Quanta Services Inc (PWR) 2021 Q4 法說會逐字稿

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

歡迎參加廣達服務 2021 年第四季和全年財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

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

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

Thank you and welcome, everyone, to the Quanta Services Fourth Quarter and Full Year 2021 Earnings Conference Call. This morning, we issued a press release announcing our fourth quarter and full year 2021 results, which can be found in the Investor Relations section of our website at quantaservices.com, along with a summary of our 2022 outlook and commentary that we will discuss this morning. Additionally, we will use a slide presentation this morning to accompany our prepared remarks, which is viewable through the call's webcast and is also available on the Investor Relations section of the Quanta Services website.

感謝並歡迎大家參加廣達服務 2021 年第四季和全年財報電話會議。今天早上，我們發布了一份新聞稿，宣布了2021 年第四季和全年業績，您可以在我們網站的投資者關係部分找到該業績，網址為：quantaservices.com，此外還有我們將討論的2022 年展望與評論摘要。此外，今天早上我們將使用幻燈片演示來配合我們準備好的發言，您可以透過電話會議的網路廣播觀看該演示，也可以在廣達服務網站的投資者關係部分中查看。

Please remember that information reported on this call speaks only as of today, February 24, 2022. And therefore, you're advised that any time-sensitive information may no longer be accurate as of any replay of this call.

請記住，本次電話會議中報告的資訊僅截至今天（2022 年 2 月 24 日）。

This call will include forward-looking statements intended to qualify under the safe harbor from liability and satisfy the Private Securities Litigation Reform Act of 1995. These include all statements reflecting Quanta's expectations, intentions, assumptions or beliefs about future events or performance that do not solely relate to historical or current facts. Forward-looking statements involve certain risks, uncertainties and assumptions that are difficult to predict or beyond Quanta's control, and actual results may differ materially from those expressed or implied.

本次電話會議將包括前瞻性聲明，旨在符合免責條款並滿足1995 年《私人證券訴訟改革法案》的要求。聲明，這些聲明不僅與歷史或當前事實相關。前瞻性陳述涉及某些難以預測或超出廣達控制範圍的風險、不確定性和假設，實際結果可能與明示或暗示的結果有重大差異。

For additional information concerning some of these risks, uncertainties and assumptions, please refer to the cautionary language included in today's press release, along with the company's periodic reports and other documents filed with the Securities and Exchange Commission, which are available on Quanta's or the SEC's website. You should not place undue reliance on forward-looking statements, and Quanta does not undertake any obligation to update such statements and disclaims any written or oral statements made about any third party -- by any third party regarding the subject matter of this call.

有關其中一些風險、不確定性和假設的更多信息，請參閱今天新聞稿中包含的警示性語言，以及公司向美國證券交易委員會提交的定期報告和其他文件，這些文件可在廣達或美國證券交易委員會的網站上取得網站。您不應過度依賴前瞻性陳述，廣達不承擔更新此類陳述的任何義務，並且否認任何第三方就本次電話會議的主題發表的任何有關任何第三方的書面或口頭陳述。

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'd like to now turn the call over to Mr. Duke Austin, Quanta's President and CEO. Duke?

現在，我想將電話轉給廣達總裁兼執行長杜克·奧斯汀先生。公爵？

Thanks, Kip. Good morning, everyone, and welcome to the Quanta Services Fourth Quarter and Full Year 2021 Earnings Conference Call. On the call today, I will provide operational and strategic commentary and will then turn it over to Derrick Jensen, Quanta's Chief Financial Officer, who will provide a review of our fourth quarter results and full year 2022 financial expectations. Following Derrick's comments, we welcome your questions.

謝謝，基普。大家早安，歡迎參加廣達服務 2021 年第四季和全年財報電話會議。在今天的電話會議上，我將提供營運和策略評論，然後將其交給廣達財務長 Derrick Jensen，他將對我們第四季業績和 2022 年全年財務預期進行審查。在 Derrick 的評論之後，我們歡迎您提出問題。

This morning, we reported strong fourth quarter results, which complete another year of solid, safe execution, profitable growth. These results were built off a strong operational and financial platform and we believe demonstrates the dedication of the best employees in the industry. Our portfolio of companies, diversity of service lines and field leadership has allowed us to endure the uncertainties and challenges presented by the global pandemic over the past couple of years while still delivering 4 consecutive years of record adjusted EBITDA and 5 consecutive years of record adjusted earnings per share.

今天早上，我們報告了強勁的第四季度業績，結束了另一年穩健、安全的執行和盈利增長。這些成果建立在強大的營運和財務平台之上，我們相信這體現了業內最優秀員工的奉獻精神。我們的公司組合、服務線的多樣性和領域領導力使我們能夠承受過去幾年全球大流行帶來的不確定性和挑戰，同時仍然連續4 年創紀錄的調整後EBITDA 和連續5 年創紀錄的調整後收益每股。

We accomplished a great deal in 2021 through the successful implementation of our strategic initiatives, and our past success positions us well for the future. We remain focused on continuing to provide collaborative solutions to our customers and business partners to help them achieve their goals and to capitalize on opportunities to enable the energy transition that is unfolding.

透過成功實施策略性舉措，我們在 2021 年取得了巨大成就，過去的成功為我們未來做好了準備。我們仍然專注於繼續為我們的客戶和業務合作夥伴提供協作解決方案，幫助他們實現目標，並利用機會來實現正在展開的能源轉型。

Here are some of our accomplishments in 2021. We continue to advance our front-end solution strategy both organically and through acquisitions, which is focused on strengthening our design, engineering, permitting, environmental and program management capabilities. This strategy allows us to expand our solutions to our customers, enhances risk management and increases our total addressable market. We expanded our emergency response capabilities and generated another year of record revenues by supporting our customers' efforts to restore power to millions of people adversely impacted by several severe weather events during the year. Our ability to quickly mobilize significant resources to support our customers in times of need is unmatched in our industry.

以下是我們在 2021 年取得的一些成就。這項策略使我們能夠將解決方案擴展到客戶、增強風險管理並擴大我們的整體目標市場。我們擴大了緊急應變能力，並透過支持客戶努力為今年遭受幾次惡劣天氣事件不利影響的數百萬人恢復供電，創造了另一個創紀錄的收入。我們在客戶有需要時快速調動大量資源來支援客戶的能力在我們的行業中是無與倫比的。

LUMA Energy, our joint venture with ATCO, successfully transitioned to managing Puerto Rico's more than 18,000-mile electric transmission and distribution systems. Though many years of challenges and work remain, LUMA has made significant progress in improving customer service, response times, customer communication and system reliability. We continue to believe this opportunity is transformative for Quanta and the people of Puerto Rico and remain committed to supporting LUMA's mission to provide reliable electricity while building a modern and sustainable transmission and distribution system.

我們與 ATCO 的合資企業 LUMA Energy 成功過渡到管理波多黎各超過 18,000 英里的輸電和配電系統。儘管多年的挑戰和工作仍然存在，LUMA 在改善客戶服務、回應時間、客戶溝通和系統可靠性方面取得了重大進展。我們仍然相信這個機會對廣達和波多黎各人民來說具有變革性，並繼續致力於支持 LUMA 的使命，即提供可靠的電力，同時建立現代化和可持續的輸電和配電系統。

In support of our commitment to the people of Puerto Rico, we, along with ATCO, funded and commenced the LUMA College for Technical Training in Puerto Rico, and the first class of electric utility line workers graduated in October. Since opening the college, which is supported by Northwest Lineman College, hundreds of workers from LUMA have received additional training with the support of Quanta. We are proud of our commitment to the advancement of craft-skilled workforce in Puerto Rico.

為了支持我們對波多黎各人民的承諾，我們與 ATCO 一起在波多黎各資助並開設了 LUMA 技術培訓學院，第一批電力公用事業線路工人已於 10 月畢業。自從西北線路曼學院支持的學院成立以來，LUMA 的數百名工人在廣達的支持下接受了額外的培訓。我們對提升波多黎各手工藝熟練勞動力的承諾感到自豪。

We grew our communications services revenue by approximately 25% and ended the year with record communications total backlog of approximately $1.3 billion. We also developed and rolled out wireless infrastructure solutions to strengthen our opportunities to capitalize on 5G network deployment and ongoing enhancement of 4G wireless networks. We expect to profitably grow the business and are booking incremental wireless revenue.

我們的通訊服務收入成長了約 25%，年底通訊積壓總額達到創紀錄的約 13 億美元。我們還開發並推出了無線基礎設施解決方案，以增強我們利用 5G 網路部署和持續增強 4G 無線網路的機會。我們預計業務將實現盈利成長，並正在增加無線收入。

We completed the acquisition of Blattner, a premier utility-scale renewable energy infrastructure solutions provider in North America with decades of experience and strong safety culture. This is Quanta's largest acquisition to date, and we believe this positions Quanta to be a leader in the energy transition and transforms our ability to collaborate early with our customers on their energy transition strategies. The integration of Blattner is going well, and we have increasing confidence in our ability to create meaningful growth and cost synergies together over time.

我們完成了對 Blattner 的收購，後者是北美首屈一指的公用事業規模再生能源基礎設施解決方案提供商，擁有數十年的經驗和強大的安全文化。這是廣達迄今為止最大的收購，我們相信這將使廣達成為能源轉型的領導者，並改變我們與客戶就能源轉型策略進行早期合作的能力。布拉特納的整合進展順利，我們對隨著時間的推移共同創造有意義的成長和成本協同效應的能力越來越有信心。

We made meaningful progress in our initiative to apply certain skill sets and expertise from operations within the Underground Utility and Infrastructure Solutions segment to perform certain aspects of electric power and telecom-related work. We believe the resource expansion and operating leverage we gain through this initiative is a significant opportunity for Quanta to reinforce our self-performed capabilities, improve operating efficiency and profitability and demonstrates the strength of our portfolio approach.

我們在應用地下公用事業和基礎設施解決方案部門營運中的某些技能和專業知識來執行電力和電信相關工作的某些方面方面取得了有意義的進展。我們相信，透過這項措施獲得的資源擴張和營運槓桿對於廣達來說是一個重要的機會，可以增強我們的自我執行能力，提高營運效率和獲利能力，並展示我們的投資組合方法的優勢。

In addition to the acquisition of Blattner, we invested approximately $350 million in strategic acquisitions of 9 high-quality companies, which primarily support our electric power and front-end service solutions. We believe the acquired companies are additive to our base business, advance our strategic initiatives and enhance our self-perform capabilities, which typically accounts for approximately 80% of our work and are key to providing cost certainty to our customers.

除了收購 Blattner 之外，我們還投資了約 3.5 億美元策略收購了 9 家優質公司，這些公司主要支援我們的電力和前端服務解決方案。我們相信，收購的公司可以補充我們的基礎業務，推進我們的策略性舉措並增強我們的自我執行能力，這通常占我們工作的約 80%，並且是為客戶提供成本確定性的關鍵。

We maintained our investment-grade credit rating while issuing $1.5 billion of senior notes and expanded our credit facility to fund the Blattner acquisition, which we believe points to the merits of the transaction, our strong financial profile, the resiliency and sustainability of our business model and positive multiyear outlook. We demonstrated our commitment to stockholder value and our confidence in Quanta's financial strength and continued growth opportunities through the repurchase of approximately $64 million of common stock and a 20% increase of our dividend.

我們維持了投資等級信用評級，同時發行了15 億美元的優先票據，並擴大了信貸額度，為收購Blattner 提供資金，我們相信這體現了交易的優點、我們強勁的財務狀況、我們業務模式的彈性和永續性和積極的多年前景。透過回購約 6,400 萬美元的普通股以及增加 20% 的股息，我們展現了對股東價值的承諾以及對廣達財務實力和持續成長機會的信心。

And finally, we continue to increase our efforts and dedicate resources toward implementing sustainable business practices throughout the organization and to improve the data we capture to manage our operations' sustainability and better communicate our ESG impact and initiatives to our stakeholders.

