ABM Industries Inc (ABM) 2024 Q2 法說會逐字稿

Greeting, and welcome to the ABM Industries Inc second quarter 2024 earnings call.

您好，歡迎參加 ABM Industries Inc 2024 年第二季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Mr. Paul Goldberg, Senior Vice President, Investor Relations for ABM Industries.

現在我想將會議交給東道主 ABM Industries 投資者關係高級副總裁 Paul Goldberg 先生。

Thank you, sir.

謝謝你，先生。

You may begin.

你可以開始了。

Good morning, everyone, and welcome to ABM's second quarter 2024 earnings call.

大家早安，歡迎參加 ABM 2024 年第二季財報電話會議。

My name is Paul Goldberg, and I'm the Senior Vice President of Investor Relations at ABM.

我叫 Paul Goldberg，是 ABM 投資人關係資深副總裁。

With me today are Scott Salmirs, our President and Chief Executive Officer, and Earl Ellis, our Executive Vice President and Chief Financial Officer.

今天與我在一起的有我們的總裁兼執行長 Scott Salmirs 和我們的執行副總裁兼財務長 Earl Ellis。

Please note that earlier this morning, we issued our press release announcing our second quarter 2024 financial results.

請注意，今天上午早些時候，我們發布了新聞稿，宣布了 2024 年第二季的財務業績。

A copy of that release and an accompanying slide presentation can be found on our website, abm.com.

該新聞稿的副本和隨附的幻燈片簡報可以在我們的網站 abm.com 上找到。

After Scott and Earl's prepared remarks, we will host a Q&A session.

在史考特和厄爾準備好發言後，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 contains predictions, estimates and other forward-looking statements.

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包含預測、估計和其他前瞻性陳述。

Our use of the words estimate, expect and similar expressions are intended to identify these statements, and they represent our current judgment of what the future holds.

我們使用「估計」、「期望」和類似表達方式的目的是為了識別這些陳述，它們代表了我們目前對未來的判斷。

While we believe them to be reasonable, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially.

雖然我們認為這些陳述是合理的，但這些陳述本質上存在風險和不確定性，可能導致我們的實際結果出現重大差異。

These factors are described in the slide that accompanies our presentation as well as our filings with the SEC.

這些因素在我們的簡報以及我們向 SEC 提交的文件隨附的幻燈片中進行了描述。

During the course of this call, certain non-GAAP financial information will be presented.

在本次電話會議期間，將提供某些非 GAAP 財務資訊。

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.

歷史非 GAAP 數據與 GAAP 財務指標的對帳可在簡報末尾以及公司網站的「投資者」標籤下找到。

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

現在，我想將電話轉給史考特。

Thanks, Paul.

謝謝，保羅。

Good morning and thank you all for joining us today to discuss our second quarter results.

早安，感謝大家今天加入我們討論我們的第二季業績。

We are pleased with our quarterly results, which were driven by our team's execution and highlighted by a strong cash flow, adjusted EBITDA margin of 6.5% as well as by mid-single-digit organic revenue growth in our aviation, technical solutions, manufacturing & distribution and education segments, all of which resulted in adjusted EPS of $0.87.

我們對季度業績感到滿意，這是由我們團隊的執行力推動的，並以強勁的現金流、調整後EBITDA 利潤率6.5% 以及我們的航空、技術解決方案、製造和銷售領域的中個位數有機收入成長為重點。

We were also encouraged with B&I as the business continues to prove resilient in a still settling commercial real estate environment, benefiting from our diverse client and service mix, our leading market position and our penetration in higher-performing Class A segment of the market.

我們也對B&I 感到鼓舞，因為該業務在仍然穩定的商業房地產環境中繼續證明了彈性，受益於我們多樣化的客戶和服務組合、我們領先的市場地位以及我們在表現更好的A 級市場的滲透率。

In fact, the results were generated in B&I are a strong validation of our strategy and of the effectiveness of our business model, all of which provide a clear path to generate shareholder value.

事實上，B&I 產生的結果有力地驗證了我們的策略和商業模式的有效性，而這一切都為創造股東價值提供了一條清晰的途徑。

Our service breadth, our teammates and our focus on our customers as well as our ELEVATE investments in technology have enabled us to perform extremely well in choppy markets.

我們的服務廣度、我們的團隊夥伴、對客戶的關注以及我們對技術的 ELEVATE 投資使我們能夠在動盪的市場中表現出色。

Going forward, we expect to further leverage our ELEVATE investments as we scale the technology across the organization.

展望未來，隨著我們在整個組織範圍內擴展技術，我們預計將進一步利用我們的 ELEVATE 投資。

Earl will take you through the financial details of Q2 in a few minutes.

Earl 將在幾分鐘內帶您了解第二季的財務細節。

We have had so many touch points with new investors in the past few months that we thought it might be a good moment to reground our business model and value creation pathway while we have a focused audience.

在過去的幾個月裡，我們與新投資者進行瞭如此多的接觸，因此我們認為現在可能是一個很好的時機，可以在擁有重點受眾的同時重新調整我們的商業模式和價值創造途徑。

In the broader sense, we think of ABM as the consistent cash-generating flywheel, leveraging our capital-light model, scale and leading market positions to self-fund growth and margin expansion initiatives, while at the same time, consistently returning capital to shareholders.

從更廣泛的意義上講，我們將 ABM 視為持續產生現金的飛輪，利用我們的輕資本模式、規模和領先的市場地位來自籌資金增長和利潤擴張計劃，同時持續向股東返還資本。

All of which drive attractive long-term shareholder returns.

所有這些都帶來了有吸引力的長期股東回報。

Going deeper on an operational level.

在操作層面上更深入。

We generate these returns by delivering a core suite of essential facility services, primarily janitorial and engineering, to a diverse group of customers in a broad set of end markets.

我們透過向廣泛的終端市場中的不同客戶群提供一整套核心的基本設施服務（主要是清潔和工程）來獲得這些回報。

These markets tend to be mature and on a blended basis, have low volatility through a business cycle as we continue to demonstrate.

正如我們繼續證明的那樣，這些市場往往是成熟的，並且在混合的基礎上，在整個商業週期中波動性較低。

And that helps us to provide a level of predictability to our results.

這有助於我們為結果提供一定程度的可預測性。

So how do we do this?

那我們該怎麼做呢？

To put it simply, we optimize our position in these core markets by utilizing our scale, leading brands and reputation, which has been cultivated for over a century.

簡單來說，我們就是利用我們一個多世紀以來累積的規模、領先品牌和聲譽來優化我們在這些核心市場的地位。

This allows us to attract and support top-tier clients and team members.

這使我們能夠吸引和支持頂級客戶和團隊成員。

Our clients appreciate our ability to deliver a wide range of integrated services on a local level and our capabilities to provide consistent performance at scale, which is hard for our competitors to match.

我們的客戶讚賞我們在本地層面提供廣泛的綜合服務的能力以及我們在規模上提供一致績效的能力，這是我們的競爭對手難以匹敵的。

At the same time, we're continuously investing in our people, processes and solution sets to become a more valuable partner to our clients.

同時，我們不斷投資於我們的人員、流程和解決方案集，以成為客戶更有價值的合作夥伴。

Our capital-light business model provides flexibility and positions us well in our core markets.

