Quanta Services Inc (PWR) 2025 Q4 法說會逐字稿

Good morning, and welcome to the Quanta Services fourth quarter and full year 2025 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded. If you have any objections, please disconnect at this time.

早安，歡迎參加 Quanta Services 2025 年第四季及全年業績電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。如有任何異議，請立即斷開連接。

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

現在我將把電話交給投資人關係副總裁基普·魯普，請他致開幕詞。

Thank you, and welcome, everyone, to the Quanta Services fourth quarter and full-year 2025 earnings conference call. This morning, we issued a press release announcing our fourth quarter and full-year 2025 Results, which can be found in the Investor Relations section of our website at quantaservices.com. This morning, we also posted our fourth quarter and full-year 2025 operational and financial commentary and our 2026 outlook expectation summary on Quanta's Investor Relations website. While management will make brief introductory remarks during this morning's call, the operational and financial commentary is intended to largely replace management's prepared remarks, allowing additional time for questions from the institutional investment community.

謝謝大家，歡迎參加 Quanta Services 2025 年第四季及全年業績電話會議。今天上午，我們發布了新聞稿，公佈了2025年第四季及全年業績，您可以在我們網站quantaservices.com的投資者關係欄位中找到新聞稿。今天上午，我們也在Quanta的投資者關係網站上發布了2025年第四季及全年營運和財務評論以及2026年展望預期摘要。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, February 19, 2026, and therefore, you're advised that any time-sensitive information may no longer be accurate as of any replay of this call. This call will include forward-looking statements and information intended to qualify under the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995, including statements reflecting expectations, intentions, assumptions or beliefs about future events or financial performance or that do not solely relate to historical or current facts. You should not place undue reliance on these statements as they involve certain risks, uncertainties and assumptions that are difficult to predict or beyond Quanta's control, and actual results may differ materially from those expressed or implied.

請注意，本次通話中報告的資訊僅代表截至 2026 年 2 月 19 日的情況，因此，任何有時效性的資訊在本次通話的任何重播中可能不再準確。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。您不應過度依賴這些聲明，因為它們涉及某些難以預測或超出 Quanta 控制範圍的風險、不確定性和假設，實際結果可能與明示或暗示的結果有重大差異。

We will also present certain historical and forecasted non-GAAP financial measures. Reconciliations of these financial measures to their most directly comparable GAAP financial measures are included in our earnings release and operational and financial commentary. Please refer to these documents for additional information regarding our forward-looking statements and non-GAAP financial measures.

我們還將展示一些歷史數據和預測的非GAAP財務指標。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'll 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, and welcome to the Quanta Services fourth quarter and full-year 2025 earnings conference call. I'd like to begin by thanking our exceptional employees for their continued absolute performance mindset, dedication to safety, operational excellence, and delivering mission-critical infrastructure solutions to our customers. Your commitment has once again driven outstanding results and position Quanta for sustained success.

謝謝你，基普。各位早安，歡迎參加 Quanta Services 2025 年第四季及全年財報電話會議。首先，我要感謝我們傑出的員工，感謝他們始終保持著絕對的績效意識、對安全的執著、卓越的營運能力，並為我們的客戶提供關鍵的基礎設施解決方案。你們的付出再次帶來了卓越的成果，並為昆塔的持續成功奠定了基礎。

2025 was another year of significant achievement and advancement for Quanta. Again, we delivered record results as we generated double-digit growth in revenues, adjusted EBITDA, and adjusted earnings per share, along with record free cash flow and backlog. Quanta has produced record revenues eight of the last nine years. Eight consecutive years of record-adjusted EBITDA and nine consecutive years of record-adjusted diluted earnings per share. Quanta has clearly established itself as a compounder of profitable growth.

2025年對昆騰來說又是取得重大成就與進步的一年。我們再次取得了創紀錄的業績，收入、調整後 EBITDA 和調整後每股收益均實現了兩位數的增長，同時自由現金流和積壓訂單也創下了紀錄。在過去九年中，廣達航空有八年創造了營收紀錄。連續八年實現調整後 EBITDA 創歷史新高，連續九年實現調整後稀釋每股盈餘創歷史新高。Quanta 已明確確立了其作為獲利成長複合型企業的地位。

These results reflect the strength of our diversified solution-based business model and our portfolio approach, enabling us to adapt to evolving industry dynamics, while consistently delivering execution certainty and profitable growth across varied market conditions.

這些成果體現了我們多元化解決方案型業務模式和投資組合方法的優勢，使我們能夠適應不斷變化的行業動態，同時在各種市場條件下持續提供執行確定性和獲利成長。

Throughout 2025, we continue to enhance our capabilities through strategic disciplined capital deployment. We completed eight acquisitions during the year, including three significant transactions in the second half of 2025. We acquired Dynamic Systems, a premier turnkey mechanical and process infrastructure provider that strengthens our presence in the attractive and growing technology, semiconductor, healthcare, and load center markets. And in the fourth quarter, the acquisitions of Tri-City Group and Wilson Construction Company expanded our cross-skill platform to deliver critical past solutions for load centered facilities and electric utility programs. In the aggregate, the acquisitions we completed in 2025, along with our organic growth, added approximately 11,100 employees, bringing our total workforce to approximately 69,500 at year-end, reinforcing our self-perform capabilities that provide certainty and differentiates Quanta as a solutions provider.

2025年全年，我們將繼續透過策略性的、有紀律的資本部署來提升自身能力。我們在年內完成了八項收購，其中包括 2025 年下半年的三項重大交易。我們收購了 Dynamic Systems，這是一家領先的交鑰匙機械和製程基礎設施供應商，這將增強我們在極具吸引力且不斷成長的技術、半導體、醫療保健和負載中心市場的地位。第四季度，我們收購了 Tri-City Group 和 Wilson Construction Company，擴大了我們的跨技能平台，為以負載為中心的設施和電力公用事業項目提供關鍵的解決方案。2025 年，我們完成的收購加上自身業務成長，總共增加了約 11,100 名員工，使我們的員工總數在年底達到約 69,500 人，從而增強了我們的自主執行能力，為解決方案提供商提供了確定性，並使 Quanta 脫穎而出。

Looking ahead, we see substantial momentum building across our end markets as evidenced by our total backlog of $44 billion. The convergence of the utility, power generation, and large load industries, combined with accelerating load growth demands is driving unprecedented infrastructure investment requirements. For example, in October, we announced Quanta selection by NiSource to design, procure, and construct generation and infrastructure resources capable of producing approximately 3 gigawatts of power for our large data center campus in Indiana, a project that showcases the breadth of our total solutions platform as well as our support customer affordability objectives. Additionally, we continue to advance our vertical supply chain solutions through strategically investing approximately $500 million to $700 million over the next several years in our power transformer manufacturing facilities and vertical supply chain strategy.

展望未來，我們看到終端市場的發展勢頭強勁，440億美元的總訂單積壓就證明了這一點。公用事業、發電和大型負載產業的整合，加上負載成長需求的加速，正在推動前所未有的基礎設施投資需求。例如，在 10 月份，我們宣布 Quanta 被 NiSource 選中，負責設計、採購和建造能夠為我們在印第安納州的大型資料中心園區生產約 3 吉瓦電力的發電和基礎設施資源。該專案展示了我們整體解決方案平台的廣度以及我們對客戶可負擔性目標的支援。此外，我們將繼續推動垂直供應鏈解決方案，未來幾年將策略性地投資約 5 億至 7 億美元用於電力變壓器製造設施和垂直供應鏈策略。

The majority of this investment will build out production for the 345-kilovolt through 765-kilovolt power transformers and breakers, which we believe will create a significant differentiated solution for Quanta and our customers in the high-voltage transmission market. These programs are just a couple of examples of Quanta's ability to provide total solutions across converging markets that are designed to deliver speed and certainty. In many ways, we believe we are just getting started. We are confident in Quanta's ability to deliver innovative, craft-based and supply chain solutions that are designed to meet our customers' need for certainty and for their success.

