Quanta Services Inc (PWR) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Quanta Services Third 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 年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

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。謝謝您，先生。你可以開始了。

Thank you, and welcome, everyone, to the Quanta Services third quarter 2024 earnings conference call. This morning, we issued a press release announcing our third quarter 2024 results, which can be found in the Investor Relations section of our website at quantaservices.com.

謝謝並歡迎大家參加廣達服務 2024 年第三季財報電話會議。今天早上，我們發布了一份新聞稿，宣布了 2024 年第三季的業績，您可以在我們網站的投資者關係部分找到該業績：Quantaservices.com。

This morning, we also posted our third quarter 2024 operational and financial commentary and our 2024 outlook expectations summary on Quanta's Investor Relations website. 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.

今天上午，我們也在廣達投資者關係網站上發布了 2024 年第三季營運和財務評論以及 2024 年展望預期摘要。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。

Please remember the information reported on this call speaks only as of today, October 31, 2024, and therefore, you are 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（2024 年 10 月 31 日），因此，我們建議您，在本次電話會議重播後，任何時間敏感的資訊可能不再準確。

This call will include forward-looking statements 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. 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.

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、假設或信念的陳述不僅僅涉及歷史或當前事實。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 third quarter 2024 earnings conference call. Before I turn to our third quarter results, I would like to comment on Quanta's response to Hurricanes Beryl and Helene.

謝謝基普。大家早安，歡迎參加廣達服務 2024 年第三季財報電話會議。在討論第三季業績之前，我想先評論一下廣達對颶風貝裡爾和海倫的反應。

During the third quarter, we deployed significant resources to assist power restoration and related efforts in Texas for Hurricane Beryl and in the Southeast for Hurricane Helene. During these events, our employees often do more than work to get the power restored, but it's not well known are the other ways that our crews who are first responders, help people in need during these devastating events.

第三季度，我們部署了大量資源，協助德州應對颶風貝裡爾和東南部颶風海倫的電力恢復和相關工作。在這些事件期間，我們的員工經常做的不僅僅是工作來恢復電力，但我們作為急救人員的工作人員在這些毀滅性事件中幫助有需要的人的其他方式卻鮮為人知。

For example, in response to Hurricane Helene, Quanta crews worked with local sheriffs, law enforcement groups and various humanitarian organizations to leverage our helicopter assets to deliver more than 200,000 pounds of cargo to impacted rural and mountain communities in North Carolina, including water, food, medical and camping supplies, pet food, hay for livestock, and more.

例如，為了應對颶風海倫，廣達機組人員與當地治安官、執法團體和各種人道主義組織合作，利用我們的直升機資產向北卡羅來納州受影響的農村和山區社區運送超過200,000 磅的貨物，包括水、食品、醫療和露營用品、寵物食品、牲畜乾草等。

Our pilots also aided search and rescue efforts, provided reconnaissance and roadway assessments, and performed welfare checks. These severe weather events also often impact the lives and property of Quanta employees, many of whom are away from their families for long periods, restoring power to others.

我們的飛行員也協助搜救工作，提供偵察和道路評估，並進行福利檢查。這些惡劣天氣事件也經常影響廣達員工的生命和財產，其中許多人長期遠離家人，為其他人恢復供電。

Quanta Cares, our employee relief fund, provided financial support to approximately 125 employees and their families who were impacted by these damaging storms. I want to recognize and thank the thousands of Quanta employees who work tirelessly to restore power and much more for people in need during these severe weather events.

我們的員工救濟基金 Quanta Cares 為受到這些破壞性風暴影響的約 125 名員工及其家人提供了財務支持。我要表彰並感謝數千名廣達員工，他們在這些惡劣的天氣事件中為恢復電力以及為有需要的人們所做的努力而不懈努力。

Quanta delivered another quarter of double-digit growth in revenues, adjusted EBITDA and adjusted earnings per share, as well as a number of other record financial metrics including total backlog of $34 billion and free cash flow of $539 million.

廣達的營收、調整後 EBITDA 和調整後每股收益以及其他一些創紀錄的財務指標（包括 340 億美元的積壓訂單和 5.39 億美元的自由現金流）再次實現兩位數成長。

There is momentum building across our portfolio of solutions with the increased demand for and tightening of power generation capacity and the significant power grid upgrades and enhancements required to facilitate load growth. Our collaborative solution based approach is valued by our clients more than ever.

隨著對發電能力的需求增加和收緊，以及促進負載成長所需的重大電網升級和增強，我們的解決方案組合正在形成動力。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。

Quanta sits at the nexus of the utility, renewable energy and technology industries, and the convergence of these industries is gaining pace. Utilities across the United States are experiencing and forecasting meaningful increases in power demand for the first time in two decades, which is being 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 domestic manufacturing and supply chain resources.

廣達位於公用事業、再生能源和科技產業的樞紐，這些產業的融合正在加快步伐。美國各地的公用事業公司正在經歷並預測電力需求將在二十年來首次出現有意義的成長，這是由新技術和相關基礎設施（包括人工智慧和資料中心）的採用以及聯邦和州政策的推動推動的加速能源轉型以及旨在策略性加強國內製造和供應鏈資源的政策。

The necessity to build and modernize infrastructure is clear, and we believe Quanta's craft, skilled labor, workforce and self-performed capabilities are critical to advancing our infrastructure solutions.

建設和現代化基礎設施的必要性是顯而易見的，我們相信廣達的工藝、熟練勞動力、勞動力和自我執行能力對於推進我們的基礎設施解決方案至關重要。

To that end, the integration of Cupertino Electric is progressing well and while it is early, we have received positive customer response to our comprehensive critical path electric infrastructure solutions for the technology and data center industry that provides opportunity to improve speed to market for projects.

為此，庫比蒂諾電力公司的整合進展順利，雖然還為時過早，但我們已經收到了客戶對我們面向技術和數據中心行業的全面關鍵路徑電力基礎設施解決方案的積極響應，該解決方案為提高專案上市速度提供了機會。

In summary, we are executing well on our strategic plan and while there are areas for improvement, we are pleased with where we sit. We are pacing well against our multiyear financial targets including double digit EPS growth and double digit returns.

總而言之，我們的策略計畫執行得很好，雖然還有需要改進的地方，但我們對目前的情況感到滿意。我們正在順利實現多年財務目標，包括兩位數的每股盈餘成長和兩位數的回報。

We ended the quarter with record backlog. We expect adjusted EPS to grow approximately 20% at the midpoint of our guidance over last year. We expect record levels of free cash flow this year, a leverage profile below two times by year-end and over $3 billion of liquidity.

我們以創紀錄的積壓結束了本季。我們預計調整後每股盈餘將比去年指引值的中點成長約 20%。我們預計今年的自由現金流將達到創紀錄的水平，到年底槓桿率將低於兩倍，流動性將超過 30 億美元。

Our end markets have never been better and we see opportunity for further strength in the coming years. As I hope you can tell, we are proud of our execution and even more excited about the solutions platform we have built for the future.

我們的終端市場從未如此美好，我們看到了未來幾年進一步增強實力的機會。正如我希望您能看到的那樣，我們為我們的執行力感到自豪，更對我們為未來構建的解決方案平台感到更加興奮。

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. Our portfolio approach and focus on craft skill 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 technologies add complexity to infrastructure programs.

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。我們的投資組合方法和對工藝技能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 service offering diversity, supply chain capabilities and portfolio approach have improved our cash flow and returns profile and position us well to allocate resources to the opportunities we find most economically attractive and achieve operating efficiencies and consistent financial results.

我們相信，我們的服務提供多樣性、供應鏈能力和投資組合方法改善了我們的現金流和回報狀況，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業績。

I will now turn the call over to Jayshree Desai Quanta’s CFO to provide a few remarks about our about our 2024 guidance results, about 2021 results and guidance and then we will take your questions. Jayshree?

我現在將把電話轉給 Jayshree Desai Quanta 的財務官，就我們的 2024 年指導結果、2021 年結果和指導提供一些評論，然後我們將回答您的問題。傑什裡？

Thanks, Duke and good morning everyone. This morning we reported third quarter revenues of $6.5 billion, net income attributable to common stock of $293.2 million or $1.95 per diluted share and adjusted diluted earnings per share of $2.72. Adjusted EBITDA was $682.8 million or 10.5% of revenues.

謝謝杜克，大家早安。今天早上，我們報告第三季營收為 65 億美元，普通股淨利潤為 2.932 億美元，即稀釋後每股收益 1.95 美元，調整後稀釋每股收益為 2.72 美元。調整後 EBITDA 為 6.828 億美元，佔營收的 10.5%。

Additionally, we generated healthy cash flows in the third quarter with cash flow from operations of $739.9 million and free cash flow of $539.5 million. During the quarter we also successfully recapitalized the business following our acquisition of Cupertino, allowing us to address the maturity of our senior notes that were due in October.

此外，我們在第三季產生了健康的現金流，營運現金流為 7.399 億美元，自由現金流為 5.395 億美元。在本季度，我們也成功地對收購庫比蒂諾後的業務進行了資本重組，使我們能夠解決 10 月份到期的優先票據的到期問題。

Our earnings and cash flow performance coupled with this recapitalization allowed us to end the third quarter with ample liquidity and a balance sheet that supports both our organic growth expectations and the opportunistic investment of capital to generate incremental returns for our stockholders.

我們的獲利和現金流表現加上此資本重組，使我們能夠在第三季結束時擁有充足的流動性和資產負債表，支持我們的有機成長預期和機會主義資本投資，為股東創造增量回報。

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，其中要求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。

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.

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。

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.

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展望預期摘要，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)

（操作員說明）

Atidrip Modak with Goldman Sachs.

Atidrip Modak 與高盛。

Hi, good morning, Duke and JSI. You acquired some transformer manufacturing capability again. Can you talk about that a little bit? Is the supply chain still significant of a concern going ahead and how much of your internal needs can you now source? And are there synergies with the PTT assets any color around that?

