Stantec Inc (STN) 2024 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Stantec's first quarter 2024 Results webcast and Conference Call.

女士們、先生們，美好的一天，歡迎來到 Stantec 2024 年第一季業績網路廣播和電話會議。

Leading the call today are Gord Johnston, President and Chief Executive Officer; and Theresa Jang, Executive Vice President and Chief Financial Officer.

今天主持會議的是總裁兼執行長 Gord Johnston；執行副總裁兼財務長 Theresa Jang。

Stantec invites those dialing in to view the slide presentation, which is available in the Investors section at stantec.com. Today's call is also webcast.

Stantec 邀請撥入電話的人士觀看幻燈片演示文稿，該幻燈片可在 stantec.com 的投資者部分中找到。今天的電話會議也是網路直播的。

(Operator Instructions).

（操作員說明）。

All information provided during this conference call is subject to the forward-looking statements qualification set out on Slide 2, detailed in Stantec's management's discussion and analysis and incorporated in full for the purpose of today's.

本次電話會議期間提供的所有資訊均受幻燈片2 中列出的前瞻性陳述的限制，這些資訊在Stantec 管理層的討論和分析中進行了詳細說明，並已完整納入今天的討論和分析中。

Unless otherwise noted, all dollar amounts discussed in today's call are expressed in Canadian dollars and are generally rounded.

除非另有說明，今天電話會議中討論的所有美元金額均以加元表示，並且通常會四捨五入。

With that, I'm pleased to turn call over to Mr. Gordon Johnston.

至此，我很高興將電話轉接給戈登·約翰斯頓先生。

Good morning.

早安.

Thank you for joining us today.

感謝您今天加入我們。

Stantec, is off to a great start for the year.

Stantec 今年取得了良好的開端。

Momentum continues to build on the favorable market trends that have emerged over the past two years, we continue to see strong demand and major projects in water, security and water treatment with the recently announced EPA regulations on PFS.

勢頭繼續建立在過去兩年出現的有利市場趨勢的基礎上，隨著最近公佈的 EPA 關於 PFS 的法規，我們繼續看到水、安全和水處理方面的強勁需求和重大項目。

We expect this area to grow significantly.

我們預計該領域將顯著成長。

That's been on the leading edge of PFS work for several years with multiple contracts underway and data analysis, treatment piloting site remediation and full-scale system design and we have several key ballast treatment systems that are fully operational.

多年來，這一直處於 PFS 工作的前沿，正在進行多項合約、數據分析、處理試驗現場修復和全面系統設計，我們有幾個全面運行的關鍵壓載水處理系統。

We also continue to see great demand for energy transition and climate solutions, including strengthening electrical grids and for Environmental Services, Aging infrastructure continues to drive significant needs either for the repair or replacement of roads, bridges, railways and transit because approximately $400 billion of IIJA, funding now distributed investment towards addressing these needs is spurring growth.

我們也繼續看到對能源轉型和氣候解決方案的巨大需求，包括加強電網和環境服務，老化的基礎設施繼續推動對道路、橋樑、鐵路和交通的維修或更換的巨大需求，因為IIJA 約4000 億美元，現在為滿足這些需求而進行的分散式投資提供資金正在刺激成長。

And the ongoing push to restore productive capacity continues to drive significant work in advanced manufacturing, data centers and other mission critical facilities in all of our key markets our solid first quarter results reflect our ability to capitalize on this robust market demand and to deliver strong operational performance we are also successfully executing on our plans to grow through strategic and disciplined M&A.

持續推動恢復生產能力繼續推動我們所有主要市場的先進製造、數據中心和其他關鍵任務設施的重大工作，我們第一季的穩健業績反映了我們利用這一強勁市場需求並提供強勁運營的能力我們還成功執行了透過策略性和嚴格的併購來實現成長的計劃。

In the first quarter, we closed our acquisitions of ZETCON and Morrison Hershfield, and it's been very gratifying to see that since joining Stantec, both companies have continued to attract new employees as both firms have grown their head count by over 5% organically.

第一季度，我們完成了對 ZETCON 和 Morrison Hershfield 的收購，令人非常欣慰的是，自從加入 Stantec 以來，兩家公司都在繼續吸引新員工，兩家公司的員工人數有機增長了 5% 以上。

And on May 1, we announced that we acquired Hydrock, a 950, person firm headquartered in Bristol, England with 22 locations across the UK, Hydrock provides integrated engineering design and energy and sustainability consultancy services.

5 月1 日，我們宣布收購Hydrock，這是一家擁有950 名員工的公司，總部位於英國布里斯托爾，在英國各地設有22 個分支機構，Hydrock 提供綜合工程設計以及能源和永續發展諮詢服務。

They offer solutions to major infrastructure projects and landmark buildings across a number of attractive sectors, including health care, energy, education, logistics and distribution, and the public sector.

他們為醫療保健、能源、教育、物流和配送以及公共部門等多個有吸引力的行業的重大基礎設施項目和地標建築提供解決方案。

Hydrock is a great strategic fit for Stantec.

Hydrock 非常適合 Stantec。

It grows our presence in the UK, by more than 30% and provides us with a highly complementary line of services and expertise that bolsters our UK, service offerings combined with that content Morrison Hershfield, We have added over 2,700 people to the Centex team in the first four months of 2024.

它使我們在英國的業務增長了30% 以上，並為我們提供了高度互補的服務和專業知識，從而增強了我們在英國的服務產品和內容Morrison Hershfield，我們已為Centex 團隊增加了2,700 多名人員2024 年前四個月。

This, in conjunction with our Q1 performance sets us up very well and progressing towards our three-year targets this brings me to our Q1 results.

這與我們第一季的業績相結合，使我們處於非常好的狀態，並朝著我們的三年目標邁進，這讓我看到了我們第一季的業績。

We achieved record net revenue for the quarter, up 12% year-over-year was 7% organically and 6% acquisition growth.

我們本季實現了創紀錄的淨收入，年增 12%，有機成長 7%，收購成長 6%。

We continued to see high demand for water in all of our regions, delivering 16% organic growth building also delivered double digit organic growth this quarter, adjusted EBITDA increased to $212 million with a margin of 15.5%.

我們繼續看到所有地區對水的高需求，實現了 16% 的有機增長，本季建築也實現了兩位數的有機增長，調整後 EBITDA 增至 2.12 億美元，利潤率為 15.5%。

And as a result, we delivered a 23% increase in adjusted EPS of $0.90.

結果，我們的調整後每股收益成長了 23%，達到 0.90 美元。

Our US, business continues to perform extremely well, delivering a 14% increase in net revenue for the quarter, including 10% organic growth and 4% acquisition growth we achieved organic growth in every one of our business units.

我們的美國業務繼續表現出色，本季淨收入成長 14%，其中包括 10% 的有機成長和 4% 的收購成長，我們的每個業務部門都實現了有機成長。

Our water business delivered over 20% organic growth.

我們的水務業務實現了超過 20% 的有機成長。

The key drivers included industrial and major water security projects like the city of Juliet alternative water source program, our healthcare expertise and hospital structures, medical technology and service delivery models drove double digit organic growth in our buildings business along with strong demand for industrial projects, particularly in data centers and other mission critical facilities.

主要驅動因素包括工業和主要水安全項目，如朱麗葉市替代水源計劃、我們的醫療保健專業知識和醫院結構、醫療技術和服務提供模式，以及對工業項目的強勁需求，推動了我們建築業務的兩位數有機成長，特別是在資料中心和其他關鍵任務設施。

Infrastructure also had a strong solid quarter with heavy activity in major transit, rail and roadway projects, reflecting the beginnings of the ramp up of projects funded by the IIJA.

基礎設施季度也表現強勁，主要交通、鐵路和公路項目活動活躍，反映出 IIJA 資助的項目開始增加。

In Canada, we increased net revenue by 7% with 6% acquisition growth from Morrison Hershfield, and 1% organic growth.

在加拿大，我們的淨收入增加了 7%，其中來自 Morrison Hershfield 的收購增加了 6%，有機成長為 1%。

Our water business delivered double digit organic growth as activity on major wastewater projects remain high.

