Quanta Services Inc (PWR) 2025 Q1 法說會逐字稿

Good morning and welcome to Quanta Services first-quarter 2025 earnings call.

早上好，歡迎參加 Quanta Services 2025 年第一季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded. If you have any objections, please disconnect at this time.

（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。

I will now turn the call over to Kip Rupp, Vice President, Investor Relations for introductory remarks.

現在，我將把電話轉給投資者關係副總裁 Kip Rupp 作介紹性發言。

Thank you and welcome everyone to the Quanta Services first-quarter 2025 earnings conference call. This morning, we issued a press release announcing our first quarter 2025 results, which can be found in the Investor Relations section of our website at quantaservices.com. This morning, we also posted our first quarter 2025 operational and financial commentary and our 2025 outlook expectation summary on Quanta's Investor Relations website.

感謝並歡迎大家參加 Quanta Services 2025 年第一季財報電話會議。今天上午，我們發布了一份新聞稿，宣布了我們 2025 年第一季的業績，您可以在我們網站 quantumservices.com 的投資者關係部分找到。今天上午，我們也在 Quanta 的投資者關係網站上發布了 2025 年第一季的營運和財務評論以及 2025 年展望預期摘要。

While management will make brief introductory remarks during this morning's call, the operational and financial commentary is intended to largely replace management's prepared remarks, allowing additional time for questions from the institutional investment community.

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準備好的發言，從而為機構投資界的提問提供更多時間。

Please remember that information reported on this call speaks only as of today, May 1, 2025, 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，本次通話中報告的資訊僅截至今天（2025 年 5 月 1 日），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。

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 or current facts.

本次電話會議將包括前瞻性陳述和信息，旨在符合《1995 年私人證券訴訟改革法》規定的免責安全港規定，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，這些陳述並非僅與歷史或當前事實有關。

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, and actual results may differ materially from those expressed or implied.

您不應過度依賴這些聲明，因為它們涉及某些難以預測或超出 Quanta 控制範圍的風險、不確定性和假設，實際結果可能與明示或暗示的結果有重大差異。

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。有關我們的前瞻性聲明和非公認會計準則財務指標的更多信息，請參閱這些文件。

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

最後，請透過 quantumservices.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頻道上關注 Quanta IR 和 Quanta Services。

With that, I would now like to turn the call over to Mr. Duke Austin, Quanta's President and CEO. Duke?

現在，我想將電話轉給廣達公司總裁兼執行長杜克·奧斯汀先生。公爵？

Thanks, Kip. Good morning, everyone, and welcome to the Quanta Services first-quarter 2025 earnings conference call.

謝謝，基普。大家早安，歡迎參加 Quanta Services 2025 年第一季財報電話會議。

This morning, we reported our first quarter 2025 results, which included robust double-digit growth in revenue, adjusted EBITDA and adjusted earnings per share, along with record backlog of $35.3 billion and a number of other record financial metrics. As a result, we have increased our full year 2025 expectations for revenue, adjusted EBITDA and adjusted earnings per share.

今天上午，我們報告了 2025 年第一季的業績，其中包括收入、調整後 EBITDA 和調整後每股收益的強勁兩位數增長，以及創紀錄的 353 億美元積壓訂單和其他一些創紀錄的財務指標。因此，我們提高了 2025 年全年營收、調整後 EBITDA 和調整後每股盈餘的預期。

Quanta's core strategy is built on the foundation of craft skill labor, execution certainty, investment discipline and clear strategic rationale. At the heart of Quanta's success is our unmatched craft workforce, [who] deliver essential infrastructure solutions with a dedication to safety, quality and performance. Our execution certainty, combined with strategic investments in talent, technology and complementary businesses strengthens Quanta's leadership position across our expanding and addressable markets.

廣達的核心策略建立在製程技能、執行確定性、投資紀律和清晰的策略原則的基礎之上。廣達成功的核心是我們無與倫比的工匠隊伍，他們致力於提供必要的基礎設施解決方案，並專注於安全、品質和性能。我們的執行確定性，加上對人才、技術和互補業務的策略性投資，增強了 Quanta 在不斷擴大和可尋址市場中的領導地位。

Our investment decisions are guided by a disciplined strategic rationale aimed at reinforcing Quanta's differentiated platform, growing customer partnerships and driving long term sustainable value creation.

我們的投資決策遵循嚴謹的策略理念，旨在加強廣達的差異化平台、發展客戶合作夥伴關係並推動長期可持續的價值創造。

Quanta differentiates itself through a unique solution based approach that integrates craft labor with engineering, technology and program management expertise to deliver comprehensive self-perform infrastructure solutions. Quanta partners with customers to solve complex challenges across the full project life cycle, which creates deeper strategic relationships. Our collaborative model drives higher value for our customers and positions Quanta as a trusted partner and solutions provider, not a contractor.

Quanta 透過獨特的解決方案為基礎的方法脫穎而出，該方法將手工勞動與工程、技術和專案管理專業知識相結合，提供全面的自主執行基礎設施解決方案。廣達與客戶合作解決整個專案生命週期中的複雜挑戰，從而建立更深層的策略關係。我們的協作模式為客戶帶來更高的價值，並將廣達定位為值得信賴的合作夥伴和解決方案供應商，而不是承包商。

As demand for resilient electric grids, power generation, technology expansion and energy infrastructure accelerates, Quanta's large addressable markets continue to grow. Quanta has a proven track record of consistent, profitable growth across both favorable and challenging conditions, demonstrating the resilience and sustainability of our business model, which is a testament to the strength of our portfolio approach, a diversified solution-based strategy that enables us to adapt to evolving industry dynamics, while delivering mission-critical infrastructure.

隨著對彈性電網、發電、技術擴展和能源基礎設施的需求不斷加速，廣達的大型潛在市場持續成長。廣達在有利和挑戰條件下都擁有持續盈利增長的良好記錄，證明了我們商業模式的彈性和可持續性，證明了我們的投資組合方法的實力，這是一種基於多元化解決方案的戰略，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。

The successful execution of our strategic plan, combined with significant financial liquidity positions us well to not only navigate periods of uncertainty, but emerge stronger.

我們策略計畫的成功執行，加上強大的財務流動性，使我們不僅能夠度過不確定時期，而且能夠變得更加強大。

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, which is being driven by the adoption of new technologies and related infrastructure, including data centers and artificial intelligence, policies intended to reinforce domestic manufacturing and supply chain resources and the need for all forms of energy generation.

能源和基礎設施格局正在經歷根本轉變，而廣達正處於這一轉變的中心。美國各地的公用事業公司正在經歷並預測電力需求將大幅增長，這是由新技術和相關基礎設施的採用（包括數據中心和人工智慧）、旨在加強國內製造和供應鏈資源的政策以及對各種形式的能源生產的需求所推動的。

We believe these drivers are leading to what could become the largest investment and an expansion of high voltage transmission infrastructure in a generation. And that's Quanta's unmatched execution platform and solution-based mindset enable us to capitalize on these expanded opportunities, positioning Quanta for sustained leadership and long term growth.

我們相信，這些驅動因素可能會帶來一代人以來最大的投資和高壓輸電基礎設施的擴張。廣達無與倫比的執行平台和基於解決方案的思維方式使我們能夠利用這些擴大的機會，為廣達的持續領導和長期成長奠定基礎。

I will now turn the call over to Jayshree Desai, Quanta's CFO, to provide a few remarks about our results and 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，請他就我們的業績和 2025 年指引發表一些評論，然後我們將回答您的問題。傑希里？

Thanks, Duke, and good morning, everyone.

謝謝，杜克，大家早安。

This morning, we reported strong first quarter results, including revenues of $6.2 billion, net income attributable to common stock of $144 million or $0.96 per diluted share and adjusted diluted earnings per share of $1.78. Adjusted EBITDA was $504 million or 8.1% of revenues. Additionally, we generated healthy cash flows in the first quarter, with cash flow from operations of $243 million and free cash flow of $118 million, both of which include the impact of $109 million tax payment deferred from 2024.

