Stantec Inc (STN) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by, and welcome to Stantec's second quarter 2024, results webcast and conference call.

美好的一天，感謝您的支持，歡迎來到 Stantec 2024 年第二季業績網路廣播和電話會議。

At this time, all participants are in a listen only mode.

此時，所有參與者都處於只聽模式。

After the speakers' presentation, there will be a question and answer session.

演講者演講結束後，將進行問答環節。

[Operator Instructions] Please be advised that today's conference is being recorded.

[操作員說明] 請注意，今天的會議正在錄製中。

Leading the call today are Gord Johnston, President and Chief Executive Officer; and Theresa Yang, 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 Yang。

Stantec invites those dialing in to view the slide presentation, which is available in the Investors section at stantec.com.

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。

Today's call is also webcast.

今天的電話會議也是網路直播的。

Please be advised that if you have dialed in while also viewing the webcast, you should mute your computer, as there is a delay between the call and the webcast.

請注意，如果您在觀看網路廣播的同時撥入，則應將電腦靜音，因為通話和網路廣播之間存在延遲。

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 call.

本次電話會議期間提供的所有資訊均須遵守 Stantec 管理層討論與分析中幻燈片 2 中詳細列出的前瞻性陳述資格，並已完整納入本次電話會議的目的。

Unless otherwise noted, 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 the call over to Mr. Gord Johnston.

至此，我很高興將電話轉給戈德·約翰斯頓先生。

Please go ahead.

請繼續。

Good morning.

早安.

Thank you for joining us today.

感謝您今天加入我們。

Before jumping into our second quarter results, I want to express how proud I am that Stantec continues to be recognized for our leadership in sustainability.

在進入第二季業績之前，我想表達我對 Stantec 繼續因其在永續發展方面的領導地位而獲得認可感到多麼自豪。

This past quarter, Corporate Knights ranked Stantec as number two in their 2024 best 50 Canadian corporate citizens ranking.

上個季度，Corporate Knights 將 Stantec 在 2024 年最佳 50 家加拿大企業公民排名中排名第二。

In addition, Stantec had been included in TIME Magazine's list of the world's most sustainable companies of 2024.

此外，Stantec也被《時代》雜誌列入2024年全球最具永續發展企業名單。

We are the top Canadian company on their list and ranked 14th overall, these accolades are testament to our authentic approach to sustainability and to doing what is right, I'm very pleased with the strength of our second quarter results.

我們是他們名單上排名第一的加拿大公司，總體排名第 14 位，這些榮譽證明了我們真正的可持續發展方法和做正確的事情，我對我們第二季度的強勁業績感到非常滿意。

Our revenue growth was excellent, and we continued to execute very successfully on our projects while driving strong operational performance across the business.

我們的營收成長非常出色，我們繼續非常成功地執行我們的項目，同時推動整個業務的強勁營運績效。

Many of the long-term macro trends we discussed in the road of our strategic plan are building momentum, and we have continued to capitalize on the growth opportunities that they're creating.

我們在策略計畫中討論的許多長期宏觀趨勢正在形成勢頭，我們將繼續利用它們所創造的成長機會。

Our industry-leading water business continues to drive growth in critical areas like shoreline protection, wastewater treatment, water security, advanced manufacturing and PFAS.

我們行業領先的水業務繼續推動海岸線保護、廢水處理、水安全、先進製造和 PFAS 等關鍵領域的成長。

In the UK, Our team continues to focus on bidding for AMP8 contracts.

在英國，我們的團隊繼續專注於 AMP8 合約的投標。

Stantec is well-placed with our clients.

Stantec 與我們的客戶有著良好的關係。

We've already been awarded a significant number of contracts and are awaiting decisions on several others.

我們已經獲得了大量合同，並且正在等待其他幾份合約的決定。

Themes of addressing aging Infrastructure and climate change are very prominent in AMP8 with investment to be directed towards replacement of water mains, significantly reducing leaks and harm from storm overflows, and implementing nature-based solutions.

解決基礎設施老化和氣候變遷的主題在 AMP8 中非常突出，投資將直接用於更換水管、顯著減少洩漏和風暴溢流造成的危害，以及實施基於自然的解決方案。

We're the number one water firm in the UK and are extremely well positioned for continued growth.

我們是英國第一大水務公司，並且處於持續成長的有利位置。

Increased funding for healthcare continues to drive growth for our buildings business, where we are a leader in this space.

醫療保健資金的增加繼續推動我們的建築業務的成長，我們是該領域的領導者。

Our expertise in cancer care facilities is world-renowned, and we currently have 15 projects underway, including one in Dubai, six in the United States, and eight in Canada.

我們在癌症照護設施的專業知識享譽全球，目前有 15 個計畫正在進行中，其中 1 個在杜拜、6 個在美國、8 個在加拿大。

Our Buildings business is also a top five player in mission critical and data center facilities currently working with four of the top five hyperscale data center technology companies.

我們的建築業務也是關鍵任務和資料中心設施領域的前五名參與者，目前與前五名超大規模資料中心技術公司中的四家合作。

Our infrastructure business is seeing enhanced activity related to aging infrastructure, particularly in the U.S. as funding continues to flow from IIJ with over $460 billion now allocated to over 60,000 projects across the country.

我們的基礎設施業務正在加強與老化基礎設施相關的活動，特別是在美國，因為 IIJ 繼續提供資金，目前已分配給全國各地的 60,000 多個項目，資金已超過 4,600 億美元。

And innovation continues to be a key enabler in the execution of our strategy.

創新仍然是我們策略執行的關鍵推動因素。

We're seeing a growing trend where our clients are seeking digital solutions that augment our technical expertise with emerging technologies like artificial intelligence.

我們看到一種日益增長的趨勢，我們的客戶正在尋求數位解決方案，透過人工智慧等新興技術來增強我們的技術專業知識。

A great example of this is a recent win where Stantec has been engaged to reimagine the monitoring of our clients through our pipeline assets.

一個很好的例子是最近的勝利，Stantec 致力於重新構想透過我們的管道資產對客戶進行監控。

Stantec will design a AI machine learning models that can decipher CCTV footage to detect defects and real-time producing automated reports.

Stantec 將設計一個人工智慧機器學習模型，可以破解閉路電視錄影以偵測缺陷並即時產生自動報告。

This innovative approach is a stepping stone towards developing an intelligent system considering salinity infiltration and order data across a vast geography with a collaborative and innovative global workforce that includes civil design engineers and AI experts, Stantec is uniquely positioned to deliver a high-powered asset management systems that will revolutionize operations and allow our clients to provide more reliable and efficient services.

這種創新方法是開發智慧系統的基石，該系統考慮了廣泛地理範圍內的鹽度滲透和訂單數據，並擁有包括土木設計工程師和人工智慧專家在內的協作和創新的全球員工隊伍，Stantec 具有獨特的優勢，可以提供高效能的資產管理系統將徹底改變營運方式，使我們的客戶能夠提供更可靠、更有效率的服務。

Looking at the specifics of our second quarter results, we achieved record net revenue for the quarter at $1.5 billion, up almost 17% compared to Q2 2023, with 7% organic and 9% acquisition growth.

從第二季業績的具體情況來看，我們該季度的淨收入達到創紀錄的 15 億美元，與 2023 年第二季相比增長近 17%，其中有機增長 7%，收購增長 9%。

We delivered solid organic growth in each of our key geographies.

我們在每個關鍵地區都實現了穩健的有機成長。

We had organic growth in each of our business operating units with the exception of energy and resources.

除能源和資源業務外，我們的每個業務營運部門都實現了有機成長。

Our Water and Buildings businesses both realized double digit organic growth.

我們的水務和建築業務均實現了兩位數的有機成長。

In addition to the strong organic growth we achieved in the quarter, our recent acquisitions of ZETCON, Morris Morrison Hershfield and Hydrock, are performing as expected, and we're busy working on their integration and supporting our 2,700 new colleagues as they transition into Stantec.

