Quanta Services Inc (PWR) 2026 Q3 法說會逐字稿

Good morning, and welcome to the Quanta Services third quarter 2026 earnings call.

早安，歡迎參加 Quanta Services 2026 年第三季財報電話會議。

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

(接線員指示) 提醒各位，本次會議正在錄音。如有任何異議，請於此時中斷連線。

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

接下來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 Third Quarter 2026 Earnings Conference Call. This morning, we issued a press release announcing our third quarter 2026 results, which can be found on the Investor Relations section of our website at quantaservices.com.

謝謝，並歡迎各位參加 Quanta Services 2026 年第三季財報電話會議。今天早上，我們已發布新聞稿公布 2026 年第三季業績，您可至 quantaservices.com 網站的投資人關係專區查閱。

This morning, we also posted our third 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. Please remember that information reported on this call speaks only as of today, October 29, 2026.

今天早上，我們也已在 Quanta 的投資人關係網站上發布 2026 年第三季營運與財務評論，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說明，但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。請記得，本次電話會議所揭露之資訊僅截至今日（2026 年 10 月 29 日）為準。

And therefore, you're advised that any time-sensitive information may no longer be accurate as of any replay of this call. This call will include forward-looking statements 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.

因此，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。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》所建立之責任安全港規定，其中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.

由於這些陳述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，您不應過度依賴；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。

Please refer to these documents 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.

有關前瞻性陳述與非 GAAP 財務衡量指標的更多資訊，請參閱上述文件。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之社群媒體平台上的 Quanta IR 與 Quanta Services。

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

接下來我將把電話交給 Quanta 總裁兼執行長 Duke Austin 先生。Duke？

Thanks, Kip. Good morning, everyone, and welcome to the Quanta Services Third Quarter 2026 Earnings Conference Call. I want to begin by thanking our approximately 95,000 employees. Their commitment to safety, to our culture of absolute performance and to the certainty we deliver for our customers makes everything we will discuss this morning possible.

謝謝你，Kip。各位早安，歡迎參加 Quanta Services 2026 年第三季財報電話會議。首先，我要感謝我們約 95,000 名員工。他們對安全的承諾、對我們「絕對績效」文化的投入，以及對為客戶提供確定性的堅持，使得我們今天早上將討論的一切成為可能。

This morning, we reported third quarter results that meaningfully exceeded expectations with robust double-digit growth in revenues, adjusted EBITDA and adjusted earnings per share, healthy cash flow and record backlog of $64 billion.

今天早上，我們公布的第三季業績顯著超出預期：營收、調整後 EBITDA 與調整後每股盈餘均呈現強勁的兩位數成長，現金流健康，且未完成訂單（backlog）創下 640 億美元新高。

These results reflect broad-based strength across our segments, service lines and end markets and also the successful multiyear strategy we are executing and the investments we have made in it. Given this outperformance and the expected incremental strength in the fourth quarter, we are significantly increasing our full year 2026 financial expectations across all metrics.

這些成果反映出我們各事業部門、服務線與終端市場的全面性強勁表現，也反映出我們正在執行的多年期策略以及為此所做的投資已見成效。鑑於本季的超預期表現以及第四季預期的額外強勁動能，我們正大幅上調 2026 全年在所有指標上的財務預期。

This quarter again demonstrated the ability for our operating model to deliver with certainty at scale. The breadth of our portfolio, combined with the fungibility of our skilled workforce across multiple end markets, provides a significant competitive advantage. This flexibility allows us to strategically deploy resources where demand is strongest, mitigate exposure to individual market cycles and deliver more consistent, predictable outcomes for our customers and stockholders.

本季再次展現我們的營運模式能以規模化方式、並以確定性達成交付。我們投資組合的廣度，加上我們熟練技術人力可在多個終端市場間調度的可替代性，帶來顯著的競爭優勢。這種彈性使我們能在需求最強的領域策略性部署資源，降低對單一市場循環的曝險，並為客戶與股東帶來更一致、更可預測的成果。

Quanta is embedded in the long-term planning of our industry-leading customers across the utility, power generation and large load markets, and inbound demand is accelerating. We stay in front of our markets by remaining deeply customer-focused.

Quanta 已深度參與我們在公用事業、發電與大型負載市場之產業領先客戶的長期規劃，而外部需求正加速湧入。我們透過持續以客戶為核心，保持領先市場。

Our customers want a partner that can plan with them for years in advance, align craft labor and supply chain solutions to their capital programs and bring certainty to their projects and programs at a reasonable cost and in a way that delivers lasting economic benefits to the communities where these projects are built. Our reputation for delivering and our ability to mobilize people and supply chain quickly is driving the demand for our solutions. That reputation was built in our utility business, which remains the foundation of Quanta.

我們的客戶希望有一位合作夥伴，能與他們提前數年共同規劃，將技術工種人力與供應鏈解決方案對齊其資本計畫，並以合理成本為其專案與計畫帶來確定性，同時以能為專案所在地社區帶來長期經濟效益的方式交付。我們在交付上的口碑，以及快速動員人力與供應鏈的能力，正推動市場對我們解決方案的需求。這份口碑建立於我們的公用事業業務之上，而該業務至今仍是 Quanta 的基石。

Utilities are being asked to double in size over time, and we believe the need to significantly expand and enhance the power grid for reliability, resiliency and load growth is visible and necessary. We expect additional opportunities, including high-voltage transmission, power generation, large load and technology, to stack on top of what we view as a long-duration compounding utility base, where we continue to extend our leadership position.

公用事業公司被要求隨時間推進將規模擴大一倍；我們認為，為了可靠性、韌性以及負載成長而大幅擴建並強化電網的需求清晰可見且勢在必行。我們預期將有更多機會，包括高壓輸電、發電、大型負載與科技等領域，疊加在我們視為長週期、可複利成長的公用事業基礎之上；在此基礎上，我們將持續擴大領導地位。

These opportunities extend our visibility well beyond 2030. We see large transmission programs across the country making positive progress from permitting and approvals to planning and engineering and moving closer to contract execution and backlog. Power generation opportunities are also active and in various stages, and we are encouraged by the stacking opportunity we see across our diverse markets building over the coming years.

這些機會使我們的能見度延伸至 2030 年之後更遠。我們看到全國各地的大型輸電計畫，從許可與核准到規劃與工程設計均取得正向進展，並逐步接近合約執行與形成未完成訂單（backlog）。發電相關機會也相當活躍，且處於不同階段；我們對未來數年在多元市場中逐步累積的疊加式機會感到鼓舞。

Technology is moving as fast as it can. Utilities are working to protect stakeholders, and Quanta sits at the nexus of facilitating both. The proven success of our operating model on the utility side of the business is also why technology and large load customers are embracing it.

科技正以其所能達到的最快速度前進。公用事業公司正致力於保護利害關係人，而 Quanta 正處於促成兩者的樞紐位置。我們在公用事業端已驗證成功的營運模式，也正是科技與大型負載客戶願意採用並擁抱該模式的原因。

The collaborative solution-based approach we have built over decades serving utilities is exactly what we bring to those customers. As evidenced by our results this year, the demand for our solution is significant and growing.

我們數十年來服務公用事業所建立的協作式、以解決方案為導向的方法，正是我們帶給這些客戶的價值。從我們今年的業績可見，市場對我們解決方案的需求顯著且持續成長。

In this market environment, our scope and scale, the fungibility of our resources and the solutions they enable are valuable. So committing our resources to the best overall opportunities has never been more important. We prioritize high-quality, well-capitalized industry-leading customers that value our collaborative long-term approach and have multiyear infrastructure programs.

在這樣的市場環境下，我們的業務範疇與規模、資源的可替代性，以及其所能促成的解決方案都極具價值。因此，將資源投入於整體而言最優的機會，從未像現在這般重要。我們優先服務高品質、資本實力雄厚的產業領先客戶；這些客戶重視我們協作且長期的合作方式，並擁有多年期的基礎建設計畫。

We believe the power of our portfolio is that it does not overly rely on the pace of a single market, it builds on a broad, diverse and resilient base and is supported by an increasingly flexible craft workforce. Our self-perform model is designed to deliver on time and on budget at scale.

我們認為，我們投資組合的力量在於：不會過度依賴單一市場的節奏，而是建立在廣泛、多元且具韌性的基礎之上，並由日益具彈性的技術工種人力所支撐。我們的自營施工（self-perform）模式旨在以規模化方式，按時且在預算內完成交付。

None of this is possible without our craft labor, and you cannot buy craft, you have to build it. We are investing in curriculum and innovative training programs across our operations and creating industry-leading training environments, which allows us to attract and retain talent. We are growing our foreman and superintendent leadership, which we believe has a multiplier effect on our ability to enhance our craft and self-perform capabilities. Craft builds craft. We have invested heavily in our workforce for more than a decade.

若沒有我們的技術工種人力，這一切都不可能實現；而技術工種不是用買的，而是必須培養出來。我們在各項營運中投資課程設計與創新訓練計畫，打造業界領先的訓練環境，從而吸引並留任人才。我們也在擴大工頭與工地主任（superintendent）的領導梯隊；我們相信這對提升技術工種能力與自營施工能力具有倍增效應。技術工種培養技術工種。十多年來，我們已在員工隊伍上投入大量資源。

With a decade of strong double-digit compound earnings growth, the results speak for themselves. We are also investing in the expansion of our integrated fabrication solutions, which we believe is a workforce multiplier that increases speed and efficiency, quality and schedule certainty. We apply the same absolute performance mindset to our capital deployment decisions.

在過去十年強勁的兩位數複合獲利成長下，成果不言自明。我們也正投資擴大整合式製造（fabrication）解決方案；我們相信這是人力的倍增器，可提升速度與效率、品質以及工期確定性。我們也以同樣的「絕對績效」思維來做資本配置決策。

Each high-quality company that has joined Quanta is a relationship often cultivated over many years. We are patient in buying great companies, and we are disciplined around our strategy with culture and fit a primary criteria.

每一家加入 Quanta 的高品質公司，背後往往是我們多年培養的合作關係。我們在收購優秀公司時保持耐心，並在策略上嚴守紀律，將文化與契合度視為首要標準。

Our recently completed acquisitions are great companies that strengthen our fabrication, engineering and supply chain capabilities and extend our ability to deliver integrated solutions for customers, and we welcome them to the Quanta family.

我們近期完成的收購標的都是優秀公司，強化了我們的製造、工程與供應鏈能力，並延伸我們為客戶提供整合式解決方案的交付能力；我們也歡迎他們加入 Quanta 大家庭。

We are proud of the exceptional results of our teams have delivered this year and the larger programs across the utility, generation and technology and load center markets are still in front of us. We are pacing ahead of the multiyear growth targets outlined at our 2026 Investor Day, and our conviction in Quanta's ability to compound profitable growth over the longer term continues to strengthen.

我們為團隊今年交出的卓越成果感到自豪，而在公用事業、發電以及科技與負載中心市場中，更大型的專案計畫仍在前方等待我們。我們目前的進展已超前於在 2026 年投資人日所提出的多年成長目標，而我們對 Quanta 長期持續複利式累積獲利成長能力的信心也持續增強。

We see the opportunity to deliver strong double-digit adjusted EPS growth again in 2027, supported by our record backlog and growing workforce. We remain focused on executing our customer success, deploying capital with discipline and compounding earnings and stockholder value over the longer term.

