Quanta Services Inc (PWR) 2024 Q2 法說會逐字稿

Greetings, and welcome to the Quanta Services second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加廣達服務 2024 年第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Kip Rupp, Vice President of Investor Relations. Thank you, sir. You may begin.

現在我很高興向您介紹主持人，投資者關係副總裁 Kip Rupp。謝謝你，先生。你可以開始了。

Thank you and welcome, everyone, to the Quanta Services second-quarter 2024 earnings conference call. This morning, we issued a press release announcing our second-quarter 2024 results, which can be found in the Investor Relations section of our website at quantaservices.com. This morning, we also posted our second-quarter 2024 operational and financial commentary and our 2024 outlook expectation summary on Quanta's Investor Relations website.

謝謝並歡迎大家參加廣達服務 2024 年第二季財報電話會議。今天早上，我們發布了一份新聞稿，宣布了 2024 年第二季的業績，您可以在我們網站的投資者關係部分找到該業績：Quantaservices.com。今天上午，我們也在廣達投資者關係網站上發布了 2024 年第二季度營運和財務評論以及 2024 年展望展望摘要。

While management will make brief introductory remarks during this morning's call, the operational and financial commentary is intended to largely replace management's prepared remarks, allowing additional time for questions from the institutional investment community. Please remember that information reported on this call speaks only as of today, August 1, 2024. And therefore, you are advised that any time-sensitive information may no longer be accurate as of any replay of this call.

雖然管理層將在今天早上的電話會議上發表簡短的介紹性發言，但營運和財務評論旨在很大程度上取代管理層準備好的發言，從而為機構投資界的提問留出更多時間。請記住，本次電話會議報告的資訊僅截至今天（2024 年 8 月 1 日）。因此，我們建議您，任何對時間敏感的資訊在本次通話重播後可能不再準確。

This call will include forward-looking statements and information intended to qualify under the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1995, including statements reflecting expectations, intentions, assumptions, or beliefs about future events or financial performance that -- 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和訊息，旨在根據1995 年《私人證券訴訟改革法案》規定的安全港規定，免除其責任，包括反映對未來事件或財務業績的預期、意圖、假設或信念的陳述：或不僅僅與歷史或當前事實相關。

You should not place undue reliance on these statements as they 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.

您不應過度依賴這些陳述，因為它們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，並且實際結果可能與明示或暗示的結果有重大差異。

We will also present certain historical and forecasted non-GAAP financial measures. Reconciliations of these financial measures to their most directly comparable GAAP financial measures are included in our earnings release and operational and financial commentary. Please refer to these documents for additional information regarding our forward-looking statements and non-GAAP financial measures.

我們也將介紹某些歷史和預測的非公認會計準則財務指標。這些財務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以及營運和財務評論中。請參閱這些文件，以了解有關我們的前瞻性陳述和非公認會計準則財務指標的更多資訊。

Lastly, please sign up for email alerts through the Investor Relations section of quantaservices.com to receive notifications of news releases and other information and follow Quanta IR and Quanta Services on the social media channels listed on our website.

最後，請透過Quantaservices.com 的投資者關係部分註冊電子郵件提醒，以接收新聞稿和其他資訊的通知，並在我們網站上列出的社交媒體管道上關注Quanta IR 和Quanta Services。

With that, I would like to now turn the call over to 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 (Duke Austin)。公爵？

Thanks, Kip. Good morning, everyone, and welcome to the Quanta Services second-quarter 2024 earnings conference call. Quanta's first half of the year is off to a good start, the second-quarter results highlighted by another quarter of double-digit growth in revenue, adjusted EBITDA, and adjusted earnings per share, record total backlog of $31.3 billion, and strong cash flow.

謝謝，基普。大家早安，歡迎參加廣達服務 2024 年第二季財報電話會議。廣達上半年開局良好，第二季業績突出，營收、調整後 EBITDA 和調整後每股收益再創兩位數增長，未完成訂單總額達創紀錄的 313 億美元，現金流強勁。

We believe our results reflect the power of our portfolio, sound execution, and continued demand for our services, driven by our customers' multi-year programs to build the renewable generation and power grid infrastructure necessary to support North America's energy transition, load growth, security, and reliability.

我們相信，我們的業績反映了我們產品組合的力量、良好的執行力以及對我們服務的持續需求，這些需求是由客戶多年計劃推動的，這些計劃旨在建設支持北美能源轉型、負載增長、安全性和可靠性。

We recently completed the acquisition of Cupertino Electric or CEI, which provides a platform of new service lines and dynamic customer base, which includes technology companies driving load growth and demand for renewable energy. CEI brings an exceptional management team and a premier craft-skilled workforce that complements Quanta's culture and will create a comprehensive, self-performed, electric-infrastructure solutions offering for renewable developers, utilities, and large power consumers from electron generation to transmission to consumption.

我們最近完成了對庫比蒂諾電力公司（Cupertino Electric）或 CEI 的收購，該公司提供了一個新服務線和動態客戶群的平台，其中包括推動負載成長和再生能源需求的科技公司。CEI 擁有一支卓越的管理團隊和一流的技術熟練的員工隊伍，與廣達的文化相得益彰，並將創建全面的、自我執行的電力基礎設施解決方案，為可再生能源開發商、公用事業和大型電力消費者提供從電子發電到輸電到消費的服務。

Utilities across the United States are experiencing and forecasting meaningful increases in power demand for the first time in many years, driven by the adoption of new technologies and related infrastructure, including artificial intelligence and data centers, as well as federal and state policies designed to accelerate the energy transition, and policies intended to strategically reinforce the domestic manufacturing and supply chain resources.

在採用新技術和相關基礎設施（包括人工智慧和資料中心）以及旨在加速電力需求的聯邦和州政策的推動下，美國各地的公用事業公司多年來首次經歷並預測電力需求將出現有意義的成長。

There is momentum building across our portfolio of solutions. With the complexities of the energy transition, its impact on the power grid, and the significant upgrades and enhancements required to facilitate load growth, our collaborative solution-based approach is valued by our clients more than ever.

我們的解決方案組合正在形成動力。由於能源轉型的複雜性、其對電網的影響以及促進負載成長所需的重大升級和增強，我們基於協作解決方案的方法比以往任何時候都更受到客戶的重視。

We continue to look forward to realization of our multi-year strategic initiatives and the goals we expect to achieve in the coming years. We are positioning Quanta for decades of expected necessary infrastructure investment and believe our service line diversity creates platforms for growth that expand our total addressable market.

我們繼續期待實現我們的多年戰略舉措以及我們期望在未來幾年實現的目標。我們將廣達定位為數十年預期的必要基礎設施投資，並相信我們的服務線多樣性創造了成長平台，從而擴大了我們的整體目標市場。

Our portfolio approach and focus on craft-skilled labor is a strategic advantage that we believe provides us the ability to manage risk and shift resources across service lines and geographies, which is increasingly important as the energy transition and new technology add complexity to infrastructure programs.

我們的投資組合方法和對技術熟練勞動力的關注是一項戰略優勢，我們相信它使我們能夠管理風險並跨服務線和地域轉移資源，隨著能源轉型和新技術增加基礎設施項目的複雜性，這一點變得越來越重要。

We believe our diversity and portfolio approach has also improved our cash flow and returns profile and positions us well to allocate resources to the opportunities we find the most economically attractive and to achieve operational efficiencies and consistent financial results.

我們相信，我們的多元化和投資組合方法也改善了我們的現金流量和回報狀況，並使我們能夠將資源分配給我們認為最具經濟吸引力的機會，並實現營運效率和一致的財務表現。

I will now turn the call over to Jayshree Desai, Quanta's CFO, to provide a few remarks about our results and 2024 guidance. And then we'll take your questions. Jayshree?

我現在將把電話轉給廣達財務長 Jayshree Desai，就我們的業績和 2024 年指導提供一些評論。然後我們將回答您的問題。傑什裡？

Thanks, Duke. And good morning, everyone. This morning, we reported second-quarter revenues of $5.6 billion, net income attributable to common stock of $188.2 million or $1.26 per diluted share, and adjusted diluted earnings per share of $1.90. Adjusted EBITDA was $523.2 million or 9.4% of revenues. We generated healthy cash flows in the second quarter with cash flow from operations of $391.3 million and free cash flow of $258.6 million.