除了本季實現的強勁有機成長之外，我們最近收購的 ZETCON、Morrison Hershfield 和 Hydrock 的表現也符合預期，我們正忙於整合它們，並為 2,700 名新同事過渡到 Stantec 提供支援。

Adjusted EBITDA for the quarter rose to $247 million, up 14.5%, with a margin of 16.6%, positioning us well for delivering on our margin guidance for the full year.

本季調整後 EBITDA 增至 2.47 億美元，成長 14.5%，利潤率為 16.6%，使我們能夠很好地實現全年利潤指引。

Overall, we delivered adjusted EPS of $1.12, up 13% over Q2 last year.

總體而言，我們的調整後每股收益為 1.12 美元，比去年第二季成長 13%。

Our U.S. business continues to perform extremely well, delivering a 16% increase in net revenue for the second quarter, including 6% acquisition growth from ESD and Morrison Hershfield, and 9% organic growth.

我們的美國業務持續表現出色，第二季淨收入成長 16%，其中來自 ESD 和 Morrison Hershfield 的收購成長 6%，有機成長 9%。

Once again, all of our business operating units in the U.S. had solid organic growth.

我們在美國的所有業務營運單位再次實現了穩健的有機成長。

Our Water business delivered double digit organic growth, with major industrial and water security projects.

我們的水務業務透過重大工業和水安全項目實現了兩位數的有機成長。

Infrastructure also achieved double digit organic growth, with significant transit, rail and roadway projects contributing to growing momentum.

基礎設施也實現了兩位數的有機成長，重大的交通、鐵路和公路項目推動了成長動能。

Our Buildings business saw strong demand across most sub-sectors, particularly in healthcare, science and technology, and industrial.

我們的建築業務在大多數子行業中都有強勁的需求，特別是在醫療保健、科學技術和工業領域。

In Canada, we grew our net revenue by 16%, with 11% acquisition growth from Morrison Hershfield and 5% organic growth.

在加拿大，我們的淨收入成長了 16%，其中來自 Morrison Hershfield 的收購成長了 11%，有機成長了 5%。

Our Water business had very robust double digit organic growth, as activity on major wastewater projects remained 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非常強勁的兩位數有機成長。

Buildings also drove double digit organic growth through projects in the healthcare space in both British Columbia and Quebec.

透過不列顛哥倫比亞省和魁北克省的醫療保健領域的項目，建築物也推動了兩位數的有機成長。

Energy and Resources retracted slightly this quarter, as a result of ongoing delays in the ramp-up of new projects.

由於新專案的啟動持續延遲，本季能源和資源業務略有回落。

However, we continue to grow our backlogs and win MSAs, so we expect E&R to shift towards organic growth at the end of the year.

然而，我們繼續增加積壓訂單並贏得 MSA，因此我們預計 E&R 將在年底轉向有機成長。

Our global operations generated an increase of 19% in net revenue, with 14% coming from the ZETCON and Hydrock acquisitions, and 6% from organic growth.

我們的全球業務淨收入成長了 19%，其中 14% 來自 ZETCON 和 Hydrock 收購，6% 來自有機成長。

Our global Buildings, Water,, and environmental services, businesses all achieved double digit organic growth.

我們的全球建築、水務和環境服務業務均實現了兩位數的有機成長。

Buildings' organic growth reached almost 30%, driven primarily by the Cancer Centre in Dubai and the ramp-up of work on the £4 billion Agratas battery manufacturing facility in the UK.

建築物的有機成長達到近 30%，這主要是由杜拜癌症中心和英國 40 億英鎊的 Agratas 電池製造工廠的工作量增加所推動的。

Water's organic growth was achieved across the UK, New Zealand, and Australia, through long-term framework agreements and public sector investments.

透過長期框架協議和公共部門投資，英國、紐西蘭和澳洲的水務公司實現了有機成長。

Our Global Infrastructure business saw a slight organic retraction, driven by the cancellation of certain infrastructure projects in Australia and New Zealand, and community development in the UK which continues to see muted levels of activity.

由於澳洲和紐西蘭某些基礎設施項目的取消，以及英國社區發展活動的持續低迷，我們的全球基礎設施業務出現了輕微的有機收縮。

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.

大家早安。

Once again, we delivered a very solid quarter of performance in Q2.

我們在第二季度再次實現了非常穩健的季度業績。

We achieved record net revenue and enhanced project margin.

我們實現了創紀錄的淨收入並提高了專案利潤率。

Our gross revenue grew to almost $1.9 billion, up 15% over Q2 ‘23, and net revenue of $1.5 billion was up 17%.

我們的總營收成長至近 19 億美元，比 2023 年第二季成長 15%，淨收入為 15 億美元，成長 17%。

Project margin increased 10 basis points due to our continued discipline in project execution.

由於我們在專案執行方面的持續紀律，專案利潤率增加了 10 個基點。

We did see a slight decline of 30 basis points in our adjusted EBITDA margin to 16.6%, which was primarily due to increased insurance claim provisions.

我們確實看到調整後 EBITDA 利潤率小幅下降 30 個基點至 16.6%，這主要是由於保險索賠準備金增加。

Provisions for claims vary from year to year, largely as a result of changes in actuarial projections for our self-insurance programs.

索賠準備金每年都有所不同，這主要是由於我們自我保險計劃的精算預測發生了變化。

Claims provisions in Q2 last year were unusually low and returned to more historical levels in Q2 this year.

去年第二季的理賠準備金異常低，今年第二季又恢復到歷史水準。

Adjusted diluted EPS in the quarter increased 13% to $1.12. And I would note that we did not see a meaningful impact this quarter as it relates to our long-term incentive program revaluation.

本季調整後攤薄每股收益成長 13%，達到 1.12 美元。我要指出的是，本季我們沒有看到有意義的影響，因為它與我們的長期激勵計劃重估有關。

Turning to our liquidity and capital resources in the first six months of the year, we generated very strong cash flows, achieving $137 million in operating cash flow, doubled what it was in the comparative period last year.

就我們的流動性和資本資源而言，今年前六個月，我們產生了非常強勁的現金流，實現了 1.37 億美元的營運現金流，是去年同期的兩倍。

This reflects our ongoing focus on working capital management.

這反映了我們對營運資金管理的持續關注。

This also resulted in a reduction in DSO, achieving 77 days, which continues to be below our target of 80 days.

這也導致 DSO 減少，達到 77 天，仍然低於我們 80 天的目標。

And we closed the quarter with a net debt to adjusted EPS at that ratio of 1.7x, reflecting the Q2 funding for Hydrock.

本季結束時，我們的淨債務與調整後每股盈餘的比率為 1.7 倍，反映了 Hydrock 第二季的融資情況。

We remain well within our target range of 1x to 2x.

我們仍然在 1 倍到 2 倍的目標範圍內。

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

說完，我會把電話轉回給戈德。

Thanks Theresa.

謝謝特蕾莎。

At the end of the second quarter, our backlog stood at $7.2 billion, its highest level ever.

第二季末，我們的積壓訂單達到 72 億美元，創歷史最高點。

Since December 2023, this represents approximately 8% acquisition and 3% organic growth.

自 2023 年 12 月以來，這意味著約 8% 的收購和 3% 的有機成長。

We achieved organic growth across all of our regions and in all of our BOUs with the exception of buildings.

我們在所有地區和除建築物外的所有 BOU 中都實現了有機成長。

Energy and Resources and Environmental Services both achieved double digit organic growth.

能源、資源和環境服務業均達到兩位數有機成長。

Wins for Energy and Resources included an award for Preliminary Engineering and Consulting on a Power Project in Eastern Canada and awards in the mining sector supporting critical minerals in both Canada and global.

能源和資源方面的獎項包括加拿大東部電力項目的初步工程和諮詢獎，以及支持加拿大和全球關鍵礦產的採礦業獎項。

And our Environmental Services team has secured a number of contracts that include regulatory services to support new power transmission in Canada and permitting for a data center campus in the US.

我們的環境服務團隊已獲得多項合同，其中包括支援加拿大新電力傳輸的監管服務以及美國資料中心園區的許可。

Our backlog represents approximately 12 months work.

我們的積壓工作大約相當於 12 個月的工作量。

Turning now to major projects awarded in Q2.

