Quanta Services Inc (PWR) 2020 Q1 法說會逐字稿

Greetings and welcome to Quanta Services First Quarter 2020 Earnings Conference Call. (Operator Instructions) Please note, this conference call is being recorded.

您好，歡迎參加廣達服務 2020 年第一季財報電話會議。 （操作員說明）請注意，本次電話會議正在錄音。

I would now like to turn the conference over to your host, Mr. Kip Rupp, Vice President of Investor Relations. Thank you. Sir, you may begin.

現在我想將會議交給東道主投資者關係副總裁 Kip Rupp 先生。謝謝。先生，您可以開始了。

Thank you, and welcome everyone to the Quanta Services First Quarter 2020 Earnings Conference Call. This morning, we issued a press release announcing our first 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.

謝謝，歡迎大家參加廣達服務 2020 年第一季財報電話會議。今天早上，我們發布了一份新聞稿，宣布了我們第一季的業績，您可以在我們網站的投資者關係部分找到該業績，網址為：quantaservices.com，此外還有我們將在今天早上討論的2020 年展望與評論摘要。

Additionally, we will use a slide presentation this morning to accompany our prepared remarks, which is viewable through the call's webcast and is also available on the Investor Relations section of the Quanta Services website. Please remember that information reported on this call speaks only as of today, May 7, 2020, and therefore, you're advised that any time-sensitive information may no longer be accurate as of any replay of this call.

此外，今天早上我們將使用幻燈片演示來配合我們準備好的講話，您可以透過電話會議的網路廣播觀看該演示文稿，也可以在廣達服務網站的投資者關係部分中查看。請記住，本次電話會議報告的資訊僅截至今天（2020 年 5 月 7 日），因此，我們建議您，在本次電話會議重播後，任何時間敏感的資訊可能不再準確。

This call will include forward-looking statements intended to qualify under the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These include all statements reflecting Quanta's expectations, intentions, assumptions or beliefs about future events or performance or that do not solely relate to historical or current facts.

本次電話會議將包括前瞻性陳述，旨在符合1995 年《私人證券訴訟改革法案》規定的免於責任的安全港條件。信念的所有陳述，或不反映廣達的預期、意圖、假設或信念的陳述。

Forward-looking statements involve certain risks, uncertainties and assumptions that are difficult to predict or beyond Quanta's control, and actual results may differ materially from those expressed or implied. For additional information concerning some of these risks, uncertainties and assumptions, please refer to the cautionary language included in today's press release along with the company's periodic reports and other documents filed with the Securities and Exchange Commission, which are available on Quanta's or the SEC's website. You should not place undue reliance on forward-looking statements, and Quanta does not undertake any obligations to update such statements and disclaims any written or oral statements made by any third-party regarding the subject matter of this call.

前瞻性陳述涉及某些難以預測或超出廣達控制範圍的風險、不確定性和假設，實際結果可能與明示或暗示的結果有重大差異。有關其中一些風險、不確定性和假設的更多信息，請參閱今天新聞稿中包含的警示性語言以及公司定期報告和向美國證券交易委員會提交的其他文件，這些文件可在廣達或美國證券交易委員會的網站上取得。您不應過度依賴前瞻性陳述，廣達不承擔更新此類陳述的任何義務，並否認任何第三方就本次電話會議主題發表的任何書面或口頭陳述。

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

另請注意，我們將在今天的電話會議中介紹某些歷史和預測的非公認會計準則財務指標，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 now like to turn the call over to Mr. Duke Austin, Quanta's President and CEO. Duke?

現在我想將電話轉給廣達總裁兼執行長杜克·奧斯汀先生。公爵？

Thanks, Kip. Good morning, everyone, and welcome to the Quanta Services First Quarter 2020 Earnings Conference Call. On the call today, I will provide commentary about our first quarter results, the operational steps we are taking to successfully navigate the current environment and resiliency and sustainability of Quanta's customers and business model. Derrick Jensen, Quanta's Chief Financial Officer, will provide a review of our first quarter results and 2020 financial expectations. And then I will provide additional remarks before we turn it to your questions.

謝謝，基普。大家早安，歡迎參加廣達服務 2020 年第一季財報電話會議。在今天的電話會議上，我將評論我們第一季的業績、我們為成功應對當前環境而採取的營運步驟以及廣達客戶和業務模式的彈性和可持續性。廣達財務長 Derrick Jensen 將回顧我們第一季的表現和 2020 年的財務預期。然後在回答您的問題之前我將提供補充說明。

Quanta is operating in an unprecedented health and economic environment with no predeveloped process or playbook to guide us through. This is when we're allowing our people who are the very core of Quanta. The tenacity and instincts we have witnessed throughout our operations over the past several weeks has been nothing short of inspiring.

廣達正在前所未有的健康和經濟環境中運營，沒有預先制定的流程或劇本來指導我們。這是我們允許廣達核心員工的時候。過去幾週我們在整個營運過程中親眼目睹的堅韌和本能簡直令人鼓舞。

We believe our core competency is our ability to safely execute in challenging environment. Our people work in harsh conditions every day, and we have managed through economic cycles and other challenges throughout our history. While each circumstance is different, our people rising to the occasion is nothing new to Quanta.

我們相信我們的核心競爭力是我們在充滿挑戰的環境中安全執行的能力。我們的員工每天都在惡劣的條件下工作，我們在歷史上成功地應對了經濟週期和其他挑戰。儘管每種情況都不同，但我們的員工應對這種情況的能力對廣達來說並不新鮮。

We have remained vigilant and have adapted to the unforeseen nature of this pandemic. We have remained committed to our operating and business model and to the successful execution of our objective. We believe our resilient business model and strong financial position provides us with the opportunity to not only navigate through times of uncertainty like we are experiencing currently, but to come out the other side better positioned.

我們一直保持警惕，並適應了這場流行病不可預見的性質。我們仍然致力於我們的營運和業務模式以及成功執行我們的目標。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機會，讓我們能夠渡過目前所經歷的不確定時期，而且使我們能夠在另一邊處於更好的位置。

First and foremost, we remain focused on the health and safety of our employees. We implemented our existing pandemic plan in response to COVID-19 in February to protect our employees in the field and subsequently initiated work-from-home policies where appropriate. We developed our pandemic plan to be comprehensive and are confident it has been effective.

首先也是最重要的，我們仍然關注員工的健康和安全。我們於 2 月實施了現有的應對 COVID-19 的流行病計劃，以保護我們在現場的員工，並隨後在適當的情況下啟動了在家工作的政策。我們制定了全面的流行病計劃，並相信它是有效的。

We have collaborated with our customers and continue to enhance our plan as we move forward as shelter-in-place orders to ease and the density of the general public in proximity to our work areas increase. At the end of the first quarter, we had approximately 39,500 employees and, to date, have not experienced any meaningful health impacts on the availability of our workforce or key personnel as a result of COVID-19.

隨著就地避難令的放寬以及我們工作區域附近公眾密度的增加，我們與客戶合作並繼續完善我們的計劃。截至第一季末，我們約有 39,500 名員工，迄今為止，尚未因 COVID-19 對我們的員工或關鍵人員的健康產生任何有意義的影響。

Quanta, our customers and the end markets we address are all considered critical infrastructure per government guidelines and are needed to continue to work during periods of community restriction, which most states and localities have adhered to. Our proactive steps have not only protected the health and safety of our employees but have allowed us to provide continuity of service to our customers. Our services are needed, perhaps more than ever, as tens and millions of people are now working from home and sheltering in place and require reliable electricity, communications, Internet, heating and cooling services.

根據政府指導方針，廣達、我們的客戶和我們所面對的終端市場都被視為關鍵基礎設施，並且需要在大多數州和地方都遵守的社區限制期間繼續工作。我們的積極措施不僅保護了員工的健康和安全，而且使我們能夠為客戶提供連續性的服務。也許比以往任何時候都更需要我們的服務，因為現在有數以千萬計的人在家工作並就地避難，需要可靠的電力、通訊、網路、暖氣和冷氣服務。

Our first quarter results were solid and would have put us on track to meet our pre-pandemic 2020 outlook. We ended the quarter with backlog near record levels. We expect record backlog during the year as we renew various master service agreements and secure additional projects, which demonstrates the resiliency of Quanta's business and our favorable positioning going forward.

我們第一季的業績穩健，將使我們有望實現大流行前的 2020 年前景。本季末，我們的積壓訂單接近歷史最高水準。隨著我們續簽各種主服務協議並獲得更多項目，我們預計今年的積壓將創歷史新高，這表明廣達業務的彈性和我們未來的有利定位。

Demand for our services during the quarter remained high in most service lines though in the later part of March, we began to experience some impacts from COVID-19 and challenges in the energy and industrial market. Shelter-in-place restrictions in some areas have created disruptions to portions of our operations, particularly in major metro markets, especially those that have been meaningfully impacted by COVID-19. This dynamic has also compounded challenges that the broader energy market is experiencing, which is affecting portions of our pipeline and industrial segment.

儘管在 3 月下旬，我們開始受到 COVID-19 的影響以及能源和工業市場的挑戰，但本季大多數服務線對我們服務的需求仍然很高。某些地區的就地避難限制對我們的部分業務造成了乾擾，特別是在主要地鐵市場，尤其是那些受到 COVID-19 嚴重影響的市場。這種動態也加劇了更廣泛的能源市場正在經歷的挑戰，這正在影響我們的部分管道和工業領域。

We believe April will prove to be our most challenging month of the year due to shelter-in-place declarations throughout North America and their impacts on our operations in some areas. However, cities and states are beginning to ease community restrictions. And as a result, we are planning with our customers for the disruptions to our work to moderate.

我們相信，由於整個北美地區的就地避難聲明及其對我們在某些​​地區的運營的影響，四月將被證明是我們一年中最具挑戰性的月份。然而，城市和州開始放鬆社區限制。因此，我們正在與客戶一起制定計劃，以減輕對我們工作的干擾。

We have been and continue to communicate closely, collaborate with our customers, while we are experiencing some minor permitting delays. We are not experiencing and do not expect to experience significant supply chain disruptions or workforce availability issues. We have proactively implemented certain steps to manage costs given the uncertain macro environment. Some of the cost management steps we have taken include suspension of hiring and raises at various operations, discretionary spending, nonessential travel and deferral of nonessential capital expenditures.

我們一直並將繼續與客戶密切溝通、合作，儘管我們遇到了一些輕微的許可延誤。我們沒有也預期不會遇到嚴重的供應鏈中斷或勞動力可用性問題。鑑於不確定的宏觀環境，我們積極採取了一些措施來管理成本。我們採取的一些成本管理措施包括暫停各種業務的招聘和加薪、可自由支配的支出、非必要的旅行和推遲非必要的資本支出。

We have also taken tough but necessary actions to manage headcount at operations that are facing challenges and uncertainty under the current environment. Though we believe Quanta's business will remain resilient and flexible, and we continue to see opportunity for profitable growth going forward, we believe these prudent actions given the circumstances.

我們也採取了嚴厲但必要的行動來管理在當前環境下面臨挑戰和不確定性的營運部門的員工人數。儘管我們相信廣達的業務將保持彈性和靈活性，並且我們繼續看到未來獲利成長的機會，但考慮到目前的情況，我們相信這些謹慎的行動。

We have worked diligently over the past several years to create a more repeatable and sustainable business model. Our portfolio of companies, geographic and services diversity and focus on growing our base business gives us confidence in the resiliency of our business. We estimate 80% to 90% of our revenues are derived from utility, communications and certain pipeline and industrial infrastructure services that we believe will be resilient even in today's environment.

在過去的幾年裡，我們一直在努力創造一個更具可重複性和可持續性的商業模式。我們的公司組合、地理和服務多樣性以及對發展基礎業務的專注使我們對業務的彈性充滿信心。我們估計 80% 至 90% 的收入來自公用事業、通訊以及某些管道和工業基礎設施服務，我們相信即使在當今的環境下，這些服務也將具有彈性。

The remaining less resilient portion of our revenues, some of which are currently under pressure, could stabilize in the second half of this year, and we believe provide multiyear growth opportunities and reasonable returns. Derrick will provide additional details in his commentary regarding our outlook.

我們收入中剩餘的彈性較低的部分（其中一些目前面臨壓力）可能會在今年下半年趨於穩定，我們相信將提供多年增長機會和合理的回報。德里克將在他的評論中提供有關我們前景的更多細節。

Demand for our Electric Power services remain solid, and we have not seen meaningful reductions in the utility CapEx budgets. Utilities continue to actively deploy capital into their systems to modernize, harden, expand and adapt to current and future needs. Long-time Quanta utility customers across our service offerings are investing tens of billions of dollars to modernize and create sustainable systems for end users over the medium term. Work on our Watay and East-West Tie Line electric transmission projects in Canada is proceeding and to date has not meaningfully impacted by COVID-19.

