Quanta Services Inc (PWR) 2020 Q3 法說會逐字稿

Ladies and gentlemen, thank you so much for standing by today, and welcome to the Quanta Services Third Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host Mr. Kip Rupp, Vice President and Investor Relations. Thank you, sir. Please go ahead.

女士們、先生們，非常感謝你們今天的耐心等待，並歡迎參加廣達服務第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向大家介紹東道主兼投資者關係副總裁 Kip Rupp 先生。謝謝你，先生。請繼續。

Thank you and welcome, everyone, to the Quanta Services Third Quarter 2020 Earnings Conference Call. This morning, we issued a press release announcing our third quarter results, which can be found in the Investor Relations section of our website at quantaservices.com, along with a summary of our 2020 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 also available on the Investor Relations section of the Quanta Services website. Please remember that information reported on this call speaks only as of today, October 29, 2020, and therefore, you're advised that any time-sensitive information may no longer be accurate as of any replay of this call.

謝謝並歡迎大家參加廣達服務 2020 年第三季財報電話會議。今天早上，我們發布了一份新聞稿，宣布了我們的第三季度業績，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，此外還有我們將在今天早上討論的2020 年展望與評論摘要。此外，今天早上我們將使用幻燈片演示來配合我們準備好的講話，您可以透過電話會議的網路廣播觀看該演示，也可以在 Quanta Services 網站的投資者關係部分查看。請記住，本次電話會議中報告的資訊僅截至今天（2020 年 10 月 29 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 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，這些陳述不僅與歷史或當前事實相關。

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，以及公司的定期報告和向美國證券交易委員會提交的其他文件，這些文件可在廣達或美國證券交易委員會的網站上取得網站。您不應過度依賴前瞻性陳述，廣達不承擔任何更新此類陳述的義務，並否認任何第三方就本次電話會議主題所發表的任何書面或口頭陳述。

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

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

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

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

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

現在，我想將電話轉給廣達總裁兼執行長杜克·奧斯汀先生。公爵？

Thanks, Kip. Good morning, everyone, and welcome to the Quanta Services Third Quarter 2020 Earnings Conference Call. On the call today, I will provide operational and strategic commentary, and we'll then turn it over to Derrick Jensen, Quanta's Chief Financial Officer, who will provide a review of our third quarter results and full year 2020 financial expectations. Following Derrick's comments, we'll welcome your questions.

謝謝，基普。大家早安，歡迎參加廣達服務 2020 年第三季財報電話會議。在今天的電話會議上，我將提供營運和策略評論，然後我們將其轉交給廣達財務長 Derrick Jensen，他將對我們第三季業績和 2020 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 strong third quarter results, including profitability that meaningfully exceeded our expectations. The performance of our field leadership and the people of this organization continue to be nothing short of impressive. They have successfully adapted to working through a pandemic while continuing to restore critical infrastructure in extreme conditions. The strength of our performance was reflected in our Electric Power segment margins, including our communications operations and our Pipeline and Industrial segment margins. It is also reflected in our record earnings per share and backlog, which continues to demonstrate the resiliency of our business and the operational excellence of our people during extraordinary economic and operating conditions.

今天早上，我們報告了強勁的第三季業績，其中獲利能力大大超出了我們的預期。我們的現場領導層和該組織人員的表現仍然令人印象深刻。他們成功地適應了疫情的工作，同時繼續在極端條件下恢復關鍵基礎設施。我們的業績強勁反映在我們的電力部門利潤率上，包括我們的通訊業務以及管道和工業部門的利潤率。這也反映在我們創紀錄的每股盈餘和積壓訂單中，這繼續證明了我們業務的彈性以及員工在特殊的經濟和營運條件下的卓越運作。

In addition, we strengthened our financial position with the closing of our $1 billion senior notes offering, expansion of the capacity and extension of the term of our credit facility and our receipt of an investment-grade credit rating, all of which we believe points to the resiliency and sustainability of our business model and positive multiyear outlook. Derrick and our finance and treasury team did an outstanding job managing the simultaneous and successful financing processes and we're able to secure capital at attractive rates and terms.

此外，我們還透過完成 10 億美元優先票據發行、擴大信貸額度和延長信貸額度期限以及獲得投資級信用評級來增強我們的財務狀況，所有這些我們認為都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。 Derrick 和我們的財務和財務團隊在管理同步且成功的融資流程方面表現出色，我們能夠以有吸引力的利率和條款獲得資本。

And finally, an important part of our value proposition to all our stakeholders is Quanta's commitment to corporate responsibility and sustainability. To that end, during the third quarter, we published our first corporate responsibility report, which focuses on our commitment 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，我們在第三季發布了第一份企業責任報告，重點闡述了我們對人類、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。

Turning to our operating results. Our Electric Power operations produced record quarterly revenue and solid operating margins driven by strong demand for our services, effective cost management, high utilizations, operational excellence and record levels of emergency response activity. Utilities continue to actively deploy capital into their systems to modernize, harden and expand them and to integrate renewable generation to transition towards a carbon-neutral or carbon-free environment. To that end, we are actively performing infrastructure work, including substations and transmission interconnects for onshore wind and solar projects and are seeing additional opportunities associated with offshore wind, battery projects and hydroelectric development.

轉向我們的經營業績。由於對我們服務的強勁需求、有效的成本管理、高利用率、卓越的營運以及創紀錄的應急響應活動水平，我們的電力業務創造了創紀錄的季度收入和穩定的營業利潤。公用事業公司繼續積極地將資本部署到其係統中，以對其係統進行現代化、強化和擴展，並整合再生能源發電，以向碳中和或無碳環境過渡。為此，我們正在積極進行基礎設施工作，包括陸上風電和太陽能專案的變電站和輸電互連，並看到與離岸風電、電池專案和水力發電開發相關的更多機會。

Large-scale deployment of renewable generation will require both upgrades to and expansion of the transmission backbone and we are well-positioned to perform these services.

再生能源發電的大規模部署將需要對傳輸主幹網進行升級和擴展，而我們有能力提供這些服務。

During the quarter, Quanta deployed significant resources to provide emergency response services to utilities in support of their efforts to restore power to millions of people that were impacted by severe weather events. These events included Hurricanes Isaias, Laura, Sally and Delta as well as a derecho storm in the Midwest.

本季度，廣達部署了大量資源，為公用事業公司提供緊急應變服務，以支持他們為受惡劣天氣事件影響的數百萬人恢復供電的努力。這些事件包括颶風伊薩亞斯、勞拉、莎莉和三角洲，以及中西部的德雷喬風暴。

Quanta crews have worked more than 90 consecutive days restoring power and rebuilding damaged infrastructure in response to these events. With crew still out today in response to Hurricane Delta and now Hurricane Zeta, in the aggregate, we have deployed approximately 7,000 line workers and support staff from 20 different operating units in response to these severe weather events.

廣達工作人員已連續 90 多天工作，恢復供電並重建受損的基礎設施，以應對這些事件。由於工作人員今天仍在外出應對颶風「三角洲」和現在的「澤塔」颶風，我們總共部署了來自 20 個不同營運單位的約 7,000 名一線工作人員和支援人員，以應對這些惡劣天氣事件。

Our ability to quickly mobilize this level of resources to support our customers in times of need is unmatched in our industry. These severe weather events and the devastating wildfires in the western region of the United States are examples of why many utilities are implementing system-hardening initiatives to make the power grid more resilient and safer. We believe there are many years of storm-hardening investments still to come and that we are in very early stages of fire hardening activity. These necessary investments in multiyear programs will cost tens of billions of dollars in the aggregate, and Quanta is actively involved in supporting our customers with these initiatives.

我們快速調動這種程度的資源來在需要時為客戶提供支援的能力在我們的行業中是無與倫比的。美國西部地區的這些惡劣天氣事件和毀滅性野火就是許多公用事業公司正在實施系統強化措施以使電網更具彈性和更安全的例子。我們相信，風暴加固投資還需要很多年，而且我們正處於防火加固活動的早期階段。這些對多年期計劃的必要投資總計將花費數百億美元，而廣達正在積極參與透過這些舉措支持我們的客戶。

To that end, in the third quarter, we acquired a family-run utility contractor based in North Carolina that provides electric power distribution, transmission and substation maintenance and construction services, primarily in the Southeastern and Mid-Atlantic regions of the United States. This company increases our resources in the region and enhances our ability to serve our customers with our grid modernization, hardening and renewable programs.

為此，我們在第三季度收購了一家位於北卡羅來納州的家族經營的公用事業承包商，該承包商主要在美國東南部和大西洋中部地區提供配電、輸電和變電站維護及建設服務。該公司增加了我們在該地區的資源，並透過電網現代化、硬化和可再生能源計劃增強了我們為客戶提供服務的能力。

Since announcing in June that LUMA Energy was selected to operate, maintain and modernize the Puerto Rico Electric Power Authority or PREPA's electric transmission and distribution system in Puerto Rico, LUMA has made good progress towards satisfying the necessary steps to facilitate the full transition of PREPA's T&D operations to LUMA in mid-2021.

自 6 月宣布 LUMA Energy 被選為波多黎各電力局或 PREPA 在波多黎各的輸電和配電系統的運營、維護和現代化改造以來，LUMA 在滿足必要步驟以促進 PREPA 輸電和配電全面過渡方面取得了良好進展將於2021 年中期向LUMA 營運。

Additionally, we have begun site preparation for a new line worker training campus in Puerto Rico that will be operated by Northwest Line College (sic) [Northwest Lineman College]. The LUMA College for Technical Training will use the facility to provide world-class training to its employees and to develop Puerto Rico's future craft-skilled workforce. The first on-island pre-apprentice class is scheduled to begin in the spring of 2021 and currently includes 32 Puerto Rican students.

此外，我們已經開始在波多黎各為一個新的線路工人培訓校園進行場地準備，該培訓校園將由西北線路學院（原文如此）[西北線路工人學院]運營。 LUMA 技術培訓學院將利用該設施為其員工提供世界一流的培訓，並培養波多黎各未來的手工藝熟練勞動力。第一期島上學徒前班計畫於 2021 年春季開課，目前有 32 名波多黎各學生。

Quanta and ATCO also selected and sponsored several Puerto Rican students who are now in the pre-apprentice program at our Northwest Line College (sic) Northwest Lineman College campus in Edgewater, Florida.

Quanta 和 ATCO 還挑選並贊助了幾名波多黎各學生，他們目前正在佛羅裡達州埃奇沃特的西北線學院 (Northwest Line College) 校區參加學徒前計劃。

Further, in September, the Trump administration announced that $12.8 billion had been allocated to the Puerto Rico -- to Puerto Rico, primarily to rebuild the electric power grid through Federal Emergency Management Agency or FEMA. Post commencement, LUMA will work with PREPA, FEMA and other agencies to manage the deployment of these funds to modernize the Puerto Rico power grid over the coming years.

此外，9月份，川普政府宣布向波多黎各撥款128億美元，主要用於透過聯邦緊急事務管理局（FEMA）重建電網。啟動後，LUMA 將與 PREPA、FEMA 和其他機構合作，管理這些資金的部署，以在未來幾年實現波多黎各電網的現代化。

Our communications infrastructure services operation, which are included in the Electric Power segment, performed extremely well in the third quarter, with strong double-digit revenue growth and double-digit operating income margin. We continue to make progress and profitability scaling our operations. We believe our operations have the opportunity to achieve more than $500 million in revenue in 2020, reflecting double-digit revenue growth and upper single-digit operating margin.

