Primoris Services Corporation (PRIM) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Primoris' Q2 2026 earnings conference call. (Operator Instructions) I will now hand the conference over to Blake Holcomb, SVP of Investor Relations. Blake, please go ahead.

各位好。感謝各位加入，歡迎參加 Primoris 2026 年第二季財報電話會議。(接線員指示) 現在我將把會議交給投資人關係資深副總裁 Blake Holcomb。Blake，請開始。

Good morning, and welcome to the Primoris second-quarter 2026 earnings conference call. Joining me today with prepared comments are Koti Vadlamudi, President and Chief Executive Officer; and Kenneth Dodgen, Chief Financial Officer.

早安，歡迎參加 Primoris 2026 年第二季財報電話會議。今天與我一同出席並準備發言的有總裁兼執行長 Koti Vadlamudi，以及財務長 Kenneth Dodgen。

Before we begin, I would like to make everyone aware of certain language contained in our Safe Harbor statement. The company cautions that certain statements made during this call are forward-looking and are subject to various risks and uncertainties. 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, August 5, 2026.

在開始之前，我想提醒各位注意我們「安全港」聲明中的特定措辭。公司提醒，本次電話會議中所作的某些陳述屬於前瞻性陳述，並受各種風險與不確定性影響。實際結果可能與我們的預測與預期存在重大差異。這些風險與不確定性已在我們向美國證券交易委員會（SEC）提交的報告中討論。我們的前瞻性陳述僅代表截至今日（2026 年 8 月 5 日）的觀點。

We disclaim any obligation to update these statements, except as may be required by law. 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 second-quarter 2026 earnings press release, which was issued yesterday. I would now like to turn the call over to Koti Vadlamudi.

除非法律另有要求，我們不承擔更新上述陳述的任何義務。此外，在本次電話會議中，我們將提及若干非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標的調節表可於我們網站的投資人專區以及昨日發布的 2026 年第二季財報新聞稿中取得。現在我想把電話交給 Koti Vadlamudi。

Thank you, Blake. Good morning, and thank you for joining us today to discuss our second-quarter 2026 financial and operational results. As we noted in our June operational update, our second-quarter results reflect the majority of the impact from the limited number of renewable energy projects that have experienced margin pressure. Since that update, we have achieved mechanical completion on one additional project and we'll be submitting for mechanical completion on another this week. Importantly, we continue to expect that three projects will reach substantial completion during the third quarter of 2026.

謝謝你，Blake。早安，感謝各位今天加入我們，一同討論 2026 年第二季的財務與營運成果。如同我們在 6 月的營運更新中所提到的，第二季的結果反映了少數幾個再生能源專案面臨毛利率壓力所帶來的大部分影響。自該次更新以來，我們已在另一個專案達成機械完工，並將於本週就另一個專案提交機械完工申請。更重要的是，我們仍預期有三個專案將於 2026 年第三季達到實質完工。

The sixth and final project remains aligned with our revised estimates and we currently expect to achieve mechanical completion in early November, followed by substantial completion by year-end. I also want to emphasize that following our portfolio review, the remainder of the renewables projects on average are performing within our expectations.

第六個也是最後一個專案仍與我們修訂後的估算一致，我們目前預期將於 11 月初達成機械完工，並在年底前達到實質完工。我也要強調，在完成投資組合檢視後，其餘再生能源專案整體平均表現均符合我們的預期。

While these projects have presented challenges, we are making meaningful progress toward completing them and reducing their impact on our business. I am particularly encouraged by the commitment, resilience, and execution of our teams across Primoris. Their focus and determination have been instrumental in advancing these projects toward completion while continuing to deliver the high-quality generation assets our customers expect and that have helped establish Primoris as a trusted leader in the renewables marketplace.

儘管這些專案帶來挑戰，我們正朝完成專案並降低其對業務影響的方向取得實質進展。我尤其受到 Primoris 各團隊所展現的投入、韌性與執行力所鼓舞。他們的專注與決心在推動專案邁向完工的同時，也持續交付客戶所期待的高品質發電資產，並協助 Primoris 在再生能源市場建立值得信賴的領導地位。

As we move forward, our priorities are clear: successfully complete these projects, maintain disciplined preconstruction planning and risk posture across the portfolio, and position the business for profitable sustainable growth. As we have stated previously, the opportunity set within our Renewables business remains substantial.

展望未來，我們的優先事項很明確：成功完成這些專案、在整體投資組合中維持嚴謹的前期施工規劃與風險立場，並使業務具備可獲利且可持續的成長定位。如同我們先前所述，再生能源業務的機會仍然相當可觀。

Today, we see more than $16 billion of opportunities for solar and battery storage across our core geographic markets, where we benefit from long-standing customer relationships, a proven track record, and deep operational expertise. We remain selective in the opportunities we pursue, maintaining a disciplined approach to risk assessment, contract structure, and project execution.

目前，我們在核心地理市場中看到超過 160 億美元的太陽能與電池儲能機會；在這些市場中，我們受益於長期的客戶關係、經驗證的實績，以及深厚的營運專業能力。我們對所追求的機會仍保持選擇性，並在風險評估、合約結構與專案執行方面維持紀律化的方法。

Our strong customer base, experienced teams, and history of successfully delivering high-quality generation assets positions us well to compete for and win attractive work in these markets. Looking ahead, we remain confident in the long-term fundamentals of the Renewables business and in Primoris' ability to leverage its market leadership, operational capabilities, and customer partnerships to drive profitable growth.

我們強大的客戶基礎、經驗豐富的團隊，以及成功交付高品質發電資產的歷史，使我們具備良好條件在這些市場中競爭並贏得具吸引力的案源。展望未來，我們對再生能源業務的長期基本面，以及 Primoris 運用其市場領導地位、營運能力與客戶夥伴關係以推動獲利成長的能力，仍然充滿信心。

In addition to our focused efforts to restore a positive trajectory in renewables, Primoris delivered record bookings and backlog in the second quarter, underscoring the strength and diversity of our platform. During the quarter, we secured more than $3.9 billion of new awards, including approximately $1.5 billion in the Utilities segment and $2.4 billion in the Energy segment. The growth in our Utilities backlog reflects both the favorable dynamics of our end markets and the confidence our customers place in our ability to execute critical infrastructure projects.

除了專注於讓再生能源業務重回正向軌道之外，Primoris 在第二季也創下接單與在手訂單（backlog）新高，凸顯我們平台的實力與多元性。本季我們取得超過 39 億美元的新得標案，其中公用事業（Utilities）事業群約 15 億美元，能源（Energy）事業群約 24 億美元。公用事業在手訂單的成長，反映了終端市場的有利動態，以及客戶對我們執行關鍵基礎建設專案能力的信心。

Demand remains particularly strong in power delivery, and we are strategically expanding our workforce in key markets to support strategic customer relationships while also engaging with new customers seeking experienced partners for transmission, substation, and distribution work.

電力輸配需求仍特別強勁，我們正策略性地在關鍵市場擴增人力，以支援重要客戶關係，同時也與尋求具經驗合作夥伴的新客戶接洽，承接輸電、變電站與配電相關工作。

We see growing opportunities to build upon our established track record in transmission and substation work. At the same time, we are investing in process improvements, operational rigor, and talent development to enhance execution, improve profitability, and expand our workforce of qualified field leadership, project management, and supervisory personnel.

我們看到可在既有輸電與變電站工程實績基礎上持續擴大的機會。同時，我們也投資於流程改善、營運紀律與人才培育，以強化執行力、提升獲利能力，並擴充具資格的現場領導、專案管理與監督人員隊伍。

Growth in our Energy segment backlog was primarily driven by natural gas power generation, which accounted for approximately $1.4 billion of the sequential increase during the quarter. In addition, we benefited from roughly $200 million of backlog associated with the PayneCrest acquisition as of quarter end and secured new awards across electrical construction services, industrial infrastructure, and utility scale solar.

能源事業群在手訂單的成長主要由天然氣發電帶動，該項在本季對在手訂單的季增貢獻約 14 億美元。此外，截至季末，我們也受益於與 PayneCrest 收購案相關、約 2 億美元的在手訂單，並在電氣施工服務、工業基礎設施以及公用規模太陽能等領域取得新得標案。

We are still expecting Renewables backlog to build in the second half of the year, with the majority of awards coming in the fourth quarter. Looking beyond this year, we also see the potential for strong first quarter of 2027 for Renewables awards, which would further support our confidence in returning the business to growth next year.

我們仍預期再生能源在手訂單將於下半年增加，且多數得標將在第四季入帳。放眼今年之後，我們也看到 2027 年第一季再生能源得標可能強勁，這將進一步支持我們對明年讓該業務重回成長的信心。

Beyond Renewables, we continue to see encouraging opportunities across several energy end markets. As we look to the second half of 2026, we see additional upside potential in both pipeline and natural gas power generation opportunities, particularly for projects expected to ramp up in late 2027 and early 2028.

除再生能源之外，我們在多個能源終端市場仍看到令人鼓舞的機會。展望 2026 年下半年，我們在管線與天然氣發電機會方面也看到額外的上行潛力，特別是預期於 2027 年底與 2028 年初開始放量的專案。

Taken together, the strength of the customer demand, the breadth of opportunities across our end markets, and the quality of our project funnel support our view that Energy segment is positioned to benefit from a favorable multiyear investment cycle. Our focus remains on pursuing the right opportunities, maintaining disciplined project selection, and converting this robust set of opportunities into profitable growth.

綜合而言，強勁的客戶需求、終端市場機會的廣度，以及我們專案管線的品質，支持我們的觀點：能源事業群有望受惠於有利的多年期投資循環。我們的重點仍是追求合適的機會、維持嚴謹的專案篩選，並將這一組強勁的機會轉化為可獲利的成長。

I'll now turn to our segment performance for the quarter. The Utilities segment was up from the prior year, driven by growth in gas operations and power delivery, while Communications revenue and margin were lower year over year as expected.

