Stantec Inc (STN) 2022 Q4 法說會逐字稿

Welcome to Stantec's Fourth Quarter and Year-End 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 2022 年第四季及全年業績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 investor 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's 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，該文稿可在stantec.com網站的投資者關係專區找到。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's Discussion and Analysis and 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，該限制已在Stantec管理層討論與分析中詳細闡述，並已全文納入本次電話會議。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. Gord Johnston.

接下來，我很高興將電話交給戈德約翰斯頓先生。

Good morning and thank you for joining us today. We're very pleased to report record Q4 and full year 2022 adjusted earnings per share of $0.82 and $3.13 respectively. Our results reflect a solid execution of our multiyear strategy and clearly demonstrate the resilience, growth, and demand that we're seeing for our business. The outperformance of our guidance for the year was attributable to a very solid fourth quarter, where we achieved double-digit organic net revenue growth above our expectations.

早安，感謝各位今天蒞臨。我們非常高興地宣布，2022年第四季及全年調整後每股盈餘分別創下歷史新高，達到0.82美元和3.13美元。我們的業績反映了多年策略的有效執行，並清楚地展現了我們業務的韌性、成長動能和市場需求。全年業績超乎預期主要歸功於第四季的強勁表現，我們實現了兩位數的有機淨收入成長，遠超預期。

For the full year, we generated an all-time high of $4.5 billion in net revenue. All of our regions and business units delivered organic net revenue growth in the high-single to low double-digit range, demonstrating the strength of our diversified business model. This also shows how well positioned we are to address the trends of increasing investments towards aging infrastructure, reshoring of domestic production, and climate change. Particularly notable Environmental Services net revenue grew by almost 50% primarily through acquisition but also from nearly 10% organic growth. And importantly, the top line increase of 23% was exceeded by bottom line growth of 29%.

全年淨收入創歷史新高，達45億美元。所有地區和業務部門的有機淨收入均實現了高個位數至低兩位數的成長，充分展現了我們多元化業務模式的實力。這也表明，我們已做好充分準備，應對基礎設施老化投資增加、國內生產回流以及氣候變遷等趨勢。尤其值得一提的是，環境服務業務的淨收入成長近50%，主要得益於收購以及近10%的有機成長。更重要的是，23%的營收成長被29%的淨利成長所超越。

Looking at our results by region, both public and private investment continued to drive high activity levels in the U.S. In 2022, we grew us net revenue by 26% overall, with over 9% organic and 13% acquisition growth. Our work on large-scale water security projects in the Western U.S. helped drive double-digit organic growth in water.

從各地區的業績來看，美國的公共和私人投資持續推動高水準的業務活動。 2022年，我們的淨收入整體成長了26%，其中內生成長超過9%，收購成長13%。我們在美國西部開展的大型水安全項目，協助水務業務實現了兩位數的內生成長。

In Buildings, we continue to see activity levels rebound, with investments flowing into healthcare, civic, industrial and the science and technology sectors. Energy & Resources had strong organic growth with acceleration of activities related to renewable energy and mining projects as well as reservoir and dam projects, all related to the energy transition and energy security. We also delivered solid organic growth in infrastructure from work on projects in transportation as well as in industrial and residential land development activities. Our results reflect how well aligned our U.S. business is with the major trends and government funding sources available.

在建築領域，我們看到業務活動持續回升，投資湧入醫療保健、市政、工業以及科技領域。能源與資源領域實現了強勁的內生成長，再生能源和採礦項目以及水庫和大壩項目等相關活動加速發展，這些項目都與能源轉型和能源安全息息相關。此外，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。我們的業績反映了我們在美國的業務與主要發展趨勢和現有政府資金來源的高度契合。

Canada continued to perform very well, with sustained year-over-year growth that exceeded our expectations. Net revenue was up almost 8% organically for the year. Similar to the U.S., both private and public spending was robust in Canada. We had solid performance in Environmental Services with ongoing demand for permitting work in archeological services, power transmission and distribution and energy transition work continued to spur growth in Energy & Resources.

加拿大市場表現持續強勁，較去年同期成長超乎預期。全年淨收入有機成長近8%。與美國市場類似，加拿大的私人和公共支出都表現強勁。環境服務業務表現穩健，考古服務、電力傳輸和分配以及能源轉型等方面的許可業務需求持續增長，推動了能源與資源業務的成長。

Our Buildings Group continued to drive growth with projects in healthcare and mixed-use commercial. And infrastructure captured opportunities in community development in Western Canada, bridgework across Canada and in recovery efforts associated with the flooding in British Columbia in late 2021.

我們的建築業務集團繼續保持成長勢頭，在醫療保健和綜合商業項目領域均取得了顯著進展。基礎建設方面，我們也抓住了加拿大西部社區發展、加拿大各地橋樑建設以及2021年底不列顛哥倫比亞省洪災後重建等機會。

In Global, we generated over 35% net revenue growth, 11% organically and 28% from acquisitions. Our industry-leading water business continues to be a significant pillar for us, capturing long-term framework agreements in the U.K., Australia and New Zealand. We saw strong demand for our services and community development in mining driven by strong pricing for metals and in environmental services for fieldwork. We are exceptionally pleased with each of our regions and business units, which are all benefiting from the themes that we've been discussing.

在全球範圍內，我們的淨收入成長超過35%，其中11%來自內生成長，28%來自收購。我們領先業界的水務業務仍然是我們的重要支柱，並在英國、澳洲和紐西蘭簽署了長期框架協議。受金屬價格強勁的推動，礦業領域對我們服務和社區發展的需求十分旺盛；同時，野外作業的環境服務需求也十分旺盛。我們對各個區域和業務部門的表現都非常滿意，它們都受益於我們一直在探討的各項主題。

Beyond our excellent financial results, I'd like to express how proud I am of our achievements and commitment to sustainability and enhancing our communities. We were recently provided with great recognition from Corporate Knights as we were ranking their Global 100 most sustainable corporations in the world. Out of nearly 7,000 corporations at Corporate Knights reviewed, we were ranked first among our peers and #7 overall. We've now been included in the Corporate Knights Global 100 for 4 consecutive years.

除了我們優異的財務表現之外，我還想表達我對我們所取得的成就以及在永續發展和回饋社區方面所做出的承諾感到無比自豪。我們最近榮獲了Corporate Knights頒發的全球100家最具永續發展能力企業榜單的高度認可。在Corporate Knights評選的近7,000家企業中，我們名列同類企業第一，總排名第七。我們已連續四年入選Corporate Knights全球100強。

I'll turn the call over now to Theresa to review our financial results in more detail.

現在我將把電話交給特蕾莎，讓她更詳細地回顧我們的財務表現。

Thank you, Gord. Good morning, everyone. Starting with our Q4 results, we had an exceptionally strong finish to the year, which drove our full year results to outperform our expectations. We grew gross revenue by 28% to $1.5 billion and net revenue by 23% to $1.1 billion.

謝謝戈爾德。大家早安。首先來看第四季業績，我們以異常強勁的收尾結束了這一年，這推動全年業績超出預期。我們的總收入成長了28%，達到15億美元；淨收入成長了23%，達到11億美元。

Organic net revenue growth was 10.6% for the quarter, with strong growth achieved in each of our regions and business units. Canada and the U.S. were particularly strong as we benefited from a longer field season in Canada due to milder and typical weather and building momentum in the U.S. where several business units achieved over 20% organic growth for the quarter.

