ABM Industries Inc (ABM) 2025 Q2 法說會逐字稿

Greetings. Welcome to the ABM Industries second-quarter 2025 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 ABM Industries 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

At this time, I'll turn the conference over to Paul Goldberg, Senior Vice President, Investor Relations. Paul, you may begin.

現在，我將把會議交給投資者關係高級副總裁保羅‧戈德堡 (Paul Goldberg)。保羅，你可以開始了。

Good morning, everyone, and welcome to ABM's second-quarter 2025 earnings call. My name is Paul Goldberg, and I'm the Senior Vice President of Investor Relations at ABM. With me today are Scott Salmirs, our President and Chief Executive Officer; and Earl Ellis, our Executive Vice President and Chief Financial Officer.

大家早安，歡迎參加 ABM 2025 年第二季財報電話會議。我叫保羅‧戈德堡，是 ABM 投資人關係資深副總裁。今天與我一起的還有我們的總裁兼執行長 Scott Salmirs；以及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 2025 financial results and outlook. 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，今天早些時候，我們發布了新聞稿，宣布了 2025 年第二季的財務表現和展望。新聞稿及隨附的幻燈片簡報可在我們的網站 abm.com 上找到。在史考特和厄爾的致詞結束後，我們將安排問答環節。

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

但在開始之前，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。我們使用估計、預期和類似的表達方式是為了識別這些陳述；它們代表了我們對未來情況的當前判斷。

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

雖然我們認為這些陳述是合理的，但這些陳述本質上受風險和不確定性的影響，可能導致我們的實際結果有重大差異。這些因素在我們簡報的幻燈片以及我們向美國證券交易委員會提交的文件中進行了描述。

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.

在本次電話會議期間，將會提供某些非公認會計準則財務資訊。簡報結束時以及公司網站的「投資者」標籤下可以查看歷史非 GAAP 資料與 GAAP 財務指標的對帳表。

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

現在，我想將電話轉給史考特。

Good morning, everyone, and thank you for joining us to review our second-quarter results. We achieved several important milestones this quarter. Notably, we returned to organic growth in both B&I and M&D, significantly improved our cash flow compared to the first quarter, and generated $1.1 billion in new bookings during the first half, marking a new record for ABM.

大家早安，感謝大家與我們一起回顧我們的第二季業績。本季我們實現了幾個重要的里程碑。值得注意的是，我們在 B&I 和 M&D 方面都恢復了有機增長，與第一季相比，我們的現金流顯著改善，並在上半年創造了 11 億美元的新訂單，創下了 ABM 的新紀錄。

Overall, we posted 3.8% organic revenue growth, highlighted by continued recovery in our core commercial office markets, new contract wins, and a diminished impact from prior year client exits in M&D. We also saw solid performances in our Aviation and Education segments.

總體而言，我們的有機收入成長了 3.8%，這主要得益於我們核心商業辦公市場的持續復甦、新合約的簽訂以及去年 M&D 客戶退出的影響減弱。我們的航空和教育領域也表現穩健。

While growth in ATS remained strong, it could have been even higher had we not experienced some temporary project delays and service mix headwinds that impacted profitability. As we've discussed before, this business can be a little lumpy quarter to quarter based on construction timing. But the market is extremely healthy overall, and we expect ATS to deliver a very strong year. In total, ABM delivered $2.1 billion in revenue and adjusted EPS of $0.86.

雖然 ATS 的成長依然強勁，但如果我們沒有遇到一些影響獲利能力的臨時專案延遲和服務組合逆風，成長可能會更高。正如我們之前討論過的，根據施工時間的不同，這項業務每季的業績可能會有些波動。但總體而言，市場非常健康，我們預計 ATS 今年將表現非常強勁。總體而言，ABM 實現了 21 億美元的營收，調整後每股收益為 0.86 美元。

Looking ahead, despite ongoing macroeconomic uncertainty, we remain confident in our core markets, particularly high-quality office properties, manufacturing and distribution facilities, commercial aviation, as well as energy resiliency and microgrids. We expect delayed projects from Q2 to resume in the third quarter and are reaffirming our full-year adjusted EPS guidance.

展望未來，儘管宏觀經濟不確定性持續存在，但我們仍然對我們的核心市場充滿信心，特別是高品質的辦公物業、製造和配送設施、商業航空以及能源彈性和微電網。我們預計第二季推遲的項目將在第三季恢復，並重申我們的全年調整後每股收益指引。

As I noted earlier, we're pleased to see B&I return to organic growth in the second quarter. Market indicators for prime commercial office space have been improving steadily. CBRE reports that prime vacancy rate declined 50 basis points year over year in Q1 to 14.8%, well below the broader office market vacancy rate of 19%.

正如我之前提到的，我們很高興看到 B&I 在第二季度恢復有機成長。優質商業辦公空間的市場指標穩定改善。世邦魏理仕報告稱，第一季優質辦公室空置率年減 50 個基點至 14.8%，遠低於整體辦公市場 19% 的空置率。

Demand continues to favor high-quality amenity-rich buildings and well-connected locations. We've been intentional in focusing our strategy on this premium segment. Geographically, the lowest prime vacancy rates are in the Northeast and Midwest, two of our largest markets.

需求繼續青睞高品質、設施豐富的建築和交通便利的地點。我們一直有意將我們的戰略重點放在這一高端領域。從地理位置來看，黃金地段空置率最低的是東北部和中西部地區，這兩個地區是我們最大的市場。

Given these trends, we expect to see market improvements translate into growth and account expansion, and that's exactly what's happening. In addition to the rebound in US prime office, our UK operations and Sports & Entertainment and Parking businesses continue to perform well.

鑑於這些趨勢，我們預期市場改善將轉化為成長和帳戶擴張，而事實也確實如此。除了美國優質辦公室的反彈外，我們的英國業務以及體育娛樂和停車業務繼續表現良好。

Turning to M&D. I'm pleased to report that the segment returned to organic growth a quarter earlier than anticipated. Our teams have done an excellent job expanding with existing e-commerce clients and winning new business with semiconductor and tech manufacturers. In total, M&D posted nearly $400 million in revenue in Q2 or 20% of total company revenue.

轉向 M&D。我很高興地報告，該部門比預期提前一個季度恢復有機成長。我們的團隊在擴大現有電子商務客戶以及贏得半導體和技術製造商的新業務方面做得非常出色。總體而言，M&D 第二季的營收接近 4 億美元，占公司總營收的 20%。

More broadly in this segment, we're evolving our service offering from traditional cleaning and maintenance to include ancillary support services like material handling and test and balancing services. These offerings help clients focus on their core operations and deepen our strategic relationship with them.

更廣泛地說，在這一領域，我們正在將我們的服務從傳統的清潔和維護擴展到包括材料處理和測試與平衡服務等輔助支援服務。這些產品可幫助客戶專注於其核心業務並加深我們與他們的策略關係。

We believe the long-term fundamentals of the M&D market remains strong as companies continue to invest in US-based manufacturing, and we're investing accordingly in technical sales and industry-specific capabilities. As mentioned earlier, we booked $1.1 billion in new sales in the first half, up 11% year over year and a new record.

我們相信，隨著企業持續投資美國製造業，M&D 市場的長期基本面依然強勁，我們也相應地投資技術銷售和產業特定能力。如前所述，我們上半年的新銷售額達到 11 億美元，年增 11%，創下新高。

A key highlight was securing approximately $190 million of new business from the major big box retailer for the next phase of their microgrid build-out. This reflects their confidence in our electrical engineering expertise, technology, and client-first approach.

