Ameresco Inc (AMRC) 2025 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by. My name is Kelvin, and I will be your conference operator today. At this time, I would like to welcome everyone to Ameresco Inc's Q4 2025 earnings conference call (Operator Instructions)

女士們、先生們，下午好，感謝各位的耐心等待。我叫凱爾文，今天我將擔任你們的會議接線生。現在，我謹代表 Ameresco 公司歡迎各位參加 2025 年第四季財報電話會議。（操作說明）

I would now like to turn the call over to Leila Dillon, Chief Marketing Officer. Please go ahead.

現在我將把電話交給首席行銷長萊拉·狄龍。請繼續。

Thank you, Kelvin, and good afternoon, everyone. We appreciate you joining us for today's call. Our speakers on the call today will be George Sakellaris, Ameresco's Chairman and Chief Executive Officer; and Mark Chiplock, Chief Financial Officer. In addition, Josh Baribeau, our Chief Investment Officer, will be available during Q&A to help answer questions.

謝謝你，凱爾文，大家下午好。感謝您參加今天的電話會議。今天電話會議的發言人是 Ameresco 董事長兼執行長 George Sakellaris 和財務長 Mark Chiplock。此外，我們的首席投資長 Josh Baribeau 將在問答環節現場解答問題。

Before I turn the call over to George, I would like to make a brief statement regarding forward-looking remarks. Today's earnings materials contain forward-looking statements, including statements regarding our expectations. All forward-looking statements are subject to risks and uncertainties. Please refer to today's earnings materials, the safe harbor language on slide 2 of our supplemental information and our SEC filings for a discussion of the major risk factors that could cause our actual results to differ from those in our forward-looking statements.

在將電話交給喬治之前，我想先就前瞻性言論作簡要說明。今天的獲利報告包含前瞻性陳述，包括關於我們預期的一些陳述。所有前瞻性陳述均有風險和不確定性。請參閱今天的收益資料、補充資料第 2 頁的安全港條款以及我們向美國證券交易委員會提交的文件，以了解可能導致我們的實際業績與前瞻性聲明中業績存在差異的主要風險因素。

In addition, we use several non-GAAP measures when presenting our financial results. We have included the reconciliations of these measures and additional information in our supplemental slides that were posted to our website. Please note that all comparisons that we will be discussing today are on a year-over-year basis, unless otherwise noted.

此外，我們在展示財務表現時也會使用一些非GAAP指標。我們已將這些措施的核對結果和補充資訊包含在發佈到我們網站的補充幻燈片中。請注意，除非另有說明，我們今天討論的所有比較都是按年進行的。

I will now turn the call over to George. George?

現在我將把通話轉給喬治。喬治？

Thank you, Leila, and good afternoon, everyone. I am pleased to report that our fourth-quarter results represented a great finish to a year of strong performance with annual results reaching the mid- to high end of our revenue and profit guidance. Excellent execution by the Ameresco team, together with the recurring revenue contributions from our energy asset and O&M businesses were key drivers to our success.

謝謝你，萊拉，大家午安。我很高興地報告，我們第四季度的業績為全年強勁的業績畫上了圓滿的句號，全年業績達到了我們收入和利潤預期的中高端水平。Ameresco 團隊的出色執行，以及我們能源資產和營運維護業務的持續收入貢獻，是我們成功的關鍵驅動因素。

And this success was achieved even amid concerns surrounding potential Department of Government efficiency actions early in the year and the six-week federal government shutdown in the fourth-quarter. Importantly, our results were broad-based with growth across all three of our core business lines, including strong growth from our European operations.

即使在年初人們對政府部門可能採取的提高效率措施感到擔憂，以及第四季度聯邦政府停擺六週的情況下，仍然取得了這一成功。重要的是，我們的業績基礎廣泛，三大核心業務線均實現成長，其中歐洲業務成長強勁。

And while our team continues to be laser-focused on contract execution, converting a record $1.5 billion of project backlog into revenue this year, we also saw excellent new business activity, including meaningful project scope increases in our federal backlog. This helped to drive our total awarded backlog to over $2.5 billion, up 13% from last year.

雖然我們的團隊繼續全力以赴地執行合同，今年將創紀錄的 15 億美元項目積壓轉化為收入，但我們也看到了出色的新業務活動，包括聯邦積壓項目範圍的顯著增加。這使得我們已授予的訂單總額超過 25 億美元，比去年增長了 13%。

Also, Europe was a strong contributor this year and represents a real success story. We first entered Europe over 10-years ago with a small acquisition of a UK-based energy consulting firm. But more recently, we have focused on expanding our business in Continental Europe. As doing business in Europe requires a localized presence, our European growth strategy has been driven by opportunistic acquisitions such as Italy-based Enerqos and partnerships in various target countries.

此外，歐洲今年也貢獻巨大，堪稱真正的成功典範。十多年前，我們首次進入歐洲市場，當時我們收購了一家總部位於英國的能源顧問公司。但最近，我們把重點放在了拓展歐洲大陸的業務。由於在歐洲開展業務需要在地化佈局，我們的歐洲成長策略主要依靠機會性收購，例如收購義大利的 Enerqos 公司，以及在各個目標國家建立合作夥伴關係。

We focus on smaller opportunities and then use the power of Ameresco, our technology and process know-how and financial resources to accelerate and drive growth. Geographically, we have focused on Southern and Eastern Europe, areas which are experiencing higher rates of growth with fewer large domestic entrenched competitors.