本季有機淨收入成長10.6%，各地區和業務部門均實現了強勁成長。加拿大和美國市場表現尤為突出，這得益於加拿大較溫和的氣候條件延長了田間作業季，以及美國市場持續成長的勢頭，其中多個業務部門的有機成長率在本季度超過了20%。

Project margin was very solid at 54.9% and adjusted EBITDA reached 17%, a 150 basis point increase over Q4 2021. This drove fourth quarter EPS to $0.66 compared with $0.15 in the prior year and adjusted diluted EPS of $0.82 compared with $0.57 last year, an increase of 44%.

專案利潤率非常穩健，達到 54.9%，調整後 EBITDA 達到 17%，比 2021 年第四季成長 150 個基點。這推動第四季每股收益達到 0.66 美元，而去年同期為 0.15 美元；調整後攤薄每股收益達到 0.82 美元，而去年同期為 0.57 美元，成長 44%。

For the full year 2022, we generated gross revenue of $5.7 billion and debt revenue of $4.5 billion, an increase of 24% and 23%, respectively. Project margin was a solid 54.2%, a 20 basis point increase. And adjusted EBITDA increased by 26% to $724 million. We achieved our highest ever adjusted EBITDA margin of 16.2%, and this is at the high end of the range we set for 2022. We also advanced our 2023 real estate strategy.

2022年全年，我們實現總收入57億美元，債務收入45億美元，分別較去年同期成長24%和23%。專案利潤率穩健，達54.2%，較上年同期成長20個基點。調整後EBITDA成長26%，達到7.24億美元。我們實現了16.2%的歷史最高調整後EBITDA利潤率，處於我們為2022年設定的目標區間的高端。此外，我們也推動了2023年房地產策略。

In 2022, we achieved approximately $0.34 per share of cost savings relative to our 2019 real estate costs, largely achieving our 2023 target of $0.35 to $0.40 a year early. We estimate that on a pre-IFRS 16 basis, these savings would have increased adjusted EBITDA margin by more than 110 basis points.

2022年，我們實現了每股約0.34美元的成本節約（與2019年的房地產成本相比），基本上提前一年實現了2023年每股0.35至0.40美元的目標。我們估計，若不採用IFRS 16準則，這些節約將使調整後的EBITDA利潤率提高110個基點以上。

In terms of square footage, we have thus far reduced our footprint by 28%, also largely in line with our target of 30% from a 2019 baseline. As a result of our strong performance, our full year diluted EPS reached $2.22, and our adjusted diluted EPS was $3.13. Both of these are also record high with respect to increases of 23% and 29%.

就建築面積而言，我們迄今已減少了28%，這與我們設定的以2019年為基準、減少30%的目標基本一致。得益於強勁的業績表現，我們全年稀釋後每股收益達到2.22美元，調整後稀釋後每股收益為3.13美元。這兩項數據均創歷史新高，分別成長了23%和29%。

Operating cash flow for the year came in at $304 million and levered free cash flow was $76 million. DSO at the end of December was 81 days, a 5-day reduction from the third quarter. As we expected, with the completion of Cardno financial migrations, cash flows began to normalize in the fourth quarter of 2022, which was moderated by stronger-than-anticipated revenue growth in the fourth quarter, driving additional net working capital investments. This also brought our net debt to adjusted EBITDA down to 1.6x, which is in the middle of our target range. We closed the year with adjusted ROIC of 10.5%, driven by stronger-than-anticipated Q4 earnings and reflecting a 20 basis point increase over 2021.

本年度經營現金流為3.04億美元，槓桿自由現金流為7,600萬美元。截至12月底，應收帳款週轉天數（DSO）為81天，較第三季減少5天。正如我們預期，隨著Cardno財務遷移的完成，現金流在2022年第四季開始恢復正常，但第四季營收成長強於預期，推動了額外的淨營運資本投資，從而緩解了現金流的下滑。這也使我們的淨債務與調整後EBITDA比率降至1.6倍，處於我們目標範圍的中位數。本年度調整後ROIC為10.5%，主要得益於第四季獲利強於預期，較2021年成長20個基點。

And with that, let me turn the call back to Gord for our 2023 outlook.

那麼，接下來就讓我們把電話轉回給戈爾德，請他展望一下 2023 年。

Thanks, Theresa. At the end of 2022, we had $5.9 billion in backlog, an increase of 15% year-over-year, 10% organically and which represents approximately 12 months of work. Our backlog does not yet include any meaningful contribution from U.S. stimulus spending, but we expect this to provide further tailwinds in 2023 and beyond. On the strength of our backlog and as momentum builds for investments spurred by government stimulus around the world, we feel very confident that 2023 will be another strong year for Stantec. Even with the high comps from 2022, we expect to deliver strong organic net revenue growth in the range of mid- to high-single digits.

謝謝，特蕾莎。截至2022年底，我們的積壓訂單達59億美元，年增15%，其中10%為內生成長，相當於約12個月的工作量。目前，我們的積壓訂單尚未包含美國刺激計劃支出帶來的實質貢獻，但我們預計這將為2023年及以後的發展提供進一步的利多因素。憑藉我們強勁的積壓訂單，以及全球各國政府刺激計劃推動的投資勢頭不斷增強，我們非常有信心2023年將是Stantec的另一個強勁之年。即使考慮到2022年較高的基數效應，我們預計2023年仍將實現強勁的內生淨收入成長，達到中高個位數。

Looking now to the U.S. with over 50% of our revenues generated in the U.S., we expect this region to continue as a key driver for 2023. After delivering almost 10% organic growth in 2022, we expect another solid year with organic growth to be in the high single to low double digits.

現在將目光投向美國，我們超過 50% 的收入都來自美國，我們預計該地區將繼續成為 2023 年的關鍵驅動力。繼 2022 年實現近 10% 的內生成長之後，我們預計 2023 年將再次保持穩健成長，內生成長率將達到高個位數到低兩位數。

Funding from the IIJA is expected to be slower in the first half of the year and to accelerate in the second half, bolstering our infrastructure business unit. Buildings continues to see great opportunities in both healthcare and adaptive reuse. In water, increasingly frequent and extreme climatic events are driving investments in resilient infrastructure to protect against flooding, hurricanes and storm surges.

來自國際基礎建設投資署（IIJA）的資金預計上半年增速放緩，下半年增速加快，這將提振我們的基礎設施業務部門。建築領域在醫療保健和適應性再利用方面持續擁有巨大機會。在水利領域，日益頻繁和極端的氣候事件正推動對韌性基礎設施的投資，以抵禦洪水、颶風和風暴潮。

Investments spurred by the IRA is expected to accelerate renewable and other energy transition projects like the Qcells project that we announced last week. At $2.5 billion, this is the largest solar panel manufacturing investment in U.S. history and passage of the IRA was a major driver in helping this project move forward. The Qcells project is also a prime example of the growing trend towards reshoring production and de-risking supply chains, bringing production closer to demand.

受《投資復甦法案》（IRA）刺激的投資預計將加速再生能源和其他能源轉型項目的發展，例如我們上周宣布的Qcells項目。該項目投資額達25億美元，是美國史上規模最大的太陽能板製造投資項目，而IRA的通過是推動該項目進展的主要動力。 Qcells專案也是生產回流、降低供應鏈風險、使生產更貼近需求這一日益增長趨勢的典型例證。

Another great example of streamlining supply chains is our recent announcement on being selected as the prime consultant on the multibillion-dollar World Logistics Center project in California. Stantec is ideally positioned to provide multidisciplinary expertise to these major projects, and we're confident in the opportunities that they'll bring.

