ABM Industries Inc (ABM) 2022 Q3 法說會逐字稿

Greetings, and welcome to the ABM Industries Third Quarter 2022 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

問候，歡迎來到 ABM Industries 2022 年第三季度財報電話會議。 （操作員說明）提醒一下，正在錄製此會議。

I would now like to turn the conference over to your host, Paul E. Goldberg, Senior Vice President, Investor Relations for ABM Industries. Thank you. You may begin.

我現在想把會議轉交給你的主持人，ABM Industries 投資者關係高級副總裁 Paul E. Goldberg。謝謝你。你可以開始了。

Good morning, everyone, and welcome to our third quarter 2022 earnings call. My name is Paul E. Goldberg, and I'm the Senior Vice President, Investor Relations at ABM. With me today are Scott B. Salmirs, our President and Chief Executive Officer; and Earl Ellis, our Executive Vice President and Chief Financial Officer.

大家早上好，歡迎來到我們的 2022 年第三季度財報電話會議。我叫 Paul E. Goldberg，是 ABM 的投資者關係高級副總裁。今天和我在一起的是我們的總裁兼首席執行官 Scott B. Salmirs；和我們的執行副總裁兼首席財務官 Earl Ellis。

Please note that earlier this morning, we issued our press release announcing our third quarter 2022 financial results. A copy of that release and an accompanying slide presentation can be found on our website, abm.com. After Scott and Earl's prepared remarks, we will host a Q&A session.

請注意，今天上午早些時候，我們發布了新聞稿，宣布了我們 2022 年第三季度的財務業績。可以在我們的網站 abm.com 上找到該新聞稿的副本和隨附的幻燈片演示文稿。在 Scott 和 Earl 準備好的發言之後，我們將舉辦問答環節。

But before we begin, I would like to remind you that our call and presentation today contain predictions, estimates and other forward-looking statements. Our use of the word estimate, expect and similar expressions are intended to identify these statements, and they represent our current judgment of what the future holds. While we believe them to be reasonable, these statements are inherently subject to risks and uncertainties and could cause our results to differ materially. These factors are described in a slide that accompanies our presentation as well as our filings with the SEC.

但在我們開始之前，我想提醒您，我們今天的電話會議和演示文稿包含預測、估計和其他前瞻性陳述。我們使用“估計”、“期望”和類似的表達方式來識別這些陳述，它們代表了我們當前對未來的判斷。雖然我們認為它們是合理的，但這些陳述本身就存在風險和不確定性，並可能導致我們的結果存在重大差異。這些因素在我們的演示文稿以及我們向美國證券交易委員會提交的文件中附帶的幻燈片中進行了描述。

During the course of this call, certain non-GAAP financial information will be presented. A reconciliation of historical non-GAAP numbers to GAAP financial measures is available at the end of the presentation and on the company's website under the Investor tab.

在此次電話會議期間，將提供某些非 GAAP 財務信息。歷史非 GAAP 數據與 GAAP 財務措施的對賬可在演示文稿末尾和公司網站的“投資者”選項卡下找到。

And with that, I would like to now turn the call over to Scott. Go ahead, Scott.

有了這個，我現在想把電話轉給斯科特。來吧，斯科特。

Thanks, Paul. Good morning, and thank you for joining us today to discuss our third quarter.

謝謝，保羅。早上好，感謝您今天加入我們討論我們的第三季度。

ABM generated solid results in the third quarter, continuing our consistent performance throughout 2022. Organic revenue growth of 7.4% was broad-based, driven by healthy demand for janitorial and engineering services in Business & Industry, Aviation and Manufacturing & Distribution as well as in Technical Solutions. And much like the second quarter, the ABM team executed well and mitigated a significant portion of the increase in labor costs while advancing our ELEVATE initiatives. Overall, we generated revenue of $2 billion and an adjusted EBITDA margin of 6.6%, which is well above prepandemic levels.

ABM 在第三季度取得了穩健的業績，延續了我們在整個 2022 年的一貫表現。7.4% 的有機收入增長具有廣泛的基礎，這是由於商業與工業、航空、製造與分銷以及在技術解決方案。與第二季度非常相似，ABM 團隊執行良好，並在推進我們的 ELEVATE 計劃的同時減輕了勞動力成本增加的很大一部分。總體而言，我們創造了 20 億美元的收入和 6.6% 的調整後 EBITDA 利潤率，遠高於大流行前的水平。

I was pleased with our performance when considering the many headwinds we faced this year, including the expected decline of EnhancedClean work orders; significant cost inflation; rising interest rates; and a very, very tough labor market. And in the face of all of that, the team continued to provide outstanding service to our clients while also focusing on profitability.

考慮到我們今年面臨的許多不利因素，包括 EnhancedClean 工作訂單的預期下降，我對我們的表現感到滿意；顯著的成本膨脹；利率上升；以及一個非常非常艱難的勞動力市場。面對所有這些，該團隊繼續為我們的客戶提供出色的服務，同時也專注於盈利能力。

Based on our solid and consistent performance throughout the year, we are adjusting our previous guidance for full year adjusted earnings per share to the upper end of our range and also narrowing the range for adjusted EBITDA margin. We feel confident about our market positioning and our ability to end the year with strong fourth quarter results, given continued favorable demand for our janitorial services and strong demand for our e-mobility and bundled energy solutions.

基於我們全年穩健一致的業績，我們將之前對全年調整後每股收益的指引調整至我們範圍的上限，並縮小調整後 EBITDA 利潤率的範圍。鑑於對我們的清潔服務的持續有利需求以及對我們的電動汽車和捆綁能源解決方案的強勁需求，我們對我們的市場定位和以強勁的第四季度業績結束今年的能力充滿信心。

Let's now discuss the demand and operating environment for each of our industry groups. Beginning with B&I, office occupancy rates remain at relatively low levels but continue to slowly increase. This trend will likely continue into 2023. Modest office occupancy improvement and growth in special events, sporting events and parking is driving growth from existing customers. We've also done a nice job winning new commercial office space business in the New York City market, and we're excited to have been chosen to take on the services at State Farm Stadium in Phoenix.

現在讓我們討論一下我們每個行業組的需求和運營環境。從 B&I 開始，寫字樓入住率保持在相對較低的水平，但繼續緩慢上升。這種趨勢可能會持續到 2023 年。辦公室入住率的適度改善以及特殊活動、體育賽事和停車位的增長正在推動現有客戶的增長。我們還在紐約市市場贏得了新的商業辦公空間業務，我們也做得很好，我們很高興被選中在鳳凰城的 State Farm Stadium 提供服務。

In addition, we recently added a great client in Spirit AeroSystems in Northern Ireland, won by the Momentum team, who joined ABM earlier this year. With the most comprehensive service offering in the industry, we expect retention rates to remain high and to continue to win more than our fair share of new business. At the same time, we anticipate that higher-margin disinfection work will decline again next year in a postpandemic environment.

此外，我們最近在北愛爾蘭的 Spirit AeroSystems 增加了一個大客戶，由今年早些時候加入 ABM 的 Momentum 團隊贏得。憑藉業內最全面的服務，我們預計保留率將保持高位，並繼續贏得超過我們公平份額的新業務。同時，我們預計明年在大流行後的環境下，利潤較高的消毒工作將再次下降。

Moving to Aviation. The summer travel season has been robust, driving growth in airside and landside operations, which include parking and transportation. We're also seeing strong demand in the U.K., driven by their border reopenings. Business travel is also improving, although at a more measured pace. We recently announced an important win at O'Hare, significantly expanding the scope of our service at the airport that will generate an incremental $25 million a year in annual revenue over the next 5 years. However, labor availability continues to be a challenge in the aviation market, resulting in higher overtime costs. We expect these pressures will continue in the coming quarters.

轉向航空。夏季旅遊旺季一直強勁，推動了空側和陸側業務的增長，其中包括停車和交通。在邊境重新開放的推動下，我們還看到英國的強勁需求。商務旅行也在改善，儘管步伐更為緩慢。我們最近宣佈在奧黑爾機場取得重要勝利，顯著擴大了我們在機場的服務範圍，這將在未來 5 年內每年增加 2500 萬美元的年收入。然而，勞動力可用性仍然是航空市場的一個挑戰，導致更高的加班成本。我們預計這些壓力將在未來幾個季度繼續存在。

Demand in Manufacturing & Distribution continues to be solid as this segment remains largely unaffected by reduced occupancy levels. As a result, our organic revenue growth reflected the health and relative stability of these end markets. While we don't expect certain of our e-commerce and logistics customers to grow at the same rate as they did during the pandemic, our industry-leading geographic footprint uniquely positions us to win new business, both with manufacturers and life science clients.

