Stantec Inc (STN) 2022 Q2 法說會逐字稿

Welcome to Stantec's Second Quarter 2022 Earnings Results Webcast and Conference Call. Leading the call today are Gord Johnston, President and Chief Executive Officer; and Theresa Jang, Executive Vice President and Chief Financial Officer.

歡迎參加Stantec公司2022年第二季財報網路直播及電話會議。今天主持會議的是總裁兼執行長Gord Johnston和執行副總裁兼財務長Theresa Jang。

Stantec invites those dialing in to view the slide presentation, which is available in the Investors section at stantec.com. Today's call is also webcast. Please be advised that if you have dialed in, while also viewing the webcast, you should mute your computer, as there is a delay between the call and the webcast.

Stantec邀請所有撥入電話會議的來賓查看幻燈片演示文稿，該演示文稿可在stantec.com網站的「投資者」板塊找到。今天的電話會議也同時進行網路直播。請注意，如果您在撥入電話會議的同時觀看網路直播，請將電腦靜音，因為電話會議和網路直播之間存在延遲。

All information provided during this conference call is subject to the forward-looking statement qualification set out on Slide 2, detailed in Stantec's management discussion and analysis are incorporated in full for the purposes of today's call. Unless otherwise noted, dollar amounts discussed in today's call are expressed in Canadian dollars and are generally rounded.

本次電話會議中提供的所有資訊均受投影片2所述的前瞻性聲明限制的約束，這些限制已在Stantec的管理層討論與分析中詳細闡述，並已完整納入本次電話會議。除非另有說明，本次電話會議中討論的金額均以加幣表示，並通常進行四捨五入。

Please go ahead.

請繼續。

Good morning, and thank you for joining us today. We're very pleased to report another strong quarter of operational and financial performance. Our second quarter and year-to-date results are tracking very well against our strategic objectives. And as such, we remain confident that we will deliver on our targets for the year.

早安，感謝各位今天蒞臨。我們非常高興地宣布，本季營運和財務表現依然強勁。第二季及年初至今的業績均與我們的策略目標高度吻合。因此，我們仍然有信心實現全年目標。

There are 2 highlights for the quarter that I want to touch on before turning to our financial results. The first is an update on Cardno. The integration is progressing very well and is in line with the expectations that we outlined at the time of the transaction. We've already achieved our target of USD 10 million in run rate synergies 18 months ahead of schedule, and we continue to identify opportunities for additional savings.

在介紹財務業績之前，我想先談談本季的兩個亮點。首先是關於Cardno的最新進展。整合工作進展非常順利，符合我們在交易時預期的情況。我們已經提前18個月實現了1000萬美元的年度綜效目標，並且我們仍在不斷尋找進一步節省成本的機會。

The Oracle financial systems migration in Australia and New Zealand is largely complete, and we're in the final stages of the transition. The U.S. integration is in full flight and is progressing nicely. There's still a lot to be done; however, we expect this to be completed before the end of the year. The second highlight that we are very proud of is that Stantec continues to be recognized for our leadership in ESG.

澳洲和紐西蘭的Oracle財務系統遷移工作已基本完成，我們正處於過渡的最後階段。美國的整合工作正在如火如荼地進行，進展順利。雖然還有很多工作要做，但我們預計將在年底前完成。我們引以為傲的第二個亮點是，Stantec在ESG（環境、社會和治理）領域的領導地位持續獲得認可。

For the 13th time, we were recognized as one of Canada's best 50 corporate citizens by Corporate Knights. We're honored to have earned this recognition, receiving top quartile scores this year for employee health and safety, board and executive gender diversity, racial executive diversity and clean investments. This recognition affirms that our longstanding commitment to advancing ESG is having a real impact towards a more sustainable future, and we're very proud of the difference that Stantec is making.

我們第十三次榮獲Corporate Knights評選的加拿大最佳50家企業公民之一的稱號。我們深感榮幸能夠獲得此項殊榮，今年我們在員工健康與安全、董事會及高階主管性別多元化、高階主管種族多元化以及清潔投資等方面均取得了前25%的成績。這項認可肯定了我們長期以來對推進ESG（環境、社會和治理）的承諾正在為建立更永續的未來產生切實的影響，我們為Stantec所做出的貢獻感到無比自豪。

Turning now to our Q2 results. We are pleased to have delivered a 34% increase in adjusted EPS. We generated 9.4% organic net revenue growth. And consistent with Q1, we delivered organic growth in every one of our geographic regions and in each of our business units. This reflects our ongoing ability to capitalize on the key drivers that I've spoken about previously, and then I'll talk more about towards the end of the call. A common thread through many of these projects is the need for the skills of our Environmental Services business, which delivered a 54% increase in net revenue, of which 12% was from organic growth and 40% was generated by our recently completed acquisitions.

現在來看我們第二季的業績。我們很高興地宣布，調整後每股收益成長了34%。我們的有機淨收入成長了9.4%。與第一季一致，我們所有地區和所有業務部門都實現了有機成長。這體現了我們持續利用我之前提到的關鍵驅動因素的能力，稍後我會詳細闡述。這些項目的一個共同點是需要我們環境服務業務的專業技能，該業務的淨收入增長了54%，其中12%來自有機成長，40%來自我們近期完成的收購。

Our Q2 results also reflect very favorable margin expansion with an 80 basis point increase in project margin and a 60 basis point increase in adjusted EBITDA margin. Taking a closer look now at each of our geographic regions. The level of activity in our U.S. business continues to gather momentum.

我們第二季的業績也反映出利潤率的顯著提升，專案利潤率成長了80個基點，調整後EBITDA利潤率成長了60個基點。接下來，我們將更詳細地分析各個地區的業務狀況。美國業務的成長勢頭持續強勁。

In Q2, net revenue increased by 27% with 9% organic growth and 14% acquisition growth. We're pleased to have delivered organic growth across all of our business units as we did last quarter. And this is a reflection of the robust level of investment occurring in the U.S. Investment in the reshoring of semiconductor production has driven a significant amount of activity across multiple business units.

第二季度，淨收入成長27%，其中內生成長9%，收購成長14%。我們很高興所有業務部門都實現了與上季相同的內生成長。這反映了美國市場強勁的投資動能。半導體產生回流的投資顯著推動了多個業務部門的業務成長。

Environmental Services net revenue grew by over 80% and continued to be the biggest contributor to U.S. revenue growth. The combined Stantec Cardno team is very well positioned to address the strong demand for environmental assessment, permitting and cultural resources work in addition to ongoing monitoring and ecosystem restoration efforts. Water shifted into double-digit growth as activity ramped up on several major projects to address industrial and advanced manufacturing project needs and water scarcity in the Western U.S. And buildings continued its post-COVID recovery with another quarter of organic growth, driven by the need for increased health care capacity and investment in the civic, industrial and science and technology sectors.

