Stantec Inc (STN) 2024 Q4 法說會逐字稿

Welcome to Stantec's fourth-quarter and full-year 2024 results webcast and conference call. Leading the call today are Gord Johnston, President and Chief Executive Officer; and Vito Culmone, Executive Vice President and Chief Financial Officer.

歡迎參加 Stantec 2024 年第四季及全年業績網路直播及電話會議。今天主持電話會議的是總裁兼執行長 Gord Johnston 和執行副總裁兼財務長 Vito Culmone。

Stantec invites those dialing in to view the slide presentation, which is available in the Investors section at stantec.com. Today's call is also webcast. Please be advised that if you have dialed in while also viewing the webcast, you should mute your computer as there is a delay between the call and the webcast.

Stantec邀請所有撥入電話會議的與會者查看幻燈片演示文稿，該演示文稿可在stantec.com網站的「投資者」版塊中找到。今天的電話會議也提供網路直播。請注意，如果您在撥打電話的同時觀看網路直播，則應將電腦靜音，因為通話和網路直播之間存在延遲。

All information provided during this conference call is subject to the forward-looking statement qualification set out on slide 2, detailed in Stantec's Management Discussion and Analysis and incorporated in full for the purposes of today's call. Unless otherwise noted, dollar amounts discussed in today's call are expressed in Canadian dollars and are generally rounded. With that, I'm pleased to turn the call over to Mr. Gord Johnston.

本次電話會議中提供的所有資訊均受第 2 頁幻燈片中列出的前瞻性聲明限制的約束，該限制在 Stantec 的管理層討論與分析中有詳細說明，並已完整納入今天的電話會議。除非另有說明，今天電話會議中討論的金額均以加元表示，並且通常會進行四捨五入。接下來，我很高興將電話交給戈德約翰斯頓先生。

Good afternoon, and thank you for joining us today. Vito and I are currently traveling, which is why our conference call is so late in the day. Next quarter, we'll return to the regular cadence of our earnings calls. I'm pleased to report that 2024 was another record year for Stantec. We had a very strong finish to the year with double-digit organic growth in the US and high single-digit growth in Canada and Global in the fourth quarter. All of our business operating units also delivered organic growth in the quarter, including Energy & Resources, which returned to growth as expected in Q4.

下午好，感謝各位今天蒞臨。Vito 和我目前正在旅行，所以我們的電話會議才安排在這麼晚的時間。下個季度，我們將恢復正常的財報電話會議頻率。我很高興地宣布，2024 年是 Stantec 又一個創紀錄的年份。今年年底業績表現非常強勁，第四季度美國市場實現了兩位數的有機成長，加拿大和全球市場也實現了接近兩位數的成長。本季我們所有業務營運部門均實現了內生成長，包括能源與資源部門，該部門在第四季度如預期般恢復了成長。

We continue to thrive in a resilient industry, driven by macro factors such as water security, aging infrastructure, climate change, emerging technology and the expansion of advanced manufacturing. As a result, for the full year, we delivered record net revenues of $5.9 billion, up 15.8% compared to 2023. This was underpinned by 7.4% organic and 7.5% acquisition growth. With our focus on solid project execution and operational excellence, we grew our adjusted EBITDA to $980 million, up 18%, with an enhanced margin of 16.7%, reflecting a 30 basis point increase. We also delivered adjusted EPS of $4.42, up over 20% compared to 2023.

我們在一個具有強大韌性的行業中持續蓬勃發展，這得益於水資源安全、基礎設施老化、氣候變遷、新興技術和先進製造業擴張等宏觀因素的推動。因此，全年淨收入達到創紀錄的 59 億美元，比 2023 年成長 15.8%。這主要得益於7.4%的內生成長和7.5%的收購成長。由於我們專注於紮實的專案執行和卓越的運營，我們的調整後 EBITDA 成長至 9.8 億美元，成長 18%，利潤率提高至 16.7%，成長 30 個基點。我們也公佈了調整後的每股收益為 4.42 美元，比 2023 年增長超過 20%。

Looking at our results in each of our geographies. In the US, we increased our Q4 net revenues 14.1%, driven primarily by 10.3% organic growth. For the full year, our net revenues in the US increased by 13.3% through 8.6% organic and 3.3% acquisition growth. Water delivered double-digit organic growth through continued robust public sector and industrial project demand as well as large-scale water security projects.

查看我們在各個地區的業績。在美國，我們第四季淨收入成長了 14.1%，主要得益於 10.3% 的內生成長。全年來看，我們在美國的淨收入成長了 13.3%，其中有機成長 8.6%，收購成長 3.3%。水務產業透過持續強勁的公共部門和工業項目需求以及大規模水安全項目實現了兩位數的有機成長。

Our Buildings business also delivered double-digit organic growth, driven by solid investment across the health care, industrial and science and technology sectors. Momentum on major infrastructure projects continues to fuel strong organic growth, primarily in transit and rail projects in the West, roadway designs in the East and residential development in the South.

在醫療保健、工業以及科技領域的穩健投資推動下，我們的建築業務也實現了兩位數的內生成長。重大基礎設施項目的推進動能持續推動強勁的內生成長，主要體現在西部地區的交通和鐵路項目、東部地區的道路設計以及南部地區的住宅開發。

In Canada, we also had a very strong fourth quarter, growing net revenue by 17.6% with 9.1% organic growth. Acquisition growth was also very strong at 8.5% in the quarter, coming from Morrison Hershfield. For the full year, net revenue in Canada rose 14.5% with 6% organic growth and 8.5% acquisition growth. Both our Buildings and Water businesses experienced double-digit organic growth. Growth in our Buildings business was driven by public sector investment in Western Canada, primarily in our civic, education and health care sectors.

在加拿大，我們第四季的業績也非常強勁，淨收入成長了 17.6%，其中有機成長率為 9.1%。本季收購成長也非常強勁，達到 8.5%，主要來自 Morrison Hershfield。全年來看，加拿大淨收入成長了 14.5%，其中有機成長 6%，收購成長 8.5%。我們的樓宇業務和水務業務都實現了兩位數的自然成長。我們建築業務的成長得益於加拿大西部公共部門的投資，主要集中在市政、教育和醫療保健領域。

And momentum continued on significant wastewater solution projects in our Water business. Our Infrastructure business delivered solid high single-digit organic growth with the ramp-up of roadway, transit, rail and land development projects.

我們在水務業務中繼續推動重要的廢水處理解決方案項目，並保持了良好的發展勢頭。隨著公路、公共交通、鐵路和土地開發項目的推進，我們的基礎設施業務實現了穩健的高個位數內生成長。

Finally, in the fourth quarter, our Global business delivered 32.6% growth in net revenue with 7.3% organic growth and 21.8% acquisition growth from ZETCON and Hydrock. For the full year, Global generated 23.2% growth in net revenue, reflecting 16.3% acquisition and 5.8% organic growth. Our global Buildings team achieved 20% organic growth as work continued to ramp up on the cancer center in Dubai and on the GBP 4 billion battery cell manufacturing facility in the UK Our industry-leading Water business saw double-digit organic growth through long-term framework agreements and public sector investment in water infrastructure. And our Environmental Services business continued to see strong organic growth from energy transition projects in Europe.

最後，在第四季度，我們的全球業務淨收入成長了 32.6%，其中有機成長為 7.3%，收購 ZETCON 和 Hydrock 帶來的成長為 21.8%。全年來看，Global 的淨收入成長了 23.2%，其中收購成長了 16.3%，內生成長了 5.8%。隨著杜拜癌症中心和英國價值 40 億英鎊的電池製造廠的建設工作不斷推進，我們的全球建築團隊實現了 20% 的有機成長。我們行業領先的水務業務透過長期框架協議和公共部門對水利基礎設施的投資，實現了兩位數的有機成長。我們的環境服務業務持續受惠於歐洲的能源轉型計畫而實現強勁的內生成長。

Before turning the call over to Vito, I want to mention that I'm very pleased that Stantec continues to receive various public sustainability-related accolades. We were once again recognized by Corporate Knights as being one of the world's most sustainable companies. We placed eighth overall and first amongst our industry peers. In addition, TIME ranked Stantec 14th on its 2024 list of the World's Most Sustainable Companies. This recognition reinforces our authentic commitment to environmental, social and governance, which has solidified our position as a global leader in sustainability.