最後，我們繼續加強努力並投入資源，在整個組織內實施永續業務實踐，並改進我們捕獲的數據，以管理我們營運的可持續性，並更好地向利益相關者傳達我們的ESG 影響和舉措。

It is easy to take for granted the reliability of the power grid, access to abundant sources of affordable energy and Internet connectivity for commerce and entertainment. The impact of a hurricane, winter storm, wildfire or other events that shut off power affects our ability to heat or cool our homes and disrupts our quality of life, quickly changes this perspective and highlights how critical the infrastructure that we design, build and maintain is to our everyday well-being. The solutions Quanta provide support our customers' efforts to increase reliability, safety, efficiency and connectivity, all of which have a favorable environmental and social impact.

人們很容易認為電網的可靠性、豐富的廉價能源以及商業和娛樂的網路連線是理所當然的。颶風、冬季風暴、野火或其他導致斷電的事件的影響會影響我們為房屋供暖或製冷的能力，並擾亂我們的生活質量，迅速改變了這種觀點，並凸顯了我們設計、建造和維護的基礎設施的重要性關係到我們每天的福祉。廣達提供的解決方案支援客戶努力提高可靠性、安全性、效率和連接性，所有這些都會產生有利的環境和社會影響。

Additionally, our services are at the forefront of providing the infrastructure solutions necessary to enable the energy transition and the adoption of new technology. As a result, we believe our business is levered to favorable and sustainable long-term trends.

此外，我們的服務處於提供實現能源轉型和採用新技術所需的基礎設施解決方案的前沿。因此，我們相信我們的業務能夠適應有利且可持續的長期趨勢。

Demand for grid modernization, system hardening, electric vehicle charging, infrastructure and renewable energy interconnection services is robust and we believe will remain so for the foreseeable future. This activity drove our electric power results and backlog strength during 2021 primarily through significant multiyear master service agreements with utilities. Further, we believe we are in the early stages of utilities undergrounding transmission and distribution lines to protect them from the effects of severe weather events and wildfires.

對電網現代化、系統強化、電動車充電、基礎設施和再生能源互聯服務的需求強勁，我們相信在可預見的未來仍將如此。這項活動主要透過與公用事業公司簽訂的重要的多年期主服務協議推動了我們 2021 年的電力業績和積壓實力。此外，我們相信，我們正處於公用事業公司將輸電和配電線路埋入地下的早期階段，以保護它們免受惡劣天氣事件和野火的影響。

For example, several utilities in the Western United States are planning to invest tens of billions of dollars in the aggregate to underground thousands of miles of electric power lines in high fire-threat areas. Electric utilities in other areas of the country are pursuing initiatives to underground critical infrastructure. Examples include electric transmission projects in the Northeast, distribution circuits along the coastlines and electric transmission line projects for offshore wind generation. Many of these initiatives are part of the large-scale multiyear system hardening programs.

例如，美國西部的幾家公用事業公司正計劃總計投資數百億美元，在火災高風險地區建造數千英里的地下電力線路。該國其他地區的電力公司正在推行地下關鍵基礎設施的舉措。例如東北地區的輸電項目、海岸配電線路以及離岸風力發電輸電線路計畫。其中許多舉措都是大規模多年系統強化計畫的一部分。

We also believe North America is at an inflection point for significant investment in electric vehicle-related infrastructure, including charging infrastructure and the electric distribution system upgrades necessary to support the anticipated increase in the adoption of electric cars, trucks and commercial fleet vehicles in the coming years. Quanta continues its work with multiple leading electrical vehicle charging companies and utilities to build out infrastructure necessary to make fast, affordable charging possible in numerous states across the country.

我們也認為，北美正處於對電動車相關基礎設施進行重大投資的轉折點，包括充電基礎設施和配電系統升級，以支持未來電動車、卡車和商用車隊採用率的預期成長。廣達繼續與多家領先的電動車充電公司和公用事業公司合作，建造必要的基礎設施，以便在全國許多州實現快速、經濟的充電。

Quanta is presently working on the rollout of hundreds of charging stations. In many of these locations, Quanta is serving as the program manager, providing a full suite of engineering, development and construction services. With our scope and scale and turnkey program management capabilities, we are pursuing additional EV charging program management opportunities with other charging infrastructure companies, automakers and utilities.

廣達目前正致力於推出數百個充電站。在其中許多地點，廣達擔任專案經理，提供全套工程、開發和施工服務。憑藉我們的範圍、規模和交鑰匙專案管理能力，我們正在與其他充電基礎設施公司、汽車製造商和公用事業公司尋求更多的電動車充電專案管理機會。

Our communications operations, which are within the electric power segment, grew revenues and backlog nicely in 2021, but our profitability levels did not achieve our goals. We are working constructively with our customers on certain items that have impacted profitability and believe these issues are approaching resolution. With the exception of these issues, the remainder of the communications operations are operating close to our target margin profile for the year. The demand for our communication services remains high, and we expect double-digit revenue growth and a return to upper single-digit operating income margin for our communications operations in 2022.

我們屬於電力領域的通訊業務在 2021 年收入和積壓訂單成長良好，但我們的獲利水準並未實現我們的目標。我們正在與客戶就某些影響獲利能力的專案進行建設性合作，並相信這些問題即將得到解決。除這些問題外，其餘通訊業務的營運情況接近我們今年的目標利潤率狀況。對我們通訊服務的需求仍然很高，我們預計到 2022 年我們的通訊業務收入將實現兩位數成長，營業收入利潤率將恢復到個位數以上。

With the addition of Blattner to our portfolio, we have begun reporting through 3 segments by adding a new Renewable Energy Infrastructure Solutions segment. This platform consists of services and solutions for infrastructure supporting the delivery of renewable energy, including renewable generation, electric transmission, substations and battery storage, with Blattner's operations representing the majority of those solutions. We are strategically positioned to collaborate with our customers to lead North America's energy transition and capitalize on the growing and significant amount of expenditure expected to be invested in renewable generation and related infrastructure as part of these efforts.

隨著 Blattner 加入我們的投資組合，我們開始透過增加新的再生能源基礎設施解決方案部門來報告 3 個部門。該平台由支援再生能源輸送的基礎設施服務和解決方案組成，包括可再生能源發電、電力傳輸、變電站和電池存儲，其中布拉特納的業務代表了這些解決方案的大部分。我們的策略定位是與客戶合作，引領北美的能源轉型，並利用預計投資於再生能源發電和相關基礎設施的不斷增長的大量支出，作為這些努力的一部分。

Renewable developers and utilities are leading the effort to reduce carbon emissions, many with carbon-neutral commitments through aggressive efforts to expand their renewable generation portfolios and implement new technologies for current and future needs. Achieving their goals will also require substantial incremental investment in transmission and substation infrastructure to interconnect new renewable generation facilities to the power grid and to ensure grid reliability due to the significant increase of intermittent power added to the system.

再生能源開發商和公用事業公司正在帶頭努力減少碳排放，其中許多開發商和公用事業公司透過積極努力擴大其再生能源發電組合並實施滿足當前和未來需求的新技術來做出碳中和承諾。實現他們的目標還需要對輸電和變電站基礎設施進行大量增量投資，以將新的可再生能源發電設施與電網互連，並由於系統中間歇性電力的大幅增加而確保電網的可靠性。

For example, we highlighted in our earnings release this morning our recent selection to build more than 400 miles of high-voltage electric transmission across several states for a customer in the Western United States. This project is designed to improve operational flexibility in conjunction with future generation resources, including renewable energy, to meet the load growth and provide increased reliability. Also of note, this is the largest electric transmission line contract ever awarded to Quanta in the United States.

例如，我們在今天早上的財報中強調了我們最近選擇為美國西部的客戶在多個州建設超過 400 英里的高壓輸電線路。該計畫旨在結合未來發電資源（包括再生能源）來提高營運靈活性，以滿足負載成長並提高可靠性。另外值得注意的是，這是美國廣達公司有史以來獲得的最大的輸電線路合約。

Over the near and longer term, we believe substantial load growth, public policy and the overall positive sentiment supporting a greener environment will continue to drive North America's power generation mix increasingly towards renewables. Blattner's utility-scale renewable generation solutions, coupled with Quanta's existing holistic grid solutions, creates a unique value proposition and opportunity to collaborate with our customers to shape their energy transition initiatives. We are increasingly confident in the gross synergy opportunities we have with the addition of Blattner, and to that end, believe we have only scratched the surface on what is possible.

從短期和長期來看，我們相信負載的大幅成長、公共政策和支持綠色環境的整體正面情緒將繼續推動北美的發電結構越來越多地轉向再生能源。布拉特納的公用事業規模再生能源發電解決方案，加上廣達現有的整體電網解決方案，創造了獨特的價值主張和機會，與我們的客戶合作制定他們的能源轉型計劃。我們對布拉特納的加入所帶來的整體協同機會越來越有信心，為此，我們相信我們只觸及了可能的表面。

Our Underground Utility and Infrastructure Solutions segment faced challenges last year, primarily due to circumstances outside of our control, such as impacts from the global pandemic, work disruptions along the Gulf Coast due to hurricane and impact on results from a customer bankruptcy. Despite these challenges, our operations persevered and our gas utility and pipeline integrity operations performed well. We believe the recovery of certain of our markets and operations have begun. In particular, we expect our industrial services, Canadian and Australian operations to meaningfully improve this year both in revenue and margins. We expect to continue our focus on growing our gas utility, pipeline integrity and industrial services businesses, consistent with our strategy over the last 5 years, due to the favorable long-term trends driven by safety, reliability and environmental regulations.

我們的地下公用事業和基礎設施解決方案部門去年面臨挑戰，主要是由於我們無法控制的情況，例如全球大流行的影響、颶風導致墨西哥灣沿岸的工作中斷以及客戶破產對結果的影響。儘管面臨這些挑戰，我們的營運仍堅持不懈，天然氣公用事業和管道完整性運作表現良好。我們相信我們的某些市場和業務已經開始復甦。特別是，我們預計今年我們的工業服務、加拿大和澳洲業務的收入和利潤率將顯著改善。由於安全、可靠性和環境法規推動的有利的長期趨勢，我們預計將繼續專注於發展天然氣公用事業、管道完整性和工業服務業務，這與我們過去 5 年的策略保持一致。

Looking to the coming years, we believe Quanta has meaningful opportunities with customers in this segment as they increasingly pursue strategies to reduce their carbon footprint and transition their operations and assets towards greener business opportunities. For example, gas utilities are implementing system modernization initiatives to reduce methane emissions and that position them to blend hydrogen into their natural gas flow and certain refiners. Utilities and developers are building renewable natural gas and biofuel processing facilities. We are also actively pursuing sizable carbon sequestration projects.

展望未來幾年，我們相信廣達在該領域的客戶中擁有有意義的機會，因為他們越來越多地尋求減少碳足跡的策略，並將其營運和資產轉向更環保的商業機會。例如，天然氣公用事業公司正在實施系統現代化舉措，以減少甲烷排放，並使他們能夠將氫氣混合到天然氣流量和某些煉油廠。公用事業公司和開發商正在建造再生天然氣和生物燃料加工設施。我們也積極開展大型碳封存計畫。

In our earnings release this morning, we provided our 2022 guidance, which we believe demonstrates the strength and sustainability of our business and long-term strategy, favorable end-market trends, our ability to safely execute and our strong and strengthening competitive position in the marketplace. Further, our ongoing investment and commitment to workforce training continues to positively impact our performance and positions us well to capitalize on future opportunities. Our expectations call for another year of meaningful growth, record revenues, adjusted EBITDA and earnings per share and improved profit margins. Additionally, we see opportunity to achieve new record levels of backlog in 2022. Derrick will provide additional detail about our guidance in his commentary.

在今天早上的財報中，我們提供了2022 年指導，我們相信這展示了我們業務和長期戰略的實力和可持續性、有利的終端市場趨勢、我們安全執行的能力以及我們在行業中強大且不斷增強的競爭地位。此外，我們對員工培訓的持續投資和承諾繼續對我們的績效產生積極影響，並使我們能夠很好地利用未來的機會。我們的預期是另一年實現有意義的成長、創紀錄的收入、調整後的 EBITDA 和每股盈餘以及更高的利潤率。此外，我們看到了 2022 年積壓訂​​單達到新紀錄水平的機會。

In summary, the strong performance of our electric power and Renewable Energy Infrastructure Solutions operations and the contribution of acquisitions during the year yielded record results in 2021 and has given us a leading platform to collaborate with our customers to shape the energy transition. We believe our strategic position in the marketplace remains strong, which has been further enhanced by the acquisition of Blattner, and that we are all well positioned for continued profitable growth over the near and longer term.

