Quanta Services (PWR) 22 Feb 242023 Q4 Earnings call transcript

Greetings, and welcome to Quanta Services Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Kip Rupp, Vice President, Investor Relations. Thank you.

You may begin.

everyone, XXXX Quanta Earnings welcome, and Fourth and Year Full Conference you, to Services the Quarter Thank Call. be XXXX This release morning, website which at year of announcing press the can results, our fourth quantaservices.com. Relations we quarter and our issued section found in a Investor full

supplemental well call ago, our As schedule earnings materials. highlighted as a in format we've earnings the couple release earnings in our weeks updated call earnings our press and morning, of this as release announcing

shortly full result, of commentary financial operational a expectation release As after our website. our Relations outlook financial results the posted summary we fourth and Investor on and XXXX this year morning, our quarter Quanta's and XXXX

and remarks, financial management's is largely will replace additional investment the to allowing commentary we brief during make this operational As intended prepared for remarks community. institutional introductory Quanta's time from morning's the call

longer no found commentary. that we this this information to presentation as February any on the may Please presentation Additionally, now as reported today, as the been no of a call, and financial have in our time-sensitive you operational XXXX. be that can historically And accompany has speaks remember therefore, slide included longer accurate only in information this are of information call replay advised that call. XX, any of be

reflecting relate established facts. statements will do not call all that Private the by or Securities future to liability, intentions, the include XXXX, events historical current Litigation beliefs from including about This forward-looking Act performance harbor statements under intended assumptions qualify solely safe or Reform of or to expectations,

that Quanta's difficult risks, statements actual from these may control, uncertainties differ expressed to reliance predict You and should place undue beyond as implied. they or not involve those materially results and or certain are assumptions on

and financial Please non-GAAP release directly in these financial operational financial measures. refer historical measures documents and for financial to these measures GAAP regarding non-GAAP Reconciliations will commentary. our comparable and included our and their forecasted certain earnings statements most additional measures. information of present financial also We are to forward-looking

be news Quanta the for publishes Lastly, you section and quantaservices.com. e-mail would information, like to sign if other notified up of alerts through Investor please when Relations releases

our investors Quanta IR Quanta and Services Mr. media others the on social also follow With would now interested Quanta's on channels, CEO. our in call Duke? encourage like to company turn the to and President We over and that, I Duke Austin, to website. listed

and and included morning, which earnings execution. reported robust Good in services Year number Quanta financial we to everyone, Fourth Quarter demand a This XXXX believe solid we morning, Kip. fourth Services full Thanks, quarter and the XXXX included and Full revenues year of for our metrics, results, record Conference Call. and welcome and which growth reflects Earnings double-digit

of which $XX.X X industry-leading collaborative XXXX. an record note, and the years results we at delivered billion, best than off made very in by client year-end last Total Six reflects the Quanta the see of was for the years evidences relationships, backlog record our Of value X consecutive believe of revenue momentum record years. adjusted has we industry. more consecutive platform, possible adjusted of Quanta our share. diluted dedicated per were and our whom operational X These and earnings built are believe employees, financial we EBITDA and XX,XXX

coming working we And in during many Quanta and though for commentary, excitement forward year, outlined our we the towards operationally this initiatives, to goals we look the accomplishments are significant financial and years. strategically, in As strategic are operational year of expect our with a multiyear was the proud XXXX to on the and continue we financially. achieve and

investment service growth that addressable for and expected expand total decades for line We diversity are necessary our Quanta platforms of infrastructure creates market. our believe positioning

provides us Which to energy we increasingly that on focus as accelerates. and resources manage service strategic and and transition ship risk craft become labor the Our important, will across geographies. approach ability portfolio believe skill the advantage lines is

