Quanta Services Inc (PWR) 2020 Q2 法說會逐字稿

Greetings. Welcome to Quanta Services Second Quarter 2020 Earnings Conference Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加廣達服務 2020 年第二季財報電話會議。（操作員說明）請注意，本次會議正在錄製中。

At this time, I'll turn the conference over to Kip Rupp, Vice President, Investor Relations. Mr. Rupp, you may now begin.

這次，我將把會議交給投資人關係副總裁 Kip Rupp。魯普先生，您現在可以開始了。

Great. Thank you and welcome, everyone, to the Quanta Services Second Quarter 2020 Earnings Conference Call. This morning, we issued a press release announcing our second 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 will use a slide presentation this morning to accompany our prepared remarks, which is viewable through the call's webcast and is also available on the Investor Relations section of the Quanta Services website.

偉大的。謝謝並歡迎大家參加廣達服務 2020 年第二季財報電話會議。今天早上，我們發布了一份新聞稿，宣布了我們第二季度的業績，您可以在我們網站Quantaservices.com的投資者關係部分找到該業績，以及我們今天早上將討論的2020年展望和評論摘要。此外，今天早上我們將使用幻燈片演示來配合我們準備好的發言，您可以透過電話會議的網路廣播觀看該演示，也可以在廣達服務網站的投資者關係部分中查看。

Please remember that information reported on this call speaks only as of today, August 6, 2020. And therefore, you're advised that any time-sensitive information may no longer be accurate as of any replay of this call. 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.

請記住，本次電話會議報告的資訊僅截至今天（2020 年 8 月 6 日）。因此，我們建議您，任何對時間敏感的資訊在本次通話重播後可能不再準確。本次電話會議將包括旨在符合 1995 年《私人證券訴訟改革法案》規定的免責安全港資格的前瞻性聲明。其中包括反映廣達對未來事件或業績的期望、意圖、假設或信念的所有聲明，這些聲明不僅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. 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.

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。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 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 Quanta Services Second 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 second quarter results and full year 2020 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 年第二季財報電話會議。在今天的電話會議上，我將提供營運和策略評論，然後將其交給廣達財務長 Derrick Jensen，他將對我們第二季業績和 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 solid second quarter results. Our electric power margins were exceptional due to broad-based execution. Pipeline and Industrial segment margins, adjusted EBITDA and earnings per share were all better than we expected. We continue to see opportunity for record backlog and earnings as evidenced by the signing of LUMA Energy contract. Cash flow was robust, and we ended the quarter with a strong balance sheet and ample liquidity, all of which we believe demonstrates the resiliency of our business and the operational excellence of our people during extraordinary economic and operating conditions.

今天早上，我們報告了穩健的第二季業績。由於廣泛的執行，我們的電力利潤率非常高。管道和工業部門的利潤率、調整後的 EBITDA 和每股收益均優於我們的預期。我們繼續看到創紀錄的積壓和獲利機會，LUMA Energy 合約的簽署就證明了這一點。現金流強勁，本季結束時我們擁有強勁的資產負債表和充足的流動性，我們相信所有這些都證明了我們業務的彈性以及我們員工在特殊的經濟和營運條件下的卓越營運。

We believe our resilient business model and strong financial position provides us the opportunity to, not only navigate through tough times of uncertainty, but to emerge better positioned. Our pandemic health and safety procedures in the field have matured, and we have reliable access to personal protective equipment for our crews.

我們相信，我們富有彈性的商業模式和強勁的財務狀況不僅為我們提供了渡過充滿不確定性的艱難時期的機會，而且使我們有機會獲得更好的定位。我們在現場的流行病健康和安全程序已經成熟，我們可以可靠地為我們的工作人員提供個人防護設備。

We continue to actively communicate with our customers and believe we have adapted effectively to the unprecedented health and economic environment caused by COVID-19. We recognize the strain that the pandemic is placing on our country, and, I, again, want to recognize and thank our incredible employees for all their hard work and let our customers know that we value our collaborative relationships with them.

我們繼續積極與客戶溝通，並相信我們已經有效適應了 COVID-19 造成的前所未有的健康和經濟環境。我們認識到這場流行病給我們的國家帶來的壓力，我想再次感謝我們出色的員工的辛勤工作，並讓我們的客戶知道我們重視與他們的合作關係。

Our electric power operations performed well in the second quarter, with solid profitability, driven by our focus on cost management and operational excellence. Demand for our electric power services remains strong with Utilities actively deploying capital into their systems to modernize, harden, expand and adapt to current and future needs. We are actively performing infrastructure work related to renewables and are seeing incremental opportunity driven by renewable power generation associated with onshore and offshore wind and solar development, including substations, transmission interconnects and battery projects. These renewable energy developments are enabled by backbone transmission, which are also providing larger transmission project opportunities, which we are well positioned for.

在我們對成本管理和卓越營運的關注的推動下，我們的電力業務在第二季度表現良好，盈利能力穩固。對我們電力服務的需求仍然強勁，公用事業公司積極將資金部署到其係統中，以實現現代化、強化、擴展和適應當前和未來的需求。我們正在積極開展與再生能源相關的基礎設施工作，並看到與陸上和離岸風能和太陽能開發相關的再生能源發電帶來的增量機會，包括變電站、輸電互連和電池項目。這些再生能源的發展是透過主幹輸電實現的，這也提供了更大的輸電項目機會，我們處於有利地位。

In June, we announced that the LUMA Energy, a joint venture between Quanta and Canadian Utilities Limited and ATCO company, was selected by the Puerto Rico Public-Private Partnership Authority for a 15-year operation and maintenance agreement with the Puerto Rico Electric Power Authority, or PREPA, to operate, maintain and modernize PREPA's more than 18,000-mile electric transmission and distribution system in Puerto Rico. LUMA's efforts under the agreement are intended to deliver long-term social and economic benefits to the people of Puerto Rico. We believe this opportunity is transformative for Quanta and supports our ongoing strategy of providing sophisticated and valuable solutions to the utility industry that benefit consumers.

6月，我們宣布廣達與加拿大公用事業有限公司和ATCO公司的合資公司LUMA Energy被波多黎各公私合作管理局選中，與波多黎各電力局簽訂為期15年的營運和維護協議，或PREPA，營運、維護和現代化PREPA 在波多黎各超過18,000 英里的輸電和配電系統。LUMA 根據該協議所做的努力旨在為波多黎各人民帶來長期的社會和經濟利益。我們相信這個機會對廣達來說是變革性的，並支持我們持續的策略，即為公用事業行業提供複雜且有價值的解決方案，造福消費者。

Following a transition period, which is expected to last approximately 1 year, this arrangement is anticipated to provide a visible, repeatable and sustainable long-term earnings and cash flow stream to Quanta, with upside opportunity while requiring no additional capital investment from Quanta or LUMA.

經過預計持續約一年的過渡期後，這項安排預計將為廣達提供可見、可重複和可持續的長期盈利和現金流，並帶來上升機會，同時不需要廣達或LUMA 進行額外的資本投資。

Further, we believe there is opportunity for Quanta to compete for electric power and communications work in Puerto Rico, associated with its electric T&D system modernization efforts that are separate from Quanta's ownership interest in LUMA. Puerto Rico's electric T&D system is a -- in -- at a critical juncture after the destruction caused by Hurricanes Maria and Irma. As a result, the government of Puerto Rico has embarked on a plan to rebuild, modernize, harden and enable a green power grid, the majority of which is expected to be funded by U.S. federal disaster relief agencies and managed by LUMA.

此外，我們認為廣達有機會競爭波多黎各的電力和通訊業務，這與其電力輸配電系統現代化工作有關，而這些工作獨立於廣達在 LUMA 的所有權權益。在颶風瑪莉亞和艾爾瑪造成破壞後，波多黎各的電力輸變電系統正處於關鍵時刻。因此，波多黎各政府啟動了一項重建、現代化、強化和啟用綠色電網的計劃，其中大部分預計將由美國聯邦救災機構提供資金並由 LUMA 管理。

The P3 authority in Puerto Rico estimates that more than $18 billion of electric T&D capital investment could be required through 2028 for this initiative.

波多黎各 P3 當局估計，到 2028 年，該計畫可能需要超過 180 億美元的電力輸配電資本投資。

Our communications infrastructure services operation, which are included in our Electric Power segment continued to perform well. We see ample opportunities for growth in the near and longer term, driven by strong demand for fiber densification to reach homes and businesses and the early stages of 5G deployments.

我們的通訊基礎設施服務業務（包含在電力部門）持續表現良好。在家庭和企業對光纖緻密化的強勁需求以及 5G 部署的早期階段的推動下，我們看到了近期和長期的充足成長機會。

In our press release this morning, we highlighted our recent acquisition of a Chicago-based company that is a leader in providing engineering, design, permitting and utility locating services to electric utilities, gas utilities and communication services companies across the United States. This acquisition meaningfully enhances Quanta's proven engineering and programmatic delivery capabilities in our core utility markets. Additionally, engineering complexity is greater for 5G deployments as compared to previous wireless technologies, and we believe the increased communications engineering and design capabilities this acquisition brings will allow us to capture and execute on more fiber and 5G deployments.

