Quanta Services Inc (PWR) 2026 Q2 法說會逐字稿

Good morning and welcome to the Quanta Services second quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. If you have any objection, please disconnect at this time.

早安，歡迎參加 Quanta Services 2026 年第二季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。如您有任何異議，請於此時中斷連線。

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 Kip Rupp 進行開場致詞。

Thank you, and welcome, everyone, to the Quanta Services Second Quarter 2026 Earnings Conference Call. This morning, we issued a press release announcing our second quarter 2026 results, which can be found in the Investor Relations section of our website at quantaservices.com.

謝謝，也歡迎各位參加 Quanta Services 2026 年第二季財報電話會議。今天早上，我們已發布新聞稿公布 2026 年第二季業績，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 second 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，我們也已在 Quanta 的投資人關係網站上發布 2026 年第二季營運與財務評論，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開場說明，但該營運與財務評論旨在大幅取代管理團隊的事先準備講稿，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, July 30, 2026, and therefore, you are 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 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.

請記得，本次電話會議所揭露之資訊僅截至今日（2026 年 7 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重播時可能已不再準確。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「安全港」責任豁免條款，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。

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

您不應過度依賴這些陳述，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之內容存在重大差異。

We will also present certain historical and forecasted non-GAAP financial measures Reconciliations of these financial measures to their most directly comparable GAAP financial measures are included in our earnings release and operational and financial commentary.

我們也將呈現若干歷史及預測之非 GAAP 財務衡量指標。這些財務衡量指標與其最直接可比之 GAAP 財務衡量指標之調節表，已包含於我們的財報新聞稿以及營運與財務評論中。

Please refer to these statements for additional information regarding our forward-looking statements and non-GAAP financial measures. 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.

請參閱上述聲明，以取得更多關於我們前瞻性陳述與非 GAAP 財務衡量指標的資訊。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，並在我們網站所列之社群媒體平台上追蹤 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 Second Quarter 2026 Earnings Conference Call. I want to begin by recognizing our people in the field. Everything we are about to discuss starts with our more than 85,000 employees and the execution they deliver for our customers safely, on time and on budget every day.

謝謝，Kip。各位早安，歡迎參加 Quanta Services 2026 年第二季財報電話會議。我想先向我們在第一線的同仁致敬。我們接下來要討論的一切，都始於我們超過 85,000 名員工，以及他們每天為客戶所提供的安全、準時且符合預算的執行成果。

This morning, we reported second quarter results that meaningfully exceeded expectations with strong double-digit growth in revenues, adjusted EBITDA and adjusted earnings per share, robust cash flow and record backlog of $53 billion. Given when these acquisitions closed, their contribution to the quarter was minimal.

今天早上，我們公布的第二季業績顯著超出預期，營收、調整後 EBITDA 與調整後每股盈餘皆呈現強勁的雙位數成長，現金流表現穩健，且在手訂單（backlog）創下 530 億美元新高。由於這些收購案完成交割的時間點，其對本季的貢獻有限。

The strength you're seeing today reflects broad-based organic strength across our segments, service lines and end markets and the successful execution of our strategy and the investments we have made against it. During the second quarter in July, we completed the acquisitions of Phalcon, Enerfab, Percheron and PSD, and we welcome each of these excellent companies and their employees to the Quanta family.

您今天所看到的強勁表現，反映出我們各事業部、服務線與終端市場的廣泛有機成長，以及我們策略的成功執行與相關投資所帶來的成果。第二季期間於 7 月，我們完成了對 Phalcon、Enerfab、Percheron 與 PSD 的收購，並歡迎這些優秀公司及其員工加入 Quanta 大家庭。

These acquisitions enhance our geographic presence and continue our strategy to scale self-perform, craft-skilled capabilities across electrical, mechanical, civil and fabrication and to lean into the front end of our customers' programs where the work takes shape and where getting involved early maximizes the value we can deliver.

這些收購強化了我們的地理布局，並延續我們的策略：擴大在電氣、機械、土木與製造（fabrication）領域的自營（self-perform）、具工匠技能（craft-skilled）的能力規模，同時更深入參與客戶專案的前端階段——工作在此成形，而及早介入能最大化我們可交付的價值。

These are companies that have executed successfully for decades and whose owners and leadership came up through the craft with customer relationships often built over generations. These acquisitions strengthen our position in technology and load centers, while adding meaningful diversification across end markets we've served for decades.

這些公司數十年來持續成功執行專案，其所有者與領導團隊多從工匠體系出身，與客戶的關係往往跨越世代建立。這些收購強化了我們在科技與負載中心（load centers）領域的地位，同時也在我們服務數十年的終端市場中，帶來具意義的多元化。

Quanta runs it on a culture of absolute performance and is dedicated to the continuous improvement and the success of our customers. Every acquisition has to fit our strategy, and the culture has to fit. That is the first thing we evaluate and something we do not compromise.

Quanta 以絕對績效的文化運作，致力於持續改善並確保客戶成功。每一項收購都必須符合我們的策略，且文化必須契合。這是我們評估的第一要件，也是我們絕不妥協的原則。

When a company that has built its name over 50 or 100 years decides to join Quanta, they are choosing a home that protects their legacy, keeps their management team and gives the people more opportunity than they could create alone. Our solutions-based model is performing well, creating markets and unlocking growth opportunities because it is a platform that brings our customers industry-leading capabilities, scope and scale with the largest craft workforce in North America at the center.

當一家在 50 年或 100 年間建立品牌聲譽的公司決定加入 Quanta，他們是在選擇一個能守護其傳承、保留其管理團隊，並為員工提供比單打獨鬥更大機會的歸屬。我們以解決方案為導向的商業模式表現良好，正在創造市場並釋放成長機會，因為這是一個平台：以北美最大規模的工匠型勞動力為核心，為客戶帶來業界領先的能力、服務範疇與規模。

The rigor we built over decades serving utilities, the planning, the safety and the programmatic execution is exactly what we are bringing to technology and load center and generation markets. Technology is trying to move as fast as possible. Utilities are working to protect the ratepayer, and Quanta sits in the middle of the nexus, providing solutions to both.

我們在服務公用事業（utilities）數十年所建立的嚴謹度——規劃、安全與專案化執行——正是我們帶入科技、負載中心與發電市場的能力。科技產業力求以最快速度推進；公用事業則致力於保護用戶（ratepayer）。Quanta 位於這個交會點的核心，為雙方提供解決方案。

Our customers realize how important speed and certainty is and the trust and track record we have built over decades is what differentiates Quanta. Quanta's core strategy remains grounded in craft-skilled labor, execution certainty and disciplined capital deployment. Craft is built over time, and we prioritize that investment for well over a decade.

我們的客戶深知速度與確定性的重要性，而我們數十年建立的信任與實績正是 Quanta 的差異化所在。Quanta 的核心策略仍以工匠技能勞動力、執行確定性與紀律性的資本配置為基礎。工匠能力需要時間累積，而我們已將此投資列為優先事項超過十年。

We self-perform 80% to 85% of our work, which is what allows us to deliver on time and on budget at scale. That certainty, quarter after quarter and year after year is what our customers count on, is what has produced record adjusted EPS for the last nine consecutive years and why our customers keep asking us to do more.

我們有 80% 至 85% 的工作由自營團隊執行，這使我們能在大規模下仍準時、按預算交付。這種一季又一季、年復一年的確定性，是客戶所倚賴的關鍵；也促成我們連續九年創下調整後 EPS 新高，並且是客戶持續要求我們承接更多工作的原因。

As a result of our strong first half, improved visibility into the remainder of the year and expected contributions from the acquisitions announced this morning, we are significantly increasing our full year 2026 financial expectations across all metrics. The record backlog we reported reflects the demand in front of us, but we're still in the early stages.

基於上半年強勁表現、對今年剩餘期間能見度提升，以及今天早上宣布之收購案預期帶來的貢獻，我們正大幅上調 2026 全年各項財務預期。我們所公布的創紀錄在手訂單反映了眼前的需求，但我們仍處於早期階段。

The larger programs across the utility generation and technology load center markets are ahead of us, and we expect them to stack in the years to come. In many ways, we are just getting started. We remain focused on executing for our customers' success, deploying capital with discipline and compounding earnings and shareholder value over the long term.

公用事業發電與科技負載中心市場中更大型的專案仍在前方，我們預期未來幾年將陸續堆疊落地。從許多角度來看，我們才剛開始。我們仍專注於為客戶成功而執行、以紀律部署資本，並在長期持續複利式提升獲利與股東價值。

I will now turn the call 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?

接下來我將把電話交給 Quanta 財務長 Jayshree Desai，就我們的業績與 2026 年指引提供幾點說明，之後我們將進入問答。Jayshree？

Thanks, Duke, and good morning, everyone. This morning, we reported historically strong second quarter results with revenues of $9.6 billion, net income attributable to common stock of $451 million or $2.96 per diluted share, adjusted diluted earnings per share of $4.24 and adjusted EBITDA of $1.1 billion. Those results included approximately $11 million of adjusted EBITDA from acquisitions made during the second quarter.

謝謝，Duke，各位早安。今天早上，我們公布了歷史性強勁的第二季業績：營收 96 億美元，歸屬於普通股股東的淨利為 4.51 億美元，或每股稀釋盈餘 2.96 美元；調整後稀釋每股盈餘為 4.24 美元，調整後 EBITDA 為 11 億美元。上述結果包含第二季完成之收購案所貢獻約 1,100 萬美元的調整後 EBITDA。

The performance in the first half of 2026 exceeded our initial expectations, led by the strength of our end markets and our strategies in action. The versatility of our workforce and our customer-centric delivery model are translating to greater scope, better resource utilization, elevated revenues and improved margins.

2026 年上半年表現超出我們最初預期，主要受惠於終端市場的強勁需求以及我們策略的落地執行。我們勞動力的多元彈性與以客戶為中心的交付模式，正轉化為更大的專案範疇、更佳的資源利用率、更高的營收與改善的利潤率。

And our customers are increasingly recognizing how the breadth of our capabilities can contribute to their success as evidenced by another quarter of record backlog. Given the strength of our first half performance, improved visibility into the second half and expected contributions from recent acquisitions, we are raising our full year financial expectations.