一個關鍵亮點是從大型零售商那裡獲得約 1.9 億美元的新業務，用於其微電網建設的下一階段。這反映了他們對我們的電機工程專業知識、技術和客戶至上方法的信心。

Beyond that, ATS secured a large battery energy storage system project supporting renewable thermal hybrid energy centers, helping communities achieve ambitious sustainability goals.

除此之外，ATS 還獲得了一個支持再生熱混合能源中心的大型電池儲能係統項目，幫助社區實現雄心勃勃的永續發展目標。

In Aviation, we won a $25 million contract at Miami International Airport and also had a large Cabin Cleaning win at the Dallas-Fort Worth Airport, two of the nation's busiest by passenger volume. Our team continues to do a great job on building on the successes at O'Hare, LaGuardia, and JFK to showcase our differentiated tech-enabled solutions that drive favorable client outcomes; and it's truly resonating in the market.

在航空領域，我們贏得了邁阿密國際機場一份價值 2500 萬美元的合同，並且還贏得了達拉斯-沃斯堡機場的大型客艙清潔合同，這兩個機場是全美客流量最大的機場之一。我們的團隊在奧黑爾機場、拉瓜地亞機場和甘迺迪機場的成功基礎上繼續努力，展示我們差異化的技術支援解決方案，為客戶帶來有利的結果；並且它在市場上引起了真正的共鳴。

We also secured other high-profile wins, including new contracts with two major investment banks in New York City, several top technology firms including a global autonomous driving company, and a memory and storage leader as well as with well-known semiconductor and aerospace manufacturers.

我們還獲得了其他備受矚目的勝利，包括與紐約市兩家主要投資銀行、包括一家全球自動駕駛公司和一家內存和存儲領導者在內的幾家頂尖科技公司以及知名的半導體和航空航天製造商簽訂的新合約。

These wins reflect our strong reputation among sophisticated clients with complex needs and rigorous standards. Increasingly, they're turning to ABM to leverage our scale, integrated capabilities, and tech investments. And we're raising our game accordingly in talent and execution.

這些勝利反映了我們在具有複雜需求和嚴格標準的成熟客戶中享有的良好聲譽。他們越來越多地轉向 ABM 來利用我們的規模、綜合能力和技術投資。我們也正在人才和執行力方面不斷提升。

We've made important progress on our ERP implementation this quarter, reducing operational friction and setting the stage for continued improvements in the second half, particularly in cash flow. Our teams are fully aligned and focused on driving this initiative to completion with strong coordination and a shared commitment to delivering lasting operational benefits.

本季度，我們在 ERP 實施方面取得了重要進展，減少了營運摩擦，為下半年的持續改善奠定了基礎，特別是在現金流方面。我們的團隊齊心協力，致力於透過強有力的協調和共同的承諾來推動這項計劃的完成，以提供持久的營運效益。

Let me now give you a brief update across our segments. In B&I, according to JLL, US office leasing activity in Q1 2025 grew 15.3% year over year to 50.4 million square feet, 89% of pre-pandemic levels. Prime office space continues to outperform with over 2 million square feet of positive net absorption and a 14.8% vacancy rate compared to the market average of 19%. This plays directly to our strength in Class A urban properties.

現在讓我向大家簡單介紹一下我們各部門的最新情況。在 B&I 領域，根據 JLL 的數據，2025 年第一季美國辦公室租賃活動年增 15.3%，達到 5,040 萬平方英尺，達到疫情前水準的 89%。優質辦公空間持續表現出色，淨吸收量超過 200 萬平方英尺，空置率為 14.8%，而市場平均空置率為 19%。這直接發揮了我們在甲級城市房地產方面的優勢。

With regard to M&D, we're benefiting from strong industrial activity. The Semiconductor Industry Association reports over $200 billion in US semiconductor investments since 2020, driven by AI, automotive, and cloud sectors. E-commerce also continues to grow with Q1 online sales up 6.1% year over year, reaching $300.2 billion and 16.2% of total retail. This macro data, coupled with our new business pipeline and expansion efforts, positions us well for the future.

就 M&D 而言，我們受益於強勁的工業活動。半導體產業協會報告稱，自 2020 年以來，在人工智慧、汽車和雲端運算領域的推動下，美國半導體投資已超過 2,000 億美元。電子商務也持續成長，第一季線上銷售額年增 6.1%，達到 3,002 億美元，佔零售總額的 16.2%。這些宏觀數據，加上我們的新業務管道和擴張努力，為我們的未來做好了準備。

Turning to Aviation. Domestic air travel remains strong. TSA data shows daily screening frequently exceeding 2.5 million in May. Our technology-led offerings, especially ABM Connect, and wins like the $25 million Miami International Airport contract, give us confidence in outpacing sector growth.

轉向航空。國內航空旅行依然強勁。TSA 數據顯示，5 月每日安檢人數頻繁超過 250 萬人次。我們以科技為主導的產品，尤其是 ABM Connect，以及贏得價值 2500 萬美元的邁阿密國際機場合約等，讓我們有信心超越產業成長。

Our Education segment remains a stable contributor of earnings and cash flow. According to (inaudible) 27% of higher ed institutions are modestly expanding some portion of their facilities. We continue to focus on large school districts and universities, maintaining high retention and cost efficiency while pursuing new opportunities.

我們的教育部門仍然是獲利和現金流的穩定貢獻者。據（聽不清楚）稱，27% 的高等教育機構正在適度擴大部分設施。我們繼續專注於大型學區和大學，在尋求新機會的同時保持高保留率和成本效率。

Finally, in Technical Solutions, our Microgrid business is strong and total segment backlog now sits at $700 million. We're also positioned to benefit from accelerating demand in data centers. JLL projects global data center capacity will grow 15% annually with construction expected to hit record levels in 2025 and significantly more in the future.

最後，在技術解決方案方面，我們的微電網業務表現強勁，目前該部門的總積壓訂單已達 7 億美元。我們也將受益於資料中心日益增長的需求。JLL 預計全球資料中心容量將每年成長 15%，預計 2025 年建設量將達到創紀錄水平，未來將大幅成長。

These positive market dynamics strongly reinforced the strategic costs we set over the past several years. Our focused investments in talent, technology, and go-to-market execution, combined with targeted M&A, have positioned ABM to capture outsized opportunities across our portfolio.

這些正向的市場動態有力地強化了我們過去幾年所設定的策略成本。我們專注於人才、技術和市場進入執行，並結合有針對性的併購，使 ABM 能夠抓住我們投資組合中的巨大機會。

Whether it's capitalizing on the resurgence of prime office space, supporting the expansion of high-growth sectors like semiconductors and e-commerce, or leading the energy transition through our technical solutions platform, we believe our capabilities and our strategies to enhance them are fully in line with where demand is going. As a result, we remain highly confident in our ability to sustain healthy top-line growth and expand margins over time.

無論是利用優質辦公空間的復甦，支持半導體和電子商務等高成長產業的擴張，或是透過我們的技術解決方案平台引領能源轉型，我們相信我們的能力和增強這些能力的策略完全符合需求的發展方向。因此，我們對於維持健康的營收成長和逐步擴大利潤率的能力仍然充滿信心。

With that, I'll turn it over to Earl to walk through the financials.