我們專注於較小的機會，然後利用 Ameresco 的實力、我們的技術和流程訣竅以及財務資源來加速和推動成長。從地理位置來看，我們專注於南歐和東歐，這些地區的成長率較高，而國內根深蒂固的大型競爭對手較少。

Our 51% owned joint venture with the Greek-based SUNEL Group is an excellent example of this approach. The joint venture was created on April of 2023 to pursue utility-scale PV and battery energy storage opportunities. After great success in Greece, the joint venture has since expanded this business, including a few recent large wins in Romania.

我們與總部位於希臘的 SUNEL 集團成立的合資企業（我們持股 51%）就是這種做法的絕佳例證。該合資企業成立於 2023 年 4 月，旨在尋求公用事業規模的光伏和電池儲能機會。在希臘取得巨大成功後，該合資企業擴大了業務範圍，最近還在羅馬尼亞贏得了一些大項目。

We expect to continue to grow in Europe organically and through opportunistic acquisitions and partnerships. Europe not only represents an excellent growth market, but it also provides important diversification as demand drivers in Europe are not subject to the same US political and policy variables. We look forward to providing additional updates on this important aspect of our company's future growth.

我們期望繼續在歐洲實現內生式成長，並透過機會性收購和合作來實現成長。歐洲不僅是一個極佳的成長市場，而且還提供了重要的多元化，因為歐洲的需求驅動因素不受美國相同的政治和政策變數的影響。我們期待就公司未來發展的這一重要方面提供更多最新資訊。

Before I hand the call over to Mark to cover our results and outlook, I would like to briefly highlight a number of key industry growth drivers and how we believe Ameresco can benefit from them for years to come. The first key driver is a rapidly growing demand for electricity. This has been driven by the electrification of built-in and transportation, the power needs for many high-technology industries and the growth in industrial manufacturing.

在將電話交給 Mark 來介紹我們的業績和展望之前，我想簡要地重點介紹一些關鍵的行業成長驅動因素，以及我們認為 Ameresco 將如何在未來幾年從中受益。首要驅動因素是電力需求的快速成長。這主要得益於建築和交通運輸的電氣化、許多高科技產業的電力需求以及工業製造業的成長。

Overall, electricity demand is expected to increase by 78% by 2050 needing 80 gigawatts of capacity added every year for the next 20 years. Meeting this demand will be a significant challenge to our aging system of centralized generation and the associated transmission infrastructure. As a result, many of our customers are choosing to install on-site behind-the-meter generation and storage solutions.

總體而言，預計到 2050 年電力需求將成長 78%，未來 20 年每年需要新增 80 吉瓦的裝置容量。滿足這項需求將對我們老化的集中式發電系統和相關的輸電基礎設施構成重大挑戰。因此，我們的許多客戶選擇安裝現場表後發電和儲能解決方案。

Ameresco has been providing the portfolio of these solutions since the founding of the company, including not only solar but also battery energy storage systems, natural gas engines, gas turbines, fuel cells and microgrids. We are also exploring the next generation of energy infrastructure technologies like micro and small modular nuclear reactors.

自公司成立以來，Ameresco 一直提供這些解決方案的組合，不僅包括太陽能，還包括電池儲能係統、天然氣引擎、燃氣渦輪機、燃料電池和微電網。我們也正在探索下一代能源基礎設施技術，例如微型和小型模組化核反應器。

This power and storage solutions will be a key element to supporting ongoing global energy demand needs. Second, increasing energy costs is another key industry driver for which Ameresco is well positioned to benefit from, particularly through our built-in efficiency solutions. As electricity prices rise, energy efficiency investments made by our customers deliver faster payback and stronger returns.

這些電力和儲能解決方案將是滿足全球持續能源需求的關鍵要素。其次，能源成本不斷上漲是另一個關鍵的產業驅動因素，Ameresco 在這方面處於有利地位，尤其可以透過我們內建的節能解決方案從中受益。隨著電價上漲，客戶在提高能源效率方面的投資能夠帶來更快的投資回報和更高的收益。

Energy efficiency is often the most economical solution for existing buildings. According to Frost & Sullivan, Ameresco is the nation's largest provider of energy efficiency services, which represent nearly half of our current project backlog. Third, the increasing stress on the country's aging energy infrastructure from high demand and the critical nature of an interruptible power is quickly driving a growing demand for resilient energy solutions.

對於現有建築而言，提高能源效率通常是最經濟的解決方案。據弗若斯特沙利文公司稱，Ameresco 是全美最大的能源效率服務提供商，業務占我們目前項目積壓的近一半。第三，高需求給該國老化的能源基礎設施帶來了越來越大的壓力，而可中斷電力又至關重要，這正在迅速推動對彈性能源解決方案的需求不斷增長。

High nice power is not only a must-have for critical high-technology industries such as data centers, but also for industrial customers where even limited downtime can have significant cost of production consequences. Advancements in lithium battery technologies as well as rapidly declining costs have driven tremendous growth in the use of battery energy storage solutions over the last five-years.