我們的輕資本業務模式提供了靈活性，並使我們在核心市場中佔有有利地位。

We can quickly scale our labor force to meet changes in demand, which leads to resilient operating results in the face of dynamic macro conditions.

我們可以快速擴大勞動力規模以滿足需求變化，從而在面對動態的宏觀條件時實現具有彈性的經營績效。

Recent examples of this are the current real estate market challenges and before that, the pandemic.

最近的例子是當前的房地產市場挑戰以及先前的大流行。

Resilience is a hallmark and a differentiating factor for ABM.

韌性是 ABM 的標誌和差異化因素。

In total, we believe our core facility services business should achieve 2% to 4% organic revenue growth through a cycle.

總的來說，我們認為我們的核心設施服務業務應該在一個週期內實現 2% 至 4% 的有機收入成長。

We have also historically generated a strong normalized free cash flow yield, which we believe is best-in-class amongst our peer group.

我們歷史上也產生了強勁的標準化自由現金流收益率，我們認為這是我們同行中最好的。

Now let me walk you through how we are building upon the strong core to enhance our growth rate and margin performance.

現在讓我向您介紹我們如何建立強大的核心來提高我們的成長率和利潤表現。

First, we strategically aligned ourselves with key secular trends such as electrification, the US movement to onshoring manufacturing, infrastructure build-out and the outsized demand for data centers.

首先，我們在策略上與關鍵的長期趨勢保持一致，例如電氣化、美國本土製造運動、基礎設施建設以及對資料中心的巨大需求。

Our aviation, technical solutions and manufacturing & distribution segments are all positioned to benefit from these trends and have already won significant new business because of this alignment.

我們的航空、技術解決方案以及製造和分銷部門都將從這些趨勢中受益，並且由於這種調整贏得了重要的新業務。

A few examples of these wins are the large parking project we completed at Los Angeles International Airport last year; our recent $180 million micro grid win with a big box retailer; as well as our growth with 8 of the 10 top semiconductor manufacturers in the US.

這些勝利的一些例子是我們去年在洛杉磯國際機場完成的大型停車場專案；我們最近與一家大型零售商贏得了價值 1.8 億美元的微電網項目；以及我們與美國 10 家頂級半導體製造商中的 8 家的成長。

We expect further outsized growth resulting from our expertise in electrification and related infrastructure over the next several years as we invest behind these trends via M&A and internal initiatives.

我們預計未來幾年，我們在電氣化和相關基礎設施方面的專業知識將帶來進一步的大幅成長，因為我們透過併購和內部措施來支持這些趨勢。

Next, we continue to see significant opportunities within our portfolio to cross-sell other services such as our ABM Performance Solutions or as we call it APS.

接下來，我們繼續在我們的產品組合中看到交叉銷售其他服務的重大機會，例如我們的 ABM 性能解決方案或我們稱之為 APS。

APS is our multiservice performance model that includes facility maintenance, cleaning, energy, sustainability, safety, resiliency and engineering solutions.

APS 是我們的多服務績效模型，包括設施維護、清潔、能源、永續性、安全、彈性和工程解決方案。

In other words, one-stop shopping for our clients.

換句話說，為我們的客戶提供一站式購物。

Operated under a single contract, APS improves our clients' operations and enhances the resiliency and reliability of their facilities.

APS 依據單一合約進行運營，可改善客戶的營運並增強其設施的彈性和可靠性。

In turn, this creates better outcomes for our clients and stickier business for us.

反過來，這也為我們的客戶創造了更好的成果，並為我們帶來了更黏性的業務。

Finally, our ELEVATE Self-Help initiative will support margin enhancement over the next few years.

最後，我們的 ELEVATE 自助計畫將支持未來幾年利潤率的提高。

As we have discussed, we are digitally transforming our back-office operations and our go-to-market strategy as well as how we manage labor and interact with our clients.

正如我們所討論的，我們正在對後台營運、進入市場策略以及勞動力管理和與客戶互動的方式進行數位轉型。

These initiatives will generate direct savings from operating efficiencies, including procurement benefits and improved labor utilization while providing our clients with enhanced data and actionable insights.

這些措施將從營運效率中產生直接節省，包括採購效益和提高勞動力利用率，同時為我們的客戶提供增強的數據和可行的見解。

Taken together, these secular growth opportunities, which carry attractive margin, in conjunction with all the work we are doing with ELEVATE, will drive higher enterprise profits.

總而言之，這些長期成長機會具有有吸引力的利潤率，再加上我們與 ELEVATE 所做的所有工作，將推動更高的企業利潤。

The resulting cash flow will be used to enhance shareholder value by investing in additional growth via internal initiatives and strategic M&A while at the same time, growing our dividend and opportunistically repurchasing shares consequently, creating a compounding effect.

由此產生的現金流量將用於透過內部計畫和策略併購投資於額外成長來提高股東價值，同時增加我們的股利並伺機回購股票，從而產生複合效應。

As we enter the second half of the year, we're encouraged by our positioning, the resilience of our markets and our success in winning new business.

進入下半年，我們的定位、市場的彈性以及贏得新業務的成功讓我們深受鼓舞。

We're particularly pleased to have booked over $1 billion in new sales during the first half of the year, a record.

我們特別高興的是，今年上半年的新銷售額超過 10 億美元，創歷史新高。

This includes projects that will be completed over the next few years, which gives us the ability to stay close to our clients over extended periods.

這包括將在未來幾年內完成的項目，這使我們能夠長期與客戶保持密切聯繫。

What's most encouraging is that we are winning this business across the portfolio, including a large B&I contract with a major technology company.

最令人鼓舞的是，我們在整個投資組合中贏得了這項業務，包括與一家大型科技公司簽訂的大型 B&I 合約。

Aviation also won major contracts at Boston Logan Airport and Phoenix' Sky Harbor Airport.

航空業也贏得了波士頓洛根機場和鳳凰城天港機場的主要合約。

And education won a nice-sized APS contract with Utica University.

Education 與尤蒂卡大學 (Utica University) 簽訂了一份規模不錯的 APS 合約。

All of these new wins complement the large micro grid project we mentioned last quarter and set us up for sustained success.

所有這些新的勝利補充了我們上季度提到的大型微電網項目，並為我們持續成功奠定了基礎。

Given our strong start to this year and our confidence for a solid second half, we are raising our full year guidance for adjusted EPS and now is expected to be in the range of $3.40 to $3.50 versus our prior range of $3.30 to $3.45. This increase reflects our strong market positioning and our continued conviction in the resilience of our business.

鑑於我們今年的強勁開局以及對下半年穩健的信心，我們正在提高調整後每股收益的全年指引，目前預計為 3.40 美元至 3.50 美元，而之前的區間為 3.30 美元至 3.45 美元。這一成長反映了我們強大的市場定位以及我們對業務彈性的持續信心。

With that, let me turn it over to Earl for the financials.

有了這個，讓我把財務問題交給厄爾。

Thank you, Scott, and good morning, everyone.

謝謝你，斯科特，大家早安。

Overall, our Q2 results were slightly better than our expectations heading into the quarter, and we want to thank our team for their strong performance in a choppy macro environment.

總體而言，我們第二季的業績略好於我們進入本季的預期，我們要感謝我們的團隊在動盪的宏觀環境中表現出色。

For those of you following along with our earnings presentation, please turn to slide 5.