大家早安，杜克大學和 JSI。你們又獲得了一些變壓器製造能力。你能談談這個嗎？供應鏈是否仍是未來的重要議題？與 PTT 資產是否有任何相關的綜效？

Yes, thank you. We did acquire some a small transformer manufacturing company in upstate New York in the quarter a hundred year old family business. When we were going through the markets we did some things that would allow us to make this acquisition certainly beneficial to PTII and the markets that we serve. We continue to see constraints on large transformers.

是的，謝謝。我們確實收購了紐約州北部一家擁有一百年歷史的家族企業的一家小型變壓器製造公司。當我們瀏覽市場時，我們做了一些事情，使我們能夠使這次收購肯定有利於 PTII 和我們服務的市場。我們繼續看到大型變壓器受到限制。

The factory certainly helps us with that. Our backlog in the business has gotten longer, not shorter. We continue to see opportunities internally and find synergies with the ability to build both transformers and breakers as we move forward.

工廠當然會在這方面幫助我們。我們的業務積壓變得更長，而不是更短。隨著我們的前進，我們繼續在內部尋找機會，並尋找與製造變壓器和斷路器的能力的協同效應。

So the supply chain constraints are there. They're real. We're trying to do things in the lower 48 with the load that we see and so I think we'll continue to see ourselves get in a good position to make sure that we can have self-performed capabilities both from a manufacturing standpoint as well as to build and the craft skill labor on certain critical path items.

所以供應鏈的限制是存在的。它們是真實的。我們正在嘗試以我們所看到的負載在 48 公里以下的地區做事，所以我認為我們將繼續看到自己處於有利位置，以確保我們能夠擁有自我執行的能力，從製造的角度來看，以及在在某些關鍵路徑項目上建構和工藝技能勞動。

So the synergies are there. We're seeing them show up. You can support the business internally. We build probably around 150 to 170 EPC subs a year. So we can support that, but that's not what we bought them for. We really believe it's to enhance the whole market and we would not do that internally just to supplement some of our bills that provide synergies to some clients.

所以協同效應是存在的。我們看到他們出現了。您可以在內部支援業務。我們每年大約建造 150 到 170 個 EPC 潛艇。所以我們可以支持這一點，但這不是我們購買它們的目的。我們確實相信這是為了增強整個市場，我們不會在內部這樣做只是為了補充我們為某些客戶提供協同效應的一些帳單。

Got it. That's helpful. And then you talked about having visibility into the timing of renewable transmission projects. Can you give us a lay off the land, big picture view of how that's shaking out for the next few years here as conversations with your customers is progressing?

知道了。這很有幫助。然後您談到了了解再生能源輸電項目的時間表。隨著與客戶的對話不斷取得進展，您能否向我們介紹未來幾年這裡的情況如何？

Yes, I mean, I think everyone's hearing the market demand from load and in order for load to work, we need the transmission infrastructure. I would say that the inbounds, the bids, the proposals that we have, things in contract, things that we're talking about record levels year-over-year, record levels in the 25, record levels in the 26, record levels in the 27. We continue to see more bid opportunities, more discussions on larger transmission capacity constraints.

是的，我的意思是，我認為每個人都從負載中聽到了市場需求，為了使負載正常工作，我們需要傳輸基礎設施。我想說的是，我們的入站、出價、提案、合約中的內容、我們談論的內容逐年創紀錄水平、25 年來的創紀錄水平、26 年來的創紀錄水平、20 年來的創紀錄水平。 27.我們繼續看到更多的投標機會，更多關於更大的輸電容量限制的討論。

So yes, I mean, we said it on the call. We've never seen the business any better and we continue to believe that large transmission is the cheapest form of generation in many ways. So you can't do the things that we're trying to do and accomplish in the country without transmission and we need to expedite it.

所以，是的，我的意思是，我們在電話中說了這一點。我們的業務從未如此出色，我們仍然相信大型輸電在許多方面都是最便宜的發電形式。因此，如果沒有傳播，你就無法在該國做我們試圖做和完成的事情，我們需要加快速度。

Awesome. Thank you so much.

驚人的。太感謝了。

Jamie Cook with Truist.

傑米庫克和 Truist。

Hi, good morning. I guess two questions from me. One, the renewable margins in the quarter obviously were pretty good and you've made a nice improvement in margins for that business throughout the year. And then you raise guidance, I guess. Jayshree, is it unreasonable to think that 2025, we're finally at a place, with the revenue and the performance of the business where we can expect, double-digit margins because that's where we will be exiting the year. I'm just wondering if that's a reasonable expectation.

嗨，早安。我想我有兩個問題。第一，本季的再生能源利潤率顯然相當不錯，而且全年該業務的利潤率都取得了不錯的提高。我想，然後你會提出指導。Jayshree，認為 2025 年我們終於達到了我們可以預期的收入和業務業績，實現兩位數的利潤率，這是不合理的嗎？我只是想知道這是否是一個合理的期望。

And then I guess my second question, Duke or Jayshree on Cupertino, just sort of an update on how that business is doing. Is there any change in your guidance for Cupertino, for the year and then just potential for revenue synergies there? Thank you.

然後我想我的第二個問題是庫比蒂諾的 Duke 或 Jayshree，只是有關該業務進展的最新資訊。您對庫比蒂諾今年的指導是否有任何變化，以及那裡的收入協同效應潛力？謝謝。

Hey Jamie. I’ll speak and I'll let Jayshree comment on some of the questions there in a minute. So when we see it, when we look at it, the renewables and margins, they were good. We did say that we could get them up in double-digits. I believe we can over time.

嘿傑米。我將發言，稍後我將讓 Jayshree 對其中的一些問題發表評論。因此，當我們看到它時，當我們看到它時，再生能源和利潤率都很好。我們確實說過我們可以將其提升至兩位數。我相信隨著時間的推移我們可以做到。

We've done it and I wouldn't run it. You have seasonality in the business, so your first half will be a little bit slower and you'll pick it up in the back half. Whenever transmission business is in there today that business has always ran in double-digits. The platinum business has ran at double digits. So we consistently said we can do that.

我們已經做到了，我不會運行它。你的業務有季節性，所以你的上半年會慢一點，但你會在後半段恢復。如今，只要有傳輸業務，業務量總是以兩位數成長。鉑金業務以兩位數的速度成長。所以我們一直說我們可以做到這一點。

I believe that's possible going out as we move forward.

我相信隨著我們的前進，這是可能的。

The Cupertino business certainly has provided synergies to us already. We continue to get inbounds on Cupertino. I think it's from our standpoint, something that will allow us a different customer base, allows us to participate much in a much greater way in the data center business as we see it.

庫比蒂諾業務無疑已經為我們提供了協同效應。我們繼續在庫比蒂諾獲得界內球。我認為從我們的角度來看，這將使我們擁有不同的客戶群，使我們能夠以更大的方式參與我們所看到的資料中心業務。

So the electrification thereof and it really, we haven't got the synergies like baked into anything at this point, but they're there. Much like Blattner, they're there and we're seeing those show up in our business today. We'll see Cupertino show up in our business in 2025, 2026 and beyond.

因此，其電氣化，實際上，我們目前還沒有將協同效應融入任何東西中，但它們確實存在。就像布拉特納一樣，他們就在那裡，我們今天也看到他們出現在我們的業務中。我們將在 2025 年、2026 年及以後看到庫比蒂諾出現在我們的業務中。

And we're pretty excited about next year and what we see. But it's not a next year story. We're delivering. We've delivered for the past five years. We continue to deliver. It's next year will just be better than this year. Jayshree?

我們對明年和我們所看到的感到非常興奮。但這不是明年的故事。我們正在送貨。過去五年我們一直在交付。我們繼續交付。明年只會比今年更好。傑什裡？

Yes. You covered it. Yes. Just remind you, Jamie, of the cadence of the renewable segment. So as Duke said, back half is definitely usually stronger than the first half. So going into next year, I think the right way to look at it is what we said in Investor Day, that we have the opportunity to perform that 9% to 10% range in renewable.

是的。你覆蓋了它。是的。傑米，請提醒您再生能源領域的節奏。所以正如杜克所說，後半場通常肯定比前半場更強。因此，進入明年，我認為正確的看法是我們在投資者日所說的，我們有機會在再生能源領域實現 9% 至 10% 的目標。

But Jayshree, sorry, the expectations that what's implied in the guide for 2024 for Cupertino, has that changed?

但 Jayshree，抱歉，2024 年庫比蒂諾指南中暗示的期望是否發生了變化？

In 2024 guide?

2024 年指南？

Yes. For Cupertino, has that changed at all?

是的。對庫比蒂諾來說，情況有改變嗎？

Yes. If you recall, we told you that Cupertino has the ability to perform in that $1 billion to $1.1 billion range in revenue. They're performing at the high end of that range.

是的。如果您還記得的話，我們告訴您庫比蒂諾有能力實現 10 億至 11 億美元的收入範圍。他們的表現處於該範圍的高端。

Okay, thank you.

好的，謝謝。

Steve Fleishman with Wolfe Research.

沃爾夫研究公司的史蒂夫‧弗萊什曼。

Yes. Hi, good morning. Thanks. First question, just on the. In the quarter, a lot of, good backlog and revenue growth, but a lot of it was kind of acquisition recent Acquisitions. Could you just talk to organic growth that you're seeing and kind of why was that maybe a little slower in the quarter and how do you look at that from here?

是的。嗨，早安。謝謝。第一個問題，就在。本季有很多良好的積壓和收入成長，但其中許多是最近的收購。您能否談談您所看到的有機成長，以及為什麼本季有機成長可能會放緩一些，您對此有何看法？

Yes, thanks Steve. I think when you, when you think about it, there was some backlog growth around 400 million or so in the, in, in the quarter. With the way the segmentation, delineation of the segmentation, the segments create some issues for us.

