Quanta Services Inc (PWR) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Quanta Services first quarter 2026 earnings call. (Operator Instructions)

早安，歡迎參加 Quanta Services 2026 年第一季財報電話會議。（接線員指示）

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

提醒各位，本次會議將被錄音。如有任何異議，請於此時中斷連線。

I will now turn the call over to Kip Rupp.

我現在把電話交給 Kip Rupp。

Thank you, and welcome, everyone, to the Quanta Services first quarter 2026 earnings conference call. This morning, we issued a press release announcing our first quarter 2026 results, which can be found in the Investor Relations section of our website at quantaservices.com.

謝謝，歡迎各位參加 Quanta Services 2026 年第一季財報電話會議。今天早上，我們發布新聞稿公告 2026 年第一季業績，您可至 quantaservices.com 網站的投資人關係（Investor Relations）專區查閱。

This morning, we also posted our first quarter 2026 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.

今天早上，我們也在 Quanta 的投資人關係網站上發布了 2026 年第一季營運與財務評論，以及 2026 年展望預期摘要。雖然管理團隊將在今天早上的電話會議中做簡短的開場致詞，但該營運與財務評論旨在大幅取代管理層的事先準備講稿，以便為機構投資社群的提問保留更多時間。

Please remember that information reported on this call speaks only as of today, April 30, 2026, and therefore, you're advised that any time-sensitive information may no longer be accurate as of any replay of this call.

請記得，本次電話會議所揭露的資訊僅截至今日（2026 年 4 月 30 日）為止，因此我們提醒您，任何具時效性的資訊在本次電話會議的重播時可能已不再準確。

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

本次電話會議將包含前瞻性陳述，旨在符合 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）所建立之責任安全港規定，包括反映對未來事件或財務表現之預期、意圖、假設或信念的陳述。您不應過度依賴這些陳述，因其涉及若干難以預測或超出 Quanta 控制範圍的風險、不確定性與假設，實際結果可能與明示或暗示內容存在重大差異。

We 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.

我們亦提供若干歷史及預測的非 GAAP 財務衡量指標。這些財務衡量指標與其最直接可比之 GAAP 財務衡量指標的調節表，已包含於我們的財報新聞稿以及營運與財務評論中。請參閱上述文件，以取得有關我們前瞻性陳述與非 GAAP 財務衡量指標的更多資訊。

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 的投資人關係專區訂閱電子郵件提醒，以接收新聞稿及其他資訊通知，並追蹤我們網站所列社群媒體平台上的 Quanta IR 與 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，我想把電話交給 Quanta 總裁兼執行長 Duke Austin 先生。Duke？

Thanks, Kip. Good morning, everyone, and welcome to the Quanta Services first quarter 2026 earnings conference call. I want to begin by thanking our employees for their continued absolute performance mindset, dedication to safety and commitment to delivering mission-critical infrastructure solutions for our customers. Your work and dedication is what makes everything possible.

謝謝你，Kip。各位早安，歡迎參加 Quanta Services 2026 年第一季財報電話會議。我想先感謝我們的員工，感謝大家持續秉持絕對績效的心態、對安全的投入，以及致力於為客戶提供關鍵任務基礎設施解決方案。正是各位的工作與奉獻，讓一切成為可能。

Quanta is off to a strong start of the year with our first quarter results reflecting robust double-digit growth in revenues, adjusted EBITDA, and adjusted earnings per share, along with record backlog. These results reflect the strength of our diversified solutions-based business model and our portfolio approach, enabling us to adapt to the evolving industry dynamics while consistently delivering execution certainty and profitable growth across varied market conditions.

Quanta 在今年開局強勁；我們第一季的結果反映出營收、調整後 EBITDA 與調整後每股盈餘皆呈現強勁的兩位數成長，同時在手訂單（backlog）創下新高。這些成果展現我們多元化、以解決方案為導向的商業模式與投資組合策略的優勢，使我們能因應不斷演變的產業動態，並在不同市場環境下持續提供可確定的執行力與獲利成長。

I want to spend a moment on what we shared at our Investor Day on March 31 because I think it is the right context for everything we are doing. Quanta has transformed, and our strategy for the next five years is firmly in place. What ran through everything we presented in our Investor Day was one word, certainty. Execution certainty, labor certainty, supply chain certainty, schedule certainty. That is what our customers need right now, and that is what this company is built to deliver.

我想花一點時間談談我們在 3 月 31 日投資人日所分享的內容，因為我認為那是我們所有作為的正確脈絡。Quanta 已經轉型完成，而我們未來五年的策略也已穩固到位。在投資人日的所有簡報中貫穿的一個字就是「確定性」。執行確定性、勞動力確定性、供應鏈確定性、工期確定性。這正是客戶此刻所需要的，也是這家公司所打造來交付的核心能力。

Utilities are being asked to double in size. Technology customers are demanding speed at scale they haven't dealt with before. Everything we have built over the past decade, our craft workforce, the integrated solutions model, the vertical supply chain investments, it all comes back to delivering that certainty at scale. And that is the conversation we are having with the customers every single day. We listen to our customers, and we are becoming more deeply embedded in the way they plan and execute their capital programs.

公用事業公司被要求將規模擴大一倍。科技客戶則要求以他們前所未有的規模實現速度。我們在過去十年所建立的一切——我們的技術工種人力（craft workforce）、整合式解決方案模式、垂直供應鏈投資——最終都回到一件事：以規模交付那種確定性。而這正是我們每天與客戶對話的主題。我們傾聽客戶需求，並更深度地嵌入他們規劃與執行資本計畫的方式之中。

We are in the rooms where customers are planning their entire multiyear capital spend. We are negotiating much of the work directly. Our success is aligned with their success and with positive outcomes for the rate payer. That was not the case five years ago. We are there now. The trust we have built over decades, combined with the investments we have made in our craft workforce and integrated solutions model is how we created a durable compounding business that is well positioned to capitalize on large visible and durable market opportunities.

我們參與客戶規劃其整體多年期資本支出的會議。我們也直接協商大量工作內容。我們的成功與他們的成功、以及對費率支付者（rate payer）的正向結果相一致。五年前並非如此；如今我們已經做到。數十年累積的信任，加上我們在技術工種人力與整合式解決方案模式上的投資，使我們打造出一個可長期、可複利的耐久型業務，並具備良好定位以掌握龐大、可見度高且具持續性的市場機會。

To that end, on the fourth quarter call, we announced an investment of $500 million to $700 million over the next several years in our power transformer manufacturing facilities and vertical supply chain strategy, which will double our power transformer manufacturing capacity.

為此，我們在第四季電話會議中宣布，未來數年將在電力變壓器製造設施與垂直供應鏈策略上投資 5 億至 7 億美元，該投資將使我們的電力變壓器製造產能倍增。

Additionally, we're nearly doubling our off-site manufacturing, fabrication and logistics facilities over the next several years for an aggregate of approximately 6.7 million square feet of facilities as part of our integrated fabrication and supply chain solutions. We are experiencing significant demand for these services, particularly for data centers, and 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.

此外，未來數年我們也將近乎把異地（off-site）製造、加工製造（fabrication）與物流設施的規模擴增一倍，合計設施面積約 670 萬平方英尺，作為我們整合式加工製造與供應鏈解決方案的一部分。我們正經歷對這些服務的顯著需求，尤其來自資料中心；而這些計畫只是 Quanta 能在相互匯聚的市場中提供端到端整體解決方案的幾個例子，旨在交付速度與確定性。

The versatility of our craft workforce and our solution-based approach is what derisks all of us for our customers and for our investors. That fungibility, the ability to move our people across a $2.4 trillion total addressable market converging around utility, generation and large load is what allows us to flex across markets, expand scope and keep delivering.

我們技術工種人力的多功能性，以及以解決方案為導向的方法，為客戶與投資人降低了風險。這種可替代性（fungibility）——也就是能在一個總可服務市場（TAM）達 2.4 兆美元、並圍繞公用事業、發電與大型負載匯聚的市場中調度我們的人員——使我們得以在各市場間靈活調整、擴大服務範疇並持續交付成果。

We have outlined an opportunity to more than double the earnings power of this company by 2030. When we look at our 15% to 20% adjusted EPS growth target with the opportunity to stack above that. I want to be clear, this is not easy, and the strategy has to be in place to deliver those numbers. We believe it is.

我們已勾勒出一項機會：到 2030 年將公司的獲利能力提升至兩倍以上。當我們檢視 15% 至 20% 的調整後 EPS 成長目標，並且還有機會在此之上再加碼時，我想說清楚：這並不容易，且必須具備能交付這些數字的策略。我們相信我們已經具備。

Our guidance is prudent. It has always been prudent. And the results we reported this morning reflect exactly the kind of execution this plan is built on.

我們的財測是審慎的，一向如此。而我們今天早上公布的結果，正反映出這項計畫所仰賴的那種執行力。

I will now turn it over to Jayshree Desai, Quanta's CFO, to provide a few remarks about our results and 2026 guidance. And then we will take your questions. Jayshree?

接下來我把電話交給 Quanta 財務長 Jayshree Desai，請她就我們的業績與 2026 年財測提供幾點說明。之後我們將回答各位的提問。Jayshree？

Thanks, Duke, and good morning, everyone. This morning, we reported first quarter results with revenues of $7.9 billion, net income attributable to common stock of $221 million or $1.45 per diluted share, adjusted diluted earnings per share of $2.68 and adjusted EBITDA of $686 million.

謝謝你，Duke。各位早安。今天早上，我們公布第一季業績：營收 79 億美元，歸屬於普通股股東的淨利為 2.21 億美元，或稀釋後每股 1.45 美元；調整後稀釋每股盈餘為 2.68 美元，調整後 EBITDA 為 6.86 億美元。

Based on the continued momentum evidenced by our record $48.5 billion of backlog, the strong performance during the quarter and improved visibility into the remainder of the year, we are raising our full year financial expectations. We now expect revenues to range between $34.7 billion to $35.2 billion, adjusted EBITDA to range between $3.49 billion to $3.65 billion, and adjusted EPS to range between $13.55 and $14.25.