對於那些關注我們的收益簡報的人，請翻到投影片 5。

Second quarter revenue of $2 billion increased 1.7%, all of which was organic.

第二季營收 20 億美元，成長 1.7%，全部是有機收入。

Revenue growth was broad-based as M&D, aviation, education and technical solutions, all grew mid-single digits.

營收成長基礎廣泛，研發、航空、教育和技術解決方案均達到中個位數成長。

Once again, B&I, our largest segment, declined less than 1% benefiting from a diverse client and service base.

由於多元化的客戶和服務基礎，我們最大的細分市場 B&I 再次下降了不到 1%。

We expect B&I will remain resilient despite persistent market headwinds.

儘管市場逆風持續，我們預期 B&I 將保持彈性。

Moving on to slide 6.

繼續看投影片 6。

Before we go through the numbers, I'd like to remind you that in the second quarter of 2023, we recognized $12.6 million in revenue for a large parking project in our aviation segment.

在我們查看這些數字之前，我想提醒您，2023 年第二季度，我們航空部門的一個大型停車項目確認了 1260 萬美元的收入。

Since the costs associated with this project were incurred and recorded in prior periods, all the revenue essentially flowed through to earnings and margins in Q2 2023.

由於與該項目相關的成本已在前期發生並記錄，所有收入基本上都流向了 2023 年第二季的收益和利潤。

The absence of that project in the current period impacts are comparable.

當前時期沒有該項目的影響是可比的。

Net income in the second quarter was $43.8 million or $0.69 per diluted share, down 16% and 12%, respectively versus last year.

第二季淨利為 4,380 萬美元，攤薄後每股收益為 0.69 美元，比去年同期分別下降 16% 和 12%。

These decreases were largely driven by the absence of the aviation project I just mentioned.

這些下降很大程度上是由於我剛才提到的航空項目的缺失造成的。

We also recorded higher corporate investments, which were planned.

我們還記錄了計劃中的更高的企業投資。

These items were partially offset by lower ELEVATE and integration costs and improved operating results in our B&I, M&D and ATS segments.

這些項目被較低的 ELEVATE 和整合成本以及 B&I、M&D 和 ATS 部門營運績效的改善所部分抵銷。

Earnings per share further benefited from a lower share count.

每股收益進一步受益於股份數量的減少。

Adjusted net income of $55.5 million decreased 8% while adjusted earnings per diluted share of $0.87 declined 3% from the prior year period.

調整後淨利為 5,550 萬美元，較上年同期下降 8%，調整後每股攤薄收益為 0.87 美元，較上年同期下降 3%。

The decrease in our adjusted net income primarily reflected the absence of the aviation project and higher corporate investments, partially offset by improved operating results in our B&I, M&D and ATS segments.

調整後淨利潤的下降主要反映了航空項目的缺失和企業投資的增加，但部分被 B&I、M&D 和 ATS 部門經營績效的改善所抵消。

Adjusted EPS benefited from a lower share count, driven by our share repurchase activities last year.

調整後每股盈餘受惠於去年股票回購活動推動的股票數量減少。

Adjusted EBITDA declined 9% to $125.3 million and adjusted EBITDA margin of 6.5%.

調整後 EBITDA 下降 9%，至 1.253 億美元，調整後 EBITDA 利潤率為 6.5%。

Now turning to our segment results beginning on slide 7.

現在轉向從投影片 7 開始的細分結果。

B&I revenue was just under $1 billion, a slight year-over-year decline.

B&I 收入略低於 10 億美元，年比略有下降。

As mentioned, we continue to benefit from our end market diversification, including our exposure to the sports and entertainment and health care markets and from our weighting towards higher-performing Class A properties.

如前所述，我們繼續受益於我們的終端市場多元化，包括我們對體育、娛樂和醫療保健市場的投資，以及我們對表現更好的 A 級物業的重視。

This positioning helped us to mitigate most of the impact of a soft commercial real estate market.

這一定位幫助我們減輕了商業房地產市場疲軟的大部分影響。

Operating profit in B&I increased nearly 2% to $77.6 million and operating margin improved 20 basis points to 7.8% as positive business mix, price increases and cost actions more than offset sluggish demand dynamic in the commercial real estate market.

B&I 的營業利潤成長近 2%，達到 7,760 萬美元，營業利潤率提高 20 個基點，達到 7.8%，因為積極的業務組合、價格上漲和成本行動足以抵消商業房地產市場疲軟的需求動態。

Aviation revenue grew 4.8% to $238.2 million, once again, driven by robust travel markets and new business wins on both the airport and airline side for the business.

由於強勁的旅遊市場以及機場和航空公司方面新業務的推動，航空收入再次增長 4.8% 至 2.382 億美元。

Adjusting for the $12.6 million parking project that was recognized in the prior year period, revenue grew 11%.

在對上一年期間確認的 1,260 萬美元停車項目進行調整後，收入增長了 11%。

Aviation's operating profit and margin were $13.1 million and 5.5%, respectively.

航空業的營業利潤和利潤率分別為 1,310 萬美元和 5.5%。

Excluding the parking projects in the prior period, operating earnings grew 19% and margin increased 40 basis points.

剔除前期停車項目，營業利益成長19%，利潤率成長40個基點。

This strong performance largely reflected improved labor utilization and positive mix.

這一強勁表現很大程度上反映了勞動力利用率的提高和積極的組合。

Turning to slide 8.

轉到投影片 8。

Manufacturing & distribution revenue grew 4.1%, $388.6 million, reflecting solid demand.

製造和分銷收入成長 4.1%，達到 3.886 億美元，反映了強勁的需求。

Operating profit increased $43.6 million and operating margin improved 30 basis points to 11.2%.

營業利潤增加 4,360 萬美元，營業利益率提高 30 個基點，達到 11.2%。

Profit and margin performance was largely due to a favorable customer mix.

利潤和利潤率表現很大程度上歸功於有利的客戶組合。

Of note, as we previously discussed, a large client is rebalancing its work.

值得注意的是，正如我們之前討論的，一家大客戶正在重新平衡其工作。

We expect to see the impact of this in the third quarter.

我們預計將在第三季看到這一影響。

Our team is actively working to replace the transitioning revenue and earnings.

我們的團隊正在積極努力替代轉型中的收入和收益。

Education revenue increased 4.1% to $225.6 million, benefiting from the addition of new clients that came online last year.

由於去年線上新客戶的增加，教育收入成長了 4.1%，達到 2.256 億美元。

We are also pleased to welcome Utica University as the latest ABM Performance Solutions client and look forward to bringing them fully on board in the third quarter.

我們也很高興歡迎尤蒂卡大學成為 ABM Performance Solutions 的最新客戶，並期待他們在第三季全面加入。

Education's operating profit was $11.5 million with a 5.1% margin, representing declines of 2% and 30 basis points, respectively.

教育部門的營業利潤為 1,150 萬美元，利潤率為 5.1%，分別下降 2% 和 30 個基點。

This was largely attributable to an unfavorable service mix, specifically less work orders.

這主要是由於不利的服務組合，特別是工單減少。

Technical solutions revenue grew 4.6% to $176.2 million on the strength of micro grid project startups and continued growth in our mission-critical and power business.

