Stantec Inc (STN) 2022 Q3 法說會逐字稿

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

歡迎參加Stantec公司2022年第三季財報電話會議。主持本次會議的是總裁兼執行長Gord Johnson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 qualifications set out on Slide 2, detailed in Stantec's management discussion analysis and incorporated in full for the purposes of today's call. Unless otherwise noted, the 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中列出的前瞻性聲明限制的約束，這些限制已在Stantec的管理層討論分析中詳細說明，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。

With that, I am pleased to turn the call over to Mr. Gordon.

接下來，我很高興將電話交給戈登先生。

Good morning, and thank you for joining us today. I'm very pleased to report record third quarter results that delivered in line with our expectations. Our results reflect strong operational performance, and the ongoing solid execution of our strategic plan, delivering both top and bottom line growth. We generated a 24% increase in net revenue, reaching approximately $1.2 billion propelled by the key drivers that we've noted over the course of this year, aging infrastructure, climate change and sustainability and the reshoring of domestic production.

早安，感謝各位今天蒞臨。我非常高興地向大家匯報，第三季業績創歷史新高，符合預期。我們的業績反映了強勁的營運表現，以及策略計畫的持續有效執行，實現了營收和利潤的雙重成長。淨收入成長了24%，達到約12億美元，這主要得益於我們今年以來關注的關鍵驅動因素，包括基礎設施老化、氣候變遷和永續發展以及國內生產回流。

Net revenue was driven by double-digit organic growth of 11% and acquisition growth of 13%. We continue to drive organic growth in each of our geographic regions and business units. Notably, Water and Energy & Resources delivered 16% and 17% organic growth, respectively. Environmental Services continues to have a very strong year with over 9% organic growth and a 47% net revenue increase overall. Water and Environmental Services continue to account for 40% of our business, which speaks to the strong weighting of our business towards addressing climate change and sustainability challenges. We achieved solid project and EBITDA margins of 54.1% and 16.7%, respectively. And this performance translated into adjusted diluted earnings per share of $0.86 for the quarter.

淨收入主要得益於兩位數的內生成長（11%）和收購成長（13%）。我們持續推動各地區和業務部門的內生成長。值得注意的是，水務和能源與資源業務分別實現了16%和17%的內生成長。環境服務業務今年表現依然強勁，內生成長超過9%，淨收入整體成長47%。水務和環境服務業務持續占我們總業務的40%，這反映了我們業務在應對氣候變遷和永續發展挑戰方面的高度重視。我們實現了穩健的專案利潤率和EBITDA利潤率，分別為54.1%和16.7%。此業績轉化為本季調整後攤薄每股收益0.86美元。

Looking at our results by region. Our activity level in the U.S. continues to increase, driven by momentum in both public and private investments. We grew net revenue by almost 29% overall, with 12% organic growth, 13% acquisition growth and 4% from the stronger U.S. dollar. Organic growth in water was driven by the ramp-up of public sector and projects including advanced manufacturing projects as well as our work on large-scale water security projects addressing water scarcity risks in the Western U.S.

按地區來看我們的業績。在美國，我們的業務活動持續成長，這得益於公共和私人投資的強勁勢頭。我們的淨收入整體成長近29%，其中12%來自內生成長，13%來自收購成長，4%來自美元走強。水務業務的內生成長主要得益於公共部門業務的拓展，以及包括先進製造業項目在內的多個項目的推進，此外，我們還參與了旨在解決美國西部地區水資源短缺風險的大型水安全項目。

We also delivered solid organic growth in Infrastructure from work on projects in transportation as well as in industrial and residential land development activities. And we continue to see activity levels recover in buildings with investments still flowing into health care and science and technology. Of note, our U.S. Environmental Services business has now grown to match the net revenue generation of our U.S. infrastructure business. Our results reflect how well aligned our U.S. business is to continue to capture the wave of opportunities and funding being made available to address the key drivers and developing trends. Canada continued to perform very well.

我們在基礎設施領域也實現了穩健的內生成長，這得益於交通運輸項目以及工業和住宅用地開發活動。同時，我們看到建築業的活動水準持續復甦，醫療保健、科技領域的投資也持續流入。值得一提的是，我們的美國環境服務業務的淨收入現在已與美國基礎設施業務的淨收入持平。我們的業績反映了美國業務與當前情勢的高度契合，能夠持續掌握機遇，並利用現有資金來應對關鍵驅動因素和發展趨勢。加拿大業務也持續保持著非常優異的表現。

Net revenues were up 7% in the quarter, all attributed to organic growth. Similar to the U.S., both private and public spending remains robust in Canada. We saw the strongest growth in Environmental Services with continued high demand for permitting work in archeological services and in Energy & Resources, where power transmission and distribution and energy transition work generated continued opportunities.

本季淨收入成長7%，皆歸功於內生成長。與美國類似，加拿大的私人和公共支出依然強勁。環境服務業務成長最為顯著，考古服務許可工作的需求持續旺盛；能源與資源業務成長最為強勁，電力傳輸與分配以及能源轉型工作持續帶來機會。

We also grew our Infrastructure revenues with ongoing work in community development through the housing market, bridge work in Quebec and the continued recovery efforts in British Columbia from last year's flooding. Work on public health care and private commercial projects drove growth in our Building segment.

我們也透過持續推動社區發展，包括房屋市場計畫、魁北克省的橋樑建設以及不列顛哥倫比亞省去年洪災後的持續災後重建工作，實現了基礎設施收入的成長。公共醫療保健和私人商業項目則推動了建築業務板塊的成長。

And our global region continues to lead with 38% net revenue growth for the quarter or 44% on a constant currency basis. Global also continued to have the highest organic growth at just over 14%. The strength of our acquisition programs generated additional net revenue growth of 30%. Our Water business continues to be a significant pillar for us to capture long-term framework opportunities in both the U.K. and New Zealand, and we also continue to see strong demand for our services and community development and in mining. So you can see that the themes we've been discussing continue to play out across all of our regions.

我們的全球區域持續維持領先地位，本季淨收入成長38%，以固定匯率計算成長44%。全球區域也持續維持最高的內生成長率，略高於14%。我們強勁的收購計劃帶來了30%的額外淨收入成長。我們的水務業務仍然是我們在英國和紐西蘭把握長期框架協議機會的重要支柱，同時我們也看到市場對我們的服務、社區發展和採礦業的強勁需求。由此可見，我們一直在討論的主題在我們所有區域都持續發揮作用。

With that, I'll turn the call over to Theresa to review our Q3 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三季的財務表現。

Thank you, Gord, and good morning, everyone. As Gord stated, Q3 was a very solid quarter for us. We grew gross revenue by 26% and net revenue by 24%. Project margin was also up 24%, driven by strong net revenue growth. As a percentage of net revenue, project margin was very solid at 54.1%, in line with our expectations. Our project margin reflects our continued discipline in project execution, our ability to increase rates on certain projects to mitigate the impacts of wage inflation and increased selectivity in project pursuit. .

謝謝Gord，大家早安。正如Gord所說，第三季對我們來說是一個非常穩健的季度。我們的總收入成長了26%，淨收入成長了24%。專案利潤率也成長了24%，這主要得益於強勁的淨收入成長。專案利潤率佔淨收入的比例為54.1%，非常穩健，符合我們的預期。我們的專案利潤率反映了我們在專案執行方面一貫的嚴謹作風，我們能夠提高某些專案的費率以緩解薪資上漲的影響，以及我們在專案選擇方面更加謹慎。

Consistent with the increase in our project margin, we also delivered adjusted EBITDA growth of 24%. And through solid execution across the business, adjusted EBITDA margin was 16. 7%, directly in line with Q3 2021.

與專案利潤率的成長一致，我們的調整後 EBITDA 也成長了 24%。透過業務的穩健執行，調整後 EBITDA 利潤率為 16.7%，與 2021 年第三季持平。

Turning to our earnings. Net income in the quarter was $68 million or $0.61 per share. This was down slightly compared to Q3 2021, primarily driven by acquisition-related expenses. Our adjusted net income for the third quarter was $95 million or $0.86 per share, an increase of 18% and 19%, respectively over Q3 2021, reflecting our focus on delivering both top line and bottom line growth.

