Quanta Services Inc (PWR) 2021 Q3 法說會逐字稿

Hello, and welcome to the Quanta Services Third Quarter 2021 Earnings Call and Webcast. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加廣達服務 2021 年第三季財報電話會議及網路廣播。 （操作員指示）謹此提醒，本次會議正在錄製中。

It's now my pleasure to turn the call over to Kip Rupp, Investor Relations for Quanta Services. Please go ahead.

現在我很高興將電話轉給 Quanta Services 投資者關係部的 Kip Rupp。請繼續。

Thank you, and welcome, everyone, to the Quanta Services Third Quarter 2021 Earnings Conference Call. This morning, we issued a press release announcing our third quarter results, which can be found in the Investor Relations section of our website at quantaservices.com, along with the summary of our 2021 outlook and commentary we will discuss this morning. Additionally, we will use a slide presentation this morning to accompany our prepared remarks, which is viewable through the call's webcast and is also available on the Investor Relations section of the Quanta Services website.

謝謝並歡迎大家參加廣達服務 2021 年第三季財報電話會議。今天早上，我們發布了一份新聞稿，宣布了我們第三季度的業績，您可以在我們網站的投資者關係部分找到該業績，網址為：quantaservices.com，此外還有我們今天早上將討論的2021 年展望與評論摘要。此外，今天早上我們將使用幻燈片演示來配合我們準備好的講話，您可以透過電話會議的網路廣播觀看該演示文稿，也可以在廣達服務網站的投資者關係部分中查看。

Please remember that information reported on this call speaks only as of today, November 4, 2021, and therefore, you're advised that any time-sensitive information may no longer be accurate as of any replay of this call.

請記住，本次電話會議報告的資訊僅截至今天（2021 年 11 月 4 日），因此，我們建議您，自本次電話會議重播以來，任何時間敏感的資訊可能不再準確。

This call will include forward-looking statements intended to qualify under the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These include all statements reflecting Quanta's expectations, intentions, assumptions or beliefs about future events or performance, but that do not solely relate to historical or current facts. Forward-looking statements involve certain risks, uncertainties and assumptions that are difficult to predict or beyond Quanta's control, and actual results may differ materially from those expressed or implied.

本次電話會議將包括前瞻性陳述，旨在符合1995 年《私人證券訴訟改革法案》規定的免於責任的安全港條件。信念的所有陳述，但不僅僅與歷史或當前事實有關。前瞻性陳述涉及某些難以預測或超出廣達控制範圍的風險、不確定性和假設，實際結果可能與明示或暗示的結果有重大差異。

For additional information concerning some of these risks, uncertainties and assumptions, please refer to the cautionary language included in today's press release, along with the company's periodic reports and other documents filed with the Securities and Exchange Commission, which are available on Quanta's or the SEC's website. You should not place undue reliance on forward-looking statements, and Quanta does not undertake any obligation to update such statements and disclaims any written or oral statements made by any third party regarding the subject matter of this call.

有關其中一些風險、不確定性和假設的更多信息，請參閱今天新聞稿中包含的警示性語言，以及公司的定期報告和向美國證券交易委員會提交的其他文件，這些文件可在廣達或美國證券交易委員會的網站上取得網站。您不應過度依賴前瞻性陳述，廣達不承擔任何更新此類陳述的義務，並否認任何第三方就本次電話會議主題所發表的任何書面或口頭陳述。

Please also note that we will present certain historical and forecasted non-GAAP financial measures in today's call, including adjusted diluted EPS, backlog, EBITDA and free cash flow. Reconciliations of these measures to their most directly comparable GAAP financial measures are included in our earnings release.

另請注意，我們將在今天的電話會議中介紹某些歷史和預測的非公認會計準則財務指標，包括調整後的攤薄每股收益、積壓訂單、息稅折舊攤銷前利潤(EBITDA) 和自由現金流。這些指標與其最直接可比較的公認會計準則財務指標的調節表包含在我們的收益發布中。

Lastly, if you would like to be notified when Quanta publishes news releases and other information, please sign up for e-mail alerts through the Investor Relations section of quantaservices.com. We also encourage investors and others interested in our company to follow Quanta IR and Quanta Services on the social media channels listed on our website.

最後，如果您希望在廣達發布新聞稿和其他資訊時收到通知，請透過Quantaservices.com 的投資者關係部分註冊電子郵件提醒。我們也鼓勵投資者和其他對我們公司感興趣的人在我們網站上列出的社交媒體管道上關注 Quanta IR 和 Quanta Services。

With that, I would like to now turn the call over to Mr. Duke Austin, Quanta's President and CEO. Duke?

現在，我想將電話轉給廣達總裁兼執行長杜克·奧斯汀先生。公爵？

Thanks, Kip. Good morning, everyone, and welcome to the Quanta Services Third Quarter 2021 Earnings Conference Call. On the call today, I will provide operational and strategic commentary and will then turn it over to Derrick Jensen, Quanta's Chief Financial Officer. We will provide a review of our third quarter results and full year 2021 financial expectations. Following Derrick's comments, we welcome your questions.

謝謝，基普。大家早安，歡迎參加廣達服務 2021 年第三季財報電話會議。在今天的電話會議上，我將提供營運和策略評論，然後將其轉交給廣達財務長 Derrick Jensen。我們將回顧第三季業績和 2021 年全年財務預期。在 Derrick 的評論之後，我們歡迎您提出問題。

This morning, we reported solid third quarter results, which included a number of record financial metrics, including revenues, adjusted EBITDA and earnings per share. Additionally, total backlog of $17 billion at the end of the quarter was also a record, which we believe reflects the benefits of our collaborative approach with the customers, favorable end market dynamics and continued advancement of our long-term growth strategies.

今天早上，我們公佈了穩健的第三季業績，其中包括一些創紀錄的財務指標，包括收入、調整後 EBITDA 和每股盈餘。此外，本季末的總積壓金額為 170 億美元，也創下了紀錄，我們相信這反映了我們與客戶合作方式、有利的終端市場動態以及我們長期成長策略的持續推進所帶來的好處。

As many of you are aware, several weeks ago, we completed the previously announced acquisition of Blattner, which is a premier utility scale renewable energy infrastructure solutions provider in North America with decades of experience and a strong safety culture. We believe the energy transition in North America is on the cusp of a significant acceleration, and at moving to a carbon-neutral economy will require sizable and decades-long investment in renewable generation and related infrastructure. We believe this transaction puts Quanta in a unique position to enable the energy infrastructure for North America's energy transition.

正如你們許多人所知，幾週前，我們完成了先前宣布的對Blattner 的收購，後者是北美首屈一指的公用事業規模再生能源基礎設施解決方案提供商，擁有數十年的經驗和強大的安全文化。我們認為，北美的能源轉型正處於顯著加速的風口浪尖，向碳中和經濟轉變將需要對再生能源發電和相關基礎設施進行數十年的大規模投資。我們相信，此交易使廣達在為北美能源轉型提供能源基礎設施方面處於獨特的地位。

Since announcing our intention to acquire Blattner in early September, customer reactions and conversations across our customer base have been overwhelmingly positive and supportive. Further, we previously commented about how remarkably similar Quanta and Blattner are operationally and culturally, which has become increasingly apparent to working with the Blattner management team on integration. We were all excited about our combined growth opportunities when we first announced the transaction. And I can tell you that today, we are even more excited and increasingly confident in the value proposition, innovative solutions and growth synergy opportunities at Quanta and Blattner are positioned to provide existing and new customers.

自從九月初宣布我們打算收購 Blattner 以來，客戶的反應和整個客戶群的對話都非常積極和支持。此外，我們之前評論過廣達和布拉特納在營運和文化上非常相似，這一點在與布拉特納管理團隊的整合合作中變得越來越明顯。當我們第一次宣布這項交易時，我們都對我們的合併成長機會感到興奮。我可以告訴您，今天，我們對廣達和 Blattner 為現有和新客戶提供的價值主張、創新解決方案和成長協同機會感到更加興奮和信心。

Now turning the call to our operating results. Our Electric Power Solutions operations continued to perform well with record revenues and strong margins driven by robust demand for our services, solid and safe execution, high utilization of our resources and operational excellence. We are proud of our execution and confident that our strong market position will allow us to capitalize on future opportunities created by a favorable long-term trends driving utility investment and demand for our comprehensive solutions.

現在轉向我們的經營業績。我們的電力解決方案業務持續表現良好，收入創歷史新高，利潤率強勁，這得益於對我們服務的強勁需求、可靠和安全的執行、資源的高利用率和卓越的運營。我們對我們的執行力感到自豪，並相信我們強大的市場地位將使我們能夠利用有利的長期趨勢所創造的未來機會，推動公用事業投資和對我們綜合解決方案的需求。

Demand for grid modernization, system hardening and renewable energy interconnection services remain active, and discussions around opportunities for our electric vehicle infrastructure installation and program management capabilities continue to advance. Our electric power backlog remains strong, driven primarily by significant multiyear master service agreements with utilities, which adds to the substantial MSA backlog growth we generated in the first half of this year.

對電網現代化、系統強化和再生能源互連服務的需求仍然活躍，圍繞我們的電動車基礎設施安裝和專案管理能力的機會的討論繼續推進。我們的電力積壓訂單仍然強勁，這主要是由於與公用事業公司簽訂了重要的多年主服務協議，這增加了我們今年上半年產生的 MSA 積壓訂單的大幅增長。

During the quarter, Hurricane Ida made landfall over Louisiana, which ultimately left 1.2 million customers across 8 states without power, including 1 million outages in Louisiana alone. Quanta deployed significant resources to support utility customers through electric power infrastructure who was damaged or destroyed by the hurricane, including more than 2,500 line workers and front-end support services and engineering staff. Our comprehensive response resulted in record emergency restoration revenue and highlights our ability to quickly mobilize substantial resources to support our customers in times of need.

本季度，颶風艾達登陸路易斯安那州，最終導致 8 個州的 120 萬用戶斷電，其中光是路易斯安那州就有 100 萬戶停電。廣達部署了大量資源，透過電力基礎設施為因颶風受損或毀壞的公用事業客戶提供支持，其中包括 2,500 多名生產線工人以及前端支持服務和工程人員。我們的全面回應帶來了創紀錄的緊急復原收入，並凸顯了我們快速調動大量資源在需要時為客戶提供支援的能力。

Our customers continue to advance their efforts to achieve carbon neutrality over the coming decades, which is planned to be achieved in large part through increasing renewable generation investment. We believe public policy and a positive general sentiment supporting a greener environment will drive North America's power generation mix increasingly towards renewables over the near and longer term.

我們的客戶將在未來幾十年繼續努力實現碳中和，並計劃在很大程度上透過增加再生能源發電投資來實現。我們相信，支持綠色環境的公共政策和積極的整體情緒將推動北美的發電結構在短期和長期內越來越多地轉向再生能源。

Blattner's utility scale renewable generation solutions, coupled with Quanta's complementary and holistic grid solutions, creates a unique value proposition and opportunity to collaborate with our customers to shape their energy transition initiatives. For example, Blattner is currently constructing more than 30 utility-scale renewable energy projects across the country, and another Quanta company is currently working on the largest solar-powered battery storage projects in North America. Additionally, we are seeing accelerated demand for our services that enable renewal generation, including transmission interconnections and substations.

布拉特納的公用事業規模再生能源發電解決方案，加上廣達的互補和整體電網解決方案，創造了獨特的價值主張和機會，與我們的客戶合作制定他們的能源轉型計劃。例如，布拉特納目前正在全國建造30多個公用事業規模的再生能源項目，另一家廣達公司目前正在建造北美最大的太陽能電池儲存項目。此外，我們看到對我們的服務的需求加速成長，這些服務能夠實現更新換代，包括輸電互連和變電站。

We continue to scale our communication operations and progress to our strategy. For example, we have developed our wireless capabilities and are expanding our wireless services into certain markets. Communications revenues grew significantly in the third quarter as compared to last year. And though we incurred higher costs on certain jobs due to descoping of certain contracts and project closeouts, which impacted profitability for these operations, these issues were not meaningful to the overall electric power segment or Quanta as a whole. Nevertheless, demand for our communication services remains high and the majority of our communication operations are performing at or near our double-digit margin targets.

