Quanta Services Inc (PWR) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Quanta Services second quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. (Operator Instructions)

早上好，歡迎參加 Quanta Services 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。（操作員指示）

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 Second Quarter 2025 Earnings Conference Call. This morning, we issued a press release announcing our second quarter 2025 results, which can be found in the Investor Relations section of our website at quantaservices.com. This morning, we also posted our second quarter 2025 operational and financial commentary and our 2025 outlook expectation summary on Quanta's Investor Relations website.

感謝大家，歡迎大家參加 Quanta Services 2025 年第二季財報電話會議。今天上午，我們發布了一份新聞稿，宣布了我們2025年第二季的業績，您可以在我們網站quantaservices.com的「投資者關係」版塊查看。今天上午，我們也在Quanta投資者關係網站上發布了2025年第二季的營運和財務評論以及2025年展望摘要。

While management will make brief introductory remarks during this morning's call, the operational and financial commentary is intended to largely replace management's prepared remarks, allowing additional time for questions from the institutional investment community. Please remember that information reported on this call speaks only as of today, July 31, 2025, and therefore, you're advised that any time-sensitive information may no longer be accurate as of any replay of this call.

雖然管理層將在今天早上的電話會議上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。請記住，本次通話中報告的資訊僅截至今天（2025 年 7 月 31 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。

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. You should not place undue reliance on these statements as they involve certain risks, uncertainties and assumptions that are difficult to predict or beyond Quanta's control, and actual results may differ materially from those expressed or implied.

本次電話會議將包括前瞻性陳述和信息，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。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.

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.

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管道上關注 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.

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。

Thanks, Kip. Good morning, everyone, and welcome to the Quanta Services Second Quarter 2025 Earnings Conference Call. This morning, we reported our second quarter 2025 results, which included strong double-digit growth in revenue, adjusted EBITDA and adjusted earnings per share, along with record backlog of $35.8 billion and a number of other record financial metrics.

謝謝，基普。大家早安，歡迎參加 Quanta Services 2025 年第二季財報電話會議。今天上午，我們報告了 2025 年第二季度的業績，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 358 億美元積壓訂單和其他一些創紀錄的財務指標。

This morning, we also announced the acquisition of Dynamic Systems, a premier turnkey mechanical, plumbing and process infrastructure solutions provider with a diversified customer base that strengthens Quanta's craft-skilled led critical path capabilities to provide certainty for growing technology, manufacturing and other load center markets.

今天上午，我們也宣布收購 Dynamic Systems，這是一家頂級的交鑰匙機械、管道和工藝基礎設施解決方案提供商，擁有多元化的客戶群，這增強了 Quanta 以工藝技術為主導的關鍵路徑能力，為不斷增長的技術、製造和其他負載中心市場提供確定性。

Dynamic Systems, highly synergistic mechanical workforce adds to Quanta's growth platform and expands our total addressable market across several strategic verticals. Additionally, Dynamic Systems brings an exceptional management team and a premier craft-skilled workforce that complement Quanta's culture. As a result of our solid second quarter results and the addition of Dynamic Systems, we are increasing our full year 2025 financial expectations for revenue, adjusted EBITDA and adjusted EPS.

動態系統、高度協同的機械勞動力增強了廣達的成長平台，並擴大了我們在多個策略垂直領域的整體可尋址市場。此外，Dynamic Systems 還擁有一支出色的管理團隊和一流的技術熟練的員工隊伍，與廣達的企業文化相得益彰。由於我們第二季業績穩健以及 Dynamic Systems 的加入，我們提高了 2025 年全年收入、調整後 EBITDA 和調整後 EPS 的財務預期。

Additionally, in the second quarter, we made a strategic investment in Bell Lumber and Pole Company, which is the largest private producer of round wooden poles and other mass timber products, primarily serving the utility, telecom and construction industries. Quanta's investment and Bell expands Quanta's portfolio of core utility infrastructure equipment and enhances Quanta's ability to offer critical path supply chain solutions to our customers.

此外，在第二季度，我們對貝爾木材和電線桿公司進行了戰略投資，該公司是最大的圓木桿和其他大規模木材產品的私營生產商，主要服務於公用事業、電信和建築行業。Quanta 和 Bell 的投資擴大了 Quanta 的核心公用事業基礎設施設備組合，並增強了 Quanta 為客戶提供關鍵路徑供應鏈解決方案的能力。

Quanta's core strategy is built on the foundation of craft-skilled labor, execution certainty, investment discipline and clear strategic rationale. At the heart of Quanta's success is our unmatched craft workforce. We deliver essential infrastructure solutions with dedication to safety, quality and performance.

廣達的核心策略建立在精湛技藝、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精湛技藝。我們提供重要的基礎設施解決方案，致力於安全、品質和效能。

Our execution certainty, combined with strategic investments in talent, technology and complementary business strengths -- businesses strengthens Quanta's leadership position across our expanding addressable markets. 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.

我們的執行確定性，加上對人才、技術和互補業務優勢的策略性投資——業務加強了廣達在不斷擴大的潛在市場中的領導地位。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. Rather than providing isolated services Quanta partners with customers to solve complex challenges across the full project life cycle, which creates deeper strategic relationships.

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。廣達並非提供孤立的服務，而是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。

Our collaborative model drives higher value for our customers and positions Quanta as a trusted partner and solutions provider, not a contractor. As demand accelerates for resilient electric grids, power generation, technology expansion and energy infrastructure, Quanta's large addressable market continues to grow.

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。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增長，廣達龐大的潛在市場持續成長。

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 solutions-based strategy that enables us to adapt to evolving industry dynamics while delivering mission-critical infrastructure.

廣達在有利和挑戰條件下都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，這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 energy and infrastructure landscape is undergoing a fundamental transformation, and Quanta has 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，而廣達已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 continue to believe these drivers are leading to a potential historic investment in and an expansion of high-voltage transmission infrastructure. And at Quanta's self-performed platform, execution track record and solution-based mindset enabled us to capitalize on these expanding opportunities, positioning Quanta for sustained leadership and long-term growth.

我們仍然相信，這些驅動因素將帶來對高壓輸電基礎設施的潛在歷史性投資和擴張。在廣達的自主執行平台上，執行記錄和基於解決方案的思維方式使我們能夠利用這些不斷擴大的機會，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. This morning, we reported strong second quarter results, including revenues of $6.8 billion, net income attributable to common stock of $229 million or $1.52 per diluted share, adjusted diluted earnings per share of $2.48 and adjusted EBITDA of $669 million.

謝謝，杜克，大家早安。今天上午，我們報告了強勁的第二季業績，包括 68 億美元的營收、2.29 億美元的普通股淨利潤或每股攤薄收益 1.52 美元、調整後每股攤薄收益 2.48 美元以及 6.69 億美元的調整後 EBITDA。

Additionally, we generated healthy cash flows in the second quarter, with cash flow from operations of $296 million and free cash flow of $170 million. Our second quarter performance was ahead of our expectations across most financial metrics and similar to the first quarter, is allowing us to increase our full year expectations before considering the contribution from acquisitions.

此外，我們在第二季產生了健康的現金流，其中經營現金流為 2.96 億美元，自由現金流為 1.7 億美元。我們第二季的業績在大多數財務指標上都超出了我們的預期，並且與第一季類似，這使我們能夠在考慮收購貢獻之前提高全年預期。

Regarding our acquisition program, we take great pride in our ability to attract exceptional management teams and industry-leading solution providers into the Quanta family. And the acquisitions and investment we announced this morning are great examples of that core competency. As Duke mentioned, these strategic deployments of capital expand both our portfolio of solutions and our addressable markets.

關於我們的收購計劃，我們非常自豪能夠吸引優秀的管理團隊和業界領先的解決方案提供者加入廣達家族。我們今天早上宣布的收購和投資就是這核心競爭力的絕佳例證。正如杜克所提到的，這些資本的策略部署擴大了我們的解決方案組合和潛在市場。

And we believe acquiring great businesses while maintaining a prudent leverage profile, adds significant value to our customers and our stockholders. We are currently evaluating refinancing alternatives to increase our post-transaction liquidity profile, ensuring we can continue to support operations and opportunistically invest capital.

我們相信，收購優秀企業的同時保持審慎的槓桿率，將為我們的客戶和股東帶來巨大的價值。我們目前正在評估再融資替代方案，以提高我們的交易後流動性狀況，確保我們能夠繼續支持營運並適時投資資本。

As a result of the solid performance in the second quarter and the expected contributions from the acquisitions and the investment made subsequent to our first quarter release, we are raising our financial expectations for the year. Revenues are now expected to range between $27.4 billion and $27.9 billion, adjusted EBITDA between $2.76 billion and $2.89 billion and adjusted EPS between $10.28 and $10.88.

由於第二季的穩健表現以及第一季發布後收購和投資的預期貢獻，我們提高了今年的財務預期。目前預計營收在 274 億美元至 279 億美元之間，調整後 EBITDA 在 27.6 億美元至 28.9 億美元之間，調整後 EPS 在 10.28 美元至 10.88 美元之間。

While we recognize the variability in the regulatory environment, demand for Quanta's differentiated portfolio of self-performed craft labor solutions remains strong. As our strategy continues to advance, we are deepening customer relationships and establishing new platforms for growth. As evidenced by another quarter of record backlog, we remain confident in our ability to continue growing revenues and earnings over the years ahead.

