Primoris Services Corp (PRIM) 2025 Q3 法說會逐字稿

Good morning, and welcome, everyone, to the Primoris Services Corporation third-quarter 2025 earnings conference call and webcast. Today's conference is being recorded. (Operator Instructions)

各位早安，歡迎參加 Primoris Services Corporation 2025 年第三季財報電話會議和網路直播。今天的會議正在錄影。（操作說明）

At this time, I would like to turn the conference over to Blake Holcomb, Vice President of Investor Relations. Please go ahead.

此時，我謹將會議交給投資人關係副總裁布萊克‧霍爾科姆。請繼續。

Good morning and welcome to the Primoris third-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年第三季財報電話會議。今天與我一同發表準備好的評論的是董事長兼臨時總裁兼執行長大衛·金，以及財務長肯·道奇。

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. 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 only as of today, November 4, 2025. We disclaim any obligation to update these statements, except as may be required by law.

在開始之前，我想讓大家了解我們安全港聲明中包含的某些措詞。本公司提醒，本次電話會議中某些陳述屬於前瞻性陳述，存在各種風險及不確定性。實際結果可能與我們的預測和預期有重大差異。這些風險和不確定性已在我們提交給美國證券交易委員會的報告中進行了討論。我們的前瞻性聲明僅代表我們截至 2025 年 11 月 4 日的展望。除法律另有規定外，我們不承擔更新這些聲明的義務。

In addition, during this conference call, we will make reference to certain non-GAAP financial measures. A reconciliation of these non-GAAP financial measures are available on the Investors section of our website and in our third quarter 2025 earnings press release, which was issued yesterday.

此外，在本次電話會議中，我們將提及一些非GAAP財務指標。這些非GAAP財務指標的調節表可在我們網站的投資者關係部分以及我們昨天發布的2025年第三季財報新聞稿中找到。

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

現在我將把電話交給大衛金。

Thank you, Blake. Good morning, and thank you for joining us today to discuss our third quarter 2025 operational and financial results. Primoris had another great quarter, once again delivering record revenue, operating income and earnings. I am proud of our employees and their ability to execute at a high level, while providing our customers with safe, reliable service and driving profitable growth. Operating cash flow was also a highlight in the third quarter and further demonstrates the hard work we have put in to improve in this area.

謝謝你，布萊克。早安，感謝各位今天蒞臨本次會議，與我們共同探討2025年第三季的營運與財務表現。Primoris 又迎來了一個輝煌的季度，再次創下營收、營業收入和利潤的新紀錄。我為我們的員工感到自豪，他們能夠高水準地執行任務，同時為我們的客戶提供安全可靠的服務，並推動獲利成長。第三季經營現金流也是一大亮點，進一步證明了我們為改善這一領域所付出的努力。

As a result of this emphasis, we have been able to make tremendous progress in delevering the balance sheet and allowing us to invest in the business to be well prepared for the surge in demand we are currently seeing across our end markets. I am particularly proud of how we have generated free cash flow and set new highs on our return on invested capital since making these metrics a priority. We are a company focused on the development of quality people and delivering quality projects for our clients. We continue to allocate our time and resources to capitalize on what we believe is a generational opportunity for our infrastructure solutions that will drive value for our shareholders. Last quarter, I discussed the significant demand on the horizon for power generation and the growing prospect of providing more services, which support the development of data centers.

由於我們採取了這種重點措施，我們在降低資產負債表槓桿率方面取得了巨大進展，使我們能夠投資於業務，從而為我們目前在終端市場看到的激增需求做好充分準備。我特別感到自豪的是，自從我們將自由現金流和投資回報率作為優先事項以來，我們取得了顯著成效，並創下了新的投資回報率新高。我們是一家專注於培養優秀人才並為客戶提供優質專案的公司。我們將繼續投入時間和資源，抓住我們認為具有劃時代意義的基礎設施解決方案機遇，這將為我們的股東創造價值。上個季度，我討論了未來電力生產方面的巨大需求，以及為支援資料中心發展而提供的更多服務的日益增長的前景。

I want to reiterate that these and other opportunities remain squarely in front of us. The ramp-up in revenue, combined with the delay of a couple of larger dollar value projects, led to a higher-than-anticipated backlog burn rate in the Energy segment. The timing of when projects are signed and placed into backlog can be due to a number of factors, including changes in scope and design and the shifting of supply chain schedules. We continue to direct our attention toward the things we can control during the process and providing our customers with the resources they need from us to get the projects built timely. I want to emphasize that our lower than forecasted bookings in Q3 were not a result of projects being canceled or awarded to other service providers, but are instead being impacted by other circumstances that can affect the timing of executed contracts.

我想重申，這些以及其他機會仍然擺在我們面前。收入成長，加上幾個較大金額項目的延遲，導致能源部門的積壓訂單消耗速度高於預期。專案簽約和進入待辦事項清單的時間可能受多種因素影響，包括範圍和設計的變更以及供應鏈計劃的調整。我們將繼續把注意力集中在過程中我們可以控制的事情上，並為客戶提供他們需要的資源，以便專案能夠按時完成。我想強調的是，我們第三季的預訂量低於預期，並非由於專案被取消或授予其他服務提供者，而是受到其他可能影響合約執行時間的因素的影響。

Because of this, we remain highly confident that we will sign several high-value Energy segment projects in the coming quarters that will set us up for another successful year in 2026. I'll now turn to our performance for the quarter by segment. In the Utility segment, third quarter revenue was up double digits from the prior year. We also had double-digit backlog growth in utilities as demand for power, gas and communication services continues to surge. Leading the revenue growth was gas operations, where activity and margins remain resilient.

因此，我們仍然非常有信心在未來幾季簽署幾個高價值的能源領域項目，這將為我們在 2026 年再創佳績奠定基礎。接下來，我將以業務部門介紹本季的業績。在公用事業板塊，第三季營收比去年同期實現了兩位數的成長。由於電力、天然氣和通訊服務的需求持續激增，公用事業的積壓訂單也出現了兩位數的成長。天然氣業務引領了營收成長，該業務的業務量和利潤率保持穩定。

We are seeing increased customer spend on development programs in the Midwest, Southeast and Texas that have enabled us to step up and capitalize on these trends. In regions with more variable activity, we have controlled costs to maintain solid margins. While the fourth quarter can bring unpredictable weather that can impact work schedules, our gas utility business appears to be on track for a record year in 2025. Communications revenue and margins were also up from the prior year driven by broadband expansion and an increase in major project build-outs. We believe the emergence of larger EPC network bills tied to data centers will continue to support growth in our Communications business.

我們看到，中西部、東南部和德克薩斯州的客戶在開發項目上的支出不斷增加，這使我們能夠迎頭趕上，並利用這些趨勢。在經濟活動波動較大的地區，我們透過控製成本來維持穩健的利潤率。雖然第四季可能會出現難以預測的天氣，從而影響工作安排，但我們的天然氣公用事業業務似乎有望在 2025 年創下歷史新高。受寬頻擴張和大型專案建設增加的推動，通訊收入和利潤率也比上年有所增長。我們相信，與資料中心相關的更大規模的EPC網路帳單的出現將繼續支持我們通訊業務的成長。

We are targeting over $100 million of these projects over the next few quarters, which if successful, would complement our fiber-to-home new build and maintenance programs. We are also monitoring how states are managing the potential for federal funds to further build out networks in underserved areas, which could be a catalyst in the Communications business that we are not currently building into our plans. Power Delivery had its best revenue quarter in recent years as demand is rapidly increasing in key geographies. More clients are releasing work orders from engineering at a faster pace, which is leading to increased activity and more favorable mix of work. These trends and customer conversations on upcoming plans helped to drive Utility segment backlog up from the prior quarter to an all-time high of nearly $6.6 billion.

