們現在所經歷的更好。

Got it. Thank you very much.

知道了。非常感謝。

Avi Jaroslawicz, UBS.

瑞銀的 Avi Jaroslawicz。

Hey, good morning. So I know we've already discussed the margins in Utilities a little bit. But just in terms of your guidance, the midpoint, there seems to indicate margins down a decent bit year over year in the second half of this year, even excluding some of the benefit from storm work last year. So I was just wondering if you could share how you approach the guidance for the second half for the Utilities segment?

嘿，早安。所以我知道我們已經討論過公用事業的利潤率了。但就您的指導而言，中點似乎表明今年下半年的利潤率比去年同期下降了不少，甚至不包括去年風暴工作帶來的部分收益。所以我只是想知道您是否可以分享一下您對公用事業部門下半年的指導意見？

Yes. Look, we had outsized margins in Q2. So while we still expect to have strong margins in Q3 in Utilities, I think sequentially, they're going to be down from Q2 as a result of how good Q2 was and some of the one-time items that happened in there. And then, of course, sequentially, we're going to be -- we're expecting to be down in Q4. Q4 as you know, is always kind of a swing quarter for us. We generally expect it to be down because of seasonality and weather. It could be just that way this year or it could be better than that like we saw in Q4 last year based on weather and the timing of projects.

是的。你看，我們在第二季的利潤率非常高。因此，儘管我們仍然預計公用事業部門在第三季度的利潤率會很高，但我認為，由於第二季度的業績表現良好以及其中發生的一些一次性事件，其利潤率將環比第二季度有所下降。然後，當然，按順序，我們預計第四季度將會下降。如您所知，第四季度對我們來說始終是一個波動的季度。我們普遍預計，由於季節性和天氣原因，產量會下降。今年的情況可能就是這樣，或者可能比去年第四季的情況更好，這取決於天氣和專案的時間表。

Okay, and then I think you also noted opportunities in fiber for data centers. So just wondering, would we see those awards come into the fixed backlog in Utilities, or would it be in the MSA work?

好的，我想您也注意到了光纖在資料中心領域的機會。所以我只是想知道，我們是否會看到這些獎項進入公用事業的固定積壓工作中，還是會出現在 MSA 工作中？

It will be in both. It will be in both. Our communications business is a combination of MSA and project work on the margin, more MSA work than project work. And so you'll see it in both areas.

兩者都會存在。兩者都會存在。我們的通訊業務是 MSA 和專案工作的結合，MSA 工作比專案工作多。因此您會在兩個領域看到它。

Okay, appreciate it. Thank you.

好的，謝謝。謝謝。

(Operator Instructions) Adam Thalhimer, Thompson, Davis & Company.

（操作員指示）亞當·泰爾希默 (Adam Thalhimer)、湯普森 (Thompson)、戴維斯公司 (Davis & Company)。

Hey, good morning, guys. Congrats on a strong quarter, and it's good to see the stock above $100 million for the first time.

嘿，大家早安。恭喜本季業績強勁，很高興看到股價首次突破 1 億美元。

We would agree with those comments. Thank you.

我們同意這些評論。謝謝。

I was hoping to touch on your data center comments. You said you were tracking $1.7 billion worth of work. What would be the average size or your content within those jobs? Just curious, maybe you can comment on how many projects you see in that space.

我希望談談您對資料中心的評論。您說過您正在追蹤價值 17 億美元的工作。這些工作的平均規模或內容為何？只是好奇，也許您可以評論一下您在該領域看到了多少個項目。

Typically, we're seeing values of the sections that we handle, $100 million and under. Now having said that, we may see multiple projects within that one data center. So we may have more than $100 million involved in that one data center. But I think we've mentioned, we do a lot of different things in those data centers, everything outside the box, the power generation, the fiber, the interconnects, everything. And as far as the numbers of projects, gosh, they're almost -- they're not unlimited, obviously, but there's just hundreds if not thousands of those data centers, things out there for us that we're looking at. So I don't know if I answered your question or not.

通常，我們看到我們處理的部分的價值為 1 億美元及以下。話雖如此，我們可能會在一個資料中心內看到多個項目。因此，我們在那個資料中心可能投入了超過 1 億美元的資金。但我想我們已經提到過，我們在這些資料中心做了很多不同的事情，所有外部的事情，發電、光纖、互連，一切。至於專案的數量，天哪，它們幾乎是——顯然它們不是無限的，但我們正在考慮的資料中心有數百個甚至數千個。所以我不知道我是否回答了你的問題。

Perfect. Yes. And then I was actually going to go to the very next thing you said after that, David, which was the $2.5 billion of natural gas generation. Can you give a historical perspective around that? I mean, what that was a year ago and six months ago and how that backlog has -- or how the pipeline is filled there?

完美的。是的。然後我實際上要談談你接下來要說的事情，大衛，那就是 25 億美元的天然氣發電。您能否從歷史角度闡述這個問題？我的意思是，一年前和六個月前的情況如何，積壓情況如何——或者那裡的管道是如何填補的？

Yes. Let me let Ken on the backlog part. We have been increasing, obviously, because most of the -- on the power gen side, not all of them have been data center related. I want to make sure you realize that. I think we talked last quarter that we're working on something like five of them, and I think one of them was only data center-related at that time, and we are seeing more of the data center. But historically, Ken, I don't know if you have any comments.

是的。讓我讓肯來處理積壓部分。顯然，我們一直在增加，因為大多數發電方面的業務並非都與資料中心有關。我想確保你意識到這一點。我想我們上個季度談過，我們正在研究其中五個，我認為其中一個當時只與資料中心相關，而我們看到了更多的資料中心。但從歷史上看，肯，我不知道您是否有任何評論。

Sorry, Adam, I don't know what that backlog was a year ago, so it's hard to give you specifics. I can tell you it has definitely grown over the course of the past 12 months. And as David said, we're seeing opportunities around both in and outside of data centers.