雖然我們認識到監管環境的多變性，但對廣達差異化的自主工藝勞動解決方案組合的需求仍然強勁。隨著我們策略的不斷推進，我們正在深化客戶關係並建立新的成長平台。正如另一個季度創紀錄的積壓訂單所證明的那樣，我們仍然有信心在未來幾年繼續增加收入和收益。

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 market trends and our partnership approach with our customers. 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.

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、有利的終端市場趨勢以及我們與客戶的合作方式。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。

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)

（操作員指示）

Andrew Kaplowitz, Citi Research.

安德魯‧卡普洛維茨，花旗研究部。

Hey, good morning, everyone. Can you hear me okay?

嘿，大家早安。你聽見我說話嗎？

Yes. Good morning.

是的。早安.

Duke, obviously, this quarter, there's been, let's call it, some noise with the big beautiful bill and some increased politics out there. But of course, AI-related CapEx continues to ramp up. So maybe you can help us parse the noise. Would you say even with the bill and its impact that you're more confident in sequential backlog growth for Quanta, as you did again in Q2, really on the strength of the incremental transmission bookings you're seeing.

杜克，顯然，本季度，我們可以說是，隨著這項美麗的大法案的出台，出現了一些噪音，而且政治氣氛也有些升溫。但當然，與人工智慧相關的資本支出持續增加。所以也許您可以幫助我們分析噪音。您是否會說，即使有該法案及其影響，您對 Quanta 的連續積壓訂單增長仍然更有信心，就像您在第二季度再次看到的那樣，這真正取決於您所看到的增量傳輸預訂量。

And then at your last Investor Day, you talked about megatrends and capital deployment giving 15% plus EPS CAGR sort of an upside? Should we start thinking about that kind of growth for 2026?

然後在您上次的投資者日上，您談到了大趨勢和資本配置帶來 15% 以上的 EPS CAGR 優勢？我們是否應該開始考慮 2026 年的這種成長？

Yes. Thanks, Andy. I think when you look at the company, it's 20-plus growth in actuality. What we're talking about is the ability to do that. And at the midpoint and tend to derisk everyone. So I want to be clear on that, the company over the 9-year, 10-year period that we've seen, it's 20-plus. So yes, I do believe the things that we're doing today set us up for the future, '26, '27, '28 and '29. What we've done is, we basically built platforms against TAMs that compound.

是的。謝謝，安迪。我認為當你看這家公司時，它實際上已經成長了 20 多年。我們正在談論的是實現這一目標的能力。而在中間點，傾向於降低每個人的風險。所以我想明確一點，我們看到，在過去的 9 年、10 年裡，該公司已經發展了 20 多年。所以是的，我確實相信我們今天所做的事情為我們的未來（26、27、28 和 29）奠定了基礎。我們所做的是，我們基本上針對複合的 TAM 建構了平台。

And when we make acquisitions, it starts day one and compounds for the future. And I think it's our ability to acquire companies, great companies, great family businesses. And into the TAMs that we're addressing certainly is a strategic rationale around the company, and it's something that I believe goes unnoticed about how we compound free cash into earning streams. And we've done it. We've done it over and over again.

當我們進行收購時，它從第一天開始，並為未來累積。我認為這是我們收購公司、優秀公司和優秀家族企業的能力。而我們解決的 TAM 肯定是圍繞著公司的策略原理，我相信這是我們在如何將自由現金轉化為獲利流時被忽視的事情。我們做到了。我們已經一遍又一遍地這樣做了。

And when we talk about TAMs of technology, the $300 billion or so of capital, you see it going up. The calls that I'm listening to on the utilities, such as AEP, others, every one of them basically have gone up in their CapEx as well. And I don't see anything other than the upper trend of the business. The demand on power is exponential. It continues to come in.

當我們談論科技的 TAM 時，你會看到 3000 億美元左右的資本在上升。我聽到的有關公用事業公司的電話，例如 AEP 和其他公司，基本上他們的資本支出都增加了。除了業務的上升趨勢之外，我沒有看到任何其他變化。對電力的需求呈指數級增長。它繼續湧入。

AI continues to prove out, both economically as well as what we see from power demand under any scenario. And if we're going to lead the country in the world, you have to have power and we're right in the middle of the infrastructures on both the largest TAMs that create the AI of the future.

人工智慧繼續證明其經濟效益以及我們在任何情況下看到的電力需求。如果我們要在世界上領先，就必須擁有實力，而我們正處於創造未來人工智慧的最大 TAM 基礎設施的中間。

Appreciate it.

非常感謝。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

All right, Jamie. We can't hear you. We'll come back to you.

好的，傑米。我們聽不到你的聲音。我們會回來找你。

Sherif El-Sabbahy, Bank of America.

美國銀行謝里夫·埃爾-薩巴希。

Hi, good morning. Thank you for taking the question. I guess I just wanted to touch on your backlog has continued to build fairly consistently. And just with the obviously large amount of work out there, has this changed the bidding process at all? Are terms becoming more favorable? And are you able to increasingly be selective on your projects?

嗨，早安。感謝您回答這個問題。我想我只是想談談你的積壓工作一直在持續增加。顯然，由於工作量龐大，這是否會改變投標流程？條款是否變得更有利？您是否能夠越來越有選擇性地選擇您的專案？

I mean, when we're looking at it, we're really trying to provide solutions. And so I think the strategic rationale around the solutions is something different where it's longer term in nature. It's programmatic in nature, and there is constraints in certain areas of craft. And our self-perform capabilities are what separates is 80%, 85% of what we're doing is self-perform.

我的意思是，當我們審視它時，我們確實在嘗試提供解決方案。因此，我認為解決方案的戰略原理是不同的，其本質上是長期的。它的本質是程序化的，並且在某些工藝領域存在限制。我們的自我執行能力決定了我們所做的事情的 80% 到 85% 都是自我執行的。

So our ability to have certainty, if you think about quantity, you should think about certainty. And that certainty in the marketplace to be able to deliver on time, on budget is something that allows us to have a different discussion.

因此，我們擁有確定性的能力，如果你考慮數量，你就應該考慮確定性。市場上能夠按時、按預算交付的確定性使我們能夠進行不同的討論。

And I would say, yes, it's longer in nature. We're talking about '26, '27, '28 type time frames of growth and CAGR growth and EPS growth and EBITDA growth and our ability to continue to compound. So you can't do that without having longer-term discussions. And I would say it's better and better as we move forward, those discussions.

我想說，是的，本質上它更長。我們正在討論 26、27、28 類型的時間框架增長、複合年增長率、每股收益增長、息稅折舊攤銷前利潤增長以及我們繼續複合的能力。因此，如果不進行長期討論，就無法做到這一點。我想說，隨著我們不斷推進這些討論，情況會越來越好。

Understood. And with those discussions, the longer-term work, and you touched on this a bit in your opening comments. Just the -- we've seen increased signs of utility CapEx pivoting towards transmission projects, larger projects. There's clearly multiyear demand for this type of work that's likely contributing to your backlog. Can you give us some color on what indication you've received from conversations with your customers on how they see the pipeline for this work evolving over the coming years?

明白了。透過這些討論，以及長期工作，您在開場白中稍微談到了這一點。只是——我們已經看到越來越多的跡象表明公用事業資本支出轉向輸電項目和更大的項目。顯然，對這類工作有多年的需求，這可能會導致您的工作積壓。您能否向我們透露一下，您從與客戶的對話中了解到他們如何看待未來幾年這項工作的發展？

I mean look, I still think the business is 85%, what I would consider, base business. We're still 80% to 85% is still that way. The larger projects, the larger programs are stacking. Our LNTP are probably I'm sure -- I'm confident they're at record levels. We convert to LNTP into contracts. We can look at them, we don't book -- we don't talk about LNTPs. And we're not going to start it.

我的意思是，我仍然認為業務佔 85%，也就是我所考慮的基礎業務。我們仍有 80% 到 85% 的情況是如此。更大的項目、更大的程序正在堆積。我確信我們的 LNTP 可能——我相信它們已經達到了創紀錄的水平。我們將 LNTP 轉換為合約。我們可以看看它們，但我們不預訂——我們不談論 LNTP。我們不會開始這個。

So -- but I would say everything that we're seeing on both TAMs, large TAMs that are at record levels of inbounds or LNTP or verbal or what we're discussing over the long term. And so I think those relationships and our collaboration are showing up daily. We're at the very early stages of a large transmission build that's coming. It continues to compound, and we really like where the company sits in that bill.

所以 — — 但我想說的是，我們在兩個 TAM 上看到的一切，大型 TAM 都處於創紀錄的入站水平或 LNTP 或口頭水平，或者我們正在長期討論的內容。所以我認為這些關係和我們的合作每天都在顯現。我們正處於即將進行的大規模傳輸建設的早期階段。它繼續複合，我們真的很喜歡該公司在該法案中的地位。

Thank you.

謝謝。

Atidrip Modak, Goldman Sachs.

高盛的 Atidrip Modak。

Hey, good morning, guys. Duke, I just wanted to ask on what prompted the acquisition of Dynamic Systems, because it seems like it has a broader end market exposure. And how that fits into your strategy for the segment. It also seems like it will open up the door to other EPC domains? And then is it reasonable to expect more M&A in that direction?