總而言之，我們電力和再生能源基礎設施解決方案業務的強勁表現以及年內收購的貢獻在 2021 年創造了創紀錄的業績，並為我們提供了一個領先的平台，可以與客戶合作塑造能源轉型。我們相信，我們在市場上的戰略地位仍然強勁，收購 Blattner 進一步增強了這一地位，而且我們都已做好準備，可以在近期和長期內實現持續的盈利增長。

We continue to make meaningful progress on growing our portfolio of services within each of our units to further leverage our operating results. The recent promotion of Redgie Probst to Chief Operating Officer is intended to support and promote this strategy, and we look forward to continuing to work with him on this important initiative.

我們繼續在擴大每個部門的服務組合方面取得有意義的進展，以進一步利用我們的經營績效。 Redgie Probst 最近晉升為營運長旨在支持和推動這項策略，我們期待繼續與他在這項重要舉措上合作。

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, strategic investments and dividends, we believe Quanta will continue to generate meaningful value for our stakeholders going forward. 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 our stakeholders.

考慮到我們的有機成長機會以及我們可將未來現金流分配到股票回購、收購、策略投資和股息等價值創造機會的槓桿，我們相信廣達將繼續為我們的利害關係人創造有意義的價值。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利害關係人創造長期價值的基礎。

I will now turn the call over to Derrick Jensen, our CFO, for his review of our fourth quarter and full year results and 2022 expectations. Derrick?

我現在將把電話轉給我們的財務長 Derrick Jensen，請他回顧我們第四季和全年的表現以及 2022 年的預期。德里克？

Thanks, Duke, and good morning, everyone. Today, we announced record quarterly revenues of $3.9 billion for the fourth quarter of 2021. Net income attributable to common stock was $104.8 million or $0.71 per diluted share, and adjusted diluted earnings per share, a non-GAAP measure, was a record $1.54. Overall, the fourth quarter closed out another exceptional year of operational performance for Quanta.

謝謝杜克，大家早安。今天，我們宣布2021 年第四季的季度營收達到創紀錄的39 億美元。指標）為創紀錄的1.54 美元。整體而言，第四季為廣達帶來了另一個出色的營運表現。

Our fourth quarter results include the introduction of our Renewable Energy Infrastructure Solutions segment, largely due to the inclusion of Blattner in our operating results beginning in October. At a high level, this segment primarily represents the solutions we're providing associated with interconnection, substation and generation infrastructure directly supporting the delivery of renewable electricity. Historically, these activities were included within our electric segment. However, as the same market forces driving Blattner's growth will drive growth in these related areas, which included the aggregation of these services provided incremental clarity to the investment community.

我們第四季的業績包括引進再生能源基礎設施解決方案部門，這主要是由於布拉特納從 10 月開始納入我們的營運表現。在較高層面上，此細分市場主要代表我們提供的與直接支援再生電力傳輸的互連、變電站和發電基礎設施相關的解決方案。從歷史上看，這些活動都包含在我們的電力部門內。然而，由於推動布拉特納成長的相同市場力量也將推動這些相關領域的成長，其中包括這些服務的聚合，為投資界提供了越來越清晰的資訊。

Our reported results exceeded our expectations for the fourth quarter in numerous areas, including revenues, adjusted EBITDA, EPS and adjusted EPS, with revenues and adjusted EBITDA delivering significant growth as compared to last year. I'll cover a few items impacting the quarter.

我們報告的第四季度業績在許多方面都超出了我們的預期，包括收入、調整後 EBITDA、每股收益和調整後每股收益，其中收入和調整後 EBITDA 與去年相比實現了顯著增長。我將介紹一些影響本季的項目。

Revenues continued to show significant growth compared to last year, in part due to record emergency storm response revenues, although only slightly above last year's ERS revenues. Additionally, revenues from acquired businesses were approximately $500 million in 4Q '21, the majority of which was attributable to Blattner. Operating margins in the quarter benefited from continued strong execution across our electric operations with margins exceeding 12%. Also contributing were the operating results of our integral unconsolidated affiliates. This primarily relates to the LUMA joint venture, but also includes contributions from a business that provides specialty site preparation and access solutions in which we acquired a 44% interest during the quarter, as we commented on in our third quarter earnings release, and they performed quite well during the quarter. Partially offsetting those dynamics were our communications operations, which had negative margins during the quarter due to the challenges experienced in certain regions.

與去年相比，收入繼續顯著增長，部分原因是創紀錄的緊急風暴響應收入，儘管僅略高於去年的 ERS ​​收入。此外，21 年第四季來自收購業務的收入約為 5 億美元，其中大部分來自 Blattner。本季的營業利潤率得益於我們整個電力業務持續強勁的執行力，利潤率超過 12%。我們的整體未合併附屬公司的經營績效也做出了貢獻。這主要與LUMA 合資企業有關，但也包括一家提供專業場地準備和訪問解決方案的企業的貢獻，正如我們在第三季度收益發布中評論的那樣，我們在本季度收購了該企業44% 的權益，並且他們的表現本季表現相當好。我們的通訊業務部分抵消了這些動態，由於某些地區遇到的挑戰，該業務在本季度出現了負利潤。

Specifically, one customer reduced the previously expected scope of work in certain markets, while the requirements to evidence the completion of the work have been subject to multiple changes. Due to the elimination of future scope and associated construction activities, we were required to recognize in the quarter the full cost necessary for the preparation and submission of the modified closeout packages.

具體來說，一位客戶縮小了先前預期的某些市場的工作範圍，而證明工作完成的要求也發生了許多變化。由於消除了未來範圍和相關的施工活動，我們需要在本季度確認準備和提交修改後的收尾包所需的全部成本。

For 2 other contracts with another customer, we recognized losses due to ongoing permitting delays, which were substantially hindering production, as well as increased cost to meet schedule commitments. These 2 projects are near completion. Importantly, our remaining aggregate communications operations are operating in the upper single-digit range, giving us the confidence that our longer-term margin profiles are achievable.

對於與另一家客戶簽訂的另外 2 份合同，我們確認了由於持續的許可延誤而造成的損失，這嚴重阻礙了生產，以及滿足進度承諾的成本增加。這兩個項目已接近完成。重要的是，我們剩餘的綜合通訊業務的營運處於較高個位數範圍，這讓我們相信我們的長期利潤率是可以實現的。

Our previous guidance included expected contributions from transactions made in 3Q '21 and 4Q '21 through the date of our November earnings release of between $40 million and $60 million of adjusted EBITDA, a non-GAAP measure. Ultimately, our fourth quarter results included contributions towards the higher end of this range.

我們先前的指導包括從 2021 年第三季和 21 年第四季到 11 月收益發布之日進行的交易的預期貢獻，調整後 EBITDA（非 GAAP 衡量標準）為 4000 萬美元至 6000 萬美元。最終，我們第四季的業績包括對該範圍高端的貢獻。

We recognized an incremental $8.1 million provision for credit loss or $0.04 per diluted share related to outstanding receivables owed by Limetree Refining that declared bankruptcy in July 2021 as we do not anticipate the receipt of any funds through the bankruptcy proceeding. We no longer have any exposure related to receivables owed from this customer.

我們確認了與2021 年7 月宣布破產的Limetree Refining 所欠未清應收帳款相關的增量信用損失準備金810 萬美元，或稀釋後每股0.04 美元，因為我們預計不會透過破產程序收到任何資金。我們不再有任何與該客戶所欠應收帳款相關的風險。

Operating margin in 4Q '21 was negatively impacted by $146 million associated with amortization, deal costs and fair market value adjustments to earn-out liabilities, a combined 370 basis point impact, compared to $28 million of comparable costs and approximately 100 basis point impact in 4Q '20. Also of note, the tax expense and effective rate for the fourth quarter and full year of 2021 were significantly lower than our previous guidance. This reduction was largely driven by the favorable IRS clarification on per diem deductions for 2021 and the reversal of certain reserves for uncertain tax positions upon expiration of certain statutes of limitations.

2021 年第四季的營業利潤率受到與攤銷、交易成本和盈餘負債公平市場價值調整相關的1.46 億美元的負面影響，合計影響370 個基點，而2021 年第四季度的可比成本為2800 萬美元，影響約100 個基點。另外值得注意的是，2021 年第四季和全年的稅收費用和有效稅率顯著低於我們先前的指引。這一減少主要是由於美國國稅局對 2021 年每日津貼扣除額的有利澄清，以及在某些時效到期後為不確定的稅務狀況撤銷某些準備金。

Our total backlog was $19.3 billion at the end of the fourth quarter, another record level. $1.6 billion of the backlog is attributable to fourth quarter acquisitions, the majority of which was from Blattner. But excluding those contributions, total backlog were still up over $600 million compared to 3Q '21. 12-month backlog of $11.3 billion includes close to $1.5 billion of acquired backlog, but excluding those contributions still represents record 12-month backlog on an organic basis. We believe these increases continue to reinforce the repeatable and sustainable nature of the largest portion of our revenues and earnings and the demand for our industry-leading infrastructure solutions.

截至第四季末，我們的積壓訂單總額為 193 億美元，又創歷史新高。積壓的 16 億美元歸因於第四季度的收購，其中大部分來自 Blattner。但排除這些捐款，與 21 年第三季相比，積壓總額仍超過 6 億美元。 113 億美元的 12 個月積壓訂單包括近 15 億美元的收購積壓訂單，但排除這些捐款仍代表著有機基礎上創紀錄的 12 個月積壓訂單。我們相信，這些成長將繼續加強我們大部分收入和收益的可重複性和可持續性，以及對我們領先業界的基礎設施解決方案的需求。

For the fourth quarter of 2021, we generated free cash flow, a non-GAAP measure, of $111 million, resulting in $246 million of free cash flow for the year. Our previous expectations of $350 million to $500 million of free cash flow for the year excluded significant change in control-related disbursements associated with acquired liabilities during the quarter associated with the Blattner transaction, which aggregated to $72 million and are required to be treated as operating cash outflow items in our GAAP calculation. We also took the opportunity in the fourth quarter of 2021 to accelerate the opportunistic and strategic procurement of around $50 million of equipment. Given the ongoing supply chain challenges in the equipment and vehicle markets, we felt it was the right long-term action to take to support the ongoing needs of our operations.

2021 年第四季度，我們產生了 1.11 億美元的自由現金流（非 GAAP 衡量標準），全年自由現金流為 2.46 億美元。我們先前預計今年的自由現金流為3.5 億至5 億美元，不包括與布拉特納交易相關的本季度收購負債相關的控制相關支出的重大變化，這些支出總計為7,200 萬美元，需要被視為經營業務我們的 GAAP 計算中的現金流出項目。我們也抓住2021年第四季的機會，加速了約5,000萬美元設備的機會性策略採購。鑑於設備和車輛市場持續存在的供應鏈挑戰，我們認為這是為支持我們營運的持續需求而採取的正確的長期行動。

Days sales outstanding, or DSO, measured 80 days for the fourth quarter, which is a reduction of 9 days compared to the third quarter of 2021 and 3 days compared to the fourth quarter of 2020. The decreases were primarily due to the favorable impact of the acquisition of Blattner, which typically has lower DSO than certain of our other larger operating companies. This positive impact was partially offset by continued elevated working capital requirements associated with 2 larger Canadian transmission projects driving an increase in contract assets, which we've discussed in prior quarters. Both projects have been impacted by work stoppage protocols in Canada associated with COVID mitigation as well as delays attributable to, among other things, wildfires impacting access to work sites. Discussions with both customers regarding change orders associated with these increased costs are ongoing, with multiple change orders already approved. The remaining amounts are being pursued in the normal course.

