Quanta Services Inc (PWR) 2025 Q3 法說會逐字稿

Good morning, and welcome to Quanta Services third-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded. (Operator Instructions) I will now turn the call over to Kip Rupp, Vice President, Investor Relations, for introductory remarks.

早上好，歡迎參加 Quanta Services 2025 年第三季財報電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。（操作員指示）現在我將把電話交給投資人關係副總裁 Kip Rupp，請他致開幕詞。

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

偉大的。謝謝大家，歡迎參加 Quanta Services 2025 年第三季財報電話會議。今天上午，我們發布了2025年第三季業績新聞稿，您可以在我們網站quantaservices.com的投資者關係版找到新聞稿。今天上午，我們也在Quanta的投資者關係網站上發布了2025年第三季營運和財務評論（技術問題）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作簡短的介紹性發言，但營運和財務評論旨在很大程度上取代管理層準備好的發言，從而為機構投資界的提問留出更多時間。

Please remember that information reported on this call speaks only as of today, October 30, 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代表截至 2025 年 10 月 30 日的情況。因此，請注意，本次通話的任何時效性資訊在重播時可能不再準確。

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 or that do not solely relate to historical or current facts.

本次電話會議將包含前瞻性陳述和信息，旨在符合 1995 年《私人證券訴訟改革法案》所確立的免責條款，包括反映對未來事件或財務業績的預期、意圖、假設或信念的陳述，或不完全與歷史或當前事實相關的陳述。

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. We will also present certain historical and forecasted non-GAAP financial measures.

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。我們還將展示一些歷史數據和預測的非GAAP財務指標。

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.

這些財務指標與其最直接可比較的 GAAP 財務指標的調整表已包含在我們的獲利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 and follow Quanta IR and Quanta Services on the social media channels listed on our website.

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

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

接下來，我將把電話交給廣達航空總裁兼執行長杜克‧奧斯汀先生。公爵？

Thanks, Kip. Good morning, everyone. Quanta delivered another quarter of strong results, achieving double-digit growth in revenue, adjusted EBITDA and adjusted EPS compared to the prior year, along with record backlog of $39.2 billion and a number of other record financial metrics.

謝謝你，基普。各位早安。Quanta 再次取得了強勁的季度業績，與上年相比，收入、調整後 EBITDA 和調整後每股收益均實現了兩位數的增長，同時積壓訂單額達到創紀錄的 392 億美元，以及其他一些創紀錄的財務指標。

These results reflect accelerating demand in our Electric segment, robust activity across our end markets and positive momentum headed into 2026. They demonstrate the strength of our portfolio, the capability of our craft skilled workforce and our ability to provide certainty through world-class execution as customers modernize and expand critical infrastructure.

這些結果反映了我們電動車業務的需求加速成長，終端市場活動強勁，以及邁向 2026 年的積極勢頭。它們展現了我們產品組合的實力、我們技術精湛的員工隊伍的能力，以及我們透過世界一流的執行力為客戶實現關鍵基礎設施現代化和擴展提供確定性的能力。

Our performance continues to be powered by Quanta's core drivers, craft-skilled labor, execution certainty, and disciplined investment, which are critical to how we operate and create long-term value. Our craft workforce remains the foundation of our business, executing with safety, quality, reliability across diverse infrastructure solutions.

Quanta 的業績持續成長得益於其核心驅動力：技藝精湛的勞動力、執行的確定性和嚴謹的投資，這些對我們的營運和創造長期價值至關重要。我們的技術工人隊伍仍然是我們業務的基石，他們在各種基礎設施解決方案中安全、優質、可靠地執行任務。

Execution certainty reinforces our reputation as a trusted partner capable of consistent high-quality project delivery and disciplined investment ensures capital is allocated toward opportunities that strengthen our platform, deepen customer relationships and support sustainable growth.

執行的確定性鞏固了我們作為值得信賴的合作夥伴的聲譽，我們能夠持續交付高品質的專案；而嚴謹的投資則確保資金被分配到能夠加強我們平台、深化客戶關係和支持可持續成長的機會。

Quanta's integrated solution-based model continues to differentiate our platform. By combining craft labor with engineering, technology and program management expertise and critical supply chain capabilities, we deliver comprehensive self-perform solutions across the full infrastructure life cycle.

Quanta 的整合解決方案模式使我們的平台持續脫穎而出。透過將技術工人與工程、技術和專案管理專業知識以及關鍵供應鏈能力相結合，我們在整個基礎設施生命週期中提供全面的自主施工解決方案。

This approach deepens customer partnerships and positions Quanta as a long-term collaborator, not a traditional contractor. Quanta operates at the center of a fundamental transformation in the energy and infrastructure sectors.

這種方法加深了與客戶的合作關係，並將廣達定位為長期合作夥伴，而不是傳統的承包商。Quanta 處於能源和基礎設施領域根本性變革的核心。

The convergence of the utility power generation, technology and large load industries is driving increased demand for resilient grids, expanded generation and storage and new infrastructure to support electrification, data centers and domestic manufacturing.

公用事業發電、技術和大負載產業的整合，推動了對彈性電網、擴大發電和儲能以及支援電氣化、資料中心和國內製造業的新基礎設施的需求不斷增長。

These structural drivers are fueling a generational investment cycle and critical infrastructure. And Quanta's diversified scalable platform is well positioned to capitalize on these opportunities. To that end, this morning, we announced the expansion of our Total Solutions platform that builds upon our world-class craft-skill labor capabilities and history of constructing more than 80,000 megawatts of power generation through our industry-leading renewable energy and battery energy storage solutions as well as other forms of generation.

這些結構性因素正在推動代際投資週期和關鍵基礎設施建設。而昆騰多元化的可擴展平台完全有能力抓住這些機會。為此，今天上午，我們宣布擴展我們的整體解決方案平台，該平台建立在我們世界一流的技工勞動力能力和透過我們行業領先的可再生能源和電池儲能解決方案以及其他形式的發電方式建造超過 80,000 兆瓦發電設施的歷史之上。

Our Total Solutions power generation platform leverages these capabilities to address growing generation and infrastructure needs due to the rapidly increasing demand for electricity from data centers, manufacturing and reshoring, industrialization, electrification and power grid expansion. This platform is focused on providing a fully integrated solution to high-quality customers for their generation development strategies.

我們的整體解決方案發電平台利用這些能力來滿足日益增長的發電和基礎設施需求，這些需求是由於資料中心、製造業和回流、工業化、電氣化和電網擴張對電力需求的快速增長而產生的。該平台致力於為優質客戶提供全面的一體化解決方案，以支援其發電發展策略。

As a demonstration of this platform strength and scalability, NiSource has engaged Quanta's for a design, procurement and construction execution of generation and infrastructure resources capable of producing approximately 3 gigawatts of power for a large load customer.

為了展示該平台的實力和可擴展性，NiSource 已聘請 Quanta's 公司設計、採購和施工，以建造能夠為大型負載客戶生產約 3 吉瓦電力的發電和基礎設施資源。

This project highlights the strength of our total solutions platform, spanning power generation, battery energy storage, transmission, substation and underground infrastructure and underscores the value of our collaborative approach and builds on our relationship with NiSource and strong presence in Indiana.

該項目凸顯了我們涵蓋發電、電池儲能、輸電、變電站和地下基礎設施的整體解決方案平台的實力，強調了我們合作方式的價值，並鞏固了我們與 NiSource 的關係以及在印第安納州的強大影響力。

We believe these announcements reinforce our strategy to lead in large converging markets where utilities, power consumers and industrial operators require scalable integrated solutions. We expect to achieve record backlog and another year of double-digit earnings per share growth in 2026. Our strategy remains focused on delivering certainty to customers, investing in talent and technology and expanding our addressable markets through disciplined strategic growth.

我們相信，這些公告鞏固了我們在大型融合市場中的領先地位，在這些市場中，公用事業公司、電力消費者和工業營運商都需要可擴展的整合解決方案。我們預計 2026 年將實現創紀錄的訂單積壓，並連續第二年實現兩位數的每股盈餘成長。我們的策略仍然是專注於為客戶提供確定性，投資於人才和技術，並透過嚴謹的策略成長擴大我們的目標市場。

Quanta's resilient solution-based model has performed well through varying market conditions. Our strong execution, disciplined investment and commitment to safety and quality continue to differentiate our platform and support sustainable value creation for our shareholders.

Quanta 的彈性解決方案模式在各種市場環境下都表現良好。我們強大的執行力、嚴謹的投資以及對安全和品質的承諾，使我們的平台脫穎而出，並為我們的股東創造可持續的價值。

I will now turn it 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?

現在我將把發言權交給昆騰公司的財務長傑伊什裡·德賽，請她就我們的業績和 2025 年的業績展望發表一些看法，之後我們將回答大家的問題。傑伊什裡？

Thanks, Duke, and good morning, everyone. This morning, we reported third-quarter results with revenues of $7.6 billion, net income attributable to common stock of $339 million or $2.24 per diluted share adjusted diluted earnings per share of $3.33 and adjusted EBITDA of $858 million.

謝謝杜克，大家早安。今天上午，我們公佈了第三季業績，營收達 76 億美元，歸屬於普通股股東的淨利潤為 3.39 億美元，即每股攤薄收益 2.24 美元，調整後每股攤薄收益為 3.33 美元，調整後 EBITDA 為 8.58 億美元。

Based on our continued backlog momentum and strong revenue growth during the quarter, we are raising our full-year revenue expectations to a range of $27.8 billion to $28.2 billion. We are also raising our full-year free cash flow expectations to $1.5 billion at the midpoint, driven by another quarter of healthy free cash flow, which totaled $438 million.