在將電話交給 Vito 之前，我想提一下，我非常高興 Stantec 繼續獲得各種與永續發展相關的公共榮譽。我們再次被Corporate Knights評為全球最具永續發展能力的公司之一。我們總排名第八，在業界同行中排名第一。此外，《時代》雜誌將 Stantec 列入 2024 年全球最具永續發展能力公司排行榜第 14 名。這項認可強化了我們對環境、社會和治理的真誠承諾，鞏固了我們作為全球永續發展領導者的地位。

On the same note, I'd like to thank Don Lowry for his many years of service to our Board and for having chaired our Sustainability and Safety Committee. Don will not be standing for reelection in May of this year and retired from our Board as of January 31. Don brought a wealth of knowledge and great insights to Stantec, and he'll be missed. Now, I'll turn the call over to Vito to review our Q4 and full-year 2024 financial results in more detail.

同時，我要感謝唐·洛瑞多年來為董事會的貢獻，以及他擔任永續發展和安全委員會主席的經歷。唐先生將不會參加今年五月的連任競選，並已於1月31日從董事會退休。Don 為 Stantec 帶來了豐富的知識和獨特的見解，我們將懷念他。現在，我將把電話交給 Vito，讓他更詳細地回顧我們 2024 年第四季和全年的財務表現。

Thank you, Gord, and hello, everybody. Our strong fourth quarter results include robust year over year net revenue growth of 19% to $1.5 billion, and that was driven by 9.3% organic and 7.6% acquisition growth. We achieved organic growth in all of our regional and business operating units with double-digit growth achieved in our US region in Water and Buildings businesses.

謝謝你，戈爾德，大家好。我們強勁的第四季業績包括淨收入年增 19% 至 15 億美元，這主要得益於 9.3% 的內生成長和 7.6% 的收購成長。我們所有區域和業務營運部門均實現了有機成長，其中美國地區的水務和建築業務實現了兩位數的成長。

Profit margins in Q4 increased 21.5% or $143.8 million and increased 110 basis points as a percentage of net revenue from 53.9% to 55%. This growth was primarily due to higher project recoveries and change order approvals during the fourth quarter as well as continued strong project execution. Adjusted EBITDA increased 26.7% to $246.5 million. And we achieved a 16.7% adjusted EBITDA margin, an increase of 100 basis points year-over-year. We also delivered 35.4% growth in adjusted EPS of $1.11.

第四季利潤率成長了 21.5%，即 1.438 億美元，佔淨收入的百分比從 53.9% 增長了 110 個基點，達到 55%。這一成長主要歸功於第四季度更高的專案回收率和變更訂單批准率，以及持續強勁的專案執行。調整後 EBITDA 成長 26.7% 至 2.465 億美元。我們實現了 16.7% 的調整後 EBITDA 利潤率，比去年同期成長了 100 個基點。調整後每股收益也成長了 35.4%，達到 1.11 美元。

Looking at full year -- at the full year, gross revenue in 2024 grew to $7.5 billion, up almost 16% year over year. And net revenue of $5.9 billion is also up almost 16% compared to 2023. As a percentage of net revenue, our project margins came in at 54.5%. And that's an increase of 30 basis points compared to 2023, again, as a result of net revenue growth and strong project execution.

從全年來看—2024 年全年總收入成長至 75 億美元，較去年同期成長近 16%。淨收入為 59 億美元，比 2023 年成長了近 16%。以淨收入的百分比計算，我們的專案利潤率為 54.5%。與 2023 年相比，這一數字成長了 30 個基點，這同樣是由於淨收入成長和專案執行強勁所致。

We achieved a very solid adjusted EBITDA margin of 16.7% in 2024, an increase of 30 basis points from 2023. And finally, our adjusted EPS in the year increased over 20% to $4.42.

我們2024年的調整後EBITDA利潤率非常穩健，達到16.7%，比2023年成長了30個基點。最後，我們本年度調整後的每股盈餘成長超過 20%，達到 4.42 美元。

Turning to our cash flow, liquidity and capital resources. During 2024, our operating cash flow has increased 16% from $520 million to $603 million. And that reflected continued strong cash flow generation, growth, of course, and solid operational performance.

接下來談談我們的現金流、流動性和資本資源。2024 年，我們的經營現金流成長了 16%，從 5.2 億美元增至 6.03 億美元。這反映了公司持續強勁的現金流、成長，當然還有穩健的營運表現。

We also achieved greater than 1x free cash flow to net income for the year. Our DSO at the end of the fourth quarter stood at 77 days, and that's consistent with the prior year and remains well within our internal target of 80 days or lower. Our net debt to adjusted EBITDA ratio at the year-end was 1.2x, a further reduction from 1.5x at the end of Q3. We remain well within our target range of 1 to 2x leverage, and our balance sheet continues to be in great shape.

我們本年度的自由現金流與淨收入之比也超過了 1 倍。在第四季末，我們的應收帳款週轉天數為 77 天，與去年同期一致，遠低於我們 80 天或更低的內部目標。年末淨負債與調整後 EBITDA 比率為 1.2 倍，較第三季末的 1.5 倍進一步下降。我們仍保持在 1 到 2 倍槓桿率的目標範圍內，資產負債表狀況仍然良好。

As a result of our strong performance, the Board has approved a 7.1% increase to our dividend, now at $0.90 per share on an annualized basis. The dividend continues to be a key component of our capital allocation plan, and with the strength and growth of our earnings, we've been able to raise the dividend consistently while still lowering our overall payout ratio and ensuring we have a very strong balance sheet for M&A. Gord, with that, I'll hand the call back to you.

由於我們業績表現強勁，董事會已批准將股息提高 7.1%，目前年化每股股息為 0.90 美元。股息仍然是我們資本配置計劃的關鍵組成部分，憑藉我們盈利的強勁增長，我們得以持續提高股息，同時降低整體派息率，並確保我們擁有非常強勁的資產負債表以進行併購。戈爾德，那我就把電話交還給你了。

Great. Thanks, Vito. At the end of 2024, our backlog reached a new record of $7.8 billion. This is truly remarkable and really highlight the demand for our services as backlog in Q4 is generally lower given seasonality. This represents a 24.1% increase from December 2023, driven by 9.7% acquisition and 8.5% organic growth.

偉大的。謝謝你，維托。截至 2024 年底，我們的積壓訂單達到創紀錄的 78 億美元。這確實令人矚目，也充分凸顯了市場對我們服務的需求，因為考慮到季節性因素，第四季的積壓訂單通常較少。與 2023 年 12 月相比，成長了 24.1%，其中收購成長 9.7%，內生成長 8.5%。

Organic backlog growth was primarily achieved in our Canadian and US operations with Water realizing an impressive 24% organic growth in backlog. Organic growth in Global's backlog was relatively flat, but this is primarily due to timing. In New Zealand, we experienced a high project burn rate on some major water projects, and we've yet to convert new contracts into backlog.

有機訂單成長主要來自我們的加拿大和美國業務，其中水務業務的有機訂單成長高達 24%。全球業務的訂單積壓有機成長相對平緩，但這主要是由於時機因素造成的。在新西蘭，我們的一些大型水利工程資金消耗速度很快，而且我們還沒有將新合約轉化為積壓訂單。

And similarly, while some AMP8 contracts are currently in backlog, there are many more yet to come as AMP8 officially doesn't start until April of this year. Our backlog represents approximately 13 months of work and underscores the sustained demand for our services to support our clients' most pressing challenges.

同樣地，雖然目前有一些 AMP8 合約處於積壓狀態，但還有更多合約即將到來，因為 AMP8 要到今年 4 月才正式開始。我們積壓的工作量大約相當於 13 個月的工作量，凸顯了我們服務在支援客戶應對最迫切挑戰方面的持續需求。

Turning to some of the major projects we were recently awarded. In the fourth quarter, we were appointed to Thames Water's GBP 400 million Asset, Capital and Engineering Framework for AMP8. Stantec will provide asset strategy, engineering design, environmental and program and project management support across the entire life cycle. In December, Ofwat announced that GBP 104 billion has been approved for the overall AMP8 program, of which we've won over 20 different frameworks, significantly enhancing our leading water position in the UK

接下來談談我們最近獲得的一些重大項目。第四季度，我們被任命為泰晤士水務公司 AMP8 的 4 億英鎊資產、資本和工程框架承包商。Stantec 將在整個生命週期中提供資產策略、工程設計、環境以及專案管理支援。去年12月，英國水務監管局（Ofwat）宣布，已批准總額達1040億英鎊的AMP8項目資金，我們已贏得其中20多個不同的框架協議，這顯著提升了我們在英國水務領域的領先地位。

And I'd like to highlight that AMP8 is approximately 75% larger than AMP7. Stantec has been selected by The University of Texas at Dallas to provide design, planning and programming for a new multi-story, multi-building student housing project. Integrated services will include architecture, building, engineering, landscape architecture and the selection of furniture, fixtures and equipment. This new project will bring 1,000 new beds in apartment-style units to the university. And with the vast need for student housing across the US and Canada, we expect this to be another area of rapid growth for our Buildings business.