在創紀錄的在手訂單與持續擴增的人力支撐下，我們看到在 2027 年再次實現強勁的雙位數調整後 EPS 成長的機會。我們仍專注於落實客戶成功、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?

接下來我將把電話會議交給 Quanta 的財務長 Jayshree Desai，請她就我們的業績與 2026 年指引做一些說明，之後我們將回答各位的提問。Jayshree？

Thanks, Duke, and good morning, everyone. The third quarter was an excellent one with record results across the board. Revenue was $12 billion, up 57% from $7.6 billion a year ago. Adjusted EBITDA was $1.4 billion, up 69% from the third quarter of last year, and our adjusted EBITDA margin expanded to 12.1%. Adjusted diluted earnings per share was $6.06, up 82% from $3.33 last year, and GAAP diluted earnings per share was $4.55, more than double last year's $2.24.

謝謝你，Duke，各位早安。第三季表現非常出色，各項指標皆創下紀錄。營收為 120 億美元，較一年前的 76 億美元成長 57%。調整後 EBITDA 為 14 億美元，較去年第三季成長 69%，調整後 EBITDA 利潤率擴大至 12.1%。調整後稀釋每股盈餘為 6.06 美元，較去年的 3.33 美元成長 82%；GAAP 稀釋每股盈餘為 4.55 美元，超過去年的 2.24 美元兩倍。

Third quarter operating cash flow was $1.5 billion and free cash flow was $1.2 billion, both quarterly records. Turning to 2026 guidance. We now expect revenue to range between $41.3 billion and $41.6 billion, up approximately $1.9 billion at the midpoint from our prior outlook.

第三季營運現金流為 15 億美元，自由現金流為 12 億美元，兩者皆為單季新高。接著談 2026 年指引。我們目前預期營收將介於 413 億至 416 億美元之間，以中位數計較先前展望上調約 19 億美元。

We expect adjusted EBITDA to range between $4.4 billion and $4.49 billion, an implied margin profile of 10.7% at the midpoint and adjusted EPS to range between $17.90 and $18.30. Regarding cash flow, after a historically strong first nine months of the year, we now expect free cash flow to range between $2.5 billion to $3 billion, which would represent another annual record and reflect greater than 60% conversion of adjusted EBITDA at the midpoint.

我們預期調整後 EBITDA 將介於 44 億至 44.9 億美元之間，以中位數推算的利潤率約為 10.7%；調整後 EPS 將介於 17.90 至 18.30 美元。就現金流而言，在今年前九個月歷史性強勁表現之後，我們目前預期自由現金流將介於 25 億至 30 億美元之間，這將再度創下年度新高，並在中位數下反映調整後 EBITDA 超過 60% 的轉換率。

During the quarter, we used our operating and financial strength to bolster our liquidity and financial flexibility, positioning Quanta to continue deploying capital in support of our growth strategies. In July, we upsized our revolving credit facility commitments to $2.98 billion and extended its maturity to July 2031.

本季我們運用營運與財務實力強化流動性與財務彈性，使 Quanta 能持續部署資本以支持成長策略。7 月，我們將循環信用額度承諾提高至 29.8 億美元，並將到期日延長至 2031 年 7 月。

In August, we issued $2 billion of senior notes. And in September, we prepaid the remaining outstanding balance on our term loan. We ended the quarter with $2.3 billion of cash and had only $20 million drawn on our revolver.

8 月，我們發行了 20 億美元的優先票據。9 月，我們提前償還了定期貸款剩餘未償餘額。季末我們持有 23 億美元現金，循環信貸僅動用 2,000 萬美元。

Total liquidity was $5.2 billion, and our bank-defined leverage ratio was approximately 1.3x, affording us ample capacity to support our strategic initiatives. Regarding acquisitions, we continue to deploy capital with discipline. Subsequent to our second quarter earnings release, we completed 2 acquisitions for approximately $245 million of consideration, net of cash acquired.

總流動性為 52 億美元，銀行定義的槓桿比率約為 1.3 倍，使我們具備充足能力支持策略性計畫。在併購方面，我們持續以紀律部署資本。在第二季財報發布之後，我們完成了 2 項併購，對價約 2.45 億美元（扣除取得的現金後）。

As Duke mentioned, these companies bring leadership and management team -- management talent and strengthen our front-end engineering fabrication and supply chain capabilities, enhancing our ability to self-perform more scope and deliver cost and schedule certainty for our customers. We believe our strategy is materializing into improved forward visibility.

如 Duke 所提到，這些公司帶來領導力與管理團隊——管理人才，並強化我們前端工程、製造與供應鏈能力，提升我們自營執行更多工作範疇的能力，並為客戶提供成本與工期的確定性。我們相信，我們的策略正逐步轉化為更佳的前瞻能見度。

As of September 30, we had record backlog of approximately $64 billion, a $10 billion sequential increase from June 30, with backlog growth across each of our key markets. To close, we delivered a record quarter, significantly raised our full year expectations and strengthened our balance sheet, all of which position us well to continue investing our resources from a position of strength.

截至 9 月 30 日，我們的在手訂單約 640 億美元，創下新高，較 6 月 30 日季增 100 億美元，且在手訂單成長涵蓋我們各個主要市場。最後，我們交出創紀錄的一季，大幅上調全年預期並強化資產負債表，這些都使我們能在優勢基礎上持續投入資源。

As Duke mentioned, our conviction in our ability to compound profitable growth over the long term continues to strengthen. 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.

如 Duke 所提到，我們對長期持續複利式累積獲利成長能力的信心持續增強。關於 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. Operator?

接下來，我們很樂意回答各位的問題。接線員？

(Operator Instructions) Ameet Thakkar, BMO Capital Markets.

（接線員指示）BMO Capital Markets 的 Ameet Thakkar。

Congratulations and thanks for the update. Your electric continues to run well above, kind of, your long-term growth framework. Kind of, given what you're seeing in utility generation and kind of place load center demand, what are the biggest constraints to sustaining this level of growth in 2027?

恭喜，也謝謝更新。你們的電力業務持續表現遠高於你們的長期成長架構。就你們在公用事業發電以及負載中心需求方面所看到的情況而言，維持 2027 年這種成長水準的最大限制因素是什麼？

Is it, kind of, customer spending, labor or simply available to kind of execute? And then just on margins, how much of that strength kind of reflects favorable project execution versus kind of the mix or something more structural that we should think about as being sustainable?

是客戶支出、人力，還是單純可用的執行能力？另外就利潤率而言，這種強勁表現有多少反映了有利的專案執行，相對於組合因素或更結構性的因素；我們應該把哪些視為可持續的？

I think the margin question, we had a great quarter. It's the third quarter. We've got some leverage as well. I do think that when you're thinking through it, if you think about the employee count, how much growth we had organically, you're growing 7,000 employees, 6,000 employees on both the previous quarter and this quarter and then, like, 25,000, 26,000 this year. It gives you some leverage with our training, and that's showing up.

我先談利潤率的問題，我們這一季表現非常好。這是第三季。我們也有一些營運槓桿。我確實認為，當你仔細思考時，如果看員工人數以及我們有多少是有機成長，你在前一季與這一季各增加了 7,000 名、6,000 名員工，然後今年累計大概增加了 25,000、26,000 名。這讓我們在訓練方面產生一些槓桿效益，而這也反映出來了。

We've always said, look, we're pressing margins because of the training. But if we're getting that kind of leverage out of it, which I think is great, it's something that's certainly helping the margin profile of the company. Look, we can operate the utility business 10% to 12%. We've said that all along. We're getting some leverage out of MEP in the business.

我們一直說，我們的利潤率會因訓練而受到壓力。但如果我們能從中取得這樣的槓桿效益——我認為這很棒——這確實正在幫助公司的利潤率輪廓。你看，我們可以把公用事業業務的利潤率做到 10% 到 12%。我們一直都是這麼說的。我們也正在從業務中的 MEP 取得一些槓桿效益。

You're able to do some off-site manufacturing, do a lot of different things to increase efficiency in the field. So we're super happy with what we're doing and where it's going. Has it fundamentally changed? Look, it's moved up. The UI is still down.

你能做一些異地製造（off-site manufacturing），並做許多不同的事情來提升現場效率。所以我們對目前所做的事情以及發展方向都非常滿意。它是否在根本上改變了？你看，它確實往上移了。UI 仍然偏低。

I do think we can do much better there. We can get in the double digits. The profiles and things of that nature as old work burns off and we start to get into the newer business there, that should move up. So look, I like where we're going. I do think we can increase some margins, but it's not a margin story.

我確實認為我們在那裡可以做得更好。我們可以達到雙位數。隨著舊案逐步消化、我們開始承接那邊較新的業務，相關輪廓與這類因素應該會往上走。所以你看，我喜歡我們前進的方向。我確實認為我們可以提升一些利潤率，但這不是一個只談利潤率的故事。

I go back and say we're going to compound, kind of, the margin profile we've talked about. The utility business is still, call it, $20 billion or so of the electric segment. That's in the 10% to 12%, call it, 11%. And then you have the other businesses that we're getting efficiencies out of. I would turn to the ROIC, though, and look at that growth.

我回到原點：我們將以我們談過的利潤率輪廓持續複利式累積。公用事業業務仍然約占電力事業部 200 億美元左右。其利潤率在 10% 到 12% 之間，大概 11%。然後你還有其他業務，我們正從中取得效率提升。不過我會轉而看 ROIC，並關注那個成長。

To me, like, we watch that a lot of what we're doing with return on invested capital, and Jayshree can go through the numbers on that at some point. But I do think that's what's driving that. As far as the growth and what's inhibiting the growth, I think the markets are there.

對我來說，我們非常關注投入資本報酬率（ROIC）在我們所做事情上的表現，而 Jayshree 之後也可以在某個時間點帶大家看相關數字。但我確實認為那才是驅動因素。至於成長以及哪些因素在抑制成長，我認為市場機會是存在的。

We can't be everything for everybody. We continue to think that both the TAMs, what gives me a lot of what I would consider optimism of the growth and us keeping that up is that we've done it for 12 years, well plus 20% growth.

我們不可能滿足所有人的所有需求。我們仍然認為，兩個TAM（總可服務市場）之所以讓我對成長保持我所謂的樂觀，是因為我們已經做了12年，而且成長率一直在20%以上。

So I wouldn't bet against us on growth. And yes, big numbers, but it's been big numbers in my career. So we're just going to continue to compound those. And when you think about the two TAMs, our utility business in the past, if you go back five years, we couldn't take advantage of the generation, the fossil generation, even the renewable generation, that wasn't us. We were in T&D.

所以我不會押注我們的成長會失手。而且是的，數字很大，但在我的職涯裡一直都是大數字。所以我們會持續把這些成果複利累積。當你想到這兩個TAM，我們過去的公用事業業務，如果你回到五年前，我們無法把握發電端的機會，不論是化石燃料發電，甚至是再生能源發電，那都不是我們的範疇。我們當時是在輸配電（T&D）。

Now we have that whole addressable market. And I think it's a big deal and it goes unnoticed of how much TAM we have in the utility business. So if you look at that TAM, it's there and then you roll it over into what we're doing very early in our technology business, but the large -- the five largest technology companies will spend three times the capital budget of the utility side. And we can perform the vast majority of that capital is in chips. So I like our chances to grow.