謝謝，杜克。大家早安。今天上午，我們報告第二季營收為 56 億美元，普通股淨利潤為 1.882 億美元，稀釋後每股收益為 1.26 美元，調整後稀釋每股收益為 1.90 美元。調整後 EBITDA 為 5.232 億美元，佔營收的 9.4%。第二季我們產生了健康的現金流，營運現金流為 3.913 億美元，自由現金流為 2.586 億美元。

This earnings and cash flow performance allowed us to end the second quarter with ample liquidity and a balance sheet that supports both our organic growth expectations and the opportunistic deployment of capital to generate incremental returns for our stockholders.

這種獲利和現金流表現使我們能夠在第二季結束時擁有充足的流動性和資產負債表，既支持我們的有機成長預期，又支持機會主義的資本部署，為股東創造增量回報。

To that end, and as Duke commented, subsequent to the end of the second quarter, we completed the acquisition of CEI for upfront consideration of approximately $1.5 billion, excluding cash acquired and subject to customary adjustments.

為此，正如杜克所說，第二季末後，我們完成了對 CEI 的收購，前期對價約為 15 億美元，不包括所收購的現金和按慣例調整的現金。

We funded $1.3 billion of the transaction with a combination of cash on hand, borrowings under our existing commercial paper program, and a new short-term loan facility, and we are currently evaluating debt refinancing options.

我們透過手頭現金、現有商業票據計劃下的借款以及新的短期貸款安排為此次交易提供了 13 億美元的資金，目前我們正在評估債務再融資方案。

This morning, we also provided an update to our full-year 2024 financial expectations, which calls for another year of profitable growth, with record revenues and opportunity for double-digit growth in adjusted EBITDA, adjusted earnings per share, and free cash flow.

今天上午，我們也更新了 2024 年全年財務預期，預計又一年實現盈利增長，收入創紀錄，調整後 EBITDA、調整後每股收益和自由現金流有機會實現兩位數增長。

Of note, our increased guidance for revenues, adjusted EBITDA, and adjusted diluted earnings per share was attributable to the expected contribution from CEI. But otherwise, our prior guidance for these financial metrics remain unchanged.

值得注意的是，我們對營收、調整後 EBITDA 和調整後稀釋每股盈餘的指導上調歸因於 CEI 的預期貢獻。但除此之外，我們之前對這些財務指標的指導保持不變。

We believe our expectations demonstrate the strength of our portfolio approach to the business, our commitment to our long-term strategy, favorable end market trends, and our competitive position in the marketplace. Additional details and commentary about our 2024 financial guidance can be found in our operational and financial commentary and outlook expectation summary, both of which are posted on our IR website.

我們相信，我們的期望證明了我們業務組合方法的實力、我們對長期策略的承諾、有利的終端市場趨勢以及我們在市場中的競爭地位。有關我們 2024 年財務指引的更多詳細資訊和評論，請參閱我們的營運和財務評論以及前景預期摘要，兩者均發佈在我們的 IR 網站上。

With that, we are happy to answer your questions. Operator?

至此，我們很高興回答您的問題。操作員？

(Operator Instructions) Justin Hauke, Baird.

（操作員說明）Justin Hauke，Baird。

Great. Thank you very much. Good morning, everybody. I guess, maybe to start with just kind of a question of maybe the moving pieces, positives and negatives within kind of your organic outlook, you said you're back here to unchanged.

偉大的。非常感謝。大家早安。我想，也許首先要問一個問題，即你的有機前景中的積極因素和消極因素，你說你回到了這裡，沒有改變。

I guess, it seems like some of your peers would maybe say that some of the base kind of low voltage, I don't know if you want to call it more like retail market demand, maybe in your underground business too, is a little bit weaker, some pressure with the utilities.

我想，你的一些同行可能會說，一些基本的低電壓，我不知道你是否想更像零售市場需求，也許在你的地下生意中，有點有點弱，公用事業公司有一些壓力。

Offsetting storm was pretty good here. And I guess you had Hurricane Beryl, obviously, locally to you first couple of weeks of this month. I guess can you just give us a little bit of the lay of the land of maybe what's moving a little bit stronger and what's a little bit weaker overall getting you back to the same place for your outlook for the year?

抵消風暴在這裡相當不錯。我想在本月的前幾週，您當地顯然遭遇了颶風「貝裡爾」。我想您能否為我們介紹一下整體情況，看看整體上哪些因素會走強，哪些因素會減弱，從而讓您對今年的展望回到同樣的水平？

Yes. Thanks, Justin. I think we've said all along that we run a portfolio, and we look at it as a portfolio. So the portfolio is performing as expected, and I expect it to continue. When we think through just the pushes and pulls for the most part, the business is performing well better than what we anticipated in many cases. But I do think you see some delineation between segments where you can have a segment that's a little off here or there.

是的。謝謝，賈斯汀。我想我們一直在說我們經營一個投資組合，並且我們將其視為一個投資組合。因此，該投資組合的表現符合預期，我預期它會繼續下去。當我們考慮到大多數情況下的推動和拉動時，企業的表現在許多情況下都比我們的預期要好。但我確實認為您會看到片段之間的一些界限，您可以在其中有一個有點偏離的片段。

I would point out that our UIs, when we forecasted the outlook on it, certainly, there's mix and shift of work there. Utilities, when you think about their CapEx budgets, as they look at their own budgets, especially ones that have gas and electric, many of them are ahead of their leak replacements or don't have the capital there, so they need the capital over into underground distribution, transmission, whatever it may be, and it offsets into another segment for us.

我想指出的是，當我們預測其前景時，我們的使用者介面肯定會存在工作的混合和轉移。公用事業公司，當你考慮他們的資本支出預算時，當他們考慮自己的預算時，尤其是那些有天然氣和電力的預算，他們中的許多人都提前進行了洩漏更換，或者沒有那裡的資本，所以他們需要超過進入地下分配、傳輸，無論是什麼，它對我們來說進入了另一個部分。

So that shift of work there, there's larger projects to move back and forth. We like the underground business. It's healthy. It will continue. We will certainly take a conservative approach to how we look at that segment, starts and stops on our large diameter pipe into that nature.

因此，工作的轉移意味著更大的專案需要來回移動。我們喜歡地下生意。它很健康。它將繼續。我們肯定會採取保守的方法來看待該部分，在我們的大直徑管道上開始和停止到這種性質。

We've always said we guide to $500 million, and we don't need it to make it. So I stand by that. We don't need it to make to the midpoint of the range. The midpoint of the range is [$8.60], and it's also 15% organic growth at the midpoint of EPS. So I'll say that again, 15% organic growth at the midpoint.

我們一直說我們的目標是 5 億美元，但我們並不需要它來實現這一目標。所以我堅持這一點。我們不需要它達到範圍的中點。該範圍的中點是 [8.60 美元]，每股收益中點的有機成長也是 15%。所以我再說一遍，中間有機成長 15%。

Okay, great. Thanks. And then I guess maybe the second one is for Jayshree. The renewables margins were really strong here in the quarter, but you mentioned there was still the drag from the handful of projects that you called out in the first quarter. I think in the Q last quarter, the hit from those was about $22 million. Do you have a similar number for 2Q, just so we can have an understanding of what the margins would have been, excluding that drag?

好的，太好了。謝謝。然後我想也許第二個是給 Jayshree 的。本季再生能源利潤率確實很高，但您提到第一季的少數項目仍然受到拖累。我認為在上個季度的季度中，這些影響約為 2,200 萬美元。您是否有第二季的類似數字，以便我們了解排除阻力後的利潤率是多少？

Yes. We had a little bit of a drag continue from one of those projects into the second. You'll see in the Q, it's around $20 million. But the overall segment performed very well better than we expected, overcame those challenges from the projects you mentioned in the first quarter. So we're pleased at where that segment is heading.

是的。從其中一個項目到第二個項目，我們遇到了一些阻礙。你會在 Q 中看到，大約是 2000 萬美元。但整體部門的表現比我們預期的要好，克服了您在第一季提到的專案帶來的挑戰。因此，我們對該細分市場的發展方向感到高興。

Yes, and I'll add, we're performing really well there. There was the 95% or 99.9% of the projects that performed above what we thought as well. We just don't get to point those out.

