Quanta Services Inc (PWR) 2021 Q2 法說會逐字稿

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

您好，歡迎參加廣達服務 2021 年第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Mr. Kip Rupp, Vice President, Investor Relations. Thank you, sir. Please go ahead.

現在我很高興向您介紹主持人，投資者關係副總裁 Kip Rupp 先生。謝謝您，先生。請繼續。

Thank you, and welcome, everyone, to the Quanta Services Second Quarter 2021 Earnings Conference Call. This morning, we issued a press release announcing our second quarter results, which can be found on -- in the Investor Relations section of our website at quantaservices.com, along with a summary of our 2021 outlook and commentary that we will discuss this morning. Additionally, we'll 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 年第二季財報電話會議。今天早上，我們發布了一份新聞稿，宣布了我們第二季度的業績，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，以及我們今天早上將討論的2021 年展望和評論摘要。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, August 5, 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 8 月 5 日）。因此，我們建議您，任何對時間敏感的資訊在本次通話重播後可能不再準確。

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》規定的免責責任安全港的資格。其中包括反映廣達對未來事件或業績的預期、意圖、假設或信念的所有聲明，但不僅僅涉及歷史或當前事實。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 or 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或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 now to 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 Second 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, who will provide a review of our second 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 年第二季財報電話會議。在今天的電話會議上，我將提供營運和策略評論，然後將其交給廣達財務長 Derrick Jensen，他將對我們第二季業績和 2021 年全年財務預期進行審查。在 Derrick 的評論之後，我們歡迎您提出問題。

This morning, we reported solid results with record second quarter revenues and earnings per share. 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 customers and the continued advancement of our long-term growth strategies. We continue to see opportunities for multiyear growth across our service lines driven by our solution-based approach and the growth of programmatic spending with existing and new customers.

今天早上，我們報告了穩健的業績，第二季營收和每股盈餘創歷史新高。本季末 170 億美元的積壓訂單也創下了紀錄，我們相信這反映了我們與客戶合作方式的好處以及我們長期成長策略的持續推進。在我們基於解決方案的方法以及現有和新客戶的程序化支出成長的推動下，我們繼續看到跨服務線的多年成長機會。

Our electric power solutions operations had another strong quarter, with record revenues and better-than-expected margins, reflecting solid and safe execution, favorable end market conditions and continued momentum as a result of ongoing grade modernization, system hardening and renewable energy interconnections. Our Electric Power backlog continues to increase, driven primarily by significant multiyear master service agreements with utilities, which adds to the substantial MSA backlog growth from the first quarter. We are proud of our execution and confident in our strong market position to capitalize on the opportunities created by favorable long-term trends, driving utility investment and demand for our comprehensive solutions.

我們的電力解決方案業務又一個強勁的季度，收入創歷史新高，利潤率好於預期，反映出穩健和安全的執行、有利的終端市場條件以及持續的等級現代化、系統強化和可再生能源互連帶來的持續動力。我們的電力積壓訂單持續增加，主要是由於與公用事業公司簽訂了重要的多年期主服務協議，這增加了第一季 MSA 積壓訂單的大幅成長。我們對我們的執行力感到自豪，並對我們強大的市場地位充滿信心，能夠利用有利的長期趨勢創造的機會，推動公用事業投資和對我們綜合解決方案的需求。

As an example, one of our largest electric customers in the Western United States recently announced a major new multiyear program to underground approximately 10,000 miles of electric distribution power lines and high fire-threat districts in the utility service territory. This initiative is in the planning stages and is expected to incorporate input from numerous stakeholders and be implemented over a number of years. While it may seem like a bold endeavor and unprecedented in its scale, the imperative to mitigate the risk of wildfires and the economic and human costs caused by them, as evidenced over the last several years in the Western United States, soon will outweigh the capital investment necessary to complete this kind of program.

例如，我們在美國西部最大的電力客戶之一最近宣布了一項重大的新多年計劃，將約 10,000 英里的配電線路和公用事業服務區域的高火災威脅區域埋入地下。該措施正處於規劃階段，預計將吸收眾多利害關係人的意見，並在數年內實施。儘管這似乎是一項大膽的努力，其規模也前所未有，但正如過去幾年美國西部地區所證明的那樣，減輕野火風險及其造成的經濟和人員損失的必要性很快將超過資本完成此類計劃所需的投資。

Electric utilities in other areas of the country are also pursuing initiatives to underground critical infrastructure. Examples include electric transmission projects in the Northeast, distribution circuits along the coast lines, electric transmission line projects for offshore wind generation and undergrounding transmission and distribution initiatives by other utilities in California. Many of these initiatives are part of a large-scale, multiyear system hardening programs, which provide meaningful opportunities for Quanta.

該國其他地區的電力公司也在推行地下關鍵基礎設施的措施。例如，東北部的輸電項目、沿海地區的配電線路、海上風力發電的輸電線路項目以及加州其他公用事業公司的地下輸電和配電計劃。其中許多舉措都是大規模、多年系統強化計畫的一部分，為廣達提供了有意義的機會。

We continue to see accelerated renewable generation development and associated demand for our services, including transmission interconnects, substations and energy storage. Our customers continue to advance their efforts to achieve carbon neutrality, in large part through increasing renewable generation investments. For example, we have begun work on what will become the largest solar power battery storage center in the world for a long-standing utility customer. We believe public policy and the positive general sentiment supporting a greener environment will drive North America's power generation mix increasingly towards renewables over the near and longer term. And as these dynamics continue to advance, demand for our services could accelerate.

我們繼續看到再生能源發電的加速發展以及對我們服務的相關需求，包括輸電互連、變電站和能源儲存。我們的客戶繼續努力實現碳中和，主要是透過增加再生能源發電投資。例如，我們已經開始為長期公用事業客戶建造世界上最大的太陽能電池儲存中心。我們相信，支持綠色環境的公共政策和積極的普遍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。隨著這些動態的不斷發展，對我們服務的需求可能會加速。

Related to these opportunities, we are actively pursuing larger high-voltage electric transmission projects associated with interconnecting renewable generation, which are scheduled to be awarded by the end of this year, with work expected to begin in 2022. We believe Quanta is the industry leader in performing larger-scale high-voltage electric transmission projects in North America, with an industry-leading track record of safely executing for our customers on time and on budget, and we are well positioned for these opportunities.

與這些機會相關的是，我們正在積極尋求與再生能源發電互連相關的大型高壓輸電項目，這些項目計劃於今年年底授予，預計將於 2022 年開始施工。我們相信廣達是在北美執行大型高壓輸電專案的行業領導者，在按時、按預算安全地為客戶執行專案方面擁有行業領先的記錄，並且我們已做好充分準備來抓住這些機會。

Additionally, we are experiencing accelerating activity and opportunities for our electric vehicle infrastructure installation and program management capabilities. We are in active discussions with several industry participants about managing the deployment of thousands of charging stations, both regionally and nationally. These are exciting and meaningful prospects but just part of the equation in our view. More importantly, we feel the market is underestimating the significant investment needed to modernize and expand the capacity of the electric distribution system to accommodate the mass deployment of retail and commercial fleet electric vehicle charging infrastructure.

此外，我們的電動車基礎設施安裝和專案管理能力的活動和機會正在加速。我們正在與一些行業參與者積極討論管理地區和全國數千個充電站的部署。這些都是令人興奮且有意義的前景，但在我們看來，這只是等式的一部分。更重要的是，我們認為市場低估了配電系統現代化和擴大容量所需的大量投資，以適應零售和商業車隊電動車充電基礎設施的大規模部署。

And finally, in June, LUMA Energy and its employees, as supported by Quanta and its joint venture partner, ATCO, commenced the operations and maintenance of Puerto Rico's electric power transmission and distribution system under a supplemental terms agreement, following nearly a year of preparation. In LUMA, we have created a purpose-built and effective operator for the Puerto Rico T&D system and the people of Puerto Rico. We remain steadfast in our commitment to continue to invest our time, expertise and resources to help drive efficient operations at LUMA as it works to deliver a modern, secure, resilient and affordable electric grid and to develop a highly trained, craft-skilled workforce for the future of Puerto Rico.

最後，經過近一年的準備，LUMA Energy 及其員工在廣達及其合資夥伴 ATCO 的支持下，於 6 月根據補充條款協議開始營運和維護波多黎各輸配電系統。在 LUMA，我們為波多黎各 T&D 系統和波多黎各人民創建了一個專門建造的高效運營商。我們仍然堅定不移地致力於繼續投入時間、專業知識和資源，幫助推動LUMA 的高效運營，因為LUMA 致力於提供現代化、安全、有彈性和負擔得起的電網，並為客戶培養訓練有素、技術精湛的勞動力隊伍。

Our communications operations performed well in the second quarter, and we continue to profitably scale and grow the business. As we discussed in our last earnings call, the subcontractor challenges we experienced in the first quarter were an isolated issue and did not continue into the second quarter. We are on track to generate high single- or double-digit operating income margins for the remainder of this year and remain confident in our ability to profitably grow our operations.

我們的通訊業務在第二季度表現良好，並且我們繼續盈利地擴大和發展業務。正如我們在上次財報電話會議中所討論的那樣，我們在第一季遇到的分包商挑戰是一個孤立的問題，並且沒有持續到第二季​​。我們預計在今年剩餘時間內實現高個位數或兩位數的營業利潤率，並對我們實現業務盈利增長的能力充滿信心。

Service providers continue to push fiber closer to the customer. Fiber backhaul justification is ongoing, and 5G wireless infrastructure development is increasing. Further, in response to the meaningful federal funding being provided for broadband network expansion in underserved markets, we are seeing accelerated spending by our cooperative and municipal electric customers who also provide communication services, allowing us to leverage our relationships to provide turnkey telecom solutions to them.