接下來我將說明本季各事業群的表現。公用事業事業群較去年同期成長，主要由天然氣營運與電力輸配成長帶動；而通訊（Communications）營收與毛利率則如預期較去年同期下降。

As we discussed in our Q1 call, we anticipated a softer near-term environment in Communications as traditional fiber to the home program buildouts transition toward deep-funded projects. While this affected activity levels in Q2, we continue to believe these opportunities will begin to ramp up later this year.

如同我們在第一季電話會議中所討論的，隨著傳統 FTTH（光纖到府）計畫的建置逐步轉向資金更充足的專案，我們預期通訊業務短期環境將較為疲弱。雖然這影響了第二季的活動水準，但我們仍相信這些機會將在今年稍晚開始加速。

In the meantime, data center fiber and connectivity work remain an important growth driver for the business. We are also encouraged by the level of bidding activity we are seeing, which has the potential to materialize in late 2026 and extending into 2027.

與此同時，資料中心光纖與連線相關工作仍是該業務的重要成長動能。我們也對目前看到的投標活動水準感到鼓舞，這些案源有機會在 2026 年底落實，並延續至 2027 年。

Our Gas Operations business continues to perform well, exceeding market revenue growth expectations in the quarter. We are also actively pursuing new programs in the Midwest and Southern regions that would further support revenue in the business. While a lower level of higher-margin project work impacted margins compared to the prior year, the business delivered another solid quarter. Strong productivity, effective execution, and high equipment utilization continue to support healthy operating performance and have us well positioned as we move through the remainder of the year.

我們的天然氣營運業務持續表現良好，本季營收成長超出市場預期。我們也正積極在中西部與南部地區爭取新專案，將進一步支撐該業務的營收。雖然高毛利專案工作的量較低，導致毛利率相較去年同期受到影響，但該業務仍交出另一個穩健的季度表現。強勁的生產力、有效的執行以及高設備利用率，持續支撐健康的營運表現，並使我們在今年剩餘期間保持良好態勢。

In the Energy segment, operational performance during the quarter was solid outside of the previously discussed challenges within Renewables. Pipeline delivered another quarter of double-digit revenue growth with substantial margin improvement. The recovery from the cyclical trough experienced in 2025 continues to gain momentum and market activity remains constructive. Furthermore, we believe that the larger-diameter opportunities are still on the horizon with a multiyear addressable project funnel that now exceeds $7 billion in total contract value.

在能源事業群方面，本季營運表現整體穩健，除先前已討論之再生能源業務挑戰外。管線業務再度繳出雙位數營收成長的一季，且毛利率顯著改善。自2025年經歷的景氣循環谷底以來，復甦動能持續增強，市場活動仍維持建設性。此外，我們認為更大口徑的機會仍在前方，且目前可觸及的多年期專案漏斗，其合約總價值已超過70億美元。

In Electrical Construction Services acquired through the PayneCrest transaction, performance has already exceeded our expectations. During the two months the business was part of Primoris in the quarter, it delivered stronger-than-anticipated revenue and margins. We are encouraged by the strategic and cultural fit as well as the early operating results. We are already seeing positive momentum through backlog growth and a robust pipeline of opportunities with existing customers. Several of these pursuits could convert into awards by year end, further enhancing our growth outlook for this business.

在透過PayneCrest交易取得的電氣施工服務業務方面，其表現已超出我們的預期。在本季該業務併入Primoris的兩個月期間，營收與毛利率均優於原先預估。我們對其策略與文化契合度以及初期營運成果感到鼓舞。我們已透過在手訂單成長與既有客戶的強勁機會管線，看到正向動能。其中數項爭取案有望在年底前轉為得標，進一步提升我們對該業務的成長展望。

In Industrial, which includes our natural gas power generation activities, revenue was modestly lower year over year, primarily due to the timing of project completions and the commencement of new work. Despite this temporary timing impact, demand remains strong and project activity continues to develop as expected. As a result, we remain on track to exceed our expectations for the full year, supported by a meaningful ramp in activity during the second half of 2026.

在工業事業（包含我們的天然氣發電相關活動）方面，營收年對年小幅下降，主要因專案完工時點與新工作啟動時程所致。儘管此為短期的時點影響，需求仍然強勁，專案活動也如預期持續推進。因此，在2026年下半年活動顯著爬坡的支撐下，我們仍有望在全年表現上超出原先預期。

Overall, despite the challenges we experienced in Renewables during the quarter, Primoris continues to benefit from strong underlying performance and favorable market fundamentals across multiple end markets, including power generation, pipeline infrastructure, and electrical services. The strength of our record backlog, expanding opportunity pipeline, and disciplined approach to project selection reinforces our confidence in the business.

整體而言，儘管本季再生能源業務面臨挑戰，Primoris仍受惠於多個終端市場的強勁基本面表現與有利的市場基本因素，包括發電、管線基礎設施與電氣服務。我們創紀錄的在手訂單、持續擴大的機會管線，以及對專案選擇的紀律性作法，進一步強化我們對公司業務的信心。

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

接下來我把時間交給Ken，請他進一步說明我們的財務結果。

Thanks, Koti, and good morning, everyone. Our Q2 revenue was just under $1.7 billion, a decrease of about $200 million or 10.7% from the prior year, driven by lower revenue in the Energy segment. The Energy segment was down $236.9 million or 19.2% from the prior year due to decreased renewable activity. This was partly offset by increased natural gas generation and pipeline activity and the addition of PayneCrest for May and June. The Utilities segment was up $19.6 million or 2.8% from the prior year, driven by higher activity in gas operations and power delivery, partially offset by lower Communications revenue.

謝謝你，Koti，各位早安。我們第二季營收略低於17億美元，較去年同期減少約2億美元或10.7%，主要由能源事業群營收下降所致。能源事業群較去年同期減少2.369億美元或19.2%，原因是再生能源活動減少。此影響部分被天然氣發電與管線活動增加，以及PayneCrest於5月與6月併入所帶來的貢獻所抵銷。公用事業事業群較去年同期增加1,960萬美元或2.8%，主要受天然氣營運與電力輸配活動增加帶動，但部分被通訊業務營收下降所抵銷。

Gross profit for the second quarter was $82.4 million, a decrease of $149.3 million compared to the prior year. This was driven by lower revenue and margins in the Energy segment and lower margins in the Utilities segment. As a result, gross margin was 4.9% for the quarter compared to 12.3% in the prior year.

第二季毛利為8,240萬美元，較去年同期減少1.493億美元。主要原因為能源事業群營收與毛利率下降，以及公用事業事業群毛利率下降。因此，本季毛利率為4.9%，相較去年同期為12.3%。

Looking at our segment results, Utilities segment gross profit was $85.1 million, down $12.4 million compared to the prior year. This was driven primarily by lower revenue and margin in the Communications business and lower margins in our Gas Operations business. This was partially offset by increased revenue and margins in power delivery.

就各事業群表現來看，公用事業事業群毛利為8,510萬美元，較去年同期減少1,240萬美元。主要原因為通訊業務營收與毛利率下降，以及天然氣營運業務毛利率下降。此影響部分被電力輸配業務營收與毛利率提升所抵銷。

The decline in revenue and margin in Communications was due to a decrease in fiber to the home activity as customers transition to BEAD programs, which we referenced in our first quarter call. It was also due to a shift in revenue mix toward more maintenance work.

通訊業務營收與毛利率下滑，係因客戶在轉向BEAD計畫之際，光纖到府（FTTH）活動減少，這點我們在第一季電話會議中曾提及。此外，也因營收組合轉向較多維護性工作所致。

For gas operations, the lower margins were due to strong project closeouts in 2025 that didn't repeat in Q2 of this year. As a result, gross margin declined to 11.9% compared to 14.1% in the prior year. We continue to see strong performance in power delivery, driven by improved productivity and a favorable mix of work, including substation and transmission scopes. This led to higher revenue and margins year over year.

就天然氣營運而言，毛利率較低是因2025年有強勁的專案結案表現，而今年第二季未再重現。因此，毛利率由去年同期的14.1%下降至11.9%。我們持續看到電力輸配表現強勁，受惠於生產力提升與有利的工作組合，包括變電站與輸電範疇。這帶動營收與毛利率年對年提升。

In the Energy segment, gross profit declined $136.9 million from the prior year due to lower revenues and margins in Renewables. Gross margins in the segment were slightly negative, which was down from 10.8% in the prior year. The decrease in margin was driven by project cost overruns and lower revenues in Renewables, partially offset by improved revenue and margins in pipeline and the contributions from PayneCrest.

在能源事業群方面，毛利較去年同期減少1.369億美元，原因是再生能源業務營收與毛利率下降。該事業群毛利率略為負值，較去年同期的10.8%下滑。毛利率下降主要由再生能源專案成本超支與營收降低所致，部分被管線業務營收與毛利率改善，以及PayneCrest的貢獻所抵銷。

We believe revenue and margins will trend up in the second half of 2026 as we complete the four remaining renewables projects and begin to ramp up on new solar and natural gas projects. For the full-year 2026, we are expecting gross margins in the Energy segment to be in the 6% to 8% range.

我們認為，隨著完成剩餘四個再生能源專案，並開始對新的太陽能與天然氣專案加速爬坡，2026年下半年營收與毛利率將呈上升趨勢。就2026年全年而言，我們預期能源事業群毛利率將落在6%至8%的區間。

SG&A expenses in the second quarter were $106.3 million, an increase of only $1.7 million compared to the prior year. As a percent of revenue, SG&A increased to 6.3% from 5.5% in the prior year due to lower revenue and increased amortization expense of the intangibles from the PayneCrest acquisition. SG&A is expected to trend higher in the second half of the year due to this increased amortization expense.