鑑於本季積壓訂單持續成長動能和強勁的營收成長，我們將全年營收預期上調至 278 億美元至 282 億美元。受另一個季度健康自由現金流（總計 4.38 億美元）的推動，我們將全年自由現金流預期中位數上調至 15 億美元。

During the quarter, we issued $1.5 billion of notes to recapitalize the balance sheet and enhance our liquidity position following the acquisition of Dynamic Systems. The interest rate on these notes was approximately 40 basis points lower than our issuance in the third quarter reflecting the benefit of our recent ratings upgrade and the stability of our earnings outlook. This transaction reinforces our ability to support operations, maintain financial flexibility and deploy capital strategically while preserving our investment grade rating.

本季度，我們發行了 15 億美元的票據，以重組資產負債表，並在收購 Dynamic Systems 後增強我們的流動性狀況。這些票據的利率比我們第三季發行的票據利率低約 40 個基點，反映了我們最近評級上調帶來的益處以及我們獲利前景的穩定性。此次交易增強了我們支持營運、維持財務靈活性和策略性部署資本的能力，同時保持了我們的投資級評級。

Our customers continue to value Quanta's differentiated self-perform craft labor solutions, and we are expanding our platform for growth as evidenced by the power generation platform we announced today. These dynamics, coupled with another quarter of record backlog give us confidence in our ability to drive sustained revenue and earnings growth over the coming years.

我們的客戶持續重視 Quanta 差異化的自主施工技術勞動力解決方案，正如我們今天宣布的發電平台所證明的那樣，我們正在擴展我們的成長平台。這些因素，再加上另一個季度創紀錄的積壓訂單，使我們有信心在未來幾年內實現持續的收入和獲利成長。

As we look toward 2026, the end market momentum and our consistent execution position us to deliver another year of double-digit adjusted EPS growth and attractive returns. We believe the opportunities ahead represent the next phase of a generational investment cycle in critical infrastructure, and Quanta is well positioned to lead through it, delivering consistent performance disciplined capital deployment and long-term value creation for our stakeholders. Additional detail and commentary on our 2025 financial guidance can be found in our operational and financial commentary and outlook expectation summary both available on our Investor Relations website.

展望 2026 年，終端市場的發展動能和我們持續的執行力使我們能夠實現又一個兩位數的調整後每股收益成長和可觀的回報。我們相信，未來的機會代表著關鍵基礎設施領域一代投資週期的下一個階段，而 Quanta 已做好充分準備引領這一階段，為我們的利害關係人提供持續的績效、嚴謹的資本部署和長期價值創造。有關我們 2025 年財務指引的更多詳情和評論，請參閱我們的營運和財務評論以及展望預期摘要，這兩份文件均可在我們的投資者關係網站上找到。

With that, we're happy to take your questions. Operator?

那麼，我們很樂意回答您的問題。操作員？

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

謝謝。現在進入問答環節。 （操作說明）

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

Hi. Can you hear me?

你好。你聽得到我嗎？

Please go ahead.

請繼續。

Yes, we can.

是的，我們可以。

Yes. Okay. Great. Thank you. Appreciate it. Okay. I will follow the rule and try to stick to one question. The -- Yesterday, we heard from AEP talking about a potential partner for their high-voltage transmission opportunities.

是的。好的。偉大的。謝謝。謝謝。好的。我會遵守規則，盡量只提一個問題。昨天，我們從 AEP 那裡了解到，他們正在尋找高壓輸電項目的潛在合作夥伴。

Maybe I'd be curious if you could comment on whether that would likely be you? And then also just how much of the kind of high voltage transmission that's being discussed in Texas, PJM is kind of already in any backlog? Or is that all mainly to come? And when might we see it?

我很想知道，您能否就此發表一下看法，您覺得這是否可能就是您本人？此外，德州和PJM正在討論的那種高壓輸電項目，究竟有多少已經積壓在項目中？或者說，這一切主要都會在未來發生？我們什麼時候才能看到它？

Yeah. Thanks, Steve. With AEP, look, they're a large customer of ours have been for many, many years. We have great relationships there. And I do think we're collaborating on [765] capabilities and doing a lot of different things together.

是的。謝謝你，史蒂夫。至於 AEP，他們是我們的大客戶，多年來一直是。我們在那裡有著良好的關係。而且我認為我們正在[765]功能方面進行合作，並一起做很多不同的事情。

So I do -- there's more to come there with us. But as we sit today, none of the [765] is in our backlog. We have lots of discussions, lots of vertical, LNDPs, all kinds of different things, but none of that is in the backlog at this point. It's something that we're taking our time with to make sure we get it right.

所以我相信──我們還會和你們一起去那裡。但就目前而言，[765] 都不在我們的待辦事項清單中。我們進行了很多討論，很多垂直領域的討論，LNDP，各種各樣的事情，但目前這些都不在待辦事項清單中。我們正在花時間仔細研究，確保萬無一失。

We're setting the resources and making sure internally that we have the training done and working with the clients on this in a collaborative manner. I do think there's opportunities for us. We've made investments in our transformer facility and done some things there collaboratively with our clients. So yes, we have a great relationship there, probably more to come, and I like our chances on the [765].

我們正在調配資源，確保內部完成培訓，並以協作的方式與客戶共同推動這項工作。我認為我們有發展機會。我們對變壓器設施進行了投資，並與客戶在那裡進行了一些合作項目。所以，是的，我們在那裡關係很好，未來可能會有更多發展，而且我對我們未來的發展前景很看好。[765]

Great, thank you.

太好了，謝謝。

Thank you. Andy Kaplowitz, Citigroup.

謝謝。安迪‧卡普洛維茨，花旗集團。

Good morning, everyone.

各位早安。

(multiple speakers)

（多位發言者）

Duke, just, obviously, the Total Solutions platform announced today, I think, can provide a whole new driver of backlog growth. But how do you think about execution risk for these larger total solution jobs that include power generation. I don't think you ever really left power generation, but Duke, as you know, when you've focused on bigger power generation, you've had a little more variable performance. So can you get favorable terms and conditions and get comfortable? How do you protect Quanta as you enter these larger jobs?

顯然，杜克大學今天宣布的「全面解決方案」平台，我認為可以為積壓訂單的成長提供全新的驅動力。但是，對於包括發電在內的這些大型整體解決方案項目，您如何看待執行風險？我認為你從未真正離開過發電領域，但杜克能源公司，正如你所知，當你專注於更大規模的發電時，你的業績就會有些不穩定。那麼，您能否獲得有利的條款和條件，並感到舒適呢？當你進入這些規模更大的職位時，你如何保護你的 Quanta 帳戶？

Yes. I mean, great question. When we think about it, we've built 8 gigs of generation and Zachary's built six, so for (inaudible) together. They built 100 CGT. So when I think about it, we put a great partnership together. We collaborated significantly with the client or not only for us but for the end users, rate payers as well as the large load customer.

是的。我的意思是，問得好。仔細想想，我們已經建立了 8 GB 的生成空間，而 Zachary 構建了 6 GB，所以總共（聽不清楚） 了。他們建造了100輛CGT。所以仔細想想，我們建立了非常好的合作關係。我們與客戶進行了大量的合作，這不僅對我們自己有利，而且對最終用戶、繳費者以及大客戶也同樣有利。

So I think when we look at it in a holistic manner and total solutions, we were able to put together what I consider derisk both sides here on cost escalations and things of that nature. We've said publicly that we're not taking risk on these kind of projects.

所以我認為，當我們從整體上看待這個問題並尋求整體解決方案時，我們能夠制定出我認為可以降低雙方在成本上漲等方面的風險的方案。我們曾公開表示，我們不會在這些項目上承擔風險。

And I think we've done a great job of working with the client here in a collaborative manner to what I consider to give the rate payer, the right cost as well as the end user but to a large load customer the right cost. So it's really -- I think when we plan -- when we get in front of these things, we can give a total cost solution and derisk everyone in the value chain after we've done that.

我認為我們與客戶合作做得非常好，以協作的方式為納稅人、最終用戶以及大宗用電客戶提供了合適的成本。所以，我認為真正的關鍵在於——當我們做好計劃——當我們能夠提前應對這些問題時，我們就能提供全面的成本解決方案，並在我們做到這一點之後降低價值鏈中每個人的風險。

Thanks, Duke.

謝謝你，杜克。

Thank you. Steven Fisher, UBS.

謝謝。史蒂文費雪，瑞銀集團。

Thanks, good morning. So Duke, in 2019, you rolled out this Utility Services model, which reduced the reliance on larger discrete projects and focused I guess it was around 80%-plus or so more on kind of Utility Services.

謝謝，早安。所以，杜克能源公司在 2019 年推出了公用事業服務模式，減少了對大型獨立專案的依賴，並將約 80% 以上的精力集中在公用事業服務上。

And I think that's obviously been a very, very successful strategy. And I'm just curious how we should think about your overall strategy. I know, obviously, it's very heavily focused on being a solutions provider in this new platform. I think you would say is clearly part of providing solutions.