我們繼續擴大我們的傳播業務並推進我們的策略。例如，我們已經開發了無線功能，並將我們的無線服務擴展到某些市場。第三季通訊收入較去年大幅成長。儘管由於某些合約範圍的界定和專案收尾，我們在某些​​工作上產生了更高的成本，從而影響了這些業務的盈利能力，但這些問題對整個電力部門或整個廣達來說沒有意義。儘管如此，對我們的通訊服務的需求仍然很高，而且我們的大部分通訊業務都達到或接近我們兩位數的利潤率目標。

Our underground utility in Infrastructure Solutions segment generally performed well in the quarter despite being impacted by work disruptions along the Gulf Coast due to Hurricane Ida and work inefficiencies associated with the recent surge of the COVID-19 Delta variant in certain areas.

儘管受到颶風艾達造成的墨西哥灣沿岸工作中斷以及近期某些地區 COVID-19 Delta 變種激增導致的工作效率低下的影響，但我們基礎設施解決方案部門的地下公用設施在本季度總體表現良好。

We continue to experience solid demand for our gas utility and pipeline integrity services, which are driven by regulated spend to modernize systems, reduce methane emissions, ensure environmental compliance and improve safety and reliability. We expect our industrial services to strengthen through next year, along with the continued recovery of the global economy and demand for refined products as well as the return of our customer maintenance and capital spending that was previously deferred due to the effects of COVID-19 on the downstream market.

我們對天然氣公用事業和管道完整性服務的需求持續強勁，這是由系統現代化、減少甲烷排放、確保環境合規性以及提高安全性和可靠性方面的監管支出所推動的。我們預計，隨著全球經濟的持續復甦和成品油需求的持續復甦，以及先前因 COVID-19 的影響而推遲的客戶維護和資本支出的恢復，我們的工業服務將在明年得到加強。

Looking to the coming years, we believe the opportunity Quanta has with customers in this segment as they increasingly pursue strategies to reduce their carbon footprint and diversify their operations and assets towards greener business opportunities may be underestimated. Here are several examples of such initiatives and project opportunities.

展望未來幾年，我們認為廣達在這一領域的客戶所擁有的機會可能會被低估，因為他們越來越多地尋求減少碳足跡、實現業務和資產多元化以實現更綠色商業機會的策略。以下是此類舉措和專案機會的幾個範例。

Gas utilities are implementing system modernization initiatives that position them to blend hydrogen into their natural gas flow. To that end, Quanta is working with several gas utility customers on hydrogen pilot programs.

天然氣公用事業公司正在實施系統現代化舉措，使他們能夠將氫氣混合到天然氣流中。為此，廣達正與多家天然氣公用事業客戶合作進行氫試點計畫。

Certain refiners are building renewable and biofuel processing facilities, which could create opportunities for our industrial services. Natural gas power plants are also exploring blending hydrogen with natural gas as a fuel source to power their turbines, which could create opportunities for our pipeline infrastructure services.

某些煉油廠正在建造可再生和生物燃料加工設施，這可以為我們的工業服務創造機會。天然氣發電廠也正在探索將氫氣與天然氣混合作為渦輪機的燃料來源，這可以為我們的管線基礎設施服務創造機會。

Lastly, we are actively pursuing carbon sequestration projects in the United States, which could utilize our engineering and pipeline construction services. In Canada, Pembina Pipeline and TC Energy have proposed a plan to jointly develop a carbon transportation and sequestration system called the Alberta Carbon Grid, which is envisioned to serve as the backbone of Alberta's carbon capture utilization and storage industry and could include participation by other pipeline companies. The initiative would leverage existing pipelines, requires a new pipeline and facility investment, which when fully constructed would be capable of transporting more than 20 million tons of carbon dioxide annually.

最後，我們正在美國積極進行碳封存項目，這可以利用我們的工程和管道建設服務。在加拿大，Pembina Pipeline 和TC Energy 提出了一項計劃，共同開發名為「艾伯塔省碳網格」的碳運輸和封存系統，該系統預計將成為艾伯塔省碳捕獲利用和儲存行業的支柱，並可能包括其他管道的參與公司。該計劃將利用現有管道，需要新的管道和設施投資，完全建成後每年將能夠運輸超過 2,000 萬噸二氧化碳。

The North American energy transition is just that a transition process. We roll our electric power infrastructure solutions play, and the energy transition is clear. However, we believe Quanta's underground utility and infrastructure solutions operations could play in an evolving and increasing role in this transition in support of our customers' carbon reduction initiatives.

北美的能源轉型就是一個轉型過程。我們推出電力基礎設施解決方案，能源轉型是明確的。然而，我們相信廣達的地下公用事業和基礎設施解決方案業務可以在這項轉型中發揮不斷發展和增強的作用，以支援客戶的碳減排計畫。

Progress continues in Washington, D.C. towards enacting the bipartisan infrastructure bill and the Build Back Better plan. As commented on prior calls, our positive multiyear outlook and strategic plan are not reliant on either of these packages. But if either or both enacted, they could provide incremental opportunity for Quanta over both the near and longer term. These packages include funding and policies to encourage new infrastructure development and modernization in several of our core markets. In particular, the Build Back Better plan currently contains policy and incentives representing the largest clean energy legislative package in American history. While additional political steps are still required, we are encouraged by what we've seen recently.

華盛頓特區在製定兩黨基礎設施法案和「重建更好」計劃方面繼續取得進展。正如先前電話會議中所評論的那樣，我們積極的多年前景和戰略計劃並不依賴這兩個方案中的任何一個。但如果其中一項或兩項都獲得通過，它們就可以在短期和長期內為廣達提供增量機會。這些一攬子計劃包括鼓勵我們幾個核心市場的新基礎設施開發和現代化的資金和政策。特別是，「重建更好」計畫目前包含代表美國歷史上最大的清潔能源立法計畫的政策和激勵措施。雖然仍需要採取額外的政治措施，但我們對最近所看到的情況感到鼓舞。

We have profitably grown the company and executed well this year and expect to continue to do so. We are confident in the strategic initiatives we are executing on, the competitive position we have in the marketplace and our positive multiyear outlook. We also believe that our business and opportunities for profitable growth in 2022 are gaining momentum, driven by our solution-based approach, the growth of programmatic spending with existing and new customers, opportunities for larger electric transmission projects, the addition of Blattner's renewable generation solutions and the opportunity for recovery of certain portions of our business that have been affected by the global pandemic.

今年，我們使公司實現了盈利增長，執行情況良好，並預計將繼續這樣做。我們對我們正在執行的策略性舉措、我們在市場上的競爭地位以及我們積極的多年前景充滿信心。我們也相信，在我們基於解決方案的方法、現有和新客戶的計劃支出增長、大型電力傳輸項目的機會以及Blattner 可再生發電解決方案的增加的推動下，我們的業務和2022 年盈利增長的機會正在獲得動力以及恢復受全球大流行影響的某些業務的機會。

Looking to the medium and longer term, as energy transition and carbon reduction initiatives are increasingly implemented in addition to the primary drivers of our business currently, we believe our visibility could increase and our growth opportunities could expand and accelerate. We believe the infrastructure investment and renewable generation necessary to support these initiatives are still in the early stages of deployment, and that this is arguably the most exciting time in Quanta's history.

從中長期來看，除了目前我們業務的主要驅動力之外，隨著能源轉型和碳減排計畫的不斷實施，我們相信我們的知名度將會提高，我們的成長機會將會擴大和加速。我們相信支持這些措施所需的基礎設施投資和再生能源發電仍處於部署的早期階段，可以說是廣達歷史上最令人興奮的時刻。

We are focused on operating the business for the long term and expect to continue to distinguish ourselves through safe execution and best-in-class field leadership. We will pursue opportunities to enhance Quanta's base business and leadership position in the industry and provide innovative solutions to our customers. We believe Quanta's diversity, unique operating model and entrepreneurial mindset form the foundation that will allow us to continue to generate long-term value for our stakeholders.

我們專注於長期營運業務，並期望透過安全執行和一流的現場領導力繼續脫穎而出。我們將尋求機會加強廣達的基礎業務和行業領導地位，並為我們的客戶提供創新的解決方案。我們相信廣達的多元化、獨特的營運模式和創業思維構成了我們能夠繼續為利害關係人創造長期價值的基礎。

I will now turn the call over to Derrick Jensen, our CFO, for his review of our third quarter results and 2021 expectations. Derrick?

我現在將把電話轉給我們的財務長 Derrick Jensen，請他審查我們第三季的業績和 2021 年的預期。德里克？

Thanks, Duke, and good morning, everyone. Today, we announced record third quarter 2021 revenues to $3.4 billion. Net income attributable to common stock was $174 million or $1.21 per diluted share. And adjusted diluted earnings per share, a non-GAAP measure, was $1.48.

謝謝杜克，大家早安。今天，我們宣布 2021 年第三季營收創歷史新高，達到 34 億美元。歸屬於普通股的淨利潤為 1.74 億美元，即稀釋後每股收益 1.21 美元。調整後的稀釋每股盈餘（非公認會計準則衡量標準）為 1.48 美元。

Our electric power revenues were $2.3 billion, a quarterly record and a 10% increase when compared to the third quarter of 2020. This increase was driven by continued favorable dynamics across our core utility and communications market and associated demand for our services. Also contributing to the increase were revenues from acquired businesses of approximately $55 million. Electric segment operating income margins in 3Q '21 were 12.4%, slightly lower than 12.7% in 3Q '20 but better than our initial expectations.

我們的電力收入為23 億美元，創季度記錄，與2020 年第三季相比增長10%。 。約 5,500 萬美元的收購業務收入也促成了這一成長。 21 年第三季電力部門營業利潤率為 12.4%，略低於 20 年第三季的 12.7%，但比我們最初的預期好。

Operating margins benefited from record emergency restoration revenues of approximately $230 million, which typically present opportunities for higher margins than our normal base business activities due to higher utilization as well as overall solid execution across our electric operations. Additionally, segment margins benefited from approximately $10 million of income associated with our LUMA joint venture. Otherwise, the slight reduction in operating margin versus prior year was attributable to normal job variability and mix of work and our communications operations, which delivered mid-single-digit margins during the quarter. As a reminder, last year's third quarter electric power results also included what was at the time a record level of emergency restoration revenues.

營業利潤得益於創紀錄的約 2.3 億美元的緊急恢復收入，由於利用率更高以及整個電力業務的整體穩健執行，這通常為我們提供比正常基礎業務活動更高利潤的機會。此外，分部利潤也受惠於我們 LUMA 合資企業約 1,000 萬美元的收入。除此之外，營業利潤率較上年略有下降是由於正常的工作變動以及工作和通訊業務的混合，該業務在本季度實現了中個位數的利潤率。提醒一下，去年第三季的電力業績還包括當時創紀錄水準的緊急恢復收入。

Underground Utility and Infrastructure segment revenues were $1.02 billion for the quarter, 12% higher than 3Q '20 due primarily to increased revenue from gas distribution and industrial services. Though our operations experienced increased activity year-over-year, current quarter revenues and margins in our industrial operations were negatively impacted by disruptions along the Gulf Coast attributable to Hurricane Ida in both our industrial and non-U.S. markets within this segment remain pressured by COVID-19 dynamics. Third quarter operating income margins for the segment were 6.7%, 170 basis points lower than 3Q '20, but generally in line with our expectations. Margins for the year -- margins for the third quarter of 2020 benefited from favorable adjustments on certain larger pipeline projects with both scope changes and favorable closeout in the quarter.