是的，謝謝史蒂夫。我想，當你仔細想想，本季積壓訂單數量大約增加了 4 億左右。細分的方式、細分的劃分、細分給我們帶來了一些問題。

When you think about just T&D, our traditional T&D business, it certainly if you look at where we're at, it's 5% into the third quarter of growth organically. It's double digit growth in the forecast at the midpoint of the range. So we have double-digit growth year-over-year at the traditional T&D business at the midpoint of the range. And we stated that going forward we believe we grow that upper single digits on a go forward basis organically.

當你只考慮 T&D（我們傳統的 T&D 業務）時，如果你看看我們所處的位置，你會發現第三季的有機成長為 5%。預測成長率為兩位數，處於該範圍的中點。因此，我們的傳統輸配電業務實現了兩位數的年成長，處於區間的中點。我們表示，展望未來，我們相信我們會有機地成長較高的個位數。

Okay, great. And then one other question. Just on the data center opportunity, not just, not just Cupertino, but also in your utilities business, the I think you said recently that data center investment really hasn't even shown up in utility plans yet for the most part. Do you have a better sense when it'll show up there and then kind of filter through to your backlog?

好的，太好了。然後還有一個問題。就資料中心的機會而言，不僅僅是庫比蒂諾，還有你們的公用事業業務，我想你們最近說過，資料中心投資實際上在很大程度上還沒有出現在公用事業計劃中。當它出現在那裡然後過濾到你的待辦事項時，你是否有更好的感覺？

Yes, I mean I think it's, you hear a lot about it. You're starting to see utilities issue equity, you're starting to see debt come in and a lot of that's the transmission growth so their RTOs are robust in the planning stages. The thing is, if it's showing up three years from now, we better start today.

是的，我的意思是我認為是這樣，你聽說過很多這樣的事情。你開始看到公用事業公司發行股本，你開始看到債務進來，其中很大一部分是輸電成長，因此他們的 RTO 在規劃階段非常強勁。問題是，如果它在三年後出現，我們最好從今天開始。

And so I think we are seeing those discussions today from RTOs, from developers, from all of our customers. You have to start the transmission, the transformers three years out, you're 36 months away from energization and you need some time to build the substations.

因此，我認為我們今天看到了 RTO、開發人員和所有客戶的討論。你必須在三年後啟動輸電、變壓器，距離通電還有 36 個月，你需要一些時間來建造變電站。

So I just, I think it's a fallacy to think that you can't, you have to start building transmission now. And the worst thing that we can do as an industry is sit here. So I don't think that sitting here works. I think everyone's moving forward. It took a little while to get this going. It took a little while to make sure that the rates are not punitive to the rate payers and we have good rate structures across the country.

所以我只是認為，認為你不能，你必須現在就開始建立傳輸的想法是錯誤的。作為一個行業，我們能做的最糟糕的事情就是坐在這裡。所以我認為坐在這裡不起作用。我認為每個人都在前進。花了一點時間才完成這件事。我們花了一段時間才確保利率不會對納稅人造成懲罰，並且我們在全國範圍內擁有良好的利率結構。

You're starting to see those show up. So I'm pretty excited about where we're at as an industry, where we're what I would consider moving forward against a big, doubling of maybe tripling of generation over the next two decades.

你開始看到那些出現了。因此，我對我們作為一個行業所處的位置感到非常興奮，我認為我們將在未來二十年朝著一代人翻倍甚至三倍的目標前進。

So all the transmission build and substation build behind that substantial and it has to get started. And I think we're in, the early, very early stages of getting that started today.

因此，所有輸電建設和變電站建設都必須啟動。我認為我們正處於今天開始這項工作的早期、非常早期的階段。

Great, thank you very much.

太好了，非常感謝。

Alex Rygiel with B Riley.

亞歷克斯·里吉爾 (Alex Rygiel) 和 B·萊利 (B Riley)。

Thank you and good morning everyone. A couple quick questions here. First, nuclear power generation has regained significant interest in small modular reactors in particular nearing commercial deployment. Can you talk a bit about Quanta's opportunity in that generation?

謝謝大家，早安。這裡有幾個簡單的問題。首先，核能發電重新引起了人們對小型模組化反應器的極大興趣，特別是接近商業部署的小型模組化反應器。您能談談廣達在這一代人中的機會嗎？

Yes, thanks Alex. I think when you see it, you'll see us build a substation interconnections. I don't see us at SMRS in any capacity. I think they're a decade away to any kind of scale. So yes, nuclear will be a piece of it going forward. They'll still be back heavily renewables.

是的，謝謝亞歷克斯。我想當你看到它時，你會看到我們建立了一個變電站互連。我沒有看到我們在 SMRS 擔任任何職位。我認為他們還需要十年的時間才能達到任何規模。所以，是的，核能將成為未來的一部分。他們仍將大​​量使用再生能源。

Even your big reactors, you're talking about a gig and on the bigger plant. So the smaller ones are certainly less and you'll see a lot of that to from a standpoint of emergency generation, things of that nature versus diesel. But I think it's an answer, it helps.

即使是你的大型反應堆，你也談論的是一個表演和更大的工廠。因此，較小的發電量肯定較少，從緊急發電的角度來看，您會看到很多這樣的情況，與柴油發電相比。但我認為這是一個答案，它有幫助。

Nuclear is something that's, long-term. You're going to need it to come in if we're going to grow the generation like we say we are. So yes, but I think for us as we sit here today, the way we see it is we'll be around the edges on the substations and all the electrification thereof.

核能是長期的。如果我們要像我們所說的培養一代人，你就需要它的加入。所以是的，但我認為對我們來說，當我們今天坐在這裡時，我們看到的方式是我們將處於變電站及其所有電氣化的邊緣。

That's helpful. And then Duke, as the business has grown through the years, can you talk a bit about how the risk profile of projects, contracts and the business in general has changed?

這很有幫助。然後，杜克大學，隨著業務多年來的發展，您能談談專案、合約和整體業務的風險狀況如何變化嗎？

Anytime you have EPC, you create risk, you have different kinds of risk. We stay to our knitting. I mean I think we have a really good EPC program here where we're engineering, procuring product and constructing the linear part or craft skill. Labor is usually where people break down and that's what we've invested in.

任何時候只要有 EPC，就會產生風險，並且會面臨不同類型的風險。我們繼續編織。我的意思是，我認為我們這裡有一個非常好的 EPC 計劃，我們在其中設計、採購產品並建立線性零件或製程技能。勞動力通常是人們崩潰的地方，而這正是我們所投資的。

We self-perform 85% of the business. So I think the self-perform capabilities of Quanta de risk our business and we stay to that knitting and we know the costs when we go into them and having our own supply chains and our critical path items that we've done in the vertical supply chain really de risk the project. And if there's risk in it, then there's more margin in it. And so I like the risk profiles that we have because we can create margin out of them.

我們自行執行 85% 的業務。因此，我認為廣達的自我執行能力對我們的業務構成風險，我們堅持這種編織，當我們進入它們並擁有我們自己的供應鏈和我們在垂直供應中所做的關鍵路徑項目時，我們知道成本鏈確實降低了專案的風險。如果其中存在風險，那麼就會有更多的利潤。所以我喜歡我們的風險狀況，因為我們可以從中創造利潤。

So we're in good shape. And I think you'll continue to see that type of environment going forward due to the fact that there's just not enough talent around and you're going to see EPC get built for certainty across the country.

所以我們的狀態很好。我認為，由於缺乏足夠的人才，您將繼續看到這種環境的發展，並且您將看到 EPC 在全國範圍內得到確定的建設。

Thank you.

謝謝。

Sure.

當然。

Steven Fisher with UBS.

瑞銀集團的史蒂文費雪。

Thanks. Good morning. It seems clear that the big picture outlook here is developing pretty well. But maybe just to start with a couple of clarifications about some of the near term dynamics. Just on the electric side of things, just curious what the kind of puts and takes on the revenue guidance that was unchanged for that segment in light of the extra 225 million of emergency work. Maybe that was just a shift in resources. I know that can happen with these storms sometime.

謝謝。早安.很明顯，這裡的整體前景發展得相當不錯。但也許首先要對一些近期動態做一些澄清。就電力方面而言，只是好奇鑑於額外的 2.25 億緊急工作，該部門的收入指導沒有變化，具體的投入和承擔是怎樣的。也許這只是資源的轉移。我知道這些風暴有時可能會發生這種情況。

And then the 5% organic growth that you mentioned going to 10% for the year, I think you said last quarter 9%. I'm not sure if those numbers are all apples to apples and just maybe if they are, can you just remind us what's the programs that are driving the acceleration to that nice 10% for the year there? Thank you.

然後你提到的今年有機成長 5% 到 10%，我想你上個季度說過 9%。我不確定這些數字是否都是同類的，如果是的話，您能否提醒我們哪些計劃推動了今年 10% 的加速成長？謝謝。

Thanks, Steve. Yes, we talked about the delineations of the segments and we do have crude movement across both segments. So you do get some of those things that show up in the way that the reports come out when we look at it.

謝謝，史蒂夫。是的，我們討論了細分市場的劃分，並且我們確實在這兩個細分市場之間進行了粗略的變動。因此，當我們查看報告時，您確實會得到一些以報告的方式顯示的內容。

Yes, the storms are about 200 million incremental. You do with any kind of storms. For one thing, the company, at six and six plus six and a half billion in revenue in a quarter. It just, it's not that big of an impact to the company and maybe to others. It's not to us.

是的，風暴增量大約是2億。你可以應付任何類型的風暴。一方面，該公司一個季度的營收為六、六加六、五億。只是，這對公司甚至其他人的影響並不大。這不是給我們的。

And it does pull back off our industrial business and the gas space during barrel. You have a lot of push out in our industrial business due to the fact that the storms came in. So you're seeing that show up in that margin profile in our industrial business. So you have a lot of turnarounds that pushed due to storms.