環境服務業務淨收入成長超過 80%，繼續成為美國業務收入成長的最大貢獻者。 Stantec Cardno 合併後的團隊實力雄厚，能夠有效滿足市場對環境評估、許可批准和文化資源保護工作的強勁需求，並持續進行監測和生態系統修復工作。隨著多個大型專案活動的推進，水務業務實現了兩位數成長，這些專案旨在滿足美國西部地區工業和先進製造業專案的需求，並緩解當地的水資源短缺問題。建築業務在新冠疫情後繼續復甦，在醫療保健能力提升以及市政、工業和科技領域投資的推動下，實現了另一個季度的內生成長。

Canada also continued to perform well, delivering 5% organic growth in the quarter. Consistent with the themes playing out in the U.S., our Environmental Services business in Canada had a very strong quarter, delivering double-digit growth on the strength of high demand for permitting work and our archeological services.

加拿大市場也持續保持良好表現，本季實現了5%的有機成長。與美國市場的整體趨勢一致，我們在加拿大的環境服務業務在本季度表現強勁，得益於許可審批工作和考古服務的高需求，實現了兩位數的成長。

Infrastructure delivered strong growth arising from the strong housing market in Western Canada. Organic growth in our transportation sector also reflects our continued support of British Columbia's recovery efforts from the extreme flooding that occurred last year.

由於加拿大西部強勁的房地產市場，基礎設施建設實現了強勁成長。交通運輸業的內生成長也反映了我們對不列顛哥倫比亞省從去年特大洪災中恢復工作的持續支持。

Buildings continued to deliver organic growth on the strength of major public projects in health care and science and technology. And growing momentum behind the energy transition and global food security initiatives continued to spur growth in energy and resources. And rounding out our geographic regions as Global, which had another remarkably strong quarter.

由於醫療保健、科技等領域的大型公共項目，建築業持續實現內生成長。能源轉型和全球糧食安全倡議的推進勢頭強勁，也持續推動能源和資源產業的成長。全球市場同樣表現強勁，季度業績尤為亮眼。

Net revenue in our global region grew by 40%. Every business unit in Global grew organically in Q2, delivering 17% organic growth. Recent acquisitions delivered a further 27% growth. The strong financial results Global has generated year-to-date reflect the maturing of acquisitions made in recent years, and we're pleased with the way that we're performing together under the Stantec banner.

全球區域的淨收入成長了40%。全球各業務部門在第二季均實現了內生成長，內生成長率達17%。近期收購帶來的成長又增加了27%。全球業務部門今年迄今取得的強勁財務表現反映了近年來收購專案的逐步成熟，我們對在Stantec旗下共同取得的業績感到滿意。

Water continues to perform very well, delivering almost 20% organic growth on the strength of the U.K., Australia and New Zealand water framework programs. Infrastructure has doubled its net revenue with very strong growth in community development and acquisition growth in transportation. And our mining sector delivered organic and acquisition growth on strong commodity prices, client diversification and the lifting of pandemic-related restrictions.

水務業務持續表現強勁，在英國、澳洲和紐西蘭水務框架計畫的推動下，實現了近20%的內生成長。基礎設施業務淨收入翻了一番，這主要得益於社區發展業務的強勁成長以及交通運輸領域的收購成長。礦業業務則受惠於大宗商品價格的堅挺、客戶多元化以及疫情相關限制措施的解除，實現了內生成長和收購成長。

With that, I'll turn the call to Theresa to review our Q2 financial results in more detail.

接下來，我將把電話交給特蕾莎，讓她更詳細地回顧我們第二季度的財務表現。

Thank you, Gord, and good morning, everyone. As Gord noted, we had a very strong quarter with an overall 21% and 23% increase in gross and net revenue, respectively. Project margin grew by 25% and by 80 basis points as a percentage of net revenue, and this reflects our continued focus on project execution and our heightened diligence in project pursuits. We delivered a 27% increase in adjusted EBITDA, reflecting the overall growth of our business.

謝謝Gord，大家早安。正如Gord所說，我們本季業績非常強勁，毛收入和淨收入分別成長了21%和23%。專案利潤率成長了25%，佔淨收入的比例也成長了80個基點，這反映了我們對專案執行的持續關注以及在專案招標過程中更加嚴謹和細緻的工作態度。調整後EBITDA成長了27%，反映了我們業務的整體成長。

Adjusted EBITDA margin was 16.7%, 60 basis points higher than Q2 2021, resulting from strong performance across the business. Net income and EPS decreased slightly to $61 million and $0.55 per share as increased EBITDA was offset by higher acquisition-related costs. We also recorded an unrealized fair value loss associated with our equity investments held for self-insurance liabilities.

經調整後的 EBITDA 利潤率為 16.7%，較 2021 年第二季成長 60 個基點，主要得益於公司整體業務的強勁表現。淨利潤和每股收益略有下降，分別為 6,100 萬美元和 0.55 美元，原因是 EBITDA 的成長被更高的收購相關成本所抵消。此外，我們也計入了與用於自保負債的股權投資相關的未實現公允價值損失。

Adjusted net income and adjusted EPS increased 33% and 34%, respectively, to $93 million and $0.83 per share, reflecting very strong earnings from our underlying operations. Operating cash flows decreased to an outflow of $4 million for the quarter. Cash flow was primarily disrupted by the Cardno integration due to the financial system migrations for both Australia and the U.S. operations occurring during the second quarter, as we had outlined in our Q1 earnings call.

經調整後的淨利和經調整後的每股盈餘分別成長33%和34%，達到9,300萬美元和每股0.83美元，反映出我們基礎業務的強勁獲利。本季經營現金流為400萬美元的現金流出。現金流中斷的主要原因是Cardno整合，因為澳洲和美國業務的財務系統遷移均在第二季度進行，正如我們在第一季財報電話會議中所述。

To a lesser extent, Q2 cash flow was also impacted by investment in working capital to support the organic revenue growth. We view these causal factors as purely matters of timing, which will contribute to stronger cash flows in the second half of this year as the effect of the financial system migration dissipates and processing times normalize, particularly in Q4. And we've already seen cash flows pick up in Australia after quarter end, which was the first of the Cardno migrations to occur this year. We continue to be active with our NCIB earlier in the quarter, repurchasing just over 625,000 shares for $37 million.

第二季現金流在一定程度上也受到營運資本投資的影響，該投資旨在支持內生性收入成長。我們認為這些因素純粹是時間上的問題，隨著金融體系遷移的影響逐漸消退，處理時間恢復正常，尤其是在第四季度，這些因素將有助於今年下半年現金流的強勁成長。我們已經看到，在澳大利亞，現金流在季度末後有所回升，這是今年Cardno系統遷移的首批完成的。本季初，我們繼續積極推進正常市場發行人回購計畫（NCIB），以3700萬美元的價格回購了超過62.5萬股股票。

Consistent with the change in our operating cash flow, our DSO is up 3 days from last year to 79 days. All of these factors, coupled with the funding of Cardno and other acquisitions in the past 12 months resulted in our net debt to adjusted EBITDA being at 2.0x, the upper end of our internal range. As our cash flow normalizes over the remainder of this year, I'm confident that our leverage will return to the middle of our target range by year-end.