這項投資的大部分將用於擴建 345 千伏至 765 千伏電力變壓器和斷路器的生產，我們相信這將為 Quanta 和我們在高壓輸電市場的客戶創造一個顯著的差異化解決方案。這些項目只是 Quanta 能夠跨融合市場提供整體解決方案的幾個例子，這些解決方案旨在提供速度和確定性。在很多方面，我們認為我們才剛起步。我們對 Quanta 有能力提供創新、以製程為基礎的供應鏈解決方案充滿信心，這些解決方案旨在滿足客戶對確定性和成功的需求。

As we said last quarter, we believe we were well positioned to achieve record backlog and another year of double-digit earnings per share growth in 2026, and our full year guidance reflects that conviction. Our strategy remains grounded in craft labor excellence, execution certainty and disciplined investment. We believe Quanta is uniquely positioned at the center of a multi-decade infrastructure transformation, and we are confident in our ability to generate attractive compounding returns and deliver long-term stakeholder value.

正如我們上個季度所說，我們相信我們已做好充分準備，在 2026 年實現創紀錄的訂單積壓和連續第二年實現兩位數的每股收益增長，我們的全年業績預期也反映了這一信念。我們的策略依然以精湛的工藝、可靠的執行和嚴謹的投資為基礎。我們相信，昆達公司處於長達數十年的基礎設施轉型中心，擁有獨特的優勢，我們有信心創造可觀的複合回報，並為股東帶來長期價值。

With that, I will now turn the call over to Jayshree Desai, our CFO, to provide a few remarks about our results and 2026 guidance, and then we will take your questions. Jayshree?

接下來，我將把電話交給我們的財務長傑伊什裡·德賽，請她就我們的業績和 2026 年的業績展望作幾句說明，之後我們將回答大家的問題。傑伊什裡？

Thanks, Duke, and good morning, everyone. We are pleased to report another quarter of strong execution, capping a year in which Quanta delivered record results across virtually every key financial metric. For the full year, revenues reached $28.5 billion, an increase of 20% compared to 2024. Adjusted EBITDA was a record $2.9 billion, and adjusted diluted earnings per share grew 20% year-over-year to $10.75. We also generated record cash flow from operations of $2.2 billion and record free cash flow of $1.7 billion.

謝謝杜克，大家早安。我們很高興地宣布，本季業績表現強勁，為 Quanta 在過去一年中幾乎所有關鍵財務指標都創下歷史新高畫上了圓滿的句號。全年營收達 285 億美元，比 2024 年成長 20%。經調整後的 EBITDA 達到創紀錄的 29 億美元，調整後的稀釋每股盈餘較去年同期成長 20% 至 10.75 美元。此外，我們還創造了創紀錄的經營活動現金流 22 億美元和自由現金流 17 億美元。

In the fourth quarter specifically, revenues were $7.8 billion, with adjusted EBITDA of $845 million and adjusted diluted EPS of $3.16, all records for Quanta. Cash flow from operations in the quarter was $1.1 billion, and free cash flow was $946 million, both fourth quarter records.

具體來說，第四季營收為 78 億美元，調整後 EBITDA 為 8.45 億美元，調整後攤薄每股收益為 3.16 美元，均為 Quanta 的創紀錄業績。本季經營活動產生的現金流為 11 億美元，自由現金流為 9.46 億美元，均為第四季創紀錄水準。

During the fourth quarter, we completed three acquisitions: Tri-City Group, Wilson Construction Company and Billings Flying Service for aggregate upfront consideration of approximately $1.7 billion funded through a combination of cash and Quanta common stock. These businesses complement our strategies and expand our power delivery capabilities for large loads center facilities and utility capital programs. Even after deploying this level of capital following the third-quarter acquisition of Dynamic Systems, we maintained a leverage ratio below 2 times, a testament to the strength of our cash generation and our commitment to balance sheet discipline.

在第四季度，我們完成了三項收購：Tri-City Group、Wilson Construction Company 和 Billings Flying Service，總預付對價約為 17 億美元，資金來源為現金和 Quanta 普通股。這些業務與我們的策略相輔相成，並擴大了我們為大型負載中心設施和公用事業資本項目提供電力傳輸的能力。即使在第三季收購 Dynamic Systems 之後投入瞭如此巨額的資金，我們仍然保持了 2 倍以下的槓桿率，這證明了我們強大的現金流和對資產負債表紀律的承諾。

Looking ahead, this morning, we provided our full-year 2026 financial expectations which reflects continued double-digit growth in revenues, net income, and adjusted EBITDA as well as the opportunity to deliver over 20% growth in adjusted EPS. These financial expectations are supported by record backlog at year-end of $44 billion, the strength of which is broad-based, driven by ongoing investment in grid reliability and resilience, growing demand for power generation, and the long-term infrastructure investment required to meet rising electricity consumption across the economy. These are multiyear structural demand drivers that provide us with meaningful visibility heading into 2026 and beyond.

展望未來，今天上午，我們發布了 2026 年全年財務預期，其中反映了收入、淨利潤和調整後 EBITDA 將繼續實現兩位數增長，以及調整後每股收益預計將實現 20% 以上的增長。這些財務預期得到了年底創紀錄的 440 億美元積壓訂單的支持，其強勁勢頭基礎廣泛，這得益於對電網可靠性和韌性的持續投資、不斷增長的發電需求，以及為滿足整個經濟不斷增長的電力消耗而進行的長期基礎設施投資。這些是多年期的結構性需求驅動因素，為我們展望 2026 年及以後的發展提供了有意義的可見性。

Additionally, we expect free cash flow of $1.8 billion at the midpoint of our range which includes $250 million to $350 million of expected capital expenditures related to the vertical supply chain solution that Duke described. A range of free cash flow also contemplates the collection of the remaining balance associated with the large Canadian renewable transmission project discussed in prior calls. Additional details and commentary about our 2026 financial guidance can be found in our operational and financial commentary and outlook expectation summary, both of which are posted on our IR website.

此外，我們預計自由現金流為 18 億美元（在我們預測範圍的中點），其中包括與杜克所描述的垂直供應鏈解決方案相關的 2.5 億美元至 3.5 億美元的預期資本支出。自由現金流範圍也考慮了先前電話會議中討論過的與加拿大大型再生能源輸電項目相關的剩餘款項的收取。有關我們 2026 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，這兩份文件均發佈在我們的投資者關係網站上。

In summary, 2025 was a year in which Quanta continued to deliver on its commitments, providing certainty to our stakeholders and compounding earnings. We entered 2026 with record backlog and a strengthening outlook. The convergence of utility modernization, power generation expansion, and large load growth continues to accelerate, and Quanta's workforce, breadth of solutions, and execution capabilities position us well to serve our customers' most critical infrastructure needs. We remain focused on disciplined growth, operational excellence, and creating long-term value for our shareholders.

總而言之，2025 年，昆騰繼續履行其承諾，為我們的利害關係人提供了確定性，並實現了收益的持續成長。進入 2026 年，我們擁有創紀錄的訂單積壓和日益增強的前景。公用事業現代化、發電擴張和負載大幅成長的整合仍在加速，昆騰的員工隊伍、廣泛的解決方案和執行能力使我們能夠很好地滿足客戶最關鍵的基礎設施需求。我們將繼續專注於穩健成長、卓越運營，並為股東創造長期價值。

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)

（操作說明）

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

Nicely done. Truly, kudos. Maybe just coming back to the Analyst Day coming up here and a little bit of a preview if I can. How do you think about this setting the tone for a high-teens earnings growth, if you will, through the back half of the decade? And specifically within that, can you talk about what's embedded in '26 guidance as it pertains to data center contracts?

做得好。確實值得稱讚。或許我可以稍微預告一下即將到來的分析師日。您認為這是否會為未來十年後半段接近二十幾歲的收入成長定下基調？具體來說，您能否談談 '26 指南中關於資料中心合約的具體內容？

And also, obviously, Jayshree, you've just announced, you closed on a number of acquisitions. Again, where are you positioned with respect to capturing the data center opportunity and the internal versus still needing further external acquisitions to really achieve the scope that you're desiring?