基於我們創紀錄的 485 億美元在手訂單（backlog）所展現的持續動能、本季的強勁表現，以及對今年剩餘期間更佳的能見度，我們上調全年財務預期。我們目前預期全年營收介於 347 億至 352 億美元，調整後 EBITDA 介於 34.9 億至 36.5 億美元，調整後 EPS 介於 13.55 至 14.25 美元。

As Duke mentioned, we hosted an Investor Day on March 31 and outlined an opportunity to more than double the earnings power of this company by 2030. This quarter represents a great start to a 20-quarter stretch during which time we intend to deliver against that expectation along with continued improvement in our consolidated margins and returns.

如 Duke 所提，我們於 3 月 31 日舉辦投資人日，並提出到 2030 年將公司獲利能力提升至兩倍以上的機會。本季代表一段 20 個季度旅程的良好開端；在此期間，我們計畫兌現該預期，同時持續改善我們的合併利潤率與報酬。

Over the course of our five-year plan, we remain committed to maintaining an investment-grade balance sheet and an acquisition strategy that's governed by our target leverage profile of 1.5x to 2x, and the returns that we would otherwise generate by repurchasing our stock. One quarter in, the results reflect exactly the kind of disciplined compounding performance we committed to at Investor Day, and we remain focused on delivering that consistency for our stakeholders over the course of this plan.

在我們的五年計畫期間，我們仍致力於維持投資等級的資產負債表，以及一項由目標槓桿水準 1.5 倍至 2 倍所規範的併購策略，並以我們若改採回購股票所能創造的報酬作為比較基準。計畫推進一季後，結果正反映出我們在投資人日所承諾的那種有紀律的複利式表現；在整個計畫期間，我們仍將專注於為利害關係人交付這種一致性。

Additional detail and commentary on our 2026 financial guidance can be found in our operational and financial commentary and outlook expectation summary, both available on our Investor Relations website. With that, we're happy to take your questions. Operator?

關於我們 2026 年財務指引的更多細節與評論，可參閱我們的營運與財務評論以及前景預期摘要，兩者皆可於我們的投資人關係網站取得。接下來，我們很樂意回答各位的提問。接線員？

(Operator Instructions)

（接線員指示）

Nick Amicucci, Evercore ISI.

Nick Amicucci，Evercore ISI。

I just wanted to drill in a little bit. Obviously, Duke and Jayshree, you guys had kind of mentioned the opportunity to improve margins on the Underground and Infrastructure. It seems like obviously, that was -- it seems like that was one of the drivers here in the quarter. I just wanted to see, is that kind of -- should we kind of view that as more of a pull forward on that side of the house? Or is that -- was that somewhat contemplated as we think about just guidance going forward and kind of the 2030 timeline?

我想再深入追問一下。顯然，Duke 和 Jayshree，你們先前提到在地下與基礎建設（Underground and Infrastructure）方面有提升利潤率的機會。看起來很明顯，這似乎是本季的驅動因素之一。我想確認的是：這是否可以視為該業務端的某種「提前拉動」？或者說，當我們思考未來的指引以及 2030 年時間軸時，這其實已在某種程度上被納入考量？

Yes, thanks for the question. When we looked at the Underground, the word mix coming in with DSI in that segment as well as just broad-based what I think is execution in the segment. We did a nice job, and I do believe that's where your earnings improvement are coming from UI. So not to say we can't improve some of the Electric segment. But as we discussed, that's where you're going to see the incremental margin improvement. I do think it continues to get higher and we have the ability to operate in double digits.

是的，謝謝你的問題。當我們看地下業務時，該部門隨 DSI 進來的工作組合（work mix），以及我認為該部門整體的執行力，都表現得很好。我們做得不錯，我確實相信你看到的獲利改善是來自 UI（Underground and Infrastructure）。這並不是說我們無法在電力（Electric）部門也有所改善。但如我們所討論的，你會在那裡看到增量的利潤率改善。我確實認為它會持續走高，而且我們有能力把營運利潤率做到雙位數。

Great. And then as we kind of think about, too. We've heard just even over the past 30 days since the Investor Day, we've seen a lot more, I guess, rhetoric and just kind of commentary from a lot of whether it's developers or utilities in general or even the hyperscalers just on the notion of kind of more of a bridge power type of approach.

很好。另外，當我們也在思考時——自投資人日以來的過去 30 天左右，我們聽到更多我想是措辭與評論，來自許多不論是開發商、公用事業整體，甚至是超大規模業者（hyperscalers），都在談一種更偏向「橋接電力」（bridge power）的做法。

Is that something that is kind of an incremental opportunity just thinking that we can go first somewhat off-grid, if you would, and then kind of provides the opportunity to then build out on the transmission side? So you kind of get two bites at the apple. Is that a fair assessment? Or is that kind of overstating?

這是否是一個增量機會？也就是說，我們可以先在某種程度上離網（off-grid）運作，然後再提供機會去建設輸電端，因此等於有兩次機會可把握。這樣的判斷合理嗎？還是有點言過其實？

I mean everyone has a different solution to the issues of lack of generation. So I think when we look at it, the easiest to know, I think the best way is to connect to the grid. And most of our customers want to go to the grid at some point. There is bridge power solutions. They're out there. There's Bloom and others that we're involved with on jobs, and I do think that is a good bridge power in many ways, and it will end up being backup power for the most part at some point.

我的意思是，每個人對於發電不足的問題都有不同的解決方案。所以我認為，當我們看這件事時，最容易、我想也是最好的方式，就是接入電網。而我們的大多數客戶在某個時間點都希望接入電網。確實存在橋接電力方案，市場上有，例如 Bloom 以及其他我們在一些專案中合作的業者；我確實認為在很多方面那是很好的橋接電力，而且最終在多數情況下，它會在某個時間點成為備援電力。

So to have a microgrid at that scale with that intermittency in the type of learning that the chips have, it's very difficult. And not many people can build those microgrids and run them. Utilities are very good at it, and it's much easier for them to do it than it is to try to run a microgrid from a technology company.

因此，要在那樣的規模下建立微電網（microgrid），又要面對那種間歇性，以及晶片所需的那類學習特性，這非常困難。能建造並運行那些微電網的人並不多。公用事業在這方面非常擅長，對他們而言比起由科技公司來運行微電網要容易得多。

So yes, it's complicated and the lack of generation is creating some opportunities for us on bridge power and many things. But we're involved in all of it. I would tell you, large majority, vast majority are going to the grid at some point.

所以，是的，這很複雜，而發電不足正在為我們在橋接電力以及許多事情上創造一些機會。但我們參與其中的各個面向。我會告訴你，絕大多數、非常大多數最終都會在某個時間點接入電網。

Andy Kaplowitz, Citigroup.

Andy Kaplowitz，Citigroup。

I'll stick to one question maybe in a couple of parts. Like you mentioned in your prepared remarks that much of the additions to backlog were new large load facility project awards. And I think it's fair to say that you're seeing much more of these types of awards.

我可能就問一個問題，但分成幾個部分。你在事先準備的發言中提到，積壓訂單（backlog）增加的很大一部分來自新的大型負載設施專案得標。我想可以說，你們看到這類得標案明顯變多。

So these always tend to be over $1 billion relatively consistently. And how much of that acceleration that you're seeing is simply that you've been able to educate your customers that Quanta can essentially do it all as you've told us. Would you expect large load orders to continue to ramp up from here?

這些案子通常相當一致地都超過 10 億美元。你們看到的這種加速，有多少只是因為你們能教育客戶：如你們所說，Quanta 基本上可以一手包辦？你是否預期大型負載訂單會從這裡開始持續爬升？

Yes. I'm not sure who said that about backlog. It wasn't me. But I would tell you, there was a large -- it's largely across all segments, all disciplines. The backlog went up, including some 765 that was probably less than 25% of the increase, but it was broad-based.

是的。我不確定是誰那樣說積壓訂單的，不是我。但我會告訴你，這在很大程度上是橫跨所有部門、所有專業領域。積壓訂單上升，包括一些 765（kV）專案，那可能不到增量的 25%，但整體是廣泛性的。

It was some large load center, but it was a T&D and across our segments. So I would tell you like that's -- it was normal course to me, there was no like something that stood out to say, Oh, this is a large project that drove that beat. I expect our backlog to continue to rise.

其中有一些大型負載中心，但主要是輸配電（T&D），而且遍及我們各個部門。所以我會說，對我而言那是正常的業務進程，沒有什麼特別突出的單一大型專案去驅動那個超預期。我預期我們的積壓訂單會持續上升。

Steven Fisher, UBS.

Steven Fisher，UBS。

I know you guys just only gave 2030 targets, but I wanted to look out maybe even a little bit longer term because it seems like a part of the narrative being reflected in the stock is this longer-term good visibility that you have.

我知道你們只給了 2030 年目標，但我想把視角拉得更長一些，因為看起來股價反映的敘事之一，是你們在更長期具有良好的能見度。

So Duke, I mean, you've made some comments here and there about having some kind of programmatic discussion or opportunities beyond 2030. So I was hoping you could perhaps elaborate a little bit on those opportunities. To what extent is this mainly transmission projects? Does it include other data center opportunities directly? Is it renewables? And to what extent do you have any more formalized agreements that go out actually that far beyond 2030?

所以 Duke，你在不同場合提到過一些關於 2030 年之後的某種計畫性（programmatic）的討論或機會。我希望你能再多談一點那些機會。這主要是輸電專案嗎？是否也包含其他直接與資料中心相關的機會？是否包含再生能源？另外，你們是否有任何更正式化、實際延伸到 2030 年之後那麼久的協議？

We're looking at work beyond 2030 for sure. I do think you'll see an elongated cycle. I don't think you're looking at something that's stops in five years. You're seeing decades of type -- it took us, I don't know, 75- or 100 years to build the grid that is there today. I don't think you can double the size of it overnight for sure, not in five years.