製造和分銷領域的需求繼續保持穩定，因為該領域在很大程度上仍未受到入住率下降的影響。因此，我們的有機收入增長反映了這些終端市場的健康和相對穩定。雖然我們預計我們的某些電子商務和物流客戶不會以與大流行期間相同的速度增長，但我們行業領先的地理足跡使我們具有獨特的優勢，可以贏得與製造商和生命科學客戶的新業務。

In Education, K-12 and colleges and universities continued to operate with in-person learning, so we are back to a prepandemic demand environment, and we are seeing a much lower level of disinfection-related work orders as we've been signaling in the past. We've onboarded some large new clients recently, including George Washington University and the School District of Philadelphia, both of which will help drive organic growth in the fourth quarter. We're also seeing a good deal of new contract proposal activity, so we have ample opportunity to win new business as we head into 2023. Labor cost inflation in nonunionized markets, especially in the southern regions of the U.S. and low labor availability continued to be headwinds that we are managing. These labor dynamics generally put more pressure on Education and Aviation than our other segments.

在教育方面，K-12 和學院和大學繼續以面對面學習的方式運作，因此我們回到了大流行前的需求環境，我們看到與消毒相關的工作訂單水平要低得多，因為我們一直在發出信號過去。我們最近吸引了一些大的新客戶，包括喬治華盛頓大學和費城學區，這兩者都將有助於推動第四季度的有機增長。我們還看到大量新合同提案活動，因此我們在進入 2023 年時有充足的機會贏得新業務。非工會化市場的勞動力成本通脹，尤其是美國南部地區的勞動力成本上漲和勞動力供應不足繼續成為我們正在管理的逆風。這些勞動力動態通常比我們的其他部門給教育和航空帶來更大的壓力。

In Technical Solutions, we continued to experience robust demand for our e-mobility charging solutions, where revenue tripled over the prior year period. We expect Technical Solutions to have strong growth again in 2023, aided by the U.S. infrastructure bill and the recent passage of the Inflation Reduction Act, which allocates an incremental $7 billion for electric vehicles, EV infrastructure and other energy efficiency investment activities. We also expect a number of bundled energy solution projects to commence in the fourth quarter. On top of that, RavenVolt, our new microgrid business, which I'll discuss shortly, is poised for strong growth. In all, Technical Solutions is very well positioned to benefit from long-term secular trends.

在技術解決方案方面，我們的電動汽車充電解決方案需求持續強勁，收入比去年同期增長了兩倍。我們預計，在美國基礎設施法案和最近通過的《降低通貨膨脹法案》的幫助下，技術解決方案將在 2023 年再次實現強勁增長，該法案為電動汽車、電動汽車基礎設施和其他能效投資活動分配了 70 億美元。我們還預計一些捆綁的能源解決方案項目將在第四季度開始。最重要的是，我將在稍後討論的新微電網業務 RavenVolt 有望實現強勁增長。總而言之，Technical Solutions 處於非常有利的位置，可以從長期的長期趨勢中受益。

Moving to ELEVATE. We continued to make progress in the third quarter. In particular, we implemented a new cloud-based work order system, which, when fully rolled out, is intended to meaningfully streamline and improve the current process we have. We continue testing and refining our workforce management tool and made further progress on developing our core cloud-based ERP system.

移動到提升。我們在第三季度繼續取得進展。特別是，我們實施了一個新的基於雲的工作訂單系統，該系統在全面推出後旨在有效地簡化和改進我們現有的流程。我們繼續測試和改進我們的勞動力管理工具，並在開發我們基於雲的核心 ERP 系統方面取得進一步進展。

We also launched ABMVantage, our new data-enabled smart parking platform at a major trade show last month. Early client feedback has been very positive as operators look for ways to generate more revenue with lower operating costs.

我們還在上個月的一個大型貿易展上推出了 ABMVantage，這是我們新的支持數據的智能停車平台。早期的客戶反饋非常積極，因為運營商正在尋找以更低的運營成本產生更多收入的方法。

Lastly, after the quarter ended, we further advanced on our ELEVATE strategy by acquiring RavenVolt, a leading provider of integrated microgrid solutions, including generators and switchgear, that deliver energy resiliency and reliability. This acquisition is a strong fit with Technical Solutions as customers are increasingly turning to microgrids to bolster their on-site energy capacity for EV charging, reducing emissions and meeting sustainability goals. We're really excited to have the RavenVolt team on board.

最後，在本季度結束後，我們通過收購 RavenVolt 進一步推進了我們的 ELEVATE 戰略，RavenVolt 是集成微電網解決方案的領先供應商，包括提供能源彈性和可靠性的發電機和開關設備。此次收購與 Technical Solutions 非常契合，因為客戶越來越多地轉向微電網以增強其電動汽車充電的現場能源容量，減少排放並實現可持續發展目標。我們真的很高興 RavenVolt 團隊加入。

Before I turn it over to Earl to discuss the third quarter financials, let me make a few summary comments. First, on the demand side, the general environment is constructive. We are returning to prepandemic levels in terms of travel, in-school learning and industrial activity. Office occupancy is also trending upward but slowly. We have tremendous growth opportunities in Technical Solutions, driven by energy efficiency, sustainability, cost reduction and risk mitigation and further boosted by government stimulus. The RavenVolt acquisition provides us with another high-growth opportunity to win new business. In fact, overall, we expect to finish 2022 with another new sales record.

在我將其轉交給 Earl 討論第三季度財務之前，讓我做一些總結性的評論。首先，在需求方面，大環境是建設性的。在旅行、校內學習和工業活動方面，我們正在恢復到大流行前的水平。寫字樓入住率也呈上升趨勢，但速度緩慢。在能源效率、可持續性、成本降低和風險緩解的推動下，以及政府刺激措施的進一步推動下，我們在技術解決方案方面擁有巨大的增長機會。收購 RavenVolt 為我們提供了另一個贏得新業務的高增長機會。事實上，總體而言，我們預計 2022 年將再創銷售新紀錄。

On the cost side, we are continuing to manage several challenges in the current economic environment. The labor pressures we are currently experiencing are largely unprecedented. With unemployment at historically low levels, immigration greatly reduced from prior years and with high demand from the rapidly recovering travel, restaurant, retail and service industries, labor shortages are driving labor inflation. We are seeing wage pressure in both blue collar and white collar positions and a real battle for talent. We expect these challenges will persist into 2023.

在成本方面，我們將繼續應對當前經濟環境中的多項挑戰。我們目前正在經歷的勞動力壓力在很大程度上是前所未有的。由於失業率處於歷史低位，移民數量較往年大幅減少，加上快速復甦的旅遊、餐飲、零售和服務行業的高需求，勞動力短缺正在推動勞動力通脹。我們看到藍領和白領職位的工資壓力以及真正的人才爭奪戰。我們預計這些挑戰將持續到 2023 年。

In this environment, we'll remain vigilant on pushing through price escalations, managing costs and developing systems, programs and processes to operate more efficiently and to effectively attract, retain and manage talent. At the same time, we'll continue to invest in ABM to ensure we build off the strong competitive position we've established.

在這種環境下，我們將繼續保持警惕，推動價格上漲、管理成本和開發系統、程序和流程，以更有效地運作並有效地吸引、留住和管理人才。與此同時，我們將繼續投資於 ABM 以確保我們建立強大的競爭地位。

So with that, let me now turn it over to Earl for the financials.

因此，現在讓我將其轉交給 Earl 進行財務處理。

Thank you, Scott, and good morning, everyone. For those of you following along with our earnings presentation, please turn to Slide 5. Third quarter revenue increased 27.1% to $2 billion, largely driven by acquisitions; continued recovery from the pandemic, especially in Aviation; and solid demand for our janitorial and engineering services as well as strong growth in e-mobility. Organic growth of 7.4% was broad-based across all segments.

謝謝斯科特，大家早上好。對於那些跟隨我們的收益演示的人，請轉到幻燈片 5。第三季度收入增長 27.1% 至 20 億美元，主要受收購推動；繼續從大流行中恢復，特別是在航空領域；對我們的清潔和工程服務的強勁需求以及電動汽車的強勁增長。 7.4% 的有機增長在所有領域都有廣泛的基礎。

Moving on to Slide 6. Net income in the third quarter was $56.8 million or $0.85 per diluted share, up significantly over the same period last year. The increase in GAAP income primarily reflects higher segment earnings and the absence of a litigation settlement reserve taken in the prior year period, partially offset by ELEVATE-related investments and lower benefits from prior year insurance adjustments.

轉到幻燈片 6。第三季度淨收入為 5680 萬美元或每股攤薄收益 0.85 美元，比去年同期大幅增長。 GAAP 收入的增加主要反映了更高的分部收益和上一年期間沒有提取的訴訟和解準備金，部分被 ELEVATE 相關投資和上一年保險調整帶來的收益減少所抵消。

Adjusted net income for the third quarter increased 3% to $63.2 million or $0.94 per diluted share compared to $61.3 million or $0.90 per diluted share last year. The increase primarily was due to higher segment earnings on higher revenue compared to the prior year period.

