Stantec Inc (STN) 2020 Q4 法說會逐字稿

Good day, everyone, and welcome to Stantec's Fourth Quarter 2020 Earnings Results Conference 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 at stantec.com. Today's call is also webcast. Please be advised that if you have dialed in while also viewing the webcast, you should mute your computer as there is a 20-second delay between the call and the webcast.

各位好，歡迎參加Stantec公司2020年第四季財報電話會議。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，該演示文稿可在stantec.com網站的「投資者關係」欄位中找到。本次電話會議也提供網路直播。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20秒的延遲。

All information provided during the 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. 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條款約束，該限制條款已在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. I'll begin our call today with a look back at 2020, review our progress over the year and provide an update on fourth quarter business performance. Theresa will then delve deeper into the financial results and review our 2021 targets, and then I'll return to provide closing remarks.

早安，感謝各位參加本次電話會議。今天，我將首先回顧2020年，總結我們過去一年的進展，並報告第四季的業務表現。之後，Theresa將深入探討財務業績，並展望我們2021年的目標，最後我將作總結發言。

In 2020, a year marked by unprecedented business disruption caused by the COVID-19 pandemic, Stantec continued to demonstrate our operational resilience. The diversity of our business, our global reach and our deep connections to our employees, clients and communities served as strengths as we weathered the storm. The world has changed over the past year, and there's been a shift in priorities. Sustainable development is now even more of a priority for governments, organizations and investors around the world. And that's why I'm so proud that Stantec was named the 5th most sustainable company in the world and the 1st in North America by Corporate Knights. Operating sustainability is good for our employees, good for the environment and good for the bottom line.

2020年，新冠疫情為商業帶來了前所未有的衝擊，但Stantec仍展現了強大的營運韌性。我們業務的多元化、全球佈局以及與員工、客戶和社區的緊密聯繫，都成為我們渡過難關的優勢。過去一年，世界發生了翻天覆地的變化，人們的關注點也隨之轉移。永續發展如今已成為世界各國政府、組織和投資者更加重視的議題。正因如此，我倍感自豪的是，Stantec被Corporate Knights評為全球第五大最具永續發展能力的公司，並榮膺北美第一。永續營運不僅有利於我們的員工，有利於環境，也有利於提升公司獲利能力。

With our continued focus on operational performance, we came into 2020 well positioned, and our focused execution throughout 2020 drove the best financial performance in Stantec's 65-year history. We've also made the foundation for future earnings growth through the value creators of excellence, people, innovation and growth, which are the cornerstones of the strategic planning we rolled out at the end of 2019.

憑藉我們對營運績效的持續關注，我們在2020年伊始便佔據了有利地位。 2020年全年專注的執行力，推動了Stantec公司65年歷史上最佳的財務表現。此外，我們也透過卓越、人才、創新和成長這四大價值創造要素，為未來的獲利成長奠定了基礎。這些要素正是我們在2019年底推出的策略規劃的基石。

Despite the disruption caused by the pandemic, we were able to deliver revenues that were consistent with 2019 as a result of the dedication of our employees and our focus on efficient project delivery. Through solid project execution and exceptional cost management, we delivered a strong 15.7% adjusted EBITDA margin. Lower interest costs resulting from strong cash flow management and tax recoveries recognized in the fourth quarter further contributed to a 10% year-over-year increase in adjusted diluted earnings per share to make 2020 a record year.

儘管受到疫情影響，但由於員工的敬業精神和我們對高效專案交付的專注，我們仍實現了與2019年持平的營收。憑藉穩健的專案執行和卓越的成本控制，我們實現了15.7%的調整後EBITDA利潤率。強勁的現金流管理帶來的利息支出降低以及第四季度確認的稅款回收，進一步推動了調整後攤薄每股收益同比增長10%，使2020年成為創紀錄的一年。

We exited 2020 with an in vivo backlog that grew organically by 3.1% year-over-year to $4.4 billion, representing approximately 11 months of work. We resumed growing through acquisition after a pause early in the pandemic. We completed 3 transactions in the fourth quarter of 2020. And last week, we entered into an agreement to acquire GTA Consultants, which grows our presence in Australia by more than 10%. These strategic acquisitions have added almost 600 employees to the Stantec family in the last 4 months. Our balance sheet and M&A pipeline remains strong, and we remain well positioned to grow through acquisition in 2021.

2020年底，我們的在研項目積壓訂單年增3.1%，達到44億美元，相當於約11個月的工作量。疫情初期，我們曾暫停收購業務，但之後又恢復了成長。 2020年第四季度，我們完成了3筆交易。上週，我們達成協議收購GTA Consultants，這將使我們在澳洲的業務規模擴大10%以上。過去四個月，這些策略性收購為Stantec新增了近600名員工。我們的資產負債表和併購專案儲備依然穩健，我們已做好充分準備，在2021年透過收購實現成長。

We also achieved a key milestone in the fourth quarter by establishing and defining our 2023 real estate strategy. Informed by our sustainability targets and our desire to be an employer of choice, our objective is to design the workplace of the future. This includes offering flexible work arrangements, leveraging our top-tier in-house workplace design talent, and embracing new tools to facilitate distributed work. Our strategy is informed by both the survey of our employees' preferred work arrangements and a detailed review of our entire office lease portfolio.

我們在第四季也取得了一項重要里程碑式的進展，即制定並完善了我們的2023年房地產策略。秉承永續發展目標和成為首選雇主的願景，我們的目標是打造一個面向未來的辦公室。這包括提供靈活的工作安排、充分發揮我們頂尖的內部辦公室設計人才的優勢，以及採用新的工具來促進遠距辦公。我們的策略是基於對員工理想工作安排的調查以及對我們所有辦公室租賃組合的詳細審查。

Our 2023 real estate strategy has 2 major components. The first component is to lease space no longer required by the business, and we expect this to drive an increase in EPS of approximately $0.10 per share in 2021. The second component of our strategy is to implement our flexible workplace model as leases naturally expire over the next 3 years. Approximately 1/2 of our office space portfolio expires over this 3-year period. And with this further reduction in our occupancy footprint, we expect to increase EPS by an additional $0.25 to $0.30 by the end of 2023. And from the square footage perspective, this translates to an approximate 30% reduction in our existing real estate footprint by 2023.

我們的2023年房地產策略包含兩大組成部分。第一部分是租賃公司不再需要的辦公空間，我們預計這將使2021年每股收益增加約0.10美元。第二部分是隨著未來三年租賃合約的自然到期，逐步實施我們的彈性辦公模式。我們約有一半的辦公空間組合將在未來三年內到期。隨著辦公空間佔用面積的進一步減少，我們預計到2023年底，每股盈餘將額外增加0.25至0.30美元。從面積角度來看，這意味著到2023年，我們現有的房地產佔用面積將減少約30%。

So you can see why we're so excited about this initiative. It supports our objective to design the workplace for the future. It provides our employees with the opportunity for a more flexible work arrangement that helps to achieve our sustainability objective. And it delivers real value to shareholders, adding EPS of $0.35 to $0.40 over the next 3 years.

所以您應該能理解我們為何對這項舉措如此興奮。它支持我們打造面向未來的工作場所的目標，為員工提供更靈活的工作安排，從而幫助我們實現永續發展目標。同時，它還能為股東創造實實在在的價值，預計未來三年每股收益將增加 0.35 至 0.40 美元。

Our real estate strategy will play an important role in lowering office-based emissions in support of our commitment to achieve carbon neutrality for 2022 and net 0 for 2030. The efficiency of our operations, our profitability and our sustainability are all rolling into our long-term strategy.

我們的房地產策略將在降低辦公室碳排放方面發揮重要作用，以支持我們實現2022年碳中和、2030年淨零排放的承諾。我們的營運效率、獲利能力和永續性都融入了我們的長期策略。

We consistently come out on top in sustainability ratings across multiple independent third parties. In addition to our Corporate Knights ranking, Stantec is rated as a climate leader with an A-minus score by CDP, and we are the only firm in our space that has achieved that rating for the last 3 years. And this illustrates that sustainability isn't something new for Stantec, it's been a part of our DNA for decades. Our ISS ESG quality score continues to outperform our peers year after year, and our Sustainalytics rates our ESG score as low, which again is top of class.

我們在多家獨立第三方機構的可持續發展評級中始終名列前茅。除了在Corporate Knights排名中名列前茅外，Stantec還被CDP評為氣候領導者，獲得A-評級，並且是過去三年中唯一一家獲得此項評級的公司。這表明，永續發展對Stantec而言並非新鮮事物，而是數十年來融入我們企業基因的一部分。我們的ISS ESG品質評分持續超越同行，而Sustainalytics的ESG評分也位居業界前列。

Now turning to the performance of the business. Revenue held up quite well in the United States for both the quarter and the year. We saw a modest growth in our water business through expansion efforts into our Pacific and U.S. markets in particular. Growing urban populations and climate change are resulting in significant water scarcity situations. And as an example, we estimate a spend of $15 billion to $20 billion over the next 15 years in Southern California alone to address water scarcity. In October, we announced that we're leading the Pure Water San Diego program, a multibillion-dollar initiative to supply local sustainable water to San Diego's 1.4 million residents. And in addition to this, Stantec is the prime consultant for the treatment-related works on the metropolitan water district of Southern California's regional recycled water program, and we've also been selected as a key sub-consultant on the city of Los Angeles' Hyperion 2035 program. Stantec is the only consultant with a leading role in these 3 ongoing flagship projects.

現在來看業務表現。本季和全年，美國地區的營收均保持良好動能。我們的水務業務，尤其是透過拓展太平洋和美國市場，實現了溫和成長。城市人口成長和氣候變遷導致水資源嚴重短缺。例如，我們預計未來15年僅在南加州就需要投入150億至200億美元用於解決水資源短缺問題。 10月份，我們宣布將主導「聖地牙哥純淨水計畫」（Pure Water San Diego program），這是一項數十億美元的計劃，旨在為聖地牙哥140萬居民提供本地永續用水。此外，Stantec也是南加州大都會水務局區域再生水工程處理相關工程的主要顧問，並被選為洛杉磯市「Hyperion 2035」計畫的關鍵分包顧問。 Stantec是唯一一家在這三個正在進行的旗艦項目中擔任主導角色的顧問公司。

Growth in our energy and resources business was driven by a continued ramp-up of renewable power projects, and we see significant opportunities for Stantec Energy & Resources and Environmental Services business going forward, with the U.S. officially rejoining the Paris Climate Accord. Partly offsetting this growth was the continued wind down of several major transportation projects. In addition, our buildings business is still being impacted by the pandemic, but we're beginning to see growing momentum in the pivot towards e-commerce, healthcare and other sectors, including the U.S. federal government. Our business development pipeline was very active during the fourth quarter. And in addition to the Pure Water contract I just touched on, we also announced that we're the prime consultant as part of a P3 team for 6 public schools in Maryland; we were awarded the design and rehab of 9 key bridge projects; and earlier this week, we announced our lead designer role for a heavy repair and overhaul facility design-build project for the Washington Metropolitan Transit Authority.