由於微電網專案啟動以及我們的關鍵任務和電力業務的持續成長，技術解決方案收入成長了 4.6%，達到 1.762 億美元。

Bundled energy solutions and EV project activity remains soft.

捆綁能源解決方案和電動車專案活動依然疲軟。

However, coating activity is beginning to pick up.

然而，塗料活動開始回升。

As expected, technical solutions' operating profit significantly improved on a year-over-year basis as well as sequentially, driven by a more favorable project mix and lower acquisition-related amortization.

如預期，在較有利的專案組合和較低的收購相關攤銷的推動下，技術解決方案的營業利潤與去年同期相比均顯著提高。

Operating profit increased 67% to $17 million over the prior year period while margin improved 350 basis points to 9.6%.

營業利潤較上年同期成長 67%，達到 1,700 萬美元，利潤率提高 350 個基點，達到 9.6%。

We are pleased with ATS' second quarter margin results and expect similar performance in the back half of the year driven by a favorable service mix.

我們對 ATS 第二季的利潤率結果感到滿意，並預計在有利的服務組合的推動下，今年下半年也會有類似的業績。

Moving on to slide 9.

繼續看投影片 9。

We ended the second quarter with total indebtedness of $1.4 billion, including $57.9 million down by letters of credit, resulting in a total debt to pro forma adjusted EBITDA ratio of 2.3x. At the end of Q2, we had available liquidity of $561.8 million, including cash and cash equivalents of $60.7 million.

截至第二季末，我們的總債務為 14 億美元，其中信用證減少了 5,790 萬美元，導致總債務與預估調整後 EBITDA 比率為 2.3 倍。截至第二季末，我們的可用流動資金為 5.618 億美元，其中現金和現金等價物為 6,070 萬美元。

Free cash flow in the second quarter was $101 million, which exceeded our expectations, aided by our team's relentless focus on working capital management.

第二季的自由現金流為 1.01 億美元，超出了我們的預期，這得益於我們團隊對營運資本管理的不懈關注。

Interest expense was $20.6 million in the second quarter, about $0.5 million lower than the prior year, and our Q2 effective tax rate was 29.9%.

第二季利息支出為 2,060 萬美元，較上年同期減少約 50 萬美元，第二季有效稅率為 29.9%。

On the capital allocation front.

在資本配置方面。

We repurchased roughly 555,000 shares at an average price of $42.84 for a total cost of $23.8 million.

我們以 42.84 美元的平均價格回購了大約 555,000 股股票，總成本為 2,380 萬美元。

The total remaining authorization under our share repurchase program was $186 million at the end of the quarter.

截至本季末，我們的股票回購計畫的剩餘授權總額為 1.86 億美元。

Now let's move on to our revised full year fiscal 2024 outlook, as shown on slide 10.

現在讓我們繼續討論修訂後的 2024 財年全年展望，如幻燈片 10 所示。

As Scott mentioned, we are raising our full year guidance for adjusted EPS based on our strong second quarter results and are confident in the back half of the year.

正如斯科特所提到的，我們根據第二季度強勁的業績提高了調整後每股收益的全年指引，並對今年下半年充滿信心。

As such, we now expect full year 2024 adjusted EPS to be in the range of $3.40 to $3.50, up from $3.30 to $3.45 previously.

因此，我們現在預計 2024 年全年調整後每股收益將在 3.40 美元至 3.50 美元之間，高於先前的 3.30 美元至 3.45 美元。

All other metrics of our outlook remain unchanged.

我們展望的所有其他指標均保持不變。

Adjusted EBITDA margin is expected to be between 6.2% and 6.5%.

調整後 EBITDA 利潤率預計在 6.2% 至 6.5% 之間。

Interest expense is expected to be in the range of $82 million to $86 million, and the normalized tax rate before discrete items is expected to be between 29% to 30%.

利息支出預計在 8,200 萬美元至 8,600 萬美元之間，離散項目前的標準化稅率預計在 29% 至 30% 之間。

Lastly, full year normalized free cash flow is expected to be in the range of $240 million to $270 million, most likely towards the upper end of the range.

最後，全年正常化自由現金流預計在 2.4 億至 2.7 億美元之間，很可能接近該範圍的上限。

This forecast excludes the estimated $45 million of ELEVATE and integration costs, with the majority being ELEVATE cost.

該預測不包括估計 4500 萬美元的 ELEVATE 和整合成本，其中大部分是 ELEVATE 成本。

One last note.

最後一點。

From a quarterly cadence perspective, we expect adjusted EPS to be fairly balanced between the third and fourth quarters.

從季度節奏的角度來看，我們預計第三季和第四季調整後每股盈餘將相當平衡。

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

說到這裡，讓我把它轉回給斯科特以供結束評論。

Thanks, Earl.

謝謝，厄爾。

We are very pleased with our first half performance and even more excited about our future.

我們對上半年的表現非常滿意，對未來更加興奮。

Our success reflects ABM's resilient business model, the benefits from our ELEVATE investments and perhaps most importantly, the incredible dedication and strong execution by the ABM team.

我們的成功反映了 ABM 富有彈性的業務模式、我們 ELEVATE 投資的收益，或許最重要的是 ABM 團隊令人難以置信的奉獻精神和強大的執行力。

We are excited for the road ahead for ABM as we continue to build and shape our business to become the technology-driven leader of the facility services industry and look forward to continuing the journey.

我們對 ABM 的未來之路感到興奮，因為我們將繼續建立和塑造我們的業務，成為設施服務行業的技術驅動型領導者，並期待繼續這趟旅程。

We're now available to answer your questions.

我們現在可以回答您的問題。

(Operator Instructions) Tim Mulrooney, William Blair.

（操作員說明）Tim Mulrooney、William Blair。

I'm curious about that M&D segment.

我對 M&D 部分很好奇。

How are you thinking about organic growth in the back half of the year?

您如何看待下半年的自然成長？

I mean, I know performance has been solid here but I think this is when that supplier rebalancing issue begins to have a more acute impact, if I'm not mistaken.

我的意思是，我知道這裡的表現一直很穩定，但我認為如果我沒記錯的話，供應商重新平衡問題開始產生更嚴重的影響。

Yeah, that's right, Tim.

是的，沒錯，提姆。

You're right on.

你說得對。

That's when we start lapping the rebalancing that we talked about.

從那時起，我們就開始進行我們所討論的重新平衡。

So you'll see it down.

所以你會看到它。

We don't give revenue guidance.

我們不提供收入指導。

But you'll see it down in the back half.

但你會在後半部分看到它。

But I think what we'd want you to focus on is we do believe, in the future, M&D is going to be a double-digit top and bottom line industry group, right?

但我認為我們希望您關注的是我們確實相信，在未來，M&D 將成為一個兩位數營收和利潤的行業集團，對吧？

So we're just going through this period now that will take us through essentially the next 2 quarters and a little bit into next year.

所以我們現在剛經歷這個時期，這將帶領我們基本上度過接下來的兩個季度，並進入明年。

But we couldn't be more excited about the industry group, but you're spot on that we'll start lapping that in Q3 and Q4.

但我們對這個行業群體感到非常興奮，但你說得對，我們將在第三季和第四季開始對其進行研究。

Scott, let's dig into that a little bit deeper then, the data centers.