服務供應商繼續推動光纖更接近客戶。光纖回程的論點正在進行中，5G 無線基礎設施的開發也不斷增加。此外，為了響應為服務欠缺市場的寬頻網路擴展提供的有意義的聯邦資金，我們看到我們的合作和市政電力客戶加速支出，他們也提供通訊服務，使我們能夠利用我們的關係為他們提供交鑰匙電信解決方案。

On our first quarter earnings call, we announced a strategic alliance with and minority investment in a broadband technology partner. Under our alliance agreement with them, Quanta is serving as the program manager for a large-scale deployment of their fixed broadband technology. To that end, we recently began the large-scale installation of their technology in several cities, with opportunities to expand our technology into additional cities in 2022. We believe that Quanta is uniquely positioned between the communications and the utility industries to provide solutions for broadband and 5G technology deployments by leveraging existing infrastructure, and our relationship with this broadband technology provider is evidence of that.

在第一季財報電話會議上，我們宣布與寬頻技術合作夥伴建立策略聯盟，並對其進行少數股權投資。根據我們與他們的聯盟協議，廣達將擔任大規模部署其固定寬頻技術的專案經理。為此，我們最近開始在幾個城市大規模安裝他們的技術，並有機會在 2022 年將我們的技術擴展到更多城市。我們相信廣達在通訊和公用事業行業之間具有獨特的地位，可以利用現有基礎設施為寬頻和 5G 技術部署提供解決方案，我們與這家寬頻技術供應商的關係就是證明。

Our Underground Utility and Infrastructure Solutions segment generally performed well in the quarter, with the exception of a provision for the credit loss taken related to a customer that recently declared bankruptcy, which Derrick will discuss in his remarks. I will note, however, that this was not because of our performance or execution on the project and that even with the allowance, we were profitable on the work we performed.

我們的地下公用事業和基礎設施解決方案部門在本季度總體表現良好，但與最近宣布破產的客戶相關的信用損失撥備除外，德里克將在演講中討論這一點。然而，我要指出的是，這並不是因為我們在專案上的表現或執行，即使有津貼，我們也能從我們所做的工作中獲利。

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. Our industrial services and -- are strengthening and should continue to do so through the balance of this year. Further, we expect continued recovery of our industrial services operations in 2022 due to the return of 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。我們的工業服務正在加強，並且應該在今年餘下的時間裡繼續加強。此外，我們預計，由於先前因 COVID-19 對下游市場的影響而推遲的客戶維護和資本支出的恢復，我們的工業服務業務將在 2022 年持續復甦。

Additionally, we were recently awarded more than $350 million of larger pipeline projects, primarily in Canada. We expect a portion of this revenue to be recognized this year, with the majority of the revenue to be realized in 2022. Somewhat restraining the segment's recovery are heightened restrictions and concerns in Australia and Canada due to the surge of the Delta COVID-19 variant and its effect on our operations in those countries.

此外，我們最近還獲得了價值超過 3.5 億美元的大型管道項目，主要在加拿大。我們預計該收入的一部分將於今年確認，大部分收入將在 2022 年實現。由於達美航空 COVID-19 變種的激增及其對我們在這些國家的業務的影響，澳洲和加拿大的限制和擔憂加劇，在一定程度上限制了該部門的復甦。

I hope that our comments this morning and from our prior calls convey our confidence in the strategic initiatives we are executing on, the competitive position we have in the marketplace and our positive multiyear outlook. On our last earnings call, I commented that our positive outlook and strategic plan are not reliant on the infrastructure proposal being pursued in Washington, D.C. but that if the bill were enacted, it could provide incremental opportunity for Quanta over the near and longer term.

我希望我們今天早上的評論和之前的電話會議傳達了我們對我們正在執行的戰略舉措、我們在市場上的競爭地位以及我們積極的多年前景的信心。在我們上次的財報電話會議上，我評論說，我們的積極前景和戰略計劃並不依賴華盛頓特區正在推行的基礎設施提案，但如果該法案獲得通過，它可以在近期和長期為廣達提供增量機會。

As many of you know, significant progress has recently been made on a bipartisan infrastructure package that includes funding and policies to encourage new infrastructure development and modernization in several of our core markets. While additional political steps are still required, we are encouraged by what we see in the most recently proposed legislation.

眾所周知，兩黨基礎設施一攬子計劃最近取得了重大進展，其中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。雖然仍需要採取額外的政治措施，但我們對最近擬議的立法中所看到的內容感到鼓舞。

We believe our business is strong, and we continue to have a favorable outlook for the rest of this year. As a result, in our earnings release this morning, we raised our 2021 guidance. We believe this demonstrates the strength and sustainability of our business and long-term strategy, our ability to safely execute and our strong competitive position in the marketplace. We also believe that our business and opportunities for profitable growth in 2022 are gaining momentum, driven by our solutions-based approach, the growth of programmatic spending with the existing and new customers, opportunities for larger electric transmission projects and the opportunity for recovery of certain portions of our business that have been affected by the global pandemic.

我們相信我們的業務強勁，今年剩餘時間的前景繼續樂觀。因此，在今天早上發布的財報中，我們上調了 2021 年的指引。我們相信，這證明了我們業務和長期策略的實力和永續性、我們安全執行的能力以及我們在市場中強大的競爭地位。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、大型輸電項目的機會以及某些電力恢復機會的推動下，我們的業務和2022 年盈利增長的機會正在獲得動力。

On prior calls, we have discussed our strategy of enhancing our front-end capabilities such as engineering and permitting to complement our world-class construction expertise, which is designed to provide differentiated, comprehensive and industry-leading solutions to our customers. I am pleased to report that our strategy has been well received by our customers across our service lines and is allowing us to better support them and capture more of their programmatic spend.

在先前的電話會議中，我們討論了增強前端能力（例如工程和許可）的策略，以補充我們世界一流的建築專業知識，旨在為我們的客戶提供差異化、全面和行業領先的解決方案。我很高興地向大家報告，我們的策略受到了整個服務領域客戶的好評，使我們能夠更好地支持他們並獲得更多的程序化支出。

Our markets continue to evolve and strengthen, driven by longer-term favorable trends, including modernization, system hardening, electrification, carbon neutrality initiatives and the adoption of new technologies. Additionally, our customers and regulators increasingly understand that the rapid growth in renewable generation, electric vehicles and data-intensive technologies bring significant intermittency, which strains existing systems and creates challenges for planning the grids and networks of the future. For these advancements to be successful, infrastructure requires redundancy to ensure reliability. We believe the infrastructure investment necessary to support these initiatives are still in the early stages of deployment, which provides us with years of visibility and growth opportunities.

在現代化、系統強化、電氣化、碳中和計劃和新技術採用等長期有利趨勢的推動下，我們的市場不斷發展和壯大。此外，我們的客戶和監管機構越來越認識到，再生能源發電、電動車和數據密集型技術的快速成長帶來了顯著的間歇性，這給現有系統帶來了壓力，並為規劃未來的電網和網路帶來了挑戰。為了使這些進步成功，基礎設施需要冗餘以確保可靠性。我們相信，支持這些措施所需的基礎設施投資仍處於部署的早期階段，這為我們提供了多年的可見性和成長機會。

And finally, an important part of our value proposition to all of our stakeholders is Quanta's commitment to corporate responsibility and sustainability. To that end, earlier this week, we published our 2020 corporate responsibility report, which discusses the company's accomplishments last year as well as our commitments to people, planet and principles. Quanta has a great ESG story to tell, and we are pleased with the progress we are making to provide increased transparency into our corporate responsibility and sustainability initiatives.

最後，我們對所有利害關係人的價值主張的一個重要部分是廣達對企業責任和永續發展的承諾。為此，本週早些時候，我們發布了 2020 年企業責任報告，其中討論了公司去年的成就以及我們對人類、地球和原則的承諾。廣達有一個偉大的 ESG 故事可以講述，我們對我們在提高企業責任和永續發展計畫的透明度方面所取得的進展感到高興。

We are focused on operating the business for the longer 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 all 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所有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 second quarter results and 2021 expectations. Derrick?

我現在將把電話轉給我們的財務長 Derrick Jensen，請他審查我們第二季的業績和 2021 年的預期。德里克？

Thanks, Duke, and good morning, everyone. Today, we announced record second quarter 2021 revenues of $3 billion. Net income attributable to common stock was $117 million or $0.81 per diluted share. And adjusted diluted earnings per share, a non-GAAP measure, was $1.06.

謝謝杜克，大家早安。今天，我們宣布 2021 年第二季營收達到創紀錄的 30 億美元。歸屬於普通股的淨利潤為 1.17 億美元，即稀釋後每股收益 0.81 美元。調整後的稀釋每股盈餘（非公認會計準則衡量標準）為 1.06 美元。

Our electric power revenues were $2.1 billion, a record for the second quarter and a 20% increase when compared to the second quarter of 2020. This increase was driven by continued growth in base business activities as well as contributions from larger transmission projects and revenues from acquired businesses of approximately $70 million.

我們的電力收入為 21 億美元，創第二季紀錄，與 2020 年第二季相比成長 20%。這一成長的推動因素是基礎業務活動的持續成長以及大型輸電項目的貢獻以及收購業務帶來的約 7,000 萬美元的收入。

Electric segment operating income margins in 2Q '21 were 11% versus 10.3% in 2Q '20, led by continued execution strength, coupled with increased revenues, which contributed to improved equipment utilization and fixed cost absorption. Operating margins also benefited from approximately $7 million of income associated with our LUMA joint venture.

