Stantec Inc (STN) 2021 Q2 法說會逐字稿

Good day, everyone. Welcome to Stantec's Second Quarter 2021 Earnings Results Call. Leading the call today are Gord Johnston, President and Chief Executive Officer; and Theresa Jang, Executive Vice President and Chief Financial Officer. Stantec invites those dialing in to view the slide presentation, which is available in the Investors section@stantec.com. Today's call is also a webcast. (Operator Instructions)

大家好，歡迎參加Stantec公司2021財年第二季財報電話會議。今天主持會議的是總裁兼執行長Gord Johnston先生和執行副總裁兼財務長Theresa Jang女士。 Stantec邀請所有撥入電話會議的與會者查看演示文稿，演示文稿可在投資者關係頁面(investors section@stantec.com)取得。本次電話會議也提供網路直播。 （操作說明）

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's discussion and analysis and incorporated in full for the purposes of today's call. Dollar amounts discussed in today's call are expressed in Canadian dollars and are generally rounded.

本次電話會議中提供的所有資訊均受投影片2所述的前瞻性聲明限制的約束，這些限制已在Stantec管理層討論與分析中詳細闡述，並已完整納入本次電話會議。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. Please go ahead, sir.

那麼，我很高興把電話交給戈德約翰斯頓先生。請您發言，先生。

Good morning, and thank you for joining us. Stantec delivered another solid quarter of operational and financial performance. Through our commitment to executing our strategy through our 4 value creators, we've delivered considerably higher margins quarter-over-quarter, leading to second quarter earnings that match a historical record of $0.62 per share.

早安，感謝各位的參與。 Stantec 又迎來了一個穩健的營運和財務季度。透過我們致力於透過四大價值創造者來執行策略，我們實現了環比顯著增長的利潤率，使得第二季度每股收益達到歷史新高 0.62 美元。

Our Canadian and global markets have rebounded strongly to growth, while the U.S. is off to a slower start to recovery. On a constant currency basis, we grew net revenue by over 2%, which was in line, actually a little better than our expectation we had coming into the quarter. We see clear evidence of momentum building across all of our key markets as we look to the remainder of this year and beyond. We've generated 6% organic backlog growth through the first half of this year. And beyond wins recorded in backlog, we're seeing a surge in award notifications, with well over $1 billion in gross revenue, more of half of which is in the U.S. While these notified awards can take months or longer to filter into our backlog, especially for large multiyear frameworks, their sheer magnitude give us every reason to be confident in our outlook. On the strength of our year-to-date results and positive outlook for the remainder of the year, we've raised our 2021 earnings guidance.

我們的加拿大和全球市場已強勁反彈，恢復成長，而美國市場的復甦則起步較慢。以固定匯率計算，我們的淨收入成長超過2%，符合預期，甚至略高於季度初的預期。展望今年剩餘時間和未來，我們看到所有主要市場的成長動能都在穩步增強。今年上半年，我們的有機積壓訂單成長了6%。除了已計入積壓訂單的訂單外，我們還看到授標通知數量激增，總收入超過10億美元，其中超過一半來自美國。雖然這些已通知的授標可能需要數月甚至更長時間才能計入我們的積壓訂單，尤其是對於大型多年期框架協議而言，但其規模之大讓我們對未來充滿信心。基於今年迄今的良好業績和對今年剩餘時間的積極展望，我們提高了2021年的獲利預期。

Turning now to our results by key geography. The pace of recovery in Canada has been remarkable and this has created tremendous opportunity in virtually every sector we operate in. Our infrastructure, buildings and environmental services businesses have been particularly strong, each generating organic growth in the high teens for the quarter. Organic net revenue in Canada was over 11% without the effect of the descope TransMountain Project and 6% overall. Investment in infrastructure is a key tool being used by governments to spur economic growth. And we've already seen the governments of Ontario and Quebec move forward with large transit projects, which are driving significant revenue growth for our transportation business. Our work with Toronto Metrolinx and on the light rail and sustainable transportation development in Montreal demonstrates the high demand for our expertise.

現在我們來看看以主要地區劃分的業績。加拿大經濟復甦速度驚人，這為我們幾乎所有業務領域都創造了巨大的機會。我們的基礎設施、建築和環境服務業務表現尤為強勁，本季均實現了接近10%的內生成長。若不計跨山輸油管項目縮減的影響，加拿大地區的內生淨收入成長超過11%，整體成長達6%。基礎建設投資是各國政府刺激經濟成長的關鍵工具。我們已經看到安大略省和魁北克省政府推進了大型交通項目，這些項目正顯著推動我們交通運輸業務的收入成長。我們與多倫多Metrolinx的合作以及在蒙特婁輕軌和永續交通發展方面的工作，都反映了市場對我們專業技術的高度需求。

British Columbia and Alberta are also advancing several large transit projects, which bodes well for us. We're also seeing strong revenues in our community development business with high market demand in Western Canada and Ontario, attributable to historically low-interest rates, the pandemic causing people to reevaluate their housing choices, and optimism related to the improving economy fueling organic growth. We're seeing growing opportunities to draw upon our expertise in ESG to provide innovative solutions in sustainable design. In Q2, we were awarded a 7-year agreement to provide engineering and architectural services for drinking water installations for a major Quebec municipality.

卑詩省和阿爾伯塔省也在推動多個大型交通項目，這對我們來說是個好兆頭。此外，由於歷史低利率、疫情促使人們重新評估住房選擇，以及經濟好轉帶來的樂觀情緒推動了內生成長，我們在加拿大西部和安大略省的社區發展業務也實現了強勁的收入成長。我們看到越來越多的機會可以利用我們在環境、社會和治理（ESG）方面的專業知識，為永續設計提供創新解決方案。第二季度，我們獲得了為期7年的協議，為魁北克省一個主要城市的飲用水設施提供工程和建築設計服務。

Buildings is performing exceptionally well due to the significant volume of major projects in the Canadian health care sector. The new St. Paul's hospital project in Vancouver and large hospital projects in Saskatchewan and Ontario are driving historically high levels of utilization within our buildings practice. With a number of additional health care projects in our backlog and growing activity in the civic and industrial sectors, we expect continued strong organic growth from our building's business. And heightened focus on environmental sustainability continues to drive very strong organic growth for our Environmental services business. As activity in sectors like transportation, mining, manufacturing and commercial development ramps up, so too is the demand for our services for our scientists and archeologists as they support their regulatory and environmental requirements of these initiatives.

由於加拿大醫療保健領域有大量大型項目，建築業務表現尤為出色。溫哥華新建的聖保羅醫院項目以及薩斯喀徹溫省和安大略省的大型醫院項目，推動了我們建築業務的利用率達到歷史新高。鑑於我們還有多個醫療保健項目待完成，以及市政和工業領域的業務不斷增長，我們預計建築業務將持續強勁的內生成長。同時，對環境永續性的高度重視也持續推動著我們環境服務業務的強勁內生成長。隨著交通運輸、採礦、製造業和商業開發等領域的活動日益活躍，我們為科學家和考古學家提供的服務需求也隨之增加，以滿足這些項目在監管和環境方面的要求。

Organic growth in water was steady in the quarter. Recent wins on multiple large-scale water irrigation projects in Western Canada will be a source of increased activity in the months ahead. And we recently won the role of prime consultant for a wastewater treatment facility upgrade in Southern Ontario as we continue to be recognized as market leaders in this space. And with the energy transition underway, we're seeing growing opportunities for energy and resources group and renewable energy. And a great example of the work we're doing here is our recent win to provide process, mechanical and instrumentation services to a biogas feedstock project in Saskatchewan. Many of the themes playing out in Canada are also emerging in the U.S., although the U.S. recovery is off to a slightly slower start. Overall, the Q2 performance of our U.S. business was in line with our expectations, with 7.4% organic revenue retraction in contrast to organic growth last year. Our U.S. results were significantly impacted by the strengthening of the Canadian dollar, and Theresa will go into this a bit later in the presentation.

本季水務業務的有機成長保持穩定。近期在加拿大西部多個大型灌溉項目中的成功中標，將為未來幾個月的業務成長注入動力。此外，我們近期也贏得了安大略省南部一家污水處理廠升級改造專案的總顧問職位，這進一步鞏固了我們在該領域的市場領導地位。隨著能源轉型的推進，我們看到能源與資源集團以及再生能源領域蘊藏越來越多的機會。我們近期贏得薩斯喀徹溫省一個沼氣原料項目，為其提供製程、機械和儀表服務，就是一個很好的例子。加拿大正在發生的許多趨勢也正在美國出現，儘管美國的復甦步伐略顯緩慢。整體而言，我們美國業務第二季的業績符合預期，有機收入年減7.4%，而去年同期則實現了有機成長。加幣走強對我們的美國業績產生了顯著影響，Theresa將在稍後的演講中對此進行詳細闡述。

Our U.S. transportation business continues to work through the wind-down of several major alternative delivery projects, where revenue recognition at the end of projects tends to slow down due to the complexity of the change order approval process. Unlike Canada, stimulus investment in infrastructure has not yet crystallized, but we are very well positioned to be beneficiaries when it occurs. With the expected focus on traditional infrastructure, like roads, bridges, and transit, we expect U.S. stimulus spending will drive strong growth in infrastructure once funds begin to flow. Building is starting to turn the corner as public and private investment is gaining momentum. While the commercial sector remains weak, we're beginning to see very positive green shoots in other sectors. The focus on health care that we've seen in Canada is emerging in the U.S., and our expertise in this sector has resulted in recent pursuit wins for a number of hospitals and urgent care facilities. We were recently awarded the design of a state-of-the-art neurological facility that will be over 1 million square feet in size.