在今天早上的新聞稿中，我們重點介紹了我們最近收購的一家總部位於芝加哥的公司，該公司是為美國各地的電力公司、燃氣公司和通訊服務公司提供工程、設計、許可和公用事業定位服務的領先者。此次收購顯著增強了廣達在核心公用事業市場中久經考驗的工程和程序化交付能力。此外，與先前的無線技術相比，5G 部署的工程複雜性更高，我們相信此次收購帶來的通訊工程和設計能力的增強將使我們能夠捕獲和執行更多的光纖和 5G 部署。

Our Latin American operations, which we are exiting, have been hardest hit by COVID-19. As a result, during the quarter, we accelerated our efforts to exit the Latin American region, which included terminating various contracts. These factors resulted and -- in a greater-than-expected loss in the quarter. While uncertainties and challenges remain, we believe the most significant risk of ceasing our LatAm operations have been addressed by our actions and continue to believe our exit will largely be complete by the year-end.

我們即將退出的拉丁美洲業務受到 COVID-19 的打擊最嚴重。因此，在本季度，我們加快了退出拉丁美洲地區的步伐，其中包括終止了多項合約。這些因素導致本季虧損超出預期。儘管不確定性和挑戰仍然存在，但我們相信，停止拉丁美洲業務的最大風險已透過我們的行動得到解決，並繼續相信我們的退出將在年底前基本完成。

Turning to our Pipeline and Industrial segment. As we anticipated, portions of the segment experienced significant disruptions due to the pandemic in the second quarter. However, segment profitability was better-than-expected due to our rapid adjustment of resources to changing market conditions, effective cost management and operational excellence.

轉向我們的管道和工業部門。正如我們預期的那樣，由於第二季的大流行，該部門的部分業務受到了嚴重干擾。然而，由於我們根據不斷變化的市場條件快速調整資源、有效的成本管理和卓越的運營，部門獲利能力優於預期。

Early in the quarter, our gas utility operations were shut down in several metro markets as shelter-in-place orders and work restrictions were implemented. Those restrictions begin -- began to lift and our activity and utilization rates recovered better than expected through the balance of the quarter.

本季初，由於實施了就地避難令和工作限制，我們在幾個地鐵市場的燃氣公用事業業務被關閉。這些限制開始取消，我們的活動和利用率在本季剩餘時間內恢復得比預期好。

As a result, our full year profit expectations for our gas utility operation remains largely unchanged despite our expectation that some customers' work is now likely to shift into 2021. Utilities remain in the early stages of multidecade modernization programs to replace aging gas distribution infrastructure in order to meet regulatory requirements aimed at improving reliability and safety, and expect an improved environment next year.

因此，儘管我們預計一些客戶的工作現在可能會轉移到 2021 年，但我們對天然氣公用事業業務的全年利潤預期基本上保持不變。公用事業公司仍處於數十年現代化計劃的早期階段，旨在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，並預計明年的環境將有所改善。

Demand for our pipeline integrity services remained solid during the quarter, and did not experience meaningful impacts from COVID-19. Regulatory requirements continue to encourage our customers to test, inspect, repair, perform maintenance and replace pipeline infrastructure to ensure the safe, reliable and environmentally friendly delivery of energy. Further, permitting challenges for building new pipelines make existing pipeline infrastructure more valuable. Increasing pipeline owners' desire to extend the useful life of existing pipeline assets through integrity initiatives. Due to these dynamics, we expect demand for our pipeline integrity services will continue to grow.

本季對我們管道完整性服務的需求依然強勁，並且沒有受到 COVID-19 的重大影響。監管要求繼續鼓勵我們的客戶測試、檢查、修理、維護和更換管道基礎設施，以確保安全、可靠和環保的能源輸送。此外，建造新管道所面臨的挑戰使現有管道基礎設施變得更有價值。管道業主越來越希望透過誠信措施來延長現有管道資產的使用壽命。由於這些動態，我們預計對管道完整性服務的需求將持續成長。

Our industrial services offering is diverse, which benefited us during a challenging quarter. Demand for our catalyst services and tank maintenance remained solid in the quarter. However, due to the negative influence of COVID-19 on the demand for refined products, customers' restricted on-site activity for our other services and deferred maintenance and certain turnaround in capital projects to later this year or 2021. Because this work is necessary for the operation of these facilities, we are confident the delayed work will return in the future as economic and market conditions improve. Thus far, our industrial operations are performing consistent with our expectations, and we continue to believe there is opportunity for stability during the balance of the year and improvement in 2021.

我們的工業服務產品多種多樣，這使我們在充滿挑戰的季度中受益匪淺。本季對我們的催化劑服務和儲罐維護的需求仍然強勁。然而，由於COVID-19對成品油需求的負面影響，客戶對我們其他服務的現場活動受到限制，並將維護和某些資本項目的周轉推遲到今年稍後或2021年。由於這項工作對於這些設施的運作是必要的，我們相信，隨著經濟和市場狀況的改善，延遲的工作將在未來恢復。到目前為止，我們的工業營運表現符合我們的預期，我們仍然相信今年剩餘時間有穩定的機會，2021 年有改善的機會。

For the remainder of this segment, portions of our midstream and ancillary services operations experienced softness in the quarter as expected. However, these operations did a good job managing costs to the market environment.

對於該細分市場的其餘部分，我們的部分中游和輔助服務業務在本季度經歷了預期的疲軟。然而，這些業務在管理市場環境成本方面做得很好。

And finally, larger pipeline projects continue to face permitting challenges. The Atlantic Coast pipeline, for example. Our larger pipeline project activity this year is not significant. However, we continue to pursue opportunities for 2020 and beyond that would be an additive to this segment and our outlook.

最後，大型管道專案繼續面臨許可挑戰。例如，大西洋海岸管道。我們今年較大的管道項目活動並不重要。然而，我們將繼續尋求 2020 年及以後的機會，這將對該細分市場和我們的前景有所補充。

For the last several years, we have been focused on increasing and gaining scale in the base business of the segment, and diversifying the services and geographies of the segment to create a more sustainable and consistent operation. To that end, the 3 primary service lines we have been focused on are gas utility services, pipeline integrity services and industrial services, which account for more than 70% of the segment's estimated 2020 revenues. Further, base business revenues are estimated to account for nearly 90% of the segment revenues this year.

在過去的幾年裡，我們一直致力於擴大該部門的基礎業務並擴大其規模，並使該部門的服務和地理多樣化，以創造更永續和一致的營運。為此，我們一直關注的 3 個主要服務領域是燃氣公用事業服務、管道完整性服務和工業服務，它們佔該部門 2020 年預計收入的 70% 以上。此外，預計今年基礎業務收入將佔該部門收入的近90%。

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, and continue to believe a post-COVID operating environment will offer opportunity for increased margins and returns for the overall segment.

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5 年的戰略保持一致，並繼續相信後疫情時代的運營環境將提供提高利潤和利潤的機會。

We have increased our financial expectations for the year and taken a prudent approach to our outlook. Additionally, we continue to pursue opportunities in the marketplace that are not incorporated into our expectations and remain positive and confident about Quanta's multiyear growth opportunities.

我們提高了今年的財務預期，並對前景採取審慎態度。此外，我們將繼續在市場上尋找未納入我們預期的機會，並對廣達的多年成長機會保持積極和信心。

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 our customers' large programmatic spending programs. 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，這增強了我們捕捉更多客戶大型程式化支出計畫的能力。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 has the opportunity to generate meaningful stockholder value over time.

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、策略投資和股息等創造價值機會的槓桿，我們相信廣達有機會隨著時間的推移產生有意義的股東價值。

To that end, this year, we have repurchased $200 million of our common stock and this morning, we announced that Quanta's Board of Directors has authorized the company to repurchase up to $500 million in shares of its outstanding common stock through June 30, 2023, under a new stock repurchase program. I would also note that over the past 6 years, we have repurchased approximately $2.4 billion of common stock, which equates to the retirement of more than 40% of the shares outstanding at the start of those repurchases. We believe these actions demonstrate our confidence in Quanta and our commitment to generating value for our stockholders.

為此，今年我們回購了 2 億美元的普通股，今天早上，我們宣布廣達董事會已授權該公司在 2023 年 6 月 30 日之前回購最多 5 億美元的已發行普通股，根據新的股票回購計畫。我還要指出的是，在過去 6 年裡，我們回購了約 24 億美元的普通股，這相當於在回購開始時回購了超過 40% 的已發行股票。我們相信這些行動顯示了我們對廣達的信心以及我們為股東創造價值的承諾。

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

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

I will now turn the call over to Derrick Jensen, our CFO, for his review of our second quarter results and 2020 expectations. Derrick?

我現在將把電話轉給我們的財務長 Derrick Jensen，請他審查我們第二季的業績和 2020 年的預期。德里克？

Thanks, Duke, and good morning, everyone. Today, we announced second quarter 2020 revenues of $2.5 billion. Net income attributable to common stock was $74 million or $0.52 per diluted share and adjusted diluted earnings per share, a non-GAAP measure, was $0.74. As expected, our results for the second quarter were affected by the unprecedented economic environment caused by the COVID-19 pandemic and its compounding impact on the challenging energy market. We experienced significant challenges in certain of our operations that were disrupted by stay-at-home orders or job site access restrictions as well as customers pulling back capital deployment amidst all the uncertainty. However, we were able to successfully execute across the majority of our operations and deliver results that exceeded our estimates.