是的，我要補充一點，我們在那裡的表現非常好。95% 或 99.9% 的專案表現也超出了我們的預期。我們只是無法指出這些。

Yes. The margins were strong, so it sounds like $20 million was still kind of the same source of pressure in the segment, so -- okay, great.

是的。利潤率很高，所以聽起來 2000 萬美元仍然是該領域的相同壓力源，所以——好吧，太好了。

We've stated three projects. It's the same, and there was some drag in the segment, some drag on it. But as they clear out, you can see they performed in kind of double-digit ranges on the way out.

我們已經提出了三個項目。都是一樣的，段裡有些阻力，有些阻力。但當他們出局時，你可以看到他們在出局時的表現達到了兩位數。

Yes. Going forward, that's baked into our expectations. That's what you're seeing with the back-half strength. And we feel like we've got the execution on those things under control, and we're confident in our back-half expectations on renewables.

是的。展望未來，這已成為我們的期望。這就是你在後半場力量中看到的。我們覺得我們已經控制了這些事情的執行，並且我們對再生能源的後半期期望充滿信心。

Great. Okay, thank you. Thank you for taking my questions.

偉大的。好的謝謝。感謝您回答我的問題。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc 資本市場。

Yes, thanks. Good morning -- for taking my questions. So Duke, if I can go back to the earlier question, early this year, you had talked about a shift between transmission and distribution spending. And so far, we are seeing that utility CapEx budgets are under 50% for the first half. So can you help us understand what you're seeing now for the second half, if we should see a ramp back in that distribution spend, or are you still seeing air pockets there?

對了謝謝。早安——回答我的問題。杜克，如果我可以回到之前的問題，今年早些時候，您曾談到輸電和配電支出之間的轉變。到目前為止，我們看到上半年公用事業資本支出預算低於 50%。那麼，您能否幫助我們了解您現在在下半年看到的情況，我們是否會看到分銷支出有所回升，或者您仍然看到空氣袋？

Yes. I mean, I think when you look at our transmission distribution as a service line and not as a segment, we're up 9% for the year. So we haven't seen too much of a drag. Whether it be T or D, we were able to shift from one to the other, so you get some segmentation delineation as we said last time. They were up 9% if you just look at the work itself.

是的。我的意思是，我認為當你將我們的輸電配電視為一條服務線而不是一個細分市場時，你會發現我們今年成長了 9%。所以我們沒有看到太多的阻力。無論是 T 還是 D，我們都能夠從一種轉換到另一種，因此您會得到一些分段描述，正如我們上次所說的那樣。如果你只看作品本身，它們就上漲了 9%。

So that said, yes, there's movements around utilities. And whether they're at T or D, we have great deal of EV penetration out West. And so you're seeing some distribution spend there come into the budgets because of the penetration. We've said before, 70% of EV sales are in California in the States. And so that's pushing. I will say that you can see the push on the distribution system, and it validates what we've been saying as that push -- I can't tell you the pace of it.

也就是說，是的，公用事業領域正在改變。無論是在 T 還是 D，我們在西部都有大量的電動車普及率。因此，由於滲透率，您會看到一些分銷支出進入了預算。我們之前說過，70%的電動車銷量來自美國的加州。所以這就是推動。我想說的是，你可以看到對分發系統的推動，它驗證了我們所說的推動——我無法告訴你它的速度。

If it slows down, certainly, it will slow down. But nevertheless, as it pushes through, it certainly impacts our distribution systems as you're seeing in California, where the load is substantial. There's a rebuild ongoing out there, and I think that will continue as you push into EV.

如果它慢下來，它肯定會慢下來。但儘管如此，隨著它的推進，它肯定會影響我們的配電系統，正如您在加州看到的那樣，那裡的負載很大。重建工作正在進行中，我認為隨著電動車的發展，重建工作將會持續下去。

So it doesn't -- you have storm hardening in areas which are coming into play. We're strengthening, certainly, in the back half. You can see it in the numbers. And we like where we sit, and we're able to -- the portfolio has allowed us to go through the transition.

所以事實並非如此——在發揮作用的地區，風暴硬化了。當然，我們在後半場正在加強。你可以從數字中看到這一點。我們喜歡我們所處的位置，而且我們能夠——該投資組合使我們能夠經歷轉型。

There is ups and downs with different utilities, regulatory impacts, things of that nature. We're ahead of those things. We know what's coming. So the company has done a really nice job of putting ourselves in great positions to take advantage of our portfolio as we move through the year.

不同的公用事業、監管影響以及類似性質的事情都會有起有落。我們在這些方面處於領先地位。我們知道將會發生什麼。因此，該公司做得非常出色，讓我們在這一年中處於有利的位置，可以充分利用我們的投資組合。

Great. That's very helpful. Thanks. And if maybe this one is for Jayshree. On the renewables book-to-bill in the quarter, how much do you think was a result of SunZia burning at high rates? And how much was it an actual lag in booking renewables maybe?

偉大的。這非常有幫助。謝謝。如果這可能是給 Jayshree 的。就本季的再生能源訂單出貨量而言，您認為有多少是 SunZia 高速率燃燒的結果？預訂再生能源的實際滯後程度可能是多少？

Yes. For sure, the SunZia burn has an impact on that burn, but we are booking work. In fact, as we pointed out, we're booking additional work past the quarter. But we are held to a higher comp because of that SunZia impact from last year, no doubt about it. But work is coming, we still feel very good about the year, and we continue to book work in that segment. (Multiple speakers)

是的。當然，SunZia 燒傷對燒傷有影響，但我們正在預訂工作。事實上，正如我們所指出的，我們正在預訂本季之後的額外工作。但毫無疑問，由於去年 SunZia 的影響，我們維持了更高的薪資。但工作即將到來，我們仍然對這一年感覺非常好，我們繼續預訂該領域的工作。（多位發言者）

I would add that the top line is one thing. But I also think that there's margin accretion in this segment as well that will certainly look differently in next year as we operate better through and execute better through this work. And I'm not concerned at this point around the top as well, right?

我想補充一點，最上面的一行是一回事。但我也認為，隨著我們透過這項工作更好地運作和執行，明年這一領域的利潤率肯定會有所不同。我現在也不擔心頂部的情況，對吧？

We see growth. We see growth in '25, right? SunZia will be there in '25, and we've always said you'll have some stacking effect along the way as the CAGR, the growth, and multi-year outlook, we've talked about it over and over and over again that you will stack on top of your base. Your base grows nicely. We stack some larger projects on top. That stacking effect is certainly there and will continue.

我們看到了成長。我們在 25 年看到了成長，對嗎？SunZia 將在 25 年出現，我們一直說，隨著複合年增長率、增長和多年前景，你會產生一些疊加效應，我們已經一遍又一遍地談論它您將堆放在底座頂部。你的基地發展得很好。我們在上面堆放一些較大的項目。這種疊加效應肯定存在並將持續下去。

Helpful. Thank you.

有幫助。謝謝。

Brian Brophy, Stifel.

布萊恩·布羅菲，斯蒂菲爾。

Yes, thanks. Good morning, everybody. I just wanted to stick with renewable energy here. Obviously, there's some trade uncertainty out there, election uncertainty out there. Are you guys seeing any impact from this from customers? Are customers pulling back away at all as we await some clarity? Just curious what you're hearing and seeing there. Thanks.

對了謝謝。大家早安。我只是想在這裡堅持使用再生能源。顯然，存在一些貿易不確定性和選舉不確定性。你們看到客戶對此有什麼影響嗎？當我們等待澄清時，客戶是否會退縮？只是好奇你在那裡聽到和看到什麼。謝謝。

A couple of things on the renewable side, I think you have a technology sector that is certainly backstopping most -- everything when you consider elections and the way the budgets are. From our standpoint, technology continues to want renewable generation, and they're driving. Whether it be chips or data centers or hyperscalers or whatever, they're driving the renewable business behind the -- what you would consider policy from [load switching].