今天上午，我們報告了強勁的第一季業績，包括 62 億美元的營收、1.44 億美元的普通股淨利潤或每股攤薄收益 0.96 美元以及調整後每股攤薄收益 1.78 美元。調整後的 EBITDA 為 5.04 億美元，佔營收的 8.1%。此外，我們在第一季產生了健康的現金流，其中經營現金流為 2.43 億美元，自由現金流為 1.18 億美元，這兩項都包括從 2024 年遞延的 1.09 億美元稅款的影響。

Our first quarter performance reflects a continuation of the significant revenue, EBITDA and EPS growth and the free cash flow generation that we have achieved since 2020. Over that period, we have demonstrated our ability to grow organically and maintain a disciplined approach to acquisitions and share repurchases, while improving our cash flow profile and return on invested capital.

我們第一季的業績反映了我們自 2020 年以來實現的顯著收入、EBITDA 和 EPS 成長以及自由現金流產生的延續。在此期間，我們展示了我們有機成長的能力，並保持了嚴謹的收購和股票回購方式，同時改善了我們的現金流狀況和投資資本回報率。

This track record has facilitated our ability to raise debt capital as an investment grade borrower and efficiently de-lever following opportunistic capital deployment. Accordingly, during the quarter, S&P Global Ratings upgraded our long term issuer rating to BBB flat from BBB- and our short-term issuer rating to A-2 from A-3. We believe these credit upgrades lower our borrowing costs, expand our liquidity and financing options, and strengthen our financial position, while supporting our long-term growth strategy.

這項業績記錄促進了我們作為投資等級借款人籌集債務資本的能力，並在機會性資本部署後有效地降低槓桿率。因此，在本季度，標準普爾全球評級將我們的長期發行人評級從 BBB- 上調至 BBB 持平，並將我們的短期發行人評級從 A-3 上調至 A-2。我們相信這些信用升級降低了我們的借貸成本，擴大了我們的流動性和融資選擇，增強了我們的財務狀況，同時支持了我們的長期成長策略。

As Duke mentioned, our performance in the first quarter, coupled with the momentum we're seeing across our core markets, have led us to increase our 2025 expectations for revenues by $100 million, adjusted EBITDA by $10 million and adjusted earnings per share by $0.15.

正如杜克所提到的，我們第一季的業績，加上我們核心市場的發展勢頭，使我們對 2025 年的收入預期提高了 1 億美元，調整後 EBITDA 提高了 1000 萬美元，調整後每股收益提高了 0.15 美元。

In light of the recent trade policy actions and based on what we understand today, we believe the terms and conditions in our contracts limit our exposure to direct cost increases associated with the currently implemented tariffs. As a result, we believe we have addressed those potential impacts within our range of expectations in our full year 2025 guidance.

鑑於最近的貿易政策行動以及我們今天的理解，我們認為合約中的條款和條件限制了我們受到與當前實施的關稅相關的直接成本增加的影響。因此，我們相信我們已經在 2025 年全年指引的預期範圍內解決了這些潛在影響。

We are also proactively collaborating with our customers to provide supply chain, process and value-driven solutions focused on cost optimization and growth. Further, we are adjusting our own supply chain by making strategic advanced purchases as well as working with existing suppliers and evaluating additional suppliers in an effort to manage material and equipment costs and product availability.

我們也積極與客戶合作，提供專注於成本優化和成長的供應鏈、流程和價值驅動的解決方案。此外，我們正在透過策略性提前採購、與現有供應商合作和評估其他供應商來調整我們自己的供應鏈，以管理材料和設備成本以及產品可用性。

In addition, we believe our full year range of 2025 guidance takes into consideration delays that could result from possible changes to the Inflation Reduction Act or IRA. To date, we have seen immaterial shifts in capital plans from our sophisticated and high-quality renewable energy customers, who we believe have the supply chain expertise and robust development pipeline to weather near-term impacts from policy disruptions.

此外，我們認為，我們對 2025 年全年的指導範圍已考慮到《通貨膨脹削減法案》或 IRA 可能發生的變化所導致的延誤。到目前為止，我們已經看到成熟、優質的再生能源客戶的資本計畫發生了微小的變化，我們相信他們擁有供應鏈專業知識和強大的開發管道，可以抵禦政策中斷帶來的短期影響。

Demand for power is increasing rapidly. As such, the need for renewable energy generation and storage is strong, and we remain confident in our multiyear CAGR expectations.

電力需求正在迅速成長。因此，對再生能源發電和儲存的需求強勁，我們對多年的複合年增長率預期仍然充滿信心。

We are actively engaged with our customers to provide solutions designed to help them navigate the evolving policy and regulatory environment, combining our craft labor capabilities with our engineering, procurement and domestic manufacturing solutions. We believe our increased 2025 financial expectations demonstrate the strength of our portfolio approach to the business, our commitment to our long-term strategy, favorable end markets and our partnership approach with our customers.

我們積極與客戶合作，提供旨在幫助他們應對不斷變化的政策和監管環境的解決方案，將我們的手工勞動能力與我們的工程、採購和國內製造解決方案相結合。我們相信，我們提高的 2025 年財務預期證明了我們對業務的投資組合方法的實力、我們對長期策略的承諾、有利的終端市場以及我們與客戶的合作方式。

From January 1 to the date of this earnings release, we have repurchased approximately $135 million of our common stock, leaving us with approximately $365 million remaining under our existing repurchase authorization. Given our cash flow expectations and the strength of our balance sheet, we expect to remain opportunistic with stock repurchases, while continuing to support strategic investments to generate incremental returns for our stockholders.

從 1 月 1 日至本收益報告發布之日，我們已回購了約 1.35 億美元的普通股，根據現有的回購授權，我們還剩下約 3.65 億美元的剩餘金額。鑑於我們的現金流量預期和資產負債表的實力，我們預計將繼續利用股票回購的機會，同時繼續支持策略性投資，為股東創造增量回報。

Additional details and commentary about our 2025 financial guidance can be found in our operational and financial commentary and outlook expectation summary, both of which are posted on our IR website. Also, our first quarter 2025 operational and financial commentary includes a new supplemental information table that provides estimated revenue growth opportunities across each of our key markets in 2025, along with the factors influencing those opportunities.

有關我們 2025 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，這兩者都發佈在我們的 IR 網站上。此外，我們 2025 年第一季的營運和財務評論包括一個新的補充資訊表，該表提供了 2025 年我們每個主要市場的預期收入成長機會，以及影響這些機會的因素。

Note, this information is a directional estimate that is not intended to replace or exactly align with our guidance for the year. Quanta's strategies are focused on delivering solutions to customers across all of our end markets, and we continue to emphasize the power of our aggregate portfolio of solutions and the cash flow earnings and returns they generate.

請注意，此資訊僅為方向性估計，並非旨在取代或完全符合我們對今年的指導。Quanta 的策略重點是為所有終端市場的客戶提供解決方案，我們將繼續強調我們的整體解決方案組合的力量以及它們產生的現金流量收益和回報。

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

我們很樂意回答您的問題。操作員？

(Operator Instructions) Ameet Thakkar, BMO Capital Markets.

（操作員指示）BMO 資本市場的 Ameet Thakkar。

Good morning, can you hear me?

早上好，你聽得到我說話嗎？

Loud and clear, please go ahead.

請大聲、清晰地講下去。

Thank you very much. Thanks for the time. Just I got, I guess, a question maybe that's a little bit off the beaten path, but it looked like the Long Island Power Authority, I guess, voted down your application to kind of be the grid operator there. I just was wondering, was any of that kind of baked into your guidance for this year?

非常感謝。謝謝你的時間。我想問的一個問題可能有點偏離主題，但看起來長島電力局否決了你擔任那裡的電網營運商的申請。我只是想知道，這些內容是否已納入您今年的指導中？

And then the second question is that sort of kind of grid operator role, is that something you envision doing more of in other jurisdictions? Thanks.

第二個問題是，您是否設想在其他司法管轄區發揮這種電網營運商的角色？謝謝。

Yeah, thank you. So first off, the LIPA, when we looked at it -- look, it's an opportunity where we performed this type of arrangement in Puget Sound as well. It's a little different than the one in Puerto Rico. But as we see opportunities to look at these type of arrangements, yes, we will look at them.