我想強調的是，AMP8 比 AMP7 大約大 75%。史坦泰克公司已被德州大學達拉斯分校選中，為其新建的多層多棟學生公寓專案提供設計、規劃和方案設計。綜合服務將包括建築設計、施工、工程、景觀設計以及家具、固定裝置和設備的選擇。這個新計畫將為大學帶來1000張公寓式的新床位。由於美國和加拿大對學生住房的需求龐大，我們預計這將成為我們建築業務的另一個快速成長領域。

And finally, with our specialty and advanced manufacturing, we were selected to provide design and engineering services for Silicon Box' new EUR 3.2 billion semiconductor assembly and test facility in Northern Italy. Silicon Box is an advanced semiconductor integration service provider, and this project marks its first global expansion outside of Singapore. The facility is scheduled to begin operations in 2028 and is expected to create approximately 1,600 jobs in the Novara, Piedmont region.

最後，憑藉我們的專業技術和先進的製造工藝，我們被選中為 Silicon Box 在義大利北部新建的價值 32 億歐元的半導體組裝和測試工廠提供設計和工程服務。Silicon Box 是一家先進的半導體整合服務提供商，該項目標誌著該公司首次向新加坡以外的地區進行全球擴張。該設施計劃於 2028 年開始運營，預計將在諾瓦拉和皮埃蒙特地區創造約 1600 個就業機會。

Our strong diversification across multiple geographies, sectors and subsectors positions us well for another very strong year. As we look forward to 2025, with our strong focus on operational excellence, we anticipate another great year of margin expansion and earnings growth. We expect organic net revenue growth to be in the mid- to high single digits in each of our geographies.

我們在多個地區、行業和子行業擁有強大的多元化優勢，這使我們能夠在新的一年中取得非常好的業績。展望 2025 年，我們將繼續專注於卓越運營，預計利潤率和獲利成長將再創佳績。我們預計各地區的有機淨收入成長將達到中高個位數。

While there have been a number of recent developments, the new US administration has been clear that they are committed to driving economic growth. The work that we do today for the US federal government is roughly 5% of our overall net revenues and is spread amongst various federal departments. This work is almost entirely in support of US

儘管最近出現了一些變化，但美國新政府已明確表示，他們致力於推動經濟成長。我們目前為美國聯邦政府所做的工作約占我們總淨收入的 5%，並且分散在各個聯邦部門。這項工作幾乎完全是為了支持美國

infrastructure, and this work continues today. We have very limited exposure to USAID. While there may be some minor disruptions to projects to ensure funding is directed to the new administration's priorities, we have not seen any material impact to our projects to date.

基礎設施建設，這項工作至今仍在繼續。我們與美國國際開發署的接觸非常有限。雖然為了確保資金用於新政府的優先事項，一些項目可能會受到輕微幹擾，但到目前為止，我們還沒有看到我們的項目受到任何實質影響。

To drive economic growth, we believe addressing macro factors of aging infrastructure, water infrastructure, data centers and energy infrastructure will all still be needed, and Stantec is very well positioned to help drive this growth. The potential of more streamlined regulatory processes may, in fact, help drive faster approvals and ultimately be a net benefit to Stantec. We strongly believe that there will continue to be significant new opportunities in the US as we move forward.

我們認為，要推動經濟成長，仍需解決基礎設施老化、水利基礎設施、資料中心和能源基礎設施等宏觀因素，而 Stantec 在這方面具有得天獨厚的優勢，能夠幫助推動這一成長。更精簡的監管流程實際上可能有助於加快批准速度，並最終為 Stantec 帶來淨收益。我們堅信，隨著我們不斷向前發展，美國將繼續湧現許多重要的新機會。

Turning to Canada, our strong momentum is reflected in our backlog. We expect growth to be driven by continued activity in Water, particularly in water -- waste water treatment plants and in buildings through significant activity in health care, civic and data centers and Energy & Resources, which has started to see the ramp-up of new projects.

再來看加拿大市場，我們強勁的發展動能體現在我們的積壓訂單上。我們預計成長將受到水務領域（特別是污水處理廠和建築領域）持續活動的推動，這主要得益於醫療保健、市政和資料中心領域的重大活動；此外，能源與資源領域也開始出現新專案的加速推進。

In Global, we expect the continued high levels of activity in Water under the AMP8 program and other Water frameworks in Australia and New Zealand to drive growth. Buildings also continues to see heightened levels of activity globally, as do our Environmental Services and Energy & Resources teams.

在全球範圍內，我們預計澳洲和紐西蘭在 AMP8 計畫和其他水務框架下持續高水準的水務活動將推動成長。在全球範圍內，建築業務以及我們的環境服務和能源與資源團隊的業務活動水準持續提高。

With that, we have put forward the following guidance for the year. We expect to achieve net revenue growth of 7% to 10%. EBITDA margin for the year is expected to be in the range of 16.7% to 17.3%, which reflects our continued confidence in solid project execution and operational performance. And finally, we expect adjusted EPS growth for 2025 to be in the range of 16% to 19%, once again, above our net revenue growth. These targets do not include any potential future acquisition.

基於上述考慮，我們提出了以下年度指導方針。我們預計淨收入成長將達到7%至10%。預計本年度 EBITDA 利潤率將在 16.7% 至 17.3% 之間，這反映了我們對穩健的專案執行和營運績效的持續信心。最後，我們預計 2025 年調整後每股盈餘成長率將在 16% 至 19% 之間，再次高於我們的淨收入成長率。這些目標不包含任何潛在的未來收購。

I would note that our M&A pipeline remains very full with a lot of opportunities in front of us. We're seeing a number of opportunities in the US, which continues to consolidate, and also globally. As Vito mentioned, our balance sheet is very strong right now, so we'll be able to move quickly when we land on the right opportunity.

我想指出的是，我們的併購專案儲備仍然非常充足，我們面前有很多機會。我們看到美國（持續整合中）以及全球範圍內都存在許多機會。正如維託所說，我們目前的資產負債表非常強勁，所以一旦遇到適當的機遇，我們就能迅速行動。

2024 was a very strong year for Stantec and has put us on track to deliver on our strategic plan. In 2025, we expect another year of exceptional performance as we continue to drive organic growth and our robust M&A program. And with that, I'll turn the call back to the operator for questions. Operator.

2024 年對 Stantec 來說是業績非常強勁的一年，使我們走上了實現策略計畫的道路。2025年，我們預計在繼續推動內生成長和強有力的併購計畫的前提下，業績將再創佳績。好了，接下來我會把電話轉回接線生，回答大家的問題。操作員。

(Operator Instructions) Sabahat Khan, RBC.

（操作員說明）Sabahat Khan，RBC。

Great. Just for the first question, there are a lot of moving pieces in the operating backdrop. You provided a bit of color on sort of your outlook. But maybe if you can just dig into what are some of the things you're seeing in the demand environment, the conversations you're having that give you confidence in kind of the total revenue growth that you laid out here for 2025.

偉大的。僅就第一個問題而言，營運背景中有很多變數。你對自己的觀點做了一些補充說明。但也許如果你能深入研究你在需求環境中看到的一些情況，以及你正在進行的對話，這些對話讓你對你在這裡列出的 2025 年總收入成長充滿信心。

Sure. Thanks, great question. Some of the things we look at is just straight to the backlog and that very, very strong organic backlog growth over the year, some of the main areas where we see there. Firstly, our Buildings business continues to be very strong. We saw organic growth ramping up in the Buildings business, hitting almost 18% here in Q4. And we see a lot of really strong opportunities in the Buildings business going forward.

當然。謝謝，問得好。我們關注的一些方面直接指向積壓訂單，以及過去一年中非常強勁的自然成長，這是我們關注的一些主要領域。首先，我們的樓宇業務依然非常強勁。我們看到建築業務的有機成長加速，第四季成長近 18%。我們看到建築業未來有很多非常好的發展機會。

But when you look at Water, which has been extremely strong for us over the years, 20% organic growth in 2023, another 14% organic growth here in '24 and a 24% backlog increase organically going in Canada and the US going into 2025. That certainly drives us with a -- leaves us with a very, very high degree of confidence. And then we mentioned in the UK where we've talked before that we have the leading Water franchise there moving into AMP8 with a 75% increase in the capital program there, and a lot of that work isn't yet in backlog.

但看看水務業務，多年來它一直是我們非常強勁的業務，2023 年實現了 20% 的有機增長，2024 年又實現了 14% 的有機增長，到 2025 年，加拿大和美國的積壓訂單將實現 24% 的有機增長。這無疑給了我們極大的信心。然後我們提到，在英國，我們之前也談過，我們在那裡的領先水務特許經營權即將進入 AMP8，資本計劃將增加 75%，而且其中許多工作還沒有積壓。

So our Infrastructure business with transportation, very, very strong around the world. Also, we're seeing continued engagement, continued project pursuits in the pipeline in the US. So whether -- it's really all of our different business lines in various geographies are feeling really strong. There's always going to be little pockets of weakness here or there. But overall, from the overall company, we still feel very strong about going forward.