嘿，大家早安。杜克，我只是想問是什麼促使你收購 Dynamic Systems，因為它似乎有更廣泛的終端市場曝光率。以及它如何適應您對該領域的策略。這似乎也將為其他 EPC 領域打開大門？那麼，期待朝這個方向出現更多併購是否合理？

I think when we looked at Dynamic Systems, we've said all along, we're not looking for M&A, but we are addressing the strategic rationale around the markets that we serve. And when we looked at technology, it's really the customer asking us to do more. It's a customer saying, Can you build more? Can you give us certainty across their addressable markets? And what does it take to go faster? What does it take to be certain.

我認為，當我們審視 Dynamic Systems 時，我們一直在說，我們不尋求併購，但我們正在解決我們所服務的市場周圍的策略原則。當我們審視科技時，我們發現客戶確實要求我們做更多的事情。客戶會問，你能生產更多嗎？您能否向我們明確他們的目標市場？那麼要怎樣才能加快速度呢？要怎樣才能確定呢？

And when we're looking at it, and we see a company like Dynamic Systems that culturally fits us, that the craft is really the key to the company. They have advanced technology solutions on it when you think about their digital solutions upfront and that advancement what they do on the pre-engineering and things of that nature. It really complements Cupertino, it complements all the other companies that we have and surrounded by craft.

當我們審視它時，我們發現像 Dynamic Systems 這樣的公司在文化上與我們相符，工藝才是公司真正的關鍵。當您考慮他們的前期數位解決方案以及他們在預工程和類似工作方面所做的進步時，您會發現他們擁有先進的技術解決方案。它確實與庫比蒂諾相得益彰，也與我們擁有的所有其他被工藝包圍的公司相得益彰。

So I believe that the craft concentric nature of dynamic and the TAMs that we're addressing why wouldn't we look at that? And why wouldn't we lean into that market with a great company. And yes, we will continue to look at great family businesses that add value to our strategy and our shareholders, and I believe we've done that here, and you've seen the numbers, and we've talked about it a little bit, but what you haven't seen is the synergies that we believe we will get.

因此我相信，動態的工藝同心性以及我們正在解決的 TAM 我們為什麼不考慮這一點呢？我們為什麼不與一家優秀的公司一起進軍這個市場呢？是的，我們將繼續關注那些能夠為我們的策略和股東增加價值的優秀家族企業，我相信我們已經做到了這一點，你們也看到了相關數字，我們也對此進行了一些討論，但你們還沒有看到的是我們相信我們將獲得的協同效應。

We don't talk about synergies in these deals. And certainly, we believe it will cross both utility and technology, addressable markets and give us something that we don't have today that we can grow exponentially with a solution-based approach.

我們不談論這些交易中的協同效應。當然，我們相信它將跨越實用性和技術性，跨越可尋址市場，並為我們提供一些我們今天所沒有的東西，我們可以透過基於解決方案的方法實現指數級增長。

Got it. I appreciate that. Thank you.

知道了。我很感激。謝謝。

Philip Shen, ROTH Capital.

羅仕證券 (ROTH Capital) 的 Philip Shen。

Hi everyone, can you hear me okay?

大家好，聽得到我說話嗎？

Yeah. Hey, good morning.

是的。嘿，早安。

Okay, great. See you guys. With the ITC winding down by year-end '27, to what degree can you pull forward renewables work? A lot of it depends on labor. And so just wondering to what degree you guys are trying to accelerate that as much as you can. And then if you can, can you share what your outlook for renewables might be for 2028 and beyond after the credits wind down? Thank you.

好的，太好了。再見。隨著 ITC 於 2027 年底逐步結束，您可以在多大程度上推動再生能源工作？這很大程度取決於勞動力。所以我只是想知道你們在多大程度上盡可能地加速這一進程。如果可以的話，您能否分享一下在碳排放額度結束後，您對 2028 年及以後再生能源的展望？謝謝。

Yeah. I mean I'll let Jayshree comment on some of the things that you're seeing. But I do think when we look at our renewables and you look at really the low cost of energy, if you add solar, wind in some places and batteries into a backstop of natural gas on the line, you get the lowest cost to the consumer. And so I still believe, it's really about the lowest cost, the speed to market that the renewables provide, we are seeing pull-ins on LNTPs. I would expect us to -- our customer base has safe harbor nicely. We can see out multiyear here.

是的。我的意思是我會讓 Jayshree 對你所看到的一些事情發表評論。但我確實認為，當我們審視再生能源並真正看到低成本能源時，如果在某些地方將太陽能、風能和電池添加到天然氣管道的支撐中，消費者的成本就會最低。因此我仍然相信，這實際上是關於最低成本，可再生能源提供的上市速度，我們看到了 LNTP 的吸引力。我希望我們－我們的客戶群有很好的安全港。我們可以在這裡看到多年的歷史。

And I don't think when you look at it long term, we're not concerned with where renewables are going. There will be noise in it, but that's nothing new. It's been that way for two decades. And I think our ability to work through that with our customers. Our collaborate is an opportunity for us. I see it nothing but an opportunity, but I'll let Jayshree comment on the overall market.

而且我認為，從長遠來看，我們並不關心再生能源的發展方向。其中肯定會有噪音，但這並不是什麼新鮮事。二十年來一直如此。我認為我們有能力與客戶一起解決這個問題。我們的合作對我們來說是一個機會。我認為這只是一個機會，但我會讓 Jayshree 對整個市場發表評論。

Yes. I echo everything Duke is saying firmly. And I think the working with Tier 1 customers who lived through regulatory dynamics over 20-plus years who understand how PTC, ITC cliffs can manifest and then being able to get price discovery as they're working through their projects on the demand side.

是的。我堅決贊同杜克所說的一切。我認為與經歷了 20 多年監管動態的一級客戶合作，他們了解 PTC、ITC 懸崖如何體現，然後能夠在需求方開展專案時獲得價格發現。

We just see more and more strength, especially with the customers we're working with. No doubt there's going to be some effects as the executive order comes in, as the tariffs come in, in terms of just getting that price visibility. But the demand side from every one of our customers we keep hearing is as strong as ever.

我們看到了越來越強大的力量，特別是與我們合作的客戶。毫無疑問，隨著行政命令和關稅的實施，在價格透明化方面將會產生一些影響。但我們不斷聽到的來自每位客戶的需求仍然一如既往地強勁。

And a lot of them are safe harbored well into '28 and even into '29, and beyond that, they're already starting to think through about their pipelines and how with the speed to market that's necessary, the fact that data centers and technology continues to want power, capacity, solar, battery and even wind provide value for both on the energy side as well as the capacity side.

其中許多公司在 2028 年甚至 2029 年都獲得了安全保障，除此之外，他們已經開始仔細考慮他們的管道以及如何以必要的速度進入市場，數據中心和技術繼續需要電力、容量、太陽能、電池甚至風能，為能源方面和容量方面提供價值。

And so we just believe that it's going to be -- continue to be a good market for us. If you recall, we actually entered the renewable market higher to the IRA because we understand these dynamics very well, we understand those customers and we understand how to manage these things. I do believe that strength of being through this historically is going to be an advantage for us, and we can be helpful to our customers as they as well navigate through these dynamics. So just continued positive momentum is what we see.

因此我們相信這對我們來說仍將是一個好的市場。如果你還記得的話，我們實際上以更高的價格進入了再生能源市場，因為我們非常了解這些動態，我們了解那些客戶，我們知道如何管理這些事情。我確實相信，從歷史上看，經歷過這些將會成為我們的優勢，我們可以幫助我們的客戶應對這些動態。因此，我們看到的是持續的正面動力。

Great. Thanks. One follow-up here. Can you give us some more color on the core growth in Q2? And then share any expectations for inside electrical growth and the outlook there. Thanks.

偉大的。謝謝。這裡有一個後續行動。您能否向我們詳細介紹一下第二季的核心成長？然後分享對內部電力成長及其前景的任何期望。謝謝。

I mean I think the company itself organically is growing EPS very close to double digits. And on the top line, I would tell you, mid-single digits. And what the things that we're doing from supply chain and all the things that we're able to do is accomplishing -- you can't see the top line growth, but you can sure see it on the ROIC accretion and the EPS accretion.

我的意思是，我認為公司本身的每股盈餘有機成長非常接近兩位數。而就頂線而言，我會告訴你，中個位數。我們在供應鏈中所做的一切以及我們能夠做的所有事情都取得了成果——你看不到營收成長，但你肯定可以在 ROIC 成長和 EPS 成長中看到它。

And so we're really looking at quality of earnings where we don't believe that the risk is there on earnings from a top line, we'll shrink it and figure out how to put it in the portfolio and expand it. So those things are always something we're looking at, never happy with margins that are degradating.

因此，我們真正關注的是獲利質量，我們認為獲利不存在風險，我們會縮小獲利規模，並想辦法將其納入投資組合併擴大獲利。因此，我們始終關注這些事情，永遠不會對利潤率的下降感到滿意。

Where we continue to believe that we're getting better as a company overall, and you can see it in the margin profile and the quality of earnings. The top line will take care of itself. And so we're really focused on where it counts, and that's driving cash and EPS.

我們始終相信，我們公司整體上正在變得越來越好，您可以從利潤率和盈利品質中看到這一點。頂線將會自行解決。因此，我們真正關注的是重要的事情，那就是推動現金和每股盈餘。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

(inaudible)

（聽不清楚）

Jamie, I'm sorry.

傑米，對不起。

Hi, Jamie, please unmute your line and ask your question.

你好，傑米，請取消靜音並提出你的問題。

Can you hear me?

你聽得到我嗎？

Hey, yes, we can.