我們當然在看 2030 年之後的工作。我確實認為你會看到一個拉長的週期。我不認為你看到的是五年後就停止的事情。你看到的是以數十年為尺度的——我不知道，我們花了大概 75 年或 100 年才建成今天的電網。我不認為你能一夜之間把它的規模翻倍，當然也不可能在五年內做到。

So it's going to take a while to do that. You're seeing orders out on combined cycle engines into 2030, if I'm not mistaken. So if you're just getting orders in 2030, it would tell you that the CCGTs take three years to build once they hit the ground and you're in 2033 at a minimum on the orders you get today.

所以要做到那件事需要時間。據我所知，你已經看到聯合循環機組（combined cycle engines）的訂單一路排到 2030 年。所以如果你在 2030 年才拿到訂單，那也意味著 CCGT（聯合循環燃氣渦輪）一旦動工落地，建造需要三年，而你今天拿到的訂單，最少也會把你帶到 2033 年。

So I think when you think through it, the transmission, the infrastructure, and what we see in front of us with robotics, the way the grid is used, the power electrification, I just see more demand, more demand in generation and the electrification of the world. So I just -- we see it for a decade plus.

所以我認為，當你把它想清楚：輸電、基礎建設，以及我們在機器人技術、電網使用方式、電力電氣化（electrification）方面看到的趨勢，我只看到更多需求——對發電的需求更多、對世界電氣化的需求更多。所以我只是——我們看到的是十年以上的需求。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，Jefferies。

It's Brian Russo on for Julien. Yes. Just to follow up on your relationship with NiSource. The utility recently announced the Alphabet GenCo expansion on top of the original Amazon program. Just curious if that creates incremental scope for Quanta?

我是代 Julien 提問的 Brian Russo。是的，想追問一下你們與 NiSource 的合作關係。這家公用事業公司最近宣布了 Alphabet GenCo 的擴張，並且是在原本 Amazon 計畫之上。想請問這是否為 Quanta 帶來額外的工作範疇（incremental scope）？

And more broadly, is the GenCo model generating additional pipeline opportunities, conversations beyond NiSource, particularly in that Midwest region? You had mentioned an opportunity of about $5.7 billion related to NiSource. Just wondering what your thoughts are on expanding that market opportunity?

更廣泛來看，GenCo 模式是否正在帶來更多管線機會（pipeline opportunities），以及在 NiSource 之外、特別是在中西部地區的更多對話？你先前提到與 NiSource 相關的機會約 57 億美元。想請問你對擴大該市場機會有何看法？

Yes. We continue to expand that opportunity in the Midwest. I think you're seeing more demand, and we talked about that early on to be a program, and I think we'll continue to evolve and none of the CCGT or even any of the generation for the most part, that's been announced is not in our backlog. We discussed air permits and things like that. Is that as we get air permits and things -- as that progresses, you'll start to see that come into backlog, probably the later half of the year and beyond.

是的。我們持續在中西部擴大那個機會。我認為你看到更多需求，而我們早期就談到這會是一個計畫性（programmatic）的案子，我想我們會持續演進。而且目前已宣布的 CCGT，甚至大多數已宣布的發電項目，都還沒有進入我們的積壓訂單。我們討論過空氣許可（air permits）之類的事項。當我們取得空氣許可等——隨著進度推進，你會開始看到它們進入積壓訂單，可能在今年下半年以及之後。

But we continue to have a good relationship and looking at that programmatic spend that you're seeing and they're announcing. So we're right in the middle of it. We're right there with the client on both sides of that. And again, we talked about $5.7 billion that's growing every day. So we like the area. We NiSource, and I think it will continue to grow.

但我們持續維持良好的合作關係，也在關注你所看到、他們正在宣布的那種計畫性支出。所以我們正處於其中的核心。我們與客戶在那兩個面向都緊密合作。再說一次，我們談到的 57 億美元每天都在成長。所以我們喜歡那個區域。我們喜歡 NiSource，我認為它會持續成長。

Great. And just one follow-up on the backlog. You mentioned 765 was, I think, less than 20% of the increase. How should we think about the relationship with the AEP and the cadence of those transmission projects stacking up in the future backlog over the next 18-, 24 months?

很好。再追問一個關於在手訂單（backlog）的问题。你提到 765 我想不到增量的 20%。我們應該如何看待它與 AEP 的關係，以及未來 18 到 24 個月這些輸電專案在未來在手訂單中逐步累積的節奏？

They keep announcing a bigger capital spend, and we keep supporting it. So I think you can look at our backlog and look at the way that the relationships are going with utilities and expect us to incrementally grow our backlog along with the utilities. We have a great relationship with AEP. As they announced 765, we're right in the middle of it with them, both on equipment as well. As you can see the investment that we made in the equipment.

他們持續宣布更大的資本支出，而我們也持續支持。所以我認為你可以看我們的在手訂單，並看我們與公用事業客戶的關係發展方式，預期我們會隨著公用事業客戶一起逐步增加在手訂單。我們與 AEP 的關係非常好。當他們宣布 765 時，我們就與他們緊密合作，也包含設備端。如你所見，我們在設備上的投資。

In the quarter, we purposely put it in the script to show you that we're moving forward on significant dollars against that 765 build in the vertical supply chain. So we're right there together. And we have a US-based supply chain that I think derisk us and AEP, and that has led to work and great opportunities together across the board on our system. So we're excited about it, and we're just getting started. It's very early. And I think you'll continue to see building a backlog, and this is just what I would consider the 765 we put in was really in MSA that is normal course. So I'm excited about what we can do there, and we're just getting started.

在本季，我們刻意把它寫進講稿，是要讓你看到我們在垂直供應鏈上，正針對那個 765 建設投入相當可觀的金額向前推進。所以我們確實是並肩在做。我們也有以美國為基地的供應鏈，我認為這降低了我們與 AEP 的風險，而這也帶來了在我們整個系統上廣泛合作的工作與很好的機會。所以我們對此很興奮，而且才剛開始。現在還非常早期。我認為你會持續看到在手訂單的累積，而我們放進來的這部分 765，我會說其實主要是在正常業務流程的 MSA（主服務協議）之下。所以我對我們能在那裡做到的事情很期待，而且我們才剛開始。

Ati Modak, Goldman Sachs.

Ati Modak，高盛。

Duke, I guess on the orders, you mentioned orders duration for CCGTs. Can you help us understand if the gas generation opportunity is something you expect to actively lean into and grow as a core focus over the years or should we think of that as more of a nice opportunities has come through from the JV type solution? I guess I'm trying to scale -- understand what the scale of that opportunity could look like for you specifically.

Duke，我想問關於訂單。你提到 CCGT（複循環燃氣渦輪）訂單的期間。你能否幫我們理解，燃氣發電的機會是你們預期未來幾年會主動加大投入、並作為核心重點來成長的方向？還是我們應該把它視為透過 JV（合資）型解決方案帶來的「不錯的機會」？我想釐清——就你們公司而言，這個機會的規模可能會是什麼樣子。

It depends on the risk. I think we're comfortable on the single cycle as we're comfortable on many things when it gets to a combined cycle. We'll be prudent about how we take risk on them. And I've been around a long time. I've seen failure, and we're not planning on that.

這取決於風險。我認為我們對單循環（single cycle）是有把握的，就像我們對很多事情一樣；但一旦到了複循環（combined cycle），我們會在承擔風險上更審慎。我在這行很久了，我看過失敗，而我們不打算走到那一步。

So I believe as the market progresses, as we progress as a company in those type markets, you'll continue to see it grow. We're highly focused on it. It's something that we see as a great addressable market that the inbound calls are daily, and I believe we can build them, but we're going to build them under contract structure that makes sense for us and the client and the rate payers.

所以我相信，隨著市場推進、以及我們公司在這類市場中的進展，你會持續看到它成長。我們非常專注在這上面。這是我們認為很好的可服務市場（addressable market），每天都有客戶主動來電洽詢；我相信我們有能力建造，但我們會在對我們、對客戶、以及對費率支付者（rate payers）都合理的合約架構下來承接。

So it just takes a bit. They're long-cycle type work, and it will take us a while to get to contract, now many of them. But it's something that you can't stick your toe in the water, you've got to jump in, and we're going to execute very, very well. And we're going to make sure that we've derisked ourselves against the market. So it's something we're focused on.

所以這需要一些時間。這類工作是長週期（long-cycle）的，從現在到簽約，很多案子都需要一段時間。但這不是把腳趾伸進水裡試試就好，你得跳進去，而我們會把執行做得非常、非常好。我們也會確保已經把自身面對市場的風險降到可控。所以這是我們聚焦的方向。

Sangita Jain, KeyBanc.

Sangita Jain，KeyBanc。

I have one for Jayshree. Jayshree, you left your free cash flow guidance unchanged. Just wondering why? I know your CapEx went up, but it only went up by like $50 million at the midpoint. So can you help us understand what you're thinking through?

我有一題想問 Jayshree。Jayshree，你們維持自由現金流（free cash flow）指引不變。想請問為什麼？我知道你們的資本支出（CapEx）上調了，但以中位數來看只上調了大約 5,000 萬美元。你能幫我們理解你們的考量嗎？

Sangita, really nothing to read into that. We gave a good range when we guided in the fourth quarter about our free cash flow. And yes, while we were pleased with the performance in the first quarter, it's just early. We don't really need -- we didn't feel the need given the expectations where we are today to change that with the $500 million range that we provided you guys in the fourth quarter.

Sangita，其實沒有什麼特別需要解讀的。我們在第四季給自由現金流指引時就提供了一個不錯的區間。是的，雖然我們對第一季的表現感到滿意，但現在還早。我們並不需要——在目前的預期與現況下，我們不覺得有必要去調整第四季提供給大家的 5 億美元區間。

Having said that, yes, do I feel like we have greater confidence about being at the higher end of that cash flow range? Yes, I do. So as the year progresses, you can expect us to update you accordingly.