謝謝杜克，大家早安。今天，我們宣布 2020 年第二季營收為 25 億美元。歸屬於普通股的淨利潤為 7,400 萬美元，即稀釋後每股收益 0.52 美元，調整後稀釋每股收益（非公認會計原則衡量標準）為 0.74 美元。正如預期的那樣，我們第二季度的業績受到了 COVID-19 大流行造成的前所未有的經濟環境及其對充滿挑戰的能源市場的複合影響的影響。我們的某些業務遇到了重大挑戰，這些挑戰因居家令或工作現場訪問限制以及客戶在所有不確定性中撤回資本部署而受到干擾。然而，我們能夠成功執行大部分業務，並交付超出我們預期的結果。

Our Electric Power revenues, excluding Latin America, were $1.8 billion, a 2% increase when compared to the second quarter of 2019. This increase was primarily driven by continued growth from our communications operations, which are included within the Electric Power segment, delivering a 50% increase compared to the second quarter of 2019.

我們的電力收入（不包括拉丁美洲）為 18 億美元，與 2019 年第二季相比成長 2%。這一成長主要得益於我們的通訊業務的持續成長，該業務屬於電力業務，與 2019 年第二季相比成長了 50%。

Revenues from our electric operations were in line with 2019 levels, a meaningful accomplishment given the COVID-19-related disruptions and reduced levels of West Coast fire hardening activities, which we still expect will accelerate in the second half of 2020. Electric segment margins in 2Q '20 were 10.3%, and excluding our Latin American operations, segment margins improved 130 basis points to 11.1% versus 9.8% in 2Q '19. The operating margins reflect strong execution across our operation and improved performance from our Canadian operation due to increased revenue levels and asset utilization. In addition, communications margins continue to improve both against last year and sequentially despite the COVID-related headwinds.

我們的電力業務收入與 2019 年水準一致，考慮到與 COVID-19 相關的干擾和西海岸防火加固活動水準的減少，這是一項有意義的成就，我們仍然預計 2020 年下半年將加速。20 年第二季的電力部門利潤率為 10.3%，不包括我們的拉丁美洲業務，部門利潤率提高了 130 個基點，達到 11.1%，而 19 年第二季為 9.8%。營業利潤率反映了我們整個業務的強勁執行力，以及由於收入水平和資產利用率的提高而提高了加拿大業務的業績。此外，儘管存在與新冠病毒相關的不利因素，但與去年相比，通訊利潤率仍持續改善。

As Duke mentioned, we continue to take actions to expedite the wind down and exit of our Latin American operations. The challenges in Latin America have been exacerbated by stringent COVID-19 stay-at-home orders across the region, but particularly in Peru, which is our largest operation. This exceedingly uncertain environment caused us to purposefully accelerate early termination of various contracts to prudently avoid increasing losses due to the lack of customer activity. Additionally, certain MSA contracts had incurred costs to support the multiyear operations that upon contract termination, were no longer recoverable.

正如杜克所說，我們將繼續採取行動，加快拉丁美洲業務的結束和退出。拉丁美洲地區面臨的挑戰因 COVID-19 嚴格的居家令而加劇，尤其是在我們最大的業務秘魯。這種極度不確定的環境導致我們有目的地加速提前終止各項合同，以謹慎避免因客戶活動缺乏而導致損失擴大。此外，某些管理服務協議合約也產生了支援多年營運的成本，這些成本在合約終止後就無法再收回。

Of note, we currently receive no tax benefit for losses in Latin America, so the $15 million in losses impacted the quarter by approximately $0.11, $0.08 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 0.08 美元。

We expected most of the negative impacts from COVID-19 and the challenging energy market to be experienced by our pipeline and industrial segment, and that proved to be the case. Revenues for the segment were $713 million, 35% lower than 2Q '19. In addition, revenues were also lower compared to last year due to the reduction in contributions from larger pipeline projects. Partially offsetting these declines were increased levels of gas distribution revenues, including approximately $55 million from acquired companies. We expected that these headwinds would challenge P&I segment profitability, potentially resulting in a loss for the second quarter. However, we successfully operated through the challenging conditions and delivered segment margins of 3% and lower than 2Q '19, but a significant accomplishment given the circumstances based across the segment. This performance was led by solid execution across our base business activities and proactive cost management activities in the field for those operations with significant revenue headwinds.

我們預計我們的管道和工業部門將經歷 COVID-19 和充滿挑戰的能源市場帶來的大部分負面影響，事實證明確實如此。該部門的收入為 7.13 億美元，比 2019 年第二季下降 35%。此外，由於大型管道項目的貢獻減少，收入也較去年下降。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 5,500 萬美元。我們預計這些不利因素將挑戰保賠業務的獲利能力，可能導致第二季虧損。然而，我們在充滿挑戰的條件下成功運營，並實現了 3% 的部門利潤率，低於 2019 年第二季度，但考慮到整個部門的情況，這是一項重大成就。這一業績得益於我們基礎業務活動的紮實執行以及針對收入顯著不利的營運領域的積極成本管理活動。

Our total backlog was $13.9 billion at the end of the second quarter, approximately $1.2 billion or 9% higher than 2Q '19. 12-month backlog of $7.7 billion is a slight increase from both the second quarter of 2019 and the first quarter of 2020. Total backlog decreased from the first quarter, largely due to the removal of the remaining portion of our expected revenues associated with the Atlantic Coast pipeline project. Subsequent to June 30, 2020, project owners, Dominion Energy, Inc. and Duke Energy Corporation announced their intention to forego completion of the pipeline. Although the joint venture in which Quanta is participating has not received a notice of termination, based on the announcement, we have concluded that the revenues related to the original remaining performance obligation associated with the contract are no longer probable, and therefore, are excluded from remaining performance obligations and backlog as of June 30, 2020.

截至第二季末，我們的未完成訂單總額為 139 億美元，比 2019 年第二季高出約 12 億美元，即 9%。12 個月的積壓金額為 77 億美元，較 2019 年第二季和 2020 年第一季略有增加。總積壓量較第一季有所下降，這主要是由於與大西洋海岸管道項目相關的預期收入的剩餘部分被取消。2020 年 6 月 30 日後，專案業主 Dominion Energy, Inc.杜克能源公司宣布打算放棄該管道的竣工。儘管廣達參股的合資公司尚未收到終止通知，但根據該公告，我們得出結論，與合約相關的原剩餘履約義務相關的收入不再可能產生，因此，將其排除在外。月30 日的剩餘履約義務和積壓訂單。

As Duke mentioned, we continue to have robust conversations with our customers on multiyear spend programs, extensions of existing multiyear arrangements and new larger project opportunities in both the electric and P&I segments. We expect that as challenges associated with customer engagement normalize, those discussions will finalize and drive the opportunity for record backlog. More importantly, Duke mentioned the second quarter announcement of our LUMA Energy joint venture to operate, maintain and modernize Puerto Rico's electric transmission and distribution grid over the next 15 years.

正如杜克所提到的，我們繼續與客戶就多年支出計劃、現有多年安排的擴展以及電力和保賠領域新的更大項目機會進行深入對話。我們預計，隨著與客戶參與相關的挑戰正常化，這些討論將最終確定並推動創紀錄積壓的機會。更重要的是，杜克提到了我們在第二季宣布成立的 LUMA Energy 合資企業，該合資企業將在未來 15 年內營運、維護和現代化波多黎各的輸配電網路。

While this business show up in backlog, to the extent that we successfully move through the transition phase to commencement, our expected portion of LUMA's award would represent the largest cumulative contract value ever awarded to Quanta. If you assume our historical electric segment margin profile of 10%, the 15-year award would imply a backlog equivalent of over $6 billion. It is important to appreciate what this award represents as a predictable, sustainable contribution to our future earnings and cash flows as well as the potential opportunities that can arise as LUMA successfully executes against this award.

雖然這項業務出現積壓，但只要我們成功地度過了過渡階段並開始啟動，我們預期 LUMA 的合約金額將代表廣達有史以來最大的累計合約價值。如果假設我們歷史上電力部門的利潤率為 10%，則 15 年期合約意味著積壓訂單將超過 60 億美元。重要的是要認識到該獎項對我們未來收益和現金流的可預測、可持續的貢獻，以及 LUMA 成功執行該獎項可能出現的潛在機會。

For the second quarter of 2020, we generated free cash flow, a non-GAAP measure, of $457 million. Our strong cash flow in 2Q '20 was partly attributable to reduced levels of working capital requirements resulting from the sequential quarterly decline in revenues. Cash flow levels were also positively impacted by a reduction in days sales outstanding, or DSO, which measured 82 days for the second quarter, a decrease of 9 days compared to the second quarter of 2019 and a sequential decline of 3 days compared to 1Q '20.

2020 年第二季度，我們的自由現金流（非公認會計原則衡量標準）為 4.57 億美元。我們 20 年第二季強勁的現金流部分歸因於營收連續季度下降導致營運資金需求水準降低。現金流量水準也受到應收帳款週轉天數(DSO) 減少的正面影響，第二季為82 天，與2019 年第二季相比減少了9 天，與第一季相比連續減少了3 天。

The DSO in 2Q '20 is more in line with our historical average as compared to DSO last year, which were impacted by higher retainage balances due to project timing as well as billing process changes for certain customers that pressured DSO throughout 2019. We also benefited from the deferral of $89 million of tax payments permitted by the Cares Act, $58 million of which was paid in July and the remainder due in equal amounts at the end of '21 and '22. We had $530 million of cash at the end of the quarter. As of June 30, 2020, we had total liquidity of approximately $2.1 billion and a debt-to-EBITDA ratio, as calculated under our senior secured credit agreement of approximately 1.3x, slightly below our preferred range of 1.5 to 2x.