我們計劃在未來幾季投入超過 1 億美元用於此類項目，如果成功，將與我們的光纖到戶新建和維護計劃形成互補。我們也在關注各州如何利用聯邦資金進一步建設服務不足地區的網絡，這可能會成為通訊業務的催化劑，而我們目前還沒有將其納入我們的計劃。由於重點地區的需求快速成長，電力輸送業務迎來了近年來最佳的營收季度。客戶向工程部門下達工作訂單的速度越來越快，這導致工程活動增加，工作組合也更加有利。這些趨勢以及客戶對即將推出的計劃的討論，推動公用事業部門的積壓訂單從上一季增加到近 66 億美元的歷史新高。

Margins continue to trend in the right direction for Power Delivery but were lower compared to the prior year as we did not have the benefit of storm work we had in 2024. We have more progress to make to achieve our longer-term Power Delivery goals, but I am pleased with the accomplishments of our teams and leaders over the past two years. We're in a great position to benefit from the expansion and hardening of the electric grid in many of the regions where it is most needed. And I believe our safety culture, expertise and ability to invest in the business will open the door for further growth across transmission, substation and distribution. Turning to the Energy segment.

電力傳輸業務的利潤率繼續朝著正確的方向發展，但與前一年相比有所下降，因為我們沒有像 2024 年那樣受益於風暴災害修復工作。我們距離實現長期電力傳輸目標還有很長的路要走，但我對過去兩年我們的團隊和領導者所取得的成就感到滿意。我們處於非常有利的位置，可以從許多最需要電網的地區電網的擴建和加固中受益。我相信，我們的安全文化、專業知識和對業務的投資能力將為輸電、變電站和配電領域的進一步發展打開大門。接下來是能源板塊。

The Renewables business had a record revenue quarter as Utility-scale EPC and battery storage continued to accelerate. The higher-than-expected revenue growth in Renewables has been a main driver of the decrease in backlog and an area that has seen project signings push out a quarter or two. However, as mentioned earlier, we remain highly confident that we will sign several high-value projects in the coming quarters that will set us up for another successful year in 2026. The signing of the One Big Beautiful Bill and the subsequent treasury department guidance has allowed our customers to have a substantial volume of projects safe harbored for the next several years. This has provided increased stability and visibility to this market.

再生能源業務季度營收創歷史新高，公用事業規模的EPC項目和電池儲能業務持續加速成長。再生能源收入成長高於預期，這是導致積壓訂單減少的主要驅動因素，也是專案簽約推遲一到兩個季度的領域。然而，正如前面提到的，我們仍然非常有信心在未來幾季簽署幾個高價值項目，這將為我們在 2026 年再創佳績奠定基礎。《一項宏偉法案》的簽署以及隨後財政部的指導意見，使得我們的客戶在未來幾年內能夠擁有大量安全可靠的項目。這提高了市場的穩定性和透明度。

However, customers are still navigating some uncertainty on tariffs that has slowed down the process of pricing and therefore, the signing of certain projects. The funnel of projects remains very healthy and is expanding with new Tier 1 customers wanting to work with us on their high-value projects. Based on our conversation with customers, we view this as a near-term adjustment to the timing of bookings and believe we will see backlog begin to build over the next few quarters. The battery storage market outlook is also beginning to improve after a couple of quarters of uncertainty. We're seeing the increased adoption of battery storage on upcoming projects, adding storage to previously constructed projects and a growing number of stand-alone projects as well.

然而，客戶仍面臨關稅方面的一些不確定性，減緩了定價過程，因此也減緩了某些項目的簽署。專案管道仍然非常健康，並且隨著越來越多的頂級客戶希望與我們合作開展他們的高價值專案而不斷擴大。根據我們與客戶的溝通，我們認為這是對預訂時間的短期調整，並相信在接下來的幾個季度裡，積壓訂單將會開始增加。經歷了幾個季度的不確定性之後，電池儲能市場的前景也開始好轉。我們看到，在即將進行的專案中，電池儲能技術的應用越來越廣泛；在已建成的專案中，也增加了儲能設施；此外，獨立專案的數量也在增加。

This is giving us increased confidence that we can have continued success and an attractive market growth. Industrial Services also saw impressive revenue growth from the prior year as natural gas generation activity has risen to a level not seen in over a decade. Primoris' track record for successful execution on gas generation projects has helped us earn an excellent reputation in the market. This has put us in a position of being a leader in the construction of gas-fired power facilities where growth is driven by the further electrification of the industry and data centers. We continue to take a disciplined approach to growth in this market but expect to have some sizable awards in the fourth quarter and into 2026 that will set us up for meaningful growth and accretive margins with good execution.

這讓我們更有信心能夠持續取得成功並實現可觀的市場成長。工業服務部門的收入也比前一年實現了顯著增長，天然氣發電活動已上升到十多年來的最高水平。Primoris 在天然氣發電專案執行方面取得的成功記錄，幫助我們在市場上贏得了良好的聲譽。這使我們在燃氣發電設施建設領域處於領先地位，而該領域的成長是由工業和資料中心的進一步電氣化所驅動的。我們將繼續採取穩健的成長策略，但預計在第四季和 2026 年將獲得一些可觀的訂單，這將為我們帶來有意義的成長和利潤提升，前提是執行得當。

The Pipeline business has faced challenges this year as revenues and margins partially offset the strong results in the quarter. Despite the recent headwinds in the business, our leadership has done well in managing the costs and keeping crew members active as we anticipate what appears to be an emerging upcycle. Headwinds impacting pipeline services have quickly reversed, and we're beginning to see tailwinds develop in this business line. We are seeing bids materialize for several large projects, and we anticipate the trend to shift toward the positive with awards as soon as this quarter. It would only take a few awards to see a revenue and margin benefit in the Energy segment and we are optimistic that 2026 will serve as the starting point.

今年管道業務面臨挑戰，營收和利潤率部分抵消了本季強勁的業績。儘管近期業務面臨許多不利因素，但我們的領導層在控製成本和維持員工積極性方面做得很好，我們預計即將迎來一個上升週期。影響管道服務的不利因素已經迅速逆轉，我們開始看到該業務領域出現順風。我們看到幾個大型項目的投標正在逐步落實，我們預計這一趨勢將朝著積極的方向發展，最早在本季度就會有項目授標。能源領域只需獲得幾個獎項就能帶來收入和利潤成長，我們樂觀地認為 2026 年將是一個起點。

In summary, Primoris continues 2025's momentum with a record third quarter and we are energized about the future opportunities we have to take advantage of the significant tailwinds across our end markets. I'll now turn it over to Ken for more on our financial results.

總而言之，Primoris 延續了 2025 年的發展勢頭，第三季創下歷史新高，我們對未來充滿信心，相信我們能夠抓住終端市場蓬勃發展的有利形勢，把握未來的機遇。現在我將把發言權交給肯，讓他詳細介紹我們的財務表現。

Thanks, David, and good morning, everyone. Our Q3 revenue was nearly $2.2 billion, an increase of $529 million or 32% compared to the prior year, driven by double-digit growth in both the Energy and Utility segments. The Energy segment was up $475 million or 47% from the prior year, driven by increased renewables and industrial activity. In Renewables, project progress continues to accelerate resulting in revenue outpacing our expectations by over $400 million for the quarter and by over $900 million year-to-date. We have seen significant revenue pulled forward from Q4 and from 2026 driven by strong project execution and early delivery of major materials.

謝謝你，大衛，大家早安。第三季營收接近 22 億美元，比去年同期成長 5.29 億美元，成長 32%，這主要得益於能源和公用事業部門的兩位數成長。能源板塊較上年增長 4.75 億美元，增幅達 47%，主要得益於再生能源和工業活動的增加。在再生能源領域，專案進展持續加速，導致本季營收超出預期 4 億美元以上，年初至今超出預期 9 億美元以上。由於專案執行強勁以及主要材料的提前交付，我們看到第四季度和 2026 年的大量收入提前實現。

We now expect Renewables revenue to be closer to $3 billion for the full year 2025, up from our previous estimate of $2.6 billion. Additionally, our Industrial business was up over $100 million compared to Q3 2024, driven by strong execution on gas power generation and other industrial work. The Utility segment was up over $70 million or 10.7% from the prior year, driven by higher activity across all service lines, led by Gas Operations and Power Delivery. Gross profit for the third quarter was $235.7 million, an increase of $37.2 million or 18.7% compared to the prior year. This was attributable to increased revenue partially offset by lower margins in both segments.