史考特，讓我們更深入地研究一下資料中心。

I mean can you remind me?

我的意思是你能提醒我嗎？

Like what percent of your business is that data centers today?

例如現在資料中心佔您業務的比例是多少？

And also like what kind of work do you do in your -- beyond your core janitorial offering?

除了核心清潔服務之外，您還從事哪些工作？

And how would you frame that opportunity around the massive expected build-out over the next several years?

您將如何圍繞未來幾年的大規模預期擴建來建立這個機會？

Sure.

當然。

And data centers for us really bridge M&D and our ATS industry groups, right?

我們的資料中心確實架起了 M&D 和我們的 ATS 行業團體的橋樑，對吧？

And that ranges from a number of things, Tim.

這涉及很多方面，蒂姆。

It's anything from underfloor cleaning because in data centers has raised floors, right?

這與地板下清潔有關，因為資料中心有高架地板，對嗎？

So it's anything from underfloor cleaning, which is more of the M&D thing to doing real power testing, right, taking care of generator sets, switchgear.

因此，從地板下清潔（更多的是 M&D 的事情）到進行實際功率測試，對吧，照顧發電機組、開關設備。

Anything with power resilience.

任何具有力量彈性的東西。

Even mechanical side, that resides mostly in our ATS group.

即使是機械方面，也主要由我們的 ATS 團隊負責。

And in context to our $8 billion-plus in revenue, it's still quite small, but it's significant enough that we feel -- we really feel the acceleration in margins because it's higher-margin business.

相對於我們超過 80 億美元的收入，它仍然相當小，但它足夠重要，我們認為 - 我們確實感受到了利潤率的加速，因為這是利潤率較高的業務。

It's where we're going to be leaning into with our efforts internally from an organic standpoint and also inorganically.

這是我們將在內部從有機角度和無機角度努力的方向。

So small right now, but really the center of our focus because you see the trends.

現在雖然很小，但確實是我們關注的中心，因為你可以看到趨勢。

This is where everything is heading.

這就是一切的發展方向。

And we're just so well positioned based on our client base to cross-sell into that.

基於我們的客戶群，我們處於非常有利的位置，可以進行交叉銷售。

I mean, we couldn't be more excited about data centers as a whole.

我的意思是，我們對整個資料中心感到非常興奮。

Jasper Bibb, Truist Securities.

賈斯柏‧比伯 (Jasper Bibb)，Truist 證券公司。

Wanted to ask about B&I.

想問一下B&I的事。

You got it to low single digit declines for the year, but I guess, we're pretty close to flat in the first half.

今年的跌幅僅為個位數，但我想，上半年我們的跌幅非常接近持平。

So is a low single-digit decline still the right way to think about that segment for the year?

那麼，低個位數的下降仍然是今年該細分市場的正確思考方式嗎？

And I know you exited some contracts in the last quarter or two.

我知道您在過去一兩個季度退出了一些合約。

Is there anything else that we should keep in mind that's going to impact the back half of the year?

還有什麼我們該記得的會影響下半年的事情嗎？

No.

不。

Jasper, I think it's the right way to think about it, the low single-digit declines, right?

Jasper，我認為這是正確的思考方式，低個位數的下降，對嗎？

We're still in the middle of this thing.

我們仍然處於這件事的中間。

And I could answer you best as ABM and a service provider.

作為 ABM 和服務提供者，我可以最好地回答您。

And I could tell you like where we sit today versus let's call it, 9 months ago, when we were putting together and framing our guidance.

我可以告訴你，我們今天的處境與 9 個月前我們當時的處境有何不同，當時我們正在整理並製定我們的指導方針。

Where we sit today is a lot more positive, right?

我們今天坐的位置要積極得多，對嗎？

Our resiliency is coming through because we always talk about the fact that we have this flexible labor model.

我們的彈性正在顯現，因為我們總是談論我們擁有這種靈活的勞動力模式。

So while we are seeing tenants compress on their space, we flex our labor, right?

因此，當我們看到租戶壓縮他們的空間時，我們就靈活了我們的勞動力，對吧？

And I will tell you, again, as we sit here today, what we were envisioning in terms of where we thought tenants were going to be from a compression standpoint versus where it's playing out, it's not been as dramatic.

當我們今天坐在這裡時，我會再次告訴你，從壓縮的角度來看，我們對租戶的設想與實際情況相比，情況並沒有那麼戲劇化。

I think there is a very, very palpable movement back to the office, which is encouraging.

我認為有一個非常非常明顯的運動回到辦公室，這是令人鼓舞的。

And lastly, and don't forget, we play in Class A space.

最後，不要忘記，我們在 A 級空間中比賽。

And even in addition to what I'm saying, everything you read is the resiliency of Class A space.

即使除了我所說的之外，您讀到的所有內容都是 A 級空間的彈性。

And so we're very, very fortunate that we've been riding through it yet.

因此，我們非常非常幸運，我們已經度過了難關。

But I still think for the next couple of quarters and into next year, it's not unrealistic to look at low single-digit declines and then -- for the back half of this year.

但我仍然認為，在接下來的幾個季度和明年，看到低個位數的下降並不是不切實際的，然後是今年下半年。

And then starting to ramp up possibly to neutral next year, and then getting back to where we historically been to, GDP, and possibly even GDP-plus.

然後明年開始可能達到中性，然後回到我們歷史上的水平，GDP，甚至可能是 GDP+。

That makes sense.

這就說得通了。

And then you mentioned the record $1 billion in new business for the first half.

然後您提到上半年新業務創紀錄的 10 億美元。

Is there any way to maybe contextualize that for us versus what might be a normal range?

有什麼辦法可以將我們的情況與正常範圍連結起來嗎？

Maybe growth versus the first half of last year?

也許與去年上半年相比有所成長？

Or I guess, what new business typically looks like as part of your revenue base?

或者我猜，作為您收入基礎的一部分，新業務通常會是什麼樣子？

Yes.

是的。

This was another record for us.

這對我們來說是另一個記錄。

And more than incrementally better than the first half.

而且比上半年好很多。

We've gotten some large projects at the start of this year, that's been really helpful.

今年年初我們得到了一些大型項目，這非常有幫助。

And as I mentioned in my prepared remarks, the multiyear projects, which is terrific for us because we stay close to our clients.

正如我在準備好的演講中提到的，多年期專案對我們來說非常棒，因為我們與客戶保持密切聯繫。

So we hit a record last year at $1.6 billion for the entire year.

所以我們去年創下了全年 16 億美元的紀錄。

And we think we're going to -- all indications are that we're going to lap that record this year.

我們認為我們將會 - 所有跡像都表明我們今年將打破這一記錄。

So just -- we're off to a great start.

所以，我們有了一個好的開始。

And I think the bigger sentiment more than anything else is that clients continue to want to expand with us.

我認為最重要的情緒是客戶繼續希望與我們一起擴張。

New clients, when we sit in the presentation room, are voting for ABM.

當我們坐在演示室時，新客戶正在投票支持 ABM。

I mean, it's pretty significant when you do the math that you have this $8 billion company in revenue and bringing in $1 billion of new business in the first 6 months of the year.

