Quanta Services Inc (PWR) 2024 Q4 法說會逐字稿

Good morning, and welcome to the Quanta Services fourth quarter and full-year 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. If you have any objections, please disconnect at this time. I will now turn the call over to Kip Rupp, Vice President of Investor Relations for introductory remarks.

早上好，歡迎參加 Quanta Services 2024 年第四季和全年財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。如果您有任何異議，請立即斷開連接。現在，我將把電話轉給投資人關係副總裁 Kip Rupp 做開場發言。

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

謝謝大家，歡迎大家參加 Quanta Services 2024 年第四季和全年財報電話會議。今天上午，我們發布了一份新聞稿，宣布了我們 2024 年全年第四季度的業績，您可以在我們網站 quantaservices.com 的投資者關係部分找到。

This morning, we also posted our fourth quarter in full-year 2024 operational and financial commentary and our 2025 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 Quanta 的投資者關係網站上發布了 2024 年全年第四季度營運和財務評論以及 2025 年展望預期摘要。雖然管理層將在今天早上的電話會議上做簡短的介紹性發言，但營運和財務評論旨在在很大程度上取代管理層的準備好的發言，從而為機構投資界提出問題留出更多時間。

Please remember that information reported on this call speaks only as of today, February 20, 2025, and therefore you are advised that any time sensitive information may no longer be accurate as of any replay of this call. This call will include forward-looking statements 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 do not solely relate to historical and current facts.

請記住，本次通話中報告的資訊僅截至今天（2025 年 2 月 20 日）有效，因此請注意，任何時間敏感資訊在重播本次通話時可能不再準確。本次電話會議將包括前瞻性陳述和訊息，旨在符合 1995 年私人證券訴訟改革法所規定的安全港責任規定。包括反映對未來事件或財務表現的預期、意圖、假設或信念的陳述，這些陳述不僅與歷史和當前事實有關。

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. The actual results may differ materially from those expressed or implied. We'll also present certain historical and forecasted non- GAAP financial measures. Reconciliations of these financial measures to the most directly comparable GAAP financial measures are included in our earnings release and operational and financial commentary.

您不應過度依賴這些聲明，因為它們涉及難以預測或超出 Quanta 控制範圍的某些風險、不確定性和假設。實際結果可能與明示或暗示的結果有重大差異。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。這些財務指標與最直接可比較的 GAAP 財務指標的對帳包含在我們的收益報告和營運及財務評論中。

Please refer to these documents for additional information regarding our forward-looking statements and non- GAAP financial measures.

請參閱這些文件以獲取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 Mr. Duke Austin, Quanta's President and CEO. Duke.

現在，我想將電話轉給廣達公司總裁兼執行長杜克·奧斯汀先生。公爵。

Thanks, Kip. This morning we reported our fourth quarter and full-year 2024 results, which included double-digit growth in revenues and earnings and a number of record financial metrics. Total backlog at year end was $34.5 billion and notably renewable energy infrastructure solution segment, 12 months and total backlog achieved all-time highs.

謝謝，基普。今天上午，我們報告了第四季度和 2024 年全年業績，其中包括收入和收益的兩位數增長以及多項創紀錄的財務指標。年末總積壓訂單為 345 億美元，尤其是再生能源基礎設施解決方案領域，12 個月總積壓訂單創下歷史新高。

Our ability to deliver consistent profitable growth is a testament to the strength of our portfolio approach A diversified solutions-based strategy that enables us to adapt to evolving industry dynamics while delivering mission critical infrastructure.

我們實現持續獲利成長的能力證明了我們的投資組合方法的實力，基於多元化解決方案的策略使我們能夠適應不斷變化的行業動態，同時提供關鍵任務基礎設施。

Quanta has produced record revenues seven of the last eight years, seven consecutive years of record adjusted EBITDA, and eight consecutive years of record adjusted diluted earnings per share. These results were made possible by more than 58,000 dedicated employees and our industry-leading operational and financial platform.

廣達電腦在過去八年中七年均創下營收紀錄，連續七年調整後息稅折舊攤銷前利潤 (EBITDA) 創下歷史新高，連續八年調整後攤薄每股收益創下歷史新高。這些成果得益於 58,000 多名敬業的員工和我們行業領先的營運和財務平台。

2024 was another successful year for Quanta strategically, operationally, and financially. And while there are always areas for improvement, we are proud of our many accomplishments during this year, and we continue to look forward with excitement towards the multi-year strategic initiatives we are working on and the goals we expect to achieve in this and the coming years.

2024 年對廣達來說又是策略、營運和財務上成功的一年。儘管總有需要改進的地方，但我們為今年取得的諸多成就感到自豪，並繼續滿懷興奮地期待我們正在實施的多年期戰略舉措以及我們期望在今年和未來幾年實現的目標。

We continue to see significant opportunity to advance our growth strategy and are pacing well against our multi-year financial targets, including double-digit EPS growth and double-digit returns.

我們繼續看到推進我們成長策略的重大機遇，並且正在順利實現我們的多年財務目標，包括兩位數的每股收益成長和兩位數的回報。

Our strategic initiatives are enhancing our service lines and capabilities while also expanding our customer base. And therefore enlarging our total addressable market opportunity for both organic growth and strategic capital deployment.

我們的策略性舉措正在增強我們的服務線和能力，同時擴大我們的客戶群。從而擴大我們的整體可尋址市場機會，實現有機成長和策略資本部署。

The energy and infrastructure landscape is undergoing a fundamental transformation, and Quanta is positioned at its center. 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 data centers and artificial intelligence. The energy transition and policies intended to strategically reinforce domestic manufacturing and supply chain resources.

能源和基礎設施格局正在經歷根本性的轉變，而廣達正處於這一轉變的中心。受資料中心和人工智慧等新技術和相關基礎設施的採用所推動，美國各地的公用事業公司正在經歷並預測電力需求將出現二十年來的首次大幅成長。能源轉型和旨在策略性地加強國內製造和供應鏈資源的政策。

This increasing demand coupled with tightening power generation capacity underscores the urgent need for large scale grid modernization and energy infrastructure development. Quanta's portfolio approach uniquely positions us to support our clients as they navigate this evolving landscape.

不斷增長的需求加上日益緊張的發電能力凸顯了大規模電網現代化和能源基礎設施發展的迫切需求。Quanta 的投資組合方法使我們能夠為客戶提供獨特的支持，幫助他們應對不斷變化的市場環境。

Our diversified service lines, self-performed capabilities, and craft-skilled workforce give us the flexibility to deploy resources where they create the most value across geographies, industries, and service lines.

我們多樣化的服務線、自主執行能力和熟練的技術勞動力使我們能夠靈活地部署資源，在各個地區、產業和服務線上創造最大價值。

We believe our collaborative solution-based approach is valued by our clients more than ever. 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 cross-skilled labor is a strategic advantage that provides us the ability to manage risk and shift resources across service lines and geographies. Which we believe will become increasingly important as low growth, electrification, and the energy transition accelerates.

我們相信，我們基於協作解決方案的方法比以往任何時候都更受客戶重視。我們為廣達未來幾十年的預期必要基礎設施投資做好了準備，並相信我們的服務線多樣性將創造成長平台，擴大我們的整體潛在市場。我們的投資組合方法和對跨技能勞動力的關注是一種策略優勢，使我們能夠管理風險並跨服務線和地區轉移資源。我們相信，隨著低成長、電氣化和能源轉型加速，這一點將變得越來越重要。

We believe our portfolio approach positions us well to allocate resources to opportunities we find the most economically attractive. And to achieve operating efficiencies and consistent financial results.

我們相信，我們的投資組合方法使我們能夠將資源配置到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 in 2025 guidance, and then we will take your questions. Jayshree?

現在，我將把電話轉給 Quanta 的財務長 Jayshree Desai，請他就我們 2025 年的業績指引發表一些評論，然後我們將回答您的問題。傑希里？

Thanks, Duke, and good morning everyone. Quanta completed the year with fourth quarter revenues of $6.6 billion. Net income attributable to common stock of $305.1 million or $2.03 per diluted share. And adjusted diluted earnings per share of $2.94.

謝謝，杜克，大家早安。廣達電腦去年第四季的營收為 66 億美元。歸屬於普通股的淨利為 3.051 億美元，即每股攤薄收益 2.03 美元。調整後每股攤薄收益為 2.94 美元。

Adjusted EBITDA was $737.8 million or 11.3% of revenues. Off note, our cash flow in the fourth quarter and for the full year exceeded the upper end of our free cash flow guidance expectations. For the fourth quarter and full year of 2024, we had free cash flow of $575.4 million and $1.6 billion respectively. With our full-year free cash flow a record.