我們現在預計，2025 年全年再生能源收入將接近 30 億美元，高於我們先前估計的 26 億美元。此外，由於天然氣發電和其他工業項目的強勁執行，我們的工業業務比 2024 年第三季成長了 1 億美元以上。公用事業板塊較上年增長超過 7,000 萬美元，增幅達 10.7%，主要得益於所有服務線業務活動的增加，其中天然氣運營和電力輸送業務表現尤為突出。第三季毛利為 2.357 億美元，較上年同期成長 3,720 萬美元，成長 18.7%。這主要歸因於收入增加，但兩個業務部門的利潤率均有所下降，部分抵消了收入成長的影響。

As a result, gross margins were 10.8% for the quarter compared to 12% in the prior year. Looking at our segment results. The Utility segment gross profit was $86 million, essentially flat compared to the prior year, resulting in gross margins decreasing to 11.7% compared to 13.1% in the prior year. The lower gross margins were mainly due to a significant decrease in higher-margin storm work in the current quarter compared to the prior year. In fact, the benefit from storm work in Power Delivery is about a third of what we saw in Q3 of the prior year.

因此，本季毛利率為 10.8%，而去年同期為 12%。查看我們各業務板塊的業績。公用事業部門的毛利為 8,600 萬美元，與去年基本持平，導致毛利率從上年的 13.1% 下降至 11.7%。毛利率下降主要是由於本季高利潤率的風暴災害防治工作量較上年同期大幅減少。事實上，風暴災害對電力傳輸的益處大約只有上年第三季的三分之一。

Excluding storm work, utilities margins were comparable to the prior year. Despite not realizing this margin benefit, we are seeing quality performance in Power Delivery and the rest of Utility segment, including an increase in non-MSA work compared to the prior year, which is a strategic priority for us as we seek to improve margins in this segment. In the Energy segment, gross profit was $149.7 million for the quarter, an increase of $38.1 million or 34.2% from the prior year primarily due to higher revenue. Gross margins in the segment were 10.1%, down from 11% in the prior year. The decrease in margin was driven by fewer project closeouts in 2025 compared to the prior year.

不計風暴災害相關工作，公用事業利潤率與前一年持平。儘管尚未實現這一利潤率收益，但我們在電力傳輸和公用事業部門的其他領域都看到了高品質的業績，包括與前一年相比非MSA工作量的增加，這是我們尋求提高該部門利潤率的戰略重點。能源業務部門本季毛利為 1.497 億美元，較上年同期成長 3,810 萬美元，增幅達 34.2%，主要原因是營收增加。該業務板塊的毛利率為 10.1%，低於上年的 11%。利潤率下降的原因是 2025 年的工程竣工數量比前一年減少。

Pipeline margins were also a drag on margins during the quarter due to lower revenue and gross profit compared to Q3 of 2024. However, we are expecting to see some margin improvement in the segment as we close out the year and move into 2026. Looking at SG&A. Expenses in the third quarter were $97.7 million, which was in line with the prior year. As a percentage of revenue, SG&A declined 140 basis points from the prior year to 4.5%.

與 2024 年第三季相比，管道業務利潤率下降，導致本季利潤率下滑，原因是收入和毛利降低。不過，我們預計隨著今年接近尾聲，進入 2026 年，該領域的利潤率將會有所改善。看看銷售、一般及行政費用。第三季支出為 9,770 萬美元，與去年同期持平。銷售、一般及行政費用佔收入的百分比較上年下降 140 個基點至 4.5%。

This was driven by our record revenue and ongoing efforts to control administrative costs and improve our operating leverage. While SG&A could tick up slightly as we wrap up the year, we expect SG&A as a percent of revenue to be in the mid- to high 5% range for the full year. Net interest expense in the quarter was $7 million, down $10.9 million from the prior year, partly due to lower average debt balances and lower interest rates. Based on current trends and expectations, we are updating our guidance for interest expense to be between $30 million to $32 million for the full year, down from the $33 million to $37 million guidance we provided last quarter. This is due to our continued reduction in debt and lower interest rates.

這主要得益於我們創紀錄的收入以及我們持續控制管理成本和提高營運槓桿的努力。雖然隨著年底臨近，銷售、一般及行政費用可能會略有上升，但我們預計全年銷售、一般及行政費用佔收入的百分比將在 5% 中高段位。本季淨利息支出為 700 萬美元，比去年同期減少 1,090 萬美元，部分原因是平均債務餘額減少和利率降低。根據目前的趨勢和預期，我們將全年利息支出預期更新為 3,000 萬美元至 3,200 萬美元，低於上季給出的 3,300 萬美元至 3,700 萬美元的預期。這是由於我們持續減少債務和降低利率所致。

Our effective tax rate was down slightly because of some discrete tax impacts during the quarter. We now expect that our effective tax rate for the full year will be approximately 28.5%. Net income increased to $94.6 million or $1.73 per fully diluted share, both up around 61% from the prior year. Adjusted EPS increased by over 54% to $1.88 per fully diluted share, and adjusted EBITDA was $168.7 million, up 32% compared to the prior year, setting us on a course to achieve record earnings per share and adjusted EBITDA for the full year 2025. Transitioning to cash flow, Q3 cash from operations was a little over $180 million, bringing our year-to-date cash flow to more than $327 million.

由於本季受到一些特殊稅務因素的影響，我們的實際稅率略有下降。我們現在預計全年的實際稅率約為 28.5%。淨利潤增至 9,460 萬美元，即每股完全稀釋收益 1.73 美元，均較上年增長約 61%。調整後每股收益成長超過 54%，達到每股 1.88 美元（完全稀釋後），調整後 EBITDA 為 1.687 億美元，比上年增長 32%，這為我們實現 2025 年全年創紀錄的每股收益和調整後 EBITDA 奠定了基礎。轉而談現金流，第三季經營活動產生的現金略高於 1.8 億美元，使我們今年迄今的現金流超過 3.27 億美元。

This represents a $117 million improvement in operating cash flow compared to the first 9 months of the year. The increase was driven by higher net income and a continued focus on working capital efficiency. Turning to the balance sheet. We closed Q3 with approximately $431 million of cash and total liquidity of $746 million. We also paid down $100 million on our term loan during the quarter, helping to lower our trailing 12-month net debt-to-EBITDA ratio to 0.1x EBITDA.

與今年前 9 個月相比，這代表經營現金流改善了 1.17 億美元。成長主要得益於淨收入增加以及對營運資本效率的持續關注。接下來看一下資產負債表。第三季末，我們持有約 4.31 億美元現金，總流動資金為 7.46 億美元。本季我們也償還了 1 億美元的定期貸款，幫助我們將過去 12 個月的淨債務與 EBITDA 比率降低至 0.1 倍 EBITDA。

Our balance sheet strength allows us to invest in the resources required to meet our increasing organic opportunities, while allowing flexibility to add scale or new services through M&A that meet our financial and strategic criteria. A disciplined approach to accretive M&A remains a focus for us, and we are encouraged by the quality of acquisition targets we are currently seeing in the market. Total backlog at the end of Q3 was around $11.1 billion, down around $430 million sequentially from Q2. Fixed backlog was lower by about $921 million due to a combination of higher revenue burn and the timing of Energy segment bookings. As David mentioned, we have seen the signing of some contracts pushed to the right about 3 to 6 months as our customers navigated through all of the volatility and change during the past 3 quarters.