高淨功率不僅是資料中心等關鍵高科技產業的必備條件，而且對於工業客戶來說也至關重要，因為即使是有限的停機時間也可能造成重大的生產成本後果。過去五年，鋰電池技術的進步以及成本的快速下降推動了電池儲能解決方案使用量的巨大增長。

Ameresco has a very long track record of providing resilient solutions at military bases across the country, keeping their mission critical functions running in case of grid power interruptions and thus making us a go-to provider across all end markets. As you can see, we believe Ameresco is very well positioned to benefit from these long-term trends that should help drive profitable growth for many more years to come.

Ameresco 在為全國各地的軍事基地提供彈性解決方案方面擁有非常悠久的歷史，能夠在電網斷電的情況下保持其關鍵任務功能的運行，因此我們成為所有終端市場的首選供應商。正如您所看到的，我們相信 Ameresco 已做好充分準備，能夠從這些長期趨勢中受益，這些趨勢應該有助於在未來多年推動獲利成長。

Now I would like to turn the call over to Mark to provide financial commentary on this quarter's excellent results as well as provide our outlook for 2026. Mark?

現在我想把電話交給馬克，讓他對本季出色的業績進行財務評論，並展望我們對 2026 年的前景。標記？

Thank you, George. This was another strong quarter for Ameresco in a year defined by consistent execution. Despite the Q4 government shutdown, we delivered record quarterly revenue of $581 million, up 9% year-over-year with growth across all of our four business lines. These results underscore the durability of our diversified business model and the disciplined execution of our team.

謝謝你，喬治。對Ameresco而言，這又是一個強勁的季度，而今年也正是憑藉著持續穩定的執行力而取得的成績。儘管第四季度政府停擺，我們仍實現了創紀錄的季度收入 5.81 億美元，年增 9%，所有四個業務線均實現成長。這些結果凸顯了我們多元化商業模式的持久性和我們團隊嚴謹的執行力。

Projects revenue grew 11%, driven by strong backlog conversion and continued solid performance from our European joint venture with SUNEL. While we converted a significant amount of backlog in the quarter, we still maintained our total project backlog above $5 billion, reflecting sustained demand for our comprehensive energy infrastructure solutions.

專案收入成長了 11%，這主要得益於強勁的積壓訂單轉換率以及我們與 SUNEL 的歐洲合資企業持續穩健的業績。雖然我們在本季轉化了大量積壓訂單，但我們的專案積壓總額仍保持在 50 億美元以上，這反映出市場對我們綜合能源基礎設施解決方案的持續需求。

Energy asset revenue increased 5%, driven by the growth of our operating asset portfolio. We placed 87 megawatts into operation during the quarter, including our ninth RNG facility, a large military solar plus storage installation and the Nucor BESS system. For the year, we exceeded our guidance, placing 121 megawatts of energy assets into operations, bringing our total operating assets to 838 megawatts.

能源資產收入成長 5%，主要得益於我們營運資產組合的成長。本季我們投入了 87 兆瓦的發電項目，其中包括我們的第九個 RNG 設施、一個大型軍用太陽能加儲能裝置以及 Nucor 的電池儲能係統。今年，我們超額完成了預期目標，將 121 兆瓦的能源資產投入運營，使我們的營運資產總數達到 838 兆瓦。

We also added 30 megawatts to our energy assets in development, continuing to balance backfilling our energy asset pipeline with our disciplined financial approach to new asset opportunities. Our recurring O&M revenue increased 11%, reflecting continued attachment of long-term service agreements to our completed project work. Our long-term O&M revenue backlog now stands at approximately $1.5 billion.

我們也為正在開發的能源資產增加了 30 兆瓦，繼續在填補能源資產儲備的同時，以嚴謹的財務方式掌握新的資產機會。我們的經常性營運維護收入成長了 11%，這反映出我們已完成的專案工作繼續附帶長期服務協議。我們目前的長期營運維護收入積壓約為 15 億美元。

When you combine our project backlog and the future revenue streams from our recurring O&M business and portfolio of operating energy assets, we have over $10 billion in long-term revenue visibility. We believe that level of visibility is a real strength in this challenging environment. And finally, our other line of business, excluding the sale of our AEG business at the end of 2024, delivered solid year-over-year results.

將我們的專案積壓、經常性營運維護業務以及營運能源資產組合帶來的未來收入流加在一起，我們擁有超過 100 億美元的長期收入可見度。我們認為，在這種充滿挑戰的環境中，這種高可見度是一項真正的優勢。最後，除2024年底出售AEG業務外，我們的其他業務也取得了穩健的年成長表現。

Gross margin was 16.2%, up both sequentially and year-over-year. This reflects continued improvement in project mix, higher quality backlog and disciplined cost management. Operating expenses in the fourth-quarter were $50.9 million compared to $47.8 million last year. The increase reflects targeted investments in people, project development and execution support as we manage revenue growth, more complex infrastructure projects and continue replenishing backlog.

毛利率為 16.2%，較上季和年比均成長。這反映了專案組合的持續改進、更高品質的積壓專案和嚴格的成本管理。第四季營運支出為 5,090 萬美元，而去年同期為 4,780 萬美元。這一成長反映了我們在人員、專案開發和執行支援方面的有針對性投資，以應對收入成長、更複雜的基礎設施項目以及持續補充積壓訂單。

Importantly, operating expenses are growing materially slower than gross profit, so we're still preserving operating leverage in the business. As we move into 2026, we expect to continue investing prudently to support demand and drive growth, which is reflected in our guidance. Net income attributable to common shareholders was $18.4 million with GAAP EPS of $0.34 and non-GAAP EPS at $0.39.