還有，Jayshree，很顯然，你剛剛宣布，你完成了一系列收購。那麼，就抓住資料中心機會而言，您目前處於什麼位置？您認為需要透過內部收購還是外部收購才能真正實現您所期望的規模？

So on the data center, kind of how we're thinking through it, it's roughly like 10% of the business at this point, and that would be a go-forward basis. Backlog is certainly growing. It's our fastest-growing piece of backlog. There's a lot of opportunity there. I continue to see us booking significant backlog this year and beyond.

所以，就資料中心而言，我們目前的設想是，它大約佔業務的 10%，這將是未來的發展方向。積壓案件確實在不斷增加。這是我們積壓訂單中成長最快的部分。那裡有很多機會。我預計今年及以後我們將持續獲得大量訂單積壓。

It's a multi-decade, probably the way I see at least a decade of growth in that area. So we're having success there, and I do believe the company is well positioned to take that growth. And I forgot the other four questions. What was the other?

這可能需要幾十年的時間，我預計該領域至少會有十年的成長。所以我們在這方面取得了成功，我相信公司已經做好充分準備迎接這種成長。我忘了其他四個問題。另一個是什麼？

Just how do you see the several years?

您如何看待未來幾年？

Several years. Yes. Look, I think when we see it, the company has put up, management teams put up a decade of type results. Same management team, same philosophy, better markets, larger TAMs. I like our chances to continue what we've done in the past.

幾年。是的。你看，我認為當我們看到公司和管理團隊在過去十年中取得的成績時，就會明白這一點。同樣的管理團隊，同樣的理念，更好的市場，更大的潛在市場。我看好我們能夠延續過去所取得的成就。

Steven Fisher, UBS.

史蒂文費雪，瑞銀集團。

Congratulations on the deals. Just wanted to ask you a little bit about the electric margins kind of steady for the last few years. I wonder if you could just bridge some of the puts and takes between 2025 and '26, I imagine there's some things underlying there in terms of SunZia and perhaps other things. And maybe just more broadly, about the margin initiatives that you have? I know you've got a number of them.

恭喜達成交易。我只是想問一下關於過去幾年電力利潤率一直比較穩定的問題。我想知道是否可以把 2025 年和 2026 年之間的一些買賣交易銜接起來，我想這裡面可能與 SunZia 以及其他一些事情有關。或許更廣泛地說，關於你們的利潤率提升計畫？我知道你有很多這樣的照片。

Could you just talk about how you see some of those things coming through in terms of vertical integration, and pre-resource sharing mix, et cetera.

您能否談談您如何看待這些因素在垂直整合、資源共享前組合等方面的影響？

Yes. Thanks, Steve. I think when we look at the company, there are large projects that we're continuing to see. But '26, I -- we don't anticipate starting any 765 type work. We don't see any major large projects in it. It's really just solid growth across a broad spectrum of markets. There's nothing -- there's no SunZia I got you, with the company at $33.5 billion. SunZia is really not going to move the needle at this point.

是的。謝謝你，史蒂夫。我認為，當我們審視這家公司時，會發現我們正在持續推動一些大型專案。但是 '26，我——我們預計不會開始任何 765 類型的工作。我們沒有看到任何大型專案。這確實是各個市場領域都實現了穩健成長。什麼都沒有——沒有 SunZia，我告訴你，這家公司的市值是 335 億美元。SunZia在這一點上真的不會產生任何影響。

I think you're seeing broad-based type growth that you'll continue to see. I think the difference is we're in two verticals, you have the technology TAM that's well over $1 trillion and the utility TAM over $1 trillion and growing. So as we look at both those markets and take those opportunities, the company has a significant portfolio of ways to grow well beyond what we should be talking about in SunZia.

我認為你現在看到的是一種普遍存在的成長趨勢，而且這種趨勢還會持續下去。我認為差異在於我們身處兩個垂直領域，科技領域的市場規模已超過 1 兆美元，而公用事業領域的市場規模也超過 1 兆美元並且還在成長。因此，當我們審視這兩個市場並抓住這些機會時，公司擁有多種成長方式，遠遠超出了我們在 SunZia 所討論的範圍。

I think that's passed, and we've done a nice job there, commending the team that put that together. But again, we are happy to build SunZia, and we're happy to do the baseload work of everyday, programmatic spin with our -- both our technology and our utility customers, and that's what you see the company focus on. The large project dynamic comes with that. But the initiatives of 765 again, we talk about it a lot, it's not in backlog yet and it's not something that we see in '26.

我認為這件事已經過去了，我們做得很好，我要表揚為此付出努力的團隊。但是，我們很樂意打造 SunZia，也很樂意利用我們的技術和公用事業客戶來完成日常程序化廣告投放的基礎工作，而這正是你看到公司關注的重點。大型專案固有的動態特性也隨之而來。但是關於 765 的倡議，我們經常談論它，它還沒有被列入待辦事項清單，也不是我們在 2026 年會看到的事情。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Nice print. I guess just, Duke, question since the announcement with NiSource last quarter. I'm just wondering what the path towards doing more CCGT projects. I'm just wondering if additional customers are coming to you now that you sort of dipped your your foot in this. And as you do this, should we continue to see joint ventures at path?

印刷效果很好。我想問的是，杜克，自從上個季度NiSource宣布消息以來，我一直有個疑問。我只是想知道如何才能開展更多 CCGT 專案。我只是想知道，既然你已經開始試水這個領域，是否有額外的客戶慕名而來。那麼，在這樣做的時候，我們是否應該繼續看到合資企業在道路上發展？

And then I guess just my follow-up question. Margins in electric infrastructure, 10.3% at the midpoint similar to the past couple of years. I'm just wondering if investors should think of this as sort of the new margin target? And why wouldn't there be opportunities for margin expansion with 765 coming online soon and just bigger, larger projects should be favorable to margins.

然後，我還有一個後續問題。電力基礎設施利潤率中位數為 10.3%，與過去幾年基本持平。我只是想知道投資者是否應該將此視為新的利潤率目標？765 即將上線，規模更大、更大規模的專案應該有利於利潤率，這難道沒有擴大利潤率的機會嗎？

Yes. Thanks, Jamie. I'll go backwards. I think when we look at margins and margins improvement. Yes.

是的。謝謝你，傑米。我要倒著走。我認為，當我們審視利潤率和利潤率提升時。是的。

I mean, we have opportunity to improve that. I think we took a prudent approach to the midpoint of the guidance. And there's certainly things within it that we can improve. We do organically -- we'll grow around 6,000 employees. That's pressure on those margins, as we've talked about in the past, and we continue to kind of have the same ratios.

我的意思是，我們有機會改進這一點。我認為我們對指導的中點採取了謹慎的態度。當然，其中也有一些我們可以改進的地方。我們實現有機成長－員工人數將達到6000人左右。正如我們之前討論過的，這會給利潤率帶來壓力，而且我們目前的利潤率仍然基本上保持不變。

So that tempers some of the margins about still 50% plus of the business is under a regulated environment with their utility customers, and we look more at compounding that over multi-decades versus trying to enhance margin percentage point here or there. Yes, I do think we can operate better. We certainly have a mindset to do so. It's also about risk. I mean I think the company is really working on the quality of earnings and the risk profile.

因此，這在一定程度上抑制了利潤率，因為公司仍有 50% 以上的業務處於受監管的環境中，其客戶是公用事業公司。我們更關注的是在未來幾十年內實現複利成長，而不是試圖在某些方面提高一兩個百分點的利潤率。是的，我認為我們可以做得更好。我們當然有這樣的想法。這也關乎風險。我的意思是，我認為公司確實在努力提高獲利品質和風險狀況。

We're unwilling to take the risk. You may have seen in the past, but the margins are there. And so it's really a compounding story, Jamie. I don't think you're going to see any of these outward margins and especially in our regulated business.