在再生能源方面，我認為技術部門無疑是最有支持的——當你考慮選舉和預算方式時，這一切都是如此。從我們的角度來看，科技仍然需要再生能源發電，而且它們正在推動這一趨勢。無論是晶片、資料中心、超大規模企業或其他什麼，它們都在推動再生能源業務的發展——你會認為政策來自[負載切換]。

So that drive will continue to -- as far as I'm concerned, the Republican or Democratic has done well in both. We've been pretty agnostic as to what party is in power. And that drive in the backstop of technology is what's driving the load growth, which continues. And whether it's renewables or gas-fired generation to back it, all those things play in certainly into where we're at. And the cheapest kind of generation is transmission. The country still needs a significant amount of transmission to facilitate any kind of fuel switching or load growth.

因此，這種動力將繼續下去——就我而言，共和黨或民主黨在這兩方面都做得很好。我們對於哪個政黨執政一直非常不可知。而技術支援的推動力正是負載持續成長的動力。無論是再生能源還是燃氣發電來支持它，所有這些都肯定會影響我們所處的位置。最便宜的發電方式是傳輸。該國仍需要大量的輸電來促進任何類型的燃料轉換或負載成長。

That's helpful. Thanks. And then I just want to ask about TS Conductor. Can you talk about details on that investment? What was the rationale there? And just broadly, how are you thinking about opportunities in the manufacturing space? This is now the second deal you guys have done with the manufacturer here in the last year. Thanks.

這很有幫助。謝謝。然後想問一下 TS Conductor 的狀況。能談談這項投資的細節嗎？這樣做的理由是什麼？總的來說，您如何看待製造領域的機會？這是去年你們與製造商完成的第二筆交易。謝謝。

Yes. What you have is small investment there, an alignment really to understand where we're at. And we like the technology. We think it's helpful when you're talking about -- we do a lot of energized reconductoring or reconductoring in these corridors. And being a part of that solution, great customer base in there, that's invested as well. So we invested alongside our customers as well, and we like the technology. We know a lot about it. We have worked many years [with one conductor]. So we think it's a good technology. It has some solutions across the board and certainly something we want to be a part of.

是的。你所擁有的只是小額投資，真正了解我們所處的位置。我們喜歡這項技術。我們認為，當你談論時，這很有幫助——我們在這些走廊裡進行了很多充滿活力的重新指揮或重新指揮。作為該解決方案的一部分，那裡有巨大的客戶群，這也得到了投資。因此，我們也與客戶一起投資，我們喜歡這項技術。我們對此了解很多。我們工作了很多年[用一根導體]。所以我們認為這是一項很好的技術。它有一些全面的解決方案，當然我們也想參與其中。

I appreciate it. I'll pass it on. Thank you.

我很感激。我會把它傳遞下去。謝謝。

Jamie Cook, Truist.

傑米·庫克，真理主義者。

Hi, good morning. My first question, just on underground and utility, I think in the quarter, you mentioned a mix issue. If you could elaborate on that. And I think you lowered your margin target, just why? I'm wondering how Stronghold is performing given some -- you're hearing industrial weakness in other parts of the industrial landscape.

早安.我的第一個問題，關於地下和公用事業，我認為在本季度，您提到了混合問題。如果你能詳細說明一下。我認為你們降低了利潤目標，為什麼呢？我想知道要塞的表現如何，因為你聽到了工業領域其他部分的工業疲軟。

And then my second question, Duke, is for you just strategically. You've had some pretty good success recently with M&A. And some of the questions I get from investors are it's going to be harder for Quanta to continue to grow organically just because of the [law], large numbers start to work against them.

杜克，我的第二個問題只是策略性地問你。您最近在併購方面取得了相當大的成功。我從投資者那裡得到的一些問題是，僅僅因為[法律]，廣達將很難繼續有機增長，大量的人開始對他們不利。

And with your success in acquisitions, I'm just wondering, going forward, should we expect greater balance or even potentially more growth or the portfolio driven by M&A versus organic growth, if the mix shifts more to M&A versus organic growth for those reasons. Thank you.

隨著您在收購方面取得成功，我只是想知道，展望未來，如果出於這些原因，組合更多地轉向併購而不是有機增長，我們是否應該期望更大的平衡，甚至可能更多的增長或由併購驅動的投資組合而不是有機成長。謝謝。

Thanks, Jamie. I'll go to the UI segment. The industrial business performed great. I think we set records there. I continue to believe that it will going forward. So we like the business. We invested in Evergreen. We like that business as well. So early in the year, we continue to see good margins. It stabilizes a lot of the fluctuations in it.

謝謝，傑米。我將轉到 UI 部分。工業業務表現優異。我認為我們在那裡創造了記錄。我仍然相信它會向前發展。所以我們喜歡這個行業。我們投資了長榮。我們也喜歡這項業務。今年年初，我們繼續看到良好的利潤率。它穩定了很多波動。

We did have some shift in business, some larger work that you can't predict when those things start. We never liked to. So I would just say, some of it just pushed our -- from my standpoint, I'm unwilling to put it in the forecast. It may come back in, but we're going to be prudent about how we look at it, and we are facing an election year and things of that nature. So we're going to be prudent about how we guide.

我們確實在業務上發生了一些轉變，一些更大的工作，你無法預測這些事情何時開始。我們從來不喜歡這樣做。所以我想說，其中一些只是推動了我們——從我的角度來看，我不願意將其納入預測。它可能會回來，但我們將謹慎對待它，我們正面臨選舉年和類似性質的事情。因此，我們將謹慎對待指導方式。

I didn't like the way it looked, and so we made some decisions on the UI segment. And then we had some MSA movement within the distribution business, LDC business, where you had some consolidated utilities move the capital from LDC into underground electric or storm hardening or whatever it may be. So we picked it up on the other side. We also moved those crews to the other side. It shows up in the renewables and electric segment. So most of the resources and things like that will move over.

我不喜歡它的外觀，因此我們在 UI 部分做出了一些決定。然後我們在配電業務、LDC 業務中進行了一些 MSA 運動，其中一些綜合公用事業公司將資本從 LDC 轉移到地下電力或風暴硬化或其他任何形式。所以我們從另一邊把它撿起來。我們也將這些人員轉移到了另一邊。它出現在再生能源和電力領域。所以大部分資源和類似的東西都會轉移。

We're not really -- our headcount is 58,000 plus today. So our headcount is up, and it was just a segment movement as well. So some shift there, some shift and outward work on bigger projects, but the industrial business, we like, and it's growing nicely. And we're conservative on guidance there.

事實上，我們今天的員工人數已超過 58,000 人。所以我們的人數增加了，這也只是一個部門的變動。因此，有些人會轉移到那裡，有些人會轉移到更大的項目上，但我們喜歡工業業務，而且它成長得很好。我們對這方面的指導持保守態度。

So M&A, I think you can't predict M&A when we look at it. I will say, organically over the past two years, you're growing at least at the EPS line 15% at the midpoint of our guide this year, and what we've done last year and probably the year before wouldn't surprise me. I didn't look that far back, but we've been able to grow the business organically, and I know a lot of big numbers and I look at them too.

所以併購，我認為當我們審視併購時，你無法預測它。我想說的是，在過去的兩年裡，你的每股盈餘線在我們今年指南的中點至少成長了 15%，我們去年甚至前年所做的事情不會讓我感到驚訝。我沒有回顧太久，但我們已經能夠有機地發展業務，而且我知道很多大數字，我也關注它們。

They were big when they -- it was a $1 billion company. They're big when its [$5 billion], and they're big when it's [$20 billion]. So we just have to put our heads down and go to work and execute. I'm not worried about what everyone else is doing. Quanta needs to focus on solutions, and we really have a good strategy on M&A. I like what we see. We acquired a great platform that provides them multi-verticals off of it. So I think we actually put ourselves in a position to have more M&A opportunities.

當他們是一家價值 10 億美元的公司時，他們就已經很大了。當它[50億美元]時它們就很大，當它[50億美元]時它們就很大[200億美元]。所以我們只需要埋頭苦幹、埋頭苦幹、執行到底。我不擔心其他人在做什麼。廣達需要專注於解決方案，我們在併購方面確實有很好的策略。我喜歡我們所看到的。我們獲得了一個出色的平台，為他們提供了多垂直領域的機會。所以我認為我們實際上使自己處於擁有更多併購機會的位置。

Now whether we do it or not, it just depends. It depends on the company. It depends on timing. We're going to be conservative with the balance sheet like we have been, leverage it. But I think you invest in Quanta for a couple of reasons. One, when we're going to execute our macro markets, and lastly, how we deploy free cash. And if we deploy free cash the way we have in the past decade, I like our chances going forward.