同時，客戶也日益認可我們能力廣度對其成功的貢獻，這從本季再度創下在手訂單新高可見一斑。鑑於上半年表現強勁、對下半年能見度提升，以及近期收購案的預期貢獻，我們上調全年財務預期。

We now expect revenues to range between $39.3 billion and $39.7 billion, adjusted EBITDA to range between $4.1 billion and $4.2 billion, adjusted EPS to range between $16.45 and $16.95, and free cash flow to range between $2 billion and $2.5 billion.

我們目前預期營收介於 393 億至 397 億美元；調整後 EBITDA 介於 41 億至 42 億美元；調整後 EPS 介於 16.45 至 16.95 美元；自由現金流介於 20 億至 25 億美元。

As Duke described, subsequent to our first quarter earnings release, we acquired four companies for approximately $1.24 billion of upfront consideration, net of cash acquired, plus approximately $242 million of contingent consideration that can be earned based on financial performance in the years following the closing.

如 Duke 所述，在我們第一季財報新聞稿發布之後，我們以約 12.4 億美元的前期對價完成收購四家公司（已扣除取得之現金），另加約 2.42 億美元的或有對價，該或有對價可依交割後數年之財務表現達成情況而取得。

Included within our increased full year financial expectations are $1.2 billion to $1.4 billion of revenues and $120 million to $140 million of adjusted EBITDA from these acquisitions. Importantly, as evidenced by the ratings upgrade by Moody's, our balance sheet and credit profile strengthened even as we deploy capital on the aforementioned acquisitions.

納入我們上調之全年財務預期的內容，包括這些收購帶來的12億至14億美元營收，以及1.2億至1.4億美元的調整後EBITDA。重要的是，正如穆迪（Moody's）調升評等所證明的，即使我們在上述收購上部署資本，我們的資產負債表與信用概況仍然更為強健。

As calculated under our senior credit agreement, at the end of the second quarter, our debt-to-EBITDA ratio improved to 1.7, down from 1.95 at the end of 2025, and we had total liquidity of approximately $2.8 billion. The larger programs, broader service offerings and multiyear commitments we're negotiating every day are a direct reflection of the trust our customers place in our ability to execute at scale.

依據我們的高級信貸協議計算，截至第二季末，我們的債務對EBITDA比率改善至1.7，較2025年末的1.95下降，且我們的總流動性約為28億美元。我們每天所洽談的更大型專案、更廣泛的服務內容與多年期承諾，直接反映客戶對我們具備規模化執行能力的信任。

Combined with the disciplined way we're allocating capital across our strategic initiatives, we believe we're well positioned to keep converting that trust into durable, attractive returns for our shareholders. 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.

再加上我們以嚴謹的方式在各項策略性計畫間配置資本，我們相信自己已具備良好定位，能持續將這份信任轉化為對股東而言持久且具吸引力的報酬。關於我們2026年財務指引的更多細節與評論，請參閱我們的營運與財務評論以及展望預期摘要，兩者皆可於我們的投資人關係網站取得。

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

接下來，我們很樂意回答各位的提問。

(Operator Instructions)

（接線員指示）

Steven Fisher, UBS.

Steven Fisher，瑞銀（UBS）。

Can you hear me?

你們聽得到我嗎？

Yes, now we can.

是的，現在聽得到。

Sorry about that. Just was saying congrats on the strong beats across your business in the quarter. But maybe focusing on the strong margin performance. I know you've been, Duke, a little bit reserved and Jayshree on the margin upside messaging.

抱歉。剛才只是想說，恭喜你們本季在各項業務上都有強勁的超預期表現。不過我想聚焦在強勁的毛利率表現。我知道你們一直以來，Duke 你在毛利率上行的訊息上比較保守，Jayshree 也是。

I guess, to what extent are you now thinking maybe a little bit more positively longer term about the margin potential here as you have more self-perform and you've got more large load projects becoming more of the mix? I guess, any reason why that wouldn't add to the margin upside over the longer term?

我想問的是，隨著你們更多採用自營施工（self-perform），且更多大型負載專案在組合中的占比提高，你們現在是否在長期毛利率潛力方面變得更偏正向一些？換句話說，長期來看，有沒有什麼理由使得這些因素不會帶來毛利率上行？

Yes. Thanks, Steve. Thanks for the comments about the quarter. I think when we're looking at the margin profile, we said the UI segment had some room, and we felt like it would move up. The businesses that we've acquired, how we look at that business today, the risk we're willing to take certainly is moving that profile up, and you're seeing that in the quarter.

是的。謝謝你，Steve，也謝謝你對本季的評論。我認為在看毛利率結構時，我們曾說過UI事業部還有一些空間，並且我們覺得它會上升。我們所收購的業務，就我們今天看待該業務的方式，以及我們願意承擔的風險而言，確實正在把那個結構往上推，而你也在本季看到了。

And I believe you'll see that on a go-forward basis. So that moved up electric as well. I think we moved that up as well on the backside. That -- look, structurally, fundamentally, the business has changed. We're seeing it change. We have two addressable TAMs, both of which are growing. I do -- that mix, we're looking at it constantly to make sure that we're giving you good prudent guidance.

而且我相信未來你也會持續看到。因此也帶動了電力業務的提升。我想我們在後段也把它往上調了。你看——從結構面、基本面來說，這個業務已經改變了。我們正看到它在改變。我們有兩個可觸及的TAM，兩者都在成長。我確實——我們會持續檢視那個組合，以確保我們給你的是良好且審慎的指引。

Yes, I do think we posted a real nice quarter. We were prudent in the guidance that we gave you in the back half. You're seeing synergies show up. We're seeing a lot of book-to-burn. So I do believe like there is some room in the margins in the backside. We took a prudent approach to it.

是的，我確實認為我們交出了一個非常不錯的季度。我們在下半年給出的指引是審慎的。你正在看到綜效浮現。我們也看到大量的book-to-burn。因此我確實相信後段的毛利率仍有一些空間。我們對此採取了審慎的做法。

There's no -- you got climes and -- northern climes weather. We take everything into risk, project slips, all that's already baked into our numbers. So yes, I think there's upside in the back. And as we see it, as we see the work mix, as we see the mix in the electric segment, it's a big segment. So we have to really take into account everything in there.

沒有——你有氣候因素，以及——北方氣候的天氣。我們把所有風險都納入考量，專案延宕等等，這些都已經反映在我們的數字裡。所以是的，我認為後段仍有上行空間。而且隨著我們看到工作組合、看到電力事業部的組合變化——那是一個很大的事業部——所以我們必須把其中所有因素都納入考量。

And I think we've done a nice job of that. But I do think there's room for margin improvement in the backside. We've always said that the electric segment has the ability to operate 10 to 12 on the utility side, 12 would be the utmost margins that you would see. And that's when you stack in large transmission and all aspects at once. So you get full utilization.

我認為我們在這方面做得不錯。但我確實認為後段仍有毛利率改善的空間。我們一直說電力事業部在公用事業端有能力做到10到12的水準，12會是你能看到的最高毛利率。那是在你同時疊加大型輸電以及各個面向時，也就是達到滿載利用率的情況下。

You're also training a lot of people. I mean we've added 15,500 people over the year, seven of which -- or eight of which, seven or eight, I can't remember, is organic. I believe it's eight. So in saying that, I mean, significant amount of training going in. We're getting better at training.

你們也在訓練很多人。我的意思是，我們一年內增加了15,500名員工，其中七個——或八個，其中七或八個，我記不太清楚，是有機成長。我相信是八個。也就是說，投入了大量訓練。我們在訓練方面也做得越來越好。

If we can get better at training, we can get scale out of that as well. I do think we have the ability to improve margins. It's still something we're trying to compound it. We have ratepayers on the utility side. It's very much regulated.

如果我們能把訓練做得更好，也能從中取得規模效益。我確實認為我們有能力改善毛利率。這仍是我們努力要持續累積（compound）的事情。公用事業端面對的是用戶付費者（ratepayers），而且高度受監管。

And so that said, we're doing a nice job on the technology TAM, and we're also getting some synergies out of our training and getting people to the field. So super happy with where we're at.

因此，在此背景下，我們在科技TAM方面做得很好，同時也從訓練的綜效以及把人員派到現場中獲得一些綜效。所以對我們目前的狀況非常滿意。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，Jefferies。

Hopefully, you can hear me okay. Just wanted to ask, one, we've seen a large utility in Midwest recently indicate for -- at least for their gas generation RFP that they're electing to self-perform because there's inadequate resources.

希望你們聽得到我。想請教第一點：我們最近看到一家中西部的大型公用事業公司表示——至少就其燃氣發電RFP而言——他們選擇自行施工（self-perform），因為資源不足。

Again, given this backdrop, how do you think about your willingness to participate in the gas generation side of the business? Obviously, we saw a press release from you guys on NiSource earlier. How do you think about leaning further into that? And what would that look like inasmuch as a JV structure is not obvious? I'm curious for your thoughts about the (inaudible) EPCM?

在這樣的背景下，你們如何看待自己參與燃氣發電業務的意願？顯然我們先前看到你們針對NiSource發布新聞稿。你們如何看待進一步加碼投入？如果合資（JV）架構並不明顯，那會是什麼樣子？我也想聽聽你們對（聽不清）EPCM的看法。

Yeah. No, look, Julien, we're seeing the same thing. I mean I do think some of the utilities, a few of the utilities are trying to self-perform. Yes, it sounds easy. It's not. So I think in general, we saw that in the past back in -- I don't know it was probably 20 years ago, my age myself. Look, we know the risk. We know the risk of the people that we need to employ.

是的。不，Julien，你看，我們也看到同樣的情況。我確實認為有些公用事業公司、少數幾家正在嘗試自行施工。是的，聽起來很容易，但其實不容易。所以我想整體而言，我們過去也看過這種情況，大概在——我不知道，可能是20年前吧，以我這把年紀。你看，我們了解風險。我們也了解我們需要雇用的人力所帶來的風險。

Our craft-skilled labor is there. We're doing a nice job of building that business. It's something meaningful in the future. We talked about it. As far as like the robust nature of EPC on generation, not only in front of the meter, behind the meter, someone was saying not too long ago that we're just in front of the meter -- I mean, behind the meter.