我們的通訊基礎設施服務業務（包含在電力業務中）在第三季表現非常出色，實現了兩位數的強勁收入成長和兩位數的營業利潤率。我們繼續取得進展並提高盈利能力，擴大我們的業務。我們相信，我們的業務有機會在 2020 年實現超過 5 億美元的收入，反映出兩位數的收入成長和較高的個位數營業利潤率。

Total backlog at the end of the quarter for our communications operations was approximately $975 million, a record. Additionally, in our press release this morning, we highlighted our recent acquisition of a Utah-based company that primarily serves the Mountain West region of the United States and specializes in the deployment of short- and long-haul fiber optic cable and utilities, and the engineering and design of small and large-scale projects. This company enhances our capabilities in the region, and we expect to expand and grow their presence into new areas over time.

截至本季末，我們的通訊業務積壓總額約為 9.75 億美元，創歷史新高。此外，在今天早上的新聞稿中，我們強調了我們最近收購了一家總部位於猶他州的公司，該公司主要為美國西部山區提供服務，專門從事短途和長途光纖電纜和公用事業的部署，以及小型和大型專案的工程和設計。該公司增強了我們在該地區的能力，我們希望隨著時間的推移將其業務擴展到新的領域。

The effects of COVID-19 continue to cause communication providers to increase investment in their fiber networks to ensure adequate speed and capacity to meet work, education and entertainment-from-home demands. We believe this incremental investment in their fiber network has shifted 5G deployment activity level somewhat. However, we expect 5G deployments to accelerate in 2021.

COVID-19 的影響繼續導致通訊供應商增加對其光纖網路的投資，以確保足夠的速度和容量來滿足家庭工作、教育和娛樂的需求。我們認為，對其光纖網路的增量投資已在一定程度上改變了 5G 部署活動水準。然而，我們預計 5G 部署將在 2021 年加速。

COVID-19 has also highlighted the importance of broadband connectivity and digital divide that exists for millions of people living in rural America without access to adequate broadband connectivity. To bridge the gap, the Federal Communications Commission has established a rural digital opportunity fund to provide more than $20 billion in federal funds to bring high-speed fixed broadband service to underserved rural homes and small businesses.

COVID-19 也凸顯了寬頻連線的重要性，以及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。為了彌補這一差距，聯邦通訊委員會設立了農村數位機會基金，提供超過 200 億美元的聯邦資金，為服務不足的農村家庭和小型企業提供高速固定寬頻服務。

There are several hundred service providers that have qualified to pursue the funding, many of whom are rural electric cooperatives and municipal entities. Quanta has strong relationships with many of these rural electric providers and is well positioned to provide turnkey solutions to help them deploy broadband services to their customers in rural markets.

有數百家服務提供者有資格尋求資金，其中許多是農村電力合作社和市政實體。廣達與許多農村電力供應商建立了牢固的關係，並且有能力提供統包解決方案，幫助他們向農村市場的客戶部署寬頻服務。

Turning to our Pipeline and Industrial segment. Our gas utility operations performed well during the quarter and are gradually returning to pre-COVID levels, executing on multi-decade modernization programs to replace aging gas distribution infrastructure in order to meet regulatory requirements that are aimed at improving reliability and safety. Demand for our pipeline integrity services is also solid as regulatory requirements for investment and the permitting challenges for new pipelines make existing pipeline infrastructure more valuable, increasing pipeline owners' desire to extend the useful life of existing pipeline assets through integrity initiatives.

轉向我們的管道和工業部門。我們的天然氣公用事業業務在本季度表現良好，並逐漸恢復到新冠疫情前的水平，執行了數十年的現代化計劃，以更換老化的天然氣分配基礎設施，以滿足旨在提高可靠性和安全性的監管要求。對我們管道完整性服務的需求也很強勁，因為投資的監管要求和新管道的許可挑戰使現有管道基礎設施變得更有價值，增加了管道所有者透過完整性舉措延長現有管道資產使用壽命的願望。

Perhaps the most challenging end market in this segment is the industrial services, which has been heavily impacted by reduced demand for refined products. Our industrial services operations are performing well in the current environment and are expected to be profitable for the year, but we currently do not anticipate a return to normalcy until the second half of 2021. However, we have a world-class management team leading our operations who have managed costs well and are using the current environment as an opportunity to strengthen our competitive positioning and emerge stronger as conditions improve.

也許該領域最具挑戰性的終端市場是工業服務，該市場受到煉油產品需求減少的嚴重影響。我們的工業服務業務在當前環境下表現良好，預計今年將實現盈利，但我們目前預計要到 2021 年下半年才能恢復正常。部門能夠很好地管理成本，並利用當前環境作為機會來加強我們的競爭地位，並隨著條件的改善而變得更強大。

Although larger pipeline projects are a smaller portion of the segment, solid execution during the quarter led to early completion of some projects, which positively contributed to segment results. Going forward, we expect to continue our focus on growing the base gas utility, pipeline integrity and industrial services business, consistent with our strategy over the last 5 years. We believe there is opportunity for revenue and profitability improvement next year for the entire segment and continue to believe a post-COVID operating environment will allow us to achieve upper single-digit operating margins and improved returns.

儘管較大的管道項目只佔該部門的較小部分，但本季度的紮實執行導致一些項目提前完成，這對部門業績做出了積極貢獻。展望未來，我們預計將繼續專注於發展基礎天然氣公用事業、管道完整性和工業服務業務，這與我們過去五年的策略保持一致。我們相信明年整個細分市場的收入和盈利能力都有改善的機會，並繼續相信後疫情時代的營運環境將使我們能夠實現較高的個位數營運利潤率並提高回報。

We have increased our financial expectations for the year due to our strong third quarter results, healthy end market drivers and the addition of recently announced acquisitions. Perhaps more importantly, we continue to believe we're in a multiyear upcycle with opportunity for continued profitable growth. While we provide our formal commentary and 2021 expectations on the fourth quarter earnings call next February, we currently expect growth in consolidated revenues, net income, adjusted EBITDA and earnings per share in 2021. And as we have commented on prior earnings calls, we would expect our adjusted EPS expectations to include $4 in its range.

由於我們強勁的第三季業績、健康的終端市場驅動力以及最近宣布的收購的增加，我們提高了今年的財務預期。也許更重要的是，我們仍然相信我們正處於一個多年的上升週期，有機會持續獲利成長。雖然我們在明年2 月的第四季度財報電話會議上提供了正式評論和2021 年預期，但我們目前預計2021 年合併收入、淨利潤、調整後EBITDA 和每股收益將實現增長。的財報電話會議所評論的那樣，我們將預計我們調整後的每股收益預期將包括 4 美元。

Over the past 5 years, we have executed on our strategy and remain dedicated to growing and enhancing our portfolio of services, which strengthens our ability to capture more of the customers' large programmatic spending programs and to operate in a responsible and sustainable way. These efforts are designed to mitigate risk inherent in our business and prepare for unexpected events through diversification and by maintaining a strong financial profile. We believe Quanta has a long runway ahead of us for generating repeatable and sustainable earnings as we execute on our strategic initiatives.

在過去的5 年裡，我們執行了我們的策略，並繼續致力於發展和增強我們的服務組合，這增強了我們捕獲更多客戶的大型程序化支出計劃並以負責任和可持續的方式運營的能力。這些努力旨在降低我們業務固有的風險，並透過多元化和保持強勁的財務狀況為意外事件做好準備。我們相信，在執行策略性措施時，廣達在創造可重複且可持續的獲利方面還有很長的路要走。

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

考慮到我們的有機成長機會以及我們可以將未來現金流分配到股票回購、收購、策略投資和股息等價值創造機會的槓桿，我們相信廣達可以繼續創造有意義的股東價值。

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.

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 third quarter results and 2020 expectations. Derrick?

我現在將把電話轉給我們的財務長 Derrick Jensen，請他審查第三季業績和 2020 年預期。德里克？

Thanks, Duke, and good morning, everyone. Today, we announced third quarter 2020 revenues to $3 billion. Net income attributable to common stock was $163 million or $1.13 per diluted share and adjusted diluted earnings per share, a non-GAAP measure, was $1.40. The third quarter was strong for Quanta with numerous consolidated and segment records and performance during the quarter, aggregating to record EBITDA, adjusted EBITDA and adjusted EPS.

謝謝杜克，大家早安。今天，我們宣布 2020 年第三季營收達到 30 億美元。普通股淨利為 1.63 億美元，即稀釋後每股收益 1.13 美元，調整後稀釋每股盈餘（非公認會計準則衡量標準）為 1.40 美元。廣達第三季表現強勁，該季度有許多合併和分部記錄和業績，合計 EBITDA、調整後 EBITDA 和調整後每股收益創歷史新高。

Our Electric Power revenues, excluding Latin America, were $2.1 billion, a 14% increase when compared to the third quarter of 2019. This increase was primarily driven by increased contributions from larger projects as well as continued growth from our communications operations, which are included within the Electric Power segment and delivered a 40% increase compared to the third quarter of 2019. Also contributing to the increase were approximately $65 million in revenues from acquired businesses. Additionally, we had a record amount of emergency restoration services in the quarter, primarily associated with efforts to restore infrastructure along the Gulf Coast. Our results included approximately $200 million of revenues from those efforts. However, those revenues came at the expense of other work in progress.

我們的電力收入（不包括拉丁美洲）為21 億美元，與2019 年第三季相比增長14%。包括電力領域的收入與 2019 年第三季相比增長了 40%。此外，本季我們的緊急恢復服務數量創歷史新高，主要與墨西哥灣沿岸基礎設施的恢復工作有關。我們的成果包括來自這些努力的約 2 億美元收入。然而，這些收入是以其他正在進行的工作為代價的。

Our distribution work decreased over 20% compared to 3Q '19 and largely offset the increase in storm revenues, driven in part by utilization of crews from existing work being reallocated to emergency restoration efforts but also due to lower levels of fire hardening work compared to 2019.

與2019 年第三季相比，我們的配送工作減少了20% 以上，很大程度上抵消了風暴收入的增長，部分原因是現有工作人員被重新分配到緊急恢復工作，但也由於與2019年相比，防火加固工作水準較低。

Electric segment margins in 3Q '20 were 12.7%, and excluding our Latin American operations, segment margins were a record 13.5% versus 9.6% in 3Q '19. The robust operating margins were driven by increased profit contributions from emergency restoration efforts, which typically present opportunities for higher margins than our normal base business activities due to higher utilization. However, excluding revenues and profit from storm response efforts, our margins still were comfortably in double digit, reflecting continued strong execution across our operations. Of note, our communications margins continue to improve both against last year and sequentially and exceeded 10% during the quarter.

20 年第三季的電力部門利潤率為 12.7%，不包括我們的拉丁美洲業務，該部門的利潤率為創紀錄的 13.5%，而 19 年第三季為 9.6%。強勁的營業利潤率是由緊急恢復工作帶來的利潤貢獻增加所推動的，由於利用率較高，這通常為我們提供比正常基礎業務活動更高的利潤率的機會。然而，排除風暴應對工作帶來的收入和利潤，我們的利潤率仍輕鬆保持在兩位數，這反映出我們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和上一季均持續提高，本季超過 10%。

Regarding our Latin American operations included within the Electric Power segment, we continue to expedite the wind-down activities required to exit those markets. The continued COVID-19 dynamics coupled with customer challenges and local labor issues have significantly impacted our efforts and have resulted in losses in excess of our expectations. While work remains to fully shut down our operations, it's important to note that more than 80% of the active jobs at the beginning of 2020 have been completed with fewer than 50 open jobs remaining at the end of the quarter. We remain confident that will be largely complete with our exit by year-end.