接下來談談我們的獲利情況。本季淨利為6800萬美元，合每股0.61美元。與2021年第三季相比略有下降，主要原因是收購相關費用。經調整後，第三季淨利為9,500萬美元，合每股0.86美元，分別較2021年第三季成長18%和19%，體現了我們致力於實現營收和利潤雙成長的策略。

Looking at our liquidity and capital resources. Operating cash flows in the quarter were $93 million. DSO was 86 days, largely resulting from the Cardno integrate and 2 days from the effect of foreign exchange. And net debt to adjusted EBITDA was at 1.9x. As we approach completion of the Cardno financial migration, cash flows are beginning to normalize, and we continue to expect cash flows, DSO and leverage to be at more typical levels by the end of the year. However, the disruption during the financial migration has led to our average debt level for the year being slightly higher than anticipated, and this will impact 2022 adjusted ROIC.

從流動性和資本資源來看，本季經營現金流為9,300萬美元。應收帳款週轉天數（DSO）為86天，主要受Cardno整合的影響，另有2天受匯率波動影響。淨債務與調整後EBITDA比率為1.9倍。隨著Cardno財務遷移接近完成，現金流開始趨於正常，我們預計到年底現金流、DSO和槓桿率將恢復到更正常的水平。然而，財務遷移期間的波動導致我們全年的平均債務水準略高於預期，這將對2022年的調整後ROIC產生影響。

With that, I'll turn the call back over to Gord.

這樣，我就把電話轉回給戈爾德了。

Thank you, Theresa. We continue to see very strong activity across our business. This is clearly evident in our backlog, which has grown organically by 15% since the beginning of the year and has reached an all-time high of $6.2 billion, representing 14 months of work.

謝謝特蕾莎。我們各項業務持續維持強勁成長動能。這點從我們的積壓訂單中可見一斑，自年初以來，積壓訂單已自然增長15%，達到歷史新高62億美元，相當於14個月的工作量。

As expected, increases in backlog were particularly strong in the U.S., where we had almost 21% organic growth followed by 10% organic growth in Canada. The projects being recorded and backlog are largely following the themes that we've been discussing throughout the year, driving 20-plus percent organic growth in our backlog for Infrastructure, Buildings and Energy & Resources.

正如預期，美國的積壓訂單成長尤為強勁，實現了近21%的自然成長，加拿大緊隨其後，實現了10%的自然成長。目前已記錄的項目和積壓訂單基本上符合我們全年討論的主題，推動了基礎設施、建築以及能源與資源領域的積壓訂單實現了超過20%的自然增長。

Turning to some of our major project wins in the quarter. In the U.S., we were awarded a bridge and structures project through the Colorado Department of Transportation for Construction Management, construction inspection and materials testing. And we're also very active with project awards for our water programs around the country. These include the design of an alternative water source program in Illinois, project management and a biological review for underground and systems hardening in California and projects for water quality and dam improvements in the Western U. S.

接下來談談本季我們取得的一些重大項目。在美國，我們透過科羅拉多州交通部獲得了一個橋樑和結構項目，負責施工管理、施工檢驗和材料測試。此外，我們在全國各地的水務項目方面也非常活躍，獲得了不少項目合約。這些項目包括伊利諾伊州的替代水源方案設計、加州地下管網和系統加固項目的專案管理和生物評估，以及美國西部的水質和水壩改造工程。

Turning to Canada. In British Columbia, we were selected as the prime consultant for the Cape horn Pump Station # 3 for our client Metro Vancouver. And in Toronto, we won a continued services in funding contract with Metrolinx in the Greater Toronto area. In our global region, we are excited to be contributing to the development of the transport corridors in the form of Africa. This project will enable increased mobility and trade with Africa and within Europe. And we've been awarded our -- and we've been awarded project management services for an airport expansion project in Asia, our first in the region. These highlighted project wins are reflective of the robust funding being directed towards addressing a significant multifaceted challenges being faced around the world.

再來看看加拿大。在不列顛哥倫比亞省，我們被選為大溫哥華地區客戶－合恩角3號泵站專案的主要顧問。在多倫多，我們贏得了與Metrolinx在大多倫多地區簽訂的持續服務融資合約。在全球範圍內，我們很高興能為非洲交通走廊的建設貢獻力量。該計畫將促進非洲與歐洲之間的交通往來和貿易往來。此外，我們也獲得了亞洲某機場擴建工程的專案管理服務，這是我們在該地區的第一個專案。這些重點項目的成功中標，反映了各方正大力投入資金，以應對世界各地面臨的許多重大挑戰。

As we engage with our clients, we continue to see strong advancement of projects despite some of the economic headwind fears. The message remains the same, that the need to address these imperatives continues to out with the risk of cost increases and recession concerns. So as we look forward to the rest of the year, with the strong performance that we've delivered year-to-date, we are confident in our ability to achieve our 2022 financial targets for adjusted diluted EPS growth, net revenue growth, adjusted EBITDA and adjusted net income margin.

在與客戶的合作過程中，儘管面臨一些經濟逆風的擔憂，我們仍然看到專案進展強勁。我們傳遞的訊息始終不變：解決這些迫切需求的必要性高於成本上升和經濟衰退的風險。展望今年餘下的時間，憑藉我們迄今為止的強勁業績，我們有信心實現2022年調整後攤薄每股收益增長、淨收入增長、調整後EBITDA和調整後淨利潤率的財務目標。

As Theresa indicated, we now anticipate delivering adjusted ROIC of greater than 10% for 2022 compared to our previous guidance of greater than 10.5%. Our execution has been solid, and I'm very pleased with the continued growth that we're seeing in all our regions and businesses. We expect this dynamic to continue into next year and into the years to come.

正如特蕾莎所指出的，我們現在預計2022年調整後投資回報率將超過10%，高於先前10.5%的預期。我們的執行力非常穩健，我對所有地區和業務的持續成長感到非常滿意。我們預計這種成長勢頭將推遲到明年以及未來幾年。

In the U.S., public funding from the IIJA, the CHIPS Act and the Inflation Reduction Act is starting to accelerate and provide more opportunities in these critical areas. Similarly, in the U.K., early procurement for services AMP7 is already underway. Spend levels for AMP8 are expected to be higher than AMP7 as they seek to address severe drought conditions that we haven't seen in decades and the continuing need to harden critical water infrastructure.

在美國，來自《國際工業發展法案》（IIJA）、《社區發展和基礎建設法案》（CHIPS Act）以及《通貨膨脹削減法案》的公共資金正開始加速投入，為這些關鍵領域提供更多機會。同樣，在英國，第七個資產管理計畫（AMP7）的服務採購工作也已啟動。由於需要應對數十年來未見的嚴重乾旱以及持續加強關鍵供水基礎設施建設，預計第八個資產管理計畫（AMP8）的支出水準將高於AMP7。

And in Canada, the need for Environmental Services and energy transition continues to grow at an unprecedented pace. Stantec is very well positioned to capture many of these opportunities and to create significant value for all of our stakeholders. As we move into 2023, the last year of our strategic plan, we will remain focused on execution and excellence to deliver on the targets that we've set.

在加拿大，對環境服務和能源轉型的需求正以前所未有的速度持續成長。 Stantec 已做好充分準備，掌握其中許多機遇，並為所有利害關係人創造顯著價值。隨著我們邁入 2023 年——戰略計劃的最後一年——我們將繼續專注於執行和追求卓越，以實現我們設定的目標。

And with that, let me turn the call back to the operator.

那麼，現在讓我把電話轉回給接線生。

(Operator Instructions) Our first question comes from Yuri Lynk with Canaccord Genuity.

（操作說明）我們的第一個問題來自 Canaccord Genuity 的 Yuri Lynk。

Getting towards the end of the year here. So I thought I'd take a stab at just any update on your 2023 goals, particularly around 16% to 17% margin and 11% EPS growth. Just wondering if the inflationary environment, including higher rates, is kind of weighing on your ability to achieve those targets?

眼看一年即將結束，我想就您2023年的目標做個簡要了解，特別是關於16%到17%的利潤率和11%的每股收益增長。我想知道，包括利率上昇在內的通膨環境是否對您實現這些目標的能力造成了一定影響？

I think we're confident that our 2023 targets are in sight for us. We're working hard towards achieving that. We will formally roll out our outlook for 2023 in February. But there are always going to be pressures and wage inflation is one of them, but we continue to find ways to manage them to maintain our project margins to operate more efficiently. So overall, we're confident that those targets that we set for 2023 will be achieved.

我認為我們有信心實現2023年的目標。我們正為此努力奮鬥。我們將在2月正式發布2023年的展望。當然，壓力始終存在，薪資上漲就是其中之一，但我們會繼續尋找應對之策，以維持專案利潤率並提高營運效率。因此，整體而言，我們有信心實現2023年設定的目標。

Okay. And on the margin front, is it -- is it just some of the cost synergies coming through and better absorption of your SG&A rather than gross profit improvement?