2021 年第2 季度，電力部門的營業利潤率為11%，而20 年第2 季為10.3%，這得益於持續的執行力以及收入的增加，這有助於提高設備利用率和固定成本吸收。營運利潤率也受惠於我們 LUMA 合資企業約 700 萬美元的收入。

Our communications operations, included within the electric segment, delivered mid-single-digit margins during the quarter. Due to some of the subcontractor and quality issues we identified in the first quarter, we transitioned field leadership on several projects, which led to more normalized margins during the quarter. Those transition activities have been completed, and we expect our communications operations will return to margins at or near double digits for the remainder of the year, similar to the second half of 2020.

我們的通訊業務（包括電力業務）在本季度實現了中個位數的利潤率。由於我們在第一季發現的一些分包商和品質問題，我們轉移了幾個專案的現場領導權，這導致本季的利潤率更加正常化。這些過渡活動已經完成，我們預計我們的通訊業務將在今年剩餘時間內恢復到兩位數或接近兩位數的利潤率，與 2020 年下半年類似。

Underground utility and infrastructure segment revenues were $852 million for the quarter, 19% higher than 2Q '20, due primarily to increased revenues from gas distribution and industrial services, partially offset by reduced revenues from larger pipeline projects. Our industrial operations and non-U. S. markets within this segment remain pressured by COVID-19 dynamics, impacting core quarter revenues and margins. However, last year's second quarter results were more adversely impacted by pandemic-related disruptions.

本季地下公用事業和基礎設施部門收入為 8.52 億美元，比 2020 年第二季度增長 19%，這主要是由於天然氣分配和工業服務收入增加，部分被大型管道項目收入減少所抵消。我們的工業業務和非美國業務。該細分市場的美國市場仍然受到 COVID-19 動態的壓力，影響了核心季度的收入和利潤。然而，去年第二季的業績受到疫情相關中斷的不利影響更大。

Second quarter operating income margins for the segment were 2.8%, 20 basis points lower than 2Q '20. Negatively impacting second quarter margins was the recognition of a $23.6 million provision for credit loss related to receivables from Limetree Refining, which declared bankruptcy in July 2021, an approximately 280 basis point impact on segment margins.

該部門第二季營業利潤率為 2.8%，比 2020 年第二季低 20 個基點。對第二季利潤率產生負面影響的是，確認了與Limetree Refining 應收帳款相關的2,360 萬美元信用損失撥備，該公司於2021 年7 月宣布破產，對部門利潤率產生了約280 個基點的影響。

Regarding the provision, our industrial operations had been providing regular turnaround and maintenance services to Limetree Refining's operations at its St. Croix, U.S. Virgin Islands refinery for several years. Following operational difficulties experienced at the St. Croix refinery, the refinery shut down operations during the second quarter. And shortly thereafter, Limetree Refining filed for Chapter 11 bankruptcy protection.

關於這項規定，我們的工業業務一直在為 Limetree Refining 在聖路易斯的業務提供定期週轉和維護服務。美屬維京群島克羅伊煉油廠已運作數年。在聖路易斯經歷了營運困難之後Croix煉油廠，該煉油廠在第二季度關閉了營運。此後不久，Limetree Refining 根據美國破產法第 11 章申請破產保護。

The bankruptcy process is in its early stages. However, given the uncertainty around the proceedings and the future operations at the St. Croix refinery, we've reserved a substantial portion of our outstanding receivables. We will continue to monitor the bankruptcy process and assess the likelihood of recovery as the facts and circumstances develop. This project began in 2018 and, even after the charge, remains nicely profitable. Excluding the impact of this provision, segment results were otherwise in line with our Q2 expectations.

破產程序尚處於早期階段。然而，考慮到訴訟程序和聖路易斯法院未來運作的不確定性。克羅伊煉油廠，我們保留了未清應收帳款的很大一部分。我們將繼續監控破產程序，並根據事實和情況的發展評估恢復的可能性。該項目於 2018 年啟動，即使在收費後，仍保持良好的盈利能力。排除該條款的影響，分部業績在其他方面符合我們第二季的預期。

Our total backlog was a record $17 billion at the end of the second quarter, with 12-month backlog at $9 billion, both of which represent solid increases when compared to year-end and the second quarter of 2020. This marks the fourth consecutive quarter where we posted record backlog, a trend that continues to be driven primarily by multiyear MSA programs with North American utilities, which we believe continues to validate the repeatable and sustainable nature of the largest portion of our revenues and earnings.

截至第二季末，我們的未完成訂單總額達到創紀錄的170 億美元，其中12 個月的未完成訂單達到90 億美元，與年底和2020 年第二季相比，這兩個數字都呈現穩健增長。這標誌著我們連續第四個季度出現創紀錄的積壓，這一趨勢繼續主要由與北美公用事業公司的多年期MSA 計劃推動，我們相信這繼續驗證了我們收入和收益的最大部分的可重複性和可持續性。

For the second quarter of 2021, we generated free cash flow, a non-GAAP measure, of $126 million, $331 million lower than 2Q '20. Net cash provided by operating activities during the second quarter of 2021, although largely in line with our expectations, was negatively impacted by increased working capital requirements related to the continued ramp-up of 2 larger electric transmission projects in Canada and the timing that's associated with billings.

2021 年第二季度，我們的自由現金流（非 GAAP 衡量標準）為 1.26 億美元，比 20 年第二季減少 3.31 億美元。2021 年第二季經營活動提供的淨現金雖然基本上符合我們的預期，但受到加拿大兩個大型輸電項目持續增加以及與相關時間相關的營運資金需求增加的負面影響比林斯。

The various work stoppage protocols in Canada associated with COVID mitigation have created substantial inefficiencies and production delays. These have led to increased project costs, some of which have already been approved, with the remaining amounts being pursued in normal course. Partially offsetting this was the favorable impact of increased earnings as compared to 2Q '20.

加拿大與緩解新冠疫情相關的各種停工協議造成了嚴重的效率低下和生產延誤。這些導致項目成本增加，其中一些已經獲得批准，其餘金額正在正常過程中進行。與 20 年第二季相比，收益增加的有利影響部分抵消了這一影響。

The free cash flow generated in the second quarter of 2020 resulted from substantially reduced revenues and the corresponding reduction in working capital. Also during 2Q '20, we deferred the payment of both $58 million of federal and state income taxes and $30.7 million of payroll taxes. The federal and state income taxes were subsequently paid in July 2020, while 50% of the deferred payroll taxes are due by December 31, '21, with the remainder due by December 31, '22.

2020年第二季產生的自由現金流是由於收入大幅減少以及營運資金相應減少所致。同樣在 2020 年第二季度，我們推遲繳納了 5,800 萬美元的聯邦和州所得稅以及 3,070 萬美元的薪資稅。隨後，聯邦和州所得稅於 2020 年 7 月繳納，50% 的遞延工資稅應於 21 年 12 月 31 日之前繳納，其餘稅款於 22 年 12 月 31 日之前繳納。

Days sales outstanding, or DSO, measured 83 days for the second quarter of 2021, an increase of 1 day compared to the second quarter of 2020 and comparable to December 31, 2020. We had approximately $212 million of cash at the end of the quarter, with total liquidity of approximately $2.1 billion and a debt-to-EBITDA ratio, as calculated under our credit agreement, of approximately 1.2x.

2021 年第二季的應收帳款天數 (DSO) 為 83 天，比 2020 年第二季增加了 1 天，與 2020 年 12 月 31 日相當。截至本季末，我們擁有約 2.12 億美元的現金，流動性總額約為 21 億美元，根據我們的信貸協議計算，債務與 EBITDA 比率約為 1.2 倍。

As we've discussed in the past, our first priority for capital allocation remains supporting the working capital and equipment needs of our operations. However, we remain committed to delivering shareholder value through our dividend and repurchase programs as well as strategic acquisitions. Through the date of this earnings release, we've acquired approximately $58 million worth of stock since the beginning of the year as part of our repurchase program, and we continue to evaluate potential acquisitions that fit our strategic objectives.

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營運的營運資本和設備需求。然而，我們仍然致力於透過股利和回購計劃以及策略性收購來提供股東價值。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 5,800 萬美元的股票，並且我們將繼續評估符合我們策略目標的潛在收購。

Turning to guidance. Based on the electric segment's strong performance through the first 6 months of the year and continued confidence in our ability to execute on the opportunities across the segment, we've increased our full year expectations for segment revenues, resulting in a range between $8.7 billion and $8.8 billion for 2021. Similarly, we are increasing our full year margin range for this segment, with 2021 operating margins now expected to range between 10.5% and 11%.

轉向指導。基於今年前 6 個月電力部門的強勁表現以及對我們抓住該部門機會的能力的持續信心，我們提高了對部門收入的全年預期，預計收入範圍在 87 億美元至 87 億美元之間。 2021 年為88 億美元。同樣，我們正在提高該細分市場的全年利潤率範圍，目前預計 2021 年營業利潤率將在 10.5% 至 11% 之間。

Our full year expectations for the Underground Utility and Infrastructure Solutions segment, however, have slightly moderated due primarily to a lack of visibility into new project awards that could contribute to the back half of 2021 from our Canadian and Australian operations. Accordingly, we are reducing our full year expectations for this segment, with revenues now expected to range between $3.5 billion and $3.65 billion and segment margins ranging between 4.6% and 5.1%, which includes the $23.6 million or nearly 70 basis point negative impact on a full year basis associated with the provision for credit loss recognized in the second quarter. These segment operating ranges support our increased expectations for 2021 annual revenues of between $12.2 billion and $12.45 billion and adjusted EBITDA, a non-GAAP measure, of between $1.13 billion and $1.21 billion. The midpoint of the range represents 11% growth when compared to 2020's record adjusted EBITDA.