本季地下公用事業和基礎設施部門營收為 10.2 億美元，比 20 年第三季成長 12%，主要是由於天然氣分配和工業服務收入的增加。儘管我們的業務活動同比有所增加，但本季度我們工業業務的收入和利潤受到颶風「艾達」造成的墨西哥灣沿岸地區中斷的負面影響，該領域的工業和非美國市場仍然受到新冠疫情的壓力-19動態。該部門第三季營業利潤率為 6.7%，比 20 年第三季低 170 個基點，但總體符合我們的預期。年度利潤率－2020 年第三季的利潤率受益於某些大型管道項目的有利調整，包括範圍變化和本季有利的收尾。

Our total backlog was $17 billion at the end of the third quarter, the fifth consecutive quarter we've posted record total backlog. Additionally, 12-month backlog of $9.8 billion also represents a quarterly record. Our backlog growth continues to be driven primarily by multiyear MSA programs with North American utilities, which we believe reinforces the repeatable and sustainable nature of the largest portion of our revenues and earnings. The Blattner acquisition occurred after September 30. And accordingly, their backlog is not included in our current reported levels. However, the total backlog from Blattner and the other 4Q acquisitions is approximately $1.8 billion.

截至第三季末，我們的積壓總額為 170 億美元，這是我們連續第五個季度創下積壓總額紀錄。此外，12 個月的積壓金額達 98 億美元，也創下了季度紀錄。我們的積壓訂單成長繼續主要受到與北美公用事業公司的多年 MSA 計劃的推動，我們相信這強化了我們收入和盈利的最大部分的可重複性和可持續性。 Blattner 的收購發生在 9 月 30 日之後。然而，布拉特納和其他第四季收購的積壓總額約為 18 億美元。

For the third quarter of 2021, we generated negative free cash flow, a non-GAAP measure, of $40 million compared to $70 million of positive free cash flow in 3Q '20. Net cash provided by operating activities during the third quarter of 2021, although largely in line with our expectations, was down due to higher revenues and corresponding increases in working capital demands compared to prior year, which benefited from lower revenues and a corresponding lower use of working capital. Also, 3Q '20 benefited from the deferral of $41 million of payroll taxes in accordance with the CARES Act, 50% of which are due by December 31, 2021, with the remainder due by December 31, 2022. Partially offsetting these dynamics was a favorable impact of increased earnings as compared to 3Q '20.

2021 年第三季度，我們產生了 4,000 萬美元的負自由現金流（非 GAAP 衡量標準），而 20 年第三季的正自由現金流為 7,000 萬美元。 2021 年第三季經營活動提供的淨現金雖然基本上符合我們的預期，但由於收入增加和營運資金需求與上年相比相應增加而有所下降，這得益於收入減少和相應的營運資金使用量減少營運資金。此外，20 年第三季受惠於根據CARES 法案延後繳納4,100 萬美元的薪資稅，其中50% 的稅款應於2021 年12 月31 日之前繳納，其餘的稅款應於2022 年12 月31 日之前繳納。

Days sales outstanding, or DSO, measured 89 days for the third quarter of 2021, an increase of 7 days compared to the third quarter of 2020 and an increase of 6 days compared to December 31, 2020. The increase was primarily due to elevated working capital requirements associated with 2 large Canadian transmission projects driving an increase in contract assets.

2021 年第三季的應收帳款天數(DSO) 為89 天，與2020 年第三季相比增加了7 天，與2020 年12 月31 日相比增加了6 天。由於工作量增加與加拿大兩個大型輸電項目相關的資本需求推動了合約資產的增加。

Specific to the Canadian projects, both continue to encounter work stoppage protocols in Canada associated with COVID mitigation as well as delays attributable to, among other things, wildfires impacting access to work sites. These dynamics created substantial inefficiencies and production delays resulting in increased project costs. We are in active discussions with both customers regarding change orders associated with these increased costs, some of which have already been approved with the remaining amounts being pursued in the normal course. In addition, normal variability in work production and associated payment cycles across our operations contributed to slightly higher DSO in the quarter.

具體到加拿大的項目，這兩個項目都繼續遇到加拿大與緩解新冠疫情相關的停工協議，以及由於野火影響工作地點等原因造成的延誤。這些動態導致效率嚴重低和生產延遲，從而導致專案成本增加。我們正在與兩家客戶積極討論與這些增加的成本相關的變更訂單，其中一些已經獲得批准，其餘金額正在正常過程中進行。此外，我們營運中工作生產和相關付款週期的正常變化導致本季度 DSO 略有上升。

As Duke discussed and as we previously announced, we closed on the acquisition of Blattner on October 13. Prior to the closing, in September 2021, we issued $1.5 billion aggregate principal amount of senior notes with a weighted average interest rate of 2.12%, receiving net proceeds of $1.48 billion. Accordingly, as at quarter end, we had approximately $1.7 billion of cash.

正如杜克大學所討論的以及我們之前宣布的，我們於10 月13 日完成了對Blattner 的收購。加權平均利率為2.12%，收到淨收益14.8億美元。因此，截至季末，我們擁有約 17 億美元的現金。

Subsequent to the quarter, we amended our credit agreement to, among other things, provide a term loan facility of $750 million, which was fully drawn and combined with the net proceeds from the senior notes offering to fund a substantial majority of the cash consideration payable to the Blattner shareholders at closing. I'll highlight that our financial strategy and consistent performance have allowed us to maintain investment-grade ratings subsequent to these financing transactions.

本季度結束後，我們修改了信貸協議，除其他外，提供了 7.5 億美元的定期貸款便利，該貸款便利已全部提取，並與優先票據的淨收益相結合，為大部分應付現金對價提供資金交割時向布拉特納股東揭露。我要強調的是，我們的財務策略和一致的表現使我們能夠在這些融資交易後維持投資等級。

From a capital allocation perspective, Blattner represents the largest acquisition in Quanta's history and a strategic opportunity to expand the solutions we deliver to support North America's transition to carbon neutral energy infrastructure. Capital deployment for strategic acquisitions has always been a key part of our strategy. But as we've discussed in the past, our first priority for capital allocation remains supporting the working capital and equipment needs of our existing operations. While the debt issued to support the Blattner acquisition moved our leverage profile above our target range, it remains well below the financial covenant requirements in our credit facility, and we believe we can efficiently delever while continuing to create shareholder value through our dividend and repurchase programs as well as strategic acquisitions.

從資本配置的角度來看，布拉特納代表了廣達史上最大的收購，也是擴展我們提供的解決方案以支援北美轉型為碳中和能源基礎設施的策略機會。策略性收購的資本部署一直是我們策略的關鍵部分。但正如我們過去所討論的，我們資本配置的首要任務仍然是支援我們現有業務的營運資本和設備需求。雖然為支持布拉特納收購而發行的債務使我們的槓桿率高於我們的目標範圍，但它仍然遠低於我們信貸安排中的財務契約要求，我們相信我們可以有效地去槓桿化，同時透過我們的股利和回購計劃持續創造股東價值以及策略性收購。

Through the date of this earnings release, we've acquired approximately $64 million worth of stock since the beginning of the year as part of our repurchase program, and we'll continue to evaluate potential acquisitions that fit our strategic objectives. To that end, during the third quarter and through the date of the earnings release, in addition to Blattner, we acquired 3 additional businesses and made a minority investment in another for total combined consideration of approximately $110 million. These incremental transactions further enhance our ability to deliver comprehensive infrastructure solutions to our North American utility and communications customers.

截至本財報發布之日，作為回購計畫的一部分，我們自年初以來已收購了價值約 6,400 萬美元的股票，我們將繼續評估符合我們策略目標的潛在收購。為此，在第三季和截至財報發布之日，除了 Blattner 之外，我們還收購了另外 3 家企業，並對另一家企業進行了少數股權投資，總合併代價約為 1.1 億美元。這些增量交易進一步增強了我們為北美公用事業和通訊客戶提供全面基礎設施解決方案的能力。

Turning to our guidance. Our outlook for the remainder of the year reflects the strength of our core utility-backed operation, which continued to deliver solid results with robust year-over-year growth. However, the results of companies acquired during and subsequent to the third quarter, including Blattner's operations, will be included in our consolidated financial statements, which makes comparability to our previous expectations' challenge. It should be noted that we are in very early stages of establishing Blattner-specific opening balance sheet, which includes assessing the positions of ongoing projects as of the closing and valuing the tangible and intangible assets acquired. The result of those ongoing efforts will have a meaningful impact on Blattner's fourth quarter contribution, which we've attempted to address in the range of our fourth quarter expectations for the acquired businesses.

轉向我們的指導。我們對今年剩餘時間的展望反映了我們核心公用事業支援業務的實力，該業務繼續以強勁的同比增長交付穩健的業績。然而，第三季期間及之後收購的公司（包括布拉特納的業務）的業績將納入我們的合併財務報表，這與我們先前預期的挑戰具有可比性。應該指出的是，我們正處於建立布拉特納特定期初資產負債表的早期階段，其中包括評估截至結束時正在進行的項目的狀況以及對所收購的有形和無形資產進行估值。這些持續努力的結果將對布拉特納第四季的貢獻產生有意義的影響，我們試圖在對收購業務的第四季預期範圍內解決這個問題。

That said, excluding the expected contributions from the recently acquired companies, we now expect full year revenues from our legacy operations to range between $12.15 billion and $12.35 billion. Due to the strength of our consolidated performance for the first 9 months of the year, we are increasing our expectations for the contribution of our legacy operations to adjusted EBITDA to range between $1.17 billion and $1.2 billion, with the midpoint of the range representing an increase over our previous guidance and 13% growth when compared to 2020's record adjusted EBITDA.

也就是說，排除最近收購的公司的預期貢獻，我們現在預計傳統業務的全年收入將在 121.5 億美元至 123.5 億美元之間。由於我們今年前 9 個月的綜合業績強勁，我們將傳統業務對調整後 EBITDA 的貢獻預期提高到 11.7 億美元至 12 億美元之間，該範圍的中點代表增長與2020 年創紀錄的調整後EBITDA 相比，成長了13%。

As it relates to our current reportable segments, while we continue to evaluate how these changes may change with the addition of Blattner, I wanted to provide some color on our current expectations compared to our previous commentary, again, excluding contributions from the recently acquired businesses. We continue to expect full year revenues to range between $8.7 billion and $8.8 billion for our legacy electric segment operations. However, based on the strong performance through the first 9 months of the year and continued confidence in our ability to execute on the opportunities across the segment, we've increased our full year margin range for the segment with 2021 operating margins expected to come in slightly above 11%.

由於它與我們目前的可報告部門相關，雖然我們繼續評估隨著布拉特納的加入，這些變化可能會如何變化，但與我們之前的評論相比，我想為我們當前的預期提供一些色彩，再次排除最近收購的業務的貢獻。我們仍然預期傳統電力業務的全年收入將在 87 億美元至 88 億美元之間。然而，基於今年前 9 個月的強勁表現以及對我們抓住整個細分市場機會的能力的持續信心，我們提高了該細分市場的全年利潤率範圍，預計 2021 年營業利潤率將達到略高於11%。

Our full year expectations for the Underground Utility and Infrastructure Solutions segment, however, have slightly moderated due primarily to lower third quarter revenue levels than previously expected. Accordingly, we are reducing our full year expectations for the segment with revenues now expected to range between $3.45 billion and $3.55 billion while segment margins are now expected to range between 4.5% and 5%, which includes a $23.6 million provision for credit loss recognized in the second quarter, a nearly 70-basis-point negative impact on a full year basis.

然而，我們對地下公用事業和基礎設施解決方案部門的全年預期略有放緩，這主要是由於第三季收入水準低於先前的預期。因此，我們正在降低對該部門的全年預期，目前收入預計在34.5 億美元至35.5 億美元之間，而部門利潤率目前預計在4.5% 至5% 之間，其中包括2,360 萬美元的信貸損失撥備。

With regard to the recently acquired companies operations I spoke of earlier, including Blattner, we expect post-closing revenue contributions for the year to range between $400 million and $500 million and adjusted EBITDA, a non-GAAP measure, ranging between $40 million and $60 million. Accordingly, including the expected contributions from the recently acquired companies, we now expect our consolidated full year revenues to range between $12.55 billion and $12.85 billion and adjusted EBITDA, a non-GAAP measure, of between and $1.21 billion and $1.26 billion.