重要的是，營運費用的成長速度遠低於毛利的成長速度，因此我們仍然保持著業務的營運槓桿作用。展望 2026 年，我們預計將繼續謹慎投資以支持需求並推動成長，這已體現在我們的績效指引中。歸屬於普通股股東的淨利為 1,840 萬美元，GAAP 每股收益為 0.34 美元，非 GAAP 每股收益為 0.39 美元。

Adjusted EBITDA was $70 million, resulting in a margin of 12%. As a reminder, last year's fourth-quarter adjusted EBITDA results included the $38 million gain on the sale of AEG. Turning to our balance sheet. We ended the quarter with approximately $72 million in cash and corporate debt of approximately $300 million. Leverage under our senior secured facility was 2.7 times, comfortably below the covenant level of 3.5 times.

調整後 EBITDA 為 7,000 萬美元，利潤率為 12%。提醒一下，去年第四季調整後的 EBITDA 業績包含了出售 AEG 所獲得的 3,800 萬美元收益。接下來來看看我們的資產負債表。本季末，我們持有約 7,200 萬美元現金，公司債務約 3 億美元。根據我們的優先擔保融資，槓桿率為 2.7 倍，遠低於 3.5 倍的契約水準。

During the quarter, we secured approximately $175 million in new project financing commitments. Adjusted cash flow from operations was approximately $36 million, including proceeds from ITC sales. On a longer-term basis, our eight-quarter rolling average adjusted cash from operations was approximately $54 million. Now let me move on to our 2026 guidance.

本季度，我們獲得了約 1.75 億美元的新專案融資承諾。經調整後的營運活動現金流約為 3,600 萬美元，其中包括 ITC 銷售所得。從長遠來看，我們過去八個季度的滾動平均調整後經營活動現金流約為 5,400 萬美元。現在讓我來談談我們2026年的指導方針。

We entered the year with strong business momentum and visibility, supported by continued strength across our end markets. Increased industry demand, combined with the recurring revenue from our growing energy asset and O&M businesses provides clear visibility into another year of strong growth. As detailed in our press release, for 2026, we are guiding to approximately $2.1 billion of revenue and $283 million of adjusted EBITDA at the midpoint of our ranges, representing growth of 9% and 19%, respectively.

年初，我們憑藉著強勁的業務發展勢頭和良好的市場前景，以及終端市場持續強勁的成長勢頭，取得了顯著的業績。產業需求的成長，加上我們不斷成長的能源資產和維運業務帶來的經常性收入，清晰地預示著另一個強勁成長的年份即將到來。正如我們在新聞稿中所詳述的那樣，我們預計 2026 年的營收約為 21 億美元，調整後的 EBITDA 約為 2.83 億美元（取我們預測範圍的中點），分別代表 9% 和 19% 的成長。

We expect to place approximately 100 to 120 megawatts of energy assets into service, including two RNG plants. For some quarterly shaping, the cadence of the year should follow our historical seasonal pattern with a heavier weighting towards the second half. We expect revenues in the second half of the year to represent approximately 60% of our total revenue for 2026.

我們預計將投入使用約 100 至 120 兆瓦的能源資產，其中包括兩座再生天然氣 (RNG) 工廠。對於某些季度規劃，全年節奏應遵循我們歷史上的季節性模式，下半年的權重要更高。我們預計今年下半年的收入將佔 2026 年總收入的約 60%。

This is consistent with our performance from the past couple of years. As we look to the first-quarter, which is seasonally our lowest revenue quarter, we expect revenue and adjusted EBITDA to be generally consistent with Q1 of last year. The quarter reflects normal project timing and the recent severe weather that has impacted execution across several regions.

這與我們過去幾年的表現一致。展望第一季（通常來說，第一季是我們收入最低的季度），我們預計營收和調整後的 EBITDA 將與去年第一季基本持平。本季反映了正常的專案進度，以及近期惡劣天氣對多個地區專案執行造成的影響。

As noted in the earnings release, Q1 EPS is expected to be lower year-over-year, primarily reflecting higher interest and depreciation expenses from our growing energy asset portfolio as well as continued investment as we scale the business. Before closing on guidance, I want to briefly clarify how certain structural items impact both adjusted EBITDA and EPS.

正如盈利報告中所述，預計第一季每股收益將同比下降，主要原因是不斷增長的能源資產組合帶來的利息和折舊費用增加，以及隨著業務規模的擴大而持續進行的投資。在給出最終指引之前，我想簡要說明某些結構性項目如何影響調整後的 EBITDA 和 EPS。

As George mentioned, we operate certain parts of our business through joint venture structures, including our SUNEL JV in Europe. Where we have control, we consolidate 100% of revenue and expenses. However, a portion of both adjusted EBITDA and net income is attributable to our JV partners and reflected as noncontrolling interest.