關於我們在電力領域的拉丁美洲業務，我們將繼續加快退出這些市場所需的停業活動。 COVID-19 的持續動態，加上客戶挑戰和當地勞工問題，對我們的努力產生了重大影響，並導致損失超出了我們的預期。雖然我們的業務完全關閉仍有待完成，但值得注意的是，2020 年初超過 80% 的活躍工作崗位已完成，到本季度末剩餘的空缺工作崗位不到 50 個。我們仍然相信，到年底我們的退出將基本完成。

Of note, we currently received no tax benefit for losses in Latin America, so the $15 million in losses impacted the quarter by approximately $0.11, $0.05 more than we anticipated.

值得注意的是，我們目前在拉丁美洲的損失沒有獲得任何稅收優惠，因此 1500 萬美元的損失對本季度的影響約為 0.11 美元，比我們的預期多了 0.05 美元。

The Pipeline and Industrial segment continues to be negatively impacted by COVID-19 and the associated reduction in demand for refined products. Revenues for the segment were $913 million, 38% lower than 3Q '19 due to reduced revenues from our industrial operations and a reduction in contributions from larger pipeline projects. Partially offsetting these declines were increased levels of gas distribution revenues, including approximately $70 million from acquired companies.

管道和工業領域繼續受到 COVID-19 以及相關煉油產品需求減少的負面影響。該部門的收入為 9.13 億美元，比 2019 年第三季下降 38%，原因是我們的工業營運收入減少以及大型管道項目的貢獻減少。天然氣分銷收入水準的增加部分抵消了這些下降，其中包括來自被收購公司的約 7,000 萬美元。

Despite the COVID-related headwinds, the segment delivered margins of 8.4%. These margins were 60 basis points lower than 3Q '19, primarily due to the reduced revenues from larger pipeline projects and our industrial operations, but a solid performance given the continued challenges across the segment. Operating margins benefited from net favorable adjustments on certain larger pipeline projects associated with the recognition of previously deferred milestone payments and reduced contingencies due to a reduction in the scope of work to be completed on a project as well as certain projects completing earlier than anticipated, with work accelerating into the third quarter. In addition, we had continued strong execution across much of our base business activity, including gas distribution and integrity work.

儘管面臨與新冠疫情相關的不利因素，該部門的利潤率仍達到 8.4%。這些利潤率比 2019 年第三季低 60 個基點，主要是由於大型管道項目和我們的工業營運收入減少，但考慮到整個細分市場持續面臨的挑戰，業績表現穩健。營業利潤率受益於某些大型管道項目的淨有利調整，這些調整與先前推遲的里程碑付款的確認相關，以及由於項目待完成工作範圍的減少以及某些項目早於預期完成而減少的或有事項，工作加速進入第三季。此外，我們在大部分基礎業務活動中持續保持強而有力的執行力，包括天然氣分配和誠信工作。

Our total backlog was $15.1 billion at the end of the third quarter, approximately $1.8 billion or 13% higher than 3Q '19 and a $1.1 billion increase from the second quarter of 2020. 12-month backlog of $8.1 billion is an increase from both the third quarter of 2019 and the second quarter of 2020. The increase in total backlog is largely due to several new multiyear MSA arrangements from both electric and gas utility customers, again validating the continued favorable dynamics across our core utility market and our base business activities as well as approximately $290 million in total backlog associated with acquired companies.

截至第三季末，我們的未完成訂單總額為151 億美元，比2019 年第三季增加約18 億美元，即13%，較2020 年第二季增加11 億美元。訂單為81 億美元，比2020 年第二季增加了81 億美元。安排，再次驗證了我們的核心公用事業市場和基礎業務活動的持續有利動態：以及與被收購公司相關的總積壓金額約為 2.9 億美元。

For the third quarter of 2020, we generated free cash flow, a non-GAAP measure, of $70 million, $40 million higher than 3Q '19. Free cash flow was higher than we anticipated, driven by stronger profits in the quarter and a cash cycle consistent with our second quarter results. As we mentioned in last quarter's call, we are prudently forecasting our DSO to increase due to uncertainty around COVID-19's potential impact on our customers. Ultimately, we did not experience any meaningful delays, which positively contributed to the increased cash flow relative to our expectations.

2020 年第三季度，我們產生了 7,000 萬美元的自由現金流（非 GAAP 衡量標準），比 2019 年第三季增加了 4,000 萬美元。由於本季利潤強勁以及與我們第二季業績一致的現金週期，自由現金流高於我們的預期。正如我們在上季度的電話會議中提到的，由於 COVID-19 對客戶的潛在影響存在不確定性，我們謹慎預測 DSO 將會增加。最終，我們沒有遇到任何有意義的延誤，這對現金流量相對於我們預期的增加做出了積極貢獻。

Days sales outstanding, or DSO, measured 82 days for the third quarter, comparable to the second quarter, but a decrease of 9 days compared to the third quarter of 2019 as 3Q '19 was negatively impacted by higher retainage balances due to project timing and billing process changes for certain customers.

第三季的應收帳款週轉天數(DSO) 為82 天，與第二季相當，但與2019 年第三季相比減少了9 天，因為2019 年第三季受到專案時間安排和保留餘額增加的負面影響。

Cash flows in the third quarter also benefited from the deferral of $41 million of payroll tax payments permitted by the CARES Act, with the payments due in equal amount at the end of 2021 and 2022. We had approximately $220 million of cash at the end of the quarter. As of September 30, 2020, we had total liquidity of approximately $2.2 billion and a debt-to-EBITDA ratio, as calculated under our credit agreement, of approximately 1.3x.

第三季的現金流量也受惠於 CARES 法案允許的 4,100 萬美元工資稅延期支付，這些稅款將於 2021 年底和 2022 年底支付等額款項。截至 2020 年 9 月 30 日，我們的流動性總額約為 22 億美元，根據我們的信貸協議計算，債務與 EBITDA 比率約為 1.3 倍。

As Duke mentioned, on September 22, we closed the sale of $1 billion aggregate principal amount of our 2.9% senior notes due 2030. We received net proceeds from the offering of $986.7 million which, together with cash on hand, were used to repay the term loans outstanding under our credit agreement in the aggregate principal amount of $1.21 billion.

正如杜克大學所提到的，9 月22 日，我們完成了2030 年到期的2.9% 優先票據本金總額10 億美元的出售。與手頭現金一起用於償還我們的信貸協議項下未償還的定期貸款本金總額為 12.1 億美元。

Both Moody's and S&P independently assess our business, and highlighting our highly trained workforce, favorable end market dynamics, consistent free cash flow and solid liquidity profile, concluded that we are in investment-grade credit. I believe these ratings validate how we've strategically positioned the business around repeatable, sustainable revenue streams, anchored by construction-led solutions and our world-class craft-skilled workforce. We continue to emphasize the recurring nature of the services we provide to critical infrastructure owners, and this rating reinforces that message.

穆迪和標準普爾都獨立評估了我們的業務，並強調了我們訓練有素的員工隊伍、有利的終端市場動態、持續的自由現金流和穩健的流動性狀況，得出的結論是我們處於投資級信貸。我相信這些評級驗證了我們如何圍繞可重複、可持續的收入流對業務進行戰略定位，並以建築主導的解決方案和我們世界一流的技術熟練的勞動力為基礎。我們繼續強調我們向關鍵基礎設施所有者提供的服務的重複性，這項評級強化了這一訊息。

Also on September 22, we entered into an amended and restated credit agreement that, among other things, increased the aggregate revolving commitments from $2.14 billion to $2.51 billion and extended the maturity date from October 2022 to September 2025. It's important to note that successfully executing this expansion and extension of our credit facility during these uncertain times is another testament to the sustainability and positive long-term outlook of our business.

同樣在9 月22 日，我們簽訂了一份經修訂和重述的信貸協議，除其他外，將循環承諾總額從21.4 億美元增加到25.1 億美元，並將到期日從2022 年10 月延長至2025 年9 月。

Both the successful bond offering and amended credit facility were strategically important for our organization. The $1 billion bond offering 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. While our previous capital structure provided adequate liquidity, the refinancing allowed us to diversify our capital sources, lock in a historically low cost of capital while staggering our maturities, giving us more flexibility and capital to support our growth expectations.

成功的債券發行和修改後的信貸安排對我們的組織都具有戰略意義。 10 億美元的債券發行確立了固定的債務水平，很好地補充了我們當前的 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。雖然我們先前的資本結構提供了充足的流動性，但再融資使我們能夠實現資本來源多元化，鎖定歷史較低的資本成本，同時錯開到期期限，為我們提供更大的靈活性和資本來支持我們的成長預期。

Turning to our guidance. We continue to deal with some level of uncertainty as we assess the near-term prospects of our operations, particularly those that are susceptible to local stay-at-home orders, operate in close facilities or depend upon project teams having access to local permitting offices. As COVID-19 case counts continue to rise in many parts of the U.S., we've remained prudent with our expectations for the fourth quarter.

轉向我們的指導。在評估我們業務的近期前景時，我們繼續應對一定程度的不確定性，特別是那些容易受到當地居家令影響、在封閉設施中運作或依賴專案團隊能夠進入當地許可辦公室的業務。隨著美國許多地區的 COVID-19 病例數持續上升，我們對第四季的預期仍然保持謹慎。

We now expect full year revenues for the electric power segment to be between $7.7 billion and $7.8 billion. We are increasing full year operating margin expectations to around 10.2%, with Latin America contributing operating losses of $55 million to $60 million. Excluding Latin American losses, margins are now expected to be around 11%, which reflects continued successful project execution, plus the incremental impact of the LUMA joint venture and other earnings from integral and consolidated affiliates.

我們現在預計電力領域的全年收入將在 77 億美元至 78 億美元之間。我們將全年營業利潤率預期提高至 10.2% 左右，其中拉丁美洲的營業虧損為 5,500 萬至 6,000 萬美元。不包括拉丁美洲的損失，目前的利潤率預計約為 11%，這反映了專案持續成功的執行，加上 LUMA 合資企業的增量影響以及來自整體和合併附屬公司的其他收益。

As a reminder, the LUMA joint venture is accounted for as an equity method investment and therefore will not contribute to revenues. However, we are including our equity and earnings of LUMA within operating income since LUMA is operationally integral to our operations under accounting guidance. These results are presented after tax and are anticipated to positively contribute to operating income in 2020 by approximately $11 million or $0.07 to $0.08 per share.

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。然而，我們將 LUMA 的股本和收益納入營業收入，因為 LUMA 在會計指導下是我們營運不可或缺的一部分。這些結果是稅後公佈的，預計將為 2020 年營業收入做出約 1,100 萬美元或每股 0.07 至 0.08 美元的積極貢獻。

The P&I segment continues to be impacted by COVID-19 and the challenged energy market conditions, and accordingly, we are reducing our full year revenue expectations to range between $3.4 billion and $3.5 billion. The reduction is primarily attributable to reduced spend expectations for certain smaller capital projects as well as the delay of certain work into 2021. Full year operating margin for the P&I segment remains around 5%.

保賠業務繼續受到 COVID-19 和充滿挑戰的能源市場狀況的影響，因此，我們將全年收入預期下調至 34 億美元至 35 億美元之間。減少的主要原因是某些小型資本項目的支出預期降低以及某些工作延遲到 2021 年。

With regard to the cancellation of the ACP pipeline project discussed last quarter, we continue to work with the customers to determine how the project will close out and expect termination by the end of the year. We believe potential upside associated with termination fees and other contract accounting exists. However, the final contract closeout will not be determined until any closeout scopes of work and related termination items are determined by ACP and then agreed and allocated by the joint venture to Quanta.