現在談談第二季授予的主要項目。

In June, we announced the extension of our program management and technical engineering services for Pure Water San Diego.

六月，我們宣布延長聖地牙哥純淨水專案管理和技術工程服務。

In addition to this, our Water team in a joint venture has been awarded a five year contract to provide services for DC Water.

除此之外，我們合資企業的水務團隊還獲得了一份為期五年的合同，為 DC Water 提供服務。

This initial contract for $43 million US includes implementation of infrastructure upgrades across all drinking water assets.

這份價值 4,300 萬美元的初始合約包括對所有飲用水資產實施基礎設施升級。

This program also includes development of Pure Water DC, which will provide resilient water supply through a water reuse approach.

該計劃還包括開發純水 DC，它將透過水回用方法提供彈性供水。

We also continue to work to win AMP8 frameworks in the UK and secured an engineering consultancy framework with Dŵr Cymru Welsh Water.

我們也繼續努力在英國贏得 AMP8 框架，並與 Dŵr Cymru Welsh Water 建立了工程諮詢框架。

Our Buildings business will serve as a trusted advisor to a confidential Fortune 100 technology client.

我們的建築業務將作為財富 100 強技術客戶值得信賴的顧問。

Augmented by the expertise of ESD and Morrison Hirschfield, the Buildings team was recently selected to provide architectural and engineering design services for improvements at nine data center locations across five hyperscale campuses in the United States.

在 ESD 和 Morrison Hirschfield 的專業知識的幫助下，建築團隊最近被選中為美國五個超大規模園區的九個資料中心地點的改進提供建築和工程設計服務。

And through our partnership with the Kitikmeot Inuit, our environmental services team has been engaged to help restart the environmental permitting and engineering for the Grays Bay Road, and Port Project, in northern Canada.

透過與 Kitikmeot 因紐特人的合作，我們的環境服務團隊致力於協助重啟加拿大北部格雷斯灣公路和港口計畫的環境許可和工程。

The road will ultimately allow full access from Alberta to the Northwest Territories to Nunavut and to the first deep water port in the western Arctic, which ties to the Beaufort Sea.

這條道路最終將允許從艾伯塔省到西北地區、努勒維特以及與波弗特海相連的北極西部第一個深水港。

And now, turning to our guidance.

現在，轉向我們的指導。

With our solid results year-to-date, we are reaffirming our overall 2024 financial targets and making some minor adjustments to certain measures.

憑藉今年迄今取得的穩健業績，我們重申了 2024 年的整體財務目標，並對某些措施進行了一些細微調整。

We now expect to increase net revenue for the year in the range of 12% to 15%, and we remain confident with our expectations of organic growth being in the mid to high single digits.

我們現在預計今年的淨收入將成長 12% 至 15%，我們對有機成長達到中高個位數的預期仍然充滿信心。

Our outlook for the U.S. has not changed.

我們對美國的前景沒有改變。

We continue to see the ramp-up of funding from the IIJA, IRA, and the Chips and Science Act.

我們繼續看到 IIJA、IRA 和《晶片與科學法案》提供的資金不斷增加。

Combined, over $560 billion has been allocated from these three bills, and the market remains very robust, supporting our expectation for mid to high single digit organic growth.

這三項法案總共分配了超過 5,600 億美元，市場仍然非常強勁，支持我們對中高個位數有機成長的預期。

Our outlook for global also remains positive, with organic growth still projected to be in the mid- to high-single digits on the strength of ongoing demand in Water and Buildings.

我們對全球的前景仍然樂觀，由於水和建築領域的持續需求，有機成長預計仍將保持在中高個位數。

There is expected to be a resurgence of community development in the UK in the second half of this year, as the new Labor government moves to fulfill its pledge to build 1.5 million new homes.

隨著新工黨政府兌現建造150萬套新住房的承諾，預計今年下半年英國的社區發展將復甦。

And just last week, they announced an expert task force to spearhead the development of new large-scale communities.

就在上週，他們宣布成立一個專家工作小組來帶頭開發新的大型社區。

And in Canada, we're maintaining our outlook for mid-single digit organic growth, given the strong backlog that we've built.

在加拿大，鑑於我們已經積壓了大量訂單，我們維持中個位數有機成長的前景。

We have raised our expectations for the net revenue growth from our recent acquisitions, which is now in the high-single digits.

我們提高了對最近收購的淨收入成長的預期，目前淨收入成長處於高個位數。

We're in various stages of transitioning and integrating these firms.

我們正處於這些公司轉型和整合的不同階段。

This increased level of concurrent activity will initially mute margin and earnings enhancements, but these benefits are fully expected once we've completed the work.

這種並發活動水準的增加最初會抑制利潤和收益的提高，但一旦我們完成工作，這些好處是完全可以預期的。

We've narrowed our target for adjusted EBITDA margin for the year to 16.5% to 16.9%.

我們已將今年調整後 EBITDA 利潤率的目標縮小至 16.5% 至 16.9%。

And finally, we continue to expect our adjusted diluted EPS growth to be in the range of 12% to 16%. 2024 is shaping up to be another excellent year for Stantec as we continue to execute on our three-year strategic plan.

最後，我們繼續預期調整後的稀釋後每股盈餘成長將在 12% 至 16% 之間。隨著我們繼續執行我們的三年策略計劃，2024 年對 Stantec 來說將是另一個輝煌的一年。

Before wrapping up today, I'd like to welcome Vito Culmone.

在今天結束之前，我要歡迎 Vito Culmone。

Vito joined us on July 15th as Executive Vice President, and he is already deeply engaged with Theresa and team.

Vito 於 7 月 15 日加入我們，擔任執行副總裁，他已經與 Theresa 和團隊深入接觸。

Vito will assume the Chief Financial Officer role on September 3.

Vito 將於 9 月 3 日就任財務長。

Vito brings a wealth of experience as an accomplished financial leader across multiple industries and will be instrumental as we continue to drive the successful execution of our strategic plan.

作為跨多個行業的傑出財務領導者，維托擁有豐富的經驗，並將在我們繼續推動戰略計劃的成功執行過程中發揮重要作用。

As this will be Theresa's last quarterly conference call, I also want to thank her once again for her tremendous work and dedication to Stantec.

由於這將是 Theresa 的最後一次季度電話會議，我還要再次感謝她為 Stantec 所做的巨大工作和奉獻。

Her exceptional leadership and knowledge have left Stantec with a world-class finance team and in a very solid financial position.

她卓越的領導力和知識使 Stantec 擁有世界一流的財務團隊和非常穩固的財務狀況。

Theresa will continue to work with us until September 27th, ensuring a smooth transition with Vito.

Theresa 將繼續與我們合作直至 9 月 27 日，確保與 Vito 的順利過渡。

We will miss her and we wish her all the best in her retirement.

我們會想念她，並祝福她退休後一切順利。

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 Instructions] Sabahat Khan with RBC Capital Markets.

[操作員說明] RBC 資本市場的 Sabahat Khan。

Hey, great.

嘿，太棒了。

Thanks and good morning.

謝謝，早安。

And before I get going, just recently I wanted to just acknowledge the significant impact you've had here and wish you all the best with the next chapter.

在我開始之前，最近我想承認您在這裡所產生的重大影響，並祝您在下一章中一切順利。

Thank you, Saba.

謝謝你，薩巴。

And I guess just on the kind of capital allocation side, if we think about M&A, you've done a number of transactions to start the year.

我想就資本配置方面而言，如果我們考慮併購，您在年初就已經完成了許多交易。

Can you maybe just talk about the pipeline there and just more specifically, the likelihood of a larger transaction as you do have a bit of a management transition here and you've already done some M&A, just some thoughts on that.

您能否只談談那裡的管道，更具體地說，進行更大交易的可能性，因為您確實在這裡進行了一些管理過渡，並且您已經完成了一些併購，只是對此的一些想法。

Yeah, so, firstly, as we look at the dry powder that we've got left, you heard Theresa talk about where we are in our, from a leverage perspective, we feel really confident that we can continue to move forward and we are not pausing our M&A search and the ongoing discussions in any way.

