ABM Industries Inc (ABM) 2025 Q4 法說會逐字稿

Greetings. Welcome to ABM Industries Incorporated fourth-quarter 2025 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.

問候。歡迎參加 ABM Industries Incorporated 2025 年第四季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

At this time, I'll now turn the conference over to Paul Goldberg, Senior Vice President, Investor Relations. Thank you, Paul. You may now 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。謝謝你，保羅。現在你可以開始了。

Good morning, everyone, and welcome to ABM's fourth-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 David Orr, our Executive Vice President and Chief Financial Officer.

各位早安，歡迎參加ABM 2025年第四季財報電話會議。我叫保羅‧戈德堡，是ABM公司的投資人關係資深副總裁。今天陪同我的是我們的總裁兼執行長史考特·薩爾米爾斯，以及我們的執行副總裁兼財務長大衛·奧爾。

Please note that earlier this morning, we issued our press release announcing our fourth-quarter 2025 financial results and outlook, as well as the press release announcing our planned acquisition of WGNSTAR. A copy of those releases and an accompanying slide presentation can be found on our website, abm.com. After Scott and David'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，公佈了我們 2025 年第四季度的財務業績和展望，以及新聞稿，宣布了我們計劃收購 WGNSTAR。這些新聞稿及配套幻燈片可在我們的網站 abm.com 上找到。 Scott 和 David 演講結束後，我們將進行問答環節。

Before we begin today, I would like to remind you that our call and presentation 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. 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.

在今天的會議開始之前，我想提醒各位，我們的電話會議和簡報包含預測、估計和其他前瞻性陳述。我們使用「估計」、「預期」等詞語和類似表達是為了表明這些陳述，它們代表了我們目前對未來方向的判斷。雖然我們認為這些聲明是合理的，但這些聲明本身存在風險和不確定性，可能導致我們的實際結果與預期有重大差異。這些因素在我們的簡報附帶的幻燈片以及我們向美國證券交易委員會提交的文件中均有描述。

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，將會介紹一些非GAAP財務資訊。本簡報的結尾以及公司網站的「投資者」標籤下提供了歷史非GAAP資料與GAAP財務指標的調節表。

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

接下來，我將把電話交給史考特。

Good morning, everyone, and thank you for joining us to discuss ABM's fourth-quarter and full-year fiscal 2025 results, as well as our 2026 outlook. I appreciate you taking the time, and I'll get right into our performance and the progress we're making as a company.

各位早安，感謝各位參加本次會議，共同探討 ABM 2025 財年第四季和全年業績，以及我們對 2026 年的展望。感謝您抽出時間，接下來我將直接進入正題，談談我們公司的表現和所取得的進展。

We finished the year on a strong note posting record quarterly revenue supported by 4.8% organic growth. Encouragingly, if you exclude the impact of the prior year self-insurance adjustment, our adjusted EPS and adjusted EBITDA and adjusted EBITDA margin were all ahead of our expectations heading into the quarter. This performance reflects strong volume, favorable mix, disciplined cost management, and the benefits from our restructuring actions.

我們以強勁的勢頭結束了這一年，季度營收創歷史新高，有機成長率達到 4.8%。令人鼓舞的是，如果排除上一年自保調整的影響，我們調整後的每股盈餘、調整後的 EBITDA 和調整後的 EBITDA 利潤率均高於本季初的預期。這一業績反映了強勁的銷售、有利的產品組合、嚴格的成本管理以及我​​們重組措施帶來的益處。

Across the portfolio, our teams executed exceptionally well. Technical Solutions delivered another standout quarter, completing a significant number of complex projects, particularly in microgrids and mission-critical infrastructure.

在所有專案中，我們的團隊都表現出色。技術解決方案部門迎來了一個出色的季度，完成了大量複雜項目，尤其是在微電網和關鍵任務基礎設施方面。

We also saw strong revenue growth in Aviation and Manufacturing & Distribution, fueled by recent client wins and customer expansions. Meanwhile, in Business & Industry and Education, margins improved year over year, demonstrating the resiliency of these segments and our continued focus on operational efficiency.

受近期新客戶的贏得和客戶群的擴張推動，航空和製造與分銷業務也實現了強勁的收入成長。同時，在商業和工業以及教育領域，利潤率逐年提高，這表明這些領域的韌性以及我們對營運效率的持續關注。

Our fourth-quarter results capped an outstanding year for ABM highlighted by record annual revenue of $8.7 billion, an increase of 5% over last year. We also generated record new sales bookings of $1.9 billion, a 12% increase over 2024. Those bookings are diversified across the business and provide confidence in our growth trajectory entering fiscal 2026.

ABM第四季的業績為公司輝煌的一年畫上了圓滿的句號，這一年公司年收入創下87億美元的紀錄，比去年增長了5%。我們也創造了 19 億美元的新銷售訂單紀錄，比 2024 年成長了 12%。這些訂單涵蓋了公司各個業務領域，讓我們對進入 2026 財年的成長軌跡充滿信心。

On top of the strong 2025 bookings, I'm pleased to announce 2026 is off to a great start for us with a major new contract in Aviation. Specifically, we won a significant passenger services contract at a leading global gateway airport, set to ramp up in the first quarter of calendar 2026. This win highlights our continued focus on the aviation sector, the strength of our team, and the value of technology-driven solutions.

除了 2025 年強勁的預訂量之外，我很高興地宣布，2026 年對我們來說也是一個良好的開端，我們在航空領域獲得了一份重要的全新合約。具體來說，我們贏得了一家全球領先門戶機場的重要旅客服務合同，預計將於 2026 年第一季度開始逐步擴大規模。這場勝利凸顯了我們對航空領域的持續關注、我們團隊的實力以及技術驅動型解決方案的價值。

I'm confident in our team's ability to deliver an outstanding experience for our clients and their passengers. This is one of the largest single aviation awards in ABM's history, and it reflects the reputation our teams have built in delivering industry-leading service and operational excellence. I'll also note that our pipeline across the enterprise remains strong, and we are targeting another bookings record in 2026.

我對我們的團隊有能力為我們的客戶及其乘客提供卓越的體驗充滿信心。這是 ABM 歷史上最大的單筆航空合約之一，體現了我們團隊在提供業界領先的服務和卓越營運方面所建立的聲譽。我還要指出，我們整個企業的銷售管道依然強勁，我們的目標是在 2026 年再次創下預訂量新紀錄。

2025 was a year defined by progress in several strategic areas. We invested in the AI capabilities that are already improving our internal processes, including enhanced RFP automation, more intelligent HR support tools, and early exploration of agentic AI to enhance client-facing operations. These investments are expected to provide greater efficiency, scalability, and differentiation, and position ABM to unlock new revenue streams in the years ahead.

2025年是多個策略領域取得進展的一年。我們投資了人工智慧技術，這些技術已經改善了我們的內部流程，包括增強 RFP 自動化、更智慧的人力資源支援工具，以及對智慧代理人工智慧的早期探索，以增強面向客戶的營運。這些投資有望提高效率、可擴展性和差異化優勢，並使 ABM 在未來幾年內能夠開闢新的收入來源。

We also made substantial progress in our ERP implementation. As you know, the transition created working capital friction earlier in the year, but the team worked relentlessly to stabilize and scale the system, and we saw a meaningful improvement in cash performance in the back half of the year. This sets us up well for continued progress in 2026 and normalization. I'd like to thank David Orr for taking a leadership position in this area and helping to deliver a significantly better outcome than we had at the beginning of the year.

我們的ERP實施也取得了實質進展。如你所知，今年早些時候，轉型造成了營運資金的摩擦，但團隊不懈努力地穩定和擴大了系統規模，我們在下半年看到了現金流方面的顯著改善。這為我們在 2026 年繼續取得進展和實現正常化奠定了良好的基礎。我要感謝大衛·奧爾先生在這一領域發揮領導作用，並幫助我們取得了比年初時好得多的成果。

Also exciting is today's announcement of our agreement to acquire WGNSTAR, a leading provider of managed technical workforce solutions and equipment support services for the semiconductor and high-technology manufacturing sectors. This is a highly strategic transaction for ABM that is expected to close in the first calendar quarter of 2026.

今天我們也宣布達成協議，收購 WGNSTAR，這是一家領先的半導體和高科技製造業技術勞動力管理解決方案和設備支援服務提供者。對於 ABM 而言，這是一筆極具戰略意義的交易，預計將於 2026 年第一季完成。

It significantly expands our technical capability set and fabrication environments, adds a skilled workforce of more than 1,300 employees, and strengthens our position in a sector that is experiencing multiyear growth from US semiconductor onshore. With only about 15% of the market currently outsourced, WGNSTAR gives us a meaningful foothold in a space with substantial runway.

它顯著擴展了我們的技術能力和製造環境，增加了 1300 多名熟練員工，並鞏固了我們在美國半導體本土化多年增長的行業中的地位。目前只有大約 15% 的市佔率被外包，WGNSTAR 讓我們在這個擁有巨大發展空間的領域站穩了腳步。

Combined with our existing energy resiliency, mission-critical, and engineering strength, this acquisition positions ABM to be one of the largest integrated service providers to semiconductor facilities in North America. I also want to take a moment to highlight the continued efforts across ABM to improve margin and strengthen earnings power.