現在我們是否做，就看情況了。這取決於公司。這取決於時機。我們將像以前一樣對資產負債表持保守態度，並利用它。但我認為您投資廣達有幾個原因。第一，我們何時執行宏觀市場，最後，我們如何部署自由現金。如果我們像過去十年那樣部署自由現金，我喜歡我們未來的機會。

Thank you.

謝謝。

Thanks, ma'am.

謝謝，女士。

Michael Dudas, Vertical Research Partners.

麥可‧杜達斯 (Michael Dudas)，垂直研究合作夥伴。

Good morning, Kip, Duke, Jayshree.

早上好，基普、杜克、傑什裡。

Good morning.

早安.

Good morning.

早安.

Maybe update us on the communications business. You highlighted $900 million or so revenue this year. What's the tone of that business? It seems like you're probably targeting more value on the margin side relative to growth. And do you see some visibility as we move out the next couple of years? Any trends or client discussions that could give it some improved traction going forward?

也許可以向我們介紹通訊業務的最新情況。您強調了今年 9 億美元左右的收入。那生意的基調是什麼？看起來您可能會瞄準相對於成長而言的利潤方面的更多價值。當我們在未來幾年搬遷時，您會看到一些可見度嗎？有什麼趨勢或客戶討論可以為它帶來一些改進的牽引力嗎？

Yes, we like the business. I mean, I think it's not something that -- the company certainly has some nice clients, and we continue to invest with them and our resources. The business has always been fairly dynamic and moves quickly, and budgets move in and out. And so we're pretty, what I would call, prudent about how we invest in the business. We can grow it or not grow it, and it doesn't really impact us too much.

是的，我們喜歡這個行業。我的意思是，我認為這不是——公司當然有一些不錯的客戶，我們繼續與他們和我們的資源一起投資。該業務一直相當活躍且變化迅速，預算也不斷變化。因此，我們對如何投資業務非常謹慎。我們可以種植它，也可以不種植它，它對我們的影響並不大。

So the growth hasn't come from the segment at this point. Not to say it won't, we just haven't really pushed on it. I really look at customer bases, whether they're regulated, non-regulated, how much exposure we want to in communications, and how we invest and allocate capital.

因此，目前的成長並非來自該細分市場。並不是說不會，只是我們還沒有真正推動它。我確實關注客戶群，無論他們是受監管的還是不受監管的，我們希望在通訊領域有多少曝光度，以及我們如何投資和分配資本。

So as we see that, we make adjustments here or there to support our clients. But the business is fine, the RDOF money or whatever the nomenclature is these days. They say it's coming, it's coming, it's coming, big spins, big spins. I haven't seen it yet. When it gets there, I'm sure we'll grow.

因此，正如我們所見，我們會在這裡或那裡做出調整來支持我們的客戶。但生意很好，無論是 RDOF 資金還是現在的任何術語。他們說它來了，它來了，它來了，大旋轉，大旋轉。我還沒看到。當它到達那裡時，我確信我們會成長。

Got it. That's great. Thanks, Duke.

知道了。那太棒了。謝謝，杜克。

Sure.

當然。

Alex Rygiel, B. Riley Securities.

Alex Rygiel，B. Riley 證券公司。

Thank you. Good morning, Duke. A lot of tailwinds here driving your business. Any chance you could rank which ones might have the greatest impact on your business over the next three years?

謝謝。早上好，杜克。這裡有很多推動您業務發展的有利因素。您能否對未來三年內對您的業務影響最大的因素進行排名？

Yes. Alex, I think the customer base -- the technology customer base is what's driving load growth and what really gives me what I believe is something that we can point to that backstops most everything, the amount -- the demand side of that. And no matter how you think about it, if it's even half of what we're talking about from a gigawatt standpoint, it's substantial -- substantially more than anyone thought.

是的。亞歷克斯，我認為客戶群——技術客戶群是推動負載增長的因素，並且真正給了我我相信我們可以指出的東西，它支持了大多數事情，數量——需求方面。不管你怎麼想，如果它只是我們從千兆瓦的角度討論的一半，那麼它就很重要了——遠遠超過任何人的想像。

The capital budgets of our customers continue to rise, whether it be technology, whether it be utility. So that rise is certainly something that we can point to. But I would just say the backstop of technology against all things, power or data center, whatever it may be, is there. And then you roll it back and go on.

我們客戶的資本預算持續增加，無論是技術還是公用事業。因此，這種上升肯定是我們可以指出的。但我只想說，針對所有事物、電力或資料中心（無論是什麼）的技術支援是存在的。然後你將其回滾並繼續。

Do they have a product to sell? They absolutely do. I mean, I think people are willing to spend money on AI. People are willing to spend, so there is a product against the infrastructure that's necessary to be put in place. So I do believe the builds that are necessary to backstop generation are really being driven by technology. So I'll point to that at this point for the driver of growth.

他們有產品要賣嗎？他們絕對這樣做。我的意思是，我認為人們願意在人工智慧上花錢。人們願意花錢，因此有必要建立一種針對基礎設施的產品。因此，我確實相信支持一代所必需的構建確實是由技術驅動的。因此，我現在將指出這一點作為成長的驅動力。

And then with sort of this new big backdrop of technology driving your business, are you going to market and selling a broader portfolio of services in a different way today than maybe you did in the past?

然後，在這種新的技術驅動您的業務的大背景下，您今天是否會以與過去不同的方式行銷和銷售更廣泛的服務組合？

Yes. I mean, I think we're more solution based in trying to understand where the client is at and trying to have end-to-end solutions, whether it be front side of the business, and provide the solution to the client. As clients start moving faster, if you want to go faster, you really need to be inclusive. And we have to understand what the bottlenecks are from transformers all the way through it.

是的。我的意思是，我認為我們更多地基於解決方案，試圖了解客戶所處的位置，並嘗試擁有端到端的解決方案，無論是業務的前端，還是為客戶提供解決方案。隨著客戶開始加快行動，如果你想走得更快，你真的需要包容。我們必須了解 Transformer 的瓶頸是什麼。

And so our ability to really take out the bottlenecks to go faster to market is something that the company prides itself on. And I think everyone that we deal with wants to go faster today. Can we do it faster? Can we do it faster? So our ability to get it to market quicker and on time and relatively in line with budget is something that people want, and we're able to provide that.

因此，我們真正消除瓶頸、更快進入市場的能力是該公司引以為傲的。我認為今天與我們打交道的每個人都希望走得更快。我們能做得更快嗎？我們能做得更快嗎？因此，我們能夠更快、更準時、相對符合預算地將其推向市場，這是人們想要的，我們也能夠提供這一點。

Thank you.

謝謝。

Steven Fisher, UBS.

史蒂文費雪，瑞銀。

Thanks, good morning. Just a question on cash flow related to the Canadian receivables. It sounds like you're still pretty confident in the position that you have there. Maybe if you could just give us a little more color on the timing of collection and thoughts around the guidance raise or the guidance maintaining there against the general guidance raise? And how tied is your deleveraging post CEI to the collection of that Canadian receivables?

謝謝，早安。只是關於與加拿大應收帳款相關的現金流的問題。聽起來你對自己目前的位置還是很有信心的。也許您能給我們更多關於收集時間的資訊以及圍繞指導性提高或相對於一般性指導性提高維持指導的想法嗎？您的去槓桿化後 CEI 與加拿大應收帳款的回收有何關聯？

Yes, so there is -- I'll let Jayshree get to the numbers. But we're still -- we're confident in our position. We said it would start to happen in the second half of the year. So part of this is just the whole -- the way the settlement works and the way we're working through it with the client. I expect it to be in chunks like you've seen today.

是的，所以有——我會讓 Jayshree 來統計數字。但我們仍然對自己的立場充滿信心。我們說這將在今年下半年開始發生。因此，這一部分就是整體——和解的運作方式以及我們與客戶合作的方式。我希望它會像你今天看到的那樣分成塊。

But look, we're getting closer and closer every day. If it's not by the end of the year, it's very shortly thereafter. So we're making great progress working with the client in a collaborative manner, and I see no issue with that receivable. As you can see, some of it is starting to move forward now, so I like where we sit there. I'll let Jayshree comment on the rest.