我們的美國運輸業務仍在逐步完成幾個大型替代交付項目的收尾工作，由於變更單審批流程的複雜性，項目結束時的收入確認速度往往會放緩。與加拿大不同，美國的基礎設施刺激投資尚未真正落實，但我們已做好充分準備，一旦資金到位，我們將從中受益。預計美國將重點關注道路、橋樑和公共交通等傳統基礎設施，一旦資金開始流入，美國的刺激支出將推動基礎設施的強勁成長。隨著公共和私人投資的回升，建築業正開始出現轉機。雖然商業領域依然疲軟，但我們已開始看到其他領域出現非常積極的復甦跡象。我們在加拿大看到的對醫療保健的重視正在美國興起，而我們在該領域的專業知識已幫助我們近期贏得了多家醫院和急診中心的競標項目。我們最近也獲得了一個面積超過100萬平方英尺的先進神經科設施的設計項目。

Activity is also growing in the civic and industrial sectors, where we've been successful in recent pursuits for a number of large-scale IDIQ's for the U.S. Army Corps of Engineers and NAVFAC. And we're seeing all around the world, the theme of sustainability is creating a growing dimension in our design work in the United States. This is especially pronounced in our energy and resources and environmental services businesses, which have achieved organic backlog growth of 35% and 30%, respectively, since year-end 2020. We expect this trend to continue with increasing opportunities in the renewable and energy transition space like the recently awarded pump storage feasibility study and our continued engagement in on and offshore wind and major solar projects. And this past quarter, our water and environmental services group were awarded a mandate worth approximately $100 million in net revenue to support FEMA to enhance the usability and value of natural hazard risk information, and this will contribute to further growth and backlog for these groups in the quarters ahead.

在市政和工業領域，我們的業務活動也在不斷成長。近期，我們成功為美國陸軍工程兵團和海軍設施工程司令部 (NAVFAC) 爭取多個大型無限期交付/無限期數量 (IDIQ) 合約。在全球範圍內，我們看到永續發展理念正日益成為我們在美國設計工作的重要組成部分。這一點在我們的能源與資源以及環境服務業務中尤為顯著，自 2020 年底以來，這兩個業務的有機訂單積壓分別增長了 35% 和 30%。我們預計這一趨勢將持續下去，再生能源和能源轉型領域的機會將不斷增加，例如近期中標的抽水蓄能可行性研究項目，以及我們持續參與陸上和離岸風電及大型太陽能項目。此外，上個季度，我們的水務和環境服務團隊獲得了一項價值約 1 億美元淨收入的委託，旨在支持聯邦緊急事務管理署 (FEMA) 提升自然災害風險資訊的可用性和價值。這將有助於推動這些團隊在未來幾季實現進一步成長並增加訂單積壓。

Earlier this week, we announced that we signed a letter of intent to acquire Paleo Solutions. Paleo has the largest staff complement of Paleontology of any firm in the United States. And that expertise, coupled with their strong archeological presence complements our existing capabilities and positions us extremely well to meet the considerable volume of work that's imminent as utilities look to strengthen their electrical transmission infrastructure and our industry responds to the anticipated U.S. infrastructure stimulus. So the wave is coming in the U.S., while slower to materialize than in Canada, it will certainly be larger in scale and scope. And we see evidence of this in the solid 6.4% organic backlog growth that we've logged and in the $500 million of notified awards that are not yet included in backlog.

本週早些時候，我們宣布已簽署意向書，擬收購Paleo Solutions公司。 Paleo擁有美國所有公司中規模最大的古生物學家團隊。憑藉其專業知識和強大的考古實力，Paleo將與我們現有的能力形成互補，使我們能夠更好地應對即將到來的大量工作。隨著公用事業公司尋求加強其輸電基礎設施，以及整個產業積極響應美國預期的基礎設施刺激計劃，這些工作量將大幅增加。因此，這股浪潮即將席捲美國，雖然其發展速度可能不如加拿大，但其規模和範圍無疑將更大。我們從6.4%的穩健有機增長以及尚未計入訂單儲備的5億美元已通知中標項目中看到了這一點。

Like Canada, global outperformed our expectations in the second quarter, with net revenue growing organically by 9.9%. Our water business generated over 20% organic growth as the UK AMP7 and large water frameworks in Australia are operating at peak of activity. High commodity prices are also driving strong demand in our mining sector, which achieved organic growth in the high teens. Acquisitions added a further 9.7% of net revenue growth to our global business, highlighting the value we're driving from our M&A program. We closed our acquisition of Ingenium during the quarter, our second acquisition in Australia this year, and we're seeing the benefit of combining our teams in terms of client interest and project opportunities. Backlog for our global region remains very healthy. We're also seeing significant growth in notified contract awards globally, again, not yet in backlog, particularly with respect to multiyear frameworks in our U.K. and Australian water businesses.

與加拿大一樣，全球業務在第二季也超出預期，淨收入實現了9.9%的有機成長。由於英國AMP7計畫和澳洲的大型水務框架協議正處於高峰期，我們的水務業務實現了超過20%的有機成長。高企的大宗商品價格也推動了礦業領域的強勁需求，該領域實現了接近10%的有機成長。收購為我們的全球業務帶來了9.7%的淨收入成長，凸顯了我們併購計畫的價值。本季我們完成了對Ingenium的收購，這是我們今年在澳洲的第二筆收購。我們看到，團隊合併在客戶興趣和專案機會方面都帶來了益處。我們全球區域的積壓訂單依然非常充足。此外，我們看到全球範圍內已通知的合約授予數量也顯著增長，但尚未計入積壓訂單，尤其是在英國和澳洲水務業務的多年期框架協議方面。

In addition, other significant awards that are not yet in backlog include 2 separate pump storage facilities in the U.K. These are great examples of how we continue to support our clients in the transition to renewable energy. We've also been appointed to a multidisciplinary role in conceptual design for a 50 story mixed-use development in Australia, consisting of residential, retail, community and commercial spaces, and our global mining business has also been very active with the increase in commodity prices.

此外，其他尚未進入待辦事項清單的重要項目還包括英國的兩座獨立抽水蓄能電站。這些項目充分體現了我們如何持續支持客戶轉型為再生能源。我們也受聘參與澳洲一座50層綜合用途開發案的概念設計，涵蓋住宅、零售、社區和商業空間。隨著大宗商品價格的上漲，我們的全球礦業業務也十分活躍。

I'll now turn things over to Theresa, to review the quarter in more detail.

現在我將把發言權交給特蕾莎，讓她更詳細地回顧一下本季的情況。

Thanks, Gord, and good morning, everyone. As Gord mentioned, the change in the Canadian U.S. exchange rate had a substantial impact on our U.S. earnings this quarter. The Canadian dollar strengthened by $0.17 on a quarter-over-quarter basis, which decreased net revenues by $61 million. We've also provided our estimates of the FX impact on our other key financial metrics for the quarter and year-to-date. Without the estimated $0.04 negative impact, Q2 EPS would have achieved a new record.

謝謝Gord，大家早安。正如Gord所提到的，加元兌美元匯率的變動對我們本季的美國收益產生了重大影響。加幣季增0.17美元，導致淨收入減少6,100萬美元。我們也提供了匯率變動對本季及年初至今其他關鍵財務指標影響的預估。若不計入預計的0.04美元負面影響，第二季每股收益將創下新紀錄。

Despite the impact that foreign exchange had on our net revenues, we were able to grow adjusted EBITDA and drive a 110 basis point increase in margin to 16.1% through our continued focus on project execution and disciplined discretionary spending. Our Q2 results also reflect our focus on managing all aspects of our business. Beyond our drive to maintain and grow our industry-leading EBITDA margin, we're continuing to execute on our 2023 real estate strategy, which remains on track to deliver $0.10 per share in adjusted EPS by the end of 2021. Our focus on working capital management, along with the benefit of lower interest rates from our senior note offering last year are driving a reduction in interest expense, and we've materially reduced our effective tax rate to the implementation of tax optimization strategies. These efforts collectively contributed to $70 million in Q2 adjusted net income and $0.62 in adjusted diluted EPS, representing 21% and 19% increases, respectively.

儘管外匯波動對我們的淨收入造成了一定影響，但我們透過持續專注於專案執行和嚴格控制可自由支配支出，實現了調整後 EBITDA 的成長，並將利潤率提高了 110 個基點，達到 16.1%。第二季的業績也反映了我們對業務各環節管理的重視。除了致力於維持和提升業界領先的 EBITDA 利潤率之外，我們還在繼續推進 2023 年房地產策略，該策略預計在 2021 年底實現調整後每股收益 0.10 美元。我們對營運資本管理的重視，以及去年發行優先票據帶來的低利率效益，有效降低了利息支出；此外，透過實施稅務優化策略，我們大幅降低了實際稅率。這些舉措共同促成了第二季調整後淨利 7,000 萬美元和調整後攤薄每股收益 0.62 美元，分別增長了 21% 和 19%。

Our balance sheet remains strong with net debt to adjusted EBITDA of 0.9x, below our targeted range. Days sales outstanding was 76 days at quarter-end, which is relatively consistent with Q1 2021 and down 6 days compared to the same time last year. We revised our target DSO downward from 90 days to less than 80 days, which reflects our confidence in our ability to maintain DSOs below this level. Free cash flow for the first half of the year decreased $74 million to $51 million, reflecting changes in revenues and corresponding cash receipts, including the effects of foreign exchange.

我們的資產負債表依然穩健，淨負債與調整後EBITDA之比為0.9倍，低於目標範圍。截至季末，應收帳款週轉天數為76天，與2021年第一季基本持平，較去年同期減少6天。我們將目標應收帳款週轉天數從90天下調至80天以下，這反映了我們對維持應收帳款週轉天數低於該水準的能力充滿信心。上半年自由現金流減少7,400萬美元至5,100萬美元，反映了收入和相應現金收入的變化，其中包括匯率的影響。

As well, cash flows for the same period last year benefited from the deferral of income tax and other payments, which resulted from various pandemic relief programs. Increased cash used in investing activities reflects our recent acquisition activity, while spending on capital expenditures has remained consistent. And we returned $69 million in capital to shareholders in the second quarter, $51 million through share repurchases, and $18 million through the payment of dividends, demonstrating our ongoing commitment to our capital allocation strategy.