第二季SG&A費用為1.063億美元，較去年同期僅增加170萬美元。以營收百分比計，因營收下降以及PayneCrest併購所產生無形資產攤銷費用增加，SG&A占比由去年同期的5.5%上升至6.3%。由於攤銷費用增加，預期SG&A在下半年將呈上升趨勢。

As a result, we expect SG&A will be a little over 6% of revenue for the full-year 2026. Net interest expense in the quarter was $10.6 million, up $3.1 million from the prior year due to higher average debt balances attributable to the PayneCrest acquisition, partially offset by lower interest rates. Based on current debt levels, we are updating our guidance for interest expense to be between $43 million and $47 million for the full year.

因此，我們預期2026年全年SG&A將略高於營收的6%。本季淨利息費用為1,060萬美元，較去年同期增加310萬美元，主要因PayneCrest併購導致平均負債餘額較高，部分被較低利率所抵銷。基於目前負債水位，我們更新全年利息費用指引為4,300萬至4,700萬美元。

Our effective tax rate was elevated for the first six months of 2026 and reflecting lower pretax profit and the impact of some discrete items in the first half of the year. Despite these impacts, we expect our full-year effective tax rate to be in the 30% to 32% range.

2026年前六個月的有效稅率偏高，反映稅前獲利較低，以及上半年若干一次性項目的影響。儘管有上述影響，我們預期全年有效稅率將落在30%至32%的區間。

Moving to cash flow. Q2 cash used in operations was $8.7 million, which improved from the first quarter of 2026, but down from around $78 million provided by operations in the prior year. The decrease in cash from operations was largely driven by our lower net income.

接著談現金流。第二季營運活動使用現金為870萬美元，較2026年第一季有所改善，但低於去年同期營運活動提供約7,800萬美元的現金。營運現金流下降主要是由於我們的淨利較低所致。

Transitioning over to the balance sheet, we maintained strong liquidity of $959 million, which includes a little over $218 million of cash and approximately $741 million in available borrowing capacity on our revolver. Our trailing 12-month net debt-to-EBITDA ratio increased to 1.6 times EBITDA at the end of Q2, primarily due to the acquisition of PayneCrest and the lower Q2 EBITDA. We expect our leverage ratio to tick up slightly in Q3 and but should trend lower as we grow earnings and improve cash flow in Q4 and in 2027.

轉到資產負債表方面，我們維持了強勁的流動性，達9.59億美元，其中包括略高於2.18億美元的現金，以及在我們的循環信貸額度（revolver）上約7.41億美元的可用借款額度。截至第二季末，我們過去12個月的淨負債對EBITDA比率上升至EBITDA的1.6倍，主要由於收購PayneCrest以及第二季EBITDA較低所致。我們預期第三季槓桿比率將小幅上升，但隨著我們在第四季及2027年提升獲利並改善現金流，該比率應會呈下降趨勢。

We remain in a very good position with respect to our financial covenants and and have substantial liquidity to continue investing organically as well as to pursue opportunistic share repurchases or tuck-in M&A in our key focus areas.

就我們的財務契約（covenants）而言，我們仍處於非常良好的狀態，並且擁有充足的流動性，可持續進行有機投資，同時也能在我們的重點領域把握機會性股票回購或進行補強型併購（tuck-in M&A）。

Total backlog at the end of Q2 was just under $13.9 billion, an increase of approximately $2.2 billion sequentially from Q1 and a record for Primoris. Total fixed backlog was up $1.5 billion from Q1, primarily due to strong Energy segment bookings for natural gas generation, industrial, and electrical construction services from PayneCrest. As Koti mentioned, we have also started Q3 with additional bookings in natural gas generation and pipeline that should support growth in 2027.

截至第二季末，總在手訂單（backlog）略低於139億美元，較第一季季增約22億美元，並創下Primoris的紀錄。固定價格在手訂單較第一季增加15億美元，主要來自能源事業部在天然氣發電、工業，以及來自PayneCrest的電氣施工服務方面的強勁接單。如Koti所提，我們也在第三季初取得天然氣發電與管線的額外訂單，應可支撐2027年的成長。

While we were awarded a solar project in the second quarter, we continue to expect Renewables bookings of $1.5 billion to $2 billion in the second half of the year, primarily in Q4. Total MSA backlog increased about $700 million from Q1, driven primarily by increased activity in power delivery. Our growing funnel of opportunities across our services and our ability to win and execute on behalf of our customers gives us confidence we will return to revenue growth and margin expansion in 2027.

雖然我們在第二季獲得一個太陽能專案，但我們仍預期今年下半年（主要在第四季）再生能源接單將達15億至20億美元。MSA總在手訂單較第一季增加約7億美元，主要由電力輸配（power delivery）活動增加所帶動。我們在各項服務領域持續擴大的商機管道，以及我們為客戶贏得並執行專案的能力，使我們有信心在2027年重回營收成長與利潤率擴張。

Before turning it back over to Koti, I'll close with guidance. We are maintaining the guidance we provided in our operational update in June. EPS of $1.30 to $1.85 per fully diluted share, adjusted EPS of $2.05 to $2.60 per fully diluted share, and adjusted EBITDA of $275 million to $325 million for the full year 2026.

在把話題交回Koti之前，我以財測作結。我們維持6月營運更新中所提供的指引不變。2026全年每股盈餘（EPS）為每股完全稀釋後1.30至1.85美元；調整後每股盈餘為每股完全稀釋後2.05至2.60美元；調整後EBITDA為2.75億至3.25億美元。

We expect our second-quarter results to represent the low point for the year as we have recognized the cost impacts associated with the challenged Renewable projects during the quarter. Looking ahead, we anticipate sequential improvement in revenue and earnings through the remainder of 2026, with adjusted EBITDA expected in the range of $90 million to $110 million for the third quarter, and $100 million to $120 million in the fourth quarter.

我們預期第二季的結果將是今年的低點，因為我們已在本季認列了具挑戰性的再生能源專案所帶來的成本影響。展望未來，我們預期2026年剩餘期間營收與獲利將逐季改善；其中第三季調整後EBITDA預期介於9,000萬至1.1億美元，第四季則預期介於1億至1.2億美元。

As Koti mentioned, we continue to make solid progress in completing the remaining obligations on the Renewables projects that have experienced cost overruns. At the same time, we expect activity to accelerate on several solar and natural gas generation projects during the second half of the year. Based on the momentum we are seeing and the opportunities ahead, we are encouraged by our outlook. I'll now turn it back over to Koti.

如Koti所提，我們在完成那些發生成本超支的再生能源專案剩餘義務方面，持續取得穩健進展。同時，我們預期今年下半年多個太陽能與天然氣發電專案的活動將加速。基於我們所看到的動能與未來機會，我們對前景感到鼓舞。我現在把話題交回Koti。

Thanks, Ken. Prior to opening the call for questions, I'd like to recap the key takeaways from the quarter. First, the financial impact from the Renewables business in the quarter and in 2026 overall, is not representative of the performance standards we have historically defined at Primoris, nor is it acceptable to me as CEO.

謝謝，Ken。在開放提問之前，我想回顧本季的重點結論。第一，本季以及2026年整體而言，再生能源業務對財務的影響，並不代表我們在Primoris歷來所界定的績效標準，我作為執行長也無法接受。

In response, we have taken decisive actions to strengthen our operational oversight, enhance our preconstruction planning and risk management processes, and sharpen accountability throughout the organization. Our reputation, long-standing customer relationships, and the attractive end markets we serve are too valuable to compromise by taking unnecessary risks or deviating from the disciplined execution that has differentiated Primoris.

為此，我們已採取果斷行動，以強化營運監督、提升前期施工（preconstruction）規劃與風險管理流程，並在全組織範圍內加強問責。我們的聲譽、長期的客戶關係，以及我們所服務的具吸引力終端市場都極其珍貴，不應因承擔不必要的風險或偏離使Primoris脫穎而出的紀律化執行而受到損害。

While project risk will always be part of our business, accountability starts with leadership, and I am committed to ensuring that we learn from these challenges and emerge as a stronger organization. That said, we are progressing as expected to substantially complete the challenged projects by year end. And as we move toward completion, we expect to see the impacts on our financial results continue to diminish in the back half of the year.

雖然專案風險永遠是我們業務的一部分，但問責始於領導層；我承諾確保我們從這些挑戰中汲取教訓，並以更強健的組織姿態走出來。話雖如此，我們正按預期推進，目標在年底前基本完成這些具挑戰性的專案。隨著我們逐步接近完工，我們預期對財務結果的影響將在下半年持續減弱。

Second, I want to emphasize that the underlying fundamentals of our business remain exceptionally strong as evident by our record bookings and backlog. I also want to recognize the teams across our organization who are working closely with our customers to plan and secure future projects as well as the men and women in the field whose dedication, expertise, and execution make our success possible every day.

第二，我想強調，我們業務的基本面依然極為強勁，這可從我們創紀錄的接單與在手訂單中看出。我也要肯定全公司各團隊與客戶緊密合作，規劃並爭取未來專案；同時也要感謝第一線的同仁，他們的投入、專業與執行力讓我們每天的成功成為可能。

As we move through the balance of 2026 and into 2027, we will work to successfully complete the remaining Renewables projects, execute with discipline across our portfolio, convert our growing backlog into profitable results, and position Primoris to capitalize on the significant infrastructure investment opportunities ahead. I remain confident in our team, confident in our strategy, and confident in our ability to create long-term value for our customers, employees, and shareholders.

在我們走過2026年剩餘時間並邁入2027年之際，我們將致力於成功完成剩餘的再生能源專案、在整體專案組合中以紀律執行、把持續成長的在手訂單轉化為具獲利性的成果，並讓Primoris能把握未來重大的基礎建設投資機會。我對我們的團隊有信心、對我們的策略有信心，也對我們為客戶、員工與股東創造長期價值的能力有信心。

We will now open up the call for your questions.