對我們電力服務的需求仍然強勁，而且我們還沒有看到公用事業資本支出預算有意義的削減。公用事業公司繼續積極地將資本部署到其係統中，以實現現代化、強化、擴展和適應當前和未來的需求。廣達公用事業公司的長期客戶正在投資數百億美元，在中期內為最終用戶現代化並創建可持續的系統。我們在加拿大的瓦塔伊和東西聯絡線輸電計畫的工作正在進行中，迄今尚未受到 COVID-19 的重大影響。

Additionally, throughout our service territories, we continue to actively pursue billions of dollars of larger electric transmission projects, some of which have recently made incremental progress for its final permitting and construction. We are confident we are well positioned for many of these projects.

此外，在我們的服務區域內，我們繼續積極推動價值數十億美元的大型輸電項目，其中一些項目最近在最終許可和建設方面取得了逐步進展。我們相信我們在許多此類項目中處於有利位置。

Our communications infrastructure services operation, which we are -- which are included in Electric Power segment, had a good first quarter with double-digit revenue growth and solid profitability. Our projects are moving forward with minimal disruption, and we continue to see strong demand for overall fiber densification to reach homes and businesses and the early stages of 5G deployment. Utilities and electric cooperatives also continue to evaluate opportunities for their involvement in 5G and fiber capacity, and we're actively collaborating with them on solution.

我們的通訊基礎設施服務業務（屬於電力業務）第一季業績良好，營收成長兩位數，獲利能力穩健。我們的專案正在以最小的干擾推進，我們繼續看到對整體光纖緻密化以涵蓋家庭和企業以及 5G 部署的早期階段的強勁需求。公用事業和電力合作社也在繼續評估參與 5G 和光纖容量的機會，我們正在積極與他們合作解決方案。

Turning to our Pipeline and Industrial segment. In the first quarter, our gas utility operations performed well in what is seasonally the weakest quarter of the year. Utilities are in the early stages of multi-decade modernization programs to replace aging gas distribution infrastructure to meet regulatory requirements aimed at improving reliability and safety.

轉向我們的管道和工業部門。第一季度，我們的天然氣公用事業業務在今年季節性最弱的季度表現良好。公用事業公司正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。

However, as shelter-in-place orders were implemented across North America, community restrictions impacted our operations in certain metro markets beginning in the last week of March that continues to date. As a result, we have managed headcount in those markets to match meaningfully reduced utilization rates. However, these restrictions are beginning to lift, and our activity and utilizations are gradually increasing as we rehire employees and get back to work.

然而，隨著北美各地實施就地避難令，社區限制從 3 月最後一周開始影響了我們在某些​​地鐵市場的運營，並持續至今。因此，我們對這些市場的員工人數進行了管理，以匹配大幅降低的利用率。然而，這些限制正在開始解除，隨著我們重新僱用員工並重返工作崗位，我們的活動和利用率逐漸增加。

Our industrial and services operations had a record first quarter driven by broad demand for our services, primarily from refinery customers. Our core catalyst services are a critical path and necessary for our customers to efficiently refine product. As we entered the second quarter, demand for our catalyst services remains solid. However, due to COVID-19 and challenging overall energy markets, customers began restricting on-site activity for our other services and deferred maintenance and certain turnaround projects to later this year or 2021.

在對我們服務的廣泛需求（主要來自煉油廠客戶）的推動下，我們的工業和服務業務第一季取得了創紀錄的業績。我們的核心催化劑服務是客戶高效精煉產品的關鍵途徑和必要條件。隨著我們進入第二季度，對催化劑服務的需求仍然強勁。然而，由於 COVID-19 和充滿挑戰的整體能源市場，客戶開始限制我們其他服務的現場活動，並將維護和某些週轉項目推遲到今年稍後或 2021 年。

We believe our industrial services operations will be significantly impacted in the second quarter due to these factors, and we have been implementing initiatives to manage costs to the current environment. However, we are confident that this delayed work will return in the future as economic and market conditions improve, and we are cautiously optimistic that there is opportunity for stability in the second half of this year.

我們相信，由於這些因素，我們的工業服務業務將在第二季受到重大影響，我們一直在實施措施來管理當前環境的成本。不過，我們有信心，隨著經濟和市場狀況的改善，這種推遲的工作將在未來恢復，並且我們對今年下半年穩定的機會持謹慎樂觀態度。

Certain portions of our midstream ancillary services operations in the United States and Canada begin to experience softness in the later part of the first quarter, primarily due to challenging energy market conditions, which are amplified by COVID-19 and we have continued into the second quarter.

我們在美國和加拿大的中游輔助服務業務的某些部分在第一季後期開始出現疲軟，這主要是由於充滿挑戰的能源市場狀況，而這種狀況因COVID-19 而加劇，我們的情況一直持續到第二季​​。

Quanta has some, but not significant midstream services exposure to oil-focused areas. At this point, we expect midstream activities in oil-focused areas to be impacted through at least the balance of this year. As a result, we have reduced head count and are actively implementing cost management initiatives at impacted operations.

廣達在石油重點領域有一些但不重要的中游服務業務。目前，我們預計至少在今年剩餘時間裡，以石油為主的領域的中游活動將受到影響。因此，我們減少了員工人數，並在受影響的營運部門積極實施成本管理措施。

On the plus side, we continue to actively pursue billions of dollars of larger pipeline project opportunities, most of which are for natural gas transportation. These larger pipeline projects are needed for long-term transportation of hydrocarbons, are underpinned by long-term commercial agreements with producers and tend to be resilient to the short-term fluctuations in commodity prices. However, permitting and regulatory approvals remain the gating factor for when these larger pipeline projects move forward.

從好的方面來看，我們繼續積極尋求數十億美元的大型管道項目機會，其中大部分用於天然氣運輸。這些大型管道項目是碳氫化合物長期運輸所必需的，以與生產商的長期商業協議為基礎，並且往往能夠抵禦大宗商品價格的短期波動。然而，許可和監管部門的批准仍然是這些大型管道項目向前推進的限制因素。

Over the past 5 years, we have executed on our strategy to mitigate risk inherent in our business and prepare for unexpected events through diversification and maintaining a strong financial profile. We have a diverse, high-quality customer base with low customer concentration, a broad and diverse geographic presence and a diverse and expanding line of services. We believe our diversification strategy, favorable and resilient industry dynamics and the strategic investments we have made will continue to benefit Quanta during favorable and challenging times and will allow us to continue to serve all our stakeholders.

在過去的五年裡，我們執行了策略，以降低業務固有的風險，並透過多元化和維持強勁的財務狀況為突發事件做好準備。我們擁有多元化、高品質的客戶群，客戶集中度低，分佈廣泛且多樣化，服務範圍多樣化且不斷擴大。我們相信，我們的多元化策略、有利且有彈性的行業動態以及我們所做的策略投資將在有利和充滿挑戰的時期繼續使廣達受益，並使我們能夠繼續為所有利益相關者服務。

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

我現在將把電話轉給我們的財務長 Derrick Jensen，請他審查我們第一季的業績和 2020 年的預期。德里克？

Thanks, Duke, and good morning, everyone. I'm going to talk briefly about financial highlights of the first quarter and spend more of my prepared remarks discussing the current environment and our forward-looking financial expectations.

謝謝杜克，大家早安。我將簡要討論第一季的財務亮點，並用更多準備好的發言時間討論當前環境和我們的前瞻性財務預期。

Today, we announced first quarter 2020 revenues of $2.8 billion. Net income attributable to common stock was $39 million or $0.26 per diluted share and adjusted diluted earnings per share, a non-GAAP measure, was $0.47.

今天，我們宣布 2020 年第一季營收為 28 億美元。普通股淨利為 3,900 萬美元，即稀釋後每股收益 0.26 美元，調整後稀釋每股盈餘（非公認會計準則衡量標準）為 0.47 美元。

From an operational perspective, the first quarter results largely met our expectations. Our Electric Power revenues, excluding Latin America, were $1.8 billion, an 8% increase when compared to the first quarter of 2019, reflecting continued base business strength prior to COVID-related disruption. Electric segment margins were 7.3%, and excluding Latin American operations, were 8.2%, in line with our previous commentary, which anticipated lower margins in 1Q due to seasonality as well as fire hardening activities being weighted towards the second half of the year.

從營運角度來看，第一季業績基本上符合我們的預期。我們的電力收入（不包括拉丁美洲）為 18 億美元，與 2019 年第一季相比成長 8%，反映出在新冠疫情相關中斷之前基礎業務持續強勁。電力部門的利潤率為 7.3%（不包括拉丁美洲業務）為 8.2%，與我們先前的評論一致，我們預計第一季的利潤率會因季節性因素以及下半年的防火強化活動而下降。

Recall that these fire hardening activities were running at substantial levels throughout every quarter of last year and the back half weighting in 2020 resulted in some level of cost absorption pressure in the first quarter. Our communications operations, which are included in our Electric segment, grew revenues almost 40% compared to the first quarter of 2019 and delivered operating margins in the mid-single digits.

回想一下，這些防火強化活動在去年每個季度都在以相當高的水平進行，而 2020 年下半年的加權導致第一季出現了一定程度的成本吸收壓力。我們的通訊業務包含在我們的電力部門中，與 2019 年第一季相比，營收成長了近 40%，營業利潤率為中個位數。

Our Pipeline and Industrial revenues were $1 billion, 13% lower than 1Q '19 due to an expected reduction in revenues from larger pipeline projects, the contribution from which was $170 million less than 1Q '19. Partially offsetting this decline were increased levels of base business activity, including approximately $100 million from acquired companies.

我們的管道和工業收入為 10 億美元，比 2019 年第一季下降 13%，因為大型管道項目的收入預計將減少，其貢獻比 2019 年第一季減少 1.7 億美元。基礎業務活動水準的增加部分抵消了這一下降，其中包括來自被收購公司的約 1 億美元。

Operating margins for the P&I segment were 3.1%, lower than 1Q '19, but within our range of expectations for the quarter despite having been impacted by adverse weather across our Canadian pipeline operations. The orderly exit of our Latin American operations progressed during the first quarter. However, the $16.3 million of operating losses exceeded our expectations.

P&I 部門的營業利潤率為 3.1%，低於 2019 年第一季度，但儘管受到加拿大管道業務惡劣天氣的影響，但仍在我們對本季度的預期範圍內。一季度拉美業務有序退出取得進展。然而，1,630 萬美元的營運虧損超出了我們的預期。

The loss is primarily related to early termination and closeout costs associated with projects in the region, exacerbated by stringent COVID-19 stay-at-home orders in the second quarter, necessitating a loss recognition on certain projects in 1Q. We received no tax benefit for losses in Latin America, so the approximately $16 million in losses impacted the quarter by approximately $0.11, $0.04 more than what we had originally anticipated.

該損失主要與該地區項目相關的提前終止和收尾成本有關，第二季度嚴格的 COVID-19 居家令加劇了這一成本，因此需要在第一季度對某些項目確認損失。我們在拉丁美洲的損失沒有獲得任何稅收優惠，因此大約 1600 萬美元的損失對該季度的影響約為 0.11 美元，比我們最初的預期多了 0.04 美元。

Our total backlog was $14.7 billion at the end of the first quarter, slightly below year-end but $2 billion higher than 1Q '19. 12-month backlog at $7.6 billion is approximately $685 million higher than 1Q '19. We continue to see opportunities for backlog growth. However, timing of awards for certain customers could be delayed in the current environment.

截至第一季末，我們的未完成訂單總額為 147 億美元，略低於年底，但比 2019 年第一季高出 20 億美元。 12 個月的積壓訂單為 76 億美元，比 2019 年第一季增加了約 6.85 億美元。我們繼續看到積壓訂單成長的機會。然而，在當前環境下，某些客戶的獎勵時間可能會延遲。

For the first quarter of 2020, we generated free cash flow, a non-GAAP measure, of $164 million, which included $82 million of insurance proceeds associated with the settlement of 2 pipeline project claims as we mentioned on our last quarter's call. Day sales outstanding, or DSO, for the quarter was 85 days, a decrease of 3 days compared to the first quarter of 2019 due to lower levels of retainage balances associated with larger projects, but slightly higher than the 81 days at year-end.

2020 年第一季度，我們產生了1.64 億美元的自由現金流（非公認會計原則衡量標準），其中包括與解決2 個管道項目索賠相關的8200 萬美元保險收益，正如我們在上季度電話會議中提到的那樣。由於大型專案相關的保留餘額水準較低，本季的應收帳款天數 (DSO) 為 85 天，比 2019 年第一季減少 3 天，但略高於年底的 81 天。

We had experienced some administrative impacts throughout the business at the end of March, which has continued into the second quarter due to various stay-at-home dynamics. However, we haven't seen any significant pressure on extending payment terms thus far.

3 月底，我們的整個業務受到了一些行政影響，由於各種居家動態，這種影響一直持續到第二季​​。然而，到目前為止，我們還沒有看到任何延長付款期限的重大壓力。

Due to volatile capital market conditions in March, as a cautionary measure, we borrowed $250 million against our revolving credit facility to ensure we had adequate access to cash to fund our operations in what was a rapidly changing and unpredictable environment. As a result, we had approximately $380 million of cash at the end of the quarter.