結合我們現有的能源彈性、關鍵任務能力和工程實力，此次收購使 ABM 成為北美最大的半導體設施綜合服務提供者之一。我還想藉此機會強調ABM為提高利潤率和增強獲利能力所做的持續努力。

The initial components of our restructuring program launched in Q4 are now largely complete. The program was designed to better align our core structure and operating model with our growth priorities. As mentioned last quarter, the annualized savings related to the initiatives already undertaken is $35 million, with over three-quarters of the savings to be realized in fiscal 2026.

我們在第四季啟動的重組計劃的初始​​部分現已基本完成。該計劃旨在使我們的核心結構和營運模式更好地與我們的成長重點保持一致。正如上個季度所提到的，與已採取的措施相關的年度節省額為 3,500 萬美元，其中超過四分之三的節省將在 2026 財年實現。

These benefits combined with disciplined cost management and improved labor efficiency, plays an important role in our performance in the fourth quarter, and will continue to do so in 2026. As we look across the business, I'm proud of how our teams navigated a complex and dynamic operating environment.

這些優勢，再加上嚴格的成本管理和提高的勞動效率，對我們第四季的業績起到了重要作用，並將在 2026 年繼續發揮作用。縱觀整個業務，我為我們的團隊在複雜多變的營運環境中所取得的成就感到自豪。

Not only did we win important new business and strengthen key client relationships, we did so while modernizing our systems, advancing our use of AI, and integrating new tools and processes into the way we work. It speaks to the commitment and adaptability of our people, and these efforts position ABM for long-term success.

我們不僅贏得了重要的新業務，加強了與關鍵客戶的關係，而且在實現這些目標的同時，也實現了系統現代化，推進了人工智慧的應用，並將新的工具和流程融入我們的工作方式中。這體現了我們員工的敬業精神和適應能力，這些努力也為 ABM 的長期成功奠定了基礎。

Turning now to the year ahead. We are confident in ABM's momentum heading into fiscal 2026. Demand across our key end markets remain healthy, especially within Technical Solutions, Aviation and Manufacturing & Distribution. Combined with a record year of new sales bookings, the major aviation contract win and a strong backlog, we expect another year of solid organic revenue growth.

現在展望未來一年。我們對ABM在2026財年的發展動能充滿信心。我們主要終端市場的需求仍然旺盛，尤其是在技術解決方案、航空和製造與分銷領域。加上創紀錄的新銷售訂單、贏得的重大航空合約以及強勁的積壓訂單，我們預計今年將實現穩健的內生性收入成長。

Our recent agreement to acquire WGNSTAR will strengthen our position in the fast-growing semiconductor market and will complement our growth in the strategic space. In addition, our restructuring actions, disciplined cost management, and our 2025 share repurchases enhance the earning power of the enterprise. With these tailwinds, we expect fiscal 2026 organic revenue growth of 3% to 4%, and adjusted EPS to be in the range of $3.85 to $4.15 before any potential positive or negative impact from prior year self-insurance adjustments.

我們最近達成的收購 WGNSTAR 的協議將鞏固我們在快速成長的半導體市場中的地位，並將補充我們在策略領域的成長。此外，我們的重組措施、嚴格的成本管理以及2025年的股份回購計畫提高了企業的獲利能力。在這些有利因素的推動下，我們預計 2026 財年有機收入將成長 3% 至 4%，調整後每股盈餘將在 3.85 美元至 4.15 美元之間，不計入前一年自保調整可能帶來的任何正面或負面影響。

With that, I'll turn it over to David to walk through the financial results in more detail.

接下來，我將把發言權交給大衛，讓他更詳細地解說財務表現。

Before we get into the results, I want to take a moment to clarify how to think about prior year self-insurance adjustments, because they're an important factor in our fourth-quarter and full-year performance.

在公佈業績之前，我想花點時間澄清一下如何看待去年的自保調整，因為這是我們第四季和全年業績的重要因素。

As a reminder, starting in our second quarter earnings release, and following discussions with the SEC, we updated the definition of all our non-GAAP financial measures, including adjusted net income, adjusted EPS, adjusted EBITDA, and adjusted EBITDA margin. Under the revised definition, we no longer exclude the positive or negative impact of prior year self-insurance adjustments from our non-GAAP results.

再次提醒大家，從第二季財報發布開始，在與美國證券交易委員會討論後，我們更新了所有非GAAP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EBITDA和調整後EBITDA利潤率。根據修訂後的定義，我們不再從非GAAP績效中排除上一年自保調整的正面或負面影響。

Prior year self-insurance adjustments represent the net changes to our reserves for general liability, workers' compensation, automobile, and health insurance claims that relate to incidents that occurred in prior years. These programs involve numerous claims across many years and some have very long tails, which makes them inherently difficult and, in many cases, impossible to predict or forecast with any precision.

上年度自保調整代表了我們一般責任險、工傷賠償險、汽車險和健康保險索賠準備金的淨變化，這些變化與前幾年發生的事故有關。這些項目涉及多年來大量的索賠，有些索賠的尾部很長，這使得它們本身就很難預測，而且在許多情況下，根本無法精確預測或預報。

For this reason, our forward-looking outlook does not include any potential positive or negative impact from these prior year adjustments. With that context, it's important to note that prior year self-insurance adjustments had no impact on our Q2 results, and an immaterial impact on Q3. They did, however, have a significant impact on our Q4 results, and therefore, on the full year as well.

因此，我們的前瞻性展望不包括這些前一年調整可能帶來的任何正面或負面影響。在此背景下，值得注意的是，前一年的自保調整對我們的第二季業績沒有影響，對第三季的影響微乎其微。然而，它們確實對我們的第四季業績產生了重大影響，因此也對全年業績產生了重大影響。

To help you interpret the numbers, we've included a table on page 4 of our earnings presentation that breaks out the specific impact. For example, in the fourth quarter, the adjustment created a $0.26 headwind to adjusted EPS. So while our reported adjusted EPS was $0.88, to reflect and truly understand the underlying performance of the business, you would need to add back the $0.26 insurance-related headwind.

為了幫助您解讀這些數字，我們在收益報告的第 4 頁附上了一個表格，詳細列出了具體影響。例如，在第四季度，該調整導致調整後每股收益下降了 0.26 美元。因此，雖然我們報告的調整後每股收益為 0.88 美元，但要反映和真正了解業務的潛在表現，還需要加上 0.26 美元的保險相關不利因素。

And as Scott noted, that core performance was above our expectations heading into the quarter. As I'll walk through the P&L this morning, I'll call out the impact of prior year self-insurance adjustments were relevant, so you have a clear picture of our core operating performance. Let's start on slide 7. Revenue grew 5.4% year over year to $2.3 billion, a new quarterly record, driven by 4.8% organic growth, and a modest contribution from our recent acquisition in Ireland.

正如斯科特指出的那樣，這一核心業績超出了我們本季的預期。今天早上我將逐一分析損益表，並指出上一年自保調整的影響（如適用），讓大家清楚了解我們的核心經營績效。我們從第7張投影片開始。營收年增 5.4% 至 23 億美元，創下新的季度紀錄，這主要得益於 4.8% 的內生成長，以及我們最近在愛爾蘭的收購帶來的適度貢獻。

Similar to last quarter, we saw organic revenue growth across all segments with the strongest contributions coming from Technical Solutions, Manufacturing & Distribution and Aviation. Both B&I and Education delivered 2% growth in the quarter, reflecting stable demand and solid execution. Overall, we're very pleased with the growth trajectory of the business and our end markets remain constructive as we head into fiscal 2026.

與上一季類似，所有業務板塊均實現了有機收入成長，其中技術解決方案、製造與分銷以及航空業務貢獻最大。本季度，B&I 和教育業務均實現了 2% 的成長，反映出穩定的需求和穩健的執行。整體而言，我們對公司業務的成長軌跡非常滿意，隨著我們邁入 2026 財年，我們的終端市場依然保持樂觀。

Turning to slide 8. Net income from the quarter increased to $34.8 million, or $0.56 per diluted share, compared to a loss of $11.7 million, or $0.19 per share last year. The year-over-year improvement primarily reflects $61.3 million benefit from the absence of the large contingent consideration adjustment related to the RavenVolt acquisition that was recorded in the prior year, as well as higher segment operating earnings, largely driven by strong ATS performance.

翻到第8張幻燈片。本季淨利增至 3,480 萬美元，即每股攤薄收益 0.56 美元，而去年同期淨虧損為 1,170 萬美元，即每股虧損 0.19 美元。與前一年相比，業績的改善主要反映了由於上一年確認的與收購 RavenVolt 相關的巨額或有對價調整的取消而帶來的 6130 萬美元收益，以及主要由 ATS 的強勁表​​現推動的部門運營收益的提高。

These benefits were partially offset by a $15.8 million negative impact from prior year self-insurance adjustments recognized in the current period, and $9.5 million in previously communicated restructuring costs. Adjusted net income was $54.7 million, or $0.88 per diluted share, compared to $55.8 million, or $0.88 per diluted share last year.