第三季度調整後淨收入增長 3% 至 6320 萬美元或每股攤薄收益 0.94 美元，而去年同期為 6130 萬美元或每股攤薄收益 0.90 美元。這一增長主要是由於與去年同期相比，收入增加導致分部收益增加。

Adjusted EBITDA increased 11% over the prior year period to $125.5 million. Adjusted EBITDA margin for the quarter was in line with our expectations of 6.6% versus 7.7% last year, largely reflecting the anticipated decline in work orders, which included higher-margin disinfection services as well as higher operating costs, particularly labor.

調整後的 EBITDA 比上年同期增長 11% 至 1.255 億美元。本季度調整後的 EBITDA 利潤率符合我們預期的 6.6%，而去年為 7.7%，這在很大程度上反映了工作訂單的預期下降，其中包括利潤率更高的消毒服務以及更高的運營成本，尤其是勞動力。

Corporate expenses, excluding items impacting comparability, were essentially flat to the prior year period.

公司費用（不包括影響可比性的項目）與去年同期基本持平。

Now turning to our segment results, beginning on Slide 7. B&I revenue increased 51.4% to over $1 billion, primarily due to the contribution from the acquisition of Able and Momentum. Excluding acquisitions, organic revenue was 7.1%, reflecting continued growth in special events, including sports, and business expansion with existing customers.

現在轉向我們的部門業績，從幻燈片 7 開始。B&I 收入增長 51.4%，超過 10 億美元，這主要是由於收購 Able 和 Momentum 的貢獻。不包括收購在內，有機收入為 7.1%，反映了包括體育在內的特殊活動以及與現有客戶的業務擴展的持續增長。

Operating profit in B&I increased 15%, $82.4 million, benefiting from significantly higher revenue. Operating margin of 8% was lower than prior year and reflected reduced EnhancedClean and disinfection-related workforce versus the prior year and higher labor costs.

B&I 的營業利潤增長了 15%，為 8240 萬美元，這得益於收入的顯著增加。營業利潤率為 8%，低於上一年，這反映出與上一年相比，與 EnhancedClean 和消毒相關的勞動力減少以及勞動力成本上升。

Aviation revenue increased 21.3% to $203.5 million, marking the fifth consecutive quarter of robust year-over-year revenue growth. This improvement was largely due to increased leisure and business airline traffic and related parking activity as the economy continues to emerge from the pandemic.

航空收入增長 21.3% 至 2.035 億美元，標誌著收入連續第五個季度實現強勁同比增長。這一改善主要是由於隨著經濟繼續從大流行中復蘇，休閒和商務航空公司的交通量以及相關的停車活動有所增加。

Aviation operating profit decreased 5.1% to $9.5 million versus $10 million in the prior year, and margin declined 130 basis points to 4.7%. These declines were the result of the expected decrease in high-margin pandemic-related work orders as well as ongoing labor pressures, including wage increases and overtime costs.

航空運營利潤下降 5.1% 至 950 萬美元，而上一年為 1000 萬美元，利潤率下降 130 個基點至 4.7%。這些下降是由於與大流行病相關的高利潤工作訂單的預期減少以及持續的勞動力壓力，包括工資上漲和加班費。

Turning to Slide 8. Revenue within our Manufacturing & Distribution industry group grew 5.2% to $358.1 million, reflecting expanded business with existing e-commerce and manufacturing clients.

轉到幻燈片 8。我們製造和分銷行業集團的收入增長 5.2% 至 3.581 億美元，反映了與現有電子商務和製造客戶的業務擴展。

Operating profit and operating margins were both slightly down in the quarter to $38 million and 10.6%, respectively. These results reflect lower levels of EnhancedClean as well as higher costs related to labor shortages, most notably in the Southern states.

本季度營業利潤和營業利潤率均略有下降，分別為 3800 萬美元和 10.6%。這些結果反映了較低水平的 EnhancedClean 以及與勞動力短缺相關的較高成本，尤其是在南部各州。

Education revenue modestly increased to $207.5 million, benefiting from new business wins. We expect to see improved year-over-year revenue growth in our fourth quarter as these new clients ramp up towards a full run rate.

受益於新業務的勝利，教育收入小幅增長至 2.075 億美元。隨著這些新客戶的全面運行，我們預計第四季度的收入同比增長將有所改善。

Education operating profit was $14.5 million, down from $18 million in last year's third quarter, due to lower EnhancedClean revenue as well as higher wage costs, including overtime expenses, especially in less populated areas, which tend to have shallower pools of available permanent labor. Operating margin of 7% remained elevated from prepandemic levels.

教育營業利潤為 1450 萬美元，低於去年第三季度的 1800 萬美元，原因是 EnhancedClean 收入減少以及工資成本增加，包括加班費用，尤其是在人口稀少的地區，這些地區的可用永久勞動力往往較少。 7% 的營業利潤率仍高於大流行前的水平。

Technical Solutions grew 9.3% to $158.4 million, largely driven by continued strong growth in our e-mobility service offering, in which sales tripled from the third quarter of last year. We expect strong growth in the fourth quarter as certain bundled energy solution projects commence and we benefit from continued growth in e-mobility.

技術解決方案增長 9.3% 至 1.584 億美元，這主要是受我們電動汽車服務產品持續強勁增長的推動，其中銷售額比去年第三季度增長了兩倍。隨著某些捆綁能源解決方案項目的啟動，我們預計第四季度將實現強勁增長，並且我們將受益於電動汽車的持續增長。

Operating profit was $15.4 million compared to $14.4 million last year. Operating margin decreased 21 basis points to 9.7%, primarily reflecting a service mix that was more heavily weighted to our e-mobility service line versus prior year.

營業利潤為 1540 萬美元，而去年為 1440 萬美元。營業利潤率下降 21 個基點至 9.7%，主要反映了與上一年相比，我們的電動汽車服務線所佔比例更大的服務組合。

Moving on to Slide 9. We ended the third quarter with total debt of $1.4 billion, including $159 million in standby letters of credit, resulting in a total debt-to-pro forma adjusted EBITDA ratio of 2.4x. At the end of Q3, we had available liquidity of $769 million, including cash and cash equivalents of $63.9 million. Please note that after the quarter ended, we funded approximately $170 million for the RavenVolt acquisition, primarily from our revolving credit facility.

轉到幻燈片 9。我們在第三季度末的總債務為 14 億美元，其中包括 1.59 億美元的備用信用證，導致總債務與預估調整後 EBITDA 之比為 2.4 倍。截至第三季度末，我們的可用流動資金為 7.69 億美元，包括現金和現金等價物 6390 萬美元。請注意，在本季度結束後，我們為收購 RavenVolt 提供了大約 1.7 億美元的資金，主要來自我們的循環信貸額度。

Interest expense was $11.1 million in the third quarter, up nearly $5 million over the prior year period and $3.3 million sequentially from Q2, reflecting the recent Fed action and higher debt levels year-over-year. Q4 interest expense will be sequentially higher than Q3 and more indicative of the ongoing run rate due to a full quarter of rate increases and the funding of our acquisition of RavenVolt.

第三季度的利息支出為 1110 萬美元，比去年同期增加近 500 萬美元，比第二季度增加 330 萬美元，反映了美聯儲最近的行動和同比較高的債務水平。由於整個季度的加息和我們收購 RavenVolt 的資金，第四季度的利息支出將依次高於第三季度，並且更能說明持續運行率。

Turning to capital allocation. We repurchased roughly 744,000 shares in the third quarter at an average price of $41.92 per share for a total cost of $31.2 million. In total, through the first 3 quarters of fiscal 2022, we repurchased approximately 1.7 million shares for $74.5 million.

轉向資本配置。我們在第三季度以每股 41.92 美元的平均價格回購了大約 744,000 股股票，總成本為 3,120 萬美元。總的來說，在 2022 財年的前三個季度，我們以 7450 萬美元回購了大約 170 萬股股票。

Now let me briefly touch on guidance, as shown on Slide 10. As Scott mentioned earlier, we are narrowing our guidance for full year 2022 adjusted EPS to the top end of our range. Our revised forecast for adjusted EPS is now $3.60 to $3.70, up from $3.50 to $3.70 previously. We are also guiding for full year adjusted EBITDA margin to be around 6.6%, which is at the midpoint of our prior forecast of 6.4% to 6.8%. Guidance for full year 2022 GAAP EPS is now expected to be in the range of $3.20 to $3.30, reflecting the narrowing of the range and benefit from changes in items impacting comparability.

現在讓我簡要談談指導，如幻燈片 10 所示。正如斯科特之前提到的，我們正在將 2022 年全年調整後每股收益的指導縮小到我們範圍的上限。我們對調整後每股收益的修訂預測現在為 3.60 美元至 3.70 美元，高於之前的 3.50 美元至 3.70 美元。我們還指導全年調整後的 EBITDA 利潤率在 6.6% 左右，處於我們先前預測的 6.4% 至 6.8% 的中點。 2022 年全年 GAAP 每股收益的指導目前預計在 3.20 美元至 3.30 美元之間，反映了範圍的縮小以及影響可比性的項目變化帶來的好處。

With that, let me turn it back to Scott for some closing comments.