由於 3 月份資本市場狀況波動，作為一項謹慎措施，我們以循環信貸額度借款 2.5 億美元，以確保我們能夠獲得足夠的現金，為快速變化和不可預測的環境中的運營提供資金。因此，截至本季末，我們擁有約 3.8 億美元的現金。

Our net interest expense was slightly higher in the first quarter due to this drawdown and, to a lesser extent, due to the deployment of $200 million for the repurchase of 6 million shares of our common stock during the quarter. As the capital markets improved and risk associated with daily liquidity requirements moderated, we reduced our cash position substantially by paying off outstanding borrowings on our revolver at the end of April and resumed routine funding of daily cash requirements.

由於此次提款，以及在較小程度上由於本季度部署了 2 億美元用於回購 600 萬股普通股，我們第一季的淨利息支出略有增加。隨著資本市場的改善和與日常流動性需求相關的風險的緩和，我們透過在四月底償還循環貸款中的未償還借款，大幅減少了現金頭寸，並恢復了日常現金需求的常規融資。

From a balance sheet and liquidity perspective, we believe we are well positioned to handle the disruptions to our operations associated with COVID-19 and the challenging energy market environment. As of March 31, 2020, we had total liquidity of approximately $1.7 billion. Our debt facilities do not mature until October 31, 2022. And as of March 31, 2020, we had a debt-to-EBITDA ratio, as calculated under our senior secured credit agreement, of approximately 1.7x, within our preferred range of 1.5 to 2x and well below the 3x maximum provided for in our credit facility. At the end of the first quarter, we were comfortably in compliance with all of the financial covenants in our credit facility.

從資產負債表和流動性的角度來看，我們相信我們有能力應對與 COVID-19 和充滿挑戰的能源市場環境相關的營運中斷。截至2020年3月31日，我們的流動資金總額約為17億美元。我們的債務融資要到2022 年10 月31 日才會到期。 1.5 之內。在第一季末，我們輕鬆遵守了信貸安排中的所有財務契約。

The combination of COVID-19 and the challenging energy market environment represents an unprecedented economic impact in the modern era. However, Quanta successfully navigated through the financial crisis of 2008 and 2009 and through the challenging energy market and operating conditions of 2015 and 2016. In both circumstances, Quanta remained solidly profitable, maintained a strong balance sheet, generated solid cash flow and came out of these periods a stronger and better competitively positioned company.

COVID-19 與充滿挑戰的能源市場環境相結合，對現代經濟產生了前所未有的影響。然而，廣達成功度過了2008年和2009年的金融危機，以及2015年和2016年充滿挑戰的能源市場和經營環境。強勁的資產負債表，產生了穩定的現金流，並走出了困境。

Turning to our guidance. I'll start by saying that our decision to provide guidance and our approach was developed through much internal debate. We concluded that the value of providing a level of meaningful commentary and financial expectations to the investment community outweigh the risk that doing so imply certainty in a very uncertain environment. Given the circumstances, our outlook commentary should be considered as directional and is meant to be helpful to understand the nature of what we see today.

轉向我們的指導。首先我要說的是，我們提供指導的決定和我們的方法是透過大量的內部辯論制定。我們的結論是，向投資界提供一定程度有意義的評論和財務預期的價值超過了在非常不確定的環境中這樣做意味著確定性的風險。鑑於這種情況，我們的展望評論應被視為具有方向性，旨在有助於理解我們今天所看到的本質。

Currently, our expectations for the Electric Power segment remain largely intact. We expect revenues for this segment between $7.5 billion and $7.7 billion and operating margins between 9% and 9.3%, with Latin America contributing operating losses of $25 million to $30 million. Excluding Latin America losses, margins are expected to range between 9.4% and 9.7%. Certain markets have seen some level of COVID-19 impact to operations in the second quarter, both in our electric and communications services operation, and our slight reduction in annual revenue and margin guidance is largely expected to occur in the second quarter.

目前，我們對電力板塊的預期基本上保持不變。我們預計該部門的收入在 75 億美元至 77 億美元之間，營業利潤率在 9% 至 9.3% 之間，其中拉丁美洲的營業虧損為 2,500 萬美元至 3,000 萬美元。不包括拉丁美洲的損失，利潤率預計在 9.4% 至 9.7% 之間。某些市場已經看到了COVID-19 對我們第二季的營運產生了一定程度的影響，無論是在我們的電力和通訊服務營運中，我們的年度收入和利潤指引預計將在第二季略有下降。

Annual margins are also somewhat impacted by reductions in electrical work in certain industrial facilities and by slightly higher than previously expected Latin America costs in 1Q and the rest of the year. Having said that, we see the opportunity for this segment to be at or near our double-digit target margins in the third and fourth quarters.

年利潤率也受到某些工業設施電力工作減少以及第一季和今年剩餘時間略高於先前預期的拉丁美洲成本的影響。話雖如此，我們認為該細分市場有機會在第三季和第四季達到或接近兩位數的目標利潤率。

Our largest change in expectations is within our Pipeline and Industrial segment. As opposed to the Electric Power segment, where we've had limited impacts from stay-at-home orders, for the P&I segment, COVID-19 has impacted certain metro markets such as New York, Detroit and Seattle, where despite our services being deemed essential, local governments are restricting and shutting down on our work, which is creating a material impact. The exacerbating effect of COVID-19 on the challenged energy market is resulting in a meaningful revenue reduction in almost all of our Pipeline and Industrial services in the second quarter.

我們預期的最大變化是在管道和工業領域。與電力部門不同，我們在該部門受到居家訂單的影響有限，而對於保賠部門來說，COVID-19 已經影響了紐約、底特律和西雅圖等某些大都會市場，儘管我們的服務地方政府認為這是必要的，但他們卻限制和停止了我們的工作，這造成了重大影響。 COVID-19 對充滿挑戰的能源市場的影響加劇，導致我們第二季幾乎所有管道和工業服務的收入大幅減少。

Revenues for the second quarter are expected to be as low as $700 million to $800 million, roughly 40% lower than our original expectations, likely resulting in a small operating loss for this segment in the second quarter. The combined impacts of COVID-19 and the challenged energy market are expected to continue to negatively impact segment margins in our third and fourth quarter. This is particularly true for our industrial services operations as customers are reducing and deferring regularly scheduled maintenance and turnaround activities as a lack of demand for their refined products is pressuring budget.

第二季的營收預計將低至 7 億至 8 億美元，比我們原來的預期低約 40%，可能導致該部門第二季出現小幅營運虧損。 COVID-19 和充滿挑戰的能源市場的綜合影響預計將繼續對我們第三和第四季的部門利潤率產生負面影響。對於我們的工業服務業務來說尤其如此，因為客戶正在減少和推遲定期維護和周轉活動，因為對其精煉產品的需求缺乏給預算帶來壓力。

For the remainder of the year, we have assumed a substantial pullback in these areas. Also, we expect reduced revenue from smaller Pipeline and Industrial capital projects throughout 2020 to weigh on segment margins as we expect to experience a prolonged effect from the current energy market and its impact on our customers' capital budget.

在今年剩餘時間裡，我們假設這些領域將大幅回調。此外，我們預計 2020 年小型管道和工業資本項目的收入減少將影響分部利潤率，因為我們預計當前能源市場及其對客戶資本預算的影響將產生長期影響。

For the remainder of the year, we see the opportunity for segment revenues to exceed $1 billion in each of the third and fourth quarters and for our margins to range between 6% and 8%. Our annual expectations are for approximately $4 billion of revenues, with operating margins not likely exceeding 5% for the full year of 2020. However, for this to occur, it assumes we have ramped to normal activities early in the third quarter within the metro markets currently impacted by stay-at-home orders and normal activity levels continue for the remainder of the year.

在今年剩下的時間裡，我們認為第三季和第四季的部門收入有機會超過 10 億美元，利潤率在 6% 到 8% 之間。我們的年度預期收入約為 40 億美元，2020 年全年營業利潤率不太可能超過 5%。令的影響，而正常活動水準在今年剩餘時間內仍將持續。

We are aware that investors have at times had difficulty assessing the repeatable and sustainable nature of the Pipeline and Industrial segment, specifically. We believe the complexity of the current landscape only adds to that difficulty.

我們知道，投資者有時很難評估管道和工業領域的可重複性和可持續性。我們認為，當前情勢的複雜性只會增加這一難度。

As such, we have attempted to aid investors by providing additional service level detail within this segment in our earnings release and slide presentation, which is viewable through the webcast and is also available on the Investor Relations section of Quanta's website. We've defined these service areas as gas distribution, maintenance and integrity, larger pipeline projects and other pipeline and industrial and infrastructure services.

因此，我們試圖透過在我們的收益發布和幻燈片演示中提供此細分市場中的額外服務水平詳細資訊來幫助投資者，這些資訊可以透過網路廣播觀看，也可以在廣達網站的投資者關係部分中找到。我們將這些服務領域定義為天然氣分配、維護和完整性、大型管道項目以及其他管道以及工業和基礎設施服務。

Importantly, the revenue range associated with each area is directional and intended to provide a deeper understanding of the activities performed within this segment, but is not meant to provide a precise view of the revenue expectations by category.

重要的是，與每個領域相關的收入範圍是有方向性的，旨在更深入地了解該細分市場中開展的活動，但並不意味著提供按類別劃分的收入預期的精確視圖。

Our expectations for reduced gas distribution revenues and most of the reduced maintenance and integrity revenues are COVID-19 related, either by the previously discussed stay-at-home orders or reduce fuel demand. These services represent the largest component of segment revenues and are the largest component of our base business activity in the segment. We consider these portions of our work as highly resilient and have not changed our confidence in their multiyear repeatable and sustainable contribution.

我們對天然氣分配收入減少以及大部分維護和完整性收入減少的預期與 COVID-19 相關，要么是由於之前討論的居家訂單，要么是燃料需求減少。這些服務代表了部門收入的最大組成部分，也是我們在該部門的基本業務活動的最大組成部分。我們認為我們工作的這些部分具有很強的彈性，並且沒有改變我們對其多年可重複和可持續貢獻的信心。

We think it is valuable to consider that although the COVID-19 dynamic did not exist during the 2015 and 2016 commodity price collapse, and we did not own Stronghold at the time, they are our largest provider of industrial maintenance and integrity services today. During that period, Stronghold was able to grow revenues each year at a double-digit compound annual growth rate and achieved margins within their historical ranges despite the challenging energy market.

我們認為值得考慮的是，儘管在 2015 年和 2016 年大宗商品價格暴跌期間並不存在 COVID-19 動態，而且我們當時並不擁有 Stronghold，但他們是我們今天最大的工業維護和誠信服務提供者。在此期間，儘管能源市場充滿挑戰，Stronghold 每年仍能以兩位數的複合年增長率實現收入成長，並實現歷史水準的利潤率。

We remain comfortable with our expectations to generate approximately $500 million of larger pipeline project revenue in 2020. Although additional project awards are needed to achieve these expectations, we are in advanced discussions with customers on several opportunities that provide us with good visibility. The timing and potential award of these projects is not currently anticipated to be impacted by the economic factors we have discussed.

我們仍然對2020 年產生約5 億美元的較大管道項目收入的預期感到滿意。討論。目前預計這些項目的時機和潛在授予不會受到我們討論的經濟因素的影響。

Our other Pipeline and Industrial revenues represents the portion of the segment that is most impacted by lower oil prices, and therefore, we would consider to be the least resilient. This includes industrial capital projects, midstream work and certain less critical maintenance work.

我們的其他管道和工業收入代表了受油價下跌影響最大的細分市場部分，因此，我們認為其彈性最差。這包括工業資本項目、中游工作和某些不太重要的維護工作。

Turning to cash flow. We are maintaining our free cash flow expectations for the year, expecting to generate between $400 million and $600 million. While a reduction of revenue would normally result in increased cash flow due to working capital converting to cash as well as lower levels of capital expenditures, that dynamic is primarily being offset by the expected reduction of earnings due to COVID-19. Additionally, given the uncertainty across our end markets and the broader economy, we're taking a cautious approach to working capital expectations for the remainder of the year.

轉向現金流。我們維持今年的自由現金流預期，預計將產生 4 億至 6 億美元之間。雖然收入減少通常會導致現金流增加，因為營運資金轉換為現金以及資本支出水準降低，但這種動態主要被 COVID-19 造成的預期收入減少所抵消。此外，考慮到我們的終端市場和更廣泛的經濟的不確定性，我們對今年剩餘時間的營運資本預期採取謹慎的態度。

I'll close my guidance commentary with the belabored point that our expectations are as of today and are based on our ability to ramp to normal levels early in the third quarter. Those and other factors are not within our control and prolonged or reinstituted restrictions on our ability to perform services or the implementation of new restrictions for COVID-19 hotspots that may develop in other metro markets or even at project sites could negatively impact our EBITDA and adjusted EBITDA expectations.