能源與資源業務的成長主要得益於再生能源專案的持續推進。隨著美國正式重新加入《巴黎氣候協定》，我們看到Stantec能源與資源以及環境服務業務未來發展前景。部分成長被幾個大型交通項目的持續放緩所抵消。此外，我們的建築業務仍受到疫情的影響，但我們開始看到業務向電子商務、醫​​療保健和其他行業（包括美國聯邦政府）轉型勢頭強勁。第四季度，我們的業務拓展管道非常活躍。除了我剛才提到的純淨水合約外，我們還宣布，我們作為公私合營（P3）團隊的成員，擔任馬裡蘭州6所公立學校的主要顧問；我們獲得了9個重要橋樑項目的設計和改造合約；本週早些時候，我們宣布擔任華盛頓都會交通管理局一項大型維修和改造設施設計建造項目的首席設計師。

Revenue generation in Canada was solid due to our strong focus on our clients and account management programs. We saw organic growth in our Water and Environmental Services businesses during the fourth quarter, partly offsetting a contraction in Energy & Resources, Buildings and Infrastructure. We've seen a growing focus on water infrastructure, particularly around irrigation and improved water management, and our teams have recently been awarded 2 large irrigation projects in Western Canada. We signed 3 major hospital contracts in the quarter, including our role on the St. Paul's Hospital project in Vancouver, demonstrating our growing momentum around the pivot to healthcare currently taking place in our Canadian Buildings Group. We also announced our participation in the 360 Transit Alliance joint venture during the quarter, which will oversee an estimated $28.5 billion in capital investment for Toronto's transit infrastructure.

由於我們高度重視客戶和客戶管理項目，加拿大地區的營收表現穩健。第四季度，我們的水務和環境服務業務實現了內生成長，部分抵消了能源與資源、建築和基礎設施業務的下滑。我們日益關注水利基礎設施，尤其是在灌溉和水資源管理方面，我們的團隊近期在加拿大西部獲得了兩個大型灌溉項目。本季度，我們簽署了三份重要的醫院合同，其中包括我們在溫哥華聖保羅醫院項目中的角色，這表明我們加拿大建築集團在向醫療保健領域轉型方面正保持著強勁的發展勢頭。此外，本季我們也宣布參與360 Transit Alliance合資企業，該合資企業將負責監管多倫多交通基礎設施約285億美元的資本投資。

Organic growth in our U.K. water business was driven by the ramp-up of the AMP7 framework through 2020. We've increased our market share of these 5-plus year frameworks, winning most of the key water utilities in the U.K., including Thames Water, which is the largest U.K. utility and serves roughly 15 million customers. The asset on frameworks we secured total approximately $120 million a year across the U.K. business, securing our backlog in 2025 and beyond.

我們英國水務業務的有機成長主要得益於2020年AMP7框架的逐步推進。我們提高了在這些五年以上期限框架中的市場份額，贏得了英國大多數主要水務公司的合同，其中包括英國最大的水務公司泰晤士水務公司（Thames Water），該公司服務約1500萬客戶。我們在英國業務中獲得的框架資產總額約為每年1.2億美元，確保了我們2025年及以後的訂單儲備。

Australia and New Zealand have also begun to adopt the service delivery model. And in 2020, we won key programs with utilities like Sydney Water, Melbourne Water and Brisbane Water in Australia, and with Christchurch, Wellington and Watercare in New Zealand, securing our backlog in 2023 and beyond and totaling roughly $70 million a year.

澳洲和紐西蘭也已開始採用這種服務交付模式。 2020年，我們贏得了與澳洲雪梨水務公司、墨爾本水務公司和布里斯班水務公司，以及紐西蘭基督城、威靈頓和Watercare等公用事業公司的關鍵項目，確保了我們在2023年及以後的訂單儲備，總額約為每年7000萬美元。

Transportation stimulus funding in the U.K. and New Zealand are fueling the infrastructure business in these regions, and our recent acquisitions have strengthened our ability to participate in these key projects. In addition, growth in our global power and dams and mining businesses also helped to offset a pandemic-related weakness in our global environmental services and buildings businesses. During the quarter, we signed several projects funded by European development agencies, including a contract for the conceptual design of the multipurpose port on Kiritimati Island and on the West Africa's regional transportation governance project, and we're also awarded the summer sitdown improvement project in Queensland, Australia, and with this award, we are currently working on virtually every major dam improvement project in Australia.

英國和紐西蘭的交通運輸刺激資金正在推動這些地區的基礎建設業務發展，而我們近期的收購也增強了我們參與這些關鍵項目的能力。此外，我們全球電力、水壩和礦業業務的成長也幫助抵消了疫情對我們全球環境服務和建築業務造成的疲軟影響。本季度，我們簽署了多個由歐洲發展機構資助的項目，包括基里蒂馬蒂島多用途港口的概念設計合約和西非區域交通治理項目。我們還獲得了澳洲昆士蘭州夏季水壩改造項目，憑藉該項目，我們目前幾乎參與了澳洲所有大型水壩改造項目。

Overall, our business performed very well in 2020, and we entered 2021 with growing optimism thanks to the strength of our client relationships, solid backlog and the positive trends impacting many of our business operating units.

總體而言，我們的業務在 2020 年表現非常出色，並且由於我們與客戶關係的穩固、訂單儲備充足以及影響我們許多業務運營部門的積極趨勢，我們對 2021 年充滿信心。

And with that, I'll turn the call over to Theresa for a review of our financial performance and our outlook.

接下來，我將把電話交給特蕾莎，請她回顧我們的財務表現和前景。

Thanks, Gord, and good morning, everyone. Adjusted net income from continuing operations for the fourth quarter increased 28% to $67 million, which represented 7.8% of net revenue. Adjusted earnings per share also increased 28% to $0.60 per share. Q4 earnings exceeded our expectations with net revenue generation slightly stronger and discretionary costs significantly lower than anticipated. Our solid adjusted EBITDA margin of 16.1% was bolstered by approximately 50 basis points as a result of the recovery of claim costs on historical projects. But even excluding this nonrecurring item, adjusted EBITDA was very solid, reflecting our success in mitigating COVID-19's impact on organic net revenue growth and gross margins. Also in Q4, strong cash flow generation led to lower-than-expected interest expense. Earnings were further augmented by the favorable resolution of certain tax matters recorded in the quarter. As Gord mentioned earlier, we've initiated our 2023 real estate strategy. And as a result, we recorded a noncash impairment charge of $66.7 million.

謝謝Gord，大家早安。第四季持續經營業務的調整後淨利成長28%至6,700萬美元，佔淨收入的7.8%。調整後每股收益也成長28%至0.60美元。第四季獲利超出預期，淨收入略有成長，可自由支配成本遠低於預期。由於歷史項目索賠成本的收回，我們穩健的調整後EBITDA利潤率達到16.1%，成長約50個基點。即使不計入這項非經常性項目，調整後EBITDA依然非常穩健，反映出我們成功減輕了新冠疫情對內生淨收入成長和毛利率的影響。此外，第四季強勁的現金流也使得利息支出低於預期。本季一些稅務事項的有利解決方案進一步提升了盈利。正如Gord先前提到的，我們已經啟動了2023年房地產策略。因此，我們提列了 6,670 萬美元的非現金減損費用。

Turning to full year 2020 results. Adjusted net income from continuing operations increased 11% to $249 million in 2020 or 6.8% as a percentage of net revenue. Adjusted earnings per share increased 10% to $2.22 per share. Earnings for the year exceeded our expectations on the strength of our fourth quarter performance and the nonrecurring items previously discussed, which collectively contributed approximately $0.10 to our EPS. As a result of reduced discretionary spending, adjusted EBITDA increased year-over-year to $579 million. Adjusted EBITDA margin increased to 15.7% in 2020, compared with 15.5% in 2019. The claim cost recovery recorded in Q4 contributed approximately 10 basis points to our 2020 adjusted EBITDA margin. Our balance sheet remains in great shape as a result of strong cash flow generation and cash management. We closed out the year with net debt to adjusted EBITDA below our targeted range at 0.7x.

回顧2020年全年業績。 2020年持續經營業務的調整後淨利成長11%至2.49億美元，佔淨收入的6.8%。調整後每股收益成長10%至2.22美元。由於第四季業績強勁以及先前討論的非經常性項目（合計約0.10美元），全年獲利超出預期。由於可自由支配支出減少，調整後EBITDA年增至5.79億美元。 2020年調整後EBITDA利潤率增加至15.7%，而2019年為15.5%。第四季確認的理賠成本回收為2020年調整後EBITDA利潤率貢獻了約10個基點。由於強勁的現金流量和現金管理，我們的資產負債表依然穩健。我們以0.7倍的淨債務與調整後EBITDA之比低於目標範圍，結束了這一年。

Days sales outstanding was 75 days at the end of the year, a 4-day year-over-year reduction. And it's worth noting that over the last 2 years, we reduced DSO by 13 days. And while there will always be factors outside our control that can move DSO in either direction, much of the improvement over the past 2 years is the result of our increased focus on timely billings and collections, as well as proactive management on contract payment terms.

年末應收帳款週轉天數為75天，較去年同期減少4天。值得注意的是，過去兩年，我們已將應收帳款週轉天數減少了13天。雖然總是會有一些我們無法控制的因素影響應收帳款週轉天數，但過去兩年的改善主要歸功於我們更加重視及時開立發票和收款，以及對合約付款條款的積極管理。

Moving on to liquidity and capital allocation. We generated $191 million in free cash flow in the fourth quarter. Annual free cash flow improved 60% year-over-year to $440 million. During the year, we returned $148 million to shareholders, $68 million through the payment of our dividend and $80 million through share buybacks. On October 8, we strengthened our capital structure through our inaugural bond offering, issuing $300 million of 7-year notes. And we continue to focus on disciplined capital allocation, balancing the return of capital to shareholders with opportunities to deploy capital towards acquisition activity. Yesterday, we announced that our Board has increased our dividend by 6.5%, reflecting our ongoing confidence in our long-term profitability.

接下來談談流動性和資本配置。第四季我們實現了1.91億美元的自由現金流。年度自由現金流年增60%，達4.4億美元。年內，我們向股東返還了1.48億美元，其中6,800萬美元透過派發股息，8,000萬美元透過股票回購。 10月8日，我們透過首次債券發行，發行了3億美元的7年期債券，進一步強化了資本結構。我們將繼續專注於穩健的資本配置，在向股東返還資本的同時，把握收購機會。昨天，我們宣布董事會已將股息提高6.5%，這反映了我們對公司長期獲利能力的持續信心。

Our performance in 2020, along with the progress of our strategic initiatives, has increased our earnings expectations for 2021 from the (inaudible) we established in November 2020. The main driver is the cost savings we'll derive from reduced occupancy costs, which as Gord mentioned, will add approximately $0.10 per share to 2021 EPS. This will completely offset the outlook of the $0.10 we generated from the nonrecurring claim costs and tax recoveries in 2020, and we expect to grow 2021 earnings further, driving to an overall year-over-year increase on a percentage basis in the low to mid-single digits.