We the efficiencies believe the few consistent will XXXX positions allocate economically our approach to over questions. to portfolio find results most Quanta's our provide call opportunities then us we I operating and Jayshree achieve and financial attractive results. the and well your about now take CFO, Desai, resources guidance, to Jayshree? to turn remarks to a we and will

income Thanks, attributable year $XXX.X of $X.XX. or or diluted $XXX.X good X.X% and revenue. was with share stock revenues of Adjusted $X.X billion, Duke, the everyone. Quanta fourth completed million $X.XX to per diluted morning, EBITDA and per quarter of million of share common adjusted earnings net

cash for and setting Of was flow both records. year full strong quarter note, our the period in very the with fourth

and quarter position free growth expectations. expectations us our billion, We increase of support ended cash end fourth in the opportunistically to will $XXX.X sheet $X.X million flow dividend exceeded invest had guidance the we organic free of year full upper with our our the capital. For and balance which respectively, XXXX, cash XXXX, of a that liquidity annually and and flow year

and aggregate share To XXXX $XXX companies which calls in with for expectations, growth acquired full year consideration in earnings financial record for we double-digit million. EBITDA, that provided This growth of flow. and year approximately cash January, profitable our per morning, of adjusted revenues, adjusted improved X opportunity end, we free for also margins another

business, the our position competitive demonstrate to approach commitment the in expectations market our and strength long-term end of favorable our the our our marketplace. our portfolio to trends believe strategy, We

IR posted be about that, your and can commentary on both to commentary and found operational happy website. we details guidance financial Additional and Operator? in With questions. which answer summary, financial our outlook expectation are our XXXX our of are

question line Bernstein. from first the Dillard [Operator with of comes Instructions] Chad Our

in want Electric time Power. margins, spend particularly on some to I So

it Canada. some I So some think of prepared in is there remarks or in the pressure happening sounds like

through trade-off trying is you wanted just future no footprint? know think how work Or I about whether there at business? to rightsize to the plan continue the current So to to the out think you there Just there?

XX% think around segment, with I discussed it. looking is impact Electric XX.X% Chad. how guide at at Puerto should Thanks, Yes. the you of the Rico When we've always margins,

Electric there believe on Is there get need It believe for We side? to We that's through storms. depends the do utilizations. on opportunity upside case. things. some depends It is. on We continue the Yes. to

in that Renewable larger we larger in Electric early as segment start and SunZia, the starting. our segment, such the projects of programs dynamics the As we're other in big stages we're

the as And We've historically operated do, opportunities We need we're both in operate segments. field. release normally, get to margins, to as contingency execute be as cadence in as projects segments need We contingencies, both and these in upside we'll win believe see -- continue we So we there's future, double-digit always will the the the running in we philosophically. good through operate larger type to cadence in can in there future. we we it. and we

move if that year, in operate feel from digits the double and the been we Certainly, business of the as things we've we'll starting one.If crews the end do be -- there. numbers but the It's see you been segments to time if the in we take panels by side. where one to some we'll through both cadence other other. you starting on has with get especially confident to good where early, our to the able That's kind of renewable some things over to get historical

be it, them put me, to as I double together segment segment, should operate see and digits. So the Renewable able we for and Electric in

Okay. That's helpful.

do have? your how And transmission you high-voltage visibility you so much changed? mentioned on little visibility you prepared Can in improving. commentary, a more projects that And more of give what's is this,

don't this Look, things is think said barely think that we've we the all is anything look than here. and corridor we news the transmission. transmission nation. that's in to anyone the We've and grid you along, in you said, the invested to Xx nation's if in have system happen way we it the I go that at underinvested of bigger Europe

that And to to customer do in want the the it whether to batteries, get generation do be things transition, cheapest your whether the switching, with this form is be order EV, fuel it the to transmission. we

the to of I country to to key securitization tons that's a well we'll tons for the as build key of the transmission. this get and So the environment, as of think have carbon-free and whole to us

you're We're is the transmission in our seeing affordable There getting push come and as is on think that some just way I more we're way. clean bigger the more So believe projects. cheapest these started in energy. I well. -- But

we're more around So I be continuing edges -- projects. seeing on books. those to the We're all on the

starting, execute our win. confident ability and and So Chad we're in to

Eddie Modak of line Goldman Sachs. the with from comes question next Our

touch to on wanted just the I acquisitions.