話雖如此，是的，我是否覺得我們更有信心落在該現金流區間的高端？是的，我有。隨著年度推進，你可以預期我們會相應更新。

Brian Brophy, Stifel.

Brian Brophy，Stifel。

Yes. Congrats on the nice quarter. You talked about meaningfully growing your off-site construction capacity in your opening comments. Can you talk about what you're seeing there that is driving these investments? Did you see any meaningful awards in that business in particular this quarter? Remind us how significant of a business that is and just the margin profile there.

是的。恭喜本季表現不錯。你在開場談到要大幅提升異地施工（off-site construction）產能。你能談談你們看到什麼趨勢在驅動這些投資嗎？本季在這項業務上是否拿到任何具代表性的重大得標？也請提醒我們這項業務的規模有多大，以及其毛利／利潤結構大概如何。

I mean the announcement was supporting both our manufacturing capabilities, I mean, what we -- in the prepared remarks, which would be our transformer manufacturing, which is the majority of the capital. We have increased our size substantially on a prefab and premanufactured type product that Cupertino was a first mover for multi-decades. So we're supporting that. We're growing that business. It's a labor force multiplier, the way I see it, and it allows us to really expand and work with clients across the country.

我的意思是，這次的宣布是在支持我們的製造能力——也就是我們在準備稿裡提到的變壓器製造，那是資本投入的大宗。我們也在預製（prefab）與預先製造（premanufactured）類型產品上大幅擴張規模；Cupertino 在這方面是數十年來的先行者。所以我們是在支持並擴大那項業務。以我的看法，這是一個勞動力倍增器（labor force multiplier），讓我們能真正擴張並與全國各地的客戶合作。

As we see that market, we'll continue to expand it. But it's much more of a programmatic spend, and it's not something that you're going to see as large chunky projects. It just continues to be MSA-type driven programmatic spend against the AI build, both cloud-based and learning-based type products.

隨著我們看到那個市場，我們會持續擴張。但它更像是計畫型（programmatic）的支出，而不是你會看到那種很大、很「塊狀」（chunky）的單一專案。它會持續是由 MSA 類型所驅動的計畫型支出，對應 AI 建設，包含雲端（cloud-based）與學習型（learning-based）產品。

So I think when we look at it, we'll continue to expand that due to the fact that labor constraints, and we can force multiply what we have, the fungibility of our labor as well. So we like the area. We're investing in it and the inbounds are daily.

所以我認為，當我們看這塊時，因為勞動力限制，我們會持續擴張；我們也能把現有資源做倍增，並且我們的勞動力具有可替換性／可調度性（fungibility）。所以我們喜歡這個領域。我們正在投資，而且每天都有主動洽詢。

Steve Fleishman, Wolfe Research.

Steve Fleishman，Wolfe Research。

So I guess two. First, just on the gas plant opportunities. I know you mentioned you're going to be careful on your risk controls on the combined cycle. Just how confident are you that you can get significant share? Are you losing business to competitors that are not necessarily as risk averse? Just any thoughts on that?

我有兩個問題。第一個是關於燃氣電廠的機會。我知道你提到在複循環上你們會更謹慎做風險控管。你們對於能拿到顯著市占有多大信心？你們是否會把生意輸給競爭對手——那些不一定像你們一樣保守控風險的公司？想聽聽你的看法。

I mean it's a big market, Steve. So when we look at it, I think capacity, it comes down to cross-skill labor, multi-trade labor that we had. And so we can either work for others or do it ourselves in many ways. We've built a nice programmatic spend in areas that I think will continue. We have others that are coming in.

這是一個很大的市場，Steve。所以我們看這件事時，我認為關鍵在於產能，而產能取決於我們擁有的跨技能勞動力、多工種（multi-trade）勞動力。因此我們可以在很多情況下選擇替別人做，或是自己做。我們已經在一些領域建立了不錯的計畫型支出，我認為會持續下去。我們也有其他客戶正在進來。

It was not something that the company was focused on five years ago. And when the risk gets less and we're able to do it in a prudent way for the ratepayer, and we're derisking certain aspects of those things, the single cycles don't bother us, the combined cycles do. So as we get into that, we look at it from a risk profile and work with the client.

這不是公司五年前會聚焦的事情。而當風險降低、且我們能以對費率支付者更審慎的方式來做，同時我們也在降低其中某些面向的風險時，單循環不會困擾我們，複循環會。所以當我們切入時，我們會從風險輪廓來看，並與客戶一起合作。

And I think it's the right way to look at it. If you try to fix them, they get expensive. And the risk out five years from now is substantial when you start looking at it. So I think we're defining those risks, working contingencies, making sure that everyone is looking at it right. And for the most part, our sophisticated customers we work with realize it's the right way to look at total cost, and we're able to do that in a way that benefits everyone involved.

我認為這是正確的看法。如果你試著去「修正」它們，成本就會變得很高。而當你把時間拉到五年後來看，風險是相當可觀的。所以我認為我們正在界定那些風險、設定應急預案（contingencies），確保每個人都用正確方式看待。大多數我們合作的成熟客戶也理解，這是看總成本（total cost）的正確方式，而我們能以讓所有相關方都受益的方式來做到。

So we'll continue down that model, and it's worked very well. We're not going to win them all. It wasn't something that we expect to win them all. It's a great business for us. If it -- we have not acquired against that. We built this organically, and we'll size it to the market. It's not something that I think Quanta will grow with or without it.

所以我們會持續沿著這個模式走，而且效果一直很好。我們不會贏下所有案子——我們也不期待贏下所有案子。這對我們而言是一門很好的生意。我們並沒有為了這塊去做併購；我們是有機（organically）建立起來的，我們也會依市場規模來配置它。即使沒有這塊，我也不認為 Quanta 的成長會因此受限或改變。

Great. And then just on utility interconnection issues, just -- I'm curious if you're doing things that would help accelerate that? Is there things that you can -- this three-mile island restart not being interconnected until 2031 potentially was kind of shocking. Just what are things that can be done and maybe your involvement to kind of accelerate people getting interconnected?

很好。接著就公用事業併網（utility interconnection）問題來說——我很好奇你們是否正在做一些事情來幫助加速併網？有沒有什麼你們可以做的——像三哩島重啟可能要到2031年才併網，這點有點令人震驚。到底有哪些事情可以做，以及你們可能如何參與，來加速讓大家完成併網？

Yes. I think, look, the transformer manufacturing investment matters a ton when you start talking about 36 months on transformers, things like that. And then you have inbounds from Europe that are held up in overseas and things of that nature. We've really derisked the transformer piece of that. So it would help there. We can build large voltage, high voltage line faster than anyone in the world. And I think we've set ourselves up nicely to bring jobs in faster.

是的。我認為，你看，當你開始談到變壓器要36個月交期之類的事情時，對變壓器製造的投資就非常非常重要。然後你還會遇到從歐洲進口的設備卡在海外、以及諸如此類的情況。我們已經把變壓器這一塊的風險大幅降低了，所以那會有幫助。我們建設大電壓、高電壓輸電線路的速度比世界上任何人都快。我認為我們也把自己定位得很好，能更快把工作機會帶進來。

That said, I think it's more about the impacts to the ratepayer and getting past that. We need every incremental piece of capital spent for transmission benefits to ratepayer. And that's what we have to do as an industry is make sure that we're telling the right story so we can move these faster permitting reform, will certainly help speed that up. But the queues are complicated. We're in the middle of them all the time, and it's a moving target in many ways.

話雖如此，我認為更關鍵的是對用戶（ratepayer）的影響，以及如何跨過那一關。我們需要每一筆為輸電所增加投入的資本，都能為用戶帶來效益。作為一個產業，我們必須做的就是確保我們講對故事，這樣才能讓這些事情更快推進；許可改革（permitting reform）當然也會有助於加速。但併網排隊（queues）很複雜。我們一直都在其中，而且在很多方面它都是一個不斷變動的目標。

So we're constantly in the middle of trying to help expedite that through technology. We have a large planning group that works with utilities. But the target moves and we continue to try to bring it in, in the field. So that said, the more we're involved upfront, the faster it goes, as far as I'm concerned and benefits the ratepayer all the way through. So we're all looking at permanent reform and ways to mitigate and get these things in the queue quicker, no doubt about it, and we're doing it, I think, in many, many areas.

所以我們一直在嘗試透過技術來協助加速。我們有一個大型規劃團隊與公用事業合作。但目標會移動，我們也持續在現場端努力把它拉回來。也就是說，就我而言，我們越早在前期介入，進度就越快，而且全程都能讓用戶受益。因此我們都在看永久性改革（permanent reform）以及各種緩解方式，毫無疑問要讓這些項目更快進入排隊流程（queue），而且我認為我們在很多很多領域都正在做。

Alex Rygiel, Texas Capital.

Alex Rygiel，Texas Capital。

Congratulations on a nice quarter. Government policies and regulations have a tendency of shifting market opportunities. Can you talk about the few that are most relevant to you today and how you're positioned to take advantage of or sort of reposition yourself for change?

恭喜本季表現不錯。政府政策與法規往往會改變市場機會。你能談談目前對你們最相關的幾項政策／法規，以及你們如何定位以把握機會，或在變化發生時如何重新調整嗎？

Yes, Alex, I think when we think through generation, our renewable business, we haven't talked much about this morning, we had a nice quarter. We really did. And I think we built backlog on it. So like while we don't say much about it, it becomes a dirty word at times. I really like the solar batteries and even the wind and areas, it makes a lot of sense. And so -- but you've seen us position ourselves nicely in the CCGTs and the gas generation.

是的，Alex，我想當我們談到發電（generation）時，我們的再生能源業務——今天早上我們沒怎麼談——本季表現很好，確實如此。而且我認為我們也累積了更多在手訂單（backlog）。所以雖然我們不太談它，但有時它會變成一個「敏感詞」。我其實很喜歡太陽能加儲能（solar batteries），甚至風電，在某些地區非常合理。所以——但你也看到我們在CCGT（聯合循環燃氣渦輪）與燃氣發電方面把自己定位得很好。

So it's all forms of generation now for us, and we're trying to be the solution that people are asking for with the fungibility of craft skill labor across those markets. So we can move across markets. We see markets that no one sees. And we're able to take the labor, build on the front side of it, talk with technology, talk to our customer and we listen. And we're listening to them over this decade of making sure that we can move in the areas that we see provide the most benefit to our people and to the ratepayer and our stakeholders.