嘿，是的，我們可以。

I'm so sorry. So two questions, Duke. I understand you have a lot of growth opportunities ahead of you and you're very bullish on the marketing, you can pivot to different directions. But are you doing -- I understand you're still bullish on renewables, are you doing anything internally to prepare for potential short-term slowdown in terms of allocating resources or people to other projects, maybe prioritizing transmission projects. I'm just trying to think about what you can do to manage for any sort of short-term hiccup in this business. So I guess that's my first question.

我很抱歉。所以有兩個問題，杜克。我知道您面前有很多成長機會，而且您對行銷非常看好，您可以轉向不同的方向。但你在做什麼——我知道你仍然看好再生能源，你在內部做了什麼來為潛在的短期放緩做準備，例如將資源或人員分配到其他項目，也許優先考慮輸電項目。我只是想知道你能做些什麼來應對這個行業中出現的任何短期問題。我想這是我的第一個問題。

And then my second question, and if this was asked, for me to get -- I can read the transcript later. But my second question is just as it relates to dynamic, have you -- I assume revenue synergies aren't in your targets. Can you talk to potential revenue synergies? And do you think this is a business that has an opportunity to improve margins relative to where it is today. And thank you again for bearing with me today.

然後是我的第二個問題，如果有人問到這個問題，我可以稍後閱讀記錄。但我的第二個問題是，就其與動態而言，您是否認為收入綜效不在您的目標之內。您能談談潛在的收入綜效嗎？您是否認為這項業務有機會提高目前的利潤率？再次感謝大家今天的耐心等待。

Thanks, Jamie. I'll struggle with that mute button too. So I think we're not concerned what we see with renewables at this point. But our -- we've talked about one of the reasons we didn't separate wind and solar when we bought Blattners because we were fungible across wind and solar, those same people can build transmission substations, all kinds of different things on the front side of the business. So we do move labor quite a bit across segments across TAMs.

謝謝，傑米。我也會為那個靜音按鈕而苦惱。所以我認為我們目前並不擔心再生能源的情況。但是我們——我們已經討論過我們在收購 Blattners 時沒有將風能和太陽能分開的原因之一，因為我們在風能和太陽能之間是可互換的，那些人可以建造輸電變電站，在業務前端建造各種不同的東西。因此，我們確實在各個 TAM 的各部門之間調動了大量勞動力。

And I think it's really important to realize that it's fungible and we're able to move in these different markets. And even with Dynamic Systems, they can move across markets. If you go, well, what about health care? What about farm? Yes, they're in it? Well, what about technology? Yes, they're in it. What about power plants, yes, they can do that. So I think in general, we're able to move that craft across these markets, and it's what we've done. We didn't do this today. We've been doing this for the last decade, where we've derisked this company in a portfolio way. So everything you're saying, we never intended to operate at 100%. We've always attended to operate at 80%. If we get to 90%, we'll blow the margins out the window. So 80% of our work is better than expected. We do have a downturn. We do have inefficiencies we have this all the time. You've seen it in Canada. You've seen it across. We're able to operate through that because of the portfolio and because of the derisked.

我認為認識到它是可替代的並且我們能夠在這些不同的市場中前進非常重要。即使採用動態系統，他們也可以跨市場移動。如果你去了，那麼，醫療保健怎麼辦？農場怎麼樣？是的，他們在裡面嗎？那麼，技術怎麼樣？是的，他們在裡面。那麼發電廠呢？是的，他們可以做到。所以我認為總的來說，我們能夠將這種工藝推廣到這些市場，這就是我們所做的。我們今天沒有做這個。過去十年我們一直在這樣做，以投資組合的方式降低這家公司的風險。所以，您說的這一切，我們從來沒有打算以 100% 的力度來運作。我們的出勤率始終維持在 80%。如果我們達到 90%，我們的利潤率就會大幅提升。因此，我們的 80% 的工作都比預期的要好。我們確實處於低迷時期。我們的效率確實低下，這種情況一直存在。您在加拿大已經看到過它。你已經看到了。由於投資組合和風險降低，我們能夠實現這一目標。

So what you're saying is absolutely right. And when we hear a market, we've already moved past that. We've already thought about that. When we were looking at acquiring these companies, we're not acquiring it because it's a data center boom. We're acquiring them because they're a great company that's long-standing well before data centers. And when you think about what dynamic does for us, yes, I mean, we're on the same job in the revenue opportunity is the 30%, 40% of the solution-based that comes with it.

所以你說的完全正確。當我們聽到市場聲音時，我們已經超越了那個市場。我們已經考慮過這個問題了。當我們考慮收購這些公司時，我們並不是因為資料中心的繁榮而收購的。我們收購他們是因為他們是一家在資料中心出現之前就已經存在的優秀公司。當你思考動態對我們有什麼作用時，是的，我的意思是，我們在收入機會方面做著同樣的工作，這是隨之而來的 30%、40% 的解決方案。

And when you start thinking about our Cupertino and Dynamic on the same projects, yes. Are they talking to the same customer? Yes. And are we on the high voltage side? Yes. So I mean, when you start to look at it and you have a large customer and they say, Well, that's Quanta, well, that's Quanta. It's just something that I believe will separate us over time. I think our strategies are sound.

當你開始考慮我們的 Cupertino 和 Dynamic 是否在同一個專案上時，答案是肯定的。他們是在和同一個客戶交談嗎？是的。我們是在高壓側嗎？是的。所以我的意思是，當你開始關注它並且你有一個大客戶時，他們會說，嗯，那是廣達，嗯，那是廣達。我相信，隨著時間的推移，我們會分開。我認為我們的策略是合理的。

Actually, I'm thinking about 2030 truthfully. And what we're doing in 2030, we'll let you know soon. But I think that's where we're at. And I continue to really like the markets that we're in today, we'll continue to earn. We'll continue to work through this nicely. But we derisked the company with the portfolio, no question.

事實上，我真實地考慮的是 2030 年。我們很快就會告訴您我們在 2030 年將做什麼。但我認為這就是我們現在的處境。我仍然非常看好我們今天所處的市場，我們將繼續獲利。我們將繼續努力解決這個問題。但毫無疑問，我們利用投資組合降低了公司的風險。

Thank you.

謝謝。

Brian Brophy, Stifel, Nicolaus.

布萊恩布羅菲、史蒂費爾、尼古拉斯。

Yeah, thanks. Good morning, everybody. I appreciate you taking the question. Looks like you've made a couple of acquisitions in the civil space here recently. Obviously, that's a very fragmented industry and continues to be. Just curious how you're thinking about opportunity to continue to deploy capital here from an M&A perspective? And just thoughts around doing a larger platform-like acquisition in the space. Thanks.

是的，謝謝。大家早安。感謝您回答這個問題。看起來您最近在民用領域進行了幾項收購。顯然，這是一個非常分散的行業，並且這種情況仍在繼續。只是好奇您從併購的角度如何看待繼續在這裡部署資本的機會？只是想在這個領域進行更大規模的平台式收購。謝謝。

I mean, I would consider Dynamic a platform for us, and we'll continue to grow off of it, much like we've done with Cupertino and Blattner. So that, to me, is a platform acquisition that has exponential growth to it. The synergies we don't put in, we've not talked about it. I would tell you that the deal model on Cupertino, we've blown it away.

我的意思是，我會將 Dynamic 視為我們的一個平台，我們會繼續以此為基礎發展，就像我們在 Cupertino 和 Blattner 身上所做的那樣。所以，對我來說，這是一個具有指數級成長的平台收購。我們沒有考慮到協同效應，我們也沒有談論過它。我想告訴你，我們在庫比蒂諾的交易模式已經取得了巨大成功。

And we call it -- you can't see it because we won't talk about it as organic growth. But if you say organic growth is beating the deal model, we're killing it. So I think in general, we see the synergies. We see what we're doing there on these platform-type acquisitions and our ability to exponentially grow. When we look at the civil piece of it, it's something that on every site we're in on all the things that we do internally that we're able to self-perform -- have self-perform capabilities, what we can do in the industrial space with our industrial business.

我們稱之為——你看不到它，因為我們不會稱之為有機成長。但如果你認為有機成長優於交易模式，那我們就是在扼殺牠。所以我認為總的來說，我們看到了協同效應。我們看到了我們在這些平台類型的收購中所做的事情以及我們呈指數級增長的能力。當我們看民用部分時，我們發現，在每一個站點，我們內部所做的所有事情都能夠自行完成——擁有自行完成的能力，我們可以在工業領域利用我們的工業業務來做這些事情。

It's something that was a great company, a great family company that the management team is fantastic and all the characteristics that we won and provides to the overall solution. So following the strategies, of the TAMs and really addressing what the customer is asking us to do with great companies that they're not we're not out looking, I'll say this again, they're coming inbound and we're really able to discuss the longer term if they fit, they fit. And so we'll lean into them when it makes sense.

這是一家偉大的公司，一家偉大的家族企業，管理團隊非常出色，我們贏得了所有優勢，並提供了整體解決方案。因此，遵循 TAM 的策略，真正解決客戶要求我們與優秀公司合作的問題，他們不是我們出去尋找的，我再說一遍，他們正在入站，我們真的能夠討論長期問題，如果他們合適，他們就合適。因此，當情況合理時，我們會向他們尋求幫助。

Thanks. I'll pass it on.

