Quanta Services Inc (PWR) 2020 Q4 法說會逐字稿

Greetings, and welcome to the Quanta Services Fourth Quarter and Full Year 2020 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加廣達服務 2020 年第四季和全年財報電話會議。 （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 and Investor Relations. Thank you, sir. Please go ahead.

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

Great. Thank you, and welcome, everyone, to the Quanta Services Fourth Quarter and Full Year 2020 Earnings Conference Call. This morning, we issued a press release announcing our fourth quarter and full year results, which can be found in the Investor Relations section of our website at quantaservices.com, along with a summary of our 2021 outlook and commentary that we'll discuss this morning.

偉大的。謝謝並歡迎大家參加廣達服務 2020 年第四季和全年財報電話會議。今天早上，我們發布了一份新聞稿，宣布了我們的第四季度和全年業績，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，此外還有我們將討論的2021 年展望與評論摘要。

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 viewable or available on the Investor Relations section of the Quanta Services' website. Please remember that information reported on this call speaks only as of today, February 25, 2021, and therefore, you're advised that any time-sensitive information may no longer be accurate as of any replay of this call.

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，該演示文稿可以通過電話會議的網絡廣播觀看，也可以在 Quanta Services 網站的投資者關係部分觀看或獲取。請記住，本次電話會議中報告的資訊僅截至今天（2021 年 2 月 25 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 or that do not solely relate to historical or current facts.

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，或不反映廣達的預期、意圖、假設或信念的陳述。

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. 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.

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。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。您不應過度依賴前瞻性陳述，廣達不承擔更新此類陳述的任何義務，並否認任何第三方就本次電話會議主題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原則財務指標，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'd 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 now like 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 Fourth Quarter and Full Year 2020 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 fourth quarter and full year 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 2020 年第四季和全年財報電話會議。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首席財務官 Derrick Jensen，他將對我們第四季度和全年業績以及 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。

As noted in our earnings release this morning, we have renamed both of our segments to include solutions, which we believe is an accurate word to describe the value-creating and collaborative approach we take to working with our customers.

正如我們今天早上發布的財報中所指出的，我們已將這兩個部門重新命名為“解決方案”，我們認為這個詞準確地描述了我們與客戶合作所採取的價值創造和協作方法。

Additionally, we renamed our Pipeline and Industrial segment to Underground Utility and Infrastructure Solutions, which we believe is more reflective of the strategic changes we have made over the past 5 years to reposition the segment towards a greater level of resilient business services to our gas utility pipeline Integrity and industrial customers. These services tend to be more visible and recurring in nature and are driven by safety, reliability and environmental regulations.

此外，我們將管道和工業部門更名為地下公用事業和基礎設施解決方案，我們認為這更能反映我們在過去5 年中所做的策略變革，以便重新定位該部門，為我們的天然氣公用事業提供更高水準的彈性業務服務管道誠信及工業客戶。這些服務本質上往往更加明顯和經常出現，並受到安全性、可靠性和環境法規的驅動。

We continue to expand our capabilities in both segments to provide comprehensive end-to-end solutions with craft skill labor at the core. We are proud of our successful focus on base business activity over the last 5 years, which now accounts for more than 90% of our revenues. We continue to view large projects as upside opportunities and are well positioned to safely execute them when they occur.

我們繼續擴大在這兩個領域的能力，以提供以工藝技能勞動力為核心的全面的端到端解決方案。我們為過去 5 年成功專注於基礎業務活動而感到自豪，目前基礎業務活動占我們收入的 90% 以上。我們繼續將大型專案視為上行機會，並處於有利地位，可以在專案發生時安全地執行它們。

Quanta performed well and delivered a solid year in 2020, which includes numerous accomplishments. This was due to the performance of our field leadership and the people of this organization who continue to be exceptional.

廣達在 2020 年表現出色，取得了豐碩的成果，並取得了多項成就。這是由於我們的現場領導層和該組織人員的出色表現。

Here are some of the accomplishments in 2020: Electric Power segment revenues achieved record levels, and we earned our best operating margin performance in 6 years, driven by strong execution across our operations. Included in these results were record storm response revenues from supporting our customers' efforts to restore power to millions of people adversely impacted by numerous severe weather events during the year. Our ability to quickly mobilize this level of resources to support our customers in times of need, even during a pandemic is unmatched in our industry.

以下是 2020 年的一些成就： 電力部門的收入達到了創紀錄的水平，在我們業務的強勁執行力的推動下，我們獲得了 6 年來最好的營業利潤率表現。這些業績中包括創紀錄的風暴響應收入，這些收入來自支持我們的客戶努力為年內遭受眾多惡劣天氣事件不利影響的數百萬人恢復供電。即使在大流行期間，我們也能夠快速調動這種程度的資源來為有需要的客戶提供支持，這在我們的行業中是無與倫比的。

After an 18-month competitive process, LUMA Energy, our joint venture with ATCO, was selected for a 15-year operation and maintenance agreement to operate, maintain and modernize PREPA's more than 18,000 mile electric transmission and distribution system in Puerto Rico. LUMA and PREPA are making good progress towards transitioning operations of the system this year, and we continue to believe this opportunity is transformative for Quanta.

經過 18 個月的競爭過程，我們與 ATCO 的合資企業 LUMA Energy 被選中簽訂為期 15 年的營運和維護協議，負責營運、維護 PREPA 在波多黎各超過 18,000 英里的輸配電系統並使其現代化。 LUMA 和 PREPA 今年在系統營運轉型方面取得了良好進展，我們仍然相信這個機會對廣達來說具有變革意義。

We grew our communication services revenue by more than 40%, meaningfully improved profit margins and ended the year with a total backlog of approximately $900 million. We substantially completed the exit of our Latin American operations, despite the significant challenges and impacts to these wind down activities from the effects of COVID-19.

我們的通訊服務收入成長了 40% 以上，利潤率顯著提高，年終未完成訂單總額約為 9 億美元。儘管 COVID-19 的影響為這些逐步結束的活動帶來了重大挑戰和影響，但我們基本上完成了拉丁美洲業務的退出。

We continue to lead the industry in safety, which we believe starts with training. We continue to incrementally invest in our training efforts through our Northwest Line College and Quanta Advanced Training Center.

我們在安全方面繼續引領行業，我們相信這從培訓開始。我們繼續透過西北線學院和廣達高級培訓中心逐步加強培訓力度。

Additionally, last year, we began site preparation for a new line worker training campus in Puerto Rico that will be operated by Northwest Line College. The facility will provide world-class training to LUMA's employees and develop Puerto Rico's future craft skill workforce. Our industry-leading training and recruiting initiatives are driving improved productivity in the field and ensures that we have the very best craft skill labor. This enhances our ability to collaborate with customers and labor affiliations on future workforce needs and further differentiate us in the marketplace as a strategic solutions provider.

此外，去年，我們開始為波多黎各新的生產線工人培訓校園進行場地準備，該培訓中心將由西北生產線學院營運。該設施將為 LUMA 的員工提供世界一流的培訓，並培養波多黎各未來的手工藝技能勞動力。我們行業領先的培訓和招聘計劃正在推動該領域生產力的提高，並確保我們擁有最優秀的工藝技能勞動力。這增強了我們與客戶和勞工組織就未來勞動力需求進行合作的能力，並進一步使我們作為策略解決方案提供者在市場上脫穎而出。

We invested approximately $400 million in strategic acquisition of 7 high-quality companies with great management teams that expand or enhance our ability to provide solutions to our customers, are additive to our base business and advance our strategic initiatives. These companies add to our self-perform capabilities, which typically accounts for approximately 85% of our work and are key to providing cost certainty to our customers.

我們投資了約4 億美元，對7 家擁有優秀管理團隊的優質公司進行了策略性收購，這些公司擴大或增強了我們為客戶提供解決方案的能力，豐富了我們的基礎業務，並推進了我們的戰略計劃。這些公司增強了我們的自我執行能力，這通常占我們工作的 85% 左右，並且是為客戶提供成本確定性的關鍵。

We believe our approach to acquisitions and our operating model helps derisk our work portfolio through improved execution and results in more consistent earnings. We strengthened our financial position with the closing of our $1 billion investment-grade senior notes offering, which we believe points to the resiliency and sustainability of our business model and positive multiyear outlook.

我們相信，我們的收購方法和營運模式有助於透過改善執行來降低我們的工作組合風險，並帶來更穩定的收益。透過完成 10 億美元投資級高級票據發行，我們增強了我們的財務狀況，我們相信這表明了我們業務模式的彈性和可持續性以及積極的多年前景。

We demonstrated our commitment to stockholder value and confidence in Quanta's financial strength and continued growth opportunities through the acquisition of approximately $250 million of common stock and a 25% increase in our dividend.

透過收購約 2.5 億美元的普通股以及增加 25% 的股息，我們展現了對股東價值的承諾以及對廣達財務實力和持續成長機會的信心。

And finally, the diversity of our services, proactive cost management and execution through significant uncertainty caused by the pandemic and challenged energy markets, allowed our Underground Utility and Infrastructure Solutions operations to perform well under the circumstances. We are optimistic that the most challenging market conditions are behind us, and we see opportunity for revenue and margin improvement in 2021 and continue to believe the segment can achieve upper single-digit operating income margin as operating conditions further normalize over time.

最後，我們服務的多樣性、積極主動的成本管理以及在疫情和充滿挑戰的能源市場造成的巨大不確定性下的執行，使我們的地下公用事業和基礎設施解決方案業務在這種情況下表現良好。我們樂觀地認為，最具挑戰性的市場狀況已經過去，我們看到2021 年收入和利潤率改善的機會，並繼續相信，隨著經營狀況隨著時間的推移進一步正常化，該部門可以實現較高個位數的營業收入利潤率。

We believe our strategic position in the marketplace remains strong, and we are well positioned for continued profitable growth over the near and longer term. Despite unprecedented operating conditions and uncertainties caused by the global pandemic proportions of our business, the strong performance of our Electric Power and Communications Operations resulted in record adjusted EPS, adjusted EBITDA, cash flow and backlog in 2020.

我們相信，我們在市場中的策略地位依然穩固，並且我們已做好準備，可以在短期和長期內實現持續的獲利成長。儘管全球大流行病為我們的業務帶來了前所未有的經營狀況和不確定性，但我們的電力和通訊業務的強勁表現導致2020 年調整後每股收益、調整後EBITDA、現金流和積壓訂單創歷史新高。

While we are proud of the achievements last year, we remain focused on getting better to ensure that Quanta continues to evolve to effectively collaborate with our customers and business partners and helping them achieve their goals and to capitalize on the opportunities ahead of us.

雖然我們對去年的成就感到自豪，但我們仍然專注於變得更好，以確保廣達繼續發展，與我們的客戶和業務合作夥伴有效合作，幫助他們實現目標並利用我們面前的機會。

The recent severe weather conditions that impacted living conditions in Texas and other parts of the country shows how a critical infrastructure that we design, build and maintain is to our everyday well being. The solutions Quanta provides supports our customers' efforts to increase reliability, safety, efficiency and connectivity, all of which have a favorable environmental and social impact on both the markets that we serve and society.

最近影響德州和美國其他地區生活條件的惡劣天氣狀況表明，我們設計、建造和維護的關鍵基礎設施對我們的日常福祉有何影響。廣達提供的解決方案支援客戶努力提高可靠性、安全性、效率和連接性，所有這些都對我們服務的市場和社會產生有利的環境和社會影響。

Additionally, our solutions facilitate policies and goals aimed at the adoption of new technologies and transitioning towards a carbon-neutral economy. As a result, we believe our business is levered to favorable and sustainable long-term goals.