所以對我們而言，現在是各種形式的發電，我們努力成為客戶所要求的解決方案，並且讓熟練技工（craft skill labor）在這些市場之間具備可互換性（fungibility）。因此我們可以在不同市場之間移動。我們看到別人看不到的市場。我們能把勞動力帶過去，在前端把它建起來，與技術對接，與客戶溝通並且傾聽。我們在這十年裡一直在聽，確保我們能移動到我們認為能為我們的人、為用戶以及為利害關係人帶來最大效益的領域。

So we've done it. We continue to do it. That's one example, telecom. It's growing a bit. We see BEAD. We see that connecting data centers as well. So we'll grow that business. I like our verticals right now and our supply chain as well. So there's not much that we can't solve here. We just have to continue to execute underneath, and the shiny objects are the shiny objects, but our execution and the guys, the men and women on the field are just, as far as I'm concerned, are the best in the world.

所以我們做到了，而且會持續做。再舉一個例子：電信（telecom）。它正在成長一些。我們看到BEAD。我們也看到連接資料中心（data centers）的需求。因此我們會擴大那塊業務。我喜歡我們目前的垂直領域（verticals）以及我們的供應鏈。所以這裡沒有太多我們解決不了的事。我們只需要持續把執行做好；那些「亮點」就是亮點，但我們的執行力，以及在現場的男男女女，就我而言，是世界上最棒的。

And then secondly, obviously, plenty of opportunities domestically. But international obviously is feeling the same kind of opportunities develop. At what point does Quanta get more aggressive in the international market?

第二點，顯然美國國內有很多機會。但國際市場顯然也在形成同樣類型的機會。Quanta 什麼時候會在國際市場上更積極？

We kept our Australian assets, and they've done a really nice job there. And we can jump from Australia need be to really Europe and across the world. I don't see that any time frame in the near future. But it's certainly maybe for the next guy or lady. It's very difficult to go international, and we have plenty of growth that we see here for a period of time, but we're certainly set up to do that if need be.

我們保留了澳洲的資產，而且他們在那裡做得非常好。如有需要，我們可以從澳洲跳到歐洲乃至全球。我不認為在近期會有明確的時間表。但這也許會是下一任（不論是男是女）要做的事。走向國際非常困難，而我們在這裡看到的成長足以支撐一段時間；但如果有需要，我們確實已經具備那樣做的能力。

Manish Somaiya, Cantor Fitzgerald.

Manish Somaiya，Cantor Fitzgerald。

(audio in progress) Have you seen any signs of potential weakness in any of the markets geographically or end markets by sector? And have any of the constraints changed? I know in the past, we have talked about craft labor, supervision, all that stuff being a challenge. So that's question one.

（音訊進行中）你是否看到任何跡象，顯示在某些地理區域或按產業別的終端市場可能出現疲弱？以及任何限制因素是否有變化？我知道過去我們談過熟練技工、監工等都是挑戰。所以這是第一個問題。

And then as part of that, if you can just touch on the M&A pipeline. What opportunities are you seeing geographically and by business? And where would you want to do something if the right opportunity arose?

另外，作為延伸，如果你能談談併購（M&A）管線。你在地理區域與業務別上看到了哪些機會？如果出現合適機會，你會想在哪些地方出手？

I'll go backwards. So M&A, we see plenty of opportunity there. There's great businesses, 100-year-old companies that have long-standing what I would consider execution across many, many markets. And our ability to execute on M&A as you've seen it over the last decade, you'll continue to see it going forward. The inbounds are strong.

我倒著回答。關於併購，我們看到很多機會。有一些很棒的企業——百年老公司——在許多許多市場都有我認為是長期且穩健的執行能力。你也看到過去十年我們在併購整合上的執行力，未來你也會繼續看到。主動找上門的機會（inbounds）很強。

People believe in what we're doing, people believe in our strategies, and they want to sell their businesses here. We're happy to have them and happy that they want to be here. So you'll continue to see that. I think you're starting to see the strategies come together here and the things that we invest in. There's not one market. We have some holes in the business in certain regions. We had the holes in the business in certain -- from my standpoint, certain verticals.

大家相信我們正在做的事，相信我們的策略，也希望把他們的企業賣給我們。我們很高興他們加入，也很高興他們想在這裡。所以你會持續看到這種情況。我認為你開始看到我們的策略與投資項目在這裡逐步匯聚。沒有哪一個單一市場。我們在某些地區的業務有一些缺口；從我的角度看，在某些垂直領域（verticals）也有缺口。

So we invest in them. But the great businesses are there. We're not doing this for a labor strategy. We're building labor nicely underneath. We added relatively 5,000- to 6,000 organically last year, and we'll do that again this year plus.

所以我們就投資補上。但好的企業就在那裡。我們做這些不是為了勞動力策略。我們在底層把勞動力建得很好。去年我們有機成長（organically）新增大約5,000到6,000人，今年也會再做一次，而且還會更多。

So I've said this before, labor builds labor, a journey makes a journey, and money doesn't do that. The more journey you have, the more you can scale. And we realize that, and we invest in it constantly and have for over a decade, well over a decade. So it's not -- M&A is not a labor strategy for us. So that's out and the rest of it is just we've given, I think, good guidance on what we think for our strategy, and we'll invest against it.

所以我以前說過，勞動力會孕育勞動力，歷練（journey）會帶來更多歷練，而金錢本身做不到。你擁有的歷練越多，就越能擴張。我們明白這點，也一直持續投資，已經超過十年，遠超過十年。所以——併購對我們來說不是勞動力策略。這點可以排除。其餘的部分，我想我們已經對我們的策略給了不錯的指引，而我們會依此投入資本。

And also, when you think about -- you talked about labor a bit as well. The fabrication facilities, the things that we're doing there, premanufacturing on both sides of that, whether it be DSI, multi-trades, we're using that investment with technology to really expedite what we can do in the field and take risk out of it. I mean you're starting to see the seasonality of the business even change a bit. I can't tell you that, that's what that looks like yet because I haven't got my head around it. But the first quarter, it doesn't fall off as much.

另外，當你想到——你也提到了一些勞動力。製造加工（fabrication）設施、我們在那裡做的事情、兩端的預製（premanufacturing），不管是DSI、多工種（multi-trades），我們正把這些投資與技術結合，用來真正加速我們在現場能做的事，並降低風險。我的意思是，你開始看到業務的季節性甚至也在改變一些。我還不能告訴你那會長什麼樣，因為我還沒完全理清。但第一季的下滑沒有那麼大。

And we had some Northern climbs that were tough, and you've seen us operate through those markets this quarter. And I think you're going to build a business that is resilient across four quarters and predictable. So I like what we're doing there. And the end markets continue to -- I have not seen holes in them.

而且我們在北方有一些攀登作業（Northern climbs）很艱難，但你也看到我們本季在那些市場中運作並挺過來。我認為你會建立一個在四個季度都具韌性、而且可預測的業務。所以我喜歡我們在那方面做的事。至於終端市場，我沒有看到任何缺口。

There will be stops and starts when we get this big, and we start adding this much backlog and the business grows. We're not going to add the same amount of backlog every quarter. Those things are -- it just moves around, but consistently on a CAGR basis, I expect our backlog to continue to rise for as far as I can see it over time. Now it might not be quarter-over-quarter, but it will certainly be year-over-year at this point. And we like what we see out there, and I'm not seeing holes in the markets that we serve.

當我們規模變得這麼大、開始增加這麼多在手訂單（backlog），而且業務持續成長時，過程中一定會有起伏、時快時慢。我們不會每一季都增加同樣數量的在手訂單。這些事情——就是會有波動，但以複合年成長率（CAGR）的角度來看，我預期我們的在手訂單在可預見的未來會持續上升。現在可能不會每季都季增，但在目前這個階段，肯定會年增。而且我們喜歡我們在外面看到的狀況，我也沒有看到我們所服務的市場出現缺口。

Philip Shen, ROTH Capital Partners.

Philip Shen，ROTH Capital Partners。

You took your technology and load center outlook up substantially, increased from 70% to 110% of revenue growth. So we heard a lot of hyperscalers has increased CapEx for the year last night. What do you see for the coming quarters for this end market? Can you give some additional color on your conversations with the hyperscalers? And is there a potential that the segment could grow even faster than what you've laid out?

你們把科技與負載中心（load center）的展望大幅上調，從占營收成長的70%提高到110%。我們昨晚聽到很多超大規模業者（hyperscalers）提高了今年的資本支出（CapEx）。你們對接下來幾季這個終端市場有何看法？能否就你們與這些超大規模業者的對話提供更多細節？另外，這個部門是否有可能比你們目前所描繪的成長得更快？

Yes. Just to comment on the slide that you're discussing, that's directional. And if it was up to me, I wouldn't have that slide. But I'll defer to the team on it, but it is directional. So you're right, it is growing fast, and it is a fast-paced market. We've made acquisitions against it. So you can expect that to grow faster than things that we haven't made acquisitions. It's a great market. We've talked about the technology being $1 trillion-plus TAM. And you can see what the capital being spent from all the larger hyperscalers out there.

是的。先就你提到的那張投影片做個說明，那是方向性的。如果由我決定，我不會放那張投影片。但我會尊重團隊的決定；不過它確實只是方向性的。所以你說得對，它成長很快，而且這是一個節奏很快的市場。我們也針對它做了併購。因此，你可以預期它會比我們沒有進行併購的領域成長更快。這是個很棒的市場。我們談過科技領域的可服務總市場（TAM）超過1兆美元。你也可以看到所有大型超大規模業者在資本支出上的投入。

So yes, I mean, it's going to grow faster, and we continue to lean into it. The opportunities are daily, and we'll take advantage of those opportunities when they come in from balance of plant data centers to pieces thereof. I just think we're doing a nice job there. We talked about it. We had a strategy.