正如喬治所提到的，我們透過合資企業結構來經營我們業務的某些部分，包括我們在歐洲的 SUNEL 合資企業。在我們能夠掌控的範圍內，我們將 100% 的收入和支出合併計算。然而，調整後的 EBITDA 和淨利潤的一部分歸屬於我們的合資夥伴，並反映為少數股東權益。

As a result, the adjusted EBITDA and EPS we report reflect only Ameresco's ownership share of those consolidated entities. Given these factors have a significant impact on our results, we've provided estimated ranges for income attributable to noncontrolling interest in our 2026 guidance as detailed in our press release.

因此，我們報告的調整後 EBITDA 和 EPS 僅反映 Ameresco 在這些合併實體中的所有權份額。鑑於這些因素對我們的業績有重大影響，我們在 2026 年業績指引中提供了歸屬於少數股東權益的收入的估計範圍，詳情請參閱我們的新聞稿。

In summary, 2025 demonstrated the durability of our model. We delivered consistent growth, expanded backlog, improved margins and maintained financial discipline. 2026 is shaping up to be another year of sustained profitable growth for the company as we believe we can continue to benefit from the many positive secular trends driving demand for our energy solutions.

總之，2025 年證明了我們模型的持久性。我們實現了持續成長，訂單儲備增加，利潤率提高，並保持了財務紀律。我們相信，隨著推動能源解決方案需求的許多積極長期趨勢持續成長，2026年有望成為公司又一個持續獲利成長的年份。

Now I'd like to turn the call back to George for closing comments.

現在我想把電話轉回給喬治，請他做總結發言。

Thank you, Mark. As Mark mentioned, during 2026, we will be building on our excellent momentum from 2025 to deliver another year of strong profitable growth. Our highly differentiated portfolio of energy infrastructure and built-in efficiency solutions are well aligned with customer demand. Over our 26-year history, Ameresco has proven to be one of the most consistent providers of these solutions.

謝謝你，馬克。正如馬克所提到的，在 2026 年，我們將延續 2025 年的良好勢頭，實現又一個強勁的盈利增長年。我們高度差異化的能源基礎設施和內建效率解決方案組合與客戶需求高度契合。在 26 年的發展歷程中，Ameresco 已證明自己是這些解決方案最穩定的供應商之一。

We are making targeted investments this year as we focus on technical innovation and drive long-term growth. As we have here today, we are very excited about our growth prospects for 2026 and beyond. We look forward to seeing many of you at upcoming meetings and conferences. In closing, I would like to once again thank our employees, customers and stockholders for our great success in 2025 and for their continued support in 2026.

今年，我們將進行有針對性的投資，重點是技術創新，推動長期成長。正如我們今天所看到的，我們對2026年及以後的發展前景感到非常興奮。我們期待在即將舉行的會議和研討會上見到各位。最後，我要再次感謝我們的員工、客戶和股東，感謝他們在 2025 年給予我們的巨大成功，並感謝他們在 2026 年的持續支持。

Operator, we would like to open the call to questions.

接線員，我們現在開始接受提問。

(Operator Instructions) Noah Kaye, Oppenheimer.

（操作說明）諾亞凱，奧本海默。

There was a lot of anticipation there. I guess -- I know you don't formally guide to the segments in the outlook. But maybe just some shaping on energy assets as contemplated in the guide. The 121 megawatts placed in service did exceed. So kind of how do we think about the revenue trajectory there and kind of the margin profile? It seems like it should be a nice step up.

當時大家都很期待。我想——我知道你們在展望中沒有正式地對各個部分進行指導。但或許只需按照指南中的設想，對能源資產進行一些調整即可。實際投入使用的121兆瓦容量超過了預期。那麼，我們該如何看待那裡的營收成長軌跡和利潤率情況呢？這看起來應該是個不錯的進步。

Noah, so I think as in previous years, the majority of the assets placed in service will kind of be towards the middle to the back half of the year. That's just kind of how things work with interconnection queues and the development cycle, heavy construction in the summer months, et cetera. And so that will generally look like this year. This year was very heavily Q4 weighted, I think 80-plus megawatts placed in service.

諾亞，所以我認為和往年一樣，大部分投入使用的資產將在年中到下半年之間投入使用。這就是互聯隊列和開發週期運作的方式，夏季是施工高峰期等等。所以今年的情況大致是如此。今年第四季的發電量佔比非常高，我認為有超過 80 兆瓦的發電量投入使用。

So it may not look quite like that, but certainly more back half and middle loaded than linear. In terms of the margin contributions, really no reason to believe that the margins are any different per segment, battery, gas or solar as they are historically. And the mix is about the same. We've kind of given you the rough mix of what we expect to place this year.

所以它看起來可能不太像那樣，但肯定更偏向後半部和中間部分的負荷，而不是線性的。就利潤貢獻而言，沒有理由相信電池、天然氣或太陽能等各個細分市場的利潤率會與以往有所不同。混合比例也大致相同。我們已經大致介紹了我們今年預計的排名組合。

So -- and as you know, most of the assets we placed in service in any given year don't meaningfully contribute that year. It takes sort of a little while to ramp up to get commissioned and then two. And then the real contribution is the following year. So this year has a lot of the impacts of the assets we placed in service in 2025, especially because it was back half loaded, much like the 2026 assets placed in service will have more of a meaningful impact on our '27 numbers, which we haven't provided yet.