與去年的DSO 相比，20 年第二季的DSO 更符合我們的歷史平均水平，去年的DSO 受到專案時間表造成的保留餘額增加以及某些客戶的計費流程變化的影響，這些變更給DSO帶來了整個2019 年的壓力。我們也受惠於《關懷法案》允許的 8,900 萬美元的延期納稅，其中 5,800 萬美元已於 7 月支付，其餘金額將在 21 年和 22 年底按等額繳納。截至本季末，我們擁有 5.3 億美元現金。截至 2020 年 6 月 30 日，我們的流動性總額約為 21 億美元，根據我們的優先擔保信貸協議計算，債務與 EBITDA 比率約為 1.3 倍，略低於我們 1.5 至 2 倍的首選範圍。

Turning to our guidance. Similar to where we found ourselves last quarter, we are still dealing 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 enclosed facilities or depend upon project teams having access to local permitting offices. As COVID-19 cases continue to spread, we have approached our guidance with our typical prudence and a cautious expectation for what the remainder of the year will deliver.

轉向我們的指導。與我們上個季度的情況類似，在評估我們業務的近期前景時，我們仍然面臨著一定程度的不確定性，特別是那些容易受到當地居家令、在封閉設施中運營或依賴於專案團隊可以訪問當地許可辦公室。隨著 COVID-19 病例繼續蔓延，我們以一貫的謹慎態度對待我們的指引，並對今年剩餘時間的情況抱持謹慎的預期。

Our full year revenue expectations for the Electric Power segment are unchanged, expecting to range between $7.5 billion and $7.7 billion. However, we are increasing full year operating margin expectations to between 9.3% and 9.6%, with Latin America contributing operating losses of $40 million to $45 million. Excluding Latin America losses, margins are now expected to be around 10%, which reflects continued successful project execution, plus the incremental impact of the LUMA joint venture.

我們對電力部門的全年收入預期保持不變，預計在 75 億美元至 77 億美元之間。然而，我們將全年營業利潤率預期提高至 9.3% 至 9.6%，其中拉丁美洲的營業虧損為 4,000 萬至 4,500 萬美元。不包括拉丁美洲的損失，目前利潤率預計約為 10%，這反映了專案持續成功的執行，以及 LUMA 合資企業的增量影響。

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 as compared to most of our other equity investments that are more positive in nature. LUMA's results are presented after tax and are anticipated to positively contribute to operating income in 2020 by approximately $10 million or $0.06 to $0.07 per share.

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 的股權和收益納入營業收入，因為與我們大多數其他本質上更積極的股權投資相比，LUMA 在會計指導下是我們營運不可或缺的一部分。LUMA 的業績是稅後公佈的，預計將為 2020 年營業收入做出約 1000 萬美元或每股 0.06 至 0.07 美元的積極貢獻。

We also anticipate that LUMA's earnings could be accretive to diluted earnings per share attributable to common stock by approximately $0.25 annually, after the approximately 1 year transition period with upside opportunity from performance-based incentives. 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 $3.5 billion and $3.7 billion. Customers have continued to evaluate this environment and have reduced spend expectations for certain smaller capital projects and gas distribution activities. In addition, certain larger pipeline project opportunities have been delayed, and we now expect they will contribute more meaningfully to 2021 results.

我們也預計，在大約 1 年的過渡期之後，由於基於績效的激勵措施帶來上行機會，LUMA 的收益可能會增加普通股攤薄每股收益每年約 0.25 美元。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 35 億美元至 37 億美元之間。客戶繼續評估這種環境，並降低了對某些小型資本項目和天然氣分配活動的支出預期。此外，某些較大的管道專案機會已被推遲，我們現在預計它們將為 2021 年業績做出更有意義的貢獻。

We have increased our full year operating margin guidance for the P&I segment, which is now expected to range between 4.75% and 5.25%. Of note, with regard to the cancelation of ACP, we have yet to receive a formal termination notice, and we are working with the customers to determine how the project will close out. Although we believe potential upside associated with termination fees and other contract accounting exists, the final contract closeout will not be determined until the timing of project wind down is known, any closeout scopes of work are defined by ACP and then agreed and allocated by the joint venture to Quanta.

我們提高了保賠業務的全年營業利潤率指引，目前預計在 4.75% 至 5.25% 之間。值得注意的是，關於取消ACP，我們尚未收到正式終止通知，我們正在與客戶合作確定專案將如何結束。儘管我們認為與終止費和其他合約會計相關的潛在上行空間存在，但最終合約收尾要等到專案收尾時間確定後才能確定，任何收尾工作範圍均由 ACP 定義，然後由聯合體商定和分配冒險去廣達。

Relative to seasonality, for both the electric and P&I segments in our current environment, we do not expect significant variability in revenue or operating margins across the third and fourth quarters.

相對於季節性，在我們當前的環境下，電力和保賠行業預計第三季和第四季的收入或營業利潤率不會有重大變化。

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 $2.33 and $2.64. And adjusted diluted earnings per share, a non-GAAP measure, of between $3.18 and $3.48. These earnings per share expectations include a loss per share of between $0.28 and $0.31 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 攤薄後每股收益將在 2.33 美元至 2.64 美元之間。調整後的稀釋每股收益（非公認會計準則衡量標準）在 3.18 美元至 3.48 美元之間。這些每股收益預期包括我們拉丁美洲業務的每股虧損 0.28 美元至 0.31 美元。

Turning to cash flow. We are raising our free cash flow guidance for the year to range between $600 million and $800 million. The countercyclical nature of our cash flow was further validated by the strong cash flow for the first half of the year, with aggregate trailing 12-month free cash flow of $1.2 billion. However, we expect the ramp of revenues in the third quarter to increase working capital requirements and drive cash outflows for the quarter, followed by a recovery in the fourth quarter as is typically the case.

轉向現金流。我們將今年的自由現金流指引提高至 6 億至 8 億美元。上半年強勁的現金流進一步證實了我們現金流的反週期性質，過去 12 個月的自由現金流總計為 12 億美元。然而，我們預計第三季營收的成長將增加營運資金需求並推動該季度的現金流出，然後像通常情況一樣在第四季出現復甦。

While we have experiment -- and while we've experienced minimal payment delays related to COVID-19 through the second quarter, we remain cautious about the third and fourth quarters and have raised our DSO expectations through the rest of the year to account for capital preservation actions that may be taken by certain portions of our customer base if economic conditions deteriorate.

雖然我們進行了實驗，並且在第二季度經歷了與COVID-19 相關的最低付款延遲，但我們對第三季度和第四季度保持謹慎態度，並提高了今年剩餘時間的DSO 預期，以考慮到資本如果經濟狀況惡化，我們的某些客戶群可能會採取保護行動。

I'll close my guidance commentary, reiterating the challenge that the combination of COVID-19 and the volatile energy market conditions present for our near-term outlook. Excluding our Latin America operations, we continue to estimate that at least 70% of the change in our 2020 expectations from the beginning of the year can be attributed to COVID-19-related disruptions, with the remaining 30%, largely associated with the residual effects that low oil prices have in our pipeline and industrial customers' capital budgets.

我將在結束指導評論時重申 COVID-19 和不穩定的能源市場狀況對我們的近期前景帶來的挑戰。不包括我們的拉丁美洲業務，我們繼續估計 2020 年預期較年初發生的變化至少有 70% 可歸因於與 COVID-19 相關的中斷，其餘 30% 主要與剩餘業務有關低油價對我們的管道和工業客戶的資本預算的影響。

Overall, we are pleased with the resilient second quarter performance and are excited about the long-term prospects of our business, particularly what the LUMA opportunity with Puerto Rico represents for Quanta's future and for the people of Puerto Rico. We've continued to maintain a strong balance sheet with the flexibility to pursue opportunistic deployments of capital for M&A and investments as well as returns of capital. Our efforts to return capital to stockholders are further enhanced by the new $500 million share repurchase authorization, which, coupled with the $87 million remaining under our previous program, represents $587 million of aggregate authorizations.

總體而言，我們對第二季的強勁表現感到滿意，並對我們業務的長期前景感到興奮，特別是與波多黎各的 LUMA 機會對廣達的未來和波多黎各人民的意義。我們繼續保持強勁的資產負債表，並靈活地尋求併購和投資的資本投機部署以及資本回報。新的 5 億美元股票回購授權進一步加強了我們向股東返還資本的努力，加上我們先前計劃中剩餘的 8,700 萬美元，授權總額達到 5.87 億美元。

We believe the long-term repeatable, sustainable nature of the majority of our earnings streams provide stability to all of our stakeholders and ensures we have the foundation to deliver long-term shareholder value.

我們相信，我們大部分收益流的長期可重複、可持續性質為我們所有利害關係人提供了穩定性，並確保我們擁有實現長期股東價值的基礎。

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 comes from the line of Noelle Dilts with Stifel.

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

Congratulations on good performance in a tough environment. So just given a lot of what's going on in 2020, COVID, the headwinds associated with Latin America, I was hoping you could just kind of give us some thoughts on how you're starting to think about '21 and to what extent some of these headwinds, particularly on the oil side -- oil-related side of the business, how you're thinking about whether to the degree to which they will or won't continue into next year. If you could just give us some sort of initial thoughts on how you're thinking about '21, that would be helpful.