另一個優化供應鏈的絕佳例證是我們近期宣布被選為加州價值數十億美元的世界物流中心項目的主要顧問。 Stantec 在為這些重大計畫提供多學科專業知識方面擁有得天獨厚的優勢，我們對這些計畫帶來的機會充滿信心。

After a very strong year in Canada, we expect continued high levels of activity in 2023. Organic net revenue growth is expected to moderate relative to 2022 to the low single digits. Specifically, we see our water business continuing to grow with several major projects ramping up. We expect continued strong demand to support the energy transition and the need for increased community development. And we expect high levels of activity in our Environmental Services and Buildings Group to remain stable over the year.

繼加拿大市場表現強勁的一年後，我們預計2023年業務活動將持續維持高水準。有機淨收入成長預計將較2022年放緩，降至個位數低點。具體而言，我們預期水務業務將持續成長，多個重大專案正在加速推進。我們預計強勁的需求將持續，以支持能源轉型和社區發展。同時，我們預期環境服務和建築集團的業務活動水準將在全年保持穩定。

Our global business has meaningfully grown in recent years, both organically and through acquisitions. And we see ongoing strong demand in 2023 and anticipate organic growth to be in the mid- to high-single digits. In the U.K., Australia and New Zealand, our Buildings business is expected to have strong organic growth due to the need for healthcare, science and technology and commercial mixed-use development. Growth will also be driven by high levels of activity in our water business where regulatory drivers are a strong factor. We also expect to see increases in community development in the U.K., where we're one of the top 3 planning consultancies with a long lead time for development and permitting in the U.K., this sector continues to push forward.

近年來，我們的全球業務透過內生成長和收購實現了顯著成長。我們預計2023年市場需求將持續強勁，內生成長率將達到中高個位數。在英國、澳洲和紐西蘭，由於醫療保健、科技和商業綜合體開發的需求，我們的建築業務預計將實現強勁的內生成長。水務業務的活躍度也將推動成長，其中監管因素扮演重要角色。此外，我們預計英國的社區開發項目也將有所成長。作為英國三大規劃顧問公司之一，我們在英國擁有較長的開發和授權審批週期，該領域正持續向前發展。

Transportation activities will lead to growth in Australia as well the raising of dams, mining, and overall energy transition initiatives. Overall, we expect to drive another solid year of net revenue growth. The 7% to 11% range shown here will come primarily from organic net revenue growth. It also includes some contribution from the acquisitions we completed in 2022, but no other acquisitions are factored into this outlook.

交通運輸活動將帶動澳洲經濟成長，同時水壩建設、採礦以及整體能源轉型計畫也將推動經濟成長。總體而言，我們預計淨收入將持續穩健成長。此處顯示的7%至11%的成長區間主要來自內生性淨收入成長。該區間也包含我們在2022年完成的部分收購貢獻，但其他收購未納入此預期。

In 2023, we're targeting an adjusted EBITDA margin between 16% and 17%. And our goal is to deliver adjusted EPS growth between 9% and 13% over 2022. Further gains may come from M&A as our M&A pipeline remains full, and we have the balance sheet strength to capitalize on opportunities that fit strategically for Stantec. With a favorable market backdrop and engaged workforce, a full M&A pipeline and a healthy balance sheet, we're very optimistic for 2023 and the years ahead.

2023年，我們的目標是調整後EBITDA利潤率達到16%至17%。同時，我們力求2022年調整後每股收益成長9%至13%。此外，由於我們併購專案儲備充足，且資產負債表穩健，我們可望透過併購進一步提升業績。憑藉有利的市場環境、積極進取的員工隊伍、充足的併購專案儲備以及健康的資產負債表，我們對2023年及未來幾年充滿信心。

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

那麼，我就把電話轉回給接線生，回答大家的問題。接線生？

(Operator Instructions) And today's first question will come from the line of Jacob Bout with CIBC.

（操作員說明）今天的第一個問題來自加拿大帝國商業銀行 (CIBC) 的 Jacob Bout。

On to a square 2023 guidance with your backlog in the fourth quarter. So specifically in the U.S., it actually -- the U.S. backlog actually dipped quarter-on-quarter, but you're guiding to some pretty solid organic net revenue growth. So hearing your commentary, is this kind of a first half, second half type story? Maybe just a bit more detail on the flow of the IIJA, the [1 trillion] plan projects. Do you expect that to ramp second half, I think, is what you said?

接下來談談你們對2023年的業績指引，特別是第四季的積壓訂單。具體來說，美國市場的積壓訂單實際上環比有所下降，但你們預計淨收入將實現相當穩健的內生性成長。聽你們這麼說，這算是上半年和下半年的業績成長嗎？能否再詳細說說IIJA（1兆美元）計畫的進展？你們預計該計劃會在下半年加速成長嗎？我記得你們是這麼說的。

Yes. Yes, absolutely. The IIJA funding, we're starting to see clients putting out proposal calls now. We do have a little bit of that work already in the backlog, and we are generating revenue from it. But we're not actually a couple of things about the U.S. backlog, not concerned about that at all. Certainly, our -- the U.S. backlog did drop a bit in Q4. But we had 13.5% organic growth in the U.S. in the quarter. So we're drawing down that backlog. I think you would have seen the same in Global that our backlog actually dropped a little bit in Q4. But again, not concerned. Q4 is always a bit of a lower quarter for us for backlog growth. And I think that, coupled with the extremely strong organic growth that we had in Q4, naturally drew that backlog down a little bit. But as we talk to our business leaders as we look at our pipeline of opportunities, we're not concerned with the backlog, and we feel very solid with our projections for 2023.

是的，絕對的。關於IIJA的資助，我們已經開始看到客戶發布提案徵集。我們目前已經有一些相關的項目積壓，並且正在從中獲得收入。但我們並不擔心美國的積壓項目。當然，我們的美國積壓項目在第四季度確實略有下降。但我們在美國的有機成長在當季達到了13.5%。所以我們正在逐步減少積壓項目。我認為您也會看到全球範圍內的情況類似，我們的積壓項目在第四季度也略有下降。但再次強調，我們並不擔心。第四季通常是我們積壓項目成長相對較低的季度。我認為，再加上第四季我們強勁的有機成長，自然而然地導致積壓項目減少。但當我們與業務負責人討論並審視我們的專案儲備時，我們並不擔心積壓項目，並且對2023年的預測非常有信心。

And then my second question is just on the reduction of the real estate footprint. You [think if you] accomplish your 2023 targets and -- or essentially you accomplished that. How far do you think you can take this? It sounds like you're around 28%, you're targeting 30%. Can you take it to 35%? Or how are you thinking about that right now?

我的第二個問題是關於減少房地產佔地面積的。您認為，如果你們實現了2023年的目標——或者說，基本上已經實現了——你們還能做到什麼程度？聽起來你們目前的佔比在28%左右，目標是30%。你們能達到35%嗎？或者說，你們現在是怎麼考慮這個問題的？

Yes. So we think 30% is achievable. And again, that has been based on the footprint we had back in 2019. So that remains the target. As we begin our work on the next phase of our strategic plan, we are now starting to evaluate what else is possible given acquisitions we've done in recent years, but also considering office occupancy and what the landscape looks like for real estate in various locations. So I do think that there is more as possible but that will come in the form of our -- kind of our next strategy for optimization.