我們現在開放各位提問。

(Operator Instructions) Steven Fisher, UBS.

（接線員指示）Steven Fisher，瑞銀（UBS）。

Just follow-up on the renewables project. It sounds like I think you said the remainder of those renewable projects on average are performing within expectations. Does the on average imply that somewhere above and some are below? I guess, really the question is, the risk that we have more charges here? If so, is that already captured in guidance? I guess I'm curious what some of the key assumptions you've made going forward about weather and labor productivity for the rest of these.

我想追問一下再生能源專案。聽起來我想你說的是，剩餘的那些再生能源專案平均而言表現符合預期。這個「平均而言」是否表示有些高於、有些低於？我真正的問題是，我們是否還有進一步認列費用（charges）的風險？如果有，這是否已經反映在財測指引中？我也想了解，你們對於接下來這些專案的天候與勞動生產力所做的一些關鍵假設是什麼。

Yeah. Thanks, Steve, for the question. Yeah, and that comment is correct on average. In the portfolio, there's probably over two dozen projects. Many of them are delivering more than as sold margin and some are not material, but a little below the rest hold margin. So we identified the six that were -- have the cost overruns, and those remain the six that we continue to be focused on. As I said, two of those are now complete, three completing this quarter and the last one at the end of the year

是的。謝謝你，Steve，這個問題。是的，那個說法就平均而言是正確的。在這個組合裡，大概有二十多個專案。其中很多專案交付的利潤率高於當初銷售時的利潤率（as sold margin），也有一些並不重大，但略低於其餘專案所維持的利潤率。因此我們辨識出六個發生成本超支的專案，而我們持續聚焦的也仍是這六個。如我所說，其中兩個現在已完工，三個在本季完工，最後一個在年底完工。

Okay. And you mentioned about returning to growth in 2027 in Renewables. Just can you confirm that's just your base case at the moment? And if so, it sounds like the fourth quarter bookings there are going to be quite important. We're hearing that some of the projects in the planning stage might be running a bit behind and maybe at risk of being even rebid to others. Can you just set the record straight on sort of the confidence in '27 and what's happening with those projects that you're in the planning stages on Renewables?

了解。你也提到再生能源在2027年將回到成長。你能否確認，這目前只是你們的基本情境（base case）？如果是的話，聽起來第四季的接單會相當重要。我們聽到一些仍在規劃階段的專案可能進度有點落後，甚至可能有被重新招標給其他人的風險。你能否釐清一下，對於2027年的信心程度，以及你們在再生能源規劃階段的那些專案目前的進展狀況？

Yeah. Thanks, Steve. And back half of the year, in particular Q4, the funnel for Renewables remains strong, and we'll give very prescriptive color on 2027, where revenue burn will be on the top line, but a very, very strong indication on the opportunity list in front of us for Q4, and it sets us up for a significant backlog going into '27. So what we would say is modest growth for '27 coming off of a reset year.

是的。謝謝你，Steve。而在今年下半年，特別是第四季，Renewables（再生能源）的商機漏斗仍然強勁；我們也會就 2027 年提供非常具體的說明，屆時營收消化（revenue burn）將反映在營收端（top line），但就我們眼前第四季的機會清單而言，會給出非常、非常強的指引，並讓我們在邁入 2027 年時建立可觀的在手訂單（backlog）。所以我們會說，2027 年在經歷一個重置年度之後，將呈現溫和成長。

And just any comments on the work in the planning stages? Any comments on things being behind or kind of being rebid to others?

另外，對於仍在規劃階段的工作，有沒有任何評論？有沒有什麼案子落後進度，或是有些案子被重新招標、轉給其他廠商的情況？

Yeah. Thanks. Sorry, I didn't answer that piece. No significant changes as the year has evolved, we previously articulated some projects did move to the right. And in -- even in this quarter at one project signing that we anticipated happening in Q3 moved to Q4, but it isn't a significant shift in terms of our projected backlog. But no significant pushes to the right other than what we articulated previously. And still a strong demand market for us. Yeah. As I mentioned before, the funnel of opportunities is still significant, total over $16 billion in Renewables.

是的。謝謝。抱歉，我剛才沒有回答那一段。隨著年度推進，沒有重大的變化；我們先前提到有些專案確實往後遞延。而且——即使在本季，也有一個我們原本預期在第三季簽約的專案，延到第四季，但就我們預估的在手訂單而言，這並不是重大的位移。除了我們先前已說明的部分之外，沒有其他顯著的往後推遲。而且對我們而言，需求市場仍然強勁。是的。如我先前提到的，機會漏斗仍然相當可觀，Renewables（再生能源）合計超過 160 億美元。

Sean Milligan, Needham & Company.

Sean Milligan，Needham & Company。

I guess, first off, on the gas power side, you added $1.4 billion in bookings this quarter. Just curious kind of current backlog and gas power and how you see the slope of that over the next couple of years?

我想先問燃氣發電這一塊，本季你們新增了 14 億美元的接單（bookings）。想請教目前燃氣發電的在手訂單大概是多少？以及你們怎麼看未來幾年它的變化斜率（成長趨勢）？

I don't know if I have the exact backlog on gas generation. Blake, do you have that? Yeah. Sorry, Sean, I don't have that in front of me right now. But what was the rest of your question?

我不確定我手上有燃氣發電的確切在手訂單數字。Blake，你有嗎？是的。抱歉，Sean，我現在手邊沒有那個數字。不過你問題的後半段是什麼？

Should the -- like that was obviously a big bookings number. I think gas power is accelerating for you, but just curious kind of how the slope looks for you kind of back half of this year at '27, '28. Like when you talk about the $1.4 million bookings, how does that flow through?

我的意思是——那顯然是一個很大的接單數字。我覺得你們的燃氣發電正在加速，但想了解一下你們的趨勢大概會怎麼走，從今年下半年到 2027、2028 年。像你們提到這 140 萬美元的接單（bookings），它會如何轉化、反映到後續？

Yeah. No, good question. We -- so we're expecting growth in the back half of the year relative to the front half of the year. I think we're still on track for the full year to be kind of in the a $500 million to $600 million range for nat gas generation and then comfortably growing next year based on the backlog we've signed so far and and our view to potentially other signings in the back half of the year, $800 million to comfortably $1 billion in revenue next year.

是的。不，這是個好問題。我們——所以我們預期今年下半年相較上半年會成長。我想我們全年仍在軌道上，天然氣發電（nat gas generation）全年大概會落在 5 億到 6 億美元的區間；然後基於目前已簽下的在手訂單，以及我們對今年下半年可能還會有其他簽約的看法，明年將可穩健成長，營收可達 8 億美元到穩穩超過 10 億美元。

Okay. Great. And then just a follow-up question on Texas exposure. There was a I guess, press release by Abbott earlier this week around pausing data centers. That seems to put more of an emphasis on bringing your own power.

好的。很棒。接著追問一下德州曝險。我想，Abbott 本週稍早有一則新聞稿，提到暫停資料中心。這似乎更強調要自備電力（bring your own power）。

Just curious for you all in terms of like the addressable market, like one, is that -- do you think that slows down anything for you in Texas? Like how much of the revenue is coming from Texas currently? Or does that like as bring our Empower becomes more important. Does your revenue opportunity per data center go up?

想請教你們就可服務市場（addressable market）而言：第一，這是否——你們覺得會讓你們在德州的業務放緩嗎？目前有多少營收是來自德州？或者說，隨著自備電力（Empower）變得更重要，你們每座資料中心的營收機會是否會提高？

Yeah. Thanks for the question, Sean. And we saw that memo from the governor. And first, I think it's not surprising that an elected official is trying to guard against their constituents paying more for utilities, whether it's water or power. So it's a trend that we're seeing across the country. And the first thing I'd say is there is a strong demand environment from -- created by data -- yeah, AI data centers.

是的。謝謝你的問題，Sean。我們也看到了州長的那份備忘錄。首先，我認為民選官員試圖避免其選民支付更高的公用事業費用（不論是用水或用電）並不令人意外。所以這是我們在全國各地都看到的趨勢。我首先要說的是，資料——是的，AI 資料中心帶動了強勁的需求環境。

We're seeing that CapEx play out, and we have a skill set that affords us the opportunity to grow there. Of our portfolio, it's not huge. At any given time, it's probably 10% to 15% of the the total portfolio. So our exposure, we're not wedded completely to that, but we are tracking it. Most of the opportunities that we see anecdotally with the data center development or on-premise generation so would address some of the concerns in the governor's memo construction to ERCOT.

我們看到資本支出（CapEx）正在落地，而我們具備的技能組合讓我們有機會在那裡成長。就我們的組合而言，這部分占比不算大。在任何時間點，大概占整體組合的 10% 到 15%。所以我們的曝險並不是完全綁在那上面，但我們確實在追蹤。我們從資料中心開發或自建（on-premise）發電所看到的大多數機會，從經驗上來看，確實能回應州長備忘錄中對 ERCOT 併網施工的部分疑慮。

Julian Damolin Smith, Jefferies.

Julian Damolin Smith，Jefferies。

Yeah. It's Brian Russo on for Julian. Just on the [Pancreas] integration, you said it's exceeding expectations. I'm just curious as to the core region in Missouri, we've seen a lot of activity with, I believe, fairly significant customer of [Pancrysta Amarin]. And I was also wondering about the relationship with Meta. I believe you had done work on a Nebraska data center project. I'm wondering if any of those customers are active right now in your backlog or soon to be?

是的。我是代 Julian 發言的 Brian Russo。關於 [Pancreas] 的整合，你們說超出預期。我想問一下在密蘇里州的核心區域，我們看到很多活動，我相信那裡有一個相當重要的客戶屬於[Pancrysta Amarin]。我也想問一下與 Meta 的關係。我記得你們曾在內布拉斯加州的一個資料中心專案做過工程。想了解這些客戶目前是否在你們的在手訂單中活躍，或即將進入？

Yeah. Thanks, Brian. And we typically don't call out individual customers, but I will say the hyperscaler CapEx and PayneCrest resume in doing that work for customers is very relevant. The relationship that they have with one hyperscaler in particular given their track record in the region, is what's allowing them to capture further work.