此外，我們的解決方案促進旨在採用新技術和向碳中和經濟轉型的政策和目標。因此，我們相信我們的業務能夠實現有利且可持續的長期目標。

Our utility customers, who account for more than 70% of our 2020 revenues, are leaders in the effort to reduce carbon emissions with aggressive efforts to modernize and harden their systems, expand their renewable generation portfolios and implement new technologies for current and future needs. A number of utilities have committed to providing 100% of their power by clean energy or achieving net-zero carbon emissions by 2050.

我們的公用事業客戶占我們2020 年收入的70% 以上，他們是減少碳排放的領導者，他們積極努力實現系統現代化和強化，擴大再生能源發電組合，並實施滿足當前和未來需求的新技術。許多公用事業公司已承諾到 2050 年透過清潔能源提供 100% 的電力或淨零碳排放。

Achieving these goals will require substantial incremental investment in transmission, substation and distribution infrastructure to interconnect new renewable generation facilities to the power grid and to ensure grid reliability due to the significant increase of intermittent power added to the system.

實現這些目標將需要對輸電、變電站和配電基礎設施進行大量增量投資，以將新的再生能源發電設施與電網互連，並由於系統中間歇性電力的大幅增加而確保電網可靠性。

Further, developed economies are expected to be increasingly driven by electricity to meet carbon reduction goals over time. Vehicle electrification offers a large carbon reduction opportunity, in addition to residential and commercial space and water heating and industrial and agricultural electrification.

此外，隨著時間的推移，預計已開發經濟體將越來越多地依靠電力來實現碳減排目標。除了住宅和商業空間、水加熱以及工業和農業電氣化之外，車輛電氣化還提供了巨大的碳減排機會。

According to a report from the WIRES Group, increased electrification and electric vehicle adoption in the United States could require 70 to 200 gigawatts of new power generation by 2030. The majority of which is expected to be renewables and could require incremental transmission investment of $30 billion to $90 billion by 2030. We believe these investment requirements associated with electrification are in addition to the significant multiyear investment programs already in place for the coming years to modernize the existing power grid, to ensure reliable power delivery under current market conditions.

根據WIRES Group 的報告，到2030 年，美國電氣化和電動車的普及可能需要70 至200 吉瓦的新發電量。投資到2030 年，這一數字將達到900 億美元。現代化，以確保在當前市場條件下可靠的電力傳輸。

The outlook for our communications operations, which is within the Electric Power segment, remains bright. We expect to generate approximately $700 million in revenue this year, which would represent approximately 30% growth over 2020.

我們電力領域的通訊業務前景依然光明。我們預計今年將產生約 7 億美元的收入，比 2020 年成長約 30%。

Our communications services support the technology we use every day for work, education, entertainment, connecting with friends and family, all of which are critically important. To that end, the effects of COVID-19 have caused communication providers to increase investment in the fiber networks to ensure adequate speed, capacity and reliability to meet these needs.

我們的通訊服務支援我們每天用於工作、教育、娛樂、與朋友和家人聯繫的技術，所有這些都至關重要。為此，COVID-19 的影響已導致通訊供應商增加對光纖網路的投資，以確保足夠的速度、容量和可靠性來滿足這些需求。

Additionally, we believe Quanta is well positioned to leverage our Electric Power and communication solutions capabilities to assist many of our rural and municipal electric customers, who are expected to participate in the Rural Digital Opportunity Fund. This fund provides more than $20 billion to bridge the digital divide that exist for millions of people living in rural America without access to adequate broadband connectivity. Further, we expect 5G deployments to accelerate in 2021, which we remain well positioned to continue to participate in.

此外，我們相信廣達有能力利用我們的電力和通訊解決方案能力來幫助我們的許多農村和市政電力客戶，這些客戶預計將參與農村數位機會基金。該基金提供超過 200 億美元，以彌合數百萬生活在美國農村地區無法獲得足夠寬頻連線的人們所存在的數位落差。此外，我們預計 5G 部署將在 2021 年加速，我們仍有能力繼續參與其中。

Our Underground Utility and Infrastructure Solutions segment experienced meaningful challenges during the year to the effects of COVID-19, such as shutdowns in certain cities that had short-term impacts on our gas utility services and a significant reduction in demand for refined products that materially impacted our industrial service customers.

我們的地下公用事業和基礎設施解決方案部門在這一年中經歷了受COVID-19 影響的重大挑戰，例如某些城市的關閉對我們的天然氣公用事業服務產生了短期影響，以及對精煉產品的需求大幅減少，從而產生了重大影響我們的工業服務客戶。

As discussed previously, we believe the greatest impact from these dynamics are behind us. Going forward, we expect to continue our focus on our gas utility pipeline Integrity and industrial services businesses, consistent with our strategy over the last 5 years due to the favorable long-term trends, driven by safety, reliability and environmental regulations.

如同先前所討論的，我們相信這些動態帶來的最大影響已經過去。展望未來，由於在安全、可靠性和環境法規的推動下出現了有利的長期趨勢，我們預計將繼續專注於天然氣公用事業管道完整性和工業服務業務，這與我們過去 5 年的策略保持一致。

Our gas utility services supported with regulated programs that will replace and modernize aging infrastructure, which can be leak prone and pose potential safety concerns. They also support customer efforts to reduce methane emissions and position their gas distribution systems to potentially deliver hydrogen to users in the future.

我們的天然氣公用事業服務受到監管計劃的支持，這些計劃將取代老化的基礎設施並使其現代化，這些基礎設施可能容易洩漏並帶來潛在的安全問題。他們還支持客戶減少甲烷排放的努力，並將其天然氣分配系統定位為未來可能向用戶提供氫氣。

Our pipeline Integrity services seek to ensure that existing pipelines operate safely and in an environmentally friendly manner. And many of our industrial services support customers compliance with regulations aimed at minimizing environmental impacts caused by methane gas release and increased operational efficiency and safety.

我們的管道完整性服務致力於確保現有管道以環保的方式安全運作。我們的許多工業服務支援客戶遵守旨在最大限度地減少甲烷氣體釋放對環境造成的影響並提高營運效率和安全性的法規。

We believe these favorable, safety, reliability and environmental initiatives and long-term industry trends, such as electrifications and technology implementations, will continue to drive growth opportunities for Quanta for the foreseeable future.

我們相信，這些有利的安全性、可靠性和環保措施以及電氣化和技術實施等長期行業趨勢，將在可預見的未來繼續為廣達帶來成長機會。

Quanta is actively engaged in collaborative conversations with many of our customers about their multiyear, multibillion-dollar programs extending as far as 10 years, regarding how Quanta can provide solutions throughout our customers' value chain to meet their strategic infrastructure investment goals and support of these initiatives.

廣達積極與許多客戶就其長達10 年的多年、數十億美元的計劃進行合作對話，討論廣達如何在整個客戶的價值鏈中提供解決方案，以實現他們的戰略基礎設施投資目標並支持這些目標倡議。

In our earnings release this morning, we provided our 2021 guidance. We believe -- which we believe demonstrates the strength and sustainability of our business and long-term strategy, favorable end market trends, our ability to safely execute in our strong competitive position in the marketplace. Our expectations call for growth in revenues, adjusted EBITDA and earnings per share and improved profit margins. Additionally, we see opportunity to achieve new record levels of backlog in 2021.

在今天早上的財報中，我們提供了 2021 年的指引。我們相信——我們相信這證明了我們業務和長期策略的實力和可持續性、有利的終端市場趨勢以及我們在市場中強大競爭地位中安全執行的能力。我們的預期是收入、調整後的 EBITDA 和每股盈餘的成長以及利潤率的提高。此外，我們認為 2021 年積壓訂​​單量有機會達到新的紀錄水準。

In summary, we generated solid results in 2020 that we believe reflect the resiliency and sustainability of our business, the benefit of our strong financial position, the successful execution of our strategic initiatives and the excellence of our people. The challenges we faced and the way we continue to support and collaborate with our customers last year, particularly as it relates to the pandemic, brought out the best of this organization, and I believe, make Quanta stronger.

總而言之，我們在 2020 年取得了堅實的業績，我們相信這些業績反映了我們業務的彈性和可持續性、我們強大的財務狀況的優勢、我們戰略舉措的成功執行以及我們員工的卓越表現。去年我們面臨的挑戰以及我們繼續支持和與客戶合作的方式，特別是與大流行相關的方式，充分發揮了該組織的最佳能力，我相信，這將使廣達變得更加強大。

Overall, our end markets and multiyear visibility are solid, and we have built a strong platform that positions us well to capitalize on favorable long-term trends, particularly the transition towards a carbon-neutral economy and the adoption of new technologies.

總體而言，我們的終端市場和多年的知名度是穩固的，我們已經建立了一個強大的平台，使我們能夠很好地利用有利的長期趨勢，特別是向碳中和經濟的過渡和新技術的採用。

Considering our organic growth opportunities and the levers available to us to allocate future cash flow generation into creating opportunities such as stock repurchases, acquisitions, strategic investments and dividends, we believe Quanta will continue to generate meaningful stockholder value going forward.

考慮到我們的有機成長機會以及我們可用於分配未來現金流量以創造股票回購、收購、策略投資和股息等機會的槓桿，我們相信廣達將繼續為股東創造有意義的價值。

Quanta is a portfolio of exceptional businesses with geographic and service line diversity. We are anchored by our commitment to craft skilled labor and our self-perform capabilities. 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 build 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.

廣達是一個由具有地理和服務線多樣性的卓越企業組成的投資組合。我們對培養熟練勞動力和自我執行能力的承諾是我們的基礎。我們專注於長期營運業務，並期望透過安全執行和一流的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 the fourth quarter and full year results and 2021 expectations. Derrick?

我現在將把電話轉給我們的財務長 Derrick Jensen，請他回顧第四季和全年業績以及 2021 年的預期。德里克？

Thanks, Duke, and good morning, everyone. Today, we announced fourth quarter 2020 revenues of $2.9 billion. Net income attributable to common stock was $170.1 million or $1.17 per diluted share and adjusted diluted earnings per share, a non-GAAP measure, was $1.22.

謝謝杜克，大家早安。今天，我們宣布 2020 年第四季營收為 29 億美元。普通股淨利為 1.701 億美元，即稀釋後每股收益 1.17 美元，調整後稀釋每股盈餘（非公認會計準則衡量標準）為 1.22 美元。

Overall, the fourth quarter closed out another exceptional year of operational performance for Quanta, a year in which we delivered record results across multiple metrics despite headwinds faced related to the pandemic.

總體而言，第四季度為廣達帶來了又一個出色的營運業績一年，儘管面臨與大流行相關的不利因素，但我們在多個指標上都取得了創紀錄的業績。

Our Electric Power revenues, excluding Latin America, were $2.11 billion, a 15.7% increase when compared to the fourth quarter of 2019. This increase was driven by mid single-digit growth in our base business, increased contributions from the timing of certain larger projects and $75 million in revenues from acquired businesses.

我們的電力收入（不包括拉丁美洲）為21.1 億美元，與2019 年第四季相比成長15.7%。增加推動的以及來自收購業務的 7500 萬美元收入。

Contributing to the base business growth was approximately 13% growth from our communications operations and record fourth quarter demand for our emergency restoration services of approximately $150 million, primarily associated with efforts to restore infrastructure in the Southeastern and Midwestern United States, although it came at the expense of certain other work in progress. Partially offsetting these increases was the expected reduction in fire hardening work in the Western United States during 4Q '20 as compared to 4Q '19.