我認為這顯然是一個非常非常成功的策略。我只是好奇我們應該如何看待你們的整體策略。我知道，很顯然，在這個新平台上，它非常注重成為解決方案提供者。我認為你會說這顯然是提供解決方案的一部分。

But just curious how we should think about framing the strategy between being sort of this more base-level recurring services type strategy versus more of a discrete EPC project delivery that may be a little bit lumpier?

但我很好奇，我們應該如何考慮在基礎性定期服務策略和可能略顯不均衡的獨立EPC專案交付策略之間進行策略建構？

Yeah. Thanks, Steve. Look, I think when you look at the company, nothing's changed. We certainly believe that craft skills at the core it's fungible. We'll move across different platforms from MSAs to larger projects and solve the solution-based approach to the client.

是的。謝謝你，史蒂夫。你看，我覺得你看這家公司，什麼都沒變。我們堅信，工藝技能本質上是可以互換的。我們將跨越不同的平台，從 MSA 到更大的項目，並以解決方案為導向為客戶提供服務。

We're not going to turn down because it's a large project, I mean I think that's part of this and projects are getting bigger. But we're working for clients that we work for decades. And that hasn't changed. We continue to do that. We're also discussing technology as attainment. And I do believe we're addressing that. And so our clients there, we work for decades.

我們不會因為這是一個大專案就拒絕，我的意思是，我認為這是其中的一部分，而且專案規模越來越大。但我們服務的客戶都是我們合作了幾十年的。這一點至今未變。我們會繼續這樣做。我們也在討論技術作為一種成就的意義。而且我相信我們正在解決這個問題。因此，我們與那裡的客戶合作了幾十年。

So as we look at both sides of this, and I would tell you that we're still around 80% of base business even with what you see today. Now we've talked about this before, I do believe you're going to get in a period where you start stocking large projects on top of that base. And I've been consistent in that. You're just now starting to see it go up. So I would expect the backlog to continue to increase, I would expect us to stack and continue to.

所以，當我們從正反兩方面來看待這個問題時，我可以告訴你，即使是今天的情況，我們仍然保持著大約 80% 的基本業務量。我們之前也討論過這個問題，我相信你會進入一個階段，在這個基礎上開始累積大型專案。我在這方面一直堅持不懈。你現在才開始看到它上漲。所以我預期積壓的工作量會繼續增加，我們會不斷堆積工作。

The power plant nor Greenbelt is in our backlog and will continue to stack. So at the larger projects, LNTPs, no [765] in there. I really like our chances of stocking this for decades or more. And we're giving long-term growth profiles. We're doing the things that we need to do to be a consistent compounding earnings platform.

發電廠和綠帶專案都不在我們的待辦事項清單中，並將繼續積壓。所以在較大的項目 LNTP 中，沒有 [765]。我非常看好我們未來幾十年甚至更長時間都能供應這款產品。我們提供的是長期成長概況。我們正在採取必要的措施，以成為一個持續獲利的平台。

Good stuff, thank you.

好東西，謝謝。

Thank you. Sangita Jain, KeyBanc.

謝謝。Sangita Jain，KeyBanc。

Great. Thank you for taking my question. So can I ask a follow-up on the JV that you announced this morning for the large load center. I'm assuming that this is mostly all your basic high voltage work that you do. But I'm wondering if there's a potential to add further scope to this with the customer itself for low-voltage electrical and mechanical work?

偉大的。感謝您回答我的問題。那麼，我能否跟進一下您今天早上宣布的大型貨運中心合資項目的情況？我假設這基本上就是你所做所有的高壓基礎工作。但我很想知道，是否有可能與客戶協商，進一步擴大低壓電氣和機械工作的範圍？

No, this is a full CGGT. I mean it's a full build. That's -- it's a 50-50 partnership. Certainly, we have aspects of this that will perform that internally and then Zachary has aspects of this open really well. So it's a full JV, a full turnkey project, and it's electric scope, too.

不，這是完整的 CGGT。我的意思是，這是一個完整的模型。那是——這是五五開的合作關係。當然，我們內部有一些方面可以實現這一點，而 Zachary 在這方面也做得非常好。所以這是一個完整的合資項目，一個完整的交鑰匙工程，而且也涉及電氣方面。

I think you'll see in the program itself with NiSource, we'll continue to see some stacking there with other things and opportunities. But in general, what you see is us building out that platform of what I consider from the CGT 3 gigs and the battery is around it, and that's what we're building. I hope I answered your questions.

我認為你會在 NiSource 的專案本身中看到，我們將繼續看到一些與其他事物和機會的疊加。但總的來說，你看到的是我們正在建立一個平台，我認為這個平台源自 CGT 3 級處理器，電池圍繞著它，這就是我們正在建造的。希望我的回答能幫助你。

No, that's good. Thank you. Thank you, Duke.

不，那很好。謝謝。謝謝你，杜克。

Thank you. Julien Dumoulin-Smith.

謝謝。朱利安·杜穆蘭-史密斯。

Hey, good morning to you. Thank you guys very much for the time. I appreciate it. Look, if I could follow up a little bit on this question of scope of business. Obviously, you guys are expanding into the -- more of the generation side.

嘿，早安。非常感謝各位抽出時間。謝謝。聽著，關於業務範圍這個問題，我可以再補充一點嗎？顯然，你們正在向——更多的代際方面拓展業務。

But how do you think about expanding more into the data center side, specifically, right? You're talking about pursuing generation here, specifically for large loads how about getting sort of inside the house. Obviously, you guys have done a couple of acquisitions here. It would seem germane to your strategy to continue to ramp and expand the scope more directly here. How do you think about that and the rate of growth there in specifically?

但是，您如何考慮進一步拓展到資料中心領域呢？您在這裡談論的是追求發電，特別是對於大負載發電，那麼如何才能將發電系統引入室內？顯然，你們在這裡進行了一些收購。繼續加強並更直接地擴大規模，似乎與你的策略密切相關。您如何看待這一點，特別是那裡的成長率？

Yes, Julian. I mean, I think we're down to a shell at this point, and that's from what I can -- you can log and basically build a building. the customers and how we look at it is solution based, if they ask us to build a balance of plan or what I would said the total data center and we can build it. We -- the MEP piece of it, we can grade. We can do whatever is necessary.

是的，朱利安。我的意思是，我覺得我們現在只剩下個框架了，就我所知──你可以記錄數據，然後基本上就能蓋一棟大樓了。客戶和我們看待問題的方式是基於解決方案的，如果他們要求我們建立一個平衡的方案，或者我可以說是整個資料中心，我們就能做到。我們－MEP 部分，我們可以評分。我們可以做任何必要的事情。

I think we'll have those opportunities, we'll probably work with general here or there on that. But look, we're in a position where we can build basically the whole data center. We can build a generation behind it, all the way to rack. So I feel real comfortable with how we've positioned ourselves to take advantage of these opportunities when we go fast, 1 person, and we can do that.

我認為我們會有這樣的機會，我們可能會在這方面與一些將軍合作。但是你看，我們現在有能力建造基本上整個資料中心。我們可以圍繞它打造一代產品，一直到機架。所以我覺得我們目前的定位非常合理，能夠抓住這些機會，快速行動，一個人就能做到。

So -- it's also working with the client, the utility as well and how that converges, I think, is where the real opportunities for us is that convergence of generation, labor certainty and where we sit in that sphere there. So I like it that we're in front of it. I do think we have a lot of opportunity to continue to build out scope with technology.

所以——這也涉及與客戶、公用事業公司合作，以及它們如何融合，我認為，這才是我們真正的機會所在，那就是世代、勞動力確定性以及我們在這個領域中所處的位置的融合。所以我很高興我們處於領先地位。我認為我們有很多機會利用科技繼續拓展我們的業務範圍。

Excellent. We'll hear about it grow next year maybe.

出色的。也許明年我們就能聽到它發展的消息了。

Yes.

是的。

Thank you. Jamie Cook, Truist Securities.

謝謝。Jamie Cook，Truist Securities。

Can you hear me?

你聽得到我嗎？

Loud and clear.

聲音洪亮清晰。

Great. I finally figured it out this time. Anyway, So Duke, I just want to build on your announcement this morning with the total solutions power generation platform and the joint venture with Zachary to build power plants. I guess just taking this a step further, this is sort of unlike you to sort of joint venture with someone. So I'm just thinking longer term, is this sort of you dipping your toe and power generation and getting more comfortable.

偉大的。這次我終於搞清楚了。總之，杜克，我只是想補充一下你今天早上宣布的關於整體解決方案發電平台以及與扎卡里合資建設發電廠的內容。我想更進一步來說，你這種與人合夥創業的做法不太像你的風格。所以我只是從長遠角度來考慮，這算不算你試水發電領域，然後逐漸適應的過程。

To what degree do you think you need to do an acquisition and acquire someone to do full EPC power plants? Like is this a step in at dipping your toe and then over time, you would do an acquisition so you could do everything, I guess, by yourself. Thanks.

您認為您需要在多大程度上進行收購，並找到能夠承建完整EPC電廠專案的公司？這就像是試水，然後隨著時間的推移，你會進行收購，這樣你就可以獨自完成所有事情了。謝謝。

Yes, Jamie, I look at it like we're listening to our customer and they're asking us to expand our services. And I believe we've got the capabilities to do so. So we're working with select customers on this and long-standing customers on power generation. I do think it's a great business for the foreseeable future. Zachary was a great company, very much valued the same as us, know well, the family well.