我們雄厚的資產負債表實力使我們能夠投資於滿足不斷增長的自身發展機會所需的資源，同時還能靈活地透過符合我們財務和戰略標準的併購來擴大規模或提供新服務。我們仍然專注於採取嚴謹的方式進行增值併購，我們對目前市場上收購目標的品質感到鼓舞。第三季末的總積壓訂單約為 111 億美元，比第二季季減了約 4.3 億美元。由於收入消耗增加以及能源板塊訂單的時間安排等因素，固定積壓訂單減少了約 9.21 億美元。正如大衛所提到的那樣，由於我們的客戶在過去三個季度經歷了各種波動和變化，我們看到一些合約的簽署被推遲了大約 3 到 6 個月。

But our large funnel of high-quality opportunities is still very strong, and we view this backlog decline as temporary. Although bookings and our progress on work and backlog will vary quarter-to-quarter, we have a high degree of visibility to new awards in the coming quarters for the Energy segment across solar and natural gas generation and midstream pipeline. MSA backlog is up $492 million from Q2, driven by increased activity across our utilities businesses and particularly Power Delivery as customer investment in the power grid ramps. Before turning it back over to David, I'll close with our updated guidance. We are increasing EPS guidance to $4.75 to $4.95 per fully diluted share and adjusted EPS guidance to $5.35 to $5.55 per fully diluted share.

但我們擁有大量優質商機，而且這些商機依然非常強勁，我們認為這種積壓訂單的減少只是暫時的。儘管訂單量和我們的工作進度以及積壓訂單量會逐季度變化，但我們對未來幾個季度能源領域（包括太陽能和天然氣發電以及中游管道）的新訂單授予情況有很高的預期。MSA 積壓訂單較第二季增加了 4.92 億美元，這主要得益於我們公用事業業務，特別是電力傳輸業務的活動增加，因為客戶對電網的投資正在增加。在將發言權交還給大衛之前，我將以我們更新的指導方針作為結尾。我們將每股收益預期上調至每股攤薄收益 4.75 美元至 4.95 美元，並將調整後每股收益預期上調至每股攤薄收益 5.35 美元至 5.55 美元。

And even though we had about $10 million of adjusted EBITDA pulled forward from Q4 into Q3, we are also raising our adjusted EBITDA guidance to $510 million to $530 million for the full year 2025, with the opportunity to achieve the upper end of that range with good weather in Q4. Additionally, we are increasing the range of our gross capital expenditures by $10 million at the midpoint to $110 million to $130 million to support this continued growth. We have had an excellent first 3 quarters of the year generating cash flow, paying down debt and growing earnings. As we move to close out the year, we are confident that we will finish strong and carry positive momentum into 2026. I'll now turn it back over to David.

儘管我們已將第四季度約 1000 萬美元的調整後 EBITDA 提前至第三季度，但我們仍將 2025 年全年的調整後 EBITDA 預期提高至 5.1 億美元至 5.3 億美元，如果第四季度天氣良好，則有機會達到該範圍的上限。此外，為了支持這一持續成長，我們將總資本支出範圍的中點價值增加 1,000 萬美元，達到 1.1 億美元至 1.3 億美元。今年前三個季度我們表現出色，現金流充裕，債務得以償還，獲利也在持續成長。隨著年末臨近，我們有信心以強勁的勢頭結束這一年，並將積極的勢頭延續到 2026 年。現在我把任務交還給大衛。

Thanks, Ken. Before we open the call for questions, I'd like to recap a couple of key points of the quarter. First, Primoris is operating at an extremely high level, and we are seeing the results. We have tailored our strategy to emphasize improved margins, earnings growth, cash flow generation and the efficient allocation of capital and we are experiencing success in each of these areas. This is a direct result of our company culture and the dedication of our people in the field and those who support them.

謝謝你，肯。在正式開始提問環節之前，我想先回顧本季的幾個要點。首先，Primoris 的營運水準非常高，我們已經看到了成果。我們調整了策略，重點是提高利潤率、獲利成長、現金流產生和資本的有效配置，並且我們在這些方面都取得了成功。這直接源自於我們的公司文化，以及我們第一線員工和支持他們的工作人員的奉獻精神。

Second, the outlook for Primoris remains as good as we have seen and we have the people and our customer relationships to take advantage of the opportunities ahead of us. In all areas of our business, we will continue to work with and on behalf of our customers to develop the solutions to meet the infrastructure needs of the communities we serve. There's a lot of work to be done, and we are in a prime position to be a major contributor to the growth and modernization of the utility and energy infrastructure in North America. Lastly, I want to thank the people at Primoris for their support and efforts during my time as interim CEO. It has been a privilege to work alongside them for these past few quarters, and I'm grateful to have had the opportunity to play a role in transitioning Primoris into its next chapter led by Koti Vadlamudi.

其次，Primoris 的前景仍然像我們所看到的那樣良好，我們擁有足夠的人才和客戶關係來抓住眼前的機會。在我們業務的各個領域，我們將繼續與客戶合作，代表客戶開發解決方案，以滿足我們所服務社區的基礎設施需求。還有很多工作要做，我們處於有利地位，可以成為北美公用事業和能源基礎設施發展和現代化的主要貢獻者。最後，我要感謝 Primoris 的各位在我擔任臨時執行長期間給予的支持和努力。在過去的幾個季度裡，能夠與他們一起工作是我的榮幸，我也很感激有機會在 Koti Vadlamudi 的領導下，參與 Primoris 過渡到下一個篇章。

Koti is a talented and tenured executive that meets all the criteria we are looking for in the next leader of Primoris. I and the rest of the Board are pleased to have him join us, and we look forward to supporting him. It is an exciting time to be in our industry and especially to be part of the Primoris team. I have a high degree of confidence that the best years of Primoris are in front of us. I want to encourage our teams to maintain the high standard of execution they have through the first 9 months of the year and close out 2025 strong with a look to the future.

Koti是一位才華橫溢、經驗豐富的管理者，符合我們對Primoris下一任領導人的所有要求。我和董事會的其他成員都很高興他能加入我們，我們期待支持他。對於我們這個行業來說，這是一個令人興奮的時代，尤其是對於 Primoris 團隊來說更是如此。我非常有信心，Primoris 最好的時光還在前方。我想鼓勵我們的團隊保持今年前 9 個月的高執行水準，並以強勁的勢頭展望未來，為 2025 年畫上圓滿的句號。

We will now open up the call for your questions.

現在開始接受提問。

(Operator Instructions) Philip Shen, Roth Capital Partners.

（操作員說明）Philip Shen，Roth Capital Partners。

You guys had previously expected fiscal '25 order intake to be back-half weighted. Dave, you just shared in your prepared remarks that you expect Energy bookings to improve in the coming quarters. Can you provide some additional color on how bookings might look so far in this quarter, Q4? And then additional color on how they might trend?

你們之前預計 2025 財年的訂單量將主要集中在下半年。戴夫，你在事先準備好的演講稿中提到，你預計未來幾季能源預訂量將會有所改善。能否再詳細介紹本季（第四季）目前的預訂狀況？然後，再補充一些關於它們未來發展趨勢的資訊？

Sure, Philip. Thanks for the question. Yes, we've indicated even in some of my opening remarks that some of the timing for some of the energy segment jobs were probably going to be pushed into this Q4 timeframe. And indeed, we've seen that. I'll let Ken kind of give you some rough numbers in a moment, but I would tell you that we're looking to have a very good book-to-bill in our Energy segment and possibly in other areas.

當然可以，菲利普。謝謝你的提問。是的，我們甚至在我開場白中也提到過，一些能源領域工作的進度可能會推遲到第四季。而事實上，我們已經看到了這一點。稍後我會讓 Ken 給你一些大概的數字，但我可以告訴你，我們希望在能源領域以及其他領域都能取得非常好的訂單出貨比。

Also in this Q4, we've already booked some pretty nice awards and currently doing some paperwork to continue firming up some additional awards in Q4. So just as (inaudible) said, I'm pretty comfortable with where we're going to end up relative to Q4 bookings. So Ken?