它確實減少了我們的工業業務和桶內的天然氣空間。由於風暴的到來，我們的工業業務受到了很大的影響。所以你會看到這齣現在我們工業業務的利潤狀況。因此，由於暴風雨的影響，很多事情都發生了轉變。

So the impacts across the company and portfolio, you can't see those things show up in these storm numbers. So there is an impact. We're pulling off transmission, we're pulling off some renewable projects that are larger. We're flying people in from Canada to save human life more importantly.

因此，對整個公司和投資組合的影響，你在這些風暴數字中看不到這些事情。所以有影響。我們正在實施輸電，我們正在實施一些規模更大的再生能源專案。我們從加拿大空運人員來，更重要的是為了拯救人的生命。

And I think that's the struggle is to get everyone to see it's more than just a storm. We're also pulling off major, major projects to go do this. And it's necessary for the industry for us to do this. We had well over 5,000 people and continue in the mountains to restore power.

我認為，鬥爭的關鍵是讓每個人都看到這不僅僅是一場風暴。我們也正在實施重大專案來實現這一目標。我們這樣做對於產業來說是必要的。我們有超過 5,000 人，繼續在山區恢復電力。

So yes, it's incremental, but it's not as big as what's being written. It's very, very small incremental gains there on the storm.

所以，是的，它是增量的，但它沒有正在編寫的那麼大。風暴帶來的增量收益非常非常小。

So yes, and when we look at it going forward, you'll see those things show up. And I do think our renewable business is strong. The electric, like the T&D there continues to be good and that's kind of where it sits today.

所以是的，當我們展望未來時，你會看到這些事情出現。我確實認為我們的再生能源業務很強勁。電動車，就像 T&D 一樣，仍然表現良好，這就是它今天所處的位置。

Okay, just maybe a follow up on the underground. Separate from the storm impact. Were there any new challenges arising or is this just a continuation of kind of the same issues as before and what's it going to take on the US Gas operations to get those delayed projects ramping up? Is that sort of just, rate case decisions that we're waiting for?

好吧，也許只是地下的後續行動。遠離風暴影響。是否出現了任何新的挑戰，或者這只是與以前相同的問題的延續，美國天然氣業務將採取什麼措施才能使這些延遲的項目加速推進？我們正在等待的就是這種公正的案件判決嗎？

I think when you look at it, the underground side of the business, they're building electric, they're building telecom, they're building renewables. The budgets certainly were impacted early. We talked about last quarter where if you're a utility and you could build underground electric or gas, a lot of the gas budgets went to, not a lot, but enough to cause impacts on our LDC business to move from gas to electric.

我認為當你看一下業務的地下部分時，他們正在建造電力，他們正在建造電信，他們正在建造再生能源。預算肯定很早就受到了影響。我們談到上個季度，如果你是一家公用事業公司，你可以建造地下電力或天然氣，那麼很多天然氣預算都會被花掉，雖然不是很多，但足以對我們的最不發達國家業務產生影響，從天然氣轉向電力。

And so we moved our crews along with that. We moved our crews into telecom and you can see it show up in those segments. But yes, it did impact the LDC business as well as the industrial business with the storms, the push out there, more impacts. So we had those. We run it as a portfolio as we talked about before and I think go forward.

所以我們也隨之轉移了我們的工作人員。我們將我們的員工轉移到電信領域，你可以看到它出現在這些領域。但是，是的，它確實影響了最不發達國家的業務以及暴風雨的工業業務，那裡的推動，更多的影響。所以我們有那些。正如我們之前討論的那樣，我們將其作為投資組合來運行，我想繼續前進。

If we look at the portfolio into 2025, you get guidance in 2025, we talk about guidance in 2025, you'll see double digit guidance at the EPS level. 15% certainly is in the realm of possibility and beyond into next year and we're willing to say it, I just said it into next year. So the concern may be short term, but we see long term growth, multi, I mean a decade's worth of growth here. And that's how we're running the business in this portfolio.

如果我們看看 2025 年的投資組合，你會得到 2025 年的指導，我們談論 2025 年的指導，你會看到每股收益水準達到兩位數的指導。 15% 肯定是有可能的，甚至會持續到明年，我們願意這麼說，我剛剛說過到明年。因此，擔憂可能是短期的，但我們看到了長期的成長，多重的，我的意思是十年的成長。這就是我們在這個投資組合中經營業務的方式。

Makes sense. Thank you.

有道理。謝謝。

Julien Dumoulin Smith with Jefferies.

朱利安·杜穆蘭·史密斯與傑弗里斯。

Hey, good morning team. Thank you guys very much. Appreciate the opportunity. Look, how do you guys think about the emerging dearth of workforce driving a tighter backdrop here for the business? I mean it's a pretty interesting backdrop for you all, you've been persistent in enabling a pipeline of labor training as a company. How do you.

嘿，早上好，團隊。非常感謝你們。珍惜這個機會。聽著，你們如何看待日益出現的勞動力短缺導致企業面臨更緊張的環境？我的意思是，這對你們所有人來說都是一個非常有趣的背景，你們一直堅持要作為一家公司建立勞工培訓管道。你怎麼樣。

Julian, we lost you. Hello, Mr. Dumoulin. Smith, are you still there?

朱利安，我們失去了你。你好，杜穆蘭先生。史密斯，你還在嗎？

That's okay, I'll answer the question. Yes, okay. So the workforce, look, we have invested in it. I do think as we stand today, we made substantial investments there early eight, nine years ago with both colleges and curriculum. It's well known. The crowd skilled labor as we stand today, we went from 53, 54 to begin the year. We're at 62,000 today.

沒關係，我來回答一下問題。是的，好的。所以，看，我們已經在勞動力方面進行了投資。我確實認為，就我們今天的情況而言，我們早在八、九年前就在大學和課程方面進行了大量投資。這是眾所周知的。就我們今天的情況而言，今年年初我們的熟練勞動力數量從 53 人增加到 54 人。今天我們有 62,000 人。

So that work, that 62,000, some of it's organic, some of it's acquired through Cupertino and others. But we continue to invest in curriculum. We see opportunities to look at craft skills that are getting performed along our segments and invest.

因此，這 62,000 份工作，其中一些是有機的，有些是透過庫比蒂諾和其他地方獲得的。但我們繼續投資課程。我們看到了機會來研究我們的細分市場中正在執行的工藝技能並進行投資。

And we'll continue to do that. We need to make sure that for us that's the core of the business is that craft and 85% of that self performed craft that we're supplementing across the country and all the service lines that we perform continue to grow. We've got to invest in that.

我們將繼續這樣做。我們需要確保，對我們來說，業務的核心是工藝，以及我們在全國範圍內補充的 85% 的自製工藝，並且我們執行的所有服務線都在持續增長。我們必須對此進行投資。

We knew it early. We were working with our partners, our unions and trade associations across the country to make sure that that investment for a trained, safe, dependable workforce is there. And we'll continue that as we go forward, Julien.

我們很早就知道了。我們正在與全國各地的合作夥伴、工會和行業協會合作，確保對訓練有素、安全、可靠的勞動力的投資到位。Julien，我們將繼續前進。

Excellent. Can you guys hear me now?

出色的。你們現在聽得到我說話嗎？

Yes, got you.

是的，明白了。

Sorry, I don't know what happened there. Just how does that impact your top line inflation when you think about the business trajectory and what you're seeing right now? I mean it seems like the overall sector is seeing this trend. How does that impact your potential for margin expansion and overall just top line inflation at the same time to run with that?

抱歉，我不知道那裡發生了什麼事。當您考慮業務軌跡以及您現在所看到的情況時，這對您的收入通膨有何影響？我的意思是，整個行業似乎都看到了這種趨勢。這對您的利潤擴張和整體頂線通膨的潛力有何影響？

Good question. Certainly we passed through the. We believe labor goes up about between 4% to 6% as we move forward, let’s 3% to 5%, probably 4% to 6% now. And those are passed through to contractually through. If it's not contractually, then we have it in our multiyear bids.

好問題。當然我們也經過了。我們認為，隨著我們的發展，勞動力成長率將在 4% 到 6% 之間，假設是 3% 到 5%，現在可能是 4% 到 6%。這些都是透過合約傳遞的。如果沒有合約規定，那麼我們會將其納入多年投標中。

But a 4 to 6 inflationary piece of labor, it's been there a long time. So that's always been a pass through or we've adjusted our portfolio and bids for those labor impacts.

但是4到6個通貨膨脹的勞動力，它已經存在很久了。因此，這一直是一個過渡，或者我們已經調整了我們的投資組合併針對這些勞動力影響進行出價。

On the data center business, on the inside electric piece of the business, it's certainly constrained more than our outside business. So we're also putting in training, we're also doing a lot of things with Cupertino acquisition and that platform to enhance that labor force.

在資料中心業務上，在業務的內部電子部分，它肯定比我們的外部業務受到更多限制。因此，我們也在進行培訓，我們也在收購庫比蒂諾和該平台方面做了很多事情，以增強勞動力。

And so I think you'll continue to see us anything we do that involves craft skill, will be curriculum, we'll have college credits with that. We'll have a lot of different things where we're trying to enhance the workforces to build for the future.

因此，我認為您將繼續看到我們所做的任何涉及工藝技能的事情，都將成為課程，我們將獲得大學學分。我們將採取許多不同的措施，努力增強勞動力，為未來建設做好準備。

Thank you guys.

謝謝你們。

Sure.

當然。

Gus Richard with Northland Capital.

格斯·理查德（Gus Richard）與北國資本（Northland Capital）。

Yes, thanks for taking the question. Electricity demand is exceeding supply growth and delivery growth. And is there some point in time where demand overwhelms supply and their shortages and what's the near term, next two or three year solution? Clearly SMR is not the answer and I was just wondering if you had any thoughts on that.

是的，感謝您提出問題。電力需求超過供應成長和交付成長。是否存在需求壓倒供應及其短缺的某個時間點？ 近期、未來兩三年的解決方案是什麼？顯然 SMR 不是答案，我只是想知道您對此有何想法。

I mean you're going to have to see batteries become longer duration, more batteries for the intermittency of renewables. Solar continues to get built, it's economical, Wind will be there, but gas has got to back it. You see all the gas generation that's coming online, anticipated to come online. I think better, better said that's there as well.