關於上季討論的取消 ACP 管道項目，我們將繼續與客戶合作，確定該項目將如何結束，並預計在年底前終止。我們認為，與終止費和其他合約會計相關的潛在上升空間是存在的。然而，最終的合約收尾要等到ACP確定收尾工作範圍和相關終止項目並經合資公司同意並分配給廣達後才能確定。

As noted in our earnings release this morning, we have increased our full year earnings per share expectations and now expect GAAP diluted earnings per share of between $2.61 and $2.72, and adjusted diluted earnings per share, a non-GAAP measure, of between $3.52 and $3.64. These earnings per share expectations include a loss per share of between $0.38 and $0.41 from our Latin American operations.

正如我們今天早上發布的財報中所指出的，我們提高了全年每股收益預期，目前預計GAAP 攤薄後每股收益為2.61 至2.72 美元，調整後攤薄每股收益（非GAAP 指標）為3.52 至3.52 美元。這些每股收益預期包括我們拉丁美洲業務的每股虧損 0.38 美元至 0.41 美元。

Turning to cash flow. We are maintaining our free cash flow guidance for the year, expecting it to range between $600 million and $800 million. Third quarter cash flows were stronger than expected, but we now expect a more modest fourth quarter than we originally forecasted. For the year, we expect working capital of approximately 13% of annual revenues, consistent with our historical experience. That expectation assumes an increased DSO for the fourth quarter, in part due to elevated amounts of emergency restoration receivables generated in the third quarter, which oftentimes can have longer collection cycles.

轉向現金流。我們維持今年的自由現金流指引，預計範圍在 6 億美元至 8 億美元之間。第三季現金流強於預期，但我們現在預期第四季的現金流將比我們最初的預測更為溫和。今年，我們預計營運資本約為年收入的 13%，這與我們的歷史經驗一致。這一預期假設第四季度的 DSO 會增加，部分原因是第三季度產生的緊急恢復應收帳款數量增加，而這些應收帳款通常會更長。

Additionally, while we have yet to experience meaningful payment delays related to COVID-19 through the first 3 quarters of the year, we remain cautious, and accordingly, are factoring in some pressure negatively impacting DSO in the fourth quarter.

此外，雖然今年前 3 季我們尚未遇到與 COVID-19 相關的有意義的付款延遲，但我們仍保持謹慎態度，因此正在考慮一些對第四季度 DSO 產生負面影響的壓力。

Overall, we are pleased with how we've continued to execute through these times of uncertainty and remain confident in the long-term prospects of our business. Our full year expectations include adjusted EBITDA of approximately $1 billion at the midpoint, which we believe is a baseline that is set to expand in 2021 and beyond, driven by the recurring sustainable demand for our base business services, complemented by our large-project expertise. We fortified our balance sheet with the bond offering and amended credit facility, increasing our liquidity and enhancing our ability to pursue opportunistic deployments of capital for M&A and investments as well as returns of capital, providing us with the foundation to continue delivering shareholder value.

總的來說，我們對我們在這些不確定時期的持續執行感到滿意，並對我們業務的長期前景保持信心。我們的全年預期包括調整後的EBITDA 中位數約為10 億美元，我們相信這一基線將在2021 年及以後擴大，受到對我們基礎業務服務的持續可持續需求的推動，並輔以我們的大型專案專業知識。我們透過債券發行和修訂信貸安排強化了資產負債表，增加了流動性，增強了併購和投資機會性資本配置以及資本回報的能力，為我們繼續創造股東價值奠定了基礎。

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

我們的正式演講到此結束，現在我們將開通問答熱線。操作員？

(Operator Instructions) Our first question today is coming from Andy Kaplowitz of Citigroup.

（操作員指令）我們今天的第一個問題來自花旗集團的安迪·卡普洛維茨（Andy Kaplowitz）。

Duke, you mentioned that you're actively pursuing additional opportunities in renewables especially as offshore, battery, solar ramp up. As you look at your core transmission distribution business, are you already seeing an acceleration in your business as the focus on renewables increases?

杜克大學，您提到您正在積極尋求再生能源領域的更多機會，特別是隨著海上、電池、太陽能的成長。當您審視您的核心輸配電業務時，您是否已經看到，隨著對再生能源的關注不斷增加，您的業務正在加速發展？

And then maybe put in perspective the backlog growth you're seeing in Electric Power as your MSAs continue to grow. I think your 12-month backlog is up more than 10%. So can you talk about your confidence that Electric Power growth could actually follow your 12-month backlog as you go into '21?

然後，隨著您的 MSA 的不斷增長，您可能會看到電力領域積壓訂單的成長。我認為你們 12 個月的積壓訂單增加了 10% 以上。那麼，您能否談談您對進入 21 世紀後電力成長實際上可以遵循 12 個月積壓訂單的信心？

Yes. Thanks, Andy, for the comments. When we look at renewables in the spaces that we play, mainly around the interconnections, I think when we think about it, the sentiment around a carbon-free environment -- getting to a carbon-free environment, while we may think it takes longer than what's being said, there's no question around the need for transmission, the interconnections, the redundancy in the grid to support the intermittency of any renewables, with -- either with batteries or however you do it.

是的。謝謝安迪的評論。當我們關注我們所使用的空間中的可再生能源時，主要是圍繞互連，我認為當我們思考它時，圍繞無碳環境的情緒——實現無碳環境，儘管我們可能認為需要更長的時間與所說的相比，毫無疑問，需要輸電、互連、電網冗餘來支援任何再生能源的間歇性，無論是使用電池還是無論如何做。

But all those things for us -- we're working with our customers on those on a daily basis, whether it be offshore wind and over on the eastern seaboard or just in general across the board. It's still ongoing. The pace is about the same, in my mind, maybe a little bit expedited in certain areas. But in general, that pace continues. And any compression of time on that, the need for transmission, interconnections, redundancy is only greater. So if you moved it from 2050 to 2030, you said you wanted to go more carbon-free, it would take longer. That being said, the way that the transmission system works today, there's a lot of work to be done to make that more redundant as well as more modern as we move into more of a renewable footprint.

但對我們來說，所有這些事情——我們每天都在與客戶合作，無論是離岸風電、東部沿海地區還是整個地區。目前仍在進行中。在我看來，速度大致相同，在某些領域可能有點加快。但總體而言，這種步伐仍在持續。任何時間的壓縮，對傳輸、互連和冗餘的需求只會更大。因此，如果你把時間從 2050 年推遲到 2030 年，你說你想要更無碳化，那麼這將需要更長的時間。話雖這麼說，按照當今輸電系統的工作方式，隨著我們更多地採用再生能源，還需要做很多工作才能使其更加冗餘、更加現代化。

And then maybe you can put the quarter, the $1.40 you just did, in perspective for us because it's obviously way larger than I think you've recorded in the quarter and still, as you said, has Latin American drag, doesn't really include much LUMA work. So again, as we go into '21, maybe you can talk about -- I know you mentioned storms. So how much was storm work in Q3? And outside of storm, what does the result tell you about the thought process in '20 because you already mentioned the confidence in $4, but given some of these headwinds seem to be abating as you go into next year, shouldn't you have confidence that maybe you can do decently over $4.

然後也許你可以把這個季度，你剛剛做的1.40 美元，從我們的角度來看，因為它顯然比我認為你在本季度記錄的要大得多，而且正如你所說，仍然有拉丁美洲的阻力，並沒有真正的影響。所以，當我們進入 21 世紀時，也許你可以談談——我知道你提到了風暴。那麼第三季的風暴工作量是多少呢？在風暴之外，結果告訴你關於20 年的思考過程是什麼，因為你已經提到了對4 美元的信心，但考慮到隨著你進入明年，這些逆風中的一些似乎正在減弱，你不應該有信心嗎？

Yes. Thanks for the comments. I think in general, we've talked about the programmatic spends of our customers, the capital spends that we see. The increasing backlog -- I failed to get to that answer a minute ago, but in general, we see -- continue to see record backlog. The opportunity for additional programmatic spends are there. So that piece of business continues to grow underneath, and we talk about 85% to 90% of the business being that base business that backs that up. It gives us a great deal of confidence of the resiliency of the model when we set out 4 or 5 years ago. Now we've set out to build this model to be resilient and to be able to give you guidance and be able to not be so choppy.

是的。感謝您的評論。我認為總的來說，我們已經討論了客戶的程序化支出，以及我們看到的資本支出。積壓不斷增加——我一分鐘前未能得到這個答案，但總的來說，我們看到——繼續看到創紀錄的積壓。額外計劃支出的機會就在那裡。因此，該業務在底層繼續成長，我們談論 85% 到 90% 的業務是支援該業務的基礎業務。當我們四、五年前開始時，它讓我們對模型的彈性充滿信心。現在我們已經開始建立這個模型，使其具有彈性，能夠為您提供指導，並且能夠不那麼不穩定。

So when we talk about $4, it's based on that kind of capital spend within our utility customer, our customer base, and that's why you're seeing our backlog increased. There's opportunities for these larger project dynamics. They're there. We booked some in the quarter. You saw that with the clean line in there in Maine. So in general, you're seeing us book-stacking. We talked about the stacking effect on the base, but the base continues to grow. We talked mid-single to -- mid-single digits. We've been growing past that. But that's there.

因此，當我們談論 4 美元時，它是基於我們的公用事業客戶、我們的客戶群的資本支出，這就是您看到我們的積壓訂單增加的原因。這些更大的專案動態存在機會。他們就在那裡。我們在本季預訂了一些。你可以從緬因州乾淨的隊伍中看到這一點。所以總的來說，你會看到我們堆疊書籍。我們討論了基數的疊加效應，但基數仍在繼續增長。我們討論了中個位數到中個位數。我們已經超越了這一點。但那就是那裡。

The storms, it was $200 million somewhere in there. It's less than 10% of the overall segment right in there on the top side. It's typically not meaningful, but it was meaningful in the quarter.

風暴，其中有兩億美元。它只佔整個細分市場的不到 10%，就在頂部。這通常沒有意義，但在本季卻很有意義。

That being said, there was still broad-based execution above what we would consider normal margins for us due to utilization. We're doing a nice job with cost in the field and execution in the field. So real proud of the organization on how we've adapted to the pandemic.

話雖如此，由於利用率的原因，廣泛的執行仍然高於我們認為的正常利潤率。我們在現場成本和現場執行方面做得很好。我們為該組織如何適應這場流行病感到非常自豪。

Our next question is coming from Andrew Wittmann of Baird.

我們的下一個問題來自貝爾德 (Baird) 的安德魯·維特曼 (Andrew Wittmann)。

Great. I don't usually ask about telecom but I feel like we're getting to the point where just talking a little bit more about your $1 billion in backlog kind of just struck me versus the $500 million of revenue that you guys are anticipating doing this year and so, given that the relationship between backlog and the revenues is pretty high here. I'm just wondering how do the visibility is shaping up for this business into 2021. I mean do you feel like the very strong growth rates that you saw here in 2020 off of a smaller base, can these rates of growth continue? Or do they have to start to level? Just wondering how the amount of backlog that you have today informs that view.

偉大的。我通常不會問電信方面的問題，但我覺得我們已經到了這樣的地步：稍微多談論一下你們 10 億美元的積壓訂單就讓我震驚，而你們預計這樣做會帶來 5 億美元的收入考慮到這裡的積壓訂單和收入之間的關係相當高，所以大約一年。我只是想知道該業務到 2021 年的知名度如何。還是他們必須開始練等？只是想知道今天的積壓量是如何影響這種觀點的。

Yes. I mean I think you see the backlog increasing. And as we move into next year and later into this year, we had a record quarter for us this quarter. And I think we saw the margins at parity, fairly close to the electric margins. And so we're seeing double-digit margin profiles. We're doing the things that we said we would do from a scale standpoint in the field and our ability to execute. We needed to build the front side.