是的。謝謝你，Brian。我們通常不會點名個別客戶，但我可以說，超大規模雲端業者（hyperscaler）的資本支出（CapEx），以及 PayneCrest 恢復為客戶執行這類工作的能力，非常相關且重要。他們與某一家特定 hyperscaler 的關係——考量其在該區域的實績——正是讓他們能夠拿到更多後續工作的原因。

They're meaningful gate to growth is resources. The -- just like any of the end markets, most of the end markets we're in, they are labor resource constrained. So they're looking at the opportunity funnel in front of them. And the hyperscaler gives them visibility to their projects and doing well to add that to backlog.

他們成長的一個重要門檻是資源。——就像我們所處的任何終端市場一樣，我們所在的大多數終端市場都受到勞動力資源限制。因此他們在看眼前的機會漏斗。而 hyperscaler 讓他們能見度更高，能掌握其專案，並且做得不錯，把這些轉進在手訂單。

Just in the quarter, PayneCrest, in addition to the backlog we acquired with the acquisition, on top of that, they added $250 million in bookings in the quarter. So a positive signal and trend for them.

單就本季而言，PayneCrest 除了我們在併購時取得的在手訂單之外，在此基礎上，他們本季又新增了 2.5 億美元的接單（bookings）。所以這對他們來說是一個正向的訊號與趨勢。

Okay. Great. And then just to follow up on the gas gen opportunity. It seems like a nice bookings quarter and more to come to what is a nice step-up in revenue in '27 revenue. Just curious how many crews do you have currently? Or how many projects can you handle in any given year? And what's the kind of the long-term target to scale up that that end market?

好的。很棒。接著再追問燃氣發電的機會。看起來這一季接單表現不錯，而且後面還會有更多，並且在 2027 年營收會有一個不錯的跳升。想請教你們目前有多少施工班組（crews）？或者一年之內大概能承接多少個專案？以及長期來看，你們擴大這個終端市場的目標規模是什麼？

Yeah. When I started last year, I think we were saying half a dozen teams. We've invested in that in the last several months. We're up to eight or nine unique teams. And we'll continue to -- it is a meaningful question, given the demand for that expertise. So we continue to look for opportunities to add add talent and create teams. But the funnel is -- again, as I said, the demand is outstripping supply there. But it's about eight to nine teams today.

是的。我去年剛開始時，我想我們當時說大概有半打團隊。過去幾個月我們在這方面加大了投資。目前已經增加到八到九個不同的團隊。而且我們會持續——考量到對這類專業的需求，這確實是個很重要的問題。所以我們會繼續尋找機會，增加人才並組建團隊。但人才管道——再次如我所說，那邊的需求正超過供給。不過就目前而言，大約是八到九個團隊。

Sangita Jim, KeyBanc Capital Markets.

Sangita Jim，KeyBanc Capital Markets。

Great. If I can ask one on Renewables actually Energy margins. I appreciate the updated margin range. I'm just trying to think of how we should think about the cadence in the second half. Should we assume that Energy margins go back to the 10% to 12% range by the quarter? Or is it going to be more of an even split between 3Q and 4Q?

很好。如果我可以問一個關於再生能源、其實是能源利潤率的問題。我很感謝你們更新的利潤率區間。我只是想釐清一下，我們應該如何看待下半年節奏的變化。我們是否應該假設能源利潤率會在單季回到10%到12%的區間？還是會比較像是在第三季與第四季之間較為平均地分配？

Sangita, we're not going to get back up to 10% to 12%. It will be sequential, I think, Q3 and I'm kind of going off the top of my head right now, is going to be kind of in that 6% to 8% range. I think Q4 is going to be more kind of 8% to 10% range, and then we'll get back to full 10% to 12% next year.

Sangita，我們不會回到10%到12%。我認為會是逐季改善，第三季——我現在是憑印象——大概會在6%到8%的區間。我認為第四季會比較接近8%到10%的區間，然後明年我們會回到完整的10%到12%。

Got it. And then on pipeline, I appreciate Koti's comments that you're looking at a lot of projects that could start bringing revenue in late '27, early '28. I'm just trying to understand better on what's kind of guiding that outlook? Is it pipeline -- pipe availability? Is it permitting? Or is it just you guys waiting for the right projects to come in?

了解。另外關於案源（pipeline），我很感謝Koti提到你們正在看很多可能在27年末、28年初開始帶來營收的專案。我只是想更清楚了解，是什麼在引導這樣的展望？是管材供應——管材可得性？是許可審批（permitting）？還是只是你們在等待合適的專案進來？

Yeah. I'd say, Sangita, the customers' procurement, knowing that they're in an environment where resources are scarce and labor availability, they're just doing their procurements early in the cycle. I'd say from what we've seen historically doing tender processes 1.5 years and potentially 2 years in advance is probably a longer cycle we've seen historically. But I think it's them just being more proactive on the securing those resources well in advance. And it is (inaudible) yeah, you bet. It is a differentiated market for us based on the larger diameter and longer spreads.

是的。我會說，Sangita，客戶的採購端，考量到目前資源稀缺、勞動力供給有限的環境，他們只是把採購提前到週期更早的階段。就我們過往所見，招標流程提前1.5年、甚至可能提前2年，這大概是我們歷史上看到較長的週期。但我認為這只是他們更積極主動地提前很久就把資源鎖定下來。而且這是（聽不清楚）——對，沒錯。對我們而言，這是一個差異化的市場，因為它涉及更大口徑以及更長的鋪設區段（spreads）。

Lee Jagoda, CSJ Securities.

Lee Jagoda，CSJ Securities。

I'll start with Utility because nobody seems to be going there yet. In terms of -- obviously, you mentioned the Communications business, and that's the reason for the slowdown. Any color around growth either sequentially or year over year for the Utility business and the balance of '26? And then bigger picture, just given the level of demand that you see over a multiyear period for the Utilities business, how should we think or how are you thinking about organic growth in the Utilities segment over the medium term beyond this year?

我先從公用事業（Utility）開始，因為似乎還沒有人談到這一塊。就——顯然你們提到了通訊業務，而那是放緩的原因。能否就公用事業業務在26年剩餘期間的成長（不論是季比或年比）提供一些說明？再從更宏觀的角度，考量到你們看到公用事業業務在多年期的需求水準，你們如何看待、或你們自己如何思考今年之後、中期（medium term）公用事業分部的內生成長？

Yeah. On the comp side, first, just that piece of it. We do see BEAD programs and line of sight to a few hundred million dollars that we're tracking in BEAD funding. There might be a little bit of a slowdown as programs switched to that BEAD funding. Overall, Utilities, we're very optimistic, particularly around power delivery. We're seeing nice margin improvement. The demand side of that is very high, customers are shifting their focus from distribution to transmission substation. These are -- you saw the positive trend in backlog in our MSA movement which is almost all Utilities.

好的。先談通訊（comp）這一塊，先就那部分來說。我們確實看到BEAD計畫，並且對我們正在追蹤的BEAD資金有數億美元的可見度（line of sight）。當各項計畫切換到BEAD資金時，可能會有一點放緩。整體而言，公用事業方面我們非常樂觀，特別是在電力輸送（power delivery）領域。我們看到利潤率有不錯的改善。需求端非常強勁，客戶正把重點從配電（distribution）轉向輸電與變電站（transmission substation）。這些——你們也看到我們MSA變動中的在手訂單（backlog）呈現正向趨勢，而那幾乎全部都是公用事業。

Last quarter, we had, I think, from memory, a $0.5 billion add and this quarter, another $1.5 billion addition. So I think we see strength in that market. And again, it's another area where resources are tight. We're seeing customers that have current relationships with some of our peer set and they're tapped out and they're looking for additional health and assistance. So I think we see organic opportunity with existing customers as well as business acquisition opportunities with new customers.

上個季度，我印象中我們新增了約5億美元，而這個季度又新增了15億美元。所以我認為我們看到這個市場的強勁。而且同樣地，這也是另一個資源吃緊的領域。我們看到一些客戶目前與我們同業中的部分公司有合作關係，但他們的產能已經滿載，因此正在尋求額外的支援與協助。所以我認為，無論是與既有客戶的內生機會，或是透過新客戶取得業務的機會，我們都看得到。

And then in terms of this year, just -- should we assume a normal seasonal cadence where Q3 is probably the peak and then it kind of drops back down seasonally in Q4?

那就今年而言——我們是否可以假設會是正常的季節性節奏，也就是第三季大概是高峰，然後第四季會因季節性因素回落？

Yes. Yeah, absolutely. That's what we're seeing this year as well, just like we have in previous years.

是的。對，完全正確。我們今年看到的也是如此，就像過去幾年一樣。

Okay. And then, Koti, I know you had engaged some third-party consultants. And at least last update, they were still engaged to kind of go through the process with the remaining projects here. A couple of questions there. One, how much is the total expense from that expected in 2026? And is it your expectation that once these projects are done, you no longer need these third-party consultants to kind of be there?

好的。另外，Koti，我知道你們聘請了一些第三方顧問。而且至少在上次更新時，他們仍在參與，協助把剩餘專案的流程走完。我有幾個問題。第一，預期2026年這部分的總費用大概是多少？第二，你們是否預期一旦這些專案完成後，就不再需要這些第三方顧問繼續在場協助？

Yeah. Lee, it's compensation for one consultant. So it's insignificant to what we're talking about here. And the focus is really on the one project that has -- that completes at the end of the year. And that person, along with our leadership team, was on site last week. So they're giving me sort of the weekly updates, but not a significant expense and very good investment of the skill set and expertise to give us better surety on hitting our milestones.