由於主要廢水項目的活動仍然很高，我們的水務業務實現了兩位數的有機成長。

Infrastructure also delivered double digit organic growth on strength of several roadway projects across the country and education and civic projects through organic growth in buildings,

基礎設施也憑藉全國多個道路項目以及透過建築物的有機增長實現了教育和市政項目的兩位數有機增長，

Energy & Resources retracted this quarter as several significant projects wound down late in 2023 and we experienced delays in the ramp up of new projects we're beginning to see these new projects moving towards commencement, and we have successfully added new contracts to our backlog and so we are confident that E&R will shift towards organic growth later this year.

由於幾個重要項目將於 2023 年末結束，能源和資源部門本季度撤回了新項目的延遲，我們開始看到這些新項目即將開工，並且我們已成功將新合約添加到我們的積壓訂單中，因此，我們有信心E&R 將在今年稍後轉向有機成長。

Our global operations generated 11% net revenue growth with an 8% increase from zircon and 5% organic growth our water building and Environmental Services business units all delivered double digit organic growth.

我們的全球業務實現了 11% 的淨收入成長，其中鋯石收入成長了 8%，有機成長 5%，我們的水務建築和環境服務業務部門均實現了兩位數的有機成長。

Our industry-leading water business delivered strong results across the UK, New Zealand and Australia through long-term framework agreements and public sector investment in water infrastructure

透過長期框架協議和公共部門對水基礎設施的投資，我們行業領先的水業務在英國、紐西蘭和澳洲取得了強勁的業績

Buildings achieved over 20% organic growth with high levels of activity in every major region.

每個主要地區的建築都實現了 20% 以上的有機增長，活動水平很高。

Growth was most pronounced in the Middle East, where we are the lead designer of the Hamdan Bin Rashid Cancer Center in Dubai.

中東地區的成長最為明顯，我們是杜拜哈姆丹·本·拉希德癌症中心的首席設計師。

Buildings also started to work on the GBP4 billion Agratas battery manufacturing facility in the U.K. And the strong performance from Environmental Services was driven by European energy transition projects.

英國耗資 40 億英鎊的 Agratas 電池製造廠也開始動工，環境服務部門的強勁表現是由歐洲能源轉型計畫所推動的。

Infrastructure net revenue retracted this quarter due in part to the Australian government's decision to delay or cancel certain transportation projects.

本季基礎設施淨收入下降，部分原因是澳洲政府決定延後或取消某些交通項目。

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

現在我將把電話轉給特蕾莎，以更詳細地審查我們的財務表現。

Thank you, Gord.

謝謝你，戈德。

Good morning, everyone we delivered a very solid quarter of performance in Q1 with record net revenue, enhanced project margin and disciplined cost management.

大家早安，我們在第一季實現了非常穩健的季度業績，淨收入創歷史新高，專案利潤率提高，成本管理嚴格。

In Q1, we generated gross revenue of $1.7 billion and net revenue of $1.4 billion, both of which were up 12% compared to Q1 '23.

第一季度，我們的總營收為 17 億美元，淨收入為 14 億美元，與 2023 年第一季相比，兩者均成長了 12%。

Project margin increased 50 basis points due to our continued discipline in project execution, our ability to raise rates on certain projects to mitigate the impacts of wage inflation and increased selectivity in project pursuits.

由於我們在專案執行方面的持續紀律、我們有能力提高某些專案的利率以減輕薪資通膨的影響以及提高專案追求的選擇性，專案利潤率增加了 50 個基點。

This, along with our continued focus on operational efficiency, drove a 90-basis point increase in adjusted EBITDA margin to 15.5%.

再加上我們對營運效率的持續關注，調整後 EBITDA 利潤率成長了 90 個基點，達到 15.5%。

Diluted EPS for the quarter increased 19% to $0.70, and adjusted diluted EPS was up 23% to $0.90.

本季稀釋後每股收益成長 19%，至 0.70 美元，調整後稀釋後每股收益成長 23%，至 0.90 美元。

Again, this quarter, we saw a meaningful increase in our share price, which requires a revaluation of our long-term incentive plan.

本季度，我們的股價再次大幅上漲，這需要重新評估我們的長期激勵計畫。

Excluding the effect of the LTIP revaluation, our adjusted EBITDA margin would have been 15.9% and Q1 adjusted EPS would have been $0.94.

排除 LTIP 重估的影響，我們調整後的 EBITDA 利潤率將為 15.9%，第一季調整後每股收益將為 0.94 美元。

Turning to our liquidity and capital resources.

轉向我們的流動性和資本資源。

We delivered a strong quarter of cash flow generation in Q1.

我們在第一季實現了強勁的現金流生成。

Operating cash flow increased to $57 million compared to $37 million in Q1 '23 and DSO was 79 days, below our target of 80 days capital return to our shareholders increased as a result of the Board raising the dividend rate and the higher number of common shares outstanding compared to Q1 '23.

營運現金流增加至 5,700 萬美元，而 23 年第一季為 3,700 萬美元，DSO 為 79 天，低於我們 80 天的目標，股東資本回報率因董事會提高股息率和普通股數量增加而增加與23 年第一季相比表現出色。

And our net debt to adjusted EBITDA ratio was 1.5 times, reflecting the funding for ZETCON and Morrison Hershfield, still within our internal leverage range of 1 to 2times.

我們的淨負債與調整後 EBITDA 的比率為 1.5 倍，反映了 ZETCON 和 Morrison Hershfield 的資金，仍在我們 1 至 2 倍的內部槓桿範圍內。

And now I'll turn the call back to Gord

現在我會把電話轉回戈德

Thanks, Teresa.

謝謝，特蕾莎。

At the end of the first quarter, our backlog stood at a record $7 billion our recent acquisitions contributed 7% to our backlog since December 2023, primarily in infrastructure and buildings.

截至第一季末，我們的積壓訂單達到創紀錄的 70 億美元，自 2023 年 12 月以來，我們最近的收購佔積壓訂單的 7%，主要是基礎設施和建築領域。

Backlog increased organically by 3%, with growth in Canada and the US, predominantly in our Environmental Services and infrastructure business units.

積壓訂單有機成長了 3%，加拿大和美國的成長主要集中在我們的環境服務和基礎設施業務部門。

Project wins in Environmental Services translated into solid, low double digit organic growth in our global and US, operations.

環境服務領域的專案勝利轉化為我們全球和美國業務的穩健、低兩位數的有機成長。

US, infrastructure also had a number of strong wins translating into mid-single digit organic growth.

美國的基礎設施也取得了一些強勁的成果，轉化為中位數的有機成長。

We're seeing strong demand for transit bridge and highway projects underpinned with funding from the IIJA.

我們看到，在 IIJA 的資助下，對交通橋樑和高速公路計畫的需求強勁。

The [Sonatrach], our organic retraction in Global's backlog reflects in part the drawdown of our UK,backlog associated with the AMP7 cycle.

[Sonatrach]，我們在全球積壓訂單中有機的撤回部分反映了我們英國與 AMP7 週期相關的積壓訂單的減少。

And although we have already won over 60% of the AMP8 programs we are pursuing, these contracts are not yet in backlog.

儘管我們已經贏得了超過 60% 的 AMP8 項目，但這些合約尚未積壓。

In aggregate, our backlog represents 13 months of work, which is 1 month higher than it was at year end.

總的來說，我們的積壓工作相當於 13 個月的工作量，比年底多了 1 個月。

We continue to hire at near-record pace, and our voluntary turnover remains well below industry average, meaning that we are attracting and retaining the workforce needed to deliver on our growing backlog.

我們繼續以接近創紀錄的速度進行招聘，我們的自願流動率仍然遠低於行業平均水平，這意味著我們正在吸引和留住完成不斷增長的積壓工作所需的勞動力。

Turning now to major projects awarded in Q1, through our Climate Solutions Strategic Growth initiative, we continue to advance our services and technologies for efficient water use and reuse projects, including a design build project for Arlington County.

現在轉向第一季授予的主要項目，透過我們的氣候解決方案策略性成長計劃，我們繼續推動高效用水和再利用項目的服務和技術，包括阿靈頓縣的設計建設項目。

This $175 million upgrade will enhance the solids handling facilities and incorporate cutting-edge technology to sustainably transform wastewater into a renewable energy source and a nutrient rich soil amendment.

這項耗資 1.75 億美元的升級改造將增強固體處理設施，並採用尖端技術，以可持續方式將廢水轉化為再生能源和營養豐富的土壤改良劑。

In support of the energy transition, our Energy & Resources team will be providing project management and transmission and distribution engineering to the BC Hydro and Power Authority, this is a 7-year master services agreement valued at $186 million.