是的，謝謝。首先，當我們看 LIPA 時——看，這也是我們在普吉特海灣表演這種類型的安排的機會。它與波多黎各的有點不同。但當我們看到有機會研究這類安排時，是的，我們會研究它們。

And I think what they did yesterday was the management team voted for Quanta. I thought it was very well done, a very good process. The Board did not take the recommendation, but gave no remedy. So I think from our standpoint, we'll clarify with the Board, their concerns, certainly much different than what we faced in Puerto Rico, where we built a utility essentially. So much, much different.

我認為他們昨天的做法是管理團隊投票支持廣達。我認為它做得非常好，是一個非常好的流程。董事會沒有採納該建議，但也沒有提供補救措施。因此，我認為從我們的角度來看，我們會向董事會澄清他們的擔憂，這肯定與我們在波多黎各面臨的情況大不相同，我們在那裡基本上建立了一個公用事業。如此之多，如此之多。

And I think we'll be able to basically give them the feedback that's necessary. I can understand where they were coming from, having not talked to us and we'll get in front of that and see what happens there.

我認為我們基本上能夠向他們提供必要的回饋。我能理解他們為什麼沒有跟我們談過，我們會先處理這個問題，看看會發生什麼事。

And these opportunities happen. We get asked to do a lot of different things, as we differentiate ourselves in the market. So I do think you'll continue to see outliers that you may not hear about every day, but we're not a utility. We understand that. We support them, and there'll be opportunities every now and then that we get involved in these kind of arrangements.

而這些機會確實發生了。為了在市場上脫穎而出，我們被要求做很多不同的事情。所以我確實認為你會繼續看到一些你可能不會每天聽到的異常值，但我們不是公用事業。我們明白這一點。我們支持他們，並且我們會不時地有機會參與此類安排。

And yeah, it was not -- this was not anticipated in our guide.

是的，這在我們的指南中沒有預料到。

No.

不。

Andy Kaplowitz, Citi Research.

花旗研究部的 Andy Kaplowitz。

Hey, good morning, everyone.

嘿，大家早安。

Hello.

你好。

Good morning.

早安.

Duke, you mentioned the largest expansion of high-voltage transmission, I think you said in a generation. Maybe you could elaborate on that and how you think this cycle plays out? Do you see a bigger slug of transmission projects starting to actually move forward now, as I'm sure you saw recent developments in Texas with a big line being approved. And would you expect to continue to see sequential backlog growth moving forward despite all the macro uncertainty out there?

杜克，您提到了高壓輸電的最大規模擴張，我想您說的是這一代以來的最大規模擴張。也許您可以詳細說明一下這一點以及您認為這個循環將如何進行？您是否看到現在有大量輸電項目開始真正向前推進，正如我確信您看到德克薩斯州最近的進展，一條大型輸電線路已獲批准。儘管存在諸多宏觀不確定性，您是否預期未來訂單量仍將持續較上季成長？

Yes. You need transmission in order to move generation. And so we've said this all along. I think you have to think about it. You hear a lot about the grid only at 60% capacity, things like that. But I go and say, we have a freeway here in Texas that goes from San Antonio to Houston, it's 24 lanes here in Houston.

是的。需要傳輸才能推動發電。我們一直都是這麼說的。我認為你必須考慮一下。你經常會聽到電網容量只有 60% 之類的事情。但我要說的是，我們在德州有一條從聖安東尼奧到休士頓的高速公路，休士頓這裡有 24 條車道。

It's about probably 50% full because you see it in the mornings and the afternoons. If I took eight lanes out, it would back all the way up to San Antonio, I never get in the Houston. So you have to look at it like that, that the grid needs the stability of transmission going to load sources and going into data centers, things of that nature.

大概有 50% 的客流量，因為早上和下午你都可以看到它。如果我把八條車道開出去，它就會一直回到聖安東尼奧，我永遠進不了休士頓。所以你必須這樣看待它，電網需要穩定的傳輸，以達到負載源和進入資料中心的目的，諸如此類的事情。

We continue to see firm demand and hundreds of gigs, honestly, across the board. And so as we see that, as it firms up, that's transmission behind it. And I don't think off-grid is the answer. I think it will be primarily on grid for our utility customers.

說實話，我們繼續看到強勁的需求和數百場演出，全面如此。所以，正如我們所看到的，隨著它的鞏固，這就是它背後的傳輸。我不認為離網是解決問題的方法。我認為它將主要為我們的公用事業客戶提供電網服務。

And this is a big build. I would relate it back to the '70s when you had major expansion within your transmission system. And that's what we see. I've not seen a line yet that's built in North America. It's not paid itself back very quickly at this point. So, you'll see a lot of -- for the ultimate customer, it's the right answer, and you'll continue to see a lot of transmission.

這是一個巨大的建設。我會把它與 70 年代聯繫起來，當時你們的傳輸系統進行了大規模擴展。這就是我們所看到的。我還沒有看到在北美建造的路線。目前，它還沒有很快收回成本。因此，你會看到很多——對於最終客戶來說，這是正確的答案，而且你會繼續看到很多傳輸。

Thanks Duke.

謝謝杜克。

Thank you.

謝謝。

Phil Shen, ROTH Capital. (Operator Instructions) Okay, looks like we're having a problem with Philip there.

羅斯資本（ROTH Capital）的 Phil Shen。（操作員指示）好的，看起來我們和菲利普之間出了點問題。

Joe Osha, Guggenheim Partners.

古根漢合夥公司的喬‧奧沙 (Joe Osha)。

Okay, there we go. Can you hear me?

好的，我們開始吧。你聽得到我嗎？

Loud and clear, please go ahead.

請大聲、清晰地講下去。

Okay. Thank you and good morning. We have seen a lot in terms of incremental tariffs being imposed on imports for solar modules, and this is something that came up when First Solar reported earlier this week. Is this materializing as a problem for any of your customers at all to the extent you're hearing about it? Thank you.

好的。謝謝，早安。我們已經看到很多關於對太陽能電池組件進口徵收增量關稅的消息，這也是 First Solar 本週稍早報導的內容。就您所聽說的程度而言，這是否會對您的任何客戶造成問題？謝謝。

Thanks for the question. We have not seen that within our customer base. We certainly are keeping our eyes on it, listening. We're not seeing pull in. We're not seeing pushout per se. I think '25 is baked into '26. So we'll continue to look at it, but it's not affecting us at this point.

謝謝你的提問。我們在客戶群中還沒有看到這種情況。我們當然會密切注意並傾聽。我們沒有看到拉動。我們本身並沒有看到延遲的情況。我認為 '25 已經融入 '26 之中。因此我們會繼續關注此事，但目前它還不會對我們造成影響。

And I would say this, too, the company is built to have pushouts. It's not -- the portfolio allows us to have things move along with service lines and our customer base. So it's not an issue, if something pushes here or there. It's never -- the company -- I've not -- I wish it would perform at 100%, but we're doing really good if we get 80% kind of online and at the times that we think they're going because you're always going to have pushes and pulls.

而且我也想說，這家公司就是為推出新產​​品而建立的。事實並非如此——產品組合使我們能夠隨著服務線和客戶群的發展而發展。因此，如果有東西在這裡或那裡推，這不是問題。我從來都不希望公司以 100% 的效率運行，但如果我們的在線率能達到 80%，而且是在我們認為他們會運行的時間，那麼我們就做得很好了，因為你總是會遇到推拉的情況。

So the tariffs, if they were to come in and affect us, I do believe the portfolio is such that we could weather much of it, and we see multiyear builds coming at us. And I do think solar is the cheapest form of energy in many ways, and you'll see a lot of solar build and gas and about everything we can build probably.

因此，如果關稅真的實施並影響我們，我相信我們的投資組合能夠讓我們經受住大部分影響，而我們預計多年的累積效應即將到來。我確實認為太陽能在許多方面都是最便宜的能源形式，你會看到大量的太陽能和天然氣建設以及我們可能建造的一切。

Thank you.

謝謝。

Thank you.

謝謝。

Philip Shen.

沈菲利普。

Hi, can you hear me okay?

嗨，你聽得到我說話嗎？

Go ahead.

前進。

Okay, great. Hey, sorry about that, having trouble with the Zoom. So, first question is on interconnection work. We recently hosted a webinar with grid strategies, and they highlighted that 50 gigawatts of coal plants may not be decommissioned, and this could result in tens of billions of interconnection work proximate to coal plants stranded, as the renewable projects planning to access the coal interconnection points could be at risk. What are your thoughts on this potential? And how could this impact your backlog?