關於我之前提到的最近收購的公司業務，包括Blattner，我們預計今年交割後的營收貢獻將在4 億至5 億美元之間，調整後的EBITDA（非GAAP 指標）將在4,000 萬至60 美元之間百萬。因此，包括最近收購的公司的預期貢獻在內，我們現在預計我們的全年綜合收入將在125.5 億美元至128.5 億美元之間，調整後的EBITDA（非GAAP 衡量標準）將在12.1 億美元至12.6 億美元之間。

Corporate and unallocated costs will increase significantly, primarily due to the acquired companies. We currently estimate amortization expense for the full year will be between $149 million and $159 million, with $60 million to $70 million attributable to the recently acquired companies.

公司成本和未分配成本將大幅增加，這主要是由於被收購的公司造成的。我們目前預計全年攤銷費用將在 1.49 億至 1.59 億美元之間，其中 6,000 萬至 7,000 萬美元歸因於最近收購的公司。

Stock compensation expense for the full year is now expected to be approximately $89 million, with approximately $2 million attributable to restricted stock units issued to employees of the acquired company.

目前預計全年股票補償費用約為 8,900 萬美元，其中約 200 萬美元用於向被收購公司員工發行的限制性股票單位。

Acquisition and integration costs are expected to be approximately $26 million for the fourth quarter, resulting in approximately $36 million for the year. This includes approximately $10.5 million of expenses associated with change of control payments awarded to certain employees of Blattner by the selling shareholders, which require expense accounting as they have a 1-year service period requirement. We expect a comparable dollar amount will be accrued each quarter post closing until the 1-year anniversary of the transaction, at which time the payments will be made to the employee. We intend to include this amount as an adjustment to arrive at our adjusted EPS and adjusted EBITDA, both non-GAAP measures.

第四季的收購和整合成本預計約為 2,600 萬美元，全年收入約為 3,600 萬美元。其中包括約 1,050 萬美元與出售股東向 Blattner 某些員工支付的控制權變更付款相關的費用，這些費用需要進行費用會計，因為他們有 1 年服務期要求。我們預計交易結束後每季都會產生類似的金額，直到交易一周年為止，屆時將向員工支付款項。我們打算將此金額作為調整，以得出調整後的每股收益和調整後的息稅折舊攤銷前利潤（這兩項都是非公認會計準則衡量標準）。

Below the line, we expect interest expense for the year to be around $67 million, which includes approximately $16 million of incremental interest expense associated with debt financing used to fund the cash portion of the Blattner acquisition. Additionally, we now expect our full year tax rate to be around 24%, reflecting a slight reduction from our prior expectations due primarily to a favorable shift in the mix of earnings between various taxing jurisdictions. As a result, our expectation for full year diluted earnings per share attributable to common stock is now between $3.20 and $3.40. And our increased expectation for adjusted diluted earnings per share attributable to common stock, a non-GAAP measure, is now between $4.62 and $4.87.

在此線之下，我們預計今年的利息支出約為 6,700 萬美元，其中包括與用於為 Blattner 收購的現金部分提供資金的債務融資相關的約 1,600 萬美元的增量利息支出。此外，我們現在預計全年稅率約為 24%，這比我們之前的預期略有下降，這主要是由於各個稅收管轄區之間的收益組合發生了有利的轉變。因此，我們對全年普通股攤薄每股收益的預期目前在 3.20 美元至 3.40 美元之間。我們對普通股調整後攤薄每股收益（非公認會計原則衡量標準）的預期目前在 4.62 美元至 4.87 美元之間。

On a consolidated basis, we now expect free cash flow for the year to range between $350 million and $500 million. This slight decrease is primarily due to potential timing of payments associated with emergency restoration efforts as well as the likelihood that the dynamics impacting the larger Canadian projects continue to pressure DSO in the fourth quarter.

綜合來看，我們目前預計今年的自由現金流將在 3.5 億至 5 億美元之間。這一小幅下降主要是由於與緊急復原工作相關的潛在付款時間，以及影響加拿大大型專案的動態可能會在第四季度繼續給 DSO 帶來壓力。

Additionally, while we expect Blattner will be meaningfully accretive to our cash flow profile on an annual basis, we expect certain favorable billing positions at the time of acquisition could unwind as Blattner incurs costs in the fourth quarter to finish projects for which they've already received payments. This dynamic could minimize Blattner's cash contribution during the quarter, which we factored into our range of expectations. As we stated in prior quarters, our quarterly free cash flow is subject to sizable movements due to various customer and project dynamics that can occur in the normal course of operations.

此外，雖然我們預計 Blattner 每年將顯著增加我們的現金流狀況，但我們預計收購時的某些有利的計費狀況可能會消失，因為 Blattner 在第四季度會產生成本來完成他們已經完成的項目收到付款。這種動態可能會最大限度地減少布拉特納在本季度的現金貢獻，我們已將其納入我們的預期範圍。正如我們在前幾個季度所述，由於正常營運過程中可能發生的各種客戶和專案動態，我們的季度自由現金流會大幅波動。

For additional information, please refer to our outlook summary, which can be found in the Financial Info section of our IR website at quantaservices.com. Overall, we continue to believe we are in the early stages of a significant infrastructure investment cycle, and the acquisition of Blattner further differentiates us in the markets we serve and expand our ability to deliver solutions to support North America's transition to carbon neutral energy infrastructure. We remain confident in our ability to execute against the opportunities in front of us while maintaining the financial flexibility to opportunistically deploy capital to deliver long-term shareholder value.

如需了解更多信息，請參閱我們的展望摘要，該摘要可在我們的投資者關係網站（Quantaservices.com）的財務資訊部分找到。總體而言，我們仍然相信我們正處於重要基礎設施投資週期的早期階段，收購Blattner 進一步使我們在所服務的市場中脫穎而出，並擴大我們提供解決方案以支持北美向碳中和能源基礎設施轉型的能力。我們仍然相信自己有能力抓住眼前的機遇，同時保持財務彈性，以便機會性地部署資本，以實現長期股東價值。

This concludes our formal presentation, and we'll now open the line for Q&A. Operator?

我們的正式演講到此結束，現在我們將開通問答熱線。操作員？

(Operator Instructions) Our first question today is coming from Chad Dillard from Bernstein.

（操作員說明）我們今天的第一個問題來自伯恩斯坦的查德·迪拉德（Chad Dillard）。

So I just want to zero in on some of the areas of business that underperformed expectations for the quarter. So I guess, first of all, like on the communications side, you guys talked about some higher cost in jobs impacting margins. So first of all, can you quantify that? And then do you see that coming back on track as we go into the fourth quarter in '22?

因此，我只想將本季表現不佳的一些業務領域歸零。所以我想，首先，就像在通訊方面一樣，你們談到了影響利潤率的工作成本上升。首先，你能量化一下嗎？然後，當我們進入 22 年第四季時，您是否認為這種情況會回到正軌？

And then on the Industrial Services side, I think you talked about some storm issues impacting results. Is that business still profitable? Or was that business profitable in the third quarter?

然後在工業服務方面，我認為您談到了一些影響結果的風暴問題。那個生意還能獲利嗎？或者該業務第三季獲利了嗎？

And just lastly, on the Canadian projects that you called out, just want to confirm whether there were charges taken or was this just a working capital swing. And when do those DSOs normalize?

最後，關於您提到的加拿大項目，我只想確認是否收取了費用，或者這只是營運資金的波動。這些 DSO 何時恢復正常？

So I think when we look at the telecom business, we did call it out a bit. We're kind of -- we're operating income mid-single digits instead of upper single to double digits when we looked at it. So it's not performing terrible. It's not where we want it to be. The macro market is very good and robust. The closeouts on a few projects are very difficult, but the large majority or the vast majority of the business is performing in those double-digit margins and offsetting anything there. It's minimal, as we said on the call, from a charge standpoint or really just cost standpoint when we close things out. So we'll go from there.

所以我認為，當我們審視電信業務時，我們確實有所強調。當我們觀察時，我們的營業收入是中個位數，而不是高個位數到兩位數。所以它的表現並不糟。這不是我們想要的地方。宏觀市場非常好且強勁。有些專案的收尾非常困難，但絕大多數或絕大多數業務的利潤率都達到兩位數，並抵消了其中的任何影響。正如我們在電話中所說，從收費的角度來看，或者當我們結束工作時，從成本的角度來看，這是最小的。所以我們將從那裡開始。

But I do think we added backlog. We continue to build backlog in the segment. We see a long runway there, and we did start up some wireless capabilities. It has some cost in it. So in general, incidental to the company, incidental to the segment, we like the market long term. We will get into double digits there over time.

但我確實認為我們增加了積壓。我們繼續在該領域建立積壓訂單。我們在那裡看到了一條很長的跑道，並且我們確實啟動了一些無線功能。這其中有一定的成本。所以總的來說，對於公司來說，對於細分市場來說，我們長期看好這個市場。隨著時間的推移，我們將達到兩位數。

Canada, when we look at Canada, I think, in general, the projects are performing well. We still see some COVID effects there to the Delta variant on some of those projects. So there is some delays in getting billing cycles, billing points there as we run through a project, I think. So that, it's more of a billing issue of when can we get things build versus any problems with the project or charges. We did not take charges on Canadian projects. We performed very well.

加拿大，當我們看加拿大時，我認為總的來說，這些項目表現良好。我們仍然看到新冠疫情對其中一些項目的 Delta 變體產生了一些影響。因此，我認為，當我們運行一個專案時，在獲得計費週期、計費點方面存在一些延遲。因此，這更多的是一個計費問題，即我們何時可以建造東西以及項目或費用的任何問題。我們沒有對加拿大項目收取費用。我們表現得很好。

And the storm, yes, it did have a positive effect to the electric segment. It does when we get storms like that. It was a little bit bigger than last year from the standpoint. So a fairly large storm for us. I think it shows our collaborative effect with the client, how we've got in and worked our front-end services, we're still working the storm for our client. So it just shows the longevity of the company and what we've done on the front side of the business to collaborate with the client, to get things up faster, to do a nice job there for them. And I think we performed very well there, offset by it did have some impact on some of our underground segments as it always does when it comes in. So you get some offset, and you also come off some larger work to go pick up storm. So those things offset some in the quarter.

是的，風暴確實對電力產業產生了正面影響。當我們遇到這樣的風暴時就會發生這種情況。從角度來看，它比去年要大一些。所以對我們來說是一場相當大的風暴。我認為它顯示了我們與客戶的協作效果，我們如何進入並工作我們的前端服務，我們仍在為我們的客戶努力工作。因此，它只是顯示了公司的長壽以及我們在業務前端與客戶合作、更快地完成工作、為他們做好工作所做的工作。我認為我們在那裡表現得很好，它的抵消確實對我們的一些地下部分產生了一些影響，就像它進來時一樣。風暴。因此，這些因素抵消了本季的一些影響。

That's helpful. And then just my second question is a little bit longer term and has to do with labor. So clearly, there's a lot of work coming down the pipe to decarbonize the U.S., and I know you guys have the Northwest Lineman College. But just trying to understand just your strategy for scaling labor. Maybe you can start off with how much throughput do you have into your ranks from Northwest Lineman College and then how can you scale that program to meet the future labor needs.

這很有幫助。我的第二個問題是一個有點長期的問題，與勞動力有關。很明顯，美國脫碳還有很多工作要做，我知道你們有西北巡線員學院。但只是想了解你們擴大勞動力規模的策略。也許您可以從西北巡線員學院的隊伍有多少吞吐量開始，然後如何擴展該計劃以滿足未來的勞動力需求。

And then lastly, maybe you can talk about whatever innovations or technology you have to minimize or actually improve labor productivity of your workers in your business.

最後，也許您可以談談您所擁有的任何創新或技術，以最大限度地減少或實際上提高企業員工的勞動生產力。

Thanks, Chad. I think if you're just now trying to scale labor, you're long ways behind. We've spent about $150 million over the last 5 years, and we're way ahead of that. So in my mind, we've done that. We've proven that. We've proven that we can grow the company. That's who we are as this crop skilled labor and not labor. So in my mind, we self-perform about 85% to 90% of our business for a reason, and it's this reason. When you get tight labor markets, we can perform. We can perform on time, on budget and give our clients what they're asking for, which is certainty, and we're doing that on a daily basis. That's why we're collaborating, and that's why you're seeing expansion.