2020 年的業績表現以及各項策略舉措的進展，使我們對 2021 年的獲利預期高於 2020 年 11 月設定的預期（聽不清楚）。主要驅動因素是我們將從降低佔用成本中節省開支，正如 Gord 所提到的，這將使 2021 年每股收益增加約 0.10 美元。這將完全抵消 2020 年非經常性索賠成本和稅收返還帶來的 0.10 美元收益預期，我們預計 2021 年的盈利將進一步增長，最終實現個位數百分比的同比增長。

We're also today increasing our 2021 targets, are raising the top end of our adjusted EBITDA margin by 50 basis points to 16%. This is driven by our continued strong operating performance and our expectations that discretionary spending will stay lower for longer, given current travel restrictions. However, given the ongoing uncertainties associated with the pandemic, we've left the low end of the range at 14.5%. We're now expecting adjusted net income to be greater than 6.5% of net revenue, a 50 basis point increase in our target, and we've also raised our adjusted return on invested capital target by 50 basis points to be greater than 9.5%. And with that, I'll turn it back to Gord for his concluding remarks.

今天，我們也提高了2021年的目標，將調整後EBITDA利潤率的上限上調50個基點至16%。這主要得益於我們持續強勁的營運業績，以及鑑於目前的旅遊限制，我們預期可自由支配支出將在更長時間內維持低檔。然而，考慮到疫情帶來的持續不確定性，我們將利潤率的下限維持在14.5%不變。我們現在預計調整後淨利潤佔淨收入的比例將高於6.5%，比先前的目標提高了50個基點。此外，我們也將調整後投資報酬率的目標上調了50個基點，使其高於9.5%。接下來，我將把發言權交還給戈爾德，請他做總結發言。

Thanks, Theresa. Through 2020, we made excellent progress on the strategic plan we launched in December 2019 despite the challenges posed by the pandemic. And I encourage you to review our annual report for a more in-depth review of our key accomplishments. As Theresa and I spoke about earlier, our 2023 real estate strategy, with the goal of reducing our office lease footprint by 30% over the next 3 years, will result in a material increase to net income and EPS growth. We're also affirming today that we intend to meet our long-term financial targets as set out in our strategic plan by the end of 2023.

謝謝特蕾莎。儘管面臨疫情帶來的挑戰，我們在2020年依然取得了顯著進展，尤其是在我們於2019年12月啟動的策略計畫方面。我建議您查閱我們的年度報告，以更深入地了解我們的主要成就。正如我和特蕾莎之前討論過的，我們2023年的房地產戰略目標是在未來三年內將辦公租賃面積減少30%，這將顯著提升淨收入和每股收益。我們今天也重申，我們計劃在2023年底前實現戰略計劃中設定的長期財務目標。

We entered this year with a solid backlog of $4.4 billion and expect to return to low to mid-single-digit organic growth over the balance of 2021. We're back in the full swing of our M&A program, and we're ready to continue down this path in 2021 with the benefit of our strong balance sheet and our robust M&A pipeline.

今年年初，我們擁有44億美元的穩健訂單儲備，預計2021年剩餘時間內將恢復個位數低至中等水準的內生成長。我們的併購計畫已全面恢復，憑藉強勁的資產負債表和穩健的併購專案儲備，我們已準備好在2021年繼續沿著這條道路前進。

I want to close by thanking our employees for remaining steadfast through the pandemic. It's their hard work in continuing to execute our strategic plan and serving our clients that drove record earnings in 2020 while achieving best-in-class sustainability arrangements, and we're going to continue to lean on our core values of doing what's right and putting people first as we move forward into 2021 and beyond.

最後，我要感謝我們的員工在疫情期間始終堅守崗位。正是他們辛勤工作，持續執行我們的戰略計劃並服務於我們的客戶，才使得公司在2020年取得了創紀錄的盈利，並實現了業內最佳的可持續發展安排。我們將繼續秉持「做正確的事，以人為本」的核心價值觀，展望2021年及以後的未來。

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

接下來，我們將開放提問環節。接線生？

(Operator Instructions) Take our first question from Jacob Bout with CIBC.

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

So I had a question about the planned decrease in office footprint by 30%. Have you polled your employees to understand how they're feeling about it? I think we're all getting a little tired of working from home, especially during this pandemic.

我有個關於計畫縮減30%辦公空間的問題。你們有沒有調查過員工對此的看法？我覺得我們都有些厭倦在家工作了，尤其是在疫情期間。

Yes, Jacob. In fact, we've surveyed our employees a couple of times through the pandemic, and we found that their thoughts on working at home versus the office has changed a bit throughout. Early in the pandemic, looking back in March and April, as we talked to people what they thought they might want to do, the response was, "This is great, we want to work from home forever." But what we found that -- we didn't think that, that would be an accurate reflection of the long-term perspective. And so as we've talked to folks throughout, others in the industry as well, we found that what people are looking for is a little bit more flexibility where they could perhaps be in the office a couple of days a week, but also have the flexibility to work at home 1 or 2 days a week

是的，雅各。事實上，在疫情期間，我們對員工進行了幾次調查，發現他們對居家辦公和辦公室辦公室的看法一直在改變。疫情初期，回顧三、四月份，當我們詢問員工他們的想法時，他們的回答是：「太好了，我們想永遠居家辦公。」但我們發現，這並不能準確反映他們的長期想法。因此，在與員工以及業內其他人士交流的過程中，我們發現大家真正需要的是更大的靈活性，例如每周可以有幾天在辦公室，同時也能靈活地選擇每週在家辦公一兩天。

And that's sort of how we're redesigning our office footprint. We have a workplace design group in our Buildings group within Stantec, and so we're working very closely with that group on what we might do within our company as well as advising other clients. And so we really think it's important to have those people not work at home exclusively because we have a very collaborative design presence. And so it is important for us to still be able to bring people together. So as we look at our longer-term footprint with a certain percent still being full time in the office, another percentage being part-time office with maybe some flexibility to work at home once in a while, but there will be a small subset that we will allow to work at home full time. And based upon that design, therefore, we look at that, roughly a 30% reduction in our occupancy footprint.

這就是我們重新規劃辦公空間的方式。 Stantec 旗下建築部門設有辦公空間設計團隊，我們與團隊緊密合作，探討公司內部的辦公空間規劃，同時也為其他客戶提供諮詢。我們認為，讓員工不完全居家辦公非常重要，因為我們非常注重團隊合作。因此，保持團隊的凝聚力至關重要。展望未來，我們計劃將辦公空間規劃為：一部分員工全職在辦公室辦公，一部分員工兼職在辦公室辦公，並允許他們偶爾居家辦公，同時允許一小部分員工全職居家辦公。基於此規劃，我們預計辦公空間佔用率將減少約 30%。

Okay. And you said there's a $0.10 impact for 2021 and $0.35 to $0.40 over the next 3 years?

好的。您說2021年的影響是0.10美元，未來三年的影響是0.35美元到0.40美元？

Yes. The $0.10 is part of the $0.35 to $0.40 that we expect over the next 3 years.

是的。這 0.10 美元是我們預計未來三年內將成長的 0.35 美元至 0.40 美元的一部分。

Okay. And my second question here is just on the longer-term targets you have. I think you said your net revenue CAGR greater than 10%. So clearly, M&A is playing a key role here. Talk a bit about how your pipeline is looking, the -- and how valuation is looking. Assuming in this market, multiples are getting a little stretched?

好的。我的第二個問題是關於你們的長期目標。我記得您說過你們的淨收入複合年增長率超過10%。顯然，併購在其中扮演關鍵角色。請您談談你們的研發管線狀況，以及估價情況。假設在目前的市場環境下，估值倍數可能有點過高，您覺得呢？

Yes. So the M&A pipeline is very, very robust. And you can see, of course, we've mentioned we closed 3, announced another one here just in the last 3 or 4 months. What we're finding is that while the pipeline was robust going into the pandemic, it slowed a little bit as we talked about before through last March, April, a little bit into June, but really has strengthened. And we've reinvigorated all the discussions that we had ongoing previously, but there's been a lot of new conversations that we've initiated really just over the last couple of quarters. So pipeline very, very strong across all of the geographies where we're active. It's interesting, initially in the pandemic, we had hoped that we see some -- a reduction in multiples, but certainly, we haven't seen that. In the firms that we're talking to, we've seen multiple stay reasonably consistent. You've seen some of the larger public transactions that have been announced recently that had higher multiples, but we really haven't seen that significant of an increase in the firms that we're talking with.

是的。所以併購專案儲備非常充足。如您所見，我們之前提到過，在過去三、四個月裡，我們完成了三筆交易，並宣布了另一筆。我們發現，雖然在疫情爆發前，併購專案儲備就很充足，但正如我們之前討論過的，在去年三四月份以及六月份，併購活動有所放緩，不過現在已經強勁回升。我們重新啟動了先前一直在進行的討論，並且在過去幾個季度裡，我們也啟動了許多新的對話。因此，在我們開展業務的所有地區，併購專案儲備都非常充足。有趣的是，在疫情初期，我們曾希望看到估值倍數下降，但顯然我們並沒有看到這種情況。在我們接觸的公司中，估值倍數基本上保持穩定。您可能已經看到最近宣布的一些規模較大的公開交易，其估值倍數較高，但我們目前接觸的公司並沒有出現如此顯著的成長。

Sorry. And what are those multiples? And is the focus still small and midsize?

抱歉。這些倍數具體指什麼？你們的業務重點仍然是小型和中型企業嗎？

Yes. A lot of the firms that we're talking to, we're seeing the multiples still in that 6x to 9x kind of range. And our main focus is still in that sub-1,000 person firm because that gives us the opportunity to select the exact type of firm we want in the geography that we want to specialize in. But that said, our balance sheet is very, very strong. The -- our organization has really matured in the various footprints outside of North America where we're resident. And so we are -- as larger opportunities come along, we'd absolutely look at them, but I wouldn't call it a change in our strategy. Our strategy is still that 1,000 person and less, but I think we -- now we've got a little bit more flexibility to look at some of these larger ones if they're appropriate for what we see for our long-term role.

是的。我們接觸的許多公司，估值倍數仍然在6倍到9倍之間。我們的主要關注點仍然是員工人數少於1000人的公司，因為這讓我們有機會選擇我們想要專注於的特定地理和特定類型的公司。話雖如此，我們的資產負債表非常穩健。我們在北美以外的各個地區都發展成熟。因此，當出現更大的機會時，我們當然會考慮，但我不會稱之為策略的改變。我們的策略仍然是專注於員工人數在1000人及以下的公司，但我認為，如果這些規模更大的公司符合我們對自身長期發展的預期，我們現在有了更大的靈活性來考慮它們。

Our next question from Chris Murray with ATB Capital Markets.