因此，我們在交通運輸領域的基礎設施業務在全球範圍內都非常非常強大。此外，我們看到在美國，我們持續參與並推進多個專案。所以，無論——我們各個地區的不同業務線是否都感覺非常強勁。總是會有一些小小的薄弱環節。但整體而言，從公司整體來看，我們仍然對未來的發展充滿信心。

And Gord, just maybe if I can chime in on that. The last piece you mentioned, I think, is really important, not only the backlog but also the proposal activity. We're really seeing continued strong proposal activity right up to sort of the current times, and that's a strong reflection of demand environment continuing to be quite robust.

戈德，或許我可以插幾句嘴。我認為你提到的最後一點非常重要，不僅是待辦事項清單，還有提案活動。我們看到，直到目前為止，提案活動依然十分活躍，這有力地反映了市場需求環境依然十分強勁。

Okay, great. And then similarly, on the margin guidance, it looks like 16.7% to kind of 17.3% guidance range on the EBITDA line. The lower end seems to be in line with what you reported for full year '24. Maybe if you can just share some assumptions around what moving parts would get you to the low end of the margin guide versus getting something closer to that 17.3% range.

好的，太好了。同樣地，在利潤率指引方面，EBITDA 指引範圍似乎在 16.7% 到 17.3% 之間。下限似乎與您報告的 2024 年全年數據一致。或許您可以分享一些關於哪些因素會導致利潤率達到指導方針的下限，而不是接近 17.3% 範圍的假設。

Yes. We feel really the progress we've made, Sabahat, on EBITDA margin and continued obviously incredible focus for us. It's really about the quality of the work that we're doing and converting it, obviously, to cash. So I'd say probably the biggest driver in the 16.7% to 17.3% is really project margin. And with respect to project margin, then you're into mix elements. I mean, we're very pleased with the project margins across our entire businesses. But Global skews a little lower than North America and whatnot.

是的。Sabahat，我們真切地感受到了我們在 EBITDA 利潤率方面取得的進步，而且我們顯然一直非常專注。關鍵在於我們所做工作的質量，以及最終能否將其轉化為現金。所以我認為，16.7% 到 17.3% 的最大驅動因素可能是專案利潤率。至於專案利潤率，那就牽涉到混合元素了。我的意思是，我們對所有業務項目的利潤率都非常滿意。但全球數據略低於北美等地區。

So to the extent that mix is probably going to be the biggest driver of that from where we'll be in the range side of things. But continued focus, obviously, on operational leverage, use of our high-value centers, utilization, the use of technology and driving productivity, all those continue to be very important levers for us as we move forward here. And obviously, our 2026 guidance was 17% to 18%, and this is a nice step into that range.

因此，從產品範圍的角度來看，這種組合很可能是最大的驅動因素。但顯然，我們將繼續專注於營運槓桿、利用我們的高價值中心、提高利用率、運用技術以及提高生產力，所有這些仍然是我們前進道路上非常重要的槓桿。顯然，我們 2026 年的預期是 17% 到 18%，而這朝著這個目標邁出了不錯的一步。

Okay. And then maybe the last one, you highlighted the balance sheet is in good shape and provided a little bit of color on your M&A outlook. Maybe a two-part question there, one, can you maybe just talk about the mix of opportunities within that pipeline across large opportunities to something more small or medium sized?

好的。最後，您強調了資產負債表狀況良好，並對併購前景進行了一些展望。這裡的問題可能包含兩部分，第一，您能否談談該管道中各種機會的組合，從大型機會到中小型機會？

And then secondly, has that operating backdrop and some of the noise in the macro environment changed the target's willingness to transact or the multiples at all? And I'll leave it at that.

其次，這種營運背景和宏觀環境中的一些噪音是否改變了目標公司的交易意願或交易倍數？我就說到這裡吧。

Sure. I'll start with the first part. And Sabahat, we -- in terms of the firms that we're looking at now, our sweet spot has always kind of been in that midsized, 1,000, 2,000-person company. There's still lots of opportunity there. And you heard Vito mentioned, too, balance sheet very, very strong.

當然。我先從第一部分開始。薩巴哈特，就我們目前關注的公司而言，我們最喜歡的一直是擁有 1000 到 2000 名員工的中型公司。那裡仍然有很多機會。你也聽到了維託的名字，他的資產負債表非常非常強勁。

There are some other -- there are some larger ones that we see coming to market in the next 6, 12, 18 months, and we'll absolutely have -- take a good look at those. But from globally, whether it's in -- primarily in the US and other countries globally, lots of opportunity in that, that 1,000, 2,000-person company that we're very, very comfortable with.

還有一些其他的——一些更大的產品，我們預計在未來 6、12、18 個月內會上市，我們一定會好好研究這些產品。但從全球範圍來看，無論是在美國還是其他國家，都有很多機會，我們非常非常樂意加入一家擁有 1000 到 2000 名員工的公司。

Yes. And Sabahat, in respect to the second part, it might be too early at this point. But we are not seeing a discernible sort of change in the environment, both whether it's from a multiple perspective or whether it's from a funnel perspective related to the macro drop.

是的。至於第二部分，Sabahat，現在可能還為時過早。但無論是從多角度來看，或是從與宏觀下跌相關的漏斗角度來看，我們都沒有看到環境有明顯的變化。

But it's interesting to think a little bit about that one. And you can probably land on both sides of that as far as either making it more ripe or maybe slowing it down a little bit. But at this point, we're not seeing anything. Based on the quantum of our funnel and our opportunities and whatnot, we don't anticipate any challenges in continuing our M&A pursuits as we historically have.

但仔細想想這個問題也挺有趣的。而且，你或許可以採取兩種極端做法，既可以讓它更成熟，也可以讓它慢一點。但目前為止，我們什麼也沒看到。根據我們目前的併購管道規模、機會等等因素，我們預期在繼續進行以往的併購活動方面不會遇到任何挑戰。

Krista Friesen, CIBC.

克麗斯塔‧弗里森，加拿大帝國商業銀行。

Hi, thanks for taking my question. Congrats on the quarter. I was just wondering if you can speak to a little bit more detail around Energy & Resources. Obviously, a stronger quarter in Q4 than we've seen earlier in the year. If you can speak to that and then maybe also how we should think about 2025.

您好，感謝您回答我的問題。恭喜你本季取得佳績。我只是想請您更詳細地談談能源與資源的問題。顯然，第四季業績比今年稍早的業績要好。如果您能談談這方面，以及我們應該如何看待2025年，那就太好了。

Yes. And so Energy & Resources, as we -- through the first part of the year, we have seen that organic retraction in Energy & Resources in part because of really high comps as we were finishing up projects in Q1, Q2 of last year. And so now we've returned to where we think is more sort of that middle ground on Energy & Resources. We've seen backlog in that group increased 14% year over year, which speaks to good opportunities for us going forward.

是的。因此，能源與資源領域，正如我們在今年上半年所看到的，能源與資源領域的自然收縮部分原因是去年第一季和第二季度我們完成專案時，同業比較基數非常高。所以現在我們又回到了我們認為在能源和資源方面更接近中間立場的地方。我們看到該群體的積壓訂單年增了 14%，這預示著我們未來將迎來良好的發展機會。

So we -- what we're seeing there is a lot of that growth is coming in Canada and the US. And so a lot of it kind of split evenly between power and mining, some copper projects we've seen coming in Arizona. We've seen some opportunities for feasibility, trade-off studies for mine and metallurgical site closures. In Chile, our teams won a number of very, very strong projects down there for permit management and engineer of record and so on. So we're seeing mining coming back but also power being very, very strong. So we do forecast that E&R will return to positive organic growth for the remainder of 2025.

所以我們看到，很多成長都來自加拿大和美國。因此，許多資金大致平均分配給了電力和採礦業，我們在亞利桑那州看到了一些銅礦項目。我們看到了一些礦山和冶金廠關閉的可行性研究和權衡研究的機會。在智利，我們的團隊贏得了許多非常非常重要的項目，包括許可證管理和註冊工程師等。所以我們看到採礦業正在復甦，而且電力產業也非常非常強勁。因此，我們預測 E&R 在 2025 年剩餘時間內將恢復正的內生成長。

Thanks, I'll jump back in the queue.

謝謝，我會重新排隊。

Chris Murray, ATB Capital Markets.