謝謝，查德。我認為，如果你現在才試圖擴大勞動力規模，那麼你就已經落後了。過去 5 年我們花了大約 1.5 億美元，而且我們遠遠領先。所以在我看來，我們已經做到了。我們已經證明了這一點。我們已經證明我們可以發展公司。這就是我們作為熟練勞動力而不是勞動力的身份。所以在我看來，我們 85% 到 90% 的業務是自我執行的，這是有原因的，就是這個原因。當勞動市場緊張時，我們可以表現。我們可以按時、按預算執行任務，並滿足客戶的要求，這是確定的，而且我們每天都在這樣做。這就是我們合作的原因，也是我們看到擴張的原因。

As far as productivity, I'll put our margins up against it and show the growth of the company, the growth of our internal labor force, say, 3,000 to 5,000 that we add every year. To do that labor force is proof that we can do it. We can scale it. We are scaling it, and the productivity speaks for itself in the margins.

就生產力而言，我將把我們的利潤率與它進行比較，並展示公司的成長、我們內部勞動力的成長，比如說我們每年增加 3,000 到 5,000 人。做到這一點就證明我們可以做到這一點。我們可以擴展它。我們正在擴大規模，而生產力在利潤率上是不言而喻的。

Our next question today is coming from Alex Rygiel from B. Riley.

今天我們的下一個問題來自 B. Riley 的 Alex Rygiel。

As it relates to higher DSOs due to the costs and delays on the 2 Canadian electrical transmission projects, can you address your confidence in collecting on these and what the likely timing of that will be?

由於加拿大兩個輸電項目的成本和延誤導致 DSO 更高，您能否談談您對收集這些項目的信心以及收集這些項目的可能時間？

Yes. So on the DSOs there in Canada in our likelihood, Canada has traditionally had larger DSOs. The projects are bigger. Some of the time frames in the way that milestone billings go in. So it's typically in this way, we have a high degree of confidence and probability in collecting. I'll let Derrick comment on the DSOs.

是的。因此，就加拿大的 DSO 而言，我們可能傳統上擁有較大的 DSO。項目規模更大。里程碑帳單進入的一些時間範圍。我會讓 Derrick 對 DSO 發表評論。

Yes, exactly. I would comment on that from a timing perspective right now, I think it'll be post year-end, which is reflected in our cash flow commentary. I think it is probably going to be more in the first quarter and second quarter of next year.

是的，完全正確。我現在會從時間角度對此發表評論，我認為這將在年底後進行，這反映在我們的現金流評論中。我認為明年第一季和第二季可能會更多。

Both projects with long-standing clients, we have great relationships with that I believe. Ultimately, we're in very good shape.

我相信這兩個項目都與長期客戶建立了良好的關係。最終，我們的狀態非常好。

And quite confident.

而且還蠻有信心的。

Our next question is coming from Sean Eastman from KeyBanc.

我們的下一個問題來自 KeyBanc 的 Sean Eastman。

I feel like coming through earnings here, just a lot of concerns around the renewables supply chain. You guys obviously just completed a big acquisition tied to renewables development into next year. So I guess just in light of what you're seeing in the supply chain, could you maybe update us on how much cushion you think you have in that 2022 Blattner outlook that you framed back in September? Do you think that outlook is biased to the upside? Or is that looking increasingly sort of realistic at this point?

我想透過這裡的收益，只是對再生能源供應鏈的許多擔憂。你們顯然剛完成了一項與明年再生能源開發相關的大型收購。因此，我想，根據您在供應鏈中看到的情況，您能否向我們介紹一下您認為您在 9 月份制定的 2022 年 Blattner 展望中擁有多少緩衝的最新情況？您認為前景偏向上行嗎？還是現在看起來越來越現實了？

If you said 2.5 to 2.7, we stand by it. We stand by it today. We stand by -- we know more about the company today than we did when we talked about it before. We feel highly confident in those numbers. And I would just say, in general, yes, there is some supply chain noise, as what I would call it. And I think us having the breadth of Quanta, the breadth of Blattner is only, from my standpoint, helps us. It adds to who we are. It adds to how we can go execute. And I want to also say like when we think about Blattner and we think about this long term, we're looking 20 years and we've given guidance out. So we -- not only do we stand by the 2.6, 2.7 that we've given. We also gave a 2025 guidance of 3.6. We stand by that even more today.

如果你說2.5到2.7，我們就支持它。今天我們堅持這一點。我們隨時待命——我們今天對這家公司的了解比以前談論時要多。我們對這些數字充滿信心。我只想說，總的來說，是的，存在一些供應鏈噪音，正如我所說的那樣。我認為我們擁有廣達的廣度，布拉特納的廣度，從我的角度來看，只能幫助我們。它增加了我們的身分。它增加了我們執行的方式。我還想說，當我們考慮布拉特納並考慮這個長期目標時，我們著眼於 20 年，並且我們已經給出了指導。因此，我們不僅堅持我們給予的 2.6、2.7。我們也給了 3.6 的 2025 年指引值。今天我們更加堅持這一點。

Okay. Fair enough, Duke. And maybe you could comment on how LUMA is trending relative to what they need to be doing to capture those performance incentives. Could that be upside in the fourth quarter? I'm just not exactly sure how that works. And obviously, a lot of noise in the headline still, so great to get an update there.

好的。很公平，杜克。也許您可以評論 LUMA 的趨勢如何相對於他們需要採取哪些措施來獲得這些績效誘因。第四季會有上升空間嗎？我只是不太確定這是如何運作的。顯然，標題中仍然有很多噪音，很高興能在那裡得到更新。

Yes. So LUMA, we expect the noise in the headlines. I think we said that from the start. And as you transition into these large term -- large transitions on an island, it is -- it does have some noise to it. We're performing very well underneath. The governor -- the government is very much behind it. The -- what we're doing is the right thing. We will transition that onto a modern system. We're doing so every single day.

是的。所以 LUMA，我們預期頭條新聞會出現噪音。我想我們從一開始就這麼說了。當你過渡到這些大術語時——島嶼上的大過渡——它確實有一些噪音。我們在下面表現得很好。州長——政府非常支持它。我們正在做的事情是正確的。我們將把它轉移到現代系統上。我們每天都在這樣做。

You can't get the payments on the upside of those payments until we get into a full contract, which doesn't go into a full contract until bankruptcies declared out of bankruptcy, and then it goes into a 15-year contract. But as we stand today, we're in a contract. It just not -- has not started on the 15 years until they come out of bankruptcy. There were some favorable rulings on the bankruptcy proceedings this -- in the last week or so, I believe. So really good stuff going on underneath. Little noisy on the top and primarily around the generation, which we don't control. So I feel confident in our ability to perform there and what we're doing for the people of that island.

在我們簽訂一份完整的合約之前，你無法獲得這些付款的上行付款，而在宣布破產後，才會簽訂一份完整的合同，然後簽訂一份為期 15 年的合同。但就我們今天的情況而言，我們簽訂了合約。只是在他們擺脫破產之前的 15 年裡還沒有開始。我相信，在上週左右的時間裡，對破產程序做出了一些有利的裁決。下面發生的事情真的很好。頂部的噪音很小，主要是我們無法控制的一代。因此，我對我們在那裡的表演能力以及我們為該島人民所做的事情充滿信心。

Your next question today is coming from Neil Mehta from Goldman Sachs.

今天你們的下一個問題來自高盛的尼爾梅塔。

I want to spend a little time on transmission. And there was recent news of the whole thing of the NECEC transmission project? And do you foresee some risk to electric power top line growth in the future due to regulatory concerns around large project activity and transmission? And any of the current projects that you're working on facing similar risks that we should be aware of?

我想花一點時間在傳輸上。最近有關於NECEC輸電專案的完整消息嗎？由於對大型專案活動和輸電的監管擔憂，您是否預計未來電力收入成長會面臨一些風險？您目前正在進行的專案是否面臨著我們應該注意的類似風險？

I kind of look at it like this. I saw most of our clients either add to their $20 billion of backlog over time of what they're going to build on our CapEx and OpEx over the quarter, almost every single one of them added to what they're trying to do from the energy transition. The large projects make good headlines, and people want to talk about them. We're right around the edges on every one of them. They're additive to anything we've said. The 85% of our business that still exists today is MSA work. Those capital spend was undergrounding what Energy said yesterday on storm hardening. Those kind of things and with the tight labor supply.

我是這樣看的。我看到我們的大多數客戶要么隨著時間的推移，在本季度的資本支出和營運支出上增加了 200 億美元的積壓工作，幾乎每個客戶都增加了他們從能源轉型。大型項目成為頭條新聞，人們願意談論它們。我們在每一個方面都處於邊緣。它們是我們所說的一切的補充。我們今天仍然存在的 85% 業務都是 MSA 工作。這些資本支出正在掩蓋能源公司昨天關於風暴硬化的說法。諸如此類的事情以及勞動力供應緊張。

So any headline you're reading or what you read into something on large projects, it's not affecting the underlying business and our growth trajectories. We've given good guidance on that. The 85%, mid- to upper single digits, you can look at our track record over the last 5 to 6 years and see what it looks like. I expect that going forward.

因此，您正在閱讀的任何標題或您對大型專案的了解，都不會影響基礎業務和我們的成長軌跡。我們對此給予了很好的指導。 85%，中高個位數，你可以看看我們過去 5 到 6 年的業績記錄，看看它是什麼樣子的。我預計未來會如此。

Yes. That's really clear. So the follow-up is around the budget reconciliation package. Would spending from both the budget reconciliation package depending on what form it takes and the bipartisan infrastructure build directly drive project activity that Quanta could be involved in? And that's over and above the base case growth that you talk about.

是的。這真的很清楚。因此，後續行動是圍繞著預算調節方案展開的。預算調節方案的支出（取決於其採取的形式）和兩黨基礎設施是否會直接推動廣達可能參與的專案活動？這超出了您所說的基本情況增長。

I mean I think you're going through an energy transition, as we said. And I think the sentiment around North America and around what we're hearing even in Canada, you're seeing more and more transition. And as you go into EVs, as you go into your renewables coming on and you're also doubling the load over time. And I think that's the unknown, is people don't understand that you're doubling load and you're going to a carbon-free fuel source. So as you do those things, you're going to need hydrogen, you're going to need tons of renewables. And I think in order to do that, you got to have transmission. And we're sitting in very, very good spaces in all these areas. And it allows us -- through policy or without policy, we'll continue to see that sentiment move forward. That's what we see. I do think when both the Biden plan, the plans that we've seen are additive to anything we've said.

我的意思是，正如我們所說，我認為你們正在經歷能源轉型。我認為北美各地的情緒以及我們所聽到的甚至在加拿大的情緒，你都會看到越來越多的轉變。當您使用電動車時，當您使用再生能源時，隨著時間的推移，負載也會增加一倍。我認為這是未知的，人們不明白你要加倍負荷並且要使用無碳燃料來源。因此，當你做這些事情時，你將需要氫氣，你將需要大量的可再生能源。我認為為了做到這一點，你必須有傳輸。我們在所有這些領域都擁有非常非常好的空間。它使我們——無論是否有政策，都將繼續看到這種情緒向前發展。這就是我們所看到的。我確實認為，當拜登的計劃和我們所看到的計劃都是我們所說的任何內容的補充時。

Our next question is coming from Jamie Cook from Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的傑米庫克。

I guess two questions, one sort of short term, one sort of longer term. First, Derrick, can you help us understand the industrial business or stronghold business, what is implied for the revenue and sort of EBIT, if any, contribution in your 2021 guidance and just the opportunity for that business to be more accretive to margins and earnings as we look to 2022?

我想有兩個問題，一是短期問題，一是長期問題。首先，Derrick，您能否幫助我們了解工業業務或據點業務、收入和息稅前利潤（如果有）類型對您 2021 年指導的貢獻意味著什麼，以及該業務增加利潤和收益的機會展望2022 年？

And then my second question, Duke, just longer term, is as we think about the long-term secular trends, you have Blattner infrastructure, et cetera. Could you sort of help us reframe how you're thinking about sort of the electric power margins over the longer term? And is there sort of more of an upward bias versus how you thought about margins historically?