但看，我們每天都越來越接近。如果不是到年底，那也是不久之後的事了。因此，我們與客戶的合作正在取得巨大進展，我認為該應收款沒有問題。正如你所看到的，其中一些現在開始向前推進，所以我喜歡我們坐在那裡的位置。剩下的部分我會讓 Jayshree 發表評論。

Yes. I mean, we'll be under 2x. Our expectation is under 2x the leverage by the end of the year. And even without -- for whatever reason, we weren't able to collect, which again, we don't expect that -- but to answer your question, we'd still be below 2x.

是的。我的意思是，我們的速度將低於 2 倍。我們的預期是到今年年底槓桿率低於 2 倍。即使沒有 - 無論出於何種原因，我們都無法收集，這也是我們不期望的 - 但要回答你的問題，我們仍然低於 2 倍。

Okay, excellent. And then Duke, just a bigger-picture question to follow up on the M&A. I mean, you've really broadened the capabilities of the company over the last several years. What does service-line diversity mean for you going forward? Is it just sort of tweaks from here? Do you think there's still a lot more you can do to kind of diversify the service lines?

好的，非常好。然後是杜克大學，這只是跟進併購的一個更大的問題。我的意思是，在過去的幾年裡，你們確實擴大了公司的能力。服務線多元化對您的未來意味著什麼？這只是這裡的一些調整嗎？您認為您還可以做更多事情來使服務線多樣化嗎？

I think we really understand craft skill and how they think and how we think about it and how we respect that trade. So we have a workforce development, we have training that we've invested a significant amount in across craft. And I truly believe it doesn't matter what craft it is.

我認為我們真正了解工藝技能以及他們的想法以及我們如何看待它以及我們如何尊重這個行業。因此，我們進行了勞動力發展和培訓，並在各個領域投入了大量資金。我真的相信它是什麼工藝並不重要。

So if it's inside electric, it gives us a whole new craft-skilled workforce because the high voltage and low voltage, the transferability between the two is not -- I mean, you have to be trained on both sides of that. And so you can't move them across. A little bit, you can, some can, but it's not as easy as it sounds. So there is extra training required on both sides of that movement.

因此，如果它是電動的，它會給我們帶來全新的技術熟練的勞動力，因為高電壓和低電壓，兩者之間的可轉移性不是- 我的意思是，你必須在這兩個方面都接受訓練。所以你不能把它們移過去。一點點，你可以，有些可以，但這並不像聽起來那麼容易。因此，該動作的兩側都需要額外的訓練。

So I do believe that the voltage workforce gives us the whole new venue there. And then the things that we can do to meet customer demand across that from a craft standpoint are there. We like the front side of our business. As we've discussed before, we need to basically get more scale out of the front side of the business. And so we'll continue to try to either organically grow that or make acquisitions in that side of the business.

所以我確實相信電壓團隊為我們提供了一個全新的場地。然後，從製程的角度來看，我們可以採取一些措施來滿足客戶的需求。我們喜歡我們業務的正面。正如我們之前討論的，我們基本上需要擴大業務前端的規模。因此，我們將繼續嘗試有機成長或在該業務領域進行收購。

So we're not afraid to make acquisitions that makes sense. I think we try to be prudent about that and we're patient. We're not -- there's nothing imminent, ever. We talked to Cupertino probably over seven or eight years, and it happens when it happens. And I think we're patient. And I want to make world-class companies, and I think we're the very best in the business, in craft. So we want to lead the way there, and we'll be patient until we see the right kind of opportunities to add to the comprehensive solutions that we already have.

因此，我們並不害怕進行有意義的收購。我認為我們對此保持謹慎並且有耐心。我們不是——從來沒有什麼迫在眉睫的事情。我們與庫比蒂諾進行了大約七八年的交談，當它發生時它就發生了。我認為我們很有耐心。我想打造世界一流的公司，而且我認為我們在業務和工藝方面都是最好的。因此，我們希望引領這一方向，並且我們將保持耐心，直到我們看到合適的機會來添加到我們現有的全面解決方案中。

Okay. Thank you.

好的。謝謝。

Sure.

當然。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

Yes. Good morning, Duke and Jayshree.

是的。早上好，杜克和傑什裡。

Good morning.

早安.

First question is more of a big picture -- good morning, Jayshree. Big-picture question around the regulatory environment. There is no doubt there is an enormous demand for your services and the need for utility CapEx to upgrade the grid.

第一個問題更多的是一個大局——早上好，Jayshree。圍繞著監管環境的宏觀問題。毫無疑問，對您的服務有巨大的需求，並且需要公用事業資本支出來升級電網。

But as we've seen in some tough regulatory outcomes, including in places like Illinois, sometimes questions about the commitment of the regulator to push those capital increases through. And so I'd just love your perspective on the regulatory environment and the juxtaposition of the enormous need for the services relative to the constraints from a regulatory perspective.

但正如我們在一些嚴格的監管結果中看到的那樣，包括在伊利諾伊州等地，有時會質疑監管機構推動這些資本增加的承諾。因此，我很喜歡您對監管環境的看法，以及對服務的巨大需求與監管角度的限制的並置。

Yes. I think it's a couple of things. I do believe that energy is top of everyone's mind. Affordability is on top of everyone's mind. And you're in a political environment, sitting here in Houston and watching the hurricane with our own customer, knowing that they did a really nice job getting people in here; and the political outcry on day two of 2.7 million people out with pine trees, 100 foot tall, falling across wires all throughout, to expect them to have service back in two days.

是的。我認為有幾件事。我確實相信能源是每個人最關心的問題。負擔能力是每個人最關心的問題。你身處在一個政治環境中，坐在休士頓，和我們自己的客戶一起觀看颶風，知道他們在讓人們來到這裡方面做得非常好；第二天，有 270 萬人帶著 100 英尺高的松樹從電線上摔下來，希望他們能在兩天內恢復服務，這引起了政治上的強烈抗議。

And the outcry and what it's done politically is not even close to fair for the money that's spent. If you want that, you want certainty and you want it up in two days, spend $1 trillion and underground it. You'll fix it. Until you do, no matter what poll you put in, when you put a 100-foot tree across the water, it's coming down.

對於所花的錢來說，強烈的抗議和它在政治上所做的事情甚至不公平。如果你想要這個，你想要確定性，你想要它在兩天內完成，花費 1 兆美元並將其地下化。你會解決它的。在此之前，無論您進行什麼民意調查，當您將一棵 100 英尺高的樹放在水面上時，它都會倒下來。

And so I just -- that outcry that we see from a regulatory standpoint, it doesn't match where the country wants to move. And it's expensive, it costs money, so that affordability is something that every single customer we have, whether -- it doesn't matter where you're at. We all face it. We have to help them, and we have to be out there and try to be prudent about how we look at cost. That's why we're looking at solutions that are different. We're certainly there to help and try to make this smoother, and they depend on us to do so.

所以我只是——我們從監管的角度看到的強烈抗議，它與國家想要採取的行動不符。而且它很昂貴，需要花錢，因此我們的每位客戶都具有負擔能力，無論您身在何處。我們都面對它。我們必須幫助他們，我們必須走出去，謹慎對待成本。這就是為什麼我們正在尋找不同的解決方案。我們當然會提供幫助並努力使這一切變得更加順利，他們依靠我們來做到這一點。

So I do believe whether it's political, whether you're in a political season -- so I mean, it's fun times around. Once we get through that, I think some of this will die down and we can get the country moving in the right direction towards a transition. And if it's not, if we don't believe it's EV, if we don't believe it's renewables and the heat will continue and you'll have 114, 115, then we'll need another air conditioner in every house. So either way, you're going to push load.