previously there. process about talked your You thought

you process go internally on around particular, I you Solutions from the But -- made to here? and in as side, it your the touch the acquisitions you've X was Industrial source trying maybe thought touch about if think can capabilities. forward mostly

the that of Solutions like it, at to we the stay The we believe Coast. for that acquisitions, we've resilient. The plastics truthfully, far on I refine, the business to Gulf MSAs look Environmental like have segment, base businesses. on think continue said industrial Yes. as industrial business, can the in to that our as of the you're base, and them, provide it that as will done we decades, we on of nature other the always nature is UUI going things much The continue it's

[ time more well, little synergies the for our through. the plants ] are business the voltage now, time. valuable that be we things that nature have in of There the where certainly over here There Coles we like running was Environmental along. overlap in be Solutions keep We're So as them and and business. high all assets business, very long will a and

customer it good us So gives really a base.

synergies model. We don't in apply our

So for sure. there synergies is

you'll up them we identify and we'll show forward, As on see them our numbers. think I move

We're piece service for and grow team area. that like an and really that see the to run, on line get we of Industrial side. our So opportunity management behind environmental in great expand our the the business long fully here

is the portfolio that as is things it. again, side around, year, value, near off a we we're but record -- coming or something record Industrial business of So the very and base our the Industrial to great, close move

this it term -- sure second XX%, bottlenecks that platform can to people, us, of XX% piece between So supply feel allow standpoint self-perform a from we we and and XX% we any we not we're well confident as to cost of really of about us necessary tooling sure and work, work, we long for internal like the the make chain that acceptable. man from that and an the equipment can kind that do can and make they're was man the to, all things as of the --

are we'll make grow. So the steady sure can we supply and continue that chains to

better Street on I think lot lot the how has you you've And transmission customers projects. what requirement there regulatory maybe of think I and guide thinking are came changes, customers the are in concerns your of then around a around I potential that's your thinking a lot been in a the how than can market And know of around mentioned year touch expecting. was latest anything your this conversations? sensitivity this But of and

back seeing customers Yes. switching heard that, their I'm that. I'm transmission, off hearing continues I'm distribution our anything. not and but I've not capital to hearing not from grow. some

in. may You growth, have are load stall in centers, away. that's not away, bit. going centers The data going data not manufacturing not EV you have is The penetration onboarding we're load is going away. of pushing a every that jurisdiction

that this shorter. build, said longer we a think not always We've is

not the all distribution XXXX, need as ultimate on as that, level, well saying do as to yet. So that's We customers. the need plan as of maybe We system were an get impacting of for to But to it's the in affordability have maybe XXXX they EV XXXX, is regulators state something we it's but that penetration. at customer do cognizant also and front industry. be bad

concerned with that yes, industry. an So we're as

needs So in slip and has now. to in push it may generation it, a done to order it what The is is electrify that little. is demand securitize something it, the remains. you switching now system -- distribution be and there, see is center to Data

prudent by see can out probably whatsoever. be. transmission. my into It all number some We account, portfolio see It's stand in the not you'll a we We've them. this The guidance. our taken numbers we XX-month We've mind. to So need does look, And right good given guidance. them. when you switch where into affect it's give

of line with comes Chopra Evercore. question next from Our the Drugesh

Duke, going last question. flip the I'm actually to

a their utility latest your seen in companies double-digit of kind utility I you've Should we've So frankly, increases. into significant up, raise forward-looking And your step is that with came Illinois CapEx in? kind plans? them? 'XX learning change XXXX what we what Even in factored are teens. guidance, guidance? I'm of assume CapEx as factored a asking is are you quite still capital guidance, conservatism out high Or plan customers are into guess step you seen CapEx increases the What pretty baking

a I when think talk the at we're historicals, our the we about start we're it, we're at good year, look growth. for of and where EPS at. in look to going spot we And

If we to in at what CAGR XX%, growth, ongoing you allow grow that's opportunity we've the the look is EPS the grow have digits double transition, that XX% growth. said basis, that can everything

If you you XX% it's go our look back at and historicals, growth.