此外，在第四季度，我們已經預訂了一些相當不錯的獎勵機票，目前正在處理一些文書工作，以繼續確定第四季度的一些額外獎勵機票。正如（聽不清楚）所說，我對我們第四季的預訂量最終結果相當滿意。所以，肯？

Yes. Phil, the other thing I would add is while we definitely entered the year thinking that it would be back-half loaded, what we weren't anticipating is all the noise from tariffs and OB3 and everything else. So all that's done in this kind of as we mentioned in our opening comments, is kind of shift everything out a quarter to as much as 2 quarters in a few cases. But looking at Q4 already, just for the Energy segment alone, we've already booked over $600 million. We have another $600 million that should book within the next 30 days.

是的。菲爾，我還要補充一點，雖然我們年初的時候確實認為下半年會比較忙，但我們沒有預料到的是關稅、OB3 以及其他所有事情帶來的噪音。正如我們在開場白中提到的，所有這些做法都是將所有內容向外移動一個季度，在某些情況下甚至會向外移動兩個季度。但僅就第四季而言，僅能源板塊，我們已經預訂了超過 6 億美元的收入。我們還有另外 6 億美元的訂單，預計在未來 30 天內完成。

And for the Energy segment, we're expecting a book-to-bill well north of 1 for Q4, maybe as high as 1.2 or 1.3, depending on how the rest of the quarter closes out.

至於能源板塊，我們預計第四季度訂單出貨比將遠高於 1，可能高達 1.2 或 1.3，具體取決於本季剩餘部分的收尾情況。

Great. That color is very helpful. And shifting over to -- or staying with the Energy segment. Book-to-bill was 0.3x. You just talked about how that could be strong.

偉大的。這個顏色很有幫助。並轉向——或繼續留在能源領域。訂單出貨比為0.3倍。你剛才還說這可能很強。

How much of the $300 million Q3 revenue in the Energy segment was attributable to a pull forward of demand timing? And what do you think Q4 Energy revenue looks like? You talked about bookings, but let's talk about the revenue now.

第三季能源業務3億美元的營收中，有多少是因為需求提前釋放？你認為第四季能源收入會是多少？你剛才談到了預訂量，但我們現在來談談收入吧。

Yes. The pull forward on revenue was at least $100 million. And I don't have the exact numbers in front of me right now, but I know there was comfortably $100-plus million of revenue that was pulled forward that led to the EBITDA pull forward as well. Revenue for Q4, I've got a ballpark number of about $1.2 billion for Energy in Q4.

是的。提前實現的營收至少為 1 億美元。我現在手頭上沒有確切的數字，但我知道有超過 1 億美元的收入提前確認，這也導致了 EBITDA 的提前確認。我估計第四季能源業務的營收約為 12 億美元。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc 資本市場。

So I know you have discussed a lot about the renewables bookings being pushed out. Can we talk about the gas generation bookings, maybe how the funnel of opportunities looks there? And if there were any delays in bookings in that subsegment?

我知道你們已經討論了很多關於再生能源預訂被推遲的問題。我們可以談談天然氣發電的訂單狀況嗎？比如說，這方面的機會管道是怎麼樣的？如果該細分市場的預訂有任何延誤呢？

Sure, Sangita. Thanks for the question again. Yes, there was a little bit that kept being pushed out. Remember, we're trying to work with our customers to get that price, that fixed price and some of the delays relative to some of the materials that needed in the project, getting firm pricing and things like that kind of pushed them a little bit to the right on us. But as Ken mentioned, we're seeing those now become bookings.

當然可以，桑吉塔。再次感謝你的提問。是的，有一小部分一直被擠出來。記住，我們正在努力與客戶協商，爭取那個價格，那個固定價格。但由於專案所需的一些材料出現了延誤，導致價格難以確定，諸如此類的事情讓他們不得不稍微向右調整價格。但正如肯所提到的，我們現在看到這些都變成了預訂。

And so again, I'm seeing that delay in some of those bookings getting behind us, especially in the Q4. And then we're still looking at fairly strong bookings in Q1 and Q2 also.

因此，我再次看到一些預訂出現延誤，尤其是在第四季。而且我們預計第一季和第二季的預訂量也將相當強勁。

Got it. And then on the comment in your press release about weather impacting some of your projects in 3Q. Are those projects all done? Or should we expect more kind of like margin leakage from those into 4Q?

知道了。然後是關於你們新聞稿中提到的天氣對第三季部分項目造成影響的評論。這些項目都完成了嗎？或者我們應該預期第四季會出現更多類似的利潤流失？

Yes. So Sangita, I think the -- so the short answer is not all the projects are done. It was pretty heavily focused on the pipeline part of our business and just a couple of projects there. As those projects finish in Q4 and burn-off, we may have a little bit of margin drag in Q4, but that should be it.

是的。所以桑吉塔，我認為——所以簡而言之，並非所有項目都已完成。它主要專注於我們業務的管道部分，而且只做了幾個項目。隨著這些項目在第四季度完成並結束，我們第四季度的利潤率可能會受到一些拖累，但僅此而已。

Lee Jagoda, CJS Securities.

李雅戈達，CJS證券。

I guess for starters, David, it was fun the second time around and if Koti listening, he's going to have to work on his southern accent a little bit.

首先，大衛，第二次玩得很開心；如果科蒂聽了，他得稍微改進一下他的南方口音了。

I agree, Lee. I agree.

我同意，李。我同意。

If we can start with the utility side of the business, you've had 4 straight quarters of double-digit top line organic growth. And obviously, the backlog both on a year-over-year basis and a sequential basis has improved somewhere between 10% and 20%, depending on which metrics you're looking at. If you're sitting here today, how sustainable is that double-digit organic growth on the utility side as we move, not just into Q4 but as we look out into 2026?

如果我們從業務的公用事業方面說起，你們已經連續四個季度實現了兩位數的營收自然成長。顯然，積壓訂單量無論從同比還是環比來看，都改善了 10% 到 20%，具體改善幅度取決於你查看的是哪些指標。如果你今天坐在這裡，你會問，隨著我們不僅進入第四季度，而且展望到 2026 年，公用事業領域兩位數的有機成長還能持續嗎？

Well, let me start out, and then I'll let Ken add some more color as he sees fit. We did increase our range for those utilities between that 10% and 12% for the year, as you know, we mentioned that last time. I do think those are sustainable going in. The demand, as you've seen, Lee, has been pretty strong in our Utility segment. We're still seeing good build-outs on the communication side and the utilities, good build-outs on the gas side -- gas utility side of it.

好，就讓我先開始吧，然後肯再根據自己的理解添加一些細節。如您所知，我們上次也提到過，我們確實將這些公用事業的年度漲幅範圍擴大到了 10% 到 12% 之間。我認為這些方案是可持續的。李，正如你所看到的，我們公用事業板塊的需求一直非常強勁。我們仍然看到通訊和公用事業方面建設良好，天然氣方面建設良好——天然氣公用事業方面也是如此。

So I would say that I'm still feeling pretty comfortable that we can maintain those.

所以我覺得我們仍然很有信心能夠維持這些目標。

Well, that's just on the margin side, that 10% to 12%. I'm more talking on the revenue side. You've done 10% plus the last 4 quarters in a row -- no, no, no, topline growth.

嗯，那隻是利潤率方面的問題，大概在 10% 到 12% 之間。我主要指的是收入方面。你們連續四個季度都實現了 10% 以上的成長——不，不，不，營收成長。

Okay. On the top line. Yes, the revenue growth has been strongly aided by the gas and communication strength that we're seeing. And again, we're still seeing just on the revenue side, a tremendous demand out there for our services, continuing to build teams, continuing to train personnel. So I still see that as a pretty strong market for us to continue to grow in.