我的意思是，如果你計算一下，這家公司的收入為 80 億美元，並且在今年前 6 個月就帶來了 10 億美元的新業務，這一點非常重要。

We're really enthusiastic about how we're putting our platform forward and the relationships we're building with clients that cause them to stay sticky and expand with us.

我們非常熱衷於如何推進我們的平台以及我們與客戶建立的關係，使他們保持黏性並與我們一起擴展。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

So I wanted to follow up on B&I.

所以我想跟進 B&I。

It sounds like what you're saying is that commercial real estate part of the business is maybe a little bit better than you had feared.

聽起來你的意思是，商業不動產部分的業務可能比你擔心的要好一些。

And then you're seeing sort of this offset from like the sports entertainment part of the business.

然後你會看到這種與體育娛樂業務部分的抵消。

So I just want to dig into that a little bit more, like how much of B&I now is sports entertainment and give us sort of the relative performance of sort of those two segments within B&I.

所以我只是想進一步深入研究一下，例如 B&I 現在有多少是體育娛樂，並為我們提供 B&I 中這兩個部分的相對錶現。

Look, in B&I, when you think about sports and entertainment, it's growing.

看，在 B&I，當你想到體育和娛樂時，它正在增長。

But in terms of its percentage, [visor] of B&I, it's small.

但就 B&I 的比例而言，[visor] 很小。

We're talking $100 million, $150 million business.

我們正在談論價值 1 億美元、1.5 億美元的業務。

And it's just -- it's been vibrant.

而且它一直充滿活力。

And it's been vibrant for a while now because people are certainly back to events.

它已經充滿活力了一段時間了，因為人們肯定又回到了活動中。

But don't forget, in B&I, we have engineering segment, stationary engineering, which are the engineers in the building.

但別忘了，在 B&I，我們有工程部門，固定工程部門，也就是大樓裡的工程師。

And that -- the variability of that staffing level doesn't change with occupancy.

而且，人員配置水準的變化不會隨著入住率的變化而改變。

If you need 12 engineers in the proverbial basement of the building to operate the equipment, whether you're 95% occupied or 75% occupied, that doesn't change.

如果您需要 12 名工程師在大樓眾所周知的地下室來操作設備，無論您是 95% 被佔用還是 75% 被佔用，這都不會改變。

So there's inherent stability in B&I just for that.

因此，B&I 具有固有的穩定性。

And again, the compression.

再次，壓縮。

The compression that we're seeing from tenants, you have to remember that plays out over time.

你必須記住，我們從租戶那裡看到的壓縮會隨著時間的推移而發揮作用。

It's not like there is mass lease expirations all happening at the same time.

並不是說大量的租約同時到期。

Those happen over a two or three-year period.

這些發生在兩三年的時間內。

So we're just seeing it play out slowly and again, you're probably seeing this with other clients and other companies you cover.

因此，我們只是看到它一次又一次緩慢地發揮作用，您可能會在您覆蓋的其他客戶和其他公司中看到這種情況。

There is this demand to get people back to the office.

存在讓人們返回辦公室的需求。

And I'll just give you one anecdotal example.

我只舉一個軼事例子。

We just had our Board meeting, and we had a very senior executive join the team, and the Board was asking the senior executive, What were some of the reasons you wanted to come to ABM?

我們剛剛召開了董事會會議，我們有一位非常高階的管理人員加入了團隊，董事會問這位高階主管，您想加入 ABM 的原因是什麼？

After she talked about the culture and the collaboration.

之後她談到了文化和合作。

She said, I have to tell you, I was working remote in my last job, I wanted to get back to the office and be with people.

她說，我必須告訴你，我上一份工作是遠距工作，我想回到辦公室和人們在一起。

And we're just seeing that sentiment.

我們只是看到了這種情緒。

So it gives us enthusiasm for the future.

所以它給了我們對未來的熱情。

But again, we're still going through this period, and it's still going to take -- I mean, in my opinion, I think, somewhere between another 6 to 12 months before we really get level set.

但同樣，我們仍然在經歷這個時期，而且仍然需要——我的意思是，在我看來，我認為，在我們真正達到水平之前，還需要 6 到 12 個月的時間。

Okay.

好的。

That's really helpful.

這真的很有幫助。

And then just taking a step back, right?

然後退一步，對吧？

It sounds like you're doing really well with new business.

聽起來你的新業務做得非常好。

But I'm curious, like was there something specific that was better than expected in the quarter that led you to raise the guide?

但我很好奇，例如本季是否有一些具體的事情比預期好，導致您提高了指南？

Like is it more on the Technical Solutions side?

就像技術解決方案方面更多嗎？

Or is it just a little bit of everything across the board that helped you gain confidence and be more optimistic for this year and beyond?

還是只是整體上的一點點幫助您獲得信心並對今年及以後更加樂觀？

Yes.

是的。

I think for us, when we look at the year, right, we take everything into account.

我認為對我們來說，當我們回顧這一年時，我們會考慮到一切。

We don't look at things quarter-by-quarter.

我們不會按季度看待事情。

We look at all the different metrics, everything from new sales to how we're performing to a strong lens on the industry group.

我們會關注所有不同的指標，從新銷售到我們的表現，再到對產業群體的強大關注。

And as we frame out the year, we just have an increased level of confidence on how we're performing, and we felt this was just the right move at this time.

當我們展望這一年時，我們對自己的表現更有信心，我們認為這是目前正確的舉措。

David Silver, CL King & Associates.

David Silver，CL King & Associates。

Yes.

是的。

Scott, I was hoping to maybe just have you drill down a little bit into that $1 billion of new business.

史考特，我希望您能稍微深入了解一下 10 億美元的新業務。

And when I hear $1 billion in the first half, I mean, it's a pretty dramatic pickup over, let's say, a few years ago when, I believe, $100 million per quarter of new business was kind of the bogey.

當我聽到上半年的 10 億美元時，我的意思是，這是一個相當戲劇性的增長，比方說，幾年前，我相信，每季 1 億美元的新業務有點令人恐懼。

I mean that was considered pretty good.

我的意思是，這被認為是相當不錯的。

Now I understand it's not apples-to-apples, but if you were to take out, I don't know, the microgrid business which wasn't owned by you a few years ago, and I don't know, maybe the charging business.

現在我明白這不是同類競爭，但如果你要拿出幾年前不屬於你的微電網業務，我不知道，我不知道，也許充電商業。

But apples-to-apples compared to, I don't know, prepandemic, what would that $1 billion shake out compared to, let's say, several years ago?

但我不知道，與大流行前相比，這 10 億美元與幾年前相比會產生什麼影響？

In other words, just the core activities across your non-ATS segments maybe.

換句話說，可能只是非 ATS 細分市場的核心活動。

Yes, that's a good question.

是的，這是一個好問題。

Let me give you some context that we're pretty proud of.

讓我向您介紹一些我們引以為傲的背景。

In 2016, which wasn't that long ago, our full year new business was $750 million, right?

2016年，也就是不久之前，我們全年的新業務是7.5億美元，對嗎？

So now we're on track to do $1 billion more than that on average in a particular year.

因此，現在我們預計將比特定年份的平均收入多 10 億美元。

And look, we talked about $180 million microgrid project that we got in the first half of the year, even if you take that out as an anomaly.

看，我們談論了今年上半年我們獲得的價值 1.8 億美元的微電網項目，即使你把它視為異常現象。

And by the way, we don't think that's an anomaly.