調整後的 EBITDA 為 7.378 億美元，佔營收的 11.3%。值得注意的是，我們第四季和全年的現金流超過了我們自由現金流預期的上限。2024 年第四季和全年，我們的自由現金流分別為 5.754 億美元和 16 億美元。我們的全年自由現金流創下了紀錄。

Our earnings and cash flow performance allowed us to end the fourth 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使得我們在第四季度結束時擁有充足的流動性和支持我們有機成長預期的資產負債表。並透過機會性資本投資為我們的股東創造增量回報。

To that end, subsequent to the end of 2024, we acquired two companies for aggregate upfront consideration of approximately $562 million of cash and stock. This morning, we provided our full year 2025 financial expectations, which calls for another year of profitable growth with record revenues, improved margins, and opportunity for double digit growth in adjusted EBITDA and adjusted earnings per share.

為此，在 2024 年底之後，我們收購了兩家公司，總預付對價約為 5.62 億美元的現金和股票。今天上午，我們給出了 2025 年全年財務預期，即預計公司將再實現一年的盈利增長，收入創下歷史新高，利潤率提高，調整後 EBITDA 和調整後每股收益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, our favorable and market trends, and our competitive position in the marketplace.

我們相信，我們的預期反映了我們的業務組合策略的實力、我們對長期策略的承諾、我們的有利市場趨勢以及我們在市場上的競爭地位。

As mentioned in our earnings release, beginning with three months ending March 31, 2025, we will report our results under two reportable segments. Electric infrastructure solutions and underground utility and infrastructure solutions. The new electric infrastructure solution segment combines the previous electric power infrastructure solutions and renewable energy infrastructure solution segments.

正如我們的收益報告中所提到的，從截至 2025 年 3 月 31 日的三個月開始，我們將根據兩個報告部門報告我們的表現。電力基礎設施解決方案和地下公用設施和基礎設施解決方案。新的電力基礎設施解決方案部門結合了先前的電力基礎設施解決方案和再生能源基礎設施解決方案部門。

This new segment, we ended 2024 with record backlog. And our end markets have never been better, and we see opportunity for further strength in the coming years.

在這個新的細分市場，我們在 2024 年以創紀錄的積壓訂單量結束。我們的終端市場從未如此好，我們看到了未來幾年進一步增強實力的機會。

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

我們很樂意回答您的問題。操作員？

Thank you. We will now move to our question and answer session. (Operator Instructions)

謝謝。我們現在進入問答環節。（操作員指令）

Chad Dillard, Bernstein.

查德·迪拉德、伯恩斯坦。

So just a big picture question here. So what does the shift from investing in training and data centers to inference mean for Quanta and the broader grid? Is there any difference in labor needs, design approach, grid use. Is it a positive, negative, or net neutral?

因此，這只是一個大問題。那麼，從投資培訓和資料中心轉向投資推理對於廣達和更廣泛的電網意味著什麼？勞動力需求、設計方法、電網使用方面是否有差異。它是積極的、消極的、淨中性的？

I mean, when we look at data centers and what it does. Like before AI, there was still significant demand. After AI there's more demand. How much demand? I don't know. What I do see is we see firm commitments of generation at our customer level. You can look at it, you can point to it. It's well over 50 gigs in the 100 gigs, honestly. So when you see those that type of demand on energy, the type of data centers and how you're looking at it, we're not looking at it in that way.

我的意思是，當我們觀察資料中心及其功能時。就像人工智慧出現之前一樣，仍然存在著巨大的需求。人工智慧之後，需求更多了。需求量有多大？我不知道。我確實看到，我們在客戶層面看到了堅定的發電承諾。你可以看看它，也可以指向它。老實說，在 100 場演出中，有 50 場以上。因此，當您看到對能源的需求類型、資料中心的類型以及您如何看待它時，我們並不是以那種方式看待它的方式。

We're just seeing the demand on our infrastructure and what we need to build. We're booking backlog against it. So we just see a great market there. And then from DeepSeek to AI chips and what that does, we're not concerned with that at this point. We just see that demand that's turn.

我們只是看到了我們對基礎設施的需求以及我們需要建造什麼。我們正在預訂積壓訂單。因此我們看到那裡有一個巨大的市場。然後從 DeepSeek 到 AI 晶片以及它的作用，我們目前並不關心這個。我們只是看到了這種需求的轉變。

That's helpful. And this second question just on the recent M&A that you guys did. So I guess first of all, like what sort of revenue contribution should we be making in for '25. And then on the solution business, how are you thinking about the mix of businesses going forward? Is this meant to support, Qanta's core business, or are there be other like ancillary verticals that you're going to be operating in?

這很有幫助。第二個問題是關於你們最近進行的併購。所以我想首先，我們應該為 25 年做出什麼樣的收入貢獻。那麼在解決方案業務方面，您如何考慮未來的業務組合？這是為了支援澳洲航空的核心業務，還是還有其他類似的輔助垂直業務需要營運？

And then on the Australia expansion, I guess like what's your long term view on Australia as an attractive market and I guess what is the market structure and how is the Quanta’s position there with this acquisition?

然後關於澳洲的擴張，我想知道您對澳洲作為一個有吸引力的市場的長期看法是什麼，我想問一下市場結構是什麼樣的，以及廣達透過這次收購在澳洲的地位如何？

Yeah, so basically the solution business, I think from my standpoint, the DNA, the culture of the company, we've known them for a long time, known them for decades. I passed by their office on my whole career. So, I know the family, it's a great family business that fits our DNA. And it also is something that the company itself has synergies against that obviously, we don't put those in the deal.

是的，所以基本上，從我的角度來看，解決方案業務、公司的 DNA、文化，我們已經了解他們很久了，了解他們幾十年了。我整個職業生涯中都曾經經過他們的辦公室。所以，我了解這個家庭，這是一家符合我們 DNA 的偉大家族企業。而且這也是公司本身擁有的綜效，顯然我們不會將其納入交易中。

I feel like when we look at those solutions that we can provide, it gives us a holistic approach. Our customers are asking for it. We can deliver it on a holistic basis and really add value to the overall solutions of what we're trying to accomplish. If you look at a 1,000 acre solar site, look at a 1,000 acre, 10,000 acre, data center, you look at.

我覺得當我們看看我們可以提供的解決方案時，它為我們提供了一種整體方法。我們的客戶要求這樣做。我們可以全面地實現這一目標，並真正為我們試圖實現的整體解決方案增加價值。如果您看一下 1,000 英畝的太陽能場地，請看一下 1,000 英畝、10,000 英畝的資料中心，請看一下。

All the things that we do and try to provide solutions to whether it's LNG sites it doesn't matter. We will take the assets, the people, which are the core to it. And go and deliver against our own business as well as others. So it's a solution that people are asking for and we want to be holistic when we look at it. Self-perform more capabilities and give ourselves the more flexibility as we look at the markets.

我們所做的一切以及嘗試提供解決方案是否是液化天然氣站點都無關緊要。我們將奪回資產和人才，這是其核心。並且去完成我們自己的以及他人的業務。所以這是人們要求的解決方案，我們希望以整體的眼光來看待它。在審視市場時，自我發揮更多能力並給予自己更多彈性。

In Australia, and we continue to invest in Australia. The front side of the business down there is something that we've said all along that we'll continue to invest in. Great companies, great markets. We're market leaders in the renewable business down in Australia. We like it long term and we can continue to invest. In the country, so great rule of law and obviously gives us a lot of flexibility. So we're excited about that market as well. I'll let this comment on the revenues.

在澳大利亞，我們繼續在澳大利亞投資。我們一直在說，我們將繼續對前端業務進行投資。偉大的公司，偉大的市場。我們是澳洲再生能源業務的市場領導者。我們長期看好它並且會繼續投資。在這個國家，法治如此完善，顯然給了我們很大的彈性。所以我們對這個市場也感到興奮。我將對收入發表此評論。

We don't contribute, we're not going to discuss any individual acquisitions. But we'll tell you that, the two acquisitions, the majority of it is captured in our you and I segment, and we did give you guidance in that around what the, inorganic contribution in our guidance are related to that.

我們不做出貢獻，我們不會討論任何單獨的收購。但我們會告訴您，這兩次收購，大部分都包含在我們的「你和我」部分中，我們確實就此為您提供了指導，指導中的無機貢獻與此相關。

Thank you.

謝謝。

[Oxy Mudoch], Goldman Sachs.

[Oxy Mudoch]，高盛。

Yeah, hi, good morning team. Maybe I was wondering if you can provide some color on the margin performance in the electric power segment, the factors that drove that. And how much of the margin improvement should be considered as structural going forward?