我的意思是，你將不得不看到電池的使用壽命變得更長，更多的電池用於再生能源的間歇性。太陽能繼續建設，它很經濟，風能也會存在，但天然氣必須支持它。您將看到所有即將上線的天然氣發電，以及預計將上線的天然氣發電。我認為更好，更好地說，那也在那裡。

But we've always thought gas would be 20% of the business generation fleet and I still believe that's the case. Even at double growth you'll still keep it up there just to keep the, keep the intermittency of the grid and to make sure that you can have that.

但我們一直認為天然氣將佔商業發電機隊的 20%，我仍然相信情況確​​實如此。即使在雙倍增長的情況下，你仍然會將其保持在那裡，只是為了保持網格的間歇性，並確保你可以擁有它。

The reserve margins, if you go across the country used to have a pretty nice reserve margin across the country. I believe most of that is replenished substantially and you can't, you can't run the grid on the edge. So you've got to get the generation in and get it in quick to get those reserves back up on anticipated demand and that or you can't build.

準備金率，如果你走遍全國，過去全國各地的準備率都相當不錯。我相信其中大部分都得到了大幅補充，但你不能，你不能在邊緣運行網格。因此，你必須讓這一代人快速投入，使這些儲備能夠滿足預期的需求，否則你就無法建造。

So one of the two teams, you're either going to constrain the grid, constrain the keys because you can't build generation or you build generation. So I do believe gas is probably the most immediate thing that you'll see get built along with solar and wind as you see it today. But gas will certainly supplement more so than we've seen in the past.

因此，兩個團隊之一，你要么限制網格，限制鍵，因為你無法建立生成，或者你建立生成。因此，我確實相信天然氣可能是您今天看到的與太陽能和風能一起建造的最直接的東西。但天然氣的補充肯定會比我們過去看到的更多。

Got it. That makes complete sense. And that feeds into the next question. Given the hurricanes and fires, whatnot, are you seeing an increase in demand for hardening services, or are the utilities starting to allocate more resources and are you seeing that benefit?

知道了。這是完全有道理的。這又引出了下一個問題。考慮到颶風和火災等情況，您是否看到對加固服務的需求增加，或者公用事業公司是否開始分配更多資源，您是否看到了這種好處？

Yes, I mean I think the grid hardening programs, both fire and storms are certainly there. We see it across the board where you have multi-year type programs against fire or grid hardening per se. So yes, I mean we see it quite a bit, continue it's early stages in many areas, but in other areas, Florida being one, you're in late stages or later stages. I won't say late stages, but mid to three-fouth into something in most areas.

是的，我的意思是我認為電網強化計劃，無論是火災還是風暴都肯定存在。我們全面看到了這一點，您有針對火災或電網硬化本身的多年類型計劃。所以，是的，我的意思是我們看到了很多，在許多地區繼續處於早期階段，但在其他地區，佛羅裡達州就是其中之一，你處於後期或後期。我不會說後期階段，而是在大多數領域都進入了中四分之三階段。

So, a lot of people started with transmission hardening, and you're starting in distribution hardening and undergrounding in certain areas.

因此，許多人從傳輸強化開始，而您則從某些區域的配電強化和地下化開始。

So I think your early stages of this and you'll continue to see violent weather impacts and demands from the client to have them up quicker. The only way you can get things up faster is you've got to harden the grid or underground it, one of the two. So that pressure against the grids that are 50, 70 years old, you've got to do. You've got to modernize the grid. And you're doing all this while demand is doubling. So it is something that everyone's looking at from a standpoint of what do you do first? And you've got to harden the grid while you meet demand. So it is something that is unique to the industry these days.

因此，我認為在這方面的早期階段，您將繼續看到劇烈的天氣影響以及客戶要求更快地啟動它們的要求。唯一能讓事情進展得更快的方法是你必須強化網格或將其隱藏起來，兩者之一。因此，你必須承受對已有 50、70 年歷史的電網的壓力。你必須對電網進行現代化改造。而您正在做這一切，而需求卻翻倍了。所以每個人都會從你先做什麼的角度來看這個問題？在滿足需求的同時，您還必須強化網格。所以這是當今業界獨有的東西。

Thanks so much.

非常感謝。

Chad Dillard with Bernstein.

查德·迪拉德和伯恩斯坦。

Hey, good morning, guys.

嘿，早上好，夥計們。

Morning.

早晨。

So my question's on the MSA renewal process. And I know that this is an ongoing process for you guys year in, year out, but just curious how much of the business is up for renewal over the next 12 months. And then, I think these contracts are three to four years in duration. So I'd love to get a sense for just like how those conversations and how the contracts have changed versus three to four years ago. From a terms perspective, if you can talk pricing, anything like that would be very helpful.

我的問題是關於 MSA 續約流程。我知道這對你們來說是一個年復一年持續的過程，但我只是好奇在接下來的 12 個月裡有多少業務需要更新。然後，我認為這些合約的期限是三到四年。因此，我很想了解這些對話以及合約與三、四年前相比有何變化。從條款的角度來看，如果你能談論定價，類似的事情都會非常有幫助。

Yes, I mean, MSAs are really framework for unseen work in many ways, and it allows contractual terms to be done and resources to be allocated. I would say as it stands today, it's much more collaborative because you can see the business longer, so can our clients.

是的，我的意思是，MSA 在許多方面確實是看不見的工作的框架，它允許完成合約條款並分配資源。我想說，就目前情況而言，它更具協作性，因為您可以更長時間地看待業務，我們的客戶也可以。

When you can see capital out and plan and prepare, it's certainly more efficient and more prudent to get out in front of it. So, have the labor there, the labor shortages don't show up if you talk long-term.

當你能看到資金流出並進行計劃和準備時，在它面前撤離肯定會更有效率、更謹慎。所以，只要有勞動力，長遠來看，勞動力短缺就不會出現。

So I think they're longer in nature. They're bigger as we see it. I can't tell you how many are up. We have, I don't know, hundreds, maybe thousands of MSAs, maybe 10,000. I don't know a lot of MSAs that go around. We've worked off of them for 50 years.

所以我認為它們本質上更長。正如我們所見，它們更大。我無法告訴你有多少人在場。我不知道，我們有數百個、也許數千個 MSA，也許有 10,000 個。我不知道有多少 MSA。我們已經靠它們工作 50 年了。

So it's very, very difficult for me to. I mean one client could have 50 MSAs. So it's just, it's extremely difficult for me to give you those numbers. But what I would say is the base business is 85% today and that's those MSAs typically around that for the most part. And as we see it going forward, it will be 85% as the business grows on the top line, you will still see it at 85%.

所以這對我來說非常非常困難。我的意思是一個客戶端可以有 50 個 MSA。所以，我很難給你這些數字。但我想說的是，今天的基礎業務佔 85%，而這些 MSA 的大部分通常都圍繞著這一點。正如我們所看到的，隨著業務在營收上的成長，這一數字將達到 85%，您仍然會看到它為 85%。

So as the business has grown because the MSAs and our ability to bid or negotiate or collaborate with the client to continue that, the stickiness of that and supplement their current workforces is there and will continue to be there going forward.

因此，隨著業務的成長，因為管理服務協議以及我們與客戶投標、談判或合作的能力，以繼續實現這一目標，這種黏性和補充他們現有的勞動力就在那裡，並將繼續存在。

That's helpful. Second question is on Cupertino and labor availability. So I'd love to get a better sense for how you plan to integrate that segment with your labor training program. Just trying to figure out just how much labor that can unlock over the next couple of years and how fast you can scale the business and if you can, just how much in terms of headcount is Cupertino.

這很有幫助。第二個問題是關於庫比蒂諾和勞動力供應情況。因此，我很想更了解您計劃如何將該部分與您的勞動培訓計劃結合起來。只是想弄清楚在接下來的幾年裡可以釋放多少勞動力，以及您可以以多快的速度擴展業務，如果可以的話，庫比蒂諾的員工人數是多少。

Yes. I think Cupertino, when you look at the workforce and how it's trained, I mean they've had very good training programs, three, four year training programs, I believe. So very, very good. When we look at it, can we supplement it?

是的。我認為庫比蒂諾，當你看看勞動力及其培訓方式時，我的意思是他們有非常好的培訓計劃，我相信三年、四年的培訓計劃。非常非常好。當我們看到它的時候，我們可以補充一下嗎？

Yes. I think what we can do is early on, our recruiting process is the way we get people into the trade some people can't climb some people don't want to climb, so we can move people over into that segment. And it's just it will be synergistic for us as well. Some won't when one of down the ground, they want to client. So both sides of that continue, we're always around the edges of each other.

是的。我認為我們能做的是儘早，我們的招募流程是讓人們進入這個行業的方式，有些人無法攀登，有些人不想攀登，所以我們可以將人們轉移到該領域。這對我們來說也將產生協同效應。有些人不會當他們一腳踏實地的時候，他們想要客戶。所以雙方都在繼續，我們總是在彼此的邊緣。

Craft is very similar. The way they think the way we think the company sits on top of us nicely and so when you look at that, it just it bodes well for us to recruit very, very, what I consider the top talent out there. They were with premier solution provider for the data center business for a long period of time since inception, they have capabilities across the board beyond data centers that we like a lot both, solar land, it's a different labor pool, but they're exceptional in what they do.

工藝非常相似。他們的想法和我們對公司的看法都很好，所以當你看到這一點時，這對我們來說是個好兆頭，可以招募我認為非常非常頂尖的人才。自成立以來，他們在很長一段時間內一直是資料中心業務的首要解決方案提供商，他們擁有超越資料中心的全面能力，我們非常喜歡太陽能土地，這是一個不同的勞動力庫，但他們非常出色在他們所做的事情中。

So we're excited about supplementing the curriculum, supplementing onboarding, the what I would consider pre-apprenticeship programs that we have, where people are smarter and faster and more productive when they get in. So all those things will certainly benefit both us and Cupertino going forward. The count it's between 4,000 and 6,000 somewhere in there. It varies depending on where they are.