恭喜您在艱苦的環境中取得了良好的表現。因此，考慮到 2020 年發生的許多事情、新冠肺炎、與拉丁美洲相關的逆風，我希望您能給我們一些關於您如何開始思考 21 世紀的想法，以及在多大程度上這些不利因素，特別是在石油方面—與石油相關的業務方面，您如何考慮它們是否會持續到明年。如果您能給我們一些關於您如何看待「21」的初步想法，那將會很有幫助。

Yes. Noelle. I think when we talked about Latin America early on. We talked about exiting this year. We're doing that in a prudent manner. We're trying to get that behind us. COVID certainly came in and cost rose. We did some things with contracts to exit earlier. So I do think that the majority of that will be out, and we've guided for that in 2020. As we look forward, I -- we talked about the base business being robust, being able to grow. It were largely intact on the Electric segment throughout the year, even pre-COVID.

是的。諾艾爾.我想當我們早些時候談論拉丁美洲時。我們今年討論了退出。我們正在以謹慎的方式這樣做。我們正在努力將其拋在身後。新冠病毒確實出現了，成本也上升了。我們透過合約做了一些事情，以便提前退出​​。所以我確實認為其中大部分都會被淘汰，我們已經在 2020 年對此進行了指導。展望未來，我們談到了基礎業務的強勁、能夠成長。全年，甚至在新冠疫情爆發之前，電力產業基本上保持完好。

So our strategy is working. On the P&I side, we saw the light switch effect, some cities down. After that, we are largely intact. Everybody's back to work for the most part. We do have some shift where we're customer interfacing with utilities, so we're going in people's homes. That work has somewhat shift to next year and beyond. So that's a little bit of drag on there and the Canadian work pushed out into next year. But all in all, 90% of the base work, the baseload work, obviously, we added Puerto Rico, which I believe is transformational for the company and a lot of opportunity there into 2021.

所以我們的策略正在發揮作用。在保賠方面，我們看到了燈光開關效應，一些城市出現了下滑。在那之後，我們基本上完好無損。大多數人都回到工作崗位了。我們確實在客戶與公用事業部門的介面方面進行了一些轉變，因此我們將進入人們的家中。這項工作在某種程度上轉移到了明年及以後。所以這有點拖累加拿大的工作延到明年。但總而言之，90% 的基礎工作、基本負載工作，顯然，我們添加了波多黎各，我相信這對公司來說是轉型，並且到 2021 年將有很多機會。

So in my mind, the company has gotten stronger through this. Our Industrial segment, you can't -- you don't know where the economy is going to go. So the demand on the Industrial segment is certainly there long term, but it will be predicated around the economy. And we'll continue to evaluate that. But sometimes in these areas of lulls, we're able to gain market share, and we have a really good management team down there. I like our chances to gain market share and come out of this way stronger on the other side.

所以在我看來，公司透過這件事變得更強大。我們的工業部門，你不能──你不知道經濟將走向何方。因此，工業領域的需求肯定是長期存在的，但它將以經濟為基礎。我們將繼續評估這一點。但有時在這些平靜的領域，我們能夠獲得市場份額，而且我們擁有一支非常優秀的管理團隊。我希望我們有機會獲得市場份額，並在另一方面變得更強大。

Okay. That's helpful. And then just given the $500 million stock repurchase authorization announcement and the acquisition in the quarter. Could you just kind of give us some thoughts on how you're thinking about the prioritization of capital deployment, given where your stock is trading today? And then what I would think might be some opportunities to make potentially some attractive opportunities to pick up players that may be struggling a little bit more in the downturn.

好的。這很有幫助。然後剛剛發布了 5 億美元的股票回購授權公告和本季的收購。鑑於您的股票今天的交易情況，您能否給我們一些關於您如何考慮資本部署優先順序的想法？然後我認為可能是一些機會，可以創造一些潛在的有吸引力的機會來挑選那些在經濟低迷時期可能會更加掙扎的球員。

We've never been a company to acquire companies that are struggling. So I think when we look at it, we buy in, in the strength in the -- into our strategy. Our strategy has not changed over the last 5 years in the way we've deployed capital. Everything is against our stock price and our strategy. So when we look at things, when we're looking at companies, their -- its strength to a region to a strategy. The Chicago company that we bought was -- will allow us to get on the front end of programmatic spends that are ongoing within our service lines as we expand.

我們從來都不是一家收購陷入困境的公司的公司。所以我認為，當我們審視它時，我們就會相信我們的策略的優勢。過去五年來，我們的策略和資本配置方式沒有改變。一切都違背我們的股價和我們的策略。因此，當我們審視事物時，當我們審視公司時，他們的實力、地區優勢、策略優勢。我們購買的芝加哥公司將使我們能夠在我們擴張的過程中獲得在我們的服務範圍內持續進行的程序化支出的前端。

So that was very strategic to us. We like the company. It's an old historic company that will give us a lot of flexibility on the programmatic spend. That being said, everything is valued against our stock price. We continue to believe our earnings streams and our earnings power is much greater than its value today. It's more consistent, more resilient, and we'll continue to lean into it and drive EPS and EPS growth.

所以這對我們來說非常具有戰略意義。我們喜歡這家公司。這是一家歷史悠久的公司，將為我們的程式化支出提供很大的靈活性。話雖這麼說，一切都是以我們的股價來估值的。我們仍然相信我們的收入流和盈利能力遠大於其今天的價值。它更加一致、更有彈性，我們將繼續依靠它並推動每股盈餘和每股盈餘的成長。

Our next question comes from the line of Michael Dudas with Vertical Research.

我們的下一個問題來自垂直研究領域的 Michael Dudas。

Yes. Duke, as you convent with your relations with your electric power customers and gas power customers, as things get to normalize, are there any thoughts of acceleration in certain parts of the CapEx spend that's anticipated, that's going to be in your sweet spot relative to what you would have there, you would have thought, say, 12 months ago as some of the demand load factors and certainly coal plant closure and shutdowns and renewable drivers could certainly maybe impact some of that program expanding going forward?

是的。杜克，當您與電力客戶和天然氣電力客戶的關係逐漸正常化時，是否有任何想法會加速預期的資本支出某些部分，這將是您的最佳選擇比如說，12 個月前，您可能會想到，因為一些需求負載因素以及燃煤電廠的關閉和關閉以及可再生能源驅動因素肯定會影響該計劃的一些擴展？

Yes. I think when we talked about it at the first part of the year and even beyond, you're seeing multi-year T&D spends on CapEx on a go-forward basis. That's still there. It's still prevalent. We're working with our customers and collaborating with them. When you start putting EVs, electric vehicles, in order to enable that, you have to have a very modern grid. And so the modernization thereof and the CapEx that it takes to get there is something that's ongoing on the distribution side of the business, both gas and electric, for stability.

是的。我認為，當我們在今年上半年乃至以後討論這個問題時，您會看到未來的資本支出上的多年輸配電支出。那還在那裡。它仍然很流行。我們正在與客戶合作。當你開始使用電動車時，為了實現這個目標，你必須擁有一個非常現代化的電網。因此，天然氣和電力業務的分銷方面正在進行現代化改造和實現這一目標所需的資本支出，以保持穩定。

As you see more renewables, the interconnections that are required in the amount of transmission and the redundancy within the grid, that's why you're seeing most of our clients have both renewable expansion on the generation side as well as your transmission expansion on the other side. So really, in my mind, whether it's renewables that we're enabling or just the stability of the grid for electric vehicles. Either way, it's necessary to invest in -- for a long period of time. People are talking about 2050 to be carbon-free and things of that nature. In order to do that, the amount of transmission and distribution expenditures to this grid is exponential of what you see today just to give you the flexibility to enable those enhancements.

隨著您看到更多的可再生能源、輸電量所需的互連以及電網內的冗餘，這就是為什麼您會看到我們的大多數客戶在發電側都進行了可再生能源擴展，在另一側也進行了輸電擴展邊。所以，在我看來，無論是我們正在啟用的再生能源，還是電動車電網的穩定性，都是如此。不管怎樣，有必要進行長期投資。人們正在談論 2050 年實現無碳以及類似的事情。為了做到這一點，該電網的輸電和配電支出數量是您今天看到的指數級，只是為了讓您能夠靈活地實現這些增強功能。

That's very helpful. And my follow-up would be with the success of your Puerto Rican joint venture, the -- securing it and assuming going forward, it will be successful, is that model able to be replicated elsewhere in the U.S. or internationally, that could continue to enhance that kind of that earnings, sustainable earnings flow on top of your normal base business going forward?

這非常有幫助。我的後續行動是你們波多黎各合資企業的成功，確保它的安全並假設未來會成功，這種模式是否能夠在美國其他地方或國際上複製，可以繼續在您未來的正常基礎業務之上增強這種收益、可持續的收益流？

And is that something we could see in the next 12, 18 or 24 months?

我們會在未來 12、18 或 24 個月內看到這種情況嗎？

I think it was a unique opportunity in Puerto Rico to collaborate with a great customer, that ATCO, that we have a great relationship with, and both their strengths and our strengths came together along with IEM, our partner there. It will allow us a unique opportunity. In my mind, what we're able to do there is strengthen the people of the island. It's -- for me, it's a social thing because I think at the end of this, we're going to modernize the grid. We're going to stabilize an economy, and people are going to benefit.