有了這個，讓我把它轉回給斯科特，聽取一些結束評論。

Thanks, Earl. Although we faced some near-term headwinds, I'm very excited about the future of ABM. Nobody in our industry matches the scope of our services, the scale of our operations or the strength of our balance sheet. I'm confident we'll close out 2022 in solid fashion and put further distance between us and our competition in the coming years.

謝謝，厄爾。儘管我們近期遇到了一些不利因素，但我對 ABM 的未來感到非常興奮。在我們的行業中，沒有人能比得上我們的服務範圍、運營規模或資產負債表的實力。我相信我們將以穩健的方式結束 2022 年，並在未來幾年進一步拉開我們與競爭對手的距離。

With that, let's take some questions.

有了這個，讓我們提出一些問題。

(Operator Instructions) Our first question comes from the line of Sean Eastman with KeyBanc Capital Markets.

（操作員說明）我們的第一個問題來自 KeyBanc Capital Markets 的 Sean Eastman。

Good quarter. I just wanted to firstly ask on the buyback. So it looks like capital -- it looks like the buyback activity has stepped up

好季度。我只是想先問一下回購問題。所以它看起來像資本——看起來回購活動已經加強

(technical difficulty)

（技術難度）

'22, making this a pretty outsized year for share buybacks. What would you like investors to read into that?

22 年，這使今年成為股票回購規模相當大的一年。您希望投資者從中讀到什麼？

Yes, thanks for the question, Sean. So I would say, as we've articulated earlier, we will always look to, at a minimum, repurchase shares to offset the dilutive nature of our share-based compensation. This year, we did that as well as just a little bit more. If you think about, that portion would probably usually be about 600,000 shares. So we did about 1.1 million shares over and above that as we really saw the dislocation in the market and really took the opportunity to take advantage of that. As we've mentioned in the past, we'll use our share buyback opportunistically, really balancing between allocating to M&A activities and, barring that, looking at opportunities to redistribute funds back to the shareholders in the way of share buybacks.

是的，謝謝你的問題，肖恩。所以我想說，正如我們之前闡明的那樣，我們將始終尋求至少回購股票以抵消我們基於股票的薪酬的稀釋性。今年，我們做到了這一點，而且還做得更多。如果您考慮一下，那部分通常可能約為 600,000 股。所以我們做了大約 110 萬股，因為我們真正看到了市場的錯位，並真正抓住機會利用了這一點。正如我們過去提到的，我們將機會主義地使用我們的股票回購，真正平衡分配給併購活動，除此之外，尋找機會以股票回購的方式將資金重新分配給股東。

Okay. Got it. Got it. And then I realize it's probably early for a formal refresh on the fiscal '25 targets. But I just wanted to check back in there given the inflationary pressure that's developed since those targets were set, sort of the acuteness of the labor availability challenges that's developed since those targets were set. But then maybe on the flip side, some higher-margin, high-growth opportunities have seemingly firmed. So even just qualitatively, kind of you could sort of refresh us on how you're thinking about that organic growth and margin trajectory that you laid out back in December.

好的。知道了。知道了。然後我意識到，正式更新 25 世紀財政目標可能為時過早。但我只是想回顧一下，考慮到自設定這些目標以來出現的通脹壓力，以及自設定這些目標以來出現的勞動力可用性挑戰的尖銳程度。但也許另一方面，一些利潤率更高、增長更快的機會似乎已經穩固。因此，即使只是定性的，你也可以讓我們重新了解你是如何思考你在 12 月份制定的有機增長和利潤率軌蹟的。

Sure, Sean. Look, what I would say is nothing has really changed in our long-term outlook for where we're finishing up our ELEVATE program. It's certainly not linear. And there's no question that the macroeconomic environment has changed, and we all know that since December.

當然，肖恩。聽著，我要說的是，我們對完成 ELEVATE 計劃的長期展望並沒有真正改變。它當然不是線性的。毫無疑問，宏觀經濟環境已經發生了變化，我們都知道自去年 12 月以來。

So again, we feel like the end path is still the same. It's just -- it may be a little lumpy given what we're seeing in the labor markets right now and the interest expense headwinds. But we feel really good about where we're heading. And we're continuing to invest in ELEVATE. We continued to do some really good strategic acquisitions. So again, not linear, but we're feeling really good about the end game.

因此，我們再次覺得最終路徑仍然相同。只是——考慮到我們目前在勞動力市場上看到的情況和利息支出的不利因素，它可能有點起伏不定。但我們對前進的方向感覺非常好。我們將繼續投資於 ELEVATE。我們繼續進行一些非常好的戰略收購。所以再次，不是線性的，但我們對最終遊戲感覺非常好。

Our next question comes from the line of Andy Wittmann with Baird.

我們的下一個問題來自 Andy Wittmann 與 Baird 的對話。

I guess I wanted to just drill in a little bit more on the labor market. And given that the labor market has tightened availability, it's difficult. It sounds like overtime and usage of agency continue to be at least part of the solution that you're having to employ today. I was just wondering, Scott or Earl, if you could just help us understand how that is trending. If you could talk about maybe like a quarter-over-quarter change in like the amount of overtime or agency that you're using, just so we can get a sense of how that's affecting your P&L given that that's kind of discrete bucket.

我想我只是想多了解一下勞動力市場。鑑於勞動力市場供應緊張，這很困難。聽起來加班和代理的使用至少仍然是您今天必須採用的解決方案的一部分。我只是想知道，斯科特或厄爾，你是否可以幫助我們了解這種趨勢。如果你能談談你正在使用的加班或代理數量的季度環比變化，那麼我們就可以了解它是如何影響你的損益的，因為這是一種離散的桶。

Sure. Sure, Andy. And I'll do it probably more directionally. I will tell you that the labor pressures have not subsided at all. And if we were looking at kind of even the first half of this year versus second half, we're seeing more pressures now. I think the statistics that came out a couple of days ago, there's 11 million open jobs, 11.3 million open jobs in the economy. It's like -- so it gets us in 2 ways, Andy.

當然。當然，安迪。我可能會更有方向性地做這件事。我告訴你，勞動壓力一點都沒有消退。如果我們看一下今年上半年與下半年的情況，我們現在看到的壓力更大。我認為幾天前公佈的統計數據顯示，經濟中有 1100 萬個職位空缺，1130 萬個職位空缺。就像——所以它讓我們有兩種方式，安迪。

One, we're seeing labor inflation, right? We're seeing -- just in our Education segment alone, we're seeing base wage labor inflation of 10% per year, right, which is tough. And then availability. There's -- although it's getting a little better, it's still super, super hard to find people, attract the talent to come and do these jobs. The service industry as a whole has been feeling these pressures. And what that manifests to is using over time when you don't have the full complement of staff, and we're seeing that.

第一，我們看到勞動力通脹，對嗎？我們看到 - 僅在我們的教育部門，我們看到基本工資勞動通脹每年 10%，對，這很艱難。然後是可用性。有——雖然情況有所好轉，但仍然非常非常難找到人，吸引人才來做這些工作。整個服務業都感受到了這些壓力。當你沒有完整的員工時，這表明隨著時間的推移而使用，我們正在看到這一點。

And I would just say to you like we're probably, just from an overtime standpoint, up double digit from where we were last year. So directionally, I don't think things have gotten better. And while I don't think they're going to get worse, I feel like where we are today is going to trend for the next few quarters, just being really super hard.

我只想告訴你，從加班的角度來看，我們可能比去年增加了兩位數。所以從方向上講，我認為情況並沒有好轉。雖然我不認為它們會變得更糟，但我覺得我們今天所處的位置將在接下來的幾個季度中呈現趨勢，只是真的超級難。

I appreciate the context on that. I guess for my follow-up, I wanted to ask about work order demand. I mean, obviously, you guys talked about this at length. You said at the Analyst Day, you gave expectations. And it seems like -- well, you tell me, how are things trending on the work order side of the business? Can you maybe talk about -- I mean you guys articulated that it was pushing 10% of the company's revenue at the kind of the COVID peak it normally had been, I guess, would you say 4% or 5%. You can correct me if I'm wrong on that. Kind of where were you in the quarter? And how much did that change over the prior quarter? Just trying to get a sense of how that is falling off. You mentioned in your prepared remarks that you expect it to continue to decline in fiscal '23. Maybe another way of asking that is, how much revenue headwind do you see from this kind of work into 2023?