抱歉，亞當，我不知道一年前積壓的情況如何，所以很難給你具體細節。我可以告訴你，在過去的 12 個月裡，它確實有所成長。正如大衛所說，我們在資料中心內外都看到了機會。

Great, I'll turn it over. Thank you.

太好了，我把它翻過來。謝謝。

Thank you.

謝謝。

Drew Chamberlain, JPMorgan.

摩根大通的德魯張伯倫。

Yes, good morning, guys. Thanks for taking the questions. First one, I just kind of want to follow up on the data center trend here. You guys trying to put into perspective a little bit of like that $1.7 billion or -- so I guess on that $1.7 billion, what do you think is achievable for you to book this year? And then how should we think about that revenue volume. Is that all incremental to like your base plan here? Or is that work that maybe two years ago, you would have thought would have been used for a different application is now transitioning to data center? Or is that just all on top?

是的，大家早安。感謝您回答這些問題。首先，我只是想跟進一下這裡的資料中心趨勢。你們試著從某個角度來看這 17 億美元——所以我想，對於這 17 億美元，你們認為今年可以實現什麼目標？那我們該如何看待這個收入量呢？這些都是增量的，就像您這裡的基本計劃一樣嗎？或者，也許兩年前，您會認為這項工作會用於不同的應用程序，而現在卻轉向資料中心？或者這只是最基本的？

Well, let me start out talking about the $1.7 billion. Obviously, we're not going to get all of the $1.7 billion. We have submitted bids and been shortlisted and selected on a good portion of that. I would tell you, of that portion that we've been shortlisted on, it's somewhere in the $400 million to $500 million.

好吧，我先來談談這 17 億美元。顯然，我們不會獲得全部 17 億美元。我們已經提交了投標，並且已經入圍並被選中了其中的大部分。我可以告訴你，我們入圍的部分金額大約在 4 億到 5 億美元之間。

That doesn't mean that we're not going after the rest of it. It's kind of in a staged approach. So feel good about that work. That work is expected to be contracted by year-end. So we'd expect the funnel to continue to grow in the quarters ahead. I think that should give you enough, Drew, but if not, ask another question there and I'll see if I can answer it.

這並不意味著我們不會追求其餘部分。這是一種分階段的方法。所以對那項工作感覺很好。預計該工作將於年底簽訂合約。因此，我們預計未來幾季漏斗將繼續成長。我認為這應該給你足夠的資訊了，德魯，但如果還沒有，請在那裡問另一個問題，我會看看是否可以回答。

Yes, sorry. And then just the other part being, is that incremental to what your kind of base plan assumed? Or is this kind of repurposing teams for data center work?

是的，抱歉。那麼另一部分是，這是否是您所假設的基本計劃的增量？或者這是重新調整團隊以進行資料中心工作？

No. Most of it is incremental to what we'd originally put in our plan last year at our Analyst Day. So it's been great to see that materialize. And as we talked about before, it touches a number of different parts of our business. Those opportunities around data centers are both in transmission and substation and in fiber and in generation.

不。其中大部分內容都是我們去年分析師日最初提出的計劃的增量。我很高興看到這一目標實現。正如我們之前談到的，它涉及我們業務的許多不同部分。資料中心周圍的機會既存在於輸電和變電站領域，也存在於光纖和發電領域。

And Drew, your comment on repurposing, I'll make this comment. I think we've said before, the type of works that we're doing in those data center areas, especially on the power side, our workforce in our industrial segment is very spongeable there in. So it's the same types of work. So we're certainly not seeing any shortage of the ability to handle those projects.

德魯，關於你關於重新利用的評論，我會發表這樣的評論。我想我們之前已經說過，我們在資料中心領域所做的工作類型，特別是在電力方面，我們工業領域的勞動力非常適合吸收。所以這是相同類型的工作。因此，我們肯定不會看到處理這些項目的能力有任何短缺。

All right. Just one more for me. Cash coming in keeps outpacing cash going out. So I'm just wondering if there's any thoughts on latest capital allocation priorities and maybe just thoughts on what's changed in the last three months in your mind on how you wanted to deploy cash?

好的。對我來說再多一個就好了。現金流入持續超過現金流出。所以我只是想知道，您對最新的資本配置重點有什麼想法，或者您對過去三個月裡您希望如何部署現金有什麼變化有什麼想法？

Yes. Drew, really no change at all. We're continuing to focus on working capital improvement. We're continuing to build cash and pay down debt. And then, obviously, M&A -- positioning the balance sheet for M&A is the next priority, and then, of course, return of capital. So we continue to look for M&A opportunities. We continue to focus on paying down debt and growing the business.

是的。德魯，真的一點變化都沒有。我們將繼續關注營運資金的改善。我們正在繼續累積現金並償還債務。然後，顯然，併購——為併購定位資產負債表是下一個優先事項，然後，當然是資本回報。因此我們繼續尋找併購機會。我們繼續專注於償還債務和發展業務。

Great. Thanks, guys.

偉大的。謝謝大家。

And that concludes our Q&A session. I will now turn the conference back over to David King for closing remarks.

我們的問答環節到此結束。現在我將會議交還給大衛金 (David King) 並請他致閉幕詞。

Thank you for your questions and interest in Primoris. We are pleased with our first-half results and look forward to carrying this momentum in the remainder of the year and into 2026. Thank you, and we look forward to updating you next quarter.

感謝您的提問以及對 Primoris 的關注。我們對上半年的業績感到滿意，並期待在今年剩餘時間和 2026 年繼續保持這一勢頭。謝謝，我們期待下個季度向您更新最新情況。

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

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