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

So just maybe going back to thinking about the real estate part of the equation. So just to confirm, so you're talking kind of $0.25 to $0.35 a couple of years out. That's correct?

所以，我們不妨再回到房地產這部分考慮上來。我確認一下，您說的是幾年後價格上漲0.25到0.35美元，對嗎？

Yes. Yes. What we said is we expect about $0.10 in 2021. And on top of that, $0.25 to $0.30 by the end of 2023.

是的。是的。我們預計2021年每股價格約為0.10美元。此外，到2023年底，每股價格將達到0.25美元至0.30美元。

Okay, on top of that. Okay. So I'm just trying to understand the cadence of it. And then just thinking about that, there's the earnings piece of it, but there's also, I guess, the liability side of the leases. Can you talk a little bit about how this plays into your longer term return on invested capital metrics?

好的，除此之外……好的。我只是想了解其中的節奏。然後，我考慮到，這其中既有收益方面，也有租賃的負債方面。能談談這如何影響您的長期投資報酬率指標嗎？

Yes. I mean it absolutely will lift our return on invested capital because the ability to redeploy capital towards other things that otherwise would have been in servicing these leases is what the -- a part of the opportunity. So with -- as Gord described, there are these kind of 2 prongs to the strategy. One is we've looked at space that we have determined we don't need any longer. And that's where we took an impairment charge. So all of those leases have to sort of been bundled and modeled, and we took about a $67 million impairment charge in the fourth quarter. So now as we go forward, one, we don't have to incur those lease costs through our P&L; and two, the opportunity to sublease that space will provide sublease income to offset.

是的。我的意思是，這絕對會提高我們的投資回報率，因為可以將原本用於支付這些租賃費用的資金重新部署到其他方面，這正是這次機會的一部分。正如戈爾德所描述的，這項策略包含兩個面向。首先，我們評估了不再需要的空間，並提列了減損準備。所有這些租賃都必須進行打包和建模，我們在第四季度提列了約 6700 萬美元的減損準備。因此，展望未來，首先，我們不必再將這些租賃成本計入損益表；其次，轉租這些空間的機會將帶來轉租收入來抵銷減損損失。

And then the second element is again that there's -- it's pretty opportune for us in that roughly 50% of our existing lease space is naturally going to expire over the next 3 years. And so that gives us just a really great opportunity then to not have to impair that space, but as they expire to be able to change and reduce our footprint going forward. And so that's where that opportunity for the $0.25 to $0.30 comes from over the next 3 years. So those are really the 2 key components and the way that the math works.

第二個因素是，我們現有租賃空間中約 50% 將在未來三年內到期，這對我們來說是一個非常有利的時機。因此，我們無需犧牲這些空間，就能在租賃到期時調整並縮減未來的辦公面積。這就是未來三年每股收益 0.25 美元至 0.30 美元成長機會的來源。以上就是兩個關鍵因素以及計算方法。

Okay. No, that's interesting. Gord, just I guess the other question I have for you is just thinking about your longer-term net revenue growth. The interesting part about putting in a CAGR number when you change timing is that it moves around. But if I go back historically, and you talked a little bit to, I think, to an earlier question about that 1,000 person. I mean there were years that you guys were doing 15, 16 acquisitions a year of various sizes and then a platform every couple of years. Is that how we should be thinking about the way you think that this unfolds over the next few years to hit that kind of number?

好的。不，這很有趣。戈爾德，我想問你的另一個問題是關於你們的長期淨收入成長。有趣的是，當你改變時間節點時，複合年增長率（CAGR）會隨之改變。但如果回顧歷史，你之前也稍微提到過，關於你們公司達到1000人規模的目標。我的意思是，你們曾經連續幾年每年進行15到16次不同規模的收購，然後每隔幾年就推出一個平台。你認為未來幾年你們要達到這樣的目標，是否也應該遵循類似的模式？

Yes. I would think so, Chris, that sort of we're going to continue with our -- we call it the sort of the base hits, the infilling of the right firm and the right locations. And then when the timing is right, the opportunity is right, we might look at doing something a little bit larger, as you say, from a platform perspective.

是的，克里斯，我也這麼認為。我們會繼續採取我們所謂的“基礎佈局”，也就是在合適的地點和合適的公司進行佈局。然後，當時機成熟，機會合適的時候，我們可能會考慮做一些規模更大的事情，就像你說的，從平台角度來看。

We'll take our next question from Frederic Bastien with Raymond James.

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

Quick question for you. Are you comfortable with -- can you tell me if you're comfortable with the relative weighting of your 5 operating units right now? I believe Infrastructure is close to 30%. I mean you've got Environmental Services and Energy about 15%. Is this sort of a place where you're comfortable being at equilibrium or is there -- are there opportunities to grow some of these business units further or at a more aggressive pace on a go-forward basis?

請問您一個問題。您目前對貴公司五個營運部門的相對權重是否滿意？基礎設施部門的權重接近30%，環境服務和能源部門的權重約為15%。您認為目前的權重比例是否平衡？或者說，未來是否有可能進一步擴大或加​​速某些業務部門的成長速度？

Yes. I do think that, in particular, our Water business, which is currently about 21%, we'll see continued opportunities for growth there, both from an organic perspective. For the year, our Water business grew organically by just a little bit over 4%. So it's going to continue to grow organically, but I do see continued opportunities for us to invest in the water space from an M&A perspective. So I see particularly that area. Our Environmental Services, we're continually looking for ways to continue to grow that as well. So I think over time, the type of firms that we're looking at are water firms, environmental services firms and then also a little bit into transportation and buildings. So I think those, you'll see those as being the primary areas of focus for us. So over time, I would like to see the Water business and the Environmental business grow a little bit more. And so we're putting a particular focus on those areas right now.

是的。我認為，特別是我們目前佔比約21%的水務業務，無論從內生成長或外延成長來看，都將持續擁有成長機會。今年，我們的水務業務內生成長略高於4%。因此，它將繼續保持內生成長，但我認為，從併購的角度來看，我們仍有機會繼續投資水務領域。我尤其關注這一領域。我們的環境服務業務也不斷尋求成長途徑。我認為，隨著時間的推移，我們關注的目標公司類型將包括水務公司、環境服務公司，以及一些交通運輸和建築領域的公司。我認為，這些將是我們主要的關注領域。我希望水務業務和環境業務能進一步成長。因此，我們目前正重點關注這些領域。

Okay. Great. That's helpful. And in terms of high-level kind of priorities for this year, would you mind kind of maybe flagging or highlighting your top 3 priorities?

好的，太好了，這很有幫助。關於今年的高層優先事項，您能否專注於列出或強調您認為最重要的三項？

Sure. The -- after spending a couple of hard years looking at the back office and getting the sort of the back of house taken care of from an organizational structure perspective and leading the organization and so on, 2020 is really the year where we're focusing on growth -- 2021, sorry. And so we're really focusing on our organic growth programs. And we've had great success over those the last couple of years. We're going to continue to focus on that. We're going to continue to focus on M&A because as we talked earlier, our balance sheet is in great shape. We've got the maturity and the appetite to continue with that. And then also, we want to continue to focus on our innovation programs that we had just rolled out in -- really in a formalized way at the start of last year. We see that as a differentiator as we move forward, both in terms of new service offerings, new technology offerings that we can bring to market. So growth and innovation, absolutely. We will continue to focus on the back of house operational, no question, but that's always there. But I think you'll really see a focus for 2021 for us on growth and supporting innovation.

當然。在花了幾年時間認真審視後台運營，從組織架構的角度完善後台運作，並領導好整個組織之後，2020年——抱歉，應該是2021年——才是我們真正專注於成長的一年。因此，我們正全力推動內生成長項目。過去幾年，這些項目都取得了巨大的成功。我們將繼續專注於此。我們也會繼續關注併購，因為正如我們之前提到的，我們的資產負債表狀況良好。我們有足夠的成熟度和意願繼續推進併購。此外，我們也希望繼續專注於創新項目，這些項目在去年年初正式啟動。我們認為，這將成為我們未來發展的差異化優勢，無論是推出新的服務產品還是新科技產品。所以，成長和創新，絕對是我們的重點。毫無疑問，我們也會繼續關注後台運營，但這始終是我們關注的重點。但我認為，2021 年我們將真正專注於成長和支持創新。

Our next question comes from Mona Nazir with Laurentian Bank.

我們的下一個問題來自勞倫森銀行的莫娜·納齊爾。

Firstly, when I'm just thinking about your organic contraction that you had in the quarter and even the year, it's ahead of a number of peers, in spite of you guys having greater Canadian exposure and greater energy mix. I'm just wondering, looking back, what do you think help shield or insulate the business? I mean you had mentioned in your opening remarks, 3 new hospital contracts awarded. I'm just wondering if you had to pivot the business to new areas or bulk up expertise in other areas, or really was it due to mix?

首先，就我目前所了解的情況來看，貴公司本季乃至全年的有機成長放緩幅度，即便貴公司在加拿大市場佔有更大的份額，能源結構也更加多元化，但貴公司的表現仍然優於許多同行。我想請教一下，回顧過去，您認為是什麼因素幫助貴公司避開了這些風險？您在開場白中提到，貴公司獲得了三份新的醫院合約。我想知道，貴公司是否因此調整了業務方向，拓展了新的領域，或者在其他領域加強了專業實力，還是說這真的得益於貴公司自身的業務結構？

Yes. So I think the real focus for us was on our organic growth programs. We've really been focusing hard the last couple of years, but really through 2021, 2020 as well so that not only did our backlog grow organically by over 3% through the year, but I think that also was a big driver why our organic retraction was 1.8% for the year. But to your point about pivoting, I think that's exactly right as well. And nowhere do we see that as evident as in our buildings business, where the commercial work that we are doing, restaurant, fit-ups, new retail, a lot of those projects have pushed off to the right, but we really pivoted to healthcare, particularly in Canada and Australia, and we pivoted towards e-commerce facilities and doing a lot of great support. We have some global MSAs, master services agreements, with those firms. So I think it's really the focus on organic growth through -- we've got a number of solid programs, our account management program. We have a corporate campaigns program, a strategic growth initiatives program. So I think those are very, very important and will continue to drive flow through 2021.

是的。所以我認為我們真正的重點在於我們的內生成長計畫。過去幾年，我們一直非常重視這些項目，尤其是在2020年和2021年，所以我們的積壓訂單不僅實現了超過3%的內生增長，而且我認為這也是我們全年內生下滑幅度僅為1.8%的主要原因。至於您提到的轉型，我認為也完全正確。這一點在我們的建築業務中體現得尤為明顯。我們承接的商業項目，例如餐廳、裝修、新零售等等，很多都已轉向其他領域，但我們真正轉型到了醫療保健領域，尤其是在加拿大和澳大利亞，同時我們也轉向了電子商務設施，並提供了很多重要的支援服務。我們與一些公司簽訂了全球主服務協議（MSA）。所以我認為，我們真正關注的是內生成長——我們擁有許多完善的項目，例如客戶管理項目、企業推廣項目和策略成長計畫。所以我認為這些都非常非常重要，並將繼續推動 2021 年的發展。

Okay. That's helpful. And when I'm just going through the MD&A, the headcount is stated in there at 22,000. I just wanted to ask, to your end, have you taken any steps to rightsize the business in any area or are there plans to in the future? And just related to that, how is utilization sitting?