第四季應收帳款週轉天數 (DSO) 為 80 天，比 2021 年第三季減少 9 天，比 2020 年第四季減少 3 天。於我們其他某些大型營運公司。這種積極影響被加拿大兩個較大輸電項目相關的營運資金需求持續增加所部分抵消，這推動了合約資產的增加，我們在前幾個季度已經討論過這一點。這兩個項目都受到了加拿大與緩解新冠疫情相關的停工協議的影響，以及由於野火影響工作地點等原因造成的延誤。與這兩家客戶就與這些增加的成本相關的變更單進行的討論正在進行中，多個變更單已經獲得批准。剩餘款項正正常追繳。

We had total liquidity of $2.1 billion at year-end and a debt-to-EBITDA ratio of 2.3 as calculated under our credit agreement. While our leverage profile remains above our target range due to the acquisition financing, as we stated in prior calls, we expect to efficiently delever over the following quarters while continuing to create shareholder value through our dividend and repurchase programs as well as strategic acquisitions. To that end, during the fourth quarter, in addition to the 3 transactions we announced during our last earnings release, we acquired 4 additional businesses for a total combined consideration of approximately $230 million. These 4 acquisitions all closed late in December and, other than incremental deal costs, were immaterial to our 4Q results.

截至年底，我們的流動性總額為 21 億美元，根據信貸協議計算，債務與 EBITDA 比率為 2.3。儘管由於收購融資，我們的槓桿率仍高於目標範圍，但正如我們在先前的電話會議中所說，我們預計將在接下來的幾個季度有效去槓桿化，同時繼續透過我們的股息和回購計劃以及策略收購創造股東價值。為此，在第四季度，除了我們在上次財報發布期間宣布的 3 項交易之外，我們還收購了另外 4 家企業，總價約為 2.3 億美元。這 4 項收購均於 12 月底完成，除了增加的交易成本外，對我們第四季的業績並不重要。

Turning to guidance. First, forecasting and providing specific commentary on the classification of uncommitted revenues between electric power versus renewables can be challenging. Accordingly, it's possible that as we progress through the year and gain more visibility into the nature of the work we'll be performing, there could be movements outside these initial segment ranges simply due to the type of infrastructure our activities will be supporting. As Duke commented, we deliver our portfolio of services, and we are comfortable with our aggregate expectations. Additionally, by following seasonality commentary addresses our expectations for 2022 as compared to our recast quarterly results for 2021, which align prior reported numbers to our new segmentation. And these 2021 recasted segment numbers have been included in today's earnings release.

轉向指導。首先，對電力與再生能源之間的未承諾收入分類進行預測和提供具體評論可能具有挑戰性。因此，隨著我們在這一年中取得進展並對我們將要執行的工作的性質有更多的了解，可能會出現超出這些初始細分範圍的變動，這僅僅是由於我們的活動將支持的基礎設施類型所致。正如杜克所評論的，我們提供了我們的服務組合，並且我們對我們的整體期望感到滿意。此外，透過遵循季節性評論，與我們重新調整的 2021 年季度業績相比，我們對 2022 年的預期得到了滿足，這些業績使先前報告的數字與我們的新細分保持一致。這些 2021 年重新調整的細分數據已包含在今天的財報中。

As it relates to the electric power segment specifically, we see 2022 revenues ranging between $8.2 billion and $8.3 billion. Our base business continues to lead the growth in the segment driven primarily by North American utilities outsourcing activities required to replace, rebuild and upgrade existing infrastructure. Notably, these growth expectations are tempered by reduced storm revenues, $250 million of which are included in our current expectations compared to over $450 million in 2021. Additionally, revenue contributions from larger electric projects are forecasted to be around $200 million lower in 2022 as we expect to reach substantial completion on one of our larger Canadian projects in the first quarter.

由於它與電力領域具體相關，我們預計 2022 年收入將在 82 億美元至 83 億美元之間。我們的基礎業務繼續引領該領域的成長，這主要是由更換、重建和升級現有基礎設施所需的北美公用事業外包活動所推動的。值得注意的是，這些成長預期因風暴收入減少而受到影響，其中2.5 億美元包含在我們目前的預期中，而2021 年將超過4.5 億美元。約2 億美元，因為我們預計我們的一個較大的加拿大項目將在第一季實質完成。

Included within the segment are our communications operations, which we expect to grow double digits over 2021 levels to around $750 million of revenue in 2022. While we expect 2022 operating margins for the electric power segment to range between 10.7% and 11.3%, which includes contributions of between $45 million and $50 million of earnings from our integral unconsolidated affiliates, the largest portion of which relates to the LUMA joint venture in Puerto Rico. 2021 represented another exceptional year for our electric operations, and our margin profile was again above our historical norms and our original expectations due in part to the record emergency restoration service revenues.

該部門包括我們的通訊業務，我們預計該部門的收入將比2021 年增長兩位數，到2022 年收入約為7.5 億美元。 % 之間，其中包括我們的整體未合併附屬公司貢獻了 4,500 萬至 5,000 萬美元的收入，其中最大部分與波多黎各的 LUMA 合資企業有關。 2021 年對於我們的電力業務來說又是一個非凡的一年，我們的利潤率再次高於我們的歷史標準和我們最初的預期，部分原因是創紀錄的緊急恢復服務收入。

Our 2022 expectations for margins for the segment remain elevated but are more consistent with historical averages and are tempered by normalized storm revenues as well as our communications operations, which are expected to operate in the upper single digits in 2022. As is typically the case, we expect that first quarter operating margins will be the lowest for the year, likely around 10%, with margins increasing into the second and third quarters and then slightly declining in the fourth quarter.

我們對該部門2022 年利潤率的預期仍然較高，但與歷史平均水平更加一致，並受到正常化風暴收入以及我們的通信業務的影響，預計2022 年這些業務的運營將保持在較高個位數。

The Renewable Energy Infrastructure Solutions segment full year revenues are expected to range between $3.8 billion and $4 billion, with the largest portion of the growth due to the acquisition of Blattner. As it relates to Blattner, we remain confident in the initial range of expectations for 2022 included in the September deal announcement.

再生能源基礎設施解決方案部門全年營收預計在 38 億美元至 40 億美元之間，其中成長的最大部分來自收購 Blattner。由於與 Blattner 相關，我們對 9 月交易公告中包含的 2022 年初步預期範圍仍然充滿信心。

From a revenue seasonality perspective in 2022, we expect segment revenues to be between $900 million and $950 million in the first quarter, then growing sequentially into the third quarter with a slight decline in the fourth quarter. We expect 2022 operating margins for the renewable energy segment to be around 9% for the year, translating into double-digit EBITDA margins, which is what we would expect from the segment. Due to the slightly higher project-oriented nature of this segment, margins will be more variable on a quarterly basis.

從2022年營收季節性角度來看，我們預計第一季該部門營收將在9億至9.5億美元之間，然後進入第三季度，持續成長，第四季略有下降。我們預期 2022 年再生能源領域的營業利潤率為 9% 左右，即 EBITDA 利潤率為兩位數，這正是我們對該領域的預期。由於該細分市場的專案導向稍高，因此季度利潤率變化較大。

As it stands today, similar to our other segments, we expect margins for the first quarter to be the lowest for the year, likely around 8%. Margins, therefore, have the opportunity to strengthen in subsequent quarters as volumes increase and we successfully execute through individual project contingencies throughout the year. The Underground Utility and Infrastructure Solutions segment has been heavily impacted by the uncertainties in the energy market and economy caused by COVID-19. However, we expect far fewer headwinds in 2022.

就目前情況而言，與我們其他部門類似，我們預計第一季的利潤率將是今年最低的，可能在 8% 左右。因此，隨著產量的增加，以及我們全年成功執行單一專案的突發事件，利潤率有機會在接下來的幾個季度中加強。地下公用事業和基礎設施解決方案部門受到了 COVID-19 造成的能源市場和經濟不確定性的嚴重影響。然而，我們預計 2022 年的阻力會少得多。

We are currently anticipating double-digit revenue growth off of 2021, with full year revenues expected to range between $4 billion and $4.2 billion. This growth is expected to be led by our industrial, Canadian and Australian operations, each of which has dealt with significant challenges associated with COVID-related impacts for the last 2 years. Additionally, our gas utility business continues to see nice year-over-year growth opportunities.

我們目前預計 2021 年營收將實現兩位數成長，全年營收預計在 40 億美元至 42 億美元之間。這一成長預計將由我們的工業、加拿大和澳洲業務帶動，過去兩年中，這些業務都應對了與新冠肺炎相關影響相關的重大挑戰。此外，我們的天然氣公用事業業務繼續看到良好的同比增長機會。

Operating margins are expected to improve meaningfully in 2022. We see segment margins ranging between 6.5% and 7.5%, led primarily by recovery from our industrial and Canadian operations. Consistent with years past, our first quarter traditionally has lower activity in the segment due to weather seasonality, which impacts our revenues and precious margins to slightly below mid-single digits. However, we expect solid improvement into the second and third quarters with a seasonal decline in the fourth quarter.

營業利潤率預計將在 2022 年顯著改善。與往年一樣，由於天氣季節性，我們第一季該領域的活動傳統上較低，這影響了我們的收入和寶貴的利潤率，略低於中個位數。然而，我們預計第二季和第三季將出現穩健改善，第四季將出現季節性下降。

The number and size of acquisitions in 2021 will significantly change the magnitude of amortization, acquisition and integration costs and certain other corporate and unallocated costs as well as the quarter-to-quarter timing of these items. We've included some additional information on these as well as further segment seasonality comments and other guidance items in the outlook summary that was posted in connection with the earnings release and can be found on our IR website at quantaservices.com.

2021 年收購的數量和規模將顯著改變攤銷、收購和整合成本以及某些其他公司和未分配成本以及這些項目的季度時間表的規模。我們在與收益發布相關的展望摘要中包含了有關這些內容的一些附加資訊以及進一步的細分季節性評論和其他指導項目，這些內容可以在我們的投資者關係網站上找到：quantaservices.com。

One incremental item for 2022. Early last year, Quanta made a $90 million minority investment in a private company that provides broadband technology. The company has entered into an agreement with a special purpose acquisition company and pursuant to the transaction is expected to emerge as a publicly traded company in the first half of the year. Once effective, our current interest would become common equity and would be subject to mark-to-market accounting, with changes in value recorded in other income. We expect to adjust for these changes in value when reporting adjusted EBITDA and adjusted EPS but have not forecasted any valuation movements curve.

2022 年的一項增量項目。該公司已與一家特殊目的收購公司達成協議，預計今年上半年成為上市公司。一旦生效，我們目前的權益將成為普通股，並將按市值計價會計，價值變化記錄在其他收入中。我們預計在報告調整後 EBITDA 和調整後每股盈餘時會針對這些價值變化進行調整，但尚未預測任何估值變動曲線。

These segment operating ranges support our expectation for 2022 annual consolidated revenues of $16 billion to $16.5 billion and adjusted EBITDA of between $1.59 billion and $1.7 billion. This represents another record level of adjusted EBITDA and full year adjusted EBITDA margins over 10%. With these operating results, we estimate our range of GAAP diluted earnings per share attributable to common stock for 2022 to be between $3.56 and $4.06 and anticipate non-GAAP adjusted diluted earnings per share to be between $6 and $6.50.

這些部門的經營範圍支持我們對 2022 年綜合收入 160 億至 165 億美元以及調整後 EBITDA 15.9 億至 17 億美元的預期。這代表調整後 ​​EBITDA 創下新紀錄，全年調整後 EBITDA 利潤率超過 10%。根據這些經營業績，我們估計 2022 年 GAAP 普通股攤薄每股收益範圍為 3.56 美元至 4.06 美元，預計非 GAAP 調整後攤薄每股收益為 6 美元至 6.50 美元。

Turning to cash flow. The contract assets I spoke of earlier associated with the Canadian transmission project impacted our operating cash flows in 2021 but are expected to represent inflows of cash in 2022 as components reach resolution. These positive effects will be partially offset by the payment of approximately $46 million of change in control-related payments associated with the Blattner acquisition and the payment of $54 million of previously deferred payroll taxes in accordance with the CARES Act in 2020. As such, we currently expect 2022 free cash flow to range between $650 million and $850 million with capital expenditures of around $400 million. As we caution every year, quarterly free cash flow is subject to sizable movements due to various customer and project dynamics that occur in the normal course of operations.