是的。我的意思是，我認為您會看到積壓的情況不斷增加。當我們進入明年和今年晚些時候時，本季我們的季度創歷史新高。我認為我們看到了平價的利潤率，相當接近電力利潤率。因此，我們看到了兩位數的利潤率。從現場規模和執行能力的角度來看，我們正在做我們說過要做的事情。我們需要建造正面。

We made an acquisition in the last quarter there on the front side of the business to help us gain traction there on the EPC side and also collaborate with the customer. That will benefit us as we move forward. We've talked about it being a $1 billion business. There's every opportunity for that to happen. The pace of growth will remain around the margin profile going forward. We want to continue the double-digit margin profile. And that's the -- that will pace our growth. But I'm optimistic that we'll continue to see these type of growth rates on a go-forward basis.

我們上個季度在業務前端進行了一項收購，以幫助我們在 EPC 方面獲得吸引力並與客戶合作。當我們前進時，這將使我們受益。我們已經討論過這是一項價值 10 億美元的業務。這一切都有機會發生。未來的成長速度將保持在利潤率周圍。我們希望繼續保持兩位數的利潤率。這就是——這將加快我們的成長速度。但我樂觀地認為，我們將繼續看到這種類型的成長率。

Okay. Great. And then I guess I wanted to just dig in a little bit more on the P&I segment as well and I just wanted to make sure that I understand. We all understood that the nature of the disruptions that you're experiencing, I think that was the term that you used. Early on, it was disruption from site issues where with shelter-in-place orders, you couldn't get to the site. It doesn't sound like that's the issue. It sounds like more of the disruption that you're experiencing is just weak oil prices, demand for refined products on the industrial segment. I just want to make sure we understood that correctly. Maybe you could expand on that.

好的。偉大的。然後我想我也想深入了解保賠領域，我只是想確保我理解。我們都了解您所經歷的破壞的本質，我認為這就是您使用的術語。在早期，這是由於現場問題造成的中斷，根據就地避難令，您無法到達現場。聽起來好像不是這個問題。聽起來您所經歷的更多破壞只是油價疲軟以及工業領域對精煉產品的需求。我只是想確保我們正確理解這一點。也許你可以對此進行擴展。

But I guess, there's also an implication here on the larger diameter pipeline work that you have done, again, a small piece of the business. It sounds like you executed some of that really well. Got it done in the quarter. So is large diameter basically kind of cleaned up for now inside of the portfolio I guess is the question. Is there not more -- is there not a lot of backlog really to work off anymore now that you're done early? Or do you think that there still can be some contribution from that in '21, recognizing that yesterday, there was an announcement from TC Energy setting you as a contractor on KXL?

但我想，這裡也暗示著您已經完成的較大直徑管道工作，這只是業務的一小部分。聽起來你執行得非常好。本季就完成了。那麼大直徑基本上現在在投資組合內部已經清理乾淨了，我想這就是問題所在。既然你提前完成了工作，是不是就沒有更多的積壓工作需要處理了？或者您認為 21 年仍然可以做出一些貢獻，因為昨天 TC Energy 宣布將您任命為 KXL 承包商？

Yes. So the P&I segment. When we look at the industrial side of the business, I think that's the biggest unknown for us, is just when does the economy come back? We've talked about it and communicated it. We felt like it would be later in the third quarter or later half of next year when we talk about P&I. We're doing okay. We're not where we want to be there in order to get the margins where we want them to be. So I think in general, that would be the P&I segment. If economy comes back, it's kind of like an '08, '09 effect for that type of business, a little bit greater. But in general, we have some critical path solutions there that are necessary. It allows us to do things that others can't. And I think, in general, the business is good. But for us to get to those -- the margins that we've stated that we want to be, our goal, we need that business to pick up in the later half of next year. We've contemplated all that in the $4 number that we've talked about.

是的。所以保賠險部分。當我們看工業方面的業務時，我認為對我們來說最大的未知數是經濟何時復甦？我們已經討論過並進行了溝通。我們認為，當我們談論保賠時，會在第三季晚些時候或明年下半年。我們做得很好。為了獲得我們想要的利潤，我們並沒有達到我們想要的水平。所以我認為總的來說，這就是保賠險部分。如果經濟復甦，對這類企業的影響有點像 08 年、09 年的影響，只是更大一些。但總的來說，我們有一些必要的關鍵路徑解決方案。它使我們能夠做別人做不到的事情。我認為，總的來說，生意很好。但為了達到我們所說的我們想要達到的利潤率、我們的目標，我們需要該業務在明年下半年回升。我們已經在我們討論的 4 美元這個數字中考慮了所有這些。

On the larger diameter pipe, we talked about a $500 million number in guidance next year. That's kind of how you should think about the business. When we think about it, same thing whether you hear announcements or not. As we stand, that's what we see. It certainly has the ability to expand, and we have the opportunity to expand it within Canada and other places. We'll look at it from a risk standpoint. And if we book-work, we'll let you know. But in general, in our mind, the $4 number and everything we're talking about contemplates that business being around $500 million, not to say there's not smaller projects, not to say there's not opportunity because there is. And we did execute well through the quarter. We went through and had some milestones and contingency releases on different things. It's due to execution.

關於較大直徑的管道，我們談到明年的指導數字為 5 億美元。這就是你應該如何思考業務的方式。當我們思考這個問題時，無論你是否聽到公告，都是一樣的。當我們站著時，這就是我們所看到的。它當然有能力擴展，我們有機會在加拿大和其他地方擴展它。我們將從風險的角度來看待它。如果我們預訂工作，我們會通知您。但總的來說，在我們看來，4 美元的數字和我們所談論的一切都考慮到業務規模約為5 億美元，並不是說沒有更小的項目，也不是說沒有機會，因為有機會。我們整個季度的執行情況都很好。我們經歷了一些里程碑，並針對不同的事情發布了應急版本。這是由於執行。

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。

Good job this quarter. I just wanted to go back on the Electric Power margins. I mean that was the real eyepopper for me around the results. You spoke to some juice from the storm response, you spoke to good execution, good utilization. I'm just wondering if there's anything structural in there. Maybe just around the growth here and Quanta size, whether there's any pricing benefit.

本季工作做得很好。我只是想回到電力利潤率。我的意思是，這對我來說是真正令人大跌眼鏡的結果。您談到了風暴反應中的一些成果，您談到了良好的執行力和良好的利用率。我只是想知道裡面是否有結構性的東西。也許只是圍繞著這裡的成長和廣達的規模，是否有任何定價優勢。

And then I'm also just curious about the mix. If we look at New England Clean Energy Connect coming into the mix next year, still executing a lot here. Is that sort of mix dynamic going to be accretive going into next year? Just rounding that out would be great.

然後我也對混合感到好奇。如果我們看看明年加入的新英格蘭清潔能源連接，這裡仍然執行很多工作。這種混合動態會在明年繼續增加嗎？只要將其四捨五入就太好了。

That's correct. We're doing a nice job executing on the Electric Power segment, both from -- our telecom is starting to be additive to the segment as well. And we have broad base. Just -- it's a strategy we had 5 years ago. We said we'd build a base business. We've scaled the operations in the field and really worked with the customer to collaborate in order to build on these programmatic spends that we've been talking about for a long period of time in order to modernize the system, harden the systems for the events that you're seeing now. You see it in California at the West on the wildfires, you see it with the hurricanes, derechos, whatever it may be. These events happen. I think, in general, we've got our heads around hardening the systems and modernizing them.

這是正確的。我們在電力領域的執行工作做得很好，我們的電信也開始在這個領域發揮作用。我們有廣泛的基礎。只是——這是我們 5 年前製定的策略。我們說過我們要建立一個基礎業務。我們擴大了現場營運規模，並真正與客戶合作，以建立我們長期以來一直在討論的程序化支出，以實現系統現代化、強化系統您現在看到的事件。你可以在西部加州的野火中看到它，你可以在颶風、德雷喬斯或任何其他颶風中看到它。這些事件都會發生。我認為，總的來說，我們已經開始致力於強化系統並使其現代化。

So you're seeing all that, you're seeing our capital, but we're supporting our customer at a very high level, taking more of the programmatic spends, and it's showing up in the electric segment as we move forward. I think we have every opportunity to continue this. We talked about a kind of a double-digit margin there over time. We were working through it last year with California. You had some movement there with crews moving back and forth and it dragged margins down. Once we said it would get stabilized, and once it's stabilized, you would see improvements. And I think we get set, we get things scaled, and we can do our margins to improve. So we get better utilizations, better execution, and that's what you're seeing today.

所以你看到了這一切，你看到了我們的資本，但我們正在以非常高的水平支持我們的客戶，承擔更多的程序化支出，隨著我們的前進，它會出現在電力領域。我認為我們有一切機會繼續這樣做。我們討論了隨著時間的推移，那裡的利潤率將達到兩位數。去年我們與加州一起解決了這個問題。那裡有一些人員來回移動，這導致了利潤率下降。一旦我們說它會穩定下來，一旦穩定下來，你就會看到改進。我認為我們已經做好準備，我們可以擴大規模，我們可以提高利潤率。因此，我們獲得了更好的利用率、更好的執行力，這就是您今天所看到的。

Can we stack more larger projects on there? Sure. As they come, we'll look at them. We won't win them all. We're not there to win them all. We're there to provide a service to the customer based on risk, and we'll look at the risk and bid the work. But I like our chances.

我們可以在那裡堆放更多更大的項目嗎？當然。當他們來的時候，我們會看著他們。我們不會贏得所有人。我們不是為了贏得所有人。我們的職責是根據風險向客戶提供服務，我們會考慮風險並對工作進行投標。但我喜歡我們的機會。

Okay. That's helpful. And on the utility LDC business, it's just interesting to see the utilities talking about replacement of LDC infrastructure playing into those carbon emission-reduction goals. So just given that very broad-based trend from your customer base, I'm wondering if you're seeing acceleration in growth in terms of the pipeline of opportunity on that side of the business.

好的。這很有幫助。在公用事業最不發達國家業務上，有趣的是看到公用事業公司談論更換最不發達國家基礎設施以實現這些碳減排目標。因此，鑑於您的客戶群存在非常廣泛的趨勢，我想知道您是否看到業務方面的機會管道加速成長。

I think it's a broad-based growth. Most of the LDC -- most of our LDC customers have a replacement program due to prone leaks, things like that, that may be out there or regulatory requirements. So they're 30-year type builds, and it's across the eastern seaboard of the West, Midwest. Wherever you look, there's replacement programs, and we're involved in that.

我認為這是一個基礎廣泛的增長。大多數最不發達國家—我們大多數最不發達的國家客戶都有更換計劃，因為可能有洩漏等問題或監管要求。所以它們是 30 年類型的建築，橫跨西部、中西部的東海岸。無論您在哪裡尋找，都有替代計劃，我們也參與其中。

I mean it's a really nice business. It has a really nice backdrop. And you can see it, it's resilient. And so I think that part of the business continues to grow. We're performing nicely as we scale it. We like it a lot. We had -- in the second quarter, you had this light switch effect in certain cities. But we've worked through those things as we stand today, and I think they'll continue to build underneath the -- on that segment, you'll continue to see that growth.

我的意思是，這是一項非常好的生意。它有一個非常漂亮的背景。你可以看到它，它是有彈性的。所以我認為這部分業務會繼續成長。當我們擴展它時，我們表現得很好。我們非常喜歡它。我們在第二季度，在某些城市出現了這種電燈開關效應。但我們已經解決了今天的問題，我認為它們將繼續在該細分市場的基礎上發展，您將繼續看到這種增長。

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 Duke, how well would you say the labor market is keeping up with all this utility work? And how much tighter do you think it's going to get over the next couple of years as you and your customers contemplate completing all that renewables work and all the programmatic spending that you're talking about?