我很欣賞這方面的背景。我想對於我的後續行動，我想詢問工單需求。我的意思是，很明顯，你們詳細討論了這個問題。你在分析師日說，你給了期望。看起來——好吧，你告訴我，企業工作訂單方面的趨勢如何？你能不能談談——我的意思是你們明確表示，它在 COVID 高峰期將公司收入的 10% 推高，我猜，你會說 4% 還是 5%。如果我錯了，你可以糾正我。你在這個季度的什麼地方？與上一季度相比變化了多少？只是想了解它是如何下降的。您在準備好的發言中提到，您預計它會在 23 財年繼續下降。也許另一種問法是，到 2023 年，您認為此類工作的收入逆風有多大？

Yes. Let me just start off with that, Andy. Thanks for the question. I would say as we expected, we knew that from the heights of last year that we would actually see a reduction in work orders. So if you look at last year Q3, we're probably closer to 9%. That's actually dropped off to about 6%. So we continue to see that tailoring down. Last quarter, I think it was probably closer to 7%. But when you look at what we suggested, we would be recouping or capturing. I think we're currently on trend with what we actually thought we would be at this point in time.

是的。讓我從那開始吧，安迪。謝謝你的問題。我想說的是，正如我們預期的那樣，我們知道從去年的高峰期我們實際上會看到工單減少。所以如果你看看去年第三季度，我們可能接近 9%。這實際上下降到了 6% 左右。所以我們繼續看到裁剪。上個季度，我認為它可能接近 7%。但是，當您查看我們的建議時，我們會收回或捕獲。我認為我們目前正處於我們實際認為我們會在這個時間點的趨勢。

Yes. I mean it's -- from an EnhancedClean standpoint, just as we said, we thought it would be trailing off. As we see RFPs come out, we see it getting baked into the specification. A bit hard to kind of give you percentages on that. But if there's no question, we see in the [block off] that we predicted. But we've been fortunate too because at the back to work in B&I hasn't been as robust as we thought. So we're picking up some tailwind there.

是的。我的意思是——從 EnhancedClean 的角度來看，正如我們所說，我們認為它會逐漸消失。當我們看到 RFP 出來時，我們看到它被納入規範。有點難以給你百分比。但如果沒有問題，我們會在我們預測的 [block off] 中看到。但我們也很幸運，因為在 B&I 的後台工作並不像我們想像的那麼穩健。所以我們在那裡順風順水。

Yes. And then just your last question as far as the impact that it actually has on revenues, again, much like we modeled, we knew that we were going to have a reduction in this mix of our revenue, but it really is being offset by new business wins as well as just what we're seeing as far as the modest recovery in the office buildings and the economy in general.

是的。然後是你的最後一個問題，關於它對收入的實際影響，再次，就像我們建模的那樣，我們知道我們將減少這種收入組合，但它確實被新的抵消了就寫字樓和整體經濟的溫和復蘇而言，商業勝利以及我們所看到的。

Yes. And the other thing I would say, Andy, because I want to make sure I get this in, like our team has done an incredible job on the labor side with recouping escalations, which helps, generally speaking, the entire firm. But even when you see work orders trail off and you're out there getting strong escalations, the team has done a great, great job. Clearly, we don't recover 100% of the wage inflation. Nobody can. But the guys have done a really, really good on that.

是的。我要說的另一件事是，安迪，因為我想確保我明白這一點，就像我們的團隊在勞動力方面做了令人難以置信的工作，回收升級，這一般來說對整個公司都有幫助。但是，即使您看到工作訂單逐漸減少並且您在那裡得到強烈升級，團隊也做得非常好。顯然，我們不會恢復 100% 的工資通脹。沒有人可以。但是這些傢伙在這方面做得非常非常好。

Our next question comes from the line of Tim Mulrooney with William Blair.

我們的下一個問題來自 Tim Mulrooney 和 William Blair 的台詞。

Scott, building on your last comment there about your team doing a great job. If I look at your B&I segment or if I just look at your EBITDA margins, I guess, on a consolidated basis, you did 6.8% EBITDA margin this quarter versus prepandemic levels that were closer to 5%. So I know the labor market is tough, but clearly, you're still well above where you were before. How much of that expansion -- with this delay in back to work, how much of that expansion do you think is related to labor efficiencies versus other things that Andy asked about, like higher-margin EnhancedClean work?

斯科特，基於你上次關於你的團隊做得很好的評論。如果我看一下您的 B&I 細分市場，或者如果我只看一下您的 EBITDA 利潤率，我想，在合併的基礎上，您本季度的 EBITDA 利潤率為 6.8%，而大流行前的水平接近 5%。所以我知道勞動力市場很艱難，但很明顯，你仍然遠遠高於以前的水平。這種擴張有多少——隨著重返工作崗位的延遲，你認為這種擴張有多少與勞動效率相關，而不是安迪詢問的其他問題，比如利潤更高的 EnhancedClean 工作？

I think it's hard to like literally pinpoint one versus the other. It was 6.6% this quarter, not 6.8%.

我認為很難從字面上精確定位一個與另一個。本季度為 6.6%，而不是 6.8%。

Sorry. 6.6%, okay.

對不起。 6.6%，好吧。

Yes. So look, I think it's a plethora of things, right? It's the teams going out and capturing escalations). It's about managing expenses. It's just right selling. The other thing that we haven't talked about is we're on track to have another sales record of bringing in new business. So I think it's a combination of all these things. The labor efficiency definitely helps because the buildings aren't where they were. But anyway, I just think every -- there's so many things I would tell you, Tim. We've been exiting business that has not been profitable. So if we can't get the escalation, we've been disciplined. And we've been on that path for the last 2 or 3 years, at least. So I think we're trending really well.

是的。所以看，我認為這是太多的事情，對吧？這是團隊走出去並捕獲升級）。這是關於管理費用。賣的剛剛好。我們還沒有談到的另一件事是，我們有望在引入新業務方面創造另一個銷售記錄。所以我認為這是所有這些事情的結合。勞動效率肯定有幫助，因為建築物不在原處。但無論如何，我只是想每一個——蒂姆，我有很多事情要告訴你。我們一直在退出沒有盈利的業務。因此，如果我們無法升級，我們就會受到紀律處分。至少在過去的 2 或 3 年裡，我們一直走在這條路上。所以我認為我們的趨勢非常好。

Combination of several things, not the labor efficiency?

幾個東西組合起來，不是勞動效率？

Yes. Yes.

是的。是的。

Okay. My second question, Scott, I want to ask you about RavenVolt. So I mean can you just talk a little bit more about the strategic rationale behind this acquisition? You did a good job in the prepared remarks of laying it out, but my question is, why does RavenVolt fit well within ABM? What capabilities do you guys bring to the table that could help fuel growth at a company like RavenVolt?

好的。我的第二個問題，Scott，我想問你關於 RavenVolt 的問題。所以我的意思是你能多談談這次收購背後的戰略依據嗎？你在準備好的陳述中做得很好，但我的問題是，為什麼 RavenVolt 很適合 ABM？你們帶來了哪些能力可以幫助推動像 RavenVolt 這樣的公司的增長？

Yes. And let me just start because the word microgrid we keep using. I want to -- I'm going to do it really simple, right? So picture a 500,000-square-foot office building that's getting its power from the grid, right? You have downstairs. You have all the power coming in. Now picture having kind of a bank of generators sitting side by side from that building that can fire up that's either gas-fired or oil-fired. And now you're able to switch back and forth from the power grid to a bank of generators. Again, that's fired by oil or gas.

是的。讓我開始吧，因為我們一直在使用微電網這個詞。我想——我要做的很簡單，對吧？想像一下從電網獲取電力的 500,000 平方英尺的辦公樓，對吧？你有樓下。你擁有所有的電力。現在想像一下，有一排發電機並排坐在那棟可以點火的建築物旁，無論是燃氣的還是燃油的。現在您可以在電網和發電機組之間來回切換。同樣，它是由石油或天然氣燃燒的。

And you could say, wait, because I don't know if you guys know this, but the energy rates off the grid change during the day. There's peak hours. There's down hours. And now you can imagine say, we're going to peak period of electrical costs. We're going to switch to the microgrid to save money now. And so it's cost efficiency. And it's a really big deal. It's probably the hottest area in terms of sustainability and energy efficiency.

你可以說，等等，因為我不知道你們是否知道這一點，但是電網外的能源費率在白天會發生變化。有高峰時間。有停機時間。現在你可以想像說，我們將進入電力成本的高峰期。我們現在要切換到微電網以節省資金。這就是成本效益。這真的很重要。就可持續性和能源效率而言，這可能是最熱門的領域。

And what we're seeing now, Tim, is more and more RFPs come through for basic electrical services like a retrofit project where they're asking about our microgrid capabilities. And heretofore, we were looking for subcontractors, or we were just basically saying, we don't have the internal capability to subcontract. So now between being able to say that this is a muscle that ABM has self-performed for the bundled energy solution projects to just being able to cross-sell into the rest of the $7.5 billion worth of revenue, we're just super, super excited about the capability that this brings. It's literally the hottest area in the kind of the whole Technical Solutions space right now.