現在我們擁有整個可觸及的市場。我認為這是一件大事，但大家往往忽略我們在公用事業業務上有多大的TAM。所以如果你看那個TAM，它就在那裡；接著再延伸到我們在科技業務上非常早期正在做的事情——但大型的——五家最大的科技公司，其資本支出預算會是公用事業端的三倍。而我們能承作其中絕大多數，因為那筆資本大多投在晶片上。所以我看好我們的成長機會。

We talked about -- it's not just next year. We gave five year guidance, and we said 10% to 15%. If we can compound it would be 20% plus. We had a hell of a year. It's setting up.

我們談過——這不只是明年的事。我們給了五年指引，並且說是10%到15%。如果我們能夠複利累積，會是20%以上。我們今年表現非常出色。整體態勢正在成形。

And I'm looking at '28, '29. I think we got growth out there as well. And we're not going to give guidance today, but I feel highly comfortable with, kind of, the 15%, 20%, and we'll compound that as well. But it's super early. I got five months. I'm going to take my time.

而我在看的是2028、2029年。我認為那裡也有成長。我們今天不會提供指引，但我對大概15%、20%這樣的水準非常有信心，而且我們也會持續複利累積。但現在還非常早。我才上任五個月。我會慢慢來。

Justin Hauke, Baird

Justin Hauke，Baird

That's with Baird, but that's okay. So obviously, a really strong quarter here. I think the thing that stands out the most is the sequential backlog gain.

是Baird的，但沒關係。所以很明顯，這一季非常強勁。我覺得最突出的，是積壓訂單（backlog）按季增加。

And there was a tiny bit of the contribution from M&A and you talked about the NiSource scope. But it looks like there was a lot more beyond that.

而且併購（M&A）有一點點貢獻，你也談到NiSource的範圍。但看起來除此之外還有更多因素。

And there wasn't anything like specifically quantified as a large project win. Just curious if there was anything chunky, any of the 765 lines you've talked about. I know there were some questions on some hearings on some of those in Texas that seemed like they went favorable. But anything you can comment on kind of the contribution makeup of the backlog?

而且似乎沒有特別量化某個大型專案得標。我只是好奇是否有什麼比較「大塊」的案子，例如你們談過的那些765kV線路。我知道德州那邊有些聽證會的問題，看起來結果偏正面。但你能否評論一下積壓訂單的貢獻結構大概是怎麼組成的？

Look, it was broad-based backlog growth. I mean our renewable business is fantastic. It went all the way across the segments. We did book the NiSource, but that's a program. If you can listen to their capital and what they're doing, it's a larger program.

你看，這是全面性的積壓訂單成長。我的意思是，我們的再生能源業務非常出色。成長橫跨所有事業部門。我們確實簽下了NiSource，但那是一個計畫案。如果你去聽他們的資本支出以及他們在做的事，那是一個更大的計畫。

I expect us to book more there against that. It was both T&D and the power plant that we had discussed. And I really like what we're doing with the largest customers in the industry. We're standing by. They want to build fossil, we'll go build fossil.

我預期我們會在那個計畫下再拿到更多訂單。這同時包含我們先前談過的輸配電（T&D）以及電廠。而且我非常喜歡我們與產業中最大客戶合作的方式。我們隨時待命。他們想蓋化石燃料電廠，我們就去蓋化石燃料電廠。

We're super happy to do it. We believe we have a good model to do that and derisk the customer -- the end customer as well as us.

我們非常樂意做。我們相信我們有一個很好的模式，可以降低客戶——終端客戶以及我們自身——的風險。

And I think that's key for us in that business. And when we look at just straight up, our distribution business is growing nicely. Transmission business is growing nicely.

我認為這對我們在那個業務裡是關鍵。而且如果我們單純來看，我們的配電業務成長得很好。輸電業務也成長得很好。

So no nothing really pulled in. We haven't started really the 765 build. It's much bigger than Texas. You have the Ohio work. You have MISO work.

所以沒有什麼是特別提前拉進來的。我們其實還沒有真正開始765kV的建設。那個規模遠不只德州。還有俄亥俄的工程。還有MISO的工程。

There's a lot of work out there that is not in backlog yet. In many ways, it's just getting started. We say it all the time, but I'm not seeing big projects. That's not what's making up the company today. And it's a heck of a growth underneath it without the stacking of those in here yet.

外面還有很多工作目前尚未反映在積壓訂單裡。在很多方面，這才剛開始。我們一直這麼說，但我沒有看到是靠大型專案在撐。今天公司的組成不是由大型專案堆疊而成。即使那些大型案子還沒疊加進來，底層就已經有相當可觀的成長。

So I believe you'll see in the future, you'll start to see the generation business come into the business as well as the large transmission, which is not in there today, but we talked about growth, that's growth, that's stacking growth that we'll see in the outer years. So super happy where we sit. We think we've done a real good job. I think the business 10 years ago, five years ago, it was very transactional. And today, I think it's more transformational.

所以我相信未來你會開始看到發電業務進來，以及大型輸電案進來；這些今天都還不在裡面，但我們談到的成長——那就是成長——那是我們在較遠年度會看到的疊加式成長。所以我們對目前的位置非常滿意。我們認為我們做得非常好。我覺得10年前、5年前，這個業務非常偏交易型。而今天，我認為它更偏轉型型。

And we're running a transformational business that compounds earnings over time, and that backlog is broad-based.

而我們正在經營一個會隨時間複利累積獲利的轉型型業務，而那個積壓訂單是全面性的。

If I can just squeeze one more in for Jayshree, just on the cash flow. It looks like there was a decent amount of prepayments in the contract liabilities. Is that just -- maybe just -- is that favorable terms on the contracts? Or is that really a function maybe of some of the prepayments on some of the modular and the capital investments you've made on the supply chain? I'm just curious the contribution of that in the working capital.

如果我可以再塞一個問題給Jayshree，關於現金流。看起來合約負債裡有相當多的預收款。那只是——可能只是——合約條款比較有利嗎？還是其實是因為你們在供應鏈上做的一些模組化與資本投資，帶來了一些預付款？我只是好奇這對營運資金的貢獻。

Yes. Thanks, Justin. No, as you can see, our working capital is continuing to improve. That is more of a function of the contract terms we're getting on a significant part of our revenue, especially from our MEP, our EPC business as well as our renewable business. All of those are contributing to that favorable working capital profile you're seeing.

是的，謝謝你，Justin。不，如你所見，我們的營運資金持續改善。這更多是我們在相當大一部分營收上取得的合約條款所致，特別是我們的MEP、我們的EPC業務以及我們的再生能源業務。這些都在促成你看到的那個較有利的營運資金結構。

Our DSOs continue to improve. So we're pleased at where our free cash flow is coming in. That's why we raised it for the year. There are some things we're doing around our supply chain as well as Duke mentioned in his prepared remarks around the expansion around our OSM facilities that actually are a use of cash. So I would just say, in general, what we told you in March continues to be the right way to think about our cash flow profile around 55% to 60%.

我們的DSO（應收帳款週轉天數）也持續改善。所以我們對自由現金流的表現感到滿意。這也是我們上調全年預期的原因。另外，我們也在供應鏈方面做一些事情，以及Duke在事先準備的發言中提到、我們擴充OSM設施的相關擴張，這些其實會使用現金。所以我只能說，整體而言，我們在3月告訴各位的內容，仍然是思考我們現金流輪廓的正確方式，大約在55%到60%。

This year, we look to be at the high end of that, actually higher than that. And our expectation going forward will depend very much on the mix of work around those factors I talked about. But 55% to 60% is still the right way to think about it, Justin.

今年看起來我們會落在那個區間的高端，實際上甚至高於那個水準。而我們對未來的預期，將非常取決於我剛才提到那些因素所帶來的工作組合。但55%到60%仍然是正確的思考方式，Justin。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，Jefferies。

Nicely done. I got to hand it to you guys seriously. I wanted to come back to a couple of things you said. First off, you said inbound interest is accelerating, I think, to quote you from the transcript. Yet at the same time, Duke, you've put up two quarters in a row -- I mean, several quarters in a row, but more than the point, just really exceptional quarters.

做得很漂亮。我得認真稱讚你們。我想回到你們提到的幾件事。首先，你說「流入的興趣」正在加速，我想引用逐字稿裡你的說法。但同時，Duke，你們已經連續兩季——我的意思是，連續好幾季了，但更重要的是——交出了非常卓越的季度表現。

Is it conceivable that you accelerate on the cadence of backlog additions? I mean, if I'm hearing you right. And then related to another point you made earlier here on ROIC, how do you think about the scope of possible here, economic ROIC here?

你是否認為有可能加快積壓訂單新增的節奏？我的意思是，如果我沒聽錯你的話。另外，關於你先前提到的 ROIC，你如何看待這裡可能的空間，也就是經濟性 ROIC 的可能範圍？

I mean, you've been putting up a point or so every year or maybe even more than that of late. Trajectory-wise, do you think that's the right cadence here through the forecast in as much as you say you're focused on that ROIC metric?

我的意思是，你們每年大概提升 1 個百分點左右，最近甚至可能更多。從趨勢來看，既然你說你們專注於 ROIC 指標，你認為在預測期間這樣的節奏是合理的嗎？

Just how do you think about what that trajectory could look like, if not margin expansion, just to use your economic term you're focused on?

你如何看待那條軌跡可能會長什麼樣子？如果不是靠利潤率擴張，而是用你所說、你們專注的「經濟性」這個概念來看？

I mean, look at better terms on our contracts. So I do think we're generating free cash at a faster pace. Jayshree is probably unwilling to go there in guidance yet. But I do think that's happening. We are leaning into some supply chain, Julien, which I'm worried about copper, I'm worried about other things.

我的意思是，看看我們合約條款變得更好。所以我確實認為我們正在以更快的速度產生自由現金流。Jayshree 可能還不願意在指引裡談到那一步。但我確實認為這正在發生。Julien，我們正在加大在供應鏈方面的投入，我擔心銅，我也擔心其他東西。

And so we will use that balance sheet to mitigate risk for our clients. And if they can't see it, I can. And so I get to see it broad-based. So we'll lean into some of those supply chain constraints to keep our people busy. Margins are expanding.

因此我們會運用資產負債表來為客戶降低風險。如果他們看不出來，我看得出來。而且我能從更廣泛的層面看到。所以我們會在一些供應鏈限制上加大投入，讓我們的人保持忙碌。利潤率正在擴張。

The use of capital in these lighter capital businesses that we have, such as inside, that's certainly a bigger portion of what we do. So it's going to expand the ROIC. And how fast? I'm not signing up for that quite yet, but it's certainly something that we're highly focused on and the cadence thereof. As far as backlog expansion, look, I believe we'll set records and continue to set records.