然而，我們對地下公用事業和基礎設施解決方案領域的全年預期略有放緩，這主要是由於缺乏對新項目獎項的了解，而這些項目獎項可能會為我們的加拿大和澳大利亞業務在2021 年下半年做出貢獻。因此，我們正在降低對該細分市場的全年預期，目前預計收入在35 億美元至36.5 億美元之間，細分市場利潤率在4.6% 至5.1% 之間，其中包括2,360 萬美元或近70 個基點的負面影響與第二季確認的信用損失撥備相關的全年基礎。這些部門的經營範圍支持我們對 2021 年年收入在 122 億美元至 124.5 億美元之間的預期，以及調整後 EBITDA（非 GAAP 指標）在 11.3 億美元至 12.1 億美元之間的預期。與 2020 年創紀錄的調整後 EBITDA 相比，該範圍的中點代表成長 11%。

We now expect our full year tax rate to range between 24.25% and 24.75%, a slight reduction from our prior expectations due to favorable tax dynamics in the second quarter associated with certain deferred compensation items. As a result, our increased expectation for full year diluted earnings per share attributable to common stock is now between $3.40 and $3.76, and our increased expectation for adjusted diluted earnings per share attributable to common stock, a non-GAAP measure, is now between $4.32 and $4.68.

由於第二季與某些遞延薪資項目相關的有利稅收動態，我們現在預計全年稅率將在 24.25% 至 24.75% 之間，比我們先前的預期略有下降。因此，我們對全年普通股攤薄每股收益的預期上調至 3.40 美元至 3.76 美元之間，對調整後普通股攤薄每股收益（非公認會計準則衡量標準）的預期上調至 4.32 美元之間和4.68 美元。

We expect cash generation associated with our increased expectations for our revenue and earnings will be slightly offset by higher working capital requirements in the second half of the year. And accordingly, we are maintaining our free cash flow guidance for the year, expecting it to range between $400 million and $600 million.

我們預計，與收入和獲利預期增加相關的現金產生將被下半年較高的營運資本需求略有抵銷。因此，我們維持今年的自由現金流指引，預計範圍在 4 億美元至 6 億美元之間。

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. 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.

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。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。

Overall, our core utility-based operations continue to execute at a high level, and we are well positioned to deliver solutions to meet the expanding capital and maintenance programs of our North American utility partners. We firmly believe we are in the early stages of a significant infrastructure investment cycle and our ability to train and deploy world-class craft-skilled labor differentiates us in the markets we serve. This craft skill foundation, coupled with our balance sheet strength, gives us the ability to deliver industry-leading solutions to our customers while maintaining the ability to opportunistically deploy capital to deliver long-term shareholder value.

總體而言，我們基於公用事業的核心業務繼續保持高水平，並且我們有能力提供解決方案，以滿足北美公用事業合作夥伴不斷擴大的資本和維護計劃。我們堅信，我們正處於重要基礎設施投資週期的早期階段，我們培訓和部署世界一流技術熟練勞動力的能力使我們在所服務的市場中脫穎而出。這種工藝技能基礎，加上我們的資產負債表實力，使我們能夠為客戶提供行業領先的解決方案，同時保持機會性地部署資本以提供長期股東價值的能力。

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 this morning is coming from Chad Dillard of Bernstein.

（操作員說明）今天早上我們的第一個問題來自伯恩斯坦的查德·迪拉德。

So my first question is just on the MSA part of your business. So to what extent are your customers entering these agreements to lock up labor? And is this like a primary motivating factor? Or is there -- are there other things at play that are driving some of the momentum?

我的第一個問題是關於你們業務的 MSA 部分。那麼，您的客戶在多大程度上簽訂這些協議來鎖定勞動力？這是否為主要激勵因素？或者是否還有其他因素在推動這股動能？

And then just like secondly, how much of your labor rates -- like, I guess, like what's the structure of like the labor rates that you're negotiating there? Are they passed through? And I'm talking more about like the portion of your labor that's nonunion.

然後就像第二點一樣，你們的勞動力費率是多少——我猜，你們在那裡談判的勞動力費率的結構是什麼？他們穿越了嗎？我更多地談論的是你的勞動中不結合的部分。

Yes. Chad, thanks. When we look at our MSA work going forward, I think when we're working with the customers in a collaborative manner, we're looking at their capital spend, they're working with us, and we're looking at that body of work or that body of capital over time and providing solutions to them through an MSA form. So it allows us to work with them in a strategic manner on a go-forward basis.

是的。查德，謝謝。當我們展望未來的 MSA 工作時，我認為當我們以協作方式與客戶合作時，我們會關注他們的資本支出，他們會與我們合作，我們會關注他們的資本支出。或資本主體，並透過MSA 表格為他們提供解決方案。因此，它使我們能夠以策略性的方式與他們合作，繼續前進。

And yes, somewhat to lock up resources, but also to make sure from a constructability and a prudency manner that we can go out and deliver it. I think when you look at labor and look at what we've done with labor and our ability to perform and perform at a cost and on time, we've been able to do that. And so the clients are recognizing that, and that's why we're having these conversations in a long-term manner and also independent services.

是的，在某種程度上是為了鎖定資源，但也是為了確保我們能夠以可施工性和審慎的方式出去交付它。我認為，當你審視勞動力並審視我們在勞動力方面所做的事情以及我們按成本和按時執行和執行的能力時，我們已經能夠做到這一點。因此，客戶正在認識到這一點，這就是為什麼我們要進行長期對話並提供獨立服務的原因。

As far as how we look at escalations in labor, we do pricing and escalations on all of our labor as we move forward. So that's something that we do and have done for the past 50 years.

至於我們如何看待勞動力的升級，我們會在前進的過程中對所有勞動力進行定價和升級。這就是我們過去 50 年所做的事情。

That's helpful. And then just a second question, more on some of the newer parts of your business, grid storage and charging station work that you're starting to do. So how transferable are the competitive advantages that you have on some of your large transmission work to those areas? How much of the business is comprised of revenue from those sources? And then I guess can you just talk about just like the contract structure, fixed versus reimbursable?

這很有幫助。然後是第二個問題，更多關於您的業務的一些較新部分，您開始做的電網儲存和充電站工作。那麼，您在一些大型輸電工作中所擁有的競爭優勢能否轉移到這些地區呢？這些來源的收入佔業務的比例有多少？然後我想你能像合約結構一樣談論固定與可報銷嗎？

Yes. There's 2 parts to most of these projects when you're thinking about renewables or anything really for that matter, battery storage. Your interconnections or substations and your collector systems that allow you to push the generation or storage onto the grid, so we're certainly involved in that on a daily basis. It's fairly technical and that's part of this. And the risk on the battery is big battery. So both of those things are something that we do quite often and very transferable from our standpoint on a go-forward basis, so something that we believe is right down the fairway for us.

是的。當您考慮再生能源或任何真正與此相關的事情（電池儲存）時，大多數這些項目都分為兩個部分。您的互連或變電站和集電系統可讓您將發電或儲存推到電網上，因此我們每天都會參與其中。這是相當技術性的，也是其中的一部分。而電池上的風險就是大電池。因此，這兩件事都是我們經常做的事情，並且從我們的角度來看，在前進的基礎上非常容易轉移，所以我們相信這對我們來說是正確的。

And when we look at pricing, it's both fixed, both unit-based, both lump sum either way, but we're very comfortable in that -- those type of projects. And we're not taking output risk or we're not taking product risk either on any of that.

當我們考慮定價時，它都是固定的，都是基於單位的，無論哪種方式都是一次性付清的，但我們對這種類型的項目感到非常滿意。我們不承擔產出風險，也不承擔產品風險。

Our next question is coming from Sean Eastman of KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Sean Eastman。

Nice quarter. It'd be great to get a little more color on the market share opportunity surrounding the front-end capabilities, engineering, permitting. It seems like you've already been capturing share there. How significant is that? And why exactly are those front-end capabilities helping you capture more programmatic spend?

不錯的季度。如果能夠更多地了解圍繞前端功能、工程和許可的市場份額機會，那就太好了。看起來你已經在那裡獲得了份額。這有多重要？究竟為什麼這些前端功能可以幫助您捕捉更多程式支出？

I think we set out -- the company set out 6, 7 years ago to really work with the client at the customer level to develop a relationship-based discussion to provide them with resources for capital. And so when the customers have been struggling to get their capital spend because of permitting, because of engineering or whatever it may be, we felt like we can make a difference there, and there wouldn't be an intermediary between us and the client. And we felt like from a constructability position, we could better service the client to build. And so that, from our standpoint, we could deliver the resources, we could talk to the client on the front side of the business and deliver a capital project that was at the best cost to the rate payer. And that's how we look at it. We look at it from a rate payer standpoint and work with the client to deliver the best product we can in a prudent manner.