謝謝。我會傳達的。

I do want to clarify, when I'm talking organic growth, organic growth, when I'm saying that the organic growth is what we've stated in the past, but we don't get credit for the beating the DEAL model. So that was to clarify that. So I can keep accounting and legal off me that I want to clarify that we beat the DEAL model, and we don't get credit for that piece of the organic but I consider synergies that we don't talk about.

我確實想澄清一下，當我談論有機成長、有機成長時，當我說有機成長就是我們過去所說的，但我們並沒有因為擊敗 DEAL 模型而獲得讚譽。這是為了澄清這一點。因此，我可以不談會計和法律問題，我想澄清的是，我們擊敗了 DEAL 模型，我們並沒有因為有機部分而獲得讚譽，但我認為我們沒有談論協同效應。

Thank you.

謝謝。

Chad Dillard, Bernstein.

查德·迪拉德，伯恩斯坦。

Hey, good morning guys. So I was hoping you could talk about the cross-sell opportunities with Dynamic. So how much customer overlap is there worth Cupertino is MEP usually an integrated service? And like what sort of white space do you see to actually make that so within your customers?

嘿，大家早安。所以我希望您能談談與 Dynamic 的交叉銷售機會。那麼有多少客戶重疊值得庫比蒂諾 MEP 通常是一項綜合服務嗎？您認為在客戶中存在哪些空白可以真正實現這一點？

And then lastly, are there programmatic contracts in the space? Or is this like a potential expansion opportunity that you see ahead for Quanta?

最後，這個領域有程序化合約嗎？或者您認為這是廣達未來的潛在擴張機會？

Yes. I mean I think when you think about Dynamic and Cupertino and really data centers, Dynamic's business in the past about 30% was, call it, data centers, the rest 50% was technology or better. So we really got their in chips. I mean that's where they really started. It was Texas Instruments years ago and following them across the country, they were a great supplier to Texas Instruments. And I think the chip -- clean room is very technical mechanical type, processing type business. That's what they're known for, the advanced process technology that they have upfront is superior. We really like that part of it.

是的。我的意思是，當你想到 Dynamic、Cupertino 和真正的資料中心時，Dynamic 過去的業務大約 30% 是資料中心，其餘 50% 是技術或更好的技術。所以我們確實得到了他們的晶片。我的意思是，這才是他們真正的開始。幾年前，他們是德州儀器，並跟著德州儀器走遍全國，他們是德州儀器的重要供應商。我認為晶片無塵室是一項技術性很強的機械類型、加工類型的業務。這就是他們聞名的原因，他們所擁有的先進工藝技術非常出色。我們真的很喜歡它的這個部分。

So we're early, early in these projects. Cupertino is early in these projects. We don't -- they don't really look at it. They look at them independent. The key to this is, can we provide the solution? Can we provide the high voltage? Are we providing the high voltage. I think are we providing the transformers? Are we -- at the civil. What can we do to really expedite this to the client? And how does that look in the next 5 years? Who are they asking? What we give them uncertainty and self-perform capabilities of 85%.

因此，我們在這些項目中還處於早期階段。庫比蒂諾在這些項目中處於早期階段。我們沒有——他們並沒有真正關注它。他們以獨立的態度看待它們。關鍵在於，我們能否提供解決方案？我們可以提供高壓嗎？我們是否提供高壓？我想我們有提供變壓器嗎？我們是在民事方面嗎？我們能做些什麼來真正加快客戶的速度？未來 5 年的情況會如何？他們在問誰？我們賦予他們的是85%的不確定性和自我執行能力。

The markets that show up with both Dynamic, you can cross-sell from Dynamic's customers back over into Cupertino, Quanta. I just think there's a lot of customer synergies here that we're not discussing. There's a lot of things that we can do with craft and cross-selling many, many things. So we really like this acquisition and we really like the craft piece of it and the family that is there, they're top-notch, best-in-class and we're super excited about having them on board and what we can do with the company.

在同時出現 Dynamic 的市場中，您可以從 Dynamic 的客戶向 Cupertino 和 Quanta 進行交叉銷售。我只是認為這裡有很多我們沒有討論的客戶協同效應。我們可以利用工藝做很多事情，還可以交叉銷售很多東西。所以我們真的很喜歡這次收購，我們真的很喜歡它的工藝和那裡的家庭，他們是一流的，是同類中最好的，我們非常高興他們能加入我們，也很高興我們能為公司做些什麼。

That's super helpful. And then secondly, how are your renewable customers navigating the safe harbor executive order? I know we're supposed to get some, I guess, some final clarity in later in August. Are they taking like a wait-and-see approach before taking FIDs. Or are they like going to the ground like as soon as possible? And then also, like what sort of opportunity from an engineering or procurement standpoint, yes, does this Quanta have to help customers given the situation?

這非常有幫助。其次，您的再生能源客戶如何應對安全港行政命令？我知道我們應該在八月下旬得到一些最終的澄清。在做出最終決定之前，他們是否採取觀望態度？還是他們想盡快落地？然後，從工程或採購的角度來看，在這種情況下，廣達有什麼樣的機會來幫助客戶？

Look, I mean we can certainly help them with safe harboring and things of that nature and certainty to get the projects done in the time frame that's necessary. So yes, a lot of inbounds there, a lot of opportunity there and many, many things that we can do from the standpoint of helping them with the bill. It's noisy tariffs and everything is noisy. But we put our head down, we operate. We really try to collaborate on that. And our job is to see the issues before they happen and help the client.

你看，我的意思是我們當然可以幫助他們提供安全庇護和類似的事情，並確保他們在必要的時間內完成專案。所以是的，那裡有很多入境事務處，有很多機會，從幫助他們處理法案的角度來看，我們可以做很多很多事情。關稅很吵，一切都很吵。但我們埋頭苦幹，努力拼搏。我們確實盡力在這方面合作。我們的工作是在問題發生之前發現問題並為客戶提供協助。

I think our Transformer acquisition and what we're doing with poles now as part of that solution. Having certainty to these things in our cross-skilled labor and our completion, customers lean on us to finish. And I really, really like where we sit it. We can cross different segments, bring different companies in for solutions and cross-sell that across our customer base.

我認為我們對 Transformer 的收購以及我們現在對電線桿的處理都是解決方案的一部分。由於我們跨技能勞動和我們的完成工作中對這些事情有信心，客戶依靠我們來完成。我真的非常喜歡我們坐的地方。我們可以跨越不同的領域，引入不同的公司來提供解決方案，並在我們的客戶群中進行交叉銷售。

So yes, lots of inbound calls, lots of discussions there. I expect our backlog to continue to increase. And I want to say, too, like you can have periods of backlog where you may sign large, large projects and on a CAGR basis, we continue to see upward movement. You could get some quarter-over-quarter fluctuate, so I don't expect it, but we could. But on a year basis, you're going to continue to see backlog rise, for sure. I just -- we see it coming in at this point.

是的，有很多來電，有很多討論。我預計我們的積壓訂單將繼續增加。我也想說，您可能會遇到一段時間的積壓，在此期間您可能會簽署大型項目，並且從複合年增長率來看，我們將繼續看到上升趨勢。您可能會發現季度環比出現一些波動，因此我並不指望這種情況，但我們確實有可能出現。但從年同比來看，積壓訂單肯定會繼續增加。我只是——我們看到它此時正在到來。

Thanks. I'll pass it on.

謝謝。我會傳達的。

Justin Hauke, Robert W. Baird.

賈斯汀·豪克、羅伯特·W·貝爾德。

Oh, great. Thanks for taking my question here. Duke, I guess I just wanted to ask, I mean, you talked about the 85% of your work that's still that base business. But you do have these bigger jobs. You booked this, the Boardman-Hemingway job here. You get a big one last quarter. Another one that's been out there is the Grain Belt Express. You didn't comment on it here, but I guess that's been press release that you and Kiewit picked up work there.

噢，太好了。感謝您在這裡回答我的問題。杜克，我想我只是想問一下，我的意思是，你談到你的 85% 的工作仍然是基礎業務。但你確實有這些更重要的任務。您預約了 Boardman-Hemingway 的工作。上個季度你遇到了一個大問題。另一家已經營運的公司是 Grain Belt Express。您在這裡沒有對此發表評論，但我猜已經有新聞稿稱您和 Kiewit 在那裡找到了工作。

And I guess I was just -- I guess the question is just thinking about the puts and takes on the start of those and the wind down with SunZia and status of kind of all those and anything we should think about from, I don't know, a start-up or shutdown noise thing between those as you navigate between those bigger jobs.

我想我只是——我想問題只是思考一下這些工作的開始和結束以及 SunZia 的狀態以及我們應該考慮的任何事情，我不知道，當你在這些更大的工作之間導航時，啟動或關閉噪音的事情。

Yes. No, we're complete on the transmission line out in SunZia, and we haven't missed a beat yet and then continue to rise. Our transmission business is growing. We didn't talk about Grain Belt. It's not backlog. It's a great project. All transmission at this point is NPV positive to North America and to the shareholders -- I mean, to stakeholders.

是的。不，我們已經完成了 SunZia 的輸電線路，而且我們還沒有錯過任何一個節拍，然後繼續上升。我們的傳輸業務正在成長。我們沒有談論穀物帶。這不是積壓。這是一個偉大的項目。此時的所有傳輸對於北美和股東（我的意思是利害關係人）來說都是 NPV 正值。

So look, I think in general, a great project. It's certainly facing some political ramifications there, and we're working with the client and be a great customer and great line. We'd love to build it. So we'll work together to try to get it across the finish line, and we really like the project. So I do believe at some point, it will get built. But in general, we watch this and watch what we put in our backlog.