在我們這些資本較輕的業務中，資本使用效率——例如 inside（內部/室內）這類——確實已占我們業務更大比重。所以這會推升 ROIC。至於會有多快？我現在還不打算對此做出承諾，但這確實是我們高度聚焦的事情，以及其節奏。至於積壓訂單的擴張，我相信我們會創下紀錄，並且持續創下紀錄。

The timing on that, it gets lumpy for us. A lot of MSAs coming in, a lot of good things happening. So what I would say is, I mean, we've stayed true to -- it's not in backlog until it's signed. And so that for us, some of that, kind of, $1 billion beat over the last 2 quarters is because it's book-to-bill, we're moving building to building or job to job without ever hitting backlog. So I'm not sure how to classify that.

至於時間點，對我們來說會比較不均勻、起伏較大。很多 MSA（主服務協議）正在進來，很多好事正在發生。所以我想說的是，我們一直堅持——沒有簽署就不算進積壓訂單。因此對我們而言，過去兩季大約 10 億美元的超預期，有一部分是因為 book-to-bill（接單/出貨比），我們從一棟樓移到另一棟樓、或從一個案子移到另一個案子，甚至從未進入積壓訂單。所以我不確定該如何分類。

GAAP says for us, at least not GAAP, but the way our SEC requirements and the way we think about it is it's signed. So that's just how we're going to go about it.

GAAP 對我們而言——至少不是 GAAP，而是依我們的 SEC 申報要求以及我們的思考方式——就是必須簽署。所以我們就會照這個方式來做。

And over time, we've been doing it that way 10 years. We're not changing now. So it's just going to be that way.

而且長期以來，我們用這種方式已經 10 年了。我們現在不會改。所以就會一直是這樣。

And I think you're going to get some lumpiness in it. I would say, as far as what the outlook of the business and what we see, the inbounds coming in certainly is moving at a faster pace than it's ever moved in my career.

我認為你會看到一些波動。但我會說，就業務前景以及我們所看到的情況而言，主動找上門的需求（inbounds）確實以我職涯以來從未見過的速度在加快。

Got it. And just on the data center front, real quickly to ask about that. How do you think about the right to win and what this is going to look like? Is this a partnership like with NiSource example, where you have like multiple sites? Or how do you think about moving into that sector?

了解。另外很快問一下資料中心這一塊。你如何看待你們的勝出權（right to win），以及這會長成什麼樣子？這會像 NiSource 的例子那樣是一種合作夥伴關係、涵蓋多個場址嗎？或者你如何看待切入這個產業？

I mean, obviously, there's stuff beneath the surface, you guys haven't released -- press release formally already cooking. But how do you think about that TAM and tackling it and what we'll see more visibly?

我的意思是，很明顯你們還有一些檯面下的事情尚未對外發布——正式新聞稿其實已經在準備中。但你如何看待這個 TAM（總可服務市場）並切入它，以及我們之後會更明確看到哪些進展？

Yes. I just think we're doing it now. I mean we're we're providing behind-the-meter generation that's going to utility generation. So utility-scale generation today, I mean, and balance of plant and balance of facilities in multiple areas. So we're doing that today.

是的。我只是覺得我們現在就在做了。我的意思是，我們正在提供表後（behind-the-meter）的發電，並且會延伸到公用事業端的發電。所以今天就有公用事業規模（utility-scale）的發電，以及在多個地區的廠內配套（balance of plant）與設施配套（balance of facilities）。所以我們今天就在做。

We just -- we didn't press release, we didn't say anything about it. We don't need to. We just go up, put the numbers up. And I think that's the key. But the clients and both from the technology side as well as our utility customers, we're in the middle of that building that whole thing out.

我們只是——我們沒有發新聞稿，也沒有對此說什麼。我們不需要。我們只要把數字做出來。我認為這才是關鍵。但客戶端，無論是科技端的客戶還是我們的公用事業客戶，我們都正在其中、把整個建置做起來。

When you look at it in a geographic area, if we're doing everything in that area with our people, which we self-perform 85%, we have a lot of control of certainty. And we don't have people jumping trucks.

當你從地理區域來看，如果我們在那個區域由我們的人把所有事情都做了——我們有 85% 是自營施工（self-perform）——我們就能對確定性有很高的掌控度。而且我們不會有人跳槽去別的工地（jumping trucks）。

We don't have the issues that others have, the scale of the company, the growth of the company and what we're able to accomplish because we can perform all of it is certainly beneficial to the end user and to the ratepayer.

我們沒有其他人會遇到的那些問題；公司的規模、公司的成長，以及我們因為能把全部工作都做完而能達成的事情，對終端用戶與付費用戶（ratepayer）而言肯定是有利的。

And I just think as we're able to do more, we can certainly help with labor on those sites, those big area, I mean you have 5,000, 6,000, 10,000 people. If we can control that environment, it's certainly helpful.

而且我認為，當我們能做得更多時，我們當然可以在那些場址、那些大型區域提供勞動力支援——我的意思是，你會有 5,000、6,000、10,000 人。如果我們能控制那個環境，肯定會有幫助。

It keeps the wage pressures down and things like that. So yes, I mean, the clients are coming to us. They see it on both sides. We're able to really give them something they want. They want certainty and they want speed.

這能讓薪資壓力下降之類的。所以是的，我的意思是，客戶正在找上我們。他們在兩個面向都看得到。我們真的能給他們想要的東西。他們要的是確定性，也要速度。

If that's the two things, the criteria, I like our chances. So -- and that's what we're seeing today out there. So I do think as we see it, we're in the right spot doing the right things, and you'll continue to see more and more.

如果評估標準就是這兩點，我喜歡我們的勝算。所以——這就是我們今天在市場上看到的情況。因此我確實認為，就我們所見，我們在對的位置做對的事，而你們會看到越來越多。

We were about -- if you look at on a megawatt basis for MEP and say it's $15 million a meg, everybody has a different classification. So CEO math or whatever you want to call it, but it's $15 million a meg, say that the company was getting $3 million or $4 million a meg a year ago.

我們大概——如果你以 MEP（機電管線）按每兆瓦來看，假設是每兆瓦 1,500 萬美元，每個人分類方式不同。所以這是 CEO 算法或你想怎麼稱呼都行，但假設是每兆瓦 1,500 萬美元；而一年前公司可能每兆瓦拿到 300 萬或 400 萬美元。

We're able to expand that into $5 million to $7 million. And as it goes further, that will be $7 million to $10 million. So you can see us just capturing more and more of what the spend is per location, and that's not counting generation or utilities behind it.

我們能把它擴大到 500 萬到 700 萬美元。而隨著進一步發展，會到 700 萬到 1,000 萬美元。所以你可以看到，我們正在把每個據點的支出中越來越多的部分納入我們的份額，而且這還不包含其背後的發電或公用事業。

So I just -- we're getting more and more as we move forward. We're creating more verticals in the business. I like our growth patterns. I like our strategies, and we're doing well. So thank you.

所以我只是——隨著我們往前走，我們拿到的會越來越多。我們正在在業務中建立更多垂直領域。我喜歡我們的成長模式。我喜歡我們的策略，而且我們做得很好。所以謝謝。

Nick Amicucci, Evercore.

Nick Amicucci，Evercore。

So Duke, I just wanted to see, it seems like you guys are, especially this year, kind of positioning for the higher end of that 15% to 20% EPS CAGR growth target through 2030. Just wanted to see, like, kind of, the probability seems in your favor that you're going to get to, kind of, that full stack scenario.

Duke，我只是想確認一下，看起來你們——尤其是今年——有點在為 2030 年前 15% 到 20% 的 EPS CAGR（每股盈餘年複合成長率）成長目標的較高端做布局。我想了解一下，從機率上看似乎對你們有利，你們有望達到那種「全堆疊」（full stack）的情境。

So I would just say -- I would just ask how do you see the opportunities that would drive the full stack really coming together? And where do you see the company really going from here?

所以我只想說——我想請教的是，您如何看待那些能夠推動全棧能力真正整合到一起的機會？以及您認為公司接下來會往哪個方向發展？

Yes. Look, we're performing well above expectations. If you add -- if you take the 20% on this year, you're well -- you're already in the basically the low end of the plan.

是的。你看，我們的表現遠超預期。如果你把——如果你把今年的20%算進去，你就會——你已經基本落在計畫的低端區間了。

And so very close to it. And I just -- the acquisition profiles, the companies that we're able to acquire, what we see out there, what we see, and I'm not signaling that we're going to go make acquisitions -- but we have in the past, and I continue to see opportunities for us to deploy capital in the right places with the right businesses.

因此非常接近。而且我只是——就併購標的的輪廓、我們能夠收購的公司、我們在外面看到的機會——我並不是在暗示我們要去做併購——但我們過去確實做過，而我也持續看到機會，讓我們能在正確的地方、以正確的業務部署資本。

If we see that and we continue down this path, sure, we're going to be well above plan and probably be talking about something different earlier than five years because we're going to have to.

如果我們看到這些並且持續沿著這條路走，當然，我們會遠高於計畫，並且很可能在不到五年的時間就得更早談論不同的事情，因為我們必須這麼做。

I do think as we see it, the markets -- there's risk to the markets. There's things that are out there in these long plans. So that's why we give you a good CAGR basis, and we're ahead. We're certainly above 20%.

我確實認為，就我們所見，市場——市場是有風險的。在這些長期計畫中，外部存在一些變數。所以我們才會以一個不錯的CAGR（複合年成長率）基礎來給你們指引，而我們目前是超前的。我們肯定高於20%。

But we've operated above 20% on a CAGR basis for 12 years. And I think it's one thing to say it, a lot of people go out and they talk about it, talk, talk, talk about what they've done. I just say, look at our past, look what we've done, and it's predictive of the future.

但我們在過去12年裡，按CAGR計算一直都超過20%。我認為，說是一回事，很多人出去談、談、談他們做過什麼。我只想說，看看我們的過去、看看我們做過什麼，這對未來具有預示性。

Definitely fair. And then as we kind of think about the past, too, just you guys have always been very prudent on kind of the risk profile of contracts. And so I just wanted to make sure that kind of less than 15% of revenue that was tied to fixed-price contracts exceeding $300 million that you guys outlined at the Investor Day. Is that still representative just given the magnitude of the recent awards and your recent acquisitions?

確實合理。那再回頭看過去，你們在合約風險輪廓方面一向非常審慎。所以我想確認一下：在投資人日你們提到，與超過3億美元的固定價格合約（fixed-price contracts）綁定的營收占比低於15%。考量近期得標規模以及最近的併購，這個說法仍然具有代表性嗎？

Yes. I mean the way you define -- I would say our risk profile, whether how we define it because you can define it in what a fixed price, you can have UPIs or some measure that allowed it to be derisked. There's a lot of ways to derisk these things, the GMP profiles, all the different ways to contract. No matter what you call it, I look at every one of them. And I would say the risk profile of the company is in a better position than it's ever been.

是的。我的意思是，你定義——我會說我們的風險輪廓，取決於你怎麼定義，因為你可以用固定價格來定義，但你也可能有UPI或某些衡量方式，讓它能被去風險化（derisked）。有很多方法可以把這些事情去風險化，包括GMP輪廓、各種不同的合約方式。不管你怎麼稱呼，我都會逐一檢視每一個。而我會說，公司目前的風險輪廓處在史上最好的位置。

Steven Fisher, UBS.