是的。Lee，這只是支付給一位顧問的報酬。所以相較於我們在這裡討論的規模，金額並不顯著。而重點其實是放在那一個——會在年底完工的專案。那位顧問上週和我們的領導團隊一起到現場。所以他們會給我類似每週的更新；費用不高，但以其技能與專業來說是很好的投資，能讓我們更有把握達成里程碑。

One more if I can sneak it in. SG&A, you were commenting one of the, I guess, tailwinds is just lower incentive comp. Can you quantify that and then kind of give us a sense of incentive comp for the year or the variance year over year, just so we can understand what may be added back to next year's number?

如果我可以再塞一個問題。關於SG&A，你提到其中一個我想算是順風因素，是較低的激勵性薪酬。你能量化一下嗎？另外也請大概說明一下今年的激勵性薪酬水準，或年比的差異，讓我們理解明年數字中可能會加回多少？

Yeah. I don't know that I have the exact number for the change in incentive comp this year. It's probably in the $5 million to $10 million range, would be a rough guess. And then just remember, the offset increased SG&A is a pretty significant amount of amortization related to PayneCrest this year that's driving it higher. And a lot of that will continue into next year, but it's non-cash.

是的。我不確定我手上是否有今年激勵性薪酬變動的精確數字。粗略猜測大概在500萬到1,000萬美元的區間。另外請記得，抵銷SG&A上升的一個因素，是今年與PayneCrest相關、相當可觀的攤銷費用，這推高了SG&A。其中很大一部分會延續到明年，但那是非現金項目。

Adam Salheimer, Thompson Davis.

Adam Salheimer，Thompson Davis。

I also wanted to ask about the net cash generation awards, the $1.4 billion. A few questions on that. Is it all simple cycle geographically? Where are those awards? And what does the funnel look like?

我也想問一下淨現金產生獎項（net cash generation awards），也就是14億美元。關於這點有幾個問題。這些是否在地理上全部都是簡單循環（simple cycle）？這些獎項在哪些地區？以及漏斗（funnel）的情況如何？

Yeah. There -- yeah, thanks for the question, Adam. These are all -- these all happen to be simple cycle. Most of the portfolio, as I said before, is simple cycle basically informed by time to market. I think we have a handful of projects that are combined cycle that are in the funnel, but not in backlog. And the geographies are Texas, Missouri, Nevada and various sizes of capacity.

是的。那個——是的，謝謝你的問題，Adam。這些全部——這些剛好全部都是簡單循環（simple cycle）。如我先前所說，我們的投資組合大多是簡單循環，基本上是由上市時程（time to market）所驅動。我想我們在漏斗裡有少數幾個複循環（combined cycle）專案，但不在積壓訂單（backlog）中。地理區域包括德州、密蘇里州、內華達州，容量規模各不相同。

And the funnel piece?

那漏斗的部分呢？

The funnel is very strong. Sorry, yes, funnel in that market has gone up. And I think last quarter, it was a little over $6 billion. I think now it's over $8 billion --

漏斗非常強勁。抱歉，是的，那個市場的漏斗已經上升。我記得上一季略高於60億美元。我想現在已經超過80億美元——

$7 billion to $8 billion. Yeah.

70億美元到80億美元。對。

Yeah. It's over $8 billion that we're tracking. Importantly, because the market is constrained in terms of resources we're very, very diligent in customer selection and project selection. So we're very, very being -- remaining very disciplined in terms of risk posture and overall making sure our value proposition (inaudible).

對。我們追蹤的已經超過80億美元。重要的是，由於市場在資源方面受限，我們在客戶選擇與專案選擇上非常、非常謹慎。因此我們在風險立場（risk posture）上保持非常、非常嚴謹的紀律，並整體確保我們的價值主張（聽不清）。

Okay. And then last one real quick. On the fiber side, you alluded to some big potential awards. How much revenue could those generate? .

好的。然後最後一個很快問一下。在光纖（fiber）方面，你們提到一些潛在的大型得標。那些可能帶來多少營收？。

There's like $300 million or so in pursuits. We won't win all that work. But given the size of the portfolio today, I think we have an aptitude for it to grow. The BEAD funding projects specifically that we're tracking, I think, amount to $300 million.

大概有3億美元左右在追案（pursuits）。我們不會贏下所有這些工作。但以目前投資組合的規模來看，我認為我們具備成長的能力。我們特別在追蹤的BEAD資金專案，我想合計約為3億美元。

As a business today, we do around $400 million-plus. So it does give us line of sight to some projects. And there's the BEAD funding and there's also the fiber that interconnects data centers, that's also a meaningful CapEx that we're trying to pursue. And this is how these data center clusters need to operate together requiring low latency. So that fiber spend is also something we're tracking.

以目前的業務規模來看，我們大約做到4億美元以上。所以這確實讓我們能看得到一些專案的機會。除了BEAD資金之外，還有用於資料中心互連的光纖，這也是一筆相當可觀的資本支出（CapEx），我們也在爭取。而這是這些資料中心叢集需要協同運作的方式，要求低延遲。因此這部分的光纖支出也是我們在追蹤的。

Brent Dielmann, Oppenheimer.

Brent Dielmann，Oppenheimer。

Yeah. Thanks. The pipeline of new award potentially you talked about in Renewables. Are those more aligned with your traditional markets and geographies? Is the company still kind of evaluating and pursuing newer geographies? And then Koti, if you could just talk about like the risk parameters you've embedded in the pursuit process going forward for that piece of business?

是的。謝謝。你提到在再生能源（Renewables）方面可能有新的得標管線（pipeline）。那些是否更符合你們傳統的市場與地理區域？公司是否仍在評估並追求較新的地理區域？另外Koti，你能否談談你們在未來該業務的追案流程中所嵌入的風險參數？

Yeah. So the first part of your question, the answer is yes. All of our pursuits are in geographies where we have a resume, understand the labor posture, understand the jurisdictions having authority and so very comfortable with those pursuits. And then the going forward from learnings from the past, it's to remain disciplined and not pursue work in areas or geographies where we don't have understanding of the local labor market or local conditions, as well in terms of remaining disciplined on risk posture.

是的。你問題的第一部分，答案是是的。我們所有追案都在我們有履歷（resume）、了解勞動力態勢、了解具管轄權的主管機關（jurisdictions having authority）的地理區域，因此對這些追案非常有把握。至於未來，從過去的經驗學到的是要保持紀律，不在我們不了解當地勞動市場或當地條件的區域或地理範圍追案，同時在風險立場上也要保持紀律。

I had mentioned before, I think it was in Q1 we did pass on an opportunity where terms and conditions didn't comport with our overall risk posture. So that's really just a compass going forward to maintain that rigid discipline. But again, demand environment is very strong for our services, so we can be very disciplined and and stick to our overall risk-reward balance.

我之前提過，我想是在第一季（Q1），我們放棄了一個機會，因為其條款與條件不符合我們整體的風險立場。所以這基本上就是我們未來的指引（compass），用來維持那種嚴格的紀律。但再說一次，我們服務的需求環境非常強勁，因此我們可以非常有紀律，並堅守整體的風險—報酬平衡。

And then on PayneCrest, any strategic initiatives you're pursuing there now that it's a few more months under your ownership? I just thinking along the lines of like a refocus of those operations away from any legacy pursuits that could be lower margin or or something that doesn't align with your risk profile?

另外關於PayneCrest，在你們持有幾個月之後，目前有沒有在推動任何策略性措施？我在想例如是否會把營運重心從一些歷史追案中調整出來，因為那些可能毛利較低，或不符合你們的風險輪廓（risk profile）之類？

Yes. It's a good question, Brent. And actually, from our due diligence and then as we've done couple of months of integration, it's actually the opposite. We want to make sure we call it a light touch integration and not getting in the way. They have been run historically as a conservative company and been very conservative in their approach in new acquisitions of customers. Their exposure to the data center market, we like. It's not a majority of their portfolio. They have other industrial clients in in their backyard where they have long-term relationships and good contract terms.

有。這是個好問題，Brent。其實從我們的盡職調查（due diligence），以及整合了幾個月之後，情況剛好相反。我們希望採取所謂的「輕度整合」（light touch integration），不要造成干擾。他們過去一直以保守的公司方式經營，對於新客戶的取得也一直非常保守。我們喜歡他們在資料中心市場的曝險。那不是他們投資組合的主要部分。他們在自家地盤也有其他工業客戶，彼此有長期關係且合約條款良好。

So it's a little bit of -- make sure they're integrated with the system. There are some revenue synergies in parts of our portfolio where we use subs, they have that expertise in-house. So we'll have the opportunity to bring them into the fold. But right now, I would describe it as a light touch integration and so far exceeding our expectations from performance.

所以有點像是——確保他們能與系統整合。在我們投資組合的某些部分，我們會使用分包商（subs），而他們把那方面的專業能力內建在公司裡。因此我們會有機會把他們納入體系。但目前我會把它描述為輕度整合，而到目前為止，其表現超出我們的預期。

Manish Somaiya, Cantor.

Manish Somaiya，Cantor。

Ken, in terms of the EBITDA framework that you laid out, I get to an EBITDA of $282 million vis-a-vis the guidance of $275 million to -- $275 million to $325 million. Did I miss something in terms of add-backs? Or are we kind of saying we're more comfortable with the low end and leaving room for upside?

Ken，就你提出的EBITDA架構而言，我算出來的EBITDA是2.82億美元，相較於你們的指引2.75億美元到——2.75億美元到3.25億美元。我是否漏掉了某些加回（add-backs）？還是說我們其實是比較偏向低端更有把握，同時保留上行空間？

Yeah, it's the latter. We're just giving ourselves plenty of room to make sure we are comfortable with the numbers that we can make those numbers and potentially have some upside as we execute through Q3 and Q4.