與經營現金流量的變動一致，我們的應收帳款週轉天數（DSO）較去年同期增加3天，達到79天。所有這些因素，加上過去12個月對Cardno的融資以及其他收購，導致我們的淨債務與調整後EBITDA之比達到2.0倍，處於內部預期範圍的上限。隨著今年剩餘時間內現金流的逐步恢復正常，我相信到年底我們的槓桿率將回落至目標範圍的中位數。

I'm going to turn the call back to Gord now to review our backlog and outlook.

我現在要把電話轉回給戈爾德，讓他回顧我們的積壓工作和前景。

Thanks, Theresa. Our outlook continues to be very, very strong at a record $5.8 billion. We grew back organically by 13% since the end of 2021 and again delivered organic growth in every geographic region and in each business operating unit.

謝謝，特蕾莎。我們的前景依然非常​​強勁，營收達到創紀錄的58億美元。自2021年底以來，我們實現了13%的內生成長，並且在所有地區和所有業務營運部門都再次實現了內生成長。

Most notably, we achieved almost 30% growth in Energy & Resources and over 20% growth in infrastructure and buildings also achieved double-digit growth. Our backlog represents approximately 14 months of work, which is a high watermark for us.

尤其值得一提的是，我們在能源與資源領域實現了近30%的成長，基礎設施和建築領域也實現了超過20%的成長，且都達到兩位數。我們的積壓訂單相當於大約14個月的工作量，這對我們來說是一個歷史性的高點。

Before I turn to the outlook for the remainder of the year, I want to comment briefly on the risk of a potential slowdown as a result of inflation and a possible recession. We continue to monitor the situation carefully and have not seen any material slowdown in project or pursuit activity to date. And as we discussed this with clients, the consistent feedback that we received is that the risk of cost increases is being outweighed by the need to address a number of pressing challenges, including aging infrastructure, climate change and production capacity constraints and the reshoring of domestic production. And these imperatives continue to translate into investments in major project awards across all of our business units.

在展望今年剩餘時間的前景之前，我想先簡單談談通膨和可能出現的經濟衰退導致的經濟放緩風險。我們一直在密切關注情勢，迄今為止，專案或業務拓展活動尚未出現任何實質放緩。我們與客戶討論後，得到的回饋一致認為，成本上漲的風險遠不及應對一系列緊迫挑戰的必要性，這些挑戰包括基礎設施老化、氣候變遷、產能限制以及國內生產回流等。這些迫切因素也促使我們在所有業務部門持續加大對重大專案的投資。

In Canada, our water business was successful in winning 2 significant projects. The Buffalo Pound Water Treatment Plant Renewal Project in Saskatchewan and program management consulting for the Iona Island, Wastewater Treatment Plant Program in Vancouver, which is the largest capital program ever undertaken by Metro Vancouver.

在加拿大，我們的水務業務成功得標兩個重要項目：薩斯喀徹溫省的布法羅龐德水處理廠改造項目，以及溫哥華艾奧納島污水處理廠項目的項目管理諮詢服務。後者是溫哥華都會區有史以來規模最大的資本項目。

In the United States, we won a contract with the Nebraska Department of Natural Resources to conduct floodplain modeling and mapping. And we've also won awards in Hawaii and Indianapolis, which support clean transportation to help our clients reach their climate goals and objectives. And in our global operations, we were awarded a transportation framework project in Scotland to support climate change adaptation and decarbonization.

在美國，我們贏得了與內布拉斯加州自然資源部的合同，負責進行洪氾區建模和測繪工作。此外，我們還在夏威夷和印第安納波利斯獲得了獎項，這些獎項旨在支持清潔交通，幫助我們的客戶實現其氣候目標。在全球業務方面，我們還獲得了蘇格蘭的一個交通框架項目，以支持氣候變遷調適和脫碳工作。

With respect to capacity constraints and reshoring of domestic production, there are dozens of projects that we're working on in different industries, including in technology with semiconductors, health care with vaccine production and logistics and fulfillment centers to shore up supply. We are seeing significant government funding flowing into these areas.

針對產能限制和國內生產回流的問題，我們正在不同行業開展數十個項目，包括半導體等科技領域、疫苗生產等醫療保健領域，以及旨在加強供應的物流和配送中心。我們看到大量政府資金正流入這些領域。

As we look forward to the rest of the year, we are very confident in our ability to achieve our financial targets. Our backlog has never been higher, having grown by well over $1 billion in the past 12 months, and we continue to see project opportunities accelerate. Significant U.S. federal funding is moving forward and even with cost escalation; our clients expect critical infrastructure projects will advance.

展望今年剩餘時間，我們對實現財務目標充滿信心。我們的訂單儲備額創歷史新高，過去12個月成長超過10億美元，而且專案機會持續加速成長。大量美國聯邦政府撥款正在推進，即使成本上升，我們的客戶也期望關鍵基礎設施項目能夠順利進行。

Private investment also remains robust, and especially in areas of water and food supply and resiliency, health care and industrial. And in some instances, federal funding is helping drive private investment, and there's no better example of this than the billions of dollars directed towards the reshoring of semiconductor manufacturing.

私人投資依然強勁，尤其是在水資源和食品供應及韌性、醫療保健和工業等領域。在某些情況下，聯邦政府的資金正在推動私人投資，最典型的例子莫過於數十億美元用於半導體製造業回流。

In late July, both the U.S. Senate and House passed a $280 billion CHIPS and Science Act. From this, $52 billion will go to support semiconductor chip manufacturing, including $39 billion for plant construction. Passage of this act was critical for many chip manufacturers to move forward with private investment, and we are already working with 5 of the top 10 semiconductor manufacturers. And the strength that Stantec brings to projects at this scale is our ability to provide multidiscipline expertise.

7月下旬，美國參眾兩院都通過了總額達2,800億美元的《晶片與科學法案》。其中，520億美元將用於支援半導體晶片製造，包括390億美元用於工廠建設。該法案的通過對許多晶片製造商推進私人投資至關重要，我們目前已與排名前十的半導體製造商中的五家展開合作。 Stantec在如此大規模的計畫中展現出的優勢在於我們能夠提供多學科的專業知識。

Our environmental experts, architects, transportation and water engineers, all play critical roles in bringing these facilities into reality. Europe has also passed similar legislation to reshore semiconductor production. So the opportunity for Stantec is tremendous.

我們的環境專家、建築師、交通工程師和水利工程師都在這些設施的建造過程中發揮著至關重要的作用。歐洲也通過了類似的立法，旨在將半導體生產遷回國內。因此，史坦泰克面臨巨大的機會。

Looking ahead, our outlook for the remainder of 2022 has not changed from the guidance we provided at the start of the year, and I believe Stantec remains very well positioned to capitalize on the opportunities ahead.

展望未來，我們對 2022 年剩餘時間的展望與年初提供的指導意見沒有改變，我相信 Stantec 仍然處於非常有利的位置，能夠抓住未來的機會。

With that, I'll turn the call back to the operator for questions. Operator?