Steven Fisher，瑞銀（UBS）。

Just, Duke, you mentioned some of the larger transmission projects that you have in the pipeline here. How close do you think we are actually to getting those programs in backlog? And how should we think about in terms of maybe order of booking, Texas versus Ohio versus MISO? Those are the few that you mentioned.

Duke，你提到你們管線中有一些較大型的輸電（transmission）專案。你認為我們距離把那些計畫真正轉入在手訂單（backlog）還有多近？另外在入帳順序（booking order）上，我們應該如何看待：德州（Texas）對比俄亥俄（Ohio）對比MISO？這些是你提到的幾個。

Yes. I mean I think we have LNTPs and things like that on multiple projects. We have things that we're doing with AEP. So we've talked about that where we're doing some supply agreements and doing some agreements with them. And you can see what they're doing and with their capital.

是的。我是說，我們在多個專案上都有LNTP之類的安排。我們也有一些正在與AEP合作推進的事項。所以我們談過，我們與他們做一些供應協議，也在與他們簽一些協議。你也能看到他們在資本支出方面的動作。

I think the business is tripling and super happy to work with our clients. And I think I'm not rushing them to get them signed. We want to take our time, both sides need to. The environments are moving, and they have their own customers on the backside. I want to get it right.

我認為這項業務正在成長到三倍，我們也非常樂於與客戶合作。而且我不會催他們趕快簽下來。我們希望慢慢來，雙方都需要。環境在變動，他們在後端也有自己的客戶。我希望把事情做對。

But we'll be on 765 in '27 for sure. Some of that's not booked already. So it's hard for me to say. Some are booking earlier LNTPs. We need to order material in places and do some things like that.

但我們肯定會在2027年上765（專案/電壓等級）。其中有些目前還沒有入帳。所以我很難說。有些會先以較早期的LNTP入帳。我們需要在某些地方訂購材料並做一些相關工作。

I think you'll see really good bookings, call it, first half of '27 and even some starts. I'm not sure the cadence on that. It's hard to say. We're probably farther along in Texas, Ohio, probably be the first two to go.

我認為你會看到相當不錯的入帳表現，大概在2027年上半年，甚至會有一些開工。我不確定那個節奏會怎麼走。這很難說。我們在德州的進度可能更靠前，俄亥俄也一樣，這兩個大概會是最先推進的。

Terrific. And then, Duke, on your mission to provide certainty of delivery, do you think there's still some important big pieces that are missing? Or are you really at this point, kind of just filling in the more kind of strategic-focused but smaller pieces of it?

太好了。另外，Duke，關於你們「提供交付確定性」的使命，你認為目前是否仍缺少一些重要的大拼圖？還是說你們現在基本上是在補齊一些更偏策略性、但規模較小的部分？

I mean we talked about it in length, I mean, poles, wire and transformers, and we thought that those would be the short items, and we're not wrong. So we've leaned into transformers, breakers. This quarter, we acquired a pole manufacturing facility and a company, a nice company that we've been talking to for over five years.

我的意思是，我們已經詳細談過了，比如電桿（poles）、電線（wire）和變壓器（transformers），我們原本認為這些會是短缺項目，而我們並沒有看錯。所以我們加大投入在變壓器、斷路器（breakers）。本季我們收購了一座電桿製造設施以及一家公司——是一家不錯的公司，我們跟他們談了超過五年。

And I think we see it -- we see poles coming out of Mexico in various areas that we're waiting on material today. So we're going to solve those problems.

而且我認為我們看到——我們看到在一些區域有電桿從墨西哥運出，而我們今天仍在等材料。所以我們會解決這些問題。

I mean it won't be -- our growth will be dependent on the OEMs. It will. It always has been. Everyone is worried about our labor constantly, and we grew 26,000 people this year. So I'm waiting on material.

我的意思是，我們的成長不會——我們的成長將取決於OEM（原始設備製造商）。確實如此。一直都是。大家總是擔心我們的勞動力，但我們今年增加了26,000名員工。所以我是在等材料。

I'm hoping they hurry up. And if they don't, we will lean into it. We have to, to keep our customers moving, keep the supply chains moving. And we're not a manufacturer at heart, but if we need to be, we will be. And we're going to provide the solution to these clients when we see it.

我希望他們能快一點。如果他們不快，我們就會加大投入。我們必須這麼做，才能讓客戶的專案持續推進，讓供應鏈持續運轉。我們本質上不是製造商，但如果需要成為製造商，我們就會去做。而且當我們看到需求時，我們會為這些客戶提供解決方案。

If we see issues out there, the company will lean into those issues with our clients and move it forward. It's the right thing for the ratepayer.

如果我們看到外部存在問題，公司就會與客戶一起正面投入解決這些問題並推動進展。這對用戶/繳費人（ratepayer）而言是正確的事。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

That's a good question.

這是個好問題。

Michael Dudas, Vertical Research Partners.

Michael Dudas，Vertical Research Partners。

Duke, you highlighted maybe your thoughts on over the next several quarters, several years, what is the risk to the market or what your utility or hyperscalers are thinking about that might cause some delays or slowdowns? Or is it just the supply chain and the labor issues that you guys have gotten your handles around to provide that turnkey solution because sometimes the market seems like the risk to the end of the cycle is quite dramatic relative to what a peer's reality is?

Duke，你談到你對未來幾個季度、未來幾年市場風險的看法，或者你的公用事業客戶（utility）或超大規模客戶（hyperscalers）在思考什麼，可能會造成一些延遲或放緩？還是說主要就是供應鏈與勞動力問題，而你們已經掌握住並能提供交鑰匙（turnkey）解決方案？因為有時候市場看起來對週期末端的風險判斷相當戲劇化，與同業的實際情況相比落差很大。

Yes. I would just say our inbounds are accelerating as far as what our clients are telling us. I don't -- they're doing things in years, two years kind of time frames and the demand is there when you listen to calls, when we listen to them and they're asking us for solutions out to well past 2030. So we're just basically positioning the company for what we're asked by the client. We're staying very close to the customer.

是的。我只想說，就客戶告訴我們的內容而言，我們收到的主動洽詢（inbounds）正在加速。我不——他們在做的事情是以「一年、兩年」這種時間框架在推進，而且當你聽他們的電話會議、當我們聽他們說並且他們要求我們提供一路延伸到2030年之後很久的解決方案時，你會發現需求就在那裡。所以我們基本上是在依照客戶要求來定位公司。我們會非常貼近客戶。

I do think when you think about it, if you think about demand that's out there, we're building a factory in 10 states, something like that, that's going to create close to 1,000 jobs against all these markets. So I'm waiting on power hookups in two or three factories.

我確實認為，當你仔細想想，如果你看外部的需求，我們正在10個州左右興建工廠，這將在所有這些市場中創造接近1,000個工作機會。所以我正在等兩三座工廠的電力接入。

And the people that are building it are the people that are building data centers. So the very fungibility of labor, what we see here, I don't think labor is going to be the issue. I think it will be supply chain, critical items in supply chain to always lean into these things.

而負責興建的人，也是正在建資料中心的人。因此，從我們在這裡看到的勞動力高度可替代性來看，我不認為勞動力會是問題。我認為會是供應鏈，供應鏈中的關鍵項目，我們必須持續在這些事情上加大投入。

I mean, you can see what GE did yesterday or day before whenever they did that. The criticality of their supply chain. And we have to lean into it as well on the things that we do. So I like what the manufacturers are doing. Almost every OEM is expanding.

我的意思是，你可以看看GE昨天或前天（不管他們什麼時候做的）所做的事。他們供應鏈的關鍵性。而我們在自己所做的事情上也必須同樣加大投入。所以我喜歡製造商正在做的事。幾乎每一家OEM都在擴張。

It certainly helps us. It makes me feel more comfortable with where the markets are going and our ability to be certain on the time frame. So as long as those things stay intact and the things that we're doing, the good that we're doing for the country out there with labor and communities and things like that, that I know the political rhetoric and all the rhetoric that's out there. But the reality is it's a very good thing for people and for teachers and for communities. And it's much like the Industrial Revolution.

這當然對我們有幫助。這讓我對市場走向以及我們在時程上的可確定性更有信心。所以只要這些事情保持不變，以及我們正在做的事情——我們在外面為國家所做的好事，包括勞動力、社區等等——我知道外面有政治言論以及各種言論。但現實是，這對人們、對老師、對社區都是非常好的事情。而且這很像工業革命。

We're doing great things. The industries are doing great things. We're super proud to be a part of it, and we see growth.

我們正在做很棒的事情。各個產業也在做很棒的事情。我們非常自豪能成為其中一部分，而且我們看到了成長。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Can you hear me?

你聽得到我嗎？

Yes, ma'am.

是的，女士。

Perfect. Sorry about that. All right. I get a tough question because I screwed up on this. I guess my first question, understanding the growth that you're seeing in data centers and looking at the margins relative to some of your public peers, as data center is one of the higher growth markets and given where your margin -- the peers are of your margins, why wouldn't structurally Quanta's margins improve greater than the 10% to 11% that you target?

太好了。抱歉剛剛那樣。好。我有個棘手的問題，因為這點我搞砸了。我想我的第一個問題是，考量你們在資料中心看到的成長，並且對照你們與一些上市同業的利潤率；由於資料中心是成長較快的市場之一，而且在你們的利潤率——相對同業的利潤率——這樣的背景下，為什麼從結構上Quanta的利潤率不會比你們目標的10%到11%改善得更多？

Is there any like structural reason why your margins can't be where your public peers are? And then my second question, I just want to understand how you're thinking about the M&A pipeline. Obviously, it's been focused on getting more in data centers.

是否有任何結構性的原因，讓你們的利潤率無法達到你們上市同業的水準？第二個問題，我想了解你們如何看待併購（M&A）案源（pipeline）。顯然一直聚焦在讓資料中心的布局更完整。

But I'm just wondering how -- if you want to move sort of out of power more so and consider other markets within your large load market that you talked about, like advanced manufacturing, infrastructure. Just wondering if we're going to start moving beyond power, whether it's besides utility data center, if that makes sense?

但我想問的是——如果你們想在你提到的大負載市場中，某種程度上更往電力以外移動，並考慮其他市場，例如先進製造、基礎建設。我想了解我們是否會開始超越電力領域，不論是除了公用事業資料中心之外的其他方向，如果這樣說得通的話？

Yes. I got it. So for the margins, Jamie, I don't think anyone has a $20 billion utility business that we would be compared to. I don't know who it would be, maybe all of them put together. So that said, I mean, if you fundamentally, we're not going above 10% to 12% in there by design.

是的。我明白。關於利潤率，Jamie，我不認為有任何一家我們可拿來比較、且擁有200億美元公用事業業務的公司。我不知道會是誰，也許把他們全部加總起來才有可能。話雖如此，從根本上說，我們是刻意設計不讓那部分超過10%到12%。

We're going to stay there. The ratepayers, what we're pressing on, we're not doing it. So we'll compound it over time. It's been a great business for us. We're part of that industry, and we understand what it takes to be long there.