那麼杜克，您認為勞動市場跟上所有這些公用事業工作的步伐有多好？當您和您的客戶考慮完成所有再生能源工作和您正在談論的所有計劃支出時，您認為未來幾年會收緊多少？

Yes, Steven, thank you. I think in general, when we looked at it and when we have looked at it, we worked quite a bit with our clients on how do we meet the demands of not only what you see from a capital spend but attrition within the utility workforce. And the company spent $100 million on training colleges 3, 4, 5 years ago to get ready for these type builds and to set the company on a path for a multiyear 10, 20, 30 years beyond. And so in general, we're in a really good spot here. We're meeting the demand of our client.

是的，史蒂文，謝謝你。我認為總的來說，當我們審視它時，我們與客戶進行了大量合作，以了解如何滿足您從資本支出中看到的需求以及公用事業勞動力中的人員流失的需求。該公司在 3、4、5 年前花費 1 億美元用於培訓學院，為這些類型的建設做好準備，並為該公司走上 10 年、20 年、30 年以後的多年之路。總的來說，我們處於一個非常好的位置。我們正在滿足客戶的需求。

From a constructability standpoint, it's one thing to say, look, I'm an engineer and I can build this, but I don't have construction. And it's another thing to say, I can take it from the start and then finish it with some certainty -- with certainty for that matter. And that's a big deal as we move forward, and we have the ability to do that. I think you'll continue to see us take more of the programmatic spend and market share as we move forward.

從可施工性的角度來看，說是一回事，看，我是工程師，我可以建造這個，但我沒有施工。另一件事是，我可以從頭開始，然後帶著某種確定性完成它——在這件事上有確定性。這對我們前進來說是一件大事，而且我們有能力做到這一點。我認為，隨著我們的前進，您將繼續看到我們獲得更多的程序化支出和市場份額。

Okay. And then Derrick, the Q4 guidance was a little lighter than what the consensus had. And it seemed like it was more margin-related than revenues. I know you called out a few things when you gave your prepared remarks. Maybe you could just sort of revisit and summarize there. I mean do you have any particular margin headwinds that you're calling out for the quarter other than maybe it seems like there's another $0.05 additional for Latin America exit that you hadn't contemplated before? But what are some of the other kind of things that you're baking in as cautionary items or things in the fourth quarter?

好的。然後，德里克（Derrick），第四季度的指導比共識要輕一些。而且它似乎與利潤的相關性比與收入的相關性更大。我知道您在發表準備好的演講時說了一些話。也許你可以重新回顧並總結一下。我的意思是，除了您之前沒有考慮過的拉丁美洲退出可能會額外增加 0.05 美元之外，您在本季度是否有任何特別的利潤逆風？但是，您在第四季度中作為警示性事項或事項提出了哪些其他事項？

Yes, Steve. So exactly, Latin America is probably the primary component of that equation, upping those costs a little bit in the fourth quarter. It's putting that pressure. And then secondly, a little bit of downtick on the margins on pipeline and revenues on pipeline. As my prepared remarks commented, we had some acceleration of the work from the fourth quarter. Expectations originally pulled into the third quarter, both on the revenue side and the completion of those projects. So therefore, the margin relative to the year, it's basically a flat level of contribution has just accelerated in the third. Then the last piece of it that's still on pipeline is the revenues are down just a little bit. We had some stuff pushed from kind of the fourth quarter into '21, but nothing overall from a trend perspective changing. Nothing from a margin perspective changing our expectations.

是的，史蒂夫。確切地說，拉丁美洲可能是等式的主要組成部分，第四季度這些成本略有上升。它正在施加這種壓力。其次，管道利潤率和管道收入略有下降。正如我準備好的發言所評論的那樣，我們的工作從第四季度開始有所加快。最初的預期是在第三季度，無論是收入方面還是這些項目的完成情況。因此，相對於今年的利潤率，它基本上處於持平水平，貢獻只是在第三年加速。最後一個仍在進行中的部分是收入略有下降。我們將一些東西從第四季度推到了 21 年，但從趨勢的角度來看，總體上沒有任何變化。從利潤角度來看，我們的預期並沒有改變。

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。

Nice quarter. I guess, first question, Derrick, is there any way you can help us understand the downstream business, Stronghold, how that's, in more detail, performing this year relative to sort of a normalized basis is, I guess, is my first question. And then I guess my -- and then the -- I guess the follow-up question on that is I mean, I think you said by the end of the year with LatAm, you expect 80 -- to be 80% of the projects to be done or something to that effect. What's the risk that, that goes into 2021 at all? Because I guess, as I look at it today, my third question would be, understanding you guys are putting out a $4-ish number, but if I do all these add-backs, I don't know, Derrick, I'm getting more to mid-$4s relative to earlier in the year when I was saying sort of low $4s. So I'm just trying to do the math there, but correct me if I'm wrong.

不錯的季度。我想，第一個問題，Derrick，你有什麼方法可以幫助我們了解下游業務 Stronghold，更詳細地說，今年相對於標準化基礎的表現如何，我想，這是我的第一個問題。然後我想我的——然後是——我想後續問題是我的意思是，我想你說過，到今年年底拉丁美洲項目，你預計 80 個——將是項目的 80%要做的事情或達到此目的的事。進入 2021 年會有什麼風險？因為我想，正如我今天所看到的，我的第三個問題是，理解你們給出了一個 4 美元左右的數字，但如果我做了所有這些回加，我不知道，Derrick，我相對於今年早些時候我所說的低4 美元，現在的價格已經達到了4 美元左右。所以我只是想在那裡做數學，但如果我錯了，請糾正我。

Jamie, the P&I segment, I think when we look at the industrial, we had a record first quarter, really nice quarter. It tailed off after that due to COVID. We are in critical path, and it's -- in my mind, it's mainly the strong whole piece of it. If you don't have the ancillary things around there, it's more of a breakeven type. Maybe make a little money as we move forward right now. And that's the issue that we have, kind of guiding that when it becomes more profitable.

傑米（Jamie），保賠部門，我認為當我們審視工業時，我們第一季創下了紀錄，非常好的季度。此後由於新冠疫情，這種情況逐漸減少。我們正處於關鍵道路上，在我看來，這主要是整個過程的重要部分。如果你周圍沒有輔助設施，那麼它更像是一種收支平衡的類型。也許隨著我們現在的前進，賺點錢。這就是我們面臨的問題，當它變得更有利可圖時，它會起到指導作用。

There are other pieces of that, our high-voltage business, things like that. So our total industrial business is a nice business. I'm not going to get into the margin profile of the whole thing, but it's nice. And that will be additive. So net between the 2, it's good. I do -- I hear what you're saying. We need it to increase back to normalized levels. There's opportunities for that to happen. We're unwilling to get in front of that at this point and get formal guidance. But in general, if you saw the economy pick back up, air travel pick back up, all those kind of things, certainly, that would increase. I'm on that.

還有其他部分，我們的高壓業務，類似的事情。因此，我們的整個工業業務是一項不錯的業務。我不會詳細介紹整件事的利潤概況，但這很好。這將是累加的。所以兩者之間的淨值，很好。我知道——我聽到你在說什麼。我們需要它恢復到正常水平。這是有機會發生的。我們現在不願意麵對這個問題並獲得正式的指導。但總的來說，如果你看到經濟回升，航空旅行回升，所有這些事情肯定會增加。我就是這麼做的。

I want to talk a little bit about Lat Am, and I'll let Derrick. Lat Am, for us, it was really about the COVID impact there. It's much greater than it is in the U.S. It really shuts our crews down. The testing that goes on there is much greater than we anticipated, so it has affected the work and our ability to close it out faster. We've taken all that into account as we look at this year for the closeouts and anything going forward. Not to say something won't trickle in, but I think we have our hands around the COVID impact that's going on now and our ability to execute through that, that we -- I'm not sure that we quite understood the difference between what's going on in LatAm versus what's going on in the States. So we have that in our head now. And I think we have the right number on guidance. And I'll let Derrick comment on the rest.

我想談談拉丁美洲，我會讓 Derrick 來談談。拉丁美洲，對我們來說，真正重要的是那裡的新冠病毒影響。這比美國的情況要嚴重得多，這確實讓我們的工作人員停了下來。在那裡進行的測試比我們預期的要大得多，因此它影響了工作以及我們更快完成工作的能力。當我們考慮今年的收尾和未來的任何事情時，我們已經考慮到了所有這些。並不是說有些東西不會慢慢滲透進來，但我認為我們已經掌握了現在正在發生的新冠病毒影響，以及我們執行該影響的能力，我不確定我們是否完全理解了新冠病毒之間的區別。拉丁美洲正在發生的事情與美國正在發生的事情。所以我們現在腦子裡就有這個了。我認為我們有正確的指導數字。我會讓德里克評論其餘的。

Yes. So I'll just jump in there on that last part in Latin America and to maybe expand on it. Just to touch that the effects on there were exacerbated. I mean it's more so that when we're having those shutdown dynamics there, since we are dealing with a low revenue base at this stage, the cost dynamic gets quite accelerated as we try to ramp up those projects and bringing them down.

是的。因此，我將跳到拉丁美洲的最後一部分，並可能對其進行擴展。只是碰觸到那裡的影響加劇了。我的意思是，更重要的是，當我們在那裡遇到關閉動態時，由於我們現階段的收入基礎較低，當我們試圖增加和減少這些項目時，成本動態會變得相當加速。

Relative to the 80% reduction, what I would tell you is between now and the end of the year, we think that we can probably get to a spot where at end of the year, we have only a low kind of single-digit type number of projects, open 4, 5, 6 projects. That's what we think we can get to. So it still has a dramatic reduction. And there will be a few that have some layover into '21, but we believe that, that's what we're still looking at in the fourth quarter, is our ability to bring that down and having so few contracts roll into a '21 dynamic at this stage.

相對於 80% 的減少，我要告訴你的是，從現在到今年年底，我們認為我們可能會達到這樣的程度：到年底，我們只有低個位數的類型項目數量，打開4、5、6個項目。這就是我們認為我們能夠達到的目標。所以還是有大幅度的減少。會有一些合約在 21 世紀會有一些停留，但我們相信，這就是我們在第四季度仍在關注的問題，是我們有能力降低這種情況，並且只有很少的合約會進入 21 世紀動態在這個階段。

Touching back just to touch on the industrial side. I mean I will say, historically, that business has been able to operate in a kind of a double-digit margin EBITDA profile, double-digit EBITDA. And at this stage, that's clearly not where we're at. We're probably much closer to a breakeven-type dynamic. And so as we go forward past '21 into a '22-type dynamic, where we think that we can see that, then we would have every anticipation of being back into a more double-digit EBITDA profile.

回過頭來談談工業方面。我的意思是，我想說，從歷史上看，企業一直能夠以兩位數的 EBITDA 利潤率運營，兩位數的 EBITDA。在現階段，這顯然不是我們所處的位置。我們可能更接近損益平衡型動態。因此，當我們從 21 世紀進入 22 世紀的動態時，我們認為我們可以看到這一點，然後我們會期待回到兩位數的 EBITDA 狀況。

Last, I think probably just coloring, as Duke said multiple times on that $4, we were very comfortable with it being within the range, but there's just a lot of things we still have to digest between now and then as much focused on what's happening that's unique to that industrial market in '21.

最後，我認為可能只是著色，正如杜克在4 美元上多次說過的那樣，我們對它在這個範圍內感到非常滿意，但從現在到那時，我們仍然需要消化很多事情，同時關注正在發生的事情這對 21 年的工業市場來說是獨一無二的。

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, you talked about a couple of your acquisitions you highlighted in the quarter. You have this recapitalized, very strong balance sheet and cash flow. Do you anticipate, given the strong outlook for programmatic and other type spending amongst specialty E&P and the telecom customers that, that pace, subject to negotiation, may accelerate over the next 6 to 12 months given the long-term opportunities that you're seeing in front of you?