好的。在最上面一行。是的，天然氣和通訊行業的強勁成長極大地促進了營收成長。而且，就收入方面而言，我們仍然看到市場對我們的服務有著巨大的需求，我們將繼續組建團隊，並繼續培訓員工。所以我仍然認為這是一個我們能夠繼續成長的強勁市場。

And then one more, and I'll hop back in the queue here. So Ken, I think you mentioned $1 million of pull forward year-to-date in Energy. And as we continue to pull forward, some of that's got to come from the future beyond 2025. So despite all these large bookings, and I guess, under the framework, we had been expecting $300-ish million of revenue improvement from Energy each of the next couple of years, how does that set up for revenue growth within the Energy segment and Renewables specifically in 2026?

再來一個，我就重新排隊。肯，我想你提到能源產業今年迄今的提前結算額為 100 萬美元。隨著我們不斷向前邁進，其中一些必須來自 2025 年以後的未來。儘管有這麼多大訂單，而且我猜，根據框架，我們原本預計未來幾年能源業務的收入將增長約 3 億美元，那麼到 2026 年，能源業務，特別是可再生能源業務的收入增長前景如何呢？

Yes. Look, the vast majority of that is in the Renewables business. So as we started talking about last quarter, I think our revenue growth is going to be much less for Renewables going into '26, probably a couple of hundred million or something like that is my best guess right now. We're still firming up our '26 numbers. Where we see the revenue growth opportunity still remaining strong, though, going into '26 is in our Industrial part of our business, predominantly the gas generation that we've been talking about and in Pipeline.

是的。你看，其中絕大部分都集中在再生能源產業。正如我們上個季度開始討論的那樣，我認為到 2026 年，再生能源的收入成長將會大幅減少，我目前的估計大概只有幾億美元左右。我們仍在最終確定 2026 年的數據。不過，我們認為到 2026 年，營收成長機會仍然強勁的領域是我們的工業業務，主要是我們一直在談論的天然氣發電和管道業務。

Despite some of the margin issues we experienced this quarter, Pipeline -- the pipeline opportunities for revenue growth are pretty significant right now. So we could see $100 million to $200 million of revenue growth just in Pipeline alone going into next year.

儘管本季我們遇到了一些利潤率問題，但管道——目前管道帶來的收入成長機會相當大。因此，光是明年管道業務一項，我們就能看到 1 億至 2 億美元的收入成長。

Yes. And Lee, I would add one more thing on Ken's comments. The kind of pipeline projects we're looking at now are really down the fairway for us through the larger diameter pipeline projects. So I feel like we'll perform better on those in the future than what we've been struggling with on some of the work that we've seen over this last year or so.

是的。李，關於肯的評論，我還有一點要補充。我們現在關注的這類管道項目，實際上是更大直徑管道項目，這對我們來說是一條發展前景廣闊的道路。所以我覺得，未來我們在這些方面會比過去一年左右我們所遇到的一些工作表現得更好。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

Koti, welcome to the crew and it's been a pleasure otherwise. Look, let me -- if I can come back to what you were saying just there a second ago. I mean, what's like the rate of growth there on the Pipeline side of the business? I mean, it seems like what you just said a moment ago implies a pretty steep ramp versus where you're starting. And then also maybe to go back to another comment from earlier.

Koti，歡迎加入團隊，除此之外，合作非常愉快。聽著，讓我——如果我能回到你剛才說的話的話。我的意思是，管道業務方面的成長率大概是多少？我的意思是，你剛才說的話似乎暗示著，與你目前的起點相比，接下來的路要走得相當陡峭。然後或許還可以回顧一下之前的另一則評論。

Given some of the delay in just booking some of these Renewable projects, for instance, what does that say about the cadence of revenue growth here over the next few years on Renewables? Is it more back-end weighted to '27, '28 versus '26? Or how would you set expectations? I know you guys used to have those long-term Renewable revenue growth targets.

例如，考慮到部分再生能源專案的預訂存在延誤，這預示著未來幾年再生能源收入成長的節奏會如何？與 2026 年相比，2027 年和 2028 年的後端開發工作是否更偏重於後端開發？或者你會如何設定預期？我知道你們以前有過再生能源長期收入成長目標。

Yes. So I'll go in reverse order. On the -- on the Renewable side, look, I think the cadence is actually coming down for '26, as I mentioned. And then we're looking for kind of a return to normal going into '27 and '28. The softness in '26 is pretty heavily driven by the delay in bookings for renewals tied to all the noise that we've had this year.

是的。那我倒著講。至於再生能源方面，我認為正如我之前提到的，2026 年的節奏實際上會下降。然後我們希望在 2027 年和 2028 年恢復正常。2026 年的疲軟很大程度上是由於今年各種幹擾導致續約預訂延遲所致。

The good news is, as we've been talking about is, that funnel is as strong as ever, and our customer base is -- has a lot of projects they want us to build. Just switching back to your first question on Pipeline. Pipeline is right now in '25, a $300 million to $350 million revenue business for us. All it takes is one or two of those projects that David is talking about for it to jump $100 million to $150 million going into '26.

好消息是，正如我們一直在討論的那樣，這個銷售管道依然強勁，我們的客戶群有很多項目希望我們來建立。回到你關於 Pipeline 的第一個問題。目前，管道運輸業務正處於 2025 年，為我們帶來 3 億至 3.5 億美元的收入。只要大衛所說的那些項目中有一兩個得以實施，到 2026 年，其規模就能躍升 1 億至 1.5 億美元。

And then just given the size of those businesses there, what does that do for operating for margins here in operating margins in terms of as you think about scaling up on that front, especially -- well, I'll leave it there.

考慮到這些企業的規模，當你考慮擴大規模時，這對這裡的營運利潤率有什麼影響，特別是——好吧，我就說到這裡吧。

Yes. I mean nothing really on the renewable side since it's already a fairly scaled business. On the Pipeline side, that's where there's some margin accretion opportunity going into '26 as we get that business back up to scale.

是的。我的意思是，在再生能源方面其實沒什麼特別的，因為這已經是個相當成熟的產業了。在管線運輸方面，隨著我們逐步擴大業務規模，到 2026 年將有一些利潤成長的機會。

And Julien, my comment also add, and I've added it each time is on the pipeline side of the business, those book and burn very quickly. So they'll -- usually what you book in 1 quarter, you're going to burn over the next 3 to 4 quarters. So it burns very quickly.

Julien，我的評論也補充一點，而且我每次都補充一點，那就是業務的管道方面，那些訂單很快就能售罄。所以通常情況下，你在一個季度預訂的預算，會在接下來的 3 到 4 個季度內消耗掉。所以它燃燒得很快。

Yes. Absolutely. I hear you. Excellent. Actually, just to clarify your earlier comment, do you think it's the top of the cycle of '28?

是的。絕對地。我明白了。出色的。實際上，為了澄清你之前的評論，你認為現在是 2028 年周期的頂峰嗎？

Are you seeing incremental interest in '29 and '30 given the safe harbor comments you made there? Does it stay at that '28 level or even compound?

鑑於您之前發表的關於安全港的評論，您是否看到人們對 '29' 和 '30' 的興趣增加？它會保持在 28 的水平，還是會繼續上漲？

I don't know if it compounds, but yes, we expect strong bookings and revenue kind of through the end of the safe harbor period.

我不知道這是否會加劇這種情況，但沒錯，我們預計在安全港期結束前，預訂量和收入都會保持強勁增長。

Okay. Excellent. I appreciate the forward-looking view.

好的。出色的。我欣賞這種前瞻性的觀點。

Joseph Osha, Guggenheim Partners.

Joseph Osha，古根漢合夥公司。

First, David, congratulations on your interim stewardship here. It's been great working with you. Two questions. Just following up a bit on Julien's question. Are you guys any -- or do you think you're going to see any attempt to surge solar completions in '27 as people try and get in under this place in service deadline?

首先，David，恭喜你在此擔任臨時負責人。和你一起工作非常愉快。兩個問題。我再補充一下 Julien 的問題。你們覺得——或者說，你們認為會有人試圖在 2027 年大幅增加太陽能專案的完工量，以趕在專案投入使用的最後期限前完工嗎？

Or is there enough safe harbor that, that just doesn't matter? And then I have a follow-up.