我們會維持在那個區間。考量到用戶（ratepayers）以及我們所承受的壓力，我們不會那樣做。所以我們會隨時間複利式累積。這對我們一直是很棒的業務。我們是該產業的一部分，也理解要在那裡長期經營需要什麼。

What I would say is I see decades of growth for this company. We've done a nice job staying part of that fabric. And we're not going to get transactional. We're going to stay transformational and continue to compound. So that's going to be there in that business and continue to grow nicely in the utility business.

我想說的是，我看到這家公司有數十年的成長。我們在維持自己作為那個生態一部分方面做得很好。而我們不會變得只做交易（transactional）。我們會保持轉型導向（transformational），並持續以複利方式累積。因此，那個業務會一直在，而且公用事業業務會持續良好成長。

As far as MEP, we are getting some efficiencies with our advanced manufacturing. We're doing some good things there. It is pressing upward on those margins in that segment. And it's still only 20% of the business, give or take, probably 15% to 20%. And when we look at it, I think that's -- because the utility business is growing nicely, our renewable business is fantastic.

至於MEP，我們在先進製造方面正在取得一些效率提升。我們在那裡做了一些很好的事情。這正在推動該分部的利潤率向上。而它仍然只占業務的20%左右，可能大概15%到20%。當我們看這一塊時，我認為那是——因為公用事業業務成長良好，我們的再生能源業務也非常出色。

And that's another issue. You got a real nice renewable business, $5 billion to $10 billion of renewables in there. So I think when you look at those two businesses and what we're doing from capital and return on invested capital, we're getting the right growth of return. And I think that's the key to it. But it's compounding.

而那又是另一個因素。你們有一個非常好的再生能源業務，裡面有50億到100億美元的再生能源規模。所以我認為，當你看這兩個業務，以及我們在資本配置與投資資本報酬率（ROIC）方面所做的事，我們取得了正確的成長與報酬組合。我認為這才是關鍵。但它是以複利方式累積的。

And it's not something that's going to have wildly margin increases. We are enhancing the underground segment. I do think there's room there. We are improving there. We're getting efficiencies.

而這不是那種利潤率會大幅飆升的事情。我們正在強化地下（underground）分部。我確實認為那裡有空間。我們正在改善那裡。我們正在取得效率提升。

You can see some leverage coming in. Our training now when you're looking at training, people get scared of heights. And instead of dropping out of programs, they can be a plumber, a boilermaker, electrician and stay on the ground. So we're creating craft and that creates efficiencies within that. So we're picking up some efficiencies there.

你可以看到一些營運槓桿正在出現。我們現在在訓練方面——談到訓練，人們會害怕高處。而不是從培訓計畫中退出，他們可以當水管工、鍋爐工、電工，並留在地面上工作。所以我們在培養技術工種，而這會在其中創造效率。因此我們在那裡獲得了一些效率提升。

But as far as margins, I like what we're doing. We're derisking the company along the way, better cash flows, better returns. So I like where it's going. It's got the right trajectory. But as far as pure operating income margin expanding to some astronomical level, I don't see it.

但就利潤率而言，我喜歡我們正在做的事。我們一路在降低公司的風險，帶來更好的現金流、更好的報酬。所以我喜歡它的走向。它有正確的軌跡。但若要說純粹的營業利益率擴張到某個天文數字的水準，我看不到。

I just -- I think we'll compound it. We'll continue to increase a little bit, certainly have room in the UI. But we execute through a lot of different variables that go unnoticed. I mean, fuel is up, insurance is up. I'm sure someone will be talking about fuel somewhere.

我只是——我認為我們會以複利方式累積。我們會持續小幅提升，當然在UI方面還有空間。但我們在許多不被注意到的不同變數中執行。例如燃料上漲、保險上漲。我相信會有人在某處談到燃料。

It's -- we run right through all that, never say a word, move along, compound earnings. And we make sure that we account for all those things and guidance and the things that we say. If we operate through all that and Canada becomes world-class like Lower 48, yes, margins are going to move up. And as far as M&A, I do think like we're very cognizant of the hockey sticks on data center. We're not buying a pure data center company per se.

我們——直接穿越所有這些因素，從不多說一句，繼續前進，複利式累積獲利。而且我們確保在所有這些事情上都已反映在我們的預測（guidance）以及我們所說的內容中。如果我們能在這些因素中持續運作，並且加拿大能像美國本土48州（Lower 48）一樣達到世界級水準，那麼利潤率確實會上升。至於併購（M&A），我確實認為我們非常清楚資料中心的「曲棍球棒」式成長。我們並不是在買一家純資料中心公司。

Like I look at it constantly to say like the businesses that we acquired, our data center business cut in half, what would it do to the company long term? And it's -- we're in a very good position. It does -- sure, it comes down a little bit, but it does not -- we don't fall off a cliff, and we continue to still see growth in the business. So we can still see growth without data center.

例如我會不斷地看：如果我們收購的那些業務，使我們的資料中心業務砍半，長期來看對公司會有什麼影響？而結果是——我們處於非常好的位置。當然，它會稍微下降一些，但不至於——我們不會斷崖式下滑，而且我們仍然會看到業務成長。所以即使沒有資料中心，我們仍然能看到成長。

Our pharmaceutical businesses are -- what we're doing in power plants, what we're doing across the board, you have 50% of this growth in the utility business is not data center, by the way, like -- so we have growth in the utility sector without data center.

我們的製藥業務——我們在發電廠所做的、我們在各方面所做的——順帶一提，公用事業業務這波成長中有 50% 並不是資料中心帶來的——也就是說，即使沒有資料中心，我們在公用事業領域也有成長。

We haven't had that in 20 years. Our distribution business, all the things that we're doing, all the things that they're doing, it's fantastic, I mean, across the board. So super excited and it has -- we like the fact that data centers are there, but we're not acquiring against it for sure.

我們已經 20 年沒見過這種情況了。我們的配電業務、我們正在做的所有事情、他們正在做的所有事情，都非常棒，真的，各方面都是。所以我們非常興奮；而且——我們喜歡資料中心的存在，但我們肯定不會為了它去做併購。

(Operator Instructions) Sherif El-Sabbahy, Bank of America.

(接線員指示) Sherif El-Sabbahy，美國銀行。

Duke, you've said you don't expect labor to be the restricting factor going forward and you talked about getting more productivity out of your existing labor base. But with demand the way it is, do you need to accelerate the rate of hiring from the 6,000 or 7,000 a quarter it's at now? And if so, where could that go? And what investments do you need to make in training?

Duke，你說你不預期未來勞動力會成為限制因素，並且談到要從現有的人力基礎中提升生產力。但在目前這樣的需求之下，你是否需要把招募速度從現在每季 6,000 或 7,000 人加快？如果需要，可能會到什麼水準？另外，你們在訓練方面需要做哪些投資？

I mean I think we'll continue to train. I mean it's an expense. So that's not going anywhere. We continue to invest in it. I don't think you'll invest any more than we already have and may actually go down some.

我的意思是，我想我們會持續訓練。我的意思是，這是一項費用。所以這不會消失。我們會持續投入。我不認為你會比我們已經投入的再投更多，甚至可能還會下降一些。

But -- because we're getting some leverage. But look, I don't -- you've got seasonality, you've got quarters that you won't grow as fast as well. I mean the first quarter certainly wasn't like the second and the third. And so you'll come down in some seasonality. We're able to -- fungibility, you can see our fourth quarter kind of stays flat now to the third.

但是——因為我們正在取得一些槓桿效益。但你看，我不——你有季節性因素，有些季度成長不會那麼快。我的意思是，第一季當然不像第二季和第三季那樣。所以在季節性上會回落一些。我們能夠——可替代性（fungibility），你可以看到我們第四季現在大致與第三季持平。

And when you think about it, those -- the people in Northern climes are moving around our system and moving to other things. The first quarter still falls a bit, but it naturally does, it always has in seasonality. So I think you'll lose some headcount in the first a little bit. But they're moving around more. We're moving segment to segment.

而當你這樣想時，那些——北方寒冷地區的人員正在我們的系統內調動，轉去做其他事情。第一季仍會下滑一些，但這是自然的，一直以來季節性都是如此。所以我認為第一季人頭數會小幅減少。但他們的流動性更高了。我們在不同事業部之間調動。

We're moving company to company. We're moving across our -- what I would consider verticals, which is good. So we're getting more efficiencies out of the labor that we're training, but we still -- I mean, I still see the company kind of in the, call it, 6,000 to 8,000 a year on the average and then you'll have outward years where you're growing like we did this year.

我們在不同公司之間調動。我們在——我會稱之為垂直領域（verticals）——之間調動，這是好事。因此，我們從所訓練的人力中取得更多效率；但我們仍然——我的意思是，我仍然看到公司平均每年大概在 6,000 到 8,000 人左右，然後在某些外延年份（outward years）會像今年一樣成長。

Some of it's acquisition, but I still think the organic growth is around, call it, 12,000, so something like that of organic growth. And I would say the organic growth of the company, we heard a lot about that organic growth, organic growth.

其中一部分是併購，但我仍然認為有機成長大約是——姑且說——12,000 左右，也就是大概那樣的有機成長。而且我會說，公司有機成長——我們聽到很多關於有機成長、有機成長、有機成長。

I hope everyone looks at the numbers of the organic growth of the business, and maybe we can stop talking about that now and talk about what we've done organically. That's because we invested in the labor.

我希望大家看看這項業務有機成長的數字，也許我們現在可以別再一直談有機成長，改談談我們有機做到了什麼。那是因為我們投資在人力上。

Andy Kaplowitz, Citigroup.

Andy Kaplowitz，花旗集團。

Duke, I'm going to take your softball about asking about fuel in a different context. I think this is a quarter that everyone in industrials is concerned about inflation and price versus cost. But obviously, you delivered strong electric power margin, as you said.

Duke，我要用不同的脈絡來接你那個「軟球」問題，問一下燃料。我想這一季所有工業類公司都在擔心通膨，以及價格相對於成本的變化。但很明顯，你如你所說交出了強勁的電力業務利潤率。

So obviously, there's some positive mix, but maybe it's your vertical integration that's helping you. But maybe you could talk about how much better positioned Quanta is to handle inflation versus a few years ago where it did kind of show up in your electric margins.

所以顯然有一些正向的組合效應（mix），也許是你的垂直整合在幫助你。但也許你可以談談，相較於幾年前通膨確實在你們電力利潤率上有所反映的時候，Quanta 現在在應對通膨方面的定位好上多少？

Yes. We've done a nice job with the supply chain as well as just in general, I think we've always had pass-throughs on labor escalations in our utility business just the way by design. So I think we've done a good job with labor and being able to really from a risk standpoint, mitigated. We've done that forever, and it doesn't show up much. The things that are like for us, like health care, insurance, just risk and insurance, things like that have escalated faster than other things.