好的。那麼在利潤率方面，這僅僅是成本綜效的體現以及銷售、管理及行政費用吸收的改善，而不是毛利的提高嗎？

It's really all of the above. All of those things that we look towards in driving to an EBITDA margin, looking for -- as I mentioned in my comments, being selective on the projects that we take on with the pricing and acceptance of margins, the pursuit of rate increases to capture the higher wages that we've seen and synergies, of course, but just again, continuing to operate as efficiently as we can throughout our organization.

實際上，以上所有因素都包含在內。所有這些因素都是我們追求 EBITDA 利潤率的目標，正如我在評論中提到的，我們會謹慎選擇項目，並考慮定價和利潤率，同時努力提高費率以應對我們看到的工資上漲，當然還有協同效應，但最重要的是，我們要在整個組織內盡可能高效地運營。

We've seen a continued uptick in the use and the build of our delivery center in Pune and now in Manila as well. And that's an important part of our overall cost strategy. And as we move into 2023, again, some specific targets around how we intend to continue to grow the use of those services. So it's kind of a -- there's not one major thing. It's lots and lots of things.

我們看到，位於浦那和馬尼拉的配送中心的使用量和建設量持續成長。這是我們整體成本控制策略的重要組成部分。展望2023年，我們制定了一些具體目標，旨在繼續擴大這些服務的使用量。所以，這並非單一的重點，而是涉及諸多面向。

(Operator Instructions) The next question comes from Devin Dodge with BMO.

（操作說明）下一個問題來自 BMO 的 Devin Dodge。

There continues to be good development in the backlog. It's great to see. But can you comment on the efforts to expand the workforce? Just wondering if you've seen net additions in Q3 and should we expect headcount to push higher again into Q4?

積壓訂單的進展一直很順利，這令人欣喜。但您能否談談公司在擴大員工隊伍所做的努力？我想了解第三季是否有淨增員工，以及我們是否可以預期第四季員工人數會再次成長？

Yes. We definitely have seen continued headcount development increased in Q3. We've seen our voluntary turnover rate sort of stabilized. They were up a little bit in Q2. Q3 was remained the same. But I think in Q3, we actually had some of the highest number of new hires that we've had in history really. So we're bringing on a lot of new people. So absolutely, the head count continues to increase.

是的。第三季我們的員工人數確實持續成長。員工自願離職率基本上趨於穩定，第二季略有上升，第三季則維持不變。但我認為，第三季我們的新進員工人數其實創下了歷史新高。所以我們正在吸收大量新員工。因此，員工總數確實在持續成長。

Now when you look -- you talk about Q4, we'll continue to hire people in Q4, but seasonally, our workforce sometimes comes down in Q4, depending on how soon winter hits for us here in Canada. So some of our field programs may start to wrap up, depending on cold and snow and so on. So we'll actually continue to be hiring. But seasonally, our workforce does come down in Q4 typically.

現在說到第四季度，我們會繼續招聘，但從季節性角度來看，我們的員工人數在第四季度有時會減少，這取決於加拿大冬季何時到來。因此，我們的一些現場項目可能會開始結束，這取決於寒冷天氣和降雪等因素。所以實際上我們會繼續招募。但通常情況下，我們的員工人數在第四季確實會減少。

Okay. So in the outlook, there was mentioned that year-to-date figures were near the upper end of the guidance ranges. But I think you're saying Q4 will bring them down closer to the midpoint. So given the seasonality you just mentioned, I think this makes sense for EBITDA margins and net income margin, but does this comment also apply for net revenue growth, either organically or just overall net revenue growth?

好的。在展望部分提到，年初至今的數據接近預期範圍的上限。但我認為您是說第四季會將資料拉低到更接近中點的位置。考慮到您剛才提到的季節性因素，我認為這對 EBITDA 利潤率和淨利潤率來說是合理的，但這個說法也適用於淨收入成長嗎？無論是內生成長還是整體淨收入成長？

Yes. I mean, net revenue for Q4 should continue to be very strong. We do expect to continue to see good growth in Q4. And of course, because so much of our business is weighted towards the U.S., we're getting a nice tailwind from exchange rates as well. So net revenue will push past the upper ground of our range possibly. But overall -- I think we want to draw attention to our overall profitability, whether that be EBITDA margin or EPS and we do expect that to be within the range.

是的。我的意思是，第四季的淨收入應該會繼續保持強勁勢頭。我們預計第四季將繼續保持良好的成長勢頭。當然，由於我們的大部分業務都集中在美國，匯率波動也對我們有利。因此，淨收入可能會超過我們預期範圍的上限。但總的來說——我想強調的是我們的整體獲利能力，無論是 EBITDA 利潤率還是每股收益，我們預計這些指標都會在預期範圍內。

Okay. Makes sense. And if I just sneak one more in a question for you, Teresa. In the cash flow statement, I think there was about $100 million usage for investments held for self-insured liabilities in the quarter. Looking back, I don't believe we've seen anything close to that magnitude. Just can you give some color for the drivers behind that cash outflow?

好的，明白了。特蕾莎，我再問你一個問題。在現金流量表中，我記得本季用於自保負債的投資支出大約有1億美元。回顧以往，我認為我們從未見過如此大幅度的支出。能否詳細解釋一下這筆現金流出的原因？

Yes, for sure. So over the course of this year, actually, we changed the management of our portfolio for our self-insured liabilities -- equities, I should say. And so we did have a big outflow, as you note, in the quarter of about $100 million for a purchase. But if you look at the line below that on the cash flow statement, you'll see that a corresponding almost purchase of $75 million. And then further for the year-to-date, the purchases were an outflow of $144 million, but then there was a sale of $179 million. So it has moved around a little bit the numbers on a gross basis are higher than you would typically see because of the movement in sale and transfer of these investments. But net-net, the impact isn't not significant.

是的，當然。實際上，今年我們調整了自保負債（更準確地說是股票）的投資組合管理。正如您所指出的，本季我們確實有一筆約1億美元的資金流出用於購買。但如果您查看現金流量表上這筆資金下方的行，您會發現相應的購買金額接近7500萬美元。此外，年初至今，購買支出為1.44億美元，但同時出售了1.79億美元。因此，由於這些投資的出售和轉移，總額略有波動，高於通常水準。但整體而言，影響並不顯著。

(Operator Instructions) Our next question comes from Jacob Bout with CIBC.

（操作員說明）我們的下一個問題來自加拿大帝國商業銀行 (CIBC) 的 Jacob Bout。

Strong backlog and organic revenue growth in this quarter. Can you talk geographically if you're seeing any signs of weakness? It seems like Canada lagged a bit, U.S. and global and do you think improving?

本季訂單積壓和有機收入均實現強勁成長。您能否從地域角度談談是否觀察到任何疲軟跡象？加拿大、美國和全球市場似乎都略顯滯後，您認為情況會有所改善嗎？

Yes. No, I think we're feeling pretty good about our operations in each of these locations. The U.S. is kind of unfolding the way that we had thought. As you recall, as we were kind of coming through the last part of last year, it was getting a little bit -- it was lower to rebound. Canada rebounded quicker coming out of last year than the year.

是的。不，我認為我們對在這些地區的營運情況都相當滿意。美國的情況基本上符合我們的預期。您可能還記得，去年下半年，美國的復甦速度放緩。加拿大的復甦速度比去年同期更快。

So that's why when you look at our Canadian organic growth is against the higher cost from last year, whereas the U. S. is really unfolding as we thought. A lot of these projects are to come in the Buildings Group, in particular, a lot of the big health care projects were coming. And so the backlogs are up. The organic growth is up. So we're feeling really good about that. And then global, the same. Great growth in global. It really has been all year, and we continue to see that, that will continue into next year as well.

所以，這就是為什麼我們加拿大業務的有機成長是在成本高於去年的情況下實現的，而美國業務的發展正如我們預期的那樣。建築集團有很多項目即將啟動，尤其是一些大型醫療保健項目。因此，積壓訂單增加了，有機成長也隨之增加。我們對此感到非常樂觀。全球業務也是如此。全球業務成長強勁，而且這種成長勢頭一直持續到今年，我們預計明年也將繼續保持。

Are you seeing any change in customer behavior as you move through 2023 compared to 2022?