是的，傑米，我認為我們正在傾聽客戶的意見，他們要求我們擴展服務。我相信我們有能力做到這一點。所以我們正在與部分客戶就此展開合作，並與長期客戶就發電問題合作。我認為在可預見的未來，這仍然是一項非常好的生意。Zachary是一家很棒的公司，和我們一樣非常重視它，我們和它的家人都很了解它。

Great opportunity for us to work together on some things that they do better than us. And we have the capabilities internally to do everything so do they. We felt like this was a great venue for us in Indiana to work together to build this plan.

這是我們合作的絕佳機會，我們可以共同發展他們比我們更擅長的領域。我們公司內部有能力完成所有事情，所以他們也這麼做了。我們覺得這裡是我們在印第安納州共同製定這項計劃的絕佳場所。

Risk is always concerned me in these combined cycles. And I believe we've done a nice job here of a collaborative with the client. So I feel real comfortable with that. Yes, we can expand here. It can be a large what I consider opportunity for the company, and we'll take advantage of it.

在這些綜合週期中，風險始終令我擔憂。我認為我們與客戶的合作做得很好。所以我對此感到非常放心。是的，我們可以在這裡擴張。我認為這對公司來說是一個很大的機遇，我們會好好把握這個機會。

But in select cases, I'm not going to get pressured to go sign up 10 combined cycles. It's just not who are and we'll make sure that we limit ourselves to strategic partners and people that will collaborate with us on a total solution. This is a large program. It's very much a solution for us.

但在某些情況下，我不會迫於壓力去參加 10 個週期的課程。關鍵不在於我們是誰，我們會確保只與策略合作夥伴以及願意與我們合作尋求整體解決方案的人合作。這是一個大型專案。這對我們來說是一個非常理想的解決方案。

And I think we've done it the right way with the JV to mitigate some risk for the client and ourselves. So I think it's a smart way to kind of -- for us to go into Indiana and the other places, other kind of machines, we would look at it differently. But for this one, this was a great opportunity for us. And I think what we've leveraged our capabilities along with Zachary to have a complete solution for the client.

我認為我們透過合資企業採取了正確的方式，降低了客戶和我們自身的一些風險。所以我認為這是一個明智的方法——對我們來說，進入印第安納州和其他地方，使用其他類型的機器，我們會以不同的方式看待它。但對這次來說，這對我們來說是一個絕佳的機會。我認為我們已經充分發揮了我們的能力，再加上 Zachary 的幫助，為客戶提供了一個完整的解決方案。

Thank you.

謝謝。

Thank you. Ati Modak, Goldman Sachs.

謝謝。阿蒂·莫達克，高盛。

Hey guys, good morning. I'm just wondering, as you think -- as you think about the JV opportunities in general, is there a way to think about the dollar value of the projects, maybe on a gigawatt basis or whatever way you would like to guide us. And what's the view on the total market opportunity that you have for CCGTs as it stands today? And what is a reasonable market share for you longer term.

嘿，各位，早安。我只是想知道，當您思考——當您總體上思考合資機會時，有沒有辦法考慮項目的美元價值，也許以吉瓦為單位，或者您希望指導我們的任何方式。那麼，您如何看待目前聯合循環燃氣渦輪機（CCGT）的整體市場機會？那麼，對您而言，長期來看合理的市佔率是多少？

I think how to look at the JV is just kind of when we think about our portion of it, it's -- the whole thing is similar to SunZia. I mean I think that's how you have to look at this and how we're looking at it, we have half the CCGT, but on the other side of that, Quanta with other opportunities there with battery and other things. So I think I would look at it like a SunZia from a standpoint from our revenue base. Although the JV will be half, we're 50-50 on that, and Jayshree can walk through the accounting, but it's 50, 50.

我認為看待合資企業的方式就是，當我們考慮我們自己的那部分時，整個情況與孫子亞的情況類似。我的意思是，我認為這就是你應該如何看待這件事，也是我們看待這件事的方式。我們擁有 CCGT 的一半股份，但另一方面，澳洲航空在電池和其他方面還有其他機會。所以我覺得從收入基礎的角度來看，它就像一家 SunZia 公司。雖然合資企業各佔一半股份，但我們對此持平，Jayshree 可以負責會計核算，但總之是五五開。

And as far as the market, look, I wouldn't get it all lathered up that we're going to go after all the CCGT that are out there. That's not who we are. We're really going to -- we're focused on our customers and in certain programs and where it can be more a total solution, much like what you've seen with NiSource in Indiana. We want that total solution.

至於市場方面，你看，我不會抱太大希望，認為我們會去搶購所有現有的CCGT。我們不是那樣的人。我們真的想要——我們專注於我們的客戶，在某些專案上，我們可以提供更全面的解決方案，就像你在印第安納州的 NiSource 專案中看到的那樣。我們想要的是整體解決方案。

We're not going to -- if it's a one-off I do not believe you'll see us in that arena unless we can -- unless it makes total sense, but I doubt it. So I think we're going to be extremely selective here on how we -- a good market with combined cycles.

我們不會——如果只是一次性的，我不認為你會在那個領域看到我們，除非——除非這樣做完全有意義，但我對此表示懷疑。所以我認為，對於如何打造一個週期均衡的良好市場，我們將非常謹慎地進行選擇。

Thank you.

謝謝。

Sure.

當然。

Thank you. Nicholas Amicucci, Evercore.

謝謝。Nicholas Amicucci，Evercore。

Hey, guys, can you hear me?

嘿，夥計們，你們聽得到我說話嗎？

Yes.

是的。

All right. Perfect. I just wanted to kind of touch upon. So just given kind of the massively increased demand for natural gas as the feed fuel. I mean, have you guys been having some conversations.

好的。完美的。我只是想簡單提一下。鑑於天然氣作為原料燃料的需求大幅增加。我的意思是，你們之間有進行過一些交流嗎？

Obviously, the pipeline business is kind of targeted to be down this year. Just kind of thinking about the available infrastructure currently within the United States and then the need -- the inevitable need for some more. Just wanted to get a sense of are people starting to talk about that? Or is it still very early innings?

顯然，今年管道運輸業務預計會下滑。我只是在思考美國目前可用的基礎設施，以及由此產生的——不可避免的對更多基礎設施的需求。只是想了解大家是否開始討論這件事了？或者現在還只是比賽初期？

I mean I think we have probably a conversation every day about a piece of pie. When I think about it, I wouldn't -- when I go into next year, it's [$50 million]. That's what we're going to guide. And we're not going to -- unless we have book work against it, we're not going to get ourselves in a position where that's something that the company is focused on, and we'll build it. We certainly see it.

我的意思是，我覺得我們可能每天都會談論一塊派。仔細想想，我不會──明年的時候，情況就是這樣。[5000萬美元]這就是我們要引導的方向。除非我們有相關的專案在身，否則我們不會讓自己陷入公司專注於此的境地，我們會著手開發它。我們當然看到了。

We have great customers there. It will be selective. The risk profiles and everything else on a large diameter pipe, and it's lumpy. We're trying to be a compounder of earnings and give good guidance for multi years and decades in fact. So it's hard to do when you the lumpiness of big pipe.

我們在那裡擁有非常棒的客戶。這將是有選擇性的。大直徑管道的風險狀況和其他所有因素，以及管道的凹凸不平。我們力求實現獲利的持續成長，並能為未來數年乃至數十年提供良好的業績指引。所以，當遇到大管道的凹凸不平時，就很難做到這一點。

It's just not us.

那真的不是我們。

And so I think, yes, we can build billions in pipe. It's just a matter if the client needs us to do it, and we'll have to do it in a way that we can derisk ourselves. I don't like the weather risk, the mat risk, a bunch of different things there. If we can do it ourselves, we'll build it all day. do you think the opportunity is there. It's a good market, and certainly, you can see it. It's still tough at the state level and permitting. We're not passed that yet.

所以我認為，是的，我們可以建造價值數十億美元的管道。這取決於客戶是否需要我們這樣做，而我們必須以能夠降低自身風險的方式來完成這項工作。我不喜歡天氣風險、墊子風險，還有很多其他方面的風險。如果我們自己能做，我們會整天都投入進去。你覺得機會存在嗎？這是一個不錯的市場，這一點顯而易見。州一級的審批和許可流程仍然很困難。我們還沒度過那段時期。

Got it. Perfect. Thank you.

知道了。完美的。謝謝。

Thank you. Ameet Thakkar, BMO.

謝謝。阿米特·塔卡爾，BMO。

Hey, guys, can you hear me?

嘿，夥計們，你們聽得到我說話嗎？

Hey, hello.

嘿，你好。

Hey.

嘿。

Good morning. Thanks for the time. Your, one of your earnings supplements, I think kind of said that your solar and storage backlog increased pretty significantly versus last quarter. I was just wondering if you guys could provide a little bit more color on how much did it increase? And then what do you guys see as the kind of drivers of that? Is that more from the legislative and safe harbor certainty? Or is this kind of just more follow-through from kind of the power demand environment that's out there. Thanks, guys.