此外，由於各項疫情救助計畫帶來的所得稅和其他款項的延期支付，去年同期現金流也受益匪淺。投資活動現金使用量的增加反映了我們近期的收購活動，而資本支出則保持穩定。第二季度，我們向股東返還了6,900萬美元資本，其中5,100萬美元透過股票回購，1,800萬美元透過派發股息，這反映了我們對資本配置策略的持續承諾。

Based on our financial performance to date and our confidence in continuing to execute on our plan, we're raising our earnings guidance for 2021. We continue to expect 2021 full year organic net revenue growth to be in the low to mid-single digits or 1% to 5%, but with a slight shift in mix relative to our previous thoughts. We now expect organic growth in Canada and global to be slightly stronger than initially projected, offsetting a slightly slower start to the recovery in the U.S. As a reminder, whenever we talk about organic growth, we always talk about it on a constant currency basis. We're raising the lower end of our ranges on all our financial targets. Adjusted EBITDA margin is now projected to be 15% to 16% of net revenue. Our adjusted net income margin target is now 6.8% of net revenue or higher, and adjusted ROIC is now expected to be 10% or higher. And as for adjusted diluted EPS, we now expect to achieve 4% to 7% growth in 2021 compared to 2020, where our previous guidance was for low to mid-single-digit growth or 1% to 5%.

基於我們迄今為止的財務表現以及我們對繼續執行計劃的信心，我們上調了2021年的獲利預期。我們仍然預計2021年全年有機淨收入成長將達到個位數低至中等水平，即1%至5%，但與我們先前的預期相比，收入結構略有調整。我們現在預計加拿大和全球的有機成長將略高於最初的預期，抵消美國復甦初期略顯緩慢的影響。需要提醒的是，我們討論有機成長時，始終以固定匯率為基礎。我們提高了所有財務目標的下限。調整後EBITDA利潤率預計為淨收入的15%至16%。我們調整後的淨利潤率目標為淨收入的6.8%或更高，調整後ROIC預計為10%或更高。至於調整後的稀釋每股收益，我們現在預計 2021 年將實現 4% 至 7% 的成長，而 2020 年的成長預期為個位數低至中等水平，即 1% 至 5%。

Given continued uncertainty around the timing on a U.S. infrastructure stimulus bill, we believe it's still prudent to exclude any potential upside from U.S. stimulus spending in our 2021 revenue expectations. Please refer to this quarter's MD&A for more detailed information about our 2021 outlook, including our updated expectations for our effective tax rate, foreign exchange sensitivities, and our revised expectation regarding seasonality of earnings, where we now project Q1 and Q4 to represent 45% of earnings and Q2 and Q3 to represent 55%. This is a shift from our previous guidance of a 40%, 60% split.

鑑於美國基礎設施刺激法案出台時間仍存在不確定性，我們認為在2021年營收預期中，仍應謹慎地排除美國刺激支出可能帶來的任何潛在成長。有關我們2021年展望的更多詳細信息，包括我們更新後的有效稅率預期、匯率敏感性以及對盈利季節性的修正預期，請參閱本季度的管理層討論與分析（MD&A）。我們目前預計第一季和第四季的獲利將佔總獲利的45%，第二季和第三季將佔55%。這與我們先前預測的40%和60%的比例有所不同。

And with that, I'll turn the call back to Gord.

就這樣，我把電話轉回給戈爾德。

Thanks, Theresa. We are very optimistic as we look toward the rest of this year and beyond. Our increased EPS guidance for 4% to 7% growth in 2021 is predicated on our solid performance in the first half of the year, the strength of our backlog and our more than $1 billion in award notifications that aren't yet booked into backlog. While we have not yet incorporated any U.S. stimulus spending into our revenue assumptions for 2021, the proposed focus on water and traditional infrastructure like roads, bridges, and transit, matches up squarely with our areas of strength. Given the expected focus on sustainability as part of these investments and our industry-leading exposure to UN sustainable development goal related revenue, we are ideally positioned to capitalize on these opportunities and drive significant growth in our U.S. operations.

謝謝特蕾莎。我們對今年剩餘時間及未來充滿信心。我們上調了2021年每股收益成長預期，預計將成長4%至7%，這主要基於我們上半年穩健的業績、強勁的積壓訂單以及超過10億美元的已授標通知（尚未計入積壓訂單）。雖然我們尚未將任何美國刺激性支出納入2021年的收入預期，但擬議的對水利和傳統基礎設施（如道路、橋樑和公共交通）的重點投入與我們的優勢領域完全契合。鑑於這些投資預計將專注於永續發展，以及我們在聯合國永續發展目標相關收入方面處於行業領先地位，我們已做好充分準備，把握這些機遇，推動美國業務的顯著成長。

Our ability to maintain our high win rate on pursuits and deliver unparalleled results for our clients is largely dependent on our ability to retain the best talent. And we're proud to be recognized as an employer of choice, as highlighted by some of the accolades noted on this slide. While our voluntary turnover rate has remained low throughout the pandemic and continues to be a couple of percentage points better than the industry average, we're continuing to strive to maintain a highly engaged and empowered workforce. And that's why it's a key priority for us to maintain an inspired work culture and an environment where everyone feels welcomed, included and supported.

我們之所以能夠維持高中標率並為客戶帶來卓越的成果，很大程度上取決於我們能否留住最優秀的人才。我們很榮幸被公認為最佳雇主之一，正如本頁幻燈片中列出的部分榮譽所彰顯的那樣。儘管疫情期間我們的員工自願離職率一直保持在較低水平，並且比行業平均水平低幾個百分點，但我們仍在努力打造一支高度敬業且充滿活力的員工隊伍。因此，營造積極向上、包容友善的工作氛圍，讓每個人都感到被歡迎、被接納和被支持，是我們工作的重中之重。

Stantec continues to stand out as the top-ranked firm in its space for sustainability. In addition to being named the fifth most sustainable company in the world by Corporate Knights this year, we were also recently ranked the industry's top firm in Canada's best 50 corporate citizens of 2021. Our emphasis on sustainability is interwoven from our leadership team to the talented staff who guide our clients on their journeys to create more sustainable communities and futures. And I want to thank all of our employees for their continued commitment and diligence in supporting our clients and colleagues around the world.

在永續發展領域，Stantec 始終保持領先地位。今年，我們不僅被 Corporate Knights 評為全球第五大最具永續發展能力的公司，還在 2021 年加拿大最佳 50 家企業公民評選中榮膺產業翹楚。我們對永續發展的重視貫穿從領導團隊到每位才華橫溢的員工的方方面面，他們指導客戶打造更永續的社區和未來。在此，我要感謝所有員工，感謝他們一直以來對客戶和全球同事的持續支持和辛勤付出。

And with that, we'll open the call up to questions. Operator?

接下來，我們將開放提問環節。接線生？

(Operator Instructions) We'll take our first question from Benoit Poirier with Desjardins Capital Markets.

（操作員說明）我們首先來回答來自 Desjardins Capital Markets 的 Benoit Poirier 提出的問題。

Just with respect on M&A based on your current pipeline of M&A you have in front of you and assuming a normal closing rate. How many employees could you acquire throughout the remainder of 2021? I just want to get a sense of the opportunity ahead of you in the current context.

僅就併購方面而言，基於您目前在手的併購項目，並假設成交率正常，您在2021年剩餘時間內可以收購多少員工？我只是想了解在當前情況下，您面臨的機會。

Certainly, there's a lot of activity in that 1,000 person and less market that we typically are looking at as our sweet spot. And you noted earlier this week, we announced the letter of intent for Paleo solution. And I suspect that there's going to be a number of additional firms in that 1,000 in-person unless coming to market over the remainder of the year, particularly in the United States because more folks are wondering what would happen from a taxation perspective. And we're also finding that there's some activity in the 1,000-plus person range. But these days, discipline is the key for us, Benoit, because we're seeing that there's a lot of activity in the market, a lot of players.

當然，我們通常關注的1000人以下的小眾市場非常活躍。正如您本週早些時候提到的，我們宣布了Paleo解決方案的意向書。我預計，除非有公司在今年剩餘時間內進入市場，否則會有更多公司進入這個1000人以下的小眾市場，尤其是在美國，因為越來越多的人想知道從稅務角度來看會發生什麼。我們也發現，1000人以上的大眾市場也有一些活動。但如今，Benoit，對我們來說，自律至關重要，因為我們看到市場上有許多參與者，非常活躍。

And so really maintaining discipline on the multiples that we're prepared to pay in order to be -- have the any transaction to be accretive for us from a long-term perspective. But these things are always lumpy. And so I don't think I'd like to posit a guess at how many folks we could add from a staff count perspective, only to say that the pipeline of firms is full, and there's a lot of activity in the space, but how many people we would close before the end of the year would be difficult for us to really to guess that.

因此，我們必須嚴格控制我們願意支付的倍數，以確保任何交易都能從長期角度為我們帶來收益。但這類事情總是充滿變數。所以，我不想妄加猜測我們能從員工人數的角度增加多少人，只能說目前待收購的公司很多，而且這個領域非常活躍，但要預測年底前能完成多少筆交易，我們真的很難。

And with respect to the U.S., obviously, a little bit slower recovery, but it seems the $1 billion of award notification is excluded from the potential impact of the $1 trillion of infrastructure package. So I would be curious to have an update with respect to the timing for the funds to begin to flow? And which segment would benefit the most down the road work?

至於美國，顯然復甦速度稍慢一些，但10億美元的撥款通知似乎並未計入1兆美元基礎建設方案的潛在影響範圍。因此，我很想知道資金何時開始到位？以及未來哪些領域將從中受益最大？

And for your question, Benoit, do you mean specifically related to the soft backlog that we have on the books? Or is that more with relation to what we see coming from the U.S. stimulus?