所以是的，我的意思是，它會成長得更快，而我們也會持續加碼投入。機會每天都在出現，我們會在機會從資料中心的廠務系統（balance of plant）到其中的各個組件出現時加以把握。我認為我們在那裡做得不錯。我們談過這件事，我們有策略。

We're executing against it. And we did. We are looking at 100-plus percent growth in it due to acquisition, due to strategy, due to a lot of things. But organically as well, it's growing nicely, and we'll continue to see it grow. We're early. I think we've only been doing this like 1.5 years.

我們正在依照策略執行。我們確實在做。我們看到該領域有超過100%的成長，原因包括併購、策略以及很多因素。但就有機成長而言，它也成長得很好，而且我們會持續看到它成長。我們還在早期階段。我想我們做這件事大概才1.5年。

I mean you can see like how big the businesses are already. If you do the math, it's a huge business, and it will continue to grow. I think people have come in here daily because we can execute. We can execute and we're certain and we can do it fast. And we have the craft on the backside. We're not building homes. So we're certainly something that we can do and do well. We're excited about it.

我的意思是，你可以看到這些業務現在就已經有多大。你如果算一算，這是一個很大的業務，而且會持續成長。我認為人們每天都來找我們，因為我們能執行。我們能執行、我們很確定，而且我們能很快完成。我們後端也有工班（craft）能力。我們不是在蓋房子。所以這確實是我們能做、而且能做得很好的事情。我們對此感到興奮。

Great, Duke. Second one here. Maybe this is more for Jayshree. Can you give some color on why the '26 EPS guide percentage increase was less than the Q1 EPS beat? How much of the Q1 earnings beat was a pull forward potentially? You guys beat by 30% on the adjusted EPS line on Q1 or in Q1, but the EPS guidance was only raised by 7% in 2026. Were there some one-timers?

很好，Duke。第二個問題，可能比較適合問Jayshree。能否說明一下，為什麼你們對2026年EPS指引的百分比上調幅度，小於第一季EPS超預期的幅度？第一季獲利超預期有多少可能是提前認列（pull forward）？你們第一季調整後EPS超預期30%，但2026年的EPS指引只上調了7%。是否有一些一次性因素？

Yes. I'm not following that math, Phil. We raised our EPS. We took forward our beat in the first quarter, and we also raised our guide in the back half, and that's reflected in our adjusted EPS. We had a little bit of a -- most of that was EBITDA strength for the year as well as a little bit of a tax beat that we carry forward. But the beat should be reflective of both the first quarter as well as our views of the back half of the year.

是的。Phil，我不太理解那個算法。我們上調了EPS。我們把第一季的超預期往前帶入（took forward），同時也上調了下半年指引，這些都反映在我們的調整後EPS中。大部分來自全年EBITDA的強勁表現，另外還有一點稅負優於預期（tax beat），我們也把它延續到後續期間。但這個超預期應該同時反映第一季以及我們對下半年的看法。

Yes. Look, I would also say, we take sort of an approach to it, Phil. I think when we look at it, we certainly are prudent about it. It's not normal for us to move the back side unless we feel fairly confident about it. The way I did the math, we raised it $50 million past the beat. But maybe I have -- maybe my math is wrong. Anyways, I got to pass CEO math.

是的。你看，我也想說，我們對這件事的做法是這樣的，Phil。我認為當我們看待它時，我們確實會保持審慎。除非我們相當有把握，否則我們通常不會去調整後段的指引。以我的算法，我們在超預期之外又多上調了5,000萬美元。但也許我——也許我算錯了。不管怎樣，我得把CEO的數學交出去。

That's right. Anyway, I think we're good.

沒錯。總之，我想我們沒問題。

(Operator Instructions)

（接線員指示）

Jamie Cook, Truist.

Jamie Cook，Truist。

Congrats on a nice quarter. I guess, Duke, a lot of the questions to you are more sort of on the acquisition front, which you guys have been very successful about. I guess my question is more on potential for portfolio optimization on the divestiture side. You and I talked about businesses that perhaps -- or I've asked you about businesses perhaps that detract from growth margins or returns.

恭喜繳出不錯的一季。我想，Duke，很多問題都比較偏向你們在併購方面，而你們在這方面一直很成功。我想問的是，是否有透過出售（divestiture）來進行投資組合優化的可能性。你我談過一些業務可能——或者我曾問過你一些業務可能會拖累成長、毛利率或報酬率。

And as we've become more of this broader power plan, I'm just wondering if there's parts of the portfolio that aren't meeting financial metrics, where there's an opportunity there, I guess, to enhance the growth in margins or returns as these other businesses are just lower margin and return?

隨著我們變得更像一個更廣泛的電力平台（power plan），我想知道投資組合中是否有某些部分未達到財務指標，是否存在機會——透過處理這些較低毛利與較低報酬的業務，來提升整體的毛利或報酬成長？

And I guess just my second question, a lot of the acquisitions you've done have been more small mom-and-pop companies that you've known for years. To what degree do you see something more perhaps transformational happening in the space or have a need for that to happen just given how fast the market is growing and the ability to just do something quicker to be able to meet customer demand that's out there?

另外第二個問題，你們做的許多併購多是你們認識多年的小型家族企業（mom-and-pop）。在多大程度上，你們認為這個領域可能會出現更具轉型性的交易，或你們是否需要做這樣的事？考量市場成長很快，是否需要用更快的方式做些更大的動作，以滿足客戶端的需求？

Thanks, Jamie. We look at the portfolio against the strategy constantly. I do think we always try to optimize, whether it's not invested capital, staying in it for the long haul. So we're always looking to optimize our portfolio. And if we can get the right returns on things, if it's the right timing, we have no issues divesting.

謝謝，Jamie。我們會持續以策略為基準檢視投資組合。我確實認為我們一直在嘗試優化，不論是資本投入（invested capital）或是長期持有的角度。因此我們一直在看如何優化投資組合。如果某些項目能在合適的時點帶來合適的報酬，我們出售也完全沒有問題。

That said, we're able to use craft in many ways across segments, across business lines that I think we've done a nice job with where it may look like a pipeline business, but it's not. And so we can do other things there that we have and optimize it all for purpose.

話雖如此，我們能在不同事業群、不同業務線之間以多種方式運用工班（craft）能力；我認為我們在這方面做得不錯。有些看起來像是管線（pipeline）業務，但其實不是。因此我們能在那裡做其他事情；我們也確實做了，並把一切都優化到符合目的。

That said, we will continue to look at those things. I think as we look at the small mom-and-pops are now $1 billion. So they went from $100 million to $1 billion in many ways. So there's no longer a small mom-and-pop per se. They're all large businesses now that have grown in markets that we like, especially the good ones.

此外，我們會持續檢視這些事情。我認為，當我們看這些小型家族企業時，它們現在已經是10億美元規模了。它們在很多方面從1億美元成長到10億美元。所以嚴格來說，已經沒有什麼「小型家族企業」了。它們現在都是大型企業，而且是在我們喜歡的市場中成長，尤其是那些優質的公司。

So we're able to really lean into those, and it's the same relationships that we've had for decades and are now $300 million, $500 million businesses. And I don't see us -- I think we transformed this business five years ago per se when we started leaning into the front side of the business, when we started leaning into technology, leaning into other markets.

因此我們能夠真正加碼投入，而這些關係也是我們維持了數十年的，如今已經是3億、5億美元規模的業務。我不認為我們——我覺得我們在五年前某種程度上就已完成這個業務的轉型：當我們開始加碼前端業務、開始加碼科技、加碼其他市場時。

So the transformation has been done. Now it's all additive. And I think we talk about it a lot around here, that flywheel is moving fairly rapidly at a breakneck pace. So as we see that, we're growing organically nicely and we're growing double-digit plus there as well as we're able to see acquisitions that are growing faster than that. So our acquisitions are coming in and growing much faster than the whole and they're not little.

所以轉型已經完成。現在都是加法。我想我們在這裡常談到，那個飛輪正在以相當快、幾乎是破紀錄的速度轉動。隨著我們看到這點，我們的有機成長表現不錯，也有雙位數以上的成長；同時我們也能看到併購標的的成長速度更快。因此，我們的併購進來後成長速度遠快於整體，而且它們也不是小案子。

So I think there's no -- we don't see any reason why we can't either buy our stock back or pay a dividend, but more importantly, you'll continue to see us make acquisitions against the strategy is probably the primary use of capital going forward.

所以我認為——我們看不出有任何理由讓我們不能回購股票或發放股利，但更重要的是，未來你們會持續看到我們依照策略進行併購，這大概會是往後資本運用的主要方向。

Justin Hauke, Baird.

Justin Hauke，Baird。

Great. So I've got kind of a two-part question in one. But really, it's just about, Duke made the point the seasonality is almost changing in your business. And if you look at the revenue this quarter, it was up sequentially, which essentially almost never happens for you because weather-wise, there's just not as much productivity in the winter.

很好。所以我這邊其實把兩個部分的問題合在一個問題裡。但本質上就是：Duke 提到你們業務的季節性似乎幾乎正在改變。而如果你看本季的營收，是較前一季成長，這對你們來說幾乎從未發生，因為就天氣而言，冬季的生產力通常沒那麼高。

So I guess the two parts of the question are, one, what markets or what specifically came in so much stronger than kind of the way that you had expected the quarter to come out? And then the second part of the question would be, the book-to-bill, 1.6x this quarter was also very strong. Usually, you guys will call out something like a big award or anything else, but there wasn't anything in there. So was there anything lumpy in the bookings this quarter or just kind of broad based?