是的，大家早安。也許我想知道您是否可以提供一些關於電力部門利潤表現的詳細資訊以及影響利潤表現的因素。利潤率的提高有多少應該被視為未來的結構性？

Yeah, I mean, we actually do well in the quarter. We've done some acquisitions there with Cupertino that are in the segment. Obviously it had a lower margin profile but a better return. So I do think when we look at it, the margins that we've stated in the past 10.5%, 11% type framework, 12% on the outer years that where if you got a lot of utilizations and things of that nature in the business. But in general, we said all along it was back half loaded.

是的，我的意思是，我們本季的表現確實不錯。我們已經與庫比蒂諾進行了一些屬於該領域的收購。顯然，它的利潤率較低，但回報率較高。因此，我確實認為，當我們看過去 10.5%、11% 類型框架、未來幾年 12% 的利潤率時，如果您在業務中獲得了很多利用和類似的東西。但總的來說，我們一直說它已經半載了。

We felt like the electric business going to be strong in the second half. It was, I can only say that we have the build and the personnel that we have out there and the structures that we put together is what's delivering it. And I think as we see the markets we will continue to deliver earnings in the 10.5%, 11% range in the segment. That's basically where we're at and where we'll be on a go-forward basis. And so I think no matter what we do in that segment, that's kind of how you should look at the framework going forward. Yeah, it'll be some years that are above it due to factors here or there. But given what we see in the market that's kind of the framework we see going forward 1.5% to 11%.

我們預計電商業務下半年將會表現強勁。是的，我只能說，我們已經擁有了建設，我們擁有了人員，我們組成的結構正在實現這一目標。我認為，從市場情況來看，我們將繼續在該領域實現 10.5% 至 11% 左右的利潤。這基本上就是我們現在所處的境況以及我們未來將要達到的境況。因此，我認為無論我們在該領域做什麼，你都應該這樣看待未來的框架。是的，由於這裡或那裡的因素，有些年份的數字會高於這個數字。但根據我們在市場中看到的情況，我們認為未來成長率將達到 1.5% 至 11%。

Yeah, I think also just to add to it. If you look at our electric segment, you're seeing us at over 10%. And that's after taking into consideration that we reduced storm from where we were in 2024. It takes out the Peru impact and even with that, we're still in double-digit segment revenue. And I think that you should take comfort that we are, we're going to continue operating at that level and the performance of the company from last year is going to go into 2025 as well.

是的，我也認為只是補充一點。如果你看一下我們的電力部門，你會發現我們的成長速度超過了 10%。這是在考慮到我們已將 2024 年的風暴程度降低後得出的結論。儘管排除了秘魯的影響，我們的分部收入仍維持兩位數。我想您應該感到欣慰，我們將繼續保持這一水平的運營，而且公司去年的業績也將延續到 2025 年。

Makes sense. Thank you, Jayshree.

有道理。謝謝你，Jayshree。

Jamie Cook, Truist Securities.

傑米庫克（Jamie Cook），Truist Securities。

Oh hey, thanks, guys. I guess my first question, Duke, I mean, if you could frame the expectations for backlog growth in 2012 and in particular. Can you talk to potential synergies, or big awards? That could be Cupertino. I know you guys were very successful, with revenue synergies associated with Blattner. I'm just trying to understand, what's going on with Cupertino, and is that an opportunity for larger awards in 2025.

哦，嘿，謝謝大家。我想我的第一個問題是，杜克，您能否具體描述一下​​ 2012 年積壓訂​​單成長的預期。您能談談潛在的協同效應或大獎嗎？那可能是庫比蒂諾。我知道你們非常成功，與 Blattner 實現了收入綜效。我只是想知道庫比蒂諾發生了什麼事，這是否是 2025 年獲得更大獎項的機會。

But my second question, Jayshree, just -- and I'm sorry if you miss, missed this. I know I'm a cash flow guide, you sort of talk to being more back and loaded. Just how do we think about first half versus back half and what's driving that. Thank you.

但我的第二個問題，Jayshree，只是——如果你錯過了，我很抱歉。我知道我是現金流指南，你會談到更多的回報和負載。我們如何看待上半場與下半場，以及是什麼推動了這一點。謝謝。

Yeah, thanks, Jamie. I think when we look at the business in totality, when we buy these platform companies we don't build synergies into the discussions that we have or the way we value them. But what we do see is when the total adjustable markets [atams] on the business or something that goes unnoticed.

是的，謝謝，傑米。我認為，當我們從整體上看待業務時，我們收購這些平台公司時並沒有在我們進行的討論或對它們的估值方式中建立協同效應。但我們確實看到的是，當總可調整市場 [atams] 對業務產生影響時，某些事情就會被忽略。

The customer base goes unnoticed. Those synergies show up and you've seen them with Blattner as we've gotten farther along in the balance the plan, the things that we're able to do with these customers cause there's convergence between technology, utilities and the way we look at the data centers, and so the way that we're looking at the business certainly looks different. And those markets are different. If you just look at the tech CapEx and you look at utility CapEx is $200 billion plus, and then now technology is $300 billion plus, but probably let's just call it $150 billion in North America.

客戶群未被引起注意。這些協同效應已經顯現出來，而且您已經在 Blattner 身上看到了這一點，隨著我們在平衡計劃方面取得進一步進展，我們能夠與這些客戶一起做的事情導致技術、公用事業和我們看待數據中心的方式之間的融合，因此我們看待業務的方式肯定有所不同。這些市場是不同的。如果你只看技術資本支出，你會發現公用事業資本支出是 2000 多億美元，現在技術是 3000 多億美元，但在北美我們可能就稱之為 1500 億美元吧。

The dressful markets that we want to serves and how we converge in the nexus of the middle of it really puts us in a different position on larger projects. So I expect our backlog to be at record levels. It could cater at record levels. It wouldn't surprise me. But I do expect us to be at record levels throughout the year.

我們想要服務的服裝市場以及我們如何融入其中，確實讓我們在更大的項目中處於不同的地位。因此我預計我們的積壓訂單將達到創紀錄的水平。它可以滿足創紀錄的水平。這不會令我感到驚訝。但我確實希望我們全年都能達到創紀錄的水平。

I can't tell you exactly how the backlog books. So I can't tell you exactly when that'll happen. But what I see, bigger projects, our ability to perform solutions is something that's unnoticed to the investment community.

我無法確切地告訴你積壓書籍的情況。所以我無法確切地告訴你什麼時候會發生這種情況。但我發現，對於更大的項目，我們解決問題的能力是投資界所忽略的。

We are a solutions provider. I say it again, solutions provider. And what we do and those solutions that we provide and how we collaborate with that customer will allow us to in our addressable markets only getting bigger so it just allows us more opportunity.

我們是解決方案提供者。我再說一遍，解決方案提供者。我們所做的工作、我們提供的解決方案以及我們與客戶合作的方式將使我們在潛在市場中發展壯大，從而為我們帶來更多機會。

And I think we see it showing up, super excited about where we sit and the strategy that we have going forward against that solution-based. How we use craft skill and engineering in that solution. So, yeah, I mean, I fully expect us to book larger projects But we'll continue the base business. We are not taking our eye off that either. Jayshree?

我認為我們看到了它的出現，對我們所處的位置以及我們針對該解決方案所製定的未來策略感到非常興奮。我們如何在該解決方案中使用製程技巧和工程技術。所以，是的，我的意思是，我完全希望我們能夠承接更大的項目，但我們會繼續基礎業務。我們也不會忽視這一點。傑希里？

Hey Jamie, yeah, on a free cash -- oh, sorry, go ahead.

嘿，傑米，是的，免費現金--哦，抱歉，請說。

I was just going to say specific to Cupertino is the question to Duke. Like anything specific to Cupertino in terms of a revenue center, a larger awards in 2025?

我只是想說，具體到庫比蒂諾，這個問題是問杜克的。就像庫比蒂諾在收入中心方面有什麼具體規定嗎？ 2025 年會頒發更大的獎項嗎？

I think I inferred that, but yes. Absolutely.

我想我已經推斷出這一點了，但是是的。絕對地。

Okay, all right, sorry Ja sure go on the cash flow question, thanks.

好的，好的，抱歉，請繼續討論現金流問題，謝謝。

Yeah, on free cash flow, it's our typical profile, Jamie. It'll be back half weighted, wouldn't expect too much in the first half, just given the nature of how our business operates. So I think you'll see similar cadence to what we've done in the last couple of years.

是的，就自由現金流而言，這是我們的典型概況，傑米。它會恢復一半的權重，考慮到我們業務運作的性質，我不會對上半年的預期有太大的改變。所以我認為你會看到與我們過去幾年所做的類似的節奏。

Okay, thank you.

好的，謝謝。

Thanks, Jaime.

謝謝，傑米。

Steven Fisher, UBS.