所以，我認為總體來說，這是一個偉大的項目。它肯定會面臨一些政治影響，我們正在與客戶合作，成為一個優秀的客戶和優秀的產品線。我們很樂意建造它。因此，我們將共同努力，爭取完成它，我們真的很喜歡這個項目。所以我確實相信，在某個時候，它會被建成。但總的來說，我們會關注這一點，並關注我們積壓的內容。

And I think we want to be certain when it's in there, I don't like to pull things out of it, that's for sure. So it's part of our conservatism as a company that we really try to give you the stories and make sure that we're transparent on how we look at work.

而且我認為我們希望確定它是否在裡面，我不喜歡把東西從裡面拿出來，這是肯定的。因此，作為一家公司，我們努力向你講述故事，並確保我們對工作的看法透明，這是我們保守主義的一部分。

So that said, I think you're going to see compounding markets in large transmission that's just in the early stages. Some of the things that we've done as a company to create markets, to create our markets with larger transmission. I like it. I like the acquisitions that we've made there to help us and front-end capabilities that we have as we collaborate with the client.

所以，我認為你會看到大型輸電市場的複合成長才剛開始。作為一家公司，我們做了一些事情來創造市場，創造具有更大傳播範圍的市場。我喜歡它。我喜歡我們在那裡進行的收購，它們對我們有幫助，並且幫助我們與客戶合作時擁有前端能力。

You're going to see larger 765 builds across the country. We're excited about it. We're excited where we sit in early stages, but as you start to see these things come along. And you're seeing the capital budgets of the clients, so we'll follow those capital budgets. And as they move forward, we'll move forward with them.

你將會看見全國各地建造更大的 765 棟建築。我們對此感到很興奮。我們很高興我們處於早期階段，但隨著您開始看到這些事情的發生。您會看到客戶的資本預算，因此我們將遵循這些資本預算。當他們前進時，我們也會與他們一起前進。

I appreciate that. And then just one more quick one maybe for Jayshree here on the free cash flow outlook is unchanged. Your adjusted EBITDA is a little bit higher. You still have, I guess, some bigger collections here in the second half on that. But can you just maybe talk about the dynamics of why the free cash flow outlook is unchanged with the higher EBITDA?

我很感激。然後，對於 Jayshree 來說，我再快速問一下，自由現金流前景可能不會改變。您的調整後 EBITDA 略高一些。我想，下半部你還會有一些更大的收藏。但是，您能否談談為什麼自由現金流前景在 EBITDA 增加的情況下保持不變的動態原因？

Yes. I mean we're pleased with what happened in the first half of free cash flow. Our operators are continuing to do a great job on DSOs and working capital. But as I mentioned before, we want to give ourselves the best possible outcome around our large Canadian receivable. As you know, that's part of our -- it's within our range. We do believe that's going to be settled favorably this year.

是的。我的意思是，我們對上半年自由現金流的表現感到滿意。我們的營運商在 DSO 和營運資金方面繼續表現出色。但正如我之前提到的，我們希望為我們龐大的加拿大應收帳款爭取最好的結果。如您所知，這是我們的一部分——它在我們的範圍內。我們確實相信這個問題今年將會得到妥善解決。

Timing of cash, though, can sometimes be a little hard to predict. So we want to give you guys a prudent range. I think it's the right number where we are from $1.2 billion to $1.7 billion. Do I believe we can be at the high end of that? Yes, I do. We're seeing some things on the type of work mix as we move into the back half of the year. That also gives us some confidence in that higher end. But right now, we think the right thing to do is stay where we are.

不過，現金到帳的時間有時可能有點難以預測。因此，我們想為你們提供一個謹慎的範圍。我認為這是正確的數字，我們的預算從 12 億美元增加到了 17 億美元。我是否相信我們能夠達到這個最高水準？是的，我願意。隨著我們進入下半年，我們看到了一些有關工作組合類型的變化。這也讓我們對高端市場有了些信心。但現在，我們認為正確的做法是留在原地。

Okay, thank you very much.

好的，非常感謝。

(Operator Instructions)

（操作員指示）

Drew Chamberlain, JPMorgan.

摩根大通的德魯張伯倫。

Yeah, thank you for taking the questions. Just one quick one for me and kind of following up on that last line of questioning there. How do you think about the balance sheet leverage exiting the year now with this deal being done? And then what type of flexibility does that give you for deals throughout the rest of the year? And maybe what cadence we can expect there? I'll leave it at that.

是的，感謝您回答這些問題。我只想快速問一個問題，跟進最後那個問題。隨著這筆交易的完成，您如何看待今年資產負債表槓桿率的下降？那麼，這會為您在一年剩餘時間的交易帶來什麼樣的彈性呢？我們能期待什麼樣的節奏呢？我就不多說了。

Yes. As we tend to want to stay between a leverage ratio profile of 1.5 times to 2 times, and you've seen us do that even after significant acquisitions where we can push up above 2 times. But we buy companies that we believe will allow us to rapidly delever. And this one is no different. We're right now a little bit above 2 times. We ended the second quarter below 2. We're a little bit higher than that.

是的。我們傾向於將槓桿率保持在 1.5 倍到 2 倍之間，而且您已經看到，即使在進行重大收購之後，我們也能做到這一點，將槓桿率提高到 2 倍以上。但我們收購的是那些我們認為能讓我們快速去槓桿的公司。這一次也不例外。我們現在略高於2倍。我們在第二季結束時的得分低於 2。我們比那稍微高一點。

But going towards the end of the year, we fully expect to be below 2 times. You'll see -- I made the comment that we're evaluating various financing alternatives to continue to ensure that we have the most flexible balance sheet and give us the liquidity we need to ensure, we can invest in organic growth as well as if there are opportunities to deploy capital in various ways, we want to be able to do so.

但到年底，我們預計這一數字將低於 2 倍。你會看到——我說過，我們正在評估各種融資替代方案，以繼續確保我們擁有最靈活的資產負債表，並為我們提供所需的流動性，以確保我們可以投資於有機增長，並且如果有機會以各種方式部署資本，我們希望能夠這樣做。

So we're going to continue doing that. But you can expect that the types of companies we acquire, our capital allocation strategy, there no change going forward. We still want to remain prudent in our balance sheet. We want to stay within that 1.5 times to 2 times and do so in a way that continues to give great strategic value for our shareholders.

因此我們將繼續這樣做。但你可以預料到，我們收購的公司類型、我們的資本配置策略在未來不會改變。我們仍希望在資產負債表方面保持審慎。我們希望將這一比例保持在 1.5 倍到 2 倍之間，並繼續為股東帶來巨大的策略價值。

Just to comment, we intend to remain investment grade.

僅就評論而言，我們打算保持投資等級。

Right. Great, thank you.

正確的。太好了，謝謝。

Sangita Jain, KeyBanc.

Sangita Jain，KeyBanc。

Hi, thanks for taking my questions. So one, I don't know if you guys quantified the backlog for Boardman to Hemingway, if you did, I apologize if you didn't, could you help us size that?

你好，謝謝你回答我的問題。那麼，我不知道你們是否量化了 Boardman 到 Hemingway 的積壓量，如果量化了，如果沒有，我很抱歉，您能幫助我們確定規模嗎？

It's meaningful.

這很有意義。

All right. That was quick. And another one, I would say, is on the safe harbor treasury guidance that is pending, how are you safeguarding Quanta's backlog in case that changes to, let's say, more than a 5% safe harbor rule or they pull that four-year window to complete a project down to, let's say, two or three years?

好的。真快。我想說的另一個問題是，關於即將出台的安全港財務指導，如果該指導發生變化，比如說安全港規則超過 5%，或者他們將完成項目的四年窗口期縮短到兩年或三年，那麼您將如何保護 Quanta 的積壓訂單？

I mean any of those would be better for us or as good for us. Look, we're not seeing that, but anything that makes things go faster, people want certainty. So I don't know what does it do for us? It just moves it forward. And we're not -- like I said, we're not seeing that right now. But if it happens, anything that people want to go faster and be more certain, [they should call on].

我的意思是，其中任何一個對我們來說都是更好的，或者對我們來說一樣好。瞧，我們沒有看到這一點，但是任何使事情進展更快的事情，人們都想要確定性。所以我不知道它對我們有什麼作用？它只是推動了它的發展。而我們並沒有——就像我說的，我們現在沒有看到這種情況。但如果真的發生了，人們希望任何事情能更快、更確定，[他們應該呼籲]。

Or what are the project sequencing changes as a result of that?

或是由此導致的項目排序有何變化？

It's not going to bother us. I feel like -- look, the way that we look at this, and I hear this a lot, we hear it in the Street a lot that the risk of Quantas they have too much work. We come at it from 20 different ways. If you go to another company, they come at it from one. Would you rather derisk from 20 different avenues, 20 different sources of labor union, nonunion or would you rather go to one person. so I just feel like we have a different way to deliver on scale, and we're proud of it. We're proud of the men and women that build it every day. So we like our chances in all of it.

這不會困擾我們。我感覺——看，我們看待這個問題的方式，我經常聽到這種說法，我們在街上也經常聽到這種說法，那就是 Quantas 的風險在於他們的工作太多了。我們從 20 種不同方式來解決它。如果你去另一家公司，他們就會從一家公司來。您是願意透過 20 種不同的途徑、20 個不同的工會、非工會來源來降低風險，還是願意去找一個人？所以我覺得我們有一種不同的方式來實現規模化，我們對此感到自豪。我們為每天建造它的男男女女感到自豪。所以我們喜歡這一切中的機會。

Got it. Thank you.