是的，所以，首先，當我們看到我們剩下的乾粉時，你聽到特蕾莎談到我們在我們的位置，從槓桿的角度來看，我們非常有信心我們可以繼續前進，我們正在不會以任何方式暫停我們的併購搜尋和正在進行的討論。

So we're in different levels of discussion with companies really around the world, the pipeline is really full right now.

因此，我們正在與世界各地的公司進行不同層次的討論，目前的管道確實已經滿了。

And there's some, again, in that 500 to 1,000 to 2,000 person range, but there's also some larger ones that we're in the midst of discussions with as well.

同樣，也有一些人在 500 到 1,000 到 2,000 人的範圍內，但也有一些更大的人，我們也在與他們進行討論。

And so, when these would come to bear, they'll be sort of the timing will be what it'll be, but they're absolutely, Saba, is no change in our M&A philosophy with our change in CFO from Theresa Vito.

因此，當這些事情發生時，它們會在某種程度上是這樣的，但它們絕對是，薩巴，我們的併購理念不會因特蕾莎·維托(Theresa Vito)更換首席財務官而改變。

We're very, very aligned on continuing with our growth philosophy.

我們非常非常同意繼續我們的成長理念。

Okay, great.

好的，太好了。

And then just as we kind of look ahead here to the back half of the year, if we can maybe just talk about kind of why there's a trajectory of the margin progression here and the sort of margin that might be baked into your backlog here at this point.

然後，正如我們展望今年下半年一樣，我們是否可以談談為什麼這裡有利潤增長的軌跡，以及可能會被納入您的積壓訂單中的利潤類型這一點。

Thank you.

謝謝。

Sure.

當然。

So, as we get two, three, underway here, it generally is our strongest quarter from a margin standpoint historically.

因此，當我們在這裡進行兩個、三個季度時，從歷史上利潤的角度來看，這通常是我們最強勁的季度。

And we don't think that will be any different this year.

我們認為今年情況不會有任何不同。

So, the back half I think is going to be solid.

所以，我認為後半部將會很穩固。

And we expect that range that we've put out in our outlook is very achievable.

我們預計我們在展望中提出的範圍是可以實現的。

Great, and then just one last one.

太好了，然後就只有最後一張了。

Just based on the discussions you're having with your customers, particularly on the private side, what are you hearing from them?

根據您與客戶的討論，特別是在私人方面，您從他們那裡聽到了什麼？

Has there been any change in the tone just given where the macro is, just kind of the feedback you're hearing from the non-public client space?

剛剛給出的宏所在的語氣是否有任何變化，就像您從非公共客戶空間聽到的回饋一樣？

Yeah, certainly it's consistent with where we've been in previous quarters.

是的，這當然與我們前幾季的情況一致。

The commercial sub-sector is still slower, but on some of our main buildings, client bases, healthcare, and so on, you've seen in Q2 of this year, Buildings had over 13% organic growth.

商業子行業仍然較慢，但在我們的一些主要建築、客戶群、醫療保健等方面，您在今年第二季度看到，建築的有機成長超過 13%。

So, when people often ask about the building sub-sector in particular, but in buildings, one of the differentiator from Stantec over other firms is that we have a much larger public sector perspective there.

因此，當人們經常詢問建築子行業時，尤其是在建築領域，Stantec 與其他公司的區別之一是我們擁有更廣泛的公共部門視角。

So all the healthcare and a lot of the work that we're doing there shows up very strong.

因此，我們在那裡所做的所有醫療保健和大量工作都表現得非常強勁。

But, we're not really seeing a lot of softening in the approach from our private sector clients really around the world.

但是，我們並沒有真正看到世界各地私部門客戶的做法有很大軟化。

A little bit we were seeing it historically and we commented on in community development or the land developed business in the UK.

我們在歷史上看到過一點點，並對英國的社區發展或土地開發業務進行了評論。

But, yes, with the change in the government there to the new labor government, their commitment to build 1.5 million new homes, their appointment of the expert task force, we do see that home building should kick off and get restarted here in the second half of this year.

但是，是的，隨著那裡的政府更迭為新工黨政府，他們承諾建造 150 萬套新住房，他們任命了專家工作組，我們確實看到房屋建設應該在第二個季度開始並重新啟動。一半。

Devin Dodge with BMO Capital Markets.

BMO 資本市場的 Devin Dodge。

All right, thanks.

好的，謝謝。

Good morning.

早安.

I'm going to start with a question on the US.

我首先要問一個關於美國的問題。

Just wondering if you could provide some context around the organic backlog development.

只是想知道您是否可以提供一些有關有機積壓開發的背景資訊。

There appears that the backlog has moderated sequentially on an organic basis, I think in just three of the last four quarters.

我認為，積壓訂單似乎在有機基礎上連續減少，我認為僅在過去四個季度中的三個季度。

And I'm trying to get a sense if there's any implications to that growth outlook from that?

我試圖了解這是否會對成長前景產生任何影響？

Yes, we don't see that at all, Devin.

是的，我們根本看不到這一點，德文。

The pipeline of opportunities still very, very strong.

機會的管道仍然非常非常強大。

I think the one thing that we're seeing in the US is we've had such high organic growth there, 8.7% in Q2, but, 10% or 12%, really going back over the last number of quarters.

我認為我們在美國看到的一件事是，我們在那裡實現瞭如此高的有機增長，第二季度為 8.7%，但是，在過去幾個季度中，實際增長率為 10% 或 12%。

So we are filling the pipeline with new work.

因此，我們正在用新的工作來填補管道。

We're just because the organic growth is so high, we're consuming it as well.

我們只是因為有機成長如此之高，我們也在消耗它。

And a lot of the new work that we're seeing there is just timing issues in terms of when we get it in the contract, when we actually sign it and contract it and put it in the backlog.

我們看到的許多新工作都存在時間問題，即我們何時將其納入合約、何時實際簽署、簽訂合約並將其放入待辦事項中。

But we don't see a delay in those contracts being awarded.

但我們認為這些合約的授予不會出現延遲。

So it's just a timing issue.

所以這只是一個時間問題。

We're really not concerned about the US backlog.

我們真的不擔心美國的積壓。

Okay.

好的。

Thanks for that.

謝謝你。

And can you provide an update on the real estate optimization strategy?

您能否提供有關房地產優化策略的最新資訊？

I believe there was a lease impairment charge taken in Q2 related to this.

我相信第二季產生了與此相關的租賃減損費用。

I'm just looking to get a sense for what opportunities have been identified over and above that initial program from a few years ago.

我只是想了解除了幾年前的初始計劃之外還發現了哪些機會。

Sure.

當然。

So you might recall, Devin, that when we rolled out our strategic plan in December, for the next three years, that we've set a new target for ourselves to reduce a further 10% of our real estate from the 2023 baseline.

Devin，您可能還記得，當我們在 12 月推出未來三年的戰略計劃時，我們為自己設定了一個新目標，即在 2023 年基線的基礎上進一步減少 10% 的房地產。

And we estimate about $0.10 per share over that three year period.

我們估計這三年期間每股約為 0.10 美元。

So we are well on our way.

所以我們一切順利。

And you're right, that lease impairment that we took this quarter is related to that effort.

你是對的，我們本季採取的租賃減損與這項努力有關。

So we are well on track to reach that $0.10 per share over the next three years.

因此，我們預計在未來三年內達到每股 0.10 美元。

Okay.

好的。

Sounds good.

聽起來不錯。

Okay.

好的。

And just before I turn it over, I just wanted to thank Theresa for all your help over the last five years.

在我交出它之前，我只想感謝特蕾莎在過去五年中提供的所有幫助。

Congrats on the retirement.

恭喜退休。

And if Vito's in the background there, good luck in his new role.

如果維託在幕後，祝他在新角色中好運。

Yuri Lynk with Canaccord Genuity.

尤里·林克 (Yuri Lynk) 與 Canaccord Genuity。

Hey, good morning.

嘿，早安。

I'll echo the sentiments to Theresa and Vito.

我將向特蕾莎和維托表達同樣的觀點。

Just wondering about, you mentioned in the MD&A about claim provisions kind of reverting back to normal.

只是想知道，您在 MD&A 中提到索賠條款有點恢復正常。

Were those lower provisions in play in the back half of 2023, or was it just Q2?