說完這些，我會把問題交給 Earl 來介紹一下財務狀況。

Good morning, everyone. Before we review Q2 financial results, I would like to highlight a recent update to our financial disclosures.

大家早安。在我們回顧第二季財務表現之前，我想先強調我們財務揭露的最新更新。

After communications with the staff of the Securities and Exchange Commission, we have revised the definition of our non-GAAP financial measures, including adjusted net income, adjusted earnings per share, adjusted EBITDA, and adjusted EBITDA margin, to no longer exclude the positive or negative impact of prior year self-insurance adjustment.

在與美國證券交易委員會工作人員溝通後，我們修改了非公認會計準則財務指標的定義，包括調整後淨收入、調整後每股收益、調整後息稅折舊攤銷前利潤（EBITDA）和調整後息稅折舊攤銷前利潤率（EBITDA margin），不再排除上一年自保調整的正面或負面影響。

These adjustments reflect net changes to our self-insurance reserve for general liability, workers' compensation, automobile, and health insurance programs, specifically related to claims for prior year incidents. This definitional change has been applied to our Q2 2025 results and retroactively to all prior periods presented to ensure comparability.

這些調整反映了我們的一般責任、工人賠償、汽車和健康保險計劃的自保儲備的淨變化，特別是與前幾年事件的索賠有關的調整。這項定義變更已應用於我們的 2025 年第二季業績，並追溯至所有先前呈現的時期，以確保可比性。

Importantly, there was no impact to our current quarter's results. However, the updated Q2 2024 figures now include an unfavorable $4.3 million or $0.05 per diluted share from prior period self-insurance adjustments.

重要的是，這對我們本季的業績沒有影響。然而，更新後的 2024 年第二季數據現在包括了前期自保調整帶來的不利的 430 萬美元或每股 0.05 美元。

Now let's review the second-quarter results, starting on slide 6. Revenue grew 4.6% year over year to $2.1 billion, driven by 3.8% organic growth and contributions from our 2024 acquisition of Quality Uptime Services.

現在讓我們回顧一下第二季的業績，從第 6 張投影片開始。營收年增 4.6% 至 21 億美元，這得益於 3.8% 的有機成長以及我們 2024 年收購 Quality Uptime Services 的貢獻。

Revenue growth was again led by Technical Solutions and Aviation, which delivered 19% and 9% growth, respectively. As Scott mentioned, we also saw both B&I and M&D return to organic growth, up 3% and 2%, respectively. Education posted a steady performance with 1% growth.

收入成長再次由技術解決方案和航空業務引領，分別實現了 19% 和 9% 的成長。正如斯科特所提到的，我們也看到 B&I 和 M&D 都恢復了有機成長，分別成長了 3% 和 2%。教育表現穩健，成長1%。

Turning to slide 7. Net income for the quarter was $42.2 million or $0.67 per diluted share compared to $43.8 million or $0.69 per divided share in the prior year. Adjusted net income was $54.1 million or $0.86 per diluted share, up slightly from $52.3 million or $0.82 per diluted share last year.

翻到幻燈片 7。本季淨收入為 4,220 萬美元，即每股攤薄收益 0.67 美元，去年同期為 4,380 萬美元，即每股攤薄收益 0.69 美元。調整後淨收入為 5,410 萬美元或每股攤薄收益 0.86 美元，略高於去年的 5,230 萬美元或每股攤薄收益 0.82 美元。

The increase was primarily driven by higher segment earnings and lower corporate costs, particularly from the absence of unfavorable prior year self-insurance adjustments. These gains were partially offset by higher interest expense.

成長主要得益於部門收益增加和公司成本降低，尤其是沒有上一年不利的自保調整。這些收益被更高的利息支出部分抵銷。

Adjusted EBITDA was $125.9 million compared to $121 million last year, and adjusted EBITDA margin was flat at 6.2%. Now let's turn to segment performance, beginning with slide 8.

調整後的 EBITDA 為 1.259 億美元，而去年同期為 1.21 億美元，調整後的 EBITDA 利潤率持平於 6.2%。現在讓我們轉到細分市場表現，從幻燈片 8 開始。

B&I revenue reached $1 billion, up 3% from last year. This performance was driven by expansion with existing clients, improved conditions in the US prime commercial office market, strong retention, and continued strength in our UK Sports & Entertainment and Parking businesses. Operating profit rose 7% to $83 million and margin improved 40 basis points to 8.2% on the back of higher volume and strong cost controls.

B&I營收達到10億美元，比去年成長3%。這一業績得益於現有客戶的擴張、美國優質商業辦公市場條件的改善、強勁的保留率以及英國體育娛樂和停車業務的持續強勁表現。由於銷量增加和強有力的成本控制，營業利潤增長 7% 至 8,300 萬美元，利潤率提高 40 個基點至 8.2%。

Aviation revenue grew 9% to $260.1 million, supported by positive travel trends and new wins with both airport and airline clients. This includes Core Cleaning Services at Miami International Airport, which will ramp up in the third quarter. Operating profit for Aviation was $16.5 million, up 26% with margins up 80 basis points to 6.3%. These results reflect volume growth and a favorable contract mix.

受積極的旅遊趨勢以及機場和航空公司客戶的新勝利推動，航空收入增長 9%，達到 2.601 億美元。其中包括邁阿密國際機場的核心清潔服務，該服務將在第三季增加。航空業務的營業利潤為 1,650 萬美元，成長 26%，利潤率成長 80 個基點至 6.3%。這些結果反映了銷售量的成長和有利的合約組合。

Turning to slide 9. M&D generated $398.1 million in revenue, a 2% increase year over year. The return to organic growth was driven by new contract wins, expansion with existing clients, and a reduced impact from a client exit.

翻到第 9 張投影片。M&D 的營收為 3.981 億美元，年增 2%。恢復有機成長的動力來自於新合約的簽訂、現有客戶的擴張以及客戶退出影響的減少。

Operating profit was $39.9 million with a margin of 10% compared to $43.6 million and 11.2% in the prior year. The year-over-year margin decline reflects investments in technical sales talent and capabilities, to drive growth in key sectors like semiconductors and data centers, along with strategic pricing on new select contracts.

營業利潤為 3,990 萬美元，利潤率為 10%，而去年同期的營業利潤為 4,360 萬美元，利潤率為 11.2%。利潤率同比下降反映了對技術銷售人才和能力的投資，以推動半導體和資料中心等關鍵領域的成長，以及對新精選合約的策略定價。

Education revenue rose 1% to $227.8 million, supported by favorable pricing and stable retention rates. Operating profit increased 19% to $13.8 million, with margin expanding 90 basis points to 6% primarily due to improved labor efficiency and tight cost control.

受優惠定價和穩定留存率的推動，教育收入成長 1% 至 2.278 億美元。營業利潤成長 19% 至 1,380 萬美元，利潤率擴大 90 個基點至 6%，這主要得益於勞動效率的提高和嚴格的成本控制。

Technical Solutions delivered 19% revenue growth to $210.2 million with 10% coming from organic growth and 9% coming from the acquisition of Quality Uptime Services. Continued growth was driven by strong demand for microgrids and mission-critical and power services. Revenue growth and profit would have been even higher had we not experienced some delays in mechanical and electrical project execution during the quarter.