所以我確實相信這是否是政治性的，無論你是否正處於政治季節——所以我的意思是，這都是有趣的時光。一旦我們解決了這個問題，我認為其中一些問題將會消失，我們可以讓國家朝著正確的方向邁向轉型。如果不是，如果我們不相信它是電動車，如果我們不相信它是可再生能源，並且熱量會持續存在，並且您將擁有114、115，那麼我們將需要在每間房屋中安裝另一台空調。所以無論哪種方式，你都會增加負載。

Yes. Thanks, Duke. And then the follow up is Cupertino really built on your data center platform. But as you think about what data-center-focused opportunities could look like five years from now, how could you envision Quanta really scaling that business? And what could success look like to capture the 15% type of growth in CAGR that you alluded to in your slides?

是的。謝謝，杜克。接下來是庫比蒂諾真正建立在您的資料中心平台上。但當您思考五年後以資料中心為中心的機會會是什麼樣子時，您如何想像廣達能夠真正擴展這項業務？怎樣才能成功實現您在幻燈片中提到的複合年增長率 15% 的增長？

Yes. They're a real nice renewable business as well, so I wouldn't discount what they're doing there with batteries and solar. So I do think they're doing a nice job there as well, and you can see it show up in the solar and the guidance. We like that as well. But the data center piece and onshoring of chips and all those kinds of things, factories, are right down the wheelhouse where we think Cupertino can grow.

是的。他們也是一個非常好的再生能源企業，所以我不會低估他們在電池和太陽能方面所做的事情。所以我確實認為他們在那裡也做得很好，你可以看到它出現在太陽和指導中。我們也喜歡這樣。但資料中心部分、晶片的本土化以及所有這些類型的東西、工廠，正是我們認為庫比蒂諾可以發展的地方。

They were limited by resources, bonding capacity, things of that nature. I do think our solution base is a more comprehensive solution to their client base. And balance sheet, speed to market, our ability to manufacture transformers, just everything that we're trying to accomplish to speed to market is something that their client base values.

他們受到資源、聯繫能力等類似性質的限制。我確實認為我們的解決方案庫是針對他們的客戶群的更全面的解決方案。資產負債表、上市速度、我們製造變壓器的能力以及我們為加速上市而努力完成的一切都是他們的客戶群所重視的。

So I like where we sit. We're early. I know there's synergies in the market, and we were talking around kind of an 8%. I know it's better. I know we can do better than that. I know they know we can do better than that. So we'll continue to find synergies, and I think you'll see the growth not only in the top line but also in the bottom line of the company.

所以我喜歡我們坐的地方。我們還早呢我知道市場上有協同效應，我們談論的是 8% 左右。我知道這樣更好。我知道我們可以做得更好。我知道他們知道我們可以做得更好。因此，我們將繼續尋找協同效應，我認為您不僅會看到公司營收的成長，而且還會看到公司獲利的成長。

Our cash flow profile looks different. If you look at our returns, they look different. So we continue to push the company in the right spot in the macro markets that we're in. They want solutions. We continue to say we're a solution provider, so here it is.

我們的現金流狀況看起來有所不同。如果你看一下我們的回報，它們看起來有所不同。因此，我們繼續推動公司在我們所處的宏觀市場中處於正確的位置。他們想要解決方案。我們繼續說我們是解決方案提供商，所以就是這樣。

Thank you, Duke.

謝謝你，杜克。

Chad Dillard, Bernstein.

查德·迪拉德，伯恩斯坦。

Hey. Good morning, everyone.

嘿。大家，早安。

Good morning.

早安.

So a couple of questions for you on the implied second-half guidance. So first, on your electric business, it seems like the second half, there's going to be a pretty significant ramp in revenues half over half or year on year, even if you factor out the recent acquisition. So I was hoping you could help us bridge that and get comfortable with that.

關於隱含的下半年指導，有幾個問題想問您。首先，就您的電力業務而言，即使您考慮到最近的收購，下半年的收入似乎也會出現半年以上或比去年同期大幅成長。所以我希望你能幫助我們彌補這個問題並對此感到滿意。

And then secondly, in the renewables business, it looks like -- based on the guide again, excluding CEI, it looks like growth starts to flatten out as we exit the year. So I just want to get some color on how confident you feel about the reacceleration of that growth in that business.

其次，在再生能源業務中，再次根據該指南（不包括 CEI），隨著今年的結束，成長似乎開始趨於平緩。所以我只是想了解您對該業務重新加速成長的信心有多大。

Yes. Hey, Chad. On the -- let me start with renewables. Again, we are sitting in a good spot. We feel good about where our customers are headed. As Duke pointed out, we're not seeing any concerns yet from our major customers around election noise, et cetera. I do think, again, the quality of the customer base matters a lot in the renewable market. So we still feel very confident about our end-of-year expectations there.

是的。嘿，查德。讓我從再生能源開始。再一次，我們坐在一個好位置。我們對客戶的發展方向感到滿意。正如杜克所指出的，我們還沒有看到我們的主要客戶對選舉噪音等問題有任何擔憂。我確實認為，客戶群的品質在再生能源市場中非常重要。因此，我們對年終預期仍然非常有信心。

We are, of course -- as you know, we tend to be conservative. We want to see the market develop over the next six months. So any sort of perceived pullback is only that. We continue to enter contracts or continue to build projects. We don't see any concern sitting here today.

當然，如您所知，我們傾向於保守。我們希望看到市場在未來六個月內發展。因此，任何形式的感知回調都僅此而已。我們繼續簽訂合約或繼續建設專案。今天我們在這裡沒有看到任何擔憂。

And on the electric side, it is a strong back half. But that is -- Duke touched on it. We're seeing our utility customers continue to want to spend capital. We believe that that capital has come in. We've got big programs that we've entered into, and that will start ramping towards the back half of the year. So all of those things give us confidence in our revenue expectations that we've laid out in our guide for both the electric and renewables segments.

而在電動方面，則是強勢的後半程。但那就是——杜克談到了這一點。我們看到我們的公用事業客戶繼續想要花費資金。我們相信資本已經進來。我們已經啟動了一些大型計劃，並將在今年下半年開始推進。因此，所有這些都讓我們對我們在電力和再生能源領域指南中列出的收入預期充滿信心。

Yes. [I'll give] a little color to you on that. I would say that as we see it, it's difficult to build big solar. But one of the reasons that we felt like we needed to lean into Blattner and give us the very best in the business was we're concerned with building big solar projects. It's not easy. It looks easy. It's just not. And so I think that is something we have a lot of -- a great deal of confidence in, so does the client base.

是的。 [我會給]一點顏色給你。我想說的是，正如我們所見，建造大型太陽能是很困難的。但我們覺得需要依靠布拉特納並為我們提供業內最好的產品的原因之一是我們關心建造大型太陽能專案。這並不容易。看起來很容易。事實並非如此。所以我認為這是我們非常有信心的事情，客戶群也是。

So the need for renewables to support the tech growth gives you what we believe is visibility for the long haul here and continue -- I'm not saying they won't build gas. I'm not saying there will be a new plant here or there, but you're backstopping renewables and you want redundancy in their system. So if they don't build at day one, they'll build at day two. They're pushing renewables into the system eventually.

因此，對再生能源支援技術成長的需求為您提供了我們認為的長期可見性並繼續 - 我並不是說他們不會生產天然氣。我並不是說到處都會有一個新工廠，但你正在支持再生能源，你希望他們的系統有冗餘。因此，如果他們不在第一天構建，他們就會在第二天構建。他們最終將把再生能源推入系統。

So I do believe that that will continue. We like what we see going forward under any administration. Yes, I think we've taken a prudent approach to guidance, and Jayshree is right. I mean, we are starting programs that give us a lot of visibility into the back half on the electric segment as well as the renewables segment. So we feel confident. We just need to execute through here.

所以我相信這種情況將會持續下去。我們喜歡在任何政府領導下所看到的未來​​。是的，我認為我們採取了謹慎的指導方法，Jayshree 是對的。我的意思是，我們正在啟動一些計劃，讓我們對電力領域以及再生能源領域的後半部分有更多的了解。所以我們充滿信心。我們只需要透過這裡執行即可。

Great. That's super helpful. And I just wanted to return to a conversation earlier in the call about the shift from our distribution, both electric and gas, towards transmission at your utility customers. So I understand that's what's happening today or at least for 2024. But any color you can give from your conversations with your customers about whether you'll see incremental dollars of capital flowing back to the distribution side of the CapEx equation?