這些收益部分被上一年自保調整在本期確認的 1,580 萬美元負面影響以及先前公佈的 950 萬美元重組成本所抵銷。調整後的淨收入為 5,470 萬美元，即每股攤薄收益 0.88 美元，而去年同期為 5,580 萬美元，即每股攤薄收益 0.88 美元。

The year-over-year change largely reflects the $15.8 million, or $0.26 per share, negative impact from prior year self-insurance adjustments and higher interest expense, largely offset by higher segment earnings including the benefits of restructuring actions. Importantly, when adding back the prior year self-insurance adjustment, our adjusted EPS would have been significantly higher than last year and reflects the strong underlying operating performance of the business.

與去年相比，變化主要反映了去年自保調整帶來的 1,580 萬美元（即每股 0.26 美元）的負面影響以及更高的利息支出，但這些影響很大程度上被更高的部門收益（包括重組措施帶來的好處）所抵消。重要的是，如果將去年的自保調整加回，我們調整後的每股盈餘將比去年顯著更高，這反映了公司強勁的潛在經營業績。

Adjusted EBITDA was $124.2 million, and adjusted EBITDA margin was 5.6%, compared to $125.6 million and 6% in the prior year. Taking into account the prior year self-insurance adjustments had a $22.2 million pretax negative impact on EBITDA, and a 100 basis points impact on adjusted margin, provides a much clearer view of our core operational performance in the quarter.

調整後 EBITDA 為 1.242 億美元，調整後 EBITDA 利潤率為 5.6%，而去年同期分別為 1.256 億美元和 6%。考慮到上一年自保調整對 EBITDA 造成了 2,220 萬美元的稅前負面影響，對調整後利潤率造成了 100 個基點的影響，這讓我們對本季的核心營運表現有了更清晰的了解。

Now let's turn to segment performance, beginning with slide 9. B&I revenue surpassed $1 billion for the quarter, up 2% from last year. This performance was driven by higher work orders, expansions with existing clients, and continued strength in the UK, partially offset by certain client exits. Markets remain largely unchanged from last quarter, and we expect modest, steady growth in 2026.

現在讓我們來看看細分市場的表現，從第 9 張投影片開始。本季企業及工業收入超過 10 億美元，比去年同期成長 2%。這項業績主要得益於更高的工作訂單、現有客戶的業務拓展以及英國市場的持續強勁表現，但部分被某些客戶的退出所抵消。市場與上季基本保持不變，我們預計 2026 年將實現溫和、穩定的成長。

Operating profit was $80.6 million and margin was 7.7%, as compared to $72 million and 7%, respectively, last year. The improvements were mainly due to restructuring benefits and the absence of $4 million to $5 million of the street costs incurred in the prior year.

營業利潤為 8,060 萬美元，利潤率為 7.7%，而去年同期分別為 7,200 萬美元和 7%。這些改善主要歸功於重組帶來的好處，以及省去了上一年產生的 400 萬至 500 萬美元的街道建設成本。

Aviation revenue grew 7% to $296.7 million, supported by positive travel trends and several new wins ramping up, which carried some frictional upfront costs as these programs came online. Operating profit was $16.8 million with a margin of 5.7%. These results primarily reflect the timing of escalations in mix, including some frictional costs in the quarter.

航空收入成長 7% 至 2.967 億美元，這得益於積極的旅行趨勢和幾個新項目的啟動，但這些項目上線時也帶來了一些摩擦性的前期成本。營業利益為1680萬美元，利潤率為5.7%。這些結果主要反映了產品組合升級的時間，包括本季的一些摩擦成本。

As Scott mentioned, we're very excited about the large new passenger services contract we won after the quarter closed, which is expected to begin ramping in our fiscal second quarter. This win, combined with a robust pipeline of new opportunities, positions our Aviation business well for healthy organic growth in 2026.

正如 Scott 所提到的，我們對本季結束後贏得的大型新客運服務合約感到非常興奮，預計該合約將在我們的第二財季開始逐步擴大規模。此次中標，加上一系列強勁的新機遇，使我們的航空業務在 2026 年能夠實現健康的內生成長。

Turning to slide 10. M&D generated $417.4 million in revenue, an 8% increase year over year. This strong organic growth was driven by recent contract wins, particularly in the technology sector and continued client expansions across the segment. Based on the momentum we've seen in the back half of fiscal 2025, we believe these growth rates are sustainable as we move into 2026.

翻到第10張投影片。M&D 創造了 4.174 億美元的收入，年增 8%。這一強勁的內生成長得益於近期贏得的合同，尤其是在科技領域，以及整個細分市場客戶群的持續擴張。根據我們在 2025 財年下半年看到的勢頭，我們相信這些成長率在進入 2026 年後是可持續的。

Operating profit was $35.8 million with a margin of 8.6%, compared to $40.4 million and 10.4% last year. As we discussed last quarter, the year-over-year margin change is largely a result of strategic pricing on select new contracts that offer meaningful long-term growth opportunities, as well as ongoing investments in technical sales talent and sector-specific capabilities. Education revenue rose 2% to $233.7 million, supported by escalations and stable retention rates.

營業利潤為 3,580 萬美元，利潤率為 8.6%，而去年同期為 4,040 萬美元，利潤率為 10.4%。正如我們上個季度所討論的，同比利潤率的變化主要是由於對部分新合約採取了策略性定價，這些合約提供了有意義的長期成長機會，以及對技術銷售人才和特定行業能力的持續投資。受消費成長和穩定的客戶留存率支撐，教育收入成長 2% 至 2.337 億美元。

Our Education team delivered an excellent quarter, increasing operating profit 44% to $18.8 million, and expanding margins by 230 basis points to 8%. This performance was driven by improved labor efficiencies and escalations, as well as the benefits of our strategic mix shift towards colleges and universities where the scope of opportunities and economics continue to be particularly attractive.

我們的教育團隊本季表現出色，營業利潤成長 44% 至 1,880 萬美元，利潤率成長 230 個基點至 8%。這一業績得益於勞動效率的提高和規模的擴大，以及我們策略組合向高校轉變所帶來的益處，因為高校的機會和經濟效益仍然特別具有吸引力。

Technical Solutions had a phenomenal quarter with revenue increasing 16% to $298.7 million, including 11% organic growth and 5% from acquisitions. Growth was once again driven by robust demands for microgrids where we completed a large number of projects in what is typically a seasonally strong fourth quarter. Our Data Center and Power Services businesses also performed well.

技術解決方案部門本季業績斐然，營收成長 16% 至 2.987 億美元，其中 11% 來自內生成長，5% 來自收購。成長再次受到微電網強勁需求的推動，我們在通常是季節性強季的第四季度完成了大量項目。我們的資料中心和電力服務業務也表現良好。

Operating profit rose 32% to $37.1 million, and margin was 12.4%, up 150 basis points from last year. This strong performance reflects excellent execution, higher volume, and a favorable mix, all consistent with what we anticipated heading into the quarter.

營業利潤成長 32% 至 3,710 萬美元，利潤率為 12.4%，比去年提高了 150 個基點。這一強勁的業績反映了出色的執行力、更高的銷售和有利的產品組合，所有這些都與我們在本季度開始前的預期相符。

Now turning to slide 11. We ended the year with total indebtedness of $1.6 billion, including $23.5 million in standby letters of credit. Our total debt to pro forma adjusted EBITDA ratio was 2.7 times. Available liquidity stood at $681.6 million, including $104.1 million in cash and cash equivalents.

現在請看第11張投影片。年底時，我們的總債務為 16 億美元，其中包括 2,350 萬美元的備用信用證。我們的總債務與備考調整後 EBITDA 比率為 2.7 倍。可用流動資金為 6.816 億美元，其中包括 1.041 億美元的現金及現金等價物。

Fourth-quarter cash from operations was $133.4 million, and free cash flow was $112.7 million, a significant improvement compared to $30.3 million and $15.5 million, respectively, in the prior year. This strong performance was driven by continued progress with our ERP conversion and tight working capital management during the quarter.

第四季經營活動產生的現金流量為 1.334 億美元，自由現金流為 1.127 億美元，與去年同期的 3,030 萬美元和 1,550 萬美元相比，均有顯著改善。這一強勁的業績得益於我們ERP系統轉換工作的持續進展以及本季嚴格的營運資金管理。

Now turning to capital allocation. During the fourth quarter, we repurchased 1.6 million shares at an average price of $45.84 for a total cost of $73 million. For the full fiscal year, we repurchased 2.6 million shares at an average price of $47.35, totaling $121.3 million and reduced our outstanding share count by 4%. At year end, we had $183 million of remaining availability under our share repurchase authorization.