我認為這是在波多黎各與偉大客戶 ATCO 合作的獨特機會，我們與該客戶有著良好的關係，他們的優勢和我們的優勢與我們在那裡的合作夥伴 IEM 結合在一起。這將為我們提供一個獨特的機會。在我看來，我們能做的就是增強島上人民的力量。對我來說，這是一件社會事情，因為我認為最終，我們將使電網現代化。我們將穩定經濟，人民將受益。

I mean lights are out every day there for periods of time. And for us, at the end, if we -- when we get through this, I think we'll be able to look back and it will be so meaningful to Quanta, us, ATCO and also the whole industry of what we've done in Puerto Rico. I know we can do it. We don't talk about things. We actually go out there and build things. So it will be unique. And the opportunities on the other side of that is the FEMA money that's coming in, which is $18 billion or, call it, $10 billion, call it $12 billion, whatever it is, it's meaningful on the other side of the contract that I think we'll have an opportunity and I like our chances on work because it -- we do it cost certain, we do things right and economically for the consumer.

我的意思是那裡每天都會有一段時間關燈。對我們來說，最後，如果我們——當我們度過這個難關時，我想我們將能夠回顧過去，這對廣達、我們、ATCO 以及我們所從事的整個行業都非常有意義。 。我知道我們能做到。我們不談論事情。我們實際上去那裡建造東西。所以它將是獨一無二的。另一方面的機會是FEMA 的資金進來，這是180 億美元，或者，稱之為100 億美元，稱之為120 億美元，無論是什麼，我認為這對合約的另一方來說是有意義的我們將有機會，我喜歡我們的工作機會，因為我們這樣做的成本是確定的，我們為消費者做正確且經濟的事情。

So as that -- as you see, that's a huge expansion for us. There's other islands. There's other ways that we can participate and collaborate with our customer. We're doing this all the time at -- on different ways to enable technology, to enable EVs, to enable a grid that's sustainable under renewables and things of that nature. So we're around the edges all the time of what you hear about, and I was sitting on a call the other day, and they were talking about all this things around technology. In order to get there, everything that we're doing and everything as a company that we're doing, we're enabling all those things to happen.

正如你所看到的，這對我們來說是一次巨大的擴張。還有其他島嶼。我們也可以透過其他方式參與客戶並與客戶合作。我們一直在以不同的方式這樣做，以實現技術、實現電動車、實現在再生能源和類似性質的情況下可持續的電網。所以我們一直處於你所聽到的事情的邊緣，前幾天我正在打電話，他們正在談論所有與技術有關的事情。為了實現這一目標，我們正在做的一切以及我們作為一家公司正在做的一切，我們正在使所有這些事情發生。

So in my mind, there'll be all kinds of opportunities for us, and we have a really nice base to grow off of.

所以在我看來，我們將會有各種各樣的機會，而且我們有一個非常好的成長基礎。

Our next question is from the line of Steven Fisher with UBS.

我們的下一個問題來自瑞銀集團的史蒂文費雪。

I got on the call a little bit late, so I'm not sure if you've addressed this or not. So I apologize, but I wonder if you could talk about the strength in the margins in the Electric segment. How much of that was something from the electric side versus the communication side? And to what extent, if you're seeing a notable pickup in the communications side, do you think we're at an inflection point there on that business, really kind of ramping up over the next handful of quarters?

我接到電話有點晚了，所以我不確定你是否已經解決了這個問題。所以我很抱歉，但我想知道你是否可以談談電力部門的利潤率。其中有多少是來自電力方面和通訊方面的？如果您看到通訊方面的顯著回升，您是否認為我們正處於該業務的轉折點，在接下來的幾個季度中確實會有所成長？

Yes. Thanks. The margins were impressive. The guys in the field are really operating well under extreme conditions. I've said this before, and I want to make sure I say it again. The electric side of the business will operate in double digits over time. And we'll continue to say that if we operate in 11, we've operated in 9, we'll operate in 12 at times. And so I would just, in my mind, we always think around double digits. That's the way to think about the Electric segment. They did have -- we did have a nice quarter, and I think we're setting up for a nice year here.

是的。謝謝。利潤率令人印象深刻。現場的工作人員在極端條件下確實表現出色。我以前說過這一點，我想確保再說一次。隨著時間的推移，該業務的電力業務將以兩位數的速度運作。我們會繼續說，如果我們在 11 區運營，我們已經在 9 區運營，有時我們還會在 12 區運營。因此，在我看來，我們總是圍繞著兩位數來思考。這就是思考電力領域的方式。他們確實——我們確實度過了一個不錯的季度，我認為我們正在為美好的一年做好準備。

The telecom is certainly a part of this. And we are making incremental progress there. The opportunities are out there. They're large. We continue to build office, build strength. We added some engineering capabilities in the quarter, which will only help us as we EPC, and we do work in cities and metroplexes. That was extremely important for us to get the engineering in the front end, right on those things. And I -- we've done that through an acquisition. So I'm proud of where we're at. I'm proud of where we sit. We'll only get better as we move forward in the telecom.

電信當然是其中的一部分。我們正在那裡取得漸進的進展。機會就在那裡。它們很大。我們不斷打造辦事處，積蓄實力。我們在本季度增加了一些工程能力，這只會對我們 EPC 有所幫助，而且我們在城市和大都市開展工作。這對我們在前端進行工程設計非常重要，就這些事情而言。我——我們透過收購做到了這一點。所以我對我們現在的處境感到自豪。我為我們坐的地方感到自豪。隨著我們在電信領域的進步，我們只會變得更好。

Okay. And then if you could just talk a little bit about what's happening at Stronghold on the downstream side to talk about the flow of opportunities you're seeing there and how you think of that business positioned in light of sort of the more challenging downstream conditions. Is the business rightsized for what you see going forward?

好的。然後，您能否簡單談談 Stronghold 下游方面發生的情況，談談您在那裡看到的機會流，以及您如何考慮該業務在更具挑戰性的下游條件下的定位。業務規模是否適合您未來的預期？

We have a great industrial business, both on the [Hubble] side as well as the Stronghold catalyst side that really is -- it gives us a good base to grow off of. The management team's stronghold as well as our management team on the electric side, they're exceptional. They'll take advantage of these opportunities as we see them. We certainly rightsized the business, the G&A aspects of it.

我們擁有出色的工業業務，無論是在[哈伯]方面還是在要塞催化劑方面，它確實為我們提供了良好的發展基礎。管理團隊的據點以及我們在電力方面的管理團隊，他們都很出色。他們將利用我們所看到的這些機會。當然，我們對業務、一般管理費用方面進行了調整。

We had a record quarter in the first quarter and obviously fell off in the second. But again, we're still profitable. We're still doing well out there. And I think we'll only come out the other side stronger.

我們在第一季取得了創紀錄的季度業績，但在第二季明顯下滑。但話又說回來，我們仍然有獲利。我們在外面仍然表現得很好。我認為我們只會讓對方變得更強大。

Our next question comes from the line of Jamie Cook with Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Jamie Cook。

I guess, just to follow -- a couple of quick follow-ups. One, also -- the Pipeline and Industrial margins were pretty good in the quarter, just considering the revenue declines that you saw. So maybe you can talk to anything that you're seeing there that's sort of a structural improvement in margins and whether it's fair to assume margin can continue to improve at a nice pace as we exit the year and into 2021.

我想，只是為了跟進——一些快速的後續行動。其一，僅考慮到您所看到的收入下降，該季度的管道和工業利潤率就相當不錯。因此，也許您可以談談您所看到的任何有關利潤率結構性改善的問題，以及假設在今年結束並進入 2021 年時，利潤率可以繼續以良好的速度改善是否公平。

And then my follow-up question is sort of on what Noelle asked. And a little more specifically, Derrick, I think I asked you this last quarter, but if you take the base of 2020, add back LatAm, you adjust for the COVID disruption, you consider your share repurchase, and now we have Puerto Rico. Why isn't $4 a reasonable number to think about for 2021 on an adjusted basis?

然後我的後續問題是諾埃爾問的問題。更具體一點，德瑞克，我想我在上個季度問過你這個問題，但如果你以2020 年為基礎，再加上拉丁美洲，你會根據新冠疫情的干擾進行調整，你會考慮股票回購，現在我們有了波多黎各。為什麼 4 美元不是 2021 年調整後的合理數字？

Jamie, I would say, in general, we've made incremental progress on the pipeline side pre-COVID. I -- we were 7-plus percent guidance on it early on. And I think that progress is still there. We've done the things right strategically to position the company ex-pipe to go forward at mid- to high-single digits, and that's where it stands. I think our goal is a portfolio, a double-digit EBITDA. We're not there yet. We're working on it. You can see the Electric margins pulling up. I could think you'll continue to see the pipe and the resiliency of the pipe -- pipeline segment, P&I segment go forward.