這些較低的準備金是在 2023 年下半年生效，還是只是第二季？

Because I'm looking at the Q3 EBITDA margin from last year is quite strong, and just wondering if we probably see a bit of a retraction there and maybe a little bump in Q4 as we think about the back half of the year.

因為我看到去年第三季的 EBITDA 利潤率相當強勁，只是想知道，當我們考慮今年下半年時，我們是否可能會看到一些回縮，以及第四季度是否會出現一些波動。

Yeah.

是的。

So, it was actually was in Q2 of last year that we saw the benefit of that lower provision in our results.

因此，實際上是在去年第二季度，我們在業績中看到了撥備減少的好處。

And so, the timing typically around this time of year where we get those updated actuarial forecasts.

因此，我們通常會在每年的這個時候獲得更新的精算預測。

And so, I think last year if you'll recall too that there was a bit of noise.

所以，我想如果你還記得的話，去年有一些噪音。

Q2 last year was the first time that we had that sort of outsized revaluation from our LTIP and there were a lot of moving parts but that lower provision was a part of it.

去年第二季是我們第一次從 LTIP 中進行如此大規模的重估，其中有許多變動因素，但撥備下降是其中的一部分。

Okay.

好的。

And was there something in Q3 of last year?

去年第三季有什麼事情嗎？

I know I'm testing your memory but it was a very strong

我知道我在測試你的記憶力，但它非常強大

--

--

Yeah, we did see some of that provision benefit continue on through the rest of last year but the biggest piece of it would have been in Q2.

是的，我們確實看到一些撥備福利在去年剩餘時間內持續存在，但其中最大的一部分是在第二季。

And last year we had an exceptional Q3 and whether we can deliver the same level of margins this year remains to be seen but yeah, last year was a very, very strong quarter.

去年我們的第三季表現出色，今年我們是否能實現同樣水準的利潤率還有待觀察，但是，去年是一個非常非常強勁的季度。

Okay.

好的。

Just a follow-up, Gord, to U.S. backlog.

戈德，這只是美國積壓案件的後續行動。

Are you seeing any delays in kind of award activity from your pipeline due to maybe the election or anything else out there?

您是否發現因選舉或其他原因導致您的管道中的獎勵活動出現任何延遲？

Yes, we're really not, Yuri.

是的，我們真的不是，尤里。

We, at the beginning of the year when we spent a lot of time thinking about would we see either project awards or proposal activity slow because of it or would we see clients pulling things ahead to try and get them out and awarded prior to the election but we're really seeing neither.

在今年年初，我們花了很多時間思考我們是否會看到專案獎勵或提案活動因此而緩慢，或者我們是否會看到客戶提前推進工作，試圖在選舉前將它們拿出來並授予但我們實際上兩者都沒有看到。

We're just sort of steady as she goes type of an approach there from our clients.

當她從我們的客戶那裡採取某種方式時，我們有點穩定。

Jacob Bout with CIBC.

CIBC 的雅各布布特。

Hi, good morning and maybe to start Theresa, just wishing the best in retirement.

嗨，早上好，也許要開始特蕾莎了，只是祝願退休後一切順利。

Thanks very much.

非常感謝。

Maybe I'll just go back to the EBITDA margin guidance and you narrowed full year and you call the margin and earnings enhancement from the three recent acquisitions that will be muted.

也許我會回到 EBITDA 利潤率指導，你縮小了全年的利潤率，你稱最近三項收購的利潤率和盈利增強將被抑制。

And just I guess I had a few questions around that.

我想我對此有幾個問題。

This period of transition and integration, how long would that be and maybe just talk through how different are the EBITDA margins produce and acquisitions versus the company overall.

這個過渡和整合的時期需要多長時間，也許只是討論 EBITDA 利潤率和收購與公司整體相比有多麼不同。

Yes.

是的。

So I'll try and address all of those pieces, Jacob.

所以我會嘗試解決所有這些問題，雅各。

The integrations are all underway and they're all at various stages, I would say the Morrison Hershfield is, we are moving now to financial migration.

整合正在進行中，並且都處於不同的階段，我想說莫里森·赫什菲爾德是，我們現在正在轉向金融移民。

That should occur over the second half of this year.

這應該會在今年下半年發生。

Hydrock will wait until the spring.

Hydrock 將等到春天。

ZETCON, we're really, at this point, evaluating.

ZETCON，我們此時確實正在評估。

We haven't intended to bring it onto our back office system just because it is more of a standalone business at this point.

我們並不打算將其引入我們的後台系統，只是因為它目前更像是一項獨立的業務。

But having said that, there are elements of ZETCON that are unique in terms of language difference for starters and, accounting methodology that is German gap.

但話雖如此，ZETCON 的某些元素在初學者的語言差異以及會計方法（即德國差異）方面是獨一無二的。

And so, taking, it takes some time to kind of work our way through and convert their results into IFRS and so that, again, is kind of unique to ZETCON.

因此，我們需要一些時間來完成工作並將其結果轉換為 IFRS，這也是 ZETCON 的獨特之處。

So, I think as we get through the back half of this year and perhaps through the first half of next year, things will start to normalize.

因此，我認為，當我們度過今年下半年，或許到明年上半年，情況就會開始正常化。

But it is, it's different having, as Gorg mentioned in his comments, three concurrent acquisitions that we are transitioning is different from doing one large, 2,700 firm acquisition.

但事實上，正如 Gorg 在他的評論中提到的那樣，我們正在轉型的三項同時收購與進行一項大型的 2,700 家公司收購是不同的。

Cardno, if you think about that, was, one firm that was on one back office system that we converted.

如果你想一想，卡德諾是一家使用我們轉換的後台系統的公司。

This is, again, three unique and different firms.

這又是三個獨特且不同的公司。

So, we're taking our time.

所以，我們要慢慢來。

We want to make sure that the folks that we have brought over are feeling good about being a part of Stantec and learning their way around and learning our processes and so on.

我們希望確保我們帶來的員工對於成為 Stantec 的一部分並學習他們的方式和我們的流程等感覺良好。

And so that is completely expected for us that margins, that you wouldn't see a pop in right away.

因此，我們完全可以預期利潤率不會立即成長。

And so as far as the margin profile, so they're all very similar to Stantec in terms of the lines of business that we have.

就利潤率而言，就我們的業務範圍而言，它們與 Stantec 非常相似。

So there's really nothing there that would cause us to think that there will be a margin retraction as a result of having acquired them.

因此，實際上沒有任何東西會讓我們認為收購它們後會出現利潤縮回。

Given the improvement that you've seen in your margins, there hasn't been a gap that's opened up between, some of these smaller acquisitions and yourself than over time.

鑑於您所看到的利潤率的改善，隨著時間的推移，一些較小的收購與您之間並沒有出現差距。

No, I don't think so.

不，我不這麼認為。

And again, it sort of goes back if you think about it from a project margin standpoint, they're all fairly typical relative to their lines of business.

再說一次，如果你從專案利潤的角度考慮的話，這有點像回溯到過去，相對於他們的業務線來說，它們都是相當典型的。

So we always talk about transportation, having slightly lower margins are typically, public projects, some of the construction management projects program management work that ZETCON does tends to be a higher margin, so it's fairly typical.

所以我們總是談論交通​​運輸，利潤率稍低的通常是公共項目，ZETCON 所做的一些建設管理項目的計劃管理工作往往利潤率較高，所以這是相當典型的。

We generally say as well that there's not a significant amount of cost energy from these acquisitions because it's really the growth and revenues collectively with them that we're in pursuit of.

我們通常也會說，這些收購併沒有產生大量的成本能源，因為我們真正追求的是與它們一起實現的成長和收入。

Okay, and last question here just on pricing, does the demand environment still support the ability to charge higher fees or is this starting to change?

好的，最後一個問題是關於定價的，需求環境是否仍然支援收取更高費用的能力，或者這種情況是否開始改變？

No, we're still seeing that as a general industry trend that there's, us and our competitor set is still very, very busy.