技術解決方案部門的營收成長 19%，達到 2.102 億美元，其中 10% 來自有機成長，9% 來自收購 Quality Uptime Services。持續成長的動力源自於對微電網、關鍵任務和電力服務的強勁需求。如果我們本季沒有遇到機電項目執行方面的一些延遲，收入成長和利潤可能會更高。

Operating profit was $13.4 million with a 6.4% margin, down from $17 million and 9.6% last year. The decline reflects project timing and service mix shifts, particularly within Microgrid, where more revenue last year came from higher-margin design and engineering work. Margin was also impacted by higher amortization costs. We expect margin to improve in the second half as delayed projects move forward and mix normalizes.

營業利潤為 1,340 萬美元，利潤率為 6.4%，低於去年的 1,700 萬美元和 9.6%。收入下降反映了專案時間和服務組合的變化，尤其是在微電網領域，去年該領域更多的收入來自利潤率更高的設計和工程工作。利潤率也受到攤銷成本上升的影響。我們預計，隨著延遲專案的推進和產品組合的正常化，下半年利潤率將會提高。

Now turning to slide 10. We ended the second quarter with total indebtedness of $1.6 billion, including $29.7 million in standby letters of credit. Our total debt to pro forma adjusted EBITDA ratio was 2.9 times. Available liquidity stood at $657.8 million, including $58.7 million in cash and cash equivalents.

現在翻到第 10 張投影片。截至第二季末，我們的總負債為 16 億美元，其中包括 2,970 萬美元的備用信用證。我們的總負債與調整後 EBITDA 比率為 2.9 倍。可用流動資金為 6.578 億美元，其中包括 5,870 萬美元的現金和現金等價物。

Free cash flow for the quarter was [$15] million, an improvement of $138 million over quarter one. This reflects progress in reducing operational friction from our ERP conversion.

本季自由現金流為 1,500 萬美元，較第一季增加 1.38 億美元。這反映了我們在 ERP 轉換過程中在減少營運摩擦方面取得的進展。

While working capital remains elevated year over year, we're encouraged by the momentum and expect billing and collections to normalize in the second half. Assuming continued progress, we believe we're positioned to meet our full-year normalized free cash flow target with sequential improvement expected in both Q3 and Q4.

儘管營運資本逐年增加，但我們對這一勢頭感到鼓舞，並預計下半年帳單和收款將恢復正常。假設繼續取得進展，我們相信我們有能力實現全年標準化自由現金流目標，預計第三季和第四季都會持續改善。

As a reminder, normalized free cash flow for the full year is expected to be in the range of $250 million to $290 million. This forecast excludes $30 million to $40 million of ELEVATE and integration costs and any portion of the RavenVolt earn-out payment that will be recorded as operating cash outflow.

提醒一下，預計全年正常化自由現金流將在 2.5 億至 2.9 億美元之間。該預測不包括 3000 萬至 4000 萬美元的 ELEVATE 和整合成本以及將記錄為經營現金流出的任何 RavenVolt 盈利支付部分。

Interest expense in the quarter was $23.9 million, up $3.3 million from last year. due to higher average debt balances. We expect quarterly interest expense to moderate over the second half of the year.

本季利息支出為 2,390 萬美元，比去年同期增加 330 萬美元，原因是平均債務餘額較高。我們預計下半年季度利息支出將會放緩。

Turning to our outlook on slide 11. As Scott mentioned, we are reaffirming our full-year guidance for adjusted EPS to be in the range of $3.65 to $3.80 and an adjusted EBITDA margin between 6.3% and 6.5%. Going forward, we will highlight any material impacts resulting from the inclusion of prior year soft insurance adjustments in our non-GAAP results.

轉向第 11 張幻燈片上的展望。正如斯科特所提到的，我們重申全年調整後每股收益預期在 3.65 美元至 3.80 美元之間，調整後 EBITDA 利潤率在 6.3% 至 6.5% 之間。展望未來，我們將重點介紹將上一年軟保險調整納入非公認會計準則績效所產生的任何重大影響。

Finally, we are maintaining our interest expense forecast of $80 million to $84 million and continue to expect a normalized tax rate before discrete items of 29% to 30%.

最後，我們維持 8,000 萬美元至 8,400 萬美元的利息支出預測，並繼續預計單項稅前正常稅率為 29% 至 30%。

With that, I'll hand it back to Scott for closing remarks.

最後，我將把發言權交還給史考特，請他做最後發言。

Thanks, Earl. Before we wrap up, I want to extend my thanks to the entire ABM team for their continued focus and execution in what remains a dynamic and evolving market environment. I especially want to recognize the dedication and resilience of our team supporting the ERP implementation.

謝謝，厄爾。在結束之前，我想向整個 ABM 團隊表示感謝，感謝他們在不斷發展變化的市場環境中持續的關注和執行。我特別要表彰支持 ERP 實施的團隊的奉獻精神和韌性。

As anyone who's been part of the transformation of this scale knows, these efforts are complex and never a straight line. That said, we're confident this investment will enhance our service delivery, improve operational efficiency, and further elevate the client experience, ultimately strengthening ABM's competitive position.

任何參與過這種規模轉型的人都知道，這些努力是複雜的，而且絕非一條直線。儘管如此，我們相信這項投資將增強我們的服務交付，提高營運效率，進一步提升客戶體驗，最終增強 ABM 的競爭地位。

And to our client-facing team members, your hard work directly contributed to delivering record new bookings in the first half of the year, driving organic growth across all our segments and advancing our strategic priorities. Thanks to all your efforts, we are confident in our ability to deliver long-term value for our clients, our teammates, and our shareholders.

對於我們面向客戶的團隊成員，你們的辛勤工作直接促成了上半年創紀錄的新預訂量，推動了我們所有部門的有機成長並推進了我們的策略重點。感謝你們所有的努力，我們有信心為我們的客戶、隊友和股東創造長期價值。

With that, let's take some questions.

接下來，我們來回答一些問題。

(Operator Instructions) Tim Mulrooney, William Blair.

（操作員指示）蒂姆·穆爾羅尼、威廉·布萊爾。

Congrats on a nice quarter, guys. Clearly, some real momentum building in the business is here. This is great to see. Earl, I wanted to start out on the cash flow. Can you remind me what the earnout on RavenVolt is expected to be?

大家，恭喜你們取得了一個好的季度業績。顯然，該行業正在形成一些真正的發展勢頭。很高興看到這一點。厄爾，我想從現金流開始。您能提醒我 RavenVolt 的預期獲利是多少嗎？

Yeah. So the total earnout for this quarter was -- for this year is $75 million -- for last year. And for this year, we're expecting right now to be about $30 million.

是的。因此，今年本季的總收益為 7,500 萬美元，而去年則為 7,500 萬美元。就今年而言，我們預計收入約為 3000 萬美元。

So $30 million plus $30 million to $40 million --

所以 3000 萬美元加上 3000 萬到 4000 萬美元——

Probably about $280 million all in total, inclusive of the original purchase, which was $170 million.

總計約 2.8 億美元，其中包括最初的購買金額 1.7 億美元。

Understood. Got it. And with your cash flow guidance this year being $250 million to $290 million, right, if I pull off your ELEVATE and the RavenVolt earn-out, that's going to get me close to, what, like $180 million, $190 million?

明白了。知道了。今年您的現金流預期為 2.5 億至 2.9 億美元，如果我完成您的 ELEVATE 和 RavenVolt 獲利，我的現金流將接近 1.8 億或 1.9 億美元嗎？

So two things. The majority of the RavenVolt payout is more about a financial cash flow or an investment cash flow as opposed to operational. We're still working out that. But if you actually back out like what we would call like onetime things, which really would include our ELEVATE investments as well as integration expenses or cash flow, you'd be looking at a normalized cash flow projection for the year of between $250 million to $290 million.