是的。所以我們認為30%是可以實現的。再次強調，這是基於我們2019年的規模。因此，這仍然是我們的目標。隨著我們開始著手製定下一階段的策略計劃，我們現在開始評估在過去幾年收購的基礎上，還有哪些可能性，同時也會考慮辦公大樓入住率以及不同地區的房地產市場狀況。所以我認為還有更大的提升空間，但這將反映在我們下一個優化策略中。

One moment for our next question Benoit Poirier with Desjardins.

請稍等片刻，我們下一個問題由德斯雅爾丹集團的貝努瓦·波瓦里耶提出。

Congratulations for the strong finish. Just looking at your organic growth outlook by region. It remains pretty bullish across the board, and I would expect the U.S. infrastructure build and water program to bring momentum for the foreseeable future. But how should we be looking at your ability to raise margin beyond the 16%, 17% level that you assume in 2023?

恭喜你們取得如此強勁的業績。我看了看你們按地區劃分的有機成長預期，整體而言依然相當樂觀。我預計美國的基礎建設項目和水利工程將在可預見的未來持續推動成長。但是，你們能否將利潤率提升到2023年預期的16%或17%以上呢？

Hi, Benoit. I think the 16% to 17% remains an appropriate target for us. I've always said that there are -- there's not one thing that [one Dow] returns that will give us increased margin as many things being done right all the time. What you saw in the fourth quarter of this past year was increasing utilization, which is always one of the best ways for us to improve our margin. And so we do feel good about achieving that range again in 2023.

嗨，Benoit。我認為16%到17%仍然是我們合適的利潤率目標。我一直都說，沒有單一因素（例如道瓊指數的某一項指標）能比多方面因素持續有效更能提升我們的利潤率。去年第四季度，我們提高了產能利用率，這始終是我們提升利潤率的最佳途徑之一。因此，我們有信心在2023年再次實現這一目標。

But again, there's always been sort of pushing against that, whether it's inflationary impact on our overall cost structure and so on. And so we have to remain pretty diligent and focused on keeping our costs down and ensuring that we are as highly utilized as possible. And so I think that, that is the right range for us.

但話說回來，我們一直都面臨一些阻力，例如通貨膨脹對我們整體成本結構的影響等等。因此，我們必須保持高度的謹慎和專注，努力降低成本，並確保資源能得到最大的利用。所以我認為，這個範圍對我們來說是合適的。

Okay. And maybe could you talk about your ability to staff given the strong demand that you're seeing right now?

好的。鑑於目前強勁的需求，您能否談談貴公司的人員配備能力？

Yes. So one of the things that as we went into the global pandemic, one of the things that we had stated was that we wanted to be -- continue to be a net attractor or a net importer of talent during these periods of uncertainty. And so we can say now that for full year 2021 and for full year '22, we hired more staff than who left us through voluntary resignations. And so we do continue to build the backlog of -- sorry, to build our headcount to service that. And you saw a little bit of that in Q4 due to the high organic growth rates.

是的。在全球疫情爆發之前，我們曾明確表示，我們希望在當前充滿不確定性的時期，繼續保持人才淨吸引或淨引進的地位。因此，我們可以說，在2021年和2022年全年，我們招募的員工人數都超過了自願離職的員工人數。我們也持續增加人手以滿足這些需求。由於第四季度較高的內生成長率，您已經看到了這一點。

In addition to that, we're working hard with our innovation groups to look at how we can use digital products to generate more revenue per employee. And then thirdly, we're looking to continue to expand our growth and our integrated delivery centers in both Pune, India and in Manila in the Philippines. So I think there's a lot of different levers that we're looking to use to continue to service that backlog that we've got.

除此之外，我們正與創新團隊緊密合作，研究如何利用數位化產品提高員工人均收入。第三，我們計劃繼續擴大在印度浦那和菲律賓馬尼拉的成長和一體化交付中心。因此，我認為我們正在尋求多種途徑來繼續處理積壓訂單。

Okay. And a very quick one, last one. Just in terms of backlog, given the big announcement that we've seen over the last couple of weeks with Qcells in the world, the logistic center, would it be fair to expect or what kind of backlog could we expect in Q1 2023 just on the back of these announcements?

好的。最後一個問題，也是最簡單的一個。就積壓訂單而言，鑑於過去幾週Qcells在全球範圍內宣布的物流中心項目，我們是否可以合理預期，僅憑這些公告，2023年第一季的積壓訂單量會是多少？

We do think that our backlog in Q1 will certainly increase over where we were in Q4 of 2022. But those aren't the only jobs that are coming in. We've acquired some additional jobs, new projects in Europe and in other regions as well. So we do expect that the overall backlog in Q1 will be up over Q4 last year.

我們認為，第一季的積壓訂單肯定會比2022年第四季增加。但這並非全部新增訂單。我們還在歐洲和其他地區獲得了一些新的項目。因此，我們預計第一季的整體積壓訂單量將高於去年第四季。

One moment for our next question (inaudible) Yuri Lynk with Canaccord.

請稍等片刻，我們下一個問題（聽不清楚）是 Canaccord 的 Yuri Lynk。

Nice quarter. Gord, I don't recall Stantec putting up sequential EBITDA margin improvement in the fourth quarter versus the third, which is what you did at the end of last year. Was there anything -- I know you came out on the top end of organic growth. And is that the reason? I mean it was better utilization? Or was there anything noteworthy in the fourth quarter that would have driven the margin up or we normally see it decline sequentially. And in conjunction with that, I mean, your guidance kind of implies that Q1 and Q4 will be bigger contributors than I think in the past. So is there a change in your earnings profile?

不錯的季度業績。 Gord，我記得Stantec第四季的EBITDA利潤率並沒有像去年年底那樣較上季成長。我知道你們的有機成長達到了預期上限，這是原因嗎？我是說產能利用率提高了？還是第四季有什麼值得注意的因素推高了利潤率，否則我們通常看到的是利潤率環比下降？另外，你們的業績指引似乎暗示第一季和第四季的貢獻會比以往更大。所以你們的獲利預期是否有所變動？

Yes, Yuri, maybe I'll take a crack at that. So Q4 EBITDA certainly was, I would say, atypical in terms of its increasing relative to Q3. And so I think a couple of factors. You're right, increasing utilization certainly played a role in that. And again, we point to the longer field season we had in Canada and certainly in the northern parts of the U.S. as well where winter didn't show up for a while, it allowed us to stay more highly utilized for longer. And as we've been saying really throughout 2022, we were expecting to see a ramp-up of utilization in the U.S. as these projects kind of got going and started to reach that part of the cycle where we have many more of our workforce working on those projects. And so that's in part of what we saw as well.

是的，尤里，或許我可以試著解釋一下。第四季的EBITDA確實非同尋常，相對於第三季而言，它出現了成長。我認為這其中有幾個因素。你說得對，產能利用率的提高肯定起了一定的作用。此外，我們也要提到加拿大和美國北部地區較長的作業季，這些地區的冬季來得比較晚，這讓我們能夠更長時間地保持較高的產能利用率。正如我們在2022年一直強調的那樣，我們預計隨著這些專案的啟動，以及專案進入周期後期，更多員工投入這些專案中，美國的產能利用率將會逐步提高。而我們也確實看到了這種情況。

And then beyond that and trying to keep our cost down. We didn't have a big impact on our share-based comps, which historically has had a bit of a revaluation bump and has caused that expense to go up in the fourth quarter. We didn't see that this year. So a couple of things like that, that really drove it. And as far as what -- but we expect -- sorry, there's one more thing that comes to mind in Q4, that is a bit unusual. And it relates to the uptake on our employee benefit costs, where year-over-year, it was actually very similar. But for whatever reason, uptake was higher in the first 3 quarters of the year and lower in the fourth quarter, and that having a bit of an impact on a quarter-over-quarter basis. So when we look at Q1, Q4, which is looking to be a little bit higher than what we've traditionally seen, still well are expected to be slightly lower quarters than the second and third quarter. Some of that is just our growing global footprint where seasonality is less of an issue. And I think we're seeing the effects of that and again, just continued levels of activity that we're seeing in the U.S. that will come from these various lending sources. So that's the primary driver for the slight shift, I would say, in the seasonal [pattern].