我們不願承擔這種風險。你可能以前見過這種情況，但利潤空間依然存在。所以這真是一個錯綜複雜的故事，傑米。我認為你不會看到任何這些對外利潤空間，尤其是在我們這個受監管的行業。

And even in our addressable market with technology. We're working hard with the technology customers to have more of a programmatic look to this. And that's the company. That's who we are. We want to collaborate and multi-decade look, we're not trying to do anything other than enhance our customers' ability and the stakeholder, their customer from affordability to everything else, we have to be a part of the solution of the industries that we serve.

即使在我們擁有技術的目標市場也是如此。我們正與技術客戶緊密合作，力求使其更具程序化特徵。這就是這家公司。這就是我們。我們希望進行合作，著眼於數十年的發展，我們所做的一切都是為了提升客戶及其利益相關者（即他們的客戶）的能力，從價格承受能力到其他一切，我們必須成為我們所服務行業解決方案的一部分。

And I would also say, Steve asked something on margins. I want to go back to that, sorry. I do think the company has initiatives internally that from vertical supply chains and all the things that we're doing, sorry, Steve, I didn't catch you, that will help us, but you also have health care and all kinds of things that are pressing including what I just discussed with Jamie. So Sorry, I missed that part.

我還要補充一點，史蒂夫問了一些關於利潤率的問題。抱歉，我想回到過去。我確實認為公司內部有一些舉措，從垂直供應鏈到我們正在做的一切，抱歉，史蒂夫，我沒聽清你說什麼，這些都會對我們有所幫助，但你們還有醫療保健和各種緊迫的事情，包括我剛才和傑米討論的那些。非常抱歉，我漏看了那部分。

Manish Somaiya, Cantor Fitzgerald.

Manish Somaiya，Cantor Fitzgerald。

Congrats on a strong quarter, strong year and obviously a strong outlook. The question I have, Duke, again pertains to what's happening in the marketplace. Maybe if you can just give us a sense of the pricing discipline that's holding in, in the marketplace combined with potential supply chain dynamics that might be also a potential headwind as we look at the growth opportunities that you have?

恭喜你們本季、全年以及前景都表現出色。杜克，我的問題仍然與市場正在發生的事情有關。或許您能為我們介紹一下目前市場上的價格紀律，以及可能對貴公司成長機會構成潛在阻力的潛在供應鏈動態？

Yeah. I mean, I think when you look at supply chain, you see our announcement this morning, it's really around trying to derisk the supply chain as well as take advantage of what we see in the marketplace. I mean you got $300 million to $500 million, probably up in the $700 million over the next three years is derisking us. The transformers breakers, the things that we're building don't show up, we have issues, significant issues.

是的。我的意思是，我認為當你審視供應鏈時，你會看到我們今天早上發布的公告，這實際上是為了降低供應鏈風險，並利用我們在市場上看到的機會。我的意思是，未來三年投入 3 億到 5 億美元，甚至可能高達 7 億美元，就能降低我們的風險。變壓器、斷路器，我們正在建造的這些東西沒有到位，我們遇到了問題，而且是嚴重的問題。

So I think part of that was a collaboration with the industry and our client and AEP on building transformers to their spec. And it's something that we take very seriously. And we know that our clients want certainty. This company is built on certainty and billings, transformers, all the things that you may not think why are they doing that? We're doing that to derisk this company long term and allow us to be certain as we look at it, while addressing affordability to our clients.

所以我認為其中一部分原因是與行業、我們的客戶以及 AEP 合作，按照他們的規格製造變壓器。我們對此非常重視。我們知道客戶需要確定性。這家公司建立在確定性和帳單、變壓器等所有你可能不會想到的事情之上，為什麼他們要這樣做？我們這樣做是為了降低公司長期的風險，讓我們在檢視公司發展時更有把握，同時兼顧客戶的負擔能力。

And I think that's a big thing is affordability. And we're working on those things with our vertical supply chain, which allows us a great sense of certainty when we guide and when we tell our customers that we can do something on time, on budget. And as far as craft, we've invested in craft for two decades. That's who we are. Any time you have a tight craft labor market, Quanta does very well.

我認為價格負擔能力是一個很重要的因素。我們正在利用垂直供應鏈來解決這些問題，這讓我們在指導客戶並告訴客戶我們可以按時按預算完成某件事時，能夠感到非常有把握。至於工藝方面，我們已經投入了二十年的時間。這就是我們。每當技術工人市場緊張時，昆塔公司都會表現出色。

Duke, the other question I had was on pricing dynamics of the marketplace.

杜克，我的另一個問題是關於市場定價動態的。

Yes. I mean, look, I think we look at it more in a collaboratory manner where we were bidding on a one-year type, two-year type things. Now we're not bidding at all. We're negotiating 5, 10-year type programmatic spend. And that's the difference.

是的。我的意思是，你看，我認為我們更多是以一種合作的方式來看待這件事，我們競標的是一年期、兩年期的計畫。現在我們完全不參與競標了。我們正在洽談 5 年或 10 年的程序化廣告支出。這就是差別所在。

It's it's more longevity, more risk-adjusted type look at the business, solution providing, pull-through, ROIC goes up in these environments, our return on invested capital because of things that we can do and offer in a solution base. So I really see just a longer term. It's not a margin story. I'll say it again.

這是一種更注重長遠發展、風險調整的業務視角，提供解決方案，推動業務成長，在這種環境下，投資回報率會上升，因為我們可以在解決方案庫中提供和實施各種措施，從而提高我們的投資資本回報率。所以我真正關注的是更長遠的未來。這不是利潤率的問題。我再說一次。

Mark Strouse, JPMorgan.

馬克‧斯特勞斯，摩根大通。

Duke, I just wanted to follow up on Jamie's earlier question on gas power generation. Can you just talk about what you're seeing in the pipeline there? How you're expecting that backlog to trend in 2026? And then are you planning to expand beyond the Zachry JV going forward?

杜克，我只是想就傑米之前提出的關於燃氣發電的問題做個後續說明。能談談目前看到的研發進度嗎？您預計到 2026 年，積壓訂單的趨勢會如何？那麼，您未來是否計劃將業務拓展到 Zachry 合資企業之外？

Thanks for reminding me, I missed that. So I do think when we look at our gas generation business, we're certainly looking at the market, listening to the market. They're asking us to build these types of combined cycles, single cycles, all types of generation. And we put together a great team, a great platform. We're super excited about what we have booked.

謝謝提醒，我錯過了。所以我認為，當我們審視我們的天然氣發電業務時，我們當然會關注市場，並傾聽市場的聲音。他們要求我們建造這些類型的組合循環、單一循環，以及所有類型的發電裝置。我們組建了一支優秀的團隊，搭建了一個優秀的平台。我們對預訂的內容感到非常興奮。

The opportunities, yes, I do believe when you look at the opportunities we will book more generation. We will book it both in a JV setting, we'll book it with just us. I mean, we're certainly capable internally of building generation and will. So it's really around the risk where that's something that we're not going to deviate on. It's part of it and our customer base and anyone that calls asking for generation it's risk-adjusted.

是的，我相信，當我們審視這些機會時，我們會預訂更多產品。我們既可以以合資的方式預訂，也可以單獨預訂。我的意思是，我們內在當然有能力培養人才和意志。所以，關鍵在於風險，這是我們不會改變的。這是其中的一部分，我們的客戶群以及任何打電話詢問發電方案的人都會被告知，該方案已進行風險調整。

We're not getting in a position where -- of the past where we firm fixed price generation, not doing it. So if people want us to build it. It will be risk-adjusted. And yes, I believe we'll book backlog throughout the year. There is no shortage of inbound calls when in Quanta to build generation.

我們不會再回到過去那種固定價格發電的方式了，我們不會再回到了。所以如果人們希望我們建造它的話。將會進行風險調整。是的，我相信我們全年都能完成積壓訂單。在 Quanta 建立業務時，來電數量並不匱乏。

So I'm confident you'll continue to see that backlog growth, which is not in backlog yet. So the first one is not in backlog. I suspect we'll have multiple in backlog before the end of the year. And I think it's more of a '27, '28, '29 type build, where that's the ramp on it, and it will continue on. We've built a nice platform, and I'm excited about it.