轉向現金流。我之前提到的與加拿大輸電項目相關的合約資產影響了我們 2021 年的營運現金流，但隨著各組成部分的解決，預計將代表 2022 年的現金流入。這些正面影響將被支付約 4,600 萬美元的與 Blattner 收購相關的控制相關付款變動以及根據 2020 年 CARES 法案支付的 5,400 萬美元之前遞延的工資稅所部分抵消。流將在6.5 億美元至8.5 億美元之間，資本支出約4 億美元。正如我們每年所警告的那樣，由於正常營運過程中發生的各種客戶和專案動態，季度自由現金流會大幅波動。

Reflecting on our 2021 performance, we delivered another exceptional year, led by solid execution in the field and highlighted by the transformational acquisition of Blattner during the fourth quarter. We ended the year with approximately $1.3 billion of adjusted EBITDA, a record for Quanta, which represents a nearly 16.8% CAGR since 2016. More importantly, our record adjusted EPS of $4.92 represents a 26.6% CAGR since 2016.

回顧我們 2021 年的業績，我們又取得了非凡的一年，這得益於該領域紮實的執行力，並以第四季度對 Blattner 的轉型收購為亮點。今年年底，我們的調整後EBITDA 約為13 億美元，創下了廣達的記錄，自2016 年以來複合年增長率接近16.8%。自2016 年以來複合年增長率為26.6%。

Looking forward, we continue to see the opportunity to deliver adjusted EPS growth that outpaces our adjusted EBITDA growth, led by margin expansion and operating leverage in the field, coupled with strategic capital deployments focused on delivering long-term returns to our stockholders. Over the last 5 years, we have deployed approximately $3.9 billion in cash for M&A and strategic investments, $827 million for stock repurchases and $86 million on dividends.

展望未來，我們繼續看到調整後每股收益成長超過調整後 EBITDA 成長的機會，這主要是由於利潤率擴張和該領域的營運槓桿，再加上專注於為股東提供長期回報的策略資本部署。在過去 5 年裡，我們部署了約 39 億美元現金用於併購和策略投資，8.27 億美元用於股票回購，8,600 萬美元用於股利。

Against this backdrop, our financial strategy and consistent performance have been acknowledged by our rating agencies, which reiterated our investment-grade rating subsequent to the debt raised to fund the Blattner acquisition. Going into 2022, we have significant liquidity available and approximately $473 million of availability remaining on our current stock repurchase program.

在此背景下，我們的財務策略和一致的表現得到了我們的評級機構的認可，在為收購布拉特納而籌集債務後，評級機構重申了我們的投資級評級。進入 2022 年，我們將擁有大量可用流動資金，目前的股票回購計畫還剩約 4.73 億美元的可用資金。

Though we are focused on delevering in the near term, we remain committed to delivering shareholder value through strategic acquisitions and opportunistic repurchase activity. Overall, we continue to believe we are in the early stages of a significant infrastructure investment cycle and that we are uniquely positioned in the markets we serve to deliver comprehensive, end-to-end solutions to support North America's transition to carbon-neutral energy infrastructure.

儘管我們短期內的重點是去槓桿化，但我們仍然致力於透過策略性收購和機會性回購活動提供股東價值。總體而言，我們仍然相信我們正處於重要基礎設施投資週期的早期階段，並且我們在我們所服務的市場中處於獨特的地位，可以提供全面的端到端解決方案，以支持北美向碳中和能源基礎設施的過渡。

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

我們的正式演講到此結束，現在我們將開通問答熱線。操作員？

(Operator Instructions) Our first question is coming from Michael Dudas of Vertical Research.

（操作員說明）我們的第一個問題來自Vertical Research 的Michael Dudas。

Duke, in your prepared remarks, I was quite intrigued about -- you talked about expanding service offerings at several operating units. I assume you've made quite a few acquisitions to expand that, especially on your front-end work and advisory stuff. Can you share a little bit more what's going on and how that's going to [benefit,] I would [expect,] strategically because of what you can add to your clients, but I would also think there may be a mix or margin or financial aspect. So I thought that would be something that you would like to give more clarity on.

杜克，在您準備好的演講中，我對您談到在多個營運部門擴大服務範圍感到非常感興趣。我認為您已經進行了相當多的收購來擴大規模，特別是在前端工作和諮詢方面。您能否分享更多一點正在發生的事情以及這將如何[受益]，我會[期望]策略性地因為您可以為客戶添加什麼，但我也認為可能存在混合或利潤或財務方面的問題方面。所以我認為您希望更清楚地說明這一點。

Yes. Thanks, Mike. We've talked about it quite a bit, about the company being a portfolio and truly believe we operate in that manner. As we think about the regionality and how we sit, we -- what we've done is in our underground segments, our utilized segments, you continue to see us look at underground electric, look at underground telecom. It doesn't matter to us what median or what service we're providing. The equipment is very similar. The people are very similar. So we believe we can expand those offerings as well as on the front-end services across the board really at a regional level.

是的。謝謝，麥克。我們已經談論了很多，關於公司是一個投資組合，並且真正相信我們以這種方式運作。當我們考慮區域性和我們的定位時，我們所做的就是在我們的地下部分，我們的利用部分，你會繼續看到我們專注於地下電力，專注於地下電信。對我們來說，中位數或我們提供的服務並不重要。設備非常相似。人們非常相似。因此，我們相信我們可以真正在區域層面全面擴展這些產品和前端服務。

And so the segmentation may look one way, but how we're operating in the field to get the leverage at the unit, which will ultimately produce the margins that you're seeing and enhance the margins that you're seeing, will allow that leverage at that level. So it's just from our standpoint, that's the way that we will continue to operate the company and offer various service lines to the customer. And really, what's driving that is the customer demand on the local level for expanded services that we can offer. So really, it's us trying to make sure that we're leveraging that at the very field level, which will ultimately increase margins.

因此，細分可能看起來是一種方式，但我們如何在該領域運作以獲得該部門的槓桿作用，這將最終產生您所看到的利潤並提高您所看到的利潤，這將允許槓桿在那個水平。因此，從我們的角度來看，這就是我們將繼續經營公司並向客戶提供各種服務線的方式。實際上，推動這一趨勢的是當地客戶對我們可以提供的擴展服務的需求。所以實際上，我們正​​在努力確保我們在現場層級利用這一點，最終將增加利潤。

Our next question is coming from Justin Hauke of Baird.

我們的下一個問題來自貝爾德 (Baird) 的賈斯汀·豪克 (Justin Hauke)。

I guess I have 2 questions. I'll start with kind of maybe the bigger one, and then I've got just a quick technical one. But just -- maybe just a little more details on the Las Vegas project. It's EPC. I'm just wondering, are you -- do you have partners on this project? Or is that all you? And just any comments on kind of the risk terms or how it would be different? And then you talked about it being the largest U.S. contract you've ever had. I think the Canadian ones you had were just over $1 billion of revenue. So would that be a good benchmark to kind of think about maybe the size of this project?

我想我有兩個問題。我將從可能更大的開始，然後我只有一個快速的技術性的。但也許只是關於拉斯維加斯項目的更多細節。這是EPC。我只是想知道，你有這個計畫的合作夥伴嗎？或者這就是你的全部？以及對風險條款類型或有何不同的任何評論？然後你談到這是你所擁有的最大的美國合約。我認為加拿大的收入剛剛超過 10 億美元。那麼，這是否是一個很好的基準來考慮這個專案的規模？

Yes. So the project we discussed to the West, that's not Las Vegas. But in general, what I would say is we're performing that holistically internally, probably still performing 90% of it. We're proud of the project, nice 400-mile project. So in our mind, an example of us stacking on to our already existing base business there in the West. And we don't have partners, and it is not necessary for us to have partners given the size of the company. So again, we're trying to really work on the synergy transition and work on it in a holistic fashion. This is something where we had several operating units coming together and able to perform the whole project for the client and give them the best service offering, in our mind. So real proud of the project to the West. And again, it's just an example of where the company is going and way I believe it's in the renewable segment, as we discussed. And I do think you'll see more of this moving renewables to the West. And so those type of projects will definitely stack on to our existing base business. We're proud of it.

是的。所以我們向西方討論的項目不是拉斯維加斯。但總的來說，我想說的是，我們正在內部全面執行該操作，可能仍然執行了 90%。我們為這個項目感到自豪，這是一個很棒的 400 英里項目。因此，在我們看來，這是我們在西方現有的基礎業務上不斷發展的一個例子。而且我們沒有合作夥伴，以公司的規模，我們沒有必要有合作夥伴。因此，我們再次努力真正致力於協同轉型，並以整體方式進行工作。在我們看來，我們有多個營運部門聚集在一起，能夠為客戶執行整個項目，並為他們提供最好的服務。對西方的項目感到非常自豪。再說一次，正如我們所討論的，這只是該公司的發展方向以及我相信它在可再生能源領域的方式的一個例子。我確實認為您會看到更多再生能源向西方轉移。因此，這些類型的專案肯定會疊加到我們現有的基礎業務上。我們為此感到自豪。

And as far as the size of it, we talked about it being the largest in the business in North -- in the Lower 48. So ultimately, a large project for us. We're not going to get into the size of it.

就其規模而言，我們談到它是北部地區（Lower 48）業內最大的項目。我們不會討論它的大小。

Yes. We'll only frame it by saying that had it been awarded prior to year-end, our total backlog would have exceeded $20 billion.

是的。我們只會說，如果在年底前授予，我們的積壓總額將超過 200 億美元。

Okay. That's helpful. I guess, Derrick, maybe the other question. So on -- the equity income this quarter, it jumped to $22 million. You guys called out the minority investment that you did. It sounds like maybe that's part of it. I'm just curious, was there anything that was like a -- that was associated with LUMA being at full transition that we should think as kind of a run rate for that? Because it looks like the implied guidance for '22 would have run at a much lower rate than what it was in the quarter.

好的。這很有幫助。我想，德瑞克，也許是另一個問題。如此往復——本季的股權收入躍升至 2,200 萬美元。你們大聲疾呼你們所做的少數股權投資。聽起來也許這就是其中的一部分。我只是很好奇，是否有任何類似於 LUMA 處於完全過渡狀態的東西，我們應該將其視為一種運行率？因為看起來 22 年的隱含指導將以比本季低得多的速度運行。

Yes. I mean, actually, the majority of the difference was the joint venture-type dynamic. It had a very nice fourth quarter. There is a little bit of an uptick in the fourth quarter associated with LUMA, which just has to do with the timing of kind of internal administrative costs rather than anything associated with the fixed fee itself. On a go-forward basis, I would tell you that it's -- that range that I provided, $45 million to $50 million, is a little bit of the increment associated with the joint venture contribution and fairly close to our original expectations for the remaining LUMA.

是的。我的意思是，實際上，大部分差異在於合資企業類型的動態。第四季非常精彩。第四季與 LUMA 相關的費用略有上升，這與內部管理成本的時間表有關，而不是與固定費用本身相關。展望未來，我會告訴你，我提供的 4500 萬美元到 5000 萬美元的範圍是與合資企業出資相關的一點增量，相當接近我們對剩餘資金的最初預期。

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

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

I just wanted to hone in on the new renewables segment. It sounded like the underlying outlook for Blattner embedded in there is consistent with what you guys communicated before. But it'd be helpful just -- since we only really had historicals on an EBITDA level for Blattner, it would be great to just kind of walk through the sort of normative or targeted margin profile we should be thinking about for this new segment since it includes some other stuff as well.