除此之外，我們還努力控製成本。我們的股權激勵計畫受到的影響不大，以往這類計畫通常會因為重估而導致第四季支出增加。但今年我們沒有遇到這種情況。諸如此類的因素確實推動了成本下降。至於其他因素——抱歉，我想到第四季還有一點比較特別。這與員工福利成本的增加有關。雖然與去年同期相比，員工福利成本實際上非常接近，但不知何故，今年前三個季度的員工福利成本較高，而第四季度則較低，這在一定程度上影響了季度環比。因此，我們預計第一季和第四季的成本將略高於往年同期水平，但仍將略低於第二季和第三季。部分原因是我們的全球業務不斷擴張，季節性因素的影響較小。我認為我們正在看到這些因素的影響，而且，美國持續高水準的信貸活動也將帶來這些影響。因此，我認為這是季節性模式略微變化的主要驅動因素。

Okay. That makes sense. And my follow-up question, just to Gord, you talked about the bookings in the backlog. Obviously, you burned a lot in the quarter. I get that. But the absolute level of bookings was well below what we've seen in the last 4 quarters. So anything to call out there in terms of booking activity or maybe any more of a cautious stance on behalf of your clients?

好的，明白了。我的後續問題是問戈爾德的，你提到了積壓訂單的情況。顯然，你們這季度消耗了很多訂單，我理解。但是訂單的絕對數量遠低於過去四個季度的水平。所以，在訂單活動方面，或者你們的客戶是否採取了更謹慎的態度，有什麼需要特別說明的嗎？

Yes. No, not at all, actually. I think it's -- a lot of it is just seasonal type work, things are a little bit slower in getting -- people getting things papered in the quarter. So I do think that we'll see that rebound here back in Q1. We've already got a number of significant project announcements in our different regions. So yes, no concern at all with that.

是的。不，其實完全不用擔心。我覺得很多都是季節性工作，大家在這個季度處理文件的速度會比較慢。所以我相信第一季就會出現反彈。我們已經在不同地區宣布了一些重要的項目。所以，完全不用擔心。

One moment for our next question. And that will come from the line of Devin Dodge with BMO Capital Markets.

稍等片刻，我們進入下一個問題。這個問題將由BMO資本市場的德文·道奇提出。

I want to come back to one of your earlier comments. You've made good progress on expanding the workforce in 2022. So do you expect a similar level of net additions in 2023 in order to meet that mid- to high-single digit or growth in your guidance? And can you touch on maybe the general labor environment in terms of availability and the level of wage inflation that you're seeing?

我想回到您之前的一個觀點。您在2022年擴大員工隊伍方面取得了顯著進展。那麼，您是否預計2023年淨新增員工人數將與2022年持平，以實現您先前預測的中高個位數成長目標？您能否談談您目前觀察到的勞動力市場整體環境，例如勞動力供應和薪資通膨水準？

Right. So yes -- so we are, of course, active and continue to actively hire. I think another thing that we've seen is that voluntary turnover rates have begun to stabilize. So we're not losing as many people there. I think anecdotally, we also see that we continue to be between 2%, 3%, even 4% below many of our competitors in terms of voluntary turnover rates. So that's a positive. We also are being very fortunate in the number of people that we're able to onboard. And what's interesting is that both at a junior level, at an entry level, but also at very, very senior levels, we're having, we're attracting -- because of the strength of the brand and some of these big project awards that we've brought in the door, we're getting some very, very senior people joining us for our competitors as well. So we're feeling good about the hiring. But again, in addition to the hiring, we're seeing the benefits of that innovation program, as we talked about and also our integrated delivery centers in Pune and Manila. And do you want to talk about wage inflation?

是的。所以，我們當然一直在積極招聘，而且會持續招聘。我認為我們也觀察到，員工自願離職率已經開始趨於穩定。也就是說，我們流失的人員不多。根據一些非正式的觀察，我們的自願離職率仍比許多競爭對手低2%、3%，甚至4%。這是一個正面的信號。我們也很幸運，能夠招募到很多優秀的人才。有趣的是，無論是初級、入門級，還是高級職位，我們都在吸引人才——這得益於我們強大的品牌影響力以及我們贏得的一些大型項目——甚至吸引了一些來自競爭對手的資深人才加入我們。所以我們對招募情況感到滿意。此外，正如我們之前提到的，除了招募之外，我們也看到了創新項目帶來的益處，以及我們在浦那和馬尼拉的綜合交付中心也發揮了重要作用。你想談談工資上漲問題嗎？

Yes. So what we had established for our overall salary increases this year was in the sort of 4% to 5% range. So certainly higher than we have seen in past years. But that's what we've incorporated into our salaries and rate effective Jan 1.

是的。我們今年的整體薪資漲幅定在4%到5%之間，比往年還要高。我們已經將這項漲幅納入了1月1日起生效的薪資和費率中。

Okay. Good color. And then maybe another question just for Theresa here. On working capital, we saw good progress on DSO in Q4 but still a fairly meaningful working capital usage in 2022. Just wondering how we should be thinking about working capital as we look out to 2023.

好的。顏色不錯。然後我想再問Theresa一個問題。關於營運資金，我們在第四季度看到了應收帳款週轉天數（DSO）的良好改善，但2022年的營運資金使用量仍然相當可觀。我想知道，展望2023年，我們該如何看待營運資金問題。

Sure. So yes, we did see DSO come down as we expected. And I think that when you look at our working capital and how it shifted from, say, Q3 to Q4, you saw a meaningful progression where it moved from [within the AR, right? That to go from WIP into AR] and then the cash comes in the door. And so that is the movement that we saw that I think is very encouraging and tells me that we are, again, we're on the right track. So we still are targeting a DSO level of less than 80 days or 80 days or less, I should say. And that remains an appropriate target for us and so I think that, that will start to see, again, the working capital continue to normalize as we go through 2023 here.

當然。是的，正如我們預期的那樣，DSO（應收帳款週轉天數）確實下降了。我認為，當你觀察我們的營運資本，尤其是它從第三季到第四季的變化時，你會發現一個顯著的進展，即營運資本從在建工程（WIP）轉移到應收帳款（AR），然後現金流入。這種改變非常令人鼓舞，也再次顯示我們正走在正確的道路上。因此，我們仍然將DSO的目標設定在80天以內，或者更準確地說，是80天或更短。這仍然是我們合適的目標，所以我認為，隨著我們進入2023年，營運資本將繼續趨於正常化。

Okay. So should we expect working capital to be a source of funds in 2023?

好的。那麼我們是否可以預期營運資金將在2023年成為資金來源？

Sorry, I just missed the last part of your question. The sound is not great, unfortunately.

抱歉，我剛才漏看了你問題的最後一部分。很遺憾，音質不太好。

Working capital, should it be a -- are you expecting it to be a source of cash in 2023?