我將用詳細闡述的一點來結束我的指導評論，即我們的預期是截至今天的，並且基於我們在第三季度初恢復到正常水平的能力。這些因素和其他因素不在我們的控制範圍內，並且對我們提供服務的能力的長期或重新限製或對可能在其他地鐵市場甚至項目現場發展的COVID-19 熱點實施新的限制可能會對我們的EBITDA產生負面影響，並調整EBITDA 預期。

As we described throughout our commentary, the combination of COVID-19 and the incremental pressure that's applied to an already unstable oil prices makes it difficult to quantify the distinct impact each of these factors has had on our revised outlook. That being said, we would estimate at least 70% of the change in our expectations can be attributed to COVID-19 related disruptions with the remaining 30% largely associated with the residual effects that low oil prices have on our Pipeline and Industrial customers' capital budget and, to a lesser extent, the increased losses attributable to our Latin American operations.

正如我們在整個評論中所描述的，COVID-19 和對本已不穩定的油價施加的增量壓力相結合，使得很難量化每個因素對我們修訂後的前景產生的明顯影響。話雖如此，我們估計預期變化中至少 70% 可歸因於與 COVID-19 相關的干擾，其餘 30% 主要與低油價對我們的管道和工業客戶資本的殘餘影響有關預算，以及在較小程度上歸因於我們拉丁美洲業務的損失增加。

Overall, maintaining a strong balance sheet remains a foundational principle for us as we execute our operational strategies and navigate uncertain market dynamics. Our strong balance sheet has supported our growth, opportunistic deployments of capital and now will be relied upon for resilience through these challenging times.

總體而言，當我們執行營運策略和應對不確定的市場動態時，保持強勁的資產負債表仍然是我們的基本原則。我們強大的資產負債表支持了我們的成長和資本的機會性部署，現在我們將依靠我們的彈性來度過這個充滿挑戰的時期。

We see the opportunity for strong cash generation now and in future periods and we will continue to prudently manage our balance sheet and capital deployment to maintain our current strength, provide stability to employees and customers and to ensure we deliver long-term shareholder value.

我們看到了現在和未來時期產生強勁現金的機會，我們將繼續審慎管理我們的資產負債表和資本配置，以保持我們當前的實力，為員工和客戶提供穩定性，並確保我們提供長期股東價值。

I'll turn it back to Duke for closing comments.

我會將其轉回給杜克以徵求結束意見。

Thanks, Derrick. Though we expect our second quarter results will reflect the near-term disruptions we are experiencing and will be the most challenging quarter of the year, we are optimistic that the activity levels and near-term visibility will improve as community restrictions ease and the economy begins to reopen.

謝謝，德里克。儘管我們預計第二季度的業績將反映我們正在經歷的近期幹擾，並將成為今年最具挑戰性的季度，但我們樂觀地認為，隨著社區限制的放鬆和經濟的開始，活動水平和近期能見度將會改善重新開放。

As Derrick discussed, we have taken a prudent approach to our outlook for the year based on what we know today. However, we are pursuing opportunities in the marketplace that are not incorporated into our expectations, but that we believe we are well positioned for. And we are just as positive and confident today about Quanta's multiyear opportunities as we were on our year-end 2019 call just a couple of months ago.

正如德里克所討論的，根據我們今天所了解的情況，我們對今年的前景採取了謹慎的態度。然而，我們正在市場上尋求機會，這些機會並未納入我們的預期，但我們相信我們已經做好了充分的準備。今天，我們對廣達的多年機會充滿積極和信心，就像幾個月前我們在 2019 年底電話會議上一樣。

We believe our operating leadership and employees are the best in the business and that we will continue to successfully perform through the current environment. Importantly, we remain focused on the successful execution of 5 key objectives, which are: focus and grow our base business; improve margins; create growth platforms through service line expansions in the utility, communications and industrial industries and adjacent industries where craft-skilled labor is critical to providing cost certain solutions; be the industry leader in safety and training by investing in craft-skilled labor; and finally, deploy capital in a disciplined and value-creating manner.

我們相信我們的營運領導階層和員工是業內最優秀的，我們將在當前環境下繼續取得成功。重要的是，我們仍然專注於成功執行 5 個關鍵目標，它們是： 專注並發展我們的基礎業務；提高利潤；透過公用事業、通訊和工業產業以及鄰近產業的服務線擴展來創建成長平台，在這些產業中，熟練勞動力對於提供成本確定的解決方案至關重要；透過投資熟練勞動力，成為安全和培訓方面的行業領導者；最後，以有紀律和創造價值的方式配置資本。

When considering our commentary about the repeatable and sustainable nature of our operations, we believe our adjusted EBITDA before the effects of Latin America operations and COVID-19 on our 2020 expectations continue to trend towards the $1 billion level that we have spoken about the last several years. Quanta was built for times like this, and we are confident in the resiliency and sustainability of our business model.

在考慮我們對我們業務的可重複性和可持續性質的評論時，我們相信，在拉丁美洲業務和COVID-19 對我們2020 年預期的影響之前，我們調整後的EBITDA 繼續趨向於我們在過去幾年中談到的10 億美元水平年。廣達就是為這樣的時代而生的，我們對我們的商業模式的彈性和永續性充滿信心。

Despite the near-term challenges, we believe Quanta has a long runway for generating repeatable and sustainable earnings ahead of us as we execute on strategic initiatives. 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 in dividends, we believe Quanta has the opportunity to generate meaningful stockholder value over time.

儘管近期面臨挑戰，但我們相信，隨著我們執行策略性舉措，廣達在創造可重複且可持續的盈利方面還有很長的路要走。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、收購和股息策略投資等價值創造機會的槓桿，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。

As we have discussed many times in prior investor communications, our people are the heart of Quanta, and it is their hard work and dedication that has produced several years of record results and will be critical to our success going forward. I, again, want to recognize and thank them for their hard work and dedication during this challenging time.

正如我們在之前的投資者溝通中多次討論的那樣，我們的員工是廣達的核心，正是他們的辛勤工作和奉獻精神創造了多年來創紀錄的業績，這對我們未來的成功至關重要。我想再次感謝他們在這個充滿挑戰的時期的辛勤工作和奉獻精神。

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 of 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。

With that, we're happy to take your questions. Operator?

因此，我們很樂意回答您的問題。操作員？

(Operator Instructions) Our first question comes from the line of Andy Kaplowitz with Citigroup.

（操作員說明）我們的第一個問題來自花旗集團的安迪·卡普洛維茨（Andy Kaplowitz）。

Duke, if we look at the breakdown of your expected revenue for 2020, given the gas distribution and maintenance and integrity are now big businesses for you, it appears a little more than half of the revenue hit is expected to come from these businesses despite them being relatively resilient. So my question is, given the critical nature of this type of work, is this really just pushing this revenue and it's relatively high-margin into '21, and you should get it back? Or could some of it actually be lost revenue for you guys?

杜克大學，如果我們看一下您 2020 年預期收入的明細，考慮到天然氣分配、維護和完整性現在對您來說是一項大業務，儘管如此，預計收入損失的一半以上預計將來自這些業務具有相對的彈性。所以我的問題是，考慮到這類工作的關鍵性質，這真的只是將收入和相對較高的利潤推到了 21 年，你應該把它拿回來嗎？或者其中一些實際上可能會導致你們的收入損失？

Yes. Thanks for the question. I think when you look at our business and you look at that piece of business, what we had is in the quarter as well as in the year in our guidance, you had the light switch effect of cities closing. And so when you think about it, when you think about just take our New York business, that business relatively 90% of that work shut down in that area because of the COVID-related impacts. And we worked with the governor, worked with our clients there, that type of work. We had to deal with the customer when you shut gas off and things like that, you're dealing with the customer, you're interfacing. So that type would shut down. What we have seen is that work come back and start to come back, let's say, it will ramp back. It won't -- it won't be like on and off. It goes off really quick and you start ramping back. So that's what you'll see, coming back in all the cities. It was not only in New York, it was Seattle, Detroit, others. So that's the impact there in the quarter. And some of that is not going into the year. So when you look at the total, it's about -- it's majority of the second quarter is that when you think about the impact there. So you had that.

是的。謝謝你的提問。我認為，當你看看我們的業務，看看我們的業務，我們在季度和年度的指導中，你會看到城市關閉的電燈開關效應。因此，當你考慮一下時，當你考慮我們在紐約的業務時，由於與新冠病毒相關的影響，該地區 90% 的業務都被關閉了。我們與州長合作，與那裡的客戶合作，這類工作。當你關閉煤氣之類的事情時，我們必須與客戶打交道，你正在與客戶打交道，你正在進行互動。這樣該類型就會關閉。我們看到的是，工作量開始恢復，可以說，它會逐漸恢復。它不會——不會像斷斷續續的那樣。它消失得很快，你開始加速回來。這就是你回到所有城市時會看到的情況。不只紐約，西雅圖、底特律等地也是如此。這就是本季的影響。其中一些不會進入今年。因此，當你查看總數時，你會發現第二季度的大部分時間都是在考慮那裡的影響時。所以你就有了。

You also had lower fuel pricing and also on oil, and then you had the demand side of that as well, which that's more so what we're saying -- what we're seeing in outer quarters. So the original impact in the demand, and it's about 70% of what we're looking at is COVID-related for our guidance going forward as well as in the quarter, it's the majority of the quarter, which is a light switch effect. Derrick can provide some more numbers on it in the guidance. Derrick?

燃料價格和石油價格也較低，然後還有需求方面，這更符合我們所說的——我們在外圍地區看到的情況。因此，需求的最初影響，我們所關注的大約 70% 與我們未來和本季的指導中的新冠病毒相關，這是本季度的大部分時間，這是一種光開關效應。 Derrick 可以在指南中提供更多相關數據。德里克？

Yes. Actually, I want to come back to a part of the question, Andy, on the relatively high margins. I also think it's very important to recognize that these are contribution margin type dynamics, not necessarily the overall margin profile of the work. When you have, as Duke mentioned, a light switch type event on the revenue side, the cost structure doesn't change quite so rapidly. So the contribution margins become quite high because it's right at the incremental stage. As you do with costs, holding on to costs because you think you're going to be turning around. And to your point, ramping back up and dealing with work on a more recurring basis in '21. So important to recognize is the contribution margin, not necessarily the margin overall of the work.

是的。事實上，我想回到問題的一部分，安迪，關於相對較高的利潤。我還認為認識到這些是邊際貢獻類型的動態，而不一定是工作的整體邊際概況，這一點非常重要。正如杜克所提到的，當你在收入方面發生電燈開關類型的事件時，成本結構不會變化得那麼快。所以邊際貢獻變得相當高，因為它正處於增量階段。就像你處理成本一樣，堅持成本，因為你認為你會扭轉局面。就你的觀點而言，21 年將更頻繁地恢復並處理工作。重要的是要認識到貢獻邊際，而不一定是工作的整體邊際。

Derrick, they can't really cancel this stuff, right? They can just defer it? Or can they just like a push, an inspection or something like that and not do it, right? It's more deferred than canceled, right?

戴里克，他們真的不能取消這件事吧？他們可以推遲嗎？或者他們可以只是喜歡推動、檢查或類似的事情而不去做，對嗎？延遲比取消更重要，對吧？

Yes. I mean, when you think about our gas -- our LDC business and our gas distribution business, which is -- we've given some level of guidance on that well over $1 billion. That business, we feel, was very resilient. It will be in outer quarters. This was just the fact that when Governor Cuomo decides to shut down New York, many of you are there, you understand it's shut down the city. And so we were -- in certain cities, we adhere to the policy. We did keep some staff. But I would say, all in all, you won't see that going forward. We put in place PPE, things like that in the future, I believe those things -- those crews and that piece of business will stay resilient even throughout New York. So yes, deferral.

是的。我的意思是，當你想到我們的天然氣——我們的 LDC 業務和我們的天然氣分銷業務——我們已經就遠遠超過 10 億美元的金額給出了一定程度的指導。我們認為，這項業務非常有彈性。它將在外圍。事實上，當科莫州長決定關閉紐約時，你們很多人都在場，你們知道它關閉了這座城市。因此，在某些城市，我們遵守該政策。我們確實保留了一些員工。但我想說，總而言之，你未來不會看到這種情況。我們將來會配備個人防護裝備，類似的東西，我相信這些東西——那些工作人員和那部分業務即使在整個紐約也將保持彈性。所以是的，延期。

Yes. Got it. That's helpful. And then, Duke, you mentioned that you still expect record backlog this year, which means you still have visibility to grow backlog despite the lower oil price and the pandemic. So maybe you could talk about where the conviction is coming from. You mentioned some bigger MSA renewables. You can give us some more color there. But do you still see good opportunity for large transmission bookings in 2020? And given you do expect record backlog, it would stand a reason that you don't expect a big hit to your oil and gas backlog. Is that because of the oil sensitivity now, the backlog really is at low levels?