我們的技術工種勞動力是到位的。我們在建立這項業務方面做得很好。這在未來會是有意義的。我們也談過。至於發電端EPC的強勁性，不僅是在表前（front of the meter）、也在表後（behind the meter）；不久前有人說我們只是在表前——我是說，在表後。

So we're on both sides of that. We're seeing some small engines. We're seeing big engines. We're seeing all types of generation. And we're installing EPC in it. I like the business. We're just not willing to take the risk on the combined cycle side and some of the single-cycle engines. So that's the issue. If we can get the type of contracts that we need to feel comfortable with it, we'll do it.

所以我們兩邊都有涉足。我們看到一些小型引擎，也看到大型引擎，看到各種類型的發電。我們也在其中承作EPC。我喜歡這門生意。只是我們不願意在聯合循環（combined cycle）以及部分單循環引擎上承擔風險。問題就在這裡。如果我們能拿到讓我們覺得足夠安心的合約型態，我們就會做。

And certainly, the inbounds and ask of our customers, we did mention NiSource. I do believe a significant amount of that will go into backlog in the third quarter. That's moving nicely. There's some other, what I believe, opportunities in that part of the world that will continue to compound. And not only them, but every customer we have, we're working with them on their capital plans to build both generation and T&D.

而且當然，從客戶端的主動洽詢與需求來看，我們確實提到了NiSource。我相信其中相當大一部分會在第三季轉入在手訂單（backlog）。進展很順利。在那個地區我認為還有其他一些機會會持續累積。不僅是他們，我們也正與每一位客戶合作，針對其資本計畫，同時建置發電與輸配電（T&D）。

Guys, appreciate it. Just a quick one on the technology side. Can you speak a little bit to how you're scaling that business? Are you -- is this just land and expand with existing customers? What exactly is going on within the details, if you can?

各位，感謝。再快速問一題關於科技端。你能談談你們如何擴大這項業務規模嗎？你們——這只是對既有客戶採取「先進場再擴張（land and expand）」嗎？如果可以的話，能否說明一下細節到底在發生什麼？

Just -- obviously, it's a nascent business model for folks, you got a lot of new entrants. Just curious, do you have a lot of interest relationships you're hearing about out there? How much of this is new customers and new platforms? And what do you intend to do from like a strategic M&A perspective to continue to build this business, too?

另外——顯然這對大家而言是一個新興的商業模式，市場上也有很多新進者。想請問你們在外部聽到的合作意向或關係有多大？這當中有多少是新客戶與新平台？以及從策略性併購（M&A）的角度，你們打算做什麼來持續打造這項業務？

A lot to that. So we're not -- when we think -- when we thought about it; when we acquired Cupertino, we acquired a platform. We talked about the technology customers that we thought that we could take our collaborative approach and build another TAM that's every bit as big as our utility TAM. We're doing that.

這裡面有很多面向。所以我們不是——當我們思考——當時我們收購Cupertino時，我們收購的是一個平台。我們談到我們認為可以用協作式的方法，與科技客戶一起打造另一個TAM，其規模可與我們的公用事業TAM一樣大。我們正在這麼做。

It's showing up direct to the hyperscaler, direct to the larger customers, showing them what we can do, our self-perform capabilities, we show up. We're on time. We're certain. And that's leading to balance of plant type builds in multiple areas. So call it, 80% what a data center build less chips. And I think 90% maybe.

這正直接呈現在超大規模雲端業者面前，直接呈現在更大型的客戶面前，讓他們看到我們能做什麼、我們的自營施工能力；我們到場、準時、確定無虞。這也正帶動多個地區的廠務（balance of plant）類型建置。可以說，大約是資料中心建置的 80%（只是少了晶片）。我想可能有 90% 吧。

So we have the abilities to do that. And as people see that we're certain and our projects are on time, on budget, self-perform, more and more addressable market comes our way. So I think we really like what we see, the collaborative nature. We talk about synergies a lot, and we don't put them in anything. But you can see from the quarter, they show up.

所以我們具備那樣的能力。而且當大家看到我們確定可靠、專案準時、在預算內、且能自營施工時，越來越多可服務的市場就會向我們靠攏。所以我想我們非常喜歡目前看到的情況，這種協作的特性。我們常談協同效益，但我們不把它寫進任何數字裡。不過你從這一季就能看出來，它們確實浮現了。

We're crossing -- we're fungible with labor. We're crossing both T and D as well as going into the data centers with our people. You can see the queues on the utility side of substations, all the substations that are out there. We're right in the middle of that.

我們正在跨界——我們的勞動力是可互換、可調度的。我們同時跨足輸電與配電（T&D），也把我們的人帶進資料中心。你可以看到公用事業端變電站的排隊需求、外面所有那些變電站；我們正處在那個核心位置。

And I think as that nexus, I'm not sure people understand that nexus and how difficult it is to interconnect to the grid and how much we're right in the middle of that interconnection. So that interconnection along their vertical supply chains, the various strategies that we've discussed are showing up and the synergies are right there with them.

而我認為，作為那個樞紐，我不確定大家是否理解那個樞紐，以及要併網有多困難、而我們在併網這件事上有多麼處於正中央。所以，沿著他們的垂直供應鏈的併網需求、我們討論過的各種策略都正在顯現，而協同效益也就在那裡、與他們同在。

So I do believe Julien, as we look at technology, we're, in a collaborative way, helping them be certain on not only cost, but getting it done on time. So we really like where we sit.

所以我確實相信，Julien，當我們看待技術時，我們正以協作的方式，協助他們不僅在成本上更有把握，也能確保按時完成。所以我們很喜歡我們所處的位置。

Chad Dillard, Bernstein.

Chad Dillard，Bernstein。

So my question is on the modular and prefab side of the business. It's increasingly clear that you guys are investing in that organically and inorganically. So I'd be curious to hear what share of your RFPs have that capability? And how do you think about that on the next five years?

所以我的問題是關於業務中的模組化與預製（prefab）部分。越來越明顯你們正在以有機與併購兩種方式投資這一塊。所以我想了解，你們的 RFP（投標/提案邀請）中有多少比例要求或包含這種能力？以及你們如何看待未來五年的發展？

And maybe you can talk about just like the labor cost savings that you see when you deliver that and to the extent to which you can value-based price with your customers on that?

另外也許你可以談談，當你們交付這些方案時所看到的人工成本節省，以及在多大程度上你們能就此對客戶採取價值定價（value-based pricing）？

Yes. I mean, look, we talked about having 7 million square feet, and we just added, call it, 0.5 million square feet with the acquisitions that we've made. So yes, we're adding to that. We've always done some what I would consider fabrication. But I do think this integrated fabrication that we're doing, it's different. It's a solution-based approach. It has a lot of [VDO] engineering and a lot of technology in front of it.

是的。我的意思是，你看，我們談過我們有 700 萬平方英尺，而我們剛透過所做的收購新增了大約 50 萬平方英尺。所以是的，我們正在擴充。我們一直都有做一些我會稱之為製造/加工（fabrication）的事情。但我確實認為，我們現在做的這種整合式製造是不同的。它是以解決方案為導向的方法，前端有大量的 <xml>[VDO]</xml> 工程與大量技術。

We can really design from a construction nature and work with the client on what they're trying to accomplish, less water, closed-loop systems, no water, all kinds of things that we're able to really, really work with the client upfront. I think we have some of the best engineers in the world because they've been in the field and they know how to construct.

我們真的可以從施工的角度來設計，並與客戶一起釐清他們想達成什麼——更少用水、閉環系統、零用水，各種我們能在前期就與客戶深入合作的事情。我認為我們擁有世界上最好的工程師之一，因為他們在現場待過，知道如何建造。

So that allows us to really lean into these projects, become much, much more efficient if we work in a collaborative manner with our clients, much like we've done with AEP on 765. I mean, I think when we look at it, we work together. And if we can do that, the fabrication is exponential. I don't -- but whether it's cost less or more. It's going to cost less. It's less people to some degree, depending on where you're at in your logistics.

因此，若我們能以協作方式與客戶合作，就能讓我們更深入投入這些專案、效率大幅提升，就像我們與 AEP 在 765（千伏）專案上所做的一樣。我的意思是，我認為當我們看這件事時，我們是一起合作的。而如果能做到這點，製造/預製的效益會呈指數級放大。我不——但不論是成本更低或更高，它都會更低。在某種程度上需要更少的人力，取決於你的物流處於什麼狀態。

So logistics cost a significant amount. So you really need to be close to where you're building, and I think that Northeast environment and what we've done there with the acquisition of Phalcon really gives us a lot of opportunity in the East and the fabrication in the East.

因為物流成本相當可觀。所以你確實需要靠近你正在建造的地點。我認為東北部的環境，以及我們透過收購 Phalcon 在那裡所做的布局，確實為我們在東部帶來很多機會，也帶來東部的製造/預製能力。

But yes, look, it's -- you're certain as well, you're inside, and it allows us to really have a certain outcome and the engineering in front of it allows the cost to come down. So yes, the more collaborative the client is with us, the -- what I would consider the total cost goes down significantly for them.

但沒錯，你看，這——你也更有確定性，你是在室內作業，這讓我們能真正得到可預期的結果；而前端的工程設計也能讓成本下降。所以是的，客戶與我們越協作——我所說的總成本就會為他們顯著下降。

Great. That's helpful. And then have you started to see RFPs for 800-volt work yet? When is that starting? And just from like a labor standpoint, is there any difference in complexity, the mix of labor force or even like the use of modular when you're shifting from 54-volt to 800-volt architecture?

很好，這很有幫助。接著你們是否已經開始看到 800 伏相關工作的 RFP？這會在什麼時候開始？另外從人力角度來看，從 54 伏轉向 800 伏架構時，在複雜度、人力組合，甚至模組化的使用上，有沒有任何差異？

I'll just say it this way. We haven't seen it show up. We're in the middle of the engineering with it. We're all over it in from the high-voltage side as well as equipment. Anything complicated, anything with a higher voltage, the higher the voltage, the better for Quanta. So I'll just say it like that. We love complicated high-voltage infrastructure, the more the better.

我就這樣說：我們還沒看到它真正出現。我們正在進行相關工程設計。我們在高壓端以及設備端都全面投入。任何複雜的東西、任何更高電壓的東西——電壓越高，對 Quanta 越好。我就這麼說。我們喜歡複雜的高壓基礎設施，越多越好。

Justin Hauke, Baird.