然後我的第二個問題，杜克，從長遠來看，是當我們考慮長期趨勢時，你有布拉特納的基礎設施等等。您能否幫助我們重新思考您對長期電力利潤率的看法？與您歷史上對利潤率的看法相比，是否存在更多的向上偏差？

Jamie, I'll take a little bit on the stronghold, and let Derrick comment on the numbers. But in general, what we see is we see an increase in that business in the fourth quarter a bit. I would say, you have a higher oil price. So they'll be reluctant to do much in this environment. But as we go into next year, we see a real strong turnaround here. We believe that the business is coming back meaningfully. So I feel confident in the next year on the business, but I'll let Derrick comment on the fourth quarter.

傑米，我會稍微介紹一下要塞，然後讓德瑞克評論一下數字。但總的來說，我們看到第四季該業務略有成長。我會說，你們的油價更高。所以他們不願意在這種環境下做太多事。但當我們進入明年時，我們看到了真正強勁的轉變。我們相信業務正在有意義地恢復。因此，我對明年的業務充滿信心，但我會讓德里克對第四季度發表評論。

Yes. I mean as it relates to -- go ahead, Jamie.

是的。我的意思是，因為它涉及到——繼續吧，傑米。

Yes, sorry, go ahead. Go ahead, Derrick.

是的，抱歉，請繼續。繼續吧，德里克。

I was just going to say relative to the fourth quarter, I mean, I think it would be slightly profitable, which is kind of what we've said where they would be back in returning to a degree of profitability. Overall, that group is slightly north of $500 million for '21 going into '22. I think we see it having the ability to start to return to victory of normalcy that we've talked about. In the past, those numbers have been north of like a $700 million number. I don't know quite yet. It's too early to comment as to whether we'll get into those type of levels, but I think we definitely see an increase. And we would see that it would be largely returning to some of that historical profitability. Again, we want to see how this fourth quarter plays out, though.

我只是想說相對於第四季度，我的意思是，我認為它將略有盈利，這就是我們所說的，他們將恢復一定程度的盈利能力。總體而言，從 21 年到 22 年，這一數字略高於 5 億美元。我認為我們看到它有能力開始恢復我們所討論的常態的勝利。過去，這些數字曾超過 7 億美元。我還不太清楚。現在評論我們是否會進入這種類型的水平還為時過早，但我認為我們肯定會看到增長。我們將看到它將在很大程度上恢復到部分歷史盈利能力。不過，我們還是想看看第四季的表現如何。

And sorry, can you remind me how you're thinking about historic profitability for strongholds?

抱歉，您能提醒我您是如何考慮要塞的歷史獲利能力的嗎？

Yes. Historically, they were a double-digit EBITDA.

是的。從歷史上看，它們的 EBITDA 為兩位數。

Okay. So there's potential for that in 2022?

好的。那麼 2022 年還有潛力嗎？

I do believe there's potential for that, yes. We're already so.

我確實相信有潛力，是的。我們已經這樣了

It will be treated in our guidance. So we'll see how it starts to perform. But yes, I think in the range of the guidance, you could see that. As far as the Electric Power segment, I think when we put stronghold in or when we put stronghold in, I mean we see they're kind of double-digit margin company. And as we look at it going forward, we believe that the segment will perform in those areas. Obviously, as we go into '22, we'll be prudent about how we guide as we always are. We've got to get through weather, and we have a lot of men and women performing in the field.

它將在我們的指導中予以處理。所以我們將看看它如何開始執行。但是，是的，我認為在指導範圍內，你可以看到這一點。就電力部門而言，我認為當我們建立據點或建立據點時，我的意思是我們看到他們是兩位數利潤率的公司。當我們展望未來時，我們相信該細分市場將在這些領域表現出色。顯然，當我們進入 22 世紀時，我們將一如既往地謹慎對待我們的指導方式。我們必須克服惡劣的天氣，而且我們有很多男男女女在現場表演。

And I think in general, when we think about it, the business is healthy. It's in a good secular macro environment. So we really like where we sit. We think we're doing great things collaboratively. And anything that Blattner has is additive to us. And again, their culture and what we're doing internally as far as melding together and looking for opportunity, I can only say that I feel stronger about it today than I did October 3.

我認為總的來說，當我們考慮這個問題時，業務是健康的。長期宏觀環境良好。所以我們真的很喜歡我們坐的地方。我們認為我們正在合作做偉大的事情。布拉特納擁有的任何東西對我們來說都是附加的。再說一次，他們的文化和我們在內部所做的事情，就融合在一起和尋找機會而言，我只能說，我今天對此的感覺比 10 月 3 日更強烈。

But I guess my question is, do you see longer term and upward buys? Is it more profit dollar growth versus margin? Is that the way to think about it?

但我想我的問題是，您是否看到長期和向上的購買？利潤成長與利潤率相比是否更高？是這樣思考的嗎？

I think it's more -- from my standpoint, we're trying to deliver cash to the bottom line. And the returns as far as capital, those kind of things will operate in the same kind of profile we have in the past on the electric segment. Blattner is additive from a standpoint, from a CapEx standpoint on a return basis. So I -- they're accretive.

我認為更重要的是——從我的角度來看，我們正在努力將現金交付到獲利水準。就資本回報而言，這些事情將以我們過去在電力領域的相同方式運作。從回報的角度來看，從資本支出的角度來看，布拉特納是可加總的。所以我——它們是增值的。

Our next question is coming from Marc Bianchi from Cowen.

我們的下一個問題來自 Cowen 的 Marc Bianchi。

I wanted to talk about the acquired businesses and what's implied for fourth quarter and try to understand that in the context of the Blattner guidance for '21 -- or 22, excuse me. So I think the -- if I take this fourth quarter revenue from the acquired businesses, it's like a run rate of $1.8 billion annually. And the Blattner guide, I think you said earlier it was 2.5 to 2.7 for '22. So is there just a lot of seasonality in that business? Are there some projects moving around? Or perhaps, it's just conservatism. I'm curious if you could help us understand that progression a little better.

我想談談所收購的業務以及第四季度的含義，並嘗試在 Blattner 的 21 年或 22 年指導背景下理解這一點，請原諒。所以我認為，如果我從被收購的企業獲得第四季的收入，那麼每年的運作率就達到了 18 億美元。布拉特納指南，我想你之前說過 22 年的比例是 2.5 到 2.7。那麼該行業是否存在很大的季節性？是否有一些專案正在動工？或許，這只是保守主義。我很好奇你是否能幫助我們更好地理解這項進展。

Yes, sure. So partly, it's only a partial quarter contribution that we did not acquire the company back at the quarter. So there's only a part of October. So that's a component of it. Two, exactly, it's unfair to annualize a given quarter, much like it is on Quanta. I mean we have a degree of seasonality. You can't take any given quarter and annualize that. There are movements of projects and seasonality. That is still the case as well for Blattner in any of the companies that we acquire. So we still feel very comfortable with the 2.5 to 2.7 original guidance for Blattner irrespective of this quarter contribution.

是的，當然。因此，部分原因是我們在本季沒有收購該公司，這只是部分季度貢獻。所以十月只有一部分。這是它的一個組成部分。確切地說，第二，將給定季度年化是不公平的，就像廣達的情況一樣。我的意思是我們有一定程度的季節性。您不能將任何給定的季度進行年度化。有項目的變動和季節性。對於我們收購的任何一家公司的布拉特納來說，情況仍然如此。因此，無論本季度的貢獻如何，我們仍然對 Blattner 2.5 至 2.7 的原始指導感到非常滿意。

And then lastly, yes, there is a bit of just timing starts and stops of projects affecting the number. And then probably the last point that you raised is that we have been trying to be a bit prudent with the contribution because of the fact that we have just out closed the transaction, we've got opening balance sheet work to do, looking at how some of that opening balance sheet will lay out to the rest of those contracts. So 4 or 5 different factors there. But net-net, we feel very comfortable still with the 2.5, 2.7annual '22 contribution.

最後，是的，專案的啟動和停止時間會影響數量。然後，您提出的最後一點可能是，我們一直在努力對捐款持謹慎態度，因為我們剛剛結束了交易，我們還有期初資產負債表工作要做，看看如何期初資產負債表中的一部分將用於其餘合約。所以有 4 或 5 個不同的因素。但net-net，我們仍然對 22 年 2.5、2.7 的貢獻感到非常滿意。

Okay. Okay. Maybe looking longer term, Duke, you mentioned CO2 and hydrogen pipeline opportunity work down the road. How big could that business be for you maybe on a percentage of what you do today or maybe what the dollar addressable market might look like? And how does that differ from the work you do today, right, on a maybe per mile basis or however you want to talk about it? Is it much larger in terms of total dollars per mile of pipeline or whatever the scope of the work is?

好的。好的。也許從長遠來看，杜克大學，你提到了二氧化碳和氫氣管道未來的工作機會。就您今天所做的工作的百分比或美元可尋址市場的情況來看，該業務對您來說可能有多大？這與您今天所做的工作有什麼不同，對吧，也許以每英里為基礎，或者無論您想如何談論它？就每英里管道的總美元或工程範圍而言，它是否要大得多？

No, I don't think so. When we look at it, I mean we're really just -- we're thinking about it as part of the segment, much like you would think about LNG when you're moving LNG or you're doing things. Really, what you're seeing is the transition of infrastructure. Where our role is in this infrastructure transition as we move into the future, I mean, I think we just sit right in the middle of it on anything you can think about is that transition. So whether they need -- they're going to need pipe to move it and they're also going to need pipe to move hydrogen and into blend into natural gas. And I think when you start blending that, you have different infrastructure.

不，我不這麼認為。當我們看待它時，我的意思是我們真的只是 - 我們將其視為該細分市場的一部分，就像您在移動液化天然氣或做事時考慮液化天然氣一樣。實際上，您所看到的是基礎設施的轉變。當我們邁向未來時，我們在基礎設施轉型中的角色是什麼，我的意思是，我認為我們只是處於其中，你能想到的任何事情都是這種轉型。因此，無論他們是否需要，他們都需要管道來輸送氫氣，他們還需要管道來輸送氫氣並混合到天然氣中。我認為當你開始混合它們時，你就會擁有不同的基礎設施。

So all these different things that we're bringing into the market's, batteries, EV renewables, technology with 5G, all those things are certainly where we sit. And as we said in the nucleus of that and we think about it, as we think about Blattner and where they sit in all this, that transition is something that Quanta is really focused on from a labor standpoint, a technology standpoint and how we help and collaborate with the client, not only from where they're at today, but how they transition.

因此，我們將所有這些不同的東西引入市場，電池、電動車可再生能源、5G 技術，所有這些東西肯定都是我們所坐的位置。正如我們在核心中所說的那樣，我們思考這一點，當我們思考布拉特納以及他們在這一切中的位置時，廣達從勞工的角度、技術的角度以及我們如何提供幫助方面真正關注的是這種轉變。

So at the very front end of that is where we're playing, and it's early in hydrogen. I do think there's going to be a significant amount of opportunity going forward, but we're already seeing where turbines and power plants on gas are starting to blend and even spec hydrogen to some degree. So it's going to be a piece of the nucleus of how you regulate and keep the grid balanced. The bigger issue with the grid is to balance it, sun, wind and then the balance thereof. So hydrogen will play a part of it.

因此，我們正在努力解決這個問題的最前端，而且現在還處於氫能的早期階段。我確實認為未來將會有大量的機會，但我們已經看到渦輪機和天然氣發電廠開始混合甚至在某種程度上指定氫氣。因此，它將成為調節和維持電網平衡的核心部分。電網更大的問題是平衡它、太陽、風，然後是它們的平衡。所以氫將發揮其中的一部分。

Your next question today is coming from Noelle Dilts from Stifel.

今天你們的下一個問題來自 Stifel 的 Noelle Dilts。

So I wanted to just -- I just wanted to touch on from a very high level, maybe how we should think about the timing or cadence of work in 2022. So I had 2 questions related to that. The first is this higher steel or raw material costs are impacting timing at all. Are you seeing kind of any projects really pushed to the right?