營運資金，您預計它在 2023 年會成為現金來源嗎？

Sorry, am I expecting working capital to be -- I'm really sorry, the sound on the speakerphone is really terrible.

抱歉，我期望的營運資金是——真的非常抱歉，免持電話的聲音太糟糕了。

Is it a source of cash or use of cash in 2023?

2023年，它是現金來源還是現金用途？

Okay. So sorry. Well, I mean it ought to be a source of cash given what we're expecting. The only reason I'm hedging on that a little bit is, of course, it's going to depend on the rate of growth. And as you grow, it requires a greater investment in working capital. And so I would -- maybe the right way to say it is often being equal, it should be a source of cash. But if we continue to grow at a rapid clip, you might see it more neutral just based on the need to continue to invest in net working capital as the revenue grows.

好的，非常抱歉。我的意思是，鑑於我們目前的預期，它應該會成為現金來源。我之所以對此稍作保留，當然是因為這取決於成長率。隨著成長，就需要增加營運資本的投資。所以，我——或許更準確的說法是，通常情況下，它應該會成為現金來源。但如果我們繼續快速成長，考慮到隨著收入成長需要持續投資淨營運資本，它的影響可能會更加中性。

Okay. Understood. Congrats on the good results. I'll turn it over.

好的，明白了。恭喜你取得好成績。我這就翻過來。

One moment for our next question. And that will come from the line of Michael Tupholme with TD Securities.

稍等片刻，我們進入下一個問題。這個問題將由道明證券的邁克爾·圖普霍爾姆提出。

I guess first question is just regarding the organic net revenue growth outlook. So calling for fairly solid organic growth in 2023 in the mid- to high-single digit range. Can you talk about some of the puts and takes that would lead you to the higher end of that range versus the lower end of that range? And then can you also touch on how you see organic growth in 2023 looking across your various business units?

我想第一個問題是關於有機淨收入成長前景的。您預計2023年有機成長將相當穩健，達到中高個位數。您能否談談哪些因素會導致您得出更高的預測值，哪些因素會導致您得出更低的預測值？另外，您能否也談談您對2023年各業務部門有機成長的展望？

Sure. So there is some -- we talked about some of the different regions, U.S. organic growth in the high single to low double digits. And that's off a pretty strong comp this year already. But when you look at the opportunities that we're seeing there, we talked about Qcells supported by IRA. There's other opportunities like that, that are -- we continue to be in discussions with.

當然。我們之前討論過一些不同地區的情況，美國有機成長率在個位數高點到兩位數低點之間。而且今年的基數已經相當高了。但當我們審視我們看到的機會時，例如我們之前提到的由IRA支持的Qcells，還有其他類似的機遇，我們正在繼續洽談中。

Certainly, the CHIPS and Science Act continues to drive semiconductor opportunities, and we're in discussions on a number of those as well right now. And then, of course, the big one is the IIJA and the support that, that's going to get to infrastructure overall. So really, a big part of -- as we look at organic growth next year, all the backdrop is there, but some of it is really just how fast that similar spending starts to flow? How fast the clients can get those proposals out? How fast we can get working and generating revenue? So we're working with a number of clients now on -- as they're beginning to position, but that will be -- that will certainly have an impact there.

當然，《晶片與科學法案》持續推動半導體產業的機遇，我們目前也正在就其中一些項目進行討論。此外，最重要的當然是《工業基礎設施發展法案》（IIJA）及其對整體基礎建設的支持。因此，展望明年的自然成長，所有背景因素都已具備，但關鍵在於類似的支出能否迅速到位？客戶能否盡快提交提案？我們能否盡快投入營運並創造收入？目前，我們正在與一些客戶合作，幫助他們進行佈局，而這些舉措無疑將產生影響。

And then when we look in Canada, good opportunities here in Canada off a high comp as well, but we don't see that same level of general support in Canada. So we see continued solid growth there, but we've guided to that low single digits globally, though we see great opportunities, and we're guiding to the mid- to high-single digits off already very strong 2022. And we're looking certainly at opportunities in water in the U.K., Australia and New Zealand, as we've talked about.

然後，當我們審視加拿大市場時，雖然加拿大也存在一些不錯的機遇，但由於其較高的基數效應，我們並未看到加拿大市場獲得同等程度的整體支撐。因此，我們預計加拿大市場將繼續保持穩健成長，但我們對全球市場的預期成長率僅為個位數低段，儘管我們看到了巨大的機遇，並預計在2022年強勁成長的基礎上，全球成長率將達到個位數中段至高段。正如我們之前討論過的，我們當然也在關注英國、澳洲和紐西蘭的水務領域的機會。

Interestingly, in the U.K., we're beginning to see some re-competitions coming out for AMP8. And we see great opportunities where we feel like we're positioned very, very well. So I think overall, we're feeling really good about 2023 and our guidance.

有趣的是，在英國，我們開始看到一些針對AMP8的重新競標。我們看到了很多絕佳的機會，感覺我們在這方面已經佔據了非常有利的地位。所以總的來說，我們對2023年的前景和業績預期都非常樂觀。

That's helpful. And I know some of this touches relates to some of the government programs and spending in the U.S. But are you as bullish on the outlook for the broader earth environmental energy transition-related work that as bullish as you have been in the past on that front?

這很有幫助。我知道其中一些內容與美國的一些政府項目和支出有關。但是，您對更廣泛的地球環境能源轉型相關工作的前景是否像過去那樣樂觀呢？

Absolutely. A lot of the energy transition work, again, will be supported by IRA. But [even absent that], in other regions around the world, we're seeing a lot of interest in solar and wind, pump storage and so on. So yes, we're very, very positive on both what that means for our environmental business, but also our larger design-focused business as well.

當然。能源轉型的許多工作，IRA 將會繼續提供支援。但即便沒有 IRA 的支持，在世界其他地區，我們也看到人們對太陽能、風能、抽水蓄能等能源領域表現出濃厚的興趣。所以，我們對此非常樂觀，這不僅對我們的環保業務意義重大，對我們更廣泛的設計業務也是如此。

Okay. Perfect. And then you mentioned just briefly at the end of your prepared remarks that you do have a full M&A pipeline. I know you typically get asked about this in one way or another every quarter. But is it possible to expand on that a little bit, perhaps talk in a little bit more detail about what the pipeline looks like, where you're most focused right now as far as acquisition opportunities? How active you think you might be this year and what you're seeing in terms of valuations?

好的，太好了。您在準備好的發言稿結尾簡要提到，貴公司擁有完整的併購專案儲備。我知道您每季都會被問到這個問題。能否再詳細談談，比如說說目前的併購專案儲備情況，以及您目前最關注的收購機會？您預計今年的併購活動會有多活躍？您目前對收購專案的估值情況有何看法？

Yes. So we see great opportunities for M&A activity really in all of our regions: Canada, the U.S. and global. And we're looking at and we're always talking to firms that are both at various sizes, smaller firms, larger firms, different lines of business. And sometimes, it's a bit lumpy, and we have to see what firms like come available, when we can get our valuation to coincide. So we're always in different levels of conversation with firms around the Global. But we certainly are hopeful that there will be some things that we'll be able to transact here in 2023.