杜克大學，您談到了您在本季度強調的幾項收購。您擁有經過資本重組、非常強勁的資產負債表和現金流。鑑於專業勘探與生產和電信客戶的程序化和其他類型支出的強勁前景，您是否預計，考慮到您所看到的長期機會，這一步伐（根據談判）可能會在未來6 至12 個月內加速在你面前？

Mike, thank you. In general, I don't think our strategy has changed at all. I think in general, everything is -- we look at our stock first. And well actually, we look at our working capital needs, then we'll look at everything else that's against our stock and evaluation there. So -- and we don't -- we never have and nor will be out marketing for acquisitions. They come as the nice family business in the Carolina. It's long-standing. When we knew very well right in our space, it allowed us to do some really nice things.

麥克，謝謝你。總的來說，我認為我們的策略根本沒有改變。我認為總的來說，一切都是——我們首先看我們的股票。事實上，我們會考慮我們的營運資金需求，然後我們會考慮與我們的股票和評估相反的其他一切。所以——我們沒有——我們從來沒有也不會為了收購而進行行銷。他們是卡羅來納州一家不錯的家族企業。這是由來已久的。當我們非常了解自己的領域時，我們可以做一些非常好的事情。

The other ones are strategies around regionals or building the front side of the business that allows us to capture more construction or develop more services within the client base that are necessary for us to stay ahead and to help them with their capital spend to make sure there's certainty in that as well. So we're really working on strategies. If we see something or we see holes within those strategies, certainly, we'll look at those. But in general, I don't think you should expect the company to deviate from what you've seen in the past with stock buybacks, with the things that we've done with acquisitions. It will level out as we move forward all against, like I said, the valuation of the stock.

其他策略是圍繞區域或建立業務前端的策略，使我們能夠在客戶群中獲得更多的建設或開發更多的服務，這對於我們保持領先地位並幫助他們的資本支出是必要的，以確保有對此也有確定性。所以我們確實正在製定策略。如果我們發現某些內容或發現這些策略有漏洞，我們當然會進行研究。但總的來說，我認為你不應該期望公司會偏離你過去在股票回購和收購方面所看到的情況。正如我所說，隨著我們朝著股票估值的方向前進，它將會趨於平穩。

So everything is opportunistic, it still appears?

那麼一切都是投機取巧的，現在還出現嗎？

We've said we want to stay equity-neutral. And so you would anticipate us doing that year-over-year from a stock buyback standpoint. Derrick can comment more on that. But in general, you should expect us to do that. And opportunistic, I would say, yes, that's a good word.

我們說過我們希望維持股權中立。因此，從股票回購的角度來看，您會預期我們會逐年這樣做。德里克可以對此發表更多評論。但總的來說，您應該期望我們這樣做。我想說，機會主義，是的，這是一個好詞。

Duke. My second question would be, maybe you could share a little bit of some thoughts. There's been some noise coming out of Puerto Rico with the upcoming -- the U.S. election, the gubernatorial elections there. Maybe remind us the structure of the contract and any issues that could arise given the results of the election or most of the stuff we're hearing appears to be noise, but I just want to get you to maybe address that a little bit.

公爵。我的第二個問題是，也許你可以分享一些想法。隨著即將到來的美國大選、那裡的州長選舉，波多黎各傳來了一些噪音。也許提醒我們合約的結構以及選舉結果可能出現的任何問題，或者我們聽到的大部分內容似乎都是噪音，但我只是想讓你稍微解決一下這個問題。

Yes. The contract in Puerto Rico is from -- there's one piece of it that we're in a transformation period where we're evaluating the current -- PREPA current and then they'll transform into LUMA mid next year. We're still on pace to do that. We're performing nicely against the contract. I like where we sit.

是的。波多黎各的合約來自——其中有一部分我們正處於轉型期，我們正在評估當前的——PREPA 目前的合同，然後他們將在明年中期轉變為 LUMA。我們仍在努力做到這一點。我們按照合約履行得很好。我喜歡我們坐的地方。

Yes, it's more an election just like here in the States, it's noisy. The underlying principles around the contract and the contract we have are very good. We can make a difference on the island. We are. We're building the line school there. We're doing some really nice things that I think will transform the infrastructure on the island, which will allow the economy to do much better. There's a lot of pharmaceuticals. There's a lot of other things on the island that I think it's something that we believe to make a big difference over the time frame of the contract, which is 15 years.

是的，這更像是一場選舉，就像美國這裡一樣，很吵。圍繞合約的基本原則以及我們所擁有的合約都非常好。我們可以為島上帶來改變。我們是。我們正在那裡建設線路學校。我們正在做一些非常好的事情，我認為這些事情將改變島上的基礎設施，這將使經濟表現得更好。藥品有很多。我認為島上還有很多其他事情，我們相信這些事情會對合約期限（15 年）產生重大影響。

That being said, there are out clauses that's extremely expensive for them to get out, I would say. It's public. You can look at it. But in general, we don't anticipate that. We anticipate the election is going along. And we'll work with the incumbent governor to do good things there, which we anticipate happening here in the mid next year.

話雖這麼說，我想說，有些條款對他們來說要退出是極其昂貴的。這是公開的。你可以看看。但總的來說，我們預計不會出現這種情況。我們預計選舉將會繼續進行。我們將與現任州長合作，在那裡做好事，我們預計這將在明年中期發生。

Our next question is coming from Chad Dillard of Alliance Bernstein.

我們的下一個問題來自聯盟伯恩斯坦公司的查德·迪拉德。

So can you comment on the level of renewable energy-driven transmission activity you're currently seeing maybe compared to like a year earlier? Like how much of your project pipeline does it represent? And is there any difference between a traditional versus a renewable job? Just trying to understand like whether you approach it differently from like execution, pricing, risk perspective.

那麼，您能否評論一下您目前看到的可再生能源驅動的輸電活動與一年前相比的水平？例如它代表了您的專案流程的多少？傳統工作與再生工作之間有什麼區別嗎？只是想了解您的處理方式是否與執行、定價、風險角度不同。

I mean, primarily, we're working for the utility on interconnections, whether it be renewables, load growth, load from one area to another. We don't define it as primarily renewables. But what I would tell you, in general, these grids, we're enabling renewables is what we're doing. I mean, in general, when you modernize them, when we're doing the things we're doing, it's all around enabling that. So I don't know, I can't put a percentage on how much of that is happening. Most of the larger projects you're seeing in the states are moving renewables. So you're seeing a lot of that.

我的意思是，我們主要是為公用事業公司的互連工作，無論是再生能源、負載成長、從一個區域到另一個區域的負載。我們並不將其定義為主要可再生能源。但我要告訴你的是，總的來說，這些電網，我們正在實現再生能源，這就是我們正在做的事情。我的意思是，總的來說，當你對它們進行現代化改造時，當我們做我們正在做的事情時，一切都是為了實現這一點。所以我不知道，我無法給出發生這種情況的百分比。您在各州看到的大多數大型專案都在使用再生能源。所以你看到了很多這樣的事情。

But a lot of -- you're also seeing a lot of grid mod and a lot of hardening. So it's just hard to put a number on it. But in general, I would tell you, any of the larger transmissions, call it over $100 million, is typically moving renewables from -- into load areas from other areas. And if that -- the way the structure of the grid is set up, if you saw that compressed, such as you see in the Biden Administration on the 2030-type plan, you would see a multitude of large projects come out. It would be necessary to move that load.

但很多——你也會看到很多網格模組和很多強化。所以很難給一個數字。但總的來說，我會告訴你，任何較大的傳輸，稱之為超過 1 億美元，通常是將再生能源從其他區域轉移到負載區域。如果那樣——網格結構的建立方式，如果你看到這種壓縮，就像你在拜登政府的 2030 年計劃中看到的那樣，你會看到大量大型項目的出現。有必要移動該負載。

That's helpful. And then just to what extent have you started to see some of the distribution spending that got delayed in the first wave of the pandemic coming back? Maybe you can kind of compare where you are today versus March like a year ago. And to what extent are you thinking about a potential catch-up spend as we go into 2021? And then just secondly, just going back to the Stronghold. Let's just assume activity doesn't come back like you expect in the second half of next year. What levers do you have to pull to bring cost out, so you go from breakeven to the higher margins?

這很有幫助。那麼，您在多大程度上開始看到在第一波大流行中被推遲的一些分銷支出又回來了？也許你可以將今天的情況與一年前的三月進行比較。當我們進入 2021 年時，您在多大程度上考慮了潛在的追趕支出？其次，回到要塞。我們假設明年下半年經濟活動不會像您預期的那樣恢復。您必須利用什麼槓桿來降低成本，從而從損益兩平轉向更高的利潤？

I think in general when we look at the distribution business, both gas and electric, you had the light switch effect in the second quarter which is not there now. But on the electric side, we performed through that. If you look at the business, 85%, 90%, we'll grow at kind of mid-single to double digits. We'll continue to do that under these scenarios, what we see today, both distribution and transmission.

我認為總的來說，當我們審視天然氣和電力的分銷業務時，第二季度出現了電燈開關效應，但現在不存在了。但在電力方面，我們做到了這一點。如果你看看我們的業務，85%、90%，我們將以中個位數到兩位數的速度成長。在我們今天看到的這些情況下，我們將繼續這樣做，無論是分配還是傳輸。

There's a big spend out there. It's no surprise to anyone. We've talked about it. The backdrop of our customers continues to grow. We're seeing their capital budgets grow. We're right there with them, modernizing these systems, electric vehicles enabling that. It's just starting. So that's a lot at the distribution level. When you start to enable the EV or even your telecom, your 5G deployments, that's all around that distribution level spend. And when that starts to move, it really presses on those things. You'll also start to see undergrounding at the distribution level and years to come. So I do think in the outer years, you're going to start to see a big initiative around undergrounding because it's still going to be necessary when you start looking at the events that we're having with ice or fire or hurricanes, that also is something that needs to be done over time. So I think you'll see some of that as well.

那裡有很大的支出。這對任何人來說都不奇怪。我們已經討論過了。我們客戶的背景不斷成長。我們看到他們的資本預算正在成長。我們就在他們身邊，對這些系統進行現代化改造，電動車使其成為可能。這才剛開始。所以在發行層面就很多了。當您開始啟用電動車甚至電信、5G 部署時，一切都圍繞著分發等級支出。當這種情況開始改變時，這些事情就會受到真正的壓力。您還將開始看到分佈層面和未來幾年的地下化。所以我確實認為，在未來的幾年裡，你將開始看到圍繞地下的一項重大舉措，因為當你開始關注我們正在發生的冰、火或颶風事件時，它仍然是必要的，這也是是需要隨著時間的推移而完成的事。所以我想你也會看到其中的一些。

Got it. And on Stronghold, just what leverage do you have to pull to bring cost out?

知道了。在要塞中，你需要發揮什麼槓桿作用才能降低成本？

I think we pulled the levers there to rightsize the business for what we see today. We have a great management team there. I think we'll come out stronger. As we look going in, and we kind of think of it a little bit worse than kind of '08, '09, and their best years were '11 -- '10, '11, '12, '13, had really nice years on through but in general if we go back to those time frames and look how history repeats itself. Refined products and things of that nature are still here whether you're in a renewable space or not, most of the things, batteries, everything that we have today, phones, they're refined products, and that's going to continue over time. The Gulf Coast has a really nice -- it's a really low base from a cost standpoint worldwide. We need the economy to pick back up, but you can only delay that stuff so much, in general. And I do think it will pick up over time and catch back up, and you'll see some robust years in the outer years.