我們的通訊業務成長了約 13%，第四季度緊急恢復服務需求創紀錄，約為 1.5 億美元，這主要與美國東南部和中西部基礎設施的恢復工作有關，儘管這一需求是在某些其他正在進行的工作的費用。與 2019 年第 4 季相比，20 年第 4 季美國西部防火硬化工作的預期減少部分抵銷了這些成長。

Electric segment margins in 4Q '20 were 11.6%. And excluding our Latin American operations, segment margins were 12.9% versus 9% in 4Q '19. The robust operating margins were driven by increased profit contributions from the elevated emergency restoration services, which typically present opportunities for higher margins due to higher equipment utilization and fixed cost absorption as well as improved margins in our Canadian operations, primarily associated with certain larger transmission projects. However, although difficult to calculate the direct incremental effects, excluding revenues and profit from storm response efforts, our margins were still comfortably in double digits, reflecting continued strong execution across all of our Electric Power operations. Of note, our communications margins continue to improve against the prior year with a margin of 9% during the quarter.

20 年第四季的電力部門利潤率為 11.6%。不包括我們的拉丁美洲業務，部門利潤率為 12.9%，而 2019 年第四季為 9%。強勁的營業利潤率是由緊急恢復服務增加的利潤貢獻推動的，由於設備利用率提高和固定成本吸收，以及我們加拿大業務的利潤率提高（主要與某些大型輸電項目相關），這通常會帶來更高利潤率的機會。然而，儘管很難計算直接的增量影響（不包括風暴應對工作的收入和利潤），我們的利潤率仍然輕鬆地保持在兩位數，這反映出我們所有電力業務的持續強勁執行力。值得注意的是，我們的通訊利潤率比去年同期持續提高，本季利潤率達到 9%。

Regarding our Latin American operations, included within the Electric segment, we have substantially completed the wind down activities required to exit those markets. Our year-long effort to shut down our operations across the region was significantly impacted by COVID-19 dynamics as well as political and regulatory uncertainties and customer challenges, all of which contributed meaningfully higher losses than anticipated.

關於我們的拉丁美洲業務（包括電力業務），我們基本上已經完成了退出這些市場所需的縮減活動。我們長達一年的關閉該地區業務的努力受到了 COVID-19 動態、政治和監管不確定性以及客戶挑戰的嚴重影響，所有這些都造成了比預期更高的損失。

In the fourth quarter, we took the additional step of reserving remaining property, equipment and inventory assets as the uncertain market conditions minimize likely recoveries upon disposition. As a reminder, we currently receive no tax benefit for losses in Latin America, so the $27 million in losses impacted the quarter by approximately $0.19.

在第四季度，我們採取了額外措施，保留剩餘的財產、設備和庫存資產，因為不確定的市場狀況最大限度地減少了處置後回收的可能性。提醒一下，我們目前在拉丁美洲的損失沒有獲得任何稅收優惠，因此 2700 萬美元的損失對本季的影響約為 0.19 美元。

With minimal contractual obligations remaining, we feel comfortable that other than arbitration updates on the terminated Peruvian Communications Network Project, we will no longer provide commentary on Latin America.

由於剩下的合約義務很少，我們感到放心的是，除了已終止的秘魯通訊網路專案的仲裁更新之外，我們將不再提供有關拉丁美洲的評論。

Revenues from our Underground Utility and Infrastructure Solutions segment were $806 million, 36% lower than 4Q '19. Similar to prior quarters, expected reduced contributions from larger diameter pipeline projects contributed to the decline. The variability attributable to larger pipeline projects is why we've taken strategic steps to reposition our service offerings around more predictable utility-backed revenue streams.

我們的地下公用事業和基礎設施解決方案部門的收入為 8.06 億美元，比 2019 年第四季下降 36%。與前幾季類似，較大直徑管道項目的預期貢獻減少導致了這一下降。大型管道專案帶來的可變性是我們採取策略措施圍繞更可預測的公用事業支援的收入流重新定位我們的服務產品的原因。

While we remain well positioned to opportunistically deploy resources for larger pipeline projects, we expect most future work will consist of smaller pipeline transmission and Integrity-oriented projects. Additionally, the lingering negative impacts of COVID-19 have reduced some level of demand for broader services across the segment with the reduction in demand for refined products substantially contributing to reduced quarter-over-quarter revenues from our industrial operations.

雖然我們仍然能夠為大型管道專案機會性地部署資源，但我們預計未來的大部分工作將包括較小的管道傳輸和完整性導向的專案。此外，COVID-19 揮之不去的負面影響在一定程度上減少了整個細分市場對更廣泛服務的需求，對精煉產品的需求減少極大地導致了我們工業運營的季度環比收入減少。

Operating margins for the segment were 5.1%. These margins were 190 basis points lower than 4Q '19, primarily due to reduced revenues as well as some degree of execution challenges during the quarter and costs associated with the exit of certain ancillary pipeline operations. These negative impacts were partially offset by net positive project closeouts, primarily driven by the recognition of previously deferred suspension and milestone payments and the reduction of remaining contingency balances associated with the Atlantic Coast Pipeline project, which was officially terminated on December 31, 2020.

該部門的營業利益率為 5.1%。這些利潤率比 2019 年第四季低 190 個基點，主要是由於收入減少以及本季執行過程中遇到的一定程度的挑戰以及與某些輔助管道業務退出相關的成本。這些負面影響被淨積極項目結清部分抵消，主要是由於確認了先前推遲的暫停和里程碑付款以及與大西洋海岸管道項目相關的剩餘應急餘額減少，該項目於2020年12月31日正式終止。

Our total backlog was $15.1 billion at the end of the fourth quarter, slightly higher than 4Q '19 and comparable to the third quarter of 2020, yet remains at record levels. 12-month backlog of $8.3 billion is an increase from both the fourth quarter of 2019 and the third quarter of 2020.

截至第四季末，我們的未完成訂單總額為 151 億美元，略高於 2019 年第四季，與 2020 年第三季相當，但仍處於創紀錄水平。 12 個月積壓訂單達 83 億美元，較 2019 年第四季和 2020 年第三季均增加。

As a reminder, the LUMA joint venture is accounted for as an equity method investment, and therefore, does not contribute to revenue and is not included in backlog. However, assuming an operating margin profile consistent with our Electric Power operations, LUMA's contribution over the 15-year operation and maintenance agreement would imply a backlog equivalent of more than $6 billion for Quanta.

需要提醒的是，LUMA 合資企業採用權益法投資進行會計處理，因此不會貢獻收入，也不包含在積壓訂單中。然而，假設營業利潤率與我們的電力業務一致，那麼 LUMA 在 15 年營運和維護協議中的貢獻將意味著廣達的積壓金額將超過 60 億美元。

For the fourth quarter of 2020, we generated free cash flow, a non-GAAP measure, of $200 million. And although $381 million lower than 4Q '19, it was higher than we anticipated, driven by stronger profits in the quarter and a cash cycle consistent with our third quarter results. For the year, we generated record free cash flow of $892 million.

2020 年第四季度，我們產生了 2 億美元的自由現金流（非 GAAP 衡量標準）。儘管比 2019 年第四季低 3.81 億美元，但由於本季利潤強勁以及與我們第三季業績一致的現金週期，該數字高於我們的預期。今年，我們創造了創紀錄的 8.92 億美元自由現金流。

Days sales outstanding, or DSO, measured 83 days for the quarter, which was comparable to the third quarter of 2020 and fourth quarter of 2019. Cash flows in the fourth quarter and full year 2020 did partially benefit from the deferral of $37 million and $109 million of employer payroll tax payments permitted by the CARES Act with the payments due in equal installment at the end of 2021 and 2022. We had $185 million of cash at the end of the year with total liquidity of $2.2 billion and a debt-to-EBITDA ratio, as calculated under our credit agreement, of approximately 1.2x.

本季的應收帳款週轉天數(DSO) 為83 天，與2020 年第三季和2019 年第四季相當。美元的遞延《CARES 法案》允許支付 100 萬雇主工資稅，並於 2021 年底和 2022 年底按等額分期付款。的信貸協議計算，EBITDA 比率約為1.2 倍。

Turning to guidance. We continue to deal with some level of COVID-19 uncertainty as we assess the near-term prospects of our operations, primarily in our Underground Utility and Infrastructure Solutions segment, and we remain prudent with our expectations for 2021. However, as we look ahead to 2021 and beyond, we see the base business propelling multiyear growth opportunities for both segments.

轉向指導。在評估我們的營運（主要是地下公用事業和基礎設施解決方案部門）的近期前景時，我們將繼續應對一定程度的COVID-19 不確定性，並且我們對2021 年的預期保持謹慎態度。當我們展望未來時到 2021 年及以後，我們認為基礎業務將推動這兩個細分市場的多年成長機會。

Electric segment revenues grew to $7.8 billion at the end of 2020, and we continue to see our base business providing mid-single to double-digit growth opportunities, coupled with some degree of increased contributions from larger projects, primarily associated with previously announced projects in Canada.

到2020 年底，電力部門收入成長至78 億美元，我們繼續看到我們的基礎業務提供中個位數到兩位數的成長機會，再加上大型專案（主要與先前宣布的專案相關）在一定程度上增加了貢獻加拿大。

In the aggregate, we expect Electric Power revenues to range between $8.3 billion and $8.5 billion, which includes expected revenues from our communications operations of around $700 million. As it relates to Electric Power segment revenue seasonality, we expect revenue growth in each quarter of '21 compared to 2020, with quarter-over-quarter growth in the first and second quarters, potentially exceeding 10%.

總體而言，我們預計電力收入將在 83 億美元至 85 億美元之間，其中包括來自通訊業務的預計收入約 7 億美元。由於與電力部門收入季節性相關，我們預計 21 年每季的收入均較 2020 年有所增長，其中第一季和第二季的環比增長可能超過 10%。

We expect first quarter revenues to be the lowest of the year due to normal seasonal weather dynamics impacting certain construction activities. We expect the high end of our revenue range to represent greater revenue growth opportunities in the third and fourth quarters relative to 2020.

由於正常的季節性天氣動態影響某些建築活動，我們預計第一季收入將是今年最低的。我們預計，相對於 2020 年，我們的收入範圍的高端將代表第三季和第四季更大的收入成長機會。

We expect 2021 operating margins for the Electric Power segment to range between 10.1% and 10.9%, which includes contributions of approximately $29 million or $0.20 per share from the LUMA joint venture and earnings from other integral unconsolidated affiliates. LUMA is expected to contribute around $9 million in the first half of the year and then increasing in the back half of the year as we exit the front-end transition services period.

我們預計電力部門 2021 年的營業利潤率將在 10.1% 至 10.9% 之間，其中包括來自 LUMA 合資企業的約 2,900 萬美元或每股 0.20 美元的貢獻以及其他整體未合併附屬公司的收益。 LUMA 預計將在今年上半年貢獻約 900 萬美元，然後隨著我們退出前端過渡服務期，下半年將增加。

Although we are proud of our overall Electric Power performance in 2020, our 11.6% margins, excluding Latin America, are above historical averages and are the highest since 2013, due in part to record annual emergency restoration service revenues of $450 million.

儘管我們對2020 年的整體電力業績感到自豪，但我們11.6% 的利潤率（不包括拉丁美洲）高於歷史平均水平，是2013 年以來的最高水平，部分原因是年度緊急恢復服務收入達到創紀錄的4.5 億美元。

As outlined in our accompanying slides, our 2021 expectation for margins for this segment are consistent with historical averages and are also based on expectations for more normalized emergency restoration service revenues of approximately $200 million, also in line with historical averages.

正如我們隨附的幻燈片中所述，我們對該細分市場2021 年利潤率的預期與歷史平均水平一致，並且還基於對更正常化的緊急恢復服務收入約為2 億美元的預期，也與歷史平均一致。

As is typically the case, we expect that first quarter operating margins will be the lowest for the year, possibly slightly below 10%. However, we expect margin to increase into the second and third quarters and then slightly decline in the fourth quarter. We believe communications operating income margins, which have been dilutive to segment margins in prior periods, could be at parity with electric operations on a full year basis.