所以有兩件事。RavenVolt 的大部分支出更多的是財務現金流或投資現金流，而不是營運現金流。我們仍在努力解決這個問題。但如果你真的退出，就像我們所說的一次性項目，其中實際上包括我們的 ELEVATE 投資以及整合費用或現金流，你會看到年度標準化現金流預測在 2.5 億美元到 2.9 億美元之間。

Okay. So that excludes all of that. I got you. Okay, that's helpful. And you guys in the first half of the year have done, I think, about negative $108 million in free cash flow. So to get to positive $250 million implies a really strong second half of the year. Can you just help bridge that gap for me?

好的。所以這排除了所有這些。我接到你了。好的，這很有幫助。我認為，你們今年上半年的自由現金流約為負 1.08 億美元。因此，達到 2.5 億美元的正值意味著今年下半年的業績將非常強勁。你能幫我彌補這個差距嗎？

Yes. No, absolutely. If you look at where we're trending right now from a Q2 perspective, you're absolutely right. We are down. And that really is attributable to our go-live with regards to our Oracle deployment for M&D and B&I, where we actually had some challenges in really just getting some of these builds out.

是的。不，絕對不是。如果您從第二季的角度來看我們現在的趨勢，那麼您是完全正確的。我們失敗了。這實際上歸功於我們針對 M&D 和 B&I 的 Oracle 部署的上線，我們在實際推出其中一些版本時確實遇到了一些挑戰。

And most of that really is due to the fact that we are being very prescriptive in doing a deep analysis and review of all bills before they go out. And as a result of that, you saw that impact our Q1 results.

而這主要是因為我們在所有法案出台之前都進行了深入的分析和審查。因此，您會看到它對我們第一季業績的影響。

Good news is we've actually made some really good progress on getting these builds up. And this is really evidenced by the quarter-over-quarter improvement in cash flow, which was about $138 million. We continue to make progress.

好消息是我們在實現這些目標方面確實取得了一些進展。現金流環比改善（約 1.38 億美元）確實證明了這一點。我們不斷取得進步。

And based on where we're stacking up, we believe that we're going to have incremental improvements in cash flow for both Q3 and Q4. And as a result of that, we'll actually catch up to our full-year projection in cash flow by the end of the year, which, again, on a normalized basis, would be the $250 million to $290 million.

根據我們目前的狀況，我們相信第三季和第四季的現金流將會逐步改善。因此，到今年年底，我們的全年現金流預測實際上將達到 2.5 億至 2.9 億美元。

Okay, that's helpful. And hey, you'd rather get a billing right to begin with and have to go back later and have to deal with the customer that way. So I understand.

好的，這很有幫助。嘿，您寧願一開始就獲得計費權，然後稍後再回去以這種方式與客戶打交道。我明白。

And then maybe just switching gears here, Scott, for my second question. And I really appreciate you sharing those data points on the prime office vacancy rates. Curious how you're thinking about organic growth in the B&I business in the second half of the fiscal year.

那麼也許只是在這裡轉換一下話題，史考特，回答我的第二個問題。我非常感謝您分享有關黃金辦公室空置率的數據點。好奇您如何看待本財年下半年 B&I 業務的自然成長。

I mean, do you help to build upon that strong growth that we've seen here in the second quarter? Or is that more of an easier comp situation and maybe organic growth steps back a little bit in the second half here?

我的意思是，您是否幫助我們鞏固了第二季所看到的強勁成長？或者這是一種更容易的競爭情況，也許下半年的有機成長會略有回落？

Yeah. I don't see it coming back. Look, we're excited to bridge this chasm here and get to positive. Could it be a little choppy? Possibly, but we like to believe now we're in positive organic growth territory for B&I from here on out. So it was exciting to get over that hump.

是的。我看不到它會回來。看，我們很高興能夠彌合這一鴻溝並取得積極進展。會不會有點不順暢？有可能，但我們相信，從現在開始，B&I 將處於積極的有機成長領域。因此克服這個困難是令人興奮的。

Andy Wittmann, Baird.

安迪‧維特曼，貝爾德。

I wanted to ask on the M&D segment. I guess, there's a couple of things in your prepared remarks. It's peak interest, so I thought I would dig in a bit.

我想問一下 M&D 部分。我想，您準備好的發言稿裡有幾件事。這是最令人感興趣的，所以我想我會深入研究一下。

For Scott with the comment on how you're offering more solutions to those customers than you have before, I think you mentioned helping out with material handling and the test and balancing. So I'm just trying to maybe get a little bit more color on that.

對於斯科特關於您如何為這些客戶提供比以前更多的解決方案的評論，我認為您提到了幫助進行材料處理以及測試和平衡。所以我只是想對此進行更深入的了解。

How many customers are using that? Or is that just for one particular customer? How evolved is this strategy? And ultimately, I think the question I was wondering about is, how much opportunity still resides there?

有多少客戶正在使用它？還是這只是針對某一個特定的客戶？這一策略發展到了何種程度？最後，我想我所思考的問題是，那裡還有多少機會？

I mean, can this be a meaningful portion of your M&D segment results? I guess it's just -- I guess it's probably more applicable just to those warehouse customers, probably more than others. But maybe you could just talk about that somewhat, please.

我的意思是，這能成為您 M&D 部門業績中有意義的一部分嗎？我想這只是——我想這可能更適用於那些倉庫客戶，可能比其他客戶更適用。但也許您可以稍微談論一下這個問題。

Sure. Look, we think this is going to be an emerging trend for us internally to do more and more outside of the core janitorial. So this happens in way more than just one client, Andy. And the way to think about it, let me give you like a picture of this thing. That's always been helpful to me, too.

當然。你看，我們認為這將成為我們內部的新興趨勢，在核心清潔工作之外做越來越多的事情。所以這種情況不只發生在一個客戶身上，安迪。為了思考這個問題，讓我給你一張這個東西的圖片。這對我也一直很有幫助。

Like if you picture a semiconductor facility as an example, right? And think about like -- in the middle of that semiconductor facility was also like it was a bull's eye and the middle of it would be the fabrication center, where they're actually making the semiconductors.

就像你想像一個半導體設施當例子，對嗎？想想看——半導體工廠的中間就像一個靶心，中間是製造中心，他們實際上就是在那裡製造半導體。

So traditionally, our work has been outside of that bull's eye, where we've been doing the janitorial, the engineering, but haven't gotten into the fab. The work that we're starting to do is to get into the fabrication facility, induce more of the mechanical work, do more of the cleaning inside.

因此，傳統上，我們的工作一直在靶心之外，我們一直在做清潔、工程，但還沒有進入晶圓廠。我們開始做的工作是進入製造工廠，引進更多的機械工作，進行更多的內部清潔工作。

And that's the pathways that we're talking about when we talk about materials handling and testing a balancing. It's like reaching that core of that bull's eye. So we love that because it's more strategic. It's more sticky with the client.

這就是我們在談論材料處理和測試平衡時所談論的途徑。這就像到達靶心的核心一樣。我們喜歡它，因為它更具策略性。它對客戶的黏性更強。

So you're going to see us talking more and more about leaning into those to those areas from a service line perspective, where we feel like we'll get more stickiness. And those are also higher margin.