那麼，我將把電話轉回給接線員，以便回答問題。接線生？

(Operator Instructions) We will now take our first question from Devin Dodge from BMO Capital Markets.

（操作員指示）現在我們來回答來自 BMO 資本市場的 Devin Dodge 的第一個問題。

The growth in the backlog year-to-date has been really impressive. Can you speak to how your bid pipeline looks, what you see right now and how that compares to maybe 6 to 12 months ago?

今年迄今為止，積壓訂單的成長確實令人印象深刻。您能否談談您目前的投標流程情況，以及與6到12個月前相比有何不同？

The opportunities that we're seeing, we have a system we call our Stantec opportunity pipeline. And so we do track projects that come in. And it's interesting that we're seeing continued strengthening of projects in the backlog. And so I think that -- or sorry, in the pipeline. So I do think that as we see these projects in the pipeline, they'll come through the bid process. And so I think we see positive supports for the backlog growing either even further as we progress through the rest of this year and into 2023.

我們看到的機會，都記錄在我們稱之為「Stantec 機會管道」的系統裡。我們會追蹤新進入的項目。有趣的是，我們看到待辦事項清單中的項目數量持續成長。所以我認為——或者更準確地說，是管道中的項目。我認為，隨著這些項目進入管道，它們最終會通過招標流程。因此，我認為隨著今年剩餘時間的推進以及進入 2023 年，待辦事項清單的成長勢頭將更加強勁。

And then maybe just continuing on with that. Can you speak to your success in your hiring efforts to expand the workforce? I'm just trying to understand if there was a significant net addition of employees in Q2 and if this is expected to continue into the second half of the year?

然後或許可以繼續推進這項工作。您能否談談貴公司在招募方面的進展，以擴大員工隊伍？我想了解第二季員工淨增人數是否顯著，以及這種成長動能是否會持續到下半年？

Yes, absolutely. And so one of the things that we've talked about is that we -- through this period of uncertainty, we want to continue to be a net importer of staff, of our employee base. And so through all of 2021 through Q2 of 2022, as we talked about previously and now I can confirm, in 2023, we hired more people than who left us. And so our headcount continues to grow. And in fact, we're up to a little over 26,500 people now. So we've had success in those onboarding efforts. We continue to grow organically our employee base, and we look for that to continue for the remainder of the year.

是的，當然。我們之前討論過，在這段充滿不確定性的時期，我們希望繼續保持員工淨流入，擴大我們的員工隊伍。正如我們之前提到的，從2021年全年到2022年第二季度，我可以確認，2023年我們招募的員工人數超過了離職員工人數。因此，我們的員工總數持續成長。事實上，我們目前的員工人數已經超過26,500人。我們在招募方面取得了成功。我們的員工隊伍持續自然成長，我們預計這種成長勢頭將在今年餘下的時間裡繼續保持。

We will now take our next question from Jacob Bout from CIBC.

接下來，我們將回答來自加拿大帝國商業銀行的雅各·布特提出的問題。

So strong double-digit organic growth in the Environment and Water business. Do you expect this to normalize in the quarters ahead? Or do you expect to see a step change going into 2023? And maybe talk through some of the revenue synergies from Cardno.

環境與水務業務實現了強勁的兩位數內生成長。您預計未來幾季這種成長會趨於正常嗎？還是預計2023年會出現質的飛躍？另外，能否談談從Cardno收購帶來的營收綜效？

Sure. The environmental business continues to be really, really robust. And so I think that we continue to see really positive performance in that group going forward, not just in North America, but in our global operations as well. And the types of synergies that we're seeing are projects where previously, Cardno perhaps would have to sub out or hire someone else to do archeological work. And now they hire Stantec for it. Where we have projects where Cardno was strong in one geography, Stantec was stronger in a different geography, we're not to offer this -- more of these combined skill sets to our clients and take on larger and sort of more geographically diverse projects. So we're seeing a lot of synergy there. We -- when we went into the transaction, we certainly foresaw that we'd have good linkages, good integration between the group and generate synergies. And actually it has really exceeded our expectations.

當然。環保業務依然非常強勁。因此，我認為我們將繼續看到該業務板塊的積極表現，不僅在北美，而且在我們的全球業務中也是如此。我們看到的一些協同效應體現在，以前卡德諾可能需要將考古工作外包或聘請其他公司，而現在他們會聘請史坦泰克來完成。在某些項目中，卡德諾在某個地區實力雄厚，而斯坦泰克在另一個地區實力更強，現在我們可以為客戶提供更多此類綜合技能，並承接規模更大、地域分佈更廣的項目。因此，我們看到了很多協同效應。在進行此交易時，我們當然預料到集團內部會建立良好的連結和整合，並產生綜效。而實際上，它確實超出了我們的預期。

And with the Cardno and Cox McLain acquisitions, are you rightsizing environmental now or -- and maybe just talk through strategically how you're thinking from an M&A perspective for your end market mix?

收購 Cardno 和 Cox McLain 後，你們現在是否正在調整環境業務規模？或者——也許可以談談你們從併購角度對終端市場組合的策略思考？

Yes. The environmental business continues to expand. So even though we've significantly grown the size of our environmental practice with bringing together Stantec, Cardno, Cox McLain. They are -- and Paleo this year as well. There are continued opportunities to grow that business. So we're going to continue to look there. We're -- there's a lot of midsized environmental firms in the U.S. that would really fill in additional geographies for us. So we're always in conversations with these types of firms. So yes, absolutely not what we consider ourselves to be done in the environmental space from both an organic and an acquisition growth perspective.

是的。環保業務持續擴張。儘管我們透過整合 Stantec、Cardno、Cox McLain 以及今年收購的 Paleo，顯著擴大了環保業務的規模，但該業務仍有持續成長的機會。因此，我們將繼續關注這一領域。美國有許多中型環保公司，它們可以為我們拓展更多業務區域。所以我們一直在跟這類公司洽談。因此，無論從自身成長或收購的角度來看，我們絕對沒有在環保領域止步不前。

We will now take our next question from Chris Murray from ATB Capital Markets.

接下來，我們將回答來自 ATB Capital Markets 的 Chris Murray 提出的問題。

I guess my first question is just thinking about your SG&A costs. Maybe now that we've had a couple of quarters of, call it, a more normal run rate with activity in books back in offices and things like that. Just wondering how you're feeling about some of the initiatives you guys have undertaken so far with real estate and really your confidence in being able to leverage the existing SG&A? Or how should we be thinking about needing to add to support further growth as we go forward?

我想問的第一個問題是關於你們的銷售、管理及行政費用（SG&A）。現在我們已經經歷了幾個季度，業務活動逐漸恢復正常，辦公室也重新開始辦公室等等。我想了解你們目前在房地產方面採取的一些舉措，以及你們對利用現有SG&A資金的信心如何？或者說，隨著業務的進一步成長，我們應該如何考慮是否需要增加SG&A資金？

Sure. So as far as our admin and marketing costs -- so relative to pre-COVID, we're still seeing that discretionary costs are lower, and that has been kind of the expectation that we had established in the business that they would not return to pre-pandemic levels. They are certainly higher than last year, and that was also to be expected as people begin to continue to travel more and get out to see clients. And so that has had a contribution to our increased admin cost this year, but I don't expect that they are going to continue to rise. I think they have, in some degree leveled off.