至於你的問題，Benoit，你指的是我們目前積壓的訂單嗎？還是說這與美國刺激計劃有關？

More about what's coming from the U.S. stimulus, yes.

是的，我們將更多地討論美國刺激計劃的進展。

Yes. It's interesting. When you look at the plan that's lined up from a U.S. stimulus perspective, it really is right in our wheelhouse. When you look at roughly $550 million -- $550 billion, sorry, in new funding over 5 years, $110 billion for roads, bridges, and other major infrastructure, $39 billion for public transit, $17 billion for ports, $25 billion for airports, 0 and low-emission buses, electrical grid, upgrading $55 billion for water infrastructure. So a lot of the things. And just going back to the electrical grid, $73 billion to upgrade the electrical grid, which ties in very, very well with our acquisition of Teshmont last year, plus the existing strength that we had, but also Paleo does a lot of work in -- with clients in that space as well. So I think with our existing skill set, with the skill set of some of the firms that we've added recently, we are ideally situated to capitalize on what we anticipate will come from the U.S. infrastructure bill when it's finally passed.

是的，這很有意思。從美國刺激經濟的角度來看，這項計畫確實正合我們心意。該計畫包括未來五年內約5.5億美元（抱歉，應該是5500億美元）的新資金，其中1100億美元用於道路、橋樑和其他主要基礎設施，390億美元用於公共交通，170億美元用於港口，250億美元用於機場、零排放和低排放公交車、電網升級，以及550億美元用於水利基礎設施升級。涵蓋的項目非常廣泛。再說電網升級，730億美元用於電網升級，這與我們去年收購Teshmont公司以及我們原有的優勢非常契合。此外，Paleo公司在該領域也擁有豐富的經驗，並與眾多客戶合作。所以我認為，憑藉我們現有的技能，以及我們最近收購的一些公司的技能，我們完全有能力充分利用美國基礎設施法案最終通過後所帶來的預期收益。

We'll take our next question from Michael Tupholme with TD securities.

接下來，我們將回答來自道明證券的邁克爾·圖普霍爾姆提出的問題。

Gord or Theresa, the admitted marketing expenses this quarter, it was noted that the expenses were lower in part due to reduced discretionary spending and the favorable resolution of certain claims. Just 2 questions there. I guess first off, can you speak to the details of the claims resolution, how material that was? And then secondly, if you could also speak to how you're thinking about discretionary expenses going forward with the economic reopening continuing to progress?

戈德或特蕾莎，本季度已確認的營銷費用有所下降，部分原因是可自由支配支出減少以及某些索賠得到有利解決。我有兩個問題。首先，您能否詳細說明一下索賠解決的情況，以及其重要性如何？其次，隨著經濟重啟的持續推進，您能否談談您未來對可自由支配支出的看法？

Sure. So with respect to the claims recovery, I would say it wasn't as material as what we recorded at Q4 of last year, it was a couple of million dollars, but enough to be noteworthy, I think. And so as we think about discretionary spending going forward, well, we've baked into our EBITDA margin expectations for this year is continued savings, continued discipline. But we also know that everyone is sort of pushing to be able to get back on the road and on planes and travel as things start to open up. So we're expecting to see a bit of a bump up in travel and so on, probably towards the latter part of Q3 and into Q4. And as we look towards 2022 and beyond, though, it is our intention that discretionary spending will not go back to levels that we were at before the pandemic. So we've not yet established what that target is, what percentage reduction we're going to try to cap it at. But that is fully our expectation that it will remain low, not as low as during the pandemic, but not as high as before the pandemic.

當然。關於理賠回收，我認為它不如去年第四季那麼大，雖然也有幾百萬美元，但仍然值得關注。展望未來，我們預計今年的EBITDA利潤率將持續節省成本，並維持一定的自律性。但我們也知道，隨著各行各業逐漸開放，大家都渴望恢復出行，搭飛機，重新開始旅行。因此，我們預計旅行等方面的支出可能會略有回升，可能在第三季末到第四季。展望2022年及以後，我們的目標是讓可自由支配的支出不會恢復到疫情前的水準。我們尚未確定具體的目標，也未設定具體的降幅上限。但我們完全預期支出將維持在較低水平，不會像疫情期間那麼低，也不會像疫情前那麼高。

If we look at the year-over-year margin improvement, EBITDA margin improvement in Q2 was healthy. If we look ahead to the third quarter, it looks like the prior year margin comp is more difficult in Q3. Are you able to talk about whether or not you believe that you can continue to see year-over-year margin improvement in the third quarter?

如果我們看一下同比利潤率的改善情況，第二季度的EBITDA利潤率改善勢頭良好。展望第三季度，與去年同期相比，利潤率的提升可能會比較困難。您能否談談您是否認為第三季能夠持續維持年比利潤率的改善？

So can you hear me?

你聽得到我說話嗎？

We can now.

現在我們可以了。

Yes. Sorry about that.

是的，很抱歉。

Okay. Perfect. Maybe I'll just reask the question because I'm not sure how much of it came through. So the question was our questions -- yes, margin. So you had good year-over-year improvement in the second quarter. I'm just wondering as we look ahead to the third quarter, it looks like the comp is more difficult on a -- in terms of the prior year comp. So I appreciate the guidance range you've given for the full year, but I'm just wondering in the third quarter, do you expect to be able to continue to see year-over-year EBITDA margin improvement in the third quarter.

好的，沒問題。我可能要再問一遍，因為我不確定您說的哪些內容不被我理解。所以，問題就是我們想問的──是的，利潤率。您第二季的年增幅不錯。我只是想問，展望第三季度，由於去年同期業績比較低，情況似乎會更難預測。我很感謝您給出的全年業績指引範圍，但我想知道，在第三季度，您是否預期EBITDA利潤率能夠持續實現年成長？

So EBITDA margin, we feel pretty confident about the range that we have -- that we put out for the year. And it does -- there is still a bit of seasonality in the way our EBITDA margins tend to go over the course of the year. And we think that will still roughly be the same. You would think that it's going to be relatively strong in the third quarter, it will back off in the fourth quarter, and again, hope to be comfortably in the range that we've set as our target.

因此，對於 EBITDA 利潤率，我們對目前設定的全年預期範圍相當有信心。當然，EBITDA 利潤率在一年中的波動仍然存在一定的季節性影響。我們認為這種影響大致上不會改變。預計第三季 EBITDA 利潤率將保持相對強勁，第四季會有所回落，但我們仍然希望它能保持在我們設定的目標範圍內。

We'll take our next question from Jacob Bout with CIBC.

接下來，我們將回答來自加拿大帝國商業銀行 (CIBC) 的 Jacob Bout 提出的問題。

I want to go back to the U.S. and maybe dig into the drivers of the negative organic revenue retraction we saw in the U.S. How much of this was the wind down in the transport infra projects versus, say, the surgeons of the Delta variant or the delay in the U.S. infrastructure stimulus?

我想回到美國，深入研究美國有機收入負成長的驅動因素。其中有多少是由於交通基礎設施項目的逐步減少造成的，又有多少是由於達美航空的改造項目或美國基礎設施刺激計劃的延遲造成的？

Yes. So just to start off to say that we have confidence in our long-term -- our U.S. operations in the long term. We booked 6.4% organic backlog growth so far this year. We've seen -- certainly, we talked about the soft backlog and roughly half of that or over $500 million as well coming there even absent U.S. infrastructure stimulus. And also note that our comparison is to Q2 2020 in which we had some organic growth. So to your point about the 2 major retractors that we did see in the U.S. in Q2 were transportation, and that is related to those -- we typically don't like to call out individual projects, but there's 2 of them that are currently in that stage where we're winding down right now as well as our buildings business retracted a bit.

是的。首先，我想說的是，我們對美國業務的長期發展充滿信心。今年迄今為止，我們的有機訂單增加了6.4%。我們看到——當然，我們也談到了軟性訂單，其中大約一半，也就是超過5億美元，即使沒有美國基礎設施刺激計劃，也來自美國。另外要注意的是，我們的數據是與2020年第二季進行比較的，當時我們也實現了一定的有機成長。至於您提到的第二季美國業務的兩大主要下滑因素，那就是交通運輸業。這與我們通常不願意點名具體項目有關，但目前有兩個項目正處於逐步結束的階段，此外，我們的建築業務也略有下滑。

Now we've noted that buildings really has begun to turn the corner in Q2 with the addition of new projects. And so I think we're feeling positive about that. So really, these were not, Jacob, I don't believe, impacted at all by the resurgence of the Delta area. And we do believe that we'll see that continued growth in the U.S. going forward, Q3, Q4, but certainly into next year, even absent the U.S. infrastructure stimulus spending, and that would provide only a stronger tailwind for us.

我們注意到，隨著新項目的增加，建築業在第二季確實開始好轉。因此，我們對此感到樂觀。雅各布，我認為這些項目完全沒有受到三角洲地區復甦的影響。我們相信，即使沒有美國的基礎設施刺激支出，美國建築業在未來第三季、第四季乃至明年仍將保持成長勢頭，而這只會為我們帶來更強勁的利好。

And the $1.3 billion in award notifications, it sounds like that will be awarded or added to backlog in the fourth quarter. Is that how we should be thinking about that?

至於那13億美元的授標通知，聽起來像是會在第四季授予合約或計入積壓訂單。我們該這樣理解嗎？

No. Some of those -- what we've tried to do there is it just indicates the overall health of our markets, even absent those U.S. infrastructure stimulus. So those were -- that is true, in excess of $1 billion in gross revenue that we were notified of award in the quarter, and some of those are actionable immediately, and we'll start on them right away. But some will take several quarters to add to backlog and some will be even longer. For example, I mentioned in the prepared results, the FEMA project that we were awarded. That's a long-term multi-year award with FEMA. And so that will take several years for us to work through that backlog. But what it provides us is with multi-years of no admin, no business development, and a group of people just working full-time on the project. So no, I wouldn't expect to see $1 billion drop into backlog in Q3. But I think it's just more indicative of the overall health of our backlog, overall health of the markets. And so just supportive of our long-term view that things are continuing to improve and gives us solid tailwinds.