瑞銀的史蒂文·費雪。

But thanks. Good morning. It was helpful to have the guidance for upper single-digit growth in in generation versus the mid singles and in high and low voltage. Just curious directionally, if you can give us a sense of what those growth rates were in in 2024, so we can kind of see how it compares every year. And then just kind of looking beyond '25 conceptually. Do you think generation should still grow above the high and low voltage rate for the next couple of years? Or is this sort of like the renewables piece, kind of driving generation which is going to slow down while the grid part, should be accelerating and those streams will cross if you will?

但還是謝謝。早安.對於發電量、中單數和高壓及低壓方面較高的個位數成長有指導意義。只是好奇，如果你能告訴我們 2024 年的成長率是多少，我們就能知道每年的成長率是多少。然後從概念上超越 25 年代。您認為未來幾年發電量仍應高於高低壓發電率嗎？或者這有點像再生能源部分，推動發電，而電網部分則應該加速，而這些流會交叉嗎？

Yeah, see, I mean, I think you're seeing growth across the business. You're seeing growth at the EPS line at the mid-point, what is it? 16% at the midpoint of EPS and you're seeing growth on the top line, call it organic growth, 6% to 7%, 10% if you look at the whole company on the top.

是的，你看，我的意思是，我認為你看到整個業務都在成長。您看到中間點的 EPS 線有所增長，它是多少？每股盈餘中點為 16%，你會看到營收成長，可以稱之為有機成長，6% 到 7%，如果從整個公司來看，則是 10%。

So, we're seeing growth. We're one of the reasons that we're going to one segment is how we run the business and we feel like that the convergence of the business. We spoke a lot last year around T&D. Actually, I explained it for four months that our transmission and distribution crews cross segments.

因此，我們看到了成長。我們選擇單一細分市場的原因之一是我們如何經營業務，我們感覺這是業務的融合。去年我們就T&D進行了許多討論。實際上，我已經解釋了四個月了，我們的輸配電人員是跨部門的。

It was very confusing to the investment community. It's not how we run the business. So we put it together. So for us to go in and tell you how much generation growth or what is that? Because there's substation, there's all kinds of different things.

這讓投資界非常困惑。這不是我們經營業務的方式。所以我們將其放在一起。那麼我們可以深入告訴您發電量增加了多少或是多少嗎？因為有變電站，所以有各種不同的東西。

Our people cross from data centers to chip plants to hospitals, clean rooms. We move all across. So we're going to optimize our people against the markets. We're not making a specific manufacturing, you know. Anything manufacturing where it's only specific to one segment or one TAM.

我們的員工遍佈於資料中心、晶片工廠、醫院和無塵室。我們四處走動。所以我們要根據市場狀況來優化我們的人才。你知道，我們不進行特定的製造。任何製造都只針對一個細分市場或一個TAM。

I mean, we're addressing across a large customer base so we like the way we're set up. And we're not going to get into guidance on little pieces of the segment because it doesn't matter to us. What matters is the markets are growing, all the business is growing, we're putting up at the midpoint of the range, 10%-plus.

我的意思是，我們服務於龐大的客戶群，所以我們喜歡我們的設置方式。我們不會對該部分的小部分進行指導，因為這對我們來說並不重要。重要的是市場正在成長，所有業務都在成長，我們的成長率處於中間值，即 10% 以上。

You see growth all across it. So we feel like that all the markets that we're in are growing. And we can move and be nimble across them and provide those solutions that we've discussed on the go -forth basis how we're going to run the business, how we're going to talk about the business.

你會看到它全面實現成長。因此，我們感覺我們所處的所有市場都在成長。我們可以靈活地跨越這些障礙，並提供我們已經討論過的解決方案，包括如何經營業務、如何談論業務。

And we have growth, and we see growth, you can see the backlog. I welcome you to look at the backlog. And see that what we put up in the renewable segment alone, which I believe we said that last quarter that we would put it up and we did. And those kind of numbers are staying there and they're not just 12-month backlog, it's long-term backlog in the '26, '27, and '28. So we see growth. And I think you can comfort yourself on the demand you see for generations.

我們有成長，我們看到了成長，你可以看到積壓。歡迎您查看積壓工作。看看我們單獨在再生能源領域所做的努力，我相信我們上個季度就說過我們會把它實現，而且我們確實這麼做了。而且這些數字一直維持在那裡，而且不只是 12 個月的積壓訂單，而是 26、27 和 28 年的長期積壓訂單。因此我們看到了成長。我想，你可以透過幾個世代以來所看到的需求來安慰自己。

It's just a supply and demand issue when you said this. Like the demand on generation, it doesn't matter. It it's going to be renewables. It's going to be gas-fired generation. It's going to continue and you can see it's right there and then we're talking about it daily. So I, we're optimistic. We like to growth, we're not going to get into the little pieces of the segment. That's not who we are, we're a solution provider.

正如你所說，這只是一個供需問題。就像對發電的需求一樣，這並不重要。它將是可再生能源。這將是燃氣發電。它會繼續下去，你可以看到它就在那裡，然後我們每天都在談論它。因此我，我們很樂觀。我們喜歡成長，我們不會陷入細分市場的泥淖。這不是我們的本意，我們是解決方案提供者。

Sounds good. Thank you.

聽起來不錯。謝謝。

Julien Dumoulin-Smith, Jefferies’.

朱利安‧杜穆蘭‧史密斯 (Julien Dumoulin-Smith)，傑富瑞 (Jefferies’)。

Excellent. Good morning, everyone. Thank you very much for the time. I appreciate it. Maybe just to come back to that last point here briefly. Just on the renewable front real quickly, as you think about some of the headlines here under the new administration, can you speak a little bit to your confidence in the execution on the SunZia project specifically. Both in terms of, operations and permanent, consideration across Federal lands. I suspect it's largely intact. But I just want to make sure we've checked that off.

出色的。大家早安。非常感謝您抽出時間。我很感激。也許我們只是想在這裡簡單回顧最後一點。就再生能源方面而言，當您想到新政府執政期間的一些頭條新聞時，您能否具體談談您對 SunZia 項目執行的信心。無論是從營運角度還是從永久角度，都考慮聯邦土地。我懷疑它基本上是完好的。但我只是想確保我們已經檢查過了。

And then separately and related here, as you think about this re-segmentation, I think you were alluding to it a moment ago, but, if you were to re-segment, right again. Just to use the hypothetical of brief, can you speak as to how that backlog would translate into compounding revenue as it stands today?

然後在這裡分別進行相關討論，當您考慮這種重新分割時，我想您剛才提到了這一點，但是，如果您要重新分割，那就再說一遍。只是使用簡短的假設，您能否說說這些積壓訂單如何轉化為今天的複合收入？

I suspect some folks are looking at this and saying, well, is there something about a deceleration in the renewable business is clearly the backlog data points today would suggest otherwise. But if you can speak to that even more clearly than you just alluded to a moment ago, I'd appreciate it.

我想有些人看到這個會說，那麼，再生能源業務是否出現了減速現象呢？顯然，今天的積壓數據點表明情況並非如此。但是如果您能比剛才提到的更清楚地講解這一點，我將不勝感激。

Yeah, thanks. SunZia, first of all, like I, we're doing great. We're progressing well. I fully expect us to complete. We're not seeing any permitting issues on it. We're well past that. And I want to talk a little bit about SunZia because I think people are worried about the replacement. If you break SunZia down and you go soon after your project. If you look at the win piece, it's basically two jobs a year. And I just -- we're not worried about replacing some already replaces in the backlog.

是的，謝謝。SunZia，首先，和我一樣，我們做得很好。我們進展順利。我非常期待我們能夠完成。我們沒有發現任何許可問題。我們已經遠遠超過那個階段了。我想談談 SunZia，因為我認為人們擔心替代品。如果您分解 SunZia 並且您很快就完成您的專案。如果你看一下獲獎情況，你會發現基本上每年可以得到兩份工作。我只是——我們並不擔心替換積壓中已經替換的一些產品。

And then on the transmission line, yes, it's a big line. But we replace that as well. And so I'm not concerned at all with our ability to replace them vehicle going forward, and I think that's a misnomer in the investment community. I want to get that out there and say we're not worried.

然後在傳輸線上，是的，這是一條很大的線。但我們也替換了它。因此，我根本不擔心我們未來是否有能力取代這些車輛，我認為這是投資界的誤稱。我想讓大家知道這一點並且我們並不擔心。

Second, when we're talking about generation, we're seeing renewable generation growth. We're seeing it in outer years. We're looking at 26, '27, '28. We put growth up in '25. We'll put growth up in '26. We're not concerned at that at this point with that.