不，我們仍然看到，作為一個普遍的行業趨勢，我們和我們的競爭對手仍然非常非常忙碌。

Backlogs are high and so, yes, we still see that we don't get a lot of pressure on prices.

積壓訂單很高，所以，是的，我們仍然看到我們沒有受到很大的價格壓力。

Again, it's still a very competitive industry without question, but the first question that clients ask us isn't, how cheaply can you do it?

再說一次，毫無疑問，這仍然是一個競爭非常激烈的行業，但客戶問我們的第一個問題不是，你能以多低的成本做到這一點？

The first question at this point still remains, can you get it done within the timeframe that I need it?

此時的第一個問題仍然存在，你能在我需要的時間內完成嗎？

So we still have that pricing tailwinds.

因此，我們仍然有定價優勢。

Chris Murray with ATB Capital Markets.

ATB 資本市場的 Chris Murray。

Yeah.

是的。

Thanks, folks.

謝謝各位。

Good morning, and Theresa, congratulations on your retirement and hope it ends up well for you.

早安，特蕾莎，恭喜您退休，並希望您一切順利。

I guess the first question, maybe just turn it back to the U.S. and Gorg you made the comment that you're not seeing anything too much around the election, but we're just sort of, we're just wondering if you could help maybe understand, with the ABI metrics being sub-50 for the last little while, it doesn't seem like you guys are seeing much of an impact, which is maybe a bit surprising.

我想第一個問題，也許只是把它轉回美國，戈爾格，你說過你在選舉中沒有看到太多東西，但我們只是想知道你是否可以提供幫助也許可以理解，最近一段時間ABI 指標低於50，你們似乎沒有看到太大的影響，這可能有點令人驚訝。

And I'm just wondering if that's more of the mix of business or if it's special projects that maybe is helping you out there.

我只是想知道這是否更多的是業務組合，或者是否是特殊項目可能對您有所幫助。

Yes.

是的。

So, interestingly, the U.S. in general, we see, we'll often get asked, what do we see we might see with, if there were to be an administration change there.

因此，有趣的是，總的來說，我們經常被問到，如果美國政府發生變動，我們可能會看到什麼。

But, just looking at the big picture at the U.S., infrastructure really continues to have bipartisan support there.

但是，只要看看美國的大局，基礎建設確實繼續得到兩黨的支持。

So when you look at the IIJ, where, about a third of it has been awarded and Congress has till the end of 2026, to encumber the remaining.

因此，當你看看 IIJ 時，大約有三分之一的資金已被授予，而國會必須在 2026 年底之前凍結剩餘的資金。

So we see that providing significant longer-term tailwinds.

因此，我們認為這提供了重要的長期推動力。

Already some discussions about, what might IIJ 2.0 look like?

已經有一些討論關於 IIJ 2.0 會是什麼樣子？

Semiconductors are busy, data centers, mission-critical facilities, PFAS is starting to come on.

半導體產業很繁忙，資料中心、關鍵任務設施、PFAS 都開始出現。

So kind of that broad-based support there.

那裡有如此廣泛的支持。

So we still see that regardless of whether there is a change in who's in the White House in November, we see that our business will continue to be very, very strong going forward but to your point about building specifically with the decrease in some of the concerns with the ABI, we've seen that commercial certainly has been slow but it's been slow for a couple years now but healthcare is very, very strong for us, mission critical facilities are very strong so and we see those tailwinds continuing going forward.

因此，我們仍然看到，無論11 月份白宮的人選是否發生變化，我們都看到我們的業務未來將繼續非常非常強勁，但就您而言，隨著一些業務的減少，我們的業務將繼續非常強勁。繼續前進。

Okay, interesting.

好吧，有趣。

And then just turning back into your energy and resources business a lot of the wins it sounds like are in things like grid and resiliency but there's been a number of announcements from a lot of companies around oil and gas and what I call traditionally kind of your backyard kind of LNG and things like that, just wondering what's your opportunity pipeline looking like more in the traditional kind of oil and gas energy business these days?

然後回到你的能源和資源業務，很多勝利聽起來像是在電網和彈性等方面，但許多公司圍繞石油和天然氣以及我所說的傳統意義上的企業發布了許多公告。類的東西，只是想知道現在傳統的石油和天然氣能源業務中您的機會管道是什麼樣的？

So I'd say, Chris, that is as far as the more traditional oil and gas work it's still relatively muted and I don't know that it will ever approach what it was a decade ago, but you're right that work really is shifting toward transmission, power generation, power transmissions, the hardening of the grid is a high priority for in many geographies.

所以我想說，克里斯，就更傳統的石油和天然氣工作而言，它仍然相對安靜，我不知道它是否會達到十年前的水平，但你是對的，工作確實正在轉向輸電、發電、輸電，強化電網是許多地區的重中之重。

We've seen a lot of growth for the national grid in the UK for instance.

例如，我們看到英國國家電網的大幅成長。

We announced the work that we've won under MSA with BC Hydro so that that's really where we're seeing the growth.

我們宣布了我們在 MSA 下與 BC Hydro 合作贏得的工作，這才是我們真正看到成長的地方。

Renewables are a bit muted at the moment just given the regulatory requirements and so on are still pretty onerous and I think proponents they're still trying to figure out how to make those projects economic.

考慮到監管要求等仍然相當繁重，可再生能源目前有點安靜，我認為支持者仍在試圖弄清楚如何使這些項目具有經濟性。

So and I think the other piece of that does stitch around our mining work which again is a smaller part of our overall business.

因此，我認為另一部分確實圍繞著我們的採礦工作，這又是我們整體業務的一小部分。

But I do think that as we sort through the fluctuations in commodity prices, that longer term, that is going to be a business that will continue to grow.

但我確實認為，當我們整理大宗商品價格的波動時，從長遠來看，這將是一項將繼續成長的業務。

Sean Jack with Raymond James Limited.

肖恩傑克與雷蒙德詹姆斯有限公司。

Hey, good morning, guys.

嘿，早上好，夥計們。

Just a quick one from me.

我只是簡單介紹一下。

Looking at the five different business operating units and from an M&A perspective, wondering where the firm is seeing the best value right now for potential new targets?

從併購的角度來看五個不同的業務營運部門，想知道公司目前在哪裡看到了潛在新目標的最佳價值？

We have considerable strength in each of our five BOUs.

我們的五個 BOU 中的每一個都具有相當的實力。

So we're actively engaged in discussions really in all of those BOUs.

因此，我們確實在所有這些 BOU 中積極參與討論。

And we're continuing to look at some opportunities in Canada, but even more so in the United States.

我們正在繼續尋找加拿大的一些機會，但在美國更是如此。

Our geographies really haven't changed from where we're looking, Sean, certainly in the United States, still into the UK, Northern Europe, down in Australia, New Zealand, to a degree as well.

肖恩，我們的地理位置確實沒有改變，當然在美國，仍然是英國、北歐，在澳洲、紐西蘭，某種程度上也是如此。

So we see the geographic M&A pipeline is very robust as well, really through all of our BOUs.

因此，我們看到地理併購管道也非常強大，實際上是透過我們所有的 BOU 進行的。

And so there's not one that we're preferentially looking at the time.

所以目前我們沒有優先考慮的。

We're just sort of looking at all the opportunities are there and maintaining those discussion sets.

我們只是專注於所有存在的機會並維護這些討論集。

Benoit Poirier with Desjardins.

伯努瓦·普瓦里爾 (Benoit Poirier) 與加鼎 (Desjardins) 合作。

Yeah.

是的。

Good morning, everyone.

大家早安。

And welcome to the team Vito and all the best to you, Theresa.

歡迎加入維托團隊，祝你一切順利，特蕾莎。

Thank you.

謝謝。

Yeah.

是的。

Just obviously strong organic growth overall, but we've seen some retraction for energy and resources due to some delays in the ramp up of new projects.

總體而言，有機成長明顯強勁，但由於新專案啟動的一些延遲，我們看到能源和資源出現了一些收縮。

So could you provide more color about how many projects are part of these announcements and whether it's a matter of just one quarter and when the ramp up of these projects is pushed out?

那麼，您能否提供更多信息，說明這些公告中有多少項目，是否只是一個季度的問題，以及這些項目的增量何時被推遲？

Yeah.