我認為我們在六、七年前就開始在客戶層面與客戶真正合作，進行基於關係的討論，為他們提供資本資源。因此，當客戶因為許可、工程或其他原因而難以獲得資本支出時，我們覺得我們可以在那裡有所作為，而且我們和客戶之間不會有中間人。我們覺得從可施工性的角度來看，我們可以更好地為客戶提供施工服務。因此，從我們的角度來看，我們可以提供資源，我們可以與業務前端的客戶交談，並提供一個對納稅人來說成本最佳的資本項目。我們就是這樣看待它的。我們從納稅人的角度看待這個問題，並與客戶合作，以審慎的方式提供最好的產品。

Okay. That's really interesting. And maybe shifting over to underground. Just as you guys are tracking the business here year-to-date, I mean, are you seeing anything structural in terms of change in those business lines that would preclude us from kind of getting back to a prepandemic run rate? Or should we still think about this business as kind of marching back up to that prepandemic EBIT run rate as the economy continues to reopen?

好的。這真的很有趣。也許轉移到地下。正如你們今年迄今為止在這裡追蹤業務一樣，我的意思是，你們是否看到這些業務線發生了任何結構性變化，這些變化會阻止我們回到大流行前的運行速度？或者，隨著經濟繼續重新開放，我們是否仍然應該將這項業務視為回到疫情前的息稅前利潤運行率？

Yes. Sean, I think when you look at the company, you look at the portfolio, we are getting operating leverage out of these larger operating units within our -- in the company. And when you look at the quarter, the second quarter, if you look at adjusted EBITDA in the second quarter, it's double digits. We set out to produce double-digit EBITDA, we're doing it. And yes, there's opportunities in our industrial segment on a go-forward basis to pick those up into higher upper single digits like we talked about before and also that piece of the segment. But in general, we're still looking at this in a portfolio. And we don't care if it's underground gas or underground electric, we are there to make sure that we fully utilize our resources and fully utilize equipment to produce the highest margin we can, no matter what the segment is.

是的。肖恩，我認為當你審視公司、審視投資組合時，我們正在從公司內部這些較大的營運部門中獲得營運槓桿。當你看第二季的季度時，如果你看第二季調整後的 EBITDA，它是兩位數。我們著手實現兩位數的 EBITDA，我們正在這樣做。是的，我們的工業領域有機會在未來的基礎上將這些提升到更高的個位數，就像我們之前討論過的那樣，也是該領域的一部分。但總的來說，我們仍在投資組合中關注這一點。我們不在乎是地下天然氣還是地下電力，我們的目的是確保充分利用我們的資源並充分利用設備來產生最高的利潤，無論是什麼領域。

Our next question is coming from Jamie Cook of Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的傑米庫克。

I guess just 2 questions. First question, can you help us understand the expectation, what the margins were in the communications business this quarter? I'm just trying to understand what that was relative to your electric power business because the margin performance there continues to be strong. So I'm just trying to understand the underlying performance there.

我想只有兩個問題。第一個問題，您能否幫助我們了解本季通訊業務的利潤率是多少？我只是想了解這與您的電力業務有何關係，因為那裡的利潤率表現仍然強勁。所以我只是想了解那裡的潛在表現。

And then, Duke, I guess, more a strategic question. The balance sheet is in great shape. You have great -- obviously, a lot of organic growth opportunity ahead of you. But when you think about some of these adjacent markets that you're trying to grow in, I'm just wondering if there's opportunities on the M&A side that the market is underappreciating and/or opportunities within underground utility that could potentially help accelerate the margin improvement in that segment.

然後，杜克，我想，更多的是一個戰略問題。資產負債表狀況良好。顯然，你面前有很多有機成長的機會。但是，當您考慮您想要發展的一些相鄰市場時，我只是想知道併購方面是否存在市場低估的機會和/或地下公用事業內部的機會可能有助於加速利潤率該部分的改進。

Yes. Thanks, Jamie. Telecom, kind of mid-single digits in the quarter, moving towards parity to electric on the forecast going forward. I think we're very close to that.

是的。謝謝，傑米。電信業務在本季處於中個位數水平，在未來的預測中將朝著與電力持平的方向發展。我認為我們已經非常接近了。

As far as the balance sheet, when we look at it, obviously, we value everything against our stock. There's no shortage of opportunity in the market for sure. But we've transformed the company a little while back, and I think we're really proud of what we've done, and we're going to be prudent about how we go forward. There is places that we see that provide opportunity, both regionally and structurally, within the service line segments that we'll be looking at. But we look at a lot of different things and think about a lot of it strategically over the next decade, and we'll position the company properly going forward.

就資產負債表而言，當我們查看它時，顯然我們會根據我們的股票來評估一切。市場上肯定不乏機會。但我們不久前已經對公司進行了改造，我認為我們對我們所做的事情感到非常自豪，我們將謹慎對待我們的前進方式。我們認為，在我們將關注的服務線段內，有些地方在區域和結構上都提供了機會。但我們會考慮很多不同的事情，並在未來十年進行許多策略性思考，我們將正確定位公司的未來發展。

But right now, we can grow the company organically as well. We've done that with Puerto Rico. I think it's still unnoticed. It's still undervalued. The opportunity there that we got in service this quarter, it's just amazing what the company has done and the people of this company. So I just -- that opportunity is large, and we're proud of it.

但現在，我們也可以有機地發展公司。我們已經在波多黎各做到了這一點。我認為它仍然未被注意到。它仍然被低估。我們本季獲得的服務機會，該公司所做的事情以及該公司的員工都令人驚嘆。所以我只是——這個機會很大，我們為此感到自豪。

As far as underground, we have a significant amount of underground out in the West, probably some of the largest in the West. So we're able to perform within the segments on the underground that we see. But if we can enhance the margins and certainly, we'll look at those acquisitions as we move forward.

就地下而言，我們在西部擁有大量的地下設施，可能是西部最大的地下設施之一。所以我們能夠在我們看到的地下部分中表演。但如果我們能夠提高利潤率，當然，我們會在前進的過程中考慮這些收購。

Nice quarter.

不錯的季度。

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

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

I think what really stands out to me with your results is the continued momentum in the backlog for electric power. Duke, you've been very purposeful in your language for quarters that the infrastructure bill is not -- your multiyear growth outlook is not reliant or predicated on that in particular. But just anecdotally, do you see -- is your increasing MSA backlog, in some way, leaking in the utilities expectation, not only of all of the secular trends for the business, but also some expectation of that bill? Or do you see the bill still as an incremental layer of commitments from your customers that would materialize in more of a binary fashion once it's resolved?

我認為你們的結果對我來說真正突出的是電力積壓的持續勢頭。杜克大學，您在幾個季度的語言中一直非常有目的性，而基礎設施法案則不然——您的多年增長前景並不特別依賴或基於這一點。但有趣的是，您是否發現，您日益增加的 MSA 積壓是否在某種程度上洩漏了公用事業公司的預期，不僅是該業務的所有長期趨勢，而且還包括對該法案的一些預期？或者您認為該法案仍然是客戶承諾的增量層，一旦解決，就會以更多的二元方式實現？

Yes. When we look at the infrastructure bill, I don't think anything we've talked about -- anything on a go-forward basis that we talked about, we can do without the bill. The bill itself, there's large transmission, 2030 projects out there that are not utility-based. For the most part, they're difficult that if you got some DOE backstop and things like that, it would certainly move those forward. That would be great for the industry, great for the renewable sentiment and things of that nature. So no issues there, and it would certainly be additive to anything we've talked about.

是的。當我們審視基礎設施法案時，我認為我們談論的任何事情——我們談論的任何未來的事情，我們都可以在沒有該法案的情況下完成。該法案本身有大型輸電、2030 年項目，但這些項目不是基於公用事業的。在大多數情況下，如果你得到能源部的一些支持和類似的東西，他們肯定會推動這些進展。這對這個產業、對再生能源和類似性質的事物來說都是一件好事。所以那裡沒有問題，而且它肯定會成為我們討論過的任何事情的補充。

But that being said, the sentiment around renewables and the interconnections and what's needed, I spoke to my script about redundancy. And it goes unrecognized, the way technology and the way EV and the way any kind of intermittency affects any kind of infrastructure, that you need constant throughput. So data, electric, it doesn't matter. You need the redundancy if you're going to depend on it. And that's the issue, is we haven't started really to get ready for EV, and the modernization of the distribution system to handle electric vehicles is something that's just starting and has a long runway. So I think that, along with the great interconnects and the stacking effects that you see within the infrastructure bill, will only support growth going forward in anything that we've said on a go-forward basis.

但話雖這麼說，圍繞著再生能源、互連以及需求的情緒，我在劇本中談到了冗餘。人們沒有認識到，技術、電動車的方式以及任何間歇性影響任何類型基礎設施的方式，您需要恆定的吞吐量。所以數據、電力，都沒關係。如果你要依賴它，你就需要冗餘。這就是問題所在，我們還沒有真正開始為電動車做好準備，而處理電動車的配電系統的現代化才剛開始，還有很長的路要走。因此，我認為，再加上您在基礎設施法案中看到的巨大互連和疊加效應，只會支持我們在前進的基礎上所說的任何事情的未來增長。

That's great. Derrick, I wanted to ask you also about the guidance, and sorry to ask a sort of a trite -- this guidance conservative type of question. But when we look at your prompt year backlog relative to the size of your second half of this year, total revenues, that ratio is looking as conservative as it has in several years, going back probably 5 years or so, and by a fair margin. So I wanted to ask what the -- is there more of a stretched-out tenor of that prompt backlog that should explain that or other factors at play?

那太棒了。德瑞克，我還想問你有關指導的問題，很抱歉問了一個陳腔濫調——這種指導保守型的問題。但是，當我們查看貴公司的即期積壓訂單相對於今年下半年的總收入規模時，該比率看起來與幾年來一樣保守，可能回溯到 5 年前左右，而且幅度相當大。所以我想問的是，是否有更多的即時積壓的時間可以解釋這個或其他因素在起作用？

Sure. So we do have a component of larger projects that will continue into the '22 period versus the back half of this year. Some of that is a little bit of work that I called out there in my prepared remarks. So that's putting a little bit of kind of higher ratio to that.