所以我相信你會繼續看到積壓訂單的成長，儘管這些訂單目前還沒有進入積壓訂單階段。所以第一個問題不在待辦事項清單中。我估計到年底前我們會積壓多個訂單。我認為這更像是 27、28、29 年那種類型的建設，那是它的起點，它將繼續發展下去。我們搭建了一個很棒的平台，我對此感到非常興奮。

Ati Modak, Goldman Sachs.

阿蒂·莫達克，高盛。

Duke in your prepared comments, you talked about strategic initiatives to expand programmatic customer relationships. Can you talk about that a little bit more, give us any color on what you're thinking of and what we should expect there?

杜克，你在事先準備好的發言中談到了擴大程序化客戶關係的策略性舉措。能再詳細談談嗎？給我們透露一下您的想法以及我們應該對此抱持的期望？

I mean, I think when we look at the utilities and we look at the technology customers, it's our job to certainly help with their builds and make them successful. That's how this company views it. And as that -- as we do that, look, people want certainty. They want to -- they have to have it. And I think that's what we are known for is execution certainty and construction risk is not something that we're concerned with on -- primarily on the regulated utilities, except gas fire. So we'll really -- I think we're just in a good spot there.

我的意思是，我認為當我們審視公用事業公司和技術客戶時，我們的職責當然是幫助他們建立並取得成功。這家公司就是這麼看的。而且，正如我們所做的那樣，人們想要的是確定性。他們想要——他們必須擁有它。我認為我們以執行確定性而聞名，而施工風險並不是我們關注的重點——主要是受監管的公用事業，燃氣火災除外。所以我覺得我們現在處境很好。

And the discussions we're having are solution-based discussions and they have issues with labor, labor constraints, vertical supply chain issues. We've done a nice job seeing down -- seeing out 5, 10 years and putting ourselves in great positions here to take advantage of those things. It may have looked funny to Wall Street five years ago. And they're showing up today as something that looks visionary, and I think that's what we're trying to accomplish.

我們正在進行的討論都是以解決方案為導向的討論，其中涉及勞動力​​問題、勞動力限制問題、垂直供應鏈問題。我們很好地掌握了未來 5 年、10 年的局勢，並讓自己處於有利地位，以便利用這些機會。五年前，華爾街或許會覺得很滑稽。他們今天展現的樣子看起來很有遠見，我認為這正是我們努力想要實現的。

Mike Dudas, Vertical Research Partners.

Mike Dudas，Vertical Research Partners。

Yes. Thanks, and good morning, Duke, Kip and Jayshree. Just checking to make sure I'm like -- hey, Duke nice decade. So looking at the the news flow and the demand expectations appear to be off the charts and getting bigger. Can you sense of how real the market is?

是的。謝謝，早安，杜克、基普和傑伊什裡。我只是想確認一下，就像——嘿，杜克，這十年真不錯。因此，從新聞動態來看，需求預期似乎已經爆表，而且還在持續成長中。你能感受到市場的真實性嗎？

Like discussion with utilities on the load factor side, are there a lot more fluff in the market? Is there a reality? And what are some of the hurdles? Are there hurdles becoming less important or more important to execute what the plans of your customers are over the next several years, maybe regulatory or some of those issues there.

就像與公用事業公司討論負載率方面一樣，市場上是否有很多無關緊要的資訊？現實存在嗎？那麼，有哪些障礙呢？在未來幾年內，對於執行客戶的計畫而言，是否存在一些障礙會變得不那麼重要或更重要？例如監管問題或其他一些相關問題。

I mean, any time you're really contemplating doubling the size of the largest human infrastructure project in the world. I would tell you like it's hard. And there's stops and starts and all kinds of different things that you can find out in the marketplace and certainly on social media. Yes, I think some of it is high. But even if you discount it 50%, it's still doubling the size of the largest infrastructure project in the world.

我的意思是，任何時候你真的在考慮將世界上最大的人類基礎設施項目的規模擴大一倍。我會像說很難一樣告訴你。市場中，當然還有社交媒體上，到處都充滿了各種各樣的停頓和啟動，以及各種各樣的事情。是的，我認為其中一些數值偏高。即使減半，這也意味著世界上最大的基礎設施項目的規模翻了一番。

And I don't see any demand slowdown at all, I don't. And I can -- we can see out kind of five years, maybe longer. I mean, we're probably in 2032 now kind of looking at things and booking things. So I think it's way out there. We have to build generation in this country, all forms.

我完全沒看到任何需求放緩的跡象。而且我可以──我們可以看到未來五年，甚至更久。我的意思是，我們現在可能已經到了 2032 年，開始展望未來、規劃未來了。所以我覺得太離譜了。我們必須在這個國家培養一代又一代人，各種形式的人才。

And I think it's something that our customer base, our utility customers are certainly -- they're regulated in many ways, but I'll speak for them. They have a great business, and it goes unnoticed of how the energy business is growing substantially. It's a growth business. And we're right in the middle of it with them. You're going to get some political windfall kind of rhetoric here with what I would consider unfounded things that go on with data centers and things like that.

我認為我們的客戶群，我們的公用事業客戶，肯定——他們在很多方面都受到監管，但我可以代表他們發言。他們的生意很紅火，但能源產業的蓬勃發展卻鮮為人知。這是一個成長型產業。而我們正和他們一起身處其中。你將會聽到一些利用資料中心等相關事物進行政治炒作的言論，我認為這些言論毫無根據。

When you look at the Indiana project, it's $7 a month rebate basically to every rate payer in NiSource, maybe more. So I just -- I think we have to do a better job as an industry promoting how good this industry is. We're trying to do the right thing for the stakeholders, while advancing system and generation capabilities to double the size of what it is today. And I'm super excited about it. These utilities are super excited about it.

以印第安納州的計畫為例，基本上每個NiSource用戶每月都能獲得7美元的回饋，甚至可能更多。所以我覺得——我們整個產業都應該更好地宣傳這個產業的優勢。我們努力為利害關係人做正確的事，同時推動系統和發電能力的發展，使其規模比現在擴大一倍。我對此感到非常興奮。這些公用事業公司對此感到非常興奮。

They're doing a great job managing through all this political rhetoric. But underneath, I can tell you, legs are moving fast and people are doing things.

他們處理這些政治言論做得非常好。但從表面上看，我可以告訴你，人們的腳步很快，大家都在忙碌著。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc 資本市場。

Duke, it looks like the hyperscalers and co-locators are increasingly looking for financing partnerships for large projects as the project sizes get bigger. Would you ever consider becoming an investor in a large infrastructure project if the scope of the award measures up against your risk profile?

杜克大學表示，隨著專案規模的擴大，超大規模資料中心和託管資料中心似乎越來越傾向於尋求大型專案的融資合作夥伴關係。如果專案規模與您的風險承受能力相符，您是否會考慮投資大型基礎設施專案？

Yes. I mean, Sangita, we've looked at those things in the past. I would say we never compete with our customer on those type of things. So you get in a situation where if you invest significantly with co-locator hyperscaler and things that like that, you run the risk of competing with who our client is and we don't do that. So can we help with supply chain?

是的。我的意思是，桑吉塔，我們以前已經研究過這些問題了。我認為我們絕不會在這些方面與客戶競爭。所以，如果你在託管機房、超大規模資料中心等方面進行大量投資，就會面臨與我們的客戶競爭的風險，而我們不會這樣做。那麼，我們能為供應鏈提供協助嗎？

Can we do some things to help move things along? Sure. We have not taken outside money for any of our expansions. We just haven't. I mean, we've been offered on transformers, all kinds of different things.

我們能做些什麼來推動事情進展嗎？當然。我們所有的擴張項目都沒有接受外部資金。我們沒有。我的意思是，我們收到過關於變壓器的各種報價，各種各樣的報價都有。

We don't need capital. We need capital, we don't need anyone else's. We want to control our own destiny.