是的。我們在供應鏈方面做得不錯；而且整體而言，我認為我們在公用事業業務中一直都有把勞務成本上升做轉嫁（pass-through）的機制，這本來就是設計如此。所以我認為我們在人力方面做得很好，從風險角度來看也確實降低了風險。我們一直以來都是這麼做的，因此反映得不多。像對我們而言，醫療保健、保險、以及風險與保險這類項目，上升速度比其他項目更快。

And we have seen inflationary things in the business. We've got a lot of efficiencies. We haven't passed all that -- had to pass all that through to the client, which is nice. And so we're -- I think the good thing is the industry is working together in a collaborative manner. And as we do that, if we can do that with them, we can off-site manufacture.

而且我們確實在業務中看到一些通膨因素。我們有很多效率提升。我們不必把所有這些——不必把所有這些都轉嫁給客戶，這很好。因此我們——我認為好的一點是，產業正以協作的方式一起合作。而當我們這樣做時，如果能與他們一起這樣做，我們就能進行異地製造（off-site manufacture）。

We can do a lot of things that make tons of sense where we both don't have to add people and what I would consider supply chain initiatives, all kinds of different things that we can do together. If we do that and think about it as a solution, we can reduce cost for the client.

我們可以做很多非常合理的事情，讓我們雙方都不必增加人力；以及我所說的供應鏈倡議，各種不同的事情，我們可以一起做。如果我們這樣做，並把它當作一個解決方案來思考，我們就能為客戶降低成本。

And for us, it increases top line as well as our margin profiles in many ways on these solution-based approaches. So we've been able to do that, and that's why that inflationary piece hasn't came into the business because we've been able to absorb it. But I do think, look, scale matters.

而對我們而言，這些以解決方案為基礎的方法，在很多方面既能提升營收（top line），也能改善我們的利潤率結構。所以我們能做到這點，這也是為什麼通膨那一塊沒有進一步影響到業務，因為我們能夠吸收它。但我確實認為，你看，規模很重要。

It matters in the utility business. It matters in every business. We continue to create scale within the business. And I wouldn't underestimate that. It means a lot for us, and it means a lot for the business for us to continue to scale it.

在公用事業業務中很重要。在每一個業務中都很重要。我們持續在業務內創造規模。而且我不會低估這一點。這對我們意義重大，也對我們持續擴大規模的這門業務意義重大。

Liam Burke, B. Riley Securities.

Liam Burke，B. Riley Securities。

The Underground Infrastructure segment is seeing very steadily improving operating margins, both from the fourth quarter last year and then sequentially. Could you give us some color as to what's driving that improvement?

地下基礎設施（Underground Infrastructure）事業部的營業利潤率正在非常穩定地改善，無論是相較去年第四季，或是按季比較。你能否提供一些背景，說明是什麼在推動這項改善？

Thanks for noticing. Look, it's work mix a lot of it and a lot of it is the risk profiles that we're willing to take on two different things. I think we've added our mechanical businesses in it. We have some of our civil business in it. It's on both sides of it.

謝謝你注意到。你看，很大一部分是工作組合（work mix），還有很大一部分是我們願意承擔的不同事項的風險結構（risk profiles）。我想我們把機械業務納入其中。我們也把部分土木業務納入其中。兩邊都有。

Those additions are certainly something that are pushing it up. We'll continue to grow our mechanical business faster than anything else. With some growth in our traditional business, not as much. So we're -- what I see is the work mix is changing such that you can get into double digits fairly quickly. And it's incrementally happening.

這些新增項目確實在推升它。我們會持續讓機械業務的成長速度快於其他任何業務。我們的傳統業務也會有一些成長，但沒那麼多。所以我們——我看到的是，工作組合正在改變，使你能相當快地進入兩位數。而且這是逐步發生的。

You can see it throughout the quarters, the growth. And I think it's getting to sustain -- you'll have some seasonality in the first quarter. But I do think in the next year, you could see us in double digits and quarters and get on a run rate there in the next year. So exponentially getting that up into the double-digit range.

你可以在各個季度看到這種成長。而且我認為它正在變得可持續——第一季會有一些季節性。但我確實認為在明年，你可能會看到我們在某些季度達到兩位數，並在明年達到那樣的運行水準（run rate）。所以會以指數式的方式把它提升到兩位數區間。

Philip Shen, ROTH Capital Partners.

Philip Shen，ROTH Capital Partners。

And congrats on your strong bookings in the quarter. I wanted to explore the data center outlook some more. I know inbounds have never been greater, and you've spoken very positively about this opportunity. That said, some of our checks suggest some data center work may be sliding or even going dark. Duke, can you give a little bit of color on some of this risk that projects could be sliding?

也恭喜你們本季接單表現強勁。我想再深入探討一下資料中心的展望。我知道你們的主動洽詢（inbounds）從未如此之多，而且你們也一直非常正面地談到這個機會。不過，我們的一些調查顯示，部分資料中心的工程可能正在延後，甚至可能停擺。Duke，你能否就這方面的風險提供一些說明，是否有專案可能在往後遞延？

And then what is the potential for maybe a slowdown or just some pushouts in '27 or '28? Or are you able to just backfill some of the things that are pushing out? So a little bit of color on some of the -- if you can lift the hood a bit so we can see, that would be great.

另外，對於可能在 2027 或 2028 年出現放緩，或只是一些時程往後推（pushouts）的可能性有多大？或者你們是否能用其他案子來補上那些被往後推的部分？所以如果可以的話，能否就其中一些情況多提供一點細節——如果你能稍微掀開引擎蓋讓我們看看，那就太好了。

Yes. I mean I think for us, it's much like our renewable business. We said all along when the sky was falling there that we work for the top 10 best. And from a developer standpoint, I would say the same applies to the data centers. I mean we're working for the very best in the world at this and the most liquid balance sheets that you see in the world.

是的。我想對我們而言，這很像我們的再生能源業務。我們一直都說，即便當時那邊看起來天要塌了，我們服務的仍是前 10 名最優質的客戶。從開發商的角度來看，我會說資料中心也是同樣的情況。我們合作的都是全球最頂尖的業者，而且他們的資產負債表流動性也是你在全球所能看到最強的那一群。

And all I can say is we can't even get to 25% to 30% of what they have in front of us, and we're having to basically look out five years and see how much we can take at this point. All I can do is tell you the inbounds that we see -- and when we sign contracts, we put it in backlog.

我能說的是，我們甚至連他們擺在我們面前的需求量的 25% 到 30% 都吃不下；我們基本上必須往後看五年，評估在這個時間點我們能承接多少。我只能告訴你我們看到的主動洽詢量——而且當我們簽下合約時，我們就會把它放進在手訂單（backlog）。

Our backlog is growing nicely, not only 12 months, but beyond 12. All the investments in -- that you see in engines from GE that are three years out, all the investments that you see in factories that are coming. It's creating businesses as well with pharma and things like that.

我們的在手訂單成長得很不錯，不僅是未來 12 個月，還包括 12 個月以後的部分。你看到 GE 的引擎投資是三年後的交期，你看到即將到位的工廠投資也是如此。這也在創造其他業務，例如製藥等相關領域。

We have fungibility of labor as well. So if they're not -- if they're not -- we're building chip plants or we're building pharmaceuticals or we're doing a lot of different things with that same workforce if we're not -- so we're able to move across segments and move across verticals. If something was to slow, I'm not concerned at this point. But the data center demand is there. We see it.

我們的勞動力也具備可替代性／可調度性（fungibility）。所以如果他們沒有——如果他們沒有——我們也可以用同一批人力去蓋晶片廠、蓋製藥設施，或做很多不同的事情；因此我們能在不同事業部門與不同垂直領域之間調動。如果真的有什麼放緩，我目前並不擔心。但資料中心的需求確實存在。我們看得到。

That's all I can say is what we see on a daily basis, the inbounds that we get at the very highest level of everyone that we talk to. The cloud-based environment, just the cloud alone, which is the majority of what we do, that inference-based cloud-based business has been there for 10 years and has done nothing but go vertical. And I continue to believe that's the case. You may get some learning centers that slow a little bit. It's very little of our work today.

我只能說我們每天所看到的情況，以及我們與各方最高層級對話時收到的主動洽詢。雲端環境——光是雲端本身（也是我們做的主要部分），以推論（inference）為主的雲端業務已經存在 10 年了，而且只是不斷呈現垂直式成長。我仍然相信情況就是如此。你可能會看到一些訓練中心（learning centers）稍微放緩一點。但那在我們目前的工作占比非常小。

And I just -- I'm not as concerned as the market may perceive it at this point. We still see large projects, and we see the cloud-based business growing much like our MSA business in the utility side, and we continue to capture more of the spend as we move forward.

而且我只是——我沒有市場目前可能想像的那麼擔心。我們仍然看到大型專案，也看到雲端相關業務在成長，這很像我們在公用事業端的 MSA 業務；而且隨著我們往前走，我們持續拿到更多支出份額。

So I don't -- I think we're early stages for us. We're creating something like we did in the utility side and that's coming from the technology side now. And if it was to slow, we -- the company will capture more of the spend anyway.

所以我不——我認為對我們而言仍在早期階段。我們正在打造一個東西，就像我們在公用事業端做過的一樣，只是這次是由科技端帶動。即便它真的放緩，我們——公司反而也會拿到更多的支出份額。

So I don't know, it's growth on growth right now, and I don't see it stopping.

所以我不知道，現在就是成長疊加成長，我看不出它會停下來。

Alexa Breno, Goldman Sachs.

Alexa Breno，高盛。

Can you just talk a little bit about what the dialogue looks like on the hyperscaler side? Are you seeing them engage with you earlier in the development process similar to your utility relationships? And then how do we think about that in the context of the scope of the work that you could be doing?

你能否談談在超大規模雲端業者（hyperscaler）那邊的對話大概是什麼樣子？你們是否看到他們像你們與公用事業客戶的關係一樣，在開發流程更早期就與你們接觸？另外，從你們可能承接的工作範圍來看，我們該如何思考這件事？

Yes, they're engaging early. I think a couple of things, community-based engagement. We're seeing our labor, how do we collaborate on labor, how do we collaborate on hiring. So yes, it's early. We can help a lot with the dialogue of actually what's going on with the workforce and the community.

是的，他們確實很早就開始接觸。我想有幾件事，其中之一是社區層面的互動。我們看到他們會談到我們的勞動力：我們如何在勞動力上協作、如何在招募上協作。所以是的，確實很早。我們也能在對話中提供很大幫助，讓大家了解勞動力與社區實際正在發生什麼。

So I think just being a part of the industry there, the company is moving in the right direction. We're having great conversations at very highest levels with that side as well. So we're working hard to create the same environment and the same trust that we have. It's a trust thing. So I do think the company has a long track record on generationally in the utility business.

所以我認為，只要成為那個產業的一份子，公司就正朝正確方向前進。我們也在那一端的最高層級進行非常好的對話。因此我們正努力打造與我們既有的一樣的環境與信任。這是一個信任的問題。所以我確實認為，公司在公用事業業務上有跨世代的長期紀錄。

And the same applies, I mean, Cupertino grew up with the industry. And their reputation is every bit as good as anyone in the world. They do a great job and very customer focused.

同樣地，我是說，Cupertino 也是跟著這個產業一起成長。他們的口碑在全球不輸任何人。他們做得非常好，而且非常以客戶為中心。

So the whole company is customer focused. And as long as we stay like that, we'll continue to see inbounds from the very biggest in the world at the early stages of these projects where we can really make a difference in the community.