現在來談談資本配置。第四季度，我們以平均每股 45.84 美元的價格回購了 160 萬股股票，總成本為 7,300 萬美元。在本財年，我們以平均每股 47.35 美元的價格回購了 260 萬股股票，總計 1.213 億美元，使我們的流通股數量減少了 4%。截至年底，我們的股票回購授權下還有 1.83 億美元的剩餘可用額度。

Looking ahead to next year, we remain committed to covering annual dilution at a minimum, and we'll weigh additional repurchase activity against the opportunities in our M&A pipeline to drive long-term value creation. Interest expense in the quarter was $24.3 million, up $2.4 million from last year, driven by larger average debt balances.

展望明年，我們仍致力於至少彌補年度股權稀釋，並將權衡額外的股票回購活動與併購專案中的機會，以推動長期價值創造。本季利息支出為 2,430 萬美元，比去年同期增加 240 萬美元，主要原因是平均債務餘額增加。

Turning to our fiscal 2026 outlook on slide 12, we're excited about our 2026 plan, and expect meaningful revenue growth, adjusted EBITDA, and adjusted EPS, all before any positive or negative impacts from prior year self-insurance adjustment. Specifically, we expect full-year organic revenue growth of 3% to 4%.

在第 12 頁的幻燈片中，我們展望了 2026 財年，我們對 2026 年的計劃感到興奮，並預計收入、調整後的 EBITDA 和調整後的 EPS 將實現顯著增長，所有這些都未受到上一年自保調整的任何正面或負面影響。具體而言，我們預計全年有機收入將成長3%至4%。

Aviation, M&D, and Technical Solutions are all expected to grow above that range, while B&I and Education are expected to deliver low-single digit growth. The WGNSTAR acquisition will contribute roughly 1 additional point of revenue growth, bringing total growth to 4% to 5% for the year.

預計航空、製造與研發以及技術解決方案領域的成長都將超過該範圍，而商業與工業以及教育領域的成長預計將達到個位數低水準。收購 WGNSTAR 將帶來約 1 個百分點的額外收入成長，使全年總成長率達到 4% 至 5%。

We're also introducing a new metric this year, segment operating margin, which we believe better reflects the core operational health of the business as it removes the noise created by prior year self-insurance adjustments. Segment operating margin is defined as segment operating profit divided by total revenue, and we expect it to be between 7.8% and 8% for fiscal 2026.

今年我們也引入了一個新的指標——分部營業利潤率，我們認為該指標能更好地反映企業的核心營運狀況，因為它消除了前一年自保調整帶來的干擾。分部營業利益率定義為分部營業利益除以總收入，我們預期 2026 財年該利潤率將介於 7.8% 至 8% 之間。

Interest expense is forecast to be $95 million to $105 million, and our normalized tax rate before any discrete items is expected to be 29% to 30%. With regard to cash, we expect free cash flow before the impact of transformation and integration costs, the RavenVolt earn-out, and any incremental restructuring to be about $250 million in 2026. Putting this all together, we expect full-year adjusted EPS in the range of $3.85 to $4.15.

預計利息支出為 9,500 萬美元至 1.05 億美元，扣除任何特殊項目前的正常稅率預計為 29% 至 30%。關於現金方面，我們預計在不計轉型和整合成本、RavenVolt 獲利支付以及任何新增重組的影響的情況下，2026 年的自由現金流約為 2.5 億美元。綜合所有因素，我們預計全年調整後每股收益將在 3.85 美元至 4.15 美元之間。

And as a reminder, our outlook does not include any future positive or negative prior year self-insurance adjustments. Going forward, we'll continue to highlight any material impacts resulting from the inclusion of prior year self-insurance adjustments in our non-GAAP results.

再次提醒，我們的展望不包括任何未來對前一年自保調整的正面或負面影響。展望未來，我們將繼續專注於將上一年自保調整納入非GAAP業績所帶來的任何重大影響。

Moving to our fiscal 2026 adjusted EPS bridge on slide 13. We start by adding back the full-year 2025 prior year self-insurance adjustment of $0.27 to get to our core adjusted EPS for the year. From there, we layer in the net benefits of price, volume, mix, and restructuring savings. Interest expense before the WGNSTAR acquisition is anticipated to be a small tailwind in 2026.

接下來，我們將轉到第 13 頁，討論 2026 財年調整後的每股盈餘 (EPS) 過渡部分。我們首先將 2025 年全年上一年度的自保調整額 0.27 美元加回，得出我們當年的核心調整後每股收益。在此基礎上，我們逐步考慮價格、銷售、產品組合和重組節省所帶來的淨收益。預計在 2026 年，WGNSTAR 收購前的利息支出將帶來輕微的利多。

As we discussed earlier, we'll continue investing for the long term in 2026, including adding talent, expanding our AI capabilities, and building out our technology stack. After taking into account both the performance gains and these planned investments, we expect to grow our core EPS by more than 10% on 4% to 5% revenue growth. From that number, we then back out the first-year impact of WGNSTAR, including associated acquisition-related amortization and interest expense, which gets us to our adjusted EPS guidance range of $3.85 to $4.15 before any potential positive or negative impact from prior year self-insurance adjustments.

正如我們之前討論的那樣，我們將繼續在 2026 年進行長期投資，包括增加人才、擴展我們的人工智慧能力以及建立我們的技術堆疊。考慮到業績提升和這些計劃投資，我們預計在 4% 至 5% 的收入成長下，我們的核心每股收益將成長 10% 以上。從該數字中，我們減去 WGNSTAR 第一年的影響，包括相關的收購攤銷和利息支出，從而得出我們調整後的每股收益預期範圍為 3.85 美元至 4.15 美元，這還不包括前一年自保調整可能帶來的任何正面或負面影響。

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

接下來，我將把發言權交還給史考特，請他作總結發言。

Thanks, David. Before we open the line for questions, I want to take a moment to reflect on the year and acknowledge the tremendous work of our team. Fiscal 2025 was a year of real accomplishment for ABM. We delivered record revenue and record new sales [bookings] even as we navigate an uncertain macro environment and work through a significant ERP system upgrade that touched every part of our business.

謝謝你，大衛。在開放提問環節之前，我想花點時間回顧過去一年，並對我們團隊的巨大努力表示感謝。2025財年是ABM取得真正成就的一年。即使在宏觀環境不確定的情況下，並且正在進行一項影響到我們業務各個方面的重大 ERP 系統升級，我們仍然實現了創紀錄的收入和創紀錄的新銷售（訂單）。

These achievements speak to the resilience, adaptability, and professionalism of our people. I'm incredibly proud of how our team showed up this year, meeting challenges head on, staying focused on our clients, and executing with discipline. Whether it was delivering complex technical solutions projects, ramping major new contracts, or advancing and adapting to our AI and technology capabilities across our operations, our team rose to the occasion. Their efforts position ABM very well for the future.

這些成就體現了我們員工的韌性、適應力和專業精神。我為我們團隊今年的表現感到無比自豪，他們迎難而上，始終專注於客戶，並以嚴謹的態度執行任務。無論是交付複雜的技術解決方案專案、推進重大新合同，還是在整個營運過程中推進和適應我們的人工智慧和技術能力，我們的團隊都能出色地完成任務。他們的努力使 ABM 在未來處於非常有利的地位。

Looking ahead, I'm excited about what 2026 holds for ABM. We have large new clients ramping early in the year. The WGNSTAR acquisition will be contributing to our growth and our pipeline across the portfolio remains strong. These elements give us confidence in our ability to drive another year of solid organic revenue growth and continued earnings expansion. And as we think about the longer term, we will continue to evolve ABM into a higher growth organization.

展望未來，我對 2026 年 ABM 的發展充滿期待。今年年初我們就迎來了幾位大型新客戶。收購 WGNSTAR 將有助於我們的成長，我們整個產品組合的儲備依然強勁。這些因素讓我們有信心在未來一年繼續實現穩健的內生性收入成長和獲利持續擴張。從長遠來看，我們將繼續把 ABM 發展成為一個更高成長的組織。

That means enhancing our portfolio, pushing further up the value stream with our clients, expanding our technical and data-enabled capabilities, and being disciplined allocators of capital. We will do this with the same focus on clients, people, and operational excellence that has guided us this year. To everyone at ABM, thank you for your hard work and commitment, it's made all the difference.

這意味著要加強我們的投資組合，與客戶一起進一步提升價值鏈，擴展我們的技術和數據支援能力，並成為有紀律的資本配置者。我們將繼續秉持今年以來對客戶、員工和卓越營運的關注。致ABM的每一位成員，感謝你們的辛勤工作和奉獻精神，這帶來了巨大的改變。

Happy holidays to everyone. And with that, we'll open up the line for questions.

祝大家節日快樂。接下來，我們將開放提問環節。

(Operator Instructions) Josh Chan, UBS.

（操作說明）Josh Chan，瑞銀集團。

I guess I was -- I'm going to ask about the margin trajectory of the business. I think you introduced the segment operating margin metric. I was just wondering, I guess, what are the drivers between what seems like a relatively flat margin outlook for '26 despite some restructuring savings coming into the business?