蒂姆，我們現在看到的是，越來越多的 RFP 獲得了基本的電力服務，比如改造項目，他們詢問我們的微電網能力。到目前為止，我們一直在尋找分包商，或者我們基本上只是在說，我們沒有內部分包能力。因此，現在能夠說這是 ABM 為捆綁能源解決方案項目自我執行的力量，以及能夠交叉銷售價值 75 億美元收入的其餘部分，我們只是超級，超級對這帶來的能力感到興奮。它確實是目前整個技術解決方案領域中最熱門的領域。

And I would just add, Tim, just in addition to that, if you think about our emerging e-mobility business, and a lot of the fact that you're going to be looking at a significant electrification of vehicles over the next several years, the infrastructure needed to do that and the power augmentation that's going to make, that's really the sweet spot of RavenVolt, really helping clients understand how they can actually augment their power to facilitate the infrastructure for EV mobility.

我想補充一點，蒂姆，除此之外，如果您考慮我們新興的電動汽車業務，以及很多事實，即您將在未來幾年內考慮車輛的重大電氣化，這樣做所需的基礎設施以及將要實現的功率增強，這確實是 RavenVolt 的最佳點，真正幫助客戶了解他們如何真正增強功率以促進 EV 移動性的基礎設施。

Our next question comes from the line of Marc Riddick with Sidoti & Company.

我們的下一個問題來自 Marc Riddick 與 Sidoti & Company 的合作。

So I want to touch on a couple of things, but really want to start with, I guess, maybe piggybacking on RavenVolt commentary and then more bigger picture. Maybe you could talk a little bit about what you're seeing in the acquisition pipeline. And then sort of where you are from -- when we go back to the Investor Day, the goal was adding about $2 billion of acquisition revenue by -- I believe, by the end of fiscal 2025, if I remember correctly. So if you maybe sort of bring us up to date on sort of where you are on that target and maybe talk about maybe what your current view is on the current pipeline and appetite.

所以我想談幾件事，但我想我真的想從 RavenVolt 的評論開始，然後是更大的圖景。也許你可以談談你在收購渠道中看到的情況。然後你來自哪裡 - 當我們回到投資者日時，目標是增加約 20 億美元的收購收入 - 我相信，如果我沒記錯的話，到 2025 財年末。因此，如果您可以讓我們了解您在該目標上的最新情況，並且可以談談您當前對當前管道和胃口的看法。

Well, look, I think it's clear, we're off to a super fast start, right, between Able acquisition, which was $1 billion of revenue, and then Momentum and now RavenVolt. We're out of the gates really strong. And it's always great when you front-load those acquisitions over a 3- or 4- or 5-year time horizon. So we're really excited about that. And we definitely see that in the marketplace. There's just a little bit more caution right now. People are kind of pausing a little bit. But our pipeline actually is pretty strong. And RavenVolt, you would look at as a tuck-in at $100 million in revenue. But I think there's ample opportunity for us to do tuck-ins like that right now. So I don't see it necessarily slowing down.

好吧，看，我認為很明顯，我們正在以超快的速度開始，對吧，在收購 Able 之間，這是 10 億美元的收入，然後是 Momentum，現在是 RavenVolt。我們真的很強大。當您在 3 年或 4 年或 5 年的時間範圍內提前加載這些收購時，這總是很棒的。所以我們對此感到非常興奮。我們肯定會在市場上看到這一點。現在只是多了一點謹慎。人們有點停頓。但我們的管道實際上非常強大。而 RavenVolt，你會認為它的收入高達 1 億美元。但我認為我們現在有足夠的機會做這樣的事情。所以我認為它不一定會放緩。

Okay. And then, Scott, briefly, you mentioned in your prepared remarks around some of the longer-term drivers, including the opportunities that are in front of you that are based on the federal acts. And I was wondering if you could talk a little bit about maybe what you're thinking bigger picture as to when other timing and visibility as to maybe what your initial thoughts on and sort of how that might flow through to ABM. Obviously, we're not talking about any actual guide numbers kind of thing, but sort of maybe if we should think about sort of bigger pictures, how that might come across.

好的。然後，斯科特，簡要地說，你在準備好的發言中提到了一些長期驅動因素，包括你面前基於聯邦法案的機會。我想知道你是否可以談談你在考慮什麼時候的大局，以及其他時間和可見性，以及你最初的想法是什麼，以及它可能如何流向 ABM。顯然，我們不是在談論任何實際的指導數字之類的事情，而是如果我們應該考慮更大的圖景，那可能會怎樣。

Yes. I think it's a little early, right, because it's just coming in now. But I think if you look at our Technical Solutions group with the retrofit work we do, with what RavenVolt is doing now, I think we're really -- and the fact that we're the #1 EV charger in the country, and we just launched a productization of that, which we call our e-mobility solution, saying that we can kind of do everything for you, we can design your charges, we can install your charges. Ultimately, we'll be procuring energy, right? So we're really rounding out that offering. So I think we are really well positioned to take advantage of it. But a lot of that legislation has just recently been released. So we haven't seen the full magnitude of it and the velocity of how those funds are going to be deployed. But again, we think we're sitting pretty right now.

是的。我認為現在有點早，對吧，因為它現在才剛剛進來。但我認為，如果你看看我們的技術解決方案小組以及我們所做的改造工作，以及 RavenVolt 現在正在做的事情，我認為我們真的 - 事實上我們是該國排名第一的 EV 充電器，而且我們剛剛推出了它的產品化，我們稱之為我們的電子移動解決方案，說我們可以為你做一切，我們可以設計你的費用，我們可以安裝你的費用。最終，我們將獲得能源，對嗎？所以我們真的在完善該產品。所以我認為我們真的有能力利用它。但是最近才發布了很多這樣的立法。因此，我們還沒有看到它的全部規模以及這些資金將如何部署的速度。但同樣，我們認為我們現在坐得很好。

And then can you give us a little bit of an update on -- and the commentary around what's taking place with travel with a little bit more commentary around the business kind of creeping in, I guess, a little bit more. And I think the addition of some of the parking commentary that you had.

然後你能不能給我們一些更新——以及關於旅行正在發生的事情的評論，以及關於正在悄悄進入的業務的更多評論，我想，更多一點。而且我認為添加了一些您擁有的停車評論。

If I remember correctly also, there was -- you had brought up sort of how that mix has evolved between airport and airline activity and orders. And I was wondering if you could talk a little bit about maybe sort of what you're seeing there, given what's taking place with the challenges of being in an airport overall, but sort of kind of what you're seeing there.

如果我沒記錯的話，你曾經提到過機場和航空公司的活動和訂單之間的混合是如何演變的。我想知道你是否可以談談你在那裡看到的東西，考慮到在機場的整體挑戰所發生的事情，但有點像你在那裡看到的東西。

Yes. So the volumes are about 90% now, if not even higher to where it was prepandemic. Anyone who's traveled has seen the airports are really full. If anything, there's been a lot of frustration around travel because of canceled flights. Because -- look, we talk about our labor pressures. Go to an airport and see that your flight is canceled because they can't find pilots, because they can't find people at the gates to let people in, baggage handling. So anything around labor has caused frustration. And so -- but that hasn't deterred people from traveling. So we're seeing the volume. We've made a move to switch our portfolio 60-40: 60%, airports; 40%, airlines. And our profitability is up. We're over 100 basis points up from where we were prepandemic. Because we've been disciplined, we've got out of unprofitable contracts. The team has done a great job on the Aviation side.

是的。所以現在的數量大約是 90%，甚至比大流行前的水平還要高。任何旅行過的人都看到機場真的很滿。如果說有什麼不同的話，那就是由於航班取消，人們對旅行感到非常沮喪。因為 - 看，我們談論我們的勞動壓力。去機場，發現你的航班被取消了，因為他們找不到飛行員，因為他們找不到登機口的人讓人們進來，行李處理。因此，任何與分娩有關的事情都會讓人感到沮喪。所以——但這並沒有阻止人們旅行。所以我們看到了數量。我們已經採取行動將我們的投資組合轉換為 60-40：60%，機場； 40%，航空公司。我們的盈利能力提高了。我們比大流行前的水平高出 100 多個基點。因為我們受到紀律處分，我們已經退出了無利可圖的合同。該團隊在航空方面做得很好。

Our next question comes from the line of Faiza Alwy with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Faiza Alwy。

First, I just wanted to ask about the B&I segment. You touched on some of the drivers there. But curious if we could get a little bit more color around what's driving the acceleration in the growth rate there and the margins. It sounds like there are some new wins, but maybe give us some perspective on what you're hearing from clients. And was there incremental pricing? And how much -- was there a revenue synergy component as it relates to Able within that segment?