所以——而且你也知道，我們每年投入使用的絕大多數資產在當年都不會做出實質貢獻。從籌備到獲得委託，再到最終完成，需要一段時間。真正的貢獻要等到第二年。因此，今年的業績很大程度上受到了我們在 2025 年投入使用的資產的影響，尤其是因為這些資產的投入是後半部分，就像 2026 年投入使用的資產將對我們 2027 年的業績產生更有意義的影響一樣，但我們尚未公佈 2027 年的業績數據。

Yes. Very clear. And then I think you mentioned in the prepared remarks, Mark, around kind of the first-quarter shaping. You mentioned weather had an impact. Obviously, we all experienced firsthand, at least most of us that weather. So not a huge surprise, but can you maybe comment on what that meant for just some of the project work and kind of how you think about the sort of sequencing of getting rid of some of the associated labor inefficiencies and the like so that, that flows a little bit better in 2Q and the back half?

是的。非常清楚。然後，我想你在準備好的發言稿中提到了，馬克，關於第一季的形成。你提到天氣有影響。顯然，我們都親身經歷了那種天氣，至少我們大多數人都經歷了。所以這並不令人意外，但您能否評論一下這對部分專案工作意味著什麼，以及您如何考慮如何安排順序來消除一些相關的勞動力效率低下等問題，以便在第二季度和下半年更好地開展工作？

Yes. I mean the weather, again, as you can imagine, impacted our ability to access certain sites, it impacted our assets. But -- so it's really just impacting the timing, the cadence of conversion. We expect to see certainly on the project side, that revenue to come in, in Q2 as we get kind of on the other side of it. But yes, I mean, it was -- we always try to look at Q1 with the best visibility we have coming out of backlog.

是的。我的意思是，正如你所想，天氣再次影響了我們進入某些地點的能力，也影響了我們的資產。但是——所以它實際上只是影響了轉換的時機和節奏。我們預計在第二季度，隨著專案進展順利，專案收入肯定會開始成長。是的，我的意思是——我們總是盡力以最佳的可見性來看待第一季的積壓訂單情況。

This was unusual just given how severe the weather was. But again, we feel pretty good that, that is just timing, and we'll see that revenue come back in as we get outside of Q1 and later into the year.

考慮到天氣如此惡劣，這種情況實屬罕見。但是，我們仍然感覺情況不錯，這只是時間問題，隨著第一季結束，以及今年晚些時候，我們將看到收入回升。

If I may add a little bit there, Noah. We had the freeze up on three of our assets, the renewable gas assets, and that's correct, and that's not really recoverable. That's gone. But we have taken all that into account for our guidance for the year and the numbers for the first-quarter.

諾亞，如果我可以補充一點的話。我們的三項資產（可再生天然氣資產）被凍結了，沒錯，而且這確實無法恢復。已經過去了。但我們已將所有這些因素考慮在內，並據此制定了全年業績預期和第一季業績數據。

George Gianarikas, Canaccord Genuity.

George Gianarikas，Canaccord Genuity。

I'd like to focus a little bit on Europe and the momentum you're seeing now. In order to scale further, do you expect to do it organically? Or are you looking at maybe adding acquisitions to bolster your scale?

我想重點談談歐洲以及目前的發展動能。為了進一步擴大規模，您打算採用自然成長的方式嗎？或者您正在考慮透過收購來擴大規模？

Like I said in my commentary, we are looking for accretive acquisitions strategically located, and we'll be very opportunistic in that regard and partnerships and expanding the partnership that we have with SUNEL. And as pointed out, we have great, great success up in Romania, and we are looking at a couple of other countries working with them and that be some RFPs that come out, and we're planning to go ahead and go after that particular business with that entity.

正如我在評論中所說，我們正在尋找具有戰略意義的增值收購目標，我們將在這方面非常積極地尋求機會，並建立合作夥伴關係，擴大我們與 SUNEL 的合作關係。如同先前所提到的，我們在羅馬尼亞取得了巨大的成功，我們正在考慮與其他幾個國家合作，並等待一些招標邀請書的發布，我們計劃與該實體開展這項業務。

But as I said, though, the growth in Europe, especially on solar and the next wave that's coming, the battery storage because those countries, they have so much solar and wind installations that -- and we are well positioned to take good advantage of that. So we're looking at very good growth opportunities in Europe. And of course, you don't have to put up with the US political things that are going on over here. It's a great diversity for us, diversification.

但正如我所說，歐洲的成長，尤其是在太陽能領域以及即將到來的下一波浪潮——電池儲能領域，因為這些國家擁有大量的太陽能和風能裝置——我們完全有能力充分利用這些優勢。因此，我們看到了歐洲非常好的成長機會。當然，你也不必忍受這裡正在發生的美國政治亂象。這對我們來說是一種極大的多樣性，多元化。

And maybe as a follow-up, just to ask a little bit about recent momentum in data centers. You specifically mentioned momentum in behind the meter. Any update on what you're seeing in the data center market?

最後，我想再問一下，資料中心最近的發展動能如何？你特別提到了儀錶板後面的動量。您目前對資料中心市場有什麼了解嗎？

Look, we're getting more requests that we can handle once we announce a little more data center. And of course, we have, I would say, a little bit of strategic advantage from the other competitors, a, we can put the package together and provide high nice power for data centers. Otherwise, they might have gas turbines or might need battery storage and a microgrid, we are a company, we have been doing that for a long time.