為了支持能源轉型，我們的能源與資源團隊將為 BC 水電局提供專案管理以及輸配電工程，這是一份為期 7 年、價值 1.86 億加元的主服務協議。

And in Eastern Canada, also under a seven-year MSA with options to be extended, we will be providing services to Hydro-Quebec for environmental assessments.

在加拿大東部，同樣根據為期七年且可選擇延期的 MSA，我們將向魁北克水電公司提供環境評估服務。

The last project I'd like to highlight is an exciting win in Australia that underscores our global strength in the water industry.

我想強調的最後一個項目是在澳洲取得的令人興奮的勝利，突顯了我們在水產業的全球實力。

As part of this four-year project, our Water, Environmental Services and Infrastructure teams will collaborate to assist with the $595 million wastewater system upgrade in Sydney, Australia.

作為這個為期四年的計畫的一部分，我們的水、環境服務和基礎設施團隊將合作協助澳洲雪梨耗資 5.95 億美元的廢水系統升級工程。

This is a prime example of how we are able to leverage our leading expertise in water to broaden the scope of services and bring together our expertise from all disciplines and regions across Stantec.

這是我們如何利用我們在水領域的領先專業知識來擴大服務範圍並彙集來自 Stantec 所有學科和地區的專業知識的一個典型例子。

Looking at the remainder of the year, we are reaffirming our 2024 financial targets which were provided in February.

展望今年剩餘時間，我們重申 2 月提出的 2024 年財務目標。

We expect net revenue growth for the year to be in the range of 11% to 15% and expect organic net revenue growth to be in the mid to high single digits.

我們預計今年的淨收入成長將在 11% 至 15% 之間，並預計有機淨收入成長將達到中高個位數。

For US, and global, we expect mid to high single-digit organic revenue growth and in Canada, we are guiding to mid-single-digit growth.

對於美國和全球，我們預計有機收入將實現中個位數至高個位數成長，而在加拿大，我們預計將實現中個位數成長。

Acquisition net revenue growth, which will now include a partial year for Hydrock, is expected to be in the mid-single digits.

收購淨收入成長（現在將包括 Hydrock 的部分年度）預計將達到中個位數。

Our adjusted EBITDA margin target for the year remains in the range of 16.2% to 17.2%.

我們今年調整後的 EBITDA 利潤率目標仍維持在 16.2% 至 17.2% 的範圍內。

And finally, we expect our adjusted diluted EPS growth to be in the range of 12% to 16%.

最後，我們預計調整後的稀釋後每股盈餘成長率將在 12% 至 16% 之間。

We are very confident in being able to achieve these targets given the robust activity we are seeing throughout our regions and the three successful acquisitions we've completed so far this year.

鑑於我們在整個地區看到的強勁活動以及今年迄今已完成的三項成功收購，我們對實現這些目標非常有信心。

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

然後，我會將電話轉回給接線生詢問問題。

Operator?

操作員？

(Operator Instructions) Benoit Poirier, from Desjardins.

（操作員說明）Benoit Poirier，來自 Desjardins。

Yeah, thank you very much, and congratulation for the strong start of the year.

是的，非常感謝，並祝賀今年的強勁開局。

In terms of M&A environment, obviously, quite positive.

就併購環境而言，顯然相當正面。

You've been able to add almost 2,700 people so far.

到目前為止，您已經增加了近 2,700 人。

So congrats.

所以恭喜。

And obviously, in terms of size, it compares pretty well to Cardno, but is there any main difference when it comes to integrating these different acquisitions versus a big one like Cardno?

顯然，就規模而言，它與 Cardno 相比相當不錯，但在整合這些不同的收購方面與像 Cardno 這樣的大型收購有什麼主要區別嗎？

And could you talk about whether there's any limit in terms of number of people you could integrate, let's say, over a year?

您能否談談您可以整合的人數是否有限制，例如一年以上？

Thank you

謝謝

So, as we look at integrating these three different firms, they are all a little bit unique and slightly different from Cardno.

因此，當我們考慮整合這三家不同的公司時，它們都有一點獨特，並且與 Cardno 略有不同。

So Cardno, we had almost two integrations, one in the US, one in Australia.

所以卡德諾，我們幾乎進行了兩次整合，一次在美國，一次在澳洲。

The US, business, of course, very mature and lots of expertise around to contribute to getting that information accomplished.

當然，美國的商業非常成熟，有大量的專業知識可以為實現這些資訊做出貢獻。

Australia was a little bit farther afield, but still had development, a pretty good ability to integrate there.

澳洲距離稍微遠一些，但仍有發展，有很好的融入能力。

But you'll recall, there was some disruption.

但你會記得，有一些幹擾。

It was challenging just given its overall size.

考慮到它的整體尺寸，這是一個挑戰。

We look at these three acquisitions we just completed.

讓我們來看看我們剛完成的這三項收購。

ZETCON does is a little bit different from other firms we've acquired because it is our only presence in Germany.

ZETCON 與我們收購的其他公司略有不同，因為它是我們在德國唯一的分支機構。

And so between language differences, they use German GAAP at ZETCON.

因此，鑑於語言差異，他們在 ZETCON 上使用德國 GAAP。

We, of course, report under IFRS.

當然，我們根據 IFRS 進行報告。

And so the transition will take a little bit longer.

因此，過渡將需要更長的時間。

And we are not looking to move as fast to bring them on to Oracle because they are only present in Germany.

我們不希望盡快將他們引入 Oracle，因為他們只在德國存在。

Morrison Hershfield in Canada, again, great depth here, more presence here.

莫里森·赫什菲爾德（Morrison Hershfield）在加拿大，再次，這裡有很大的深度，這裡有更多的存在。

And so I think that is a process that is already underway, and we would look to complete that financial integration in the second half of this year.

因此，我認為這個過程已經在進行中，我們希望在今年下半年完成財務整合。

And then Hydrock, it's pretty early days for Hydrock as we start mapping out what that integration could look like.

然後 Hydrock，對於 Hydrock 來說，現在還處於早期階段，我們開始規劃整合的外觀。

So I think these things are always complicated.

所以我認為這些事情總是很複雜。

They always create a little bit of noise, particularly in the acquiring firm.

他們總是會製造一些噪音，尤其是在收購公司。

But I think we have a pretty great track record of getting through that quickly and then moving towards sort of that holistic value creation that we can achieve from our acquisitions

但我認為，我們在快速度過這個難關，然後朝著我們可以透過收購實現的整體價值創造邁進方面有著非常出色的記錄。

Okay.

好的。

And is there any reason, Theresa, where why you did not adjust yet the guidance this year in light of the solid start, but also the fact that you just completed the Hydrock acquisition

Theresa，您有什麼理由沒有根據今年良好的開局以及剛剛完成 Hydrock 的收購來調整指導嗎？

Yea, I mean, I think the range for guidance is appropriate.

是的，我的意思是，我認為指導範圍是合適的。

We are off to a strong start to the year.

今年我們有一個好的開始。

But as we look out to the rest of the year, there's always puts and takes in various corners of our business that we consider and I think at the beginning of the year, we want to make sure that we've got a latitude to adapt if things unfold either more quickly or more slowly than we've seen.

但當我們展望今年剩餘時間時，我們總是會考慮業務的各個方面的變化，我認為在今年年初，我們希望確保我們有適應的自由度如果事情的發展比我們所看到的更快或更慢。

Hydrock is eight, months of results we'll have and as we just talked about, we are going to be moving into integration of at varying paces, though, of three firms. so that's a pretty high degree of difficulty that we've set for ourselves we are confident that we are going to be successful in getting these firms integrated and creating value.

Hydrock 是我們將獲得的八個月的結果，正如我們剛才談到的，我們將以不同的速度整合三家公司。因此，這是我們為自己設定的一個相當高的難度，我們有信心我們將成功地整合這些公司並創造價值。

But I think it's early in the year we want to make sure that we are focused on integrating and getting these firms aligned within Stantec's practices and driving towards those revenue synergies and not overly concerned about how that first stub period performance looks for the year.

但我認為，在今年年初，我們希望確保我們專注於整合這些公司，使這些公司在Stantec 的實踐中保持一致，並推動這些公司實現收入協同效應，而不是過分擔心今年第一個存續期的表現如何。

Okay.

好的。

And last one for me.