當然。就我們的行政和行銷成本而言——相對於疫情前，我們仍然看到可自由支配的成本較低，這與我們先前在業務中設定的預期一致，即這些成本不會恢復到疫情前的水平。當然，它們比去年要高，這也在意料之中，因為人們開始更多地旅行並拜訪客戶。因此，這導致了我們今年行政成本的增加，但我預計它們不會繼續上漲。我認為它們在某種程度上已經趨於穩定。

We're also seeing this year in our -- in that bucket of cost, higher integration and acquisition cost, the impact of Cardno, and as you noted, Cox McLain and Barton Willmore, those being farther afield, they do have significant costs associated with those. And so we do have an increase in those costs as well. And so those things together are going to contribute, but I think in a lot of ways have leveled off. I think as far as investments that we're making, we're continuing to focus on our business development efforts, on major pursuits. And that is contributing as well to slightly higher admin costs as we move forward. And there's always other elements, there are so many costs that sort of flow through there that there are puts and takes all the way around.

今年，我們在成本方面也看到了一些變化——更高的整合和收購成本，Cardno 的影響，以及您提到的 Cox McLain 和 Barton Willmore 等公司（它們距離較遠，也帶來了顯著的成本）。因此，這些成本也有所增加。這些因素加在一起會產生影響，但我認為在許多方面已經趨於穩定。就我們的投資而言，我們將繼續專注於業務拓展和重大項目。隨著業務的推進，這也導致了略微上升的管理成本。此外，還有其他因素，各種成本都會相互影響，因此成本的增減始終存在。

Our real estate, which you asked about as well, and you'll recall that, that sits outside of admin and marketing. And we're continuing to advance our optimization strategy that we began early last year and continue to be on track, we believe, to deliver on reducing our footprint by about 30% that we had talked about relative to our 2019 footprint and where Cardno is concerned, certainly, they have many office locations that we are now sort of midway through that process of evaluating what the landscape will look like? Where there are opportunities to consolidate spaces and so on there.

您剛才也問到了我們的房地產，您應該還記得，這部分不屬於行政和行銷的範疇。我們正在繼續推動去年初啟動的優化策略，並且相信目前進展順利，能夠實現先前設定的目標，即相對於2019年的辦公空間減少約30%。至於Cardno，他們有很多辦公地點，我們目前正在評估這些辦公地點未來的發展趨勢，看看哪些地方有機會進行空間整合等等。

There's a lot of things going on. And then the other thing, the question and maybe Theresa again, maybe this one is for you. Right now, with the close of Cardno, you're really near the top of your leverage range. I guess free cash flow, as you noted, or operating cash flows should improve in the second half, but we've also noticed you guys buying back some stock. Do you feel any pressure to have to get that leverage level down a little bit, just to support being able to do further acquisitions? I know you're still kind of inside your range, but at the top of it. How are you thinking about maybe wanting to walk that back over the next few quarters is maybe just what I'm curious about?

有很多事情正在發生。還有一件事，這個問題，也許特蕾莎，這個問題應該問你。現在，隨著Cardno的關閉，你們的槓桿率已經接近上限。正如你所說，我想自由現金流或經營現金流在下半年應該會有所改善，但我們也注意到你們正在回購一些股票。你們是否感到有壓力需要稍微降低一下槓桿率，以便能夠進行進一步的收購？我知道你們的槓桿率目前還在上限範圍內，但已經接近上限了。我很好奇的是，你們打算如何考慮在接下來的幾個季度逐步降低槓桿率？

Yes, for sure. So again, as I noted in my comments, we do see the first half of this year as being somewhat of a temporary dynamic. And I'm quite confident that, that will normalize in the second half of the year. We're already seeing evidence of that, particularly as we come out of the integration -- the financial piece of the migration at Cardno. And so I wouldn't say that I feel pressure. It's always important to me to maximize our cash flows and have as much space as possible available on our credit facilities. I don't think it hampers us in any way in terms of our growth ambitions. Access to capital remains strong. And so I think that we'll just continue to execute on our plan through the rest of this year and beyond. And as we continue on our M&A journey that as opportunities come up, we will fund them appropriately. I think we'll continue to have good capacity on our balance sheet and without having to go out and tap equity markets for the kinds of acquisitions in the size and scale that we have said we were pursuing.

是的，當然。正如我之前所說，我們認為今年上半年的情況在某種程度上只是暫時的。我很有信心，這種情況會在下半年恢復正常。我們已經看到了這個跡象，尤其是在我們完成整合——也就是卡德諾（Cardno）的財務遷移工作之後。所以我並不覺得有壓力。對我來說，最大化現金流並盡可能利用信貸額度始終至關重要。我認為這不會以任何方式阻礙我們的成長目標。我們依然擁有充足的資金。因此，我認為我們將繼續在今年餘下的時間裡以及未來幾年執行我們的計劃。隨著我們併購活動的推進，一旦出現機會，我們將提供適當的資金支持。我認為我們的資產負債表將繼續保持良好的融資能力，而無需像我們之前所說的那樣，透過股權市場進行大規模收購。

We will now take your next question from Michael Kypreos from Desjardins Capital Markets.

接下來，我們將回答來自德斯賈丁資本市場的邁克爾·基普雷奧斯提出的問題。

Some of your peers have been very active in M&A in the last few months. With the early success of Cardno, have you thought about a larger transaction? Or is it still the medium to small with 1,000 employees or less?

過去幾個月，你們的一些同行在併購方面非常活躍。鑑於 Cardno 的早期成功，你們是否考慮過進行更大規模的交易？還是仍專注於員工人數在 1000 人或以下的中小型企業？

As we've kind of been talking about over the last couple of quarters, we continue to look at acquisitions of all different sizes. And well, we have certainly seen some of that activity in the marketplace. But we'll stick to our knitting. We are making what we believe to be long-term decisions for the long-term sustainability of Stantec and shareholder value accretion. So yes, we're looking at all different types of firms, different geographies and different sizes. And in due course, we'll probably have an opportunity to talk more with you about that.

正如我們過去幾個季度一直在討論的那樣，我們會持續關注各種規模的收購機會。當然，我們也確實在市場上看到了一些相關的活動。但我們會專注於我們的核心業務。我們正在做出我們認為對Stantec的長期永續發展和股東價值提升都至關重要的長期決策。所以，是的，我們正在關注各種類型的公司，涵蓋不同的地理和規模。在適當的時候，我們可能有機會與您就此進行更深入的探討。

And then maybe just secondly, on the U.S. Biden infrastructure plan. Have you seen any more clarity or any early signs? Or is it really more of a still a 2023 story?