順便說一句，我們並不認為這有什麼異常。

We think we're going to have these big chunky microgrid projects.

我們認為我們將擁有這些大型的微電網專案。

But even if you wanted to kind of carve that out, we still grew as compared to where we were last year at this time in terms of new sales.

但即使你想解決這個問題，與去年同期相比，我們的新銷量仍然有所成長。

So really optimistic.

非常樂觀。

And David, it doesn't happen by chance, right?

大衛，這不是偶然發生的，對吧？

Not only is it based on our ability to execute in the field and win the confidence and gaining reputation from clients.

這不僅基於我們在該領域的執行能力並贏得了客戶的信任和聲譽。

But it's also by putting a really structured framework on our new sales, leveraging CRM systems, leveraging training for salespeople, bringing on more salespeople.

但這也包括為我們的新銷售建立一個真正結構化的框架，利用 CRM 系統，利用對銷售人員的培訓，引進更多的銷售人員。

This is like -- it's not random.

這就像——它不是隨機的。

We invested in hyper targeting, which is really a way to triangulate different real estate databases to figure out what different regions of the country we should be going after new business.

我們投資於超級定位，這實際上是一種對不同房地產資料庫進行三角測量的方法，以找出我們應該在該國的哪些不同地區尋求新業務。

How we should be targeting that business?

我們該如何瞄準該業務？

Who are the people we should be going after?

我們該追隨的人是誰？

So part of the ELEVATE investments, it's not just our ERP.

因此，ELEVATE 投資的一部分不僅僅是我們的 ERP。

Sometimes we get caught in talking about ELEVATE as our ERP systems, but we are investing dollars in organic growth and it's absolutely paying off.

有時我們會陷入談論將 ELEVATE 作為我們的 ERP 系統的情況，但我們在有機成長方面投入了資金，而且絕對得到了回報。

But it comes from having a very structured approach to it.

但這來自於一種非常結構化的方法。

Josh Chan, UBS.

喬許陳，瑞銀。

Maybe focusing on the new business gains as well.

也許也關注新的業務收益。

I guess, given the momentum that you have in gaining new business and it sounds like that's sustainable.

我想，考慮到您獲得新業務的動力，而且聽起來這是可持續的。

Is there a chance that ABM could kind of exceed the historical 2% to 4% organic growth that you gave earlier over time?

隨著時間的推移，ABM 是否有可能超過您之前給出的 2% 至 4% 的歷史有機增長？

How are you thinking about sort of that contribution to the overall growth going forward?

您如何看待這種對未來整體成長的貢獻？

Yes, I think so.

是的，我想是這樣。

It's over the long term, right?

從長遠來看，這已經過去了，對嗎？

We talked about the fact that we -- typically as a GDP kind of grower, we talked about with ELEVATE GDP-plus, right?

我們談到了這樣一個事實，即我們——通常作為 GDP 增長者，我們談到了“提升 GDP+”，對嗎？

And we said low to mid-single-digit growth, right, which would be historically high for us.

我們說的是低至中個位數的成長，對吧，這對我們來說將是歷史最高水準。

And it's because of the investments we're making and the platform.

這是因為我們正在進行的投資和平台。

So absolutely, we think this will inure to a higher growth rate for ABM over the long term.

因此，我們絕對認為，從長遠來看，這將有助於 ABM 實現更高的成長率。

It's just -- it's not going to be a quarter-by-quarter thing, right?

只是——這不會是一個季度一個季度的事情，對吧？

And that's why we don't give revenue guidance, especially now with the project-related business having more and more of our share.

這就是為什麼我們不給出收入指引，尤其是現在專案相關業務所佔的份額越來越大。

We just don't want to be in that quarter-by-quarter game.

我們只是不想參加那種逐節比賽。

Okay.

好的。

That's perfect color.

那是完美的顏色。

And then for my follow-up for Earl, I think you mentioned right at the end, Earl, that Q3 and Q4 EPS should be fairly balanced.

然後，對於厄爾的後續行動，我想你在最後提到了厄爾，第三季和第四季的每股盈餘應該相當平衡。

I know that it moves around historically.

我知道它在歷史上不斷變化。

But I think usually, Q4 is a little stronger than Q3 based on normal seasonality.

但我認為，基於正常的季節性，通常情況下，第四季會比第三季強。

So could you just talk about how you expect seasonality to play out this year and why it may (technical difficulty) be different than normal?

那麼您能否談談您預計今年的季節性將如何發揮以及為什麼它（技術難度）可能與正常情況不同？

Yes.

是的。

No, great question.

不，很好的問題。

Typically, we would actually have a little bit more revenue and profit in the back half, especially driven by ATS.

通常情況下，我們實際上會在下半年獲得更多的收入和利潤，尤其是在 ATS 的推動下。

That really is a back half business.

這確實是後半部的事。

But remember, within M&D, we're going to have that reset associated with the rebalancing of one of our major clients, which really kind of like offset some of that favorable seasonality that we would typically see in the second half.

但請記住，在 M&D 內部，我們將進行與我們主要客戶之一的重新平衡相關的重置，這實際上有點像抵消我們通常在下半年看到的一些有利的季節性因素。

Marc Riddick, Sidoti & Company.

馬克·里迪克，西多蒂公司。

I wanted to sort of touch on a couple of -- it was mentioned in the press release and a couple of times in your prepared remarks around the performance of Class A. And I was wondering maybe you could sort of put a little context around maybe the difference in performance of what you're seeing of Class A properties as opposed to the rest of the portfolio?

我想談談一些——在新聞稿中提到了這一點，在你準備好的關於 A 級表演的評論中也提到過幾次。到的A 級房產與投資組合的其他房產相比，其表現有何差異？

And then maybe you can sort of I know we don't do necessarily a revenue portioning, but maybe you can sort of talk about what the potential is to increase Class A as a percentage of revenue?

然後也許你可以說，我知道我們不一定會進行收入分配，但也許你可以談談增加 A 類佔收入百分比的潛力是什麼？

Or how we should be thinking about sort of where you're striving to get to?

或者我們該如何考慮你要努力達到的目標？

Sure.

當然。

I mean look, our strategy has been baked and we've been baked and baking for a long time to focus on Class A. And it's not because we're so smart and we knew hybrid work was coming and that's where people are going to gravitate to.

我的意思是，看，我們的策略已經制定出來，我們已經制定了很長一段時間來專注於A 級。事情吸引到.

It was because we like Class A clients because Class A clients are not the clients that when you send them an RFP response that they ask for and it's 300 pages, they don't go Page 280 to look at the price, rip that page out and just go for a little bid.

這是因為我們喜歡 A 類客戶，因為 A 類客戶不是這樣的客戶，當你向他們發送他們要求的 RFP 回應並且有 300 頁時，他們不會去第 280 頁查看價格，然後將該頁撕掉只需要一點點出價即可。

There are the kinds of clients that actually value the offering that ABM has.

有些客戶真正看重 ABM 提供的產品。

So it's a significant portion of our percentage and we'll always still be diversified.

因此，它占我們比例的很大一部分，而且我們將始終保持多元化。

We have some B&C, very, very little compared to the whole.