最後一張給我。

On the water side, obviously a great achievement so far, Q1 though organic growth, 16%.

在水方面，顯然迄今為止取得了巨大成就，第一季有機成長 16%。

Great opening remarks also about all the awards that are not yet in the backlog with respect to the AMP8 program.

關於 AMP8 計劃尚未積壓的所有獎項也發表了精彩的開場白。

So could you maybe talk a little bit about how we do the kind of quantify the opportunities that could will be added to the backlog.

那麼您能否談談我們如何量化可能添加到待辦事項的機會。

And I know that over the next three years you're targeting high single digit grow.

我知道，在接下來的三年裡，你們的目標是實現高個位數成長。

But the given the start and the potential around the AMP8 program, could we even see a low double digit given the backdrop in the water segment overall.

但鑑於 AMP8 計畫的啟動和潛力，考慮到整個水領域的背景，我們甚至可能會看到較低的兩位數。

The water segment on top of 20% organic growth last year, putting up another 16% in Q1 just shows the strength of that water franchise we have really around the world.

水務領域繼去年有機成長 20% 的基礎上，第一季又成長了 16%，這充分證明了我們在全球擁有的水務專營權的實力。

And so we see strengthen in all of the regions we know it could be in now in Canada, we're seeing great opportunities from a wastewater perspective, a lot of water work here as well.

因此，我們看到加拿大所有我們知道的地區都在加強，從廢水的角度來看，我們看到了巨大的機會，這裡也有很多水工作。

The US, Certainly, while it's already very robust with both municipal and advanced manufacturing facilities, we see considerable growth opportunities in the defense space there as well.

當然，美國雖然擁有非常強大的市政和先進製造設施，但我們也看到那裡的國防領域存在巨大的成長機會。

And then outside of North America, we've talked about the just the strength as we come into the MBA program and the framework agreements in Australia and New Zealand.

然後在北美之外，我們討論了 MBA 課程的優勢以及澳大利亞和紐西蘭的框架協議。

So we feel very, very strong.

所以我們感覺非常非常堅強。

I'm positive about our water franchise moving forward.

我對我們的水特許經營業務的發展持樂觀態度。

But that said, it is one component of the overall diversified profile that we have, and so while we do see opportunities for continued organic growth going forward, well,

但話雖如此，它是我們整體多元化形象的一個組成部分，因此，雖然我們確實看到了未來持續有機成長的機會，但是，

I think we at this point we're not looking to change that guidance from that 7% organic group kegger for the next step, the next three years.

我認為，我們目前不打算改變 7% 有機集團對下一步（即未來三年）的指導。

And as things evolve as we move into our budgeting trend of guidance for next year and the following year, then you'll perhaps we'll make an adjustment if required, but we're not looking to do so at this point.

隨著事情的發展，隨著我們進入明年和下一年的預算指導趨勢，那麼您可能會根據需要進行調整，但我們目前不打算這樣做。

Perfect.

完美的。

So congrats thanks for the time.

所以恭喜你，謝謝你的時間。

Thanks, Benoit.

謝謝，伯努瓦。

Devin Dodge from BMO Capital Markets.

來自 BMO 資本市場的 Devin Dodge。

Yes, thanks.

對了謝謝。

Good morning.

早安.

So, I guess I asked one of your competitors a similar question earlier, but I wanted to give you a chance to address it as well.

所以，我想我之前問過你的一位競爭對手類似的問題，但我也想給你一個機會來解決這個問題。

So the looked at the demand environment is clearly strong across a lot of your regions you've talked about this, but how do you think about the balance between pursuing the growth opportunities that are available, but requires a lot of effort to expand the workforce with being more selective in your bidding activity to drive margin expansion?

因此，您所討論的許多地區的需求環境顯然都很強勁，但您如何看待追求現有增長機會但需要付出大量努力來擴大勞動力之間的平衡在投標活動中更有選擇性以推動利潤增長？

Yeah, so that's actually a good question but I think we are really in a unique environment right now.

是的，這實際上是一個很好的問題，但我認為我們現在確實處於一個獨特的環境中。

At Stantec, we are focusing on both.

在 Stantec，我們專注於這兩方面。

So we are absolutely being more selective in both our project and our client selection.

因此，我們在專案和客戶選擇方面絕對更加挑剔。

And you can see that in the strong project margins that we've been delivering and actually, last year in December, when we rolled our three-year strategic plan and targets, we increased the top end of our project margin guidance range previously from 53% to 55% to now 53% to 56%.

您可以看到，我們一直在提供強勁的專案利潤率，實際上，去年 12 月，當我們推出三年策略計畫和目標時，我們將專案利潤率指導範圍的上限從之前的 53 % 到55% ，現在是53% 到56%。

So we see that client selection that being more discriminating, only taking the higher margin projects, being very, very successful.

因此，我們看到客戶選擇更具辨別力，只接受利潤率較高的項目，非常非常成功。

We've also talked to our project managers about if you have a client that is particularly problematic and that they pay slow, they don't want to give change orders for changes in work, they're litigious, this is the time in the evolution of our overall company and the industry to not work for those clients and instead expend your energy on positive clients with good projects and good project margins.

我們也與我們的專案經理討論過，如果您的客戶問題特別嚴重，他們付款速度慢，他們不想為工作變更下達變更單，他們喜歡訴訟，現在是時候了我們整個公司和行業的發展不是為這些客戶工作，而是將精力花在擁有良好專案和良好專案利潤的積極客戶上。

So we are absolutely increasing the selectivity of the projects and clients that we're working on.

因此，我們絕對會增加我們正在進行的專案和客戶的選擇性。

But in the same way, you've heard us say and very accurate that we have one of the lowest voluntary turnover rates in the industry and one of the highest attraction of new staff.

但同樣，您也聽過我們非常精確地說，我們是業界自願離職率最低的國家之一，也是對新進員工吸引力最高的國家之一。

So, we are growing our head count both by retaining existing staff and attracting new so that we can also take on that higher volume of work and grow organically because of that.

因此，我們透過保留現有員工和吸引新員工來增加員工數量，這樣我們也可以承擔更多的工作量並因此有機增長。

So, I think there's while it's an excellent question, we are focusing on both the focus on clients and projects and on the growth component.

因此，我認為雖然這是一個很好的問題，但我們同時專注於客戶和專案以及成長部分。

That was excellent.

那太好了。

Good color.

顏色好。

Thanks for that.

感謝那。

Second question, look, the double-digit organic growth in the building sector, I thought, was interesting?

第二個問題，我認為建築業兩位數的有機成長有趣嗎？

You went through some of the major projects in your prepared remarks.

您在準備好的發言中回顧了一些主要項目。

But what are some of the subsectors that are driving that strong growth?

但哪些次產業正在推動這種強勁成長呢？

So a couple in particular.

特別是一對夫婦。

Health care is very, very strong for us.

醫療保健對我們來說非常非常重要。

And so we are continuing to ramp up over the past number of years on that.

因此，我們在過去幾年中繼續加強這方面的力度。

So we talked about the cancer center in Dubai.

所以我們談了杜拜的癌症中心。

We've also been awarded the design of the first proton therapy treatment center in Canada because we have a particular expertise from that perspective.

我們也獲得了加拿大第一個質子治療中心的設計，因為我們在這方面擁有特殊的專業知識。

We are seeing a lot of growth also in data centers.

我們看到資料中心也有很大的成長。

Now we were strong in data centers before.

現在我們以前在資料中心方面很強大。

But then when ESD joined us, we've got even stronger and then with the Morrison Hershfield team joining us, we are even stronger again.

但是當 ESD 加入我們時，我們變得更加強大，然後隨著 Morrison Hershfield 團隊的加入，我們再次變得更加強大。

So we see a lot of growth in that data centers, mission-critical facilities, and health care in particular,

因此，我們看到資料中心、關鍵任務設施、特別是醫療保健領域出現了很大的成長，

As, two areas that are very, very strong.

因為，這兩個領域非常非常強大。

And then, of course, on top of that is our focus on advanced manufacturing and so we've talked about the Agratas battery facility. we've talked previously about the solar panel manufacturing facilities.

當然，最重要的是我們對先進製造的關注，所以我們討論了 Agratas 電池工廠。我們之前討論過太陽能電池板製造設施。

So there's just an enormous amount of work out there that's really driving solid growth in our buildings business

因此，有大量的工作確實推動了我們建築業務的穩健成長

Great.