Yes. It depends our on on at times. that depends So control It do I are other there's out storms. think opportunity? things of

think I taken us prudent there's XX%. a I it's that So that. we'll when election do. And it. grow give do like for We've don't opportunities think guidance. we We've into things all changed. I it, account, take said to nature to year,

it, I given things can at plus. on it's fact AI, tech that look the look opportunities, you a I our think from that -- push when up all everything at data the when center, backing on do I the

So see it you it Transmission data pushes because load and system is want the in Generation think really they tech, one through thing, clean system but the and want switching your at and when it now. fuel power, they you centers, growth

account, industry it, expect all push transmission as our I way. Distribution So well capital such that I later affect It in into I taken is grow that of the a you're systems. does half spend in that is the on distribution why we've confidence meaningful think a the year, said in bit. but, to something seeing the

that account. something it's So we've taken into

related you projects? is are those project, and is, And modeling not the Got risks maybe for is what to That it. can very quantify then clear. but you could I'm if SunZia you address sure just EBITDS you can,

that. project don't confident XX look We was like numbers the project we've thing by about I'm SunZia, miles. whole at given. it in the

miles. X,XXX is job the think I

into We have ramp starts a but a meaningful not plenty move they're now, part larger see contracted some throughout as work of a why with there, will as or guidance project the year, you the right stretch, room to projects. the half not We're half. alleviate these we But known of ramps The through. client is concerned. on move move projects on second they're away back here the our in -- and as that projects, bit

So awards now in do and we back know and get expect what us the difference the looks know on that's we're is the ramp we moving more back half. the like, in I half. And to

at It's And SunZia, back. early seasonality point. so that not to see concerned we'll some continue that you it's in But ramps ramp. this I'm the just --

of Our next line UBS. question Steven the from Fisher comes with

Congrats on a 'XX. nice

that think that Renewables about curious Clearly, the of Just growth piece allocating we how a XXXX? in think should segment. PTT, SunZia, segment there's I XX% in that you maybe into there's are

business of I picture pieces from really to trying of about think is But big mean a think separately just project. is do marketplace? a have like breaks kind higher on that think restrained various of some the out 'XX we extent level, from and the a going 'XX the that where uncertainties year to of So about growth kind unique here those about we and Renewables the Renewables. of at the from in rate how should SunZia more the been what couple this Renewables

what significant. know our but last was was growth year, don't I it

and then -- So 'XX significant. is

plant, in that, 'XX, both think when whether had our balance growth it forward. So double solar got good go in side, plus, digits on on balance growth of land. we've plant the legacy Off our 'XX And business be from both you we've sides and growth or of going those 'XX. I into phenomenal Renewables in standpoint, big of

starting 'XX, with We for continue and when to opportunities Steve. there come -- pressure SunZia see repower you 'XX beyond, wins other think and some is in us when about with there, to

come with were like the as the business, that costs that sitting will side overall we're the that that, through, the Renewable So due overheads margins the cranes, things operations to a like see of the see of starting half, some we as some wind indirect in to margins in on to assets some and we wind back to help are you'll costs starts that solar looking well as as better the bit continue see up move Canadian side. our move more mix indirect change on from

up. line So And all impact, into move in segment see will those margins things come continue will the believe Renewables you'll top to up. do I move the

the very when you've then Curious kind That's impact where of Duke XXXX? biggest directional benefit where about And work still going the approach 'XX? sort Electric you do think the that's portfolio have to you mostly been Great. in be? to Is approach portfolio think how else about it to think helpful. going Anything the U.S.? to of to to about moving implementing, the the Canada that is note in flow underground segment,

this 'XX how in East. standpoint, think the to geographically the more will in We what We're as starting is latter From a the down. government business service our of later down. start well 'XX ramp we're to today. and half Canada half it and half BC, is line as we're back awards Distribution of the than seeing year, know seeing west from it's with I projects also in

the same States. the So amount we're kind switching you're capital here put of we're seeing the of getting into seeing in fuel

to good move as I do into far markets, believe we So beyond, as late can and it, see. call starts back Canada 'XX