Justin Hauke，Baird。

Great. I just got kind of one -- obviously, there's a lot of positives on this quarter, but one to stand out as well was the free cash flow. I just wanted to, I guess, maybe ask, are you seeing changes in kind of maybe like prepayments or other things that are kind of favorable to working capital from some of these large load customers that maybe it's a sustainable dynamic that maybe improves the free cash flow conversion over time? Or is it kind of just a one-off here this quarter?

很好。我大概只有一個問題——顯然本季有很多正面因素，但另一個突出的點是自由現金流。我想問的是，你們是否看到一些變化，例如預付款或其他對營運資金有利的項目，來自這些大型負載客戶；這是否是一種可持續的趨勢，可能隨時間改善自由現金流轉換？還是說這一季只是一次性的？

Justin, no, we're very pleased with what's happening with free cash flow in our business. The first half of the year was very strong. I think it's a real testament to the operators, how well they're performing. We are getting favorable contracting terms across the business. But the growth of the MEP business, our EPC business and our renewables business is contributing to that free cash flow growth.

Justin，不是的，我們對公司自由現金流的表現非常滿意。上半年非常強勁。我認為這真正證明了營運團隊的執行力有多好。我們在整體業務中都拿到了更有利的合約條款。而 MEP 業務、我們的 EPC 業務以及再生能源業務的成長，正在推動自由現金流的成長。

So we believe that we're going to continue to see those types of factors coming into our free cash flow profile. It's improving our working capital as you said. Having said that, we do think the right way to think about our business continues to be that conversion rate of around 55%. I talked about it in the Investor Day that we have the opportunities to be higher than that, 55% to 60%.

所以我們相信，這些因素會持續反映在我們的自由現金流輪廓上。正如你所說，這正在改善我們的營運資金。不過，我們確實認為，理解我們業務的正確方式仍是大約 55% 的轉換率。我在投資人日也談過，我們有機會高於此水準，約 55% 到 60%。

Do I believe that we can be at the high end of that even this year and going forward? I do. And I think there's opportunities even to beat it. But growth -- where the growth comes from matters. The strong utility business is continuing to grow in the back end as well. And as you know, that has a slightly different working capital profile, and it can pressure free cash flow.

我是否相信我們今年以及未來都能處在那個區間的高端？我相信。而且我認為甚至有機會超越。但成長——成長來自哪裡很重要。強勁的公用事業業務在後端也持續成長。而如你所知，那有略為不同的營運資金輪廓，可能會對自由現金流造成壓力。

We've taken all that into account in our guide. And -- but I think you can expect, Justin, that we have real abilities to be at the high end of those free cash flow ranges and even better.

我們在指引中已把這些都納入考量。而——但我想你可以期待，Justin，我們確實有能力處在那些自由現金流區間的高端，甚至更好。

Sangita Jain, KeyBanc.

Sangita Jain，KeyBanc。

Can I ask one on Percheron, if I'm pronouncing that right, the acquisition that you made? How much of the revenue that they do is already revenue from Quanta and how much is third party? And as you bring it in, are you going to focus it more on just working for Quanta? And then does this allow you to do more front-end work with data centers? Or is it purely just a T&D type operation?

我可以問一個關於 Percheron（如果我發音正確的話）——你們所做的那筆收購嗎？他們的營收中，有多少已經是來自 Quanta 的營收、又有多少是第三方？而在併入之後，你們會更聚焦讓他們主要為 Quanta 工作嗎？另外，這是否讓你們能在資料中心做更多前端工作？還是它純粹只是輸配電（T&D）類型的營運？

Thank you, Sangita. So Percheron, when we looked at that, really, it's right-of-way acquisition. It's things of that nature. None of which is for Quanta. Very little, if any, was Quanta revenue. So it's all outside. The customer base would be utilities, hyperscalers. So both sides of that.

謝謝你，Sangita。Percheron，我們在看這筆交易時，主要是路權取得（right-of-way acquisition）以及類似性質的工作。其中沒有任何是為 Quanta 做的。幾乎沒有（如果有的話）是 Quanta 的營收。所以全部都是外部客戶。客戶基礎會是公用事業公司、超大規模雲端業者（hyperscalers），兩邊都有。

The way we think about it, anything that -- from our standpoint, it doesn't allow our field forces to move forward or we can collaborate with the client in a constructability way, we want that to be a part of the solution. So they were very much a solution for us on the front end. We believe added to Quanta and our constructability, we can work with the client on routes.

我們的看法是，任何——從我們的角度，只要它能讓我們的現場團隊更順利往前推進，或讓我們能以可施工性（constructability）的方式與客戶協作，我們就希望它成為解決方案的一部分。所以他們在前端對我們而言非常像是一個解決方案。我們相信，加入 Quanta 以及我們的可施工性能力後，我們可以與客戶一起規劃路線。

You hear about permitting quite a bit, land acquisition quite a bit. I'm getting tired of it. So as we see it, we felt like you can either gripe about it or you can fix it. So Percheron will allow us to provide a unique solution to the client on the front end where we believe we can move right away faster in a more economical way to get our people in the field, both on the technology market and -- actually technology pipeline and utility T&D.

你常常會聽到許可（permitting）的問題，也常常會聽到土地取得（land acquisition）的問題。我已經有點厭倦了。所以從我們的角度來看，我們覺得你可以選擇抱怨，或是選擇把它解決。因此，Percheron 將讓我們能在前端為客戶提供一個獨特的解決方案；我們相信這能讓我們以更快、更具成本效益的方式，立即推進，讓我們的人員更快到現場，不論是在科技市場——其實是科技管線（technology pipeline）以及公用事業輸配電（utility T&D）方面。

So super proud, great company. I believe we can exponentially grow that and the synergies are endless.

所以我們非常自豪，這是一家很棒的公司。我相信我們可以讓它呈指數型成長，而且協同效益是無窮無盡的。

(Operator Instructions)

（接線員指示）

Nicholas Amicucci, Evercore ISI.

Nicholas Amicucci，Evercore ISI。

I just had a quick one, too. Just given -- I mean, obviously, it seems like pretty strong organic performance within the quarter. I just wanted to see, I mean, if we could kind of break that out, how much was that -- was there any kind of pull forward of timing or weather implications within there just given kind of more of a mild spring season?

我也只有一個簡短的問題。就——我的意思是，顯然本季的內生成長表現看起來相當強勁。我只是想了解一下，如果我們可以把它拆開來看，其中有多少是——是否有任何時點提前（pull forward）的情況，或是天氣因素的影響？畢竟今年春季相對溫和。

No, I do think you bring up a good point on seasonality. We used to have a much more pronounced seasonality in the business. With being inside and having kind of the electricians in the places that we're at, I do fabrication facilities, you're going to see that level out in the fourth and the second. It will start to level. So it won't be as pronounced as it was in the past.

沒有。不過我確實認為你提到季節性是一個好點。我們過去的業務季節性更為明顯。隨著我們在室內作業、並且在我們所在的據點配置電工，以及我所說的製造（fabrication）設施，你會看到第四季和第二季的波動會趨於平緩，會開始拉平，所以不會像過去那麼明顯。

So I do think that's part of it. But as far as pull in, I mean, it is different from a standpoint, nothing pulled in at all that I'm aware of, just nothing. But what is happening, we're getting on sites and people are starting to see us perform and they're asking for more services immediately.

所以我確實認為這是其中一部分。但就提前拉貨（pull in）而言，我的意思是，從這個角度看是不同的；就我所知，完全沒有任何提前，真的沒有。真正發生的是，我們進到工地後，人們開始看到我們的執行表現，然後立刻要求更多服務。

So we may book and bill $300 million on a site in a quarter, you never see it show up in backlog. That's part of MEP. And that happens quite a bit. So we're working through that about how to look at those MSAs on the technology side, especially when we're building balance of plant in multiple areas.

所以我們可能在某個工地一個季度就接單並完成計費（book and bill）3億美元，但你永遠不會看到它出現在在手訂單（backlog）裡。這是機電（MEP）業務的一部分，而且相當常見。因此我們正在釐清，尤其是在科技端、當我們在多個區域建置廠區配套（balance of plant）時，該如何看待那些主服務協議（MSA）。

We need to look at that internally to decide is a PO against an MSA or is it an MSA. So we're following that. But I would tell you the book and burn on that type of work is certainly prevalent in the quarter, and it will be prevalent as far as we can see because we continue to capture more balance of plant opportunities and kind of full-scale data center opportunities, and you'll see us on quite a few sites in the future.

我們需要在內部檢視並決定：這是針對某個 MSA 的採購單（PO），還是它本身就是一份 MSA。我們正在追蹤這件事。但我會告訴你，這類工作的「接單即消化」（book and burn）在本季確實很普遍，而且就我們所見未來也會持續普遍，因為我們持續拿下更多廠區配套（balance of plant）的機會，以及某種程度上的全規模資料中心機會；未來你會在不少工地看到我們。

Adam Thalhimer, Thompson, Davis.

Adam Thalhimer，Thompson, Davis。

Congrats on another great quarter and a great year-to-date. Duke, I guess I wanted to dial in on your traditional T&D business. How would you say that's -- other than the obvious that it's good, how would you parse that how it's trending versus your initial expectations at the beginning of the year?

恭喜又一個很棒的季度，以及今年迄今的優異表現。Duke，我想聚焦在你們傳統的輸配電（T&D）業務。除了顯而易見的「表現很好」之外，你會如何解析它相較於年初你們最初預期的趨勢？

And then I wanted to get an update on your long-term expectations from electric utility customers?

另外我也想請你更新一下，你們對電力公用事業客戶的長期展望。

I think we're right on target. We kind of -- you haven't seen the compounding effect. I mean, we're not in backlog on any of the bigger work yet. Even the generation work, most of it is, I would say, 95% of it is not in backlog either. So those big projects, the 765 corridors, 345, 500, all those bigger -- all that bigger work is just starting.

我認為我們完全在軌道上。我們有點——你還沒有看到那種複利式的效果。我的意思是，我們在任何較大型的工作上都還沒有反映到在手訂單（backlog）裡。甚至發電（generation）相關的工作，大多數——我會說其中 95% 也都還不在在手訂單裡。所以那些大型專案，765 走廊、345、500，所有那些更大型——所有那些更大型的工作才剛開始。

A lot of it's in engineering. You'll start to see it hit backlog in the later half of the year and throughout what I would consider the decade. So it's a long-term build well past 2030 on both sides of the business. So we're seeing those projects today. They'll show up in backlog. We'll go to the field, call it, second half of '27. We'll start to see incremental gain there. And the compounding stacking effect will start to hit the backlog.