我只是想深入研究新的再生能源領域。聽起來布拉特納的基本前景與你們之前溝通的內容是一致的。但這會很有幫助，因為我們只有布拉特納的 EBITDA 水平的歷史記錄，所以如果能簡單介紹一下我們應該為這個新細分市場考慮的規範或目標利潤率概況，那就太好了它還包括其他一些東西。

Yes. Sean, it's Duke. In general, I would think, in our mind, it's double-digit EBITDA, even some uplift in margins if we can operate through some contingencies on the way through it. So we're proud of the segment. We think it highlights where the company is at. Certainly, Blattner is the big piece of that segment. We've stated the guidance there before around 2.6. So that's where we stand on that. And I do think you'll see those type of margins that are previously stated with Blattner in that segment.

是的。肖恩，這是杜克。總的來說，我認為，在我們看來，它是兩位數的 EBITDA，如果我們能夠克服過程中的一些意外情況，甚至可以提高利潤率。所以我們為這個細分市場感到自豪。我們認為它凸顯了公司的現狀。當然，布拉特納是這一領域的重要組成部分。我們之前已經在 2.6 左右闡述了指導。這就是我們的立場。我確實認為您會看到布拉特納之前在該部分中提到的那些類型的利潤。

So we had a nice business in Florida. We talked about it a lot, how we're enabling the infrastructure with substations and interconnections and long transmission lines. I do think that segment will continue to build. You'll continue to see nice work, nice backlog. It is lumpier than what you would consider our base business. But it's just timing -- days timing, not years timing in my mind. So I do think it is fairly predictable at this point. And we've given good guidance on Blattner out to '25. So I do think we're able to not only show the power of what we can do in that sector but also give you some visibility. And I'll let Derrick comment.

所以我們在佛羅裡達州的生意很好。我們談了很多，我們如何透過變電站、互連和長輸電線路來支援基礎設施。我確實認為該細分市場將繼續發展。您將繼續看到出色的工作和積壓的工作。它比你認為的我們的基礎業務更加不穩定。但在我看來，這只是時間──幾天的時間，而不是幾年的時間。所以我確實認為目前這是相當可預測的。我們已經為布拉特納提供了很好的指導，直至 25 年。因此，我確實認為我們不僅能夠展示我們在該領域所做的事情的力量，而且還能為您提供一些可見性。我會讓德里克發表評論。

Yes. I think you've said it fine. The only thing I'd add additional color, if you could think all way back to when we did the original deal announcement, for the largest portion of a decade, Blattner has been able to operate at a double-digit EBITDA. They had some very good performance within the last few years, kind of pressing that number up a little bit. But we look to kind of those historical dynamics to think about our multiyear expectations. So consistent with the '22 and in the out-years, we think they continue to operate with double-digit EBITDA.

是的。我覺得你說得很好。我唯一想補充一點的是，如果你能回想一下我們最初宣布交易的時候，在十年的大部分時間裡，布拉特納一直能夠以兩位數的 EBITDA 運作。他們在過去幾年中取得了一些非常好的表現，這有點推動了這個數字的上升。但我們希望透過這些歷史動態來思考我們的多年預期。因此，與 22 世紀以及未來幾年一致，我們認為他們將繼續以兩位數的 EBITDA 運作。

Aggregate for the segment, we think we've tried to be prudent on how to think about that in '22 when you think about it at the operating level of that 9%. I think that between the Blattner execution as well as our own, as we execute through contingencies, clearly, that gives us the ability to see a margin expansion.

就該細分市場而言，我們認為，當你在 9% 的營運水準上思考時，我們已經盡力謹慎地思考如何在 22 年考慮這個問題。我認為，在布拉特納的執行和我們自己的執行之間，當我們透過意外事件執行時，顯然這使我們有能力看到利潤率的擴大。

Duke made reference to it within our prepared remarks, we do believe that there's a bit more variability that you'll see within the segment. There's a smaller number of overall projects as compared to, as an example, the larger remaining electric power group as a whole, which can create a bit of variability in the timing to work, but largely very confident in our ability to execute.

杜克在我們準備好的發言中提到了這一點，我們確實相信您會在該部分中看到更多的變化。例如，與整個剩餘的較大電力集團相比，整體專案數量較少，這可能會在工作時間上造成一些變化，但很大程度上對我們的執行能力非常有信心。

Okay. That's helpful. And the underground segment, looks like no changes to the segment reporting there. The revenue and margins came in a little better than I was expecting in terms of the outlook. So just a bit of a flavor on what type of operating environment and kind of underlying assumptions for the bigger buckets in there, namely industrial and the LDC business, would be helpful as we think about what bridges us to this 2022 outlook for that segment.

好的。這很有幫助。地下部分的報告似乎沒有改變。就前景而言，收入和利潤率比我預期的要好一些。因此，當我們思考是什麼將我們與該細分市場的2022 年前景聯繫起來時，稍微了解一下更大的領域（即工業和最不發達國家業務）的運營環境類型和基本假設將會有所幫助。

Yes. Sean, I think you've seen the rebound in some of the oil pricing and things of that nature. So the industrial business seems really going to uplift. We thought it would be anyway. So I think it will stack on to the current demand that we're seeing on the industrial side. So we're confident in that business in '22 as it stands. That's certainly something that we were watching very closely. So we feel good about it.

是的。肖恩，我想你已經看到了一些石油價格的反彈以及類似的事情。因此，工業業務似乎真的會好轉。我們認為無論如何都會如此。因此，我認為它將滿足我們在工業方面看到的當前需求。因此，我們對 22 年的業務充滿信心。這當然是我們正在密切關注的事情。所以我們對此感覺良好。

Our Canadian business is also rebounding. We like where we stand there. So all in all, I would say, incrementally, we're more positive on the underground segment than we have been. But we stated before, we're running it as a portfolio, the LDC business. We may be doing telecom, we may be doing electric, and some of that business will be blended within the electric segment, telecom segment in the field as a portfolio. So I wouldn't get too caught up in the segmentation.

我們的加拿大業務也在反彈。我們喜歡我們站在那裡的地方。總而言之，我想說，我們對地下市場的態度比以往更積極。但我們之前說過，我們將其作為一個投資組合來運營，即最不發達國家業務。我們可能會做電信，我們可能會做電力，其中一些業務將混合在電力領域、電信領域作為一個投資組合。所以我不會太陷入細分。

The overall business will continue to rise, and we're producing kind of double-digit margins, double-digit growth, those kind of things at the bottom. And so what I'm really looking at is that bottom number, and it continues to grow. So we're proud of it.

整體業務將持續成長，我們將實現兩位數的利潤率、兩位數的成長，諸如此類的事情。所以我真正關注的是這個底部數字，而且它還在繼續增長。所以我們為此感到自豪。

(Operator Instructions) Our next question is coming from Jamie Cook of Credit Suisse.

（操作員說明）我們的下一個問題來自瑞士信貸銀行的 Jamie Cook。

Nice quarter. I guess my question is on Blattner. Understanding the revenue guide and guidance for Blattner is unchanged, is -- can you talk about what they're sort of seeing on the supply chain side? Any difference in what you're expecting, solar versus wind, or perhaps revenue synergies are starting to come through? So just an update on what Blattner is seeing.

不錯的季度。我想我的問題是關於布拉特納的。對布拉特納的收入指南和指導的理解沒有改變，你能談談他們在供應鏈方面看到的情況嗎？太陽能與風能的預期有什麼不同，或者收入綜效是否已經開始顯現？因此，我們只是介紹一下布拉特納所看到的情況的最新情況。

So in general, I would say we're confident in Blattner, confident in the guidance. Obviously, we've given outward year guidance as well. The demand on renewable business balance of plant is certainly there across the board, both solar and wind. We have really nice high-end, high-demand clients that -- customers that we believe really have the supply chain figured out for the most part, not to say there's not some small areas where you're seeing things happen. But in general, we took all that into account when we gave guidance originally. We've taken into account now. We believe we can execute through it.

所以總的來說，我想說我們對布拉特納充滿信心，對指導充滿信心。顯然，我們也給了展望年度的指導。對電廠再生能源業務平衡的需求肯定是全面存在的，無論是太陽能還是風能。我們有非常好的高端、高需求客戶——我們相信這些客戶確實已經掌握了大部分供應鏈，更不用說在某些小領域你會看到事情發生。但總的來說，我們在最初提供指導時考慮了所有這些。我們現在已經考慮到了。我們相信我們可以透過它來執行。

Certain things may show up a little later, but we've done a really nice job. I think what I would tell you is I think it's an advantage for Quanta when there is these supply chain disruptions. It allows us to show the breadth of the company and be able to move -- where a panel may be delayed a little bit, but we can build everything up to the panel and move to where the panels are and just move around. So it shows the scale and scope of the company and how we operate, and it doesn't affect us, which allows us to collaborate with the client. So I mean, I think we're using it to our advantage. Honestly, we like where we sit in the market.

有些事情可能會晚一點出現，但我們做得非常好。我想我要告訴你的是，當供應鏈中斷時，這對廣達來說是一個優勢。它使我們能夠展示公司的廣度並能夠移動——面板可能會稍微延遲一點，但我們可以將所有東西構建到面板上，然後移動到面板所在的位置，然後四處移動。所以它顯示了公司的規模和範圍以及我們的運作方式，而且它不會影響我們，這使我們能夠與客戶合作。所以我的意思是，我認為我們正在利用它來發揮我們的優勢。老實說，我們喜歡我們在市場上的位置。

Congratulations.

恭喜。

Thank you.

謝謝。

Our next question is coming from Neil Mehta of Goldman Sachs.

我們的下一個問題來自高盛的尼爾·梅塔。

Strong quarter as well here from my end. First question is about the supply chain. Can you talk about how supply chain issues could affect Quanta in 2022? Is there a risk around project delays this year? And how has Quanta been able to scale its labor force in conjunction with revenue opportunities amid a relatively tight labor market?

從我的角度來看，這個季度也很強勁。第一個問題是關於供應鏈的。能談談2022年供應鏈問題將如何影響廣達嗎？今年是否有專案延期的風險？在相對緊張的勞動力市場中，廣達如何能夠擴大其勞動力規模並結合收入機會？

I think the company in the past -- over the past 6, 7 years has really focused on labor, our craft-skilled labor, and so it's the core of the business and really invested in it. So that investment certainly pays off in tight labor markets. And I think when we look at it, it's to our advantage. We continue to grow the business nicely. We work on how we perform our labor where we are able to train, get people to the field faster, safer. So those things are something that we've worked on quite a bit and believe it's core to us. So yes, we like where we sit and we like how we're performing.

我認為公司在過去的六、七年裡非常關注勞動力，我們的工藝熟練勞動力，所以它是業務的核心，並且真正對其進行了投資。因此，在勞動市場緊張的情況下，這種投資肯定會得到回報。我認為當我們審視它時，這對我們有利。我們繼續良好地發展業務。我們致力於如何在能夠培訓的地方開展工作，讓人們更快、更安全地到達現場。因此，我們在這些事情上做了很多工作，並相信它是我們的核心。所以，是的，我們喜歡我們坐的地方，我們喜歡我們的表現。

The supply chain, with the breadth of the company and the scale that we have, we're able to move pretty nimble through this. And I think, yes, there is some supply chain issues in certain areas. But in general, we're able to work with the client well before there's a problem or an issue and move project to project or help them become more nimble as well. So I do think it's us working with the client, knowing that we see some supply chain constraints and make sure that we're operating properly.

供應鏈，憑藉公司的廣度和我們所擁有的規模，我們能夠非常靈活地度過這個過程。我認為，是的，某些領域存在一些供應鏈問題。但總的來說，我們能夠在出現問題之前與客戶合作，將專案轉移到專案或幫助他們變得更加靈活。所以我確實認為我們與客戶合作，知道我們看到了一些供應鏈限制並確保我們正常運作。

And we've done that in the past. You can see the margins in the fourth quarter. We've operated through it. We believe in '22, we'll do the same thing. We have leaned into some of the issues on fleet. Being the third, fourth largest fleet in North America, we're able to really stretch ourselves there and make sure that we have the fleet necessary to get in front of some of those issues. So we've done a nice job across the board of mitigating the risk of supply chain, not to say that it's not out there.