偉大的。

Thanks.

謝謝。

I'll turn it over.

我會把它翻過來。

Jacob Bout, from CIBC.

雅各·布特，來自 CIBC。

Good morning.

早安.

So looking at organic net revenue growth, strong performance in Water and Buildings, but noticed that growth in the Infrastructure business has been creeping higher as well.

因此，看看有機淨收入成長，水和建築業務的強勁表現，但注意到基礎設施業務的成長也一直在攀升。

So with about 40% of that IIJA funds now released, are you seeing that hit the revenue line more meaningfully now?

那麼，隨著 IIJA 資金中約 40% 的資金現已發放，您是否認為現在對收入線的影響更有意義？

And how should we be thinking about the ramp-up there for the balance of the year?

我們該如何考慮今年剩餘時間的成長？

Yes, yes.

是的是的。

So we absolutely are starting to see more IIJA projects being awarded.

因此，我們絕對開始看到更多的 IIJA 項目被授予。

We are starting to generate some revenue there, but we see that ramping up even more towards as the year progresses, so a little bit coming up now.

我們開始在那裡產生一些收入，但我們看到隨著時間的推移，收入會進一步增加，所以現在會增加一些。

But backlogs are coming up, and we see that work increasing even more in the second half of the year and then holding pretty steady, even growing a little bit, kind of through '25 through '28, '29.

但積壓的訂單正在增加，我們看到下半年的工作量增加更多，然後保持相當穩定，甚至略有增長，從 25 年到 28 年、29 年。

So we see a few now that the ramp up is happening.

所以我們現在看到一些正在發生的成長。

Of course, it always took longer to get going and then we industry and also with so we are seeing it now ramping up through the second half of the year.

當然，它總是需要更長的時間才能開始，然後我們這個行業也隨之而來，所以我們現在看到它在下半年不斷增加。

And then moving at the elevated level for the next three to five years.

然後在接下來的三到五年內達到更高的水平。

Okay.

好的。

That's helpful.

這很有幫助。

And then maybe just a question on the pace of M&A.

然後也許只是關於併購步伐的問題。

So three deals announced so far this year and do you expect this pace to continue in 2024?

今年到目前為止已宣布了三筆交易，您預計這種步伐在 2024 年會持續嗎？

Or do you now anticipate taking a bit of a pause to focus on integration?

或者您現在預計會稍微暫停一下以專注於整合？

And maybe if you can comment on your overall M&A pipeline, that would be helpful.

如果您能評論一下您的整體併購管道，也許會有所幫助。

Great.

偉大的。

So the of the overall M&A pipeline is really full and just continues to strengthen and so your balance sheet is good.

因此，整個併購管道確實很滿，而且還在繼續加強，因此您的資產負債表狀況良好。

Our ability to integrate is solid.

我們的整合能力很強。

So we don't see it taking a pause at all.

所以我們根本看不到它有任何暫停。

So we're as we always are actively in different levels of discussion with companies and around the world and so we're maintaining our discipline.

因此，我們一如既往地積極與公司和世界各地的不同層次的討論，因此我們保持我們的紀律。

And so when the right opportunity comes around, we absolutely would that would pull the trigger and make that happen.

因此，當合適的機會出現時，我們絕對會扣動扳機並實現這一目標。

Great.

偉大的。

Appreciate the responses.

感謝您的回應。

Thank you.

謝謝。

I'll turn it over to you.

我會把它交給你。

Michael Doumet, from Scotiabank.

來自豐業銀行的 Michael Doumet。

Good morning, guys.

早上好傢伙。

Good morning.

早安.

Good morning, Gord.

早上好，戈德。

Hi, Theresa.

嗨，特蕾莎。

So maybe first question, can you remind us how much of the E&R is in Canada?

那麼第一個問題，您能提醒我們有多少 E&R 是在加拿大嗎？

And just maybe discuss the moving pieces for Canada and then just maybe as a follow-on to that, I think you laid out in the prepared remarks a comment about returning to organic growth in E&R in the second half of the year.

也許只是討論加拿大的動向，然後也許作為後續，我認為您在準備好的評論中提出了有關下半年 E&R 恢復有機增長的評論。

Just wondering if we should assume that maybe Q2 growth there should be a little squishy.

只是想知道我們是否應該假設第二季的成長應該有點疲軟。

Sure.

當然。

So, I'll start there.

那麼，我將從這裡開始。

So, we had really strong growth in our data in Canada.

因此，我們在加拿大的數據成長非常強勁。

Through last year, working out of several significant projects, vanadium Trans Mountain, and others, and they a lot of them wrapped up near the end of last year's.

去年，我們開展了幾個重要項目，如跨山釩礦等，其中許多項目已於去年年底結束。

So we expected that of course, a little bit of revenue retraction from that.

所以我們當然預期收入會因此減少一些。

But the our backlog has really increased in that group over the well over the last period of time.

但在過去一段時間裡，我們該組的積壓訂單確實有所增加。

So we do see that coming back in the second half of last year.

所以我們確實看到這種情況在去年下半年又回來了。

We're also coming off a really high comp in when you look at Q1 2023, and you know it was a really high comp.

當您查看 2023 年第一季時，我們也獲得了非常高的競爭，並且您知道這是一個非常高的競爭。

So, we're seeing that inflation, rising interest rates, slow regulatory approvals, all slowing a little bit of that in Western Canada in particular.

因此，我們看到通貨膨脹、利率上升、監管批准緩慢，所有這些都放緩了一點，尤其是在加拿大西部。

But overall and E&R in Canada is less than 5% of the overall net revenue percentage.

但總體而言，加拿大的 E&R 佔整體淨收入比例不到 5%。

Okay, very helpful.

好的，非常有幫助。

Thank you.

謝謝。

And then last year, the organic hires accounted for about 5% of the increase in the employee base.

去年，有機招募約佔員工數量成長的 5%。

So you're you're nearing or maybe a couple of months away from peak season.

所以你已經接近或可能距離旺季還有幾個月了。

How do you think 2024 will trend versus that?

您認為 2024 年的趨勢會如何？

I'm just wondering how much of their organic hires is in water maybe versus the rest of the company?

我只是想知道，與公司其他員工相比，他們的有機員工中有多少是在水中工作的？

Yeah, we know we are a Board actively hiring in water, but we're actively hiring in a number of our other groups as well.

是的，我們知道我們是一個在水務領域積極招募的董事會，但我們也在其他一些團隊中積極招募。

Well, water ramps up a little bit into in the summer months, met some of our other groups even ramp up more and when you get into the North northern hemisphere field season, Environmental Services gets more busy more people out in the field, a lot of transportation land development work out.

嗯，在夏季，水量會增加一點，我們的其他一些團體甚至會增加更多，當你進入北北半球的野外季節時，環境服務部門會變得更加忙碌，更多的人在野外，很多製定交通用地開發方案。

So, it always depends a little bit about the types of people you are hiring and have some seasonality impact as well.

因此，它總是在一定程度上取決於您所僱用的人員類型，並且也會產生一些季節性影響。

So as we said in the prepared remarks, we are at a record hiring were just a little bit off of kind of the pace where we were last year.

因此，正如我們在準備好的發言中所說，我們的招募速度創歷史新高，與去年的速度略有差距。

So we see really continued strong organic growth from a hiring perspective this year and we've also seen that labor pressures have come off a little bit, a little easier to hire people, and it was a couple of years ago, salary increase pressure a little bit less than it was a couple of years ago.

因此，從今年的招募角度來看，我們看到了持續強勁的有機成長，我們也看到勞動力壓力減輕，招募人員變得更容易了，而且是幾年前，加薪壓力和比幾年前少了一點。

So we're actually feeling really good about both our ability to retain, of course, our ability to attract people.

因此，我們實際上對我們保留人才的能力以及吸引人才的能力感到非常滿意。

And then as you've seen through our project margin pass along any salary increases or any pressure we see that we to our clients.

然後，正如您透過我們的專案利潤所看到的那樣，我們將任何加薪或任何壓力傳遞給我們的客戶。

The other interesting point just to note is that our water group has the lowest voluntary turnover rate of any of our business lines.

另一個值得注意的有趣點是，我們的水務集團的自願離職率是我們所有業務線中最低的。

And so while we're actively hiring there, we also do while we do an incredibly good job of retaining everywhere it's even more solid in the water franchise.