與通常情況一樣，我們預計第一季營業利潤率將是今年最低的，可能略低於 10%。然而，我們預計第二季和第三季利潤率將增加，然後第四季略有下降。我們認為，通訊業務的營業利潤率在前期已經稀釋了分部利潤率，但全年可能與電力業務持平。

The Underground Utility and Infrastructure Solutions segment continues to be impacted by COVID-19 and the challenging energy market conditions. However, we are anticipating upper single-digit to double-digit revenue growth off of 2020 with full year revenues expected to range between $3.65 billion to $3.85 billion. Over 90% of our revenue expectations for 2021 represent base business with larger projects representing their lowest level of contributions in the last 7 years.

地下公用事業和基礎設施解決方案領域繼續受到 COVID-19 和充滿挑戰的能源市場條件的影響。然而，我們預計 2020 年營收將實現個位數至兩位數成長，全年營收預計在 36.5 億美元至 38.5 億美元之間。我們 2021 年收入預期的 90% 以上來自基礎業務，較大項目代表了過去 7 年來的最低貢獻水準。

From a seasonality perspective, we see first quarter revenues being our lowest for the year, likely more than 20% lower than the first quarter of 2020. This decline is primarily due to significantly reduced industrial service revenues compared to the record results in 1Q '20, as industrial customers are still dealing with lower demand stemming from decreased global travel activity associated with the pandemic as well as reduced contributions from larger pipeline projects.

從季節性角度來看，我們認為第一季營收是今年最低的，可能比2020 年第一季低20% 以上。服務收入大幅減少，因為工業客戶仍在應對因疫情導致的全球旅行活動減少以及大型管道項目貢獻減少而導致的需求下降。

Revenue should then increase sequentially into the third quarter then seasonally decline in the fourth quarter. Quarterly revenues for the second through the fourth quarters are expected to be higher on a quarter-over-quarter basis as compared to 2020 with double-digit growth expected for each quarter.

然後，收入將在第三季度連續增長，然後在第四季度季節性下降。與 2020 年相比，第二季至第四季的季度營收預計將比上一季更高，預計每季將實現兩位數成長。

Operating margin improvement for the segment continues to be a focus for us. We see segment margins ranging between 5.5% and 6%, led primarily by continued execution within our gas LDC operations. Our full year margin expectations include a breakeven contribution from our industrial services operations in 2021 due to the continued challenging environment. However, to put our current segment margin guidance in context, if our industrial operations contributed at historical pre-COVID margin levels, our segment margin guidance would increase by over 100 basis points.

該部門營業利潤率的提高仍然是我們關注的焦點。我們預計分部利潤率介於 5.5% 至 6% 之間，這主要得益於我們天然氣最不發達國家業務的持續執行。由於持續充滿挑戰的環境，我們的全年利潤率預期包括 2021 年工業服務業務的損益平衡貢獻。然而，考慮到我們目前的分部利潤率指導，如果我們的工業業務在新冠疫情前的歷史利潤水平上做出貢獻，我們的分部利潤率指導將增加 100 個基點以上。

Consistent with years past and similar to Electric Power, our first quarter traditionally has lower activity in the segment due to weather seasonality, which impacts our revenues and pressures margins. With current inclement weather across much of the U.S., further pressuring those operations, we expect first quarter margins between breakeven and a small loss. However, we expect solid improvement into the second and third quarters with a seasonal decline in the fourth quarter.

與往年一致，與電力行業類似，由於天氣季節性，我們第一季該領域的活動傳統上較低，這影響了我們的收入並給利潤率帶來壓力。由於目前美國大部分地區的惡劣天氣進一步給這些業務帶來壓力，我們預期第一季的利潤率將在損益兩平和小幅虧損之間。然而，我們預計第二季和第三季將出現穩健改善，第四季將出現季節性下降。

These segment operating ranges support our expectation for 2021 annual revenues of $11.95 billion to $12.35 billion, and adjusted EBITDA, a non-GAAP measure, of between $1.09 billion and $1.19 billion. This represents 8% growth at the midpoint of the range when compared to 2020's record adjusted EBITDA.

這些部門的經營範圍支持我們對 2021 年年收入 119.5 億美元至 123.5 億美元的預期，調整後 EBITDA（非 GAAP 指標）在 10.9 億美元至 11.9 億美元之間。與 2020 年創紀錄的調整後 EBITDA 相比，這意味著該範圍的中點增加了 8%。

With these operating results, we estimate our range of GAAP diluted earnings per share attributable to common stock for the year to be between $3.16 and $3.66, and anticipate non-GAAP adjusted diluted earnings per share to be between $4.02 and $4.52.

根據這些經營業績，我們預計本年度 GAAP 稀釋後普通股每股收益範圍為 3.16 美元至 3.66 美元，預計非 GAAP 調整後稀釋每股收益為 4.02 美元至 4.52 美元。

Turning to cash flow. We expect free cash flow for 2021 to range between $400 million and $600 million with the standard disclaimer that quarterly free cash flow is subject to sizable movements due to various customer and project dynamics that occur in the normal course of operations. Included in our free cash flow expectation is the anticipated payment of $54 million in the fourth quarter related to payroll taxes that were deferred in 2020.

轉向現金流。我們預計 2021 年的自由現金流將在 4 億至 6 億美元之間，標準免責聲明是，由於正常營運過程中發生的各種客戶和專案動態，季度自由現金流可能會大幅變動。我們的自由現金流預期包括第四季預計支付的 5,400 萬美元，與 2020 年遞延的工資稅有關。

As we have discussed during prior investor events, our cash flow generation moves counter to our revenue growth rate. For instance, a large driver of our significant free cash flow in 2020 was reduced revenues of approximately $900 million compared to 2019, decreasing working capital needs. However, higher revenue growth, like we're guiding for 2021, will likely to require a meaningful investment in working capital to support the growth.

正如我們在先前的投資者活動中所討論的那樣，我們的現金流產生與我們的收入成長率背道而馳。例如，與 2019 年相比，我們 2020 年自由現金流大幅增加的一個重要推動因素是營收減少了約 9 億美元，從而減少了營運資金需求。然而，更高的收入成長（就像我們對 2021 年的指導一樣）可能需要對營運資本進行有意義的投資來支持成長。

While our 2021 free cash flow may be negatively impacted by increased working capital required to support our return to 2019 revenue levels, we believe the consistent, sustainable growth profile and solid margins of our base business provides for repeatable levels of free cash flow generation in line with our 2021 guidance in future periods. For additional information, please refer to our outlook summary, which can be found on the IR website at quantaservices.com.

雖然我們2021 年的自由現金流可能會受到支持我們恢復到2019 年收入水準所需的營運資本增加的負面影響，但我們相信，我們的基礎業務持續、可持續的成長狀況和穩健的利潤率可以提供可重複的自由現金流生成水準以及我們對未來時期的 2021 年指導。如需了解更多信息，請參閱我們的展望摘要，該摘要可在 IR 網站Quantaservices.com 上找到。

Looking back on our 2020 performance, although there were headwinds to the year, we ended the year with $11.2 billion in revenues, which represents an 8.1% revenue CAGR since 2015. More importantly, we ended the year with slightly over $1 billion of adjusted EBITDA, a record for Quanta and equal to our goal established 5 years ago, which represents a nearly 15% CAGR since 2015.

回顧我們2020 年的業績，儘管今年遇到了阻力，但我們年底的收入為112 億美元，自2015 年以來的複合年增長率為8.1%。 10 億美元，這是廣達的記錄，等於我們 5 年前製定的目標，即自 2015 年以來的複合年增長率近 15%。

Lastly, our record adjusted EPS of $3.82 represents a 28% CAGR since 2015, with our adjusted EPS growing faster than profits, which are growing faster than revenues. Over the last 5 years, we have deployed approximately $1.4 billion in cash for M&A and strategic investments and $760 million for stock repurchases. While we acquired $250 million of common stock in 2020 and $7 million of common stock through February 24, 2021, we have approximately $530 million of availability remaining on our current stock repurchase program.

最後，我們的調整後每股收益達到創紀錄的 3.82 美元，自 2015 年以來複合年增長率為 28%，調整後每股收益的增長速度快於利潤，而利潤的增長速度又快於收入。在過去 5 年裡，我們部署了約 14 億美元現金用於併購和策略性投資，並部署了 7.6 億美元用於股票回購。雖然我們在 2020 年收購了 2.5 億美元的普通股，但我們目前的股票回購計畫還剩約 5.3 億美元的可用資金。

Our first capital priority remains supporting the growth of our business through working capital and capital expenditures, however, we remain committed to the deployment of remaining available capital to stockholders through our stock repurchase and dividend programs, and we continue to expect opportunistic acquisitions.

我們的首要資本優先事項仍然是透過營運資本和資本支出來支持我們的業務成長，但是，我們仍然致力於透過股票回購和股息計劃向股東部署剩餘的可用資本，並且我們繼續期待機會性收購。

Our $1 billion bond offering in 2020 established a fixed level of debt that nicely complements our current EBITDA profile, which we believe is a repeatable, sustainable baseline of earnings. Simultaneously, we secured an expanded credit facility, further enhancing our ability to meet incremental capital needs.

我們在 2020 年發行的 10 億美元債券確定了固定的債務水平，很好地補充了我們目前的 EBITDA 狀況，我們認為這是一個可重複、可持續的盈利基準。同時，我們獲得了擴大的信貸額度，進一步增強了我們滿足增量資本需求的能力。

Overall, we remain confident in the strength of our operations, our prospects for profitable growth and the repeatable and sustainable nature of our core markets. We've developed a platform for Quanta to capitalize on the trends driving the spend in our markets, and we firmly believe delivering base business solutions through world-class craft skill labor, opportunistic larger project deployments and continued balance sheet strength will be the key to delivering long-term shareholder value.

總體而言，我們對我們的營運實力、獲利成長前景以及核心市場的可重複性和可持續性質仍然充滿信心。我們為廣達開發了一個平台，以利用推動我們市場支出的趨勢，我們堅信透過世界一流的工藝技術勞動力、機會主義的大型專案部署和持續的資產負債表實力提供基礎業務解決方案將是實現這一目標的關鍵。

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 is coming from Noelle Dilts of Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 Noelle Dilts。

Congrats on a great quarter. Could you just expand a little bit on how things are progressing in Puerto Rico, how we're looking at the transition over to kind of full-scale operations there? And any change in how you're thinking about some of the opportunities around construction projects in the region?

恭喜您度過了一個出色的季度。您能否詳細介紹一下波多黎各的進展情況，以及我們如何考慮向那裡的全面運營過渡？您對該地區建築項目的一些機會的看法有什麼變化嗎？

Yes. In Puerto Rico, we're making progress. We're staying on task on the time line that we set forward within our bid process. And so I think we're making great strides there. We're continuing to transition the labor force as well as everything that comes with that from remediation plans and capital plans on the PREPA side of the business.

是的。在波多黎各，我們正在取得進展。我們將按照我們在投標過程中設定的時間表完成任務。所以我認為我們正在這方面取得巨大進步。我們正在繼續對勞動力以及 PREPA 業務方面的補救計劃和資本計劃所帶來的一切進行轉型。

And from my standpoint, I think the third quarter some time is when we expect to fully transition over into commencement. If not, it will just -- we have a supplemental agreement that will continue, and we'll stay in the supplemental agreement, but the numbers and what we put forth does not change. We continue to be optimistic about the progress we're making as well as what we're doing for the Island, the people, where we've got our training facility very close to opening. So we're seeing a lot of progress there and momentum around what we can do for the Island as far as the people as well as the economics for the Island. So everything is on track, going well.