Chris Murray，ATB Capital Markets。

Just a couple of questions about maybe the EPS guidance, just trying to maybe square this a little bit. I was just wondering if there's anything in there that would be kind of unusual. A couple of things we noticed was that the intangible amortization stepped down quite hard in Q4. So just wondering about things like that and if there's any implication or thoughts around some stock buyback around there, just taking share counts down.

關於每股盈餘預期，我還有幾個問題想問一下，希望能弄清楚其中的一些問題。我只是想知道裡面有沒有什麼比較特別的東西。我們注意到兩件事，其中之一是無形資產攤銷在第四季大幅下降。所以我就想問這類事情，以及是否有任何關於股票回購的想法或暗示，例如減少股票數量之類的。

Chris, it's Vito. Thanks for the question. No. I mean at the end of the day, the EPS guidance is driven by the strong fundamentals of the business. So that's back to net revenue, obviously, project -- strong project margin and EBITDA margin expansion.

克里斯，我是維托。謝謝你的提問。不。我的意思是，歸根結底，每股收益預期是由公司強勁的基本面驅動的。所以，很明顯，最終還是要回到淨收入上來，專案——強勁的專案利潤率和 EBITDA 利潤率擴張。

So that's essentially the most significant component of that. There are no modeling around any, obviously, acquisitions or additional stock buybacks in that at all. A little bit of modeling there with respect to, obviously, a lowering interest rate environment vis-a-vis 2024 and our lower debt level. So we've got some interest benefit -- interest expense benefit reflected in the guidance. But really, it's driven by strong operating fundamentals.

所以這基本上就是其中最重要的部分。顯然，其中完全沒有涉及任何收購或額外的股票回購。這裡稍微做了一些建模，顯然是考慮到 2024 年利率環境下降以及我們較低的債務水準。因此，我們在績效指引中反映了一些利息收益－利息支出收益。但實際上，這主要得益於強勁的營運基本面。

Okay, that's helpful. Thanks, I'll leave it there.

好的，這很有幫助。謝謝，我就說到這裡吧。

Frederic Bastien, Raymond James.

Frederic Bastien，Raymond James。

Good afternoon, guys. We saw organic growth reaccelerate quite nicely in the US. And I know you highlighted the Water and Buildings segment as areas of strength. But I was wondering if you could unpack this a bit more for us, if there's any particular projects or specific end markets that you saw a lot of strength in.

下午好，各位。我們看到美國有機成長勢頭良好地再次加速。我知道您曾強調水務和建築領域是您的優勢領域。但我很想知道您能否再詳細解釋一下，您認為有哪些具體的項目或特定的終端市場表現非常強勁？

Pretty broad based actually in the US. We felt pretty good about it specifically in the quarter. In fact, in Q4, I think virtually all of our business lines in the US had organic growth, leading up to that strong just over 10%.

實際上，這種現像在美國相當普遍。我們對本季的表現感覺相當不錯。事實上，我認為在第四季度，我們在美國幾乎所有業務線都實現了內生成長，最終實現了超過 10% 的強勁成長。

Every single one of them did. And many of them were double digits, Frederic, yes.

他們每個人都做到了。弗雷德里克，是的，其中很多都是兩位數。

Yes. And so we saw double-digit growth in Water and Buildings, in our E&R business that are very strong in community development in terms of land development. So really pretty broad based, Frederic. But we also like to see that the backlog continued to grow year over year in the US, which is setting us up really well, I think, for a strong 2025.

是的。因此，我們在水務和建築業務以及我們在土地開發方面的社區發展業務中都實現了兩位數的成長。所以，弗雷德里克，你的基礎確實相當廣泛。但我們也很高興看到美國積壓訂單逐年成長，我認為這為我們2025年的強勁發展奠定了良好的基礎。

Okay. Just turning back to -- some questions were asked about the pipeline for M&A and that stuff. You highlighted some regions where you were focusing on and sort of the -- I guess the size of the acquisition will obviously depend, and you'll be opportunistic on that. But any specific disciplines where you'd like to become a little stronger, just add diversity to your offering?

好的。回到正題——有人問了一些關於併購通路等方面的問題。您重點介紹了一些您關注的地區，而且——我想收購的規模顯然取決於此，您會抓住機會。但有沒有哪些特定領域你想加強一些，或是想豐富一下你的服務內容？

We're not looking at this point into getting into any new lines of business. We see an incredible runway in our current 5 business operating units to just continue to grow those. And so I think as we look at it, we're looking at opportunities really in all of them, not prioritizing any more than others and just really having a look at the set that comes along those that we're pursuing. So no, I wouldn't say any particular areas of focus for us right now. We have a lot of opportunities in really all of our business operating units.

我們目前不打算涉足任何新的業務領域。我們看到，我們目前的5個業務營運部門擁有龐大的發展空間，可以持續維持成長。所以我覺得，當我們審視這一切時，我們實際上是在審視所有這些機會，並沒有優先考慮哪些機會，只是認真審視我們正在追求的那些機會所帶來的所有可能性。所以，不，我現在不會說我們有任何特別關注的領域。我們所有業務營運部門都有很多機會。

Okay, that's helpful. One last for me, if I may. The -- you guide for a lower tax rate. What is behind that? And wondering if there's anything that we can read through into 2026. That can be sustained into 2026? Or should we expect the tax rate to get back to a slightly higher level?

好的，這很有幫助。如果可以的話，我最後再補充一點。這是降低稅率的指南。這背後究竟隱藏著什麼？並想知道我們能否從中解讀出一些可以延續到 2026 年的趨勢。這種情況能持續到2026年嗎？或者我們應該預期稅率會回升到略高的水平？

Yes. I think the tax rate is essentially the same. It's no material change. 22.5% is our effective tax rate that we're guiding to. And so no substantive changes in overall tax distributions, if you will, and/or planning 22.5%.

是的。我認為稅率基本上相同。這並無實質變化。我們預計實際稅率仍為22.5%。因此，整體稅收分配和/或規劃方面不會發生實質變化，22.5%。

Thank you.

謝謝。

Yuri Lynk, Canaccord Genuity.

Yuri Lynk，Canaccord Genuity。

Hey, there. Good evening or good afternoon, guys.

嘿。各位晚上好/下午好。

Hi, Yuri.

你好，尤里。

Wanted to dig in a little bit on AMP8. Trying to put into context that program being 75% larger than AMP7. Can you give us a flavor for AMP7's overall contribution to your Water business and if program spending is up 75% and if you've got the same market share or less or more? I don't know what the case is, but like are you up 75%, too? Like how do we think about this?

想稍微深入了解一下 AMP8。試圖理解這個程式比 AMP7 大 75% 的背景。能否簡單介紹一下 AMP7 對貴公司水務業務的整體貢獻？如果專案支出增加了 75%，貴公司的市佔率是維持不變、下降還是上升？我不知道具體情況，但你那邊也漲了75%嗎？我們該如何看待這個問題？

Yes. So as we look at overall, the AMP7 overall spend, the capital spend was in and around GBP 59 billion. And the budget for the spend for AMP8 is about GBP 104 billion. So that's where that 75% increase comes from. What's particularly interesting in that, Yuri, is that some of the water companies have actually launched appeals of the amount that they could spend in AMP8 because they're saying, with that spend that I've been given, I won't be able to meet the improvements in levels of service that you're asking me to do.

是的。因此，從整體來看，AMP7 的總支出中，資本支出約為 590 億英鎊。AMP8 的預算支出約為 1,040 億英鎊。這就是75%成長的由來。尤里，特別有趣的是，一些自來水公司實際上已經對他們在 AMP8 中可以花費的金額提出了上訴，因為他們說，以我得到的這些資金，我無法達到你們要求的服務水平提升標準。

So there's no guarantee whatsoever that it will increase above what it's currently there. But certainly, I believe there's 5 of the water companies now that have launched appeals to actually get a larger capital spend in AMP8. So there's even additional upside to that.

所以完全無法保證它會比現在的價格更高。但我相信，目前至少有 5 家水務公司已經發起申訴，希望在第 8 個 AMP 期間獲得更大的資本支出。所以這樣做還有額外的好處。

And so when you think about our overall spend or the potential benefit to Stantec, it's not a 1:1 increase with the increase in the capital spend, but it's often not far off from that. And so knowing that this was coming, we began even last year to take some additional real estate in some locations in the UK.

因此，當你考慮到我們的整體支出或 Stantec 的潛在收益時，它與資本支出的增加並非 1:1 的成長，但通常也相差不遠。因此，我們知道這種情況即將發生，早在去年就開始在英國的一些地方購買一些額外的房地產。

We've ramped up hiring both in the UK and in our Pune delivery center so that we would be available and ready to take on these new assignments as they come. So great opportunities for us there and in addition to the strength of the Water business in North America that we talked about as well.