其次，關於拜登的美國基礎設施建設計劃，您是否看到任何更清晰的進展或早期跡象？還是說這真的要等到2023年才能見分曉？

Yes. So with the big one, of course, is the IIJA. And we are seeing that the 2022 funding from that has been disbursed to the various agencies. We're currently working on projects related to that as well. But we do see more and more projects coming out. And while we are generating some revenue from it now. It certainly will be -- will continue to strengthen through the second half of this year and really into 2023 and provide support even from -- for years beyond that. But in addition to that, the IIJA, there's the CHIPS and Science Act that I think will continue to spur additional development in the semiconductor industry. And as we've talked about, we're already working on several projects related to semiconductor manufacturing and with 5 of the top 10 manufacturers around the world.

是的。當然，其中最重要的就是《國際工業與工業發展法案》（IIJA）。我們看到，該法案2022年的撥款已經撥付給了各個機構。我們目前也正在進行一些相關的項目。而且，我們看到越來越多的項目正在湧現。雖然我們現在已經從中獲得了一些收入，但可以肯定的是，它將在今年下半年甚至2023年繼續增強，並在未來幾年繼續提供支援。除了《國際工業與工業發展法案》之外，還有《晶片與科學法案》，我認為它將繼續推動半導體產業的進一步發展。正如我們之前提到的，我們已經在與全球十大半導體製造商中的五家合作開展多個與半導體製造相關的項目。

But then we also see additional supports from the Inflation Reduction Act really from the perspective of what that could do from a renewable power perspective and renewable fuels, EV, charging infrastructure and so on. So I think we see a lot of strong supports coming for Stantec and for our industry overall through the remainder of '22, '23 and beyond.

但我們也看到，《通膨降低法案》也為再生能源、再生燃料、電動車、充電基礎設施等領域提供了額外的支持。因此，我認為在2022年剩餘時間、2023年及以後，Stantec以及我們整個產業都將獲得強而有力的支持。

We will now take our next question from Mark Neville from Scotiabank.

接下來，我們將回答來自加拿大豐業銀行的馬克·內維爾提出的問題。

Earlier in your comments, Gord, you said you've already achieved, I think the $10 million synergies from Cardno. But when you're talking about the synergies, it's a lot more like revenue and some project pursuits that you won. But -- so I just want to clarify, $10 million to date has been on the cost side. Anything that's revenue or real estate would be additive? Is that correct?

戈德，你之前提到已經實現了從卡德諾獲得的1000萬美元協同效應。但你所說的綜效，更多的是指收入和一些你成功拿下的項目。所以我想確認一下，到目前為止的1000萬美元是指成本方面的收益。任何收入或房地產方面的收益都算在內嗎？是這樣嗎？

Well, you're right. The $10 million that we spoke about was on the cost side. And that would include real estate. That would include things on IT systems and insurance and all those sorts of things that we've been working through. but in addition to that, separately from that, and actually, we didn't disclose the number on the revenue side, but we have hundreds of joint projects that are underway. And so yes, that $10 million that we spoke about, that was really only the cost run rate synergy that we had talked about and we have achieved that already ahead of schedule and that's really just because of the -- I think, the strong integration and the way that our teams are working together. This isn't Stantec just coming up with ideas on how we can collectively reduce cost, Cardno is doing the same. And sometimes, they're coming and saying, Stantec, if you did this, collectively, we could reduce cost. So it's actually been extremely, extremely positive.

沒錯，你說得對。我們之前提到的1000萬美元指的是成本方面的支出，包括房地產、IT系統、保險以及我們一直在努力解決的所有其他方面。除此之外，還有收入方面的支出，雖然我們沒有透露具體數字，但我們目前有數百個聯合項目正在進行中。所以，我們之前提到的1000萬美元實際上只是我們討論過的成本協同效應，而且我們已經提前實現了這個目標，這主要歸功於我們團隊的緊密合作和高效協作。這不僅是Stantec提出如何共同降低成本的想法，Cardno也在做同樣的事情。有時，他們會主動提出：「Stantec，如果你們這樣做，我們就能共同降低成本。」所以，這種合作實際上非常非常積極。

And just on the real estate opportunity at Cardno, would it be material? Again, like I think you guys were taking 30% of your footprint out. So I just from 2019. So I'm just curious the opportunity to size Cardno.

關於Cardno的房地產投資機會，這是否具有實質意義？我記得你們當時好像把30%的辦公空間都搬走了。我指的是2019年的情況。所以我很好奇Cardno的房地產投資機會規模如何。

Yes. It's hard for me to quantify at this stage. We're just not far enough along yet Mark, to know. But I think it could be significant, but we're continuing to do that work. We'll have more to say when we're further along.

是的。現階段我很難量化。馬克，我們還沒走到那一步，所以還不能確定。但我認為這可能意義重大，我們會繼續進行這項工作。等有了更深入的了解，我們會再公佈更多資訊。

Got it. And just a follow-up on the M&A. I guess 2-part question. Just in terms of -- with the Cardno going so well and would you feel comfortable doing something sooner? Or is the main focus to integration in the second part? Theresa, I think in response to (inaudible) questions, you mentioned something about equity, this wasn't -- I didn't -- I wasn't quite sure like how you said.

明白了。關於併購，我還有一個後續問題。我想這個問題可以分成兩個部分。首先，鑑於 Cardno 的進展如此順利，您是否覺得自己可以更快採取行動？還是說，第二部分的主要重點是整合？ Theresa，我想在回答（聽不清楚）問題時，您提到了股權，但這並不是——我不太確定您是怎麼說的。

Sure. Maybe I'll start on the first part. A lot of these opportunities for more substantial M&A opportunities are really opportunistic. It's -- we're always in different levels of discussion with firms, and it really is when they're ready to come. We -- as you say, Cardno is going very, very well. And so if there was something that was ready to come, would we hold off on it? No, I don't think we would. I think we'd be ready to move forward. But we also won't move forward and just do something because others have been. We're going to keep our discipline and we'll act when the time is right. And maybe I'll pass it to Theresa for that other question.

當然。或許我可以先回答第一部分。很多更實質的併購機會其實都是機會主義的。我們一直在和不同的公司進行不同層次的洽談，關鍵在於他們何時準備好。正如你所說，Cardno 目前發展得非常順利。那麼，如果真的有合適的收購機會，我們會延後嗎？不，我想我們不會。我認為我們會做好準備。但我們也不會因為別人這麼做就盲目跟風。我們會保持謹慎，在適當的時機採取行動。至於另一個問題，或許我可以交給 Theresa 來回答。

Yes. So the point I was trying to make, Mark, is that in response to the question of what our leverage being at the upper end of our range and like that hamper us from doing M&A at this point and the response is no. And as I look out towards the rest of this year, we're such a strong cash flowing business, that really has not changed. So we've seen a couple of temporary dynamics that disrupted cash flows for the first half of this year, but that will normalize.