知道了。謝謝。

Liam Burke, B. Riley.

利亞姆伯克、B.萊利。

Yes, thank you. Good morning. Duke, Bell Lumber, is that a platform you can grow organically? Or is that purchase just to serve your regional needs?

是的，謝謝。早安.杜克、貝爾木材，這是一個可以有機發展的平台嗎？或者這次購買只是為了滿足您所在地區的需求？

Look, I think it's a solution. It's 40% ownership in the business. And so I -- we really like the family, long-standing family in the business. The I know more about timber and pole solutions than I've ever known in my life. And so I truly believe poles, wires, transformer are critical supply chain items as we look at this. And what they do for us with certainty, we're talking to the client about an overall solution long term.

看，我認為這是一個解決方案。這是該企業 40% 的所有權。所以我——我們真的很喜歡這個家族，這個行業裡長期存在的家族。我對木材和桿解決方案的了解比我一生中任何時候都多。因此，我堅信，從我們的角度來看，電線桿、電線、變壓器是關鍵的供應鏈項目。他們為我們做的事情是確定的，我們正在與客戶討論長期的整體解決方案。

I think it's necessary for us as we move forward in our projects with the third largest -- fourth largest buyer of HV equipment. And our ability to -- I mean, the transformer capabilities, it's just a different discussion with the client when we had the asset and able to really sway where we can logistically source and how we source. So I like it, it's a collaboration with the client. And what it does for us is certainly something that provides an overall solution to our supply chain initiatives.

我認為，在我們與第三大、第四大高壓設備買家推進專案時，這對我們來說是必要的。而我們的能力——我的意思是，變壓器的能力，只是當我們擁有資產時與客戶進行不同的討論，並且能夠真正影響我們可以在哪裡進行物流採購以及我們如何採購。所以我喜歡它，這是與客戶的合作。它為我們所做的無疑是為我們的供應鏈計劃提供了整體解決方案。

Great. Thank you, Duke.

偉大的。謝謝你，杜克。

Adam Thalhimer, Thompson, Davis & Co.

亞當·泰爾希默（Adam Thalhimer），湯普森戴維斯公司

Morning guys. Duke, has the one big beautiful bill come up at all in conversations with your customers. Just curious if there are provisions in there that could cause them to go faster.

大家早安。杜克，在與顧客交談時，有沒有提到這張漂亮的大鈔。只是好奇其中是否有可以使它們跑得更快的規定。

Yes. I mean we talk about it every day. So you can't ignore that. I mean I think it's part of the business and part of the discussions we have with them constantly about how do we get in front of it? How do we help them politically, how do we get in front and provide the overall solution that matters. If you see tariffs and if you look at what we've done in supply chain, all the things that we've done in supply chain are US based on purpose.

是的。我的意思是我們每天都在談論它。所以你不能忽視這一點。我的意思是，我認為這是業務的一部分，也是我們與他們不斷討論如何走在前面的一部分？我們如何在政治上幫助他們，我們如何走在前面並提供重要的整體解決方案。如果你看到關稅，如果你看看我們在供應鏈中所做的一切，你會發現我們在供應鏈中所做的所有事情都是基於美國的目的。

Not because of the big beautiful bill because we thought we were going to move this way, like 10 years ago. So the things that we've done really separate us with the client and we can -- if we can help them, yes. And it's early stages in this and what they see and how we deliver. But it doesn't go unnoticed at the client level.

並不是因為那張巨大的美麗鈔票，因為我們認為我們會朝這個方向發展，就像 10 年前一樣。因此，我們所做的事情確實將我們與客戶區分開來，我們可以 - 如果我們可以幫助他們，是的。現在還處於早期階段，他們看到了什麼以及我們如何交付。但在客戶層面它並沒有被忽視。

And those conversations to pull work in, to go long term in different areas to have sourcing capabilities is we're just scratching the surface. And what we're going to do for solutions over the next decade, we're in early stages of that. It's certainly the difference -- I said it in the last call, and I'll say it again, five years ago, we were independent. We were a Cupertino and Blattner and Dynamic Systems, today where Quanta. And then Quanta provides a solution, and we're having the Quanta discussion constantly.

而這些關於吸引工作、長期在不同領域開展工作以獲得採購能力的對話，我們才剛開始。至於我們在未來十年要採取什麼解決方案，我們目前還處於早期階段。這當然是有區別的——我在上次通話中說過，現在我再說一遍，五年前，我們是獨立的。我們曾是庫比蒂諾、布拉特納和 Dynamic Systems 的子公司，如今是廣達的子公司。然後 Quanta 提供了解決方案，我們一直在進行有關 Quanta 的討論。

Thanks.

謝謝。

Ameet Thakkar, BMO Capital Markets.

Ameet Thakkar，BMO 資本市場。

Thanks for squeezing me in guys. Just two quick ones for me. Well, just like the portion of your backlog from MSAs is down, I think, of $900 million kind of quarter-over-quarter, and it's now flattish versus the prior year. I was just wondering, do you -- does this reflect some of your kind of earlier comments on customers kind of more focused on longer-term solutions. And just I was wondering if you can give kind of us a bit of a sense or qualification on how much backlog will come from Dynamic when you guys update this next quarter?

謝謝你們把我擠進來。我只想簡單說兩句話。嗯，就像你們的 MSA 積壓訂單部分比上一季下降了 9 億美元一樣，現在與去年同期相比持平。我只是想知道，這是否反映了您之前對客戶的一些評論，即更注重長期解決方案。我只是想知道，當你們下個季度更新時，你是否可以給我們一些關於 Dynamic 會有多少積壓訂單的了解或資格？

Yes, I'm not concerned with the timing of MSAs. Maybe Jayshree, you can comment on, I didn't not even look at it. What it --

是的，我並不關心 MSA 的時間安排。也許 Jayshree，你可以評論一下，我什至沒有看它。它是什麼--

No, no. We're not at all. I mean these are just timing issues. And electric -- we continue to see growing backlog. You see a little bit of pullback maybe on the underground. But again, we just think it's timing. And as for Dynamic, that's not in our backlog because we bought -- in the second quarter, we bought the company after the second quarter, but they came in with about $1.8 billion of backlog, and we'll update that in the third quarter as we work through it with them.

不，不。我們根本不是。我的意思是這些只是時間問題。而電動——我們繼續看到積壓訂單不斷增加。您可能會看到地下市場出現一些回檔。但我們再次認為這只是時機問題。至於 Dynamic，這不在我們的積壓訂單中，因為我們在第二季度收購了該公司，但他們的積壓訂單約為 18 億美元，我們將在第三季度與他們一起處理此事時更新這一數字。

Yes. And that's a multiyear backlog to you there. They can see out '26, '27 and even into '28. So same scenario with them. So I think it's really important that the scale that they're having the same kind of conversations that we're having with the client. This is not a small company with no scale, it has a lot of scalability to it.

是的。對您來說，這是一個多年的積壓問題。他們可以看到 26 年、27 年甚至 28 年的情況。他們的情況也是一樣。因此我認為，他們與我們和客戶之間進行的對話的規模要相同，這一點非常重要。這不是一家沒有規模的小公司，它具有很大的可擴展性。

Mike Dudas, Vertical Research Partners.

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

Good morning. Given the news we saw on the 765 build-out expectations in Texas. Is that jarred some other RTOs in to kind of get moving forward. And are utilities continuing to underestimate transmission and the ability to have to solve a lot of their problems.

早安.根據我們看到的有關德克薩斯州預計將建設 765 座城市的新聞。這是否會促使其他一些 RTO 也開始向前邁進？公用事業公司是否繼續低估傳輸能力和解決許多問題的能力。

I mean, I think, yes, 765 is in MISO as well as PJM. I mean there are some lines in both. So I do believe 765 is going to be easier to build AC than trying to build DC these days. It's way easier to drop load in territories, states where state rights come in an RTO. So I do believe you'll see more 765 due to load growth, lots of 500 out there as well.

我的意思是，我認為，是的，765 存在於 MISO 和 PJM 中。我的意思是兩者都有一些道理。因此我確實相信，現在建造 AC 比建造 DC 更容易。在州權屬於 RTO 的地區和州，卸載負載要容易得多。因此，我確實相信，由於負載增長，您會看到更多的 765，同時還會看到大量的 500。

And then every -- it's probably a ten to one when you build a big line, there's 10 more lines coming off of it. So I just -- we continue to see those inbound. You can see it outside the capital budgets of the utilities. You can see it in the RTOs as well and lots of those projects are not in their budgeting.

然後，當你建造一條大線路時，大概會有 10 條線路從中延伸出來。所以我只是——我們繼續看到那些入站。您可以在公用事業的資本預算之外看到它。您也可以在 RTO 中看到這一點，其中許多項目不在他們的預算之內。

So it's prevalent. I do believe utilities are seeing it. We're certainly in the middle of it with them. There's -- you can see debt offerings. You can see equity offerings. There's no question that it's on everybody's radar that the need for transmission and generation has never been more prevalent in this country.

所以它很流行。我確實相信公用事業公司已經看到了這一點。我們確實與他們處於同一境地。您可以看到債務發行。您可以看到股票發行。毫無疑問，每個人都注意到，這個國家對輸電和發電的需求從未如此普遍。

[Chris Seong with Wolfe Research]

[Wolfe Research 的 Chris Seong]

Hey, good morning, do you guys hear me?