我想問的是──我要問這家公司的利潤率走勢。我認為是你引進了分部營業利益率指標。我只是想知道，儘管公司透過重組節省了一些成本，但2026年的利潤率前景似乎仍然相對平穩，這背後的驅動因素是什麼？

Josh, thanks for the question. Yeah, we did introduce a new metric next year in segment operating profit margin. And we just feel like that's a really clean metric for us, and it reflects, call it, the operating health of the business, and removes some of the noise created by the prior year self-insurance adjustments. So we do have some benefit from the restructuring built into those margins. Some of that restructuring, as we spoke about in Q3 was baked into the field and operating profit numbers.

喬希，謝謝你的提問。是的，我們明年確實引進了一個新的指標──分部營業利潤率。我們覺得這對我們來說是一個非常清晰的指標，它反映了企業的營運健康狀況，並消除了去年自保調整造成的一些幹擾。因此，我們從利潤率體現的重組確實獲得了一些好處。正如我們在第三季討論的那樣，部分重組已經體現在現場營運和營業利潤數據中。

And then we have some mix rolling into those numbers in 2026 as well that we're working through, some of which from some of the pricing decisions we talked about in the Q3 call. So it's just a blend of those two things, really, ultimately, but we're excited to introduce this metric. And as I said, it just gives us a real clear picture, and it mirrors actually how we measure and manage the business internally.

此外，2026 年的這些數字還會受到一些因素的影響，我們正在努力解決，其中一些因素源於我們在第三季電話會議上討論的一些定價決策。所以，歸根結底，它其實是這兩件事的結合，但我們很高興推出這個指標。正如我所說，它讓我們對業務有了非常清晰的了解，並且實際上反映了我們在內部衡量和管理業務的方式。

Okay. Great. Thank you for that. And then maybe a question on the deal. Could you just talk about sort of the strategic attraction of the deal, kind of why you pursue the deal? And then also from a financial perspective, the switch from being dilutive in '26 to accretive in '27. Could you just kind of talk a little bit about whether that's because amortization goes down or whether that's just pure business growth and margin expansion?

好的。偉大的。謝謝。然後或許還會問一個關於這筆交易的問題。您能否談談這筆交易的策略性吸引力，以及為什麼尋求達成這筆交易？從財務角度來看，2026 年的稀釋效應轉變為 2027 年的增值效應。您能否簡單談談這是因為攤銷費用下降，還是僅僅因為業務成長和利潤率擴大？

That's great. So look, the strategic imperative with this acquisition is just really compelling. I mean, I guess, we don't have to talk a lot about the semiconductor space, right? Like it's one of the hottest and fastest-growing segments in the economy right now. And we have a big portfolio, already over $300 million in business in that space. And for us it's incredibly exciting.

那太棒了。所以你看，這次收購的策略意義確實非常重大。我的意思是，我想我們不必談太多半導體領域，對吧？它就像是目前經濟中最熱門、成長最快的領域之一。我們擁有龐大的業務組合，在該領域的業務額已超過 3 億美元。對我們來說，這真是令人無比興奮。

And the best way to think about this is -- and maybe this will help when you think about this acquisition and what they do. What I want you to kind of visualize is a picture of bull's eye, right? And if you look at the outer ring of a bull's eye, think of that as a semiconductor facility and the inner ring as the fabrication center, where they're actually doing all the fab. We operate from the outside of the ring to the inside of the ring before you get to the fabrication facility.

思考這個問題的最好方法是——也許這有助於你思考這次收購以及他們所做的事情。我希望你們想像一下靶心的畫面，對吧？如果你觀察靶心的外環，可以把它想像成半導體工廠，而內環則像是製造中心，他們實際上在那裡進行所有的製造工作。在您到達製造廠之前，我們會從環的外側向環的內側進行操作。

That's what ABM's core has been doing cleaning, doing technical service, doing support service for staff, but we've never been able to get inside the fabrication facility. Because to get inside there, it's typically sensitive materials, it's restricted. You need certifications. And that's what WGNSTAR brings to the table.

ABM 的核心業務一直是清潔、技術服務和員工支援服務，但我們一直無法進入製造工廠。因為要進入那裡，通常都是些敏感材料，所以受到限制。你需要獲得相關證書。這就是WGNSTAR所能帶來的價值。

And when you think about the fact that they have over 30 clients in the semiconductor space and we have over 50, and you put those together, I think it's just going to be fabulous because now we can go to our clients and say, we can now broach the fabrication center with our skills.

想想看，他們在半導體領域有 30 多個客戶，而我們有 50 多個，把這些加起來，我認為這將會非常棒，因為現在我們可以去跟客戶說，我們現在可以利用我們的技能來開拓製造中心。

So it's just going to open up a whole universe for us. So the strategic possibilities are just fabulous. And I'll let David answer the dilution question.

所以，這將為我們打開一個全新的世界。因此，戰略可能性簡直太棒了。至於稀釋問題，就讓大衛來回答。

Yeah. And Josh, thanks for the other question. So from a dilution perspective, as we noted, we expect some nominal dilution in the first year, and that's really, largely, because of the factoring in the amortization and interest cost of the deal. But I think the good news is based on the growth trajectory, we expect a real path to accretion in year two. And ultimately, if you step back and look at this thing on a forward-looking basis, we see a multiple between 12 and 13 times.

是的。喬希，謝謝你的另一個問題。因此，從稀釋的角度來看，正如我們所指出的，我們預計第一年會出現一些名義上的稀釋，這主要是因為考慮到了交易的攤銷和利息成本。但我認為好消息是，根據成長軌跡來看，我們預計第二年將真正成長。最終，如果你退後一步，從長遠角度來看這件事，我們會發現其倍數在 12 到 13 倍之間。

So we're extremely excited about the acquisition. It's got a great margin profile, a great growth profile. Those growth profile helps us propel in the '26 and '27, and we see a lot of actual cross-selling synergies opportunities, as Scott just mentioned, with the shared accounts that we have. So really exciting opportunity for us.

因此，我們對此次收購感到無比興奮。它擁有極佳的利潤率和成長前景。這些成長前景有助於我們在 2026 年和 2027 年取得進展，正如 Scott 剛才提到的，我們看到了許多實際的交叉銷售協同效應機會，這與我們擁有的共同客戶有關。這對我們來說真是一個令人興奮的機會。

Yeah. And we feel that there's a lot of parallels between this and what we did with RavenVolt, where we picked a specific segment of an industry, in this case, microgrids with RavenVolt and said, we see this as a point of acceleration. And just for context, RavenVolt did over [$350 million] (corrected by the company after the call) in revenue this year, from -- and think about that from where it started with the acquisition. So we feel like WGNSTAR has same principles as RavenVolt, and it's just as exciting for us.

是的。我們覺得這和我們之前在 RavenVolt 所做的有很多相似之處，當時我們選擇了一個行業的特定領域，在這個例子中是 RavenVolt 的微電網領域，然後說，我們認為這是一個加速發展的點。順便提一下，RavenVolt 今年的收入超過 3.5 億美元（該公司在電話會議後進行了更正），想想看，這是從收購之初到現在的成就。因此，我們覺得 WGNSTAR 和 RavenVolt 有著相同的理念，這讓我們同樣感到興奮。

Very clear. Thank you, both, for the color and the time.

非常清楚。謝謝你們兩位，謝謝你們帶來的色彩和時間。

Jasper Bibb, Truist Securities.

Jasper Bibb，Truist Securities。

I wanted to ask about your experience with pricing concessions and some of the more challenged US office markets you talked about last quarter. Just hoping you could clarify if you've seen any more customer concessions in the B&I business? Or has that slowed down?

我想詢問您在價格優惠方面的經驗，以及您上個季度談到的一些更具挑戰性的美國辦公大樓市場的情況。只是想請您說明一下，您是否在企業和工業領域看到過其他任何針對客戶的優惠政策？或者說，這種趨勢已經放緩了？

Yeah. So I think it's stabilized. And we did say last quarter that we thought it was more episodic. We're always having pricing discussions. We continue to have pricing discussions in the fourth quarter, but they weren't as kind of dramatic and didn't add up to what it did in Q3.

是的。所以我覺得情況已經穩定了。我們上個季度也說過，我們認為它更像是個偶發事件。我們一直在討論價格問題。第四季我們繼續進行定價討論，但討論的激烈程度不如第三季度，也沒有達到第三季度的水平。

So we see that stabilizing right now and feel really good about it. And I guess if you would think about what we talked about with M&D last quarter, we said those pricing discussions were about capturing market. And specifically for us, it was in the semiconductor space. We knew about WGNSTAR. We knew it was coming.

所以我們看到目前情況趨於穩定，對此我們感到非常欣慰。我想，如果你想想我們上個季度與 M&D 討論的內容，我們說過那些定價討論是為了搶佔市場份額。具體來說，我們面臨的是半導體領域。我們之前就知道WGNSTAR。我們知道這一天終會到來。

Obviously, we couldn't share that at that time. So part of those pricing discussions was anticipation for the WGNSTAR deal. So hopefully, that gives you a little bit more clarity. But again, we see total normalization now.