早安.謝謝你抽出時間。我記得你的一份收益補充報告提到，你的太陽能和儲能積壓訂單比上一季大幅增加。我只是想問你們能否詳細說明一下增長了多少？那麼，你們認為造成這種情況的驅動因素是什麼？這比較是源自於立法和安全港條款的確定性嗎？或者這只是當前電力需求環境的進一步體現？謝謝各位。

Thank you. Nothing new, business hasn't let up. We said it last quarter, I'll say it again. It's just LNTP are coming into FNTPs. Nothing new. I think we're growing the business. Obviously, power is in need and if you can build it faster with renewables and batteries, that's what's happening.

謝謝。一切如常，生意沒有絲毫鬆懈。上個季度我們說過，我再說一次。只是 LNTP 進入了 FNTP。沒什麼新鮮事。我認為我們的業務正在成長。顯然，電力是必需的，如果能利用再生能源和電池更快地發電，那麼這就是正在發生的事情。

And the fastest thing in the market right now is we'll be all encompassing in power and generation. The fact that we put in this what I consider as other solution now, it will continue. And I think backlog in the renewables side has been great. The inbounds are great.

而目前市場上最快的發展速度是，我們將全面涵蓋電力和發電領域。事實上，我們現在提出的這個方案，我認為是另一種解決方案，將會持續下去。我認為再生能源的積壓項目進展順利。界內球很棒。

And I don't think it's pull-in I think it's just the normal course. And we're seeing a nice market there. We continue to see it. Battery storage business is fantastic. We're happy with where we sit in the market. And now that we can provide a larger solution, I think it's great. And you'll continue to see us follow our customers.

我不認為這是故意的，我認為這只是正常的路線。我們看到那裡的市場前景不錯。我們持續看到這種情況。電池儲能業務前景一片光明。我們對自己在市場中的地位感到滿意。現在我們能夠提供更完善的解決方案，我認為這很棒。您將會看到我們繼續關注我們的客戶。

I mean if you look at our bigger customers and look at what they're saying, I think we're right there in front of them or right there with them. And it's important to us to be able to say yes to a customer app when they ask us to do something and they ask us to go with them that we can say yes and have the capabilities to do so.

我的意思是，如果你看看我們的大客戶，看看他們是怎麼說的，我認為我們就在他們前面，或者說與他們並駕齊驅。對我們來說，當客戶要求我們做某事，並希望我們與他們一起行動時，能夠答應他們的請求並具備相應的能力，這一點非常重要。

The 67,000, 68,000 employees we have out there they're fungible in many ways that we can move them around. We have to do a great job up here of making sure that we have the -- what I consider the end markets to move to, and we can be more selective and we have been.

我們擁有的 67,000 到 68,000 名員工在許多方面都是可以互換的，我們可以把他們調來調去。我們必須在這裡做好充分的準備，確保我們擁有——我認為的最終市場——我們可以更加挑剔，而且我們也一直在這樣做。

So that renewable piece is a part of it. We're building a lot of renewables in Indiana. And so that same workforce will move over and do some CGT work. So I just think we're dimly fungible. We're happy with where we sit. And backlog was broad-based, and we had not put the bigger projects in it.

所以，再生能源是其中的一部分。我們正在印第安納州建設大量可再生能源項目。因此，同一批勞動力將會轉而從事一些資本利得稅工作。所以我認為我們之間只有一點點可替代性。我們對目前的處境很滿意。積壓專案範圍很廣，我們還沒有把較大的專案放進去。

Thank you.

謝謝。

Thank you. Justin Hauke, Robert W. Baird.

謝謝。賈斯汀·豪克，羅伯特·W·貝爾德。

Great. Thanks for taking my question here. I guess I just wanted to build on Jamie's question. The thing, I guess, you guys have always self-performed so much of your work and that's sort of a way that you've mitigated risk.

偉大的。感謝您接受我的問題。我只是想在傑米的問題基礎上再補充一些內容。我想，你們一直以來都自己完成很多工作，某種程度上也是你們降低風險的一種方式。

And so just with the joint venture, maybe you can clarify kind of what's in your wheelhouse that you'll be doing and what's in Zachary's in terms of the combined cycle gas plants. And then also just on the margin profile.

所以，透過合資企業，或許您可以明確說明您在聯合循環燃氣發電廠方面的專長是什麼，以及 Zachary 在聯合循環燃氣發電廠方面的專長是什麼。然後，還有邊際輪廓。

I know you're not looking to do kind of discrete one-off plants. But I guess, how we would think about it is historically, the margins on those have been a little bit lower than the grid work just because the utilities, the ROEs are lower on that CapEx versus the spend on grid with some of the adders. So anything different from the margin profile on the work that would be coming in on that kind of those are the questions. Thank you.

我知道你不是想做那種零星的、一次性的植物種植。但我想，從歷史角度來看，這些項目的利潤率一直比電網工程略低，因為公用事業公司在這些資本支出上的淨資產收益率低於電網支出加上一些附加費用後的淨資產收益率。所以，如果作品的利潤率與以往有所不同，那麼就會出現這類問題。謝謝。

Yeah. As far as who's performing, what I mean both of us can perform total solution. So I think they're bare certain things than we are. And we'll make sure from an engineering standpoint, they're certainly the engineering staff and the capabilities there. So the front end side of it, the back end side of it makes a lot of sense for Zachary and then, of course, we'll balance each other across the plant, whether it's internal subcontract however we decide to do it.

是的。至於誰來表演，我的意思是，我們兩個都能完成整個解決方案。所以我覺得他們在某些方面比我們更了解。從工程角度來看，我們會確保他們有足夠的工程人員和能力。所以，前端和後端對 Zachary 來說都很有意義，當然，我們會在整個工廠內相互平衡，無論是內部分包還是我們決定的任何方式。

But we're capable of doing the whole thing. I think what the right answer is, how do we -- we continue to use local content in Indiana. We have a great presence there. We'll work with the client on that to make sure that we're pulling in local content into the state as well as we have offices there. We can sell, perform all the mechanical, perform all the electric.

但我們有能力完成整件事。我認為正確的答案是，我們如何——我們如何繼續在印第安納州使用本地內容。我們在那裡擁有強大的影響力。我們將與客戶合作，確保將當地內容引入該州，因為我們在那裡設有辦事處。我們可以銷售，可以進行所有機械方面的維修，也可以進行所有電氣方面的維修。

Basically can do it all. I just -- it's kind of a '27, '28 build with the ramp in '28 -- '27, '28, and we'll just have to see where we're at there. But -- and we have all those capabilities internally. We'll just balance each other there. As far as margin profile, I would tell you it's at parity or better in the segment.

基本上什麼都能做。我只是——這有點像是 27、28 年的建造，坡道是 28 年的——27、28 年，我們得看看情況如何。但是──我們公司內部就具備所有這些能力。我們正好可以互相平衡一下。就利潤率而言，我認為它在同行業中處於平價或更高水準。

Appreciate it. All right, thank you. Congratulations.

謝謝。好的，謝謝。恭喜。

Thank you. Phil Shen, Roth Capital.

謝謝。Phil Shen，Roth Capital。

Hey guys, can you hear me okay?

嘿，各位，你們聽得到我說話嗎？

Yes.

是的。

Please go ahead.

請繼續。

Guys, can you hear me okay?

各位，你們聽得到我說話嗎？

Loud and clear.

聲音洪亮清晰。

Okay. Great. Thanks. I know you haven't given guidance for '26. But as we wind down '25, can you share what the growth trajectory for organic growth might look like for perhaps comments on the different outlook for Electric Infrastructure and [UI].

好的。偉大的。謝謝。我知道你還沒有給 2026 年的指導。但隨著2025年即將結束，您能否分享有機成長的軌跡可能如何？或許還可以就電力基礎設施的不同前景發表一些評論。[使用者介面].

If you can't take that, perhaps you can comment on the margin profile, the expanded total solutions platform compared to the current electric power margins is the deal with NiSource or margin accretive or in line with current run rate?

如果你不能接受這個觀點，或許你可以評論一下利潤率情況，與目前的電力利潤率相比，擴大的整體解決方案平台與NiSource的交易是能提高利潤率，還是與目前的運行速度持平？

It's in line or accretive on the first -- on the last question. And as far as guidance and where at. I mean, look on '25, we're in line see some save $10 million or one way or the other around $2.8 billion. I wouldn't get worked up about it. We hit it down the middle and I think we've taken into account a lot of things and getting conservative guidance.

它與第一個問題一致，或者說是累加的──與最後一個問題一致。至於指導方針和地點。我的意思是，看看 25 年的情況，我們排隊等待有人能節省 1000 萬美元，或以其他方式節省約 28 億美元。我不會為此感到焦慮。我們採取了折衷方案，我認為我們已經考慮到了很多因素，並得到了保守的指導。

More importantly, when we look at guidance, I mean, I'm looking in '28, '29, what we're saying, we floored it at 10% and kind of 15% EPS -- adjusted EPS at the midpoint, given all levers of the balance sheet and 20% is what we've done. So I don't know. I think I've given you five-year guidance as far as I'm concerned, outward -- and so I don't -- that's the guidance. And it will be somewhere in there when we go to the street.

更重要的是，當我們審視業績指引時，我的意思是，我指的是 2028 年和 2029 年，我們所說的，我們把每股收益 (EPS) 的最低目標定在 10% 到 15% 之間——考慮到資產負債表的所有槓桿，調整後的每股收益取中間值，而我們實際實現目標是 20%的目標是 20%。所以我也不知道。我認為我已經給了你們五年的指導，就我而言，是向外的——所以我不——這就是指導。當我們走到街上時，它就會在那裡的某個地方。

Great, thanks guys.