與 2022 年相比，您在 2023 年是否觀察到客戶行為的任何變化？

Yes, we've been talking to all of our business leaders and the people who are closest to the clients. Are we seeing projects get delayed and increase of projects and won't be getting canceled? And we're really not seeing that in any of the -- of our business units or in any of our geographies. And our customers have not been telegraphing concern. For Q4, haven't been telegraphing concern for 2023 either. So I think we feel pretty good about the backlog that's there, that is valid and that we'll be drawing upon it as we move forward.

是的，我們一直在與所有業務負責人以及與客戶關係最密切的人員溝通。我們是否看到專案延期或專案數量增加，但不會取消？事實上，我們在任何業務部門或任何地區都沒有看到這種情況。我們的客戶也沒有表達任何擔憂。對於第四季度，他們也沒有表達對2023年的擔憂。因此，我認為我們對現有的積壓訂單感到相當樂觀，這些訂單是有效的，我們將在未來的工作中充分利用它們。

And strategically, as we think about longer term as far as geographic mix, I think in the quarter, it was roughly 50% U.S. and then 25% each for net revenue global in Canada. Is that kind of the right geographic mix strategically? Or where do you think the year you would be offside there?

從戰略角度來看，就地域組成而言，我認為本季全球淨收入中，美國市場約佔50%，加拿大市場約佔25%。這樣的地域構成在戰略上是否合理？或者您認為明年您的地域組成會偏離這個比例多少？

We talk a little bit about overall from an M& A perspective, where we might be looking to deploy capital and to continue to grow. So certainly, there are continued opportunities for us to grow headcount through M&A activity in the United States, but also a lot of opportunity. If you look at the U.K., things are a little challenged there right now, certainly. But we continue to look for good long-term opportunities there. I think we could double or triple our size in the U. K.

我們從併購的角度簡單談了一下整體情況，例如我們可能會在哪些方面部署資本並繼續發展。當然，在美國，我們仍然有很多機會透過併購活動來增加員工人數，而且機會也很多。至於英國，目前的情況確實有些挑戰。但我們仍在尋找良好的長期發展機會。我認為我們在英國的規模可以翻倍甚至兩番。

We're still looking at it as we've been messaging consistently looking up into the Nordics and Scandinavian countries, continue to look for opportunities there because we really aren't present in present in those geographies and then additional opportunities down in Australia. So I think the mix in general is comfortable, but I think you'll see a change over the years to come based on these acquisition growth opportunities.

我們仍在關注北歐和斯堪的納維亞國家，並持續尋找機會，因為我們目前在這些地區還沒有真正的業務佈局。此外，我們在澳洲也存在一些其他機會。所以我認為目前的整體業務組合比較均衡，但未來幾年，隨著收購帶來的成長機會，我認為業務組合會有所調整。

(Operator Instructions) Our next question comes from Chris Murray with ATB Capital Markets.

（操作員說明）我們的下一個問題來自 ATB Capital Markets 的 Chris Murray。

Maybe following on that question. I was curious about if you guys could spend some time maybe talking about the U.K. business a little bit more. It's certainly been through kind of a bunch of changes in government and delays. Gordon, I think you mentioned AMP8 is coming. But we go back a couple of years, and historically, you've been pretty much a water-focused firm in the U.K., but there was some talk about bridging into maybe other areas. .

或許可以接著剛才的問題問。我很好奇你們能否花點時間再多談談英國的業務。英國的業務確實經歷了不少政府更迭和延誤。戈登，我想你提到AMP8即將到來。但回顧幾年前，你們在英國的業務一直主要集中在水務領域，不過也曾討論過拓展到其他領域。

Can you just maybe give us some more thoughts around how you're seeing the U.K. market evolve? And I think you alluded to the fact that you think you could double or triple through M&A in that market. Is all this disruption that it's going through right now, is that creating opportunities for you and maybe accelerate that plan?

能否再詳細談談您對英國市場發展的看法？我記得您曾暗示過，您認為透過併購，您在英國市場的規模可以翻倍甚至兩番。目前市場經歷的種種變革，是否反而為您創造了機遇，並可能加速您的併購計畫？

Yes. So as we look at the U.K. in particular, we've talked before that we're the # 1 water firm there, and we continue to be so. So that work is stable, not impacted by the some of the inflation and the economic challenges that we're seeing there. Water work continues. AMP8, as we've talked about, should be even a higher spend just because of the -- some of the drought and so on. But I think one of the things that we have been talking about is our move into planning.

是的。就英國市場而言，我們之前說過，我們是英國排名第一的水務公司，而且我們仍然保持著這一地位。因此，我們的業務很穩定，沒有受到英國通貨膨脹和經濟挑戰的影響。水務工作仍在進行中。正如我們之前討論過的，由於乾旱等因素，AMP8的支出應該會更高。但我認為我們一直在討論的一點是，我們將進軍規劃領域。

So Peter Brett and Associates had a very, very strong planning group. But with the acquisition of Barton Wilmar earlier this year, we're the #1 planner in the U.K. And certainly, I was there just last week or the week before, still continued discussion about shortage of housing surge of affordable housing, in particular. The various housing authorities around the U.K. continue to search for ways to move that forward. So we're active on a number of those large-scale planning schemes. So that's good work for us because we do the planning work. And then in many cases, we can go in and do the actual new community design work as well. So that continues to support that.

所以，彼得·布雷特及其合夥人事務所擁有一支非常強大的規劃團隊。但隨著今年稍早收購巴頓威爾瑪公司，我們已成為英國排名第一的規劃公司。當然，就在上週或前一周，我還在那裡，人們仍在討論住房短缺問題，特別是經濟適用房的激增。英國各地的住房管理部門仍在尋求推動此議題的途徑。因此，我們積極參與了許多大型規劃項目。這對我們來說是很好的工作，因為我們負責規劃工作。而且在很多情況下，我們還可以參與實際的新社區設計工作。這持續為我們提供支持。

And then we've talked about the building side. And certainly, Peter Brett and Associate had a very strong building and infrastructure group as well as planning. So you've seen we've talked a little bit in previous quarters about some transportation and some highway projects that we've received that we wouldn't have got without the addition of the folks who joined us from Peter Brett. So I think we're building a really good, solid multisector business in the U.K.

然後我們談到了建築方面。當然，Peter Brett and Associate 擁有非常強大的建築和基礎設施團隊以及規劃團隊。正如您所看到的，我們在之前的幾個季度中也談到了一些我們獲得的交通和公路項目，如果沒有 Peter Brett 團隊成員的加入，我們不可能獲得這些項目。因此，我認為我們正在英國打造一個非常優秀、穩健的多元化業務。

And so to your point about some of this inflation and economic challenges present some opportunities, where the firms that we're talking to are really solid Tier 1 players. And so while we've been talking about multiple compression and so on, they -- I think they understand that multiple compression on M&A activity is coming, but it seems to be lagging just a little bit because these are good firms who have been through downturns before and come back again. So we'll just stay close to them. And when the timing is right, we'll act.

所以，正如您所說，通膨和經濟挑戰也帶來了一些機遇，我們正在洽談的這些公司都是實力雄厚的頂尖企業。雖然我們一直在討論估值倍數壓縮等問題，但我認為他們也明白併購活動的估值倍數壓縮即將到來，只是目前似乎略有滯後，因為這些都是曾經經歷過經濟低迷並最終復甦的優秀企業。因此，我們會密切關注他們，並在適當的時機採取行動。

Okay. That's helpful. My next question, maybe more for Theresa. Theresa, as regards to Q3 reporting, a number of companies have talked about changes in taxes. I guess there's been a lot of changes in U.S. regulations. U.K. has been within around tax rates. Maybe early days. Anything to think about cash flows? Is there any potential for like one-timers that we should be thinking about? Or any material change to tax rates or cash taxes next year that we should maybe be aware of?

好的，這很有幫助。我的下一個問題，或許更適合問Theresa。 Theresa，關於第三季財報，許多公司都提到了稅務方面的變化。我猜想美國的法規變化很大。英國的稅率一直比較穩定，可能還處於早期階段。關於現金流，有什麼需要考慮的嗎？是否存在一些一次性因素需要我們注意？或是明年稅率或現金稅方面會有什麼重大變動需要我們留意？

Yes. I mean cash is particularly when you operate on a global scale like we do -- it's always tricky because there's so many moving parts to it. At this stage, I would not say that there is anything in particular that I'm aware of that will require an unusual cash outflow. We will have better guidance for you in February. But there's always going to be kind of puts and takes. There's global minimum tax of 15% that has been discussed. We don't -- there is 2 pillars under it, and I won't go into the details. I'm sure you're familiar with it.