我們過去就這麼做過。你可以看到第四季的利潤率。我們已經通過它進行了操作。我們相信22年，我們會做同樣的事情。我們已經深入研究了機隊的一些問題。作為北美第三、第四大機隊，我們能夠真正在那裡擴展自己，並確保我們擁有解決其中一些問題所需的機隊。因此，我們在降低供應鏈風險方面做得很好，並不是說它不存在。

The follow-up is just on the high-voltage project award that you announced in January. Can you talk about the opportunity set for additional high-voltage transmission projects at a similar scale through this year and beyond? And could you see additional opportunities this year? And as you talk about that, maybe you talk about the regulatory environment because the not-in-my-backyard syndrome is certainly something that's affected the rollout of these transmission lines.

後續就是你們一月宣布的高壓項目獲獎情況。您能否談談今年及以後類似規模的額外高壓輸電項目的機會？今年您能看到更多機會嗎？當你談論這個問題時，也許你會談論監管環境，因為「別在我後院綜合症」肯定會影響這些輸電線路的鋪設。

Yes. I think when you look at the company, we've stated before, the base business, the 80% to 85% on the electric side and underground -- and we've given Blattner guidance. So if you think about it, those projects will stack. There's a multitude of projects out there. The list is long.

是的。我想當你看公司時，我們之前已經說過，基礎業務，80% 到 85% 是在電力方面和地下業務——我們已經給了布拉特納指導。所以如果你仔細想想，這些項目將會堆積起來。那裡有很多項目。名單很長。

I do think we've talked about where the company sits in those type of projects, and we've always said we would be around the edges and like our chances. We continue to refine how we deliver to the client. The programmatic spends of the client are larger. And our ability to execute on time, on budget was 85% to 90% self-performed, has given us advantages across the board, and we like where we sit in that spectrum.

我確實認為我們已經討論過公司在此類項目中的位置，而且我們總是說我們會處於邊緣並喜歡我們的機會。我們不斷完善向客戶提供服務的方式。客戶的程序化支出較大。我們按時、按預算執行的能力是 85% 到 90% 的自我執行能力，這給了我們全面的優勢，我們喜歡我們所處的位置。

So as those projects become -- come to market, they get FID, we get approvals. Not to say there's not the normal problems around permitting because there is. It's getting better, but there's still issues. And many of these projects have been on the books for decades. When I look back, we had looked at it 10 years ago, and it's just now coming to market.

因此，當這些項目進入市場時，他們會獲得最終投資決定，我們也會獲得批准。並不是說不存在有關許可的常見問題，因為確實存在。情況正在好轉，但仍然存在問題。其中許多項目已經記錄了數十年。當我回想起來，我們十年前就研究過它，現在它才剛上市。

So we're not going to get -- chase shiny objects all the time, but we are there in the edges. And we will, I believe, have a great service offering to the client when those become available, and we'll stack on top of what you already see in the growth rates that you see below. So we're excited about where we sit. And obviously, the project to the West is just, in our mind, something that as it comes available, we like our chances to win those type of projects.

所以我們不會一直追逐閃亮的物體，但我們處於邊緣。我相信，當這些服務可用時，我們將為客戶提供優質的服務，並且我們將在您已經看到的成長率之上進行疊加，如下所示。所以我們對我們所處的位置感到興奮。顯然，在我們看來，西方的項目只是當它可用時，我們希望有機會贏得此類項目。

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

我們的下一個問題來自湯普森戴維斯公司的 Adam Thalhimer。

Duke, I wanted to ask 2 questions, both on Blattner. Number one, are you seeing any revenue synergies yet? And then number two, can you talk about whether you see and how you're thinking about any kind of long-term service opportunity in the renewables business?

杜克，我想問兩個問題，都是關於布拉特納的。第一，您是否看到任何收入綜效？第二，您能否談談您是否看到以及如何考慮再生能源業務中的任何長期服務機會？

Yes. I think when you look at it, Blattner really, in many ways, transformed where we sat in the energy transition. It certainly puts us in front of the client across the board, both sides from energy all the way to utilities to developers. So it allows us a broad spectrum at a very early stage within a project. Blattner's ability, their self-perform capabilities, how they think was much like us on the transmission/distribution side of the utility business.

是的。我認為當你仔細觀察時，布拉特納確實在許多方面改變了我們在能源轉型中的位置。這無疑使我們全面站在客戶面前，從能源到公用事業再到開發商。因此，它使我們能夠在專案的早期階段擁有廣泛的範圍。布拉特納的能力、他們的自我執行能力、他們的想法與我們在公用事業業務的傳輸/分配方面非常相似。

So when we put our heads together, there's not a day that goes by we don't think of a synergy or something that we believe was transitional to the market. So we're in front of this. We think a lot alike. We've enjoyed the management team, and our ability to collaborate has been exceptional. So the opportunities that not only what we would call renewable but also clean energy and how we think about how Blattner helps us transition ourselves as Quanta to really lead the way in that transition is much more than 1 plus 1, in my mind.

因此，當我們集思廣益時，我們每天都會想到協同效應或我們認為可以過渡到市場的東西。所以我們就在這前面。我們的想法很相似。我們很喜歡這個管理團隊，而且我們的協作能力非常優秀。因此，在我看來，不僅是我們所謂的可再生能源，還有清潔能源，以及我們如何思考布拉特納如何幫助我們轉型為廣達，真正引領這一轉型，這些機會遠大於1 加1。

It will really allow us to help our client, which is ultimately, both companies are focused on the client. And I say it over and over again, but very much aligned on that. So we really want to get in there and help the client move forward at a very early stage, and it allows a lot of benefits to both sides on the backside of this.

這將使我們真正能夠幫助我們的客戶，最終，兩家公司都以客戶為中心。我一遍又一遍地說，但對此非常一致。因此，我們真的很想介入並幫助客戶在早期階段取得進展，這可以為雙方帶來許多好處。

You see in tight markets like this, when both of us are in there with our existing clients, we're able to really produce a nice project for the client at a low cost that, in my mind -- that doesn't escalate or we're not having the issues that others may have because we self-perform. So in my mind, we did risk a lot of things that a normal E&C does not. We said that many, many times. And the resiliency of the company shows with Blattner and where we're at -- where we sit in the energy transition.

你會看到，在這樣緊張的市場中，當我們和現有客戶一起工作時，我們能夠真正以低成本為客戶製作一個不錯的項目，在我看來，這不會升級或我們不會遇到其他人可能遇到的問題，因為我們自我表現良好。所以在我看來，我們確實冒了很多普通 E&C 不會冒的風險。我們說過很多很多次了。布拉特納展示了公司的彈性以及我們所處的位置——我們在能源轉型中的位置。

Congrats on the quarter.

恭喜本季。

Thanks.

謝謝。

(Operator Instructions) Our next question is coming from Ian MacPherson of Piper Sandler.

（操作員說明）我們的下一個問題來自 Piper Sandler 的 Ian MacPherson。

Congratulations. This has sort of already been asked a little bit by Jamie and others, but I wanted to revisit. If we look at the tape with renewables, and we see the negative sentiment in the market regarding the impact of rising interest rates and political gridlock in Washington and supply chain cost risk that's impacting utility-scale development, there is implied fear, I think, with respect to the Blattner order momentum throughout this year. And I know you're not guiding on orders and backlog. But Duke, would you refute that negative sentiment regarding an air pocket in renewables order activity for this year despite those factors?

恭喜。傑米和其他人已經問過這個問題，但我想重新討論一下。如果我們看一下再生能源的磁帶，我們會看到市場對利率上升和華盛頓政治僵局的影響以及影響公用事業規模發展的供應鏈成本風險的負面情緒，我認為，這隱含著恐懼，就今年全年的布拉特納訂單勢頭而言。我知道你沒有對訂單和積壓訂單進行指導。但是杜克大學，儘管存在這些因素，您是否會反駁有關今年可再生能源訂單活動中存在空洞的負面情緒？

We've had a robust market over the last few years, and you continue to have one. You're talking days, months if you're moving things. So I'll just give you an example. If solar panels are delayed -- the last thing we're really accomplishing in a solar deal will be putting the panels on. So if we build everything else and then put the panels on at the end, it's not a big deal.

過去幾年我們擁有一個強勁的市場，您將繼續擁有這樣的市場。如果你要搬東西，你就要花幾天、幾個月的時間。所以我就給你舉個例子。如果太陽能電池板被推遲——我們在太陽能交易中真正完成的最後一件事將是安裝電池板。因此，如果我們建造其他所有東西，然後在最後安裝面板，那就沒什麼大不了的。

Does it disrupt a little bit? Yes. Can we get through it? Yes. So it's not -- the things that you're seeing, the disruptions you may see is not something that's insurmountable nor do we believe has affected our ability to capture work or the way that Blattner looks long term, short term. We gave guidance with that in mind, that there would be some balance and some, I would say, lumpiness in the market. We felt like it was there. That's why we gave the guidance we gave. We also gave guidance in 2025 of $3.6 billion.

它會擾亂一點嗎？是的。我們能渡過難關嗎？是的。所以，你所看到的事情、你可能看到的干擾並不是無法克服的，我們也不認為這影響了我們捕捉工作的能力或布拉特納看待長期、短期的方式。考慮到這一點，我們給出了指導，即市場會出現一些平衡，但我想說，市場也會出現一些波動。我們感覺它就在那裡。這就是我們給出指導的原因。我們也給了 2025 年 36 億美元的指引。

So the market, the overall, where we're going with the energy transition, I don't believe that's changed. I believe all the clients that we have, have said the same. So we really -- we're going to a greener environment where load growth is going up. There's no doubt about it. And carbon-free, the way that we're going to deliver energy, will be much different. And we're sitting at the very front of that transition over the next decade. We're just getting started. So we really like where we sit.

因此，整體而言，市場、我們能源轉型的方向，我認為這不會改變。我相信我們所有的客戶都這麼說。所以我們真的——我們將走向一個負載成長不斷上升的綠色環境。毫無疑問。而無碳，我們提供能源的方式將會很大不同。我們正處於未來十年轉型的最前線。我們才剛開始。所以我們真的很喜歡我們坐的地方。

Our next question is coming from Steven Fisher of UBS.

我們的下一個問題來自瑞銀集團的史蒂文費雪。

And you may have really just answered this, but wanted to ask you again about the renewable segment margin because you do have a decline there assumed. And I'm just wondering, is that for what you just talked about you're baking in -- is it declining because you're now baking in some more of these kind of timing issues where you have to put the panels on later? And I guess the follow-on to that would be, what's the potential for that business segment margin to start growing again as we look beyond 2022?

您可能確實剛剛回答了這個問題，但想再次詢問您有關再生能源部門利潤率的問題，因為您確實假設了再生能源部門的利潤率會下降。我只是想知道，對於你剛才談到的你正在烘烤的東西，它是否正在下降，因為你現在正在烘烤更多此類時間問題，你必須稍後再安裝面板？我猜接下來的問題是，展望 2022 年後，該業務部門的利潤率再次開始成長的潛力有多大？

Yes. If you look at the renewable segment -- I think if you look back, we recast this last year, 13%, I believe, is what it looked like, a little bit over that. Obviously, we've guided differently with the Blattner acquisition, 2 -- a couple of things. Last year, you had some contingency releases, things like that and the recast as well as when you go forward, we talked about double-digit EBITDA at Blattner, as we said.

是的。如果你看一下再生能源領域——我想如果你回顧一下，我們去年重新調整了這個比例，我相信，13%就是它看起來的樣子，稍微高了一點。顯然，我們對布拉特納的收購採取了不同的指導，2—有幾件事。去年，你們發布了一些應急版本，諸如此類的事情和重鑄，以及當你們繼續前進時，我們在布拉特納談到了兩位數的 EBITDA，正如我們所說。

Can we operate through -- do we think we have given prudent guidance in our renewable section -- segment? Yes. So we'll be prudent about it. We've thought about it. We've thought about the guidance that we've given and our ability to grow. We've talked about Blattner going to 3.6. It's a segment that we believe will grow. Certainly, with both companies doing the things that we're doing, the backlog and things of that nature in this segment, similar to the project that we announced today, I believe, that will go into backlog in the first quarter. So you'll continue to see the growth there, in my mind, on these projects as utility-scale renewables come in as well as the -- our ability to enable that through substations and transmission.