是的，是後者。我們只是給自己留出充足空間，確保我們對能達成這些數字感到有把握，並且在第三季（Q3）與第四季（Q4）執行過程中可能還有一些上行空間。

And related to that, how should we think about the free cash flow framework in the second half?

與此相關，下半年自由現金流（free cash flow）的架構應該怎麼看？

Yeah. Look, our forecast for the year was like $350 million to $400 million of free cash flow. I think basically, you can just subtract [$200 million] out of it. That's essentially the impact from the Renewables projects. And so right now, we're looking at probably [$150 million to $200 million] for the full year.

是的。你看，我們對全年自由現金流的預測原本大概是3.5億到4億美元。我想基本上，你可以從中扣掉[2億美元]。那基本上就是再生能源（Renewables）專案帶來的影響。所以目前我們看全年大概是[1.5億到2億美元]。

Okay. So basically, a big catch-up in the second half, principally in the fourth, I would imagine?

好的。所以基本上，下半年會有很大的追趕，主要會在第四季，我想是這樣？

Yes.

是。

Okay. And Koti, I had a question for you on the telecom side with BEAD funding moving to more technology-neutral framework, are you seeing customers rescoping projects away from fiber towards fixed wireless or satellite or is fiber still the primary opportunity in your core markets?

好的。Koti，我想就電信這一塊請教你一個問題：隨著 BEAD 資金轉向更具技術中立的框架，你是否看到客戶把專案範疇從光纖轉向固定無線或衛星？還是說在你們的核心市場中，光纖仍然是主要機會？

Yeah. for where we play, it's fiber. I think for us, yeah, we're tracking the BEAD funding, but I also mentioned, Manish, the -- there's a lot of opportunity in the interconnects between these AI data centers.

是的。就我們所參與的領域而言，是光纖。我想對我們來說，是的，我們在追蹤 BEAD 資金，但我也提到過，Manish——在這些 AI 資料中心之間的互連方面有很多機會。

Philip Shen, ROTH Capital Partners.

Philip Shen，ROTH Capital Partners。

First one is a bit of a housekeeping one. Can you share what the backlog was for renewables at the end of Q2?

第一個問題算是例行性的。你能分享一下第二季末可再生能源的在手訂單（backlog）是多少嗎？

Yeah, it was $2 billion.

是的，是 20 億美元。

Great. Okay. And then as it relates to -- back on Renewables, how have compensation or incentive structures for project executives and estimate has been adjusted, if I as -- at all -- and then so that's the more stringent risk-reward criteria are not undermined by traditional volume or booking driven bonuses? And then what leading indicators do you think the Board and management will use in the next year to demonstrate that the new processes are actually improving bid quality and execution consistency? Thanks, guys.

很好。好的。接著回到可再生能源：與此相關的是——針對專案主管與估算（estimate）的人員，其薪酬或激勵結構是否有做任何調整（如果有的話）？也就是說，如何確保更嚴格的風險—報酬標準不會被傳統以量或接單（booking）驅動的獎金所削弱？另外，你認為董事會與管理層在未來一年會用哪些領先指標來證明新流程確實在提升投標品質與執行一致性？謝謝各位。

Yeah. And so Phil, there's discretion in compensation at my level and what we've done is incent the project teams in particular field leadership. And some of their comp is cash, but some of their comp is also going forward in RSUs, restricted stock that vests over time. And theory is we want them to be aligned to value creation that the company creates in project execution.

是的。所以 Phil，在我這個層級的薪酬是有裁量空間的；我們所做的是，特別針對專案團隊、尤其是現場領導層，設計激勵。他們的部分薪酬是現金，但也有一部分是以 RSU（限制型股票單位）的形式，會隨時間歸屬（vesting）。其理念是，我們希望他們能與公司在專案執行中所創造的價值創造保持一致。

And then I say for leading indicators going forward, the compensation mechanisms that are in place today do have both long-term mechanisms around value creation. And so I think they're aligned from an accountability standpoint.

再者，就未來的領先指標而言，目前的薪酬機制確實同時包含圍繞價值創造的長期機制。因此我認為從問責的角度來看，它們是對齊的。

I think from a go-forward standpoint, what we do with the field teams and deeper reaching and RSUs and stock ownership is a lever for us to maybe draw down a little bit harder, drive forward -- driving forward.

我認為從未來推進的角度，我們對現場團隊所做的——更深入地導入 RSU 與持股要求——是我們的一個槓桿，讓我們可以把要求再拉得更緊一些，推動向前——持續推進。

And just to be clear, these are changes that have been made since the problems surfaced?

我想確認一下，這些都是在問題浮現之後才做出的改變嗎？

Yeah. And what I was looking at there, Phil, in particular, is that some of these teams are -- were not the people that cause the problems. These are the people relying on in the face of adversity, are now being so resilient and driving under the reforecast the predictable execution month to month, week to week. And so I want to make sure they're incented appropriately. So it's more along those lines around the changes.

是的。Phil，我當時特別在看的點是：其中一些團隊——並不是造成問題的人。這些人是在逆境中我們所倚賴的，他們現在展現出很強的韌性，並在重新預測（reforecast）之下，推動每月、每週都能可預期地執行。因此我想確保他們得到適當的激勵。所以改變比較是朝這個方向。

Maheep Mandloi, Mizuho Capital.

Maheep Mandloi，Mizuho Capital。

Just a question on the Renewables business, given the backlog visibility you have and potential for new growth on bookings this year and later next year. How should we think about the 2027 growth versus '26 or '25 compared to what you've said in the past?

關於可再生能源業務我有個問題：考量你們對在手訂單的能見度，以及今年與明年稍晚新增接單成長的潛力，我們應該如何看待 2027 年的成長，相較於 2026 或 2025 年，與你們過去所說的相比？

Maheep, I'm trying to make sure I understood the question. Are you looking at -- revenue growth into '27 relative to '26.

Maheep，我想先確認我理解你的問題。你是在看——到 2027 年的營收成長相對於 2026 年嗎？

Yes. And so I think what we said in our earlier Q&A there is that historically, we've grown exponentially in the Renewable segment. When I look at $24 million to $25 billion. I think it was $2 billion to $3 billion. '26 is a bit of a reset year.

是的。我想我們在先前的問答中提到，歷史上我們在可再生能源部門是呈指數型成長。當我看從 2,400 萬美元到 250 億美元。我想那是從 20 億美元到 30 億美元。2026 年會是一個稍微重置的一年。

We're looking at second half of this year, and particularly in Q4, the funnel for renewables opportunities is pretty strong and where we sit at backlog and I look at burn and then we factor in what we're going to be potentially awarded that will inform our '27 guide for the Renewable segment.

我們在看今年下半年，特別是第四季，可再生能源機會的漏斗（funnel）相當強勁；結合我們目前的在手訂單水位、我看消化（burn）的情況，再把我們可能獲得授標的案子納入考量，這些都會用來形成我們對可再生能源部門 2027 年的指引。

At this time right now, just being pragmatic, we think it could potentially be a modest growth off of '26. But we'll give more prescriptive color as we see that trend in backlog.

就目前此刻，務實一點來看，我們認為相較於 2026 年，2027 年可能會是溫和成長。但隨著在手訂單的趨勢更明朗，我們會提供更具體的說明。

Understood. That's helpful. And on the balance sheet side, and you kind of talked about the -- in terms of the free cash flow and the Renewable impact. But how should we think about leverage for next year and potential capital for additional M&A going forward?

了解。這很有幫助。另外在資產負債表方面，你也談到——就自由現金流以及可再生能源的影響而言。但我們應該如何看待明年的槓桿水準，以及未來進一步併購（M&A）可能需要的資本？

Yeah, I touched on this a little bit in my comments. We're at about 1.6 times EBITDA right now. We'll trip up to probably a little under 2, I'm guessing right now, in Q3. And then from there, we'll start declining back down both based on debt payoff and EBITDA growth.

是的，我在評論中稍微提到了一點。我們目前約為 EBITDA 的 1.6 倍。我猜第三季可能會上升到接近 2 倍、但略低於 2 倍。之後會開始往下走，原因包括償還債務以及 EBITDA 成長。

I expect us to probably comfortably be back down to 1.5 times by the end of the year and then over the course of '27, trend down to 1 times again, which between that and availability on our revolver and our cash balances gives us plenty of capital to continue to support organic growth, to do opportunistic acquisitions, and to the extent the Board wants to pull that lever to do additional stock buyback.

我預期到年底我們應該可以很舒適地回到約 1.5 倍；然後在 2027 年期間，再趨勢性下降回到 1 倍。這再加上我們循環信貸（revolver）的可用額度與現金餘額，讓我們有充足資本持續支持有機成長、進行機會型收購，並且在董事會希望啟動該槓桿的情況下，進一步做股票回購。

Joseph Osha, Guggenheim.

Joseph Osha，Guggenheim。

I had two questions. First, returning to the single-cycle gas business. Obviously, that's doing great. One, risk factor there that does pop up every once in a while? Or whether your customers actually do have those turbine slots secured? So I did want to check to understand if you've gone out and talked to your customers and made sure that, that process is derisked? And then I do have a follow-up.

我有兩個問題。第一個回到單循環燃氣業務。顯然那邊表現非常好。其中一個風險因素是：偶爾會冒出來的——也就是你們的客戶是否真的已經把那些燃氣渦輪機的產能檔期（turbine slots）確保下來？所以我想確認一下，你們是否已經去跟客戶談過，並確保這個流程的風險已經降低（derisked）？然後我還有一個追問。

Yeah, Joe, I'll answer that. It is one of the criteria for us, and we evaluate customers and project selection is that they're in the queue. And our relationships with those OEMs is pretty significant. So we -- in some cases, they're actually the ones that are marketing -- making the market for us, they'll pair us with a potential client. But yeah, we have visibility to that. And the other piece of that is purchase power agreements and seeing where they are in -- with respect to that piece of it, too.