或者說，是否存在足夠安全的避風港，以至於這一切都無關緊要？然後我還有一個後續問題。

Yes, Joe. On the safe harbor side, no, we've got -- all of our customers are telling us they've got enough safe harbor that they don't see any issues with that.

是的，喬。就安全港條款而言，不，我們——我們所有的客戶都告訴我們，他們已經獲得了足夠的安全港條款，他們認為這方面沒有任何問題。

All right. So no kind of '27 surge that you see, everybody is just plowing ahead because they've got enough safe harbor.

好的。所以不會出現像 2027 年那樣的激增，大家都在全力以赴，因為他們有足夠的安全港灣。

Correct.

正確的。

Correct.

正確的。

And then you guys have talked a little bit about some of the single cycle gas business you've got in particular behind defense. I think you said Stargate, I'm just wondering, as you think about your single-cycle gas business going forward, how does that break down between kind of traditional front of the meter peak or and some of these opportunities sitting next to data centers inside defense? And how big could that get?

然後你們也稍微談到了你們在國防領域，特別是單循環汽油業務方面的一些進展。我想你剛才提到了星際之門，我只是好奇，當你考慮未來單週期天然氣業務的發展時，你如何看待傳統計量表前的峰值需求，以及國防資料中心附近的一些機會？那規模究竟能有多大？

Well, we're currently working on about four projects, not all of them in data centers, but we all -- we obviously are working on Stargate. We've been awarded and it's been announced also that we're starting to do the Power Gen side on the FERMI project, the one went up there in the Amarillo, Texas area. And so that market for us on the simple cycle can continue to grow. In fact, we've built out several teams getting ready for that surge, and we see a tremendous funnel of opportunities in front of us. I'll let Ken kind of mention a number in a moment because we've looked at potentially how big we think that revenue could get in that market for us next year.

嗯，我們目前正在進行大約四個項目，雖然不是所有項目都在資料中心進行，但我們所有人——顯然我們都在參與星際之門項目。我們已經中標，並且已經宣布我們將開始在 FERMI 專案中進行發電部分的工作，該專案位於德克薩斯州阿馬裡洛地區。因此，對於我們這種簡單的循環方式來說，市場可以繼續成長。事實上，我們已經組建了好幾個團隊來應對這波需求激增，我們看到了擺在我們面前的巨大機會。稍後我會讓 Ken 透露一個具體數字，因為我們已經研究過明年我們在這個市場的收入可能會達到多大。

Yes. Joe, I think next year, we grow top line $100 million to $150 million easily, maybe with a little upside to that. And just to kind of firm up what David was saying, there's a lot of moving pieces right now, but I -- going forward, I think it's probably going to be about a third behind the meter. That's a ballpark number and two-thirds stand-alone more brownfield sites that are just either merchant or contracted.

是的。喬，我認為明年我們的營收很容易就能成長到 1 億到 1.5 億美元，甚至可能還有一些成長空間。為了進一步證實大衛剛才所說的，目前有很多變數，但就目前而言，我認為它可能會落後於進度約三分之一。這是一個大致的數字，其中三分之二是獨立的棕地，要么是商業用地，要么是承包用地。

Okay. And guys, can I ask one very quick follow-up. I'm really sorry. As you look at turbine supply, are you finding you have to kind of go to sort of Cat or Atlas Copco or something? Or are you able to -- are your customers able to get turbines from the Big 3?

好的。各位，我可以問一個非常簡短的後續問題嗎？我真的很抱歉。在考察渦輪機供應時，您是否發現您必須選擇卡特彼勒或阿特拉斯·科普柯之類的公司？或者說，您的客戶能否從三大能源公司獲得風力渦輪機？

They're getting in from the Big 3 and from Cat and others. So it depends on the type of turbines and size of turbines they're getting and where they are in the stack.

他們從三大巨頭、卡特彼勒和其他公司進軍。所以這取決於他們使用的渦輪機的類型和尺寸，以及它們在煙囪中的位置。

Brent Thielman, D.A. Davidson.

布倫特·蒂爾曼，D.A.戴維森。

I had a question on the Utility backlog growth has been pretty notable. It looks like Power Delivery a decent part of that this year. And I guess my question, Ken, is, as we think about that becoming potentially a bigger piece of the segment as you convert that business, why wouldn't it be accretive to the margin profile as we look out 12, 24-plus months?

我有一個關於公用事業積壓訂單成長非常顯著的問題。今年看來，電源傳輸（Power Delivery）在其中發揮了相當大的作用。肯，我想問的是，考慮到隨著你轉換業務，這可能會成為該細分市場中更大的份額，那麼展望未來 12 個月、24 個月甚至更長時間，為什麼它不會提高利潤率？

Yes. It will be accretive to the margin profile, especially as we continue to build out our project capabilities that we've talked about. A big chunk of the backlog growth we've seen thus far has been really on the distribution side, which tends to be a little bit lower margin for us. But the project work is coming and it is growing. Some of it's going to be done within the MSAs and some of it's going to be done outside the MSAs.

是的。這將提升利潤率，尤其是在我們繼續建立我們之前談到的專案能力的情況下。到目前為止，我們看到的積壓訂單成長的大部分實際上都集中在分銷方面，而分銷方面的利潤率往往較低。但是專案工作正在進行中，而且正在不斷發展壯大。部分工作將在大都會統計區內完成，部分工作將在大都會統計區外完成。

Got it. And David, since I think you commented on it, that the relationship with FERMI, is a portion of that already in the backlog? Is there more to come? If you could just expand on that, that would great.

知道了。大衛，我記得你好像也提到過，與費米研究所的關係，是不是已經列入待辦事項清單的一部分了？後續還有嗎？如果你能再詳細解釋一下，那就太好了。

No, it wasn't in the backlog. We were awarded on LNTP. It will be in Q4 backlog. So that was part of the projects I was mentioning that we just got awarded in Q4.

不，它不在積壓的工作清單裡。我們在 LNTP 計畫中獲獎。它將列入第四季的待辦事項清單。這就是我剛才提到的我們在第四季度獲得的幾個項目的一部分。

Sean Milligan, Needham.

肖恩·米利根，尼德姆。

Two questions. The first one real quick on the gas power side and margin expectations there. As you grow that business, do we think about margins being accretive to energy margins on the gross side?

兩個問題。首先，我們快速了解一下燃氣發電方面的情況以及利潤預期。隨著業務的成長，我們是否考慮利潤率能夠提高毛利率方面的能源利潤率？

They will be accretive. They're running upper end of that 10% to 12% range.

它們將具有累積性。他們的收益率處於10%到12%範圍的上限。

Okay. Great. And then on the data center piece, I know last quarter, you kind of outlined some of the pipeline there and the bids you had outstanding. And you commented that, I guess, it's mostly outside the box work. Curious about as you transition '26, '27, are you looking at getting inside the box?

好的。偉大的。關於資料中心項目，我知道上個季度您概述了一些相關計劃和尚未完成的投標。你評論說，我想，這大多是跳脫固有思維模式的工作。我很好奇，在2026年、2027年過渡期間，你是否考慮過進入一個固定的框架？

Can you do that organically by maybe repositioning teams? Or do you need to do that inorganically?

能否透過重新調整團隊等方式自然而然地實現這一點？或者你需要以非自然的方式來實現這一點？

To answer your question, yes, we are looking at getting inside the box. That was one of the strategic initiatives that we put underway that might be a nice type of an acquisition. But from an organic standpoint, we could limitedly get into that. That's probably not the most optimum route for us to get inside that box. And so that's why we're -- we've got that as a strategic from an acquisition perspective.