因此，當我們在那裡積極招募時，我們也做了非常出色的工作，保留了水特許經營權中更穩固的地方。

Super helpful.

超有幫助。

Thank you very much.

非常感謝。

Thanks, Michael.

謝謝，麥可。

Chris Murray from ATB Capital Markets.

來自 ATB 資本市場的 Chris Murray。

Gord or Theresa, I don't know who wants to take this one, but turning back to Hydrock and just talking a little bit about maybe the UK, Water business and what that brings to you, a couple of questions around this.

戈德或特蕾莎，我不知道誰想接受這個，但回到 Hydrock，只是談論一點可能是英國、水務業務以及這給您帶來的事情，圍繞這個問題有幾個問題。

First of all, you described Hydrock as an integrated firm and I wonder maybe get your thoughts

首先，您將 Hydrock 描述為一家綜合性公司，我想知道您的想法

On does that mean there's a construction element in there that we have to be thinking about or anything like that?

這是否意味著其中存在著我們必須考慮的構造元素或類似的東西？

And as also part of this, was Hydrock a competitor of yours around AMP8?

另外，Hydrock 是你們在 AMP8 的競爭對手嗎？

Or does it change how you guys can attack maybe the rest of the AMP8 program as we go through the year?

或者它會改變你們在這一年中攻擊 AMP8 計劃的其餘部分的方式嗎？

Yes.

是的。

Great questions, Chris.

很好的問題，克里斯。

So firstly, 100% with clarity, they do no construction work and so when we talk about there being an integrated firm, they're really integrated, the fire safety, energy, sustainability, civil, structural transportation, environmental geotech.

首先，100%明確地說，他們不做任何建築工作，所以當我們談論有一家綜合性公司時，他們真的是綜合性的，涉及消防安全、能源、永續發展、土木、結構運輸、環境岩土技術。

That's what you have that they're integrated from their perspective, but they do little to no Waterworks, which is why they're so complementary to Stantec there because there's very, very little overlap, very, little overlap we have great opportunities for synergies as we can bring our water expertise to their clients.

這就是他們從他們的角度來看是整合的，但他們幾乎沒有做自來水廠，這就是為什麼他們與 Stantec 如此互補，因為重疊非常非常少，我們有很大的協同機會因為我們可以將我們的水務專業知識帶給他們的客戶。

They can bring some of their expertise in MEP and fire safety and so on to our clients.

他們可以為我們的客戶帶來一些機電和消防安全等方面的專業知識。

So, that's why we're so excited about hydro.

所以，這就是我們對水力如此興奮的原因。

They're a great firm with incredibly strong leadership.

他們是一家偉大的公司，擁有極其強大的領導力。

So I'm going to be really, really additive to our operations in the UK,

因此，我將真正、真正地為我們在英國的業務做出貢獻，

Okay, great.

好的，太好了。

Not great appreciate the clarification on.

不太感謝您的澄清。

And then the other question, just very quickly on, I don't know who wants to take this one, but I guess, Teresa, you'd indicated that you were thinking of retiring this year.

然後是另一個問題，很快，我不知道誰想接受這個問題，但我猜，特蕾莎，你已經說你正在考慮今年退休。

Any update on the transition that you can provide us would be great, actually, no, that's a good question.

您可以向我們提供有關過渡的任何更新都會很棒，實際上，不，這是一個很好的問題。

With regard to excess capital, because I just probably intend to retire this year.

關於多餘的資金，因為我今年可能打算退休。

The selection process is continuing because of incredibly strong growth in internal and external candidates.

由於內部和外部候選人數量的強勁增長，選拔過程仍在繼續。

So, the we're beginning the formal interview process and we'll be able to announce something to hear when it's time, but where the process is going along well, we've been extremely impressed with the quality of candidates that we're attracting directly.

因此，我們正在開始正式的面試過程，我們將能夠在適當的時候宣布一些要聽的內容，但如果過程進展順利，我們對我們正在尋找的候選人的品質印象深刻直接吸引。

Thank you.

謝謝。

Michael Tupholme from TD Securities.

道明證券 (TD Securities) 的 Michael Tupholme。

Thank you.

謝謝。

Good morning.

早安.

Good morning.

早安.

Gord or Theresa, a couple of questions about project margins.

戈德或特蕾莎，有幾個關於專案利潤的問題。

So first off, it looks like the improvement that you saw in the first quarter on a year-over-year basis was really driven by a couple of specific BOUs, namely Water and Buildings, whereas the other BOUs saw flat or down project margins year-over-year.

首先，您在第一季度看到的同比改善實際上是由幾個特定的 BOU 推動的，即水和建築，而其他 BOU 的項目利潤率去年持平或下降-同比。

I guess as we are looking toward the rest of the year, are the project margin improvement opportunities more prolific in certain BOUs than others?

我想，當我們展望今年剩餘時間時，某些 BOU 中的專案利潤率改善機會是否比其他 BOU 更豐富？

Yeah, I think that's accurate the we've always pointed to public sector work, which is, of course, is very much where transportation sits, tends to be on the lower end of the project margin range that we put out there.

是的，我認為這是準確的，我們一直指出公共部門的工作，當然，這在很大程度上是交通領域的工作，往往處於我們在那裡提出的項目利潤範圍的下限。

Water, especially the specialty water work that we provide does tend to garner those higher margins.

水，特別是我們提供的特種水務工作確實往往會獲得更高的利潤。

We were flat in Environmental Services, but as we move into the peak season, which will be later Q2 and really strong into Q3, I would expect to see that strengthen again.

我們在環境服務方面持平，但隨著我們進入旺季，即第二季度晚些時候，並在第三季度真正強勁，我預計這種情況會再次加強。

So I think that is just the nature of the differences you see across the businesses.

所以我認為這就是你在不同企業中看到的差異的本質。

But really strong performance, as you noted, in Water and in Buildings.

但正如您所指出的，在水和建築方面的表現確實很強勁。

Okay.

好的。

That's helpful.

這很有幫助。

Thank you.

謝謝。

And then as a follow-up, at your Investor Day late last year, you talked about looking to reduce your sub-consultant use and using that as a means of helping improve project margins.

作為後續行動，在去年年底的投資者日上，您談到了尋求減少分包顧問的使用，並將其作為幫助提高專案利潤的一種手段。

Wondering to what extent that is already happening, if that is something you would expect to happen in the near-term or if we should be thinking about that as more of a sort of medium to potentially longer-term opportunity.

想知道這種情況已經發生到什麼程度，這是否是您期望在短期內發生的事情，或者我們是否應該將其視為一種中長期機會。

Yeah, I mean it is absolutely a longer-term initiative.

是的，我的意思是這絕對是一項長期舉措。

I would say what we've done thus far is really have all of our business leaders examine the makeup of their sub-consultants.

我想說的是，到目前為止，我們所做的實際上是讓我們所有的業務領導者檢查他們的分包顧問的組成。

There's as we noted at Investor Day, there's always going to be a requirement to sub work out, particularly for federal work in the US, and in Canada, where you are required to allocate a portion of your contracts to indigenous owned or minority owned businesses and so on.

正如我們在投資者日所指出的，總會有分工的要求，特別是在美國和加拿大的聯邦工作中，您需要將部分合約分配給原住民或少數族裔企業等等。

But we are identifying where there are opportunities to use different components of Stantec as opposed to going outside.

但我們正在確定哪裡有機會使用 Stantec 的不同組件，而不是外出。

So that analysis is really well underway and of course, in some BOUs, it's there's a greater opportunity than in others but I think we've got a good handle on where we've the opportunities, and now we will move towards that over the next couple of years

因此，分析確實正在進行中，當然，在某些 BOU 中，比其他 BOU 存在更大的機會，但我認為我們已經很好地掌握了機會的所在，現在我們將朝著這一目標邁進。幾年

Okay, great.

好的，太好了。

Thank you.

謝謝。

(Operator Instructions) Maxim Sytchev, from NBF.

（操作員說明）Maxim Sytchev，來自 NBF。

Hi, good morning,

早安,

Good morning.

早安.

Obviously very solid performance on all the fronts, and I was wondering if you don't mind providing an update on your design center strategy and especially how we should be thinking about this sort of like the ceiling we can contemplate over the long-term because, in some of the federal work, I presume, you're not allowed to use some of those design centers.