因此，你會看到我們越來越多地談論從服務線的角度傾向於這些領域，我們覺得我們會獲得更多的黏性。而且這些的利潤率也更高。

So we think there's just a lot more opportunity in the semiconductor space and the automotive space even, like any of these pharmaceutical that the key sub-industries groups that we're working in within manufacturing and distribution. All have really good pathways and that's where we're spending our focus.

因此，我們認為半導體領域和汽車領域都存在更多機會，就像我們在製造和分銷領域開展業務的關鍵子行業群體中的製藥行業一樣。所有這些都有非常好的途徑，而這正是我們關注的重點。

Okay. That's helpful. Also related to that, just dig into some comments you made on that segment. I mean, obviously, the M&D segment has been a very high margin -- your highest annuity segment margin, frankly, for some time. But I think the comment there that you had on strategic pricing for new accounts.

好的。這很有幫助。與此相關的是，深入研究您對該部分所做的一些評論。我的意思是，顯然，M&D 部門的利潤率一直很高——坦白說，這是一段時間以來年金部門利潤率最高的部門。但我認為您對新帳戶的策略定價發表了評論。

I was just wondering if that market is getting more competitive or if this is just a continuation of some of the comments that you've been making over the last few months, just recognizing that some of the customers in that segment have been -- they've been competitive already.

我只是想知道這個市場是否正在變得更加具有競爭力，或者這只是您在過去幾個月中發表的一些評論的延續，只是承認該領域的一些客戶已經 - 他們已經具有競爭力了。

I just wonder if there's an incremental change either way here for the broader markets? Or what does that comment have to -- what are you saying with that comment, I guess?

我只是想知道，對於更廣泛的市場來說，這是否會發生漸進式的變化？或者那條評論與什麼有關——我猜你那條評論是想表達什麼？

We have a couple of things that were particularly acute in this quarter. One is we're starting to invest in more sales assets. So we're investing in M&D because -- you've been hearing us talk about this segment for a couple of years now or more. So we're putting some muscle behind it with sales assets.

本季我們有幾件事特別突出。一是我們開始投資更多的銷售資產。因此，我們投資 M&D 是因為——您已經聽我們談論這個領域好幾年甚至更久了。因此，我們利用銷售資產來加大力度。

And then we did talk about the rebalancing of last year of that client that -- a bigger client. And as part and parcel to that rebalancing, we have to tighten some of our pricing. So we think of it as a strategic pricing because we do see a pathway back.

然後我們確實談到了去年那個客戶的重新平衡——一個更大的客戶。作為重新平衡的一部分，我們必須收緊一些定價。因此，我們認為這是一種策略定價，因為我們確實看到了回歸的途徑。

So those were the couple of impediments. But I don't think that there is this massive overall trend towards margins going down in that business because of competitiveness. It was just those couple of things that are affecting us. And again, especially when it comes to the salespeople, that's going to be an investment that will pay dividends over the next few years.

這就是幾個障礙。但我並不認為該行業的利潤率會因為競爭而大幅下降的整體趨勢。正是這幾件事影響了我們。再次強調，特別是對於銷售人員而言，這將是一項將在未來幾年帶來回報的投資。

Even with a little margin pressure, not a bad result for the quarter and the margin profile, certainly compared to the other stuff. So I guess that makes a lot of sense. Okay. Okay. I'm going to sneak in another one. I know I was asked for one and then one follow-up.

即使利潤率面臨一點壓力，但對於本季和利潤率狀況來說，這還不是一個糟糕的結果，當然與其他產品相比也是如此。所以我認為這很有道理。好的。好的。我要偷偷地再進去一個。我知道我被要求做一次後續行動。

But if you don't mind, I wanted to ask about the $1.1 billion of awards that are obviously nicely up year over year. I was just hoping you could help us understand how much of those -- I mean, you quantified the $190 million for the Big Box. And so it feels like there's a decent portion that's in the project business.

但如果您不介意的話，我想問一下 11 億美元的獎金，這筆獎金顯然比去年同期大幅增加。我只是希望您能幫助我們了解其中有多少——我的意思是，您量化了 Big Box 的 1.9 億美元。因此感覺其中有相當一部分是在專案業務中。

But maybe Earl, could you help us understand how that total number breaks up between annuity business and project business and how each one of those compare year over year? I just -- the decomposition of that, I think, would be helpful for us all to understand.

但是，厄爾，您能否幫助我們了解年金業務和專案業務之間的總數是如何劃分的，以及它們之間的逐年比較情況如何？我只是——我認為，對此進行分解將有助於我們所有人理解。

Yeah. I mean I can take that one, Andy. I think there was nothing real monumental within that. There was a big shift. You pointed out the $190 million, which is a big chunk of that.

是的。我的意思是我可以接受這個，安迪。我認為那並沒有什麼真正偉大的意義。發生了巨大的轉變。您指出了 1.9 億美元，這是其中很大一部分。

But when you normalize for the $190 million and look at that other, call it, $900 million, I would say it was pretty evenly paced across the board between the percentages of our normal business. It was good across the line, which we're always encouraged by.

但是，當你將 1.9 億美元正常化，再看看其他的 9 億美元時，我會說，它在我們正常業務的百分比之間是相當均勻的。整體來說，這是件好事，我們一直為此感到鼓舞。

Faiza Alwy, Deutsche Bank.

德意志銀行的 Faiza Alwy。

I wanted to ask about ETF and just where we are in terms of the project delays. You mentioned that there was a margin impact from the delays as well.

我想詢問有關 ETF 的情況以及專案延遲的情況。您提到延遲也會對利潤產生影響。

So give us a sense of when do you think -- what's driving the project delays at this point? When do you think things normalize? And how should we think about the normalized margin in this business going forward?

那麼請告訴我們，您認為目前導致專案延遲的原因是什麼？您認為什麼時候情況會恢復正常？我們該如何看待未來該業務的正常化利潤率？

Yeah, I'll start off with that. So if you look at the delays, part of them are just approvals, getting the customer approval for certain jobs. But again, natural -- if you look at ATS, it naturally is a back half of the year. A lot of activity is really start in the back half.

是的，我就從那裡開始。因此，如果你看一下延遲，你會發現其中一部分只是批准，即獲得客戶對某些工作的批准。但同樣，很自然——如果你看一下 ATS，它自然是今年下半年的事了。很多活動其實是在後半段開始的。

So we expect this timing shift that we actually saw in Q1 or Q2 to actually revert in the back half. When we look at the margins, again, we expect that margin to be very similar to what they have been in the past, which would be like your 9% to 10% margins.

因此，我們預計我們在第一季或第二季實際看到的這種時間變化實際上會在下半年恢復。當我們再次查看利潤率時，我們預計該利潤率將與過去的利潤率非常相似，即 9% 到 10% 的利潤率。

Got it. And then I just wanted to ask about the Education segment. Maybe give us some color on what you're seeing from the underlying market (technical difficulty) concerns about higher education, just broadly from a from a macro perspective.

知道了。然後我只想問一下有關教育部分的問題。也許您可以從宏觀角度大致介紹一下您對高等教育的潛在市場（技術難度）擔憂。

And I think you might have -- there might be more renewals that happen in the back half for new business. So give us a sense of what you're seeing from a new business perspective and then how you're thinking about the underlying market there.

我認為你可能會有——下半年可能會有更多的新業務續約。那麼，請從新的商業視角向我們介紹您所看到的情況，以及您對那裡的潛在市場有何看法。

Sure. So it's pretty normalized in the Education, and we have some good growth. We have a really good pipeline going. And interestingly, you bring up renewals. We've been having a very strong year this year in terms of renewals.