我們已加強在英國和浦那交付中心的招募力度，以便隨時準備迎接這些新的任務。所以，那裡對我們來說是絕佳的機會，此外，正如我們之前提到的，北美水務業務的實力也很強。

The UK is obviously -- is our single largest revenue contributor in the Global side of the business. We don't give specific country numbers, but the UK is -- and we saw really impressive both organic and acquisition growth through that region, that country last year. AMP7 obviously contributed strongly to that, and we expect that to continue moving forward.

英國顯然是我們全球業務中最大的單一收入來源。我們不提供具體國家的數據，但英國是——去年，我們看到該地區、該國的有機成長和收購成長都非常顯著。AMP7 顯然對此做出了巨大貢獻，我們預計這種情況將持續下去。

AMP8 kicks in, in --

AMP8 開始工作，--

April.

四月。

April.

四月。

April 2025. Although we have already started work on some app programs, we were awarded some projects back in '24 on the strategic advisory sort of consultative process in order to start already planning in advance what the capital programs might be and kind of get a jump on it. So we hit the ground running here in April '25.

2025年4月。雖然我們已經開始開發一些應用程序，但早在 2024 年，我們就獲得了一些策略諮詢項目，以便提前規劃資本項目，搶佔先機。所以我們在 2025 年 4 月就迅速投入工作。

Okay. Last one for me, just your CapEx was only $3 million in the quarter, abnormally low. Anything to call out there? And any -- how do we think about that number going forward?

好的。最後一點，貴公司本季的資本支出只有 300 萬美元，異常低。有什麼要說的嗎？那麼，我們接下來該如何看待這個數字呢？

No, I think you could -- that's just timing more than anything else. We probably had some stuff that didn't quite qualify as capital and ended up on the balance sheet and sort of prepaid related stuff, but that would be more IT-related items as you think about just normal accounting classifications. But nothing unusual at all.

不，我覺得可以──這主要只是時機問題。我們可能有一些不符合資本定義的東西最終出現在了資產負債表上，還有一些預付費相關的東西，但如果你按照正常的會計分類來考慮，這些就更像是 IT 相關項目了。但一切正常。

And we don't guide to, obviously, CapEx on an annual -- well, we do, actually. We include the number. And so you see what we're guiding to. I'd expect next year to be a very similar year from a pattern perspective with resulting strong free cash flow generation.

顯然，我們不會按年度指導資本支出——好吧，實際上我們會。我們把數字也算進去了。所以你看，我們引導的方向是什麼。從模式上看，我預計明年將與今年非常相似，從而產生強勁的自由現金流。

Michael Tupholme, TD Cowen.

Michael Tupholme，TD Cowen。

When we look at the guidance ranges you provided and thinking specifically about organic growth, are the sorts of factors that could lead you to the high end versus the low end of that range, are those factors materially different in the current environment as you develop the guidance or would they be consistent, generally speaking, with the way you've thought about things in the past?

當我們審視您提供的指導範圍，特別是考慮到有機增長時，在當前環境下，哪些因素可能導致您得出該範圍的高端與低端，這些因素在您制定指導方針時是否與以往有所不同，或者總體而言，它們是否與您過去的想法一致？

I think they're pretty consistent, really. There is so much volatility in the world these days, and no one really knows how things may shake out. But that's the beauty of our diversification model, that we feel that if one country or one line of business gets a little bit stronger, a little bit weaker, overall, we feel really good about the guidance. It's generally consistent from what we've been thinking about.

我覺得他們其實挺一致的。如今世界局勢動盪不安，沒有人真正知道最終結果會如何。但這就是我們多元化模式的妙處，我們認為，即使一個國家或一條業務線稍微強勢或減弱，總體而言，我們對業績指引仍然非常有信心。這與我們一直以來的思考基本一致。

I agree.

我同意。

Okay. That's helpful. Second question is just about the Global region. So it does sound like you remain upbeat about organic growth for Global. I think you're talking about a similar level of mid- to high single digit to what you're expecting in the other regions.

好的。那很有幫助。第二個問題僅涉及全球區域。聽起來你對Global的有機成長依然保持樂觀。我認為你指的是與其他地區預期類似的個位數中高水準。

But if we look at the backlog, it was sort of flattish on a year-over-year basis. I know you did talk about some of the awards that you think will begin to contribute. Should we expect the cadence of the growth we would see back in Global, should that kick in right at the beginning of the year or is there sort of a building of growth as we move through the year for modeling purposes?

但從積壓訂單量來看，年比變化不大。我知道你確實談到了一些你認為會開始發揮作用的獎項。我們是否應該期待全球經濟恢復到先前的成長節奏？這種成長節奏是否會在年初就立即啟動，還是會隨著時間的推移而逐漸增強？ （出於建模的目的）

I think you should -- you can expect a little bit of a build as we work our way through AMP8. I mean Gord's already referenced, obviously, that some of that activity has started. But the UK will drive the -- we see some real strong performances across our Global business, but you should expect to see some increases in backlog as we make our way through 2025 related to the Global operations.

我認為你應該——隨著我們逐步完成 AMP8，你可以期待一些進步。我的意思是，戈德顯然已經提到過，其中一些活動已經開始了。但英國將成為推動力——我們看到全球業務取得了一些非常強勁的業績，但隨著我們邁入 2025 年，與全球營運相關的積壓訂單預計會有所增加。

Right. And then just in terms of the organic growth though, similar cadence like it would start a little slower, but you'd expect that to pick up and land you in that mid- to high single as you get to the end of the year? Or is it -- is that strength observed throughout the year?

正確的。而就自然增長而言，節奏也類似，開始時速度可能會慢一些，但預計到年底時會加速增長，達到年中到年末的水平？或者說——這種優勢是全年都存在的嗎？

Yes, I think that's right. As AMP8 sort of ramps, probably back half loaded, I would say, from a calendar year perspective.

是的，我覺得沒錯。從日曆年的角度來看，AMP8 的發展動能可能會減弱一半。

Got it. And then just lastly, I think Chris touched on this, but I'm not sure -- I'm not sure I got the full answer here. Just in terms of amortization of intangibles, it did come down in the fourth quarter relative to what we've seen in prior quarters throughout 2024. If we assume no further acquisitions, what does that look like on a quarterly basis as we move through 2025?

知道了。最後，我想克里斯也提到了這一點，但我不太確定——我不確定我是否得到了完整的答案。僅就無形資產攤銷而言，第四季確實比 2024 年之前幾季的水平有所下降。如果我們假設不再進行任何收購，那麼到 2025 年，按季度來看，情況會是怎樣的？

I probably can take that one off-line with you guys and get you a more defined range. I don't have it at my fingertips here, but happy to obviously provide that.

我或許可以私下和你們討論一下，給你們一個更明確的範圍。我手邊沒有相關資料，但我很樂意提供。

Benoit Poirier, Desjardins.

貝努瓦·波瓦里耶，德斯雅爾丹。

Yeah, good afternoon everyone. Congrats for the very solid quarter. Just with respect to the California fires, we've been getting some inbound calls from clients on that. And given your dominant position in the water space, we were wondering if you have seen any incremental customer inbounds following the fires.

是的，大家下午好。恭喜你們本季業績非常出色。就加州火災而言，我們已經接到一些客戶打來的諮詢電話。鑑於您在水務領域的統治地位，我們想知道火災發生後，您是否看到任何新增客戶。

Yes, absolutely, Benoit. And more than just in the water space. This is where we -- our environmental people are in early. There's -- and the -- we've had a number of clients reach out to us for everything from response plans, recovery plans. There will be -- a lot of work will be required, and things -- even things like characterizing the ash in terms of toxicity, how do you remove it, where do you remove it to.

是的，當然，貝努瓦。而且不僅限於水域。這就是我們——我們這些環保人士——早期介入的地方。我們已經收到很多客戶的諮詢，他們詢問的話題包括應對方案、恢復方案等等。將會有許多工作要做，甚至還有一些事情——例如對灰燼的毒性進行表徵，如何去除它，把它送到哪裡去。

So we do expect an uptick of work required there. And what's positive in terms of the -- how quickly we can respond is we do have master services agreements in place with a number of the utilities and public sector agencies in California. So we can respond to their requests very quickly rather than waiting for a request for proposal process to go through.

因此，我們預計那裡的工作量將會增加。就我們能夠快速回應而言，積極的一面是，我們與加州的許多公用事業公司和公共部門機構簽訂了主服務協議。這樣我們就可以快速回應他們的請求，而無需等待完整的招標流程。

Okay. And just with respect to the overall tariff, obviously, there's a lot of question on the USA. federal work. But you provided a lot of granularity, and I'm just wondering whether we should be thinking that it could even turn to be out a net positive for Stantec as some clients may look to relocate to the US And on top of that, you also have the FX tailwind. So I'm just wondering if we should be thinking about being a net positive rather than a potential negative with respect to the overall tariff situation.