所以我想這個問題有兩個部分：第一，哪些市場或哪些具體項目表現得比你們原先預期本季的結果強很多？第二，本季的接單出貨比（book-to-bill）1.6 倍也非常強。通常你們會特別提到像是某個大型得標或其他因素，但這次並沒有。那麼本季的接單是否有任何一次性／不均勻（lumpy）的因素，還是其實是相當廣泛的成長？

No, it was a broad-based backlog, but I discussed the 765, it's the first like meaningful 765 that came in, it's less than 25% of the beat, so call it less than $1 billion in there. But that was the big -- it was an MSA type over a multiyear period that can grow and expand, not with the client that we've discussed. So I think that said, that's the thing that was in there. But across the board, really. And I think there's opportunities to continue that over time on a CAGR basis, for sure.

沒有，是廣泛性的在手訂單（backlog）增加。不過我有提到那個 765（項目），這是第一個真正有意義的 765 進來；它占超預期（beat）的比重不到 25%，所以大概可說其中不到 10 億美元。但那是裡面最大的——屬於一種 MSA 類型、跨多年期的合約，後續可以成長與擴張，且不是我們先前討論過的那個客戶。所以我想，這就是其中的那個項目。但整體來說，真的是全面性的。而且我認為，未來一段時間在 CAGR 的基礎上，肯定還有持續的機會。

The CCGT business is growing nicely. We're highly focused on it, and we have nothing in there on that, which I think you guys are seeing the opportunities out there. It's something that could be substantial, and they are chunky. We talked about things stacking. I think it's going to stack. You're going to start to see it show up in the revenues, show up in the profitability of the company over time. And we look back and we're at 30% EPS growth with no acquisitions in the quarter. I think we've done a nice job to set ourselves up, and you'll see the company stack in the back half and beyond.

CCGT 業務成長得很好。我們對此高度聚焦，而那裡面其實沒有包含任何相關內容；我想你們也看得到外部的機會。這可能會相當可觀，而且單筆規模也很大。我們談過事情會「堆疊」起來；我認為它會堆疊。你們會開始看到它反映在營收上，並隨時間推進反映在公司的獲利能力上。我們回頭看，本季在沒有任何併購的情況下，EPS 仍成長 30%。我認為我們在布局上做得不錯，你們會看到公司在下半年以及之後持續堆疊成長。

Adam Thalhimer, Thompson Davis.

Adam Thalhimer，Thompson Davis。

Great quarter. Congrats. Two questions, I guess. First, on the revenue beat at Electrical was so substantial. Just curious what drove that? And then I'm curious on the Iran war. How your customers are responding to that and higher commodity prices?

本季表現很棒，恭喜。兩個問題。第一，Electrical（電氣）業務的營收超預期幅度非常大，想請教是什麼驅動的？第二，我想問伊朗戰爭的影響：你們的客戶如何回應，以及大宗商品價格上漲的影響？

Yes. I mean I'm not seeing -- obviously, diesel is up a little bit. But I think when we look at that, it's just such a little piece of our spend. Our guidance contemplates anything like that. And we don't rain diesel, everything is contemplated in our guide. So not concerned with that. Like any other American, I'm worried about the troops, worried about them getting home, and we appreciate what they do over there and keep us free. We're able to do the things that we're doing today. And bless them and our country. But that said, that's all on here, is how do we help the troops, how do we make sure they get home safe and we have jobs for them when they get here. So that's what we're doing on our part.

是的。我的意思是，我沒有看到——顯然柴油價格有小幅上升。但我們看這件事時，它只占我們支出的一小部分。我們的財測指引已把這類因素納入考量。我們不會因柴油而措手不及，所有因素都已在指引中反映，所以不擔心。就像任何其他美國人一樣，我擔心部隊，擔心他們能平安回家；我們感謝他們在那邊所做的一切，讓我們保持自由，讓我們能做今天正在做的事。也祝福他們與我們的國家。不過話說回來，我們這邊關注的是：我們如何幫助部隊、如何確保他們安全回家，以及他們回來時我們能提供工作機會。這就是我們能做的部分。

I'm not hearing anything. Obviously, there's certain areas that you're hearing, but nothing that would affect us or what we're doing. Our supply chain looks good. There's a little stuff running around, but we're able to execute around those things and I'm not seeing anything that would impact our customer or ourselves at this point. As we see it, I mean, look, natural gas, LNG exports, I think it's a form of national security.

我沒有聽到任何（明顯影響）。當然，有些特定區域你會聽到一些消息，但沒有任何會影響我們或我們正在做的事。我們的供應鏈看起來良好。有一些小狀況在發生，但我們能夠繞開並執行，我目前沒有看到會影響我們客戶或我們自身的情況。就我們所見，我是說，你看，天然氣、LNG 出口，我認為那是一種國家安全的形式。

You're going to continue to see LNG, that energy is national security, and we're going to build it. We're going to drill here. We're going to drill for gas. We're going to do a lot of different things here while we have renewables and other things as well.

你會持續看到 LNG；能源就是國家安全，而我們會去建設它。我們會在這裡開發。我們會鑽探天然氣。我們也會在這裡做很多不同的事情，同時也會發展再生能源和其他項目。

So I think the national security aspect of what we do for energy matters and it's showing up more so than ever, which is good for our business on both sides. The natural gas business pipeline business is great. So we're excited about it all, and I'm not seeing it impact to customer.

所以我認為，我們在能源方面所做事情的國家安全層面很重要，而且比以往任何時候都更明顯地體現出來，這對我們兩邊的業務都有利。天然氣業務、管線業務都很棒。所以我們對一切都很興奮，而我沒有看到它對客戶造成影響。

Michael Dudas, Vertical Research Partners.

Michael Dudas，Vertical Research Partners。

Duke, you said in the past when asked about all the market activity and excitement and all the development and such that even if a small percentage of that came through, business would be great. I just want to get your sense, given the visibility on what you guys are seeing across the board. Are some of the orders and development and the discussion is more real now than they would have been 6- or 12 months ago? And even in light of just extraordinary capital expenditure numbers that the hyperscalers are putting out.

Duke，你過去在被問到市場上各種活動、熱度與開發等時曾說過，即便其中只有一小部分落地，生意也會很棒。我想了解的是，考量你們目前在各方面看到的能見度：一些訂單、開發與討論，現在是否比 6 或 12 個月前更「真實」了？尤其是在超大規模雲端業者（hyperscalers）公布的資本支出數字非常驚人的情況下。

Yes. I mean I think you're seeing our utility customers firm up what they believe is real large load request. As that firms up, I've seen it actually pretty steady. I'm not seeing the falloff that others may think that's out there, it's a very real, the load that we see. I think we've got to watch the ratepayer. We've got to make sure that the load that's coming on is beneficial to the ratepayer. We're seeing that show up in rates. We're seeing decreases in rates due to load and infrastructure.

是的。我認為你看到我們的公用事業客戶正在把他們認為是真實的大型負載需求（large load request）逐步確認下來。隨著這些需求更明確，我看到其實相當穩定。我沒有看到其他人可能以為會出現的下滑；我們看到的負載是非常真實的。我認為我們必須關注用戶（ratepayer），確保新增的負載對用戶是有利的。我們看到這反映在電價上；我們也看到因負載與基礎設施而帶來的電價下降。

And so as we see that investment on the Northeast and all across the country, it should drive rates down. We've got to talk about it, those impacts. But I think the load is real. I mean, obviously, there's some outliers here or there, but there's growth underneath those. And it's not just data centers.

因此，當我們看到東北地區以及全國各地的投資時，它應該會推動電價下降。我們必須談論這些影響。但我認為負載是真實的。當然，這裡或那裡會有一些離群值，但在那些之下仍有成長。而且不只是資料中心。

I mean you're seeing onshoring of chips, you're seeing onshoring of robotics. You can see what Elon is doing with robotics. So that's driving load and all the things that support that. And we just see a big market that is not just AI. The fungibility of our craft, both sides of it, both segments, our ability to mechanical as well as electric to move that craft across vertical markets, I think is, from my standpoint, that's what we continue to drive home that compounding of that portfolio over time. And that's what is allowing us to do it is all those markets that we see.

你也看到晶片回流（onshoring）、機器人回流。你可以看到 Elon 在機器人方面做的事。所以這正在推動負載，以及支撐這些的一切。我們看到的是一個不僅僅是 AI 的大市場。我們技術工種（craft）的可轉用性（fungibility）——不論是兩邊、兩個事業部門——我們能把技術工種在垂直市場之間調度，從機械到電氣，我認為從我的角度看，這就是我們持續強調的：隨時間推進，讓那個組合（portfolio）的複利效應持續累積。而讓我們能做到的，就是我們所看到的所有那些市場。

Maheep Mandloi, Mizuho.

Maheep Mandloi，Mizuho。

Sorry about earlier. Sorry if I missed this earlier, but could you talk about like the -- if M&A is part of the 2026 guidance here? And you didn't do an acquisition in Q1. But any thoughts on how the acquisitions could shape up the guidance for the rest of the year?

抱歉剛才的問題。也抱歉如果我先前漏聽了，但你能談談——2026 年的指引是否包含併購（M&A）？你們在第一季沒有做收購。但對於今年剩餘時間，收購可能如何影響指引，有什麼想法？

Any acquisitions we do on a go-forward basis should be additive to the guidance that we give. And I expect us to do acquisitions over the next nine months. So you can expect that to be in there, but it's -- we're not contemplating any of that in what you see today. It's exactly what the business looks like today. We made no acquisitions in the first quarter, and that's what the guidance is.

我們未來所做的任何收購，都應該會對我們給出的指引有增益（additive）。而我預期我們在接下來九個月會做收購。所以你可以預期那會出現，但——我們在你今天看到的內容裡並沒有把任何這些納入。這完全就是公司目前業務的樣貌。我們第一季沒有做任何收購，而指引就是基於此。

The growth on it is 30%, and it's based upon all the things that we did last year as well as setting the company up for the future. So that's what's in there today. I do expect us to do some M&A over the next nine months, probably over the next two- or three years. I mean, we continue to see the inbounds that are robust and a way to deploy free cash. So I'm not seeing a slowdown on that. There'll be quarters and there could be years we don't do an acquisition.