當然。因此，教育已經相當正常化，我們也取得了一些良好的成長。我們有一個非常好的管道運行。有趣的是，您提到了續約。就續約而言，今年我們的表現非常強勁。

And I guess what we're encouraged by Pfizer is that there's a fair number of our clients that are investing into their facilities. You go and see some of these -- you go to some of these campuses and you see cranes everywhere and buildings. So we're seeing some good tailwinds in the industry.

我想，輝瑞讓我們感到鼓舞的是，我們有相當多的客戶正在對其設施進行投資。你去看看這些——你去看看這些校園，你會看到到處都是起重機和建築物。因此，我們看到行業中出現了一些良好的順風。

But as you know, Education is not a double-digit grower for us. It's a GDP grower. It's really steady, great cash flow. And we just have -- we have a tremendous team that are working really hard as we shift towards bigger contracts and contracts under what we call our APS offering, which is the integrated offering where rather than just doing a single service, we try to bundle services.

但正如你所知，教育對我們來說並不是兩位數的成長。這是GDP的成長者。現金流確實穩定、出色。而且我們剛剛擁有一支出色的團隊，他們正在努力工作，因為我們正轉向更大的合同以及我們所謂的 APS 產品下的合同，這是一種綜合產品，我們嘗試捆綁服務而不是僅僅提供單一服務。

And in '24 and even at the start of '25, we're getting a lot of traction in that bundled offering because it provides so much more value when you can go to the facility manager and say, look, we can handle all your needs. And the majority will self-perform, but we could also subcontract stuff on your behalf as well. So that's been going okay.

在 2024 年甚至 2025 年初，我們在捆綁服務方面獲得了很大的發展，因為當您可以去找設施經理說「看，我們可以滿足您的所有需求」時，它提供了更多的價值。大多數工作都是自行完成的，但我們也可以代表您進行分包。一切進展順利。

Jasper Bibb, Truist Securities.

賈斯柏·比布（Jasper Bibb），Truist Securities。

Maybe following our earlier question to organic revenue growth for the quarter was 4%, and I think you talked to working in there, too. So you think mid-single-digit organic growth is possible in the second half? Or how should we think about the trend there?

也許根據我們先前的問題，本季的有機收入成長率是 4%，我想您也談到了在那裡工作。那麼，您認為下半年有可能實現中等個位數的自然成長嗎？或者我們應該如何看待那裡的趨勢？

We don't guide towards revenue growth. But I think we should all be like focused on, at least we are internally, is that every one of our industry groups now is back to organic growth. And there was -- we could have easily been sitting here thinking that M&D and B&I was going in that territory.

我們並不致力於收入成長。但我認為我們都應該關注，至少在我們內部，我們的每個產業集團現在都恢復了有機成長。而且——我們本來可以很容易地坐在這裡想著 M&D 和 B&I 正在進入那個領域。

And so we're enthusiastic about that. But in terms of projecting revenue growth, it's just hard to tell right now. It's just the trends in each of the industry groups are solid.

因此我們對此充滿熱情。但就預測收入成長而言，現在還很難說。只是每個產業群的趨勢都很穩固。

Fair enough. And then if you could maybe give us a bit more detail on the battery energy storage contract win. Can you maybe frame for us how big that business is within ATS today or what you're seeing in the pipeline for that service offering?

很公平。然後，您是否可以向我們提供有關電池儲能合約勝利的更多細節？您能否為我們描述一下目前 ATS 內部的業務規模，或者您對該項服務未來的發展方向有何看法？

Yeah. So I mentioned in the prepared remarks, we have $700 million of backlog, which is our highest we've ever had. It's a historic high in terms of backlog. And we're still on a good pace.

是的。我在準備好的發言中提到，我們有 7 億美元的積壓訂單，這是我們有史以來最高的。就積壓量而言，這是歷史最高水準。我們仍保持著良好的發展步伐。

We're a little nervous at the start of the tariff discussion as to what that will mean. And I think we had mentioned in prior calls that not a tremendous amount of the gear that we buy is produced overseas. But there is a portion of it, and it could affect the economics of a project.

在關稅討論開始時，我們有點緊張，不知道這意味著什麼。我想我們在之前的電話會議中提到過，我們購買的設備中並不是很大一部分是在海外生產的。但其中的一部分可能會影響項目的經濟效益。

But so far, we've still been seeing green lights from our clients to move forward on these projects. There is -- the only caution we have is there's a provision in the new budget built to repeal some of the tax credits on energy projects.

但到目前為止，我們仍然看到客戶批准繼續推進這些專案。我們唯一需要注意的是，新預算中​​有一項條款旨在取消部分能源項目的稅收抵免。

We still don't believe that it will affect the feasibility of these projects because of such high margin. But that being said, it's still something out there that we're monitoring and watching closely. But the Microgrid business is just doing really well for us.

由於利潤率如此之高，我們仍然不認為這會影響這些項目的可行性。但話雖如此，我們仍在密切監視和觀察此事。但我們的微電網業務確實發展得很好。

Josh Chan, UBS.

瑞銀的 Josh Chan。

I guess on your ATS margins this quarter, of the roughly 300 basis point headwind you saw, was the bigger impact from the project delays? Or was mix the bigger headwind? And I guess related to that, when you say the project delays are going to be recouped in the third quarter, did that already happen in May?

我想，就本季的 ATS 利潤率而言，您所看到的大約 300 個基點的不利因素中，專案延遲的影響是否更大？或者混合是更大的逆風？我想與此相關的是，當您說專案延遲將在第三季度得到彌補時，這在五月已經發生了嗎？

Yeah. So let me go back to the margin question. So part of it was the project delays, and part of it is just the mix of business. So the way you may want to think about these big microgrid or energy projects is that there's -- and I'm really going high level here because there's certainly more than two phases, but I would ask you to look at it in two phases.

是的。那麼讓我回到利潤率問題。因此，部分原因是專案延遲，部分原因是業務混合。因此，您可能想要考慮這些大型微電網或能源項目的方式是 - 而且我在這裡真的要從高層次考慮，因為肯定不止兩個階段，但我會要求您分兩個階段來看待它。

One is the design and the engineering of the job, right? These are highly sophisticated engineered projects. So there's a design and the engineering, and then there's the actual execution in the field. So the design and the engineering portion is the higher profit side of it, right?

一是工作的設計和工程，對嗎？這些都是高度複雜的工程項目。因此，首先要進行設計和工程，然後才是現場的實際執行。所以設計和工程部分是利潤較高的部分，對嗎？

There's less bodies. There's people in an office doing the drawings. And as you're building, you're recouping a higher margin. Once you get into the field and there's actually bodies out there working, the margin piece is a little lower.

屍體少了。辦公室裡有人正在繪圖。隨著您的建設，您將獲得更高的利潤。一旦你進入該領域並且確實有人在工作，利潤就會稍微低一些。

So if we look at year over year last year, we had a fair amount of engineering and design work. And we had a higher margin. Whereas this quarter, it just so happens, that there was more work at this quarter happening in the field, which is the execution piece of it. So we have a little pressure there.

因此，如果我們回顧去年同期的情況，我們會發現我們進行了相當多的工程和設計工作。而且我們的利潤率更高。而本季度，碰巧的是，現場進行的工作更多，這是執行部分。所以我們在這方面有一點壓力。

So nothing systemic, nothing even that interesting, frankly. It's just timing within a project, right? So that's why you saw a little bit of pressure.