其中很多還在工程設計（engineering）階段。你會在今年下半年以及我認為的整個十年期間，開始看到它們進入在手訂單（backlog）。所以這是一個長期建置，兩個業務面向都會延伸到 2030 年之後。我們今天就看得到那些專案；它們會出現在在手訂單裡。我們會到現場施工，大概是 2027 年下半年。屆時你會開始看到增量的提升，而那種疊加的複利效應會開始反映到在手訂單。

And I continue to expect us to have record backlog into the third and probably even into the fourth. But definitely, we see the work there, and it has not started. So kind of what I would say upper single-digit growth in the business as it sits, doing nicely, working with clients.

而且我仍然預期我們的在手訂單會在第三季、甚至可能到第四季都創下新高。但可以確定的是，我們看得到那些工作，而且它們還沒真正開始。所以就目前而言，我會說業務呈現中高個位數成長，表現不錯，並且與客戶合作順利。

So I think double-digit type growth is there today, and it's going to get much greater than that as we start our compounding big work there. But it will look much like it did, call it, before ['15, was it '12 to '15], somewhere in there when we were on a bunch of big projects and started compounding.

所以我認為現在就已經有雙位數成長的態勢，而且當我們開始把那些大型工作疊加起來時，成長會遠高於此。它看起來會很像——就說在 2015 年之前（是 2012 到 2015 嗎？）大概那段期間，我們同時在做一堆大型專案並開始出現疊加效應的情況。

We see that type of effect. Yes, it's big numbers, but the big numbers are going to compound as well. So we're super excited about where that's going. Early stages, and it will start to show up, call it, in backlog this year and in the field next year.

我們看得到那種效果。是的，數字很大，但大數字也會繼續複利疊加。所以我們對未來走向非常興奮。現在還在早期階段，而它會在今年開始反映到在手訂單，並在明年開始在現場端展開。

Liam Burke, B. Riley Securities.

Liam Burke，B. Riley Securities。

Duke, just a quick follow-on on what you just discussed on your longer-term planning on the electric side. Going back to the backlog. So your backlog, similar to what you discussed last quarter, is more broader based across the businesses rather than you bringing in these larger projects?

Duke，針對你剛才談到電力端的長期規劃，我再追問一下在手訂單（backlog）。所以你們的在手訂單，跟你上季提到的類似，是更廣泛分布在各個業務，而不是因為你們拿下這些更大型的專案而推升的？

That's right. I mean I do think those larger projects -- you're going to get some lumpy quarters where you're 1:1, 1:2. You're going to start to see 1:5, 1:6 as you bring in a big chunks of projects, and it's going to happen. We saw some of it when we brought in 765 last quarter. You saw a big boost up.

沒錯。我的意思是，我確實認為那些更大型的專案——你會看到一些不均勻（lumpy）的季度，可能是 1:1、1:2。當你拿下大塊的專案時，你會開始看到 1:5、1:6，這一定會發生。我們上季拿下 765 的時候就看到一些，你也看到在手訂單大幅跳升。

It was broad-based, but it also had a big project in it. That's going to happen. It's not going to be straight line. You're going to see some lumpy kind of quarters, but all kind of lower lows, higher highs all the way through the way we see it because I just think we can't predict timing and bookings on that big work. It just takes time, and we're in LNTPs all over the place and verbals all over the place with lots of clients in a collaborative way.

那次是廣泛成長，但同時也包含一個大專案。這種情況會發生。它不會是一條直線。你會看到一些不均勻的季度，但就我們的看法，整體會呈現「低點愈來愈高、高點愈來愈高」一路往上，因為我認為我們無法預測那些大型工作的時點與接單（bookings）。這需要時間，而我們在各地都有 LNTP（限期通知開工/Proceed 類通知）以及各種口頭承諾（verbals），並以協作方式與許多客戶合作。

I just really like the collaboration the company is doing, really trying to help our clients. And I think giving them certainty, working with them, driving the cost down to the ratepayer, the company is highly focused on driving the cost down to the ratepayer. I think that's the deal where we're really working hard with -- throughout on the T&D side.

我真的很喜歡公司目前在做的協作，真的是在努力幫助客戶。我認為給客戶確定性、與他們一起合作、把成本降到用戶（ratepayer）身上，公司非常專注於把成本降到用戶端。我想這就是我們在輸配電（T&D）端一直努力推動的重點——與各方一起把它做好。

And I like where that's going. It's certainly given us a multiyear, even decade look outward. You can see their capital budgets and some we can point our finger to. We're working hard together. I like where the industry is going.

而且我喜歡這個方向。它確實讓我們能以多年、甚至十年的視角往外看。你可以看到他們的資本預算，有些我們甚至可以明確指出。我們正一起努力。我喜歡這個產業的走向。

Philip Shen, ROTH Capital Partners.

Philip Shen，ROTH Capital Partners。

Congrats, again, on the strong results. I wanted to check in with you on the recent New York state ban or pause on data centers. We published recently that we could see as many as 10 more states pursue data center bans or pauses by the end of this year. What are your thoughts on this potential risk? How could it impact your business?

再次恭喜你們的強勁成果。我想跟你確認一下近期紐約州對資料中心的禁令或暫停（ban or pause）。我們最近發布報告指出，到今年底可能還會有多達 10 個州跟進資料中心禁令或暫停。你對這個潛在風險有何看法？它可能如何影響你們的業務？

And then when you add data center work to your backlog, have these projects been cleared of all permitting, environmental approvals, community support? I'm guessing the answer is yes, but just was wondering if you can talk through, is there any risk that some of these state bans or pauses could take some of the projects out of backlog.

另外，當你們把資料中心工作納入在手訂單（backlog）時，這些專案是否都已經完成所有許可（permitting）、環境核准（environmental approvals）、以及社區支持（community support）？我猜答案是肯定的，但想請你說明一下：是否存在某些州的禁令或暫停，可能會把部分專案從在手訂單中移除的風險？

Sure. So just a couple of things. It's a good question because it gives me an opportunity to freelance a little bit here. What I would say is 15% of the business is technology, call it, 15% to 20% right in there. And that's a spectrum of chips to everything, not just data centers.

當然。先說幾點。這是個好問題，因為讓我有機會在這裡稍微延伸談一下。我會說，科技相關約占業務的 15%，大概 15% 到 20% 之間。而且這涵蓋從晶片到各種領域的光譜，不只是資料中心。

So it's not a huge piece of the business, number one. We've grown that to that range over the last 2 years, which I think is phenomenal. We've built a hell of a business already and got a long way to go. So very early stages. And the quality of the companies that we've acquired is just phenomenal, super proud of the platforms.

所以第一，它不是業務中非常大的比重。過去兩年我們把它成長到這個區間，我覺得非常了不起。我們已經建立起一個非常強的業務，而且還有很長的路要走。所以仍在非常早期的階段。而且我們所收購公司的品質真的非常出色，我們對這些平台感到非常自豪。

So in saying that, look, we're involved in lots of data centers. I haven't seen much in New York. Nothing really gets built there. So it's very difficult to build in New York. And having a moratorium in New York doesn't bother me at all. I just hope we can get enough power to continue to keep the lights on in PJM. So that's our highly focused there on that.

所以話說回來，你看，我們參與了很多資料中心。我在紐約沒有看到太多。那裡基本上不太會蓋新東西。所以在紐約建設非常困難。而且紐約有暫停令對我完全沒有影響。我只希望我們能有足夠的電力，讓PJM的電網能持續供電、保持燈亮。所以我們在那方面的重點非常明確。

What I would say is, in general, when we think about data centers, I just -- it's such a fallacy of the amount of water and what it does for an economy. I mean, in rural areas, the school districts and the kids and the teachers, we employ people there. I mean, it's such a benefit to everyone that is building in those areas. And it's not a one year build. These are eight, ten year areas that build and they're providing jobs.

我想說的是，整體而言，當我們談到資料中心時，我只是——外界對用水量以及它對經濟的影響有很大的誤解。我的意思是，在鄉村地區，學區、孩子、老師，我們在那裡雇用人員。對所有在那些地區建設的人來說，這對大家都是很大的好處。而且這不是一年就蓋完的工程。這些是八年、十年的建設區域，並且提供工作機會。

And if you look at Northern Louisiana, where they're building there, yes, they're using a little bit more water than in some other areas. I would say there's better designs today and you can use less water. But what that's done for teachers, teachers were the lowest paid in all of Louisiana. They will be the highest paid in Louisiana in that area, all the teachers.

如果你看路易斯安那州北部，他們在那裡建設，是的，他們用水量比其他一些地區多一點。我會說現在的設計更好，可以用更少的水。但這對老師帶來的影響是——老師原本是路易斯安那州薪資最低的職業之一；在那個地區，他們將成為路易斯安那州薪資最高的老師，所有老師都是。

All the -- what it does for the rate base, the economies, I just don't think it gets suppressed. We're not doing a good enough job talking about the good things about data centers, national security, everything else that I see. It reminds me a lot of the fracking rhetoric that was out there.

還有——它對費率基礎（rate base）、對經濟的帶動，我只是覺得這些好處沒有被充分呈現。我們在談資料中心的正面效益上做得還不夠，包括國家安全，以及我看到的其他一切。這讓我想起當年外界對水力壓裂（fracking）的那套言論。

So it's just something that I think we have to do a great job to tell the benefits to the industry and how we see it and what it's done to create jobs and good jobs. I think you can look at our median wage and see, like it's very, very good for us and the economy.

所以我認為我們必須把這個產業的好處、我們怎麼看、以及它如何創造工作與優質工作，講得非常清楚。我想你看看我們的薪資中位數就知道——對我們和整體經濟來說都非常、非常有利。

So look, we're not seeing any shortage of places to go to work. And we're moving forward, really working in local areas to provide jobs. And as long as we do that, and I believe we're on the right side of the rhetoric with data centers and I like where it's going.

所以你看，我們完全沒有看到缺乏工作地點的問題。我們持續推進，真的在地方社區合作提供工作機會。只要我們能做到這點，而且我相信在資料中心的輿論上我們站在正確的一邊，我也喜歡目前的發展方向。

Yeah. And Phil, just on the backlog, I think it's important to add that we take all those into account. The way we treat our backlog, just like we do on the T&D side, just like we do on the generation side, we want to make sure that we have a constructive and prudent way of what goes into backlog.