回答你的問題，是的，我們正在考慮進入盒子內部。那是我們啟動的策略舉措之一，可能是一種不錯的收購方式。但從有機的角度來看，我們在這方面能做的非常有限。那可能不是我們進入那個盒子的最佳途徑。所以，這就是為什麼我們從收購的角度將其視為一項策略性舉措。

Adam Thalhimer, Thompson Davis.

亞當·塔爾海默，湯普森·戴維斯。

Heck of a beat in Q3, congrats. I wanted to ask what you are seeing in the pipeline bidding market and what the potential for Primoris could be there in 2026?

第三季成績斐然，恭喜！我想請問您目前對管道招標市場有何看法，以及Primoris在2026年的發展潛力如何？

Wow. Well, let me mention this way. I was looking at a sales information the other day, some marketing data and where we might have been seeing -- and I mentioned this on my call, where we might have been seeing $200 million type of opportunities for us for several quarters. If that thing has now went to well over $1 billion to $2 billion plus of types of opportunities in our funnel for the Pipeline side. We are optimistic that we might be able to close some pipeline projects as early as this Q4 and then also some additional ones coming in that Q1, Q2.

哇。嗯，我這麼說吧。前幾天我查看了一些銷售資訊和行銷數據，發現我們可能已經看到了——我在電話會議上也提到過——我們可能已經看到了幾個季度價值 2 億美元的商機。如果這件事現在已經發展到我們銷售管道中價值超過 10 億至 20 億美元的各種機會。我們樂觀地認為，最早在今年第四季就能完成一些管道項目，然後在第一季和第二季還能完成一些額外的項目。

So as I mentioned in the comments, what was a headwind has rapidly turned to a tailwind and we're being selective on which ones we actually want to go after to obviously produce the best margin performance we can.

正如我在評論中提到的，原本的逆風已經迅速轉變為順風，我們正在有選擇地去爭取我們真正想要爭取的項目，顯然是為了獲得盡可能最好的利潤率。

Sounds great. And then in the prepared comments, you also mentioned, I think it was a couple of hundred million of projects for the next couple of quarters, broadband expansion, major network build-outs. So I was hoping you could expand on that also.

聽起來不錯。然後，在事先準備好的評論中，您還提到，我認為未來幾季將有數億美元的項目，包括寬頻擴展和大型網路建設。所以，我希望您也能就此展開談談。

Yes. We are seeing more of that. There's a lot of -- in the data center side, there's a lot of fiber in the data center and getting it to the fiber networks. The fiber-to-home is going to slow down a little bit, but we are seeing a tremendous ramp up in the other types of fiber network build outs. So that's looking positive for us to grow that business again next year.

是的。這種情況越來越普遍了。資料中心方面有很多——資料中心裡有很多光纖，需要將它們連接到光纖網路。光纖到戶的建設速度可能會稍微放緩，但我們看到其他類型的光纖網路建設正在迅速發展。所以，這對我們來說是個好兆頭，明年我們有望再次發展這項業務。

Yes, Adam, that's the fiber loop we've been talking about, the day loops and then also the middle mile stuff that we started doing.

是的，亞當，那就是我們一直在談論的光纖環路，日間環路，以及我們開始做的中間段工作。

Okay. And the last one for me was just like your traditional civil business. What kind of trends you're seeing there, demand trends?

好的。最後一件對我來說就像是傳統的民事業務。你觀察到的需求趨勢是什麼？

I love that question because our groups have done a tremendous job in making that unit a very profitable business unit for us. We kept the revenue top line in that -- Ken, do you want to mention it?

我喜歡這個問題，因為我們團隊在使該部門成為我們非常盈利的業務部門方面做得非常出色。我們保持了營收總額——肯，你想提一下嗎？

Yes, Adam, the revenues have been just kind of gradually growing like $30 million a year. We'll do $550 million to $575 million this year. Next year, we'll probably do $600 million to $625 million or something like that. As we talked about, it's just a good solid cash cow for us. It's generating very good margins, and we just kind of let it run its thing.

是的，亞當，收入一直在穩步增長，每年大約達到 3000 萬美元。我們今年將實現 5.5 億美元至 5.75 億美元的收入。明年，我們大概可以達到 6 億到 6.25 億美元左右。正如我們之前所說，它對我們來說就是一棵可靠的搖錢樹。它帶來了非常可觀的利潤，所以我們就讓它順其自然地發展下去。

The teams that we've got right now, Adam, are performing extremely well in the markets they're in. And like I say, we'll grow the top line a little bit each year and just making sure that, that teams can continue to handle and build out as necessary to keep those margins where we want them. So it's really controlling the margin level more than it is the top line.

亞當，我們現在擁有的這些團隊在他們所在的市場中表現都非常出色。正如我所說，我們每年都會略微提高營收，並確保各個團隊能夠繼續根據需求進行管理和發展，以保持我們想要的利潤率。所以，它真正關注的是利潤率，而不是營收。

(Operator Instructions) Avi Jaroslawicz, UBS.

（操作說明）Avi Jaroslawicz，瑞銀集團。

So just in terms of the timing delays of signing awards in Energy, was that pretty even across the verticals? Or was there noise that led to more delays for renewables or pipelines? Is it just around the tariff cost uncertainty? Or were there other factors?

那麼，就能源領域合約授予的時間延遲而言，各個垂直領域的延遲情況是否大致相同？或者是否有噪音導致再生能源或管道項目進一步延誤？僅僅是關稅成本的不確定性嗎？還是有其他因素？

I'll start out and then anything Ken can add as he needs to. But I would tell you, it's more on the Renewables side. As we were looking -- as you know, all that noise that we were getting out there on the One Big Beautiful Bill and the tariffs, it was causing some of our customers to look at a lot of different supply chains, which meant that we had to redo some engineering and look at -- before we could really firm up our cost to them. And so it wasn't a matter, I think I said on my earnings call, that we lost any projects or any projects were delayed or not delayed, but any projects were canceled, it was a matter of we needed that extra timing and so did our customers to get the right supply chain in, so we could firm up the price and get ready to sign those projects. And then indeed, that's what we're talking about happening in Q4 and then also in Q1.

我先開始，然後肯可以根據需要補充。但我會告訴你，它更偏向再生能源方面。如您所知，當時我們一直在關注「一項偉大的法案」和關稅問題，這導致我們的一些客戶開始關注許多不同的供應鏈，這意味著我們必須重新進行一些工程設計，並進行研究，才能真正確定我們的成本。所以，正如我在財報電話會議上所說，這不是我們失去任何項目或任何項目被推遲或沒有被推遲的問題，而是任何項目被取消的問題。問題在於我們需要額外的時間，我們的客戶也需要時間來建立合適的供應鏈，以便我們能夠確定價格並準備好簽署這些項目。而這，正是我們所說的在第四季以及第一季會發生的情況。

Okay. Got it. And then, Ken, I think you noted that good weather in Q4 could allow you to hit the upper end of guidance. Is there anything that could push you above the upper end? How are you thinking about that?

好的。知道了。肯，我想你也提到過，第四季良好的天氣可能會使你們達到預期業績的上限。有什麼因素能讓你突破上限嗎？你對此有何看法？

And also, do you have any storm restoration work in Q4 embedded in the guidance?

另外，你們的業績指引中是否包含第四季風暴災後重建工作計畫？

Yes. We never put storm restoration in any of our forecasts. So there's none in there. And then look, to the upside, it's going to be a weather issue. It's going to be project closeouts, other things like that, that will drive us to the upper end.

是的。我們的預測中從未考慮過風暴後的災後重建。所以裡面什麼都沒有。但從好的方面來看，這可能是個天氣問題。專案收尾以及其他類似的事情，將會推動我們達到更高的水準。

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。現在我將把會議交還給大衛金，請他作閉幕致詞。

Thank you for your questions and interest in Primoris. We are pleased with our third quarter and year-to-date 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.

感謝您對Primoris的提問與關注。我們對第三季和年初至今的業績感到滿意，並期待在今年剩餘時間和2026年保持這種勢頭。謝謝，我們期待下季向您報告最新情況。

And this concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。