好的，太好了。嘿，很抱歉，Zoom 出了點問題。那麼，第一個問題是關於互聯互通的工作。我們最近舉辦了一場有關電網策略的網路研討會，他們強調，50 千兆瓦的燃煤電廠可能不會退役，這可能會導致數百億美元的燃煤電廠附近的互連工作陷入困境，因為計劃接入煤炭互連點的可再生能源項目可能面臨風險。您對這種潛力有何看法？這會對您的積壓工作產生什麼影響？

And then second one, very quick one on the renewables subsegment, if you will. If you were to think about your total megawatts of construction starts in 2025 now that you expect compared with what you expected for those 2025 construction starts at year-end '24? Has that changed at all? Or has it remained steady? Thanks guys.

然後是第二個問題，如果你願意的話，可以快速談談再生能源細分市場。如果您現在考慮您預計的 2025 年開工建設總兆瓦數，並與 2024 年底預計的 2025 年開工建設總兆瓦數進行比較，會怎麼樣？情況有改變嗎？還是一直保持穩定？謝謝大家。

Yeah, I'll go backwards. Look, I think it's steady. It's certainly not at the pace of growth over last year, but it's steady and climbing. I like where we sit with that business. We're doing very well with battery, solar, even onshore wind.

是的，我會倒退。看，我認為它很穩定。它的成長速度肯定不如去年，但它是穩定且不斷攀升的。我喜歡我們在這項業務中所處的位置。我們在電池、太陽能甚至陸上風能方面都做得很好。

So I like where we sit. I think the inbounds are good. If you want power quickly, you're going to have to look at renewables for the next three years because of the turbine deliveries, but I do think it's always going to be a part of the grid. And we've always said natural gas will be a big piece of it. We've said that for a decade. We're going to catch up a little bit here, and it will be a part.

所以我喜歡我們坐的位置。我認為界內情況很好。如果您想快速獲得電力，那麼由於渦輪機的交付，您將不得不考慮未來三年的可再生能源，但我確實認為它將永遠是電網的一部分。我們一直說天然氣將佔其中很大一部分。我們已經說了十年了。我們將在這裡稍微討論一下，這將是其中的一部分。

As far as coal, not a lot of investment in coal over the last, call it, 10 years. And it costs a lot of money to run coal plants right now. So there's not been that investment in them. And most thought they were going to retire, so you've got to keep them going.

就煤炭而言，在過去 10 年裡，對煤炭的投資並不多。目前營運燃煤電廠的成本很高。所以他們沒有得到這樣的投資。大多數人都以為自己會退休，所以你必須讓他們繼續前進。

That said, yes, I do think we're going to either see some collocations in areas where they'll build gas on a coal site and you're going to need transmission or you're going to continue to see transmission come out of coal facilities to upgrade. But look, it's -- I don't think there's any shortage of projects on the wall, I'll say that. If they all go, then we've got a lot of work for the next two decades. So -- but I think we got it either way.

話雖如此，是的，我確實認為我們要么會看到一些地區的搭配，他們會在煤炭場地上建造天然氣管道，並且需要輸電，要么你會繼續看到輸電線路從煤炭設施中出來進行升級。但是你看，我認為牆上並不缺少項目，我會這麼說。如果他們都走了，那麼我們在接下來的二十年裡就有很多工作要做。所以——但我認為無論如何我們都得到了它。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Hi, sorry, can you hear me now?

你好，抱歉，你現在聽得到我說話嗎？

That's great, fire away.

太棒了，開火吧。

Sorry about that. So nice quarter and congrats on the transmission upgrade win this morning. I guess just my first question, just as I think about -- understanding you guys have a targeted margin range for your electric infrastructure business or what we're calling it now.

很抱歉。這是一個非常好的季度，祝賀今天早上傳輸升級勝利。我想這只是我的第一個問題，正如我所想——了解你們對電力基礎設施業務或我們現在所說的業務有一個目標利潤範圍。

But just pushing you as you continue to win larger projects and the mix towards larger CapEx projects versus maintenance sort of continues, why wouldn't that create a positive upward momentum on your margins to some degree, even though you might not want to guide there over the longer term, but I would think in the next sort of 12 to 18 or 24 months, the margin trajectory should be higher. So just what your pushback would be on that?

但是，隨著您繼續贏得更大的項目，並且繼續將更大的資本支出項目與維護項目相結合，為什麼不會在某種程度上為您的利潤率帶來積極的上升勢頭呢？儘管您可能不想在長期內引導這一趨勢，但我認為在接下來的 12 到 18 或 24 個月內，利潤率軌跡應該會更高。那麼您對此有何反對意見？

And then my second question, and I'm sorry, I'm going through multiple earnings this morning, I don't think you provided an update on Cupertino, but how that business is doing versus your expectations for 2025?

然後是我的第二個問題，很抱歉，我今天早上正在查看多份收益報告，我認為您沒有提供有關庫比蒂諾的最新消息，但是該業務的表現與您對 2025 年的預期相比如何？

And then, Duke, I think last quarter, you suggested there are some very large wins on the come as you benefit from synergies with Cupertino and Quanta. I'm just wondering if you could update us on that and any potential wins on the revenue synergy side in 2025. Thank you.

然後，杜克，我想上個季度，您曾表示，由於受益於與庫比蒂諾和廣達的協同效應，您將會取得一些非常大的勝利。我只是想知道您是否可以向我們介紹這一點以及 2025 年收入協同效應的任何潛在優勢。謝謝。

Yeah, thanks, Jamie. I think the target margins, they remain what we've said. If you're adding 4,000 employees, we're pacing even more than that at this point. You're going to have the training cost in there. And so the training costs will keep the margins about where they're at.

是的，謝謝，傑米。我認為目標利潤率仍然和我們所說的一樣。如果要增加 4,000 名員工，那麼我們現在的步伐會更快。您將需要支付培訓費用。因此培訓成本的利潤將維持在目前的水準。

They could move a bit here or there in the upper end of what we've said. I know it's a different segment, but you can infer the electric what it used to be and infer some uplift on the segment. But I do think we're executing very well in the field, and we're proud of kind of first quarter of last year versus this year and what we've been able to do at scale.

它們可能會在我們所說的上限處稍微移動一下。我知道這是一個不同的部分，但你可以推斷電力曾經是什麼樣，並推斷出該部分的一些提升。但我確實認為我們在該領域的表現非常出色，我們對去年第一季與今年相比的表現以及我們所取得的規模感到自豪。

So the biggest thing is to scale the business, and we're doing that nicely now. You are seeing more material pull-through as well at the same margins. The return on invested capital is going to come through higher. So I think returns go up as well in this market. But again, I mean, I think we want to be a solution provider and provide more services and create more value along the supply chain. So, we're going to do that.

因此，最重要的事情是擴大業務規模，我們現在做得很好。您還會看到在相同的利潤率下有更多的材料拉動。投資資本的報酬率將會更高。所以我認為這個市場的報酬率也會上升。但我的意思是，我想成為解決方案提供商，提供更多服務，並在供應鏈中創造更多價值。所以，我們會這麼做。

Cupertino is ahead of schedule. I think [infer that] by backlog and some of the things we're doing there, it's ahead. So we're really, from our standpoint, great business. I've been around a bunch of acquisitions, and I would tell you it's in the top five from my standpoint as far as having a good acquisition that we can lean into and scale. They're there. We're getting synergies all the time.

庫比蒂諾已經提前完成了計劃。我認為，根據積壓工作和我們在那裡做的一些事情，它是領先的。所以從我們的角度來看，我們確實是一家很棒的公司。我經歷過很多收購，從我的角度來看，就我們可以依靠和擴大規模的良好收購而言，這是排名前五的收購。他們就在那兒。我們一直在獲得協同效應。

I do think you're going to see big awards out of that because the technology, when we think through it, your total addressable market on technology is, call it, $300 billion a year. That's global. So -- let's just call it $200 billion in North America.