所以我想——我只是想從一個非常高的層面談一談，也許我們應該如何考慮 2022 年的工作時間或節奏。 所以我有兩個與此相關的問題。首先，鋼鐵或原物料成本的上升根本影響了時機。您是否看到任何項目確實被推向了右側？

And then second, if you could touch on how we should think about Blattner kind of typical seasonality would be helpful.

其次，如果你能談談我們應該如何看待布拉特納那種典型的季節性，將會有所幫助。

Yes, I'll comment on the -- as far as the commodities, we are seeing some escalation in commodity pricing. It has not affected the business. It's not material. I think our scale, our ability to move from project to project, while one may delay, others are coming in. I just -- the amount, the macro environment there, that's part of the reason you want scale in a renewable business or any business that we're in on scale. Scale allows us flexibility. It allows us flexibility with the client.

是的，我要評論一下——就大宗商品而言，我們看到大宗商品定價有所升級。並沒有影響生意。這不是物質的。我認為我們的規模，我們從一個項目轉移到另一個項目的能力，雖然一個項目可能會延遲，但其他項目正在加入。業務或任何其他業務中擴大規模的部分原因我們所從事的規模化業務。規模使我們具有靈活性。它使我們能夠靈活地與客戶合作。

And I'll start buying power. I mean when you look at fleet and how we manage through fleet, there's constraints to others with fleet. And our ability to really work with the client, work with our customers and our suppliers on that has given us really what I think the competitive advantage going forward, and I'll let Derrick comment on the rest.

我將開始購買電力。我的意思是，當你審視機隊以及我們如何透過機隊進行管理時，你會發現擁有機隊的其他人受到了限制。我們與客戶、客戶和供應商真正合作的能力給了我們我認為未來的競爭優勢，我會讓德里克評論其餘的。

Yes. And one other point, I guess, is that to the extent that there's anything for fluctuations in the timing of Blattner, I mean any of that would be from a supply perspective could lead to projects pushing to the right at any given point in time not necessarily, in our mind, impacting a profitability-type dynamic, but could push things around.

是的。我想，另一點是，在布拉特納的時間安排上存在任何波動的情況下，我的意思是，從供應角度來看，任何一個都可能導致項目在任何給定的時間點向右推進，而不是在我們看來，這必然會影響獲利型動態，但也可能會扭轉局面。

But having said that, from an overall seasonality, I think I'd probably say it's reasonably similar to our overall electric power operations, probably really a little bit lower than the first, rising in the second, stronger in the third and then the fourth being either comparable to or having a slight decline depending upon the timing of any of these supply-type dynamics. But largely, I think I'd say similar to our historical electric power patterns.

但話雖如此，從整體季節性來看，我想我可能會說它與我們整體電力運營相當相似，可能確實比第一個低一點，第二個上升，第三個更強，然後第四個更強與這些供應類型動態的時間相當或略有下降。但在很大程度上，我想我會說類似我們歷史上的電力模式。

I would say our commentary on Blattner on the numbers that we've given you based upon us and where we're going into next year on that on any supply chain issue, we're highly confident in those numbers.

我想說的是，我們對布拉特納的評論是基於我們給你們的數字，以及我們明年在任何供應鏈問題上的進展，我們對這些數字非常有信心。

Okay, okay. Great. That's really helpful. And then second, I just wanted to kind of clarify one point within underground utility and infrastructure. On the LDC business, I know you said you're still seeing strong demand there. When you mentioned the COVID impact to margins, was that mostly at stronghold? Or did you also see that in the LDC business? And if you could comment on where margins are kind of running today or this year versus where you expect them to be over the next couple of years.

好吧，好吧。偉大的。這真的很有幫助。其次，我只是想澄清地下公用設施和基礎設施中的一點。關於路易達孚業務，我知道您說過您仍然看到那裡的強勁需求。當您提到新冠疫情對利潤率的影響時，這主要是在大本營嗎？或者您在路易達孚業務中也看到了這一點嗎？您是否可以評論一下今天或今年的利潤率與您預計未來幾年的利潤率。

Yes. Actually, some of the other COVID dynamics were a little bit in Canada, a little bit in Australia. And then, yes, in some of the industrial side pressuring and not really so much on the LDC side. I think we're seeing normal operations for the most part on the LDC side. And then from a margin perspective, yes, we're continuing to see that comparable to what we've been speaking to, trending towards -- getting into that upper single digits overall as we go forward. We continue to feel confident in our ability to do that with the LDC operation.

是的。事實上，其他一些新冠疫情動態有一點在加拿大，有一點在澳洲。然後，是的，在一些工業方面施加壓力，但在最不發達國家方面卻沒有那麼大。我認為最不發達國家方面大部分情況都處於正常運作狀態。然後從利潤率的角度來看，是的，我們繼續看到，與我們一直在談論的情況相比，趨勢是——隨著我們的前進，總體上會達到較高的個位數。我們仍然對 LDC 業務實現這一目標的能力充滿信心。

Yes. No, I would say, too, our Canadian operations, I think we're probably the most effective with COVID, certainly. And when we look at it, we look at it going forward. And we started some nice projects out there, and I think we're in good shape on the gas side. And as far as on the electric side, we had a commentary around that. And obviously, we've got -- the health and safety of these employees are what we're really focused on to make sure they're safe every day, and we've given them great mitigation and great plans to be safe. So we've done that through the company and have not missed work yet for 2 years, and I fully expect us to operate right through it. And we're going to do -- we're going to work with our client on any kind of mandate there may be geographically or holistically.

是的。不，我還要說，我們的加拿大業務，我認為我們在應對新冠疫情方面可能是最有效的。當我們審視它時，我們會展望未來。我們在那裡啟動了一些不錯的項目，我認為我們在天然氣方面狀況良好。就電力方面而言，我們對此進行了評論。顯然，我們真正關注的是這些員工的健康和安全，以確保他們每天的安全，我們為他們提供了很好的緩解措施和很好的安全計劃。因此，我們已經透過公司做到了這一點，並且已經兩年沒有曠職了，我完全希望我們能夠透過它來運作。我們將與我們的客戶就地理上或整體上的任何任務進行合作。

(Operator Instructions) Our next question is coming from Brent Thielman from D.A. Davidson.

（操作員說明）我們的下一個問題來自 D.A. 的 Brent Thielman。戴維森。

I just want to follow up on the gas utility portion of underground, maybe just get your latest and greatest in terms of what you're seeing among customers for modernization programs going forward. Do you still think that portion of the business can achieve the sort of growth rates you've seen over the last several years kind of going forward?

我只想跟進地下天然氣公用事業部分，也許只是了解您在客戶中看到的關於未來現代化計劃的最新和最好的資訊。您仍然認為這部分業務可以實現您在過去幾年中看到的那種成長率嗎？

I mean like the business long term, there's mandates around methane gas release, cast iron replacements. We've seen some great stuff with hydrogen coming along. And so we really like the business on the underground, but I want to go back again and say it's a portfolio. If we can build underground electric with gas crews, that's what we're going to do. We're going to go and really consolidate offices, leverage our capabilities in the field. Our some gas operations will be performed in underground electric. So I'm not really worried about it from a segmentation standpoint.

我的意思是，就像業務的長期發展一樣，關於甲烷氣體釋放、鑄鐵替代品也有相關規定。我們已經看到一些與氫有關​​的偉大東西的出現。所以我們真的很喜歡地下業務，但我想再說一遍，這是一個投資組合。如果我們能用天然氣人員建造地下電力，那就是我們要做的事。我們將真正整合辦事處，利用我們在該領域的能力。我們的一些天然氣作業將在地下電力中進行。因此，從細分的角度來看，我並不真正擔心它。

In my mind, we're going to fully utilize our people with the highest impact on the profitability of the company. And I -- that's what we're focused on, whether it be telecom, gas electric. So the equipment is like type. The people, for the most part, are very much like type. So we can operate throughout our portfolio of our service lines if we do it properly and leverage our capabilities at the field level, which is that's what this company is focused on is driving the margin of the whole.

在我看來，我們將充分利用對公司獲利能力影響最大的員工。我——這就是我們關注的重點，無論是電信還是瓦斯電力。所以裝備就像類型。大部分人的個性都非常相似。因此，如果我們做得正確並利用我們在現場的能力，我們就可以在我們的服務線組合中進行運營，這就是該公司關注的重點，即推動整體利潤。

Our next question is coming from Adam Thalhimer from Thompson, Davis.

我們的下一個問題來自戴維斯湯普森的 Adam Thalhimer。

Duke, do you think that with the hydrogen and CO2 lines, there's actually less industry pushback?

杜克，您認為有了氫氣和二氧化碳生產線，產業阻力實際上會減少嗎？

It's a complicated dynamic, whether you go green hydrogen. It's just hard. I would say, it's corrosive. It turns hot. There's just -- it's different. And I think when we think about it, we're working with the client. The early stages, it is a part of the solution. And everybody, we're going to have to regulate the grid, the load. We get curves in the load. That load regulation is a big deal and especially without interconnections and the difficulty building transmission.

無論你是否選擇綠氫，這都是一個複雜的動態。這只是很難。我想說，它有腐蝕性。天氣變熱了。只是——有所不同。我認為當我們思考這個問題時，我們正在與客戶合作。在早期階段，它是解決方案的一部分。大家，我們將不得不調節電網和負載。我們得到負載曲線。負載調節是一件大事，尤其是在沒有互連和建設傳輸困難的情況下。

So while we talk about it a lot, it's still difficult to build large projects. And the underlying -- underneath has to be very, very robust. And so you get a lot of smaller projects and you get a lot of other things that you can do. So I do think hydrogen is just a piece of what we're trying to accomplish as utilities go into their transitions in this renewable state. And you're going to build big transmission as well. It's going to stock on top. It's just a timing thing.

因此，儘管我們談論了很多，但建造大型項目仍然很困難。而底層——底層必須非常非常堅固。所以你會得到很多較小的項目，並且你會得到很多你可以做的其他事情。因此，我確實認為氫只是我們在公用事業進入可再生狀態轉型時試圖實現的目標的一部分。您還將建造大型傳輸系統。上面會存貨。這只是一個時間問題。

Our next question is coming from Ian MacPherson from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Ian MacPherson。

Duke, I heard, I think $110 million of quarter-to-date bolt-ons following Blattner. I had sort of imagine that, that inorganic strategy might -- you might tap the brakes a little bit as we integrate Blattner, not the case short term. And I know that's a big part of your DNA and what Quanta does really, really well. But just curious on your thoughts on the merits versus risks of investing more pro-cyclically now that things are hotter, valuations are probably hotter. Maybe there's more embedded backlog risk and targets that you might acquire. So just your thoughts on what the go-forward cadence might look like for additional acquisitions.

杜克大學，我聽說，我認為繼布拉特納之後，本季迄今的補強資金將達到 1.1 億美元。我有種想像，這種無機策略可能——當我們整合佈拉特納時，你可能會稍微踩一下煞車，而不是短期的情況。我知道這是你 DNA 的重要組成部分，也是廣達做得非常非常好的地方。但只是好奇你對順週期投資的優點與風險的看法，因為現在情況變得更熱，估值可能更高。也許您可能會獲得更多嵌入式積壓風險和目標。所以，請談談您對額外收購的前進節奏的看法。

I think when we looked at it, we had some ongoing M&A., and I think that remains to some degree. We've never been out looking for acquisitions. We -- when companies come, they have a strong need for them in a region, and I think we've made very good ones and very good acquisitions. So again, we're not looking for it. We just made a $2.7 billion acquisition. We're going to be prudent about how we manage this balance sheet. And I've said that all along, we will generate cash and pay down debt, and that's part of who we are. But we're not going to walk away from great companies. We don't feel at all like we've stretched this balance sheet given the fact of the macro market and what we see. So while we are -- while I would say, yes, we'll probably tap the brakes a bit, certainly, we're not going to pass on companies that we believe add value to the shareholders.