其次，當我們談論發電時，我們看到再生能源發電的成長。我們在外年就看到了它。我們正在關注 26、27、28 年。我們把25年的成長率提高了。我們將在26年實現成長。目前我們對此並不擔心。

And yes, there's going to be gas generation getting built. We see it, we've said it all along. It's 20%-30%. But when you start ordering turbines that are 36 to 48 months out. What are you going to do between now and then?

是的，我們將建造天然氣發電廠。我們看到了這一點，我們也一直這麼說。是20%-30%。但是當您開始訂購需要 36 至 48 個月的渦輪機時。從現在到那時你打算做什麼？

And I still believe like, even when you get turbines in and when you start to see that. You still got to build renewables behind it and fill up the lines and it -- when I look at the cost of renewables at the way I'm looking at it and the way everyone should.We gotta fill the lines up with renewables, gas, batteries.

我仍然相信，即使你安裝了渦輪機，當你開始看到這一點時。你仍然需要在它背後建造可再生能源並填補管道——當我以我的方式以及每個人都應該的方式看待再生能源的成本時。我們必須用再生能源、天然氣和電池填補管道。

Everything possible because that's what matters and people are underestimating transmission. The real issue is we need to build transmission in the North America to really fully get the capabilities of all forms of energy. So I'm not worried about growth. But we need to get the permitting straight to get the transmission built.

一切皆有可能，因為這才是最重要的，人們低估了傳播。真正的問題是我們需要在北美建造輸電線路才能真正充分發揮各種形式能源的能力。所以我並不擔心成長。但我們需要直接獲得許可才能建造傳輸系統。

And Julian, just to be clear, we are re-segmenting starting first quarter.

朱利安，需要明確的是，我們從第一季開始重新細分。

Yeah, we're re-segmenting first quarter for sure. Yeah, no, absolutely, indeed.

是的，我們肯定會重新細分第一季。是的，絕對不是，確實如此。

And if I could pick up on that last point quickly because these RTOs have really released quite substantive increases in their transmission planning processes in the last quarter or so. What's the timeline and cadence that you're expecting for some of that to flow into your backlog?

如果我可以快速地談到最後一點，因為這些 RTO 在上個季度左右的傳輸規劃流程中確實實現了相當大的成長。您期望這些工作按照怎樣的時間表和步調融入您的積壓工作中？

I get that there, there's, there is some kind of lag here. It could be a couple of quarters or so. How do you think about that across these? Because the numbers are really quite staggering in the last three months.

我知道這裡有一些滯後現象。可能需要幾個季度左右的時間。您如何看待這些？因為過去三個月的數字確實相當驚人。

Yeah, I'm glad you noticed. The, what I would say is I do think we're having those discussions today. And before they even came out. I think that Steve was talking about the larger projects. Someone should look at those cues and see what those say. And that's on top of their already ongoing capital.

是的，我很高興你注意到了。我想說的是，我確實認為我們今天正在進行這些討論。甚至在他們出來之前。我認為史蒂夫正在談論更大的項目。有人應該看看這些線索，看看它們說了什麼。這還不包括他們現有的資本。

Those are big projects that are both in on mainly all the RTOs for that matter. So you're starting to see bigger work and we're having those discussions on a daily basis. And I don't like our chances.

這些都是大型項目，主要涉及所有 RTO。因此，您開始看到更大的工作，並且我們每天都在進行這些討論。我不太看好我們的機會。

All right, well, best of luck.

好的，祝你好運。

Thank you.

謝謝。

Steve Fleishman. Wolfe Research.

史蒂夫·弗萊什曼。沃爾夫研究。

Hi, so I think on the -- I think you answered the question on renewables that you -- it sounds like the tailwinds are still there that you're seeing despite the change in administration and some of the tariffs. Other things that have come up just. I mean, I just like would just ask, is there anything that you're watching or wary of there? But certainly didn't look like it with the backlog increase you got.

你好，所以我認為——我想你回答了關於可再生能源的問題——聽起來儘管政府發生了變化並且一些關稅有所提高，但你看到的順風仍然存在。剛剛出現的其他事情。我的意思是，我只是想問一下，您是否在關注或警惕什麼？但從積壓訂單的增加來看，情況絕對不是這樣的。

Second question is, you mentioned, a lot of focus on gas and that seems to keep increasing. I know you don't want to be in the gas turbine business. But just do you see kind of the pieces of your coming together for a more growth in your undergrounding business over the next several years as this does seem to be likely to ramp up meaningfully looking out?

第二個問題是，您提到，人們對天然氣的關注度很高，而且這個趨勢似乎還在持續成長。我知道你不想從事燃氣渦輪機行業。但是，您是否看到，在未來幾年中，您的地下業務將逐漸實現更大成長，因為這似乎確實有可能顯著成長？

Yes, Steve. First of all, we do look at -- I mean, we're looking at the ministration on PTCs and how that would impact our customers. I think we watch that closely. There's a lot of safe harboring. We feel good about our top 10 client, and they're very sophisticated. And I'm not as concerned, but we do watch it. I think, we have a really good 10 years' worth of look out in the renewables and what we see. I mean, certainly some of that is based on the RA and the way it impacts it.

是的，史蒂夫。首先，我們確實在研究——我的意思是，我們正在研究 PTC 的管理以及這將如何影響我們的客戶。我想我們會密切關注這一點。有很多安全港灣。我們對我們的十大客戶感覺很好，他們非常老練。我並不那麼擔心，但我們確實會觀看。我認為，我們對再生能源和我們所看到的東西已經有了 10 年的深入觀察。我的意思是，其中的一些肯定是基於 RA 及其影響方式。

But the gui -- the administration, yes, it will be noisy. But I think in the end, the generation that's needed and what we need will prevail against those kind of short term dynamics in the market, what you may hear. We are booking backlog, we see work out long out and we need all forms of generation.

但是，政府部門確實會很吵。但我認為，最終，所需要的一代和我們所需要的將戰勝市場上的那些短期動態，正如您可能聽到的那樣。我們正在預訂積壓訂單，我們看到工作已經完成了很長時間，我們需要各種形式的發電。

I'd say it goes back probably 10 years and when we talked about it, we talked about all forms of energy, all forms of generation. It's never been as pronounced as it is today. We need all forms. And we need it quickly and as fast as we can build it.

我想說這可以追溯到 10 年前，當我們談論它時，我們談論了所有形式的能源、所有形式的發電。這種現象從來沒有像今天這樣明顯。我們需要所有表格。我們需要盡快建造它。

And I think the demand is there. That's why you're seeing behind the meter things come up, distributed generation. Everything that you're seeing because we can't meet it fast enough.

我認為有需求。這就是為什麼你會看到電錶背後出現分散式發電。您所看到的一切都是因為我們無法足夠快地滿足它。

When I look at, see, when we look at combined cycle. It's just not who we are. We can build it, we probably will build it. But we're not going to build it at risk. And so yes, we'll help our customers. We'll, we can build some substation around. We can do all kinds of things around it.

當我看到，當我們觀察聯合循環時。這不符合我們的本性。我們能夠建造它，我們或許會建造它。但我們不會冒險建造它。是的，我們會幫助我們的客戶。我們可以在周圍建造一些變電站。我們可以圍繞它做各種各樣的事情。

But the cost of a combined cycle is not cheap either. And so I think trying to get gas to it and the cost on turbines and how much it costs to build one these days is not the same. And so I think in general we have to make sure that we cover the company off on that risk. It's certainly been something in the past that I can't get out of my head.

但聯合循環的成本也不便宜。因此，我認為，嘗試將天然氣輸送到渦輪機的成本與現在建造渦輪機的成本是不一樣的。因此我認為總體來說我們必須確保公司能夠承擔這一風險。這確實是過去發生的事情，我無法忘記。

And we'll be prudent about how we look at that business. I do think it's opportunities and opportunities all the way around it. Single cycles, small stuff. Yeah, we can build them. I mean, those aren't difficult and we'll be involved in some of that But we won't take the risk on combined cycles.

我們將謹慎看待該業務。我確實認為這是一個機遇，而且機會無處不在。單一循環，小東西。是的，我們可以建造它們。我的意思是，這些並不困難，我們會參與其中的一些，但我們不會在聯合循環上冒風險。

Okay. Thank you.

好的。謝謝。

Justin Hauke, Robert W. Baird.

賈斯汀·豪克、羅伯特·W·貝爾德。

Great, thanks. Good morning, everyone. I guess I wanted to ask, a lot of the big picture questions have been asked. I wanted to ask about the impact of the California wildfires?

非常好，謝謝。大家早安。我想問的是，許多宏觀問題已經被問過了。我想問一下加州山火的影響嗎？

Yeah, I don't really think of that as storm work the same way that, hurricanes knock down lines, but just curious if that's had any impact, to you here in the first quarter and maybe more importantly, just the long term thinking about undergrounding lines and the -- your ability to do that and kind of the cost differential versus overhead lines. Just kind of the long term rebuild impact if you could comment on that?