首先，我只想問一下 B&I 部分。你談到了那裡的一些司機。但好奇的是，我們是否能對推動那里和利潤率加速增長的因素有更多的了解。聽起來好像有一些新的勝利，但也許可以讓我們對您從客戶那裡聽到的內容有一些看法。是否有增量定價？還有多少——在該細分市場中是否存在與 Able 相關的收入協同成分？

Yes. So there's a lot there. And what I would say is, when I look at the B&I segment, first of all, we have the benefit of Able, right, and that acquisition, which has been tremendous. And we have seen a return to office, again, not as much as probably anyone would have expected a year ago, but we've seen a return to office. So that's helped. And we've won just a good deal of new business and expanding with clients. So the kind of environment for growth has been good for us. And again, I would say, I would attribute it mostly to the fact that we brought in Able and that there's some return to office. So that will flatten out over the -- that will flatten out over time. So we're feeling really good about that. And it's the core of ABM. It always has been. It's our largest segment. And it will remain robust, we think, through '23.

是的。所以那裡有很多。我要說的是，當我看 B&I 部分時，首先，我們受益於 Able，對，以及那次收購，這是巨大的。我們再次看到了重返辦公室，雖然沒有一年前人們預期的那麼多，但我們已經看到了重返辦公室。所以這很有幫助。而且我們贏得了大量新業務並與客戶一起擴展。因此，這種增長環境對我們有利。再一次，我想說，我將這主要歸因於我們引進了 Able 並且有一些人重返辦公室。因此，隨著時間的推移，這將趨於平緩。所以我們對此感覺非常好。它是 ABM 的核心。一直都是。這是我們最大的細分市場。我們認為，到 23 年，它仍將保持強勁。

Okay. Great. And then just secondly on -- at Investor Day, you talked about the investment allocation as it relates to ELEVATE. And you talked about some digital transformation initiatives, growth initiatives and workforce people initiatives. So I'm curious if you could help us think through like how much of this investment has been allocated across the 3 areas at this point and how much -- where you are in this process, I guess.

好的。偉大的。其次，在投資者日，您談到了與 ELEVATE 相關的投資分配。你談到了一些數字化轉型計劃、增長計劃和勞動力計劃。所以我很好奇你是否可以幫助我們思考一下，目前在這 3 個領域分配了多少投資，我猜你在這個過程中的位置是多少。

Yes, sure. Yes. So like we don't have it like actually bucketed ERP versus that, that I think would be interesting to you. I think what I would say is we're on track. We've had a lot of great progress. So, so far this year, we initiated 3 new systems, tech systems that have been great, an applicant tracking system, which has been wonderful for -- and will continue to be wonderful for us being able to bring in field workers, right, because you can track them all the way through the process. That's a new cloud-based system we put in.

是的，當然。是的。所以就像我們沒有像實際存儲的 ERP 那樣，我認為你會感興趣。我想我要說的是我們走上了正軌。我們取得了很大的進步。所以，今年到目前為止，我們啟動了 3 個新系統，非常棒的技術系統，一個申請人跟踪系統，這對我們來說非常好——而且將繼續對我們能夠引進現場工作人員非常好，對吧，因為您可以在整個過程中一直跟踪它們。那是我們放入的一個新的基於雲的系統。

We put in a new work order system. We put in a new risk management system. We launched our ABMVantage new parking, smart parking. So across the platform, we have a lot of really good stuff going on. It's on track. And our projected spend will probably be a little lighter this year and maybe catch up more next year. But it was never meant to be an exact science in terms of how much we spend. But I would say everything right now is on track. And the big next hurdle for us is next year when we launch our ERP system and start cascading it through the industry groups.

我們建立了一個新的工單系統。我們建立了一個新的風險管理系統。我們推出了我們的 ABMVantage 新停車場，智能停車場。因此，在整個平台上，我們正在做很多非常好的事情。它在軌道上。我們預計今年的支出可能會減少一些，明年可能會增加。但就我們的支出而言，它從來就不是一門精確的科學。但我會說現在一切都在正軌上。明年我們將推出 ERP 系統，並開始將其推廣到行業團體，這對我們來說是下一個重大障礙。

Our next question comes from the line of David Silver with CL King & Associates.

我們的下一個問題來自 CL King & Associates 的 David Silver。

So I guess I would like to ask you maybe about the Able Services acquisition a little bit more. So it's been almost exactly a year since you closed on that. And as I recall, there were both significant cost synergies envisioned. But also, I was kind of even a little bit more interested in the revenue synergy potential, in other words, the ability to migrate that bundled service or operating engineer-based model to maybe customers in other metropolitan areas or geographies. So if you could, maybe just some comments about the synergies, cost and revenue that you're seeing at this point 1 year on from Able.

所以我想我想問你一些關於 Able Services 收購的問題。所以從你結束那件事到現在幾乎整整一年了。正如我所記得的那樣，雙方都設想了顯著的成本協同效應。而且，我對收入協同潛力更感興趣，換句話說，將捆綁服務或基於運營工程師的模型遷移到其他大都市或地區的客戶的能力。因此，如果可以的話，也許只是關於你在 1 年後從 Able 看到的協同效應、成本和收入的一些評論。

Sure. Yes, sure. So look, everything has gone basically as expected, right? We're on target. Synergies are on target from where we want them to be. On the revenue side, it's performing as expected. I think the big thing for us, David, this year, it was all about having the entire firm integrated into ABM, right? This is $1 billion acquisition. So we spent a ton of time on integration to make sure we get it right. And I think kind of year or 2 is going to be about the revenue synergies and how we can cross-sell.

當然。是的，當然。那麼你看，一切都基本按預期進行了，對吧？我們正中目標。協同效應是我們希望它們達到的目標。在收入方面，它的表現符合預期。我認為今年對我們來說最重要的事情是將整個公司整合到 ABM 中，對嗎？這是一筆 10 億美元的收購。所以我們花了很多時間進行整合，以確保我們做對了。而且我認為一兩年將是關於收入協同效應以及我們如何交叉銷售。

So for us, we just didn't want to attack too many things at once because it was really important to get the integration right. So I think more to come, and you're going to hear more about this from us over the next few quarters because we're really excited about the potential.

所以對我們來說，我們只是不想一次攻擊太多東西，因為正確集成非常重要。所以我想更多，你會在接下來的幾個季度裡從我們這裡聽到更多關於這方面的信息，因為我們對潛力感到非常興奮。

Okay. And then maybe just the last question is kind of maybe about the future of office occupancy, office space. So just from a bigger picture point of view, Scott, a lot of headlines these days about major big-name employers trying even harder to get their remote workers back into the offices. And you had opined a few times over the past few quarters about concepts like how much space per worker might be rising in the postpandemic environment, maybe offsetting some other trends. But as you sit here, and maybe if you wouldn't mind sharing qualitatively a few of the comments or a few of the priorities from your major customers, I mean, how do you see just the overall demand and the layout and the demand for particular ABM services evolving as big, big companies try ever harder to get people back in the office?

好的。然後也許只是最後一個問題是關於辦公室入住率和辦公空間的未來。因此，斯科特，從更大的角度來看，如今有很多頭條新聞都是關於大牌雇主更加努力地讓他們的遠程員工回到辦公室。在過去的幾個季度裡，你曾多次就諸如在大流行後環境中每個工人的空間可能會增加等概念發表意見，這可能會抵消其他一些趨勢。但是當你坐在這裡，也許如果你不介意從你的主要客戶那裡定性地分享一些評論或一些優先事項，我的意思是，你如何看待整體需求和佈局以及對特定的 ABM 服務隨著大公司的發展而不斷努力讓人們回到辦公室？

Yes. No, that's a good question. Look, I will say this, it is just actually too early to tell, right, because just when you thought that people were never coming back to the office and employers didn't have control because of what's going on, the macroeconomic environment is changing. It's getting tougher. We'll see if people come back to the office more. I think it's way, way too early to tell.

是的。不，這是個好問題。聽著，我會這麼說，現在下結論還為時過早，對吧，因為就在你認為人們永遠不會回到辦公室並且雇主因為正在發生的事情而無法控制的時候，宏觀經濟環境正在發生變化.越來越難了。我們會看看人們是否更多地回到辦公室。我認為現在下結論還為時過早。

I mean for ABM, we feel really, really insulated from that, only because the majority of the space that we clean on the B&I side is Class A space, modern buildings with modern filtration systems for air, better cleaning specs. Our thesis is that tenants in C buildings are going to gravitate to B buildings and B buildings to A buildings. And so we don't think this is going to have a major effect on Class A buildings in terms of occupancy levels.