顯然，當時我們無法透露這些資訊。因此，當時定價討論的一部分原因是為了迎接與 WGNSTAR 的交易。希望這能讓你更清楚地了解情況。但現在我們看到的是完全正常化。

Yeah, that's helpful. And then I guess, just hoping you could provide a bit more detail on the remaining pieces of the ERP road map that are coming in '26, and how that factors and how you're thinking about the free cash flow outlook for the year?

是的，這很有幫助。然後，我希望您能詳細介紹 ERP 路線圖的剩餘部分（將於 2026 年推出），以及這些部分如何影響您對該年度自由現金流前景的看法？

Yeah. Thanks, Jasper. This is David. So we're really happy that we've got the vast majority of the transactions throughout the enterprise on the new ERP system. And obviously, we work through that this year, and we think we finished the year on a good note there.

是的。謝謝你，賈斯柏。這是大衛。因此，我們非常高興地看到，企業內絕大多數交易都已轉移到新的ERP系統。顯然，我們今年已經解決了這個問題，而且我們認為今年在這方面取得了不錯的成績。

We have a few groups left to go. And the good news is, I think, from a risk and complexity scale level, those groups are much less complex ultimately to get onto system. And with the advancements of AI and how we deploy AI, we're learning every day more and more about how more efficiently we can migrate those groups on the system. But having nearly 90% of the transactions on board right now is a great place for us to be.

我們還剩下幾組人要走。好消息是，我認為，從風險和複雜性的角度來看，這些群體最終更容易被納入系統。隨著人工智慧技術的進步以及人工智慧部署方式的改變，我們每天都在學習如何更有效率地將這些群體遷移到系統中。但目前近 90% 的交易都已上線，這對我們來說是一個非常好的局面。

And relative to cash flow, we're obviously really pleased with where we ended the year on cash flow. A pretty big difference between the first half of the year and the back half of the year. In fact, our DSOs at the end of this year were down 11% from their peak in Q2. And that's, by the way, a reflection of the team's effort. I mean, there's a tremendous amount of focus from the entire team at ABM to get there.

就現金流而言，我們顯然對年底的現金流狀況非常滿意。上半年和下半年之間有相當大的差異。事實上，我們今年年底的應收帳款週轉天數 (DSO) 比第二季的高峰下降了 11%。順便說一句，這反映了團隊的努力。我的意思是，ABM 的整個團隊都投入了大量精力來實現這個目標。

And then looking forward to next year, I do think we're entering the year from a position of strength on cash flow. Our target next year of around $250 million normalized cash flow, even includes an incremental $30 million of anticipated capital spend on buses for an airport contract that we won in 2025. So given that on an adjusted basis, we feel really strong about the cash flow number in '26.

展望明年，我認為我們在現金流方面處於強勁地位。我們明年的正常現金流目標約為 2.5 億美元，其中還包括 2025 年贏得的機場合約中預計用於巴士的 3000 萬美元額外資本支出。因此，經過調整後，我們對 2026 年的現金流數據非常有信心。

All right. Thanks for taking my questions.

好的。謝謝您回答我的問題。

Andy Wittmann, Baird.

安迪‧維特曼，貝爾德。

Maybe David, can you just keep going a little bit more on the free cash flow. The $250 million normalized, can you call out what the items that are unusual onetime items that we should be considering in the year? Obviously, some of the restructuring is going to have probably some cash cost. Although it sounds like you got to a lot of that.

大衛，或許你可以再多談談自由現金流的問題。在2.5億美元的正常化支出中，您能否指出哪些是我們應該考慮的非常規一次性項目？顯然，部分重組可能會產生一些現金成本。聽起來你已經做了很多這方面的事。

Maybe if you could just bridge us to what the actual number will be [ex] fee items, just so we have an understanding of some of those ins and outs?

如果您能告訴我們實際費用項目的具體金額（例如費用項目），以便我們了解其中的一些細節，那就太好了？

Got it. No problem. Yeah. So if you started at $250 million, Andy, we'll probably have about $20 million in transformation costs, another $10 million in integration and acquisition costs, and plus or minus $5 million in restructuring costs. And then the last piece of it is we do anticipate an additional payout for the RavenVolt contingent consideration. And right now, that's about $30 million.

知道了。沒問題。是的。所以，安迪，如果你從 2.5 億美元起步，我們可能會有大約 2000 萬美元的轉型成本，另外 1000 萬美元的整合和收購成本，以及大約 500 萬美元的重組成本。最後一點是，我們預計會收到 RavenVolt 或有對價的額外付款。而現在，這筆錢大約是 3,000 萬美元。

So if you rack all of those up and back it out of $250 million, you get down to a free cash flow number of around $185 million.

所以，如果你把所有這些加起來，從 2.5 億美元中減去，你就會得到大約 1.85 億美元的自由現金流。

Super helpful for those clarifications. Just speaking of earn-outs and payouts, does the WGNSTAR -- is this cash payout that's expected in your fiscal second quarter each or does this one also have some contingencies, earnouts, what have you associated with that? And if you can, if there are any, just -- what can you tell us about those recognizing that that deal has not yet closed?

這些解釋非常有幫助。說到收益分成和支付，WGNSTAR——這是你們預計在第二財季發放的現金支付，還是也有一些或有事項、收益分成之類的？你們對此有什麼規定嗎？如果可以的話，如果有的話，您能告訴我們一些關於那些意識到這筆交易尚未完成的人的情況嗎？

Yeah. We anticipate the deal to close early in our second quarter of fiscal '26, Andy, and so we'll anticipate funding it at that time. And we've designed some structures on the management side to make sure that the team is motivated, and we'll go into more detail as we through the second quarter here.

是的。安迪，我們預計這筆交易將在 2026 財年第二季初完成，因此我們預計屆時將為其提供資金。我們在管理方面設計了一些架構，以確保團隊的積極性，我們將在第二季詳細介紹。

Got it. Let's see. Maybe one other one. Can you -- maybe, David, just for understanding here, what is -- what was the segment operating profit in fiscal 2025? I just want to make sure that I understand kind of where you are on the metric, so I can understand the guidance.

知道了。讓我們來看看。或許還有一個。大衛，為了方便理解，你能告訴我一下，2025 財年的分部營業利潤是多少嗎？我只是想確保我了解您在指標上的位置，這樣我才能理解指導意見。

Yeah. Thanks, Andy. It was 7.9%, so roughly right in the middle of the range of what we're calling out for fiscal '26.

是的。謝謝你，安迪。實際值為 7.9%，大致處於我們為 2026 財年設定的目標範圍的中間位置。

Got it. And then just maybe a final question for me. Obviously, again, you said that the restructuring program has been substantially activated here already. Can you talk about -- how much is left to go and how the rest of it stays [within] during the course of fiscal 2026? And where the benefits should accrue, I guess, there's some accrual to '27 here?

知道了。最後，或許還有一個問題想問我。顯然，您再次提到，重組計劃在這裡已經實質地啟動了。您能否談談—還有多少目標需要實現，以及在 2026 財年期間剩餘目標將如何控制在預算範圍內？那麼，這些好處該歸誰所有呢？我想，27 年應該會有一些好處吧？

Yeah. So as we spoke about in Q3, we realized about 20% of the benefits of the $35 million in Q4, essentially of 2025. And the balance of that, we still anticipate recognizing in 2026. And that restructuring is largely done essentially. And so beyond that, we continue to look at other areas like real estate footprint, optimizing our spend on subcontract in the early AI-enabled savings.

是的。正如我們在第三季所討論的那樣，我們在第四季度實現了 3500 萬美元投資收益的約 20%，這筆投資基本上要到 2025 年才能實現。而剩餘部分，我們預計仍將在 2026 年得到確認。重組工作基本完成。因此，除此之外，我們還會繼續關注其他領域，例如房地產規模，優化我們在早期人工智慧賦能的分包支出，從而節省成本。

Those will be incremental as they come to anything we announced on the prior restructuring.

這些措施將逐步實施，與我們先前宣布的任何重組計劃相銜接。

Got it. Okay. I think that's it. Just those clarification. Thank you so much.

知道了。好的。我想就是這樣了。只需澄清這些。太感謝了。

Tim Mulrooney, William Blair.

提姆·穆魯尼，威廉·布萊爾。

Scott, your guidance framework of organic revenue growth of 3% to 4% next year. What's the assumption embedded in that guidance for the B&I segment? It's your biggest segment. The business -- it's been accelerating in recent quarters, but you didn't call it out in your outlook section as a growth driver for fiscal 2026. So I'm curious where your head is at, and how you're thinking about the business for next year?