是的，Joe，我來回答。這確實是我們的評估標準之一；我們在評估客戶與選案時，會確認他們已在排隊序列（queue）中。而且我們與那些 OEM 的關係相當深。所以——在某些情況下，其實是他們在幫我們做市場開發——他們會把我們與潛在客戶配對。但對此我們是有能見度的。另外一塊是購電協議（power purchase agreements），也會看他們在那部分的進展狀況。

Okay. So you're because there's a bit of a gold rush going on there at the moment. Obviously, you're confident that, that pipeline has been derisked for you guys?

好的。所以因為目前那邊有點像淘金熱。顯然，你們有信心那條管線對你們而言已經把風險降下來了？

That's correct. And we have -- when we do the limited notice to proceed with the client, and building the project schedule, obviously, we have full visibility to the delivery of that piece of equipment. We're focused on the balance of plan, but we're definitely working with the customer and have line of sight to those orders.

沒錯。而且當我們與客戶進行有限通知開工（limited notice to proceed），並建立專案時程時，顯然我們對那項設備的交付有完全的能見度。我們專注在廠外配套（balance of plant），但我們確實在與客戶合作，並且能清楚掌握那些訂單的狀況。

Okay. And then to return to Renewables, sorry to ask you another question. Just if I hear what you're saying, you've got this $2 billion backlog you're going to burn it sounds like you're kind of reopening the funnel to booking as we get into the second half of the year. But just timing-wise, I mean, anything you book late this year probably isn't going to start to burn until late '27, '28.

好的。接著回到再生能源，不好意思再問您一個問題。如果我理解您剛才的意思，您這邊有約20億美元的在手訂單（backlog）將會逐步消化；聽起來隨著我們進入下半年，您也在某種程度上重新打開漏斗、恢復接單。但就時點而言，我是說，今年較晚才簽下的案子，可能要到2027年末、2028年才會開始消化。

So it sounds like -- I heard what you said earlier, moderate growth, but it sounds like the business doesn't really kind of get back onto a more normal cadence relative to history until 2028. Is that a fair observation?

所以聽起來——我有聽到您先前說的溫和成長，但似乎要到2028年，這個業務相對於歷史才會回到比較正常的節奏。這樣的觀察合理嗎？

I don't think -- I would disagree, Joe, with that observation. I think we're probably being a little bit conservative. We have seen some projects move to the right. And so predicting that timing is probably weighing in.

我不認為——Joe，我不同意這個觀察。我覺得我們可能稍微保守了一點。我們確實看到有些專案往後遞延。因此在預測時點上，可能把這個因素納入考量。

I think when there is a significant funnel for us, and irrespective of timing, I think it shapes well for us trying to predict in each quarter when we land this stuff in backlog is sometimes a little tricky. But given -- and I looked at historical quarters over the last year, where we sat with backlog and what we burned, and there is a general track record there, which is why I think we're looking at the opportunity in Q4. And as we sit at the end of the year, it will give us a good projection on '27.

我認為當我們有相當可觀的案源漏斗時，而且不論時點如何，我覺得整體對我們是有利的；只是要在每一季精準預測這些案子何時會落入在手訂單，有時確實有點棘手。但基於——我也回頭看了過去一年各季的歷史數據，我們當時的在手訂單水位以及實際消化的情況，整體是有一個可循的軌跡，這也是為什麼我認為我們在第四季會看到機會。而當我們站在年底時點，也會讓我們對2027年有一個不錯的推估。

dam Bubes, Goldman Sachs.

Adam Bubes，高盛。

This is Anders on behalf of Adam. So in light of recent cost overruns and renewables, should we expect any changes to the contract structures or targeted margin profile on future projects?

我是Anders，代表Adam提問。鑑於近期成本超支以及再生能源方面的情況，未來專案的合約結構或目標毛利率（margin profile）是否會有任何調整？

No. I think I've said before is just more rigidity and discipline in risk identification and the contract terms we take on. So that's about the pursuits making sure we've done good discrimination in the portfolio and not got into geographies that are uncertain for us or we don't have experience. So that's that piece.

不會。我之前也說過，我們會在風險辨識以及我們承接的合約條款上，採取更嚴謹的剛性與紀律。這主要是在投標/爭取案子時，確保我們在組合上做出良好的篩選，不要進入對我們而言不確定、或我們沒有經驗的地理區域。這是其中一部分。

And on the contract terms, yeah, there are some learnings will probably be stricter in some terms in the contract from a language standpoint that allow us more favorable climate for recovery if we've given reasonable methods for -- from a construction execution approach. But nothing specific to comment here. It's probably just more disciplined going forward.

至於合約條款，是的，我們有一些學習，可能會在合約文字上對某些條款更嚴格，讓我們在採取合理的施工執行方法的前提下，若需要求償/追償（recovery）時，能有更有利的條件。但這裡沒有特定細節可以評論。大概就是未來會更有紀律。

Got it. And on the Energy segment, saw pretty strong bookings in this quarter. So can you please parse out the awards by end market?

了解。另外在能源事業群（Energy segment），本季接單相當強勁。能否請您按終端市場（end market）拆解一下得標/獲獎（awards）的組成？

Could you repeat the question? I didn't hear it.

可以再重複一次問題嗎？我剛剛沒聽清楚。

So on the Energy segment, bookings were strong in this quarter. So I was hoping if you can shed some light on the awards by different end markets within the Energy segment?

能源事業群本季接單很強。我想請您說明一下，能源事業群內不同終端市場的得標/獲獎分布情況？

Yes. Thanks. I got it. Yes. So it was [$3.9 million] was additional backlog; [$2.4 million] that was Energy; $1.5 million, Utilities. Your question is of the [$2.4 million], how does that break down? [$1.4 million] of that was in the gas power generation which we talked about, the mostly -- those are all simple cycle projects that were awarded.

好的。謝謝。我明白了。是的。所以新增在手訂單是[390萬美元]；其中[240萬美元]屬於能源（Energy）；150萬美元屬於公用事業（Utilities）。您的問題是，在這[240萬美元]之中，如何拆分？其中[140萬美元]是在我們提到的燃氣發電（gas power generation），主要——那些都是獲得授標的簡單循環（simple cycle）專案。

The balance, the $1 billion is comprised of about $450 million from PayneCrest. Some of that backlog came with the acquisition. But we importantly note, they had [$250 million] on top of that. that they booked in the quarter. So nice significant contribution from PayneCrest. And the balance would be in the rest of Energy, Industrial, including pipeline.

其餘部分，也就是10億美元，是由約4.5億美元的PayneCrest所構成。其中一部分在手訂單是隨著收購一併帶入的。但我們要特別指出，他們在此之外，本季另外接了[2.5億美元]。所以PayneCrest帶來了相當可觀的貢獻。剩下的則在能源其他領域、工業（Industrial），包括管線（pipeline）。

Jerry Revich, Wells Fargo.

Jerry Revich，富國銀行。

This is Andrew on for Jay Revich. I just wanted to hone in, it sounds like there's some modest growth baked in for the base case next year. With the full-year guide and all the 2027 commentary so far, I'm trying to think what that might imply for Energy segment margins off the 4Q exit rate? And what might be like a reasonable starting point for '27? Any color there would be much appreciated.

我是Andrew，代替Jay Revich提問。我想聚焦一下：聽起來你們在明年的基本情境（base case）中已納入一些溫和成長。結合全年指引以及目前所有關於2027年的評論，我在想，這對能源事業群的利潤率（margins）相對於第四季的退出水準（4Q exit rate）可能意味著什麼？以及2027年合理的起始點可能會是什麼？若能提供一些說明將非常感謝。

Yeah. Look, on the margins, we will have the last of these projects, renewables projects done in Q4. So our full expectation as of right now is that the cadence for 2027 is going to be in that normal 10% to 12% range that we previously occupied.

是的。你看，就利潤率而言，我們在第四季會完成最後一批這些再生能源專案。因此以目前來看，我們完全預期2027年的節奏會回到我們先前所處的正常區間，也就是10%到12%。

So I think last quarter, you guys referenced something like $1 billion in Renewables verbal awards and close to $3 billion expected to sign in the second half. Would love to kind of get an update on that and see how much of that is converted or what subject to close and how that might translate to next year's revenue?

所以我記得上季你們提到，再生能源大約有10億美元的口頭授標（verbal awards），以及下半年預期有接近30億美元會簽約。很希望能更新一下目前進度，看看其中有多少已轉換、或仍待結案（close），以及這可能如何反映到明年的營收？

Yeah, I think it was $2 billion, not $3 billion. And that cadence is -- we're still on track for. I think we mentioned kind of $1.5 billion to $2 billion just as things have kind of moved around a little bit. And as we mentioned in the call, in our scripted notes, I think most of that's going to be in Q4 this year.

是的，我想是20億美元，不是30億美元。而那個節奏——我們仍在按計畫推進。我想我們提到大約15億到20億美元，因為一些事情的時點稍微有些變動。而且如同我們在電話會議、在我們事先準備的講稿中提到的，我認為其中大部分會落在今年第四季。

And we did have 1 in Q2 that was a couple of hundred million dollars.

另外我們在第二季也有一筆，金額是數億美元。

We have reached the end of the Q&A session. I will now turn the call back to Koti Vadlamudi for closing remarks.

問答環節到此結束。接下來我把電話會議交回給Koti Vadlamudi作結語。

Thank you, and thank you all for joining your engagement in Q&A. I want to close by thanking our employees, the men and women in the field that are on behalf of our customers driving execution. And really pleased with the quarter's trend in backlog and looking forward to engaging with you all going forward. Thank you.

謝謝，也感謝各位參與並在問答環節的互動。最後我想感謝我們的員工，現場第一線的男女同仁，代表我們的客戶推動執行。我們對本季在手訂單的趨勢感到非常滿意，也期待未來持續與各位交流。謝謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。