因此，我們很高興能夠補充課程、補充入職培訓以及我所認為的學徒前計劃，人們在進入這些計劃後會變得更聰明、更快、更有效率。因此，所有這些事情肯定會讓我們和庫比蒂諾的未來受益。那裡某處的計數在 4,000 到 6,000 之間。這取決於他們所在的位置。

Thank you.

謝謝。

Drew Chamberlain with JPMorgan.

摩根大通的德魯張伯倫。

Yes, good morning and thank you for taking the questions. The first one on the renewable side, some positive commentary in the materials on that bidding activity and what you're hearing from your customers. But obviously, bookings throughout the first part of the year, our first three quarters been a little lighter than last year.

是的，早上好，感謝您提出問題。第一個是關於再生能源方面的，資料中對投標活動以及您從客戶那裡聽到的內容做出了一些積極的評論。但顯然，今年上半年的預訂量，前三個季度比去年少一些。

And just kind of to hear your thoughts on maybe what's holding up some of this from converting into backlog and maybe what are some of the headwinds and stuff that you're hearing from your customers maybe on the election, IRA and when this can really convert?

只是想聽聽您的想法，也許是什麼阻礙了這一切轉化為積壓，也許您從客戶那裡聽到了一些逆風和東西，可能是關於選舉、愛爾蘭共和軍以及何時可以真正轉化？

I mean I expect us to between now and the next time we get on the call, a substantial amount of LNTP going into the contract. The negotiations are robust, and I'm not sure I can't put a finger on why the why the backlog is not increase over there based on what the conversations are. It's just tend to paper in many ways and from LNTP to final FID.

我的意思是，我希望我們從現在到下次接到電話時，將大量 LNTP 納入合約。談判進行得很順利，我不確定我不能根據對話內容來解釋為什麼那裡的積壓工作沒有增加。從 LNTP 到最終的 FID，它只是傾向於以多種方式記錄。

So I'm not concerned, the inbounds are as good as they've ever been in the negotiation, verbal’s all the things that we're discussing on the Renewables segment.

所以我並不擔心，談判中的入局和以往一樣好，口頭上的——這是我們在再生能源領域討論的所有事情。

I feel confident that going into next year, the backlog will grow and it will look different. The next time we have this discussion. So that piece of the business is not concerned with on the backlog side of it. So we see the market continuing to progress forward the solar business, the wind business, either the repower business, batteries are growing our fastest-growing piece.

我相信，進入明年，積壓訂單將會增加，而且看起來會有所不同。下次我們再討論這個問題。因此，這部分業務並不關心積壓方面。因此，我們看到市場繼續向前發展，太陽能業務、風能業務、再發電業務、電池都是我們成長最快的部分。

But we like it all. We see it it's coming our way. And I think the election, yes, I could have a little bit of a delay, but the feedback we're getting from the client is either a Harris or Trump when you're going to have some noise in one or the other, but the business itself and the underlying business continues forward, and I believe our customers would say the same thing.

但我們喜歡這一切。我們看到它正朝我們走來。我認為選舉，是的，我可能會有一點延遲，但我們從客戶那裡得到的反饋要么是哈里斯，要么是特朗普，當你在其中一個或另一個方面會有一些噪音時，但是業務本身和基礎業務繼續向前發展，我相信我們的客戶也會這麼說。

Okay. Great. And then just on the data side, you updated the updated the market forecast that you used in the deck calling for a 23% CAGR versus I think it was a 15% prior Kind of just what's changed quarter-over-quarter? Have conversations started to look materially different? And do you think that this higher growth rate is indicative of what your business is going to do and what your internal expectations are over the course of the decade.

好的。偉大的。然後就數據而言，您更新了在套牌中使用的最新市場預測，要求複合年增長率為 23%，而我認為之前的複合年增長率為 15%。談話是否開始看起來有實質的不同？您認為這種較高的成長率是否表明您的企業在這十年中將做什麼以及您的內部期望是什麼？

Yes. Just as a reminder, those are third-party reports that we're putting in there. And I think what it does is just reflects the continuing optimism of how much data center growth is out there as well as the power needs for enabling that data center growth. That's really what we were trying to show in that graph. But from our customer standpoint, I can have Duke tell about that.

是的。提醒一下，這些是我們放在那裡的第三方報告。我認為它所做的只是反映了對資料中心成長量以及實現資料中心成長的電力需求的持續樂觀態度。這確實是我們試圖在該圖中展示的內容。但從我們客戶的角度來看，我可以讓杜克講述這一點。

Yes. I mean I think that the graphs are certainly indicative of what we see in the business. And when you think about the growth and what we've done yes, some of it is inorganic, but you also need to look at if we've done it consistently over the last seven, eight years, we'll continue to do that going forward.

是的。我的意思是，我認為這些圖表肯定表明了我們在業務中所看到的情況。當你想到我們的成長和我們所做的事情時，是的，其中一些是無機的，但你還需要看看我們在過去七、八年中是否始終如一地做到這一點，我們將繼續這樣做繼續前進。

And I do think the growth of the business at the midpoint staying under two of leverage, you can see it going forward. And it's basically the strategy to the company that put us in a data center business that put us in the renewable business going forward.

我確實認為，業務成長的中點保持在兩個槓桿以下，你可以看到它的未來。這基本上是公司的策略，讓我們進入資料中心業務，讓我們進入再生能源業務。

And when you think about the nexus of it, it all comes together and the need for power at a data center is substantial, can we be a solution to all the things. Yes, are we in the middle of the discussions on all things data, yes, are we in the middle of the discussion offering power? Yes. So it allows us a unique position to help and collaborate with multi-customers.

當你思考其中的連結時，你會發現，所有這些都集中在一起，資料中心對電力的需求是巨大的，我們能否成為所有問題的解決方案。是的，我們是否正在討論所有數據，是的，我們是否正在討論提供權力？是的。因此，它使我們擁有獨特的地位來幫助多客戶並與多客戶合作。

And I just think it's from east to west. And it's a lot of opportunities and the company is pretty excited about what we can do with the growth platform that we built in the TAM that's around a addressable markets are much bigger than they were yesterday. So I like where we sit, and I like our customer base.

我只是認為這是從東到西。這是很多機會，公司對我們可以利用我們在 TAM 中建立的成長平台所做的事情感到非常興奮，該平台圍繞著比昨天大得多的潛在市場。所以我喜歡我們所處的位置，也喜歡我們的客戶群。

Okay, thank you.

好的，謝謝。

Brian Brophy with Stifel.

布萊恩·布羅菲和斯蒂菲爾。

Thanks good morning, everybody. I wanted to ask one on cash flow. So implied free cash flow conversion versus EBITDA for this year is now about 60% excluding that Canadian transmission collection, which is obviously a little bit higher than some of your longer-term targets that are out there. Is there anything in free cash flow this year, is this more onetime in nature? Or is this a good way to think about core free cash flow conversion going forward? Thanks.

謝謝大家早安。我想問一個關於現金流的問題。因此，今年隱含的自由現金流與 EBITDA 的轉換率現在約為 60%（不包括加拿大的傳輸費用），這顯然比您現有的一些長期目標要高一些。今年的自由現金流有什麼改變嗎？或者這是思考未來核心自由現金流轉換的好方法嗎？謝謝。

Yes. I think we are very pleased with where we sit with our free cash flow. We have it's a reflection of several things. One, of course, is the mix of work, the renewable business and the way those contracts are structured, continue to be very working capital accretive.

是的。我認為我們對我們的自由現金流狀況非常滿意。我們認為它反映了幾件事。當然，其中之一是工作組合、再生能源業務以及這些合約的結構方式，仍然非常能增加營運資金。

And so you're seeing the benefit of that in our free cash flow guide. We are doing better at our collections. Our DSO is improving. So those things are all factored into our free cash flow guide for the year. I will say going forward, we've said our expectations the right way to look at it is around a 45% to 55% conversion rate.

因此，您可以在我們的自由現金流指南中看到這樣做的好處。我們在收藏方面做得更好。我們的 DSO 正在改進。因此，這些因素都被納入我們今年的自由現金流指南中。我想說的是，展望未來，我們已經說過，我們的預期正確的看法是 45% 到 55% 左右的轉換率。

With Cupertino now, we do believe we have opportunities to be on the high end of that range and even greater as we've seen this year, but it really depends on the mix of work. And so we have a big storm like we had this year this quarter last quarter, that can be a drag on free cash flow depending on the mix of the MSA work and how that comes into play, that can also be a drag on working capital.

現在在庫比蒂諾，我們確實相信我們有機會達到這個範圍的高端，甚至像我們今年看到的那樣更大，但這實際上取決於工作的組合。因此，我們遇到了像今年本季上個季度一樣的大風暴，這可能會拖累自由現金流，具體取決於 MSA 工作的組合及其發揮作用的方式，這也可能會拖累營運資本。

So I think the right way to look at it, Brian, is to continue to be in that 45% to 55% range with very good opportunities to be in the high end of that range.

所以，布萊恩，我認為正確的看法是繼續保持在 45% 到 55% 的範圍內，並且有很好的機會處於該範圍的高端。

The impact of Canada is certainly in the numbers. We don't expect to collect that this year. So that is certainly pressing on the number. That said, we did get some of the money in. We like the way the negotiations are going. Nothing wrong. We were highly confident in the claim. We're highly confident in what we've done from a construction statement, which has taken longer to get end of paper in Canada to receive our money.