是的。我們看到併購活動在我們所有地區——加拿大、美國和全球——都蘊藏著巨大的機會。我們一直在關注並與各種規模的公司進行洽談，包括小型公司、大型公司以及不同業務領域的公司。有時，情況會有些起伏，我們需要觀察哪些公司符合我們的收購目標，以及我們的估值何時能夠達成一致。因此，我們始終與全球各地的公司保持不同層次的溝通。但我們當然希望在2023年能夠達成一些交易。

Okay. Sorry, and just one follow-up on that, Gord. Again, I know it's hard to predict what opportunities will look like. But are you more focused on the smaller and medium-sized opportunities? Or should we expect that there's a possibility of something on the larger side as we saw with Cardno, for example?

好的。不好意思，戈爾德，我還有一個後續問題。我知道很難預測未來的機會會是什麼樣子。但是，您更關注的是中小型的投資機會嗎？還是說，我們也應該期待出現像卡德諾那樣的大型投資機會？

Yes. There's some very solid opportunities, both in that small to medium size that we're always engaged with, but also from a larger perspective. And I think that what we've seen through Cardno is that we feel we're very comfortable taking on a firm of that size or larger and successfully integrating into Stantec. So we're absolutely looking at those firms as well.

是的。無論是我們一直在關注的中小型企業，或是規模較大的企業，都存在著一些非常可靠的機會。我認為，透過收購 Cardno，我們能夠很好地掌握收購同等規模或更大規模企業並成功整合到 Stantec 的機會。因此，我們也積極關注這些企業。

One moment for our next question. And that will come from the line from Frederic Bastien with Raymond James.

稍等片刻，我們來回答下一個問題。這個問題出自弗雷德里克·巴斯蒂安和雷蒙德·詹姆斯的一句歌詞。

Gord and Theresa, congrats to you and the team for the strong results. Questions revolve around the most -- your most important asset, which goes on at night every day. I appreciate that attracting and keeping talent is always a top priority for Stantec. But can you comment on how that might have changed in the past 12 months, specifically? Is labor availability getting better? And are you seeing some of the cost pressures that you were experiencing maybe a year ago getting better or easing?

戈德和特蕾莎，恭喜你們和團隊取得如此優異的成績。大家最關心的問題都圍繞著你們最重要的資產──人才──展開，而人才正是你們每晚默默耕耘的基石。我知道吸引和留住人才一直是史坦泰克的首要任務。但你們能否具體談談過去12個月裡，這方面發生了哪些變化？勞動力供給情況是否有改善？你們是否感受到一年前面臨的一些成本壓力有所緩解？

Yes. So a couple of things there. Certainly, you're right. Our primary asset is our people. And we want to ensure that there -- that all of our Stantec employees are engaged. They feel connected to the company and our long-term growth plans, and we feel really good about that. But from a labor availability perspective, we are seeing greater opportunities there.

是的。所以，有幾點要說明。當然，您說得對。我們最重要的資產是我們的員工。我們希望確保所有Stantec員工都能積極投入工作，感受到與公司和我們長期發展計畫的緊密聯繫，對此我們感到非常欣慰。但從勞動力供應的角度來看，我們看到了更大的發展機會。

Certainly, as we continue to grow our digital product offerings, we're seeing with some of the reductions in some of the tech companies, there are additional very, very strong resources that are available in that space. But overall, I mentioned that earlier that both from a junior employee perspective, but also at very, very seasoned people who often will bring teams with them, we're having great success in attracting those people.

當然，隨著我們不斷拓展數位化產品線，我們看到一些科技公司裁員，這為該領域提供了更多實力雄厚的人才。但總的來說，正如我之前提到的，無論是初級員工，還是那些通常會帶來團隊的資深人士，我們在吸引人才方面都取得了巨大成功。

And in some ways, that's the best -- that's your best acquisition strategy really is to be able to recruit people for nothing really. I would say nothing, but it's a [different cost]. Now when discussing with potential targets, are you finding that their expectations are getting -- are they getting more reasonable given the volatile environment that we're in?

從某種程度上來說，這才是最好的——最好的招募策略就是幾乎零成本地招募。我本來想說完全零成本，但這其中也存在著其他成本。現在，在與潛在目標人選洽談時，您是否發現，考慮到我們目前所處的動盪環境，他們的期望是否變得更加合理了？

Yes. It certainly is still a competitive environment for talent, but we are seeing people's expectations moderate a little bit. We're not seeing some of the people coming to us as often with 20%, 30%, 40% salary increases because a request for that because other firms aren't offering those anymore. I think we're seeing some moderation there.

是的。人才競爭依然激烈，但我們看到人們的期望值有所降低。以前常常有人來找我們要求20%、30%甚至40%的漲薪，因為其他公司不再提供這樣的漲幅，這種情況已經不常見了。我認為這種趨勢正在趨於緩和。

One moment for our next question. And that will come from the line of Sabahat Khan with RBC Capital Markets.

稍等片刻，我們進入下一個問題。這個問題將由加拿大皇家銀行資本市場的薩巴哈特·汗提出。

Just, I guess, a question on kind of the puts and takes in terms of EBITDA for 2020. It looks like in Q4, gross margin was a little bit down, but more than made up by SG&A. Just wondering how we should think about 2023? Should we just look at the full year run rate for those 2 metrics as we think about '23? Or was there anything in Q4 that we should keep an eye on that might continue as it relates to kind of those 2 line items?

我想問一個關於2020年EBITDA方面的問題。看起來第四季毛利率略有下降，但被銷售、管理及行政費用（SG&A）彌補了。我想知道我們應該如何看待2023年？在考慮2023年時，我們是否應該只關注這兩個指標的全年運作率？或者第四季度還有哪些因素值得我們關注，並可能對這兩個項目產生持續影響？

Yes. So I'll start by saying that for broadly, when we think about ranges for project margin or gross margin, that 53% to 55% is the right range for us. It's going to move around a bit based on our project mix. And of course, we are kind of in a nice spot now where we can be a little bit more selective. And I think that's why you've seen that margin move up a little bit year-over-year. And so it's still our focus in terms of project delivery project margin in that 52% to 55% range.

是的。首先我想說的是，就專案利潤率或毛利率的範圍而言，53%到55%對我們來說是合適的範圍。當然，這個範圍會根據我們的專案組合略有調整。而且，我們現在的情況比較有利，可以更挑剔一些項目。我認為這就是為什麼你們看到利潤率同比略有上升的原因。因此，就專案交付而言，我們仍將專案利潤率控制在52%到55%的範圍內。

And EBITDA, as I said earlier, in that 16% to 17% range is the appropriate target for us. So in Q4, there were a couple of things that were a bit atypical. I would say, particularly compared to Q4 of 2021. So in 2021, in the fourth quarter, we had increased share-based comp. We had onerous lease costs that were higher than we had this year. So a couple of things like that, that made the admin and marketing as a percentage of net revenue higher in 2021 than in Q4 of 2022. Maybe when you look overall, though on a year-over-year basis, that admin and marketing percentage was actually quite consistent at around 39%, maybe 39 plus a few basis points. So again, we like to think of that as being in that 37% to 39% range, excluding unusual things like onerous lease costs and that kind of thing. So that, again, is what will drive to that 16% to 17% EBITDA margin.

正如我之前所說，16%到17%的EBITDA目標區間對我們來說比較適合。第四季有一些不太尋常的情況，尤其是與2021年第四季相比。 2021年第四季度，我們增加了股權激勵，而且租賃成本也高於今年。諸如此類的因素導致2021年第四季的行政和行銷費用佔淨收入的比例高於2022年第四季。不過，從整體來看，年比來看，行政和行銷費用佔比其實相當穩定，在39%左右，上下浮動幾個基點。因此，我們傾向於將EBITDA利潤率控制在37%到39%的區間，當然，這不包括租賃成本等特殊因素。這些因素最終將推動我們實現16%到17%的EBITDA利潤率。

Okay. Great. And then just, I guess, one on the regions. It sounds like the U.S., obviously, a lot of bigger picture tailwinds. Maybe if you could just provide a little bit of color on Canada. Maybe a bit more color by end market, which [cases] do you expect strength in this year versus the ones that might be tougher comps? And maybe what are the either the regions or the bigger funding mechanisms that are driving demand in that market? Just a bit more color there?