我們不需要資金。我們需要資金，不需要別人的錢。我們想要掌控自己的命運。

And I think it's extremely important that we have the balance sheet where we can do those things and enhance what they're able to accomplish. But as far as, at this point, us putting in capital into an asset such as a data center, I can't see it. We can do things in other ways. And the company, what we see going forward based on our ability to deploy capital in the core business, I like what I see there much more than trying to invest in something that we don't -- that's not core to us. That's how I see it.

我認為，擁有良好的資產負債表至關重要，這使我們能夠做這些事情，並增強他們所能取得的成就。但就目前而言，我認為我們不應該向資料中心之類的資產投入資金。我們還可以用其他方式做事。對於公司而言，基於我們有能力將資本部署到核心業務，我們展望未來，我更喜歡這樣做，而不是嘗試投資於我們不重視的東西——那不是我們的核心業務。我是這麼看的。

Brian Brophy, Stifel, Nicolaus.

Brian Brophy，Stifel，Nicolaus。

Nice quarter. Duke, you mentioned previously, you're seeing the tight craft labor market. I guess, can you talk about some of the areas of your business where you're seeing more or less tightness currently?

不錯的街區。杜克，你之前提到過，目前技術工人市場非常緊張。我想，您能否談談您目前在業務的哪些方面感受到了較為緊張或較為寬鬆的局面？

I mean, it's across the board. I think we've got to do a good job of getting pipelines of craft in here, and I was in DC yesterday with Veterans in Energy. And I can only say like we're working hard at building these pipelines into the company. And we've got to get out and promote it and make sure that we stay in front of it and our colleges and campuses and all the things we're working with our unions and nonunions.

我的意思是，這種情況普遍存在。我認為我們必須做好引進技術人才的管道工作，昨天我和退伍軍人在華盛頓特區會面。我只能說，我們正在努力將這些管道融入公司營運中。我們必須走出去宣傳它，確保我們始終走在前沿，在我們的學院、校園以及我們與工會和非工會組織合作的方方面面都保持領先地位。

Everything that we're doing I think, will help us. But it is tight. I would say anything around the data center stuff is probably the tightest market at this point. The utility type transmission, big transmission, things like that hasn't really started yet. You'll see that in the back half.

我認為我們所做的一切都會對我們有所幫助。但是很緊。我認為目前與資料中心相關的任何領域都可能是競爭最激烈的市場。實用型變速箱、大型變速箱之類的東西還沒有真正開始普及。你會在後半部分看到這一點。

Distribution is kind of modest growth in that. Telecom is moving in the right direction. I think you'll start to see fiber splicers, things like that get tight. But in general, it's good. we know where it's going.

分銷通路的成長較為溫和。電信業正朝著正確的方向發展。我認為你會看到像光纖熔接機之類的設備越來越搶手。但總的來說，這是好事。我們知道它的發展方向。

We see it. We're investing in the right spots, and we'll take advantage of those markets.

我們看到了。我們投資的領域是正確的，我們將充分利用這些市場。

Nick Amicucci, Evercore.

Nick Amicucci，Evercore。

Just a quick one for me. As we kind of saw at the end of last week, I just wanted to get a sense of kind of the ability to kind of push the button on executing on more renewables projects just given that we have now some guidance, albeit preliminary, but on the FIAC side. Have you guys seen kind of -- have the conversations kind of picked up granted over the past week, just with regards to those and just kind of moving those things forward.

我只需要簡單回答一下。正如我們在上週末所看到的，我只是想了解一下，鑑於我們現在在FIAC方面獲得了一些指導（儘管是初步的），我們是否有能力按下按鈕來執行更多的可再生能源項目。你們有沒有註意到，過去一周，關於這些事情的討論似乎有所增多，並推動了這些事情向前發展？

Yes. I mean, I'll let Jayshree comment as well. But from what I see, we continue and have continued to stay kind of double-digit type growth plus in our renewable business, and we can see out through 2030. I'm not concerned with that business. It's -- there's always going to be a FIAC. There's always going to be something in that business that's noisy.

是的。我的意思是，我也會讓傑伊什裡發表一下意見。但就我所見，我們的再生能源業務將繼續保持兩位數以上的成長，而且這種成長勢頭可以持續到 2030 年。我並不關心那件事。總是會有FIAC的。在這個行業裡，總是會有一些吵雜的事情發生。

We have to operate through it. When you think about solar and batteries, it's the very fastest thing we can put on the grid right now in many areas. So we can build it fast. We don't have to wait on turbines or anything like that.

我們必須克服困難繼續運作。說到太陽能和蓄電池，在許多地區，這是我們目前能併入電網的最快方案。這樣我們就能快速建造它。我們不需要等待渦輪機之類的東西。

So I do think there's opportunity there, and you'll continue to see that, and it will be in a form of energy for the foreseeable future, right? Wind is getting some bad press, but you'll still see Wind get built and not under some sort of political pressure and all kinds of different things, but it's still getting built underneath and it's needed to fill the generation gap. And Jayshree, you want to let you comment on this?

所以我認為那裡存在著機會，你會繼續看到這一點，而且在可預見的未來，它將以能源的形式出現，對吧？風能發電雖然受到一些負面報道，但你仍然會看到風能發電廠在建設，這並非出於某種政治壓力或其他各種原因，而是風能發電廠仍在建設中，而且風能發電對於填補代際差距是必要的。傑伊什裡，你想就此事發表一下看法嗎？

No, the only thing I would add is the customers we've been working with, as you know, is we've been -- they've been very, very strategic about getting ahead of a lot of these political dynamics with safe harboring and the projects in which they're working and having a robust enough pipeline to deal with some of these things that are just endemic to the renewables industry. So we have continued to work with them on a multiyear basis. And so it's allowed us to be comfortable with where we sit in our renewables expectations. We'll, of course, continue to work with them over the next several years as the dynamics around the FIAC and other things become more clear. But as of now, it's as Duke said, it's just business as usual.

不，我唯一要補充的是，正如您所知，我們一直合作的客戶在應對許多政治動態方面都非常非常有策略，他們通過安全港灣和他們正在開展的項目，以及擁有足夠強大的渠道來應對可再生能源行業固有的一些問題。因此，我們與他們保持了多年的合作關係。因此，這讓我們對自身在再生能源方面的預期感到滿意。當然，在接下來的幾年裡，隨著FIAC及其他相關事宜的動態變得更加明朗，我們將繼續與他們合作。但就目前而言，正如杜克所說，一切照舊。

We continue to see good growth there. There will be times, of course, where our customers will have to deal with certain political dynamics, but there -- these are customers that are comfortable doing so, and we've intentionally stayed with customers who can do so and who have a track record of over a long period of time of managing these things. And the demand continues to be very, very strong for those projects our customers are working on. So it's just business as usual on the renewable side.

我們看到那裡持續保持良好的成長勢頭。當然，有時我們的客戶會遇到某些政治動態，但這些客戶能夠輕鬆應對，我們也特意選擇與那些能夠應對這些動態，並且在很長一段時間內都有處理這些事情的成功記錄的客戶合作。而對於我們客戶正在進行的項目，需求依然非常非常強勁。所以，再生能源方面一切照舊。

Adam Thalhimer, Thompson, Davis & Co.

Adam Thalhimer，Thompson, Davis & Co.

There was a comment in the prepared remarks about large transmission projects becoming increasingly visible. Can you just compare what's in backlog for large transmission to what you see out there in the bidding environment?

在事先準備好的演講稿中提到，大型輸電項目正變得越來越引人注目。能否將大型輸電項目的積壓訂單與市場上的投標情況進行比較？

Yes. I'm not sure how to define it. What's large now these days, so I would just say we have no significant 765, no 765, which I consider those large projects in the backlog. I don't -- there's not a lot of large dynamics in there. It's more programmatic spend more so than any kind of main project that I'm aware of.