加拿大的影響力肯定體現在數字上。我們預計今年不會收集到這些資金。所以這無疑對這個數字造成了壓力。也就是說，我們確實拿到了一些錢。我們喜歡談判的進展方式。沒什麼問題。我們對這說法充滿信心。我們對施工聲明中所做的事情非常有信心，加拿大花了更長的時間才收到我們的錢。

And so I do believe you'll see it in next year. We're not going to press the business to tell you exactly when because I think it's more important to get the right answer for what we deserve and what we've done. And so there's a client. So we're just working with them to get the collections. But nothing wrong with the collection, it's taken a little longer.

所以我相信你明年就會看到它。我們不會迫使企業告訴你確切的時間，因為我認為更重要的是為我們應得的和我們所做的事情得到正確的答案。這樣就有了一個客戶。所以我們只是與他們合作獲取藏品。不過收藏也沒什麼問題，但時間長了一點。

Appreciate the answer. I have a follow up. I will pass it on.

感謝您的回答。我有後續行動。我會把它傳遞下去。

Andy Kaplowitz with Citi.

花旗銀行的安迪‧卡普洛維茲。

Good morning everyone.

大家早安。

Hello.

你好。

Duke, I know one of the questions you get occasionally is that as some ramps down in 2026 given the size of the project that it would be tough to see. We all know there's so much more to Quanta and just large electrical transmission projects. But how do you see that environment? Do you see sort of a new wave of large projects that could come out in 2025 and 2026 or how do you think about that?

杜克，我知道您偶爾會遇到的問題之一是，考慮到專案的規模，到 2026 年，一些專案的進度會有所下降，這是很難看到的。我們都知道廣達還有很多事情要做，而且只是大型輸電專案。但你如何看待那個環境呢？您認為 2025 年和 2026 年可能會出現新一波大型專案嗎？

I mean we see multi projects and whether they're $1 billion or $2 billion or $500 million they're there. We're probably in a I will say it again, the inbound and the negotiations of variables to what you build discussions are substantial.

我的意思是，我們看到了多個項目，無論是 10 億美元、20 億美元還是 5 億美元，它們都在那裡。我們可能處於一個我會再說一遍的情況，您所構建的討論的變數的入站和談判是實質性的。

And I was somewhere the other day and I was listening to I can't one of the bigger manufacturers seem to talk to you one of them, I can't remember which one of was, talking about transformers and they said, hey, we can get there by 2030. If we said that today on the work that we did, we'll get you by 2030. I would just tell you like it's not that's not in our DNA.

前幾天我在某個地方，我正在聽，我不能有一個較大的製造商似乎在跟你交談其中一個，我不記得是哪一個，談論變壓器，他們說，嘿，我們到2030年可以實現這一目標。如果我們今天就我們所做的工作說，我們將在 2030 年實現您的目標。我只想告訴你，這不是我們的 DNA 中沒有的。

And that demand is the same for us. The demand for larger projects that are out there has never been greater. And we see it to the west, to the east, you can look at MISO, you can look at SPP. You can look at ERCOT, you can go to 765 build.

這種需求對我們來說也是一樣的。對大型專案的需求從未如此之大。我們向西、向東看，你可以看看MISO，你可以看看SPP。你可以看看ERCOT，你可以去765建置。

You can look at anything you want developers this pick something and pick a geography within the country and see if you don't see large transmission, there's just as big as projects. If you add them together or you take one, you take three, we're not concerned with our ability to look at large construction.

你可以查看任何你想要的東西，開發商可以選擇一些東西，然後在國內選擇一個地理位置，看看是否沒有看到大型傳輸，那裡有與項目一樣大的項目。如果你把它們加在一起，或者你拿一個，你拿三個，我們並不關心我們觀察大型建築的能力。

I do believe you'll see the stacking effect of the business going forward. And we see it in 2026. We see it in 2027, we see it in 2028, going high. We see the same thing they see.

我相信您會看到業務發展的疊加效應。我們將在 2026 年看到這一點。我們會在 2027 年看到它，我們會在 2028 年看到它，而且會很高。我們看到的和他們看到的一樣。

So to that point, Duke, I mean, there's always going to be a little bit of noise, but at the Investor Day that you had a couple of years ago, I mean, you talked about sort of this upside case of 15% plus EPS growth that would get you with capital deployment to $11 to $12 in 2026.

因此，杜克，我的意思是，在這一點上，總是會有一些噪音，但在幾年前的投資者日上，我的意思是，你談到了 15% 以上的上行情況每股收益增長將使您的資本配置在2026 年達到11 至12 美元。

I'm sure you don't want to give us guidance 2026. But at the same time, does it feel like you're absolutely tracking to that upside case given what you guys have done with Cupertino and Blattner and then the markets themselves.

我確信您不想給我們 2026 年的指導。但同時，考慮到你們對庫比蒂諾和布拉特納以及市場本身所做的事情，你們是否感覺絕對在追蹤這種上行情況？

I mean I said just a minute ago, next year, if we grow double-digit EPS, if it's 15%, we certainly have the opportunity for 15%, and beyond. We've grown 20% this year at the midpoint deploying capital. So we see our ability to deploy capital continues. We believe will be in some part of the range will be in double digits in '25. So if it's in 25 and we're going to grow the bottom 10% that gets you to $11.26 if you just do the math.

我的意思是，我剛剛說過，明年，如果我們的每股盈餘成長兩位數，如果達到 15%，我們當然有機會實現 15% 甚至更高。今年我們的資本部署中位數成長了 20%。因此，我們看到我們部署資本的能力仍在繼續。我們相信，到 25 年，該範圍的某些部分將達到兩位數。因此，如果是在 25 年，我們將增加底部 10%，如果您計算一下，您將達到 11.26 美元。

And look, that's easy to say. It comes out real quick. But we've got to get and deliver and execute on it, which I don't think we're a story about tomorrow. We're doing it today. And I think we'll do it in 2025, I think we'll do in 2026. We certainly have the opportunity in the markets are there.

看，這很容易說。它出來得很快。但我們必須得到、交付和執行它，我認為這不是一個關於明天的故事。我們今天正在做。我認為我們會在 2025 年、2026 年做到這一點。我們當然有市場上的機會。

Appreciate the color.

欣賞顏色。

Michael Dudas with Vertical Research.

垂直研究的邁克爾·杜達斯 (Michael Dudas)。

Hi, Jayshree, Duke and Kip. How are you doing?

大家好，Jayshree、Duke 和 Kip。你好嗎？

Hi.

你好。

Maybe following on allocation and capital. Given the extraordinary demand and the excitement that's within vendors serving the electric utility and development industry. When you're talking to the various companies that you look to maybe bring on board in the next couple of years to solidify your long-term plans?

也許遵循分配和資本。鑑於服務於電力公用事業和開發行業的供應商的巨大需求和興奮。當您與您希望在未來幾年內加入的各種公司交談以鞏固您的長期計劃時？

Or the industry going to need if it seems like there's going to be a lot more scale and consolidation needed and our potential sellers of their businesses looking towards that to kind of get to the next level of their growth and that provides opportunities for you guys to kind of get into the areas to maybe even especially maybe on the front-end engineering kind of work because it seems like the customer base is wanting a lot more of that from you given the collaboration you've been talking about?

或者，如果看起來需要更大的規模和整合，並且我們的業務的潛在賣家希望通過這種方式達到下一個增長水平，那麼這個行業就會需要，這為你們提供了機會進入這些領域，甚至可能特別是前端工程工作，因為考慮到您一直在談論的合作，客戶群似乎希望您提供更多這類工作？

I mean, certainly, the front side of the business, as we call it, the engineering, the permitting, all those things are a big part of the business, and we need to look at those things to add to our strategies, and that's been known for a long time.

我的意思是，當然，業務的前端，正如我們所說的，工程、許可，所有這些東西都是業務的重要組成部分，我們需要考慮這些東西以添加到我們的策略中，這就是早已為人所知。

We're disciplined about how we acquire and we'll grow it organically, we'll grow it somehow some way. If we have to partner, if we can acquire, we'll acquire we're not going to acquire any cost. We've said that before. We are disciplined to it, and we'll stay disciplined to it. So we see that we see long term if you look at the transformer business we acquired, it's a 100-year-old business, a family business. It wasn't for so.

我們對獲取方式有嚴格的要求，我們會有機地發展它，我們會以某種方式發展它。如果我們必須合作，如果我們能夠收購，我們就會收購，我們不會收購任何成本。我們之前已經說過了。我們遵守紀律，我們將繼續遵守紀律。所以我們看到，如果你看看我們收購的變壓器業務，我們會看到長期的發展，這是一個有 100 年歷史的家族企業。本來就不是為了這樣的。

And I think when you think about it, people are they want these big long-term businesses, they want stability in their companies. They want to perpetuate the name. They see what we do. They see how we take care of people.

我認為當你思考這個問題時，人們會想要這些大型的長期業務，他們想要公司的穩定性。他們想讓這個名字永垂不朽。他們看到我們所做的。他們看到我們如何照顧人。

They see the culture that we have here, and we're very selective. And when we look at it, I mean, Cupertino is a great example of a multi-decade relationship that generationally, we can provide great things for their people, great things for the management team, great things for the family.

他們看到了我們這裡的文化，而且我們非常挑剔。當我們審視它時，我的意思是，庫比蒂諾是數十年關係的一個很好的例子，我們可以為他們的員工、管理團隊、家庭提供偉大的東西。

And they keep the culture that they've had yesterday and the name is still on the truck today and it will be in a decade from now.

他們保留了昨天的文化，今天的卡車上仍然保留著這個名字，十年後也會。

So I think that's the key to it is us continue to create the culture that we have here. People generationally, I'm not sure why craft and the perpetuation when you get down, a lot of people that have businesses that are large in nature that provide craft-skills, their kids want to go build they want to go build apartments and real estate or other things, they don't really like the businesses that their families have or they're not interested in at craft and things like that, which is fine, is great.