所以坦白說，沒有什麼系統性的東西，甚至沒有什麼有趣的東西。這只是專案內的時間安排，對嗎？所以這就是為什麼你會感受到一點壓力。

And then we have seen some uptick in May, and we think it's going to continue throughout the year in terms of projects. And as we stated, we think ATS is going to have a very strong year this year.

然後，我們看到五月出現了一些上升趨勢，我們認為就專案而言，這種趨勢將持續全年。正如我們所說，我們認為 ATS 今年將會表現非常強勁。

Maybe switching to B&I. Could you talk about how you are positioned to win these prime office markets? I assume those markets are where everybody wants to go after. So could you talk about your ability to win there and whether ABM can gain share in that market going forward?

也許可以轉向 B&I。您能談談您如何定位以贏得這些優質辦公市場嗎？我認為這些市場是每個人都想進入的。那麼，您能談談您在那裡取得成功的能力以及 ABM 未來是否可以在該市場獲得份額嗎？

Yeah. I mean it's like not only are we are positioned to win, we really have been winning. And I think so much of it has to do with our execution ability, our relationships, and our resume. And that means a lot.

是的。我的意思是，我們不僅有獲勝的可能，而且我們確實一直在獲勝。我認為這很大程度上與我們的執行能力、我們的關係以及我們的履歷有關。這意味著很多。

If you're if you're -- let's use New York City as an example. If you're pitching a headquarters building for a financial services company in New York City and you're going to look at ABM, you're going to say, well, wait a second. They already do nine of the other 10.

如果您是—讓我們以紐約市為例。如果您正在為紐約市的金融服務公司推銷總部大樓，並且打算考慮 ABM，您會說，好吧，等一下。其餘 10 項中，他們已經完成了 9 項。

So there's the comfort from a client standpoint that we understand how to work in that segment. There's great comfort from a client because they say, oh, you know what? If I want to find out what's happening in some of the other financial services companies in terms of how they're building their trading floors, how they're thinking about conference rooms, I know I can go to ABM because they have such a big book of business.

因此，從客戶的角度來看，我們知道如何在該領域開展工作，這讓我們感到欣慰。客戶會感到非常安慰，因為他們會說，哦，你知道嗎？如果我想了解其他金融服務公司的情況，例如他們如何建造交易大廳、如何考慮會議室，我知道我可以去 ABM，因為他們有大量的業務記錄。

So I think between our scale, the client base, and our ability to execute, and lastly, the investments we're making in technology, it's really separating us from the competition. So I think that's why we've gotten a greater share of the market than our competitors.

所以我認為，我們的規模、客戶群、執行能力以及我們在技術方面的投資確實使我們在競爭中脫穎而出。所以我認為這就是我們比競爭對手佔據更大市場份額的原因。

Marc Riddick, Sidoti & Company.

馬克·里迪克，西多蒂公司。

So a lot of my questions have already been covered, but I did want to circle back around to the cash usage prioritization. Maybe give a bit of an update maybe what you're thinking there as well as if you could maybe give some thoughts or views as to potential acquisition pipeline, maybe what you're seeing valuation wise, and some as far as levels of attractiveness currently?

因此，我的許多問題都已經被解答了，但我確實想回到現金使用優先順序的問題。也許可以提供一些更新，也許您在那裡想什麼，以及您是否可以對潛在的收購管道提供一些想法或觀點，也許您對估值的看法，以及目前的吸引力水平？

Yeah. So for us, we always prioritize right, internal investments and growing our ability to be organic. But the pipeline on M&A is looking real good. We see to be seeing a little turnaround in companies coming to market, private equity companies looking to monetize some of their portfolio companies. So probably seeing as big of a pipeline for M&A as we've seen in the last couple of years.

是的。因此，對我們來說，我們始終優先考慮正確的內部投資和增強我們的有機能力。但併購通路看起來確實不錯。我們看到，進入市場的公司和私募股權公司正在尋求將其投資組合中的部分公司貨幣化，從而出現一些改善。因此，我們可能看到與過去幾年一樣大規模的併購管道。

And there are some interesting things out there that are really going to help us to differentiate in some of the industry groups, really consistent with some of the remarks that we've been talking about even with the Q&A and how you go deeper in places like M&D and start doing things that create more strategic value for our clients and make us stickier. So you'll see us have a focus on M&A for sure.

有一些有趣的事情確實可以幫助我們在某些​​行業群體中脫穎而出，這與我們在問答環節中談到的一些言論非常一致，以及如何在 M&D 等地方更深入地開展工作並開始為我們的客戶創造更多戰略價值並使我們更具粘性。所以你會看到我們肯定會關注併購。

And then shifting over with B&I. I was wondering if you could talk a little bit about if you're seeing much in the way of regional differentiation of activity levels.

然後與 B&I 一起轉移。我想知道您是否可以稍微談談您是否看到活動水平的區域差異很大。

I mean, yeah -- I mean, sure, Mark. We have like -- what's interesting is it could even be within one market. Like you look at LA and their Century City, which is booming. And then there's Downtown LA, which is really, really lagging.

我的意思是，是的——我的意思是，當然，馬克。我們有——有趣的是它甚至可能在一個市場內。就像你看到洛杉磯和它的世紀城正在蓬勃發展一樣。然後是洛杉磯市中心，那裡真的非常落後。

So we see some differences regionally. A lot of it has to do with back to office. I could tell you we're encouraged with what's going on in San Francisco. With the investments in AI, San Francisco's starting to come back, which it was a city that maybe 18 months ago, a lot of folks have written off, right?

因此我們看到地區之間存在一些差異。其中許多都與重返辦公室有關。我可以告訴你，我們對舊金山發生的事情感到鼓舞。隨著對人工智慧的投資，舊金山開始復甦，也許 18 個月前，很多人已經放棄了它，對吧？

So the Midwest is strong, and New York City is, I mean, absolutely booming. Good luck walking on the streets at lunchtime and not bumping into people. So we're encouraged by that market as well.

因此，中西部地區實力雄厚，而紐約市則絕對蓬勃發展。祝你午餐時間在街上行走時好運，不會撞到人。因此我們也對這個市場感到鼓舞。

And then we see that down in the Carolinas, there's been more investment now with AI and data centers. So that's starting to boom. So there's real, real pockets of growth out there.

然後我們看到在卡羅來納州，現在對人工智慧和資料中心的投資增加了。所以這開始繁榮起來。因此，那裡確實存在著成長空間。

We've reached the end of the question-and-answer session. And I'll turn the call over to Scott Salmirs for closing remarks.

問答環節已經結束。現在我將把電話轉給斯科特·薩爾米爾斯 (Scott Salmirs) 做最後發言。

Okay. Well, first, I just want to thank our team again for everything they're doing to allow us to post results like we just did in Q2. We're really happy with what we've been able to do, especially considering the macro environment and some of the uncertainty out there.

好的。嗯，首先，我只想再次感謝我們的團隊所做的一切，讓我們能夠像第二季一樣發布業績。我們對我們所做的事情感到非常高興，特別是考慮到宏觀環境和一些不確定性。

And I just want to thank everybody on this call for listening, being interested; and look forward to seeing you again in Q3. Thanks, everybody.

我只想感謝大家的聆聽和關注；並期待在第三季再次見到你們。謝謝大家。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation. Have a wonderful day.

謝謝。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。祝您有美好的一天。