好的，這很有幫助。我剛剛查閱了管理階層討論與分析（MD&A），裡面提到員工人數是22,000人。我想問一下，貴公司是否採取了任何措施來調整業務規模，或者未來是否有相關計劃？另外，關於人員利用率，目前情況如何？

Yes. So from a headcount perspective, absolutely, we've had to manage our headcount throughout the year. We've addressed that proactively in managing utilization. We actually saw our utilization rates early in the pandemic spiked by 3% to 4%. And then they've sort of come down to more normal type seasonally adjusted levels. But what we've really try to do, in addition, was to not go too far from a headcount reduction perspective because we see that the work is there as you can see from our growth in our backlog. We see the opportunity for good stimulus from a number of different government locations coming here in 2021. And so as a result of that, we wanted to make sure that we had the right team to drive us forward into the future as well.

是的。從人員編制的角度來看，我們全年都在進行人員管理。我們積極主動地透過管理人員利用率來解決這個問題。事實上，在疫情初期，我們的人員利用率飆升了3%到4%。之後，經過季節性調整後，利用率已回落到較正常的水平。但我們真正努力做的，是盡量避免過度裁員，因為正如您從我們積壓訂單的成長中看到的那樣，工作機會依然存在。我們看到，2021年，來自多個政府機構的刺激計畫將帶來良好的發展機會。因此，我們希望確保擁有一支合適的團隊，帶領我們走向未來。

Okay. So would it be fair to say, though, that any rightsizing that did occur in the year, because the 2019 headcount was 22,000 as well, so any rightsizing that did occur in the year was largely offset by M&A?

好的。那麼，是否可以這樣說，由於2019年的員工人數也是22,000人，所以當年發生的任何人員精簡都被併購基本上抵消了呢？

Yes. I think that's a fair statement, Mona.

是的，莫娜，我覺得這個說法很中肯。

Okay. Perfect. And just lastly for me, and going back to the M&A, it's just really more of a confirmation. I understand you have made a number of smaller-sized tuck-ins, and you did speak about a number of new conversations occurring with targeted firms. But given current leverage levels, is it feasible that we could see a number of medium-sized transactions, call it, 4 to 5 transactions kind of simultaneously within a shorter timeframe that could bring in a potential like combined 3,000 people over 5 or 6 transactions or would be -- that be outside of the targeted pace?

好的，完美。最後，關於併購，我只是想確認一下。我知道你們已經完成了一些規模較小的收購，也提到正在與一些目標公司進行新的洽談。但考慮到目前的槓桿水平，我們是否有可能在較短的時間內同時完成一些中等規模的交易，比如說四到五筆交易，從而在五六筆交易中總共吸引大約三千名員工？或者說，這是否超出了我們預期的進度？

I think our balance sheet would certainly support that, but it really all depends on the opportunities. We have to find the right firms and the right geographies that are selling for the -- to have the right motivation to sell. So if the opportunities were there, we certainly could drive that forward. But we're not trying to hit a particular quota. We want to stay -- continue to be disciplined in our M&A strategies, what we're paying, so that we can see that long-term accretion to our share price. But if the right firms come along, you're right, we've got the balance sheet room to do it.

我認為我們的資產負債表完全可以支撐這一點，但這真的取決於機會。我們必須找到合適的公司和合適的地區，而這些公司必須有足夠的出售動機。所以，如果機會出現，我們當然可以推進收購。但我們並沒有試圖完成特定的指標。我們希望繼續在併購策略和收購價格方面保持謹慎，從而實現股價的長期成長。但如果遇到合適的公司，你說得對，我們的資產負債表完全可以做到。

Okay. Perfect. So it wouldn't be outside of the realm of possibilities. Okay, that's great. I'll leave it there.

好的，完美。看來這並非完全不可能。好的，太好了。我就說到這兒吧。

Our next question comes from Michael Tupholme with TD Securities.

下一個問題來自道明證券的邁克爾·圖普霍爾姆。

My first question relates to your organic revenue growth guidance. You've talked about -- or you've reiterated your expectation for low to mid-single-digit organic growth in 2021, which is consistent with what you had talked about last quarter. I'm just wondering how we should think about that as we progress through the year, including whether or not we should be thinking about year-over-year organic growth in the first quarter being negative, or is that a positive?

我的第一個問題與您先前對有機收入成長的預期有關。您曾提到（或重申了）2021年有機成長預期為個位數低至中等水平，這與您上個季度的說法一致。我想知道隨著年數的推移，我們應該如何看待這一預期，包括第一季同比有機成長是否應該被視為負值，或者這是否算是正值？

Yes. That's exactly where our thoughts are as well, Michael. Q1 of this year is comparing against a pre-pandemic Q1 of '20, so we do still foresee some overall organic retraction in Q1. But really, that low to mid-single digits is sort of where we expect to be with -- through Q2, 3 and 4, particularly loaded towards the back half, but we -- that's sort of an annualized number that we would see in that low to mid-single digits.

是的，邁克爾，我們也是這麼想的。今年第一季是與疫情前的2020年第一季相比的，所以我們仍然預計第一季整體會出現一些自然下滑。但實際上，我們預計第二、三、四季（尤其是在下半年）的降幅會在個位數低到中段，但我們——我們預計全年降幅會在個位數低到中段。

And then just sticking with organic growth, you provided some detail around your expectations for your geographic regions. On that front, can you talk a little bit about the thinking behind muted organic growth in the U.S.? I know your guidance doesn't incorporate any U.S. infrastructure that may come, but seems as though expectations for overall general growth in the U.S. are fairly upbeat. So wondering just what's driving the muted outlook there. I know that isn't any different than you talked about last quarter, but just some thoughts there. And then secondly, any commentary on growth expectations by business operating unit as well?

繼續談到內生成長，您之前詳細介紹了對各個地區的預期。關於這一點，您能否談談美國內生成長預期較為溫和的原因？我知道您的業績指引並未包含任何可能出現的美國基礎設施項目，但似乎對美國整體成長的預期相當樂觀。所以我想了解一下，是什麼因素導致了這種較溫和的預期。我知道這和您上個季度的說法並無不同，但我還是想聽聽大家的想法。其次，您能否也談談各業務部門的成長預期？

Sure. In the U.S., we were just sort of being consistent and cautious. We do believe that there will be a U.S. infrastructure stimulus package coming out. The industry thoughts were that President Biden would announce it in February. There was some speculation he might have done it yesterday, but I think we're working through some other -- he's working through some other things first, of course. So we do see that stimulus program coming, but again, there's probably going to be -- it could be a quarter or 2 lag from when it's announced to when our industry, in general, will begin to start generating some revenue from it. So I think we're just being cautious there, but as we look at the various -- the various business operating units, to your second question, buildings overall, as an example, the commercial market remains challenged, but we've really seen this pivot to healthcare coming in the Building segment. And we talked about the St. Paul's project in Vancouver, but we were also awarded 2 additional projects, with Trillium Health Partners there in the Toronto area, in the Mississauga Hospital, Queensway Health Center, the Footscray Hospital in Australia. So we're seeing a lot of work in healthcare buildings. We're seeing a lot of pivot to e-commerce. As many of us, people are buying more and more things from e-commerce. So we do see some good tailwinds for building coming. Particularly we'll -- I think we'll see that revenue generation coming in the second half of the year as these projects get ramped up.

當然。在美國，我們一直保持謹慎和穩健的態度。我們相信美國會推出基礎設施刺激計畫。業內普遍認為拜登總統會在二月宣布這項計畫。之前有人猜測他可能昨天就宣布了，但我認為他還在處理其他事情——當然，他肯定也在優先處理其他事情。所以我們確實看到了刺激計劃的出台，但同樣，從計劃宣佈到我們整個行業開始從中獲得收益，可能還需要一到兩個季度的時間。因此，我認為我們只是保持謹慎。但就你第二個問題，以建築業為例，我們觀察各個業務部門的情況，商業市場仍然面臨挑戰，但我們已經看到建築領域正在轉型為醫療保健領域。我們談到了溫哥華的聖保羅醫院項目，此外，我們還獲得了另外兩個項目，分別是與多倫多地區的Trillium Health Partners合作的密西沙加醫院、皇后大道健康中心以及澳大利亞的富茨克雷醫院。因此，我們看到醫療保健建築領域有許多項目正在進行中。我們也看到很多企業正在轉型為電子商務。和我們許多人一樣，越來越多的人選擇透過電商購物。所以我們預見建築業將迎來一些利多因素。特別是，我認為隨著這些項目逐步推進，我們將在下半年看到收入成長。

In our Energy & Resources business, we're seeing great opportunities in the pivot to renewables: solar, wind, hydropower and so on, a lot of good, good opportunities there. And of course, because copper and iron ore prices are so high, those present really good tailwinds for our Mining business. In our Environmental Services business, 2020 was a very solid year for that business. Revenue was roughly flat from 2019, but we're seeing really solid backlog in that group and great opportunities to come see -- to see that happening as well.

在我們的能源與資源業務中，我們看到了為再生能源轉型帶來的巨大機會：太陽能、風能、水力發電等等，這些領域蘊藏著許多絕佳的機會。當然，由於銅礦和鐵礦價格居高不下，也為我們的採礦業務帶來了強勁的順風。在我們的環境服務業務中，2020 年是表現非常穩健的一年。雖然收入與 2019 年基本持平，但我們看到該業務的訂單儲備非常充足，未來還有很大的發展空間。

Just finishing off the walk around the business operating units. In Infrastructure, our transportation market is very, very strong. And of course, we see that group being a net beneficiary of various stimulus programs that will be announced around the globe, but we've got a really solid backlog into 2021 already for that group. And of course, our community development group is part of Infrastructure as well. We see the housing market strengthen in both Canada and the U.S. And it was interesting talking with the lead of one of our land development clients. Recently, he described the market in the Southern U.S. is almost frothy because it was so busy. And then finally, looking at Water, we had really solid organic growth in the Water segment in 2020 even despite the pandemic. Backlog really strong. I mentioned a couple of those irrigation projects in Canada, the long-term [amp] projects in the U.K., the long-term frameworks awards in Australia and New Zealand, and certainly, some of the opportunities in Southern California. So great opportunities in water. There's a lot -- when we look at some of the emerging technologies in water like [PFAS] and other advanced tech treatments, we're already leading the charge on a lot of those things. So we see opportunities in water scarcity and reuse and coastal resilience and responses to sea level rise. So in general, as we kind of look across the business, we see positive long-term prospects in virtually all of our opportunities and just going to be a slower ramp-up in some groups rather than others. So that's where we feel pretty comfortable with our -- over the year, low to mid-single-digit organic growth.