太好了，謝謝各位。

Thank you. Chad Dillard, Bernstein.

謝謝。查德·迪拉德，伯恩斯坦。

Hi guys. So a big picture question for you guys. So over the medium and long term. How do you think the power misty evolves to serve large lot customers like data centers? Is it the [J-code] like we're seeing with NiSource, is it behind the meter? Is it traditional grid connection?

嗨，大家好。所以，我想問大家一個比較宏觀的問題。所以從中長期來看。您認為電力霧化技術將如何演變以服務像資料中心這樣的大型客戶？是像我們在 NiSource 中看到的那種 [J 程式碼] 嗎？它是不是在儀表後面？這是傳統的併網連線嗎？

I know it's a combination of all the above, but to get a sense for like how you think that mix evolves? And then I guess, secondly, when it comes to the JV just announced, how do we think about the contract structure, and just like how you guys are thinking about bidding is this competitive? Is it in book? Any color on that would be helpful.

我知道這是以上所有因素的綜合作用，但我想了解你認為這種混合作用會如何演變？其次，關於剛宣布的合資企業，我們該如何看待合約結構？就像你們考慮投標一樣，這有競爭力嗎？書裡有嗎？如果能加上任何顏色就更好了。

I mean I think it's all of the above when you look at these things. Some of it, we're starting on. We don't have any issues with. We can -- as long as we can scope it and feel good about it. We're happy to have lump sum on things.

我的意思是，當你審視這些事情時，我認為以上所有因素都成立。有些事情，我們已經開始著手做了。我們沒有任何問題。我們可以——只要我們能把握好方向，並且對此感到滿意。我們很樂意一次拿到款項。

It doesn't -- we can do that. But if it's stuff that we don't understand and we'll derisk ourselves. You can expect that. I mean I've said it publicly, we're not going to take risk on these larger projects with our labor and our labor force and everything we have for certainty, it's not the right answer for the client. And so I think us working together preplanning early and upfront is extremely important for us when we look at the future of how we build things, especially today.

不會——我們可以做到。但如果是我們不懂的東西，我們會降低風險。這是意料之中的事。我的意思是，我已經公開說過，我們不會在這些大型專案上冒險，投入我們的勞動力、人力以及我們所擁有的一切資源，以確保萬無一失，這對客戶來說不是正確的選擇。因此，我認為，當我們展望未來如何建立事物時，尤其是在今天，提前共同製定計劃對我們來說至關重要。

Thank you. Sherif El-Sabbahy, Bank of America.

謝謝。Sherif El-Sabbahy，美國銀行。

Hi, good morning. I just wanted to touch on M&A a bit. Just as your backlog builds on multiyear demand, would you ever consider shifting your M&A focus to complement your craft labor pool by acquiring smaller service providers? Or do you feel that the steps you've taken internally to grow the labor pool are you able to match the workload that you want to take on in the coming years?

您好，早安。我只是想簡單談談併購。正如您的積壓訂單是基於多年的需求而累積的一樣，您是否考慮過將併購重點轉移到收購規模較小的服務提供者上，以補充您的技術工人隊伍？或者，您覺得您為擴大內部勞動力儲備所採取的措施，能夠滿足您未來幾年想要承擔的工作量？

Yes. I mean we don't buffer capacity. We never have its strategy totally. And so when we think about it, we're filling a strategic gap you could expect us to do so. I think we've done a nice job with that,

是的。我的意思是，我們沒有緩衝產能。我們永遠無法完全掌握它的戰略。所以仔細想想，我們正在填補一個戰略空白，這也是你們可以期待我們這麼做的。我認為我們在這方面做得很好。

stayed in front vertical supply chain.

始終處於垂直供應鏈的前端。

We don't talk about that much, but I think we've done a really nice job of our vertical supply chain and what we can do with that. We continue to add there. I think we have probably 10 projects ongoing that are enhancing our vertical supply chain that doesn't get talked about.

我們很少談論這個，但我認為我們在垂直供應鏈方面做得非常出色，而且我們可以利用它做些什麼。我們會繼續在那裡添加。我認為我們目前有大約 10 個正在進行的項目，這些項目正在提升我們的垂直供應鏈，但卻鮮為人知。

And so we were going to -- from our standpoint, we're filling the needs of the solution-based approach for our clients. And we'll continue to do so. We're adding fabrication. We're adding just about everywhere, but it's all strategic around the client. And look, I would say we're ahead in that, and we'll continue to buy great family companies make huge difference in how we think about it.

因此，從我們的角度來看，我們正在滿足客戶對解決方案的需求。我們將繼續這樣做。我們正在增加製造環節。我們幾乎在所有方面都在增加投入，但這一切都是圍繞著客戶的策略規劃。而且，我認為我們在這方面處於領先地位，我們將繼續收購優秀的家族企業，這將極大地改變我們看待這個問題的方式。

The culture and the company means so much more than anything else. And then we start there and does it fit the strategies next and then the financials will be after. But as far as I'm concerned, we pay a nice, what I consider multiple for a great company.

企業文化和公司氛圍比任何事都重要。然後我們從這裡開始，看看它是否符合接下來的策略，財務方面的問題隨後再考慮。但就我而言，我們支付的薪水相當可觀，在我看來，這是為一家優秀的公司支付的數倍薪水。

And we've -- you've seen us go from civil to transformers to other things. They all have a purpose and they all have a strategy. We'll continue to leverage that strategy as we move forward in great markets that we have with technology and utilities.

而且──你們也看到了我們從土木工程到變壓器，再到其他領域。它們都有各自的目的，也都有各自的策略。我們將繼續利用這項策略，在科技和公用事業等龐大市場中不斷前進。

Thank you. Brent Thielman, DA Davidson.

謝謝。布倫特·蒂爾曼，地方檢察官戴維森。

Hey, great. Thank, thanks so much. Do a bit of a follow-on to that last question. But when you look across this sort of massive craft workforce you've accumulated here. Are there trades in particular where you see real scarcity such that it's actually somewhat of a limiting factor to our growth. The growth has been good, obviously. And maybe where you're especially focused on sort of recruiting talented out there?

嘿，太好了。謝謝，非常感謝。請對上一個問題做一些後續補充。但當你放眼望去，你會發現這裡已經聚集瞭如此龐大的技術工人隊伍。是否存在某些貿易領域，資源真正稀缺，以至於在某種程度上限制了我們的成長？成長勢頭良好，這一點毋庸置疑。或許你特別注重招募市場上的優秀人才？

Yes. I think we've added about 6,000 with acquisitions. So this year, a little over. So quarter -- year-over-year -- so when you think about it, I mean, we've invested in that craft-skilled workforce and our apologies, our campuses in everything we've done their curriculum. We can move that curriculum into all phases of craft.

是的。我認為我們透過收購增加了大約 6000 名員工。所以今年略微超出了預期。所以，按季度計算——按年計算——所以當你思考的時候，我的意思是，我們已經投資於技術熟練的勞動力，抱歉，我們的校園，以及我們所做的一切，他們的課程。我們可以將課程融入工藝製作的各個階段。

Now, I mean we're early in our technology piece, Cupertino acquisition was a great platform. That inside wireman like as far as I'm concerned, is scarce, it's probably where you see scarcity. We've been able to add fabrication. We continue to add premanufacturing, let's call it, premanufactured products that are allowing us to scale it.

現在，我的意思是，我們目前還處於技術發展的早期階段，收購庫比蒂諾是一個很好的平台。在我看來，像這種內部電線工人這樣的人才非常稀缺，這可能是你看到人才短缺的地方。我們已經能夠增加製造環節。我們不斷增加預製產品，或預製產品，這使我們能夠擴大規模。

But I think that's probably when I think through it, we'll continue to beef that program up and add faster to our inside arm. And then now we're in plumbing mechanical all kinds of trades there from our mechanical business.

但我認為，等我仔細考慮之後，我們會繼續加強這個項目，加快我們內線球員的速度。現在，我們機械公司的業務範圍涵蓋了管道、機械等各種行業。

So that's next, and we'll continue to add curriculum, some kids don't want to get in the air. And some of these businesses are more local than others. So on our high voltage, we travel, we can't -- they're starting to do more of that on the end side, but it was predominantly local.

所以接下來我們會繼續增加課程，因為有些孩子不想坐飛機。而且，這些企業中有些比其他企業更具本地特色。所以，在我們的高壓線路上，我們出行，我們不能——他們開始在終端側做更多這樣的事情，但這主要是在本地進行的。

So we have to build these levels much, much stronger. And you'll see us do that. You'll see us add there. But in general, I would tell you that the inside piece of it in the mechanical piece, we're early. So that's where the gap is for us, and try to enhance that as quick as possible.

所以我們必須把這些層級建構得更牢固。你們將會看到我們這樣做。你會看到我們在那裡添加內容。但總的來說，我會告訴你，就機械部分的內部結構而言，我們處於早期階段。這就是我們面臨的差距，我們要盡快彌補這個差距。

Okay. Thank you.

好的。謝謝。

Thank you. Mike Dudas, Vertical Research Partner.

謝謝。Mike Dudas，Vertical Research 合夥人。

Morning, Jayshree, Duke, given the tertiary demand you're seeing and the tightness in capacity, are your customers starting to recognize they need to secure your time your MSA, our resources at a more quicker rate? And does that lead to maybe better scale and execution on margins as we move forward?