是的。知道了。這很有幫助。然後，杜克大學，您提到您預計今年的積壓訂單仍將創歷史新高，這意味著儘管油價下跌和大流行，但您仍然可以增加積壓訂單。所以也許你可以談談信念的來源。您提到了一些更大的 MSA 再生能源。你可以給我們更多的顏色。但您仍然認為 2020 年大型變速箱預訂有好機會嗎？鑑於您確實預計積壓訂單將創歷史新高，因此您預計石油和天然氣積壓訂單不會受到重大打擊。難道是因為現在對石油的敏感性，積壓真的很低嗎？

When you look at the business, I mean, we're very -- still remain highly optimistic and convicted to our strategy, and that strategy is around the longer-term MSAs that you see on programmatic expense within the oil and gas segment as well as -- or the P&I segment as well as the electric segment. We're relatively intact in the electric segment, which shows you the resiliency there. We've talked about the backdrop of the utility business. And almost all of our clients, I mean, 95% of them have remained -- their 3-year capital budgets or long-term capital budgets have remained intact. You've had some push out maybe to year 2 versus year 1, very little. But we see that business strong, continue to see great opportunities in the programs there. There's opportunities for larger projects. The larger project piece of our electric transmission business has been robust, the bidding, and so we have not seen any pullback there. We talked about the fire hardening work on the programs being in the later half of the year. We're starting to see signs of that ramping now. So it's all intact.

當你審視業務時，我的意思是，我們仍然非常樂觀，並對我們的戰略深信不疑，而該戰略是圍繞長期管理服務協議（MSA）的，你在石油和天然氣領域的計劃費用中也看到了這一點。我們在電力領域相對完整，這向您展示了那裡的彈性。我們已經討論了公用事業業務的背景。我的意思是，幾乎我們所有的客戶，其中 95% 都保持不變——他們的 3 年資本預算或長期資本預算保持不變。與第一年相比，你可能會推遲到第二年，但很少。但我們看到業務強勁，並繼續在那裡的項目中看到巨大的機會。有更大項目的機會。我們電力傳輸業務中較大的項目招標一直很強勁，因此我們沒有看到任何回調。我們談到了下半年該計畫的防火加固工作。我們現在開始看到這種成長的跡象。所以一切都完好無損。

One other way to think about this is that when you think about kind of from a top-down perspective, we had talked post year-end call throughout that we saw roughly, let's say, 10% of our business was kind of commodity-related. And that means that the vast majority of our business is not. And of that commodity-related component that might get impacted because of headwind to oil, we said that we found it very unlikely that roughly the $1 billion levels would go to 0. I think that you can see kind of in some of the numbers we've laid out here. Now we've laid out that there is a headwind effect, but there's still a substantial amount of those revenues we think are still yet ongoing. So there's kind of a somewhat muted revenue effect. The -- from a backlog perspective, what we'd say is that, that component of the business is reasonably quickly book and burn. And so it doesn't represent a significant portion of our overall backlog, so much of our backlog relates to those longer-term perspectives that are more resilient. So I -- that's, I think, maybe colors how we continue to feel about the strength of the backlog as we move forward.

另一種思考這個問題的方式是，當你從自上而下的角度思考時，我們在年終電話會議中進行了討論，我們粗略地看到，比方說，我們 10% 的業務與大宗商品相關。這意味著我們的絕大多數業務都不是。至於可能因石油逆風而受到影響的大宗商品相關組成部分，我們說我們發現大約 10 億美元的水平不太可能降至 0。這裡了現在我們已經指出存在逆風效應，但我們認為仍有大量收入仍在持續。因此，所得效應有些微弱。從積壓的角度來看，我們想說的是，該業務的組成部分很快就會被預訂和燒毀。因此，它並不代表我們總體積壓工作的很大一部分，因此我們的大部分積壓工作都與那些更具彈性的長期觀點有關。因此，我認為，這可能會影響我們在前進過程中對積壓工作的強度的持續感受。

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。

Glad to hear everyone is healthy and well. I guess my first question is short term. To achieve your guidance, what are you expecting in terms of the cadence of easing of shelter-in-place, like I'm just trying to understand what you're assuming there. And just if you could talk to how bad April was? And then my second question is longer term, and it's directed more towards you, Derrick, I guess. I'm just trying to think about normalized EPS for Quanta. I mean even if I look at the guide today, and then I add back what was related to COVID and then I add back the $0.20 or so headwind from LATAM, which is one-time, I mean, I think it's easy to paint a case that normalized EPS, with the backlog that you're talking about too, is $4, isn't a crazy number to throw out there, Derrick. So any comments or am I way off base there?

很高興聽到每個人都身體健康。我想我的第一個問題是短期的。為了實現您的指導，您對放鬆就地避難的節奏有何期望，就像我只是想了解您在那裡的假設一樣。如果你能談談四月有多糟糕？然後我的第二個問題是長期的，我想它更多地針對你，Derrick。我只是想考慮一下廣達的標準化每股收益。我的意思是，即使我今天查看了指南，然後我添加了與新冠病毒相關的內容，然後我添加了來自拉丁美洲的0.20 美元左右的逆風，這是一次性的，我的意思是，我認為很容易繪製一個如果正常化每股收益（加上你也談到的積壓）為 4 美元，這並不是一個瘋狂的數字，Derrick。那麼有什麼評論嗎？

I'll comment, too, in generalities. I think when you look at the business, Jamie, we've built a resilient business that we feel like we talked in the script about $1 billion kind of run rate on it from an adjusted EBITDA standpoint, I think you see that -- I think we're convicted to those kind of numbers. Derrick talked about the COVID effect and what it did to the second quarter margins on P&I. So if you look at that and you think about it and you think about the second half of the year, that's -- you get some COVID onetime effect, which is, call it, 70% of the whole revision in guidance. And then the majority of that, 70% is in the second quarter, and it's a onetime effect. So when you look at that, you're right, I mean the run rate gets back to a more normalized basis, and you have a rate base going forward. So it's a onetime light switch type effect in many ways. There's some impact on demand. So there's a demand impact you have out there when oil goes to negative. And there's -- you just don't know how fast that industrial business ramps back, but we have a really good management team there that will also take advantage of some opportunities out there and grow that business even through this in my mind. So I'm not concerned. They did it in the past, and they had a record quarter, and it's not -- we have a critical path business there that's our base. So I'm extremely pleased with where we sit, and we'll come out stronger. But Derrick, you can comment on the rest.

我也會籠統地發表評論。我認為，傑米，當你審視我們的業務時，我們已經建立了一個有彈性的業務，我們感覺我們在劇本中從調整後的EBITDA 角度談到了10 億美元的運行率，我想你看到了——我我認為我們對這些數字有罪。德里克談到了新冠疫情的影響及其對保賠險第二季度利潤率的影響。因此，如果你看一下這一點，思考一下，思考一下今年下半年，那就是——你會得到一些新冠一次性效應，也就是說，佔整個指導修訂的 70%。其中大部分（70%）發生在第二季度，這是一次性的影響。因此，當您看到這一點時，您是對的，我的意思是運行率恢復到更正常化的基礎，並且您有一個未來的利率基礎。所以它在很多方面都是一次性的燈開關類型的效果。對需求有一定影響。因此，當油價跌至負值時，就會對需求產生影響。你只是不知道工業業務恢復的速度有多快，但我們有一個非常優秀的管理團隊，他們也會利用那裡的一些機會，即使在我看來，透過這種情況來發展業務。所以我不擔心。他們過去就這麼做過，他們的季度業績創紀錄，但事實並非如此——我們在那裡有一個關鍵路徑業務，那就是我們的基地。所以我對我們的處境非常滿意，我們會變得更強大。但是德里克，你可以評論其餘的。

I agree with everything you said. And as well as, Jamie, I don't take really exception with your perspective kind of the multi-year. The Latin America, as we called out very explicitly, has no tax benefits. So those things are fairly pronounced. We clearly don't look at that as being a repeatable, sustainable component of our business. So the midpoint of our guidance, by definition, as you go forward, would have some level of add-back for the Latin America. When we go through and talk about the adjusted EBITDA, in fact, we did our best effort to quantify how that COVID, very much April, exactly as you called out, very much second quarter in total, call it, roughly 70% of the number. When you start looking at that component being nonrecurring and our expectations, do you -- looking at '21 and '22 being regular operations that would add back into that, and you start to really ramp up into the numbers that we're talking about. We would largely consider the headwind we're dealing with right now is kind of on the oil side. And we think we've otherwise shown up in the past our ability to execute through that. So I don't take exception with your math.

我同意你所說的一切。另外，傑米，我並不反對你的多年觀點。正如我們明確指出的那樣，拉丁美洲沒有稅收優惠。所以這些事情是相當明顯的。顯然，我們並不認為這是我們業務中可重複、可持續的組成部分。因此，根據定義，隨著您的前進，我們指導的中點將對拉丁美洲進行一定程度的補充。事實上，當我們討論並談論調整後的 EBITDA 時，我們盡了最大努力來量化新冠疫情（4 月），正如您所說，第二季度總計約 70%。當您開始考慮該組成部分是非經常性的以及我們的期望時，您是否會考慮“21”和“22”是常規操作，這些操作會重新添加到其中，並且您開始真正增加我們正在談論的數字。我們主要認為我們現在面臨的逆風是石油方面的。我們認為，我們過去已經透過其他方式表現出了我們的執行能力。所以我不反對你的數學。

Our next question comes from the line of Noelle Dilts with Stifel.

我們的下一個問題來自 Noelle Dilts 和 Stifel 的線路。

So I was hoping -- for my first question, I was hoping you could expand on the 3 acquisitions in the quarter. And then if you look at kind of difficult market conditions, particularly with some challenges on the oil side of the business, I would think that some of the smaller competitors in the market might be under pressure. So I was curious, as you think about M&A moving forward and the potential for some consolidation in the industry, kind of the markets that you view as most interesting and where you might look to expand?

所以我希望——對於我的第一個問題，我希望你們能夠擴展本季的 3 項收購。然後，如果你看看困難的市場狀況，特別是石油業務方面的一些挑戰，我認為市場上一些較小的競爭對手可能會面臨壓力。所以我很好奇，當您考慮併購的進展以及行業整合的潛力時，您認為最有趣的市場類型以及您可能想要擴展的市場類型？

Yes. Thanks, Noelle. The -- it was 2 acquisitions, 2 small ones, I think combined, less than $20 million. One was a telecom business that in the underground side of the business that we felt regionally that could add value there. And the other was to support some catalyst stuff in the industrial side of the business. So 2 small ones that we believe that the synergies and they support kind of our strategy. I think that's that. What was the other part of it?

是的。謝謝，諾艾爾。這是 2 筆收購，其中 2 筆小規模收購，我認為加起來不到 2,000 萬美元。其中之一是電信業務，我們認為該業務在地下部分可以增加該地區的價值。另一個是支持工業方面的一些催化劑。我們相信這兩個小問題可以產生協同效應，並且它們支持我們的策略。我想就是這樣。它的另一部分是什麼？

Just if you look at everything that's going on in the market, COVID and oil, I would think a lot of -- some of your smaller competitors in the market may be under strain. So where you might look to potentially acquire or expand if you do see some of your smaller competitors come under pressure?

只要你看看市場上正在發生的一切，例如新冠肺炎和石油，我就會想，市場上一些較小的競爭對手可能會面臨壓力。那麼，如果您確實看到一些規模較小的競爭對手面臨壓力，您可能會考慮收購或擴張哪些領域？

Yes. Thanks, Noelle. Yes. When we look at it, I mean, I think we talked about the industrial business was able to grow the last time that you saw this kind of impact. So I think we have a good opportunity there to organically grow areas. I would say we'll be measured in that approach. We have a real nice business, and so we'll watch it. But all around, you are seeing people start to get nervous about their jobs and things of that nature. So we'll have opportunities to organically grow. There'll be opportunities for M&A. We'll be selective and smart. Obviously, we'll use our balance sheet like we have in the past, given the backdrop of what we see from the demand side of the virus. So we'll be measured and conservative as we always are. But I think there will be opportunities when we look at the businesses, and we'll come out stronger. As we said, I like our chances. I like what we're doing. Our customer base is really looking at big balance sheets and things of that nature. We've done a nice job protecting that. We're collaborating quite a bit on their capital budget. So I can't -- the 1 thing that is perplexing is some of the smaller companies have taken loans and things like that. And I don't know the impacts of that. So it's a little bit of imbalance from that standpoint. So I don't know what the effects of that will be and how long that will last. But normally, you would see capitulation in some of the smaller stuff. I just don't -- I don't understand the dynamics of the loans or grants, whatever you may call it at this point.