我確實認為你會從中獲得巨大的回報，因為當我們仔細考慮這項技術時，你會發現這項技術的總可尋址市場每年高達 3000 億美元。這是全球性的。所以——我們就稱之為北美的 2000 億美元吧。

And the utility business is about $250 billion. So it's as big as addressable market for us, and we're [up] less than probably 5% in backlog in technology. So, we're just starting. I see opportunity after opportunity. Can we execute it? Can we go get it? I like our chances.

公用事業業務規模約 2500 億美元。因此，對我們來說，這是一個很大的潛在市場，而我們的技術積壓訂單可能還不到 5%。所以，我們才剛開始。我看到了一個又一個的機會。我們能執行它嗎？我們可以去拿嗎？我喜歡我們的機會。

Ati Modak, Goldman Sachs.

高盛的阿蒂·莫達克（Ati Modak）。

Yeah, thank you. Hey, Duke, you spoke about the transmission opportunity broadly earlier. But in the supplemental disclosure, you kind of noted that the larger projects are becoming increasingly visible. Can you talk about that visibility? What stages do you see these at? And then when should we expect these to show up in the backlog? How should we think about revenue and margin impacts from there?

是的，謝謝。嘿，杜克，你之前廣泛地談到了傳輸機會。但在補充披露中，您注意到大型專案變得越來越引人注目。你能談談這種可見性嗎？您認為這些處於什麼階段？那我們什麼時候應該預期這些會出現在積壓中？我們該如何看待這對收入和利潤的影響？

I mean I think you're hearing it. There's 765 builds across the country. You've heard that. Someone just mentioned coal. I hadn't heard that one yet, so that's good. But I think you have to look at the RTOs of what they're saying, your MISOs, your PJMs and you can hear all the auctions that are there, you can hear that as well as the CapEx spend.

我的意思是我認為你聽到了。全國共有 765 棟建築。你已經聽過了。剛才有人提到了煤炭。我還沒有聽說過這個，所以這很好。但我認為你必須看看他們所說的 RTO、你的 MISO、你的 PJM，你可以聽到那裡的所有拍賣，你可以聽到這些以及資本支出。

And I know there's just disclaimer where generation is going to replace transmission, that couldn't be more false. So that's just wrong. And I don't know how else to say it. I'm with them every day. I'm on the ground. I hear it. That's wrong. So that's a fallacy.

我知道有免責聲明稱發電將取代傳輸，但這完全是錯誤的。所以這是錯誤的。我不知道還能怎樣表達。我每天都和他們在一起。我在地上。我聽見了。那是錯誤的。所以這是一個謬論。

Transmission will be very robust here and distribution will be fine. It won't grow as fast as transmission, but it's here. And so those are the places I would point to where you can see large transmission getting built. We're in early stages of it -- at the very early stages. And I do think you'll continue to see us stack work over the next five years. And I'll leave it there.

這裡的傳輸將會非常強勁，分佈也會很好。它的增長速度不會像傳輸那麼快，但它就在這裡。因此，我想指出的是，在這些地方你可以看到正在建造的大型輸電線路。我們正處於早期階段——非常早期的階段。我確實認為，在接下來的五年裡，你會繼續看到我們堆積如山的工作。我就把它留在那裡。

Steven Fisher, UBS.

瑞銀的史蒂文·費雪。

Thanks. Good morning. Just wanted to ask you, Duke, in terms of your solution strategy, how would you characterize the white space from here based on kind of what you're hearing from your customers about the solutions that they need? And I guess from an M&A perspective, is 2025 more of kind of a continued fill in the white space kind of year? Or is this sort of a digest what you have at the moment kind of year?

謝謝。早安.只是想問你，杜克，就您的解決方案策略而言，根據您從客戶那裡聽到的關於他們需要的解決方案的信息，您如何描述這裡的空白？我想從併購的角度來看，2025 年是否更像是繼續填補空白的一年？或者這是您目前所擁有的某一年的摘要？

Thanks, Steve.

謝謝，史蒂夫。

I'll go backwards on it. Good question. So when we look at M&A, we can't time it. And as we see great companies that fit the strategic rationale that we're looking for, we'll lean into them. I can't tell you the pace. I can tell you there's a lot of inbounds that we see really nice companies out there, have opportunities all the time to look at them. So as we see them, if they fit the rationale, we'll certainly try to lean into them. I'm not concerned with our balance sheet at this point. We'll always [protect it], but I'm not seeing us stress it at this point.

我將回顧這一點。好問題。因此，當我們考慮併購時，我們無法把握時機。當我們發現符合我們所尋求的策略原理的優秀公司時，我們就會向它們傾斜。我無法告訴你速度。我可以告訴你，我們看到了很多非常好的公司，我們一直都有機會去了解它們。因此，當我們看到他們時，如果他們符合基本原理，我們肯定會嘗試向他們靠攏。我現在並不關心我們的資產負債表。我們會一直[保護它]，但我現在不認為我們會強調這一點。

So that -- all things are on the table. You saw us buy $134 million worth of stock back this year, as it got [disconnected]. We said we would, we did. You can expect us to acquire when we see great companies as well. And I forgot the first part of the question.

這樣——所有事情都擺在桌面上。你看到我們今年回購了價值 1.34 億美元的股票，因為它[斷開連接]。我們說過我們會的，我們做到了。當我們看到優秀的公司時，你也可以期待我們會進行收購。我忘了問題的第一部分。

White space around --

周圍留白--

So I think I try to -- in the paragraph, I try to explain it. I think if you're isolated on a service line, you're a contractor, if you can put them all together and go perform a service, you're providing a solution. So, we're looking in areas where the customer is struggling to ramp. And we're able to do multiple service lines for them, whether it be engineering, whether it be procurement. Each customer has a different set of, I guess, needs.

所以我想我會嘗試——在這段中，我會嘗試解釋它。我認為，如果你在服務線上處於孤立狀態，你就是一名承包商，如果你能將他們整合在一起並提供服務，那麼你就是在提供解決方案。因此，我們正在尋找客戶難以提升的領域。我們可以為他們提供多種服務，無論是工程還是採購。我想，每個顧客都有不同的需求。

And so, we're really trying to do more than just be a service line provider or a contractor. And that's -- in my way of saying that's a solution because I'm going to listen to what they have to offer it, collaborate with them, get very sticky in their organization and then trust us to go build it on time, on budget with our own labor.

因此，我們實際上想做的不僅僅是成為服務線提供者或承包商。這就是——用我的方式來說，這是一個解決方案，因為我將聽取他們提供的建議，與他們合作，在他們的組織中保持緊密聯繫，然後相信我們能夠按時、按預算、用我們自己的勞動力去建造它。

I think us self-performing 85% of the business and that self-perform capability and that certainty that we give a client bankable as far as investment grade, we check the boxes and why wouldn't you want to us to do it all, is what I would say.

我認為我們自主完成了 85% 的業務，憑藉自主完成的能力以及我們向客戶提供的投資級銀行擔保的確定性，我們滿足所有條件，所以為什麼你不希望我們全部完成呢，我想說的是。

Terrific. Thank you.

了不起。謝謝。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

Okay, can you hear me?

好的，你聽得到我說話嗎？

Loud and clear, please go ahead.

請大聲、清晰地講下去。

Okay, thank you. A little more specific on the transmission question. Just the Texas just approved the 765 kV plan. Any sense on when that would actually be business that could be backlog and just view of likelihood of you getting a fair share of that?

好的，謝謝。關於傳輸問題，請更具體一點。德克薩斯州剛剛批准了765kV計劃。您是否知道什麼時候這些業務實際上會積壓，並且您是否有可能獲得公平的份額？

Yeah, Steve, we built a lot of the 765 in the country and the majority of it over time. And so I do believe it's a core competency of ours to build it. So I always like our chances when we're building 765.

是的，史蒂夫，我們在國內建造了許多 765 型飛機，而且大部分都是隨著時間的推移而建造的。因此我確實相信建構它是我們的核心競爭力。因此，當我們建造 765 時，我總是喜歡我們的機會。

We've been in front of this a long time. I'm not surprised by the amount of it. I'm not surprised by the inbound discussions. We're doing some things there that I think are unique with the client. So, I think we're in good shape. I would say I'd be surprised if it's not in the third quarter or maybe early fourth quarter, you would start to see us have the opportunities to book work.