從我的角度來看，我認為第三季的某個時候我們預計將完全過渡到啟動階段。如果沒有，那就只是——我們有一份將繼續存在的補充協議，我們將保留補充協議，但數量和我們提出的內容不會改變。我們繼續對我們正在取得的進展以及我們為島上人民所做的事情感到樂觀，我們的培訓設施即將開業。因此，我們看到那裡取得了許多進展，並看到了我們能為島嶼人民以及島嶼經濟做些什麼的勢頭。所以一切都步入正軌，進展順利。

Okay. Great. And then obviously, kind of a lot of positive drivers on the electric T&D side. I guess, a couple of questions there. First, I think some of the grid hardening work that was particularly around fires that was kind of planned for 2020 has maybe been pushed off. Could you -- had been pushed off, can you comment on how you're thinking about that for 2021?

好的。偉大的。顯然，電力輸配電方面有許多正面的驅動因素。我想，有幾個問題。首先，我認為計劃在 2020 年進行的一些電網強化工作（特別是針對火災的電網強化工作）可能已被推遲。你能——被推遲了，你能評論一下你對 2021 年的想法嗎？

And then just kind of any thoughts on some of The Biden Administration's goals around renewable energy and the potential for an Infrastructure Bill, sort of how are you thinking about: One, the potential for an Infrastructure Bill, and if you could see some grid-related initiatives there, given the administration's initiatives?

然後，關於拜登政府圍繞再生能源和基礎設施法案的潛力的一些目標，你有什麼想法，你是如何考慮的：一，基礎設施法案的潛力，如果你能看到一些電網——鑑於政府的舉措，有哪些相關舉措？

Yes. So I'll take the wildfire question to the west first. When we looked at it last year, we knew in our mind, one of our larger utilities out there was coming out of bankruptcy as well as putting a management team in. They're still putting that management team in place. We said all along that we -- if we weren't working on that, we would be working somewhere in the west, that's still the case. It has not -- the demand for our services and what we're doing there from a solution provider to the wildfire assessment as well as the construction thereafter still remains. I think it's a long-term build in the west around hardening, modernization and all the things that are necessary when you want to move to more of a carbon-free environment.

是的。所以我先把山火問題帶到西方。當我們去年看到它時，我們心裡知道，我們的一家較大的公用事業公司正在擺脫破產，並組建了一個管理團隊。 他們仍在組建該管理團隊。我們一直說，如果我們不致力於這一點，我們就會在西方的某個地方工作，情況仍然如此。但事實並非如此——對我們服務的需求以及我們從解決方案提供者到野火評估以及隨後的建設的需求仍然存在。我認為這是西方圍繞硬化、現代化以及想要轉向更多無碳環境時所必需的所有事情的長期建設。

And when we look at that to the west, I think they're a little farther along in their anticipation of being there. So you're still backed up by quite a bit of gas in the region. So I continue to believe that we'll continue to see modernization of that infrastructure as well as hardening for wildfires to the west.

當我們看向西方時，我認為他們對那裡的期望有點遠。所以該地區仍有相當多的天然氣作為後盾。因此，我仍然相信，我們將繼續看到基礎設施的現代化以及西部野火的加強。

And the way we looked at it this year is, we took a normal approach that we -- the same one we've taken in years past. And I -- if we're not busy on the wildfire piece of it, we'll be busy doing other things in the west. So I think all that's anticipated. If we start to move and expedite that, it would be in the later half of the year. And we comment on it as it move forward, move upward. So we took a prudent approach to that.

我們今年看待這個問題的方式是，我們採取了一種正常的方法——與過去幾年所採取的方法相同。而我──如果我們不忙於野火，我們就會忙於在西部做其他事情。所以我認為這一切都是預料之中的。如果我們開始採取行動並加快進程，那將是在今年下半年。當它向前、向上移動時，我們就會對其進行評論。因此我們對此採取了謹慎的態度。

As far as The Biden Administration, we've done well under both administrations. It doesn't -- whether it be Republican or Democrat we're really agnostic to that. When we look at it, I think if they follow the energy plan of the 2030, 2050 type time frame as far as moving to a more carbon-free footprint, it certainly drives our business. I don't think that sentiment is going away. So we continue to see momentum around renewables and carbon-free types of environment, whether it be hydrogen, batteries, whatever it may be. We've got sentiments there. Administration certainly pushing that, and I think it's beneficial for Quanta on all fronts. So that's where we stand.

就拜登政府而言，我們在兩屆政府的領導下都做得很好。事實並非如此——無論是共和黨還是民主黨，我們對此真的不可知。當我們審視它時，我認為如果他們遵循 2030 年、2050 年類型時間框架的能源計劃，以實現更無碳的足跡，這肯定會推動我們的業務。我不認為這種情緒會消失。因此，我們繼續看到再生能源和無碳環境的發展勢頭，無論是氫、電池或其他什麼。我們那裡有感情。政府肯定會推動這一點，我認為這對廣達在各方面都有好處。這就是我們的立場。

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。

I wanted to start on the Underground Utility margins. So they're set at 5.5% to 6% for '21, I think you said it would be 100 basis points better if we had a normalized contribution from industrial services. So I guess, firstly, does that just mean we'd be 100 basis points higher if demand for refined products was normalized around the reopening?

我想從地下公用事業的利潤開始。因此，21 年的成長率被定為 5.5% 至 6%，我想你說過，如果工業服務業的貢獻標準化，情況會好 100 個基點。所以我想，首先，這是否意味著如果成品油需求在重新開放期間正常化，我們的價格會上漲 100 個基點？

And second, I mean, what is the sort of longer-term trajectory in this segment? Maybe you could just refresh us on beyond just a normalization and the reopening of the economy, what the longer-term target is for this business?

其次，我的意思是，這個細分市場的長期發展軌跡是什麼？也許您可以讓我們了解一下，除了經濟正常化和重新開放之外，這項業務的長期目標是什麼？

Yes. So I think when we look at the segment and look at what we're trying to accomplish there, we moved it away from large projects into more of a base business, and you see that happening, as we sit today. When we look at the industrial business, we have it as flat for the year. We do see signs of life there. If the economy comes back, we will get in a more normalized industrial sector and see more of the same type of work we've seen over our historical.

是的。因此，我認為，當我們審視該細分市場並審視我們正在努力實現的目標時，我們將其從大型專案轉移到更多的基礎業務中，正如我們今天所坐的那樣，您會看到這種情況正在發生。當我們審視工業業務時，我們認為今年工業業務持平。我們確實在那裡看到了生命的跡象。如果經濟復甦，我們將進入一個更正常化的工業部門，並看到更多我們在歷史上看到的相同類型的工作。

So if you go back to '08 and '09 and you look, '08 and '09, after '08 and '09, we have very busy years in the industrial space. I expect that, that will happen. Nothing's changed there. I really like that business unit. I think we'll grow out of it. We have opportunities where others have left the space. So we continue to see greater opportunity we've ever had there on a go-forward basis. We like it, and we'll continue to stay in it.

因此，如果你回到 08 年和 09 年，你會發現，08 年和 09 年，在 08 年和 09 年後，我們在工業領域度過了非常忙碌的幾年。我期望那會發生。那裡什麼都沒有改變。我真的很喜歡那個業務部門。我想我們會從中擺脫出來的。我們擁有其他人留下的機會。因此，我們繼續看到我們曾經擁有過的更大的機會。我們喜歡它，並將繼續留在其中。

So again, as Derrick commented, we do believe, if that gets back and you get in the upper single digits there like it's operated in the past, it will move the whole segment up. And that's what we see. So I -- we're committed to operating the segment in upper single digits. We're making strides to get there every day based on base business and repetitive and resilient type framework with growth to our LDC markets in our regulated markets, and that's backing that segment.

因此，正如德里克所評論的那樣，我們確實相信，如果這種情況回來並且你像過去那樣達到較高的個位數，那麼整個細分市場就會上升。這就是我們所看到的。所以我 - 我們致力於以較高的個位數經營該細分市場。基於基礎業務和重複且有彈性的框架，我們每天都在朝著實現這一目標邁進，並在我們受監管的市場中向最不發達國家市場發展，這為該細分市場提供了支持。

I will say that the company itself is in a portfolio. And when you look at those individual segments or operating units that perform that work, it's not -- they can go perform electric work and do. They perform telecom work and do. So while it looks like, in a segment, you get -- you see it one way, it doesn't mean that we're not fully utilized as a company and we're not moving forward as a portfolio. So you see the overall margins of the company lift, and we've always said that our goal for the company is to be double-digit adjusted EBITDA.

我想說的是，公司本身就是一個投資組合。當你觀察那些執行這項工作的各個部門或營運單位時，你會發現它們並不是可以執行電力工作。他們從事電信工作，而且確實這麼做了。因此，雖然看起來，在一個細分市場中，你會以一種方式看待它，但這並不意味著我們沒有充分利用作為一家公司，我們不會作為一個投資組合向前發展。所以你會看到公司的整體利潤率上升，我們一直說我們公司的目標是調整後的 EBITDA 達到兩位數。

Okay. Got it. That's helpful, Duke. And maybe just continuing on the margin discussion with Electric Power. I guess, firstly, is the trajectory from the 11.6% ex-Latam in 2020 to the 10.1% to 10.9% in the guidance for '21, all just a normalization in storm revenue run rates?

好的。知道了。這很有幫助，杜克。也許只是繼續與電力公司進行利潤討論。我想，首先，從 2020 年前拉美地區的 11.6% 到 21 年指導中的 10.1% 到 10.9% 的軌跡是否只是風暴收入運行率的正常化？

And second, I mean, relative to the 10.1% to 10.9%, I mean it seems like LUMA in the out-year a full transition contribution in the out-year is a tailwind. It seems like telecom is exiting -- is going to exit '21 at a higher run rate in terms of margin. So is there potential for expansion beyond this 2021 guidance range for Electric Power margins around those factors?

其次，我的意思是，相對於 10.1% 到 10.9%，我的意思是，今年的 LUMA 似乎是一個順風車。電信似乎正在退出——就利潤率而言，將以更高的運行率退出 21 年。那麼，圍繞這些因素，電力利潤率是否有可能超出 2021 年指導範圍？

Yes. I mean when we look at the margins and you look at it on a CAGR basis, you go back 20 years, we've operated kind of double digits. And so for us, that's what we see historically. We have operated above that. We've talked about that.

是的。我的意思是，當我們看利潤率時，如果你以複合年增長率為基礎來看的話，你可以追溯到 20 年前，我們的營運速度是兩位數。對我們來說，這就是我們歷史上所看到的。我們已經在上面進行了操作。我們已經討論過了。

I think when we look at our guidance, we take a prudent approach to it. It's very early. We have seasonality. We have all kinds of events. We did pull back to $200 million of storm guidance. So if that's more, obviously, that would pick up the segment. We're operating really well there. And I think, certainly, there's opportunity. But as far as where we sit, the guidance that we gave is prudent. And I think it's -- if you look at it over time, that's where we will sit over time on a CAGR basis. So yes, there's always opportunity for us, and we're going to do everything we can to operate above that.

我認為，當我們審視我們的指導意見時，我們會採取謹慎的態度。時間還很早。我們有季節性。我們有各種各樣的活動。我們確實將風暴指導下調至 2 億美元。因此，如果這個數字更多，顯然，這將推動該細分市場的發展。我們在那裡運作得很好。我認為，當然有機會。但就我們的立場而言，我們給予的指導是謹慎的。我認為，如果你隨著時間的推移來看，這就是我們將在複合年增長率的基礎上所處的位置。 所以，是的，我們總是有機會，我們將盡一切努力超越這個機會。

Yes. Sean, one other bit of color. I mean, no, it's not really right to look at '20 to '21 being all as the storm pullback. Clearly, that is a component of it, but that's where Duke saying that the broader aspect of the operating model would average into that 10%. We've got a slide in there trying to illustrate that in the slide deck.