早安，Jayshree，Duke，鑑於您看到的第三級需求和產能緊張，您的客戶是否開始意識到他們需要更快地確保您的時間、您的MSA、我們的資源？隨著我們不斷前進，這是否會帶來更好的規模和利潤率？

And maybe an answer to that, any concern on how the industry is going to pay for all this capacity that's coming through, certainly living in New Jersey, we've been seeing a lot of issues on rates going up, et cetera. Just wanted to get your thoughts on how that's a place or as you're talking to utilities and your developers?

也許對此的答案是，對於行業將如何支付所有這些新增產能的問題，任何擔憂，尤其是在新澤西州，我們已經看到了很多關於費率上漲等問題。我只是想聽聽你對這個地方的看法，或者說，你在與公用事業公司和開發商溝通時的想法？

Yeah. I mean I think affordability is always an issue. Fuel is a big piece of the bill, I mean, 60% interest. Interest is going down, you got to look at your fuel as well. And so that's -- those two are big pieces of a bill. Now, I do think you're going to see large transmission get built and things of that nature, PJM is shares sharing of infrastructure.

是的。我的意思是，我認為價格負擔能力始終是一個問題。燃油費佔了帳單的很大一部分，我的意思是，利息高達 60%。利率下降了，你也得關註一下燃料成本。所以，這兩項是帳單上的大頭。現在，我認為你會看到大型輸電線路的建設以及類似的項目，PJM 正在共享基礎設施。

So there's different models out there. But I'll go back to -- I think if you look at technology and look at where the loads coming, you haven't built the transmission line in the United States, it's not MPV-positive, number one.

所以市面上有很多不同的型號。但我還是要回到——我認為，如果你看看技術，看看負荷的來源，你會發現美國還沒有建成輸電線路，這並非MPV正效益，這是第一點。

Number two, generation the more generation, you can see it with the NiSource example, where the rate payer is actually benefiting from the load. Those models are out there. And I do think technology is willing to pay their way.

第二，發電量越大，發電量就越多，你可以從 NiSource 的例子中看到這一點，其中納稅人實際上從負載中受益。這些型號確實存在。而我認為科技公司願意為此付出代價。

So you're seeing utilities and technology come together for what I think is the benefit of the rate payer here. And it's taken a little bit of time -- but as that goes forward, look, we all have to be put in and watch the affordability piece of this, but the NPV on the other side of it is a downward trajectory. So I like what I see. I think we'll get there, and you'll see a positive effect to the rate payer, we all have to be cognizant of.

所以，你會看到公用事業和科技正在結合起來，我認為這對納稅人來說是有利的。這需要一些時間——但隨著事情的進展，你看，我們都必須參與進來，關注其中的可負擔性問題，但另一方面，淨現值是呈下降趨勢的。我很喜歡我看到的。我認為我們會實現這個目標，納稅人將會看到正面的影響，這一點我們都必須意識到。

Alex Rigel, Texas Capital Securities.

Alex Rigel，德州資本證券。

We Good morning and thank you. Nuclear power can -- momentum here. Can you talk about how Quanta might get involved in that?

早安，謝謝。核能可以——勢頭正勁。您能談談量子技術可能如何參與其中嗎？

Yeah. I mean, look, as long as we don't have to go behind that, what I would consider nerves and the new fence. We're good. I mean I think once you get behind there, we have to derisk ourselves and think hard about it. It's not something that the company is jumping up and down to take a risk on.

是的。我的意思是，你看，只要我們不必走到那後面，也就是我所說的緊張氣氛和新圍欄後面就行了。我們很好。我的意思是，一旦落後了，我們就必須降低風險，並認真考慮一下。公司並不急於冒險去做這件事。

We're always around the edges on things. And I think as long as we can do the things that we know how to do and stay out of the nuclear fence. We feel real comfortable that we're not the reactor person, and we're not the person inside defense. There's a lot of ancillary things we can do, and will do. But once we cross the line of that fence, it's not us.

我們總是遊走在事物的邊緣。我認為，只要我們能做我們擅長的事情，並且遠離核武的威脅。我們感到非常安心，因為我們既不是負責反應爐的人，也不是負責防禦的人。我們可以做很多輔助性的事情，而且我們也會去做。但一旦我們越過那道圍欄，那就不是我們了。

Thank you.

謝謝。

Thank you. Brian Brophy, Stifel, Nicolaus.

謝謝。Brian Brophy，Stifel，Nicolaus。

Thanks, good morning, everybody. Just following up on the NiSource project. Curious if you can comment on whether that is structured as a cost plus or a fixed price project. I assume it's fixed price, but I think you've alluded to in the past, potentially structuring those on a cost-plus basis to derisk. I'm just curious if you can provide any color? Thanks.

謝謝大家，早安。跟進一下NiSource專案的情況。想請問一下，這個項目是成本加成項目還是固定價格項目？我假設這是固定價格，但我認為你過去曾暗示過，可能會採用成本加成的方式來降低風險。我只是好奇你們能不能提供任何顏色？謝謝。

Yeah. I mean, we're involved in what kind of contract structure we have. But I would just say, look, I'll stand by my comments previously that the company on these type of projects are not -- we're not going to take certain kinds of risk on them.

是的。我的意思是，我們參與決定我們採用什麼樣的合約結構。但我只想說，我堅持我之前的觀點，即公司不會在這些類型的專案上承擔某些風險。

And so I feel comfortable with where we sit there. I feel comfortable with the conduct and I can look, everyone all the investors in the eyes and say everything I've said about risk on a combined cycle, we have not taken that.

所以我覺得我們目前的處境很適合。我對公司的行為感到滿意，我可以看著所有投資者的眼睛說，我之前說過的所有關於綜合週期風險的話，我們都沒有承擔過。

So I'm happy with where we sit, happy with the contract structure that's -- it's a collaborative structure with the client that allows both to come out in a way that we can derisk both of ourselves and give the right answer to the ratepayer as well as a large load customer.

所以我對我們目前的狀況很滿意，對合約結構也很滿意——這是一種與客戶合作的結構，使雙方都能以一種可以降低彼此風險的方式達成一致，並為納稅人和大客戶給出正確的答案。

So I like where it sits I'm not going to get into exactly what the structure looks like. [Abby] did a great job there, and I'm extremely pleased with where we sit. And we have a great offering with Zachary built 100 plants and ourselves a bit gigs generation. I'm super happy with how we sit and Indiana, and what we're doing there for the local economy. It's a great partnership with NiSource. I hope it continues and it should.

所以我很滿意它現在的位置，至於具體的結構設計，我就不細說了。 [艾比]做得非常棒，我對我們現在的位置非常滿意。我們與 Zachary 合作，打造了 100 家工廠，並為我們自己創造了一些演出機會，這真是太棒了。我對我們在印第安納州的地位以及我們為當地經濟所做的一切感到非常滿意。與NiSource的合作非常棒。我希望它能繼續下去，而且它也應該繼續下去。

Appreciate it. I'll pass it on.

謝謝。我會轉達的。

Thank you. Maheep Mandloi, Mizuho Securities.

謝謝。Maheep Mandloi，瑞穗證券。

Hey, morning and thanks for taking the question here. Maybe just one question on the JV and maybe this for Jayshree. So can you just talk about the accounting here. It seems 50, 50 JV and NiSource talked about like a $6 billion, $7 billion CapEx. Could we assume that $3 billion coming through to some backlog here and in terms of the rev rate, could you share that? Or how to think about that here? Thanks.

嗨，早上好，感謝您在這裡回答這個問題。或許可以問一個關於 JV 的問題，或許可以問 Jayshree 一個問題。所以你能談談這裡的會計問題嗎？50,50 JV 和 NiSource 似乎談到了 60 億至 70 億美元的資本支出。我們能否假設這 30 億美元將用於償還一些積壓訂單？關於營收率，能否分享一下？或者，我們該如何看待這個問題呢？謝謝。

I think the backlog will be incremental on that. So you can -- I would tell you, the larger piece to that is air permit, it will hit second half of next year that will come into backlog. And you should look at our piece of it similar to SunZia, how it kind of stacked up, and that's how I would look at the thing. And then as far as the combined cycle, it's 50, 50.

我認為積壓的工作量會逐漸增加。所以你可以——我會告訴你，其中更重要的部分是航空許可證，這將在明年下半年出現積壓。你應該看看我們這部分和孫子家的情況類似，看看它是如何排列的，這就是我看待這件事的方式。至於綜合週期，則是 50，50。

Yeah. And the accounting on that, as we said, will be portion. So we'll just -- the income statement will reflect our share of that work on -- from the revenue all the way down to the profit and balance sheet as well.

是的。正如我們所說，這部分帳目將按比例分攤。所以，損益表將反映出我們在這方面的工作份額——從收入一直到利潤和資產負債表。

There's parts of the battery and things like that are straight to Quanta and parts of it that are part of the JV.

電池的某些部分以及其他類似零件直接提供給 Quanta，而有些則屬於合資企業。

Yeah. And just to make sure that, as Duke said earlier, we -- the backlog will reflect as the work progresses. So we're in LNTP phase now. We'll move forward in those things. As Duke mentioned, there's an error permit that has to get has to be obtained middle of next year. That's when it really hits FNTP. So you can expect most of the revenue and as Duke was saying, is it starts in the back half of '26, and really more into '27 and '28.