嘿，早安，你們聽到我說話了嗎？

Hey, yes, thanks.

嘿，是的，謝謝。

Okay. Hey, thanks for history. Just wanted to just ask, I think you noted large multiyear build programs in the data center market that's expanding your addressable market. And I know it's an acquisition while accretive, do you view these sort of acquisitions like Dynamic as necessary to compete for that type of work? Or could you have addressed these opportunities organically? Thanks.

好的。嘿，謝謝你的歷史。我只是想問一下，我認為您注意到資料中心市場中大型的多年期建設計劃正在擴大您的可尋址市場。我知道這是一次增值的收購，您是否認為像 Dynamic 這樣的收購對於競爭此類工作是必要的？或者您可以有機地抓住這些機會？謝謝。

Yeah. Certainly, we can -- we've done things organically and do things organically all the time. I felt like as fast as this is moving the large market that we're in. And the things that we see, this was a market that we needed a platform company to exponentially grow. It was the right way to pursue capital and grow it from a standpoint exponentially off a platform.

是的。當然可以──我們一直都是有機地做事。我感覺這正在快速推動我們所處的龐大市場。我們看到，這個市場需要一家平台公司來實現指數級成長。這是追求資本並從平台的角度實現資本倍增的正確方法。

So some things we'll look at platforms like telecom, we grew organically market, it's a different market. So some things -- we're always growing things organically as well. I don't want to -- there's things that we're doing that we're going to address different markets that you haven't seen yet organically. That I really like that I think will show up. And there's things that we believe that you can build a platform off of with great craft-skilled labor.

因此，我們會關注電信等平台，我們有機地發展了市場，這是一個不同的市場。所以有些事情——我們也總是有機地發展。我不想——我們正在做的事情是針對你還沒有自然看到的不同市場。我真的很喜歡它，我認為它會出現。我們相信，憑藉精湛的技術工人，您可以建立一個平台。

And this is something that we leaned into from a platform standpoint that provides a greater addressable market allows us to provide a solution. So we look at them all and we look at it differently, but it's all following the strategy and the best use of free cash flow for the shareholder.

我們從平台的角度傾向於提供更大的可尋址市場，這使我們能夠提供解決方案。因此，我們會以不同的眼光看待所有這些，但所有這些都遵循策略，並為股東最大限度地利用自由現金流。

Okay. Thanks. I'll turn it over.

好的。謝謝。我把它翻過來。

Steven Fisher, UBS.

瑞銀的史蒂文·費雪。

Thanks. Can you hear me?

謝謝。你聽得到我嗎？

Yes sir.

是的，先生。

Okay, great. Just a follow-up actually on that last question. I mean you clearly made the case, Duke, for the solution angle on the Dynamic deal, and it sounds like it's blending with everything else, that's a one plus one equals three. I'm just curious how you compare that with the electrical side of things and wondering as you make it a platform and build it out to something bigger over time. Can you get the same returns on mechanical that you can from electrical? And if not, is that sort of reflected in the upfront purchase price that you paid?

好的，太好了。實際上這只是對最後一個問題的後續回答。我的意思是，杜克，你清楚地說明了動態交易的解決方案角度，聽起來它與其他一切都融合在一起，即一加一等於三。我只是好奇你如何將其與電氣方面進行比較，並想知道你如何將其變成一個平台並隨著時間的推移將其構建成更大的東西。您能從機械方面獲得與電氣方面相同的回報嗎？如果沒有，這是否反映在您支付的預付購買價格中？

I mean we're always looking at returns. So your return on invested capital, your returns on the company are certainly every bit as good or better than our electric use of capital. I think when you look at these acquisitions, what goes unnoticed is our fabrication capabilities at Quanta are well above 3 million square feet. So you're also adding significant fabrication, which is an initiative of the company along with the mechanical processing and plumbing capabilities here, it goes unmatched.

我的意思是我們總是在關注回報。因此，您的投資資本回報率、您的公司回報率肯定與我們的電力資本使用回報率一樣好，甚至更好。我認為，當你審視這些收購時，人們往往忽略了廣達的製造能力遠遠超過 300 萬平方英尺。因此，您還增加了重要的製造能力，這是公司的一項舉措，加上這裡的機械加工和管道能力，這是無與倫比的。

So I like what we're doing. We'll speed to market is so important in their advanced front-end services on technical capabilities or as good as anyone I've seen and will help the whole company be much better. So we're definitely leaning into all the things that are great about these companies for a lot of different reasons. And it's not just what you see on paper is what you don't see that shows up three years from now or four or five.

所以我喜歡我們正在做的事情。我們將加快上市速度，這非常重要，因為他們在先進的前端服務上的技術能力還是不亞於任何人的，而且會幫助整個公司變得更好。因此，出於許多不同的原因，我們肯定會傾向於這些公司的所有優點。這不僅僅是你在紙上看到的東西，還有三年、四年或五年後你看不到的東西。

So we certainly have strategies that we follow, and this is one of them that provides access to three or four markets as well as gives us more capabilities internally.

因此，我們當然有要遵循的策略，而這項策略就是其中之一，它不僅能讓我們進入三、四個市場，還能讓我們在內部擁有更多能力。

Sounds good. Thank you.

聽起來不錯。謝謝。

Spark Li, Jefferies.

Spark Li，傑富瑞。

Hey guys, can you hear me okay?

嘿夥計們，你們聽得到我說話嗎？

Yes, we can.

是的，我們可以。

Just quickly come back to the IRA driven renewable pull-forward dynamic here. So is there really opportunity to increase near-term targets just by pulling forward renewable projects?

讓我們快速回到 IRA 驅動的可再生拉動動態。那麼，僅透過推進再生能源專案就真的有機會提高近期目標嗎？

Yes. I mean, look, LNTPs are coming in. We're not seeing -- we gave guidance for the rest of the year, '25, '26, '27, '28. It's too early to tell you what renewables are doing. '26, '27, I believe we have growth. I don't know how much anything I'd tell you to be a disservice at this point. So I -- we see growth in renewables in '26, '27, '28 and beyond. As long as the power demand stays where it's at, it will be a part of the solution. Batteries are -- you go look at the Texas curves and how much batteries are helping out during these -- in the heat. It's something that, to me, goes unnoticed about how renewables play into this.

是的。我的意思是，你看，LNTP 正在進來。我們沒有看到——我們給出了今年剩餘時間（25、26、27、28 年）的指導。現在判斷再生能源的前景還為時過早。'26、'27，我相信我們會有所成長。我不知道現在我告訴你的任何話對你來說有多大的傷害。因此，我們預計再生能源將在 26、27、28 年及以後實現成長。只要電力需求保持不變，它就會成為解決方案的一部分。電池－你去看看德州的曲線，看看電池在高溫下發揮了多大的幫助。對我來說，再生能源在其中發揮的作用尚未引起人們的注意。

And I know the rhetoric, I understand it. But what it's doing for the grid and also the consumer, there's affordability issues that renewables absolutely help that. And you're going to build the line, you add batteries and solar on there. It's going to be better and you're going to get pull in, you're going to get stacking. Canada looks good from a renewable standpoint. So lots of opportunities there. I would say you'll have growth in the company for the foreseeable future.

我知道這些言辭，我理解它們。但它對電網和消費者的作用是解決可負擔性問題，而再生能源絕對可以解決這個問題。你要建造這條生產線，並在其中添加電池和太陽能。情況會變得更好，你會被吸引，你會被堆積。從再生能源的角度來看，加拿大看起來不錯。那裡有很多機會。我想說在可預見的未來，公司將會蓬勃發展。

Got it, thank you.

知道了，謝謝。

There are no questions at this time. I'd now like to turn the call back over to management for closing remarks.

目前沒有問題。現在我想將電話轉回給管理階層，請他們做最後發言。

Yeah. Thank you. I do want to say a little bit about people in Texas on the floods. We had some heroic acts from our people here and save lives and the call -- like the one step of a call, they went out and save lives. And the things that we do, the heroism of our people, the 64,000 people that are out there, men and women, they're incredible. They're incredible what they do from their heart and they're incredible what they do every day.

是的。謝謝。我確實想談談德州人民遭受洪水侵襲的情況。我們這裡的人們做出了一些英勇行為，拯救了生命，他們一聲令下，就出去拯救生命。我們所做的事、我們人民的英雄氣概、在現場的 64,000 名男女同胞，都是令人難以置信的。他們發自內心的所作所為令人難以置信，他們每天所做的事情也令人難以置信。

So I would be remiss from not saying we stand behind the families who lost lives and what we did to help that, it's more than just an earnings call. It's something that I believe culturally we're there to help and guide and do some great things.

因此，如果我不說我們支持那些失去生命的家庭，以及我們為他們所做的幫助，那我就太失職了，這不僅僅是一次收益電話會議。我相信從文化角度來說，我們的存在是為了幫助、指導並做一些偉大的事情。

So real proud of our people and proud of what they did there. And I want to thank you for participating in our call. We appreciate the questions and ongoing interest in Quanta Services, and thank you. This concludes our call.

我為我們的人民感到自豪，也為他們在那裡所做的事情感到自豪。我要感謝您參加我們的電話會議。我們感謝您提出的問題以及對 Quanta Services 的持續關注，謝謝您。我們的通話到此結束。