是的。謝謝，諾艾爾。是的。當我們審視它時，我的意思是，我認為我們上次看到這種影響時談到了工業業務能夠成長。所以我認為我們有一個很好的機會有機種植區域。我想說我們會用這種方法來衡量。我們的生意非常好，所以我們會關注它。但在周圍，你會看到人們開始對他們的工作和類似的事情感到緊張。因此，我們將有機會有機成長。會有併購機會。我們將有選擇性且聰明。顯然，考慮到我們從病毒需求方面看到的背景，我們將像過去一樣使用我們的資產負債表。因此，我們將一如既往地謹慎和保守。但我認為，當我們審視業務時，就會有機會，我們會變得更強大。正如我們所說，我喜歡我們的機會。我喜歡我們正在做的事情。我們的客戶群確實關注的是大型資產負債表和類似性質的事物。我們在保護這一點方面做得很好。我們在他們的資本預算上進行了大量合作。所以我不能——令人困惑的一件事是一些小公司已經接受了貸款和類似的事情。我不知道這會產生什麼影響。所以從這個角度來看，這有點不平衡。所以我不知道這會產生什麼影響以及會持續多久。但通常情況下，你會在一些較小的事情上看到投降。我只是不知道貸款或贈款的動態，無論你現在怎麼稱呼它。

Okay. Okay. And then when you look at the markets that were completely shut down, any chance you have that -- how much those markets represented as a percentage of sales? And then if you could just comment on how flexible the workforce has been there? If you could comment on -- in a market that's completely shut down, for example, are you holding on to some of your folks in anticipation that those markets are coming back quickly? So how do we sort of think about the underutilization element of some of those market shutdowns?

好的。好的。然後，當您查看完全關閉的市場時，是否有可能 - 這些市場佔銷售額的百分比是多少？那麼您是否可以評論一下那裡的勞動力有多靈活？例如，如果您可以評論一下，在一個完全關閉的市場中，您是否會繼續保留一些人，並預計這些市場很快就會恢復？那麼，我們如何看待一些市場關閉導致的利用率不足的因素呢？

Yes. I mean, I think I'll go backwards on it. The people aspect, and we have a long time companies. And I think this really -- you see our portfolio and you see how we run in the field, decentralized, and we're very, very close to our employees as well as our clients and government officials. So it allows us to stay very vigilant. We can go down and we can ramp back fairly quickly, very -- we self-perform 85% to 90%. I continue to say that the strength of Quanta is that self-perform capabilities, we ramp right back. And I think we'll just go at the pace that our customers allow us to start that. It's somewhat of a seasonality effect, in my mind. If you take out COVID, we're starting to see the seasonality kind of where you would ramp back quickly when you shut off for winter, it's similar to that in the pandemic, and we're ramping back in a gradual step in some areas. But as we said, it only affected a certain piece, certain cities, not the majority of the business. The electric business stayed intact. It is mainly the LDC and some industrial, where people took different approaches. As you've seen on the news, you see how states are opening and things like that, our major metro areas where we had concentration in a few places, Seattle, Detroit, Pennsylvania, New York, other areas, it just affected us a little more, and that's the major impact, the majority of the impact in the quarter.

是的。我的意思是，我想我會倒退。人方面，我們有長時間的合作。我認為這確實是——你看到我們的產品組合，你看到我們如何在現場運作，分散，我們與我們的員工以及我們的客戶和政府官員非常非常接近。所以它讓我們保持高度警戒。我們可以下降，也可以相當快地恢復，非常——我們的自我表現達到 85% 到 90%。我繼續說，廣達的優勢在於自我表現能力，我們馬上就回來了。我認為我們將按照客戶允許我們開始的步伐進行。在我看來，這有點季節性效應。如果你把新冠病毒排除在外，我們就會開始看到季節性，當你冬天關閉時，你會迅速回升，這與大流行中的情況類似，我們正在某些地區逐步回升。但正如我們所說，它只影響了某一塊、某些城市，而不是大部分業務。電力業務保持完好。主要是最不發達國家和一些工業界，人們採取了不同的方法。正如你在新聞中看到的那樣，你看到各州如何開放以及類似的事情，我們集中在西雅圖、底特律、賓夕法尼亞州、紐約等幾個地方的主要都市區，這對我們產生了影響再多一點，這就是主要影響，是本季的大部分影響。

And Noelle, it's difficult to quantify that as to what percentage of sales. I mean, because we do other activities in those, a great example. I mean, in Seattle, we do a lot of electric work up there. We do a lot of electric work in the Midwest. So quantifying like that is very difficult. What I would tell you is that as you look at the supplemental information we provided on gas distribution and maintenance, the pullback there, that's where you'd see kind of that market impact. So if you saw those markets move, I mean, you'd probably see it in our expectations of gas distribution and maintenance and integrative clearly. And it could be, let's just say, revenue-wise comparable to what some of the numbers that you saw in our expectation changed in the supplemental segment.

諾埃爾，很難量化銷售額的百分比。我的意思是，因為我們在其中進行其他活動，這是一個很好的例子。我的意思是，在西雅圖，我們在那裡做了很多電力工作。我們在中西部進行了大量的電力工作。所以像這樣量化是非常困難的。我要告訴你的是，當你查看我們提供的有關天然氣分配和維護的補充資訊時，那裡的回調，你會看到市場影響。因此，如果您看到這些市場的變化，我的意思是，您可能會在我們對天然氣分配、維護和整合的預期中清楚地看到它。可以說，從收入角度來看，這可能與您在我們預期中看到的補充細分市場中的一些數字的變化相當。

Our next question comes from the line of Brent Thielman with D.A. Davidson.

我們的下一個問題來自 Brent Thielman 和 D.A.戴維森。

Great. I actually had a non-COVID question. And Duke, this is more around the executive order to sort of blacklist certain equipment vendors utilities can use for the grid. Do they have a contingency for that? And I'm just wondering if that might mean anything for Quanta either in the short-term or long term?

偉大的。我實際上有一個與新冠疫情無關的問題。杜克大學，這更多的是圍繞行政命令將某些設備供應商公用事業公司可用於電網的黑名單列入黑名單。他們有應急措施嗎？我只是想知道這對廣達來說是否意味著短期或長期？

I mean we work with the clients on it. I have not seen -- a lot of the major transformers and some of the communication equipment within your systems come from areas that the government has deemed -- it's on the blacklist, to put it that way. I think for the most part, we've seen the ability to overcome those kind of type orders and move forward. I don't understand what they're saying at this point. In my mind, we're an American company. We're not really relying on the equipment that they're talking about to progress forward in our workforce. It's really the back -- the front side of it, I guess, what I would say is how the system communicates more so than the actual hardware and things of that nature. So we're in good shape as it sits today.

我的意思是我們與客戶合作。我還沒有看到——你們系統中的許多主要變壓器和一些通訊設備都來自政府認定的地區——可以這麼說，它在黑名單上。我認為在很大程度上，我們已經看到了克服此類訂單並繼續前進的能力。我現在不明白他們在說什麼。在我看來，我們是一家美國公司。我們並不是真的依賴他們所說的設備來提高我們的員工隊伍。我想，這實際上是它的背面——正面，我想說的是系統如何比實際的硬體和類似性質的東西進行更多的通訊。所以我們今天的狀態很好。

Got it. Okay. And then I guess, as every company is kind of looking at the cost profile these days, I'm just wondering if utilities probably look to tighten belts at least in some areas. Does that potentially accelerate the outsourcing movement? Is that something you saw coming out of the financial crisis? Just curious your thoughts there.

知道了。好的。然後我想，由於現在每家公司都在關注成本狀況，我只是想知道公用事業公司是否可能會至少在某些領域勒緊褲腰帶。這是否有可能加速外包運動？這是您從金融危機中看到的嗎？只是好奇你的想法。

I mean every utility is different, and every city is different. It just depends on where you're at on your pendulum mark. I think most have really looked at their capital budgets and said, yes, we're going to go forward with it. In the past, a lot of it had to do with demand. What we're seeing for the most part on that side of the business has a lot to do with modernization and things of that nature. It doesn't -- it's not contingent on demand. I won't say demand doesn't create some issues for us. But most -- for the most part, a lot of the things that we do and doing is -- we're shifting to renewables. I don't think that changes. We're not going to see technology stop. Electric vehicles is going to continue to move forward. All the things that we've been doing and been talking about really show up in this time frame even in somewhat depressed type demand. So I feel good about it, and I feel good about everything we talked about. Our customers continue to talk about the long-term nature of their capital programs, and that's us. And so we're right there with them, trying to collaborate to get it moving.

我的意思是每個公用事業都是不同的，每個城市都是不同的。這僅取決於您在鐘擺標記上的位置。我認為大多數人都認真考慮過他們的資本預算並說，是的，我們將繼續前進。過去，這很大程度上與需求有關。我們在業務方面看到的大部分內容與現代化和此類性質的事情有很大關係。它不會——它不取決於需求。我不會說需求不會為我們帶來一些問題。但大多數——在很大程度上，我們所做的很多事情——我們正在轉向再生能源。我認為這不會改變。我們不會看到技術停止。電動車將繼續向前發展。我們一直在做和談論的所有事情都在這個時間範圍內真正顯現出來，即使在需求有些低迷的情況下。所以我對此感覺很好，我對我們談論的一切都感覺很好。我們的客戶不斷談論其資本計劃的長期性，而這就是我們。因此，我們與他們在一起，努力合作以推動其發展。

Our next question comes from the line of Andrew Wittmann with Baird.

我們的下一個問題來自安德魯·魏特曼和貝爾德的對話。

I think my first question is probably for Derrick. And Derrick, I wanted to ask about management of receivables particularly in the Pipeline and Industrial business. Obviously, this is a business that has historically consumed more working capital than the other businesses and the credit quality of some of those customers has degraded pretty significantly. I was wondering what you're doing today to make sure that you don't get burned on the back end. And in terms of things that you're putting in the contract, are you shortening terms on collections? Are you expecting prepayments? Anything to that nature to protect shareholders, I'd be curious as to how you're managing that?

我想我的第一個問題可能是問德瑞克的。德里克（Derrick），我想問有關應收帳款管理的問題，特別是在管道和工業業務中。顯然，這個企業歷來比其他企業消耗更多的營運資金，而且其中一些客戶的信用品質已經大幅下降。我想知道你今天在做什麼以確保你不會在後端被燒傷。就您納入合約的內容而言，您是否縮短了收款期限？您期待預付款嗎？任何保護股東的性質的事情，我很好奇你是如何管理的？

Sure. So the reality is that I think a major portion of your question is how much of that is in this oil-related environment, do we have exposure to things like MLPs and the like. And honestly, the majority of the things that we do still yet is with larger customers with substantial credit profile. So we do go through and monitor that. We're seeing fairly minimal exposure as it stands today associated with anything that is with kind of lower credit quality customers because the nature of our customers are really, again, back on more of the higher quality dynamics. So we don't see anything right now. We're not really concerned any more incrementally in pipeline than we were before, based upon the backdrop of the quality of those customers. We're always mindful of our contract terms, and we'll continue to be mindful of as new work comes about, looking at the credit quality. But right now, we have no incremental significant concern.

當然。所以現實是，我認為你的問題的一個主要部分是，其中有多少是在與石油相關的環境中，我們是否接觸過 MLP 等類似的東西。老實說，我們所做的大部分事情仍然是針對信用狀況良好的大客戶。所以我們確實會進行檢查和監控。我們看到目前與信用品質較低的客戶相關的任何風險敞口都相當小，因為我們客戶的性質確實再次依賴更多更高品質的動態。所以我們現在什麼也看不見。根據這些客戶的品質背景，我們並不比以前更關心管道的增量。我們始終關注我們的合約條款，隨著新工作的出現，我們將繼續關注信用品質。但目前，我們沒有增加任何重大擔憂。

Okay. That's helpful. And then my follow-up question, I just wanted to ask about the kind of remaining steps to get out of Peru. How much more, I guess, maybe backlog is left to do there to finish up? And how much more capital needs to be extended from you guys at this point?

好的。這很有幫助。然後是我的後續問題，我只是想問一下離開秘魯的剩餘步驟。我想，也許還有多少積壓工作要完成？此時你們還需要提供多少資金？

Yes. When we look at it, I think we've sped it up in the quarter. So we're really driving to get that largely complete this year. So -- and be out of LATAM, for that matter. We'll still have some ongoing legal concerns. We're still trying to opportunistically divest some areas and things of that nature. But I would say largely, this year, we'll be out of there and took some steps in the quarter to move it faster, not slower. It's our desire to move that quicker. And some of the COVID impacts, they shut down certain areas that just shut it down. And I'm glad that we had already moved as fast as we had or would have been more impact. It's our desire to certainly move there. And the legal implications there will go on for 18, 24 months. So that will be going.

是的。當我們審視它時，我認為我們在本季度加快了速度。因此，我們確實正在努力爭取今年基本完成。因此，就此而言，遠離拉丁美洲。我們仍然會遇到一些持續的法律問題。我們仍在嘗試機會主義地剝離某些領域和此類性質的事物。但我想說，今年，我們將走出困境，並在本季採取一些措施，以加快而不是減慢速度。我們希望行動得更快。由於新冠疫情的一些影響，他們關閉了某些剛關閉的區域。我很高興我們已經採取了盡可能快的行動，或者將會產生更大的影響。我們當然希望搬到那裡去。那裡的法律影響將持續18、24個月。所以事情就會是這樣。

Relative to the additional project demand, we have no sizable things left to do on the individual Peru project. Overall, in Latin America, I mean, we do have other operations than just Peru, which is some of the shutdown costs we have.

相對於額外的專案需求，我們在秘魯的個別專案上沒有太多的事情要做。總的來說，在拉丁美洲，我的意思是，我們除了秘魯之外還有其他業務，這是我們的一些停工成本。

Our next question comes from the line of Sean Eastman with KeyBanc.