不。我們試圖透過這些數據來表明，即使沒有美國的基礎設施刺激計劃，我們的市場整體健康狀況仍然良好。的確，我們在本季收到了超過10億美元的訂單通知，其中一些項目可以立即啟動，我們會馬上著手處理。但有些項目需要幾個季度才能計入積壓訂單，有些則需要更長。例如，我在之前的業績報告中提到過，我們獲得了FEMA的專案。這是一個與FEMA簽訂的多年期長期合約。因此，我們需要幾年時間才能處理完積壓訂單。但這個計畫的好處在於，它讓我們在未來幾年內無需處理行政事務和業務拓展工作，可以安排一組人員全職投入專案。所以，我不認為第三季會有10億美元的積壓訂單。但我認為這更反映了我們積壓訂單的整體健康狀況，以及市場的整體健康狀況。因此，這恰恰支持了我們對未來發展趨勢的長期看法，即情況正在持續改善，並為我們提供了強勁的順風。

And then my second question is just on the lower tax rate guidance. Can you talk about the sustainability of that as we look into 2022? Or is this just really a mix play for 2021?

我的第二個問題是關於較低的稅率指引。您能否談談這項政策在2022年的可持續性？或者這只是針對2021年採取的混合策略？

I would say all things being equal, that we do expect we'll be able to maintain a lower tax rate relative to the 27% to 28% we started this year with. But of course, we haven't done our full budgeting for 2022 yet. But we did implement some strategies this year that should sustain it at a lower level. Of course, there's a lot of discussion around whether it's U.S. corporate tax reform, global tax reform. So there's a few things floating out there that we're certainly monitoring. But all things being equal, we should be able to keep a lower effective tax rate than we started the year with.

我想說，如果一切順利，我們預計能夠維持低於年初27%至28%的稅率。當然，我們尚未完成2022年的全部預算。不過，我們今年確實實施了一些策略，應該有助於維持較低的稅率水準。當然，目前關於美國企業稅改革和全球稅制改革的討論很多。我們正在密切關註一些相關議題。但如果一切順利，我們應該能夠維持比年初更低的實際稅率。

Our next question comes from Chris Murray with ATB Cap Markets.

下一個問題來自 ATB Cap Markets 的 Chris Murray。

So just kind of continuing on the tax discussion for a second. Theresa, in the quarter, one of the things we've seen from some other companies is there was a change in the U.K. statutory rate. I'm assuming, does your guidance, I'm assuming for this year, baked that in. And to your commentary about maybe slightly lower tax numbers next year, that's also already kind of in that impact?

我們就繼續討論稅務問題吧。特蕾莎，本季我們看到其他一些公司的情況是英國法定稅率有所調整。我猜想，你們今年的業績指引是否已經考慮到了這一點？另外，您之前提到明年的稅收數據可能會略有下降，這是否也已經有所影響了？

Yes. That would be right.

是的，沒錯。

Okay. And then my other question is around the Canadian operations and just the organic growth rate. And Gord, certainly double-digit growth rate numbers, but certainly impacted by TransMountain. Can you give us some indication on when you think the TransMountain impact is going to slow? And I guess the other piece of this is kind of excluding the TransMountain, how sustainable you think that kind of double-digit organic growth rate might be?

好的。我的另一個問題是關於加拿大業務以及有機成長率的。 Gord，成長率確實達到了兩位數，但肯定受到了TransMountain輸油管項目的影響。您能否預測TransMountain的影響何時會減弱？另外，如果排除TransMountain的影響，您認為這種兩位數的有機成長率可以持續多久？

The impact of TransMountain will persist for the end of this year, just as an organic growth headwind, we changed our contractual relationship with them really at the end of the year. So we were generating that revenue with TransMountain Q2, Q3, Q4 of last year. And so absent oil and gas, every one of our business lines in Canada had organic growth last -- in Q2. And so we've seen backlogs are up in Canada. Our book-to-burn virtually for every group is above 1 in Canada. And basically, overall, Canada, U.S., and global, for all of our combined, all of our groups had a book-to-burn in excess of 1 for the quarter. So I think we feel pretty good about that. But in terms of sustainability, the backlog is there. The pipeline of new opportunities is still looking good, Chris. So will we keep double digits quarter-on-quarter? That's hard to say, but we do see strong organic growth in Canada for the remainder of the year.

TransMountain的影響將持續到今年年底，就像內生成長的阻力一樣，我們在年底確實調整了與他們的合約關係。去年第二、三、四季度，我們都是依賴TransMountain的營收。因此，撇開油氣業務不談，我們在加拿大的所有業務線在上一季（第二季）都實現了內生成長。我們看到加拿大的積壓訂單增加。在加拿大，我們幾乎所有業務部門的訂單完成率都超過了1。基本上，總體而言，包括加拿大、美國和全球，我們所有業務部門的訂單完成率在本季度都超過了1。所以我們對此相當樂觀。但就永續性而言，積壓訂單依然存在。新機會的儲備情況仍然良好，克里斯。那麼我們能否維持兩位數的季度環比成長呢？這很難說，但我們確實預計今年剩餘時間裡，加拿大的內生成長將保持強勁。

We'll take our next question from Sabahat Khan with RBC Capital Markets.

接下來，我們將回答來自加拿大皇家銀行資本市場的薩巴哈特·汗提出的問題。

I'm just kind of following up on the end market discussion. Can you maybe talk a little bit about the kind of the infrastructure outlook across some of your major regions? Obviously, that's a market that should benefit from stimulus. But what are you seeing in the pipeline specifically for that in the U.S. or even internationally?

我只是想就終端市場討論做個後續跟進。您能否談談貴公司幾個主要地區的基礎建設前景？顯然，這個市場應該會受益於經濟刺激政策。但您認為美國乃至國際上有哪些具體的基礎建設項目正在籌備中？

When we -- thanks, Sabahat. When we look at the U.S., of course, the infrastructure is seamless still, continuing to be negotiated, and we'll see what sort of a time frame we get there. But I think what's interesting there is what we're seeing is a number of clients, putting out conceptual design, 10% designed, hiring their consultants, getting people on board in anticipation of that work coming. So that -- so I think that's going to create a nice tailwind for us. But even absent that, in the U.S., we talked about the large hospital neurological institute that we are awarded. We're seeing that soft backlog is there.

謝謝薩巴哈特。說到美國，當然，基礎建設目前仍然很完善，談判仍在進行中，我們拭目以待最終的進度。但我認為有趣的是，我們看到很多客戶已經完成了概念設計，其中10%已經設計完成，他們聘請了顧問，並提前安排人員，為即將到來的專案做好準備。所以，我認為這將對我們有利。即使沒有這些項目，在美國，我們之前也提到我們中標的大型醫院神經研究所項目。我們看到這部分項目已經累積了一定的儲備。

So there's a lot of confidence in growing confidence in the U.S. and clients, even absent the U.S. infrastructure stimulus. So I think we feel good about that. Outside of the United States, in Canada, certainly, backlogs are up and then even stronger from a global perspective. From a global transportation perspective, we're forecasting 17% organic growth going forward, really driven by a lot of the work that we're seeing way down south in New Zealand. Certainly, some work in Australia as well through our recent acquisition of GTA down there. So I think infrastructure, from a Canadian, U.S. and a global perspective, feels like it's going to provide a pretty good tailwind for our industry, for the remainder -- for the next couple of years, I think.

因此，即使沒有美國的基礎設施刺激計劃，美國市場和客戶的信心也不斷增強。所以我們對此感到樂觀。在美國以外，加拿大的積壓訂單肯定有所增加，而從全球角度來看，積壓訂單的增加勢頭更為強勁。從全球交通運輸的角度來看，我們預測未來將實現17%的內生成長，這主要得益於我們在紐西蘭南部地區的大量業務。當然，我們最近收購了澳洲的GTA公司，也帶動了我們在澳洲的業務成長。因此，我認為從加拿大、美國和全球的角度來看，基礎設施建設將在未來幾年內為我們的產業提供強勁的推動力。

And then just kind of turning over to the end markets that have had a bit of a tailwind over the last few years, which is the environment in water. You've had good growth in those end markets as well. And I can as we look forward to the next 12, 24 months, do you see those tailwinds continuing? And which market specifically are you at seeing more demand for those as maybe lap of peers of good growth in those 2 end markets?

接下來，我們來談談過去幾年發展勢頭良好的終端市場，也就是水處理產業。你們在這些終端市場也取得了不錯的成長。展望未來12到24個月，您認為這種成長動能持續嗎？具體來說，您認為哪個市場對水處理產品的需求會更高？或許是其他一些在水處理和水處理行業中成長良好的市場？

Yes. When we talk about our water business first, we've seen organic growth in our water business each quarter for the last 8 or 9 quarters. So it just continues to strengthen, pre-pandemic and even through the pandemic. Backlogs in water are solid. And I think it's just our market presence there, really, whether it's in the United States, in Canada, or globally, is very, very strong, and we see continued growth there. And really, a large portion of that soft backlog that we talked about is in the water space. From the environmental perspective, again, great backlog growth there, as we've talked about, our overall book-to-burn in environmental services feels good for us. It's certainly above 1 in the quarter. And Theresa talked about the backlog growth overall as being extremely strong. And so we see that continuing that backlog growth will just continue to feed the revenue generation, I believe, for the quarters to come and strong support into 2022 as well.