是的。肖恩，另一種顏色。我的意思是，不，將 20 至 21 年間視為風暴消退的時期並不正確。顯然，這是其中的一個組成部分，但這就是杜克所說的營運模式的更廣泛方面平均為 10% 的地方。我們有一張幻燈片試圖在幻燈片中說明這一點。

And then relative to going forward, though, yes, as it relates to the back half of the year performance for '21 going into '22, to the extent that you saw more run rate type dynamics for LUMA in the back half of the year, then yes, that would be accretive to thinking about the model going into '22.

然後相對於未來，是的，因為它與 21 年下半年到 22 年的表現相關，在某種程度上，您會在今年下半年看到 LUMA 更多的運行率類型動態，那麼是的，這將有助於思考進入22 世紀的模型。

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, can you update us on where you are in terms of your focus on capturing more of customers programmatic spend? It looks like your estimated orders under MSAs within electric power are up dramatically, which is a major reason for the positive move in your Electric Power backlog in 2020. So would you expect that to continue to move up in '21? And are you generally seeing customers more willing to outsource more of their operations to you, given labor scarcity and job complexity?

Duke，您能否向我們介紹一下您在專注於吸引更多客戶程序化支出方面的進展？看來您在電力領域的 MSA 下的預計訂單大幅增加，這是 2020 年電力積壓訂單出現積極變化的主要原因。鑑於勞動力稀缺和工作複雜性，您是否普遍認為客戶更願意將更多業務外包給您？

We pride ourselves in self performance and craft skill labor. And I think it's right now that, that is tight in the marketplace. And our training facilities and the things that we've done allow us to collaborate with our customers there. So it's really driving the front side of the business and our ability to capture in a more holistic manner, the full value chain that we see end-to-end solutions on the utility base.

我們為自我表現和工藝技能勞動而感到自豪。我認為現在市場供應緊張。我們的培訓設施和我們所做的事情使我們能夠與那裡的客戶合作。因此，它確實推動了業務的前端以及我們以更全面的方式捕獲完整價值鏈的能力，即我們在公用事業基礎上看到的端到端解決方案。

So yes, I think we're making great progress there. I think it's something that we said we were going to do and pride ourselves going forward, and it will drive the business forward. So the capital spends are also getting longer. When we talk about it, when we're talking to customers, our MSAs are lengthening, not getting shorter. So we're seeing more multiyear-type MSAs versus one year basically to make sure that they have the craft skill labor and the ability to perform that CapEx, OpEx on a go-forward basis. And I like our position. I think we're doing very well on the utility side of the business as far as capturing more of the front side.

所以，是的，我認為我們在這方面取得了很大進展。我認為這是我們說過要做的事情，並且為未來的發展感到自豪，它將推動業務向前發展。因此，資本支出也變得越來越長。當我們談論這個問題時，當我們與客戶交談時，我們的 MSA 正在延長，而不是縮短。因此，與一年相比，我們看到更多的多年型 MSA 基本上是為了確保他們擁有工藝技能勞動力以及在前進的基礎上執行資本支出和營運支出的能力。我喜歡我們的立場。我認為我們在業務的實用性方面做得非常好，就捕獲了更多的前端而言。

Duke, that's helpful. And then you mentioned large projects from Canada and Electric Power contributing a little more in terms of revenue in '21, so could you talk about the duration of these projects? I think they'll burn revenue into '22. And then given all the focus on energy transition and renewables, are you at least having more conversations at this point regarding larger transmission work? So when your bigger Canadian projects end you should be able to replace them and/or further grow in large transmission?

杜克，這很有幫助。然後您提到加拿大和電力公司的大型專案在 21 年的收入方面貢獻了更多，那麼您能談談這些專案的持續時間嗎？我認為他們會在 22 世紀消耗收入。然後考慮到能源轉型和再生能源的所有關注，您目前是否至少就更大的輸電工作進行了更多對話？那麼，當您的加拿大大型專案結束時，您應該能夠替換它們和/或進一步發展大型輸電專案？

I mean when we look at North America, if the sentiment stays to renewables and we continue down the path, there's no way around not putting in large transmission to move load to load centers. I think it's -- whether it be Canada or North America, we'll continue to see those type dynamics stack on to the base business as we move forward.

我的意思是，當我們看看北美時，如果人們對再生能源的看法保持不變，並且我們繼續沿著這條路走下去，那麼就沒有辦法不安裝大型輸電設備將負載轉移到負載中心。我認為，無論是加拿大還是北美，隨著我們的前進，我們將繼續看到這些類型的動態疊加到基礎業務上。

The projects that are in Canada are performing well, and I -- some parts of it will end in '22 and parts of it will end in '23. So it's a good base for us in Canada. We do see opportunities beyond that and in other areas as well. So we continue to kind of see that. And as far as kind of the magnitude, we still see well above the $3 billion-type framework in large projects of opportunity. And I think that continues on. It's well above that. I'll just comment to that. So no one will get excited that it's not that -- above that as we move forward.

加拿大的計畫表現良好，其中一些計畫將在 22 年結束，部分計畫將在 23 年結束。所以這對我們在加拿大來說是一個很好的基地。我們確實看到了除此之外以及其他領域的機會。所以我們繼續看到這一點。就規模而言，我們仍然認為大型專案的機會遠高於 30 億美元類型的框架。我認為這種情況會持續下去。遠高於此。我只是對此發表評論。因此，當我們繼續前進時，沒有人會因為事情並非如此而感到興奮。

Our next question is coming from Alex Rygiel of B. Riley FBR.

我們的下一個問題來自 B. Riley FBR 的 Alex Rygiel。

With regard to the revenue guidance for 2021 of 7% to 10%, what's the anticipated contribution from acquisitions completed in 2020 as well as ones completed early in 2021?

對於2021年7%至10%的營收指引，2020年完成的收購以及2021年初完成的收購的預期貢獻是多少？

I would say that the incremental is probably around 200, 200-or-so for the full complement of acquisitions in '20.

我想說，對於 20 年的全部收購來說，增量可能約為 200、200 左右。

And then as you think about capital allocation in 2021, can you quantify or bracket sort of what you're targeting for acquisitions in the coming year either from a revenue contribution basis or capital to purchase those businesses?

然後，當您考慮 2021 年的資本分配時，您能否根據收入貢獻基礎或購買這些業務的資本來量化或劃分您來年的收購目標？

Yes. Alex, this is Duke. I think the strategy remains the same. You'll see us continue to -- obviously, we're valuing everything against the stock and what we can do with that and our organic growth. So we'll continue to make sure that we invest back in the business. As far as working capital, where we still see plenty of acquisition-type targets out there that come through. We're not hard-pressed to make acquisitions. But if we see the right company management teams, we'll certainly lean into them as we have in the past. And I think that will also be additive to anything we're trying to accomplish from a strategy standpoint.

是的。亞歷克斯，這是杜克。我認為策略保持不變。你會看到我們繼續下去——顯然，我們正在根據股票來評估一切，以及我們可以用它做些什麼以及我們的有機成長。因此，我們將繼續確保對業務進行投資。就營運資金而言，我們仍然看到大量收購類型的目標得以實現。我們並不面臨收購的壓力。但如果我們看到合適的公司管理團隊，我們肯定會像過去一樣向他們傾斜。我認為從戰略的角度來看，這也將有助於我們試圖完成的任何事情。

And I do think when we look at the way the company is running and the way that the capital allocation happens going forward, it does allow us to start thinking through the opportunity certainly for double-digit EPS growth year-over-year. And so we've seen much more than that. And if you go back on a 5-year CAGR basis, it's much more than that. You see our guidance this year more than that. So I do think the company's ability to lean in and to pull all levers of the balance sheet to move us forward is certainly there, and you'll see us do that.

我確實認為，當我們審視公司的營運方式以及未來資本配置的方式時，它確實讓我們開始思考每股盈餘同比增長兩位數的機會。所以我們看到的遠不止這些。如果你以 5 年複合年增長率為基礎，你會發現這個數字遠不止於此。您看到我們今年的指導遠不止於此。因此，我確實認為公司有能力利用資產負債表的所有槓桿來推動我們前進，而且你會看到我們這樣做。

Another way to think about it, go back and look at our averages, I mean you see that we averaged probably around $400 million or more in deployment of capital and acquisitions over the last 4, 5 years.

另一種思考方式是，回過頭來看看我們的平均水平，我的意思是你會看到，在過去4、5 年裡，我們在資本部署和收購方面的平均成本可能約為4 億美元或更多。

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。

Just on the cash flow, your guidance of about 45% conversion of EBITDA, it seems a little bit higher than you were previously talking about when you get growth going into sort of the upper single digits on a revenue basis. So I guess, is there anything, in particular, that's taking that cash flow above that maybe 35% to 40% conversion on a kind of a low single-digit -- low to mid single digit basis or is this now sort of a new normal kind of cash conversion at a better level?

僅就現金流而言，當您的收入成長達到較高個位數時，您對 EBITDA 轉換率約為 45% 的指導似乎比您之前談論的要高一些。所以我想，有什麼特別的，可以使現金流量高於 35% 到 40% 的轉換率，以低個位數——低到中個位數為基礎，或者這現在是一種新的正常的現金轉換處於更好的水平嗎？

Yes. Thanks for the question, Steve. Actually, what I'd say is it is a little bit higher. We ended up the year with probably running about a little over 12% working capital as a percentage of trailing 12-month revenues. Historically, we were really running probably about 13%. So we -- I think we've done a good job of continuing to get some of that pressure down on the working capital side. I think we can maintain that throughout this year, and that will give us a little bit higher conversion rate.

是的。謝謝你的提問，史蒂夫。事實上，我想說的是，它有點高。今年結束時，我們的營運資金佔過去 12 個月收入的比例可能略高於 12%。從歷史上看，我們的實際運行率可能約為 13%。因此，我認為我們在繼續減輕營運資金方面的壓力方面做得很好。我認為我們可以在今年保持這一點，這將為我們帶來更高的轉換率。

As Alex just asked, there is a little bit of M&A driving the revenue side so that would factor the revenue growth up just a little bit. But we commented multiple times that in a moderated growth rate, call it, in kind of that mid-single-digit that we could be in that 40% to 50% type conversion, which is largely what you're seeing with a little bit of an uptick based on expectations of maybe a little bit better cash conversion than what we've seen in recent periods.

正如亞歷克斯剛才所問的那樣，有一些併購推動了收入方面，因此這會稍微提高收入成長。但我們多次評論說，在適度的成長率中，我們可以實現 40% 到 50% 的類型轉換，這在很大程度上是您所看到的。的更好一點的預期而上升。

Great. And then just on the telecom business, just curious what the bookings potential looks like there? Are there any opportunities out there to maybe drive a step function increase in that $900 million backlog you have today or should we now expect that as this business gets a little bit bigger, the growth rate kind of starts to have a moderating trend, both on the revenues and the backlog side?

偉大的。然後就電信業務而言，只是好奇那裡的預訂潛力如何？是否有任何機會可以推動您今天擁有的 9 億美元積壓訂單中的階躍函數增加，或者我們現在是否應該預期，隨著該業務變得更大一點，增長率開始出現放緩趨勢，無論是在收入和積壓方面？

Yes. Steve, I think when we look at the telecom business, if we see the macro market, it's very good. And I think our ability to book is there, continue to book. What I would say is we've taken a measured approach to make sure that we kept our double-digit margins and hit those targets. And I think we've done that. We've grown it nicely.