偉大的。這非常有幫助。我只是想回到電話會議早些時候的談話，內容涉及從我們的電力和天然氣分配轉向公用事業客戶的傳輸。所以我知道這就是今天或至少 2024 年正在發生的情況。但是，您可以從與客戶的對話中看出您是否會看到增量資本流回資本支出等式的分配方嗎？

I mean, it's regional. You have some movements in there. I didn't say our electric business was moving one way or the other, by the way. I just said we have the ability to move them around as necessary. I feel like our distribution on the electric side is fine. There is some push in certain regions, but it's growing in others. So I'm not too concerned there.

我的意思是，這是區域性的。你那裡有一些動作。順便說一句，我並沒有說我們的電力業務正在以這種或另一種方式發展。我只是說我們有能力根據需要調動他們。我覺得我們在電力方面的分佈很好。在某些地區有一些推動力，但在其他地區卻在成長。所以我不太擔心那裡。

The gas side of the business [is moving] some capital off gas into electric, where you're caught up in some gas things and methane releases, things like that. So they're moving over into electric for the year. It happens. They are able to move budgets around. We're able to accommodate. So there is some movement -- there are always movement though. I'll say it always. We're always moving into substations or transmission distribution. it doesn't matter.

天然氣方面的業務[正在將]一些資本從天然氣轉向電力，你會陷入一些天然氣問題和甲烷排放等問題。因此，他們今年將轉向電動化。它發生了。他們能夠調整預算。我們能夠容納。所以有一些運動——但運動總是有的。我會一直這麼說。我們總是進入變電站或輸電配電領域。沒關係。

We're fungible, our skill sets are fungible, they can move them around. That's part of that solution that we provide to the client and gives it the ultimate -- what I consider a flexibility. Our job is to provide that flexibility to the client in that solution, and we can give it to them.

我們是可替代的，我們的技能是可替代的，他們可以移動它們。這是我們向客戶提供的解決方案的一部分，並賦予其最終的解決方案——我認為是靈活性。我們的工作是在該解決方案中為客戶提供靈活性，我們可以將其提供給他們。

Great. Thank you.

偉大的。謝謝。

Andy Kaplowitz, Citi.

安迪‧卡普洛維茨，花旗銀行。

Good morning, everyone.

大家，早安。

Hey, Andy.

嘿，安迪。

Duke, you talked about a bit of a low in contracting last quarter as your customers were trying to figure out how to deal with the higher load growth. But you obviously had a nice uptick in electric power backlog this quarter. So did that lull effectively come to an end? And then can you talk about your confidence level about growing backlog from here? Are you starting to see these larger MSA renewables accelerating again?

杜克大學，您談到上個季度的合約量有點低，因為您的客戶試圖弄清楚如何應對更高的負載成長。但本季的電力積壓顯然有不錯的成長。那麼這種平靜其實已經結束了嗎？然後您能談談您對這裡積壓訂單增加的信心嗎？您是否開始看到這些較大的 MSA 再生能源再次加速成長？

Yes, I think what we saw when I said low, I just think it's -- you reset a bit in this transition. We continue to see that. Now I'm looking at their capital budgets, and you're talking about 15 gigs of solar, wind, or of the load for that matter. You're going to see some movements across the segments consistently. I do think everyone's maintaining their capital budgets. We continue to point to it. And they're going up because the load is going up.

是的，我認為當我說低時我們看到的是——你在這個轉變中重置了一點。我們繼續看到這一點。現在我正在查看他們的資本預算，您正在談論 15 兆的太陽能、風能或與此相關的負載。您將持續看到各個細分市場之間的一些變化。我確實認為每個人都在維持他們的資本預算。我們繼續指出這一點。它們會上升，因為負載正在上升。

You can't deny the fact that if you're going to add 15 gigs, 10 gigs, 7 gigs of generation, load is going up, capital is going up. How you do it, whether it's gas fire, whether it's renewables, it's still moving up. If we build gas fire across the systems, it stabilizes renewables and it actually makes renewables faster and better.

你不能否認這樣一個事實：如果你要增加 15 兆、10 兆、7 兆的發電量，負載就會增加，資本就會增加。你怎麼做，無論是天然氣火，無論是再生能源，它仍然在上升。如果我們在整個系統中建立燃氣火，它可以穩定再生能源，而且實際上可以使再生能源更快更好。

So I wouldn't get to -- I mean, you'll see some of those movements across as these capital spends move. We just got to be flexible with how we look at it. So I think transmission is something that's extremely important.

所以我不會——我的意思是，隨著這些資本支出的變化，你會看到其中一些變化。我們必須靈活地看待它。所以我認為傳播是非常重要的。

We saw PGM yesterday on [Go Out], and you can see the pricing at the capacity market. I just -- and you can say, okay, it's one time, but the fact is demand is far outseeing supply. It's 101 economics. And it just is there, it's been there, it's been coming. We need transmission in this country, and we got to build it.

我們昨天在【走出去】看到了PGM，大家可以看到產能市場的定價。我只是——你可以說，好吧，這只是一次，但事實是需求遠遠超過供應。這是101經濟學。它就在那裡，它一直在那裡，它一直在到來。我們國家需要傳輸，我們必須建造它。

Very helpful. And then could you give us a little more color into how your Canadian business deal is doing? I think it's been a drag on you guys for quite a while. I know you expected some improvement in the second half of this year. I think you had some positive commentary regarding -- still expecting improvement in Canada in your release. But could you update us on where you are in that geography?

很有幫助。那麼您能給我們更多介紹一下您在加拿大的商業交易的進展嗎？我認為這已經困擾你們很久了。我知道您預計今年下半年會有所改善。我認為您對此發表了一些積極的評論——仍然期望加拿大在您的發布中有所改善。但您能否向我們介紹您在該地區的最新情況？

I mean, it's certainly getting better. The macro market is getting better. We expect the second half to increasingly be better quarter over quarter and into '25 because the market is getting better. Canada is always a fickle market. It has high highs and low lows, and so you move along with it. But we were able to move a lot of the resources into the States, still are in the States, helping and supporting some of the growth in the States.

我的意思是，情況肯定會變得更好。宏觀市場正在向好。我們預計下半年的季度環比情況會越來越好，並且進入 25 年，因為市場正在變得更好。加拿大始終是一個變化無常的市場。它有高點和低點，所以你會跟著它移動。但我們能夠將大量資源轉移到各州，而且仍然留在各州，幫助和支持各州的一些成長。

And as we see Canada come back, we'll push into Canada more. And Australia is a nice business as well. It's been very, very nicely. So we like the business long term. We just got to -- we rightsized the backside of it, and we'll grow off that again and just be cautious about how we look at that on a go-forward basis. But I do think in the next year, we see -- we book the work and see where that will allow us and bring the margins up very close to parity with the rest of the segment throughout the year. It's incremental though. It's not all at once.

當我們看到加拿大回來時，我們將更多地進軍加拿大。澳洲也是不錯的行業。一切都非常非常好。所以我們長期看好這項業務。我們必須——我們對它的背面進行了調整，我們將再次在此基礎上成長，並在未來的基礎上對我們如何看待它保持謹慎。但我確實認為，明年，我們會預訂工作，看看這將使我們的利潤率在全年中與該細分市場的其他部分非常接近。雖然它是增量的。一切都不是一下子發生的。

Appreciate all the color.

欣賞所有的顏色。

Sure.

當然。

Thank you. We have no further questions at this time. I would like to turn the floor back over to management for closing comments.

謝謝。目前我們沒有進一步的問題。我想將發言權交還給管理層以徵求結束意見。

Yes, so we appreciate the 58,000-plus employees and their dedication to the clients and what they go through every day with the heat and rain. And they work 16-hour days, 20 days in a row, and it doesn't go unnoticed.

是的，所以我們感謝 58,000 多名員工以及他們對客戶的奉獻精神以及他們每天經歷的炎熱和雨水。他們每天工作 16 小時，連續工作 20 天，這一點不會被忽視。

It doesn't go unnoticed from the management team and the clients will appreciate you. And we'd like to thank all of you for participating in the conference call. We appreciate your questions and your ongoing interest in Quanta Services. Thank you. This concludes our call.

管理團隊不會忽略這一點，客戶也會感激你。我們要感謝大家參加電話會議。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, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

女士們、先生們，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。