我們已經面對這個問題很久了。我對它的數量並不感到驚訝。我對這些討論並不感到驚訝。我們正在做一些我認為對客戶來說很獨特的事情。所以，我認為我們狀況良好。我想說，如果不是在第三季或第四季初，你會開始看到我們有機會預訂工作，我會感到驚訝。

One other quick question, a very simple one, just is the upgrade in guidance midpoint for the year, is that just first quarter beating your expectation? Or is there anything you'd specifically point to for raising the midpoint?

還有一個非常簡單的快速問題，就是今年中期指導的升級，是否只是第一季超出了您的預期？或者您有什麼特別之處可以指出以提高中點嗎？

I mean we were looking at the whole year and how we see it laying out, I thought we had a nice quarter. I felt like we're trying to be prudent about the back half with everything moving around. But the way we see it laying out and the way the work is flowing and the things that we know, I felt comfortable enough to move it a bit just to show confidence in the business and as well as where we think we're going to end up for the year.

我的意思是，我們回顧全年情況，並展望未來發展，我認為我們度過了一個不錯的季度。我覺得我們正試圖對後半部分保持謹慎，因為一切都在移動。但是，根據我們所看到的佈局、工作流程和我們所了解的情況，我感到可以稍微調整一下，以顯示對業務的信心，以及我們對今年最終結果的看法。

And I do still think we're prudent about how we're looking at it. I think there's a lot of opportunity for us. If you ask me to kind of look at the high side of the range and the low side of the range, I would lean to the high side for sure.

我仍然認為我們對此事的看法是謹慎的。我認為我們有很多機會。如果您讓我看一下範圍的高端和低端，我肯定會傾向於高端。

Thank you.

謝謝。

Thank you, Steve.

謝謝你，史蒂夫。

Mike Dudas, Vertical Research Partners.

杜達斯（Mike Dudas），Vertical Research Partners 的分析師。

Good morning everybody.

大家早安。

Duke, maybe you can share the -- how you've seen the strategic benefits from your -- increasing your own supply chain access for your clients. And as you're looking to help them access elsewhere, what are the dynamics of because I'm sure everybody plus three, is trying to figure out similar solutions.

杜克，也許您可以分享一下—您如何從為客戶增加自己的供應鏈管道中獲得策略利益。當您尋求幫助他們訪問其他地方時，其動力是什麼，因為我相信每個人加上三人，都在試圖找出類似的解決方案。

How is that market and the dynamics there? And how your internal opportunities are helping you provide better, more of those solutions? And is that part of what you'll be looking for on the acquisition front over the next several quarters? Thank you.

那裡的市場和動態如何？您的內部機會如何幫助您提供更好、更多的解決方案？這是你們在未來幾季的收購中尋求的部分嗎​​？謝謝。

Yeah, Mike. So the transformers, I think, that we acquired, we did it on purpose. It was purposeful. It was US-based. I was concerned -- we were concerned with China and the amount of China transformers that were in utility systems.

是的，麥克。所以我認為，我們收購的變壓器是故意這麼做的。這是有目的的。它位於美國。我很擔心——我們擔心中國以及公用事業系統中中國變壓器的數量。

So that concern led us to US-based transformers in Pittsburgh. It's a 100-year old company with a lot of IP that it allowed to expand. It had [UL] codes across the country. It's not easy to have transformer manufacturing out of the class of, call it, 138 up to 765.

因此，這種擔憂促使我們找到了位於美國匹茲堡的變壓器公司。這是一家擁有百年歷史的公司，擁有大量可擴展的智慧財產權。它在全國各地都有 [UL] 代碼。要製造出超越 138 至 765 等級的變壓器並不容易。

So, if we can do that, if we can execute through there, we're not trying to be a manufacturer per se. We want to get the pull-through. We want to do the work. So we do have great, what I would consider, relationships with other transformer manufacturers, breaker manufacturers, and we'll keep those as well.

所以，如果我們能做到這一點，如果我們能實現這一點，那麼我們本質上就不是想成為製造商。我們想要獲得成功。我們想做這項工作。因此，我認為我們與其他變壓器製造商、斷路器製造商確實保持著良好的關係，我們也會保持這種關係。

But we've learned a lot about our supply chain internally with our EPC business. So, I do think we're able to really have a solution base to clients as they come in. And it is a core competency. It's something now where it was -- it used to be labor equipment.

但我們透過 EPC 業務對內部供應鏈有了更多的了解。因此，我確實認為我們能夠為客戶提供真正的解決方案。這是一種核心競爭力。它現在就是原來的地方──它曾經是勞動設備。

Now it's a labor equipment supply chain. And if we get -- if we continue down the path and get it right over and over again, we'll get better internally and externally. So I really like what we're doing there. I think it's -- our clients like it, and we're able to really expand the business through that mechanism.

現在它是一個勞動力設備供應鏈。如果我們——如果我們繼續沿著這條道路前進，並一次又一次地把事情做好，我們的內部和外部都會變得更好。所以我真的很喜歡我們在那裡所做的事情。我認為我們的客戶喜歡它，並且我們能夠透過這種機制真正擴展業務。

Thanks Duke.

謝謝杜克。

Justin Hauke, Robert W. Baird.

賈斯汀·豪克、羅伯特·W·貝爾德。

Yes, great. Thank you. Good morning, everybody.

是的，太棒了。謝謝。大家早安。

I guess I have one maybe larger question and then I got just a small technical one. But I guess on the large 500 kV line that you announced this morning that starting in mid-2026, I was just hoping maybe you could give us some perspective on kind of the size or scope of that, particularly as that's coming on or starting kind of as you're ramping down on SunZia. So just trying to understand kind of maybe the relative size between those two.

我想我有一個可能更大的問題，然後我只有一個小的技術問題。但我想，關於您今天早上宣布的將於 2026 年中期開始的大型 500 kV 線路，我只是希望您能給我們一些關於其規模或範圍的看法，特別是在這條線路即將開通或開始投入使用之際，您正在逐步減少 SunZia 的投入。所以只是想了解這兩者之間的相對大小。

And then also, what's the status and risk on the permitting side, given that, that's not starting construction for another year or so, just what needs to happen?

那麼，考慮到還要再過一年左右的時間才能開始施工，許可證方面的狀況和風險如何，到底需要做些什麼呢？

And then my small technical one for Jayshree, I guess, is the two acquisitions in the quarter. I just wanted to confirm, those are the ones you announced last quarter on the earnings release. They weren't incremental ones. So are there any incremental acquisitions as part of the guidance increase? Thank you.

然後我想說一下 Jayshree 的小技術問題是本季的兩筆收購。我只是想確認一下，這些就是你們上個季度在財報中宣布的內容。它們不是漸進的。那麼，作為指導增加的一部分，是否有任何增量收購？謝謝。

No, I'll quickly answer that and let Duke answer the other question. But yes, those are the two acquisitions we announced last quarter, and there are no additional ones at this stage.

不，我會很快回答這個問題，然後讓杜克回答另一個問題。但是的，這是我們上個季度宣布的兩項收購，目前還沒有其他收購。

And as far as the LADWP line, that is public. So I'll give you some -- you can go look at it, but it's $1 billion plus. And that's the only reason I'm going to give it to you because it's public. So I think from that standpoint, I do think the permitting and things like that are on target, and we'll be getting into it in '26.

至於洛杉磯水電局線路，那是公共的。所以我給你一些——你可以去看看，但它價值 10 億美元以上。這就是我要把它給你的唯一原因，因為它是公開的。因此我認為從這個角度來看，我確實認為許可和類似的事情都是正確的，我們將在 26 年開始實施。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Adam Thalhimer.

亞當·塔爾希默。

Hey, good morning guys. Nice quarter. I wanted to ask about the pipeline market. Are you seeing anything interesting in the long term bidding or planning, Duke, that would make you think that 2026 could be a recovery year for large pipe?

嘿，大家早安。不錯的季度。我想問一下管道市場的情況。杜克，您在長期投標或規劃中看到什麼有趣的事情了嗎，讓您認為 2026 年可能是大型管道復甦的一年？

Look, I think there's more opportunity for certain. You're hearing it. You're hearing the President get behind more pipe, more drilling, more pipe, more drilling. So, I do think that's out there. Obviously, the shippers are -- and our pipeline customers, we've maintained all kinds of discussions going on.