是的。我的意思是，現金流，尤其是像我們這樣在全球範圍內運營的公司，總是很棘手，因為涉及的因素太多了。現階段，我還沒發現任何需要異常現金流出的具體情況。我們會在二月提供更詳細的指導。但總是會有一些利弊權衡。之前討論過15%的全球最低稅率。我們目前不參與——這個稅率包含兩大支柱，我就不贅述了，我相信您已經了解。

But the first pillar, we don't expect will have much of an impact on us. The second may, but we don't think that it will be material. So there are all things that we monitor very, very closely. And as I said, in February, what will give as much clarity as we can on that. But nothing that I see on the horizon that will be kind of a big material cash outflow.

但第一項支柱，我們預計不會對我們產生太大影響。第二個支柱可能會有影響，但我們認為影響不大。所以，所有這些因素我們都會密切注意。正如我所說，二月份我們會盡可能地明確相關資訊。但就目前來看，沒有任何跡象顯示會出現大規模的現金流出。

(Operator Instructions) Our next question comes from Sabahat khan from RBC.

（操作員說明）我們的下一個問題來自 RBC 的 Sabahat khan。

All right. Great. Gord, I think earlier in the conversation, you talked about the kind of the backlog build in the U.S. One of your U.S. peers provided some early commentary on the '23 outlook there with when kind of the is expected to kind of flow through. I guess at this point, what is the, I guess, the funding that's driving some of the demand? Because it feels like some of the bigger bills probably come through in '23, but the backlog on the U.S. side is building up quite a bit for you.

好的，太好了。戈爾德，我想在之前的談話中，你提到了美國積壓的貸款項目。你的一位美國同行對2023年的前景做了一些初步評論，談到了預計何時會有資金到位。我想問的是，目前是什麼資金在推動需求？因為感覺一些較大的貸款項目可能會在2023年完成，但美國的積壓貸款項目卻在不斷增加。

Can you maybe just walk through kind of what's driving that -- with kind of which end markets are you seeing more funding? And then also maybe your thoughts on when some of the bigger U.S. bills they are exposed to will start to flow through kind of the pressure we got yesterday was more kind of calendar Q2 onwards, but I wanted to hear your thoughts.

您能否簡要說明一下推動這一趨勢的因素——您認為哪些終端市場獲得了更多資金？另外，您認為他們面臨的一些規模較大的美國債務何時才能開始償還？我們昨天聽到的討論更集中在第二季度及以後，但我很想聽聽您的看法。

Yes. So I would agree with that, that a lot of the big IIJA funding and some of the IRA funding, I think we'll see coming in the -- we're starting -- we have some of that in backlog now. We're generating a little bit of backlog, but really nothing material, just some early releases. I do think we'll see more of that coming sort of Q2, Q3 of next year, that will just continue to build on our already strong backlog in the U.S.

是的。所以我同意這一點，很多大型的IIJA資金和部分IRA資金，我認為我們會看到——我們已經開始——我們現在有一些積壓項目。我們正在產生一些積壓項目，但實際上並不多，只是一些早期發布。我認為明年第二季或第三季我們會看到更多，這將繼續鞏固我們在美國已經很強勁的積壓項目。

But when I look at the U.S. overall, we've had backlog growth in each one of our business units. In particular, we've seen great backlog growth in our Building segment. And we've talked about some of the health care projects and some of the logistics center work and things that we've been doing, big backlog there. The largest backlog growth actually is in our Energy & Resources group, lot of transitioning to renewable energy and these things. So we saw great growth there as well as in Infrastructure overall. But again, we saw backlog growth in each one of our business units in the U. S. And I do think that's just going to continue and even strengthen as we move into '23.

但從美國整體來看，我們所有業務部門的積壓訂單都有成長。特別是建築業務板塊，積壓訂單成長尤為顯著。我們之前也提到過一些醫療保健項目和物流中心項目，這些項目積壓訂單量很大。實際上，積壓訂單成長最大的是能源與資源集團，這主要得益於向再生能源轉型等項目。因此，我們在能源與資源集團以及整個基礎設施領域都看到了顯著成長。總而言之，我們在美國的每個業務部門的積壓訂單都有所成長。我認為，隨著我們邁入2023年，這種成長勢頭將會持續，甚至會更加強勁。

All right. Great. And then as you kind of look over the next years, I think you talked about kind of the margin profile a little bit earlier on. I guess how are you thinking about kind of the drivers of this margin improvement? Do you think it's going to be sort of the larger scale post Cardno, kind of the end market? Can you just maybe walk us through how you think about your margin progression over the next few years kind of post-Cardno?

好的，太好了。接下來，您展望未來幾年，我想您之前也稍微提到過利潤率的情況。我想問的是，您認為利潤率提升的驅動因素是什麼？您認為這會是收購 Cardno 後更大規模的終端市場擴張所帶來的嗎？您能否簡要介紹一下您對收購 Cardno 後未來幾年利潤率成長的預期？

Yes. I mean Cardno business is very similar to ours. We've talked about having achieved synergies already. And of course, we'll continue to look toward continuing to look for efficiencies amongst the businesses as we combine them. But it's really, as I noted earlier, Sabahat, that the levers that we have available to us on our EBITDA margin largely centered around good project selection, good project execution, ensuring that we are growing our use of our delivery centers in India and the Philippines. .

是的。我的意思是，Cardno的業務和我們的非常相似。我們已經討論過如何實現協同效應。當然，在合併過程中，我們也會繼續尋求提高業務效率。但正如我之前提到的，Sabahat，我們提升EBITDA利潤率的關鍵在於：選擇合適的項目、有效執行項目，並確保我們持續擴大在印度和菲律賓交付中心的利用率。

And we spent -- we -- this year, I had talked earlier about investments in our back office systems and so on. And again, it will be bringing to bear sort of the efficiencies that have come from that investment, continuing to drive and draw on our innovation and do things efficiently. So it's all of those things.

今年，我們投入了大量資金——我之前也提到過，我們投資了後台系統等等。同樣，我們將充分利用這些投資帶來的效率提升，繼續推動和利用我們的創新，並有效率地完成各項工作。所以，所有這些都包含在內。

And as we look toward next year, the 16% to 7% margin target is in sight, and it is what we're driving toward. And beyond that, as we enter the next stage of our strategic planning for the next cycle, we'll start to consider where there may be a general kind of step-change opportunities. But again, in our business, largely these incremental improvements that we're able to make as opposed to one big button that we can push.

展望明年，我們已將利潤率目標從16%降至7%，這也是我們努力的方向。此外，隨著我們進入下一階段的策略規劃，我們將開始考慮哪些方面可能存在變革性的機會。但再次強調，在我們的業務中，這些改進主要依靠循序漸進的方式，而不是一蹴而就的「一鍵式」變革。

Okay. And then just one last quick one. I think there was some discussion earlier on kind of some of the tax changes. And I think we heard from your peers that there was a U.S. tax change around expensing R&D. So maybe we could take this offline, but I guess for you guys, that wasn't an impact in the quarter, I guess? And maybe you don't do a lot of R&D in the U.S. Just trying to understand if there was any impact from that change in tax policy in the U.S. side.

好的。最後一個問題。我想之前我們討論過一些稅收政策的變化。我們也從你們的同行那裡了解到，美國在研發費用抵扣方面推出了新的稅收政策。我們可以私下討論一下，但我想對你們來說，這應該沒有對本季業績造成影響吧？或許你們在美國的研發投入並不多。我只是想了解一下，美國稅收政策的這項變化是否對你們的表現產生了影響。

Yes. So it did affect us because we do have a healthy R&D program. For us, for the year-to-date, I think it's led to incremental cash taxes around $20 million. And we would expect maybe another $10 million for the rest of this year. But having said that, as I noted earlier, there's always puts and takes. And so when we looked at our overall cash flow as it related to our capital income -- our U.S. tax income, they were offset. And so really didn't feel like we needed to call it out.

是的。這確實對我們產生了影響，因為我們擁有一個健康的研發項目。就我們而言，今年迄今為止，我認為這導致了大約2000萬美元的額外現金稅。我們預計今年剩餘時間可能還會增加1,000萬美元。但話雖如此，正如我之前提到的，凡事都有利弊。因此，當我們檢視整體現金流與資本利得（即美國稅收收入）之間的關係時，發現兩者會相互抵銷。所以我們覺得沒有必要特別提及此事。

(Operator Instructions) Our next question comes from Maxim Sytchev with National Bank Financial.

（操作員說明）我們的下一個問題來自國家銀行金融公司的 Maxim Sytchev。

Was maybe the first question for you, if I may. When we talk about working capital sort of free up and normalization in Q4, can you provide maybe directionally the quantum of that improvement that we should expect for Q4?