是的。史蒂夫，我認為當我們看電信業務時，如果我們看到宏觀市場，那就非常好。我認為我們有能力預訂，繼續預訂。我想說的是，我們採取了謹慎的方法來確保我們保持兩位數的利潤率並達到這些目標。我認為我們已經做到了。我們把它長得很好。

As long as we can hit kind of the double-digit target margins that we're after, then we'll continue to see the kind of growth rates, but it will moderate at some point, the law of big numbers will get there. But in general, the market is there for us to continue to grow that business above the growth rate of the Electric segment for sure.

只要我們能夠達到我們所追求的兩位數的目標利潤率，那麼我們就會繼續看到這種成長率，但在某個時候它會放緩，大數定律將會到來。但總的來說，市場確實存在，我們可以繼續使該業務的成長速度超過電力領域的成長速度。

So I think we see that going forward and our ability -- what's happening with the ERCOT work is that's also going in our municipal electric customers. So it's allowing us even more opportunity to grow the business with even in our Electric side of the business. As far as our crew sets and with 5G and the way that that's going into the omni electric space. Certainly, it will push our telecom up even further. So I'm optimistic, the market is good and we're doing well there.

因此，我認為我們看到了未來的發展和我們的能力——ERCOT 工作正在發生的事情也將在我們的市政電力客戶中發生。因此，它為我們提供了更多的機會來發展業務，甚至在我們的電力業務方面也是如此。就我們的團隊和 5G 以及進入全電動領域的方式而言。當然，這將進一步推動我們的電信業務的發展。所以我很樂觀，市場很好，我們在那裡做得很好。

Our next question is coming from Jamie Cook of 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 my first question back to Underground Utility and Infrastructure. Are there any sort of inorganic opportunities that you could do in acquisitions that we could think about in 2021 to somewhat accelerate the margin improvement in this business? I know before -- or historically, Duke, you talked about scale and perhaps not enough geographic diversification sort of weighing down on the margins in this business. I'm wondering how opportunistic we can be there versus just waiting for the Industrial Services business to come back.

我想我的第一個問題又回到了地下公用事業和基礎設施。我們可以考慮在 2021 年進行收購，以在一定程度上加速該業務利潤率的提高，是否有任何無機機會？我知道以前——或者從歷史上看，杜克大學，你談到了規模以及可能沒有足夠的地域多元化，從而壓低了該行業的利潤率。我想知道，與僅僅等待工業服務業務的恢復相比，我們能有多大的機會主義。

And then on Industrial Services, I know you talked about if we normalized, you get margin improvement in that business. I guess, what's the revenue growth that you need or can you remind us where Industrial Services revenues were ended in 2020 versus what you would need to get that margin improvement?

然後在工業服務方面，我知道您談到如果我們實現正常化，該業務的利潤率就會提高。我想，您需要的收入成長是多少，或者您能否提醒我們 2020 年工業服務收入的結束情況與您需要獲得利潤率改善的情況相比？

Yes. Thanks, Jamie. To be clear, I want to make sure, our goal is to operate that segment, and we're doing what's necessary to operate that segment in upper single digits, the way it sits. That being said, our crews aren't sitting. I mean, many times, they'll go and perform electric work. They'll do other things on the Electric segment. So you're seeing the overall margins of the company move up. No matter what class of work they do. A bore rig, for example, can bore electric one day, gas the next and telecom the next.

是的。謝謝，傑米。需要明確的是，我想確保，我們的目標是經營該細分市場，並且我們正在採取必要的措施，以較高的個位數經營該細分市場，就像它所處的那樣。話雖如此，我們的工作人員並沒有坐下來。我的意思是，很多時候，他們會去做電力工作。他們將在電力領域做其他事情。所以你會看到公司的整體利潤率上升。無論他們從事什麼類別的工作。例如，鑽機可以在某一天進行電力鑽探，第二天進行天然氣鑽探，然後再進行電信鑽探。

So what we're doing is making sure that our offices are fully utilized so what's driving the overall margins up of the company. And we do anticipate that as we continue to grow out a utility side of that LDC business with Integrity and pipe replacements that, that will continue to be the largest piece of the segment as well as move up our margin profile and resiliency of the business as we go forward.

因此，我們正在做的是確保我們的辦公室得到充分利用，從而推動公司的整體利潤率上升。我們確實預計，隨著我們透過 Integrity 和管道更換繼續發展 LDC 業務的公用事業方面，這將繼續成為該細分市場中最大的部分，並提高我們的利潤狀況和業務彈性我們繼續前進。

So those are 30-year builds. We like that business. We have put in the Eastern Seaboard, albeit it had some issues last year and just now starting to kind of come back to full-scale on the Eastern Seaboard. So I think when we see all that come together, you're going to start to see it move up fairly rapidly.

所以這些都是 30 年的建造。我們喜歡那個生意。我們已經投入了東海岸，儘管去年出現了一些問題，現在才開始在東海岸全面恢復。因此，我認為，當我們看到所有這些結合在一起時，您將開始看到它的增長速度相當快。

I do think the industrial business, we -- when we acquired Stronghold, it was around $500 million. We had anticipated that growing to $1 billion at some point, but that is back to more normalized. What -- so when we look at that piece going forward, we like the pieces that are there. They're critical path infrastructure. We've not scaled back to operate at the $500 million mark. We still believe, when this moves out, that there's greater opportunity for us. So we are holding on to some people to make sure that we can fulfill the customers' needs as we move forward.

我確實認為工業業務，當我們收購 Stronghold 時，它的價值約為 5 億美元。我們曾預計在某個時候會成長到 10 億美元，但現在已經恢復到更正常化的狀態。什麼——所以當我們展望未來的作品時，我們喜歡那裡的作品。它們是關鍵路徑基礎設施。我們並未縮減營運規模至 5 億美元。我們仍然相信，當這種情況發生時，我們會有更大的機會。因此，我們留住了一些人，以確保我們在前進的過程中能夠滿足客戶的需求。

So there is a little drag on margin there in the industrial business by design. We've done it before in other areas. I think it's the right thing to do for the long-term vision that we have for that group.

因此，工業業務的利潤率在設計上受到了一些拖累。我們之前在其他領域也這樣做過。我認為，為了我們對該團隊的長期願景，這是正確的做法。

Jamie, a couple other quick points there. Relative to the differential revenue, Duke commented it effectively, think about it like a couple of hundred million dollars. But I think another point that's worth noting is 2021 expectations are exacerbated by kind of a first quarter effect. Industrial is counter-seasonal. And so it oftentimes contributes a little bit more into the first quarter than the normal aspect of our business. When you look at the modeling, I think what you'll find is for you to get to a 5.5% to 6% margin profile for underground based upon the breakeven to a small loss in the first quarter, you're going to have to see second, third and fourth quarters, operating effectively at around 7%.

傑米，還有其他一些要點。相對於收入的差異，杜克的評論很有效，想想就像是幾億美元。但我認為另一點值得注意的是，第一季的影響加劇了 2021 年的預期。工業是反季節的。因此，它對第一季的貢獻通常比我們業務的正常方面要多一些。當你查看模型時，我認為你會發現，基於第一季的小額虧損，你將獲得 5.5% 至 6% 的地下利潤率，你將不得不看到第二、第三和第四季度，有效營運在7%左右。

So it's really right now an exacerbated first quarter dynamic that's really creating the majority of the dilution, but otherwise, you're seeing margin execution of that remaining portion of the business, ex-industrial in the back half of the year, still at kind of that 7% type plus performance.

因此，現在確實是第一季動態加劇，真正造成了大部分稀釋，但除此之外，你會看到業務剩餘部分的利潤率執行情況（下半年不包括工業業務）仍然保持不變7%的類型加上性能。

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。

You had some rough weather down your part neck of woods last week to 10 days. Just share with us how you guys worked through that? And do you get the sense certainly and be in touch with your utility customers maybe just for ERCOT area, just in general, and plus the news and the flow that's happened, is this going to accelerate some of the decisions and the problems that ERCOT had to some other parts of the country? And are you -- do you think you're going to get a sense of that here in the next couple of months, even especially from a regulatory standpoint, not only just in Texas, but some of the other regulators around the U.S.?

上週至 10 天，您所在地區遭遇了惡劣天氣。請與我們分享你們是如何解決這個問題的？您是否確實理解並與您的公用事業客戶保持聯繫，也許只是針對 ERCOT 領域，只是一般而言，加上新聞和發生的流程，這是否會加速 ERCOT 的一些決策和問題到該國其他一些地區？您是否認為在接下來的幾個月內您會感受到這一點，尤其是從監管的角度來看，不僅是在德克薩斯州，而且是美國各地的其他一些監管機構？

Yes. Thanks, Mike. Thanks for the question. Yes. We had some weather here, for sure. And I want to say our employees, both at the corporate level and in the field, did a remarkable job of putting earnings out and being safe in the field and getting the lights back on.

是的。謝謝，麥克。謝謝你的提問。是的。當然，我們這裡天氣不錯。我想說的是，我們的員工，無論是在公司層級還是在現場，在公佈收入、確保現場安全以及恢復正常運作方面都做得非常出色。

So that being said, when we look at that, I think you're going to have to have some redundancy, no matter what you do, due to the intermittency. So whether it be if you're still backed by gas, your pipe get froze out in West Texas. You're going to have to see some redundancy on to back-up the grid. And I -- whether you do it with batteries or new pipe, that's certainly there as well as transmission where you had load, you can't bring it out because you were constrained.

話雖這麼說，當我們考慮這個問題時，我認為無論你做什麼，由於間歇性，你都必須有一些冗餘。因此，無論您是否仍然有天然氣支持，您的管道在德克薩斯州西部都會被凍結。您將必須看到一些冗餘來支援電網。我——無論你用電池還是新管道，那肯定是存在的，還有你有負載的傳輸裝置，你不能把它拿出來，因為你受到了限制。

So I think you're going to see transmission across North America. If we're going to go to more of a renewable sentiment state that's been stated, I've said it before and I'll say it again, the amount of transmission that's necessary to have a robust redundant system to back up intermittency is large in nature, much more than you can anticipate if you go to a European-type environment where you see large corridors of transmission.

所以我認為你會看到整個北美的傳播。如果我們要進入更多的可再生情緒狀態，我之前已經說過，我會再說一遍，擁有強大的冗餘系統來支持間歇性所需的傳輸量很大在自然界中，如果你去歐洲式的環境，你會看到巨大的傳播走廊，這遠遠超出你的預期。

So I think those spends stay there. Batteries will come into play at some point and be more of -- take some of that intermittency out, but we're early in batteries as we move forward. So those kind of things to build that modern grid as you see electric vehicles come on, on the distribution system. Our infrastructure that we have today, we continue to need to invest to modernize. And you're going to -- our utility customers' CapEx and OpEx and as well as our regulators, we'll continue to put focus on those areas as we move forward.

所以我認為這些支出會留在那裡。電池會在某個時候發揮作用，並且會消除一些間歇性，但隨著我們的前進，我們還處於電池的早期階段。因此，像電動車一樣，在配電系統上建立現代電網的事情就會出現。我們今天擁有的基礎設施，我們繼續需要投資來現代化。我們的公用事業客戶的資本支出和營運支出以及我們的監管機構將在前進過程中繼續關注這些領域。

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。

Congrats on the strong Q4. Duke, on the transmission side in the U.S. and Canada, just at a high level, what are you see in the bidding environment out there?