好的，太好了。然後，我想再談談區域市場。聽起來美國的情況顯然不錯，有很多利多因素。能否也稍微介紹一下加拿大的情況？最好能按終端市場細分，例如您預計今年哪些方面會表現強勁，哪些方面可能面臨更大的基數效應？以及，是哪些地區或主要的融資機制正在推動該市場的需求？能否再詳細說說這方面的狀況？

Yes. So we see some great opportunities still in Canada without the question. Our ES group had a really -- our Environmental Services group had a really strong year in 2022. We expect that to continue in 2023. A lot of environmental work, a lot of permitting work, a lot of archeological work. So that's very, very strong. Our community development group, we see to be very strong as well. It's interesting, I was meeting with some leaders in the overall residential development market several weeks ago in Toronto.

是的。毫無疑問，我們在加拿大仍然看到了許多絕佳的機會。我們的環境服務團隊在2022年表現非常出色，我們預計2023年這股勢頭將持續。我們進行了大量的環境工作、許可審批工作和考古工作，所以這方面非常強大。我們的社區發展團隊也同樣表現出色。有趣的是，幾週前我在多倫多會見了一些住宅開發市場的領導者。

And as we talk about over the last decade, on average, in Ontario, we brought about 70,000 residential properties to market on an annual basis. But going forward, with the immigration commitments that the government has made for the next 10 years, in Ontario alone, we'll need up to 150,000 residential properties per year. And so strong, strong long-term backdrop for affordable housing, additional properties there.

正如我們過去十年所討論的，安大略省平均每年推出約7萬套住宅房產。但展望未來，鑑於政府未來十年做出的移民承諾，光是在安大略省，我們每年就需要多達15萬套住宅房產。因此，經濟適用房市場擁有強勁的長期發展前景，需要更多房產。

And then certainly, our water group, I think you're going to see this year very, very busy. We've announced a couple of very, very strong projects that we've got before in Ontario and in Saskatchewan and certainly in British Columbia. So we feel really good about that.

當然，我們的水務部門今年肯定會非常非常忙碌。我們已經宣布了幾個非常重要的項目，這些項目之前已經在安大略省、薩斯喀徹溫省以及不列顛哥倫比亞省啟動過。所以我們對此感到非常樂觀。

And then on the building side, lots of health care work ongoing. So we -- I think it's pretty broad-based really across the end markets that we feel good about Canada. But we don't see that sort of approaching double-digit mid -- sort of high to single to double-digit growth like we see in the U.S. Canada is going to have a good year. But it will -- but from our perspective, we don't think it will be as strong as the U.S. will be.

在建築方面，醫療保健項目也在大量進行中。所以，我認為我們對加拿大整體的終端市場前景感到樂觀。但我們預計加拿大不會像美國那樣接近兩位數的中高成長，而是接近兩位數。加拿大今年的經濟成長將會不錯，但從我們的角度來看，我們認為它不會像美國那麼強勁。

One moment for our next question. It will come from the line of Maxim Sytchev with NBF.

稍等片刻，我們來討論下一個問題。這個問題將出自馬克西姆·西切夫與NBF的理論。

Most of the questions have been asked, but I just wanted to circle back to, obviously, the amount of people that you guys are hiring right now. I'm curious to hear if maybe you change some onboarding practices, just to make sure that people get up to speed as soon as possible. Just any comments there. That's it.

大部分問題都問完了，但我還是想再補充一點，關於你們目前的招募人數。我很好奇你們是否會調整一些入職流程，以確保新員工能盡快上手。有什麼建議嗎？就這些。

Yes. No, absolutely right. And so from an onboarding perspective, we're always looking to how can we make that more efficient. There are certain things that we need to do as we bring people on, welcome them to ensure that they feel part of the Stantec enterprise. But then it depends also on where they are in their career progression. One thing that we did mention is that we're in addition to hiring at that junior intermediate level that we've been very successful over the last couple of years, we're also hiring at the more senior level. So the more senior folks can come on and hit the ground a little bit quicker. We have to teach them the Stantec systems and so on, but they're ready to go. Whereas the more junior folks need a little bit longer typically to ramp up because they need to -- they have to understand the workforce, understand what our expectations are of them. And so we are looking to bring these folks on in larger groups, which allows us to be more efficient in those onboarding processes.

是的，完全正確。從入職的角度來看，我們一直在思考如何提高效率。我們需要做一些事情來迎接新員工，確保他們感受到自己是 Stantec 大家庭的一份子。但這也要取決於他們的職涯發展階段。我們之前提到過，除了過去幾年我們非常成功的中初級員工招募之外，我們也在招募更高層級的員工。這樣，資深員工可以更快地上手。我們需要教他們 Stantec 的系統等等，但他們已經準備好了。而初級員工通常需要更長的時間來適應，因為他們需要了解團隊，了解我們對他們的期望。因此，我們計劃以更大的團隊規模來招募這些員工，這樣可以提高入職流程的效率。

Okay. That will be helpful. And so maybe I'll squeeze in one more for Theresa. In terms of the kind of the approach for share buybacks, is it fair enough that right now, sort of the focus is on organic investments and M&A?

好的，這會有幫助。那我或許可以再擠出一點時間問問特蕾莎。就股票回購策略而言，目前重點放在內生式投資和併購上是否合理？

Yes. I mean the philosophy really hasn't changed, Max. We will always look to share buybacks to the extent that it's opportunistic with the priority on M&A as it has been historically. So a couple of things as well with the share buyback [tax] that was going to be in effect in Canada, starting next year is something longer term that will again kind of impact the overall valuation metrics when we look at share buybacks. At this point, we don't believe that the new rules in the U.S. will affect our share buyback in 2024. But again, philosophically, M&A is the first priority, share buybacks when the opportunity makes sense.

是的。我的意思是，我們的理念其實並沒有改變，Max。我們會始終在併購優先的前提下，根據市場機會考慮股票回購。另外，加拿大明年即將生效的股票回購稅政策，長期來看，也會對我們評估股票回購時的整體估值指標產生一定影響。目前，我們認為美國的新規則不會影響我們2024年的股票回購計畫。但再次強調，從理念上講，併購才是首要任務，只有在適當的時機才會考慮股票回購。

And speakers, I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Mr. Gord Johnston for any closing remarks.

各位發言者，目前隊列中沒有其他問題了。現在我將把電話交還給戈德·約翰斯頓先生，請他作總結發言。

Well, great. I just want to say thanks very much for everyone for joining us today. And should you have any follow-up questions, well, please feel free to reach out to Jeff Newkirk in our IR group. And have a great day, everyone. Thanks very much.

太好了。非常感謝各位今天能來參加。如果您有任何後續問題，請隨時聯絡我們投資者關係團隊的 Jeff Newkirk。祝大家今天過得愉快。非常感謝。

Thank you.

謝謝。

Thank you all for participating. This concludes today's program. You may now disconnect.

感謝各位的參與。今天的節目到此結束，您可以斷開連線了。