其中的成長是 30%，是基於我們去年所做的一切，以及為公司未來所做的布局。所以今天呈現的就是這些。我確實預期我們在接下來九個月、甚至可能在接下來兩到三年會做一些併購。我的意思是，我們持續看到大量主動接洽（inbounds），也看到部署自由現金流的方式。我沒有看到這方面放緩。也會有某些季度、甚至某些年度我們不做收購。

We're not -- the company can grow nicely without them. When we do see them, it's extremely additive to our approach and the way we look at our portfolio and all the opportunities that we see.

我們並不是——公司即使沒有它們也能很好地成長。當我們確實看到它們時，這對我們的方法以及我們看待投資組合和所有我們所看到的機會的方式，都具有極大的加分效果。

Liam Burke, B. Riley Securities.

Liam Burke，B. Riley Securities。

Duke, you mentioned in your prepared comments that many projects now are being negotiated. Is this an increasing trend in the business and this would imply that it's pressing your competitive advantage even further?

Duke，你在事先準備的發言中提到，現在有許多專案正在協商中。這是否是業務上的一個上升趨勢？這是否意味著它正在進一步強化你們的競爭優勢？

Yes. I mean I think it's the right answer for the client. When we look at it, you're looking at total cost and things with the large supply, I mean, we're the top 5 buyer of HV equipment, there's ways that we can help there, it's just a smarter way to do business in these markets that you're really discussing total cost and so -- versus having a discussion on a widget.

是的。我的意思是，我認為這對客戶而言是正確的答案。當我們看這件事時，你是在看總成本，以及在供應量很大的項目上——我的意思是，我們是高壓（HV）設備的前五大買家之一，我們在那方面有一些方式可以提供協助；在你所談論的這些市場中，以總成本來討論，這只是更聰明的做生意方式——因此——相較於只是在討論某個小零件（widget）。

So I think we've tried to put ourselves as a solution across these verticals, and it's allowing us to negotiate our total cost basis versus a one-off project and be prudent about it. We work with the regulated customers, and we know what that market looks like. They have a tried and true record as well, and we can work together on what's the right answer for each client and tailor it that way. And for the most part, we've always negotiated a lot of work, and I think we're continuing to do so. It's just larger.

所以我認為我們一直試著把自己定位成跨這些垂直領域的解決方案提供者，這讓我們能夠就總成本基礎進行談判，而不是針對單一一次性的專案，並且以審慎的方式來做。我們與受監管的客戶合作，也了解那個市場的樣貌。他們也有經過驗證的良好紀錄，而我們可以一起合作，找出對每位客戶而言的正確答案並以此量身打造。就大多數情況而言，我們一直以來都協商了大量工作，我認為我們也會持續如此。只是規模更大了。

The programs are bigger. The certainty of labor is something that I think is really important for us to make sure that the client and our clients lean on us for that, and we're able to really deliver that certainty. They have capital spends they need to spend. And we need to get -- the queues are getting backed up, things are pressured, and we're being asked to do a lot. And I think this company has stepped up and is providing those solutions that are necessary to make the infrastructure of North America move.

這些計畫更大。勞動力的確定性是我認為對我們非常重要的一點，我們要確保客戶——而且我們的客戶也依賴我們提供這種確定性——而我們確實能交付這種確定性。他們有必須投入的資本支出。我們也需要——排程隊列正在塞車，事情受到壓力，而我們被要求做很多。我認為這家公司已經挺身而出，正在提供必要的解決方案，讓北美的基礎建設能夠運轉。

And I'm excited about it, and I'm excited where we sit. And yes, I mean we're looking at total cost all the time, but it's a prudent approach to the ratepayer to drive the rates down.

我對此感到興奮，也對我們所處的位置感到興奮。是的，我的意思是，我們一直都在看總成本，但這是一種對用戶／繳費者（ratepayer）審慎的做法，用以推動費率下降。

Chad Dillard, Bernstein.

Chad Dillard，Bernstein。

So what would it take for Quanta to do full turnkey data center builds at scale rather than just doing a few here and there? Is this something you can achieve on an organic basis? Do you need to do more M&A? And then I'd just be curious to understand where that strategy would rank within your set of priorities?

那麼，Quanta 要做到大規模的全套交鑰匙（turnkey）資料中心建置，而不是只是在這裡那裡做幾個，需要具備什麼條件？這是你們可以靠有機成長達成的嗎？還是需要做更多併購（M&A）？另外我也想了解，這項策略在你們的優先事項排序中會排在什麼位置？

I mean MVP, the type of things that we do in the high-voltage interconnections are the sweet spot for us at this point. We are doing some balance of plant data centers today. If our clients push us that way and asked us to do that, we can do it. We can do it with the people that we have. Yes, if we do it at scale, we need to add.

我的意思是，就 MVP 而言，我們在高壓互連方面所做的那類事情，目前是我們的甜蜜點。我們今天也在做一些資料中心的廠區配套（balance of plant）工程。如果客戶把我們往那個方向推、並要求我們去做，我們可以做。我們用現有的人員就能做。是的，如果要做到規模化，我們就需要增加資源。

And I think depending on what the client -- how sophisticated the client is on the other side will depend on how much or less we need to add. But from a programmatic spend, project management, QA/QC, all the things that you would expect, we have all that internally, engineering. We probably have 2,000-plus engineers internally. We're able to scale those things. And I think the company will look at all projects coming in and try to deliver on both sides of that, where there's areas that we can be successful, we'll lean into those with customers.

而且我認為，取決於客戶——也就是對方客戶的成熟度有多高——將決定我們需要增加多少或減少多少。但就計畫性支出、專案管理、QA/QC（品質保證／品質管制）、以及你所期待的所有事情而言，我們內部都有，包含工程能力。我們內部可能有 2,000 名以上工程師。我們能把這些事情擴大規模。我認為公司會看所有進來的專案，並嘗試在兩方面都交付；在我們能成功的領域，我們會與客戶一起加大投入。

But I think we'll continue to -- we'll evolve it. We're also cognizant of other builds that we need to be on and other customers. So as we look at it, yes, I do think the company will do balance of plant data centers and other things. I just -- we continue to see the inbounds coming in, and it's all due to the fact, the certainty of cross-skilled labor. If you're just someone that does not have it, it's very difficult to say you're going to show up.

但我認為我們會持續——我們會讓它演進。我們也意識到還有其他我們需要參與的建置以及其他客戶。所以當我們看這件事時，是的，我確實認為公司會做資料中心的廠區配套工程以及其他事情。我只是——我們持續看到主動找上門的需求，而這一切都歸因於跨技能勞動力的確定性。如果你只是某個沒有這種能力的人，就很難說你會如期到場。

And I don't have to be there that day if I work for someone else. I don't. I cannot show up. And that's the issue that you'll start to see in the markets as they get -- as you start to see constraints. So I think for us, we just got to continue to deliver on what we know how, and we're very good at (technical difficulty)

而且如果我為別人工作，我那天不一定要在那裡。我不需要。我可以不出現。而這就是當市場——當你開始看到限制時——你會開始在市場上看到的問題。所以我認為對我們而言，我們只需要持續交付我們所擅長的，而我們非常擅長（技術問題）。

That's helpful. And then just shifting gears a bit. I'd love for you to talk about your Canada operation in electrical infrastructure. Just what you're seeing on the pipeline there? How are you thinking about how that geography unfolds in '26, and then maybe even over the next couple of years?

這很有幫助。接著稍微換個話題。我希望你談談你們在加拿大的電力基礎建設業務。你們在那邊看到的案源管線（pipeline）如何？你們如何看待該地區在 2026 年的發展，以及可能在接下來幾年的走勢？

Yes. I think we had some pipe work last year going on at this time. We don't -- we're not involved in anything right now, but I see over the next few quarters, we'll start to see projects come in on the pipe side. We have a nice team up there that certainly can execute. So I think you'll start to see awards on that. In Canada, our data centers up there are moving around, our renewable business up there is nice. It's just slower. It's slower to recover. We're optimistic. We're using engineering in the US. We're doing a lot of different things, a way to leverage that workforce.

是的。我認為去年這個時候我們在做一些管線（pipe）工程。我們——目前沒有參與任何案子，但我看到在接下來幾個季度，我們會開始在管線端看到專案進來。我們在那邊有一支不錯的團隊，當然能夠執行。所以我認為你會開始看到那方面的得標。在加拿大，我們那邊的資料中心在移動布局，我們那邊的再生能源業務也不錯。只是比較慢。復甦比較慢。我們保持樂觀。我們在使用美國的工程資源。我們在做很多不同的事情，以便槓桿運用那支勞動力。

And the margins are picking up. It's not where we want them to be at this point yet, but neither is the economy. So we're doing a good job there, mitigating risk and making sure that we're utilizing the labor and what we've invested in Canada for the future and for what's going on in the States here. So yes, we like the market. It's growing. It's certainly not at parity with the US yet, but we continue to see improvement.

而且毛利率正在回升。現在還沒到我們希望的水準，但經濟也還沒到。所以我們在那邊做得不錯，降低風險並確保我們能善用勞動力，以及我們在加拿大為未來、以及為美國這邊正在發生的事情所做的投資。所以是的，我們喜歡那個市場。它在成長。當然還沒有與美國達到同等水準，但我們持續看到改善。

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

目前沒有更多問題。現在我想把電話交回管理層作結語。

We want to thank the men and women in the field. They are the very best in the world. They make these numbers, and they are the ones that deserve the credit. We'd also like to thank you all for participating in the conference call. We appreciate your questions and your ongoing interest in Quanta Services.

我們要感謝在第一線的男男女女。他們是全世界最棒的。他們創造了這些數字，而功勞應該歸於他們。我們也要感謝各位參與本次電話會議。我們感謝你們的提問，以及你們對 Quanta Services 持續的關注。

Thank you. This concludes our call.

謝謝。本次電話會議到此結束。