是的。正如杜克先前所說，為了確保積壓的工作能夠隨著工作的進展而解決，積壓的工作量將會減少。所以我們現在處於LNTP階段。我們將繼續推進這些事項。正如杜克所提到的，有一個錯誤許可必須在明年年中獲得。那時FNTP的症狀才真正顯現出來。所以你可以期待大部分收入，正如杜克所說，這要從 2026 年下半年開始，而且會持續到 2027 年和 2028 年。

Yeah. There won't be anything meaningful -- I mean as far as going to construction or revenues in '26.

是的。2026 年不會有任何實質進展——我的意思是，在建設或收入方面不會有任何進展。

Correct.

正確的。

Thank you.

謝謝。

Thank you. Adam Thalhimer, Thompson, Davis.

謝謝。亞當·塔爾海默、湯普森、戴維斯。

Hey, good morning Guys, nice quarter.

嘿，各位早上好，這季不錯。

Thank you.

謝謝。

If you can comment on the dynamic acquisition, how the integration is going, what kind of demand you're seeing generally in Texas? And what would be your appetite for more mechanical construction acquisitions?

您能否就此次動態收購、整合進度以及您在德州看到的整體需求發表一些看法？您對進一步收購機械工程項目有何興趣？

I mean I think we're extremely pleased with the acquisition. We bought a great family business long-standing. We got everything that we thought we'd do it 10x over. I feel like as far as how it's integrated with our offering now, I mean the inbounds and what we can do certainly picked up on the mechanical side. We're addressing investing the -- we can do a lot from fabrication.

我的意思是，我認為我們對這次收購非常滿意。我們收購了一家歷史悠久的優秀家族企業。我們得到了我們想要的一切，而且我們做得比預期還要好十倍。我覺得就它現在與我們產品的整合方式而言，我的意思是，入場和我們能做的事情在機制方面肯定有所改進。我們正在探討投資——我們可以從製造領域做很多事情。

They already had large facilities and broad-based service offerings, we'll expand it very quickly, much like we've done in Cupertino and Plattner. So I think you can see that type of expansion with the SI. As far as mechanical, look, it's trades as long as it fits the profiles and the trades we would look at it. It's something we're starting.

他們已經擁有大型設施和廣泛的服務，我們將迅速擴大規模，就像我們在庫比蒂諾和普拉特納所做的那樣。所以我認為你可以看到國際單位制（SI）的這種擴張。至於機械方面，你看，只要符合我們的要求和要求，我們就會考慮交易。這是我們正在著手做的事情。

We'll work with the SI to look at opportunities as they come in, nothing imminent, but we'll continue to look at that offering. I like the business. It's obviously we have peers there, and they've done a really nice job. They're ahead of us, but we're catching up pretty quick. And I like where we're going.

我們會與系統整合商合作，關注出現的各種機會，目前還沒有迫在眉睫的計劃，但我們會繼續關注該方案。我喜歡這份工作。很顯然，我們在那裡有同行，而且他們做得非常出色。他們領先我們，但我們很快就能趕上。我喜歡我們前進的方向。

Thanks, Duke.

謝謝你，杜克。

Thank you. Joe Osha, Guggenheim Partners.

謝謝。Joe Osha，古根漢合夥公司。

Yeah, hi, can you hear me?

你好，你聽得到我說話嗎？

(multiple speakers)

（多位發言者）

Okay. Great. Lots of talk about combined cycle gas. I'm a little curious, we hear a lot about single cycle going inside the fence alongside some of these big data centers to complement good scale renewables. I'm wondering if that's perhaps part of the work that you're seeing or perhaps contemplating? Thank you.

好的。偉大的。關於聯合循環燃氣發電的討論很多。我有點好奇，我們經常聽到在一些大型資料中心旁邊建造單週期發電廠，以補充規模較大的再生能源。我想知道這是否是您正在關注或考慮的作品的一部分？謝謝。

Yeah. I mean we said that before. I mean, when we started putting this group together, it was really around the single cycle because we felt like that was something right down the middle for us. But it's led to where we're at today and having more of a total solution to it. But we have a nice group that.

是的。我的意思是，我們之前就說過。我的意思是，當我們開始組建這個團隊時，我們主要圍繞著單週期展開，因為我們覺得這對我們來說是一個比較中庸的選擇。但這最終促成了我們今天所取得的成就，並讓我們擁有了一個更全面的解決方案。但我們有一個很棒的團隊。

We're looking at it all. I mean, I think it's important for us not only for the technology or the large load customer on the other side, but the utility as well and how we interface that and speed this process up. Everyone right now is around speed. And I think we can provide a unique solution with the moat around the utility and helping both sides of this.

我們正在全面調查。我的意思是，我認為這不僅對我們很重要，對技術或另一端的大負載客戶而言也很重要，對公用事業公司而言也很重要，以及我們如何對接並加快這一過程。現在大家都在談論速度。我認為我們可以提供獨特的解決方案，圍繞公用事業建立護城河，從而幫助雙方。

So like I said, it comes together with generation in craft skill, which we check both boxes and the certainty thereof. And can we move faster with single cycles, it's speed to market, whether it's solar, batteries, single cycle, the combined cycle lead times, if you have the engines, just all those things matter here it's a race. And I think in general, our generation, and we're right in the middle of it. So I'm pleased with where we sit.

所以就像我說的，它與代代相傳的工藝技能相結合，我們滿足了這兩個條件，並且對此充滿信心。我們能否加快單循環技術的發展？關鍵在於上市速度，無論是太陽能、電池、單循環技術，還是綜合循環技術的研發週期，如果你有發動機，所有這些因素都很重要，這是一場競賽。而且我認為總的來說，我們這一代，我們正處於這個時代的核心。所以我對我們目前的處境感到滿意。

Okay. Thank you.

好的。謝謝。

Thank you. Laura Maher, B. Riley.

謝謝。勞拉·馬赫，B·萊利。

Hi, good morning. Thanks for taking the question. My question is, are there -- the utility seeing any regulatory pushback to fund T&D growth?

您好，早安。感謝您回答這個問題。我的問題是，公用事業公司在為輸配電成長提供資金方面是否遇到任何監管阻力？

I mean I think you would see affordability issues that are in certain places. But most of the commissions are really as long as it's a positive to the rate payer. And like I said, I mean, most transmissions NPV positive. Every commission is different and every state is different, so they approach it in different ways.

我的意思是，我認為在某些地方你會看到價格承受能力方面的問題。但大多數佣金其實都是以對納稅人有利為前提的。就像我說的，我的意思是，大多數傳輸的淨現值都是正的。每個委員會的情況都不一樣，每個州的情況也不一樣，所以他們處理問題的方式也不同。

But for the most part, I mean, everyone the need for infrastructure is there, and we want to modern robust grid. I mean, in order to have an economy that we see today, the grid has to be modern. And not only are we seeing these new projects, but just you still have an ongoing -- I mean, we performed very nicely for three decades and negative load growth. And that business is still there. I mean we still have to operate these systems, and so you have that ongoing with the load in front of it, and it's broad-based.

但總的來說，我的意思是，每個人都需要基礎設施，我們想要現代化、強大的電網。我的意思是，為了擁有我們今天看到的這種經濟模式，電網必須現代化。我們不僅看到了這些新項目，而且你仍然有一個持續的——我的意思是，我們在過去三十年裡表現得非常好，而且負荷增長為負。而且這家企業仍然存在。我的意思是，我們仍然需要運行這些系統，所以系統前面一直存在負載，而且這種負載影響範圍很廣。

So I think the commissions we're there to serve. And we're going to make sure that the affordability of the rate payers there as an industry and everyone is cognizant of that. And fuel how you purchase fuel, your fuel source, taking risk on larger projects.

所以我認為我們存在的意義就是要服務這些委員會。我們將確保該行業所有納稅人都能負擔得起相關費用，並且每個人都意識到這一點。還有你如何購買燃料、你的燃料來源、承擔大型專案的風險。

I mean, I think everyone is looking at risk on the outer years in stranded assets, all kinds of different things that you can get into. And that's why you've seen the pace be a little slower with technology because they want to make sure that the stranded assets are not at the rate payer. But as you see, I believe the models are there. It will move much faster now that the models are in place to solidify the fact that the ratepayer benefits in most cases.

我的意思是，我認為每個人都在關注擱淺資產等各種不同風險。這就是為什麼你會看到技術發展的速度稍微慢了一些，因為他們想確保擱淺資產不會轉嫁到納稅人身上。但正如你所看到的，我相信模型是存在的。既然已經有了相應的模型來證實大多數情況下納稅人都能從中受益，那麼這項改革的進程將會加快得多。

Thank you. We have no further questions at this time. I will turn the call back over to management for closing remarks.

謝謝。目前我們沒有其他問題。我將把電話轉回給管理階層，請他們作總結發言。

I want to thank the 68,176 men and women in the field who make these calls possible and our field leadership who continue to make us look good, and thank you for participating in our conference call. We appreciate your questions and your ongoing interest in Quanta Services. Thank you. This concludes our call.

我要感謝 68,176 名在前線工作的男女員工，是他們讓這些電話得以實現；也要感謝我們的一線領導，是他們讓我們一直保持良好的形象；感謝各位參加我們的電話會議。我們感謝您提出的問題以及您對昆騰服務公司的持續關注。謝謝。通話到此結束。