Scott，你明年有機收入成長3%到4%的指導框架是什麼？該指導方針中針對企業和工業領域的假設是什麼？這是你們最大的細分市場。該業務——近幾個季度一直在加速成長，但你在展望部分並沒有將其列為 2026 財年的成長驅動力。所以我很好奇你現在的想法，以及你對明年業務的規劃？

Yeah. So look, I think -- so when I think about the B&I segment, which is largely commercial real estate, I feel like from our perspective, the commercial real estate crisis is behind us now. We feel like the work from home versus work in the office has kind of stabilized at this point. So we think we're back to kind of steady state in B&I.

是的。所以你看，我認為——所以當我想到 B&I 領域（主要是商業房地產）時，我覺得從我們的角度來看，商業房地產危機現在已經過去了。我們感覺目前在家工作和在辦公室工作的比例已經趨於穩定。所以我們認為B&I已經恢復到相對穩定的狀態。

And typically, that's been growing at a GDP rate, and that's where we think it's going to land this year, and that's what's baked into our guidance basically normal course now, which, by the way, is a big relief, right, for -- I think, for all of us to feel like we've kind of lapped all the drama of the last few years in commercial real estate.

通常情況下，商業房地產的成長速度與 GDP 成長率持平，我們認為今年也會保持這個速度，基本上已經納入了我們的指導方針，現在一切照舊。順便說一句，這對我們所有人來說都是一個巨大的安慰，對吧？我想，我們終於感覺已經度過了過去幾年商業地產領域的所有動盪時期。

Yeah, for sure. Yeah. No, that's good to hear. Steady state, normal course, stabilization. Those are the words that, I think, everyone wants to hear is we're turning the quarter into 2026. So that's great. Thank you, Scott.

是的，當然。是的。不，那真是個好消息。穩定狀態，正常進程，趨於穩定。我認為，大家最想聽到的話就是：我們將本季變成 2026 年。那太好了。謝謝你，斯科特。

David, I have a completely different shifting gears completely here to the self-insurance adjustment. And by the way, the bridges, the slides at the end were really helpful. So thanks for building those out. But I saw that $0.26 impact from your prior year self-insurance adjustments, and I'm wondering if you could just unpack that a little bit more?

大衛，我這裡要完全換個角度來談談自保調整。順便說一句，最後的橋樑和滑梯真的很有幫助。感謝你們的建設工作。但我看到了您上一年自保調整帶來的 0.26 美元的影響，我想知道您能否再詳細解釋一下？

Because I understand there's a lot of accounting estimates that go into this and you do the best that you can here. But we're trying to understand if this -- this was a discrete event, or if there's potential for a longer tail here in future quarters?

因為我知道這裡面有很多會計估算，而你們在這裡已經盡力做到最好了。但我們正在努力了解這是否是一個孤立的事件，或者未來幾季是否有可能出現更長的類似情況？

Yeah, no problem. Thanks for the question. So the context I would provide you here is this pool overall is a $500 million pool for us. And as we said in the prepared remarks, that's made up of workers' comp, general liability and auto related claims. And I think, obviously, with the healthcare environment like it is, we know there can be volatility in this space on these claims.

好的，沒問題。謝謝你的提問。因此，我在這裡要提供的背景資訊是，我們這個資金池的總規模為 5 億美元。正如我們在準備好的演講稿中所說，這包括工傷賠償、一般責任險和汽車相關索賠。而且我認為，很顯然，在當前的醫療保健環境下，我們知道這些索賠可能會出現波動。

But I think when we take a step back and look at it from our perspective, a 4% adjustment on a $500 million pool for a workforce of over 100,000 employees, is really well within industry standards. And really, the key is nothing's really changed. We had roughly a 4% adjustment last year as well. And some years, we even had a favorable adjustment.

但我認為，當我們退後一步，從我們的角度來看這個問題時，對於一個擁有超過 10 萬名員工的 5 億美元資金池來說，4% 的調整幅度完全符合行業標準。其實，關鍵在於一切都沒有真正改變。去年我們也進行了約 4% 的調整。有些年份，我們甚至還獲得了有利的調整。

So it's just that after our discussions with the SEC, we're now reporting this above the line. But I think that's the key in looking at it is this is something we deal with. We just have a reported change and now it's reported differently. So it's really nothing more than that, I would say.

所以，經過與美國證券交易委員會的討論，我們現在決定將此事公開報導。但我認為，看待這個問題的關鍵在於，這是我們需要處理的事情。我們之前收到一份變更報告，但現在報告的內容卻不一樣了。所以我覺得，事情真的就僅止於此。

Yeah. And if anything -- yeah, I was just going to say, like when you think about this pool, and again, industry standard, we have such a strong safety culture here. It's just been embedded. Everyone gets a safety message every morning. And I think that's why we've been able to control this so well and keep it within a tight range, which again, as David mentioned, you know what's going on with healthcare costs with all the costs associated around these kinds of claims to keep it within 4%, we're really proud of that.

是的。如果說有什麼的話——是的，我正想說，當你想到這個游泳池，再說一遍，這是行業標準，我們這裡有著非常強大的安全文化。它剛剛被嵌入進去。每天早上每個人都會收到安全提示訊息。我認為這就是為什麼我們能夠很好地控制這種情況並將其保持在一個很小的範圍內，正如大衛提到的那樣，你知道醫療保健成本以及與這類索賠相關的所有成本，能夠將其控制在 4% 以內，我們為此感到非常自豪。

I do, and I appreciate that. Sometimes we see these larger impacts and it's just an update to a reserve because there's an ongoing court case or something like that. So I just wanted to clarify, but it sounds like if I could summarize this is well within the range that you see in a typical year, and we're just going to have to get used to the swings now that you can't exclude it from GAAP EPS correct?

是的，我很感激。有時我們會看到這些較大的影響，而這只是對儲備金的更新，因為有正在進行的訴訟或其他類似情況。所以我想澄清一下，如果我總結一下的話，聽起來這完全在正常年份的波動範圍內，既然現在不能將其從 GAAP EPS 中排除，我們就只能習慣這種波動了，對嗎？

Right. I think that's right. And I think that's another reason for us to give clarity in providing segment operating profit margin. Again, as I mentioned, that really just takes the noise out of that adjustment.

正確的。我覺得是對的。我認為這也是我們需要明確提供分部營業利潤率的另一個原因。正如我之前提到的，這樣做實際上只是消除了調整過程中的噪音。

Completely understood. Thank you very much.

完全明白。非常感謝。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

I wanted to ask more about the WGNSTAR acquisition. I think, Scott, you mentioned that there's a very small level of business that is outsourced in that sector right now. I guess I'm curious why that is? And are you anticipating that there's going to be -- I assume you're anticipating that there's going to be more of a shift towards outsourcing? And so give us some color around why that is?

我想進一步了解 WGNSTAR 的收購情況。史考特，我想你剛才提到過，目前該產業的業務外包規模非常小。我很好奇這是為什麼？您是否預期—我猜您預期外包的趨勢會更加明顯？那麼，請您詳細解釋一下這是為什麼呢？

And I guess related to that, talk a bit about the underlying competitive environment. Is there a potential additional roll-up opportunity? How should we think about future M&A in this space?

我想，與此相關的是，也應該談談潛在的競爭環境。是否存在潛在的額外整合機會？我們該如何看待該領域未來的併購活動？

Yeah. So I think for us, the way we look at it, from our perspective, the reason so much of the work is insource is because it's highly technical and for some of the semiconductor companies to bridge the gap of outsourcing it, it's a very, very high bar. But with WGNSTAR, so many of their clients are 20-plus-year relationships because they are so good at operating within these facilities and gaining the trust of their clients that what they've seen is in the clients, they've captured, more and more of the work that was insourced starts coming to WGNSTAR.

是的。所以我認為，從我們的角度來看，之所以很多工作都是內部完成的，是因為它技術性很強，而對於一些半導體公司來說，要彌合外包方面的差距，門檻非常非常高。但 WGNSTAR 的許多客戶都與他們保持了 20 多年的合作關係，因為他們非常擅長在這些機構內運作並贏得客戶的信任，所以他們從客戶那裡看到的，他們所贏得的客戶，越來越多原本內部開展的工作開始轉移到 WGNSTAR。

So it really has to do with the high level of proficiency that an employee has to have and having that trust in your provider, right? So we feel really great about that. And that's going to give us high confidence that we're going to get some really nice revenue synergies over time by introducing this capability now to our existing semiconductor clients. And frankly, we think there's crossover to pharma clients that operate in these kinds of facilities.

所以，這其實與員工必須具備的高水準專業技能以及對服務提供者的信任有關，對嗎？我們對此感到非常滿意。這將使我們非常有信心，透過現在向我們現有的半導體客戶引入這項功能，隨著時間的推移，我們將獲得一些非常好的收入協同效應。坦白說，我們認為這與在這些設施中營運的製藥客戶有共同點。

So tremendous potential for us. So I think that's really, in our mind, the key reason. And when we look at the competitor set, not a tremendous amount of big competitors. It's a lot of small competitors. We could have roll-up potential for us, but it could also be that we could just expand organically with the skill set and just hiring and training on our own.