剛結束了對各業務部門的巡視。在基礎設施方面，我們的交通運輸市場非常強勁。當然，我們預期該部門將成為全球各地即將推出的各項刺激方案的受益者，而該部門2021年的訂單儲備已經非常充足。當然，我們的社區發展部門也屬於基礎建設部門。我們看到加拿大和美國的房地產市場都在走強。與一位土地開發客戶的負責人交談很有意思。他最近表示，美國南部的市場非常火爆，幾乎達到了泡沫狀態。最後，談到水務業務，儘管受到疫情影響，我們在2020年的水務板塊仍然實現了非常穩健的內生成長。訂單儲備非常充足。我提到了加拿大的一些灌溉項目、英國的長期[AMP]項目、澳大利亞和紐西蘭的長期框架協議項目，當然還有南加州的一些機會。所以，水務領域蘊藏著巨大的機會。有很多方面——當我們審視一些新興的水處理技術，例如 PFAS 和其他先進技術處理方法時，我們發現我們在許多領域都處於領先地位。因此，我們看到了水資源短缺和再利用、沿海地區韌性以及應對海平面上升等方面的機會。總的來說，當我們縱觀整個業務時，我們看到幾乎所有機會都具有積極的長期前景，只是某些業務板塊的成長速度會比其他板塊慢一些。因此，我們對全年低至中等個位數的內生成長感到相當滿意。

Great. That's very good color. Can I just sneak in one additional question. Maybe this is for Theresa. Just on the real estate occupancy cost savings opportunity, can you talk about where those savings will actually show up on the income statement. I'm just wondering if this is all through admin and marketing? And if that is the case, a bit surprised that there is no adjustment to the admin and marketing expenses as a percentage of revenue guidance, which is still in the 37% to 39% range?

太好了。這個顏色真不錯。我可以再問一個問題嗎？也許這個問題應該要問Theresa。關於房地產佔用成本的節省，您能具體說說這些節省會反映在損益表的哪些方面嗎？我只是想知道這些節省是否都反映在行政和行銷方面？如果是這樣的話，我有點驚訝，行政和行銷費用佔收入的比例預期仍然在37%到39%之間，卻沒有做出任何調整？

Yes. Well, thank you for asking that question because it's actually -- it's a really important one that we should have highlighted. The unfortunate part of IFRS 16 is that this is really going to show up below the EBITDA line now that all of your leasing activities get reflected in depreciation and interest for line item. So there's going to be a minimal impact on EBITDA on a post-IFRS 16 basis, but it does drop to the bottom line. It is still positive to cash flow, ultimately, but unfortunately, does not really move the needle on EBITDA.

是的。非常感謝您提出這個問題，因為這確實是一個非常重要的問題，我們應該專注於這一點。 IFRS 16 的一個不利之處在於，由於所有租賃活動都會計入折舊和利息項目，因此這些租賃活動實際上會反映在 EBITDA 下方。所以，IFRS 16 實施後對 EBITDA 的影響微乎其微，但確實會影響淨利。雖然最終對現金流仍然有利，但遺憾的是，它對 EBITDA 的影響並不顯著。

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。

Just kind of building off of the last question around the savings and the 3-year targets. I guess how should we think about the drivers of the EBITDA margin improvement? I guess this real estate sounds like it's a relatively large contributor, but what else is driving, I guess, EBITDA margin improvement if this is sort of below the line as you think over the next 2 years?

我只是想延續上一個關於節省成本和三年目標的問題。我想問的是，我們該如何看待EBITDA利潤率提升的驅動因素？房地產似乎是相對較大的貢獻者，但如果未來兩年房地產支出低於預期，那麼還有哪些因素在推動EBITDA利潤率的提升呢？

Sure. So as we mentioned in our 2021 outlook, some of that is going to be driven, we expect, by continued discipline around our discretionary spending. We had expected it to start to ramp up a little sooner in 2021, but as we pointed to, the ongoing travel restrictions means that we will likely be able to push that out a little bit further into the year, if not beyond that. We've also said, though, that we don't intend to go back to the level of spending that we were incurring pre-pandemic. We've got all these fantastic collaboration tools. So we know that the need for travel can be addressed through these virtual meetings in a large degree. So the direction we've given to people is that when things do open up, we expect cost savings to continue, but certainly not to the level that we've enjoyed in 2020.

當然。正如我們在2021年展望中所提到的，我們預期部分成長將取決於我們對可自由支配支出的持續控制。我們原本預計2021年支出會開始略有回升，但正如我們指出的，持續的旅行限制意味著我們可能需要將這一進程推遲到今年晚些時候，甚至更久。不過，我們也說過，我們並不打算恢復到疫情前的支出水準。我們擁有各種優秀的協作工具。因此，我們知道，很大程度上可以透過虛擬會議來滿足差旅需求。所以我們向員工傳達的訊息是，一旦疫情好轉，我們預計成本節約將會持續，但肯定不會達到2020年的水準。

Beyond that, we continue to look at our ability to leverage our pruning India operations, which is -- delivers just excellent delivery for us on both the design side and in our back office. And so we are driving commitments throughout our business for how we can increase our footprint there. We're still currently in that 400-people range. And so there is a lot of opportunity for us to scale that up. And so that is really effective beyond cost from just an efficiency standpoint of having that 24-hour clock to be able to use with the time zone differences. And beyond that, it's continued focus on discipline, leveraging our Oracle back-end systems that we continue to integrate all of our operations that, again, drive efficiency. And those are really the main things that we'll be focused on.

除此之外，我們將繼續探索如何更好地利用我們在印度的業務，該業務在設計和後台運營方面都為我們提供了卓越的服務。因此，我們正在推動公司各部門做出承諾，以擴大我們在印度的業務規模。目前，我們在印度的員工人數約為400人，因此我們有很大的擴展空間。從效率的角度來看，利用24小時制來因應時區差異，不僅能有效降低成本，還能顯著提高效率。此外，我們將持續注重規範運營，充分利用Oracle後端系統，持續整合所有營運環節，進一步提升效率。這些正是我們未來工作的重點。

Okay. So I guess some of the stuff that -- on the discretionary side that's going up is some of that may be offsetting the real estate savings, if I look at the net revenue CAGR greater than 10% and net earnings CAGR or EPS CAGR of about 11% or more. I guess has there been some puts and takes with the real estate savings maybe being offset by some of the discretionary spend that you were mentioning that might come back?

好的。所以我覺得，在可自由支配支出方面，有些成長可能會抵銷房地產方面的節省，如果我看一下淨收入複合年增長率超過10%，淨利潤複合年增長率或每股收益複合年增長率達到11%或更高的話。我想，房地產方面的節省是否可能被您提到的某些可自由支配支出所抵消，而這些支出可能會回升？

Yes, I think so. I think that's a reasonable assumption.

是的，我也這麼認為。我覺得這個假設很合理。

Okay. Great. And then I guess just looking at the 3-year targets, the ones you put out actually a few years ago, they did mention the organic growth CAGR in there as well. I know you're mentioning the 2021 organic growth will be there. I guess how are you thinking about 2022 and beyond? Is it just maybe the lack of visibility that's keeping you from putting those targets? How are you thinking about organic growth over that 3-year period?

好的，太好了。然後我想看看你們幾年前發布的三年目標，其中也提到了有機成長的複合年增長率（CAGR）。我知道你們提到2021年的有機成長目標也會實現。那麼，你們是如何看待2022年及以後的呢？是因為缺乏明確的預期，所以才沒有設定這些目標？你們如何看待未來三年的有機成長？

We've always talked about our net revenue CAGR of greater than 10% sort of as the number. We haven't really split out organic growth. We typically provide our target for organic growth for the current year, for 2021. So we haven't really looked at providing organic growth numbers for 2022 and 2023. There's a little bit of -- my crystal ball isn't completely clear, as I'm not sure anyone's is about what's going to happen during the latter part of the year when the opportunities will come. But what we've seen even through the pandemic as any indication, we're just going to keep focusing on our clients, focusing on the various organic growth programs we have, and hope just to continue with growth in that area in the years to come.

我們一直以來都將淨收入複合年增長率超過10%作為衡量標準。我們並沒有單獨列出內生成長。我們通常會給出2021年的內生成長目標。因此，我們還沒有真正考慮提供2022年和2023年的內生成長數據。至於下半年機遇到來時會發生什麼，我恐怕也無法完全預測，就像其他人一樣。但即便是在疫情期間，我們也看到了一些跡象表明，我們將繼續專注於客戶，專注於我們現有的各項內生成長計劃，並希望在未來幾年繼續保持這一領域的成長。

Okay. Great. And then just kind of one last one on -- a little bit more on Canada, I guess. I guess based on what you're seeing coming out of Q4 with an improving commodity environment, what's your kind of directional view on some of the end markets, specifically in Canada? Is it -- is demand picking up directionally as the commodity environment is improving in Western Canada? Or are people still taking a bit of a cautious view until they have a bit more visibility into the current year?

好的，太好了。最後再問一個關於加拿大的問題。根據您從第四季度大宗商品環境改善的情況來看，您對一些終端市場，特別是加拿大市場的走勢有何看法？隨著加拿大西部大宗商品環境的改善，需求是否也逐漸回升？還是說，在對今年的市場狀況有更清晰的了解之前，人們仍然持謹慎態度？

Yes. Great question. So directionally on some of the things, we did talk about in our Buildings segment and some of the healthcare projects that we've got, St. Paul's, 2 with Trillium there in Toronto. So we're seeing those healthcare projects continuing to move forward on the buildings side, e-commerce as well, solid opportunities in transportation as well. We talked about our work on the $28.5 billion public transit initiative in Toronto, which will provide good long-term opportunities. And as well, water, we just talked about those 2 water irrigation projects that we recently were awarded here in Western Canada. Those are significant projects that are in part funded by some of the recent -- last fall, the government of Canada, the -- in some of the infrastructure stimulus programs that they've talked about. So we see good -- got opportunities in water as well. Environment looks good for us. And really, from an energy and resources perspective, our -- the work that we do in the oil and gas segment, as we've talked about before, is really midstream pipeline work. And those projects that we've been working on are continuing. So we just see -- well, we don't see significant growth in those areas. It's just long term, longer duration contracts. So it gives stability for this year and following.

是的，問得好。關於一些方面，我們在建築板塊談到了一些醫療保健項目，例如多倫多聖保羅醫院和與Trillium合作的兩個醫療項目。我們看到這些醫療保健項目在建築領域持續推進，電子商務領域也是如此，交通運輸領域也蘊藏著巨大的機會。我們談到了我們在多倫多參與的價值285億加元的公共交通項目，這將帶來良好的長期發展機會。此外，在水資源方面，我們剛剛談到了最近在加拿大西部獲得的兩個灌溉項目。這些計畫意義重大，部分資金來自加拿大政府去年秋季推出的一些基礎設施刺激計畫。因此，我們在水資源領域也看到了良好的發展機會。環境領域對我們來說前景良好。從能源和資源的角度來看，我們在油氣領域的工作，正如我們之前提到的，主要是中游管道專案。我們一直在推進的這些項目也在持續進行中。所以我們看到——嗯，我們並沒有看到這些領域有顯著成長。都是些長期合同，期限更長。因此，這為今年和明年提供了穩定性。

We'll take our next question from Mark Neville with Scotiabank.