我們是否可以通過——我們是否認為我們在再生能源領域給予了審慎的指導——細分市場來運作？是的。所以我們會對此持謹慎態度。我們已經考慮過了。我們考慮了我們所提供的指導以及我們的成長能力。我們已經討論過 Blattner 將走向 3.6。我們相信這是一個將會成長的細分市場。當然，隨著兩家公司都在做我們正在做的事情，該領域的積壓和類似性質的事情，類似於我們今天宣布的項目，我相信，這將在第一季進入積壓。因此，在我看來，隨著公用事業規模再生能源的出現，以及我們透過變電站和輸電實現這一目標的能力，您將繼續看到這些項目的成長。

So I really like where that segment is, and I do believe it's a growth segment for us. And we talked about if we got over $1 billion in the segment, we would segment them, and that's what we did. So we want to give the investor base a good look at it and allow you to see it. So -- and I'll let Derrick comment more.

所以我真的很喜歡這個細分市場，而且我確實相信這對我們來說是一個成長的細分市場。我們談到，如果我們在該細分市場的收入超過 10 億美元，我們就會對它們進行細分，這就是我們所做的。因此，我們希望讓投資者群體充分了解它，並讓您看到它。那麼——我會讓 Derrick 發表更多評論。

Yes. I don't know that I have anything too incremental other than kind of recomment on the things we said earlier. The Blattner dynamic, again, in the last 10 years has operated at a double-digit margin profile. That gives us the multiyear confidence. More specifically, again, the more recent period, they've executed quite strongly above that. So yes, do we believe that we can see an upward potential against our guidance on a multiyear basis? I think the answer is yes. Whether that be because of our legacy electric operations that are now within this group, we think that we continue to see double-digit operating income-type performance of kind of those legacy operations and then now thinking about Blattner.

是的。除了對我們之前所說的事情的一些建議之外，我不知道我有什麼過於漸進的東西。布拉特納的動態在過去十年中再次以兩位數的利潤率運行。這給了我們多年的信心。更具體地說，最近一段時間，他們的表現非常強勁。那麼，是的，我們是否相信我們可以在多年的基礎上看到與我們的指導相比的上升潛力？我認為答案是肯定的。無論這是因為我們現在屬於集團的傳統電力業務，我們認為我們繼續看到這些傳統業務的兩位數營業收入型業績，然後現在考慮布拉特納。

So we remain quite confident in our ability to execute on those margins with the level of upside opportunity. But we want to see the mix of work, right? There's a procurement component of it that can put pressure on margins. So very much, I think that it's the right thing to be looking at this year. And being kind of prudent guidance, we want to get more visibility. And on a go-forward basis, very confident in our ability to execute at this level and then giving us the upside opportunities as we execute through contingencies.

因此，我們對我們在這些利潤率和上行機會水平上執行的能力仍然充滿信心。但我們希望看到工作的混合，對吧？其中的採購部分可能會對利潤率造成壓力。所以，我認為今年應該要關注的是正確的事。作為一種謹慎的指導，我們希望獲得更多的知名度。在前進的基礎上，我們對我們在這個水平上的執行能力非常有信心，然後在我們執行突發事件時給我們帶來上升的機會。

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

我們的下一個問題來自 B. Riley 的 Alex Rygiel。

Very nice quarter, gentlemen. Just one quick question here. How do you view the federal regulatory environment currently? At times in the past, it hampered growth. At other times, it's enhanced growth. How do you see it developing here 1 year into a Biden administration?

非常好的季度，先生們。這裡只有一個簡單的問題。您如何看待目前的聯邦監管環境？過去有時它會阻礙成長。在其他時候，它會促進成長。您如何看待拜登執政一年後的發展？

Yes. Thanks, Alex. When we look at it, the overall transition, the energy transition, I believe, is intact. Under any administration, we believe that the sentiment towards carbon-free is certainly there, whether it be hydrogen, renewables, balance of plant solar, it doesn't matter. We believe that ship has settled.

是的。謝謝，亞歷克斯。當我們審視它時，我相信整體轉型、能源轉型是完好無損的。在任何政府領導下，我們相信對無碳的情緒肯定存在，無論是氫、再生能源、植物太陽能的平衡，這並不重要。我們相信這艘船已經安定下來。

As far as trying to help with different -- as far as siting, permitting, certainly Build Back Better, those things are all helpful. But either way, I mean, the programmatic spend underneath, if you go into electric vehicles, if you're going to put that many electric vehicles in the systems, your distribution system has to move in a much, much different manner with decades worth of work to be done to modernize as well as the same with renewables coming on to the systems. The modernization, the way it has to work and the interconnections are something that I think goes unnoticed in the amount of work that needs to be done on the grid.

至於試圖提供不同的幫助——就選址、允許、當然重建得更好而言，這些事情都是有幫助的。但無論哪種方式，我的意思是，如果你進入電動車領域，如果你要將那麼多電動車放入系統中，那麼你的配電系統必須以一種非常非常不同的方式移動，價值數十年現代化方面需要做的工作以及系統中再生能源的應用也是如此。我認為現代化、其工作方式和互連在電網上需要完成的大量工作中被忽視了。

So those type of things are there. Obviously, if we push an interest way high, it would concern everyone. And we're certainly cognizant of hiatus, what it does to an economy. It can push it down. So we're certainly watching that as well.

所以這些類型的東西就在那裡。顯然，如果我們把興趣推得很高，每個人都會擔心。我們當然認識到間歇期及其對經濟的影響。它可以把它壓下去。所以我們當然也在關注這一點。

Our next question is coming from Noelle Dilts of Stifel.

我們的下一個問題來自 Stifel 的 Noelle Dilts。

Just quickly on underground. Could you walk through the key factors that are allowing you to guide for record margins in 2022, though revenues are about 20% less than the 2019 peak? And is this a full recovery? Or is there still more recovery in '23 that you're expecting?

很快就到了地下。儘管收入比 2019 年的峰值低了約 20%，但您能否介紹一下讓您在 2022 年實現創紀錄利潤率的關鍵因素？這是完全康復嗎？或者說 23 年還會有更多的復甦嗎？

Thanks, Noelle. I think when we looked at our underground segment, we thought the industrial business would come back strong. And certainly, as it sits today, it's coming back strong. And so that's a turnaround. We also -- the Limetree adjustment that was in there last year, it was not there on a go-forward basis. So you get some movement there as well. Those 2 things are really driving it up.

謝謝，諾艾爾。我認為，當我們審視地下業務時，我們認為工業業務將會強勁復甦。當然，從今天的情況來看，它正在強勢回歸。這是一個轉機。我們也——去年進行了 Limetree 調整，但並沒有繼續進行。所以你也會在那裡得到一些運動。這兩件事確實推動了它的發展。

Canada, Australia both are energy economies that have been depressed over the last 24 months and are certainly moving in the right direction. And so we really like where we sit in both Australia and Canada. You add all that up and then what we've done on the LDC business and how we're leveraging at the operating level in the field allows all segments to move up. So I do believe as we operate as a portfolio, it will ultimately pull up all segments as we go forward.

加拿大和澳洲都是能源經濟體，在過去 24 個月裡一直處於低迷狀態，但無疑地朝著正確的方向發展。所以我們真的很喜歡我們在澳洲和加拿大的位置。將所有這些加起來，然後我們在最不發達國家業務上所做的事情以及我們在該領域的營運層面上的利用方式使所有細分市場都得以提升。因此，我確實相信，當我們作為一個投資組合運作時，隨著我們的前進，它最終將拉動所有細分市場。

And I'll let Derrick comment...

我會讓德里克發表評論...

Yes. The only thing I'd comment to is just that thinking all the way back to a pre-COVID environment, we actually were guiding to a similar type of margin expectation. And so it's just taken us down a couple of years to get through both on the industrial, Canada and Australia. So I'd argue that we're very similar to where we were in a pre-COVID environment. And I think this is a good step towards us getting to that upper single digits we've been talking about being able to return to as we look forward on a multiyear basis.

是的。我唯一要評論的是，回想新冠疫情之前的環境，我們實際上是在指導類似的利潤預期。因此，我們只花了幾年時間就完成了工業、加拿大和澳洲的任務。所以我認為我們與新冠疫情爆發前的環境非常相似。我認為，這是朝著我們一直在談論的高個位數邁出的一步，我們期待在多年的基礎上能夠回到這個高個位數。

Yes. And I think where we're at now is we're early in a way that we're operating the portfolio of the companies. For us to guide there, that's good. We're getting there. But certainly, we're not satisfied with that. We believe we can operate the segment in upper single digits.

是的。我認為我們現在所處的位置是我們在營運公司投資組合方面還處於早期階段。由我們來指導，這很好。我們快到了。但當然，我們並不滿足於此。我們相信我們可以以較高的個位數來運作該部門。

Our final question today is coming from Gus Richard of Northland.

我們今天的最後一個問題來自北國的格斯理查德。

Congratulations on a good quarter. I was curious about the underground business. And how much are you seeing in the energy transition to hydrogen? And how much are you seeing Integrity as people try to mitigate the methane leaks?

恭喜您度過了一個美好的季度。我對地下生意很好奇。您認為能源向氫的轉變有多大？當人們試圖減少甲烷洩漏時，您在多大程度上看到了誠信？

Yes. I mean we saw that early, and I think we invested in the LDC business quite a bit. We've grown it, and there's certainly a multitude of capital deployment there over 30-year periods across the board. So the methane release that we've seen, certainly, that's part of that LDC business that's growing nicely.

是的。我的意思是，我們很早就看到了這一點，而且我認為我們在路易達孚業務上投入了大量資金。我們已經發展了它，而且在過去 30 年的時間裡，肯定有大量的資本部署在那裡。因此，我們所看到的甲烷排放當然是最不發達國家業務成長良好的一部分。

Hydrogen, carbon sequestration and certainly a piece of it, we will certainly lead the way there. Many teams that are doing that. We're early, but I do think hydrogen blend, hydrogen and green hydrogen will be something we talk about quite a bit. As you saw batteries 3 or 4 years ago -- 5 years ago, we were talking about batteries. And I think they're certainly prevalent today and moving forward.

氫、碳封存，當然還有其中的一部分，我們一定會帶路。許多團隊正在這樣做。我們還很早，但我確實認為混合氫、氫和綠氫將是我們經常討論的話題。正如您在 3 或 4 年前——5 年前看到的電池一樣，我們正在談論電池。我認為它們在今天肯定很流行，並且會繼續發展。

So the same thing with hydrogen, we're just -- we're a little early. But I do think the company sees that and is in front of that in many ways to make sure that we capture that market share in that segment. So certainly, when we think through it, we're definitely -- see hydrogen as being a part of the solution of energy transition.

所以對於氫來說也是如此，我們只是——我們有點早了。但我確實認為該公司已經看到了這一點，並且在許多方面都走在了前面，以確保我們佔領該細分市場的市場份額。因此，當我們仔細思考時，我們肯定會認為氫是能源轉型解決方案的一部分。

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

此時，我想將發言權交還給管理層，以徵求任何補充意見或結束意見。

Yes. I want to thank the men and women on the field that are out in the inclement weather doing the things that they do after a storm here, tough environments. They continue to execute at very, very high levels safely. So we're proud of that and proud of them.

是的。我要感謝球場上的男女，他們在惡劣的天氣和艱苦的環境中在暴風雨過後所做的事情。他們繼續以非常非常高的水平安全地執行任務。所以我們為此感到自豪，也為他們感到自豪。

With that, I'd like to thank you all for participating in our conference call. We appreciate your questions and your ongoing interest in Quanta Services. Thank you. This concludes our call.

在此，我要感謝大家參加我們的電話會議。我們感謝您的提問以及您對廣達服務的持續關注。謝謝。我們的通話到此結束。

Ladies and gentlemen, thank you for your participation. This concludes today's teleconference. You may disconnect your lines at this time, and enjoy the rest of your day.

女士們、先生們，感謝您的參與。今天的電話會議到此結束。此時您可以斷開線路，享受剩下的一天。