瞧，我認為肯定還有更多機會。你聽到了。你聽到總統支持更多的管道、更多的鑽井、更多的管道、更多的鑽井。所以，我確實認為這是存在的。顯然，我們與托運人和管道客戶一直在進行各種討論。

I don't think it -- from my standpoint, we need some pipe, obviously, with the amount of natural gas on the books for combined cycles, things of that nature, especially on the eastern seaboard.

我不這麼認為——從我的角度來看，我們顯然需要一些管道，因為聯合循環中有大量天然氣，諸如此類，特別是在東海岸。

So, I do think you'll get some built. I just don't think the business is going to be super. I mean, LNG takeaways is good. It will be better, and we're looking forward to capturing some of that work. But again, I think very difficult still to build linear construction pipelines.

所以，我確實認為你會建造一些。我只是不認為這項業務會變得非常棒。我的意思是，LNG 外賣很好。情況會變得更好，我們期待著捕捉到其中的一些工作。但我仍然認為建造線性施工管道仍然非常困難。

Thanks Duke.

謝謝杜克。

Sangita Jain, KeyBanc.

Sangita Jain，KeyBanc。

Hi, can you -- I'm not sure if you can hear me yet, but --

嗨，你能——我不確定你是否能聽到我說話，但是--

We can hear you. Please go ahead.

我們能聽到你的聲音。請繼續。

Thank you. Just a couple of questions. One, maybe for Duke, some companies have recently alluded to the lack of a good workforce to execute on natural gas generation projects on time and on budget. Since you have the largest craft labor force, would you consider -- or what would you need to consider branching out into natural gas generation EPC to help your customers?

謝謝。僅有幾個問題。首先，對於杜克公司來說，一些公司最近暗示缺乏優秀的勞動力來按時、按預算執行天然氣發電項目。由於您擁有最大的手工藝勞動力，您是否會考慮—或者您是否需要考慮擴展到天然氣發電 EPC 領域來幫助您的客戶？

Yeah, I mean -- thank you for the question. I do think it's something that it's needed. We have what I would consider a contractor approach, where we have the sum of the parts. We've built them before. We can certainly have a resume to build them.

是的，我的意思是──謝謝你的提問。我確實認為這是必要的。我們採用我認為的承包商方法，即對各個部分進行匯總。我們以前建造過它們。我們當然可以有一份履歷來建立它們。

The way I would characterize it is if we decide to do that and if we lean into them, we're not taking risk. There's too much risk on the unknowns of the new turbines and things of that nature. We'll just shy away from the risk, and we can grow the business nicely without the risk. That's how I would look at it.

我對此的定義是，如果我們決定這樣做並且依賴他們，那麼我們就不會承擔風險。新渦輪機和類似事物的未知因素有太大的風險。我們只要避開風險，就可以在沒有風險的情況下順利發展業務。我就是這樣看待這件事的。

And another one, maybe it's for Jayshree. So your revenue performance this quarter was really strong. Book-to-bill was kind of one. And I'm wondering if that is a sign of the times that your customers are more willing to do faster turnaround projects versus taking longer to book large projects?

還有一個，也許是給 Jayshree 的。所以你們本季的營收表現非常強勁。訂單出貨比就是其中一種。我想知道這是否表明您的客戶更願意完成更快週轉的項目，而不是花更長的時間預訂大型項目？

No, I don't think you should read anything into that, Sangita. I think it's just normal timing around our backlog. We're pleased with how the backlog is growing. As Duke talked about, the relationships with our customers just keep getting stronger and stronger. And so we see growth across project-based MSA work. It's across the board. And so I think there's nothing more to read to it than just timing around those things.

不，桑吉塔，我認為你不應該對此做任何解讀。我認為這只是我們積壓工作的正常時間安排。我們很高興看到積壓訂單的成長。正如杜克所說，我們與客戶的關係越來越強。因此，我們看到基於專案的 MSA 工作有所增長。這是全面的。所以我認為除了圍繞這些事情計時之外，沒有什麼可讀的了。

I also think some of the work that Cupertino books, when you look at it, it's very programmatic, almost base business type work, and it's book-to-bill month -- almost in months. So, nice jobs and -- but it comes in $10 million to $50 million type spurts. And that's the way that business has gone.

我還認為，庫比蒂諾的一些訂單工作，當你查看它時，你會發現它們非常具有程序性，幾乎是基礎業務類型的工作，而且是按訂單到出貨月計算的——幾乎以月為單位。所以，工作不錯，但收入卻是 1,000 萬美元到 5,000 萬美元之間的小額成長。這就是業務的發展方式。

So they [can't] book-to-bill quite a bit in a given quarter. And that's same with most of the businesses. You'll get a lot of that, and that happens. But I still believe you'll see a lot of programmatic. MSA renewals are there. They're larger. So I continue to think that the backlog will be at record levels.

因此，他們在特定季度內無法完成大量的訂單出貨。大多數企業也面臨同樣的情況。你會得到很多這樣的事，而且這樣的事也會發生。但我仍然相信你會看到很多程式化的東西。MSA 有續訂。它們更大。因此我仍然認為積壓數量將達到創紀錄的水平。

Thank you.

謝謝。

Drew Chamberlain, JPMorgan.

摩根大通的德魯張伯倫。

Yeah, good morning. Thank you for taking the question. I just want to look a little deeper into what's hitting the backlog on the power generation side. I mean can you kind of talk through what's coming in between solar, storage and wind?

是的，早安。感謝您回答這個問題。我只是想更深入地了解發電方面的積壓問題。我的意思是，您能否談談太陽能、儲能和風能之間的差異？

And then how have conversations with customers maybe changed since the tariffs have been announced, particularly on storage? And I appreciate that 2025 probably has some pretty good visibility on what's going to be installed and put in place. But are you worried at all about the tariff impact to '26, '27 projects where equipment is not yet in the States?

那麼，自從關稅公佈以來，與客戶的對話，特別是關於儲存的對話，可能發生了怎樣的變化？我很欣賞 2025 年可能對將要安裝和實施的內容有相當好的預見性。但是，您是否擔心關稅會對 26、27 年設備尚未進入美國的計畫產生影響？

Yeah, look, I worry about everything. And so -- but I would tell you the business is set well past '26. And so I'm worried about '27, '28, '29. And I think what we see is a good visibility in supply and demand. And that supply side is not going to match demand without renewables. It's not going to get close.

是的，你看，我擔心一切。所以 — — 但我想告訴你，這項業務已經遠遠超出了 26 年的範圍。所以我很擔心 27、28、29 年。我認為我們看到的是供需狀況良好。如果沒有再生能源，供應就無法滿足需求。它不會靠近。

And you need the renewables to match the demand. You need them. And I just -- under any scenario, you can't see yourself not building solar and scale and -- utility scale solar for a long period of time here. It makes so much sense.

你需要再生能源來滿足需求。你需要它們。我只是 — — 在任何情況下，你都無法想像自己不在這裡長期建造太陽能和規模以及公用事業規模的太陽能。這很有道理。

Batteries are shaving peak. I looked at some load growth and some graphs in Texas of how it's shaving peak quite a bit in Texas. So it's making a lot of sense, and you can see it showing up. And so from a flexibility standpoint to the grid, if you can back it with natural gas and you can have a line with natural gas, solar, wind, even and battery on it, it's the lowest cost of energy to the consumer. And that's what you're really -- you'll hear a lot about addressable spend.

電池正在削峰。我查看了德克薩斯州的一些負載增長情況和一些圖表，以了解德克薩斯州的峰值削減情況。所以這很有意義，而且你可以看到它出現。因此，從電網靈活性的角度來看，如果你可以用天然氣作為後盾，並且可以擁有一條包含天然氣、太陽能、風能甚至電池的輸電線路，那麼對於消費者來說，這是最低的能源成本。這就是你真正需要的——你會聽到很多有關可尋址支出的資訊。

You can say, hey, we're going to put coal on, but no one looks at the cost or we're going to put nuc on, but the cost is going to be a factor here at some point. And so, we got to look at the most economical ways to fill the line up.