the across States, pulling well that down in there. help Lower as does company. assets We're business. the the it's us there. a here, rightsized utilizing in it bit we've But XX So as And margins but yes,

here comes LowerXX. our gives there, things in the abilities, that's the we business, side us that that, like that where have of So play, the front some into portfolio

cylinders. on we're not hitting Look, all

the and say, the or both to lines, as with can levels of leverage undergrounding concerned sure service if as leverage pipe is, would gas making too some electric or just those we're mature, that -- electric. gas our place. at we're you'll look, move taking But whatever not we're the local they we're optimize moves resources. that I I'm trying as So geographic right advantage forward, in pulling it from see we portfolio and to things

increase So that's should It thing. big the margins.

We not the in We're do operate a can company EBITDA margins, we we portfolio, to be a from board. believe double-digit where type want the there. across

So and of way should we're But our our will optimization the returns you up that as returns, the look we everything that margins. at at I going doing, look it be portfolio the say of if are substantially. adjusted

You can see it on with capital. see return invested you cash, can

the of with Our next from Michael line question Partners. Vertical Research comes Dudas

seemed off are? of be now demand how And type contracting rates bring colleges. your they're some because that -- the client want is the It current to plug and of just maybe and How guys center, busy? like services to so opportunities life for earlier, clients went because base just the to tight and do dear to relative stuff. those very tight where your and and retirements everybody utility that pushing how demand or to do the are you your supply? off data as you at your resources on allocate and folks people the relative get you graduation relative of discussed with And very And is spend going AI, utilities out right under your ability to

of a seeing I not ramp think capacity there It's near areas. my in from No, of business, amount we're on significant spotty. the the standpoint. transition anywhere side we're

back good with in us we're room. a We've this that anything concerned I We're would at off, got shape. seen lot think that labor we've say to not of point.

when a close we programs and going things from you able to going that the have see good work bit penetration look have, in happen, very and that move see look what's a like East we the on, to long-term they go them country. the good to it's our X-year you coverage know vehicle to close we with across to Look, what the see, very to know quite at We are we the business, you're West, it, start the clients. West going in start on a to at and when you West natures

And we're those starting to impacts. see

not their changing. gets kind had Edison good report And better. it on think is I how I -- worse, gets of grid think it a

which see impacts out I think And up seeing. of capital get to cost be grid builds energy goes to customer energy total that have you infrastructure create they're robust what I really this down, cost going build as see to the that, to the require the want, from is you'll even total think the down. you of environment to the continue you

which in the said, of the and is for the you'll of see state to get important this. you've more in get to front country, It's cost up expected Europe, And local really we the they got the up necessary understand start get places, And to load to level, be. more for happened capital down need in is one giving it's so infrastructure. see no us to order you're go going get to and at levels, like that that the security with also in to going to grid loads it where at the

a they they take, want don't secure gigs, you're data X areas and gigs X want come The to in seeing they and -- power. call did not it, cities load, expect that

necessary, going necessary for seeing push you're a it's and head, it's across So come at board, of it. just a that coming technology at the growth coming matter at to into in this you, kind this. you the they're regulators. sometimes all this getting to along that's we you're rooting look that by And you all the The when requires through state that lines. that requires of our up look and it's growing. the services, And from capital, said it spend multiple utilities what's federal backed is world And them a business, into to

of it and day. be the why will I This transition look around to have. portfolio It we have so parts move noisy. level up results to get be the deliver transition that every of continue and in high will believe perform much, not at business. It's as kind here this you'll and going times, I can CAGR through things straight at see, That's a what it's to the like we