顯然，在所有方面都表現非常穩定，我想知道您是否不介意提供設計中心策略的更新，特別是我們應該如何考慮這種我們可以長期考慮的上限，因為，我認為，在某些聯邦工作中，您不被允許使用其中一些設計中心。

Just wondering if you can provide a bit more color on that process.

只是想知道你是否可以在這個過程中提供更多的色彩。

Thank you so much.

太感謝了。

Sure.

當然。

Thanks, Max.

謝謝，馬克斯。

So we have three of these integrated delivery centers currently.

所以我們目前有三個這樣的綜合交付中心。

Our largest one is in Pune in India that we talked about before, just a little bit less than 1,000 people there now.

我們最大的一個是在我們之前談到的印度浦那，現在那裡只有不到1000人。

We have one in Manila in the Philippines that joined us through the Cardno acquisition at just shy of 150 people.

我們在菲律賓馬尼拉有一名員工，透過收購 Cardno 加入我們，人數不到 150 人。

And then we have one in Vizag in India that came with MH, Morrison Hershfield, at about 75 people or thereabout.

然後，我們在印度維扎格 (Vizag) 設立了一名 MH 莫里森·赫什菲爾德 (Morrison Hershfield)，人數約為 75 人左右。

So combined, let's call it, just a little bit over 1,000 people.

所以加起來，我們姑且稱之為，只有 1,000 多人。

We have plans within our three year target here to increase that to 2,000 people.

我們計劃在三年內將人數增加到 2,000 人。

We see the opportunity to do that.

我們看到了這樣做的機會。

In Pune, India, we've already taken the real estate.

在印度浦那，我們已經拿下了房產。

We had an additional floor place available above us.

我們上面有一個額外的樓層。

So we've taken that floor place.

所以我們佔據了那一層。

We fitted out, we've already moved people to it.

我們已經安裝好了，我們已經把人搬到那裡去了。

So, the resources are available to us.

所以，我們可以利用這些資源。

So, we are actively hiring to move that to move forward on that and double that roughly to 2,000 people.

因此，我們正在積極招募員工，以推動這一目標的實現，並將人數增加一倍，約為 2,000 人。

We've mentioned before that when you compare at Stantec the percentage of our overall global employee head count that's in our integrated delivery centers versus our competitors, we are probably subscale compared to a number of our other global competitors.

我們之前提到過，當您將 Stantec 的綜合交付中心的全球員工總數與我們的競爭對手進行比較時，您會發現與我們的許多其他全球競爭對手相比，我們的規模可能較小。

So we see opportunities there.

所以我們在那裡看到了機會。

Now as you say, there are some clients that don't like the use of these integrated delivery centers, but there's others that basically require it.

現在正如您所說，有些客戶不喜歡使用這些綜合交付中心，但也有其他客戶基本上需要它。

So, you have to manage the growth of that along with your client base and being clear and honest and disclose everything to them, your clients, as you work through it.

因此，你必須管理客戶群的成長，並在工作過程中保持清晰和誠實，向他們、你的客戶揭露一切。

But we still see great opportunities for further expansion there

但我們仍然看到那裡進一步擴張的巨大機會

Okay.

好的。

That's helpful.

這很有幫助。

Thank you so much.

太感謝了。

And maybe just a quick follow-up to a follow-up with Michael's question at Tucson, when I look at Environmental Services, gross revenue versus net revenue and solid gross like the retraction and 2.5% gross or net basis.

也許只是邁克爾在圖森提出的問題的一個快速跟進，當我查看環境服務、總收入與淨收入以及諸如撤回和 2.5% 毛額或淨基數之類的可靠毛額時。

So is this where we're starting to see that sort of in sourcing capacity as bearing fruit.

這就是我們開始看到這種採購能力正在結出果實的地方。

That's how we should be thinking about this?

我們該如何思考這個問題？

Thanks.

謝謝。

I would say probably not, Max.

我想說可能不會，麥克斯。

I think what you saw in the first quarter, sometimes that happens where, depending on project mix, you can get that dynamic where at a gross revenue level it retracts net revenue growth organically.

我認為你在第一季看到的情況，有時會發生這種情況，根據專案組合，你可以在總收入水平上有機地收回淨收入成長。

So, I would not attribute that to the longer-term effort around such.

因此，我不會將其歸因於圍繞此類問題的長期努力。

Okay.

好的。

Thanks a lot for the conference.

非常感謝這次會議。

That's it for me.

對我來說就是這樣。

Frederic Bastien from Raymond James.

雷蒙德詹姆斯的弗雷德里克巴斯蒂安。

Good morning,

早安,

Good morning.

早安.

Guys, if we look at your footprint, you still very much overweight in North America, which has worked great in recent years and you're comparatively more subscale globally.

夥計們，如果我們看看你們的足跡，你們在北美的體重仍然非常超重，這在近年來效果很好，而你們在全球範圍內的體重相對較小。

Now if we take cue from the recent deals, you're obviously changing that.

現在，如果我們從最近的交易中得到啟發，你顯然正在改變這一點。

But is the intent longer term to grow that 20% that you derive that 20% of revenue that you derive globally?

但從長遠來看，您的目標是讓全球收入的 20% 成長 20% 嗎？

Yeah, I think as we look at things, a lot of the opportunities that we have for continued growth certainly will come from outside of North America.

是的，我認為當我們看待事物時，我們持續成長的許多機會肯定來自北美以外的地區。

That said, we still have and I think we've mentioned before in our calls that we've the opportunity based on the size of the US, market to roughly double our footprint there or even more.

也就是說，我們仍然有機會，而且我想我們之前在電話會議中已經提到過，根據美國市場的規模，我們有機會將我們在那裡的足跡擴大一倍甚至更多。

So, we are actively looking at opportunities there.

因此，我們正在積極尋找那裡的機會。

But outside of North America, you're absolutely right, it's a big world out there.

但在北美之外，你是絕對正確的，那裡有一個很大的世界。

And so we've opportunities to continue to grow in the UK., Australia.

因此，我們有機會在英國、澳洲繼續發展。

But then as we talked about before, up into the Nordics.

但正如我們之前談到的，進入北歐。

And certainly, while we've got an initial start in Germany with ZETCON, great opportunities for further expansion there.

當然，雖然我們透過 ZETCON 在德國有了初步的起步，但那裡有進一步擴張的絕佳機會。

The German market is extremely fragmented with the largest firm there only taking about 1% of the overall revenue.

德國市場極度分散，最大的公司僅佔總收入的 1% 左右。

So great opportunities for continued growth into that market.

進入該市場的持續成長機會如此之大。

So I think we are looking at all markets, Frederic, and then from a disciplined perspective, and wherever we can find the best place to deploy capital, we get good returns, we will continue to grow there.

所以我認為我們正在關注所有市場，弗雷德里克，然後從一個嚴格的角度來看，無論我們能找到部署資本的最佳地點，我們都會獲得良好的回報，我們將在那裡繼續成長。

Great.

偉大的。

You beat me to my second question.

你搶先了我的第二個問題。

You answered it by discipline.

你用紀律回答了這個問題。

So I'm all set.

所以我已經準備好了。

Thank you very much and thank you.

非常感謝也非常感謝。

Ian Gillies from Stifel.

來自斯蒂菲爾的伊恩·吉利斯。

Good morning, everyone.

大家，早安。

Morning.

早晨。

It feels like a lot of the growth resumes that a lot of the growth are going to be coming in for advanced manufacturing, power, data center, etcetera. can you talk a little bit about how easy or how challenging it is going to be to repurpose some of your employees from other areas into that area?

感覺很多成長正在恢復，很多成長將來自先進製造、電力、資料中心等領域。您能談談將您的一些員工從其他領域轉移到該領域有多容易或有多大挑戰性嗎？

Yeah, you know what, while we certainly do see growth in those areas that -- where that you're describing, there's also considerable growth in the general core areas that we have, Water, obviously.

是的，你知道嗎，雖然我們確實看到了你所描述的那些領域的成長，但我們擁有的一般核心領域也有相當大的成長，顯然，水。

We see Transportation continuing to grow.

我們看到交通運輸持續成長。

So, as we look at data centers, there are some absolutely some specialty disciplines required there.

因此，當我們研究資料中心時，那裡絕對需要一些專業學科。

But we've those through the ESB acquisition, through the MH acquisition and others.