我們有一些 B&C，與整體相比非常非常少。

So I don't think there's going to be this major shift to increase that percentage even more because it's such a high percentage now.

因此，我認為不會出現重大轉變來進一步提高該百分比，因為現在的百分比是如此之高。

But it's absolutely -- for a company like ABM that's investing in technology, investing in sales, investing in their people, you just want to be in that Class A space.

但這絕對是——對於像 ABM 這樣投資技術、投資銷售、投資員工的公司來說，你只想進入 A 級領域。

And again, fortunately, it turns out that's where tenants want to be as well.

幸運的是，事實證明這也是租戶想要的地方。

And just as a last reminder for that thesis, if tenants are taking less space and they can afford to take -- to pay the same amount of rent, you can move up to Class A and that's why Class A has been so resilient because Class B tenants can move up to Class A now.

正如論文的最後一個提醒，如果租戶佔用的空間更少，並且他們有能力支付相同金額的租金，那麼您可以升級到 A 級，這就是為什麼 A 級如此有彈性，因為 A 級B級租戶現在可以升級到A級。

That's very helpful.

這非常有幫助。

And then I was wondering maybe you could touch a little bit on -- I think in some past calls, you've talked about differentiation in regional mix of what you're seeing?

然後我想知道也許你可以談談——我想在過去的一些電話中，你談到了你所看到的區域組合的差異？

Are you seeing much in the way of different activity as far as of tenant activity across the country or is it sort of uniform at this point?

就全國各地的租戶活動而言，您是否看到了許多不同的活動方式，或者目前情況是否一致？

It's pretty uniform at this point.

在這一點上它非常統一。

Some of the markets that we're having a tougher time like San Francisco, if you will, are starting to see increased activity because of AI.

如果你願意的話，像舊金山這樣我們正經歷困難時期的一些市場，由於人工智慧而開始看到活動的增加。

There's always other events that kind of mitigate some of the things that are happening in a particular city, the whole Sunbelt area is growing with manufacturing now, also with AI and data centers.

總有其他事件可以緩解某個特定城市正在發生的一些事情，整個陽光地帶地區現在隨著製造業、人工智慧和資料中心的發展而不斷發展。

So we're starting to see increased activity across the board.

因此，我們開始看到全面增加的活動。

And some of the things we differentiated when we talked regionally in the past was about back to office.

過去，當我們在區域範圍內討論時，我們所區分的一些事情是關於重返辦公室的。

And we were seeing a stronger push in the South than we were on the coast.

我們看到南部的推動力比海岸更強勁。

I have to tell you, even on the coast now, we're seeing people get back to the office.

我必須告訴你，即使現在在海岸，我們也看到人們回到辦公室。

So that's even becoming more uniform as well.

所以這也變得更加統一。

Our final question is a follow-up from the line of David Silver with CL King & Associates.

我們的最後一個問題是來自 CL King & Associates 的 David Silver 的後續問題。

I would like to ask maybe a cash flow-oriented question or two.

我想問一兩個以現金流為導向的問題。

So firstly, you did indicate that you repurchased whatever, 555,000 shares.

首先，您確實表明您回購了 555,000 股股票。

And firstly, I'd just like to know if you'd characterize that as offsetting dilution type of repurchases?

首先，我想知道您是否會將其描述為抵消稀釋型回購？

Or would you say it's pure opportunistic kind of cash flow deployment or free cash flow deployment?

或者你會說這是純粹的機會主義現金流部署還是自由現金流部署？

And then secondly, on your free cash flow for the year.

其次，關於您今年的自由現金流。

I mean for the first half, you're running well ahead of a year ago.

我的意思是，上半年，你的表現比一年前好得多。

And historically, your company has been kind of back half weighted on your free cash flow generation.

從歷史上看，您的公司在自由現金流產生方面的權重一直處於後半段。

So just wondering if we should expect -- since your EPS guidance is getting pretty close to the last years, just wondering if we should expect similar free cash flow in the back half of the year?

因此，我想知道我們是否應該預期 - 由於您的每股盈餘指引非常接近去年，只是想知道我們是否應該預期今年下半年會出現類似的自由現金流？

Or is there an element or two that maybe, to a certain extent, front-loaded when that free cash flow is generated?

或者是否有一個或兩個元素可能在某種程度上在自由現金流產生時提前加載？

Yeah.

是的。

No, thanks for the question, David.

不，謝謝你的提問，大衛。

So to answer the first part of your question with regards to the share buybacks that we did in this past quarter, you're right.

因此，要回答您關於我們上個季度進行的股票回購的問題的第一部分，您是對的。

We did about 555,000 shares and that really is associated with offsetting the dilutive share-based compensation.

我們購買了大約 555,000 股，這確實與抵消稀釋性股票薪酬有關。

And based on our -- as you mentioned, strong free cash flow as well as relative low leverage, it really affords us the opportunity to potentially do opportunistic share buybacks in the future.

正如您所提到的，基於我們強勁的自由現金流以及相對較低的槓桿率，它確實為我們提供了未來進行機會性股票回購的機會。

You're right.

你說得對。

We are really pleased with the cash flow that this company continues to drive.

我們對這家公司持續推動的現金流感到非常滿意。

And if you recall at the beginning of the year, we gave guidance of normalized free cash flow, excluding kind of like the onetime cash outlays of $240 million to $270 million.

如果你還記得今年年初，我們給了正常化自由現金流的指導，不包括 2.4 億至 2.7 億美元的一次性現金支出。

Based on what we've actually seen in this past quarter, we are well on track to deliver that for the full year.

根據我們在上個季度實際看到的情況，我們預計將在全年實現這一目標。

And if any, we actually think we may be trending more right towards the high end of that range.

如果有的話，我們實際上認為我們可能會更傾向於該範圍的高端。

When you look at the back half of the year in our EPS call like I just mentioned, although we have a really good backlog on ATS, which is normal to actually have a strong second half quarter, that will be offset with some declines that we mentioned within M&D.

當你在我們的每股盈餘電話會議中看到今年下半年的情況時，就像我剛才提到的那樣，儘管我們在ATS 上有非常好的積壓，這實際上有一個強勁的下半年季度是正常的，但這將被我們的一些下降所抵消。

And that does actually have an impact on the cash flow.

這實際上確實對現金流產生了影響。

But suffice it to say, on a full year basis, we feel really good about the strength of our cash flow.

但可以說，從全年來看，我們對現金流的實力感到非常滿意。

Thank you.

謝謝。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I'll turn the floor back to Mr. Salmirs for any final comments.

我將把發言權交還給薩爾米爾斯先生，徵求最後的意見。

Okay, thanks.

好的謝謝。

I just want to thank everybody for participating today.

我只想感謝大家今天的參與。

And I just want you to make sure you understand, it's not lost on us that we could not post these kinds of results if it wasn't for our teammates who are just out there, just working hard and doing what they're doing for our customers and for each other.

我只是想讓你確保你明白，如果不是我們的隊友在那裡努力工作並做他們正在做的事情，我們就不可能發布這樣的結果。

So I'm really appreciative of the team.

所以我真的很感激這個團隊。

So with that, have a good summer, and we'll be back to you next quarter with our Q3 results.

因此，祝您度過一個愉快的夏天，我們將在下個季度向您提供第三季的業績。

Thank you, everybody.

謝謝大家。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。