接下來，我們將回答來自加拿大豐業銀行的馬克·內維爾提出的問題。

Maybe just a first question. Just on the real estate, over the 3-year period, will there be any significant cash loss associated with this consolidation?

或許可以先問一個問題。單就房地產而言，在未來三年內，此次整合是否會帶來任何重大現金損失？

Sure. Just not any significant cash loss?

當然。只是沒有造成重大現金損失吧？

Yes. Yes. Will there be any cash loss associated with this?

是的。是的。這會造成任何現金損失嗎？

No. We're not anticipating that, no. If anything, it will bolster our cash flow through the subleasing of that space. So we're not expecting outflow for restating our space and in terms of capital expenditures or lease roles, if that's maybe what you're asking about?

不，我們並沒有這樣的預期。如果真有什麼影響的話，那就是透過轉租這部分空間來增加我們的現金流。所以我們預計不會因為重新裝修空間、增加資本支出或支付租賃費用而產生資金流出，如果您問的可能是這方面的話。

Yes. In terms of onetime cost to sort of maybe turn the lease, stuff like that.

是的。就一次性成本而言，例如續租之類的費用。

No, we're not -- that's not a part of our plan.

不，我們沒有——那不在我們的計劃之內。

Okay. And maybe just a question, again, on the 3-year plan, would the expectation be that your free cash flow will sort of grow along with your earnings? Or do you think there's still an opportunity on some of the DSOs where you might be free cash flow grow at a rate above earnings?

好的。關於三年計劃，我還有一個問題：你們的預期是自由現金流會和獲利同步成長嗎？還是說，在某些應收帳款週轉天數（DSO）方面，自由現金流的成長速度可能會超過獲利成長速度？

I think there's always an opportunity. I think we've shown over the last couple of years that we can move the dial on that pretty dramatically. How much more that there is, we're always going to try to improve on that. So certainly, there is a continued focus on it. So I'd say, yes, there is an opportunity. I'm not sure that it will be as dramatic as we've seen in the last couple of years.

我認為機會總是存在的。過去幾年我們已經證明，我們可以在這方面取得顯著的進步。至於還有多少提升空間，我們會一直努力改進。所以，我們一定會繼續關注這方面。因此，我認為機會是存在的。但我並不確定它是否會像過去幾年那樣取得如此顯著的進步。

We'll take our next question from Yuri Lynk with Canaccord Genuity.

接下來，我們將回答來自 Canaccord Genuity 的 Yuri Lynk 提出的問題。

I just wanted to ask another question on the real estate footprint. I mean it doesn't strike you as a bit early to make a move like this. I mean I know you said you surveyed your employees. They've done that at our firm as well. And at first, I was all for it, and now I'm flip-flopping back and forth. I'd love to get back to the office. So just wondering if -- it seems to me to be a little early, people can change their minds. And then beyond that, I mean how do you control talent evaluation, margin utilization, fostering collaboration, which I think is important in the industry. Maybe just a little bit more detail on the steps you've taken?

我還有另一個關於房地產佈局的問題想問。我的意思是，您覺得現在採取這樣的措施是不是有點早？我知道您說過您已經對員工進行了調查。我們公司也做過類似的調查。一開始我完全贊成，但現在我的態度搖擺不定。我很想回到辦公室辦公。所以我想問——我覺得現在行動可能有點早，人們的想法可能會改變。除此之外，我還想問的是，您是如何進行人才評估、利潤利用率管理以及促進協作的？我認為這些在業界都很重要。您能否更詳細地介紹一下您採取的措施？

Yes. No, great question. So what we've done there is, in addition to talking to our staff about what they're looking for, we're not looking to have everyone working remotely. As an example, the way that we're looking to roll out our footprint is roughly 50% of the people would be still full-time in the office. Roughly 30 percent-ish would have that ability to be part time in the office and part time at home, but those individuals won't have a dedicated workspace. We'll have -- we'll be looking at reducing footprint because some of that will be like hoteling or temporary use office space. And then the remainder would be folks that could work at home full time. Those would be people who don't have the need to collaborate as much with others. So we do think it's reasonable. It's also going to move over the 3-year period as we talk to what as -- as that 50% of our office space comes available over 3 years, we don't anticipate that there'll be any need to adjust our program. But should we get some huge kickback or the industry changes significantly one way or the other, we still have the opportunity to respond. But I don't think that, that will be the case, actually.

是的。問得好。除了與員工溝通以了解他們的需求之外，我們並沒有計劃讓所有人都遠距辦公。舉個例子，我們目前的辦公空間佈局方案是，大約 50% 的員工仍然會全職在辦公室辦公。大約 30% 的員工可以選擇兼職在辦公室辦公，兼職在家辦公，但這些人不會擁有固定的工作空間。我們會考慮縮小辦公空間規模，因為部分空間會採用類似共享辦公空間或臨時辦公空間的形式。剩下的員工則可以全職在家工作。這些人不需要與他人進行太多協作。所以我們認為這個方案是合理的。此外，隨著未來三年內 50% 的辦公空間陸續空出，我們預計無需對現有方案進行任何調整。但如果我們遭遇巨額反彈，或是產業格局發生重大變化，我們仍然有機會做出應對。但我認為這種情況實際上不會發生。

And the planning to do it now, is it because you feel confident that that's what the employees want? Or is it also that, into Mark's question about [urging] leases and stuff like that, because you just line up with lease expiry so that's also cost-effective from that standpoint?

現在就計劃這樣做，是因為你確信這是員工想要的嗎？還是也像馬克問到的關於[敦促]簽訂租賃合約之類的問題，因為這樣做正好與租賃合約到期日重合，從成本效益的角度來看也更划算？

Yes. It's the timing.

是的，時機很重要。

I'm just trying to get a sense of why do this now? Why not later in another couple of quarters?

我只是想弄清楚，為什麼現在要這樣做？為什麼不等到幾季以後再做？

Right. Well, the important reason for looking at it now is that we've actually been planning this real estate program actually even from the latter part of 2019. We've been thinking about this, we've been talking to staff, we've been -- and so really, the pandemic just advanced some of those programs, allowed us to try out people working from home, is that really what they want and the way to work through those things. So I think that that's important.

沒錯。現在檢視這個問題的重要原因是，我們實際上從2019年下半年就開始規劃這個房地產計畫了。我們一直在思考這個問題，一直在和員工討論，一直在——所以，疫情實際上只是加速了其中一些項目的推進，讓我們有機會嘗試讓員工在家辦公，看看這是否真的是他們想要的，以及這是解決這些問題的有效方法。所以我認為這一點很重要。

The other thing that part of the reduction in the square -- beyond that 30% square footage reduction is that we're also looking to reduce our average square footage per person, those overall space and planning standards, because we see our average square foot per person is lower in Europe, as an example, than it would be in North America. And so as we acquire firms and we bring them on, some of these firms have larger, less efficient square footage consumption of office space per employee. So we're looking to sort of get everyone back to more of a standard on that. So that's -- part of the square footage reduction is that part. Part of it is the flexible work a major part of it. But really, it's -- the fact that we announced it now is just part of our long-term planning that we've been working on for likely 18 months now.

除了減少30%的辦公面積之外，我們還在努力降低人均辦公面積，也就是整體空間和規劃標準。例如，我們發現歐洲的人均辦公面積低於北美。隨著我們收購和整合一些公司，其中一些公司的人均辦公室面積消耗更大，效率更低。因此，我們希望讓所有公司在這方面都達到更高的標準。這是減少辦公面積的原因之一。彈性辦公也是其中重要的一環。但實際上，我們現在宣布這項計劃，只是我們過去18個月以來一直在進行的長期規劃的一部分。

Okay. Solid quarter, and I'm happy to see your outlook.

好的。本季業績穩健，我很高興看到你的展望。

Our next question comes from Maxim Sytchev with National Bank Financial.

我們的下一個問題來自國家銀行金融公司的馬克西姆·西切夫。

I was wondering if -- I'm not sure if FEMA is already involved in the Texas situation. Curious to see whether you can leverage grid kind of analytics capabilities to help out in that geography and maybe how the business might evolve over time.

我想知道——我不確定聯邦緊急事務管理署（FEMA）是否已經介入德州的局勢。我很想知道你們能否利用網格分析功能來幫助該地區的救援工作，以及這項業務未來可能會如何發展。

Yes. That's a great perspective. And the work that our newly acquired -- that we had previously within Stantec, but certainly bolstered it through the acquisition of Teshmont, really supports that sort of grid strengthening type work that will require -- that will need to be done in Texas. The fact that, that Texas grid wasn't winterized and ready for a storm like that has been known for a decade or more. I guess what will be interesting now is whether the regulator and, of course, the citizens of Texas will actually require some of that work to be done, but we've known this work has needed to be done since I believe there was an ice storm in 2011. And the results of that were very similar, and really no work was done at that point. So we've got all the skills. We've got great relationships. And so should the funding come available to actually make some adjustments this time, we're ready and willing to talk. But we've had some discussions already there, but I'm not sure that it has got anything meaningful from a contract perspective at this point.

是的，這是一個很好的視角。我們新近獲得的——之前在Stantec內部就有的，但透過收購Teshmont得到了進一步加強——確實支持德克薩斯州需要進行的電網加固工作。事實上，德州的電網沒有做好應對冬季風暴的準備，這在十多年前就已經是公開的秘密了。我想現在有趣的是，監管機構以及德州的民眾是否會真正要求進行一些相關工作。但我們知道這項工作需要進行，我記得2011年發生過一場冰暴。那次冰暴的後果與現在非常相似，但當時並沒有採取任何措施。所以我們擁有所有必要的技能，也建立了良好的關係。因此，如果這次能夠獲得資金來進行一些調整，我們隨時準備進行洽談。我們已經進行了一些討論，但我不確定目前從合約角度來看，這些討論是否取得了任何實質進展。

Okay. That's helpful. And Gordon, maybe just a big question of, obviously, as the fleets are being electrified, and I'm talking about the passenger cars and some buses and things like that. Is there a greater opportunity for you guys to benefit from that, given sort of all the green credentials?