但我們透過 ESB 收購、MH 收購等方式獲得了這些。

Hydrock also brings considerable amount of specialty building services as does do some of our Australian operations.

Hydrock 也提供大量專業建築服務，就像我們在澳洲的一些業務一樣。

So, we actually feel really good about the overall mix of our disciplines, of our employee head count in there.

因此，我們實際上對我們的學科和員工人數的整體組合感到非常滿意。

So, we were possible, we absolutely do cross-train and move people around, but we actually see growth really broad brush across the organization, Ian so, that will cross-training and moving folks around isn't a huge part of what we are looking to do over the next little bit.

所以，我們是有可能的，我們絕對會進行交叉培訓和調動人員，但我們實際上看到整個組織的成長確實很廣泛，伊恩，所以，交叉培訓和調動人員並不是我們工作的重要組成部分。

Okay.

好的。

That's helpful.

這很有幫助。

And then obviously, you've added footprint in Germany.

顯然，您已經在德國增加了足跡。

Is there is there anywhere else in Europe at this juncture that you find yourself particularly interested in where you would like to add scale or perhaps add another leg under the stool?

此時此刻，歐洲是否還有其他地方讓您發現自己特別感興趣，想在哪裡添加秤或在凳子下方添加另一條腿？

Yeah.

是的。

I think the one area that we are continuing to look at is the North Face and we have no presence up there currently.

我認為我們正在繼續關注的一個區域是北壁，但目前我們在那裡還沒有存在。

So we in addition to building out the footprint that we have now in Germany, we are still looking to see if there is an entry for us and up into the Nordics.

因此，除了擴大目前在德國的足跡外，我們仍在尋找是否有機會進入北歐地區。

Okay.

好的。

That’s helpful.

這很有幫助。

Thanks very much.

非常感謝。

I will turn it back over.

我會把它翻過來。

Thank

感謝

Sabahat Khan from RBC.

來自加拿大皇家銀行的薩巴哈特·汗。

Great.

偉大的。

Thanks, and good morning.

謝謝，早安。

I was hoping, as we look ahead to '24 and into '25, you can maybe give us some perspective on sort of the price and volume mix.

我希望，當我們展望 24 年和 25 年時，您也許能給我們一些關於價格和銷售組合的看法。

Presumably, pricing was quite high over the last few years.

據推測，過去幾年的定價相當高。

Is it fair to assume that volume is becoming a bigger contributor?

假設銷售量正在成為更大的貢獻者是否公平？

And how are the pricing discussions going with some of your customers as new work is up for bid and or like places where you're looking to get price increases?

隨著新作品的投標或您希望提高價格的地方，與您的一些客戶的定價討論進展如何？

Thanks.

謝謝。

Yeah, So a couple of things there.

是的，有幾件事。

Thanks, Sabahat. the as we think about pricing, certainly, we are able to reflect in our pricing the increases that we see from for the most part, from salary increases.

謝謝，薩巴哈特。當然，當我們考慮定價時，我們能夠在定價中反映出我們在很大程度上看到的薪資成長。

You can see that because project margins continue to stay the same or even increase a little bit.

您可以看到，因為專案利潤持續保持不變，甚至略有增加。

So what we are hearing from clients now is, of course, there's always price sensitivity in our business.

當然，我們現在從客戶那裡聽到的是，我們的業務始終對價格敏感。

But clients that we are talking to now are more concerned about schedule can you get the work done within the time frame that I require?

但我們現在交談的客戶更關心的是進度，你能在我要求的時間內完成工作嗎？

Of course, with high-quality is still important, but of course, pricing is still important, but it's really the schedule is the primary driver right now.

當然，高品質仍然很重要，當然，定價仍然很重要，但目前進度確實是主要驅動力。

So that gives us and the overall industry a little bit of opportunity to be some tailwinds on pricing.

因此，這為我們和整個行業帶來了一些推動定價的機會。

Again, it's still a competitive space.

再次強調，這仍然是一個競爭激烈的領域。

No one gets to right their own ticket.

沒有人能糾正自己的錯誤。

But I think we do have some opportunities for some tailwinds to pricing over the next several years.

但我認為，未來幾年我們確實有機會推動定價。

I guess then just a follow-up to that.

我想這只是後續行動。

Presumably, you're able to reallocate staff across regions, and then you leverage our international centers.

據推測，您可以跨地區重新分配員工，然後利用我們的國際中心。

But are there any areas of your business where you are seeing a bit of labor tightness or you're more focused on or having because demand might be outpacing supply?

但是，您的業務中是否有任何領域出現勞動力緊張的情況，或者您更關注或擁有哪些領域，因為需求可能超過供應？

Yeah, not really.

是的，不是真的。

We and where there is a lot of great demand like in Water, for example, we are so strong in Water that we continue to attract sort of the best and brightest there.

例如，在水領域，我們在需求量很大的地方，我們在水領域非常強大，因此我們不斷吸引那裡最優秀和最聰明的人才。

So where there is a little bit of additional tightness, we are very strong.

因此，如果有一點額外的緊張，我們就非常強大。

So yes, there's no particular areas that I can think of, Saba that are of concern for us.

所以，是的，我能想到的薩巴島沒有什麼特別值得我們關注的領域。

Okay.

好的。

And then just one last quick one.

然後是最後一個快速的。

I guess, there's this view out there that the ramp up in IIJA is expected over the next 12 to 18 months.

我想，有一種觀點認為 IIJA 預計將在未來 12 至 18 個月內增加。

Can you maybe talk about the end markets where you are starting to see some of that money show up in customer hands and where the kind of the RFQs and RFPs are getting going?

您能否談談終端市場，在這些市場中，您開始看到一些資金出現在客戶手中，以及 RFQ 和 RFP 的類型正在走向何處？

Just trying to get a perspective of which end markets we could see some acceleration in the US, for yourself and maybe even the broader industry.

只是想了解我們可以在美國看到哪些終端市場的加速發展，無論是對您自己，甚至是更廣泛的行業。

Thanks.

謝謝。

Yeah,.

是的，。

And so we are starting to see primarily in the transportation space with the department of -- the state departments of transportation and so on, local and municipal government as well.

因此，我們開始主要關注交通領域的部門——州交通部門等，以及地方和市政府。

So we see that ramp up in Transportation.

所以我們看到交通運輸業的成長。

We are starting to see some in Water as well.

我們也開始在水中看到一些。

But when you look at the overall IIJA funding, the majority of it is transportation related.

但當你觀察 IIJA 的整體資金時，你會發現其中大部分與交通有關。

So I think we'll see a gradual run up in Transportation.

所以我認為我們會看到交通運輸逐步成長。

Here you've seen that state DOT budgets are up roughly 12% already this year, in part, that will be through IIJA.

在這裡您可以看到，州交通部的預算今年已經成長了約 12%，其中部分成長將透過 IIJA 實現。

So, we'll see that ramp up into the second half of this year and hold steady for the next several years and Water kind of coming along as well, but of course, at a smaller level, supported by IIJA.

因此，我們將看到這種趨勢在今年下半年有所增加，並在接下來的幾年中保持穩定，水也會隨之而來，但當然，在 IIJA 的支持下，規模較小。

But still Water very, very robust due to the other drivers that we're seeing there.

但由於我們在那裡看到的其他驅動因素，水仍然非常非常強勁。

Great.

偉大的。

Thanks very much.

非常感謝。

Great.

偉大的。

Thanks, Sabahat.

謝謝，薩巴哈特。

Thank you.

謝謝。

I'm showing no additional questions in the queue at this time.

目前我在隊列中沒有顯示任何其他問題。

I'd like to turn the conference back over to Mr. Johnston for any closing remarks.

我想將會議轉回約翰斯頓先生致閉幕詞。

Great.

偉大的。

Well, thank you, operator, and thanks, everyone, for joining us this morning.

好的，謝謝接線生，也謝謝大家今天早上加入我們。

And in follow-up, should you have any questions, please contact Jess Nieukerk, our VP of Investor Relations is always available to take your calls.

後續，如果您有任何疑問，請聯絡 Jess Nieukerk，我們的投資人關係副總裁隨時可以接聽您的電話。

Thank you.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, thank you for participating in today's conference.

女士們、先生們，感謝你們參加今天的會議。

This concludes the program.

程式到此結束。

You may now disconnect.

您現在可以斷開連線。

Everyone, have a wonderful day.

祝大家有美好的一天。