如果可以的話，我想問您的第一個問題可能是：當我們談到第四季度營運資金的釋放和正常化時，您能否大致說明一下我們預計第四季度這種改善的幅度？

Sure. We're actually just putting the finishing touches on our October monthly results, and we have seen positive movement in our working capital as DSO now down up a couple of days from the end of September and moving closer towards our target of 80 days. So we're seeing things unfold as we expected, and so that's positive. And of course, you can't ever take the pressure off. We need to keep driving that to achieve our typical 80-day target. .

當然。我們目前正在對十月份的月度業績進行最後的完善，營運資本方面出現了積極進展，應收帳款週轉天數（DSO）較九月底減少了幾天，正朝著80天的目標穩步邁進。所以，一切都在預期中發展，這是個好消息。當然，我們也不能放鬆警惕，必須繼續努力，才能實現我們通常的80天目標。

And so that is sort of the movement that we are working towards for the end of the year is to get back to where we generally are in that 80-day range. And it's really -- we've talked a lot about Cardno and the impact of the financial migration. I do want to note that, when you look at our revenue growth, that also has an impact because these are the same people that are managing -- accounting for managing the projects, managing the growth that are also supporting in some shape or form the Cardno migration.

因此，我們努力的目標是在年底前恢復到通常的80天週期水準。我們之前也曾多次討論過Cardno以及財務遷移的影響。我想指出的是，從我們的收入成長來看，這也會產生影響，因為負責專案管理和成長的人員也以某種形式支援Cardno的遷移工作。

So like overall levels of activity are much higher than usual, and that leads to things taking a little bit longer on the invoicing side, on the collection side and so on. So it's a number of things that have driven our working capital to where it is all, I think, quite typical given levels of activity. And -- but as I said, we are seeing movements in a positive direction, and we expect that to continue through to the end of the year.

所以，整體業務活動水準遠高於往常，這導致開票、收款等方面的處理時間略為延長。因此，多種因素共同作用，使我們的營運資金達到目前的水平，我認為這在目前的業務活動水平下屬於正常情況。而且——正如我所說，我們看到情況正在朝著積極的方向發展，我們預計這種趨勢將持續到年底。

Okay. So do you think it's going to be possible to get leverage maybe down to, I don't know, like 1.6%, something around that because, again, like some of the stuff is one-off free ups?

好的。那你認為有可能將槓桿率降到，比如說，大約1.6%嗎？因為，再說一遍，有些東西是一次性的釋放資金？

Yes, for sure. For us, that's our goal to be somewhere around about 1.5%, 1.6% range, it is absolutely possible, and we're doing everything we can to push towards that.

當然可以。我們的目標是將佔比控制在1.5%到1.6%左右，這完全有可能實現，我們正在盡最大努力朝著這個目標努力。

Okay. and then a question for Gord, if I may. I think in the past, we spoke about semiconductor opportunities. One of the things that I'm more sort of curious about is I guess if you can attach sort of any materiality to those things? And maybe talk about sort of the attach rates of additional services that you're able to introduced to those, I presume, new clients? So maybe just any color on that vertical, please? .

好的。那麼，如果可以的話，我想問戈爾德一個問題。我想我們之前討論過半導體領域的機會。我比較好奇的是，您能否對這些機會進行一些實質的評估？能否談談您能夠為這些（我猜是）新客戶提供的附加服務的附加率？所以，請您就這個領域談談您的看法。

Yes, absolutely. And so I think we mentioned last quarter that we're currently working with 5 of top 10 manufacturers around the world. And in addition to the work that we have on going, Max, we have in our opportunity, our sales pipeline, we have $1 billion in fees for opportunities there. Now we're not going to get all of that, to be sure. But this is a huge opportunity for us, not just in the United States, but we're also seeing opportunities in Europe and in other locations with these clients will often take you with them to these different locations. .

是的，當然。我想我們上個季度也提到過，我們目前正在與全球排名前十的製造商中的五家合作。除了我們正在進行的項目之外，Max，我們還有銷售管道中的潛在機會，價值10億美元的佣金。當然，我們不可能全部拿到這筆錢。但這對我們來說是一個巨大的機會，不僅在美國，我們在歐洲和其他地區也看到了機會，這些客戶通常會帶我們去不同的地方。

So in terms of the types of services that we offer, it's typically everything from zoning and -- site selection, zoning, water, transportation, master planning, those sorts of things, we do a lot of advanced water and wastewater treatment for these locations. And that actually truly is often our way in the door is on the water and wastewater. But then once there's a lot of -- we call it balance of plant. So there'd be -- there's parking lots, there's office buildings. There's site security, all these sorts of things. So it really touches almost all of our business lines when we look at a big facility like that. And I think that's why you've seen -- as I mentioned, in our fees in our opportunity pipeline are roughly $1 billion. Now again want to concern that's not backlog, and we're not going to win it all, but it's a huge opportunity.

所以，就我們提供的服務類型而言，通常涵蓋從分區規劃到選址、供水、交通、總體規劃等等各個方面。我們為這些場所提供大量的先進水處理和污水處理服務。事實上，水處理和污水處理往往是我們切入點。但一旦涉及到我們所謂的“輔助設施”，例如停車場、辦公大樓、場地保全等等，就會涉及幾乎所有業務領域。因此，當我們考察像這樣的大型設施時，它幾乎涉及我們所有的業務線。我想這就是為什麼您會看到——正如我所提到的——我們潛在項目的費用總額約為10億美元。再次強調，這並非積壓項目，我們也不可能全部拿下，但這確實是個巨大的機會。

All right. And then in terms of talking to some of the stuff in Europe, I mean like is this more of a, I don't know, 2024 sort of time frame? Or how should we think about it in terms of timing?

好的。至於和歐洲方面的事情，我的意思是，這更像是，比如說，2024年左右的時間框架嗎？或者我們應該如何考慮時間安排？

Yes. As we're talking with the firms, we are looking for sites now and these things. So -- you're probably right. It's probably that material revenue generation would likely be sometime in -- some in '23, but it would likely be a bit of '24 as well. .

是的。我們正在和各家公司洽談，尋找合適的地點等等。所以——你說的很對。實質的收入產生可能要到2023年，但也可能要到2024年。

(Operator Instructions) Our next question comes from Benoit Poirier with Desjardins.

（操作說明）我們的下一個問題來自德斯賈丁斯集團的貝努瓦·波里耶。

Yes, Gord, you provided great color about the impact that we've seen so far with the U.S. infrastructure bill, obviously unfolding the way you thought. You'll be finishing the year with strong organic growth. I was wondering if you could, based on your comments about the timing for the U. S. infrastructure bill, whether it would be fair to expect an acceleration in organic growth in 2023? Or it's too early to look at the organic growth expectation?

是的，戈爾德，你對美國基礎設施法案目前的影響做了非常精彩的闡述，顯然一切都如你所料。你們今年的內生成長勢頭強勁。我想問一下，根據你對美國基礎建設法案出台時間的評論，我們是否可以預期2023年內生成長會加速？還是現在預測內生成長還為時過早？

We haven't really -- as you know, of course, we haven't put out our guidance yet for next year. But I think if you were to look at the macro environment, certainly, the the speed and the number of projects that we'll see coming out of IAGA, particularly in the Infrastructure space, we'll look to accelerate. Now we're going to be coming off a higher comp as well. But certainly, I do think that there's going to be some great opportunities coming for us in 2023 in the U.S. infrastructure space, absolutely.

當然，如您所知，我們還沒有發布明年的業績指引。但我認為，從宏觀環境來看，IAGA（國際農業發展協會）推出的項目數量和速度，尤其是在基礎設施領域，我們肯定會加快步伐。此外，我們今年的業績比較基數也會更高。但可以肯定的是，我認為2023年美國基礎建設領域將會出現一些絕佳的機會。

Okay. Perfect. And on the Water side, you provide some color about the upcoming AMP program 8. Could you provide an update on the M7 program so far? And maybe more color about the expectation for the forthcoming program and maybe the timing?

好的，完美。關於水利工程方面，您已經介紹了一些即將推出的AMP 8專案。可否也介紹一下M7專案的最新進展？以及即將推出的項目的預期和時間安排？

Yes. So we're well into the 5-year AMP7 program. Really, it's unfolding as we had expected with the work that we're doing for our clients really throughout the U.K. there. But some of them are -- we're beginning to talk about reprocurement for AMP8 already. And typically, the way that, that works is -- not quite yet, but soon they'll put out their plans to the regulator in terms of their capital spend. And so when the regulator then reviews them. Because based on that capital spend is one of the things that would impact water rates to the user community.