是的。Phil，另外就積壓訂單（backlog）而言，我覺得補充一點很重要：我們會把那些因素都納入考量。我們處理積壓訂單的方式，就像我們在輸電與配電（T&D）端、以及發電端一樣——我們希望確保納入積壓訂單的內容是以建設性且審慎的方式來界定。

So on the data center side, we tend to put in things that have only LNTPs, and we don't put the rest of it until the project is a go. So I think you can be confident in what we have in our backlog as a result.

所以在資料中心這一端，我們通常只把已取得LNTP（Limited Notice to Proceed，有限開工通知）的項目放進去；其餘部分要等到專案確定要做（a go）才會納入。因此，你可以對我們積壓訂單的品質更有信心。

Yes. And we're seeing multiyear projects, too. So I mean, we're out well beyond 2030.

是的。而且我們也看到很多是多年期專案。所以我的意思是，我們的能見度已經遠遠超過2030年。

Alex Rygiel, Texas Capital Securities.

Alex Rygiel，Texas Capital Securities。

Great quarter. Could you speak a bit more about underground and infrastructure, and in particular, pipelines? And are you seeing any green shoots develop?

本季表現很棒。你能多談談地下工程與基礎設施，特別是管線（pipelines）嗎？你們是否看到任何復甦的跡象（green shoots）？

Yes. I mean, look, I think we certainly have opportunities. I think we're probably -- we booked a little bit of Canada work in the quarter. So a real nice job there with ATCO. So proud about that one. I think we'll book more in Canada. The opportunities, I would say, later half of '26 and '27 for us are there. That business is getting better. So yes, I mean, it's something we're looking at.

是的。我的意思是，你看，我認為我們確實有機會。本季我們大概簽下了一些加拿大的案子，和ATCO合作做得非常好，這案子我們很自豪。我想我們在加拿大還會簽更多。就機會而言，我會說對我們來講，2026年下半年到2027年會有不少機會。那塊業務正在變好。所以是的，這是我們正在關注的方向。

And as kind of how we look at it, we kind of put $500 million in our head, and that's where it's at. We're well past that for the year, probably and beyond. So we'll relook at that as how we guide. But no, Alex, I think it's all risk. We'll be cognizant of how we look at the risk.

而就我們的看法而言，我們心裡大概以5億美元作為一個基準，而目前就是那個量級。今年我們很可能已經遠超過這個水準，甚至還會更多。所以我們會在提供指引時重新檢視。不過不，Alex，我認為這一切都涉及風險。我們會留意並審慎看待風險。

And our generation business is growing nicely, some things there. So we're able to use some of those assets and people and project management teams on the generation side. There's a lot of pipe feed in generation that we can bundle that in as well. So that solution-based approach on the technology side applies to the pipeline as well and gives us a lot of opportunity there to do some unique things with the pipe.

而且我們的發電業務也在穩健成長，這方面有一些進展。因此我們能把發電端的一些資產、人員與專案管理團隊拿來運用。發電領域也有很多管線相關需求，我們也可以把它打包在一起。所以這種以解決方案為導向的技術方法，同樣適用於管線，並帶給我們很多機會，讓我們能在管材/管線上做一些獨特的事情。

And Jayshree, earlier, you mentioned contract terms have improved. Can you expand upon that a little bit? And maybe in particular, how they've changed across various end markets?

另外，Jayshree，你先前提到合約條款已改善。你能再多展開說明一下嗎？也許特別談談在不同終端市場之間，條款是如何改變的？

Yes. We're just -- as we sit here, we're looking at our renewables business, our MEP business, our EPC business on the T&D side. It allows us to have really favorable cash flow terms and the working capital profile and those things are very positive. We're seeing that across our business, not just in certain markets.

可以。我們現在看我們的再生能源業務、MEP（機電管線）業務、以及在T&D端的EPC（統包工程）業務。這讓我們能取得非常有利的現金流條款與營運資金結構，而這些都非常正面。我們在整個業務中都看到這種情況，不只是在某些特定市場。

The MEP and renewables business and EPC work on our traditional business tends to have the more pronounced favorable working capital profile, and that is getting baked in. But we've talked about this a lot, right? As we sit here today in these markets and the strength of our portfolio and our ability to help our customers, we're very much focused on compounding and growing with them.

MEP與再生能源業務，以及我們傳統業務中的EPC工程，通常會呈現更明顯、較有利的營運資金結構，而這也正在逐步反映在條款中。不過我們也談過很多次了，對吧？以我們目前所處的市場、我們投資組合的強度、以及我們協助客戶的能力來看，我們非常專注於與客戶一起複利式成長、共同擴張。

And so our contracting terms are a reflection of that. And while we're not necessarily trying to take advantage of our customers in any way, it is allowing us to make sure that we're doing things in the way that allows us to be confident about our execution capabilities and delivering for them in the right manner.

因此，我們的合約條款就是這種關係的反映。雖然我們並不是要以任何方式占客戶便宜，但這確實讓我們能確保以一種方式做事，使我們對自身的執行能力有信心，並以正確的方式為客戶交付成果。

So that's what's getting reflected across our business. It's not just on working capital, but it's in terms across the company.

所以這些正在反映在我們整個業務上。不只是營運資金，公司的各項條款也都有所體現。

Brian Brophy, Stifel.

Brian Brophy，Stifel。

Congrats on a really great quarter. Obviously, there was a meaningful uplift in the technology and large load outlook. Curious if there was any notable large bookings on the integrated fabrication part of the business in the quarter? And if that was a core driver of the upside? Or is it more broad-based in MEP?

恭喜本季表現非常出色。顯然，科技與大型負載（large load）的展望有顯著上修。我想了解，本季在業務的整合式製造（integrated fabrication）部分，是否有任何值得注意的大額接單？那是否是上修的核心驅動因素？還是說更多是MEP的全面性成長？

I think it's broad based the way we see it. Certainly, the MEP business is growing faster than the rest of the business, just percentage-wise. But what I would say is if you look at the whole outlook, I would tell you, it's all of it's pushing upward. Both segments are pushing upward. The electric segment is moving up.

我認為我們看到的是更全面性的成長。當然，MEP業務的成長速度確實比其他業務更快，從百分比來看是如此。但我想說的是，如果你看整體展望，我會告訴你，所有項目都在往上推升。兩個事業部門都在往上。電力事業部也在上升。

I mean, our renewal business is really good. It's moved up nicely. So I would tell you all things that we discussed are at least double digits, some are double-digit plus, but everything is moving upward at least double digits. And I'm sure it's CEO math, I probably -- it's probably 9.9% in some area, but like very close to double digits and some of it much greater sum of the parts, obviously.

我的意思是，我們的續約業務（renewal business）非常好，提升得很不錯。所以我會說，我們討論的所有項目至少都是雙位數成長，有些甚至是雙位數以上；但所有東西至少都在以雙位數往上走。我也確定這是CEO的算法，我可能——某些地方可能是9.9%，但非常接近雙位數；而其中一些則高得多，顯然整體大於各部分加總（sum of the parts）。

Appreciate it. And then just one quick one, if you wouldn't mind. Did you see any notable SunZia closeout benefits in the quarter or anything that was more onetime?

了解。那再快速問一個，如果你不介意的話。本季你們是否看到任何SunZia結案（closeout）帶來的顯著利益，或任何比較一次性的項目？

No. I think you can just -- look, closeouts happen all the time. We're so large, you're going to have projects close out, you're going to have project start. There was nothing onetime in our quarterly results.

沒有。我想你可以這樣看——結案一直都會發生。我們規模很大，你會有專案結案，也會有專案啟動。我們本季的結果沒有任何一次性因素。

I do like it when they go up, though. I'd rather like them go up than down. But in general, they typically go up, and it's nothing out of the ordinary. It's normal course.

不過我確實喜歡它們往上走。我寧可它們上升也不要下降。但一般來說，它們通常是往上，沒有什麼不尋常的。這是正常營運的一部分。

Joseph Osha, Guggenheim Partners.

Joseph Osha，Guggenheim Partners。

So Duke, you've been adding manufacturing capabilities in a couple of areas, transformers. You bought a utility pole company. I'm wondering if there are other areas that you're thinking about in terms of where you might want to add capabilities.

Duke，你們一直在幾個領域增加製造能力，例如變壓器。你們也收購了一家電線桿公司。我想知道，是否還有其他領域是你們正在考慮、可能想要補強能力的？

Yeah. I mean, look, we did the breaker deal with HICO. I thought that was a critical path for us and the high-voltage breakers are very difficult to get. So you've seen us build them. You've seen us partner. We certainly have great relationships with the suppliers.

是的。我的意思是，你看，我們和HICO做了斷路器（breaker）的交易。我認為那對我們來說是關鍵路徑（critical path），而高壓斷路器非常難取得。所以你看到我們自己建置，也看到我們進行合作。我們當然也和供應商維持非常好的關係。

Anywhere there's a critical path that we think we can invest capital to move it forward, that's what you've seen us do. So as we're looking outward, we're taking advantage of areas where there's underinvestment or we believe it's something that is a critical path for us. And we're working with our clients to really innovate as well with R&D and some things we can do there.

只要有我們認為可以投入資本、推動其向前的關鍵路徑，我們就會這麼做。當我們向外看時，我們會把握那些投資不足的領域，或我們認為對我們而言屬於關鍵路徑的事項。我們也正與客戶合作，透過研發以及我們能做的一些事情，真正地共同創新。

So that innovation, technology, how we look at it, but we've made those investments in that vertical supply chain. I think it's showing up in some of the synergies. I think you'll continue to see it. We'll be selective in how we invest there.

因此，關於創新、技術以及我們如何看待它，我們已在那條垂直供應鏈上做了投資。我認為這正體現在一些協同效益上。我想你們會持續看到。我們會在那方面的投資上保持選擇性。

That's something that -- we look at it all the time, but we do believe we can do some unique things with our vertical supply chain and have done. So it will be a broad-based investment and things that are what you would consider a critical path.

這是我們一直在看的事情，但我們確實相信，我們可以在垂直供應鏈上做出一些獨特的事情，而且也已經做到了。因此，這將是廣泛性的投資，並聚焦在你會認為屬於關鍵路徑的事項上。

We see a lot of people buying EBOS companies. Is that something that you think might be a good fit for Quanta?