當然。因此，我們確實有一些較大項目的組成部分，這些項目將持續到 22 世紀（而不是今年下半年）。其中一些是我在準備好的發言中提到的一些工作。所以這就是稍微高一點的比率。

And then beyond that, I mean, it's still yet -- as we look at electric power, we continue to look at it. There are opportunities in the range of the guidance there, but some of it is still yet from a ratio perspective at work drifting into '22, considering where we're at.

除此之外，我的意思是，當我們研究電力時，我們仍然會繼續研究它。在那裡的指導範圍內有機會，但考慮到我們所處的位置，從比率的角度來看，其中一些機會仍然會進入 22 年。

Also, I think it's important to note the amount of storm we had last year versus what you see this year is significant. I mean Derrick can tell you the numbers, but basically, we don't forecast storm in any of our models. So there's -- we're doing this without the storm as well.

另外，我認為重要的是要注意去年的風暴數量與今年的風暴數量相比是顯著的。我的意思是德里克可以告訴你這些數字，但基本上，我們的任何模型都不會預測風暴。所以，我們在沒有風暴的情況下也能做到這一點。

Yes. Well, I mean, to that point, as a reminder, 2020, we had $442 million of storm work. And as it stands here today, our current forecast is only anticipating about $200 million. So we have a year-over-year headwind in overall revenue numbers.

是的。嗯，我的意思是，到目前為止，提醒一下，2020 年，我們的風暴工作投入了 4.42 億美元。就目前情況而言，我們目前的預測僅為 2 億美元左右。因此，我們的整體收入數據較去年同期出現逆風。

And actually, to be even a little bit -- even more specific, when we talk about in our guidance having a double-digit revenue growth opportunity in electric power, to put that in context, for the third quarter of last year, we did $207 million of emergency restoration work versus, as we come up to the rest of this year, right now, you're looking at only about another $80 million or $90 million forecast. So being able to achieve that type of growth in the back end of the year on top of that storm work is -- we're pretty proud of that.

實際上，更具體一點，當我們在我們的指導中談到電力領域有兩位數的收入成長機會時，將其放在去年第三季度的背景下，我們做到了2.07 億美元的緊急恢復工作，而當我們進入今年剩餘時間時，現在您只看到另外8000 萬美元或9000 萬美元的預測。因此，能夠在今年年底在風暴工作的基礎上實現這種類型的成長，我們對此感到非常自豪。

Our next question is coming from Noelle Dilts of Stifel.

我們的下一個問題來自 Stifel 的 Noelle Dilts。

Congrats on the nice quarter. I was hoping that -- one of your competitors expressed some concern that higher steel and other raw material costs and, maybe to some extent, labor costs could potentially cause utilities to reevaluate the economics of projects and maybe just defer a bit. Could you comment on what you're hearing from your customers on that front and how you're thinking about that type of risk?

恭喜這個美好的季度。我希望——你們的一位競爭對手錶達了一些擔憂，即更高的鋼鐵和其他原材料成本，也許在某種程度上，勞動力成本可能會導致公用事業公司重新評估項目的經濟性，甚至可能只是推遲一點。您能否評論一下您從客戶那裡聽到的有關這方面的信息以及您如何看待此類風險？

Yes. Noelle, I mean, we stay pretty close to it. We're not -- there's some effect to steel a bit. Labor, some. When we look at it, we're not seeing the big impacts or anything like that, maybe incidental here or there, but nothing that what I would say structurally -- that is impacting the work going forward.

是的。諾艾爾，我的意思是，我們離它很近了。我們不是——這對鋼鐵有一些影響。勞動力，一些。當我們審視它時，我們沒有看到重大影響或類似的東西，也許是偶然的，但沒有什麼我想說的結構性的——這會影響未來的工作。

I think anything that we're doing is necessary. If you're going towards any kind of 2030-, 2050-type sentiment and you're bringing in this many electric vehicles and you want this much renewables, it's necessary to move forward. And we're not -- we're just not seeing it.

我認為我們所做的一切都是必要的。如果你有任何一種 2030 年、2050 年式的情緒，並且引進了這麼多電動車，並且想要這麼多可再生能源，那麼就有必要向前邁進。我們沒有——我們只是沒有看到它。

Okay. And then sorry if you hit on this, I missed a small amount of your commentary. But in -- around Stronghold, could you discuss in terms of how you're thinking about really moving into 2022 and to what extent you think there is work that's kind of the backlog of work that's built up in the system or kind of the potential for emergent work as you start to get into these facilities in a more meaningful way?

好的。如果你突然想到這個，我很抱歉，我錯過了你的一些評論。但是，圍繞著要塞，您能否討論一下您如何考慮真正進入 2022 年，以及您認為系統中積壓的工作或潛力有多大？ ？

Yes. I think we talked about this before. We need to go back in kind of the '08, '09 time frame. They had some kind of demand that went into '11, '12 and beyond. I think we're going to see the same thing starting in '22. Back half of this year has got some pickup in it. But as we start to see traffic, and we're seeing some of it now.

是的。我想我們之前討論過這個問題。我們需要回到 08 年、09 年的時間範圍。他們在 11 年、12 年及以後都有某種需求。我認為從 22 年開始我們將會看到同樣的事情。今年下半年有所回升。但當我們開始看到流量時，我們現在已經看到了其中的一些。

But again, I predicated on some sort of a normalized economy and pandemic-related effects as we move forward. That being said, I think '22, either way, is going to be the start of a multiyear, tight maintenance and nice margins into more of a normal basis for Stronghold.

但我再次預測，隨著我們的前進，經濟會出現某種正常化以及與流行病相關的影響。話雖這麼說，我認為“22”，無論哪種方式，都將成為 Stronghold 多年來嚴格維護和良好利潤的開始，成為更正常的基礎。

Our next question is coming from Steven Fisher of UBS.

我們的下一個問題來自瑞銀集團的史蒂文費雪。

So this is the highest Q2 electric margin in possibly 8 years, and that's even with a mid-single-digit telecom margin. So I'm wondering if you're thinking about any structurally higher level of margin here as the grid and telecom opportunities really take shape. It was encouraging to hear you talk about the benefits of utilization because I would think that would only improve as the volume ramps up. Or is there that trade-off that's going to come in about investments that you need to make to support the growth that might be somewhat mitigating of that? Just curious how we think about sort of the structural margin direction from here.

因此，這可能是 8 年來第二季電力利潤率的最高水平，即使電信利潤率為中等個位數。因此，我想知道，隨著電網和電信機會真正形成，您是否正在考慮結構性更高水準的利潤。聽到您談論利用率的好處是令人鼓舞的，因為我認為這只會隨著數量的增加而改善。或者，為了支持成長而需要進行的投資是否需要進行權衡，而這可能會在一定程度上緩解這種情況？只是好奇我們如何從這裡考慮結構性邊際方向。

When we look at the offices, the structural issues have start increasing. I think year-over-year, we're up 3,500 employees or so in North America, and that's with the downturn in Lat Am. So when we think about putting those resources on when -- the electric segment is a mature segment that we're able to do that without really margin decline. So you're seeing that we're utilizing those offices also to work on gas, telecom from a margin standpoint and grab as much operating leverage as we can on a portfolio basis. So that's there.

當我們觀察辦公室時，結構性問題開始增加。我認為，與去年同期相比，我們在北美增加了 3,500 名左右的員工，而且這是在拉丁美洲經濟低迷的情況下實現的。因此，當我們考慮將這些資源投入到何時——電力細分市場是一個成熟的細分市場，我們能夠做到這一點而不會導致利潤率真正下降。所以你會看到，從利潤的角度來看，我們也利用這些辦事處來從事天然氣、電信業務，並在投資組合的基礎上獲得盡可能多的營運槓桿。就這樣。

I think structurally, the thing that's different is you have the impacts of Puerto Rico, which Derrick can comment on, that is also driving that margin profile up. We are getting good utilization out of the resources. The funding capabilities are certainly helping us become more efficient. The training that we've put into -- that we've invested in with our line schools and how we're getting people to the field quicker is helping and deferring some of the later costs that we would normally see because we're getting it done upfront. So we're really -- I think the impacts of the things that we've done 5, 6 years ago are starting to take place today.

我認為從結構上來說，不同的是波多黎各的影響，德里克可以對此發表評論，這也推動了利潤率的上升。我們正在充分利用資源。融資能力無疑地正在幫助我們提高效率。我們投入的培訓——我們投資於我們的線路學校，以及我們如何讓人們更快地到達現場，正在幫助和推遲我們通常會看到的一些後期成本，因為我們正在獲得它是預先完成的。所以我們真的——我認為我們五、六年前所做的事情的影響今天已經開始顯現。

Okay. Great. And then on the credit loss, not terribly concerned about this as a bigger picture item, but I should ask, what's the risk of others like this? Do you have any other customers that have a profile like Limetree in any part of your business? Are you taking any actions to strengthen your credit protection going forward? I'm just thinking that it might become more relevant depending on who your partners are on this EV charging infrastructure plan. Or were there some newer companies out there?