是的。首先說說我們的水務業務，過去八到九個季度以來，我們的水務業務每季都實現了內生成長。因此，無論是在疫情前或疫情期間，水務業務都在持續走強。水務業務的積壓訂單量很穩定。我認為這主要得益於我們在美國、加拿大和全球市場的強大影響力，而且我們預計該業務將持續成長。事實上，我們之前提到的那些軟性積壓訂單中，很大一部分都集中在水務領域。從環境服務的角度來看，正如我們之前提到的，該領域的積壓訂單成長同樣強勁，我們環境服務的整體訂單完成率也令人滿意。本季該指標肯定高於1。 Theresa也提到，整體積壓訂單成長非常強勁。因此，我們相信，積壓訂單的持續成長將繼續推動未來幾季的營收成長，並為2022年提供強而有力的支撐。

If I could just squeeze in one more. Just looking at your kind of balance sheet position here still looks good and you've been chipping away with small to medium-sized transactions for the while. Can you maybe comment on the pipeline of opportunities and an on top of the larger transactions in the past as well? Just kind of what is the opportunity set out there right now at this point in the year?

如果可以的話，我再補充一點。從貴公司的資產負債表來看，情況依然良好，而且貴公司一直在穩步推進中小規模交易。您能否談談目前有哪些潛在機會，以及過去完成的大型交易？就目前而言，今年的市場機會有哪些？

There's -- mentioned briefly earlier, like in that sub 1,000 person firm, kind of -- which has historically been the Stantec sweet spot, there is a lot of opportunity coming to market, whether it's in Canada, the United States, or globally. But I do see, in the U.S., in particular, with pending tax changes, that we're going to see additional opportunities come to market here in the second half of the year. The pipeline is full already, but we've heard a discussion about a number of firms coming to market. And then from the perspective of the firms in excess of 1,000 people, there are a couple of transactions that are live now.

前面簡要提到過，像員工人數少於1000人的公司——這歷來是Stantec的優勢領域——市場蘊藏著大量機遇，無論是在加拿大、美國還是全球範圍內。尤其是在美國，隨著稅收政策即將發生變化，我認為下半年將會有更多機會湧現。目前待售項目已經很多，但我們聽說還有一些公司即將上市。而對於員工人數超過1000人的公司，目前也有幾筆交易正在進行中。

But I think there's a number of additional ones that we see coming in the latter half of the year as well. That we'll really evaluate. But as I mentioned before, the key for us is disciplined and not -- our balance sheet is strong, and we look to deploy the capital as long as we can ensure that it will be accretive for us in the short and the longer term. So I think you'll see us maintain our discipline. But our appetite for growth is there, our balance sheet is strong, and our level of global maturity is also quite strong. So I think we feel good about opportunities going forward.

但我認為今年下半年我們還會迎來一些新的機遇，我們會對此進行認真評估。正如我之前提到的，對我們來說，關鍵在於保持自律，而不是盲目擴張——我們的資產負債表非常穩健，我們會在確保短期和長期都能為我們帶來收益的前提下，謹慎地運用資本。因此，我認為我們會繼續保持這種自律的作風。但我們對成長的渴望依然強烈，我們的資產負債表穩健，全球業務的成熟度也相當高。所以，我們對未來的機會充滿信心。

We'll take our next question from Ian Gillies with Stifel.

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

I was hoping you can maybe talk a little bit about how you're thinking about using the buyback versus M&A at this point, especially given that you just highlighted that there's a fair bit of stuff in the pipeline, it was -- you're pretty active with it in Q2 and how you're thinking about it moving ahead, especially given another solid move in to share price?

我希望您能談談您目前是如何考慮使用股票回購而不是併購的，特別是考慮到您剛才強調有很多項目正在籌備中——您在第二季度在這方面相當活躍，以及您如何考慮未來的發展，尤其是在股價再次大幅上漲的情況下？

Yes. I think our approach to share buyback is consistent with what it's always been. Sorry, I'm just getting a little bit of feedback. I'm not sure where that's coming from. But the approach is consistent in that we look to use our NCIB opportunistically, and we found pretty good opportunity to do so in May and June. But really, the preference, and I think, certainly, the more powerful approach to deploying our capital is through M&A. And so that's our preference. But again, when we have the opportunity, we see a bit of a dislocation in pricing in the markets we will go in and buy shares.

是的。我認為我們回購股票的策略與以往一致。抱歉，我剛剛收到一些回饋，不太清楚具體來源。但我們的策略始終如一，即我們會根據市場狀況靈活運用正常市場回購計畫（NCIB），而我們在五月和六月就找到了不錯的機會。不過，我們更傾向於併購，我認為，併購無疑是部署資本更有效的方式。所以，這是我們的首選。但話說回來，一旦有機會，當我們發現目標市場的價格出現一些偏差時，我們就會出手回購股票。

The other thing I wanted to follow up on, there's been a lot of talk on M&A and adding people that way. Are you able to talk about the ability to add people organically right now, given low levels of unemployment, it feels like people haven't been very app to change jobs that they've been hard to find. So I'd be curious if how you can grow the business in that regard?

我想進一步了解一下，最近關於併購和透過併購增加員工的討論很多。鑑於目前的低失業率，人們似乎不太願意換工作，因為工作機​​會很難找，您能否談談您目前透過自然增長來增加員工的能力？我很想知道您是如何在這方面拓展業務的？

Yes. So we have actually interesting. We had a significant discussion on that just yesterday. And what we're -- a couple of things there. Firstly, our voluntary turnover rates are typically 2% to 3% below industry average. And we -- while our voluntary turnover rates declined during the early stages of the pandemic, so did those of our -- of the industry. And so while we're seeing voluntary rates begin to creep up, they're still for us in the single digits. And as we look at the number of folks that were able to hire and bring on, it certainly is exceeding the number of folks that we're losing through voluntary turnover.

是的。我們確實遇到了一些有趣的問題。就在昨天，我們對此進行了深入的討論。有幾點要說明。首先，我們的員工自願離職率通常比行業平均低2%到3%。雖然在疫情初期，我們的員工自願離職率有所下降，但整個產業的水準也同樣下降了。因此，儘管我們看到自願離職率開始緩慢回升，但我們仍然保持在個位數。而且，當我們查看招募和引進的人員數量時，會發現這個數字遠遠超過了員工自願離職而流失的人數。

And so we'd always wanted to be a net importer of staff during this volatile period and we're finding that to be the case. Of course, we want to do everything that we can to ensure that our existing employees feel valued and that they -- that we're not going to lose them to clients or competitors. But -- and I think we've had some success there. So as I mentioned, we are -- to date, we've been a net importer, adding to staff. When I look at our staffing numbers now versus at the end of the quarter versus a year ago, our numbers are up. And so we feel good about that. But again, we want to focus on retaining our existing staff and on continuing to recruit in MUSA.

因此，我們一直希望在這個動盪時期保持淨員工引進，而我們也發現情況確實如此。當然，我們希望盡一切努力確保現有員工感受到重視，並確保他們不會流失到客戶或競爭對手那裡。而且我認為我們在這方面取得了一些成功。正如我所提到的，到目前為止，我們一直是淨引進員工，不斷增加員工人數。當我查看我們目前的員工人數與上季末以及去年同期相比時，我們的員工人數有所增加。因此，我們對此感到滿意。但再次強調，我們希望專注於留住現有員工，並繼續在MUSA地區招募人才。

We'll take our next question from Maxim Sytchev with National Bank Financial.

接下來，我們將回答來自國家銀行金融公司的 Maxim Sytchev 提出的問題。

Gordon, just wanted to circle back to acquisitions. So when we look historically when kind of 2011, 2012 time frame, I mean top line at the time was around $1.45 billion. You were kind of allocating maybe $85 million to M&A every year. And right now, we're kind of doing the same, while revenue is close to $4 billion. And like obviously, I really appreciate the -- looking at accretive acquisitions, things that makes sense. But how do you think about materiality and the ability to kind of move the needle through acquisitions and whether that's been changing as you have been executing dramatically better over the last 2 years? So maybe some thoughts there.

戈登，我想再回到收購的話題。回顧2011、2012年那段時間，當時的營收大約是14.5億美元。你們每年大概會撥出8500萬美元用於併購。現在，我們仍然在做同樣的事情，而營收已經接近40億美元。當然，我很欣賞你們關注增值收購的做法，這很合理。但是，你們如何看待收購的重要性，以及透過收購推動業績成長的能力？隨著過去兩年你們在併購方面取得顯著進步，這些看法是否有所改變？希望你們能分享一些想法。

Yes. No, that's a great perspective, Max. So we are continuing to execute on that. Our small to midsized strategy, those 1,000 person and less firms. But -- and that is our strategy. And I think you've probably heard us say over the last couple of quarters that as some of these larger transactions come along, we're having a solid look at them. And certainly, if we can find some that we think meet our long-term objectives, because of the strength of our balance sheet and the maturity of our global operations and certainly the appetite from management and from our Board, we'll look at those. But again, only where they make sense, then we think they'll be accretive to our shareholders in the longer term.

是的。沒錯，Max，這是一個很好的視角。所以我們正在繼續執行這項策略。我們的策略重點是中小規模企業，也就是員工人數在1,000人及以下的公司。這就是我們的戰略。我想你可能在過去幾個季度已經聽到我們說過，隨著一些規模較大的交易出現，我們會認真審視它們。當然，如果我們能找到一些符合我們長期目標的交易，考慮到我們穩健的資產負債表、成熟的全球業務，以及管理層和董事會的意願，我們肯定會考慮。但再次強調，只有當這些交易真正有意義，我們認為它們能夠從長遠角度為股東帶來收益時，我們才會考慮。

And in terms of kind of the competitive landscape for acquisitions, are you seeing more financial buyers as well, keeping the tires on these things? Or is it all strategic players you're competing against?

就收購領域的競爭格局而言，您是否看到更多財務買家參與其中，並繼續追逐目標？還是說您面臨的都是策略性買家？

We absolutely are seeing more financial buyers come to the table, Max. The -- and it's interesting, we were looking at some stats just the other day that from 5 years ago to now, 5 years ago, roughly, we might have anticipated on an annual basis, maybe 10% of the transactions went to a financial buyer. I think so far this year, we've seen -- could be up to 30% of the transactions have gone to financial buyers. And in some of those cases, and you would have seen some of them as well, the multiple is very, very high that from the perspective of a strategic, as you're getting into these high teens multiples, it'd be very difficult for that to be accretive unless there's pretty significant growth opportunities. So again, we're just -- we're maintaining our discipline. We're maintaining our focus, but it is certainly a more competitive environment there as we see financial buyers coming in, looking for some of these platform acquisitions.