所以我認為關鍵是我們繼續創造我們這裡的文化。一代一代的人，我不知道為什麼手工藝和當你落魄時會永存，很多人擁有規模龐大的企業，提供手工藝技能，他們的孩子想要建造，他們想要建造公寓和真正的房子房地產或其他東西，他們並不真正喜歡他們家族擁有的企業，或者他們對手工藝不感興趣，諸如此類的事情，這很好，很棒。

So they want they're looking for stability for the people. And I think that's the key for us is to find those businesses and attract them and continue to execute on the culture that is here and protected and move forward with it, while we're creating what I would consider great returns for our investors and stakeholders.

所以他們希望為人民尋求穩定。我認為對我們來說關鍵是找到這些企業並吸引他們並繼續執行這裡的文化並受到保護並繼續發展，同時我們正在為我們的投資者和利益相關者創造我認為的巨大回報。

Thank you.

謝謝。

Sangita Jain with KeyBanc Capital Markets.

Sangita Jain 與 KeyBanc 資本市場。

Yes, thank you guys for taking my questions. So Duke, did DOE just recently signed on to become an anchor tenant on a handful of transmission projects. Can you tell us what you think that means? Does that bring them to the front of the line? And are you already talking to some of them?

是的，謝謝你們回答我的問題。杜克大學最近是否剛簽約成為少數​​輸電項目的主要租戶。您能告訴我們您認為這意味著什麼嗎？這會讓他們走在隊伍的前面嗎？您已經和他們中的一些人交談了嗎？

Yes. I mean we talked to the DOE. We talked to the people that are anchor tenants quite a bit. You still have got permitting and you still have some of them have transformed, some of them don't. I do think it helps, but in reality, our utilities or IOUs that are sitting right there, if it's not an IOU, which some of them are, it's I'll just say it's it has inherent risk and more difficult. It's not that it won't happen. It's just harder.

是的。我的意思是我們和能源部談過。我們與主要租戶進行了很多交談。你仍然得到了許可，並且仍然有一些已經轉變，有些沒有。我確實認為這有幫助，但實際上，我們的公用事業或借據就在那裡，如果它不是藉條（其中一些是藉條），我只能說它具有固有的風險並且更困難。這並不是說它不會發生。只是更難了。

And I do think the projects that you see to the DOE back are good. I mean they're great projects, and we're all around them. And we like that anchor tenant. That's it's a great concept. I think when you look at Texas, with the Texas fund and the things that are happening there same thing, but a lot of the states and the permitting in the states and the PUCs and things like that, it's really about a rate payer discussion.

我確實認為你們看到能源部支持的項目很好。我的意思是它們都是很棒的項目，我們都圍繞著它們。我們喜歡那個主力租戶。這是一個很棒的概念。我認為當你看看德克薩斯州時，德克薩斯州的基金和那裡發生的事情是一樣的，但很多州以及各州和公用事業委員會的許可以及類似的事情，這實際上是關於納稅人的討論。

Are we putting pressure on rates at the rate payer level? And when you look at it, T&D is not the biggest piece of the rate. And so we've got to do a better job of how we discuss that to the rate payers because gas interest, a lot of different things are way more impactful than building T&D infrastructure.

我們是否對納稅人層​​面的利率施加壓力？當你仔細觀察時，T&D 並不是其中最大的部分。因此，我們必須更好地與納稅人討論這個問題，因為天然氣利息，很多不同的事情比建設輸配電基礎設施更具影響力。

Actually, T&D infrastructure makes the rates go down through congestion and things like that in those cases. So I think all those things that you have to look at, if you can prove those things out, the projects go much faster.

實際上，在這些情況下，輸配電基礎設施會因壅塞等原因導致費率下降。所以我認為所有這些你必須關注的事情，如果你能證明這些事情，專案就會進展得更快。

Got it. So that's very helpful. And on that, can I also follow up with the recent transformer acquisition that you announced? And if that is a different type of transformer versus the PTT or I honestly anything that you can tell us on that acquisition would be great.

知道了。這非常有幫助。關於這一點，我還可以跟進您最近宣布的變壓器收購嗎？如果這是一種與 PTT 不同類型的變壓器，或者說實話，您能告訴我們有關此次收購的任何信息，那就太好了。

Long discussions in the transformer acquisition on the one we just made as well as PTT. So we've been in discussion since pretty covers on the transformer business. We like the business. It's supplemental. It's a little smaller than the class, the bigger class transformer that can be made in PTT, not to say but the utilities they serve, the clients they serve in the areas are certainly there.

關於我們剛剛製作的變壓器採購以及 PTT 進行了長時間的討論。因此，自從對變壓器業務進行了相當多的報告以來，我們一直在進行討論。我們喜歡這個行業。算是補充吧它比類要小一點，可以在 PTT 中製造更大的類變壓器，不說，但他們服務的公用事業、他們在該地區服務的客戶肯定在那裡。

We can cross sell. We can sell internally. We're out in the 2027, 2028 even into 2029 with these factories. And so we just we've got to watch it. We got to understand the market and serve our internal customers as well. And we're in a very, very small percentage of manufacturing.

我們可以交叉銷售。我們可以內部銷售。我們將在 2027 年、2028 年甚至 2029 年與這些工廠合作。所以我們必須觀察它。我們必須了解市場並為內部客戶提供服務。我們在製造業中所佔的比例非常非常小。

And I think for us, it's really a backstop against if you get tariffs in China or in other places, transformers become difficult and we have US based long-term transformers here. And it will allow us to move our current workforce and projects forward.

我認為對我們來說，這確實是一個後盾，如果你在中國或其他地方徵收關稅，變壓器就會變得困難，而我們這裡有美國的長期變壓器。這將使我們能夠推動現有的員工隊伍和專案向前發展。

And we're really derisking the business against those things as well as collaborating with the clients on US based manufacturing. And that's the key for us is to continue down the path and critical path items that we believe are risk to the supply team.

我們確實正在消除業務面臨這些風險的風險，並與客戶在美國製造方面合作。對我們來說，關鍵是繼續沿著我們認為對供應團隊構成風險的道路和關鍵道路項目前進。

Got it. Thank you so much.

知道了。太感謝了。

Marc Bianchi with TD Cowen.

馬克·比安奇和 TD Cowen。

Hi, thanks. I guess this is a little bit of a follow-up to the prior question. There's been some concern expressed by renewable developers around labor and supply chain challenges being a bottleneck to their growth. I know you just talked about the Transformer thing a little bit, talked about labor earlier, but I think that was maybe more around kind of the T&D side of the business.

你好，謝謝。我想這是前一個問題的後續問題。再生能源開發商對勞動力和供應鏈挑戰表示擔憂，認為這是其成長的瓶頸。我知道您剛剛談到了 Transformer 的事情，之前談到了勞動力，但我認為這可能更多地涉及業務的 T&D 方面。

But could you talk about what you're seeing on the ground, like right now as it relates to some of these supply chain concerns. Is there anything that's maybe incrementally worse or better than it was last quarter?

但您能否談談您在實地看到的情況，例如現在，因為它與一些供應鏈問題有關。有什麼事情可能比上個季度變得更糟或更好嗎？

I mean you have to get into HVDC certain kinds of HVDC, especially DC construction in your large stations to get like a real bad, but besides that, I mean, a transformer is certainly constrained. Breakers are certainly constrained.

我的意思是，你必須進入高壓直流輸電（HVDC）某些類型的高壓直流輸電（HVDC），尤其是大型電站的直流建設，否則會變得非常糟糕，但除此之外，我的意思是，變壓器肯定受到限制。斷路器肯定受到限制。

But we've been able to we have a good robust we see it. So I think the things that we've done in our supply chain, we can help and enhance developers certainly, our partners and the ones we collaborate with, for sure, new projects forward. It's certainly something that the company has been able to do and collaborate with on clients.

但我們已經能夠看到它的強大。因此，我認為我們在供應鏈中所做的事情，我們當然可以幫助和增強開發人員、我們的合作夥伴以及與我們合作的人，當然可以推動新專案的發展。這當然是該公司能夠為客戶做和合作的事情。

So we like our positioning there. I don't think it's gotten any worse. It hasn't gotten any better though. You would think it would get better, it hasn't. And so it's just kind of stayed the same. Labor from our standpoint, I wish that manufacturing would get out of our capacity.

所以我們喜歡我們在那裡的定位。我不認為情況變得更糟。但情況並沒有好轉。你可能認為情況會變得更好，但事實並非如此。所以它只是保持不變。從我們工黨的角度來看，我希望製造業能超越我們的產能。

I don't believe I'll see it in my lifetime. But we've been able to outpace any kind of permitting bill, any kind of constraint. So if someone says come and build thousand miles of 500 KV tomorrow, I will tell you, if they said it 3 times over 5,000 miles answer yes and yes and yes already.

我不相信我有生之年會看到它。但我們已經能夠超越任何類型的許可法案、任何類型的限制。因此，如果有人說明天來建造 500 KV 的千英里，我會告訴你，如果他們說了 3 次超過 5,000 英里，答案就是「是」、「是」、「是」。

Got it. Thanks, Duke. That’s all I have.

知道了。謝謝，杜克。這就是我所擁有的一切。

Thank you.

謝謝。

We have reached the end of the question-and-answer session. I will now turn the floor back over to management for closing comments.

我們的問答環節已經結束。我現在將把發言權交還給管理層以徵求結束意見。

Yeah. First of all, I'm going to thank 60,0000 men and women out in the field and the inclement weather and what they've done is natural disasters. I would tell you they are first responders, they've seen a lot the respect that they deserve is certainly something that we see every day, and I want to thank they had done and held the job and they're the best in the business.

是的。首先，我要感謝現場的 6 萬名男女，感謝惡劣的天氣，感謝他們所做的一切是自然災害。我想告訴你，他們是第一反應者，他們已經看到了很多他們應得的尊重，這當然是我們每天都能看到的，我要感謝他們已經完成並保住了這份工作，他們是業內最好的。

And I want to thank you all for participating in the conference call. We appreciate your questions and your ongoing interest in Quanta Services. Thank you. This concludes our call.

我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。