是的。

So we've seen this delay for a couple of quarters now and also just the wind down of some other larger projects that we have last year.

因此，我們現在已經看到這種延遲了幾個季度，而且去年我們的其他一些大型專案也剛剛結束。

Some of these projects, the BC Hydro project that I referenced earlier, for instance, is something that we've been waiting on for a while to get going, and we're starting to see that now.

其中一些項目，例如我之前提到的 BC Hydro 項目，我們已經等待了一段時間才開始，現在我們開始看到這一點。

So that's just a good example where we've won the work.

這只是我們贏得這項工作的一個很好的例子。

It's in our backlog.

它在我們的積壓工作中。

We've got people sort of standing by and ready to go.

我們已經有人待命準備出發。

And we just need, as we work with our client, to get the project up and running so that we have our staff working at a steady state.

當我們與客戶合作時，我們只需要啟動並運行項目，以便我們的員工保持穩定的工作狀態。

So we're also seeing in the mining sector, and that's going to take a little while to sort through, and again, a lot of that is regulatory, some of it is driven by outlooks for commodity prices and so on, but good contracts that we've got in the backlog as we wait for our clients to get them going has caused a bit of that retraction in the first half of this year.

因此，我們也在採礦業看到，這需要一些時間來整理，而且，其中很多是監管方面的，其中一些是由大宗商品價格前景等驅動的，但良好的合同我們在等待客戶啟動時積壓了訂單，這導致了今年上半年的一些撤回。

Okay, and just curious, is it what drove the lower gross margin in Canada despite the overall solid organic growth achieved for the region?

好吧，只是好奇，儘管該地區整體實現了穩健的有機增長，但這是否導致了加拿大毛利率較低？

Would that be the exposure to energy and resources?

這是對能源和資源的暴露嗎？

Not so much, Benoit.

沒那麼多，伯努瓦。

We came off in Canada, we had a couple of projects, particularly in environmental services that were very high margin and really big projects.

我們在加拿大起步，我們有幾個項目，特別是在環境服務領域，這些項目利潤率非常高，而且項目非常大。

And so that included some of the coastal gas work, working for Metrolinx in Ontario, and that work has wound down.

其中包括一些沿海天然氣工作，為安大略省 Metrolinx 工作，但這項工作已經結束。

And so that's what you're seeing in the project margin.

這就是您在項目利潤中看到的情況。

It's more reflective of just the overall mix that we have this year versus last.

它更能反映我們今年與去年相比的整體組合。

Okay.

好的。

And looking at the global region, you were able to achieve 5.5% organic growth, which is pretty solid.

縱觀全球地區，您能夠實現 5.5% 的有機成長，這是相當穩健的。

You mentioned the strong performance from Building in Dubai, double digit growth in Water and Environmental Services.

您提到了杜拜建築業的強勁表現，水和環境服務領域的兩位數成長。

I was just curious to see if you could provide more color maybe on some other regions that are lagging or that needs to be maybe a little bit more monitored these days.

我只是很好奇，看看您是否可以在其他一些落後的區域或這些天可能需要更多監控的區域提供更多顏色。

Yeah.

是的。

So one area in particular that we're monitoring right now, Benoit, is Australia, and particularly on the transportation side.

伯努瓦，我們現在特別關注的一個領域是澳大利亞，特別是在運輸方面。

I think we've chatted previous quarters that the federal government in Australia launched their federal infrastructure review as a result, cancelled about 20% of, or deferred about 20% of the projects that they were planning to move forward with.

我想我們在前幾個季度已經討論過，澳洲聯邦政府因此啟動了聯邦基礎設施審查，取消了大約 20% 或推遲了大約 20% 的計畫推進項目。

So we've seen that.

所以我們已經看到了。

Certainly that's impacted Stantec’s transportation business in Australia, as well as our competitors as well.

當然，這影響了 Stantec 在澳洲的運輸業務以及我們的競爭對手。

So we're actively watching that.

所以我們正在積極關注這一點。

We're also watching the community development or the land development group in the UK, which has trended a bit slower the first part of this year.

我們也正在關注英國的社區發展或土地開發集團，今年上半年的發展趨勢有所放緩。

But as we mentioned with the transition to the Labor government, them really looking to bear down and move forward with house building there.

但正如我們在向工黨政府過渡時所提到的，他們確實希望堅定並推動那裡的房屋建設。

I think that will be very positive for our group going forward.

我認為這對我們團隊的未來發展非常正面。

So those are the two primarily that we've got our eye on is transportation Australia and our community development business in the UK.

因此，我們主要關注的兩個是澳洲的交通運輸和英國的社區發展業務。

Okay.

好的。

That's great and maybe last one for Theresa in terms of DSO, free cash flow.

就 DSO（自由現金流）而言，這很好，也許是特蕾莎的最後一個。

Obviously, DSO came in at 77 days below the target of 80 given the tends to -- we tend to see a big collection period in Q4, would it be fair to expect DSOs to further improve and potentially reach low 70s or below 75 days.

顯然，鑑於趨勢，DSO 比80 天的目標低了77 天——我們傾向於在第四季度看到一個大的收集期，期望DSO 進一步改善並可能達到70 天或低於75 天是公平的嗎？

And just in terms of free cash flow expectation if you could provide a breakdown in the second half and whether you are still confident to achieve 100% conversion for this year.

就自由現金流預期而言，您能否提供下半年的明細，以及您是否仍有信心今年實現 100% 的轉換。

Thank you.Okay. That's great. And maybe last one for Teresa.

謝謝你，好的。那太棒了。也許是特蕾莎的最後一個。

In terms of DSO, free cash flow, obviously, DSO came in at 77 days below the target of 80. Given that tends to do, we tend to see a big collection period in Q4, would it be fair to expect DSOs to further improve and potentially reach a low 70s OR below 75 days?

就 DSO 而言，自由現金流顯然比 80 的目標低了 77 天。 70 天或低於75 天？

And just in terms of free cash flow expectation, if you could provide the breakdown in the second half and whether you you're still confident to achieve 100% conversion for this year?

就自由現金流預期而言，能否提供下半年的具體情況？

Thank you.

謝謝。

Yes.

是的。

So I'm really happy with where DSO is particularly when we've got this continued pace of organic growth so to be able to maintain a DSO below 80 days is really positive, will we get down to 75 or it's pretty hard to predict, to be honest, just given the volume of projects that we have and the complexities around the billing processes.

因此，我對 DSO 的情況感到非常滿意，特別是當我們持續保持有機增長的速度時，能夠將 DSO 保持在 80 天以下確實是積極的，我們是否會降至 75 天，或者很難預測，老實說，考慮到我們擁有的項目數量以及計費流程的複雜性。

But we're happy with where it is and there's always room to continue to drive it downward and we're certainly going to try and do that.

但我們對目前的情況感到滿意，並且總是有繼續下降的空間，我們當然會嘗試這樣做。

From a free cash flow conversion standpoint, the goal to have it at one time's coverage of net income is really a three-year target.

從自由現金流轉換的角度來看，一次性覆蓋淨利潤的目標實際上是三年目標。

I think we almost achieved it last year, but that certainly, again, the goal is to try and push towards that conversion rate.

我認為去年我們幾乎實現了這個目標，但當然，我們的目標是努力推動這種轉換率。

And so, we'll see how it goes.

所以，我們會看看事情進展如何。

We're off to a really good start for a cash flow generation, so I'm hopeful.

我們在產生現金流方面有了一個非常好的開始，所以我充滿希望。

But whether we get there this year or continue to work towards that over the next two years remains to be seen.

但我們是否能在今年實現這一目標，還是在未來兩年內繼續努力實現這一目標，還有待觀察。

Maxim Sytchev with NBF.

馬克西姆·瑟切夫 (Maxim Sytchev)，NBF。

Hi.

你好。

Good morning.

早安.

Theresa, obviously, all the best in the future.

顯然，特蕾莎未來一切順利。

Thank you.

謝謝。

Gord, I was wondering if, I just had a couple of quick questions.