你看，一旦我們宣布增建一個資料中心，我們收到的請求就會超出我們的處理能力。當然，我認為我們比其他競爭對手有一些戰略優勢，我們可以把所有東西整合起來，為資料中心提供強大的電力。否則，他們可能需要燃氣渦輪機，或者需要電池儲能和微電網，我們公司就是做這個的，我們已經做了很久了。

And we have a great, great pipeline. That's all I can say. But as you know, we're a little bit conservative when we announce a particular project. But we think it's going to be a great, great contributor for us down a little bit this year and much more down the next couple of years.

我們擁有非常優秀的輸油管。我只能說這麼多了。但你也知道，我們在宣布某個具體項目時會比較保守。但我們認為，它今年會為我們帶來一些收益，未來幾年收益將會更大。

Yes. Maybe what I'll just add to that, when we think about the timing of when those opportunities can start to come into backlog, we're going to really maintain some strong discipline in risk management as we look at those projects. There's a number of gating items that we need to make sure are derisked like engineering, permitting, equipment sourcing, financing, commercial structuring.

是的。我還要補充一點，當我們考慮這些機會何時可以進入待辦事項清單時，我們在審視這些項目時，將會在風險管理方面保持嚴格的紀律。我們需要確保一些關鍵環節的風險降低，例如工程設計、許可批准、設備採購、融資、商業結構等。

And so a lot goes into making sure that those opportunities are real, and I think that's the approach we've been taking in bringing these assets or bringing these projects into the backlog. So as George said, pipeline is strong, but conversion timing is going to reflect how well we can derisk some of these gating items.

因此，我們需要投入大量精力來確保這些機會是真實的，我認為這正是我們在將這些資產或項目納入待辦事項清單時所採取的方法。正如喬治所說，通路很強勁，但轉換時間將反映出我們能否有效降低某些關鍵環節的風險。

Ben Kallo, Baird.

本卡洛，貝爾德。

Just maybe following on, I know that you had -- you put in a very high, if not record number of assets in the service in Q4. Just on timing of adding new projects to the backlog following on George's last question with data center. When should we expect to kind of get some of this stuff in the backlog? And then my second question is just around any kind of tightness in labor equipment or other that you would like to call out that are impacting kind of your speed to market here?

或許可以接著說，我知道你們在第四季投入了非常多的資產，甚至可以說是創紀錄的資產。只是在喬治上次提出資料中心問題之後，關於何時將新項目添加到待辦事項清單中的問題。我們大概什麼時候才能處理完積壓的這些事情？我的第二個問題是關於勞動力設備或其他方面是否有任何緊張情況，這些情況可能會影響你們的產品上市速度？

Yes. I take the first one.

是的。我選第一個。

I take the second.

我選第二個。

Yes, I think as George mentioned, the pipeline is really strong for these behind-the-meter data center load opportunities. We're really trying to maintain some strong discipline at how we manage these projects from a risk management perspective. There's a lot of gating items that you need to go through from engineering, permitting, how we source the equipment. We obviously need to work out commercial terms.

是的，我認為正如喬治所提到的那樣，這些資料中心負載的管道確實非常強勁。我們正努力從風險管理的角度出發，對這些專案的管理保持嚴格的紀律。從工程設計、授權審核到設備採購，有很多環節需要審核。我們顯然需要商定商業條款。

So it's going to take time, and we want to make sure that these opportunities are grounded in something real before we start to bring them into the backlog. So as we work through derisking those gating items, you'll start to see more of those opportunities come out of the pipeline and into our reported backlog.

所以這需要時間，我們希望確保這些機會建立在現實的基礎上，然後再將它們納入待辦事項清單。因此，隨著我們逐步降低這些關鍵事項的風險，您將會看到更多此類機會從流程轉移到我們已公佈的積壓訂單中。

And as far as the supply, we still have some challenges, but it has gotten better than what it used to be. during COVID, but we are not 100% there where we should be. We have challenges. We managed it through, but it has been a little bit better. And I think some of the things that they trip us up besides the tariffs, like, for example, what's happening with the lithium prices and so on.

至於供應方面，我們仍然面臨一些挑戰，但比疫情期間的情況有所好轉，不過我們還沒有完全恢復到應有的水平。我們面臨挑戰。我們撐過來了，現在情況稍微好轉了一些。我認為除了關稅之外，還有一些事情也讓我們陷入困境，例如鋰價的走勢等等。

And so far, we have -- we learned to live with them, and we have incorporated into our forecast and our guidance as much as possible.

到目前為止，我們已經學會了與它們共存，並盡可能地將它們納入了我們的預測和指導中。

Stephen Gengaro, Stifel.

Stephen Gengaro，Stifel。

So two things for me. The first, just based on your guide, you have kind of a bit of upward momentum on the margin side. Can you just talk about what's driving that? Is it a specific segment? Is it just execution on certain areas? What's the big driver we should be thinking about for margins in '26?

所以對我來說有兩件事。首先，僅根據你的指南，你的利潤率方面似乎有一些上升勢頭。您能談談是什麼原因導致這種情況嗎？是某個特定群體嗎？只是某些領域的執行力不足嗎？2026年，我們應該關注哪些影響利潤率的主要因素？

Yes. I think it's a great question. I think it's discipline and it's execution. We've been talking about this for the last couple of years, but we've really tightened our discipline in terms of how we select projects, how we price them, how we manage the cost. And so we are starting to see that coming through in some of the margin improvements.