好的。至於整體關稅問題，顯然，美國聯邦政府在這方面有許多疑問。但您提供了非常詳細的信息，我只是在想，我們是否應該認為這甚至可能對 Stantec 產生淨收益，因為一些客戶可能會考慮遷往美國。此外，還有外匯市場的利多因素。所以我想知道，就整體關稅狀況而言，我們是否應該考慮產生淨正效益，而不是潛在的負面影響。

Yes. We're certainly not looking to benefit from any tariffs that might come into play. But I think from your perspective there, it's very similar to how we're seeing things. We have been talking for a couple of quarters that we have been getting some inbounds from clients that may be looking to move, relocate manufacturing capacity into the United States. So those are the sorts of things that we absolutely are having a look at.

是的。我們當然不希望從任何可能生效的關稅中獲利。但我認為從你們的角度來看，這和我們看待事物的方式非常相似。過去幾季我們一直在討論，有些客戶可能正在考慮將生產能力轉移到美國。所以這些都是我們認真研究的問題。

Okay. And maybe just for Vito, could you provide maybe more color about the free cash flow for 2025? Are there some moving parts with respect to either free cash flow conversion, DSOs? And maybe if you could provide right now, given you were talking about Pune, if you could provide the current head count in your global technology center, that would be great.

好的。或許可以專門為 Vito 提供一些關於 2025 年自由現金流的詳細資訊？自由現金流轉換率和應收帳款週轉天數（DSO）方面是否存在一些變動因素？鑑於您剛才提到了浦那，如果您能提供您全球技術中心目前的員工人數，那就太好了。

In Pune, where we are now, Gord, we're --

戈爾德，我們現在在浦那，我們--

1,200, 1,300.

1200，1300。

That's where we're at, in Pune. And that's a combination of, obviously, service delivery folks on the front end of our business and support -- admin support, if you will, our corporate services support. Really pleased with the continued penetration there, the continued growth. These are just amazing people doing amazing work for us across our entire network. And we expect that number to continue to grow, obviously, as we move forward here. And it's a key pillar of our EBITDA margin expansion, of course.

我們現在就在浦那。這顯然包括我們業務前端的服務交付人員和支援人員——或者說是行政支援人員，我們的企業服務支援人員。對我們在該地區的持續滲透和持續增長感到非常滿意。這些人非常出色，為我們整個網路做出了卓越的貢獻。顯然，隨著我們不斷向前發展，我們預計這個數字還會繼續成長。當然，這也是我們 EBITDA 利潤率擴張的關鍵支柱。

With respect to free cash flow, nothing strange, if you will, and/or different relative to 2024. You see our guidance there, which is a function of net income. We definitely expect to be there again. We guide to onetime or greater of net income. Really pleased with the operating cash flow generated by the business, working capital, of course, DSO management.

就自由現金流而言，沒有什麼奇怪的，也沒有什麼與 2024 年不同的情況。您可以看到我們在那裡的指導意見，它是淨收入的函數。我們肯定會再光臨。我們引導您獲得一次性或更高的淨收入。我對公司產生的營運現金流量、營運資金以及應收帳款週轉天數管理都非常滿意。

And just a shout out to all the project managers and the entire network that continues to focus on that. That's a lot of dollars associated with that. And it's a key accountability for folks, and they're doing a great job delivering that.

也要特別感謝所有專案經理和整個團隊，感謝他們一直以來對這項工作的關注。那可是一大筆錢啊。這是大家的重要職責，他們在這方面做得非常好。

So we expect to -- obviously, you saw our year-end number was at 77 days on a consolidated basis. And it continues to be a focus for us to continue to get better at that, if you will, and lower that. If you sort of map, obviously, free cash flow relative to where we are today and impact on leverage, again, it just goes back to the tremendous operating cash flow capacity in this business. We'll obviously continue to, from a capital structure, pay our dividend and look to that, but just incredible capacity with respect to, obviously, balance sheet possibilities moving forward and obviously supporting our M&A strategy.

因此我們預計——顯然，你們也看到了，我們年末的綜合數據顯示為 77 天。我們將繼續努力提高這方面的能力，並降低這個比例。如果你大致分析自由現金流相對於我們目前的情況以及對槓桿的影響，你會發現，這又回到了這家企業巨大的經營現金流能力上來。從資本結構來看，我們顯然會繼續支付股息並關注這一點，但就資產負債表而言，我們擁有令人難以置信的能力，這顯然有利於我們未來的發展，並支持我們的併購策略。

Thanks, everyone.

謝謝大家。

Devin Dodge, BMO Capital Markets.

Devin Dodge，BMO資本市場。

But I just wanted to ask, can you remind us where is Stantec on the evaluation of AI technology and where you're most optimistic about the opportunities to leverage these capabilities in your business?

但我只想問一下，您能否提醒我們一下，Stantec 對人工智慧技術的評估處於什麼階段？您對在業務中利用這些能力的機會最樂觀的是什麼？

Yes. So we do have an AI task force that we set up last year that's really looking at the details of how can we use AI and other technologies to both improve our speed of delivery internally -- on both chargeable work that we deliver for clients but also internally, whether it's financial analysis, proposal generation, these sorts of things. And so that group has been -- with the way we structured it, Devin, is we -- people submit inquiries to that group saying, hey, this is what I'd like to try with our -- with using these new AI tools. And so then -- so we don't have 33,000 people around the world all trying different things and duplicating. We're trying to centralize that, get some economies of scale in terms of the work that we're doing.

是的。因此，我們去年成立了一個人工智慧工作小組，該小組正在深入研究如何利用人工智慧和其他技術來提高我們內部的交付速度——包括我們為客戶交付的收費工作，以及內部的財務分析、提案生成等工作。因此，按照我們目前的組織方式，Devin，這個小組就是——人們向該小組提交詢問，說，嘿，這就是我想用我們的——使用這些新的人工智慧工具來嘗試的事情。這樣一來，我們就不會看到全世界有 33,000 人都在嘗試不同的方法並互相複製。我們正在努力實現集中化，以便在我們的工作中獲得規模經濟效益。

So it's actually working out really well. We're looking at things like proposal generation, financial analysis. We're using various AI and VR tools in the design process already, just to both speed our ability to deliver the product but also for how the client might want to review it.

所以實際上效果非常好。我們正在研究諸如提案撰寫、財務分析等方面的內容。我們已經在設計過程中使用各種人工智慧和虛擬實境工具，這不僅是為了加快我們交付產品的速度，也是為了滿足客戶可能希望的審查方式。

Many of our clients aren't engineers or technical people by training, so if we go to their office and roll out a set of blueprints that you see typically engineers carrying around underneath their arms, sometimes it's hard for them to visualize it. What might this look like? How would I interact with it? And so that's where we find using some of these AI, virtual augmented reality tools really are beneficial.

我們的許多客戶並非受過工程師或技術人員培訓，所以如果我們去他們的辦公室，拿出工程師通常夾在腋下的一套藍圖，他們有時很難將其形象化。這會是什麼樣子？我該如何與它互動？因此，我們發現使用一些人工智慧、虛擬實境和擴增實境工具確實很有好處。

Okay, good context there. And then just a quick one. In the MD&A, I think you talked about project margin benefited from some recoveries and change orders. I think we all recognize it. That's a normal part of your business. But are you able to provide some color on how meaningful these were to Q4 results?

好的，背景資訊很到位。然後就快速地來一個。在管理層討論與分析中，我認為您談到了專案利潤率受益於一些回收款項和變更訂單。我想我們都明白這一點。這是你業務中正常的組成部分。但您能否詳細說明這些因素對第四季業績的影響程度？

Devin, it is normative sort of impacts, if you will. They all relate to sort of 2024. So I think when you just sort of blend it all in, it's just normal timing-related items. We call it out because, obviously, it was a factor. But I would not let that take away at all from just really the strong operating fundamentals in the business.

德文，如果你願意的話，這是一種規範性的影響。它們都與2024年有關。所以我覺得，當你把所有這些都融合在一起時，它們就只是正常的與時間相關的事項了。我們之所以指出這一點，是因為它顯然是一個影響因素。但我不會讓這些影響公司穩健的基本面。

And you see that reflected obviously -- yes, you see that reflected in our 2025 guidance. We've given a little bit of color with respect to quarters and Q1 and Q4 and whatnot from just the seasonal impact of guiding to EBITDA margin for the quarter but all very, very strong.