我認為我們採取了適當的措施來調整業務規模，以實現我們今天所看到的情況。我們在那裡有一支優秀的管理團隊。我想我們會變得更強大。當我們觀察時，我們認為它比 08 年、09 年差一點，他們最好的年份是 11 年、10 年、11 年、12 年、13 年，過得非常好多年過去了，但總的來說，如果我們回到那些時間框架，看看歷史如何重演。無論您是否處於可再生空間，精煉產品和此類性質的東西仍然存在，大多數東西，電池，我們今天擁有的一切，手機，它們都是精煉產品，並且隨著時間的推移，這種情況將持續下去。墨西哥灣沿岸的情況非常好——從全球成本的角度來看，它的基數非常低。我們需要經濟復甦，但總的來說，你只能推遲這麼多。我確實認為它會隨著時間的推移而回升併回升，你會在外部年份看到一些強勁的年份。

Our next question is coming from Noelle Dilts of Stifel.

我們的下一個問題來自 Stifel 的 Noelle Dilts。

Congratulations on a good quarter. So for my first question, I wanted -- I was wondering if you could expand a little bit just on fire hardening. Given the continued fires in California and Colorado, how is that impacting both your kind of near-term expectations relative to what you're expecting early in the year? And then how are you thinking about the longer-term opportunity and what this could lead to?

恭喜您度過了一個美好的季度。因此，對於我的第一個問題，我想知道您是否可以在防火硬化方面稍微擴展一下。鑑於加州和科羅拉多州的持續火災，相對於今年年初的預期，這對您的近期預期有何影響？那麼您如何看待長期機會以及這可能會帶來什麼？

I think it's much like we see on the Gulf Coast now with hurricanes. In general, it's necessary to harden those systems. We went through a bankruptcy there with one of the large utilities in California. As that comes out this year and into next, you'll start to see more programmatic spends in a paced way that utilities normally operate. And we're seeing that now.

我認為這很像我們現在在墨西哥灣沿岸看到的颶風。一般來說，有必要強化這些系統。我們在那裡與加州的一家大型公用事業公司破產了。隨著今年和明年的出現，您將開始看到更多的程序化支出以公用事業通常運營的方式進行。我們現在看到了這一點。

But the issue is you have fires out there now, which delays anything you could do because of what you're in, in fire season. And so you're kind of at the mercy of that. But in general, so you're doing some emergency work and things like that, but over time, we'll continue to see the utilities in the West harden the system for fires over time. And it's a long, multiyear process that all of them are going through, and we're all working through that together in a collaborative manner. It's a big state for us. The West is big for us, and we'll continue to build resources out there for what's necessary to harden those systems for fire.

但問題是現在那裡發生了火災，這會延遲您可以做的任何事情，因為您正處於火災季節。所以你有點受其擺佈。但總的來說，你正在做一些緊急工作和類似的事情，但隨著時間的推移，我們將繼續看到西方的公用事業公司隨著時間的推移加強火災系統。這是一個漫長的、多年的過程，所有人都在經歷，我們都在以協作的方式共同完成這個過程。這對我們來說是一個大州。西方對我們來說很重要，我們將繼續在那裡建立資源，以加強這些系統的防火能力。

Okay. Great. And then second, I just had a couple of project-specific questions. So first, given TC Energy's announcement on the Keystone XL contractors, I'm just kind of curious how you're thinking about that project from -- in terms of just both going into backlog and just the probability of the project moving forward, given that they're still sort of in limbo with the NWP 12 issue and the upcoming elections. And then secondly, on the New England Clean Power project. I know that's a very big project. Just curious, again, that's been a tough geography for permits. So maybe you could give us a sense of how comfortable you are that, that job kind of moves forward on time.

好的。偉大的。其次，我只是有幾個特定於專案的問題。首先，考慮到 TC Energy 關於 Keystone XL 承包商的公告，我只是有點好奇你是如何看待該項目的——從積壓工作和項目推進的可能性來看，考慮到他們仍然因NWP 12 問題和即將到來的選舉而陷入困境。其次，關於新英格蘭清潔電力計畫。我知道這是一個非常大的項目。再次好奇的是，這是一個很難獲得許可證的地理位置。所以也許你可以讓我們了解一下你對這項工作是否按時進展感到滿意。

Yes. We're comfortable with the Queensland project up there in May. I think it moves on time. We've been with that project for a while. We think the permits are in pretty good shape, and it will get moving here in next year sometime. But -- so that one is that. And if not, then there's a multitude, more projects, and I'm not concerned with that. The $4 that we contemplate, we think about all these kind of things. And in general, when we look at big pipe, we have a customer base out there that we support. We'll continue to do so. We like the projects as they come. We talked about the business being around $500 million. We've transitioned the P&I segment away from big pipe, as you know. I've stated it many times, and I think we'll -- it can grow. It can grow off the $500 million. It can be greater.

是的。我們對五月的昆士蘭計畫感到滿意。我認為它準時進行。我們參與這個計畫已經有一段時間了。我們認為許可證的狀態非常好，明年某個時候就會搬到這裡。但是——所以就是這樣。如果沒有，那麼就會有大量、更多的項目，而我對此並不關心。我們考慮的 4 美元，我們考慮了所有這些事情。總的來說，當我們考慮大型管道時，我們有一個我們支持的客戶群。我們將繼續這樣做。我們喜歡這些項目。我們談到這項業務約為 5 億美元。如您所知，我們已經將保賠業務從大型管道中轉移出來。我已經說過很多次了，我想我們會——它可以成長。它可以從 5 億美元成長。它可以更大。

But in general, when we're talking about guidance and how to look at next year, you should think about the $500 million. If we start stocking projects, if things go our way, if things go good, we'll talk to you about it. And certainly, that would be upside. But in general, we should look at $500 million in that piece of business. Yes, we can expand it, but we're not going to take the risk. We're going to make sure it's risk -- the risk is conducive with the margins. And that's one of the things the company has been disciplined on, and we'll stay that way.

但總的來說，當我們談論指導以及如何看待明年時，你應該考慮 5 億美元。如果我們開始備貨項目，如果事情進展如我們所願，如果一切順利，我們會與您討論。當然，這會有好處。但總的來說，我們應該考慮該業務的 5 億美元。是的，我們可以擴大它，但我們不會冒險。我們要確保它的風險－風險有利於利潤。這是公司一直受到紀律處分的事情之一，我們將保持這種狀態。

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

我們的下一個問題來自 B. Riley 的 Alex Rygiel。

Nice quarter, gentlemen. Other than Puerto Rico and Canada and your businesses in Latin America, do you have any interest in any other international markets at this time? Mexico comes to mind because it's been talked about for years.

先生們，美好的季度。除了波多黎各和加拿大以及您在拉丁美洲的業務之外，您目前對其他國際市場有興趣嗎？我之所以想到墨西哥，是因為它已經被人們談論了很多年。

Alex, so we have the Australian business. I think in general, you've seen us exit LatAm, and it would have to be following a customer in there, a U.S. customer. But I don't see that as being somewhat a priority for us. We can grow North America nicely. And I think for us, right now, with the builds that we see, with the ability to grow on our base business and things of that nature, we'll stay within the states and within the areas that we're in, call it, North America, Puerto Rico as an island and Australia.

亞歷克斯，我們有澳洲業務。我認為總的來說，您已經看到我們退出拉丁美洲，並且它必須跟隨那裡的客戶，即美國客戶。但我不認為這對我們來說是優先事項。我們可以很好地發展北美。我認為對我們來說，現在，憑藉我們所看到的建設，憑藉我們的基礎業務和類似性質的事物的發展能力，我們將留在各州和我們所在的地區，稱之為、北美洲、波多黎各島和澳洲。

And then a number of years ago, maybe it was 6 or 8 years ago, there was definitely a step-up in increased regulation that complicated some of your projects, slowed your projects, impacts profitability of your projects. How has that changed under the Trump administration? And if Biden should win, do you have any concerns that the regulatory environment becomes increasingly more challenging?

然後幾年前，也許是 6 或 8 年前，監管肯定有所加強，這使你的一些項目變得複雜，減慢了你的項目，影響了你項目的盈利能力。在川普政府的領導下，情況發生了什麼樣的變化？如果拜登獲勝，您是否擔心監管環境變得越來越具有挑戰性？

What I would say is that I think under the administration, they want to create jobs and we've seen that. But in general, I don't think, from our standpoint when we look at it, when we look at what the Biden administration energy plan, from a clean energy plan, all that bodes well for us. We didn't really have issues on the baseload work that we're doing today. I think the sentiment around carbon-free and how we enabled that, whether it be from a distribution level or a transmission level, the jobs that we're trying to put forth in the capital spends that we see, we don't believe that under either administration, the regulatory impact would be something that would give us problems, actually probably benefits us in my mind.

我想說的是，我認為在政府領導下，他們想要創造就業機會，而我們已經看到了這一點。但總的來說，我認為，從我們的角度來看，當我們從清潔能源計畫來看拜登政府的能源計畫時，這一切對我們來說並不是好兆頭。我們今天所做的基本負載工作並沒有真正遇到問題。我認為圍繞著無碳的情緒以及我們如何實現這一點，無論是從分配層面還是傳輸層面，我們試圖在我們看到的資本支出中提供的就業機會，我們不相信在任何一屆政府的領導下，監管影響都會為我們帶來問題，但在我看來，實際上可能對我們有利。

On the pipe -- the big pipe side, we transitioned the company away from it years ago, 5 years ago. So when we talk about the $500 million and those projects are where you see the most -- where the issues are, really, to be honest. And so that's where they were, and that's where it's tough, even -- under any administration. So that's the issue there, Alex. But the company is enabling a lot of things. Technology is well on 5G deployment and things of that nature. So I think everyone sees -- you can see our conference call today. The need for bandwidth, the need for technology, the need for the things that we do from an infrastructure standpoint will continue for some time. We're optimistic and feel real good about where we sit.

在管道方面——大管道方面，我們幾年前、五年前就將公司從管道中轉型了。因此，當我們談論 5 億美元時，這些項目是您看到最多的地方 - 老實說，這些項目實際上是問題所在。這就是他們所處的位置，這就是困難所在，即使在任何政府統治下也是如此。這就是問題所在，亞歷克斯。但該公司正在推動很多事情。 5G 部署和類似性質的技術進展順利。所以我想大家都看到了——你們可以看到我們今天的電話會議。對頻寬的需求、對技術的需求、對我們從基礎設施的角度所做的事情的需求將持續一段時間。我們很樂觀，對我們所處的位置感覺非常好。

Thank you. At this time this brings us to the end of our question-and-answer session. I would like to turn the floor back over to management for any additional or closing comments.

謝謝。至此，我們的問答環節就結束了。我想將發言權交還給管理層，以徵求任何補充或結束意見。

Yes. First, I would like to say thanks to people in the field that are working today restoring power. It's been a long run there and a lot of people without electricity. So we're working diligently and safely as an industry to pick those things up. And it's no easy task under a pandemic. So real proud of the industry as well as our people. And thank you all for participating in the third quarter conference call. We appreciate your questions and your ongoing interest in Quanta Services. This concludes our call.

是的。首先，我要對今天正在恢復供電的現場工作人員表示感謝。那裡跑了很長時間，很多人都沒有電。因此，作為一個行業，我們正在努力、安全地工作，以解決這些問題。在大流行的情況下，這並不是一件容易的事。為這個行業和我們的員工感到非常自豪。感謝大家參加第三季電話會議。我們感謝您的提問以及您對廣達服務的持續關注。我們的通話到此結束。

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。祝你有美好的一天。