傑米，我想說，總的來說，在新冠疫情爆發之前，我們在管道方面已經取得了漸進的進展。我——我們很早就對此有 7% 以上的指導。我認為進步仍然存在。我們在策略上做了正確的事情，將公司的前管道定位為以中高個位數向前發展，這就是現在的情況。我認為我們的目標是一個投資組合，即兩位數的 EBITDA。我們還沒到那兒。我們正在努力。您可以看到電力利潤率不斷上升。我認為您將繼續看到管道和管道的彈性——管道部分、保賠險部分向前發展。

And it's utility-backed, it's industrial-based. And as that goes farther, you'll continue to see those margins rise and then the returns get better there. And as far as -- I'll answer a little bit on the $4. I think when we talked about it last quarter, we stand by now. The opportunity is there. It's opportunity for more than $4. So -- well that's where we're at. It's early. It's June. And it's August now. But we're giving June numbers. So we're not going to give 2021 guidance, but everything you're saying and everything you're inferring. We see the same thing. The company is in very, very good shape, and we're working hard at margins.

它是公用事業支持的、以工業為基礎的。隨著這種情況的進一步發展，您將繼續看到利潤率上升，然後回報率就會變得更好。至於——我會稍微回答一下 4 美元的問題。我想當我們上個季度討論過這個問題時，我們現在就站在原地。機會就在那裡。這是超過 4 美元的機會。所以——這就是我們現在的情況。現在還早。現在是六月。現在已經是八月了。但我們給的是 6 月的數據。因此，我們不會提供 2021 年的指導，而是提供您所說的一切和您推斷的一切。我們看到同樣的事情。公司的狀況非常非常好，我們正在努力提高利潤率。

Our next question is from the line of Adam Thalhimer with Thompson Davis.

我們的下一個問題來自 Adam Thalhimer 和 Thompson Davis。

Hey, duke, did I hear you say that telecom was up 50% in Q2? And if so, was that new contracts? Or was that more work under existing contracts?

嘿，公爵，我聽說你說電信在第二季度增長了 50% 嗎？如果是的話，那是新合約嗎？還是根據現有合約需要做更多的工作？

I don't know if I said that or Derrick said that. But I -- it's -- I think that's accurate. It's under both. And in our mind, we talked about early on that we were having some -- when we thought about it, we were doing a lot of front-end engineering. And as we went to the field, things would get better, revenues picked up, and that's what you're seeing. We're starting to put people in the field.

我不知道是我說的還是Derrick說的。但我——這是——我認為這是準確的。兩者都在下面。在我們看來，我們很早就談到我們正在做一些事情——當我們想到這一點時，我們正在做很多前端工程。當我們走進現場時，情況會變得更好，收入會增加，這就是你所看到的。我們開始派人到現場。

Our Canadian work strengthened some too in the quarter. So all those things kind of come together. And we'll continue to see those kind of ramps in the business. Not 50% ramps, but it will continue up as we go to the field with construction. There's a lot of opportunity there. We're growing the business quite nicely. And I like the things we're doing.

本季我們在加拿大的工作也有所加強。所以所有這些事情都聚集在一起。我們將繼續看到這種業務的成長。不是 50% 的坡道，但當我們前往現場施工時，坡道會繼續上升。那裡有很多機會。我們的業務發展得很好。我喜歡我們正在做的事情。

Yes. It's Derrick, also. I mean, keep in mind, we've talked about it now for quite some time. We saw the ability to have a faster ramp, obviously, and I talk on compartment of our business than in other components. And we stand behind this year of still being able to see telecom revenues at or above $500 million.

是的。也是德里克。我的意思是，請記住，我們已經討論它很長一段時間了。顯然，我們看到了實現更快成長的能力，我談論的是我們業務的部分而不是其他部分。今年我們仍然能夠看到電信收入達到或超過 5 億美元。

And the acquisitions, really, we talked about this morning certainly enhances the front side of that and then it gives us the ability to move quicker into the field.

事實上，我們今天早上談到的收購確實增強了這一點，然後它使我們有能力更快地進入該領域。

Okay. And then just one more on telecom actually. You mentioned 5G. How does Quanta play in 5G? And how does that opportunity ramp?

好的。實際上還有一個關於電信的問題。你提到了5G。廣達在5G方面如何發揮？這個機會如何增加？

I'm -- when we look at it, I mean, it's somewhat pulled back. The density -- I mean, 5G is about 7 components. But as you think about it, what enables 5G is your communication from your fiber to your cell towers and things of that nature. They need line of sight on the cells, the small cells, whatever it may be. But the fiber backbone and data on the edge, all those things are part of 5G.

當我們看到它時，我的意思是，它有點被拉回來了。密度——我的意思是，5G 大約由 7 個組件組成。但正如您所想，5G 的實現是從光纖到手機訊號塔以及類似性質的通訊。他們需要觀察細胞、小細胞，無論它是什麼。但光纖主幹網路和邊緣數據，所有這些都是 5G 的一部分。

And every bit of that -- and by the way, it takes quite a bit of power as well to enable those data centers and things of that nature. So we're around the edges on all of it and how we interface with our local electric utilities or -- and gas utilities, along with the telecom and collaborate there on the middle grounds of those things, put us in a great position to enhance our ability to deploy 5G.

順便說一下，這一切都需要相當多的電力來支援這些資料中心和類似的事物。因此，我們在所有這些方面都處於邊緣狀態，以及我們如何與當地的電力公用事業公司或天然氣公用事業公司以及電信公司合作，並在這些事情的中間基礎上進行合作，使我們處於有利的地位，可以增強我們的能力。

Our next question is from the line of Sean Eastman with KeyBanc Capital Markets.

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

Nice work this quarter. I just wanted to start with, yes, a really high level one. Going through Utility earnings releases this quarter, a lot of talk about hydrogen technologies. Is there any discussion -- is Quanta part of any of those discussions? Just curious if that is something interesting for you guys to be looking at over the long term.

本季工作不錯。我只是想從一個非常高水準的開始。回顧本季公用事業公司的財報，有很多關於氫技術的討論。有沒有任何討論──廣達是否參與了這些討論？只是好奇這對你們來說是否是值得長期關注的有趣事情。

Yes. We talk to them around all those things. I think in general, hydrogen is something, we talked about batteries a long time. We talked about solar a long time. It continues to be part of a carbon footprint that is environmentally friendly. So those things are all part of it. And I think we're around the edges on all those kind of conversations, whether we build any kind of hydrogen plant or something of those natures.

是的。我們與他們談論所有這些事情。我認為總的來說，氫是一種東西，我們談論電池很長時間了。我們談論太陽能很長一段時間。它仍然是環保碳足跡的一部分。所以這些都是其中的一部分。我認為我們在所有這些類型的對話中都處於邊緣，無論我們建造任何類型的氫工廠還是類似的東西。

It just depends on what it is. We're going to stay down the middle and do the things that we're very good at, like we've done in the past. And certainly, we'll collaborate on all those kind of opportunities, such as hydrogen, solar, 5G, whatever it may be. We continue to talk to them and try to advance those technologies forward through enabling the grid and also your infrastructure.

這僅取決於它是什麼。我們將保持中間位置，做我們非常擅長的事情，就像我們過去所做的那樣。當然，我們將在所有這些機會上合作，例如氫能、太陽能、5G，無論是什麼。我們將繼續與他們交談，並嘗試透過支援電網和基礎設施來推動這些技術的發展。

Got it. And just as we think about the second halfs, just seeing all utilities maintain their capital budgets. I think I've seen a couple increase their budgets and accelerate some stuff. But just trying to think about what that dynamic means for the second half.

知道了。正如我們思考下半年一樣，所有公用事業公司都維持其資本預算。我想我已經看到一些人增加了預算並加速了一些事情。但只是想想想這種動態對下半場意味著什麼。

I just thought about this sort of prospect of maybe getting some work accelerated. So those customers are able to spend those budgets and what you guys have built in around a potential acceleration in the second half or catch up dynamic.

我只是想到了這種可能加速某些工作的前景。因此，這些客戶能夠花費這些預算以及你們圍繞下半年潛在的加速或趕上動態而建立的東西。

Yes. So I think when we looked at it, where still many cities are within the COVID environment or different kinds of restrictions. So I think we took a prudent approach to guidance. We said the back half, the fire hardening in the back half of the Electric segment was strengthened, we still believe that. I mean, we're on a storm now in the East Coast. And so under COVID restrictions, where our guys are performing exceptional and so it's very difficult to say what the second half, if there's upside to it.

是的。所以我認為，當我們審視這個問題時，仍然有許多城市處於新冠疫情環境或不同類型的限制之中。所以我認為我們採取了謹慎的指導方法。我們說後半段，電氣部分後半段的防火硬化得到加強，我們仍然相信這一點。我的意思是，我們現在東海岸正面臨一場風暴。因此，在新冠疫情的限制下，我們的球員表現出色，所以很難說下半場會怎樣，如果有好處的話。

I think we took a nice prudent approach like we do all the time. But we do have some strength there, and we continue to see opportunities with our clients and making sure that either their workforce is at home due to COVID. So we're backfilling and things of that nature. Or we're making sure that their capital budgets and what they see in the future, we're able to deliver on those capital plans. So lots of conversations going on. All in all, I think we gave good prudent guidance as we move forward.

我認為我們像往常一樣採取了謹慎的態度。但我們在這方面確實有一些優勢，我們繼續與客戶合作，並確保他們的員工因新冠疫情而留在家裡。所以我們正在回填和類似的事情。或者我們要確保他們的資本預算以及他們對未來的預期，我們能夠實現這些資本計畫。所以有很多談話正在進行中。總而言之，我認為我們在前進過程中給予了良好的審慎指導。

The next question is from the line of Justin Hauke with Robert W. Baird.