Max，我們確實看到越來越多的金融買家參與其中。有趣的是，前幾天我們查看了一些數據，從五年前到現在，我們預計每年大約有10%的交易會落入金融買家手中。而今年到目前為止，我們看到，這一比例可能高達30%。在某些情況下（你可能也看到了），估值倍數非常高，從策略角度來看，當估值倍數達到十幾倍時，除非有非常顯著的成長機會，否則很難實現增值。所以，我們仍然保持著謹慎的態度，專注於核心業務，但隨著金融買家湧入，尋求平台收購，市場競爭無疑更加激烈。

And then just one quick clarification for Theresa, if I may. So I think it was Michael asking the question in terms of the back half margin improvement year-on-year. Can you just confirm that that's actually what you're telegraphing that you're going to be able to grow the margin profile in Q3 and then kind of flattish in Q4? Is that afterward?

最後，如果可以的話，我想快速向Theresa確認一下。我記得是Michael問的關於下半年利潤率年增的問題。您能否確認一下，您實際的預期是第三季利潤率會有所成長，然後第四季基本上持平？是這樣嗎？

I don't know if it will necessarily grow from Q2 to Q3. I think we would expect it to be relatively stable at the higher end of what we typically see for Q3. But we do think it will come back down in Q4. So Q3, we're expecting to be able to replicate what we did in Q2.

我不確定它是否一定會從第二季成長到第三季。我認為我們預計它會在第三季度通常較高的水平上保持相對穩定。但我們認為它在第四季會回落。所以，我們預計第三季能夠複製第二季的業績。

And we'll take our next question from Bryan Fast with Raymond James.

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

Just to follow up on your commentary on the water business. Obviously, you're seen as the market leader in the water space. Are there any regions that you are not punching above your weight in that vertical?

關於您之前對水務業務的評論，我想補充一點。顯然，您被視為水務領域的市場領導者。在這個垂直領域，是否存在一些地區，您的表現尚未達到預期？

I think as we look around our major markets, Canada, the United States, the U.K., Australia, we are easily a dominant market player in Canada, the U.S., and the U.K. while we're extremely strong, and I think probably punching above our weight in Australia. I think we have opportunities to continue to strengthen our presence there by -- through the addition of -- additional resources. The team that we have there is fantastic. And they've won some really, really strong awards, and you can see that in the growth numbers. But I think we can add some more staff there. And so certainly would be an area of focus for us going forward.

我認為，當我們審視我們的主要市場——加拿大、美國、英國和澳大利亞時，我們在加拿大、美國和英國無疑是市場主導者，而在澳大利亞，我們的實力也非常強勁，甚至可以說表現超出了我們的預期。我認為我們有機會透過增加資源來進一步鞏固我們在澳洲的市場地位。我們在那裡的團隊非常出色，他們贏得了許多重量級獎項，這一點從成長數據中看出。但我認為我們還可以增加一些員工，這無疑將是我們未來工作的重點領域。

And then you highlighted a nice project win in the U.S. health care vertical. I guess how is that bidding pipeline? And I guess the opportunities shaping up for health care in the U.S. specifically?

然後您重點提到了在美國醫療保健領域贏得的一個不錯的項目。我想了解一下該領域的投標進度如何？以及美國醫療保健領域的機會整體狀況如何？

Yes. It's interesting. In the first quarter of the year, we really saw health care opportunities really blossoming in Canada in particular and in Australia. But what we've seen through Q2 and the bidding pipeline coming for the remainder of the year is health care is really coming on strong in the United States. So that was a really nice award for us here. But I think we'll see that momentum continue to build as we go forward for the remainder of this year.

是的，這很有意思。今年第一季度，我們看到醫療保健領域的機會在加拿大和澳洲尤其蓬勃發展。但從第二季以及今年剩餘時間的招標項目來看，美國的醫療保健領域發展勢頭強勁。所以，我們在這裡獲得這個獎項確實令人欣喜。但我認為，隨著今年剩餘時間的推進，這種勢頭將會持續增強。

Our next question comes from Troy Sun with Laurentian Bank.

下一個問題來自勞倫森銀行的特洛伊·孫。

I'm just wondering if you can provide a little bit more color on the DSO improvement that you've been seeing this year? And how sustainable that target that you gave for 2021 when we think of beyond this year? And if the improvement is to continue, like should we be expecting a structural change in terms of the free cash flow conversion profile for the business?

我想請您更詳細地說明今年DSO（應收帳款週轉天數）的改善情況？以及您為2021年設定的目標在展望未來時是否具有永續性？如果這種改善趨勢能夠持續下去，我們是否應該預期公司自由現金流轉換率的結構性變化？

Yes. We've worked awfully hard over the last couple of years at our DSO. And I think the level that it currently sits out that sort of 75 to 76-day range is pretty achievable for us on an ongoing basis. Now I can always be thrown off course by certain contracts or arrangements, but we're pretty confident that this is a good range that we can achieve. And I would expect them from a free cash flow standpoint that we had a bit of disruption this year from the effect last year of pretty large tax payments that we were able to defer. So we got some uplift last year. And then, of course, that catches up with you and a bit of higher than usual outflow this year. But I think this will normalize. There really aren't any further programs as we are aware for participating in from -- related to the pandemic so I think it is normalizing, but no structural changes that I can think of.

是的。過去幾年，我們在DSO（應收帳款週轉天數）方面付出了巨大的努力。我認為目前75到76天的周轉天數對我們來說是可以持續實現的。當然，某些合約或安排可能會讓我有所偏差，但我們相當有信心能夠達到這個合理的範圍。從自由現金流的角度來看，我預計今年會受到一些影響，這主要是由於去年我們能夠延期繳納的大額稅款造成的。所以去年我們獲得了一些提振。當然，之後這些影響會逐漸顯現，導致今年的現金流支出略高於往年。但我認為這種情況會逐漸恢復正常。據我們所知，目前沒有其他與疫情相關的項目需要參與，所以我認為情況正在好轉，但我也想不到會有什麼結構性的改變。

And then my next question, maybe I'm wondering, Gord, if you can just make a quick comment on the energy end market. It's good to see the backlog coming back and also just the metals commodities pricing becoming more healthy in that vertical. Can you maybe just comment on some of the work that you're seeing in that space, some of the pipeline that you're targeting now, particularly also in the renewable energy space? Any color there, please?

那麼，我的下一個問題，戈爾德，您能否就能源終端市場簡單談談？很高興看到積壓訂單正在恢復，而且金屬商品價格在該領域也變得更加健康。您能否談談您目前在該領域的工作進展，以及您正在關注的項目，特別是可再生能源領域的項目？能否提供一些具體資訊？

Sure. Absolutely. So first, talking about the renewable energy space. And so we're seeing a lot of interest in that, both Canada and the United States and in Australia and other locations as well, where we're working on solar farms, wind farms. We mentioned a biofuel facility that we're working on right now in Saskatchewan getting started with. So we're seeing a real uptick in work. We mentioned a number of pump storage projects as well but we have a particular area of expertise. So we just see that backlog of work continuing. And in addition to that renewable space, I think we'll see a lot of work related to grid strengthening.

當然。絕對沒問題。首先，我們來談談再生能源領域。我們看到，無論是在加拿大、美國、澳洲或其他地區，都對再生能源領域表現出濃厚的興趣。我們正在這些地區建造太陽能發電場和風力發電場。我們之前提到過，我們目前正在薩斯喀徹溫省建造一個生物燃料工廠，現在已經啟動了。所以我們看到業務量確實在顯著成長。我們也提到了一些抽水蓄能項目，但我們在這個領域有特定的專長。因此，我們看到積壓的工作還在持續。除了再生能源領域，我認為我們還會看到很多與電網加固相關的工作。

One of the proposals in the U.S. infrastructure build -- bill is $73 billion to rebuild the electrical grid. And we've seen issues related to that, certainly with the Ice storms in Texas. You've seen some of the utilities in California make a commitment to bury up to 10,000 miles of electrical transmission cabling as a result of -- to reduce wildfire and other sorts of damages. So I see a lot of work coming in that electrical transmission, distribution, renewable space, strong tailwind for us for the remainder of this year and I think for the next couple of coming years.

美國基礎建設法案中的一項提案是撥款730億美元重建電網。我們已經看到一些與此相關的問題，例如德克薩斯州的冰暴。加州的一些電力公司承諾將多達1萬英里的輸電線路埋入地下，以減少野火和其他類型的損失。因此，我認為在今年剩餘的時間裡，以及未來幾年，電力傳輸、配電和再生能源領域都將迎來大量工作，這對我們來說是一個強勁的利好。

And then in the mining space, certainly, a lot of commodity prices are quite high. We're seeing our business growing certainly in South America. We're seeing a lot of work through the -- also our acquisition of Ingenium in Australia, continue work there. Copper, iron ore, gold, and so on, some of the junior gold producers. But a real particular area of expertise that we have as well is with regards to lithium. And a lot of the lithium production is in South America or lithium stores are in South America. And we're active in South America with a number of the firms that are either already in or looking to get into that field. So I think we see a lot of potential upside to that to lithium as well, Troy.

當然，在礦業領域，許多大宗商品的價格都相當高。我們看到我們在南美的業務正在成長。我們透過收購澳洲的Ingenium公司，繼續在那裡開展業務，包括銅、鐵礦石、黃金等等，以及一些小型黃金生產商。但我們真正擅長的領域是鋰。南美洲有很多鋰礦，或者說鋰礦儲量豐富。我們在南美洲積極與一些已經涉足或正在尋求進入鋰行業的公司合作。所以，我認為鋰產業也有很大的發展潛力，Troy。

So would you say that you would qualify sort of the prospective growth rate in that vertical to be, I guess, slightly higher than what you've seen traditionally from the energy business?