我們看到很多人在收購 EBOS 公司。你覺得那會是 Quanta 的合適選項嗎？

Yes. Look, I'm not looking at EBOS companies. That's fine. I mean, look, I'm sure they're great companies and everyone is doing well with them, but it's not something that we're looking at today. We're looking at all kinds of things that it could be a component thereof or whatever it may be.

是的。你看，我目前沒有在看 EBOS 公司。那也沒問題。我的意思是，我相信它們都是很棒的公司，而且大家在那上面都做得很好，但這不是我們今天正在看的方向。我們在看各種可能性，可能其中某些會包含那樣的組成部分或不管是什麼。

But it's -- traditionally, the core of the business is craft-skilled labor. We're focused -- highly focused on craft-skilled labor and bringing that to the field in a way that's solution-based. If the EBOS or anything else can help us with the solution, we're certainly leaning into those opportunities.

但傳統上，業務的核心是具備工藝技能的勞動力。我們專注——高度專注於工藝技能勞動力，並以解決方案導向的方式把它帶到現場。如果 EBOS 或其他任何東西能幫助我們提供解決方案，我們當然會積極把握那些機會。

(Operator Instructions)

（接線員指示）

Jamie Cook, Truist.

Jamie Cook，Truist。

Congrats on another fantastic quarter. Can you hear me?

恭喜又一個非常出色的季度。你聽得到我嗎？

Yes. Thank you.

是的。謝謝。

Good, you can hear me. So Duke, just one question. I mean, I've been beating you up on your underground margins for years. And finally, it sounds these margins are really starting to improve. I guess with some of these acquisitions that you're doing and some of the structural improvements you're making, I'm wondering, over time, although it's not in your sort of longer-term margin targets, is there a path, in particular with some of these higher-margin acquisitions for your underground margins to approach the electric business?

很好，你聽得到我。所以 Duke，就一個問題。我多年來一直在追問你們地下業務的利潤率。終於，聽起來這些利潤率真的開始改善了。我想，隨著你們正在做的一些收購以及一些結構性的改善，我想知道，隨著時間推進，雖然這不在你們較長期的利潤率目標中，是否存在一條路徑——特別是透過一些高利潤率的收購——讓你們地下業務的利潤率接近電力業務？

Is that totally off base?

這樣想是不是完全不對？

Yes. I mean there's always opportunity. It just depends on the work mix. I mean some of those margins you can pull up. And it depends on the risk. It depends on some of the fabrication. Yes, look, I do think you can pull them up. We got -- let me get to double digits first, and then I'll go from there. But I do think we have opportunities to get at parity to electric. You can do it.

是的。我的意思是，總是有機會。這取決於工作組合。有些利潤率是可以拉升的。也取決於風險，取決於一些製造加工。是的，你看，我確實認為可以把它拉上來。我們——先讓我把它做到雙位數，然後再往下走。但我確實認為我們有機會做到與電力業務持平。你可以做到。

It just depends on what the mix looks like. We're certainly -- I think that's one thing the company is highly focused on is increasing our efficiencies. Some of the labors are fungible, so it's moving across segments. It's moving over into the electric segment.

這取決於組合長什麼樣。我們當然——我認為公司高度聚焦的一件事就是提升效率。有些勞動力是可互換的，所以會在各個部門間流動，也會流向電力部門。

They move back and forth. I mean we can have someone on what I would consider a data center go to an industrial base, come back into compression on gas side so that we can move electricians and underground folks across multiple segments, which I really like a lot.

他們會來回調度。我的意思是，我們可以讓某個我認為屬於資料中心的員工去工業基地，再回到天然氣端的壓縮業務，因此我們可以在多個部門之間調動電工與地下作業人員，這點我非常喜歡。

So it's hard to say because they are making the margins in the electric side on one side of the business as that labor is fungible. But kind of the outlook on the customer base in the UI segment, yes, we can move it up, and you'll see that move up and we could get it to parity electric. It's possible.

所以很難說，因為當勞動力可互換時，他們在業務的一端於電力端創造利潤率。但就 UI 部門的客戶基礎前景而言，是的，我們可以把它拉升，你也會看到它上升，而且我們有可能做到與電力端持平。這是可能的。

Michael Dudas, Vertical Research Partners.

Michael Dudas，Vertical Research Partners。

Duke, just your sense of what your customers maybe on the MSA side or even just across the board, how far out in the future are they asking to secure your specialized craft labor generally? And I don't know -- I'm sure there's ranges of months to years.

Duke，就你對客戶的感受而言，可能在 MSA 端，或甚至整體而言，他們通常會提前多久要求鎖定你們的專業工藝技能勞動力？我不知道——我確定範圍可能從幾個月到幾年不等。

How has that changed, say, in the last 12 to 18 months? And do you anticipate to get even further tighter out into the future where you have to allocate these resources a little bit more judiciously?

在過去 12 到 18 個月，這有什麼變化嗎？你是否預期未來會變得更緊，延伸到更遠的時間點，以致你必須更審慎地分配這些資源？

Yes. I mean, we're nowhere near capacity. I know that's been something that people are worried about. So look, you've seen us add 15,000 employees in the quarter. And well, let me back up. 15,000 in the year, a significant amount of which is in the second quarter. Through -- some through acquisitions, some through organic growth, but well over 7,000 in organic growth.

是的。我的意思是，我們離滿載還差得遠。我知道這一直是大家擔心的事情。你看，你們看到我們在這個季度新增了 15,000 名員工。嗯，讓我倒回去說，是一年新增 15,000 名，其中相當一部分是在第二季。部分來自收購，部分來自有機成長，但有機成長就超過 7,000 名。

We're very much in line with the customer building out programs. We'll go -- we're as far out as their capital plans at least and beyond. So when you're looking at their capital plans, they're out 5, 7 years. We're helping them with capital. We're helping them all the way through in a collaborative manner across the board, having great collaborative conversations on it.

我們非常貼近客戶的建置計畫來推進。我們至少會跟到他們的資本計畫那麼遠，甚至更遠。所以當你看他們的資本計畫時，他們會規劃到 5 年、7 年。我們在資本方面協助他們，並以協作的方式一路陪伴，整體上都有非常好的協作對話。

So -- and I would say the inbounds are significant. The company is in a different place than it's ever been, how we sit, how we're viewed. I think the number one thing is what -- how do people feel about us. And I feel real good about how we sit in the industry we serve. And we've done a real nice job. And the men and women in the field are executing at a phenomenal level. And we see decade-plus type arrangements out there.

所以——我會說，主動找上門的需求非常可觀。公司所處的位置與以往任何時候都不同，我們的定位、外界如何看待我們。我認為最重要的是——人們對我們的感受如何。我對我們在所服務產業中的位置感到非常好。我們做得很不錯。現場的男男女女以極高水準在執行。我們也看到外面有那種十年以上的合作安排。

Maheep Mandloi, Mizuho.

Maheep Mandloi，Mizuho。

Congrats on the quarter as well. Maybe just like a high-level question, Duke. Where are you seeing the bottlenecks as you go into data centers or for generation and transmission distribution? Is it still the craft labor?

也恭喜這個季度。也許問一個高層次的問題，Duke。當你們進入資料中心，或發電以及輸電配電時，你們看到的瓶頸在哪裡？仍然是工藝技能勞動力嗎？

And is there a scenario where you foresee potential competition or oversupply on that aspect few years down the line and maybe labor or craftsman from other industries of this so you have more training or more automation?

是否存在一種情境，你預見幾年後在那方面可能出現競爭或供給過剩，並且可能有來自其他產業的勞動力或技工進入，因此你們需要更多訓練或更多自動化？

Look, I -- we're not seeing any shortage of -- I mean, we're not seeing any oversupply of craft-skilled labor for the near future. It takes about four years to make a craftsman and a journeyman. We happen to have more journeyman in all crafts than most. Well, probably in the Electric side, the MEP side, I would say, we're gaining. We're very close.

你看，我——我們沒有看到——我的意思是，我們在可預見的未來沒有看到工藝技能勞動力的任何供給過剩。培養一名技工與熟練工（journeyman）大約需要四年。我們剛好在各工種的熟練工人數比大多數公司都多。嗯，可能在電力端、MEP 端，我會說我們正在追上，我們非常接近。

And our training facilities, the things that we've invested in over a decade, we spend about $250 million a year in training. So that's something we're highly focused on and have been for a decade. I know we're making it look a little easy. It is not easy whatsoever. And that -- it's just -- the fact is we've done this for a long time.

而且我們的訓練設施、我們在過去十多年投入的那些事情，我們每年在訓練上花大約 2.5 億美元。所以這是我們高度聚焦、而且已經聚焦十年的事情。我知道我們讓它看起來有點容易，但它一點也不容易。而且——事實就是，我們做這件事已經很久了。

And I don't think you're going to see an oversupply in any means in the near future, and we see a lot of money getting thrown on it, takes a journeyman to make a journeyman. I'll say it again, it takes multi years, and the more years under their belt, the better they are and more productive.

我不認為在可預見的未來你會看到任何形式的供給過剩。我們看到很多資金被投入到這上面，但要培養一名熟練工需要一名熟練工。我再說一次，這需要多年，而且他們累積的年資越多，就越好、也越有生產力。

So I think when we look at it, no oversupply, where the bottlenecks would be generation, to some degree, and I know the generation is going to say it's EPC. So yes, look, some of it's technical. It is difficult to have the capacity to build combined cycles at the levels that everyone wants to build them at and as quick as they want to build them at.

所以我認為當我們看這件事時，不會有供給過剩；瓶頸會在發電端，在某種程度上。而我知道發電端會說瓶頸在 EPC。是的，你看，其中一部分是技術性的。要在大家想要的規模、以及他們想要的速度下建造複循環機組，要具備那樣的產能是很困難的。

We're working hard to build those capabilities internally. We've done a real nice job. We have, what I consider, a significant business in front of us in the generation side. So that's organic growth for us. We really like where it's going. And we're putting the resources in it and the training and getting great people here that want to work for Quanta.