是的。我們已經順利進入為期五年的AMP7計畫。實際上，正如我們預期的那樣，我們為英國各地的客戶所做的工作進展順利。但其中一些客戶——我們已經開始討論AMP8的重新採購事宜了。通常情況下，流程是這樣的——雖然現在還沒完全確定，但很快他們就會向監管機構提交資本支出計劃。監管機構隨後會對這些計劃進行審查。因為資本支出是影響使用者用水價格的因素之一。

So they'll be looking at drought resistance, leakage reduction, regulatory burden, overflows and what's the capital program that needs to be put in place in order to deal with these over the next the AMP8 cycle. From that, then they work with the regulator, confirm what those are and get back to us. So we're not quite at that stage yet, but many of our clients are beginning to look at it. So the wisdom on the street is that the AMP8 spend will be higher than AMP7, but I couldn't quantify it quite yet.

所以他們會考慮抗旱性、減少漏損、監理負擔、溢流問題，以及在下一個AMP8週期需要落實哪些資本項目來應付這些問題。之後，他們會與監管機構合作，確認具體方案，然後回饋給我們。我們目前還沒到那個階段，但很多客戶已經開始關注這個問題了。業界普遍認為AMP8的支出會高於AMP7，但我目前還無法給出確切的數字。

Okay. Perfect. And maybe last question for Theresa. You provided great color, great explanation about the 86 days for DSO. Obviously, outlook still very robust, looking at 2023. I'm just wondering whether the target of below 80 days is still achievable? Or you could back up -- you could go back up above 80 days, let's say, looking forward beyond Q4 on the back of the strong market environment?

好的，完美。最後一個問題想問Theresa。你對86天的應收帳款週轉天數（DSO）做了非常精彩的闡述和解釋。顯然，展望2023年，前景依然非常​​樂觀。我只是想知道，低於80天的目標是否還能達成？或者，鑑於強勁的市場環境，你能否將目標放寬到80天以上，比如說，展望第四季之後？

I -- my crystal process is that we would stay at 80 days or below. And I do believe that, that's achievable. And so that is certainly what we're going to strive for. I'm not seeing any reason. Once we get past this big push in the fourth quarter and sort of get to a steady stage on Cardno, that we shouldn't be able to achieve by 8 0. And so I'd say for now, that's what we will be aiming for.

我的目標是將交付週期控制在80天或更短。我相信這是可以實現的，也是我們努力的方向。我認為，一旦我們順利度過第四季的衝刺階段，Cardno的業務穩定下來，我們就應該能夠將交付週期控制在80天以內。所以，目前來說，這就是我們的目標。

(Operator Instructions) Our next question comes from Michael Tupholme with TD Securities.

（操作員說明）我們的下一個問題來自 TD Securities 的 Michael Tupholme。

Gord or Theresa, wondering if you can talk about your confidence in the outlook for your global geographic segment. And I guess, specifically, I'm looking at the change in organic backlog growth for Global this quarter. It does sound like you remain upbeat, but curious about the year-to-date organic backlog growth in that region moving down to 3.2% in Q3 from 13.4% in the second quarter.

戈德或特蕾莎，我想請你們談談對全球業務板塊前景的信心。具體來說，我關注的是本季全球業務板塊有機訂單成長的變化。聽起來你們依然樂觀，但我對該區域年初至今的有機訂單成長從第二季的13.4%下降到第三季的3.2%感到疑惑。

Yes. The one thing also -- so firstly, just to say, we're not overly concerned with that backlog growth. There's a number of big pursuits that are in the pipeline. And so sometimes, these things are a bit lumpy. So we're not overly concerned with that. Also, Global had our highest organic growth at just roughly 14%. So we're chewing through. We're consuming a lot of that backlog as well. So I think when you kind of look at the overall growth, it's a combination of just some lumpiness in terms of when some of these awards will be made and that high organic growth consuming that backlog. So not overly concerned with it at this point.

是的。還有一點——首先，我們並不太擔心積壓訂單的成長。目前有很多大型專案正在籌備中。所以有時候，這些專案的進度會有些波動。因此，我們並不太擔心這一點。此外，全球業務的自然成長率達到了最高的14%左右。所以我們正在快速消化這些積壓訂單。因此，我認為，從整體成長來看，一方面是由於部分專案授予時間存在一些波動，另一方面是由於較高的自然成長正在消化這些積壓訂單。所以，目前我們並不太擔心。

Okay. Secondly, pleased to hear that you're not seeing any slowdown in overactivity to any degree, any material degree due to the rising rates and inflationary pressures. I think I can understand why that would be the case as it relates to public sector work. But on the private side, I guess, if you can just confirm that, that is, in fact, true? You're not seeing sort of anything on the private sector side either and why do you think that might be?

好的。其次，很高興聽到您認為由於利率上升和通膨壓力，經濟活動過度活躍的情況並沒有出現任何程度的放緩，也沒有實質的放緩。就公部門而言，我大概能理解為什麼會出現這種情況。但就私營部門而言，我想請您確認一下，情況是否確實如此？您在私部門也沒有看到任何類似情況，您認為原因是什麼？

Like how are clients -- how are they dealing with the rising rate environment and higher costs for projects? Like how are they contending with that? Where are they finding additional funding if needed and so on and so forth?

例如客戶的狀況如何？他們如何應對不斷上漲的利率環境和更高的專案成本？他們是如何應對的？如果需要，他們從哪裡獲得額外的資金？等等等等？

Yes. No -- and so -- to answer your first question, I think your statement is right. We -- certainly, that is the case on public sector projects. But as we've queried our various business leaders, specifically about the private sector, we haven't seen any really uptick in projects being delayed or canceled. And so as to why that is, I just think that there's still a lot of underlying fundamentals. We've talked about some things like the big logistics center that we're working on in Southern California.

是的。不——所以——回答你的第一個問題，我認為你的說法是對的。我們——當然，公共部門專案的情況確實如此。但是，當我們詢問各位業務負責人，特別是關於私部門的情況時，我們並沒有看到專案延期或取消的情況真正增加。至於原因，我認為仍然存在著許多根本性因素。我們討論過一些項目，例如我們正在南加州開發的大型物流中心。

And so we've had interest in that facility is still very high. We see no indications of slowdown there or from other similar type projects. So if interest rates go longer -- higher for longer, if the economy slows, perhaps we'll see something going forward, but we're really not at this point.

因此，我們看到各方對該項目的興趣依然非常高。我們沒有看到該項目或其他類似項目出現放緩的跡象。所以，如果利率長期居高不下，如果經濟放緩，或許我們會看到一些進展，但目前還遠遠沒有到那個階段。

Yes. I think the other thing that we're seeing, and this is specific to the U.S., Michael, but the IRA funding is helping to support private investments. So perhaps where project proponents would have maybe pulled back a little bit with this funding that's being made available to them, the IRA funding is what we're seeing driving pretty significant investment in energy transition. And so much of that work supported by the funding that's going to be available. And so these stimulus programs are working to drive investments the way that they were intended.

是的。我認為我們看到的另一點，邁克爾，這一點尤其適用於美國，那就是IRA資金正在幫助支持私人投資。因此，原本專案發起人可能會因為這些資金的到位而縮減，但我們看到IRA資金正在推動能源轉型領域相當可觀的投資。而這些工作中的許多工作都得到了即將到位資金的支持。所以，這些刺激方案就是以預期的方式推動投資。

Okay. That's helpful. And then lastly, just a question about the sustainability of the strength you're seeing in Energy Resources. It's been one of your better performing business units on a year-to-date basis, but was, I think, the best performing business unit from an organic growth perspective in the third quarter.

好的，這很有幫助。最後一個問題，關於能源資源業務目前強勁勢頭的可持續性。就今年迄今為止的表現而言，它是你們業績最好的業務部門之一，但我認為，從內生成長的角度來看，它是第三季表現最佳的業務部門。

Gord, I think you mentioned some of that's being driven by renewables activity. And so I can appreciate there's probably a long tail on that type of work. But as it relates to the oil and gas piece, has that been a major contributor? And given that's a more cyclical area, how do you see that looking going forward? And again, just touch on the sustainability of that strength?