好的。偉大的。然後關於信用損失，作為一個更大的項目，我不太關心這個問題，但我應該問，像這樣的其他人有什麼風險？您的業務中是否有其他客戶擁有像 Limetree 這樣的個人資料？您今後是否會採取任何行動來加強您的信用保護？我只是認為它可能會變得更加相關，這取決於您的合作夥伴是誰在這個電動車充電基礎設施計劃中。或者有一些較新的公司嗎？

Yes. There's always lessons learned on something that goes the wrong way from any kind of standpoint. So sure, I mean, we'll learn. But I think, for the most part, the credit risk of the company and the people that we work for are very solid. And this was kind of a long process that the EPA came in, and we couldn't see it coming. And I think, in general, the job itself is profitable, and we ended up with this write-off. And certainly, I don't think we'll be talking about it again.

是的。從任何角度來看，錯誤的事情總是能學到教訓。所以當然，我的意思是，我們會學習的。但我認為，在大多數情況下，公司和我們工作的員工的信用風險非常穩定。環保署的介入是一個漫長的過程，我們看不到它的到來。我認為，總的來說，工作本身是有利可圖的，我們最終進行了沖銷。當然，我認為我們不會再談論它了。

Yes. And structurally, the company doesn't have these kind of things with it. But I'll let Derrick comment.

是的。從結構上來說，該公司不具備這些東西。但我會讓德里克發表評論。

Yes. I mean, Steve, as you look at over the years, I mean, our allowance for credit losses is generally below $10 million against a very large net position. A credit situation is very, very rare in our situation. We have a high-quality customer base, some of the largest, best companies in the U.S. market. So this is an anomaly. It's a very unusual type of event. We have very few times that we end up finding ourselves in an LP or some other structure like that versus the primary operating company. So we're not really concerned about, on a go-forward basis, this being something of indication. But yes, to your point and Duke's point, we'll continue to monitor that as we take on any new customers.

是的。我的意思是，史蒂夫，正如你多年來所看到的，我的意思是，相對於非常大的淨頭寸，我們的信用損失準備金通常低於 1000 萬美元。在我們的情況下，信用情況非常非常罕見。我們擁有高品質的客戶群，其中包括美國市場上最大、最好的公司。所以這是一個異常現象。這是一種非常不尋常的事件。我們很少會最終發現自己處於有限合夥人或其他類似的結構中，而不是主要營運公司。因此，從長遠來看，我們並不真正擔心這是否具有指示意義。但是，是的，就您和杜克的觀點而言，我們將在接待任何新客戶時繼續監控這一點。

Our next question is coming from Marc Bianchi of Cowen.

我們的下一個問題來自 Cowen 的 Marc Bianchi。

I wanted to start by asking about the power line undergrounding in California and the initiative that's announced by the customer there. Maybe if you could help put into context what that could mean for revenue. I think they've talked about getting up to 1,000 miles a year kind of run rate there. Help us think about what that means for your business and also, once all that's installed, if there's sort of a loss of revenue that might come from maintenance work that revolves around handling the stuff that would have previously been overhead.

我想先詢問加州地下輸電線以及那裡的客戶宣布的舉措。也許您可以幫助了解這對收入意味著什麼。我想他們已經討論過要達到每年 1,000 英里的運行速度。請幫助我們思考這對您的業務意味著什麼，以及一旦安裝了所有這些，是否會因圍繞處理以前的開銷而進行的維護工作而產生某種收入損失。

Yes. So the opportunity, we've talked about it. It's large. It's early. So we'll be working with the client, one of our larger customers. California is one of our largest states. So in my mind, when we look at it, obviously, we think it's -- we're in a unique position, unique opportunity for us. It's very hard at this stage to judge what that means for us on a go-forward basis, especially in California. So we'll be prudent about how we talk about it until we know more. We'll work with the client, like we always have. And I do think it benefits us both near and long term.

是的。所以這個機會，我們已經討論過了。它很大。現在還早。因此，我們將與客戶合作，我們的大客戶之一。加州是我們最大的州之一。所以在我看來，當我們看待它時，顯然，我們認為我們處於一個獨特的位置，對我們來說是一個獨特的機會。現階段很難判斷這對我們的未來意味著什麼，尤其是在加州。因此，在我們了解更多之前，我們將謹慎談論此事。我們將像往常一樣與客戶合作。我確實認為這對我們的近期和長期都有好處。

And no, it doesn't -- the effects of undergrounding something doesn't prevent someone from having maintenance. It does help with fire. It does help on certain things, but there will still be plenty of maintenance. That does cut out trimming of trees, which we don't do. So -- but the maintenance on underground and transformers and wire and everything else that goes along with it is certainly there. We do it on a daily basis today. There's a lot of underground within the system today that we maintain, rehab, do many, many things within that realm of possibility. So I think the opportunities are large.

不，事實並非如此——將某物埋入地下的影響並不會阻止某人進行維護。它確實有助於防火。它確實對某些事情有幫助，但仍然需要大量維護。這確實減少了樹木的修剪，而我們不這樣做。所以——但是地下、變壓器、電線以及與之相關的其他一切的維護肯定是存在的。今天我們每天都這樣做。今天的系統中有很多地下活動，我們在這個可能性範圍內維護、修復、做很多很多事情。所以我認為機會很大。

In the past, I would have said it didn't make sense to underground. But given the fact that -- what you're seeing with loss of life and the amount, the dollars that are spent on fire, I think it makes a lot of sense. It's a bold kind of big project. But when you think about what's going on, you're always under the gun of bankruptcy or something within fire, it makes perfect sense. I think it's smart, long term, and we'll be working with the client.

放在以前，我會說這對地下來說沒有意義。但考慮到這樣的事實——你所看到的生命損失和數量，以及被花在火上的美元，我認為這是有意義的。這是一個大膽的大項目。但當你想到正在發生的事情時，你總是處於破產或火中的槍口之下，這是完全合理的。我認為這是明智的、長期的，我們將與客戶合作。

Yes. Okay. Super. The other one I had relates to the EV charging opportunities that you've mentioned in your prepared remarks. I think we all kind of know maybe what those look like, but the revenue opportunity is maybe a bit harder for us to get our hands around. Could you maybe talk to sort of the range of revenue opportunity per project? And are you potentially going to be partnering with a company that's building out EV charging? Or are you going to be kind of serving everybody? How do we think about your strategy to participate in that market?

是的。好的。極好的。我的另一件事與您在準備好的發言中提到的電動車充電機會有關。我想我們都知道它們是什麼樣子，但收入機會對我們來說可能有點難以掌握。您能否談談每個專案的收入機會範圍？您是否有可能與一家開發電動車充電的公司合作？或者你會為每個人服務嗎？我們如何看待你們參與該市場的策略？

I think we're in a unique position to -- in a prudent way and a cost-effective way, to install battery charging systems, especially high-voltage battery chargers. So we'll be working with the utilities, working with the OEMs, working with manufacturers of vehicles. So all of them. I think, for us, we're happy to try to facilitate that build.

我認為我們處於獨特的地位，能夠以謹慎和具有成本效益的方式安裝電池充電系統，特別是高壓電池充電器。因此，我們將與公用事業公司、原始設備製造商、車輛製造商合作。所以他們都是。我認為，對我們來說，我們很樂意嘗試促進這項建設。

But the underlying -- and to quantify it, I'm not sure about how large that piece of it is. What I will say is what's necessary is a distribution system behind it to support that. Is -- from our standpoint, over the next 15 years, 20 years, the amount of work that needs to be done to modernize these distribution systems to allow you to install these charging systems is extremely significant.

但從根本上來說——為了量化它，我不確定這一部分有多大。我要說的是，背後需要有一個分發系統來支持這一點。從我們的角度來看，在未來 15 年、20 年中，需要完成的工作量非常大，需要對這些配電系統進行現代化改造，以便您能夠安裝這些充電系統。

Our next question is coming from Michael Dudas of Vertical Research.

我們的下一個問題來自垂直研究公司的邁克爾·杜達斯。

Duke, maybe you could share some of your early thoughts on the transition down in Puerto Rico. I guess it was June 1. So it's been a couple of months. Certainly, there's obviously some -- a lot of press and noise about the changes, which is to be expected. But how has that gone?

杜克，也許你可以分享你對波多黎各轉型的一些早期想法。我猜那是 6 月 1 日。 所以已經有幾個月了。當然，顯然有一些關於這些變化的媒體和噪音，這是可以預料的。但這怎麼樣了？

And you really talked about the opportunities in Puerto Rico, and you've talked about potential larger projects in the future. Is there any kind of visibility on the timing on that front that we could maybe look forward some time in 2022 and beyond?

您確實談到了波多黎各的機會，並且談到了未來潛在的更大項目。我們是否可以在 2022 年及以後的某個時間點期待這方面的時間安排？

I think the funding -- the infrastructure bill also discussed the funding in Puerto Rico as well. So that's beneficial down there for sure. There's already frame of funding that's appropriated to the island. It should start next year.

我認為資金——基礎設施法案也討論了波多黎各的資金問題。所以這肯定是有益的。已經有撥款給該島的資金框架。應該從明年開始。

As far as where we sit and how we think about it, the grid was in bad shape. And I feel like from Quanta's standpoint, our partner's standpoint there, ATCO, that we did a really nice job under extreme difficult situation on the island. And every day, it gets better. Every day, we modernize that system, not from the lack of social media and propaganda, we've made a difference already. We'll continue.