是的。我不太確定該如何定義它。現在什麼才算大項目呢？所以我想說，我們沒有 765 個重要的項目，沒有 765 個項目，我把這些項目視為積壓中的大型項目。我不這麼認為——這裡面沒有什麼大的動態因素。據我所知，這更像是程序化支出，而不是任何類型的主要項目。

It's minimal. It's -- I mean, look, we see it coming. We see it stacking. We've talked about it. I think you'll see us book later half of 2027, a significant amount of 765 and other types of work.

它非常簡潔。我的意思是，你看，我們早就預料到了。我們看到它在堆積。我們已經討論過這個問題了。我認為你會看到我們在 2027 年下半年接到大量的 765 型飛機和其他類型的工作。

It's not just 765, it's 345, 500. Data centers, I don't know, generation, it's stacking. I feel confident that there will be some chunky awards all the way through the next three to five years. We're just getting started. I know the backlog is going.

不只是 765，還有 345、500。資料中心，我不知道，一代又一代，它正在堆疊。我相信在接下來的三到五年裡，將會頒發一些數額可觀的獎項。我們才剛起步。我知道積壓的工作正在處理中。

I see it too. We're taking market share. We're doing the right things. We're focused on the base business. We're not letting off of it, and the management team is highly focused on not giving up on that base business, in fact, growing it.

我也看到了。我們正在搶佔市場份額。我們做的是對的。我們專注於基礎業務。我們不會放鬆對這項業務的投入，管理團隊高度重視不放棄這項基礎業務，實際上，他們正努力發展壯大這項業務。

Justin Hauke, Baird.

賈斯汀·豪克，貝爾德。

Great. I wanted to ask about the custom fab capabilities that came from this acquisition, this morning, I guess, at Tri-City, is that -- I guess, is that all new to you? Or did you have some fabrication capabilities from Cupertino or elsewhere before this? And maybe just talk about the capacity you have there and also, is that all being done for self-performed construction work? Or is that something where you're selling those prefabs to others to use?

偉大的。我想問一下，今天早上在 Tri-City，透過這次收購獲得的客製化製造能力，對你們來說——我想，這都是全新的嗎？或者在此之前，你們是否在庫比蒂諾或其他地方擁有一些製造能力？或許還可以談談你們在那裡的產能，以及這些是否都是你們自己完成的建設工作？還是你是把這些預製件賣給其他人使用？

Yes, we did have some fab capabilities come in with Tri-City, great group there. We like what they were doing. That just adds to the 3 million square feet we already have. So we have significant amount of fabrication prefab. We call it premanufactured because it is manufactured.

是的，我們確實從 Tri-City 那裡獲得了一些製造能力，那是一個很棒的團隊。我們喜歡他們的做法。這又使我們現有的建築面積增加了300萬平方英尺。因此，我們有大量的預製構件。我們稱之為預製件，因為它是由工廠生產的。

So I do think when we look at it, it's a little different. Everybody specs a little different. So we're fabricating really from a manufacturing engineered type fabrication. So it's a little unique. I would go back and tell you Cupertino, over a decade ago, was the first mover in this and we have a lot of experience with fabrication and prefabrication, what goes wrong and what goes right, and we'll continue to work with our customers, whoever the customer may be, we're certainly willing to fab for others, if that's what the market is.

所以我覺得，當我們仔細觀察時，情況確實有點不同。每個人的要求都略有不同。所以我們實際上是在按照製造工程的類型進行製造。所以它有點特別。我會告訴你，十多年前，庫比蒂諾是這方面的先驅，我們在製造和預製方面積累了豐富的經驗，知道哪些環節出了問題，哪些環節做得好。我們將繼續與客戶合作，無論客戶是誰，如果市場需要，我們當然也願意為其他人製造產品。

That -- we say it all the time, it's fungible. In many ways, those facilities are fungible, but there's no shortage of people willing to shore up capacity for three-, five-decade type arrangement. So we're happy to do that as well.

我們常說，它是可以被取代的。從很多方面來看，這些設施是可以互換的，但願意為長達三、五十年的安排提供充足產能的人並不缺乏。所以我們也很樂意這麼做。

Chad Dillard, Bernstein.

查德·迪拉德，伯恩斯坦。

So my question is on the architecture shift from 54-volt to 800-volt DC for data centers. Just curious how that changes Quanta's TAM. And maybe you can talk about whether you see any impacts on the front of meter, but probably more so behind the meter. And then secondly, as you reengage in the power generation side for natural gas. Can you talk about the opportunities you're seeing in the mix between front versus behind the meter?

所以我的問題是關於資料中心從 54 伏特直流電到 800 伏特直流電的架構轉變。只是好奇這會對廣達航空的TAM（目標市場規模）產生怎樣的影響。或許你可以談談你是否看到對儀表正面造成任何影響，但可能對儀表背面的影響更大。其次，當你重新涉足天然氣發電領域。您能否談談您認為在前端和後端兩種模式之間存在的機會？

Yes. So voltage going to DC, some of the architecture that NVIDIA has put out, that's -- a lot of the learning chips are you can see anyone these NVIDIA go into those type of architectures. I believe we're in front of that I don't see it changing our TAM at all. You might get more medium voltage type arrangements in there. Still a lot of low voltage type things.

是的。所以電壓轉直流電，NVIDIA 推出的一些架構，就是－很多學習晶片，你可以看到這些 NVIDIA 產品都採用了這種架構。我認為我們領先一步，我看不出這會對我們的目標市場規模產生任何影響。那裡可能會有更多中壓類型的裝置。仍然有很多低電壓類型的設備。

We've done a lot of research on it. We feel good. We work with NVIDIA and others to make sure that we see where they're going and make sure we have the craft necessary. So I feel comfortable with that.

我們對此進行了大量研究。我們感覺很好。我們與 NVIDIA 和其他公司合作，確保我們了解他們的發展方向，並確保我們擁有必要的技能。所以我對此感到很放心。

But I don't think like when you think through it, there's still lot of the older architecture that will be used throughout. It's something that we'll have both when we think through it. So both are growing significantly. We're in front of that architecture. I do see -- I do think that when you look through to the intermittency of the chips, much better to put it on the utility let the utility take that intermittency.

但仔細想想，我覺得很多舊的建築設計元素還是會貫穿其中。這是我們仔細考慮後會考慮的。所以兩者都在顯著增長。我們現在就在那棟建築物前面。我確實認為——當你考慮到晶片的間歇性問題時，最好還是交給電力公司來承擔這種間歇性問題。

It's smarter, it's better. It's just an amount of -- you've got constraints in the queues and things like that. People are trying to go behind the meter simply because you can't get to the meter. So that -- it will be both sides of this. There are some good things and bad things on both in regulatory environments.

它更智能，它更好。這只是數量上的問題——隊列等方面存在一些限制。人們試圖繞到收費表後面，只是因為根本夠不到收費表。所以——這其中既有正面也有反面。監管環境在兩者之間既有好的一面，也有不好的一面。

We've got to get the regulations right and make sure that the ratepayer is not the one that's got the bill, that's got the tab. That is not happening today. I think the utilities you can come in and they've done a fantastic job of regulatory, making sure that the technology is paying their way and technology wants to pay their way. So all the nonsense around that is just what I consider wherever it is out there today on social media, wherever it is and normally around some political aspect of it. It's not reality.

我們必須制定正確的規章制度，確保最終買單的不是納稅人，而是消費者。今天這種情況不會發生。我認為公用事業公司在監管方面做得非常出色，確保科技能帶來收益，而科技也願意帶來利益。所以，所有圍繞這件事的無稽之談，在我看來，無論它出現在社群媒體的哪個角落，通常都與某些政治面有關。這不是現實。

So look, we see opportunities on both sides. We'll participate either side. But I do think most off-grid, a lot of off-grid will be used for your backup power as you move generation on. So you'll start with 100, 200 max and then back up for a bit and then come on with utility type solutions. That's what I see.