我認為當我們審視它時，我們正在進行一些併購，我認為這種情況在某種程度上仍然存在。我們從來沒有出去找收購。我們——當公司到來時，他們在一個地區對他們有強烈的需求，我認為我們已經做出了非常好的收購和非常好的收購。再說一遍，我們不是在尋找它。我們剛剛進行了 27 億美元的收購。我們將謹慎對待如何管理資產負債表。我一直說過，我們將創造現金並償還債務，這就是我們的一部分。但我們不會放棄偉大的公司。鑑於宏觀市場的事實和我們所看到的情況，我們根本不覺得我們已經擴大了資產負債表。因此，儘管我們——雖然我會說，是的，我們可能會稍微踩一下煞車，但我們當然不會放棄那些我們認為能為股東增加價值的公司。

Our next question today is coming from Andy Kaplowitz from Citigroup.

今天我們的下一個問題來自花旗集團的安迪·卡普洛維茨。

Duke, I know even a few years ago, you deemphasized large oil and gas pipelines. But last quarter, I think you talked about winning some larger projects in that space. And obviously, oil prices are higher now. It seems like there are a couple of projects out there that you could bid on. So how do you sort of view the more traditional projects these days? Is there an active pipeline? Could there be significant growth in that world?

杜克大學，我知道幾年前您就不再強調大型石油和天然氣管道。但上個季度，我認為您談到了贏得該領域一些更大的項目。顯然，現在油價更高了。似乎有幾個項目可以競標。那麼您如何看待當今更傳統的項目呢？是否有活躍的管道？那個世界會出現顯著的成長嗎？

I mean, I think when we talked about that last quarter and we're in construction on some in Canada today, so we're opportunistic there. We can operate that business quite profitably. We're just not -- in my mind, we decided not to invest in it and not to continue to invest. So it's a little bit different. We can still do $1 billion in the business. We can do $2 billion in the business from what we have today. So we don't have to invest more in capital.

我的意思是，我認為當我們上個季度談論這個問題時，我們今天正在加拿大進行一些建設，所以我們在那裡是機會主義的。我們可以透過經營這項業務獲得相當可觀的利潤。我們只是──在我看來，我們決定不投資它，也不再繼續投資。所以有點不同。我們仍然可以在這項業務上賺到 10 億美元。就目前的業務而言，我們可以創造 20 億美元的收入。所以我們不需要投入更多的資金。

We have the people. We have the things that we can do. As you look at carbon sequestration and all the lines there and all the things that they're coming up on hydrogen, it certainly plays into the business, and we'll look at it. We have the capabilities internally. We'll continue to take the opportunities. They'll stack on to anything we're doing, whether it be Canada or the U.S. But there are some nice projects out there, and certainly, we're around the edges on every one of them. But we're not going to take the risk that it's not something that we have to have. And when we guide, it will be $300 million to $500 million. I can almost tell you right now, and that's what it will look like. If we do a $2 billion, great, we'll let you know.

我們有人。我們有我們能做的事情。當你看到碳封存以及那裡的所有生產線以及它們在氫氣上出現的所有東西時，它肯定會影響到業務，我們會關注它。我們內部有能力。我們將繼續抓住機會。它們會疊加到我們正在做的任何事情上，無論是加拿大還是美國。但我們不會冒這不是我們必須擁有的風險。當我們指導時，這將是 3 億至 5 億美元。我現在幾乎可以告訴你，事情就是這樣。如果我們投入 20 億美元，那就太好了，我們會通知您。

Your next question today comes from Michael Dudas from Vertical Research.

今天你們的下一個問題來自垂直研究公司的麥可‧杜達斯。

Regarding, Duke, the capital budgets that your utility clients are putting forth for 2022 and sort of like beyond, has there been a significant mix? I'm talking more from the T&D side on hardening resilience relative to new investment replacement. Is that shifting? Are they focusing more on the former? And I'm assuming there's not a major difference in margin or utilization depending on what you guys do for them, but just wondered if you could share your thoughts on that.

杜克，您的公用事業客戶為 2022 年及以後提出的資本預算是否有重大組合？我更從 T&D 方面談論強化相對於新投資替代的彈性。這是在轉移嗎？他們更關注前者嗎？我假設根據你們為他們所做的事情，利潤或利用率沒有重大差異，但只是想知道你們是否可以分享你們對此的想法。

It's kind of all of the above. So I think when we look at it, it depends on where you're at geographically, but certainly all of the above. We've seen storm hardening escalate. We've seen undergrounding certainly come about in a significant way. Those 2 things are there. I think what's underappreciated is the amount of infrastructure and the modernization necessary on the distribution system to handle the load, the EV. When you start putting these cars, batteries on at night. And on the distribution load of what it does to the system, I think it's underestimated on the cost and the amount of work that's out there of capital that's necessary to get these systems ready for electric vehicles. I just -- in my mind, it's just underappreciated.

這就是以上的全部情況。所以我認為，當我們考慮這個問題時，這取決於你所處的地理位置，但當然也取決於以上所有因素。我們已經看到風暴硬化的情況不斷升級。我們已經看到地下化確實以一種重要的方式發生。那兩件事就在那裡。我認為，人們低估了處理電動車負載所需的基礎設施數量和配電系統的現代化程度。當你開始安裝這些汽車時，請在晚上打開電池。至於它對系統所做的分配負載，我認為它低估了成本和為電動車準備好這些系統所需的資本工作。我只是——在我看來，它只是被低估了。

Your next question is coming from Justin Hauke from Baird.

您的下一個問題來自貝爾德 (Baird) 的賈斯汀·豪克 (Justin Hauke)。

I guess my question -- and thanks for all the questions you've answered. But on Blattner, just the award activity in 3Q and since, given that you talked about a lot of solar mix shift for next year relative to the wind projects, I guess maybe just an update on kind of how things are trending there and if that mix shift is coming through. And then also, it seems like there's been a lot of approvals for offshore wind projects. And I think that's kind of outside of the wheelhouse that you're looking at. But are there opportunities for you to participate on any of those?

我猜我的問題 - 感謝您回答的所有問題。但關於布拉特納，只是第三季度的頒獎活動，鑑於您談到了明年相對於風能項目的大量太陽能組合轉變，我想也許只是關於那裡的情況趨勢的更新，如果是的話混合轉變正在發生。此外，離岸風電計畫似乎已經獲得了許多批准。我認為這有點超出了你所看到的駕駛室的範圍。但是您有機會參與其中任何一個嗎？

When we look at Blattner, I reiterated guidance pretty firmly into '22 and talked about by $3.5 billion, $3.6 billion in '25. So the commitment there, we're really looking at megawatts and not projects. The projects are certainly there. If we decide to start, say, the reward we got, I just think it's not valuable to the shareholder nor is it productive. So what we're saying is $2.6 billion, $2.7 billion next year and $3.6 billion in '25 of top line button. So that's how we see it. That's how robust it is. So it should give you a good idea of what we're seeing as a company and how we sit in the pendulum of the future and the renewable business. So in my mind, that shows where we're at. And I think, again, the words are there. We're certainly with the client, talking to them on a multiyear basis, not just one job. So that's fair.

當我們看布拉特納時，我非常堅定地重申了對 22 年的指導，並談到了 25 年的 35 億美元和 36 億美元。因此，我們的承諾是，我們真正關注的是兆瓦而不是專案。這些項目肯定在那裡。如果我們決定開始，比如說，我們得到的獎勵，我只是認為它對股東沒有價值，也沒有生產力。所以我們所說的是 26 億美元，明年 27 億美元，頂行按鈕 25 美元 36 億美元。這就是我們的看法。這就是它的堅固程度。因此，它應該能讓您很好地了解我們作為一家公司所看到的以及我們如何在未來和可再生業務的鐘擺中佔據一席之地。所以在我看來，這顯示了我們所處的位置。我想，這些話還是在那裡。我們當然與客戶在一起，與他們進行多年的交談，而不僅僅是一項工作。所以這很公平。

Offshore, it's expensive. I think we have clients that are certainly -- have their plans around offshore. And we're certainly in there as far as interconnections. Things that we're good at, we'll do. But primarily as it comes onshore, just -- I've said this before, but we have had bad luck with boats, and I'm just not a boat fan.

離岸的，貴啊我認為我們的客戶肯定有他們的離岸計劃。就互連而言，我們確實處於其中。我們擅長的事情，我們就會做。但主要是當它到達岸上時，只是 - 我以前說過這一點，但我們在船方面運氣不佳，而且我只是不喜歡船。

Our next question is coming from Steven Fisher from UBS.

我們的下一個問題來自瑞銀集團的史蒂文費雪。

So it sounds like there's a learning curve on telecom that you're experiencing now, and I want to make sure we understand how to set our expectations on that from here as it relates to the margins. What are the different elements of the learning curve you have to get up? And when can we expect that to normalize such that we can have sort of a more consistent margin expectation here on the telecom side within that, the electric segment?

因此，聽起來您現在正在經歷電信方面的學習曲線，我想確保我們了解如何從這裡設定我們的期望，因為它與利潤有關。您必須完成的學習曲線有哪些不同的要素？我們什麼時候才能期望這種情況正常化，以便我們在電信方面（電力領域）能夠有更一致的利潤預期？

And then just maybe a quick follow-up on -- just to clarify on the Blattner deal, you've been extremely clear about the confidence that you have in the guidance numbers. But you've talked about the revenue numbers, not the EBITDA contribution. I just want to make sure there's no difference in your confidence in between the revenues and EBITDA.

然後也許是一個快速的跟進——只是為了澄清布拉特納的交易，你非常清楚你對指導數字的信心。但您談論的是收入數字，而不是 EBITDA 貢獻。我只是想確保您對收入和 EBITDA 的信心沒有差異。

Double-digit EBITDA on Blattner. As far as the telecom, we've talked about it in length. I think in general, what I would say is the closeouts on the end as far as engineering closeouts and things like that and then some descoping of certain clients on their builds created some effects in projects, and we're still working with the client. We'll do our best to call stuff back. But if you think about it, if we get $200 million and we did 6% instead of 10%, it's $6 million, something like that.

布拉特納的 EBITDA 達到兩位數。至於電信，我們已經詳細討論過。我認為總的來說，我想說的是最後的收尾，就工程收尾之類的事情而言，然後對某些客戶的構建進行一些範圍界定，對項目產生了一些影響，我們仍在與客戶合作。我們會盡力將東西召回。但如果你想想，如果我們獲得 2 億美元，而我們做了 6% 而不是 10%，那就是 600 萬美元，類似的東西。

It's just -- it's not big numbers for us long term, and I think we're not seeing big effects to that as far as margins. And we will get them in the double-digit ranges. We're operating for primarily in those ranges. We had some projects early on that are complicated. It's an industry issue. It's not just us. So it's something that we're all faced with and some closeouts. And I think we're in the late stages of those closeouts, and you'll start to see it get back in the double digits.

只是——從長遠來看，這對我們來說並不是什麼大數字，而且我認為就利潤率而言，我們沒有看到這方面的重大影響。我們將使它們達到兩位數範圍。我們主要在這些範圍內運作。我們早期的一些項目很複雜。這是一個行業問題。不僅僅是我們。所以這是我們都面臨的事情和一些清盤。我認為我們正處於這些清倉的後期階段，你會開始看到它回到兩位數。

We've reached the end of our question-and-answer session. I'd like to turn the floor back over to management for any further closing comments.

我們的問答環節已經結束。我想將發言權交還給管理階層，以徵求進一步的結束意見。

Yes. First, we really want to welcome the people of Blattner and certainly have the culture there and the people in the field, the people that pay our paychecks, thank them for what they do every day. And storms were tough. Our people performed extremely well through tough environments down in the Gulf Coast and certainly the families that lost lives and tragedy there, it's tough. So our guys did really well, and I'd like to thank all of you for participating in the conference call. We appreciate your questions and your ongoing interest in Quanta Services. Thank you. This concludes our call.

是的。首先，我們真的很想歡迎布拉特納的人們，當然也有那裡的文化和這個領域的人們，那些支付我們薪水的人，感謝他們每天所做的事情。暴風雨很猛烈。我們的人民在墨西哥灣沿岸的艱苦環境中表現得非常出色，當然還有在那裡失去生命和悲劇的家庭，這很艱難。我們的人員做得非常好，我要感謝你們所有人參加電話會議。我們感謝您的提問以及您對廣達服務的持續關注。謝謝。我們的通話到此結束。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路廣播到此結束。此時您可以斷開線路，度過美好的一天。我們感謝您今天的參與。