戈德，我想你剛才提到，部分成長是由再生能源活動推動的。所以我能理解這類工作可能還有很長的路要走。但就石油和天然氣領域而言，它是否是主要貢獻者？考慮到這是一個週期性更強的領域，你認為它未來的發展前景如何？另外，能否再談談這種成長動能的可持續性？

Yes. No, no, great observation. So with the renewables side of it, absolutely. That has been growing, and I think -- and that will continue to grow. We're also seeing, from a power perspective, a lot of work coming from grid hardening or the movement of taking above ground power lines, putting them underground. So there's a lot of power grid type work that's coming out of that power group as well. We're also seeing strength in the mining sector. .

是的。沒錯，觀察得很仔細。就再生能源方面而言，確實如此。它一直在增長，而且我認為——它還會繼續增長。從電力角度來看，我們也看到很多工作來自電網加固，或者說是將地上輸電線路改為地下輸電線路。所以，電力業也有很多電網相關的工作要做。我們也看到採礦業也表現強勁。

The -- while we see a little bit of softening recently in copper and iron ore, a lot of the investment decisions have been made and those projects that we're working on are still continuing to move forward. So renewables are strong. Power in general is strong. Mining is strong. From an oil and gas perspective, we've seen that those fees as a percentage of our overall net revenue have sort of continued to decline over the last several years.

儘管近期銅和鐵礦石價格略有疲軟，但許多投資決策已經做出，我們正在推進的項目也仍在繼續。因此，再生能源表現強勁，電力產業整體表現強勁，採礦業也表現強勁。從石油和天然氣的角度來看，在過去幾年裡，相關費用占我們總淨收入的比例一直在持續下降。

Recall that for us, our oil and gas is really a midstream pipelining work business. And so we're still active on a number of those. But as those projects continue to wind down, I think we've seen the oil and gas work sort of being -- the percentage of that reflecting in our backlog continues to sort of trend downwards. The one thing that we are, though, supporting a number of our oil and gas clients is with some transitional type work.

請記住，對我們而言，油氣業務實際上主要集中在中游管道建設方面。因此，我們目前仍在積極進行一些此類計畫。但隨著這些項目陸續結束，我認為我們已經看到油氣業務在我們積壓訂單中所佔的比例持續下降。不過，我們仍在為一些油氣客戶提供過渡性工程的支援。

We're looking at pipeline, for the most part, is a pipeline, whether it's carbon sequestration or natural gas. So we're talking to clients about sort of moving in those directions. So the question will be going forward, is that still called oil and gas because it's an oil and gas client, even though it's a carbon sequestration pipeline. So, yes, those are some of the things that we're working through there. So no, I think we're seeing good long-term tailwinds for that business.

我們主要關注的是管道，無論是碳封存管道還是天然氣管道，本質上都是管道。所以我們正在與客戶探討如何朝這個方向發展。未來的問題是，即使管道是碳封存管道，它是否仍然屬於石油和天然氣產業，因為它的客戶是石油和天然氣產業。是的，這些都是我們正在努力解決的問題。所以，我認為我們看到這項業務的長期發展前景良好。

(Operator Instructions) Our next question comes from Ian Gillies with Stifel.

（操作說明）我們的下一個問題來自 Stifel 公司的 Ian Gillies。

It's obviously been a very challenging hurricane season in the U.S. And I know Stantec has a long history of disaster recovery work in helping there. Can you maybe remind us of how long work like this typically tends to show up in the backlog? And if you -- and whether it tends to be material or not to the growth profile?

顯然，美國今年的颶風季非常嚴峻。我知道Stantec在災後重建方面有著豐富的經驗。您能否提醒我們一下，這類工作通常會在積壓的工作中停留多久？以及，這類工作對公司的成長前景是否會產生實質影響？

Yes. So absolutely, after some of the recent hurricanes that have come through, we have crews that are on the ground virtually immediately assessing damage. As an example, would be in Puerto Rico with some of the electrical grid issue that we had there. I think we had 14 or 18 crews out in different areas of Puerto Rico looking -- assessing damage and then coming up with remediation plans.

是的。的確如此，最近幾次颶風過後，我們幾乎立即派出工作人員前往現場評估損失。例如，波多黎各的電網出現問題，我們派出了14到18個小組前往波多黎各的不同地區進行勘察，評估損失並製定補救方案。

Similarly, in the mainland of the United States, there's drainage pump stations, sewage lift stations that are knocked out. So we're typically involved in working with some of those things. In terms of it being material, we haven't -- it can be significant, but we don't see it really being material to our overall portfolio. But one thing to note is is the length of time that some of these projects take. We've talked previously about the big lift station, the PCCP lift station that we put in in New Orleans following Hurricane Katrina. And we commissioned that pump station roughly 10 years after Katrina.

同樣，在美國大陸，排水泵站和污水提升泵站也會遭到破壞。所以我們通常會參與這些項目的修復工作。就其重要性而言，雖然可能影響不大，但我們認為它對我們的整體專案組合影響不大。不過要注意的是，有些項目耗時較長。我們之前提到過大型提升泵站，也就是我們在卡崔娜颶風後在新奧爾良建造的PCCP提升泵站。這座抽水站大約在卡崔娜颶風過後10年才投入使用。

So first, the -- there was the hurricane and the flooding, then there's the recovery from that. Then there's the design of the new pump station, the construction and the commissioning. So a lot of these projects take multiple years as we work through them. Now 10 years for Katrina, that was probably a bit on the long side, but it's not particularly -- it wouldn't be completely unusual that we see that sort of thing. So absolutely short-term recovery work, but then long-term design and commissioning work also.

首先，是颶風和洪水，然後是災後重建。接著是新泵站的設計、建造和調試。很多項目都需要數年時間才能完成。卡崔娜颶風的災後重建花了十年，可能有點長，但這種情況並不罕見。所以，既有短期的災後重建工作，也有長期的設計和調試工作。

Okay. That's helpful. And then the backlog is obviously very, very healthy. You're adding headcount. But Gord, is there any increased level of concern that you're not going to be at -- be able to add people quick enough and you could end up with some disappointing customers just because you can't quite get to the volume of work?

好的，這很有幫助。而且，待辦事項顯然非常充足。你們也在增加人手。但是戈爾德，你是否擔心人手不足，無法及時增加人手，最終導致一些客戶失望，因為你們無法處理足夠的工作量？

Yes. That's something that we look at all the -- on every pursuit that we chase, and that if we can't deliver it in -- with the quality that we want, along with the time line that we've promised, then we'll either look for partners who can help us get it done, look for sending additional work to our delivery centers, either in India or Manila, but for other ways to make it happen. But yes, we specifically though, we won't go and take projects if we don't have a clear sight to how we get delivered on time.

是的。這是我們在每一個專案中都會考慮的問題。如果我們無法按時按質完成項目，我們會尋找合作夥伴來協助完成，或將額外的工作轉移到我們在印度或馬尼拉的交付中心，總之會尋找其他方法來實現目標。但是，我們明確表示，如果我們無法清楚地看到如何按時交付，我們就不會承接專案。

Okay. Maybe if I could sneak in a quick follow-up to a point you just made. Is there any intention -- are there any plans to add additional delivery centers in international jurisdictions in 2023?

好的。我可以就您剛才提到的一點補充一下嗎？貴公司是否有計劃在2023年於國際地區增設配送中心？

I think what we'll really be focusing on is continue to grow our existing. We've -- over the last year or so, we've added a touch over 20% in terms of head count to our delivery center in Pune, India. And we're still -- it's early days for us with our delivery center in Manila. But by account, a good group there. So I think what we'll be doing is focusing on how to grow those existing centers before we would be looking to add additional centers.

我認為我們真正的重點在於繼續發展現有業務。過去一年左右，我們在印度浦那的配送中心員工人數增加了20%以上。而我們在馬尼拉的配送中心目前還處於起步階段，但據我所知，那裡的團隊表現不錯。所以我認為，在考慮增設新的配送中心之前，我們會優先考慮如何發展這些現有中心。

and I'm not showing any further questions at this time. I'd like to turn the call over to Gord for any closing remarks.

目前我不再回答任何問題。接下來請戈爾德作總結發言。

Okay. Well, thanks,. I'd like to thank everyone for joining us today, and I look forward to engaging with many of you throughout the quarter. So if you have any follow-up questions, please feel to reach out to test our Vice President of Investor Relations. And have a great day, everyone.

好的。謝謝。感謝各位今天蒞臨，我期待在本季與各位繼續交流。如果您有任何後續問題，請隨時聯絡我們的投資者關係副總裁。祝大家今天愉快！

Thanks, everyone. .

謝謝大家。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

女士們、先生們，今天的演講到此結束。您可以斷開連接，祝您有美好的一天。