那麼，您是否認為該垂直領域的潛在成長率會略高於傳統能源產業的成長率呢？

Yes. I think that previously, in our overall energy and resources business, we saw over the last couple of years a significant upswing in revenue from TransMountain and some of these pipeline projects. But as those are winding down, now we're seeing the uptick really coming or our involvement in the winding down. We're really seeing that uptick coming in mining the energy transition, electrical distribution. So I think we'll see probably -- it will even out a little bit from a go-forward perspective.

是的。我認為，在此之前，在我們整體的能源和資源業務中，在過去幾年裡，TransMountain管道項目和一些其他管道項目帶來了顯著的收入成長。但隨著這些項目逐漸結束，我們現在看到真正的成長點出現在我們參與的那些計畫逐步結束的過程中。我們確實看到，採礦、能源轉型和電力分配領域的成長點正在上升。所以我認為，從長遠來看，情況可能會有所改善。

We have a follow-up question from Michael Tupholme with TD Securities.

我們收到來自道明證券的邁克爾·圖普霍爾姆的後續問題。

So just wanted to go back to the $1.2 billion in gross revenue award notifications you highlighted, Gordon. I think you said that was a quarterly figure. I'm wondering if you can put that figure into context and how that would compare to what you would have historically seen in terms of award notifications on a quarterly basis?

戈登，我想再跟你聊聊你提到的12億美元的毛收入獎勵通知。我記得你說過這是季度數據。我想請你解釋一下這個數字的背景，以及它與以往每季的獎勵通知數量相比如何？

Yes. I think we saw, Michael, that in that quarter, it was healthy, for sure. And probably -- and for us, that really is just an indication of the overall health of the backlog, the overall health of the industry and our client base. And so we thought it would be just nice to call out this quarter that not just as backlog good and up 6% since the beginning of the year, but that soft backlog is also very, very healthy. I don't know that it's something that we'll look to quantify every quarter, but it's just something that we thought we'd call out because it was particularly healthy and indicative of strong healthy underlying markets.

是的。邁克爾，我想我們已經看到，那個季度的數據確實很健康。而且，對我們而言，這實際上反映了積壓訂單、整個行業以及我們客戶群的整體健康狀況。因此，我們認為有必要特別指出，本季不僅積壓訂單狀況良好，較年初增長了6%，軟性積壓訂單也非常健康。我不知道我們是否會每季都量化這項指標，但我們覺得應該特別強調一下，因為它特別健康，也顯示了強勁的潛在市場。

And then you were speaking about employee turnover and seeing net additions to employees. I'm just -- I'm wondering, with the backlog up 6% organically year-to-date, are you going to be staffing up from here? And how difficult is that to do in the current market?

然後您談到了員工流動率和員工淨成長。我想問的是，鑑於今年迄今的訂單積壓量自然增長了6%，你們是否會繼續擴充員工隊伍？在目前的市場環境下，擴充員工團隊的難度有多高？

Yes. So we absolutely are actively staffing up, actively hiring, and virtually all of our business lines and virtually all of our geographies. And so there is certainly a war for talent there. But as I mentioned today, we've been a net importer of the stab, and we'll look to continue to do that. One other thing that we've talked about in previous quarters, we didn't bring up yet today is our delivery center in Pune, India. And we've also continued to grow our resourcing there. We're up 15% to 20% in our operations there over where we would have been a year ago. So I think we feel good about our ability to continue to retain and attract staff in our markets, but also in our Pune, India center. But all that to say is this is a huge area of focus for us going forward is staff retention and staff attraction.

是的。所以我們確實在積極擴充人員，積極招聘，幾乎涵蓋了我們所有的業務線和地區。因此，人才爭奪戰確實很激烈。但正如我今天提到的，我們一直是人才淨進口商，我們將繼續保持這一優勢。還有一點，我們在之前的幾季討論過，但今天還沒有提到，那就是我們在印度浦那的交付中心。我們也一直在增加那裡的資源投入。與一年前相比，我們在那裡的業務成長了15%到20%。所以我認為，我們對在各個市場以及我們在印度浦那的中心繼續留住和吸引人才的能力充滿信心。總而言之，員工留任和人才吸引是我們未來工作的首要任務。

And then just lastly related to that, can you speak at all to -- as you work to attract staff, what you're seeing in terms of wage inflation pressures?

最後，關於這一點，您能否談談—在您努力吸引員工的過程中，您看到了哪些薪資上漲壓力？

There absolutely is some wage inflation pressures, not in all geographies and certainly not in all business lines, but we are seeing it. And a couple of things that we're seeing happen is, as you probably all have read in the papers about the great resignation they're calling it. We're seeing that a number of people who are leaving us aren't going to competitors. Instead, they're going to our clients. Who have these large capital programs coming up and are looking for people to help them, execute them. And while we never like to lose employees, often when our employees go to clients, net is positive for us in the longer term because they know the good people we have. We know -- they know the quality of work that we deliver. So it also often is positive, net positive for us in the longer term, of course, we'd rather not lose that staff individual, but all to say that we are seeing some wage pressures. I think that's just an industry-wide phenomenon and that we're all grappling with.

薪資上漲的壓力確實存在，雖然並非所有地區和所有行業都如此，但我們確實感受到了這一點。正如大家可能在報紙上讀到的，所謂的「大離職潮」正在發生。我們發現，許多離職員工並沒有跳槽到競爭對手，而是去了我們的客戶公司。這些客戶公司即將啟動大型資本項目，並正在尋找人才協助執行。雖然我們當然不希望失去員工，但從長遠來看，員工跳槽通常對我們有利，因為他們了解我們優秀的人才，也了解我們交付的工作品質。所以，從長遠來看，這通常對我們有利。當然，我們更希望留住這些員工，但總而言之，我們確實感受到了薪資上漲的壓力。我認為這是一種行業普遍現象，也是我們所有人都在努力應對的問題。

Our next question comes from Yuri Lynk with Canaccord.

我們的下一個問題來自 Canaccord 的 Yuri Lynk。

I don't know who wants to take this one. Just a clarification on your organic growth guidance of 1% to 5%. Would the -- does the midpoint of that guidance imply positive or negative organic growth in the United States?

我不知道誰想回答這個問題。關於您給出的1%到5%的有機成長預期，我想確認一下。這個預期的中點是指美國市場的有機成長為正還是負？

I think what we're expecting for the U.S. is that it's going to come out at the end of the year, roughly flat on a year-over-year basis. As we've noted a few times, the recovery is coming. We see it, as Gord noted, on a number of fronts. But as we work through the rest of this year, we think it will likely finish off the Q3, we think we'll be -- we'll -- we hope to be slightly better than flat. But overall, given the retractions that we saw in the first and second quarters of this year, the whole year will probably be relatively neutral.

我認為我們對美國經濟的預期是，到年底，其年比數據將大致持平。正如我們多次提到的，復甦即將到來。正如戈爾德所指出的，我們在多個方面都看到了復甦的跡象。但隨著今年剩餘時間的推進，我們認為第三季末的數據可能會略好於持平。但總體而言，考慮到今年第一季和第二季的經濟萎縮，全年經濟狀況可能相對中性。

So that implies a pretty big swing in Q3. But when I look at the comps, that's part of the reason, right? You're lapping kind of 5.5%, down 5.5% negative in Q3. So the easier comp combined with a bit of a recovery. That's the explanation, I guess?

所以這意味著第三季會出現相當大的波動。但當我查看去年同期數據時，這就能解釋部分原因了，對吧？第三季下降了5.5%，也就是負5.5%。所以，去年同期數據相對容易，再加上一些復甦，我想這就是原因吧？

Yes.

是的。

Yes. Okay. And then -- and just -- I think this will be the third time you're asked to clarify I'll go forward. You're talking Q3 EBITDA margins roughly flattish with the quarter you just reported, right?

是的。好的。然後——而且——我想這應該是你第三次被要求澄清了，我就繼續說下去。你指的是第三季的EBITDA利潤率與你剛剛公佈的季度相比大致持平，對嗎？

For Q3, yes. Yes. We -- I mean, Q2 and Q3 tend to be our highest EBITDA margin quarter. And so we would expect, given the pace of recovery is still a little bit questionable. And so we expect that we'll be able to maintain the marginally regarded in the second quarter. But then again Q4 tends to fall off traditionally and we would expect that to occur again. So that would be the general shape.

是的，第三季是這樣。我的意思是，第二季和第三季通常是我們EBITDA利潤率最高的季度。鑑於復甦步伐仍存在一些不確定性，我們預計第二季度將能夠維持略高於平均水準的利潤率。但第四季通常會下滑，我們預計這種情況也會再次發生。大致情況就是這樣。

Yes. No, it makes sense. We're just -- last year, they sequentially increased over 200 basis points. So one, and so we're not straight-lining that trend. So I appreciate the color and I'll turn it over.

是的。沒錯，這很合理。我們只是──去年，他們的環比成長超過200個基點。所以，我們並沒有完全複製這個趨勢。我很喜歡這個顏色，我會把它翻過來。

All right and there are no further questions. I'd like to turn the call back over to Gord Johnston for any additional or closing remarks.

好的，沒有其他問題了。我想把電話轉回給戈德·約翰斯頓，請他補充或作總結發言。

Great. Well, just thank you again for joining us on the call today. I apologize for the IT issues they're partway through. We look forward to speaking with you all in the near future about our continued progress towards our goal. So thanks again and have a great day.

好的。再次感謝您今天參加我們的電話會議。對於目前仍在解決中的IT問題，我深感抱歉。我們期待在不久的將來與大家再次溝通，探討我們朝著目標取得的進展。再次感謝，祝您今天愉快。

And that does conclude today's presentation. Thank you for your participation. You may now disconnect.

今天的演講到此結束。感謝各位的參與。現在可以斷開連線了。