我們的下一個問題來自 Sean Eastman 與 KeyBanc 的對話。

High level 1 for me to start. I'm just curious what you're seeing from the federal government here just in terms of potential growth opportunities around stimulus measures and just this focus on reshoring of critical supply chains. Any kind of incremental opportunities you guys are seeing there? Anything you'd point out that we should be tracking?

高等級 1 讓我開始。我只是好奇你從聯邦政府看到的刺激措施的潛在成長機會以及對關鍵供應鏈回流的關注。你們在那裡看到任何增量機會了嗎？您認為我們應該追蹤什麼？

I mean when we look at the -- what the government has done with liquidity and things of that nature, certainly, we see the ability our customers are sustaining their capital. The current administration certainly wants people to work. Manufacturing, all those kind of things that would help with load. I'm not sure what will happen on oil pricing. And we have seen some rebound there. We'll just have to wait and see on that. But really, it's a demand-side when the airlines get going back and the COVID part of that will create that demand once we get going back in the later half of the year. So I think just the impacts of them, of the administration putting in liquidity certainly helps all of our clients and our customer base. It remains robust. We haven't seen much change. I think the opportunity is if we get some infrastructure bills, the ancillary effects of those things certainly help us. Everything that we've seen from them and have discussed with them is to get jobs moving. We self-construct 85% of our business -- 90% of our business, probably at this point. So those jobs are great jobs. And I think where we sit is in a really good spot here. So we'll move that forward as they come out with stimulus packages.

我的意思是，當我們看到政府在流動性和類似性質的事情上所做的事情時，我們當然會看到我們的客戶維持其資本的能力。現任政府當然希望人們工作。製造，所有那些有助於減輕負荷的事情。我不確定石油定價會發生什麼事。我們已經看到了一些反彈。我們只能拭目以待。但實際上，當航空公司恢復營運時，這是一個需求方，而一旦我們在今年下半年恢復運營，新冠疫情將創造這種需求。因此，我認為政府投入流動性的影響肯定會幫助我們所有的客戶和客戶群。它仍然保持強勁。我們沒有看到太大的變化。我認為機會是，如果我們獲得一些基礎設施帳單，這些事情的附帶影響肯定會對我們有所幫助。我們從他們身上看到並與他們討論的一切都是為了讓工作轉移。我們 85% 的業務是自建的，現在可能是 90% 的業務。所以這些工作都是很棒的工作。我認為我們坐的位置非常好。因此，當他們推出刺激計劃時，我們將推動這一進程。

Okay. And next 1 for me is just trying to understand this industrial services piece a little bit better. What do we need to see happen for a recovery in the back half year? I'm just curious what was the driver behind Stronghold's ability to grow revenue through the last energy downturn. Just trying to get a sense of oil price sensitivity on this piece of the business.

好的。對我來說，下一個只是試圖更好地理解這個工業服務部分。我們需要看到下半年的復甦發生什麼事？我只是很好奇，Stronghold 在上次能源低迷時期能夠增加收入的驅動力是什麼。只是想了解這部分業務對油價的敏感度。

Yes. When you look at Stronghold, there are critical pieces of the catalyst replacement, things of that nature, also high voltage side of the business, that's necessary. So those guys continue to stay out there. It allows us a great base to build off of and to do other services. Those smaller guys, they can't stay. We tend to go into more programmatic type arrangements with them on turnarounds and things of that nature. We can be more efficient. We can do a lot more things quicker. So it allows -- they really look at time and things of that nature on a go-forward basis. So we can really come off the strength of really the core and grow it here. It's pretty easy in good times. People don't really look at how their supply chains work. In times like this, people are really looking at how their supply chains work. So they can become more efficient. We feel like we're in a really good spot there. That's why they grew last time. The second half of the year, we're not losing money there. It's just we don't have the same outlook as we had in the past. Part of it is the unknown. Anytime you're dealing with unknown, we'll take a prudent approach to it, and we did. We'll see where the demand goes in the second half of the year. But it's all based on refining capacity and things of that nature towards airlines everything. So when the whole economy shuts, it just creates that. We'll have to see how quickly that comes back in the refining business.

是的。當你看要塞時，有催化劑更換的關鍵部分，這種性質的東西，還有業務的高壓方面，這是必要的。所以那些人繼續留在那裡。它為我們提供了一個良好的基礎來建立和提供其他服務。那些小傢伙，他們不能留下來。我們傾向於與他們就週轉和此類性質的事情進行更具程序性的安排。我們可以變得更有效率。我們可以更快做更多的事情。所以它允許——他們真正以前瞻性的方式看待時間和類似性質的事情。所以我們可以真正發揮真正核心的力量並在這裡發展它。在好的時候這很容易。人們並沒有真正關注他們的供應鏈是如何運作的。在這樣的時期，人們真正關注他們的供應鏈是如何運作的。這樣他們就可以變得更有效率。我們感覺我們處於一個非常好的位置。這就是他們上次成長的原因。今年下半年，我們不會虧損。只是我們的觀點與過去不同了。其中一部分是未知的。每當你處理未知的事情時，我們都會採取謹慎的態度，我們也做到了。我們將看看下半年的需求走向。但這一切都基於煉油能力和航空公司的一切性質。因此，當整個經濟關閉時，就會造成這種情況。我們必須看看煉油業務恢復的速度有多快。

Our next question comes 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。

Just looking out beyond 2020, you talked today about the fire hardening visibility picking up. At this point, do you think you can get that back to the pretty solid 2019 levels that you had when you look at some of the plans from your customers and their spending? And any other thoughts on things like Puerto Rico?

展望 2020 年以後，您今天談到了防火硬化能見度的上升。現在，當您查看客戶的一些計劃及其支出時，您認為您是否可以將其恢復到 2019 年相當穩定的水平？對於波多黎各這樣的事情還有其他想法嗎？

Yes. So Steve, I think when you look at the fire hardening and what we've seen recently in some of the larger customers, we've seen them basically look at their CapEx out. They've either grown their CapEx or from what they said last year. Going forward, I just think the spend has become more utility like. One of our larger customers there is coming out of bankruptcy. I said in the past. On past calls, as they come out, it will be more traditionally, and we'll get our crews levelized in the west. So I think we've done that largely through the first quarter. We've got more levelization there. And we'll ramp to their CapEx budgets that will start in the second half of the year, and that should maintain for the foreseeable future at very heightened levels.

是的。所以史蒂夫，我認為當你觀察防火硬化以及我們最近在一些較大客戶中看到的情況時，我們發現他們基本上關注的是他們的資本支出。他們要么增加了資本支出，要么比去年所說的增加了。展望未來，我只是認為支出變得更加實用。我們那裡的一位大客戶即將擺脫破產困境。我說過去。在過去的電話中，當他們出來時，這將是更傳統的，我們將讓我們的人員在西部進行平衡。所以我認為我們在第一季基本上已經做到了這一點。我們在那裡有更多的水平化。我們將在今年下半年開始增加他們的資本支出預算，並且在可預見的未來應該保持在非常高的水平。

If you think about it, like anything that we have, we can also work more over time. We can do some things in the back half if customers want to move capital budgets into this year or to next. So we're able to move up and down with that. That was part of what happened last year, had to get a lot of work done very quickly. So it created a lot of overtime and things like that. You could see that those kind of dynamics happen in the back half. We've not built anything like that into guidance. As far as Puerto Rico, we've said it before, we'll say it again. The opportunity there is significant, and we're highly optimistic that we're in a good spot, and we stay -- we maintain that. We've maintained our dialogue with Puerto Rico. So we're optimistic there. It just shows the breadth of Quanta and all the opportunities that we do have. And we have a really good repeatable service business that would fall in line with that over the long term.

如果你想一想，就像我們擁有的任何東西一樣，隨著時間的推移，我們也可以做更多的工作。如果客戶想將資本預算轉移到今年或明年，我們可以在下半年做一些事情。這樣我們就可以上下移動。這是去年發生的事情的一部分，必須很快完成大量工作。所以這就造成了很多加班之類的事情。你可以看到這種動態發生在後半場。我們還沒有將類似的內容納入指導。至於波多黎各，我們以前說過，我們還會再說一次。那裡的機會是巨大的，我們非常樂觀地認為我們處於一個好的位置，我們會留下來——我們堅持這一點。我們一直與波多黎各保持對話。所以我們對此持樂觀態度。它只是展示了廣達的廣度以及我們所擁有的所有機會。我們擁有非常好的可重複服務業務，從長遠來看，這將與此保持一致。

And just a couple of clarifications on some of the guidance items. What will now determine the upper end or lower end of the cash flow range? Is one, you still need that $500 million of pipeline work? When do you expect to book and break ground on that? And then can you give us where you stand on the utilization of your LDC assets right now relative to where it was at its worse?

只是對一些指導項目進行了一些澄清。現在什麼決定現金流量範圍的上限或下限？第一，您還需要 5 億美元的管道工程嗎？您預計什麼時候預訂並破土動工？那麼您能否告訴我們，相對於最糟糕的情況，您目前對最不發達國家資產的利用情況如何？

Yes. I mean, I think we talked about April being our worst month, and we're starting to see the manhours move the other direction. We're in constant contact with our clients. It will ramp -- it will ramp from, call it, now till that it stops, which sooner rather than later, hopefully, but we'll just have to see how that ramp goes on that piece. It's really basically making sure that the cities and protect our employees and also our customers and users. So that's the main thing, safety, and that concern is something that we'll look at as we move to those -- in those cities. And it will be a gradual ramp of somewhat like seasonality. And I'll let Derrick comment on the cash flows.

是的。我的意思是，我認為我們談到四月是我們最糟糕的月份，而我們開始看到工時朝著另一個方向移動。我們與客戶保持持續聯繫。它會斜坡——它會從現在開始斜坡直到它停止，希望是宜早不宜遲，但我們只需要看看斜坡是如何在那塊上進行的。這實際上是確保城市安全並保護我們的員工以及我們的客戶和用戶。所以這是最重要的，安全，當我們搬到那些城市時，我們會考慮這個問題。這將是一個有點像季節性的漸進式增長。我會讓德瑞克評論一下現金流。

Yes. I think that it's really the growth dynamic. If we end up seeing the back half of the year, Duke just laid out that there were some additional opportunities that were there, that we at the time be prudent on it, to the extent that those opportunities are realized and you see greater levels of whether it be MSA, fire hardening, whether it be the utility dynamics. That would put a draw of working capital. That would be on the low end of free cash flow. And then as well as just what happens from rate of pay. We do not see anything currently. But to the extent that as we get out into the end of -- into the third quarter, whatever you could see rate of pay flow for some of our customers, and we've factored some of that in. So I think that would put us in the low end of our free cash flow. High end are kind of the opposite. If the prudency that we've tried to address of that is the rate of pay stays the same, I think you start to see less pressure there, and you start to see a little bit more free cash flow conversion.

是的。我認為這確實是成長動力。如果我們最終看到下半年，杜克只是指出存在一些額外的機會，我們當時對此要謹慎，只要這些機會得以實現，並且您會看到更高水平的機會無論是MSA、防火硬化，還是公用事業動態。這將消耗營運資金。這將是自由現金流的低端。然後還有工資率的變動。目前我們沒有看到任何東西。但在某種程度上，當我們進入第三季末時，無論你能看到我們一些客戶的支付率如何，我們已經考慮了其中的一些因素。低端。高端則相反。如果我們試圖解決的謹慎問題是工資率保持不變，我認為你開始看到那裡的壓力較小，並且你開始看到更多的自由現金流轉換。

Yes. We're not concerned with the $500 million. I think from my standpoint, we'll book that. And that's in good shape and it'll start kind of mid second quarter, and you'll see some ramp from there.

是的。我們不關心那 5 億美元。我認為從我的角度來看，我們會預訂。情況良好，它將在第二季度中期開始，從那裡你會看到一些斜坡。

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

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

Congrats on Q1, and thanks for giving guidance. On the first question, I wanted to ask on the electric side, how resilient do you think the CapEx budgets are going to be next couple of quarters?

恭喜 Q1，並感謝您的指導。關於第一個問題，我想問在電力方面，您認為未來幾季的資本支出預算有多少彈性？

They've all maintained pretty much their guidance and gave multiyear. That's -- I think the biggest thing that we continue to try to feed home is, if you look at our customer base, they continue -- it's not this year. They continue to give multiyear guidance. And it's different than it was previously where utilities were more demand-driven and that's based on power plants, things of that nature, new build, new capital. What you have, why we're confident while we've been confident on the backdrop of that, is most of the work, this has to do with interconnections of renewables, with grid hardening, with getting ready for electric vehicles, with technology, those kind of things. And that maintains. I think America will maintain that. We want that, and it will move forward. And we see it. It's very visible. And every 1 of them maintained their 3-year outlook, 4-year outlook on that. Our telecom business as well is -- I would just say there's opportunities there really as dynamic as anything we have in any service line we have, and we did a nice job in the quarter, and I think you'll see that continue to ramp rapidly.