所以你看，雙方都有機會。無論哪一方，我們都會參與。但我認為大多數離網系統，很多離網系統，都會在你逐步推進發電的過程中當作備用電源。所以你會先從 100、最多 200 個開始，然後稍微回退一下，再推出實用型解決方案。我看到的就是這樣。

As far as natural gas, we're still in there. We've never left. It will be a part of the business that we see it and it's certainly backing up some of these -- we're getting involved in them where they're backing up some of the hyperscalers and data centers.

至於天然氣，我們仍然在積極參與其中。我們從未離開過。這將是業務的一部分，我們看到它正在為其中一些業務提供支援——我們正在參與其中，它們為一些超大規模資料中心提供支援。

Liam Burke, B. Riley.

利亞姆·伯克，B·萊利。

In 2026 on the M&A pipeline Duke, are you seeing sufficient opportunities to either add to your base business or large enough to actually make a difference as the business continues to get critical mass here.

杜克，在 2026 年的併購計劃中，您是否看到足夠的機會來擴大您的基礎業務，或者規模足夠大，能夠隨著業務規模的不斷擴大而真正產生影響？

Yes. And I would say every acquisition makes a difference. But when I think about it, yes. We see opportunities as far out as we can see as far as good businesses. I can't tell you the cadence, both businesses that I didn't -- we've known -- I've known the Wilson family, my whole career and super family, happy to have them here.

是的。我認為每一次收購都會產生影響。但仔細想想，是的。我們看到了許多前景廣闊的優質企業，並看到了其中的商機。我無法告訴你具體節奏，這兩家公司我之前都沒接觸過——我們一直都認識——我認識威爾遜一家，他們就像我的家人一樣，我整個職業生涯都和他們在一起，很高興他們能在這裡。

They fit here culturally very excited. They give us some underground capabilities out in the East, which I think is fantastic as well as shore up some things in the West. Some of these things you don't see coming. We have a good reputation where, I believe, culturally we want a certain type of company. There's no shortage of people wanting to sell their businesses on any given day, I promise, like they're out there.

他們在這裡很有文化歸屬感，感到非常興奮。它們為我們在東部提供了一些地下作戰能力，我認為這非常棒，同時也鞏固了西部的一些面向。有些事情是你始料未及的。我們擁有良好的聲譽，我相信，從文化角度來看，我們希望找到某種類型的公司。我保證，每天都有很多人想出售自己的生意，他們就在那裡。

How we look at it, we're very selective. And we'll -- all of our strategies, we'll lay it out in April -- March, I guess, he won't let me talk about it much. But I'm, in general, pretty excited about that as well of talking about kind of what we see. And I see the same type of cadence. It may be lumpy along the way.

我們認為，我們在這方面非常挑剔。我們所有的策略都會在四月公佈——我想應該是三月吧，他不會讓我多談論這件事。但總的來說，我對談論我們所看到的一切也感到非常興奮。我看到了同樣的節奏。過程可能會有些坎坷。

We may not do a deal in a year. I don't -- I just think we'll continue to be selective and follow the path to provide the solutions to our clients.

我們可能一年內都達成不了交易。我不這麼認為——我只是覺得我們會繼續精挑細選，並沿著既定的道路為客戶提供解決方案。

When we're looking at this, someone is asking us to do something typically, and we needed the platform to provide the solutions. You saw us invest organically in our vertical supply chain, it's needed. We need to do it. We're going to do it. It's something that's -- what I feel like the demand is coming in and we have to make sure that we can meet the demand.

當我們審視這個問題時，通常是有人要求我們做某件事，而我們需要一個平台來提供解決方案。您已經看到我們對垂直供應鏈進行了有機投資，這是必要的。我們必須這麼做。我們打算這麼做。我覺得市場需求正在成長，我們必須確保能夠滿足這種需求。

So that said, we're taking opportunities to both organically invest as well as look at acquisitions from platforms to bolt-ons. They all add up.

因此，我們正抓住機會進行有機成長投資，同時也考慮從平台收購到附加收購等各種收購方式。它們加起來就成問題了。

Phil Shen, ROTH Capital Partners.

Phil Shen，ROTH Capital Partners。

You're building so much of the infrastructure for AI. Can you talk through any initiatives you guys have to take advantage of AI to lower your OpEx. Can AI meaningfully change your outlook for OpEx in the coming year or two? And then as it relates to bidding and booking dynamics, Duke, I think you were sharing that you guys are booked out through 2030 for renewables. I was wondering if you might be able to share kind of similar color for the other segments?

你們正在為人工智慧建立大量的基礎設施。能否詳細介紹貴公司利用人工智慧降低營運成本的具體措施？人工智慧能否在未來一兩年內大幅改變您對營運支出的預期？至於競標和預訂動態方面，杜克能源，我想你之前說過你們的再生能源專案已經預訂到 2030 年了。我想問您是否可以分享其他部分的類似顏色？

And then ultimately, how much work are you guys turning down?

那麼最終，你們到底拒絕了多少工作機會？

Yes. I want to clarify, I don't think I said we're booked out, I said we're booking through just to make sure that we get on the same page there. We're certainly taking advantage of we can stack and we're not booked by any means, we'll take all comers on renewables. What was the other question? Sorry, you got me off on that one.

是的。我想澄清一下，我並沒有說我們已經訂滿了，我說的是我們正在預訂，只是為了確保我們在這方面達成共識。我們當然會充分利用我們可以疊加的優勢，而且我們目前還沒有被預訂滿，我們會接受所有可再生能源的合作。另一個問題是什麼？抱歉，你讓我興奮了。

Oh yeah, so AI. Yeah, look, we would have our head in the sand. If we weren't looking at AI, what it can do for the company. We're already seeing ways to -- I think when we look at M&A, we're not looking at engineering anymore because I think AI is going to be significant there. And it's going to really affect the way -- we have 2,000-plus engineers and we'll definitely incorporate AI into it.

哦，對，人工智慧。是啊，你看，我們當時就像鴕鳥一樣把頭埋在沙裡。如果我們不關注人工智慧，不關注它能為公司帶來什麼。我們已經看到一些方法——我認為當我們審視併購時，我們不再關注工程領域，因為我認為人工智慧將在其中發揮重要作用。這將真正影響我們的工作方式——我們有2000多名工程師，我們一定會將人工智慧融入其中。

And so I think there's a lot of things that will change. And we're in front of that. It's something that I'm highly focused on, both from cost and the way that we can get more productive in the field. There's a social aspect to this as well. I think when you really look at what the impacts are on these companies, it's -- there's hard decisions to make, and we're trying to make sure -- we're a growth company.

所以我認為很多事情都會改變。而我們正處於領先地位。這是我非常關注的事情，既包括成本問題，也包括如何提高現場生產效率的問題。這其中也存在社會因素。我認為，當你真正審視這些事件對這些公司的影響時，你會發現——我們需要做出艱難的決定，而我們正在努力確保——我們是一家成長型公司。

I won't really fire people. We grow people, hire people. And so we've got to make sure as we displace that we have avenues for people to move into different skill sets, and that's what we're doing here. So I think every bit of savings you get, we're pouring back into AI initiatives.

我不會真的解僱員工。我們培養人才，也招募人才。因此，我們必須確保在人員更替過程中，人們有途徑轉向不同的技能領域，而這正是我們在這裡所做的。所以我覺得，我們省下的每一分錢，都會重新投入人工智慧專案。

That was our final question. I will now hand back to Kip Rupp, Vice President, Investor Relations, for closing remarks.

這是我們最後一個問題。現在我將把發言權交還給投資人關係副總裁基普·魯普，請他作總結發言。

I'll be Kip. I want to think our men and women in the field. They're very best in the world. They have an absolute performance mindset and they are Quanta. And I want to thank you for participating in our conference call.

我叫基普。我想緬懷我們在前線的男男女女。他們是世界上最優秀的。他們擁有絕對的績效導向，他們是 Quanta。感謝各位參加我們的電話會議。

We appreciate your questions and ongoing interest in Quanta Services. Thank you. This concludes our call.

我們感謝您提出的問題以及您對昆騰服務的持續關注。謝謝。通話到此結束。