這一點顯然有所體現——是的，這一點在我們的 2025 年指導方針中有所體現。我們對季度、第一季、第四季等等進行了一些說明，這些說明只是由於季節性因素對季度 EBITDA 利潤率的指引，但所有數據都非常非常強勁。

Maxim Sytchev, NBF.

馬克西姆·西切夫，NBF。

Gord, maybe the first question for you, if I may. In terms of some of the policy shifts, how are you guys thinking internally around, I guess, Canada specifically, any potential tariffs impact? And then in the US, if you don't mind providing a bit of an update in terms of how you think the curvature of IIJA spending is landing kind of like around the peak intensity. Is it still kind of 2027, 2028? Just wondering if visibility has evolved at all.

戈爾德，如果可以的話，我想先問你一個問題。就一些政策轉變而言，你們內部是如何考慮的，特別是針對加拿大，任何潛在的關稅影響？然後，在美國，如果您不介意的話，能否就您認為 IIJA 支出曲線在峰值強度附近如何下降提供一些最新資訊？現在還是2027年、2028年嗎？想知道能見度是否有改善。

Yes. No, great. Thanks, Max. When we think about the impact of tariffs in the US -- or in Canada, sorry, what that might mean for manufacturing capacity, one thing that we reflect on is that a lot of the -- the segments that might be the most impacted aren't segments that we are particularly active in, steel, aluminum, some of the big auto manufacturing and so on, so we see that impact on us would be minimal.

是的。不，太好了。謝謝你，馬克斯。當我們思考關稅對美國（或加拿大，抱歉）製造業產能的影響時，我們想到的一點是，許多可能受影響最大的領域並不是我們特別活躍的領域，例如鋼鐵、鋁、一些大型汽車製造等等，所以我們認為對我們的影響將是微乎其微的。

You might have seen that there was a Globe article a couple of weeks ago about firms in Canada on the TSX that might be least impacted by the impacts of tariffs. And so that -- I think they kind of called out a little bit of that as well. And so we feel that we will be not impacted significantly in Canada if that were to hit us. We still hope it does not from an overall economic perspective, but we think that we would be not significantly impacted.

你可能已經看到，幾週前《環球郵報》刊登了一篇文章，內容是關於在多倫多證券交易所上市的加拿大公司，這些公司可能受關稅的影響最小。所以——我覺得他們也稍微提到了這一點。因此我們認為，即使這種情況發生在加拿大，也不會對我們造成重大影響。從整體經濟角度來看，我們仍然希望這種情況不會發生，但我們認為我們不會受到重大影響。

And then your question about IIJA and touch down in the US We've seen -- through 2024, our overall US Transportation business, we saw high single-digit organic net revenue growth there. So things are coming. We're seeing still a lot of large transportation procurements that are moving forward, Tennessee, Austin and other locations.

至於您提出的關於 IIJA 和在美國落地的問題，我們已經看到——到 2024 年，我們在美國的整體運輸業務，我們看到了高個位數的有機淨收入增長。所以，事情即將發生。我們看到許多大型運輸採購項目仍在推進，包括田納西州、奧斯汀和其他地區。

We haven't seen any impact there. We've seen a few task orders related to EV charging infrastructure on some of our projects have been canceled, but nothing material from an overall transportation perspective.

我們尚未看到任何影響。我們看到一些項目中與電動車充電基礎設施相關的任務訂單被取消了，但從整體交通運輸的角度來看，並沒有實質的影響。

As we're talking to our clients, their thought is still the work that needs to be done to improve the state of repair of the US transportation network is still there. And so they're not looking to scale back at this point. I mean we'll learn more as things go forward, but at this point, everybody is still feeling very, very good about it.

當我們與客戶交談時，他們仍然認為，要改善美國交通網絡的維修狀況，還有很多工作要做。因此，他們目前沒有縮減規模的計劃。我的意思是，隨著事情的發展我們會了解更多，但就目前而言，大家對此仍然感覺非常好。

That's excellent color. And then I just have one follow-up question in terms of Buildings. I mean that inflection in growth, how much of that is driven by like the semis and the data center space, if it's possible?

這顏色真棒。然後，關於建築物方面，我還有一個後續問題。我的意思是，這種成長拐點，有多少是由半拖車和資料中心領域推動的？如果可能的話。

Yes. So certainly, there is some of it in there, Max, but a lot of it is just the general type of work that our guys do day in, day out. So it's -- we're looking at things like hospitals, which is really big for us in both Canada and the US We're seeing a lot of work in Canada in civic and education, certainly health care in the US, a lot of work in industrial, a lot of science and technology there and certainly a lot of health care. So data centers, absolutely, we're seeing that there, but that's not the main driver.

是的。所以，當然，裡面確實有一些這樣的內容，Max，但很多內容只是我們的人日復一日所做的普通工作。所以——我們正在關注醫院之類的領域，這對加拿大和美國來說都非常重要。我們看到加拿大在公民和教育領域做了許多工作，美國在醫療保健領域也做了很多工作，工業、科學技術領域以及醫療保健領域也做了很多工作。所以資料中心確實帶來了這種變化，但這並不是主要驅動因素。

Okay, interesting. And then is it possible to get a bit of an update on Germany, how that integration is going? That would be great.

好的，有意思。那麼能否簡單介紹一下德國的情況，以及一體化進程進展如何？那太好了。

Yes. And we actually just finished reviewing all of the financials of all of our acquired firms. And Germany, in particular, is performing extremely well. The work -- and in fact, even a little bit above our expectations. And what we find there is that certainly manufacturing in Germany, you read about it in the paper all the time, is in a difficult situation.

是的。我們剛剛完成了對所有收購公司的財務審查。尤其是德國，表現非常出色。這項工作——實際上，甚至比我們的預期還要好一些。我們發現，德國製造業確實處境艱難，這一點你常在報紙上看到相關報導。

But the work that we're doing, roads, bridges, the railway network, all continues to be very, very strong. Our backlogs are up. Our margins are even better than we had thought. So we're extremely pleased by the operations of ZETCON there in Germany.

但是我們正在進行的工作，道路、橋樑、鐵路網絡，所有這些都繼續保持著非常強勁的勢頭。我們的積壓訂單增加了。我們的利潤率比我們預想的還要好。因此，我們對ZETCON在德國的運作非常滿意。

Jonathan Goldman, Scotiabank.

喬納森‧戈德曼，加拿大豐業銀行。

Most of them have been asked, but I just guess one more maybe for you, Gord. What are the factors that can get you to the high or low end of the organic growth guidance in the US in '25? Or maybe asked a different way, do you see anything changing in the circumstances from the print you just put out in Q4 going into '25? Do you think these levels might be sustainable?

大部分問題都問過了，但我猜也許可以再問你一個，戈爾德。哪些因素會導致2025年美國有機成長預期達到高位或低點？或者換個方式問，您認為從您剛發布的第四季報告來看，進入 2025 年，情況會有什麼變化嗎？你認為這些水平可以持續嗎？

Yes. We actually feel really good about it, that guidance of that kind of mid- to high single digits. When we look at the overall increase in backlog that we've seen sort of across the board, in the US, we think it sets us up really well for 2025 being a particularly strong year for us in the US, backlog growth of almost 10% on an annual basis. So really driving -- and pretty broad based. So really driving strong support for us.

是的。我們對此感到非常滿意，因為預期成長率將達到個位數中高段。當我們觀察美國各地積壓訂單的整體成長情況時，我們認為這為我們2025年在美國的發展奠定了良好的基礎，預計2025年將成為我們在美國業績特別強勁的一年，積壓訂單的年增長率將接近10%。所以，這確實是一種駕駛行為——而且基礎相當廣泛。所以，他們真的在為我們提供強而有力的支持。

Thank you. That is all the time we have for our question-and-answer session. I would now like to turn the call back over to Mr. Gord Johnston for any closing remarks.

謝謝。我們的問答環節時間到此結束。現在我謹將電話交還給戈德·約翰斯頓先生，請他作總結發言。

Great. Well, thanks, operator, and thank you to everyone for joining us. We feel really good about the performance in Q4 and 2024 and certainly how we're set up for a strong performance here in 2025. So if you have any follow-up questions following today's call, please feel free to reach out to Jess Nieukerk, our VP of Investor Relations. So thanks again, everyone, and we look forward to connecting with you again soon.

偉大的。好的，謝謝接線生，也謝謝大家的收看。我們對第四季和 2024 年的業績感到非常滿意，而且我們為 2025 年的強勁表現也做好了充分準備。如果您在今天的電話會議後有任何後續問題，請隨時聯繫我們的投資者關係副總裁 Jess Nieukerk。再次感謝大家，我們期待很快能再次與大家聯繫。

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

今天的節目到此結束。感謝大家的參與。您現在可以斷開連線了。