所以整個公司都是以客戶為中心。只要我們維持這樣，我們就會在這些專案的早期階段持續收到來自全球最大客戶的主動洽詢，而在那個階段我們真的能為社區帶來改變。

And certainly, I feel like if we're able to do that, that's what creates us to be a part of that fabric as well and create the moat that we have in the utility side is make sure that we are enhancing our customers' ability to build and perform much like we are.

而且當然，我覺得如果我們能做到這點，那就能讓我們也成為那個生態結構的一部分，並建立起我們在公用事業端所擁有的護城河：確保我們正在提升客戶的建置與營運能力，就像我們自己所做的一樣。

Alex Rygiel, Texas Capital Securities.

Alex Rygiel，Texas Capital Securities。

Duke, I was curious about your reference to increasingly flexible craft workforce. What do you mean by increasingly flexible? And what's, kind of, different today versus, say, 5 to 10 years ago? Because obviously, you've had a pretty tremendous training program in place for many, many years. But the comment of increasingly flexible, kind of, caught my ear.

Duke，我對你提到「技術工種（craft）人力越來越有彈性」這點很好奇。你所說的越來越有彈性是什麼意思？以及相較於例如 5 到 10 年前，今天有什麼不同？因為很明顯你們多年來一直都有相當卓越的訓練計畫。但「越來越有彈性」這個說法，確實引起我的注意。

Good. It was intended to. So thanks, Alex. I think what we're saying is we were really confined to the utility business. And if you can't climb, it's very difficult to stay in our craft.

很好，這就是我想達到的效果。所以謝謝你，Alex。我想我們的意思是，以前我們真的被侷限在公用事業業務。而如果你不能爬桿（climb），要留在我們的技術工種裡就非常困難。

You can drive trucks, you can do other things. But now, like, a person that can't climb, but has intellect for math and the things that you need for -- on the electric side or even plumbing, we're able to put them in a different craft because of our expansions in the verticals inside electrical voltage, boilermakers, pipe fitters, plumbers.

你可以開卡車，你可以做其他事情。但現在，例如一個不能爬桿的人，但具備數學能力與你在——在電力端所需要的那些能力，甚至是管路（plumbing）方面的能力，我們可以因為我們在垂直領域的擴張，把他們安排到不同工種：包括電氣電壓相關、鍋爐工（boilermakers）、配管工（pipe fitters）、水管工（plumbers）。

We've really expanded the company over the last two to three years of what craft we have and how big we are in each one of them as we moved in. So I think the flexibility for us to take a person and say, where do you want to sit in this? Here's the wage profiles and here's where we can go across the country.

過去兩到三年，我們在公司內的工種種類，以及各工種的規模，隨著我們切入而大幅擴張。所以我認為，對我們而言的彈性在於：我們可以把一個人帶進來，然後說，你想在這裡面坐落在哪個位置？這裡是薪資結構（wage profiles），而且我們可以在全國各地安排發展。

As we recruit, we can move people all the way through and our recruitment goes way up because of the things that we can do. I just -- it's certainly there.

當我們招募時，我們可以讓人一路往上發展，而因為我們能提供的選項，我們的招募能力也大幅提升。我只是——這確實存在。

And then when you get in the trade, I mean, you can -- an electrician can go from a power plant all the way through basically to a home, it doesn't matter where if you get in the high-voltage side, yes, they can come down and do some low-voltage work, but it's much -- it's just different. They usually don't. And so it's not as fungible.

然後當你進入這個行業之後，我的意思是，你可以——電工可以從發電廠一路做到基本上到住家端；如果你做的是高壓端，其實不管在哪裡都可以。但如果你在高壓端，是的，他們也可以下來做一些低壓的工作，但那就——那是不同的。他們通常不會這麼做。所以它並沒有那麼可互換。

So I think we've created the fungibility of a craftsman to move across the system. And if they don't want to be in the high-voltage arena, we can move them into low voltage or we can move them across. So I just -- we've done a nice job with that training and the way their curriculum craft and how we think about craft and how important they are to the heartbeat of this company. We value it.

所以我認為我們已經打造出工匠在整個系統中跨領域流動的可互換性。如果他們不想待在高壓領域，我們可以把他們調到低壓，或是讓他們跨到其他領域。所以我只是——我們在這方面的訓練做得很好，包括他們的課程如何設計、我們如何看待工種（craft）、以及他們對這家公司脈動有多重要。我們很重視。

And I think people resonate with that, especially in the field that just resonate with our ability to create an environment for them that they can go as far as they want in this company, and we're going to continue to do that.

而且我認為大家對此很有共鳴，尤其是現場的人員；他們會對我們有能力為他們創造一個環境、讓他們在這家公司想走多遠就能走多遠這件事產生共鳴，而我們也會持續這麼做。

Dimple Gosai, Piper Sandler Companies.

Dimple Gosai，Piper Sandler Companies。

We've heard a lot of commentary just about large data centers that have spoken about risk of just getting physical gas pipelines to data centers today. How do you think about leveraging this opportunity to win some of the programmatic work that you could potentially benefit from?

我們聽到很多評論，談到大型資料中心目前在把實體天然氣管線接到資料中心這件事上存在風險。你們如何看待運用這個機會，去爭取一些你們可能受益的計畫型（programmatic）工作？

Yes. Look, on the gas side, we're winning. We're doing a nice job there. We're in the business. And I do think you're starting to see expansions.

是的。你看，在天然氣這一端，我們正在贏單。我們在那裡做得很好。我們就在這個業務裡。而且我確實認為你開始看到擴張。

You're going to need gas pipe. It's going to expand. I think that market, if it's not -- I'm confident in '27, you're going to see expansion of pipe and things like that, that we're in that market, we're going to take advantage of. We've got great clients there that we're supporting. Some of them are on the electric side now, building gas generation in places.

你會需要天然氣管線。它會擴張。我認為那個市場，如果不是——我有信心在 2027 年，你會看到管線等方面的擴張；我們就在那個市場裡，我們會加以利用。我們在那裡有很棒的客戶，我們正在支持他們。其中一些客戶現在也在電力端，在某些地點建置燃氣發電。

So we're working for them there. And we're not giving up on it. I just -- we're going to be cognizant of the risk. And I don't -- we don't want risk we can't control. I can't control the weather.

所以我們也在那裡為他們工作。而且我們不會放棄。我只是——我們會留意風險。而且我不——我們不想承擔我們無法控制的風險。我無法控制天氣。

I can't. And so I'm -- we're not going to go into businesses where I have to give you a weather report, not doing it. We haven't done it in seven, eight years, and I couldn't stand it when we did it in the past. So we're really trying to derisk the company from weather and things we can't control. So if we can control it, we can execute against it.

我做不到。所以我——我們不會進入那種我必須給你一份天氣預報的業務，不做。我們已經七、八年沒做了，而且過去做的時候我也受不了。所以我們真的在努力讓公司降低對天氣以及其他我們無法控制因素的風險曝險。所以如果我們能控制，我們就能依此執行。

We have the very best craft in the world, I'm not concerned. But we got to be able to control it. So we'll be risk tolerant on those things, but the market is there going forward, and you're right about what you're saying in a systematic way, you've got to feed all this gas generation with pipe. It's got to be done.

我們擁有全世界最優秀的工匠，我不擔心。但我們必須能夠控制它。所以在那些事情上我們會有一定的風險承受度，但未來市場是存在的；而且你說得對，從系統性的角度來看，你必須用管線去供應所有這些燃氣發電。這必須完成。

Brian Brophy, Stifel.

Brian Brophy，Stifel。

Congrats on the very good quarter. A couple of quarters ago, you mentioned $500 million to $700 million of incremental manufacturing-related CapEx over the next few years. Just curious how your views have changed here given some of the supply chain constraints that you mentioned and any other opportunities you're seeing on that front?

恭喜這個非常好的季度表現。幾個季度前，你提到未來幾年與製造相關的增量資本支出（CapEx）約 5 億到 7 億美元。我想了解的是，考量你提到的一些供應鏈限制，以及你們在這方面看到的其他機會，你現在的看法有什麼改變？

Yes. I said it a minute ago, I think we have like 10 states that we're increasing our manufacturing capabilities, whether it be transformers, breakers, all across poles now that we acquired. So I don't think it's going to be a huge part of the business. We're certainly going to lean into where we need to, to make sure we stay in front of the demand. We're also having great conversations with the OEMs to be good partners and to try to go along on things that we need to with them and partner with them.

是的。我剛剛提到過，我想我們大概有 10 個州正在提升我們的製造能力，不論是變壓器、斷路器，還有我們收購後現在也涵蓋到電桿等各方面。所以我不認為這會成為業務中非常大的一部分。我們當然會在需要的地方加大投入，以確保我們能走在需求之前。我們也正與 OEM 廠商進行非常好的對話，成為好的合作夥伴，並在我們需要的事項上與他們一起推進、與他們合作。

I think that's really important as well. They're important to us. We value what they do. So we're probably in the top 5 buyer of -- we are in the top five buyer of HV equipment. And so I think that's important that not only are we building and putting capital in, we're also partnering and doing some things with our OEM providers that allow us to be certain on projects.

我認為這也非常重要。他們對我們很重要。我們重視他們所做的事。所以我們大概是——我們確實是高壓（HV）設備的前五大買家之一。因此我認為這很重要：我們不僅在建置並投入資本，同時也與我們的 OEM 供應商合作、做一些事情，讓我們能在專案上更有把握。

And that's going to be important going forward as we see constraints. And so we recognize those things, Brian, and we're staying in front of them as well as investing capital in them where we think we have good backstop, long-standing relationships that we're not just going to go out and build factories without the demand in front of them.

而且當我們看到供應受限時，這在未來會很重要。所以我們認知到這些事情，Brian，我們也在提前因應；同時在我們認為有良好後盾、長期關係的地方投入資本——我們不會在沒有明確需求在前的情況下，就跑去蓋工廠。

So we're trying to get long on those things. And we've been able to do that and primarily to keep the workforce busy and get exponential growth. It's -- the business itself is great, but what it can do for our overall business is 10 times what the factory can do.

所以我們試著在這些方面做長線布局。而我們也做到了，主要是為了讓勞動力保持忙碌並帶來指數型成長。——這個業務本身很棒，但它對我們整體業務所能帶來的效益，是工廠本身所能帶來的 10 倍。

So those expansions are meant to grow the business and a multiplying effect as we move to the field and EPC and all those things. That's really what it's about. It's our ability to go EPC with certainty.

所以這些擴張是為了成長業務，並在我們走向現場、EPC 以及所有那些事情時產生乘數效應。這才是重點。這是我們以確定性承接 EPC 的能力。

There are now 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給管理層作結語。

I want to thank the men and women in the field. They make this possible. They are the very best in the world, and we want to thank our shareholders for participating in the conference call. We appreciate your questions and ongoing interest in Quanta Services. Thank you. his concludes our call.

我要感謝在現場的男男女女。是他們讓這一切成為可能。他們是全世界最優秀的，我們也要感謝股東參與本次電話會議。我們感謝各位的提問以及對 Quanta Services 持續的關注。謝謝。我們的電話會議到此結束。