下一個問題來自賈斯汀·豪克 (Justin Hauke) 和羅伯特·W·貝爾德 (Robert W. Baird)。

I've got 2 quick ones here. First one, just to, I guess, level set on telecom to -- as we think about 2021. I think the guidance originally for the year was that it would be about $500 million of revenue with margins getting close to the segment average. So I just was kind of hoping to get an update, year-to-date, what's the revenue as we're halfway through the year and where are those margins so we can think about the second half. And then also how we comp next year. That's my first question.

我這裡有 2 個快速的。第一個，我想，就像我們對 2021 年的設想一樣，電信業的水準設定到了這一點。我認為今年最初的指導是收入約 5 億美元，利潤率接近細分市場平均。所以我只是希望能得到今年迄今為止的最新情況，今年已經過半，我們的收入是多少，利潤率是多少，這樣我們就可以考慮下半年的情況。然後還有我們明年的表現。這是我的第一個問題。

And the second question is just to the extent that there's any update on the arbitration process in Peru. And if there's anything else that -- as you've exited these contracts, any other legal items that have come up related to those closures?

第二個問題是秘魯仲裁程序是否有任何更新。如果還有其他問題——當您退出這些合約時，是否有其他與這些關閉相關的法律問題？

I'll let Derrick take the margin questions, and I'll jump back in on Peru.

我將讓德里克回答邊緣問題，然後我將回到秘魯。

Yes. From a telecom perspective, we're still looking at revenues probably $500 million to slightly above for 2020 very much intact. On a year-to-date basis, I would tell you, we're probably about halfway there. We're probably in that $250 million range. On margins, we commented that margins are sequentially higher than the first and still had improvement over last year. They're above the mid-single-digit range and continuing to improve.

是的。從電信業的角度來看，我們仍然預計 2020 年的收入可能會保持在 5 億美元或略高於這一水平，基本上保持不變。我想告訴你，從今年迄今為止的情況來看，我們可能已經完成一半了。我們可能在 2.5 億美元的範圍內。在利潤率方面，我們評論說，利潤率連續高於第一季度，並且比去年仍有改善。它們高於中個位數範圍並且持續改善。

We see very much as we exit now through the rest of the year, our margin profile that's increasing. A little bit of COVID dynamic there in the second. So I think otherwise, you would have seen our margins kind of creeping up, I see it even further more in the second, but we still feel very confident in our ability to be that upper single-digit and double-digit by the time we exit the year.

我們非常清楚地看到，隨著我們從現在退出到今年剩餘時間，我們的利潤率正在增加。第二部分有一點新冠動態。所以我認為否則的話，你會看到我們的利潤率逐漸上升，我在第二個季度看到的更進一步，但我們仍然對我們的能力非常有信心，當我們達到最高個位數和兩位數時退出這一年。

As far as Peru goes, we've physically handed over the network at this point. We've done the things administratively that we needed to do to preserve our asset as well as our lawsuit there. We're incrementally more positive about where we're at. It's a long process. We continue to make what I think is the right decisions going forward that will allow us to recoup our investment down there. We'll see where it goes over the next 18 months.

就秘魯而言，我們此時已經實際移交了網路。我們已經在行政上做了我們需要做的事情來保護我們的資產以及我們在那裡的訴訟。我們對自己所處的位置越來越正面。這是一個漫長的過程。我們繼續做出我認為正確的決定，這將使我們能夠收回在那裡的投資。我們將看看未來 18 個月的發展。

The next question is from the line of Andy Kaplowitz with Citi.

下一個問題來自花旗集團的安迪·卡普洛維茨（Andy Kaplowitz）。

Nice quarter. Duke, last quarter, you talked about expecting to book a number of MSA renewals as 2020 evolves and consequently book [revenue] have you seen any delays in these MSAs coming to fruition? And then you also have talked pretty much every quarter about having billions of potential large transmission projects. I hope that they'd be booked. Do you see an opportunity to book a large project in the second half of this year?

不錯的季度。杜克大學，上個季度，您談到預計隨著 2020 年的發展，預計會預訂一些 MSA 續訂，從而預訂[收入]，您是否看到這些 MSA 的實現有任何延遲？然後，您幾乎每個季度都在談論擁有數十億個潛在的大型輸電項目。我希望他們能被預訂。您認為今年下半年有機會預訂大型專案嗎？

Look, I don't -- we don't press timing on those things. They just -- again, we take our time. We're looking at them all the time. There's multiple opportunities out there. It depends on what you call large or not. I think when you go back and you look at what we've booked this quarter, as Derrick said in his commentary, $6 billion is not too bad the way I see it and their earnings streams, they're off of it. And we worked on that for 18 months or better.

聽著，我不會——我們不會在這些事情上緊迫時間。他們只是──再說一次，我們慢慢來。我們一直在看著他們。那裡有很多機會。這取決於你所說的大或小。我認為，當你回頭看看我們本季度的預訂時，正如德里克在他的評論中所說，60 億美元在我看來並不算太糟糕以及他們的收入流，他們已經擺脫了它。我們為此工作了 18 個月或更長時間。

And I would I just say, it's transformational in this company what we did in a quarter through a pandemic and the guys and the teams that have done that and what we'll be able to do on that island is something that will go down and is meaningful for, not only us, but the generations to come.

我只想說，這對這家公司來說是變革性的，我們在一個季度內透過大流行所做的事情以及已經做到這一點的人和團隊以及我們將能夠在那個島上做的事情將會下降，不僅對我們，對子孫後代都有意義。

So that being said, the opportunities are there. They're larger. The larger transmission opportunities remain robust. We continue -- I will say this on pipe. It doesn't matter. Large pipe doesn't matter to us. It doesn't matter on this quarter, and it doesn't matter going forward. It's only incremental to anything we talk about. So the big pipe, when I think about it, it's incremental to anything we say. If it's there, we'll pick it up. If it's not, we won't. And it's fine. That's not what this company is built around on the future or today.

話雖這麼說，機會就在那裡。它們更大。更大的傳播機會仍然強勁。我們繼續——我會在管道上這麼說。沒關係。大管道對我們來說並不重要。本季無關緊要，未來也無關緊要。它只是我們談論的任何事情的增量。所以當我想到這個大管道時，它對我們所說的任何事情都是增量的。如果它在那裡，我們就會把它撿起來。如果不是，我們不會。沒關係。這不是這家公司在未來或今天建立的基礎。

That's helpful. And obviously, you [then can] accelerate sort of getting out of Latin America. So as we sit here today, do you think you -- when you go into '21, you really should be out and the impact on EPS would be amenable to not being extended in '21?

這很有幫助。顯然，你[然後可以]加速離開拉丁美洲。因此，當我們今天坐在這裡時，您認為當您進入 21 世紀時，您真的應該退出，並且對 EPS 的影響不會在 21 世紀延續嗎？

Yes. I mean, I think for the majority of it, you could have a little bit of linger, but I -- we're hard-pressed to get that done, and we were able to negotiate contracts out. It costs us a little money in the quarter, but it was the right answer for our shareholders, the right answer for Quanta is to move through that, and we were able to do a multitude that within the quarter.

是的。我的意思是，我認為在大部分時間裡，你可能會稍微猶豫一下，但我——我們很難完成這件事，而且我們能夠透過談判達成合約。這讓我們在本季度損失了一點錢，但這對我們的股東來說是正確的答案，對廣達來說正確的答案是克服這個問題，我們能夠在本季度內做很多事情。

Again, we're preserving the asset there in Peru. We're working through the other areas. But in my mind, we're on the other side of that, moving forward very quickly to get out.

同樣，我們正在保護秘魯的資產。我們正在研究其他領域。但在我看來，我們正處於另一邊，正在快速前進以擺脫困境。

And Duke, I just want to say that you mentioned the storm here in the tri-state area. We need more help so whatever you had for your expectations for the year in terms of revenue, maybe you're going to out that because you think there's more work to do in this area around this storm. Good quarter.

杜克，我只想說你提到了三州地區的風暴。我們需要更多幫助，因此無論您對今年的收入有何期望，也許您都會這樣做，因為您認為圍繞這場風暴，該領域還有更多工作要做。好季度。

Thank you. At this time, I will turn the floor back to management for closing remarks.

謝謝。此時，我將返回管理層進行總結發言。

Yes. Thanks, everyone. I -- mainly, I want to thank our employees for the work that they've done in the storm environment. I will say that our business is inherently risky due to COVID. It's even more still. I would say, in general, they've done a great job. We've collaborated great with the client here. And hopefully, we're all picking the lights back on at a pretty rapid pace. So that being said, the industry has made a ton of progress there. And we're proud of that and proud of what our guys have done in the field.

是的。謝謝大家。我主要是要感謝我們的員工在風暴環境中所做的工作。我想說的是，由於新冠疫情，我們的業務本質上有風險。更是如此。我想說，總的來說，他們做得很好。我們與這裡的客戶合作得很好。希望我們都能以相當快的速度重新亮起燈光。話雖這麼說，該行業已經取得了巨大的進步。我們為此感到自豪，也為我們的員工在該領域所做的一切感到自豪。

We want to thank you, thank our customers, and I appreciate your questions and ongoing interest in Quanta.

我們要感謝您，感謝我們的客戶，感謝您的提問以及對廣達的持續關注。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。