是的。所以，馬克，我想表達的重點是，針對我們目前槓桿率處於較高水平是否會阻礙我們進行併購的問題，答案是否定的。展望今年剩餘時間，我們是一家現金流非常強勁的公司，這一點並沒有改變。雖然今年上半年出現了一些暫時的現金流波動，但這些波動會逐漸恢復正常。

And so to that extent, we will have a strong balance sheet. We will have lots of capacity on our balance sheet to be able to fund the general size of acquisitions that we think about. Now certainly, a bigger acquisition, and I can't take equity completely off the table. But as far as thinking about the kind and size and scale of the acquisitions we've done, there's not a concern on my part that we're over levered in and I'd be required to issue equity.

因此，從這個意義上講，我們的資產負債表將非常穩健。我們的資產負債表擁有充足的資金，足以支持我們計劃中的各種規模的收購。當然，如果收購規模更大，我不能完全排除股權融資的可能性。但就我們以往收購的類型、規模和範圍而言，我並不擔心我們的槓桿率過高，也不需要發行股票。

Got it. And if I can ask one last question. Gord, you mentioned a few times semiconductor manufacturing. Just how significant an opportunity are these chip foundries for you guys to go up?

明白了。如果可以的話，我最後一個問題。戈爾德，你之前幾次提到半導體製造。對你們來說，這些晶片代工廠的發展機會究竟有多大？

Yes. What's interesting, when you think about like a semiconductor manufacturing facility, other than the actual equipment that goes inside the building to manufacture the chips, Stantec can do the rest of it. All the water and high-purity water, just general water and wastewater, the buildings, the site, civil, the permitting, like we do all of that work. And so as we're talking with a number of these clients, that's particularly attractive to them, that we have one firm that can provide that multidisciplinary experience for everything except what's inside the building, and there's others who do that. So I think that's an area. But in addition to semiconductor manufacturing, there's a lot of other reshoring that we're seeing.

是的。有趣的是，想想半導體製造廠，除了廠房內用於製造晶片的實際設備之外，Stantec 可以包辦其他一切。從水處理、高純度水處理、普通用水和廢水處理，到廠房建設、場地規劃、土木工程、許可證辦理等等，我們統統都能搞定。因此，在與許多客戶洽談的過程中，他們發現我們公司能夠提供除廠房內部設備以外的所有多學科服務，這對他們來說尤其有吸引力。而廠房內部設備雖然也有其他公司提供，但Stantec在這方面確實很有優勢。除了半導體製造之外，我們還看到許多其他行業的企業正在回流。

We've just, I think, maybe even more focused on talking about semiconductors because it's an area that we're doing a lot in and it's certainly on everyone's mind these days. But we're working on vaccine production facilities. We're working on other renewable energy sort of equipment set facilities, solar panels, different things like that. So we're doing a lot of work like that, Mark, and it's really an exciting area for us. So I think all of these things combined is also a very, very strong tailwind for us for actually for many years to come.

我認為，我們可能更專注於半導體領域，因為這是我們投入大量精力的領域，而且它也是目前大家關注的焦點。但我們也在研發疫苗生產設施，以及其他再生能源設備，像是太陽能板等等。馬克，我們在這方面做了很多工作，這確實是一個令人興奮的領域。我認為所有這些因素結合起來，將在未來很多年為我們帶來非常強勁的發展動力。

We will now take our next question from Bryan Fast from Raymond James.

接下來，我們將回答來自 Raymond James 公司的 Bryan Fast 提出的問題。

Yes. I guess as you look at the backlog, are you seeing a higher rate of projects, I guess, pared back or rescoped and just maybe some comments on the health backlog, just given the shifting macro backdrop.

是的。我想，當你查看待辦事項清單時，你是否發現專案縮減或重新調整範圍的比例更高？鑑於宏觀環境的變化，你或許可以就待辦事項清單的健康狀況發表一些評論。

Yes. So it's interesting as we look at the backlog, it's very healthy. The gross margin or the project margin in there is healthy. So we feel good about that. And the -- we haven't really seen, as I mentioned in the prepared remarks, we've seen some projects, maybe people are talking about pushing them up to the right, but nothing material. And so to your point about with inflation and cost escalation, are we seeing anything on projects? What we are seeing is sometimes is that we're getting an additional assignment from our clients to see how we could rescope the project to bring it in at a lower cost.

是的。有趣的是，我們查看了積壓訂單，情況非常健康。毛利率或專案利潤率也很健康。所以我們對此感到滿意。而且——正如我在準備好的演講稿中提到的，我們還沒有真正看到一些項目，也許有人在討論將它們提前交付，但沒有什麼實質性的變化。所以，關於您提到的通貨膨脹和成本上漲，我們在專案方面看到什麼影響嗎？我們看到的情況是，有時客戶會給我們額外的任務，讓我們看看如何重新調整專案範圍，以降低成本。

So in many cases, it's actually increasing our fees because of this value engineering component to it. So it's -- is it something we're watching closely? Absolutely. But to this point, it really hasn't pushing the backlog out to the right or cancellations has not been material for us at all.

所以在很多情況下，由於這種價值工程機制，實際上提高了我們的收費。因此，我們當然會密切關注。但到目前為止，它並沒有真正導致積壓訂單提前，取消訂單的情況對我們來說也微乎其微。

That's helpful. And then when we look at project margin, we saw similar trends as Q1 where U.S. and Global were up and Canada was down. Is that just related to mix in Canada? And then how should we think about those trends going forward?

這很有幫助。然後，當我們查看專案利潤率時，發現與第一季類似的趨勢，即美國和全球利潤率上升，而加拿大利潤率下降。這是否僅僅與加拿大的業務組合有關？那麼，我們該如何看待這些趨勢的未來發展呢？

Yes. In this particular quarter, there was a dynamic around project mix that had Canada a little bit lower. Our business is always going to be subject to those dynamics we're talking about its project mix, it's our -- it's how well we execute. And it's our ability to price these projects well and then deliver on what we've priced it at. And so, we have seen an increased focus and discipline around those elements. And so as we look forward, we only talk about being in that 53% to 55% kind of hit it right on the nose in the middle of this quarter. And I would expect that, that would continue.

是的。本季度，專案組合方面存在一些變化，導致加拿大專案佔比略低。我們的業務始終會受到這些因素的影響，例如專案組合、執行效率，以及我們能否合理定價並按時交付。因此，我們看到公司在這些方面更加重視細節，也更加嚴格地執行計劃。展望未來，我們預計本季中期加拿大專案佔比將維持在 53% 到 55% 之間，這個目標基本上將實現。我預計這一趨勢將會持續下去。

We will now take our next question from Ian Gillies from Stifel.

接下來，我們將回答來自 Stifel 公司的 Ian Gillies 提出的問題。

Following on some of the M&A questions and the success you're having with Cardno; how does it change your view about maybe sizing from an employee count perspective. If we went back a year ago, it was kind of -- the target was 1,000 people or less, Cardno was obviously substantially bigger. And given your experience today now, are you willing to go to an even bigger size if the right opportunity presented itself?