是的，我並不認為這是風暴造成的，就像颶風會摧毀電線一樣，但我只是好奇這是否對你在第一季造成了影響，也許更重要的是，對地下線路的長期思考——你這樣做的能力，以及與架空線路相比的成本差異。您能對此發表評論嗎？這對長期重建有何影響？

We're involved in some of the underground in California now, and it continues to progress nicely out on out. It's expensive, it is. So there's no question about it. But if it between that and taking fire risk, I think it's probably not expensive, when you really look at the long term nature of the business.

我們目前參與了加州的一些地下活動，並且進展順利。確實很貴。因此對此毫無疑問。但如果將其與火災風險相結合，我認為當你真正考慮業務的長期性質時，它可能並不昂貴。

I do -- we do see violent weather across the -- whether it's winter weather today or, storms that hurricanes, fires. We're seeing it and the impacts of it. So I think as an industry, you're seeing the hardening programs in the West. Certainly, energy's got a resilient program ongoing that we're involved in. So we're involved in them, every one of them. With our clients and trying to harden the grid and de-risk their business, I don't think anyone ever intended to take fire risk on the line 35 years ago, 40, 50 years ago.

我確實看到了各地的惡劣天氣——無論是今天的冬季天氣，還是風暴、颶風和火災。我們正在看到它和它的影響。因此我認為，作為一個產業，你會看到西方正在實施強化計畫。當然，我們正在參與一項正在進行的能源彈性計劃。所以我們參與了其中的每一項工作。對於我們的客戶來說，他們試圖強化電網並降低業務風險，我認為 35 年前、40 年前、50 年前沒有人願意冒輸電線路上的火災風險。

So we have to put for ourselves and try to help and collaborate on what we see across the board to make the grid more resilient, more modern, and we're doing that. There's technologies out and things like that that are coming along as well.

因此，我們必須自力更生，盡力幫助和協作，就我們所看到的一切來使電網更具彈性，更加現代化，我們正在這樣做。還有各種技術和類似的東西正在不斷湧現。

Everyone's kinda in this new paradigm of these violent events. And we're kinda harden the grid, and we're seeing that ongoing and we'll continue to see it for decades or more. We built this grid over the last 60, 70 years, got a long way to go. And so I do see that happening and we've got to get in front of that as an industry.

每個人都處於這種暴力事件的新典範之中。我們正在加強電網的建設，我們看到這種情況正在持續進行，並且會持續數十年甚至更長。我們花了 60、70 年的時間建造這個電網，還有很長的路要走。我確實看到了這種情況的發生，作為一個行業，我們必須走在前面。

There is risk out from fire as well. I mean, we have to watch ourselves and the risk that we have on fire in the West. So I do think how we interact and how we make sure that the company de-risk ourselves in the middle of the fire is something that we watch as well. So look, we're all in it together with the clients and working hard to try to make a difference and make sure that we spare human life when these events happen.

火災也存在危險。我的意思是，我們必須警惕自己以及西方面臨的風險。因此，我確實認為，我們如何互動以及如何確保公司在危機中降低風險也是我們應該關注的事情。所以看，我們都和客戶在一起，努力工作，試圖發揮作用，並確保在發生這些事件時挽救人類的生命。

Okay, thank you very much.

好的，非常感謝。

Brian Brophy, Stevele Nkolos.

布萊恩布羅菲、史蒂夫恩科洛斯。

Thanks. Good morning, everybody. I was hoping you could talk about the communications outlook here a bit in any more detail on this Lumen announcement that you made here. How meaningful could that be and when should we start thinking about contributions on that front? Thanks.

謝謝。大家早安。我希望您能就您在此發布的 Lumen 公告更詳細地談談通信前景。這有多大意義？我們應該何時開始考慮在這方面做出貢獻？謝謝。

Yeah, I was just trying to make sure you guys knew we're still in the telecom business. But in general, look we had a nice award there. We continue to grow the business. We continue to incrementally move it forward.

是的，我只是想確保你們知道我們仍然從事電信業務。但總的來說，我們獲得了一個不錯的獎項。我們的業務持續成長。我們將繼續逐步推進這項進程。

The data center demand on fiber is big. It probably goes unnoticed a bit on everything else. And I do think we continue to see long-haul fiber opportunities as well as just our core business and communications. We love the business. We're growing it, like I said, nicely.

資料中心對光纖的需求很大。在其他所有事情上，它可能會有點被忽略。我確實認為，我們將繼續看到長途光纖機會，以及我們的核心業務和通訊機會。我們熱愛這項事業。正如我所說的，我們正在順利發展。

I mean sometimes it goes unnoticed. But, I thought the war was meaningful and something that the investment community should see that we're still, we're much larger. And I said it before, our addressable markets continue to grow. And where the company was five years ago versus where it's at today is much different from an adjustable market standpoint. So when you look at the growth going forward, you can see it across multiple segments whether it's communication technology or utilities.

我的意思是有時它會被忽視。但是，我認為這場戰爭是有意義的，投資界應該看到，我們仍然存在，而且規模更大。我之前說過，我們的潛在市場持續成長。從可調整市場的角度來看，該公司五年前的狀況與現在的狀況大不相同。因此，當你展望未來的成長時，你可以看到它涉及多個領域，無論是通訊技術還是公用事業。

We can go on and on. But I just think that is something that goes unnoticed. And I want to make sure that everyone realizes that our addressable markets across this company have grown and getting larger.

我們還可以繼續下去。但我只是認為那是被忽略的事情。我想確保每個人都意識到我們公司的潛在市場已經成長並且越來越大。

Appreciate it. I'll pass it on.

非常感謝。我會傳達的。

[Wait.]

[等待。 ]

(Operator Instructions)

（操作員指令）

Adam Faler, Thompson Davis.

亞當法勒、湯普森戴維斯。

Hey, good morning, guys. I have the same question actually. I was curious about Lumen, what else you're seeing in terms of long-haul fiber. Could you book another award of a similar magnitude?

嘿，大家早安。我其實也有同樣的疑問。我對 Lumen 很好奇，您在長途光纖方面還有什麼其他看法。您能預訂另一個同等金額的獎勵嗎？

And then Jayshree, curious if you can comment on the tax rate. It was a decent step up year over year. Just wanted to see what was going on there. Thank you.

然後 Jayshree，好奇您是否可以對稅率發表評論。與去年同期相比，這是一個不錯的進步。只是想看看那裡發生了什麼事。謝謝。

Now, we kind of talked about, telecom being $1 billion. And we're growing off $1 billion based there and I do think we'll see growth in the long haul. We bought some smaller businesses three or four years ago. They're really growing nicely. Our markets are growing.

現在，我們談論的是電信業 10 億美元。我們的業務以 10 億美元為基礎不斷成長，我確實認為我們將會看到長期的成長。三、四年前，我們收購了一些小型企業。它們確實長得很好。我們的市場正在成長。

There's no shortage of the demand on infrastructure around the telecom data space. So I do see us, getting more rewards and we're, we can deliver on a national foot footprint. We talk about the utilizations of some of our underground business moving over into the telecom. That can still happen.

電信數據領域對基礎設施的需求並不缺乏。因此我確實看到我們得到了更多的回報，而且我們可以在全國範圍內實現足跡。我們討論將一些地下業務轉移到電信領域的應用。這種事情仍有可能發生。

So we're leveraging all assets and leveraging people across these towns. And so I do think our ability to move resources across these customer bases is something that you'll continue to see the company move forward and we're in multiple conversations across what I would consider all businesses of -- and there's growth to every one of them, infrastructure for the next two decades that I see out is significant and we're right in the middle of it with our cross-killed labor and engineering capabilities.

因此，我們要利用所有資產並利用這些城鎮的人民。因此，我確實認為，我們在這些客戶群之間轉移資源的能力將推動公司繼續前進，我們正在就我認為的所有業務進行多次對話——每一項業務都在增長，我認為未來二十年的基礎設施建設非常重要，我們正處於這一領域的中心，擁有交叉勞動力和工程能力。

Yeah, and as for the tax rate, I think a couple of things. One, we had a nice, we did some nice tax planning here that came through at the end of the year that allowed us to clean up some legal entities. And take the tax benefit this year, as well as going into '25, we had this year we had the big benefit as well earlier in the year of the RSU vesting. We're assuming a lower vest rate and great vesting of the stock price in '25, and so you see that as well. The combination of both those things are why you're seeing a step up in the tax rate.

是的，至於稅率，我認為有幾點。首先，我們在年底做了一些很好的稅務規劃，這使我們能夠清理一些法人實體。就今年的稅收優惠而言，以及進入25年後，我們今年在 RSU 歸屬年初也獲得了巨大的優惠。我們假設 25 年的歸屬率較低且股票價格的歸屬較大，所以您也會看到這一點。這兩方面因素的結合就是導致稅率上升的原因。

Drew Chamberlain, JPMorgan.