天哪，我想知道我是否只是有幾個簡單的問題。

In terms of kind of the seller's expectations, I'm wondering if you are observing sort of any emerging trends, or is it still pretty steady, I guess, the larger the geos, the bigger the multiple?

就賣家的期望而言，我想知道您是否正在觀察任何新興趨勢，或者我猜它仍然相當穩定，地理越大，倍數就越大？

What are you guys seeing on the ground right now?

你們現在在地面上看到什麼？

Yeah, I think in general, we're seeing the trends are pretty consistent, Max, we haven't seen any particular uptake in expectations from multiples, but certainly, we haven't seen a decrease either.

是的，我認為總的來說，我們看到的趨勢非常一致，馬克斯，我們沒有看到市盈率的預期有任何特別的上升，但當然，我們也沒有看到下降。

So I'd say pretty consistent there.

所以我想說那裡非常一致。

Okay.

好的。

That's great.

那太棒了。

Thank you.

謝謝。

And then the last question I just had so, like, Western Canada obviously slowed down.

然後我剛剛提出的最後一個問題，加拿大西部顯然放慢了速度。

I was wondering if there was a bit of a negative spillover effect into the environmental services.

我想知道環境服務是否有一些負面的溢出效應。

And I guess on the other side of the ledger is [inaudible] being better right now, that's helping to offset it.

我想帳本的另一邊現在[聽不清楚]正在變得更好，這有助於抵消它。

Just curious about the sort of interplay of kind of commodity verticals and how that pertains to environmental services overall.

只是好奇各種商品垂直領域之間的互動以及它與整體環境服務的關係。

Thanks.

謝謝。

Yeah, our ES business remains pretty busy.

是的，我們的 ES 業務仍然很忙。

Particularly, we're seeing strong growth globally.

特別是，我們看到全球的強勁成長。

There is a little bit of slowness from an organic growth perspective in Canada right now, but as Theresa said, it's because we were so busy that the comps are really, really high coming off of last year and some of the big projects that we were working on.

從有機成長的角度來看，加拿大現在有點緩慢，但正如特蕾莎所說，這是因為我們太忙了，去年的比較非常非常高，而且我們正在進行的一些大型項目正在努力。

So I think we still feel good about ES.

所以我認為我們還是對ES感覺良好。

Certainly, our environmental services group does work with mining, but it also works with all of our other groups as well, whether it's transportation, water, siting a new water main.

當然，我們的環境服務團隊確實與採礦業合作，但它也與我們所有其他團隊合作，無論是交通、水務還是新水管選址。

ES is engaged with all of our lines of business.

ES 涉足我們所有的業務領域。

Yeah, makes sense.

是的，有道理。

And then actually, sorry, because you mentioned, Water and I'm curious if you have any kind of sort of hot cake on the latest PFAS sort of flip flopping, like on one hand, like at some point, it felt like we're committing to it.

然後實際上，抱歉，因為你提到，水，我很好奇你是否對最新的 PFAS 類型的翻轉有任何熱衷，就像一方面，就像在某個時刻，感覺就像我們’重新承諾。

And right now, it doesn't seem to be the case.

而現在看來，情況似乎並非如此。

So again, I'm wondering if that changes anything for you kind of on the ground, or maybe not.

再說一遍，我想知道這是否會為您帶來任何改變。

Our Water business is so well diversified that when as PFAS began to pick up, certainly, we're front and center in that work.

我們的水務業務非常多元化，當 PFAS 開始復甦時，我們無疑處於這項工作的前沿和中心。

And we've mentioned you up to $200 billion in capital was initially estimated there, we know it's going to be more than that.

我們已經提到過，最初估計那裡的資本高達 2000 億美元，我們知道它會更多。

But it's not a meaningful or contribution to the overall net revenue.

但這對整體淨收入沒有意義或貢獻。

So whether PFAS goes up a little bit, or it comes down a little bit, our Water business, looks to remain very, very solid for the years to come.

因此，無論 PFAS 上升或下降，我們的水務業務在未來幾年都會保持非常非常穩定的狀態。

Ian Gillies with Stifel.

伊恩·吉利斯和斯蒂菲爾。

Good morning, everyone.

大家早安。

There's been quite a bit of talk around the integration through M&A this year.

今年，圍繞併購整合的討論頗多。

As we think about pressing into 2025, would you anticipate that margin expansion year-over-year in 2025, is perhaps a bit better than average as you roll through some of these costs and start to get everything on the same platform?

當我們考慮進入 2025 年時，您是否預計 2025 年的利潤率同比擴張可能會比平均水平好一些，因為您會滾動其中一些成本並開始將所有內容放在同一平台上？

Or are you thinking it's kind of a normal year?

還是你認為今年是正常的一年？

No, I think the opportunity to expand margin next year is really good for a number of reasons, including what you're pointing to around the integration work wrapping up.

不，我認為明年擴大利潤的機會確實很好，原因有很多，包括你所指出的整合工作即將結束的情況。

It's the enhancement that comes from having a bigger scale, a bigger platform.

這是來自更大規模、更大平台的增強。

It's those that have joined us through the acquisitions, being integrated and on the Stantec platform.

是那些透過收購、整合和 Stantec 平台加入我們的人。

It's our own employees that are taking the time and working with our new colleagues and helping with that transition.

我們自己的員工花時間與新同事一起工作，幫助實現這一轉變。

But we've noted a couple of times as well that when you look at where we are this year, the wind down of some larger projects that we're waiting for others to ramp up, as that ramp up takes hold, that will drive strong utilization and reduce the amount of admin labor that we have.

但我們也多次指出，當你看看我們今年的情況時，我們正在等待其他人加大力度的一些大型項目逐漸結束，隨著這種力度的加大，這將推動強大的利用率並減少我們的管理勞動力。

So there's a number of things that as we move forward will lead to, I believe, margin enhancement that will be on track to achieve that 17% to 18% that we're targeting for the end of 2026.

因此，我相信，隨著我們的前進，有很多事情將導致利潤率提高，並有望實現我們在 2026 年底設定的 17% 至 18% 的目標。

That's very helpful.

這非常有幫助。

The other question I had is around the M&A pipeline.

我的另一個問題是關於併購通路的。

I'm just curious on what opportunities ZETCON brought perhaps incontinence Europe whether it be in Germany or in other jurisdictions around continuing to grow in that region as you try and get towards a critical mass.

我只是好奇 ZETCON 為歐洲帶來了哪些機會，無論是在德國還是在其他司法管轄區，當你試圖達到臨界規模時，ZETCON 會繼續在該地區發展。

Yes, certainly we're focused primarily on Germany right now and they have some operations in Austria as well.

是的，當然我們現在主要關注德國，他們在奧地利也有一些業務。

There are good opportunities out there and we're certainly interested in moving forward.

那裡有很好的機會，我們當然有興趣繼續前進。

We want to get ZETCON itself into Stantec a little bit.

我們希望將 ZETCON 本身融入 Stantec 中。

There are some IT things that we're working through, getting on those systems and so on.

我們正在處理一些 IT 問題，獲取這些系統等等。

However, I wouldn't see us doing anything more in Germany in 2024, just because we want to ensure that ZETCON is on that solid Stantec footprint before we move forward, but certainly lots of good opportunities are to continue to expand and get that critical mass as you mentioned that we want in Germany.

然而，我認為2024 年我們不會在德國做更多的事情，只是因為我們希望在前進之前確保ZETCON 立足於Stantec 的堅實足跡，但肯定有很多很好的機會來繼續擴張並獲得這一關鍵的機會。

At this time, I'm showing no further questions.

目前，我沒有再提出任何問題。

I would like to turn it back to Gord for closing remarks.

我想把它轉回戈德以供結束語。

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

好的，謝謝接線員，也謝謝大家今天早上加入我們。

If you have any additional follow-up questions, Jess Nieukerk, our VP of Investor Relations is always available for your call.

如果您有任何其他後續問題，我們的投資人關係副總裁 Jess Nieukerk 隨時歡迎您的來電。

So thanks very much.

非常感謝。

Thank you.

謝謝。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This does conclude the program.

這確實結束了該程式。

You may now disconnect.

您現在可以斷開連線。