鑑於先前關於併購的一些問題以及您在 Cardno 的成功，您對員工人數規模的看法是否有所改變？如果回顧一年前，目標公司的員工人數大約在 1000 人或以下，而 Cardno 的規模顯然要大得多。鑑於您目前的經驗，如果出現合適的機遇，您是否願意將公司規模擴大到更大？

Yes. I think it all depends on exactly as you said, the right opportunity. And the reason that the Cardno acquisition is being so successful for us is that, it's the right type of business and the cultural fit was there. And that's so huge for us. And so absolutely, I think if we saw the right firm with the right cultural fit, transacting for the right reasons, that would be additive to us, we absolutely would look at it, Ian.

是的。我認為一切都取決於你剛才說的，合適的時機。我們之所以對 Cardno 的收購如此成功，是因為它是一家合適的企業，文化契合度很高。這對我們來說至關重要。所以，我絕對認為，如果我們遇到一家合適的公司，文化契合度高，而且收購的理由也正確，這對我們有利，我們肯定會考慮收購，伊恩。

Okay. That's helpful. And switching to the organic revenue growth side. Global has been very, very strong for 5 quarters now, and you mentioned the term maturity in your prepared remarks. And I was just hoping to get your thoughts around if and when you may think the organic growth in that segment may revert to the mean or towards kind of the corporate average or whether it should stay quite high for the foreseeable future.

好的，這很有幫助。接下來我們來談談有機營收成長方面。全球業務已經連續五個季度表現非常強勁，您在準備的發言稿中也提到了「成熟期」這個詞。我想了解的是，您認為該業務板塊的有機增長何時會回歸均值或接近公司平均水平，還是會在可預見的未來繼續保持高位？

Yes. I think, Ian, that it really has been pretty spectacular this year for Global. I would not expect that over multiple years; it's going to have such high double-digit or organic growth. I think it will normalize. We haven't completed our planning for next year yet, so I can't tell you where we think that will land. But I would suspect that it will not be as strong next year that it could repeat this kind of organic growth.

是的。伊恩，我認為今年Global的表現確實非常出色。但我並不認為這種高成長能持續好幾年；它不太可能維持兩位數的有機成長。我認為成長速度會趨於正常。我們還沒有完成明年的計劃，所以我無法預測明年的業績。但我估計明年的成長不會像今年這麼強勁，不太可能再次實現如此高的有機成長。

(Operator Instructions) We will now take our next question from Sabahat Khan from RBC Capital Markets.

（操作員指示）現在我們來回答來自加拿大皇家銀行資本市場的薩巴哈特·汗的下一個問題。

So I guess on the guidance, I think when we think about margins for the rest of the year, first half looks roughly in line to slightly ahead. How do you -- is there any commentary you can provide on kind of the cadence of EBITDA margin for Q3 and Q4? Any big picture puts and takes that we should consider?

所以，關於業績指引，我認為展望今年剩餘時間的利潤率，上半年的預期大致符合預期或略有超出。您能否就第三季和第四季的 EBITDA 利潤率趨勢提供一些評論？我們應該考慮哪些宏觀層面的優缺點？

Well, I think generally, when you think about the cadence of our earnings, including our EBITDA margin, Q2 and Q3 generally tend to be the higher margin quarter, that's when we are busiest and Q1 and Q4 slightly less. So I think you -- I would expect it to see generally got the same shape this year that they'll remain quite robust for Q3 would be my expectation and then come back a little bit in Q4. But our target range of that 15.3 to 16.3 remains what we're focused on delivering. And I think that that's still realistic for us to be moving towards.

嗯，總的來說，我認為，從我們的獲利節奏來看，包括EBITDA利潤率在內，第二季和第三季通常是利潤率較高的季度，因為那也是我們最忙的時候，第一季和第四季則稍低一些。所以我預計今年整體情況會和去年類似，第三季會保持強勁，第四季會略有回落。但我們仍專注於實現15.3%到16.3%的目標區間。我認為我們朝著這個目標努力仍然是現實的。

And then as we think about kind of the bigger picture growth strategy kind of going forward, one of the things that you kind of -- I think you indicated you want to project kind of the product management side or program management. A few of your peers have really focused on that side of the business. How do you feel about sort of pursuing more work in that area versus design? Or is that capabilities you want to add? What's kind of your mix right now? I just want to get a perspective on that piece of the business?

然後，當我們思考未來更宏觀的成長策略時，您似乎提到想加強產品管理或專案管理方面的能力。您的幾位同事也確實專注於這方面。您覺得在產品管理領域投入更多精力，還是應該繼續專注於設計？或者說，您是否希望增加這方面的能力？您目前的團隊組成是怎樣的？我想了解一下您對這部分業務的看法。

Yes. program management is a very attractive piece of the business, absolutely. And so we are always looking to expand into that area. When you think about the project that we spoke about there, the Iona Island Wastewater Treatment Plant Project, it's a massive undertaking. And so the program management there will -- it will be for 5 years or more. So these are really nice long-term long-duration projects where we can make a difference for our client. So it is absolutely an area that we're looking to continue to grow even further, Sabahat.

是的，專案管理絕對是我們業務中極具吸引力的部分。因此，我們一直在尋求拓展這方面的業務。想想我們剛才提到的艾奧納島污水處理廠項目，那是一個規模龐大的工程。因此，該專案的專案管理將持續五年甚至更久。這些都是非常好的長期項目，我們可以在這樣的項目中為客戶帶來真正的價值。所以，薩巴哈特，這絕對是我們希望繼續進一步發展的領域。

And then just kind of one last one. I think over the last few quarters, you did indicate that you want some projects late last year on the U.S. side, they were just getting going. I guess, with the growth that you reported this quarter, should we assume that those bigger wins from last year starting to flow through and those are underway?

最後還有一個問題。我想在過去的幾個季度裡，您確實提到過去年年底在美國有一些專案想要啟動，這些專案當時才剛開始。我想，根據您本季公佈的成長情況，我們是否可以認為去年那些較大的專案已經開始見效，並且正在推進中？

Absolutely. Yes. That's what we're really seeing. It takes a little while for the funding to get going for the awards that happen and now we absolutely are beginning to generate revenue from a number of these larger U.S. awards that we previously announced.

當然。是的。這正是我們所看到的。獎項的資金到位需要一段時間，但現在我們已經開始從之前宣布的一些較大的美國獎項中獲得收入了。

As there are no further questions in the queue, I'd like to turn the call back to your speakers for any additional or closing remarks.

由於隊列中沒有其他問題，我想把通話轉回給發言人，請他們再補充或作總結發言。

Well, just thanks again for joining us today, and we look forward to connecting with you in the weeks and months to come as we continue to evolve through executing on our 2022 plan. So thanks very much, everyone.

再次感謝各位今天參與我們的活動，我們期待在接下來的幾週和幾個月裡與大家保持聯繫，共同推進我們2022年計劃的實施。非常感謝大家。

That will conclude today's conference call. Thank you for your participation. Ladies and gentlemen, you may now disconnect.

今天的電話會議到此結束。感謝各位的參與。女士們、先生們，現在可以掛斷電話了。