好的，這很有幫助。戈登，或許還有一個比較重要的問題，那就是，隨著車隊的電氣化，我指的是乘用車、部分公車等等，考慮到你們在環保方面的種種優勢，你們是否能從中獲得更多益處？

I do think so, Max. You're right. As more and more people have electric cars and they all bring them home in the evening to plug them in, the grid in the majority of our communities can't support it. And so there will be a lot of grid strengthening work required. Certainly, our -- so our -- the work that we do there from a grid perspective will be required. We also have, through our innovation office, one of our first innovative business opportunities as it relates to connected and autonomous vehicles. So we're coming at it from a number of perspectives. First, the connected autonomous vehicle work that we're doing to consult with clients on how they would roll it out. And a lot of that is planning for the vehicle, planning for the infrastructure, looking at things like charging stations and grid strengthening requirements. And so it's all part of the overall package that we're putting together. As you look at other areas like zero-emission buses that the Canadian federal government rolled out a while ago, we're -- we've done a lot of work on zero-emission buses, charging stations. And in fact, on this one, we're working with the CIB to help administer that program. So lots of opportunities from numerous different perspectives, Max. Whether it's on the design side, the program management side, the technology side, we're all over these opportunities from whichever way that we can service our clients.

我也這麼認為，Max。你說得對。隨著越來越多的人擁有電動車，並且晚上都把車開回家充電，我們大多數社區的電網都無法承受如此大的負荷。因此，我們需要進行大量的電網加固工作。當然，從電網的角度來看，我們在這方面的工作必不可少。此外，透過我們的創新辦公室，我們首批創新業務機會之一就與互聯自動駕駛汽車相關。所以我們正從多個角度著手。首先，我們正在進行連網自動駕駛汽車方面的工作，為客戶提供諮詢，幫助他們制定推廣方案。這其中許多工作都涉及車輛規劃、基礎設施規劃，以及充電站和電網加固等問題。這些都是我們正在建構的整體方案的一部分。再看看其他領域，例如加拿大聯邦政府前段時間推出的零排放公車，我們在零排放公車和充電站方面也做了很多工作。事實上，在這個專案中，我們正與CIB合作，協助管理該專案。所以，Max，從各個角度來看，都有很多機會。無論是設計方面、專案管理方面或技術方面，我們都會竭盡所能，以各種方式為客戶提供服務。

Okay, that's helpful. And then maybe just a couple of clarification points, if I may. Gord, I think you talked about housing obviously being very robust right now. I mean historically, your land development practice was obviously pretty prevalent in that. I mean are we seeing a pickup in this vertical? And to which extent and how big is it right now?

好的，這很有幫助。如果可以的話，我再補充幾點。戈爾德，我記得你提到目前房屋市場非常強勁。我的意思是，從歷史上看，你的土地開發業務顯然在這方面非常突出。我想問的是，我們是否看到這個領域正在復甦？復甦的程度和規模如何？

Our land development practice, or we call it, community development, currently is in the 8% range of our overall revenue. And it's been plus or minus a little bit in that area. And while I see it strengthening a little bit over the next little bit, I don't see it being dominant in our overall revenue mix as it was, say, back in 2008, 2009 before the U.S. financial crisis. I see it being in that 8%, 9% range, maybe up to 10%, but it was up to 35% back in 2008. We'll see nothing like that again.

我們的土地開發業務，或我們稱之為社區開發，目前占我們總收入的8%左右。這個比例一直在上下波動。雖然我預計未來一段時間內它會略有增長，但我不認為它會像2008年、2009年美國金融危機之前那樣，成為我們總收入的主導力量。我預計它會在8%到9%之間，或許能達到10%，但2008年的時候曾經高達35%。我們不會再看到那樣的情況了。

I guess my point is that -- I mean business is -- should be pretty good right now.

我的意思是，現在生意應該相當不錯。

Yes. Absolutely. And even locations like, we're in Edmonton here today, that had slowed, but we've really seen some great strengthening in the markets in Edmonton and Calgary, certainly GTA, but really in the Southern states is where we're seeing a significant pickup in opportunities.

是的，絕對是這樣。即使像我們今天所在的埃德蒙頓這樣的地方，之前也曾出現過放緩，但我們確實看到埃德蒙頓和卡加利，以及大多倫多地區（GTA）的市場出現了顯著的複蘇，但真正讓我們看到機遇大幅增加的，是南部各州。

And last one, the same question in terms of mining. Obviously, the commodity is up on a stick right now. Do you mind maybe reminding us your level of exposure and how that could be gone on in, let's call it, the next 12 to 18 months as producers are sharpening their pencils on greenfield and brownfield projects?

最後一個問題，關於採礦業。顯然，目前大宗商品價格波動劇烈。您能否提醒我們您的投資規模，以及未來12到18個月內，隨著生產商們對新建和改建項目進行評估，您的投資規模可能會如何變化？

Yes. So our Mining practice currently is just a little bit less than 5% of the overall revenue generation of the company, but we have -- early on in the pandemic, we saw mining dropped off as Peru and some of the places in South America closed the mines due to COVID, but certainly, we've seen those working around how we can get staff into the mines to continue to work. Copper prices, of course, all-time highs, iron ore price is very, very strong, gold as well. So we are seeing a pickup in our mining work in South America, Western Australia and other locations as well. So I do see positive tailwinds for mining in the foreseeable future. Also, we're active in some other things like lithium. We've been doing some work on some lithium mines [as an example]. As we get more and more towards battery storage, battery technology, we can see additional opportunities coming in that area as well.

是的。目前，我們的採礦業務僅占公司總收入的不到5%，但在疫情初期，由於秘魯和南美洲部分地區的礦場因疫情而關閉，採礦業務一度下滑。不過，我們看到這些礦場正在想辦法讓員工繼續下礦工作。銅價目前處於歷史高位，鐵礦石價格也非常強勁，黃金價格也是如此。因此，我們在南美洲、西澳大利亞和其他地區的採礦業務都在回升。所以我認為，在可預見的未來，採礦業將迎來積極的發展趨勢。此外，我們也積極涉足其他領域，例如鋰礦。我們一直在參與一些鋰礦計畫。隨著電池儲能和電池技術的不斷發展，我們也看到了該領域湧現的更多機會。

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

（操作員說明）接下來，我們將回答來自 Desjardins Capital Markets 的 Benoit Poirier 提出的問題。

Yes. Congratulations for the quarter. Just to come back on the real estate question with respect to the optimization plan. You provide great color about the potential impact in the years to come. But when looking at your average square feet per person, is it kind of -- is it an opportunity to get closer to your peers or it's really leading the pack and lowering the average square feet per person and try to really make North America more comparable to Europe?

是的。恭喜你們本季業績出色。關於房地產優化計畫的問題，我想再補充一點。你們對未來幾年的潛在影響做了非常精彩的闡述。但是，從人均住房面積來看，這是否意味著你們有機會縮小與同行的差距，還是說你們正在引領行業，努力降低人均住房面積，使北美更接近歐洲的水平？

Yes. We're -- it's a little bit of both, actually. That certainly, the European average square footage per person is lower than we would see in North America in our industry, not just for us, but where our competitive set and overall. So we're doing what we believe is the right thing as we've talked with our clients, we talk about our space planning group, where we can get to. So we're -- I don't think that we're looking to lead the charge and set the lowest possible square footage per employee. That's really not our objective. We want to make sure that we're doing the right thing, balancing cost optimization with ensuring that our employees feel positive about their work environment, that they want to come to the office, they want to collaborate. So I think it's a bit of a balancing act, Benoit, as we look to optimizing that real estate footprint.

是的。實際上，兩者兼而有之。歐洲人均辦公面積確實低於北美同行業的平均水平，這不僅對我們而言如此，對我們的競爭對手以及整個行業也是如此。因此，我們正在做我們認為正確的事情，正如我們與客戶溝通、與空間規劃團隊討論後所得出的結果。所以，我認為我們並非想要引領潮流，將人均辦公面積降至最低。這並非我們的目標。我們希望確保我們所做的是正確的，在成本優化與確保員工對工作環境感到滿意之間取得平衡，讓他們願意來辦公室，願意合作。所以，貝努瓦，我認為在優化辦公空間佈局的過程中，我們需要找到一種平衡。

That's great color. And looking at the backlog, was there anything in particular that drove the sequential decline? I mean you grow organically on a year-over-year basis. Is it purely a matter of FX here, Gord?

這顏色真棒。看看積壓訂單，是什麼特別的原因導致了環比下滑？我的意思是，你們的業績應該是逐年成長的。戈爾德，這完全是匯率波動造成的嗎？

There are really a couple of things in looking at our backlog that transitioned from the third to the fourth quarter. So part of it was just foreign exchange in terms of the strength of the U.S. versus Canadian dollar. And we do typically see that book to burn that goes down from the third to the fourth quarter, the fourth quarter being a little bit of a slower season for us. Those are the 2 large contributors. And we did note in our MD&A as well that we have now changed our contractual relationship on TransMountain, which was going to be a slightly bigger chunks of revenue within our backlog, but that relationship has changed such that now we've removed some of that out of our backlog. So that was really sort of the quarter-over-quarter change.

從第三季到第四季度，我們的積壓訂單確實發生了一些變化，主要有兩個因素。首先是匯率波動，美元兌加幣匯率走強。通常情況下，我們的待完成訂單量會從第三季到第四季有所下降，因為第四季通常是我們的淡季。以上是兩個主要影響因素。此外，我們在管理階層討論與分析（MD&A）中也提到，我們與TransMountain公司的合約關係發生了變化。原本TransMountain專案會在我們的積壓訂單中佔據較大的收入份額，但由於合約關係的改變，我們現在已將部分TransMountain專案從積壓訂單中移除。這就是本季環比變化的主要原因。

And looking at the DSOs, obviously, very strong performance over the last year. How should we be thinking with respect to 2021, whether we should be more cautious in terms of DSOs? How should we be thinking on that front?

從配電服務業者（DSO）的角度來看，顯然，它們在過去一年表現非常強勁。那麼，對於2021年，我們該如何看待配電服務業者呢？我們是否應該對它們更加謹慎？在這方面，我們該如何思考？

Yes. I think we're feeling very positive about where we're at. Recognize we left our target at 90 days, and we probably could and should have tightened that up a little bit, but truly, we feel like we're in a really good space around the sort of 75-day mark. So we're not anticipating a large move upward in DSO. We just wanted to make sure that we left room for inevitabilities around things that are out of our control that may cause DSO to move in either direction.

是的。我認為我們對目前的狀況非常樂觀。我們承認，我們之前設定的目標是90天，或許可以也應該再收緊一些，但實際上，我們感覺目前75天左右的水平非常理想。因此，我們預期應收帳款週轉天數（DSO）不會大幅上升。我們只是想確保預留一些空間，以應對那些我們無法控制的、可能導致DSO上下波動的因素。

And that does conclude the question-and-answer session. I'd like to turn the call back over to Gord Johnston for any additional or closing remarks.

問答環節到此結束。現在我把電話交還給戈德·約翰斯頓，請他補充或作總結發言。

Great. Well, thank you again for joining us on the call today. We look forward to speaking with you in the near future about our continued progress. So thanks again. Have a great day and stay healthy. Thanks, everyone.

太好了。再次感謝您今天參加我們的電話會議。我們期待在不久的將來與您討論我們所取得的進展。再次感謝。祝您今天過得愉快，身體健康。謝謝大家。

Thank you.

謝謝。

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。