Our with Richard from Gus the Northland comes question line next Capital. of

center, just you a comm bandwidth. comp? And lot of data synergies guys if the I'm And demand seeing AI but a needs those wondering The for are along needs of is X it between lot the any and the services? power pieces, not power, only AI boom, big your a there with

so. we're you're capacity, some mean, much big get in. are strip When some parts capacity there. out transmission. telecom different think we're fiber I easier needing you build to you telecom -- I line the data we've And putting it the a that it. It's in technology than of something going start of a look of do at fiber do especially done our to I service, of not is it's when country, the stripping investing Communications see and business, lot digits. itself But double nicely, growing capital I see

the my the you you'll Midwest get where see to to East to to in sometimes power And the start locate, it see West, to you is, see can't can't you data power can't And get the the now, build. almost. So you start then you mind, if there, and build. if right South it get centers start

at that, going go to of get with ground. you everywhere up. going on not Even the you'll if next fiber, can or data XX but the things in them, power fiber centers some start point, so still is get today you're see to like need satellites, So alleviated it getting you fiber there's the that nodes. some Certainly, affordable to months,

I there's So and push believe it, they'll opportunity. do

there and in moving on I'm gas And just capacity. was of projects years out business that There's what on then that in you? are LNG And the X seeing just underground forward? build-out wondering export business the pause for it. -- And still Got state a side. of just you're natural

pipe year, $XXX next to million and going the next year moved bit long-haul certainly We in It's can't every pipe year. big to billion We of we're just not plus it million opportunity why last $XXX -- million it. around -- can. build be can't business pipe. we $X -- we million, we'll year. the the It's to next $XXX the off don't did and $XXX will that's in We take big in something, guidance, we

guided offset of So for Sure. in line million Is to top $X the there because $XXX some you're seeing opportunities billion $XXX we million. because that plus?

government give difficulty regulations in country, we little guidance better Canada the a -- in is it that and just we're any a pipe, the building But can't diameter in build and -- numbers. large But take kind firmness our but Canada. you in anywhere opportunities and of to

everything I matter think there's it doesn't doesn't look, if opportunities. and guide So -- doesn't it it But I to we've -- It the go, LNG, goes given you. doesn't matter.

Brian Our next Brophy line question Stifel. of from the comes with

was quite were we to flow a expecting. than free about bit cash higher guidance. ask wanted I

is potentially has grown? renewable much improvement this mix free in cash flow versus targets conversion commentary is onetime collections conversion, Your more a of here permanent that long-term How cash the energy flow called you this the out, year. as more of in free above

Yes.

As up, fourth as profile good. you've Renewable business is we've Day, Investor and the seen capital with the last way and cash quarter talked has working in contracts flow those in the very favorable profile the the about a are year, very set

you'll just pushes saw revenue as up, renewable XXXX. as conversion and side better so, see in we And

did we There's a we reason. range it. XXXX, a into that range into consideration, for did Going but take

range more XX% a talked what growth of if segments, can where we've Renewables said, given so higher Investor end you it us Underground be. in and the Electric of -- just the cash other right? got our I about push to free push XX% As from that at flow at And prudent coming good Day. think look will way, we we can is that it's But you've if

the Renewal we the -- that, last of several of end cash in said -- do Conversations about Canadian large go Electric year. construction that low or collect of if several having months, couple see XXXX. as range which a will of of winds next in we end believe range. We very and flow work a the The But high well. the the changes, you me, and between we quarters, onetime talked we will expect customer Underground of as We the impact to Utility continues project, the months. either excuse or mix Renewable that next outside down, with range

we'll XX% a good be collect as basis, optimistic would at But year. be of conversion. to to range an that all think ongoing well So of look we're able this I on XX% to between you

to allocation just touch your about longer-term expecting Any then year be some more line that thoughts helpful. more How And broadly now? of on capital thinking this M&A? in there are you're thinking targets would leverage you how this about be we with buybacks Okay. Should wanted you're given year?