我們正在努力在內部建立那些能力。我們做得很不錯。我們在發電端有一個我認為相當可觀的業務機會在前方。所以那對我們而言是有機成長。我們非常喜歡它的發展方向。我們正在投入資源、投入訓練，也吸引到很棒的人才加入，他們想為 Quanta 工作。

So real happy with both sides of that. There is bottlenecks here or there. I do think, for the most part, most data centers want to go back to the grid at some point. And not to say that last time I got in trouble for saying something about behind the meter generation or whatever it was, I can't remember what it was, but someone was mad.

所以我對這兩方面都真的很高興。這裡或那裡確實會有瓶頸。我確實認為，就大多數情況而言，多數資料中心在某個時間點都想回到電網。也不是說——上次我因為說了些關於表後發電之類的話（或不管是什麼）惹上麻煩，我也記不清了，但有人很不高興。

Look, the faster you can go right now in generation, people are going to buy it. But over time, you're going to try to connect to the grid. It balances things out. And so utilities do it much better than anyone. They've been doing it for decades.

你看，現在發電端只要能更快上線，人們就會買單。但隨著時間推移，你會想要接入電網。這能把事情平衡起來。因此公用事業公司做得比任何人都好。他們做這件事已經做了幾十年。

So that bottleneck or that queue is extremely important. What does it take to get to the queue? It takes generation and substation. But we're very much involved in both sides of that. And I do think that would be the bottleneck is getting to the -- what I would consider utility scale generation, and they're moving very fast.

所以那個瓶頸或那個排隊佇列極其重要。要進入佇列需要什麼？需要發電與變電站。但我們在這兩端都深度參與。我也確實認為瓶頸會在——我所認為的公用事業規模發電的接入上，而他們推進得非常快。

So we're working with them all over the place. And I do believe utilities are in a growth mode. They've been underinvested in for a while on generation, and you're starting to see that significant investment and it's -- if you start an engine today, if you order an engine today, you're five years out, probably six before you get them built.

所以我們在各地都在與他們合作。我也相信公用事業公司正處於成長模式。他們在發電端一段時間以來投資不足，而你開始看到顯著的投資——而且如果你今天啟動一台引擎、如果你今天下單一台引擎，你大概得等五年，可能六年，才會建好。

So it just shows you the longevity, and I'm sure I didn't listen to GE's call, but I'm confident Vernova had a really nice book, and it's going to continue for a bit here. So we're super happy with where we sit.

所以這也顯示出其長週期。我確定我沒有去聽 GE 的電話會，但我有信心 Vernova 的訂單簿非常漂亮，而且還會持續一段時間。所以我們對自身所處的位置非常滿意。

Andy Kaplowitz, Citigroup.

Andy Kaplowitz，花旗集團。

Duke, you just added like 10% more employees to the Quanta family again in one quarter through acquisitions. I know how you're going to answer this question, but I'll ask it anyway. At some point, do you worry about the acquisition flywheel moving too fast and maybe it could hurt underlying performance?

Duke，你在一個季度內透過併購又把 Quanta 大家庭的員工增加了大約 10%。我知道你會怎麼回答這個問題，但我還是要問。某個時點你會不會擔心併購飛輪轉得太快，可能會傷害到基礎營運表現？

Or alternatively, can you keep the pace of the recent acquisition trajectory that you've had over the last few years up, as it obviously has been a significant acceleration?

或者換個角度，你能否維持過去幾年這種近期的併購軌跡速度？顯然這已經是相當顯著的加速。

Yes, that's a good question. We're buying great companies. I mean, one of them was over 100 years old, maybe two. We're not passing on great family businesses with great management teams. It'll depend on the management teams, do they fit here.

是的，這是個好問題。我們買的是很棒的公司。我的意思是，其中一家有超過 100 年歷史，可能 200 年。我們不會放過擁有優秀管理團隊的優質家族企業。這取決於管理團隊——他們是否適合這裡。

We're super excited with the ones that we bought. A lot of that, too, is -- I mean I would tell you a couple of them we had talked to for 36 months, maybe, maybe longer, maybe five years, about acquisitions. We just can't tell you when -- exactly how that's going to work out. Last quarter, we did zero. This quarter, we did four.

我們對買下來的這些公司非常興奮。很多時候也是——我的意思是，我會告訴你，其中有幾家我們談了大概 36 個月，可能更久，可能五年，才談到併購。我們只是沒辦法告訴你——確切什麼時候會成。上個季度我們一件都沒做；這個季度我們做了四件。

We're not seeing shortages of people wanting to sell their businesses here. I mean, I do believe culturally, it matters. We view that more so than anything else because if we continue down the path, the cultural path, we get the synergies. They want to work together. People want to work here.

我們沒有看到想賣企業的人變少。我的意思是，我確實相信文化契合很重要。我們把這點看得比任何事情都更重要，因為只要我們沿著文化這條路走下去，就能得到協同效益。他們願意一起合作。人們也想在這裡工作。

We're creating great jobs. I mean, we have a lot of journeyman here that are Executive Vice President, Presidents, CEOs. They're all over. And we have a path for craft here that's remarkable. So I do believe if you want to exit your business, Quanta makes tons of sense for you.

我們在創造很棒的工作機會。我的意思是，我們這裡有很多熟練技工一路做到執行副總裁、總裁、CEO，到處都是。而且我們為技術工種提供了一條非常了不起的職涯路徑。所以我確實相信，如果你想退出你的事業，把公司賣給 Quanta 對你來說非常合理。

And we're excited about that. I do think creating those opportunities, watching craft do very well. We pushed equity down to 10,000-plus people. I pinch myself on how lucky we are to be in the space we're in and be able to do the things we can do for craft.

我們也對此感到興奮。我確實認為，創造這些機會、看著技術工種做得非常好。我們把股權下放給超過 10,000 名員工。我常常不敢相信我們有多幸運，能在我們所處的領域裡，並且能為技術工種做我們能做的事情。

So I'm super happy, and that's why people want to sell their business here.

所以我非常滿意，這也是為什麼人們想把企業賣給我們。

Chris Tsung, Wolfe Research.

Chris Tsung，Wolfe Research。

Nice quarter. Just on the acquisitions, can you give us like the annualized EBITDA run rate? Are both purchase multiples you underwrote just the $120 million to $140 million contribution seems like it's just partial year, and I just want to make sure we're comparing it correctly with the purchase price.

這一季表現不錯。關於併購，能否給我們一個年化 EBITDA 的運行率？你們承作時假設的兩筆收購倍數是什麼？你們提到的 1.2 億到 1.4 億美元貢獻看起來只是部分年度，我只是想確保我們在與收購價格比較時口徑一致。

Yes. I think you can just do the math. It's about six, seven months worth of what we gave you. So you could annualize it based on just that, and that can give you a good sense of the run rate.

可以。我想你可以直接算一下。那大概是我們提供給你的數字的六、七個月。所以你可以據此年化，這會讓你對運行率有個不錯的概念。

Alexa Petrick Breno, Goldman Sachs.

Alexa Petrick Breno，高盛。

The guidance revision this quarter was notable. Can you just talk more about the drivers of that revision? What are you seeing in the market and in your backlog that gives you confidence in this new guide?

本季指引的上修很引人注目。你能否多談談這次上修的驅動因素？你在市場與在手訂單中看到了什麼，讓你對這個新指引有信心？

Yeah. I mean, look, you can see the head count is moving up. You can see both electric and gas moving up. Obviously, the contribution from electric, it's a bigger segment. It's going to be up. So it was broad-based. I think the synergies that we have and the things that we saw coming together, we're doing a lot of balance of plant work on the data side and the technology side, but it's not just data centers.

是的。我的意思是，你看，人員數在上升；你也看到電力與天然氣兩邊都在上升。顯然電力的貢獻更大，因為它是更大的部門，所以會上升。因此這是全面性的。我認為我們擁有的協同效益，以及我們看到逐步整合到位的事情——我們在資料端與科技端做了很多電廠平衡系統（balance of plant）的工作，但不只是資料中心。

I mean, we're involved in all kinds of manufacturing, (inaudible) plants, starting all kinds of different things. Tesla has got plenty going on. Onboarding, manufacturing -- I mean, kind of onshoring, manufacturing, medical. Across the board, we're picking up on both sides of that. So I would say our T&D business is growing nicely.

我的意思是，我們參與各式各樣的製造業、（聽不清）工廠，啟動各種不同的項目。Tesla 也有很多事情在進行。導入、製造——我的意思是，某種程度的回流本土（onshoring）、製造、醫療。各方面我們兩端都在承接。所以我會說我們的輸配電（T&D）業務成長得很好。

Our renewable business, I know everyone was worried about that for a while. We're setting records there. So super happy with what they're doing. So broad-based growth. We will stack both generation and large transmission on the business. And that will be the outward growth in foreseeable future. So you'll start to see that stacking effect as well. We're not on in a lot of big -- large transmission.

我們的再生能源業務——我知道大家一度很擔心——我們在那裡創下紀錄。所以對他們的表現非常滿意。因此是廣泛的成長。我們會把發電與大型輸電都疊加到業務上，而這將是可預見未來的外延成長方向。所以你也會開始看到那種疊加效應。我們目前在很多大型——大型輸電專案上的參與還不多。

We're cleaning a few of them up, and then we're stacking a few of them ourselves. But in general, I do think that stacking hasn't started yet and it's going to. I think it's probably second half of '27, you'll start to see us go to the field in a meaningful way, and that will stack on out through the decade. So we're happy with that.

我們正在把其中幾個收尾整理好，然後也會自己再疊加做幾個。但總體而言，我確實認為那個疊加效應還沒真正開始，但它會開始。我想大概在 2027 年下半年，你會開始看到我們以有意義的方式進入現場施工，而這會一路疊加延伸到整個十年。所以我們對此很滿意。

We have no more questions at this time. I will pass it back to the Quanta team for closing remarks.

目前沒有更多問題。我將把時間交回 Quanta 團隊做結語。

Thank you. I want to again thank the 85,000-plus men and women in the field. Their sacrifices to build the infrastructure of tomorrow is noted, and we thank them. So -- and I also want to thank you for participating in our conference call. We appreciate your questions and ongoing interest in Quanta Services. Thank you. This concludes our call.

謝謝。我想再次感謝在第一線的 85,000 多位男女同仁。他們為建設明日基礎設施所做的犧牲，我們都看在眼裡，也感謝他們。也要感謝各位參與我們的電話會議。我們感謝你們的提問，以及對 Quanta Services 持續的關注。謝謝。本次電話會議到此結束。