恭喜第四季表現強勁。杜克大學，在美國和加拿大的輸電方面，處於高水平，您對那裡的招標環境有何看法？

We're really busy. Most of the work we have are multiyear agreements across the board. So really, we're in multi-type year agreements on the base business. And then your larger work, we continue to see a robust bidding environment on the transmission side. And I -- from our standpoint, we're certainly positioned well for those larger projects, both in Canada and Lower 48. So it's a robust environment.

我們真的很忙。我們所做的大部分工作都是全面的多年期協議。事實上，我們就基礎業務簽訂了多種類型的年度協議。然後是更大的工作，我們繼續看到輸電方面強勁的招標環境。從我們的角度來看，無論是在加拿大還是在 48 州以下地區，我們對於這些大型項目來說無疑處於有利位置。

And then, I guess, sort of the same question on the gas side, where are you in your plans to kind of grow the base business on the gas side with gas utilities adding MSAs?

然後，我想，在天然氣方面也存在同樣的問題，您在透過天然氣公用事業公司增加 MSA 來發展天然氣方面的基礎業務的計劃中處於什麼位置？

Yes. I mean, we're adding MSAs pretty much every year, probably every quarter for that matter. It's really about us having the qualified personnel and continuing our training programs to get the folks in the field. And so we remain productive and make sure that we keep our margin profile up and don't grow past the margins. So it's more about a margin issue than the amount of macro work from a macro standpoint, the amount of work that's out there.

是的。我的意思是，我們幾乎每年都會增加 MSA，可能每季都會增加。這實際上是關於我們擁有合格的人員並繼續我們的培訓計劃以使人們進入該領域。因此，我們保持生產力，並確保我們的利潤率保持在較高水平，並且成長不會超過利潤率。因此，從宏觀角度來看，這更多的是利潤問題，而不是宏觀工作量，也就是現有的工作量。

So we'll be prudent about how we step into the gas piece of the LDC market, utility market, but it's certainly there and growing. And I think we've grown it kind of upper single digits to double digits year-over-year, and you'll continue to see that.

因此，我們將謹慎對待如何進入最不發達國家市場的天然氣部分，即公用事業市場，但它肯定存在並且不斷增長。我認為我們已經將其逐年從高位個位數增長到兩位數，並且您將繼續看到這一點。

And maybe, one way to think about it, the aggregate MSAs are now -- as it relates to the end of 2020, were just about 50% or just over 50% of revenues, which is definite growth from what you've seen 3 or 4 years ago.

也許，從一個角度考慮，現在的總體 MSA（與 2020 年底相關）僅佔收入的 50% 或略高於 50%，這與您所看到的相比是肯定的增長 3或4年前。

Our next question is coming from Chad Dillard of Bernstein.

我們的下一個問題來自伯恩斯坦的查德·迪拉德。

So my question's on the telecom margins. And you guys are guiding to, I guess, kind of in line with the segment levels through this year. And on the revenue side, you're guiding to about $700 million. And I'm just trying to understand what sort of incremental leverage do you have going from the $700 million this year to your eventual $1 billion run rate? And is there potential upside beyond the segment average for telecoms?

所以我的問題是關於電信利潤率的。我想，你們的指導與今年的細分水準有點一致。在收入方面，您預計收入約為 7 億美元。我只是想了解從今年的 7 億美元到最終的 10 億美元運行率，您有什麼樣的增量槓桿？電信業是否有超出產業平均值的潛在上升空間？

I think, again, we see portfolio approach there when you start to use electric crews to not only for electric work but also telecom work, you get some synergy there that would increase the margins on the telecom side. So as that comes into play and years beyond, when we start looking more 5G in the rural areas, I think you'll start to see margins increase as we go forward. And it's about utilization, people utilizations and scale with offices and from a managerial standpoint as well as a fleet standpoint. So the returns get better as well.

我再次認為，當您開始使用電力工作人員不僅進行電力工作而且還進行電信工作時，我們會看到組合方法，您會在那裡獲得一些協同作用，這將增加電信方面的利潤。因此，隨著這一點發揮作用，以及幾年後，當我們開始在農村地區尋找更多 5G 時，我認為隨著我們的前進，您將開始看到利潤率的增加。從管理的角度以及車隊的角度來看，這與使用率、人員利用率和辦公室規模有關。所以回報也變得更好。

That's helpful. And just a bigger picture question. So how much will gas transportation and distribution infrastructure need to change as hydrogen gets introduced as the bigger part of the energy mix? Just what infrastructure need on the pipe side? And are there any parallels you can draw versus what we saw on shale gas revolution about a decade ago? And in terms of the capabilities that Quanta has, is there anything you to beep up on in terms of natural skill set, geographic focus or customer coverage to realize opportunities ahead there?

這很有幫助。這只是一個更大的問題。那麼，隨著氫成為能源結構的重要組成部分，天然氣運輸和分配基礎設施需要改變多少？管道側到底需要哪些基礎建設？與大約十年前我們所看到的頁岩氣革命有相似之處嗎？就廣達所擁有的能力而言，在自然技能、地理重點或客戶覆蓋方面，您有什麼值得讚揚的地方，以實現未來的機會嗎？

Yes. I think when you look at the segment, you look at -- as far as the gas distribution and hydrogen, how it mixes in, it's certainly more corrosive. So when you're starting to blend it, we're working on those blends and things of that nature today. So that corrosiveness will cause work as well. So we see that going forward.

是的。我認為當你看這個細分市場時，你會看到——就氣體分佈和氫氣而言，它是如何混合的，它肯定更具腐蝕性。因此，當您開始混合它時，我們今天正在研究這些混合和類似性質的東西。因此，腐蝕性也會導致工作。所以我們看到了未來的發展。

It's early in my mind in hydrogen. We're still working on how that interacts in my mind with what's going on today. But we continue to see gas being utilize in new areas as well as replacements in our older areas to reduce methane emissions. So that's been something that has gone somewhat unnoticed is the methane emissions that it's caused today from leak prone pipe that's no longer there. So I think we're doing a good job of -- from the environmental aspect as well by replacing.

我對氫的認識還很早。我們仍在研究它如何在我的腦海中與今天發生的事情相互作用。但我們繼續看到天然氣在新地區被利用，並在舊地區進行替代，以減少甲烷排放。因此，今天由於易於洩漏的管道已不存在而導致甲烷排放，這一點一直被忽視。所以我認為我們在環境方面也透過更換做得很好。

And so I think about it, like the systems that are in place are very valuable because it's very difficult to build a new system today. And so the ones that are in place, what will happen is, is the Integrity piece of our business will continue to flourish as we move forward due to you're using an older pipe because it's too difficult to build new pipe. So we'll continue to see the -- our Integrity piece move up, and we're looking at that as a strategy as we go forward.

所以我想，現有的系統非常有價值，因為今天要建構一個新系統非常困難。因此，隨著我們的前進，我們業務的誠信部分將繼續蓬勃發展，因為您正在使用舊管道，因為建造新管道太困難了。因此，我們將繼續看到我們的誠信部分向前發展，我們將其視為我們前進的策略。

Our next question is coming from Brent Thielman of D.A. Davidson.

我們的下一個問題來自 D.A. 的布倫特·蒂爾曼 (Brent Thielman)。戴維森。

Congrats on a great quarter, great year. Maybe similar to the last question, Duke, it seems that clean energy, electrical vehicles and the infrastructure needed for that, very meaningful for your business over the long term. Are there other capabilities or services that you don't have today that could be of interest to leverage those themes more, whether that's direct engagement in renewables development or things around the EV infrastructure arena? Just wondering if you're looking at any of those sorts of things and sort of supplemental growth opportunities to the core business?

恭喜一個偉大的季度，偉大的一年。也許與最後一個問題類似，杜克，清潔能源、電動車及其所需的基礎設施似乎對您的業務長期而言非常有意義。是否還有其他您目前不具備的能力或服務可能有興趣更多地利用這些主題，無論是直接參與再生能源開發還是圍繞電動車基礎設施領域的事情？只是想知道您是否正在考慮此類事情以及核心業務的補充成長機會？

Yes. When you think about everything that you've said, whether it be electric vehicles, automated vehicles, technology, renewables, hydrogen, we're in conversations, collaborations with helping build the modern infrastructure necessary to enable every one of the things that you hear every day. So the company is in a unique position to enable all those things to happen, whether it be electric vehicles on the distribution system to make sure that not only can we put charging stations in, but we can also make sure the grid behind it can handle the amount of electric vehicles that are going to be charging on a daily basis and the intermittency that it causes is a tremendous step forward within the distribution systems that we see today on the electric side, technology, on the telecom side, as we move into 5G, the company is in very -- in a unique position there to deploy resources there.

是的。當你思考你所說的一切時，無論是電動車、自動駕駛汽車、科技、再生能源、氫能，我們都在對話、合作，幫助建立必要的現代基礎設施，以實現你所聽到的每一件事情每天。因此，該公司處於獨特的地位，可以實現所有這些事情，無論是配電系統上的電動車，以確保我們不僅可以放置充電站，而且還可以確保其背後的電網能夠處理每天充電的電動車數量及其造成的間歇性是我們今天在電力方面、技術方面和電信方面看到的配電系統中的巨大進步，因為我們進入了在5G 領域，該公司處於非常獨特的位置，可以在那裡部署資源。

So I think any way you look at it from a sentiment standpoint and how we're becoming more sustainable going forward as well as environmental-friendly from a company, we're enabling all those things to happen.

因此，我認為，無論你從情感的角度來看，以及我們如何變得更加永續發展以及公司的環境友善型，我們都正在使所有這些事情發生。

Okay. I appreciate that. And then on communications, I'm sorry if you touched on this earlier, but I guess I'm wondering with the completion of the C-band auction, whether that's being a much more meaningful dialogue with customers just around the build-out of infrastructure. Maybe what are you hearing from them now that, that's completed?

好的。我很欣賞這一點。然後在溝通方面，如果您早些時候談到這一點，我很抱歉，但我想我想知道隨著 C 頻段拍賣的完成，這是否是圍繞構建的客戶進行的更有意義的對話基礎設施。也許您現在從他們那裡聽到了什麼，已經完成了？

I think we still see the same. I mean it's a robust conversation on a daily basis about what's going to happen. Obviously, there's been -- with the pandemic, some of the plans have moved. And you see some more fiber pushing into suburbs. So that's certainly something that we see. But on a go-forward basis, the capital spends are there, and I think we're in a -- we're well positioned to take advantage of that as we move forward.

我認為我們仍然看到同樣的情況。我的意思是，這是每天關於將要發生的事情的激烈對話。顯然，隨著流感大流行，一些計劃已經發生了變化。你會看到更多的光纖進入郊區。所以這肯定是我們所看到的。但從長遠來看，資本支出已經存在，我認為我們處於有利位置，可以在前進的過程中充分利用這一點。

Ladies and gentlemen, at this time, I'd like to turn the floor back over to management for any additional or closing comments.

女士們、先生們，此時，我想將發言權交還給管理階層，以徵求任何補充或結束意見。

Yes. I want to just congratulate the company and mention the management teams that we have, they're exceptional. We've performed very, very well in tough conditions as well as the corporate office to push out earnings in tough times. And so I commend everyone in the organization. And I want to thank you for participating in the call. We appreciate your questions and ongoing interest in Quanta Services, and thank you. This concludes the call.

是的。我只想祝賀公司並提及我們擁有的管理團隊，他們非常出色。我們在艱難的條件下表現得非常非常好，公司辦公室也在困難時期推動了獲利。因此，我讚揚組織中的每個人。我要感謝您參加這次電話會議。感謝您提出問題以及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. You may disconnect your lines and log off the webcast at this time, and have a wonderful day.

女士們、先生們，感謝您的參與。此時您可以斷開線路並退出網路直播，祝您度過美好的一天。