所以對我們來說，這蘊藏著巨大的潛力。所以我覺得，在我們看來，這才是真正的關鍵原因。當我們審視競爭對手時，會發現並沒有很多大型競爭對手。競爭對手很多，規模都很小。我們或許有整合的潛力，但也有可能憑藉自身的技能，透過自主招募和培訓來實現有機成長。

So we have a lot of opportunity here. And I think that's why we're so excited about this.

所以我們在這裡有很多機會。我想這就是我們對此如此興奮的原因。

Great. And then just wondering if you can be a bit more specific around just again, the dilution in '26 and the accretion in '27. Maybe give us a sense of what your -- like what the margins or EBITDA margins are in the business, or the segment operating margin, if you want to put it that way? And then I guess what you're assuming for interest expense and amortization for '26? And then how should we think about -- what goes into the synergies as we think about that accretion in 27?

偉大的。然後，我想問一下，您能否更具體地說明 2026 年的稀釋和 2027 年的吸積情況？或許您可以為我們介紹一下貴公司的業務狀況－例如利潤率或 EBITDA 利潤率，或者如果您願意的話，也可以說說分部營業利潤率？那麼，您假設2026年的利息支出和攤提額是多少呢？那麼，我們該如何思考──當我們思考第 27 個累積體時，綜效中包含了哪些因素？

Yeah. Thanks, Faiza. Sure thing. So on the EBITDA margin side, the margins of WGNSTAR are in the mid-teens. So it's a very healthy margin business. And for amortization and interest, on an annualized basis, we assumed roughly $13 million of amortization, and about $12 million of interest.

是的。謝謝你，法伊札。當然可以。因此，就 EBITDA 利潤率而言，WGNSTAR 的利潤率約為 15%。所以這是一個利潤率非常高的行業。至於攤銷和利息，以年計算，我們假設攤銷額約為 1,300 萬美元，利息約 1,200 萬美元。

So obviously, for fiscal '26, you take about three-quarters of that, assuming we close the transaction in the first part of the second quarter. And then on a go-forward basis, as I mentioned earlier, we anticipate growth rate to certainly continue in the double-digit range. And even beyond that, as Scott just called out, the opportunity to drive cross-selling synergies and revenue synergies in this business is really significant given the shared portfolio and the shared vertical space.

所以很顯然，對於 2026 財年，假設我們在第二季上半段完成交易，那麼你將獲得其中大約四分之三的金額。而且，正如我之前提到的，我們預計未來的成長率肯定會繼續保持在兩位數的水平。而且，正如 Scott 剛才指出的那樣，考慮到共享的產品組合和共享的垂直領域，在這個業務中推動交叉銷售協同效應和收入協同效應的機會確實非常顯著。

So that's really where we see a lot of the accretion heading into fiscal '27.

所以，這就是我們看到進入 2027 財年時很多成長點。

Great. That's all very helpful. Maybe if I can just ask a question on Technical Solutions. Give us your -- how should we think about the lay of the land there? I know that business can be pretty lumpy. So if there's any additional perspective you can provide around the go-forward and the underlying environment and pipeline, that would be really helpful.

偉大的。這都很有幫助。或許我可以問一個關於技術解決方案的問題。請告訴我們－我們該如何看待那裡的地形地形？我知道生意難免會有起伏。所以，如果您能就未來的發展方向、底層環境和流程提供任何其他見解，那將非常有幫助。

Yeah, the pipeline and backlog specifically is as healthy as it's ever been in Technical Solutions, Faiza. And what's exciting about that business is it's growing at a rate that we expect it to grow. And back towards the high-single digits. And then the other thing I would say is it is largely a project business. So it does tend to be a little lumpy from a forecast perspective, and there is some seasonality to it as well.

是的，Faiza，技術解決方案部門的流程和積壓訂單目前都處於歷史最佳狀態。而這家公司最令人興奮的地方在於，它的成長速度符合我們的預期。又回到了接近個位數的水平。另外，我想說的是，這在很大程度上是一個專案型企業。因此，從預測的角度來看，它確實有點波動，而且也具有一定的季節性。

There's a lot of work goes in over the summer, for example, when schools are out. Some of the microgrid work tends to ramp up just based on award schedules towards the fourth quarter, and you saw that in our results that we just reported now. So overall, though, really, really exciting headed into '26 on the Tech Solutions business.

例如，暑假期間，也就是學校放假的時候，有很多工作要做。一些微電網專案往往會根據第四季的授標計畫而加快推進，正如我們剛剛公佈的業績報告中所看到的。總之，展望 2026 年，技術解決方案業務真的非常令人興奮。

Great. Thank you so much.

偉大的。太感謝了。

Marc Riddick, Sidoti & Company.

馬克·里迪克，西多蒂公司。

I just wanted to sort of touch maybe a little bit on the potential acquisition pipeline following this purchase. Maybe what we're looking at as far as leverage levels post-transaction? I'm assuming it looks like we might be approaching around two or so. So maybe you can talk about your comfort level on leverage range and maybe what the acquisition pipeline looks like currently? And then I have a follow up on the acquisition.

我只是想稍微談談此次收購之後可能出現的潛在收購計畫。或許我們應該關注的是交易後的槓桿程度？我估計我們可能快到兩點左右了。那麼，您能否談談您對槓桿率範圍的接受程度，以及目前的收購計畫？然後我還要跟進一下收購事宜。

Yeah. So it's something that we're always actively looking at opportunities, especially some that will accelerate the specific markets (inaudible) like semiconductor, or a data center, or pharma. So we continue to look at that, but we're also very balanced, right? This will get us to about a 3 times leverage when we close this acquisition, and that's kind of the range that we want to be in.

是的。因此，我們一直在積極尋找機會，尤其是一些能夠加速特定市場（聽不清楚）發展的機會，例如半導體、資料中心或製藥業。所以我們會繼續關注這一點，但我們也保持著非常平衡的態度，對吧？完成此次收購後，我們的槓桿率將達到約 3 倍，而這正是我們希望達到的槓桿率範圍。

So, like, we'll be really balanced about how we look at acquisitions for the rest of the year. Again, have a pipeline that's building. But for us, we don't do a tremendous amount of acquisitions because it has to be a compelling strategic imperative for us with a IRR that is compelling as well. So we're going to be really balanced in '26 when we look at acquisitions.

所以，在今年剩下的時間裡，我們會以非常平衡的態度來看待收購事宜。再次強調，要有一個正在建設中的管道。但對我們來說，我們不會進行大量的收購，因為這必須是對我們而言具有強大戰略意義的收購，而且其內部報酬率也必須具有吸引力。因此，我們在 2026 年進行收購時，將會非常注重平衡。

And then the press release [said] the details as far as trailing revenue and the like. Is there any particular seasonality we should be thinking about for acquisition or whether -- or any sort of particular SKU either from a seasonality standpoint or a geographic standpoint?

然後新聞稿公佈了有關過去一段時間的收入等細節。在採購方面，我們應該考慮哪些特定的季節性因素？或者，從季節性或地理角度來看，是否應該考慮哪些特定的 SKU？

No. No real seasonality because they're operating, obviously, indoors in the fabs. So we get around the seasonality. So it's pretty even from a revenue base. And we love the diversity of their clients. They really operate in nine basic regions of the country where semiconductor facilities are located.

不。由於這些設備顯然是在晶圓廠的室內運行，所以不存在真正的季節性。這樣我們就克服了季節性問題。所以從收入基礎來看，兩者相當接近。我們很喜歡他們客戶的多樣性。他們的業務主要集中在全國九個半導體工廠所在的區域。

So they have good diversity geographically as well within the US. And 85% of the business is in the US and the other 15% is in Ireland. So we get a little diversity there as well.

因此，它們在美國境內也具有良好的地域多樣性。該公司85%的業務在美國，其餘15%的業務在愛爾蘭。所以這方面我們也能看到一些多樣性。

Okay. Thank you very much.

好的。非常感謝。

At this time, we've reached the end of our question-and-answer session. I'll hand the call back to Scott for closing remarks.

至此，我們的問答環節到此結束。我將把電話轉回給史考特，讓他做總結發言。

Well, thanks, everyone, for participating today. And I mean, I could tell you, we are so thrilled at ABM to deliver these kinds of results in Q4. Some of the results actually even exceeded our own internal expectations. So the team just came through. And we are so energized about 2026 and how we're moving forward.

謝謝大家今天的參與。我的意思是，我可以告訴你，ABM 非常激動能在第四季取得這樣的成績。有些結果甚至超出了我們內在的預期。所以團隊最後還是撐過來了。我們對 2026 年以及我們未來的發展方向都充滿熱情。

And I just hope everybody has a really good holiday, and we're really excited to come back in Q1 and tell you about how we're performing. But thanks, everybody.

我衷心希望大家假期愉快，我們也非常期待在第一季回歸，並向大家報告我們的業績。謝謝大家。

Thank you. Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may now disconnect your lines, and have a wonderful day.

謝謝。女士們、先生們，感謝各位的參與。今天的電話會議到此結束。現在您可以斷開線路了，祝您有美好的一天。