Sure. past, look the in how like it different. at we We'll have be no we opportunistic in

can We Can are delever, flexibility, a get the below go us strategy like we like a things things some which It good faster, in. that, as out -- allows targets. lot. laid of plan. opportunistic We've we can we I be Certainly, that we our there's won't But sure. change. strategies

across we're plan. ultimately, the faster think I So moving X-year

But -- across opportunistic of to sheet. continue we'll nature take the them. we're and We'll it. opportunities, and company we As of of with we conservative say, quarter balance again, and -- advantage be with moving last through the faster fronts, said all have we'll multiple the

with line next comes Our Rice. Martin of from the Johnson Malloy question

could about margins? utility impacts storage wind scale and for your ask attach solar projects trend to maybe that to energy higher the speak how work with and scope of with you I associated wanted rates

how or come place. how whether IRA in, ITCs tax I it at those them I've moves same. point, in The rate, things, the it's or seen PTC, this think and off ITCs, they're it's not

-- I there. was issues some something it could believe going repealed, not forward. you I be if do that Now the to certainty will that see case gives industry. the do That's

these So that customer get some and out. our them this. I to you have has kind believe figured been of different And of customers The continue you in front get -- not IRA I base get can to able more, think less. things, things how our is

it's give the stages going in less. forward, not we're of think actually should I which So early IRA,

it standpoint U.S. of from the So programs, materials, more U.S.-type nature, of I box opportunities. see on a internally. type that should as even apprenticeship things We check

really So we that advantage customer. of up take for to set the ourselves

it. from got customer about watching figured mean, it not tax figured out. viewpoint, out that I good down seeing feel and they I slow So everyone's credit I'm our standpoint. it from

appreciate your what your clear, solar I of sorry, I'm storage, for storage I projects with was margin soon? comments. those in utility asking I scale projects rate, tax and adding energy scope wasn't at and with and that wind about actually work conjunction means profit energy

think I you're built But a mean, much, what don't it actually I -- understand if the we've many combination, past saying. rate that standpoint, expands it. projects from does to I think from of I in are the storage tax know it I a adding but

nicely, our growing business growing Our Storage is is Battery and business nicely.

So I like that.

add geographies. We capability more refine across forward as get continue to move that and there, we

projects. and So, ask think that, it's of the to size when just I opportunity you these scope more increase

Adam Thalhimer Company. of comes question next from line with Davis the Thompson Our &

solid funnel up? the Quick Congrats you still result, the solar? question on wind Blattner, seeing for pick by dominated are Or that is project on

project SunZia on I repower. nice side. wind that's the We're more a mean, opportunities is seeing

see I a repower you'll forward. work going think lot of

wind. back cycle stages the from in You're cycle coming early of

we're a So don't wind 'XX it's like into by more any see in outer large windfall and the to to portfolio. the be years starting of in coming think sense any think areas. I more going makes but lot in outer more means, the curves it starts do 'XX, move the in we significantly to move up get, wind out I 'XX, years, as where

start got out transmission move load needs before transmission the get you this of long-haul of to is those you'll we've can built too. transmission wind you sources that's need -- centers. piece out. And built, to be into the other wind So Like to get

So it's Wind business I very it, taking and on. 'XX both out gets are the from, egg better sometimes, think call And the into play. coming do

the also wanted That's on get great. And and to then of early thoughts there? capacity your expansion I timing PTT the

-- do that things we to expand. the We we at ever to lot can like there. continue more internally it. capacity a today so We're of than today expand There's looked did business expanding

better lot. can So we're that with synergies, and a the place the for do business lacking in that Pennsylvania, a to the union gets PTT, great U.S., invest and it things clients opportunities we

Markets. question comes the Capital Jain next Our of line KeyBanc with from Sangita

for and of if which the there if was read of cadence earnings And how gave the year was more back-end you just normal is I into So kind wondering to -- weather it is seasonality you. is generally loaded, as which or ramp something projects progresses?

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this And follow-up. have in side. The Great. the to Wind the end comes on June. an And moratorium Renewables I tariffs one on just

wondering any and install time of of between want developers, within pull I to installation? that the XXX-day you're So was line forward purchase kind if part seeing on who

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our moratorium -- lifted in customers have June. we're this think I being So been planning

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closing the no management like for Seeing hand back call I'd queue. remarks. to questions in other to

for They kind they're company. to of business. want profile I and these field, in you. us allow Thank kind in the women, XX,XXX-plus the the give men Yes. and thank best of to the the this have calls

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Ladies and teleconference. conclude your Thank participation. for you gentlemen, does this today's

lines this at disconnect your may day. You time, a have and wonderful