摩根大通的德魯張伯倫 (Drew Chamberlain)。

Yeah, good morning and thanks for taking the question. Just to bit of a follow up on the renewables bookings obviously good to see the strong momentum there. But can you just kind of break that out a little bit on what you're seeing from a technology standpoint and where demand is kind of project profiles that are coming from your customers.

是的，早上好，感謝您回答這個問題。只是對可再生能源預訂進行一點跟踪，顯然很高興看到那裡的強勁勢頭。但是，您能否從技術角度稍微闡述您所看到的情況，以及需求是來自客戶的專案概況。

And then also you know what you're hearing on the Safe Harbor impact that you touched upon briefly earlier. And how much you know that could either have already gone into the backlog or you know that that's already. Being at play and what the outlook could be for further Safe Harbor type winds in 2025.

然後您也知道您聽到的有關您之前簡要提到的安全港影響的內容。而您知道這些有多少可能已經積壓了，或者您知道這些已經積壓了。正在發揮作用，2025 年進一步出現安全港式風的前景如何。

Yeah, I think when we're looking at the renewable business. I mean, certainly, like there's noise that continues. But our ability to book work there and what we see and how we can deliver across that market, like we're not seeing any pullback and so we're actually seeing more demand.

是的，我認為當我們專注於再生能源業務時。我的意思是，當然，噪音會持續存在。但我們在那裡預訂工作的能力以及我們所看到的以及我們如何在整個市場上提供服務，我們沒有看到任何回調，所以我們實際上看到了更多的需求。

And there's safe harbor, the safe harbor is really meant to our customers are buying equipment, they're doing the things that are necessary to make sure that the projects are protected for the long term and the smart, the bigger ones, our customer base that we work for, typically do that and we're comfortable.

還有安全港，安全港的真正意義是，我們的客戶在購買設備時，會採取必要的措施，確保專案得到長期保護，而聰明的、更大的客戶群，也就是我們為之工作的客戶群，通常會這樣做，這樣我們就感到安心。

I don't -- you're not seeing the meaningful impact of, call it beyond 12 backlog because of safe harboring at this point. We just see the market and the strength to it long term.

我沒有——你沒有看到由於安全港而導致的超過 12 個積壓的重大影響。我們只是看到市場及其長期實力。

And as far as the data center demand and If you were going to build generation tomorrow, I would just ask what would you build and how quickly could you build it? And you're going -- you would find yourself building a solar plant, probably.

至於資料中心的需求，如果您明天要建造發電廠，我只想問您會建造什麼，以及您多快能建造它？你可能會發現自己正在建造一座太陽能發電廠。

It's the fastest thing you can build. And I just think the way you go to market right now, no one wants to hear 48 months. They want to hear 48 minutes. And so I think that will be key on how we look at the business. It won't be as much about what form of generation will be how quick can you get it.

這是你能建造的最快的東西。我只是認為，按照你現在的行銷方式，沒有人願意聽到 48 個月的說法。他們想聽 48 分鐘。所以我認為這是我們如何看待業務的關鍵。這不太取決於你能夠以多快的速度獲得什麼樣的發電方式。

Great. Thanks, Duke.

偉大的。謝謝，杜克。

Sanjay Jane, Keystone.

桑傑簡，基斯通。

Hey, thanks for taking my question. So if I can ask on the civil acquisition that you made. Is that mostly Texas oriented now I'm trying to see if you can leverage that to your Cupertino, low voltage work for data centers maybe?

嘿，謝謝你回答我的問題。所以我可以問一下你所做的民事收購情況嗎？現在主要面向德克薩斯州嗎？我想看看您是否可以利用這一點，也許可以將其應用到庫比蒂諾的資料中心低電壓工作？

Yeah, I mean I think and to get it. But yes it's Southeast-based not just Texas, but Southeast. We can move it out. They have a lot of capabilities, engineering capabilities, and to expand the business.

是的，我的意思是我思考並且得到它。但是的，它是基於東南部的，不僅位於德克薩斯州，而且位於東南部。我們可以把它搬出去。他們擁有很多能力、工程能力以及擴展業務的能力。

So yes, I mean, certainly we can expand. When we look at it, Cupertino works all across the lower 48. So they're in Texas as well in the southeast, and there's a lot of Southeast expansions and Texas expansion.

是的，我的意思是，我們當然可以擴大。從我們的角度來看，庫比蒂諾的業務遍及整個美國本土 48 州。他們在德克薩斯州以及東南部都有業務，並且有很多向東南和德克薩斯州擴張的業務。

I just think our synergies would allow us to really grow the business. We could probably absorb the whole business internally with synergies internally. So, that's not going to be the case. They get involved in industrial base, LNG, all kinds of different things. And so we're super excited about having the capabilities and I think when we look at acquisitions. We weren't looking for a solution business.

我只是認為我們的協同作用將使我們的業務真正發展。我們或許可以透過內部綜效來吸收整個業務。所以，事實並非如此。他們涉足工業基地、液化天然氣等各種不同領域。因此，我們對擁有這些能力感到非常興奮，我認為當我們考慮收​​購時。我們並不是在尋找解決方案業務。

But when we know the business well and it's really the culture, the DNA, what we look for in management teams and how we go about our ability to put strategies forth and solutions to our clients. And also the quality of the management teams are so paramount when we look at acquisitions that this is a long standing business, 50+ years old generationally that we're super excited that those solutions will be something that both internally and externally. You can see. And sometimes you can't see it, but we certainly see it and we like our opportunities there.

但當我們熟悉業務，它實際上是文化、DNA，我們在管理團隊中尋找的是什麼，以及我們如何為客戶提供策略和解決方案。而且，當我們考慮收​​購時，管理團隊的品質也是至關重要的，因為這是一項長期經營的業務，已有 50 多年的歷史，我們非常高興這些解決方案對內部和外部都有用。你看得見。有時你看不到它，但我們肯定看到了它，我們喜歡那裡的機會。

I appreciate it. Thank you.

我很感激。謝謝。

Mark Bianchi, Callan.

馬克·比安奇，卡蘭。

Hi, thanks. I wanted to ask on the outlook for underground here in in '25. So '24 was a bit of a lower margin year for that business. And you're showing sort of an expectation for improvement in '25 and particularly the year over year improvement as we get past the first quarter. Looks like it's a pretty good step up. So I was hoping you could kind of unpack. What happened in '24 and what's driving the confidence in the bounce back in '25?

嗨，謝謝。我想詢問一下 25 年這裡的地下前景。因此，24 年對該企業來說，利潤率較低。而且您表現出對 25 年改善的期望，尤其是當我們度過第一季時，比去年同期改善的期望。看起來這是一個相當不錯的進步。所以我希望你能幫我解開這個謎。24年發生了什麼事？什麼推動了25年經濟反彈的信心？

Yeah, a couple of things that your industrial businesses down a bit and, the margins were down. We had some storms come through the Gulf Coast and impacted us in the back half.

是的，有幾件事導致您的工業業務下滑，利潤​​率也下降了。一些風暴襲擊了墨西哥灣沿岸，對我們後半段造成了影響。

So part of it is in our industrial business gets better. Canada, we're coming off a big pipe in Canada. And so that's some of the impacts that are going back into your LDC business that we have growth in.

部分原因在於我們的工業業務變得更好。加拿大，我們是從加拿大的一個大管道出來的。所以這就是對我們成長的 LDC 業務產生的一些影響。

And then, when you look at the acquisitions, it's accretive. So the access in the accretive, we have a better industrial margin profile going forward as well as our LDC business and our core business.

然後，當你查看收購時，它就具有增值作用。因此，透過增值，我們未來將擁有更好的工業利潤率，以及我們的LDC業務和核心業務。

In the utility space, people are starting to put more capital back into the gas business. So we're seeing that come back in the core. So all those things kinda come together and that's why you're seeing the impacts of margins going forward. But I would still say that we're leveraging the underground capabilities of gas across into telecom and into electric space on any given day.

在公用事業領域，人們開始將更多資金重新投入天然氣業務。所以我們看到它又回到了核心。所以所有這些因素都結合在一起，這就是為什麼你會看到利潤率的未來影響。但我還是要說，我們每天都在利用地下天然氣的能力，將其應用到電信和電力領域。

So you can see some pullback and then electric may go up $200 million of gas assets and people that move over there $300 million or $400 million. So you can see that on any given day in the business. If it was up to me, I'd have one segment, but it's not. So like we have two. And it does cross, but I do like our business in totality and I think it's something that we'll continue to see margin of improvement. We're still not happy with where it's at and I do believe you can get an upper single digits there or maybe even double digits.