就我們坐在哪裡以及我們如何看待它而言，網格的狀況很糟糕。我覺得從廣達的立場，我們的合作夥伴ATCO的立場來看，我們在島上極端困難的情況下做得非常好。每一天，情況都會變得更好。我們每天都在使這個系統現代化，並不是因為缺乏社群媒體和宣傳，我們已經做出了改變。我們會繼續。

I think we'll look back in the next 3 to 4 years and be extremely proud of what we've done as a company. And the people in the island will benefit and see the benefit of what's being done. We really like where we sit. We're having good discussions all throughout the island with not only local -- the economy and the people and everything around it. So the opportunity there is large, and we look forward to the future there. And I commend our people and everything they did to throw their sleeves up and take a lot of heat but also deliver on the back side of it.

我想我們會在未來 3 到 4 年內回顧過去，並對我們作為一家公司所做的事情感到非常自豪。島上的人民將受益並看到所做的事情的好處。我們真的很喜歡我們坐的地方。我們在整個島上不僅與當地經濟、人民以及周圍的一切進行了良好的討論。所以那裡的機會很大，我們對那裡的未來充滿期待。我讚揚我們的員工和他們所做的一切，他們奮力拼搏，承受很大的壓力，但也做出了貢獻。

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

我們的下一個問題來自湯普森戴維斯公司的 Adam Thalhimer。

Nice quarter. I wanted to ask a quick question about 2022. You had a couple of positive comments just in your prepared remarks. What kind of growth do you think you can generate next year?

不錯的季度。我想問一個關於 2022 年的簡單問題。您在準備好的發言中發表了一些正面的評論。您認為明年可以實現怎樣的成長？

I think we've talked about kind of double-digit growth on the 85% of the business. We still see that high single-upper-digit growth. There's stacking of larger projects. We've commented many times, and I'll say it again, we believe we can grow EPS double digits as long as we can use our balance sheet. And we still believe that. We still believe that we can grow it year-over-year. And that's what we -- that's how we look at it.

我想我們已經討論過 85% 的業務實現兩位數成長。我們仍然看到高個位數成長。更大的項目堆積如山。我們已經評論過很多次了，我再說一遍，我們相信只要我們能利用我們的資產負債表，我們的每股盈餘就能實現兩位數的成長。我們仍然相信這一點。我們仍然相信我們可以逐年成長。這就是我們的看法。

And then quickly, on inflation and materials availability, Duke, are those issues today? And is it a risk going forward?

然後很快，關於通貨膨脹和材料供應，杜克，這些是今天的問題嗎？未來是否有風險？

We're not seeing the impacts of that at this point. There's certainly some, I would say, noise in the system, but we're not seeing those impacts with material deliveries and things of that nature. It makes some of the work a little difficult. It gets out of sequence here or there, but we're typically able to overcome that and move around. Some of the projects are larger. We're moving on to something different and able to overcome any kind of material delay. We're working with the client way upfront.

目前我們還沒有看到其影響。我想說，系統中肯定存在一些噪音，但我們沒有看到這些對材料交付和此類性質的影響。這讓一些工作變得有些困難。它有時會出現順序混亂，但我們通常能夠克服它並四處走動。有些項目規模較大。我們正在轉向不同的方向，並且能夠克服任何形式的材料延誤。我們正在預先與客戶合作。

And when we talk about front end and things we can do, if we're working with the client way upfront, it allows us to work with them. We know the delays coming so we can move with our resources around and stay productive, stay prudent, and it helps both us and the client long term. And that's the beauty of a collaboration. So we're not seeing those impacts.

當我們談論前端和我們可以做的事情時，如果我們預先與客戶合作，那麼我們就可以與他們合作。我們知道會出現延誤，因此我們可以調動我們的資源，保持生產力，保持謹慎，這對我們和客戶都有長遠的幫助。這就是合作的美妙之處。所以我們沒有看到這些影響。

Our next question is coming from Andy Kaplowitz of Citigroup.

我們的下一個問題來自花旗集團的安迪·卡普洛維茨。

Duke or Derrick, can you give us a little more color into how big your Canadian and Australian businesses are these days within underground utility? And then how much are you projecting them to decline this year? And then alternatively, it seems like refining and petrochemical customers, at least in the U.S., have increased their maintenance spend already and are executing more turnarounds, and the catalyst companies are seeing more activities. So can you give us more color regarding the levels of improvement you've seen already within the industrial services business?

杜克（Duke）或德里克（Derrick），您能給我們更多介紹一下您的加拿大和澳洲企業目前在地下公用事業領域的規模嗎？那麼您預計今年它們會下降多少？另一方面，煉油和石化客戶（至少在美國）似乎已經增加了維護支出，並正在進行更多的周轉，催化劑公司也看到了更多的活動。那麼您能否給我們更多關於您在工業服務業務中已經看到的改進水平的信息？

I'll stick to industrial service business. I'll let Derrick comment on the numbers. So the industrial service business, when you look at it, we believe it's rebounding. We're booking the '22 type seasons. We see '22 coming back to a more normal state, maybe better. It's really early. But the demand for '22 and beyond, we see it. We're talking to the clients about catalyst replacements and things like that, that are coming back. So we think it's -- parting kind of later this year into '22, it's going to be nice business, a more normalized state going forward and talking to client (inaudible).

我會堅持做工業服務業務。我會讓德里克對這些數字發表評論。因此，當你觀察工業服務業務時，我們相信它正在反彈。我們正在預訂 '22 類型的季節。我們看到22年會回到更正常的狀態，也許會更好。確實還早啊但我們看到了 22 世紀及以後的需求。我們正在與客戶討論催化劑更換以及類似的事情，這些事情正在回歸。所以我們認為，今年稍後將進入 22 年，這將是一筆不錯的生意，一個更正常化的狀態，並與客戶交談（聽不清楚）。

Yes. And as a percentage, it's still running pretty consistent, between the 10% and 15% range of total revenues for the underground group.

是的。從百分比來看，它仍然相當穩定，在地下團體總收入的 10% 到 15% 之間。

And then you've gotten a lot of questions, obviously, on electric power backlog. I mean it did have another $1 billion sequential jump in Q2. So do you sense that your utility customers are getting more in line than they have before in the past to secure your services? And is there a way to think about how far out you are fully utilized? I mean are you basically fully utilized through '22 at this point in that business?

顯然，你會收到很多關於電力積壓的問題。我的意思是，第二季確實又實現了 10 億美元的環比成長。那麼，您是否感覺到您的公用事業客戶比過去更加排隊以確保您的服務？有沒有一種方法可以考慮您的充分利用程度如何？我的意思是，到 22 年為止，您在該業務上基本上已經充分利用了嗎？

Some of the things that you're seeing, you're seeing multiyear agreements, there were falling capital spends, you're seeing multiyear capital spends being talked about when that wasn't the case 5 years ago. And so we are staying in front of that with the client. So that's some of your backlog growth.

你看到的一些事情，你看到多年協議，資本支出下降，你看到人們談論多年資本支出，而五年前並非如此。因此，我們與客戶保持在這一點上。這就是您的積壓訂單成長的一部分。

And when you think about year-over-year, we're up 3,000, something like that, call it, very close to it, year-over-year, that's the kind of growth that we're putting on from a people aspect within these segments. So I think those are the type of numbers that you'll see going forward, which delivers sort of kind of 85% double-digit type growth that we discussed.

當你考慮到同比時，我們增加了 3,000 人，類似這樣的數字，非常接近，同比，這就是我們從人員方面實現的增長在這些細分市場內。所以我認為這些是你未來會看到的數字類型，它帶來了我們討論過的 85% 的兩位數成長。

And some of that backlog is also renewals. We have renewals that -- we have MSAs that are rolling off or historical and then we're coming through and we're renewing that. And you have a bigger pop into it, and that's a part of what's in that equation now. But -- so yes, with the same level of visibility on the renewal as we had in the previous execution.

其中一些積壓也是續訂。我們有續訂 - 我們有正在滾動或歷史的 MSA，然後我們正在完成並更新它。你有更大的熱情投入其中，這就是現在這個等式中的一部分。但是 - 所以是的，續約的可見性與我們在先前的執行上具有相同的水平。

But Derrick, to that point, the renewables are all bigger, right? And they're decently bigger? Is that the case?

但是德里克，就這一點而言，再生能源都更大，對吧？而且它們更大嗎？是這樣嗎？

Yes. I mean each time we were seeing the renewals, right, we're building off of growth. And so the visibility is to have those play out, attack into a little bit larger number overall.

是的。我的意思是，每次我們看到更新，對吧，我們都在成長。因此，可見性就是讓這些發揮出來，攻擊總體數量稍大的人。

Thank you. At this time, I would like to turn the floor back over to Quanta Services management team for any closing comments.

謝謝。現在，我想將發言權交還給廣達服務管理團隊，以徵求結束意見。

Yes. I want to thank the people of LUMA in Puerto Rico. That was -- June 1 was a tough day. And I think from our standpoint, it's monumental. We did a nice job down there and the safety that we've been able to encompass throughout. And so I commend them and everyone and anyone that are in the fields. It doesn't go unnoticed here. So I want to thank them first. And thank you for participating in our conference call. We appreciate your questions and your ongoing interest in Quanta Services. Thank you. This concludes the call.

是的。我要感謝波多黎各 LUMA 的人。6 月 1 日是艱難的一天。我認為從我們的角度來看，這是具有里程碑意義的。我們在那裡做得很好，我們一直能夠保證安全。因此，我讚揚他們以及該領域的每個人和任何人。這裡不會被忽視。所以我首先要感謝他們。感謝您參加我們的電話會議。我們感謝您的提問以及您對廣達服務的持續關注。謝謝。通話就此結束。

Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines at this time, and have a wonderful day.

女士們、先生們，感謝您的參與。今天的活動到此結束。此時您可以斷開線路，度過美好的一天。