他們幾乎都維持了自己的指導方針，並給予了多年的指導。那是 - 我認為我們繼續努力養活家庭的最重要的事情是，如果你看看我們的客戶群，他們會繼續 - 這不是今年。他們繼續提供多年指導。這與以前不同，以前公用事業更多是由需求驅動的，它基於發電廠、類似性質的事物、新建、新資本。你所擁有的，為什麼我們有信心，而我們對此背景充滿信心，是大部分工作，這與再生能源的互連、電網硬化、為電動車做好準備、技術、諸如此類的事情。這仍然存在。我認為美國會維持這一點。我們希望如此，而且它將會向前發展。我們看到了。這是非常明顯的。他們中的每一位都維持了 3 年、4 年的展望。我們的電信業務也是——我想說，那裡的機會確實與我們在任何服務領域中擁有的任何東西一樣充滿活力，我們在本季度做得很好，我想你會看到它繼續增長迅速。

Okay. And then I wanted to ask on the -- on Stronghold's business, I mean, this isn't a normal economic downturn. So as the shelter-in-place orders get lifted and miles driven goes up, I mean, why wouldn't that business snap back faster?

好的。然後我想問關於要塞業務的問題，我的意思是，這不是正常的經濟衰退。因此，隨著就地避難令的取消和行駛里程的增加，我的意思是，為什麼該業務不能更快地恢復？

I mean we can always take a prudent approach to it. I just can't tell you -- I mean, it's basically how fast does airlines get moving, how fast do we move, how fast does the demand come back. It's us being measured about it, and we can't -- turnarounds can push a little bit. They can push into 2021. So from our standpoint, we're doing the best we can with the shutdown piece or the turnaround piece of the business. And it's also -- when you look at the Gulf Coast, we refine for the world. It's not just North America. And this refining capacity and where we fit in it is really the hub of the world. So we have to make sure that the world comes back as well.

我的意思是我們總是可以採取謹慎的態度來對待它。我只是不能告訴你——我的意思是，這基本上是航空公司移動的速度有多快，我們移動的速度有多快，需求恢復的速度有多快。我們正在對此進行衡量，但我們不能——扭轉局面可以推動一點。他們可以推遲到 2021 年。而且，當你看看墨西哥灣沿岸時，你會發現我們為世界而精益求精。不僅僅是北美。這種煉油能力以及我們所處的位置確實是世界的中心。所以我們必須確保世界也回來。

Our next question comes from the line of Blake Hirschman with Stephens.

我們的下一個問題來自布萊克·赫希曼（Blake Hirschman）和史蒂芬斯（Stephens）的對話。

Just a quick 1 for me. The free cash flow was real strong, the outlook good as well. It looks like you bought back a lot of stock. Is that going to be the primary kind of use of the free cash flow that you expect to generate this year?

對我來說只是一個快速的 1。自由現金流非常強勁，前景也很好。看來你回購了很多股票。這將是您預計今年產生的自由現金流的主要用途嗎？

Yes. I think when you look at it, we'll be measured with our capital. We'll be measured with our cash. So we want to make sure that we -- this is unprecedented times. We'll continue to look at it. But I would say that the same discipline that we've had in the past. We do have some strategies around what we're trying to grow and things with our M&A. But I would -- there's nothing imminent there. There's nothing that I would say would be large there, and we would also be patient and prudent when we look to deploy on M&A. But obviously, we leaned into the stock. We felt comfortable doing that in the first quarter. So we've always kind of had a traditional approach to that. And I don't think that changes other than the fact that we'll be more prudent about it and make sure that the economy comes back and our cash position is in good shape.

是的。我想當你看的時候，我們會用我們的資本來衡量。我們將用我們的現金來衡量。因此，我們希望確保這是一個前所未有的時代。我們將繼續關注。但我想說的是，我們過去的紀律是一樣的。我們確實針對我們正在努力發展的業務以及我們的併購制定了一些策略。但我會——那裡沒有什麼迫在眉睫的事情。我想說，那裡沒什麼大不了的，而且我們在尋求併購部署時也會保持耐心和謹慎。但顯然，我們傾向該股。我們在第一季這樣做感覺很舒服。所以我們一直採用傳統的方法來解決這個問題。我認為除了我們會更加謹慎並確保經濟復甦和我們的現金狀況良好之外，這種情況不會改變。

You've seen us definitely over the years, I mean, move opportunistically in the buybacks. And there are times when we move opportunistically, we'll move sizably. As we look forward, we'll, to the extent there are M&A opportunities, we'll measure those so yet against the burden of how do we think deployment into our -- or buying back ourselves work because we always want M&A to be something that ultimately would create more value than buying back our stock, and we will continue to do that. And then, like you've said, we'll be measured against how that plays into the working capital dynamics, making sure we still position ourselves to be able to manage this. But we think multiyear is the repeatable sustainable business with growth.

我的意思是，這些年來你肯定已經看到我們在回購中投機取巧。有時，當我們機會主義地採取行動時，我們會採取相當大的行動。展望未來，我們將在存在併購機會的情況下，根據我們如何考慮部署到我們的工作或回購自己的工作的負擔來衡量這些機會，因為我們總是希望併購成為某種東西這最終會比回購我們的股票創造更多的價值，我們將繼續這樣做。然後，正如您所說，我們將根據其對營運資本動態的影響進行衡量，確保我們仍然能夠管理好這一點。但我們認為多年是可重複的、可持續成長的業務。

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

我們的下一個問題來自 Vertical Research Capital 的 Michael Dudas。

First question, maybe you can elaborate a little bit more on pretty good success you're seeing in comms business with 5G. COVID situation, the new normal, do you think we're going to -- have you seen any evidence or expect to see evidence of ramping up or really pushing some of that work through maybe at a better pace than anticipated going forward?

第一個問題，也許您可以詳細說明您在 5G 通訊業務中所看到的相當成功的情況。新冠疫情，新常態，您認為我們會—您是否看到任何證據或期望看到證據表明會以比預期更好的速度加強或真正推動其中一些工作？

We've taken a measured approach to it. We're getting scale in most of our cities that we're in. We have certainly some larger opportunities there. I do think that the amount -- that we've certainly changed through this as we look at it and look at the demand of data at home. When you're trying to have conference calls and things of that nature, and you have intermittent fee and all those kind of things as everybody use Zoom and whatever else we're using. I personally haven't got quite there yet, but I'm working on it. And I think you'll continue to see that as we move forward. And the data that's really needed there to get the right kind of interaction between people is the bandwidth that's necessary. Certainly, we've got a long way to go. And we'll continue to do that deployment across the board and we're in current discussions all the time with our clients on that end to build up broadband.

我們對此採取了謹慎的方法。我們在我們所在的大多數城市都在擴大規模。我確實認為，當我們審視它並審視國內數據的需求時，我們確實已經改變了這一點。當你試圖召開電話會議和類似性質的事情時，當每個人都使用 Zoom 和我們正在使用的其他任何東西時，你會產生間歇性費用和所有這些事情。我個人還沒有完全做到這一點，但我正在努力。我想隨著我們的前進，你會繼續看到這一點。為了在人與人之間實現正確的交互，真正需要的數據是必要的頻寬。當然，我們還有很長的路要走。我們將繼續全面進行這種部署，並且我們一直在與客戶討論這方面的問題，以建立寬頻。

You got to get Zoom compliant. It's the 21st century here.

您必須符合 Zoom 標準。這裡已經是21世紀了。

I hear you.

我聽到了。

My follow-up is as we look towards a 2021 time frame, a normalization hopefully in the economy, in your businesses, can you speak to craft-labor access going to change? Obviously, with big unemployment levels, but you still think some of the skilled positions might be relatively in demand? How do you see that playing out? And do you anticipate that maybe gaining some more folks to come to your colleges and get more involved in your business relative to the longer-term view that you have with your client?

我的後續行動是，當我們展望 2021 年的時間框架時，希望經濟、你們的企業實現正常化，您能談談手工藝勞動力的准入將會改變嗎？顯然，失業率很高，但您仍然認為某些技術職位可能相對需求較大？您如何看待這種情況？相對於您與客戶的長期觀點，您是否預計可能會吸引更多人來到您的大學並更多地參與您的業務？

It helps us. I think it helps recruiting, and we're looking at young folks getting into the workforce when they see stability. It always helps us. Typically the oilfields draw out people that would normally come into our businesses. So as -- if you see some decline in the midstream business and things like that, they tend to move back into more sustainable type businesses, which ours is that. So we should -- should help us in that area. But I think we've invested quite a bit there. We continue to get people there. And so I'm optimistic on our workforce, plus the model that we have, it really helps us to be localized in long-standing companies in regional areas. People resonate with a logo that's been there 50, 80, 100 years. They get it. And so they want to go there to go to work, and it really helps us in these environment.

它對我們有幫助。我認為這有助於招聘，我們正在考慮年輕人在看到穩定後加入勞動力。它總是對我們有幫助。通常，油田會吸引通常進入我們業務的人員。因此，如果你看到中游業務出現一些下滑以及類似的情況，他們往往會回到更永續的類型業務，我們就是這樣。所以我們應該——應該在這個領域幫助我們。但我認為我們在那裡投入了相當多的資金。我們繼續派人去那裡。因此，我對我們的員工隊伍以及我們擁有的模式持樂觀態度，這確實有助於我們在偏遠地區的老牌公司中進行在地化。人們會對已經存在了 50 年、80 年、100 年的標誌產生共鳴。他們明白了。所以他們想去那裡工作，這對我們在這些環境中確實有幫助。

Our final question comes from the line of Alex Rygiel with B. Riley.

我們的最後一個問題來自 Alex Rygiel 和 B. Riley 的對話。

Surprisingly, I don't think I've heard too much talk about Keystone. Could you address your capabilities, availability of crews and equipment, the possible time line of Keystone and how that can play out as it relate to bid award, construction opportunities, et cetera?

令人驚訝的是，我認為我並沒有聽到太多關於 Keystone 的討論。您能否談談您的能力、人員和設備的可用性、Keystone 的可能時間表以及與中標、施工機會等相關的情況如何發揮作用？

Yes. Alex, obviously, it's something we've been around since '09, so we bought right, we fight right there with TransCanada with them. So we'll stay with them. We obviously are in constant conversations on time frames and things like that with -- we have capacity, and we have not baked any of that into the guidance at this point. And I think the logistics piece is kind of moving forward. So we are seeing some signs of life in Keystone. And I don't want to get overly optimistic about it, but that's certainly there. I do think it's 1 of those projects, is a critical project for Canada. As you saw Alberta go in and support the Alberta piece of it. So that's a great sign there in Canada. So I'm optimistic about it. It seems in this time frame that we've seen the tougher projects that kind of move forward. And I don't know whether it's because of media or coverage or things of that, but some of our tougher projects have moved forward that I would have thought none would have moved this fast. So I'm optimistic about it.

是的。 Alex，顯然，這是我們自 09 年以來就一直存在的事情，所以我們買對了，我們就在那裡與 TransCanada 一起戰鬥。所以我們會和他們在一起。顯然，我們一直在就時間框架和類似的事情進行對話——我們有能力，但目前我們還沒有將任何內容納入指導。我認為物流部分正在向前發展。所以我們在基斯通看到了一些生命跡象。我不想對此過於樂觀，但這確實是存在的。我確實認為這是其中一個項目，對加拿大來說是一個關鍵項目。正如您所看到的，艾伯塔省介入並支持艾伯塔省的一部分。所以這對加拿大來說是一個很好的跡象。所以我對此持樂觀態度。似乎在這個時間範圍內，我們已經看到了更艱難的專案取得了進展。我不知道是否是因為媒體或報道或其他原因，但我們的一些更艱鉅的項目已經取得了進展，我以為沒有人會進展得這麼快。所以我對此持樂觀態度。

I also want to thank you for taking the hard path of providing guidance, very helpful here.

我還要感謝您不辭辛勞地提供指導，這對我很有幫助。

Yes. Thanks, Alex. We -- Derrick and I debated quite a bit about it. I think it's the right thing to do. So we'll move forward with it and give you better clarity in second half of the year.

是的。謝謝，亞歷克斯。我們——德里克和我對此爭論了很多。我認為這是正確的做法。因此，我們將繼續推進這項工作，並在今年下半年為您提供更清晰的資訊。

Since there are no further questions left in the queue, I would like to pass the floor back over to management for any closing remarks.

由於隊列中沒有其他問題，我想將發言權交還給管理階層，讓他們發表結束語。

Yes. First, I want to thank everyone for participating in the call. I can't say enough about our employees, our customer base that we have that have been through many, many times that are tough. And we've made it through the other side together and collaborating. And I think you'll continue to see Quanta do that. So thanks for participating with us today and your ongoing interest in Quanta.

是的。首先，我要感謝大家參與這次電話會議。對於我們的員工和客戶群來說，我無法說太多，他們經歷了很多很多艱難的時期。我們一起合作，渡過了難關。我想你會繼續看到廣達這樣做。感謝您今天參與我們的活動以及您對廣達的持續關注。

This concludes today's teleconference. You may now disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。