因此，您可以看到一些回調，然後電力可能會增加 2 億美元的天然氣資產，而轉移到那裡的人員可能會增加 3 億或 4 億美元。因此你可以在任何一天的業務中看到這一點。如果由我決定的話，我會有一個片段，但事實並非如此。所以我們有兩個。它確實有交叉，但我確實喜歡我們的整體業務，而且我認為我們將繼續看到改進的幅度。我們對目前的狀況仍然不滿意，但我相信可以達到個位數甚至兩位數。

Great. Thanks so much, Duke. I'll turn it back.

偉大的。非常感謝，杜克。我會把它轉回去。

Gus Richard, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的 Gus Richard。

Yes, thanks for taking the question. On the Federal level there's a lot of changes. You've got indiscriminate layoffs by the, Government Efficiency Bureau, and that could slow approval processes.

是的，感謝您回答這個問題。聯邦層面發生了很多變化。政府效率局不加區分地裁員，這可能會減慢審批流程。

You've got the potential of deregulation to speed things up. You've got potential of bands of solar panels being imported. Another impact, and I'm just wondering if you're seeing anything at this point due to these potential changes and sort of what's your expectation on, how easy it'll get projects to get done will get pulled in or pushed out?

透過放鬆管制，可以加快進程。您有進口太陽能板帶的潛力。另一個影響，我只是想知道由於這些潛在的變化，您是否看到任何影響，以及您的期望是什麼，專案完成起來會有多容易，會被納入還是被推遲？

A good question. Really try to put my head down and work and not listen too much to it cause it changes by the minute. I don't fundamentally from the customers and how we see it and what we've guided to, we've taken into account, we've been very prudent about how we've got it to the midpoint.

好問題。真的試著埋頭工作，不要聽太多的事情，因為它每分鐘都在變化。我不從根本上考慮客戶以及我們如何看待它以及我們的指導方針，我們已經考慮到，我們對如何將其達到中點非常謹慎。

And anything that we've seen or think that could be a possibility, we -- they can do our guidance at this point. So I feel comfortable that, across our adjustable markets, we have room to expand on any given day, but you're right. I mean, one day, some things are really good for certain parts of the business and some things, could impact a bit.

對於我們所看到或認為有可能發生的任何事，我們—他們現在都可以提供指導。因此，我感到很放心，在我們的可調市場中，我們每天都有擴張的空間，但你是對的。我的意思是，有一天，有些事情對業務的某些部分確實很有好處，而有些事情可能會產生一點影響。

But in totality, we see growth, we see opportunity, and everything I hear is just opportunity. I don't think it, when you look at it, there's still a lot of -- if you go back to first term, a lot of this happened then and we did nicely and we continue to grow the business. I think the same thing will happen, it'll never be as good as you think and it'll never be as bad as you think.

但總體而言，我們看到了成長，看到了機遇，我聽到的一切都只是機會。我不這麼認為，當你回顧第一個任期時，會發現很多事情都發生過，而且我們做得很好，業務也不斷成長。我認為同樣的事情會發生，它永遠不會像你想像的那麼好，也不會像你想像的那麼糟。

So we'll be right down the middle with it and. The great thing is under any scenario, demand is going to actually outpace supply at this point and we just -- we have to really try to figure out how to get in front of that, would be more important.

因此，我們將完全理解這一點。最棒的是，在任何情況下，需求實際上都會超過供應，而我們只是——我們必須真正努力弄清楚如何走在前面，這將是更重要的。

Great, thanks for the answer.

太好了，謝謝你的回答。

Joseph Osha, Guggenheim Partners.

古根漢合夥人公司的約瑟夫‧奧沙 (Joseph Osha)。

Do you alluded to this a little earlier. Obviously lead times are way out there for combined cycle machines, but I was at PowerGen last weekend we're starting to hear sort of the same thing happening on the single cycle side, as people look to put -- peaking power alongside, renewables. So I'm just wondering, how are you seeing your mix of ball and are you starting to see that same kind of frenzy and longer lead times on the single cycle side as well? Thank you.

您之前有提到這一點嗎？顯然，聯合循環機器的交付週期還很長，但上週末我在 PowerGen 時，我們開始聽到在單循環方面也發生了同樣的事情，因為人們希望將峰值電力與可再生能源結合。所以我只是想知道，您如何看待您的球的組合，並且您是否也開始在單週期方面看到同樣的狂熱和更長的交貨時間？謝謝。

Yeah, I mean, a single cycle business for us, we're certainly capable and I'm not concerned there as much building a single cycle. So yes, we'll be around the edges on that.

是的，我的意思是，對我們來說，單一週期業務當然有能力，而且我並不關心建立單一週期。是的，我們會關注這一點。

We do see a lot of opportunity there, whether it be, you have a lot of diesel generation back up today. I think the single cycles will be forms of energy. You can back up and use them in merchant type situations and Things of that nature.

我們確實看到那裡有很多機會，無論是今天是否有大量柴油發電恢復。我認為單一循環將成為能量的形式。您可以在商人類型的情況以及類似性質的事物中備份和使用它們。

So and it is way quicker to market with single cycle. So I do think that'll be a part of the solution to get the project started quicker and -- so we see the opportunity as well and the company's well positioned to take advantage of those type of arrangements.

因此，透過單一周期即可更快地將產品推向市場。因此，我確實認為這將是解決方案的一部分，以使專案能夠更快啟動——因此，我們也看到了機會，並且公司完全有能力利用這些類型的安排。

Thank you.

謝謝。

Phil Shen, Roth Capital.

羅斯資本 (Roth Capital) 的 Phil Shen。

Great, thanks. Thanks for taking my question. I wanted to go back to the AI data center theme. What opportunities are you conceptualizing now that could deepen your exposure to the AI data center trend beyond Cupertino?

非常好，謝謝。感謝您回答我的問題。我想回到人工智慧資料中心主題。您目前正在構想哪些機會可以加深您對庫比蒂諾以外的人工智慧資料中心趨勢的了解？

Now, you emphasize that you're a solutions provider. Kinds of problems are your data-center related customers experiencing that you could support in a deeper way than you do now.

現在，您強調您是解決方案提供者。您的資料中心相關的客戶所遇到的各種問題，您可以比現在提供更深入的支援。

Yeah, I mean, look we're taking the same approach with the data center owners that we are with the utilities and that intersection as well. So our ability to talk to our clients on the utility side, help them, and help the data centers. And stay in the middle. We want to build infrastructure, all types of infrastructure involves craft skills, if it involves engineering, if it involves anything really, to be Honest. Like we're certainly in the middle of those discussions and how do we help collaborate to move things faster, more efficiently across both customers as well as our renewables as well. So but it's convergence, we see it and we're in the middle of it and we will be trying to take advantage of those markets on a go forward basis that we see and we've said all along that we feel comfortable with craft skill. We feel comfortable. Building up our capacity on the front end side of the business and using those service lines to provide a solution. So there's not much we're not talking about with these clients.

是的，我的意思是，我們對待資料中心所有者和公用事業公司以及交叉路口採取的是相同的方法。因此，我們有能力與公用事業方面的客戶進行交談，幫助他們，並​​幫助資料中心。並保持在中間。我們要建造基礎設施，所有類型的基礎設施都涉及工藝技能，如果它涉及工程，如果它涉及任何東西，說實話。就像我們確實處於這些討論之中，以及我們如何幫助合作，以便在客戶和再生能源之間更快、更有效地推動事情的發展。所以，但這是融合，我們看到了它，並且我們正處於它的中心，我們將嘗試利用我們看到的前進基礎上的這些市場，而且我們一直說我們對工藝技能感到滿意。我們感覺很舒服。建立我們業務前端的能力並利用這些服務線來提供解決方案。因此，我們與這些客戶談論的話題並不多。

Great, thanks, Steve.

太好了，謝謝，史蒂夫。

Sure.

當然。

And there are no more questions at this time. I'd now like to turn the call back over to Management for closing remarks.

目前沒有其他問題。現在，我想將電話轉回給管理階層，請他們作結束語。

Thank you. I want to thank the 60,000+ employees they're the best in the business. They allow us to have this call today and they're building what I consider the infrastructure of the future.

謝謝。我要感謝 6 萬多名員工，他們是業界最優秀的。他們允許我們今天撥打這個電話，並且他們正在建造我認為屬於未來的基礎設施。

I want to thank them and I want to thank you for participating in our conference call. We appreciate your questions, your ongoing interest in com on services. Thank you. This concludes our call.

我要感謝他們，也要感謝你們參加我們的電話會議。我們感謝您的提問以及您對 com 服務的持續關注。謝謝。我們的通話到此結束。