我的意思是對於 ABM，我們感覺真的、真的與它絕緣，只是因為我們在 B&I 側清潔的大部分空間是 A 級空間，現代建築配備現代空氣過濾系統，更好的清潔規格。我們的論點是，C 樓的租戶將被吸引到 B 樓，B 樓將被吸引到 A 樓。因此，我們認為這不會對 A 級建築的入住率產生重大影響。

So -- and the way I think about it and the way I would give you context on it, picture a 20,000-foot tenant that's spending $1 million on rent and they're on a B building, maybe they only need 10,000 feet now, but they're still happy to spend $1 million on rent. They move up to an A-class building with 10,000 feet. And we're starting to see some of those trends. We're starting to talk to clients who have said, "We may downsize, but we're going to try to upgrade our space." So we feel like, as a firm, we're starting to get insulated.

所以——以及我的思考方式和我給你背景的方式，想像一下一個 20,000 英尺的租戶花費 100 萬美元的租金，他們在 B 樓，也許他們現在只需要 10,000 英尺，但他們仍然樂於支付 100 萬美元的租金。他們搬到了一座 10,000 英尺高的 A 級建築。我們開始看到其中的一些趨勢。我們開始與客戶交談，他們說：“我們可能會縮小規模，但我們會嘗試升級我們的空間。”所以我們覺得，作為一家公司，我們開始被隔離了。

And let's not forget, people are incrementally coming back to office. So it's not like we've reached spaces. It feels like every quarter, it's incrementally more but probably smaller increments than we thought.

別忘了，人們正逐步重返辦公室。所以我們並沒有到達太空。感覺就像每個季度一樣，它的增量比我們想像的要多，但可能比我們想像的要小。

Our next question comes from the line of Tate Sullivan with Maxim Group.

我們的下一個問題來自 Tate Sullivan 與 Maxim Group 的對話。

A couple of follow-ups on Aviation. And then Scott, you provided some good details. But I mean, historically, I think you exceeded annual revenue in Aviation of a little more than $1 billion. Is there something different going forward in the Aviation business that you would not get back to that number? I know you're not in the fuel business anymore, but I mean just setting expectations, could you approach that number again?

關於航空的一些後續行動。然後斯科特，你提供了一些很好的細節。但我的意思是，從歷史上看，我認為航空業的年收入超過 10 億美元。航空業務中是否有什麼不同的東西你不會回到那個數字？我知道你不再從事燃料業務，但我的意思是只是設定期望，你能再接近那個數字嗎？

No question. No question. It's just going to come organically now, right, because part of the reason that we're at a lower number is because we exited contracts, specifically because they weren't making money and we're not in the revenue game when it's a loss, right? So I think for us, I would look at where we are from a run rate standpoint and look at that as our baseline, and we'll just be growing organically now. And the best example of that is the O'Hare win that we got last month, $25 million a year for 5 years. I mean it's incredible, right? So I look at this as the baseline. We'll grow from there, and we should be $1 billion plus.

沒有問題。沒有問題。它現在會有機地出現，對吧，因為我們的數字較低的部分原因是因為我們退出了合同，特別是因為他們沒有賺錢，而我們在虧損時不在收入遊戲中， 正確的？所以我認為對我們來說，我會從運行率的角度來看我們所處的位置，並將其視為我們的基線，我們現在只會有機地增長。最好的例子就是我們上個月贏得的奧黑爾獎，5 年每年 2500 萬美元。我的意思是這太不可思議了，對吧？所以我將此視為基線。我們將從那裡成長，我們應該超過 10 億美元。

One more, if I may, on energy and efficiency and Technical Solutions work. Besides improving the older infrastructure inside buildings, can you comment on how many projects currently incorporate solar and/or batteries? Or is that more of an opportunity going forward, particularly after the Inflation Reduction Act passing?

如果可以的話，還有一個關於能源和效率以及技術解決方案的工作。除了改善建築物內的舊基礎設施外，您能否評論一下目前有多少項目採用了太陽能和/或電池？還是這是一個更多的機會，特別是在通貨膨脹減少法案通過之後？

Yes, that's more of an opportunity going forward like -- and we're positioned for that, but we haven't seen a lot of activity just yet, right, because it's so new, the infrastructure bill. But I will tell you, on our Technical Solutions group, our backlog, which -- again, remember, backlog is signed contracts waiting to start. Our backlog is the highest it's ever been right now. So in terms of -- I guess the bigger question would be -- or the bigger answer would be in terms of sustainability, in terms of energy efficiency, the whole ESG platform, it's -- we're just well positioned and, again, the biggest backlog we've ever had.

是的，這更像是一個向前發展的機會——我們已經為此做好了準備，但我們還沒有看到很多活動，對吧，因為它太新了，基礎設施法案。但我會告訴你，在我們的技術解決方案小組，我們的積壓——再次記住，積壓是等待開始的已簽署合同。我們的積壓是目前最高的。因此，就——我想更大的問題是——或者更大的答案是在可持續性方面，在能源效率方面，整個 ESG 平台，它是——我們只是處於有利地位，而且，再一次，我們有過的最大的積壓。

Our final question this morning comes from the line of Andy Wittmann with Baird.

我們今天早上的最後一個問題來自 Andy Wittmann 與 Baird 的對話。

I just thought it would be helpful for -- to have a little bit more detail on the EPS accretion that you might be getting from RavenVolt. Obviously, you guys gave the revenue, gave EBITDA in the press release. And that was super helpful, and we all did the math on that. But there's going to be intangible amortization attached to that because of the backlog business, which is going to burn off, but also probably because of some goodwill that won't burn off.

我只是認為這會有所幫助——詳細了解您可能從 RavenVolt 獲得的 EPS 增長。顯然，你們在新聞稿中給出了收入，給出了 EBITDA。這非常有幫助，我們都對此進行了計算。但是，由於積壓的業務將被燒掉，因此會有無形的攤銷，但也可能是因為一些不會被燒掉的商譽。

But I guess we were thinking that you could probably get $0.03, $0.04, $0.05 of annual EPS accretion after you take the intangible amortization hit. I guess, Earl, could you just comment if that's kind of the right way of thinking about it? And then just given the moving pieces that you noted on interest rates as well as the incremental debt you'll be taking on for RavenVolt, could you just talk about what you think the interest expense run rate will be? Just heading into initial guidance for next year, I think these are 2 areas there that could be some variability, and you can all get us tightened up on those items.

但我想我們在想，在你承擔無形攤銷損失後，你可能會獲得 0.03 美元、0.04 美元、0.05 美元的年度每股收益增長。我想，Earl，如果這是一種正確的思考方式，你能評論一下嗎？然後考慮到你注意到的關於利率的變化以及你將為 RavenVolt 承擔的增量債務，你能談談你認為利息支出運行率是多少嗎？剛剛進入明年的初步指導，我認為這兩個領域可能會有一些變化，你們都可以讓我們在這些項目上收緊。

No, absolutely. So we believe that the RavenVolt acquisition is definitely going to be cash-accretive. I would say from an adjusted EPS, I think you're actually in the range. I'd say probably $0.03 to $0.04 based on the fact that we will actually have some amortization of the intangibles. So I think you're spot on.

不，絕對。因此，我們相信收購 RavenVolt 肯定會增加現金。我會說，從調整後的每股收益來看，我認為你實際上在範圍內。我會說可能是 0.03 美元到 0.04 美元，因為我們實際上會對無形資產進行一些攤銷。所以我認為你是正確的。

With regards to interest rates, obviously, we have been impacted by the 225-basis-point increase that the Fed has actually put into place over the course of the last year. So when we look at our current run rate based on our fixed floating mix, we're looking at about a little over $15 million of interest per quarter. So hopefully, that helps you in the modeling.

顯然，在利率方面，我們受到了美聯儲在去年實際實施的 225 個基點加息的影響。因此，當我們根據固定浮動組合查看當前的運行率時，我們看到每季度的利息略高於 1500 萬美元。希望這對您的建模有所幫助。

Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Salmirs for any final comments.

女士們，先生們，我們的問答環節到此結束。我會將發言權轉回給 Salmirs 先生，讓他發表最後的評論。

Sure. Look, I just want to thank everybody for participating today and the interest you have. And I just want to close with just saying just briefly, on behalf of our entire team, I want to extend our thoughts and condolences to our team members, to our clients and partners across the United Kingdom and the Commonwealth following the sad news of the passing of Queen Elizabeth II. I mean her devotion to service will undoubtedly remain an inspiration for generations to come. And again, we just wanted to extend our condolences.

當然。聽著，我只想感謝大家今天的參與以及你們的興趣。最後，我只想簡單地說一下，我代表我們的整個團隊，在得知不幸的消息後，向我們的團隊成員、我們在英國和英聯邦的客戶和合作夥伴表示我們的思念和哀悼。英國女王伊麗莎白二世逝世。我的意思是，她對服務的奉獻無疑將激勵後代。再一次，我們只是想表達我們的哀悼。

So thank you, everybody, for participating and look forward to Q4, coming back to you and chatting some more. But thank you.

因此，感謝大家參與並期待第四季度，回到你們身邊並聊更多。但是謝謝你。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝你。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。