你可以說，嘿，我們要使用煤炭，但沒有人考慮成本，或者我們要使用核能，但成本在某種程度上會成為一個因素。因此，我們必須尋找最經濟的方式來填補空缺。

And I think if you have a blended resource like we've had for the last five decades, as long as you look at it all forms of energy, you'll be in good shape. But when you ask us what we're booking, we're booking all of it, repowers in the wind side, some wind work. It's probably off a bit, but our solar is more robust, and our batteries is even more robust than our solar. So, I like where we sit in the business.

我認為，如果你擁有像我們過去五十年所擁有的混合資源，只要你把它看作所有形式的能源，你就會處於良好的狀態。但是當您問我們預訂了什麼時，我們會說我們預訂了所有東西，包括風力發電方面的重新供電和一些風力發電工作。這可能有點偏離，但我們的太陽能更強大，我們的電池甚至比太陽能更強大。所以，我喜歡我們在業務中的地位。

Thank you.

謝謝。

Brian Brophy, Stifel Nicolaus.

布萊恩·布羅菲（Brian Brophy），Stifel Nicolaus。

Thanks. Good morning. Can you hear me?

謝謝。早安.你聽得到我嗎？

Good morning.

早安.

We can, please go ahead.

可以，請繼續。

Thank you. Under the new kind of key market disclosure, there's a technology in load center bucket there. Can you help us understand what is all in there? Is that primarily Cupertino? And what's driving that particularly strong growth rate this year? Thanks.

謝謝。在新類型的關鍵市場披露下，那裡有一項負載中心桶技術。你能幫助我們了解其中的內容嗎？主要是庫比蒂諾嗎？那麼，是什麼推動了今年如此強勁的成長率呢？謝謝。

Yeah, that is a lot of the work that Cupertino is doing. It's around -- but it's also some of the work we at legacy Quanta around our inside electric work in data centers, semiconductors, chip plants, it's all of that, will be captured in that bucket.

是的，庫比蒂諾正在做很多工作。它就在周圍——但它也是我們在傳統廣達公司圍繞數據中心、半導體、晶片工廠內部電氣工作的一些工作，所有這些都將包含在這個桶中。

Yeah, I think that's the -- kind of the -- when we talked about TAM earlier, we were saying it was kind of $300 billion, which I think is a remarkable number that technology on infrastructure is going to spend $300 billion this year and probably more next. So in saying that, that's that bucket.

是的，我認為是這樣的——當我們之前談論 TAM 時，我們說它是 3​​000 億美元，我認為這是一個了不起的數字，基礎設施技術今年將花費 3000 億美元，明年可能還會更多。所以這麼說吧，這就是那個桶子。

Thanks, I'll pass it on.

謝謝，我會傳達的。

Laura Maher, B. Riley.

勞拉·馬赫，B.萊利。

Hi, can you hear me okay?

嗨，你聽得到我說話嗎？

We can. Please go ahead.

我們可以。請繼續。

Okay. Thanks for taking the question. Two questions. My first one is just with the growth of data centers, which stages of data center build are you seeing the most activity in? And then the second one would just be, could you provide any color on the underground business and particularly how it relates to potential tailwinds ramping up with the new administration and the pull away from renewables?

好的。感謝您回答這個問題。兩個問題。我的第一個問題是，隨著資料中心的發展，您認為資料中心建置的哪個階段最為活躍？然後第二個問題是，您能否提供一些關於地下業務的信息，特別是它與新政府上台後可能出現的順風以及對可再生能源的退出有何關係？

Yeah, so I would say on the last part of the question -- I missed the first, maybe Jayshree heard it, but on the underground side of the business, there's opportunities in large diameter pipe. You're hearing the administration get behind that. I do think natural gas is coming back in certain places where we are building natural gas. We never really stopped.

是的，所以我想說的是問題的最後一部分——我錯過了第一部分，也許 Jayshree 聽到了，但在地下業務方面，大直徑管道存在機會。你聽到的是政府對此的支持。我確實認為，在我們正在建造天然氣的某些地方，天然氣正在復甦。我們從未真正停止過。

But I do think you can plan a bit better that natural gas here for a long period of time. That will be a source of energy and then our LDC business is nice. We'll continue to give people options. It's not going to be all electric. They'll have natural gas options. So, I do see that as continuing to be a nice piece of the business.

但我確實認為你可以對這裡的天然氣進行更好的長期規劃。這將成為一種能量來源，我們的 LDC 業務將會很好。我們將繼續為人們提供選擇。它不會全部採用電動方式。他們將有天然氣選擇。所以，我確實認為這將繼續成為業務的一個很好的組成部分。

Canada year-over-year is off on the big pipe. So it's down. I do see Canada coming back in this market. I mean, given the fact that the tariffs [it woke] Canada up that we do need infrastructure in Canada, do need to build energy sources. And I think you'll see a more robust Canada over the next few years, that business will come back. So I like what I see up there as well.

加拿大大型管道產量年減。所以它下降了。我確實看到加拿大重返這個市場。我的意思是，考慮到關稅的事實，加拿大意識到我們確實需要在加拿大建造基礎設施，確實需要建造能源。我認為未來幾年你會看到加拿大更加強勁，商業將會復甦。所以我也喜歡在那裡看到的東西。

Yeah I mean, it's certainly incrementally better than it was. Our industrial business performed probably at record levels in the first quarter, very close to it. It was a nice quarter. So I like the quarter from that standpoint. There's growth there. We like it. We'll continue to invest in it. And the first part, I'm sorry, I missed it.

是的，我的意思是，它確實比以前好多了。我們第一季的工業業務表現可能達到了創紀錄的水平，非常接近創紀錄的水平。這是一個美好的季度。所以從這個角度來看我喜歡這個季度。那裡正在成長。我們喜歡它。我們將繼續對此進行投資。很抱歉，我錯過了第一部分。

I think the first part is around data center growth, if I heard that right.

如果我沒聽錯的話，我認為第一部分是關於資料中心的成長。

Was it where it's at the data center growth? Was that the question?

資料中心的成長情況如何？這是問題嗎？

Which stages are you seeing the most activity and what data center builds?

您看到哪些階段的活動最多以及哪些資料中心正在建置？

Oh yeah, I mean it's broad-based. I would say anywhere you can find a line that has 300 megawatts is they want a data center. So Ohio, Indiana, Virginia, all the way through Arizona. I mean, even California, if you look at it, if you go off grid -- I was out in the west. And if you're off grid, it's extremely expensive.

哦，是的，我的意思是它具有廣泛的基礎。我想說，只要你能找到一條擁有 300 兆瓦的線路，他們就想要一個資料中心。俄亥俄州、印第安納州、維吉尼亞州，一直到亞利桑那州。我的意思是，即使是加利福尼亞，如果你看一下，如果你脫離電網——我在西部。如果你脫離電網，成本就會非常昂貴。

So California has a lot of areas where you could put data centers. It's not near as expensive in California than off-grid. So, it makes sense to build in California. So we're seeing a lot of it to the west. But there's not a place that I know of that we provide services to that doesn't have data centers planned or planned and paid for, for that matter.

加州有很多地方可以設立資料中心。在加州，它並不比離網昂貴。因此，在加利福尼亞州建造是有意義的。我們在西方看到了很多這樣的情況。但據我所知，我們提供服務的每一個地方都規劃有資料中心，或說沒有已規劃和付費的資料中心。

Thanks.

謝謝。

Thank you, Laura. There are no more questions at this time. I'd now like to turn the call back over to management for any closing remarks.

謝謝你，勞拉。目前沒有其他問題。現在我想將電話轉回給管理階層，請他們做最後的總結發言。

Yeah, thank you. I want to thank our 61,000-plus employees. They're the very best in the world. We couldn't do this without them. They make our lives easy and make our jobs easy. And I want to thank everyone participating on the conference call. We appreciate your questions and your ongoing interest in Quanta Services.

是的，謝謝。我要感謝我們 61,000 多名員工。他們是世界上最優秀的。沒有他們我們就無法做到這一點。它們使我們的生活變得輕鬆，使我們的工作變得容易。我要感謝參加電話會議的每個人。我們感謝您的提問以及您對 Quanta Services 的持續關注。

Thank you. This concludes our call.

謝謝。我們的通話到此結束。