是的。我覺得這是一個很好的問題。我認為關鍵在於紀律和執行力。過去幾年我們一直在討論這個問題，但我們確實加強了在專案選擇、定價和成本管理方面的紀律。因此，我們開始看到利潤率的提升反映出這一點。

I think as we continue to take that approach to bringing new projects through the backlog and converting them as well as bringing more assets online and just growing out those recurring streams, I think that's where we're starting to get confidence in more of the quality of earnings and what we're seeing in this gradual improvement in margins.

我認為，隨著我們繼續採取這種方式，推進積壓項目並完成轉化，同時將更多資產上線，並不斷擴大這些經常性收入來源，我認為我們開始對收益品質更有信心，我們看到利潤率正在逐步改善。

Great. And the follow-up to that is, I might have to go back and look historically to get the snapshot exactly. But when you look at your total project backlog that you show in the presentation, are there any subsegments of that pie chart that tend to have higher margins or on the project size at all fairly similar?

偉大的。接下來，我可能需要回顧歷史數據，才能準確地了解當時的情況。但是，當你查看你在簡報中展示的整個專案待辦事項清單時，餅圖中是否有任何子部分往往具有更高的利潤率，或者專案規模相當相似？

Yes. I mean I think as we see some of these larger, more complex infrastructure projects come in, I think the margin profile will be somewhat higher. Not -- I don't think it would be a spike in margins, but I think that with those mix of projects coming more into the backlog, they do bring a bit higher of a margin profile.

是的。我的意思是，隨著一些規模更大、更複雜的基礎設施項目陸續建成，我認為利潤率會更高一些。不——我不認為利潤率會大幅飆升，但我認為隨著這些項目組合更多地進入待辦事項清單，它們確實會帶來更高的利潤率。

Ryan Pfingst, B. Riley Securities.

Ryan Pfingst，B. Riley Securities。

Just curious if you can give a broader update on the RNG market in terms of new project opportunities going forward? And if you're considering any larger M&A as part of the strategy there?

我很好奇您能否就RNG市場未來的新專案機會提供更全面的資訊？如果你正在考慮將更大規模的併購作為策略的一部分呢？

I would say yes to both of them. Our backlog, I think Mark mentioned, we have at least 10 RNG facilities that they are in the backlog right now that will be built over the next few years. And in addition to that, there's no shortage of new projects out there. But it takes a considerable amount of money in order to develop those projects. And we try to be disciplined as to how many we take on at any given time.

我兩個問題的答案都是肯定的。正如馬克所提到的，我們目前至少有 10 個 RNG 設施項目處於積壓狀態，這些項目將在未來幾年內建成。除此之外，市場上也不乏新項目。但開發這些項目需要大量的資金。我們努力控制每次接收的人數。

As far as mergers and acquisitions, we are open to it, and we are looking at some stuff, but nothing that is mature enough to talk about it. But look, we have done 26 acquisitions for this company. We grew it that way as well as organically. And we always look for good opportunities as long as they are accretive, and they add value at the end of the day to the company.

至於併購方面，我們持開放態度，也正在考慮一些方案，但目前還沒有任何成熟到可以公開討論的階段。但你看，我們已經為這家公司完成了 26 次收購。我們既以有機方式種植，也以自然方式種植。我們始終尋找好的機會，只要它們能帶來收益，最終為公司創造價值。

Yes. And I would just say, I mean, we're still very excited about the opportunities that we're seeing. I think the compliance -- the demand from the compliance market is still pretty durable, but the voluntary markets are starting to see some growth as well. So the opportunities are there. And I think we're going to continue to be disciplined in how we bring more of those RNG assets into development and into operations to meet the demand that we're seeing.

是的。我想說的是，我們仍然對目前看到的機會感到非常興奮。我認為合規市場的需求依然相當穩定，但自願市場也開始出現一些成長。所以機會是有的。我認為我們將繼續保持嚴謹的態度，將更多的可再生天然氣資產投入開發和運營，以滿足我們所看到的需求。

I appreciate that. And then for my second one, firm generation ticked higher in terms of energy assets in development. Curious if that's going to continue to be the case just based on the type of demand that you guys are seeing going forward.

我很感激。然後，就我的第二個問題而言，就正在開發的能源資產而言，公司發電量略有上升。我很想知道，根據你們目前看到的需求類型來看，這種情況是否會持續下去。

Yes. I think we're going to see the firm generation that comes to some of these behind-the-meter opportunities will absolutely be there. I think from where we will either decide to bring these into our assets in development or turn them into EPC opportunities, I mean that's still a decision that we need to have. The larger these projects are, it's more likely that we'll want to go an EPC path. But yes, I think that, that -- that firm generation will be a large driver of those opportunities and projects coming through our backlog.

是的。我認為我們會看到，那些抓住這些幕後機會的穩健一代肯定會出現。我認為，接下來我們將決定將這些項目納入我們正在開發的資產，還是將其轉化為EPC項目，這仍然是我們需要做出的決定。專案規模越大，我們就越有可能選擇EPC模式。是的，我認為，這一代人將成為推動我們積壓專案和機會的重要力量。

Hannah Velasquez, Jefferies.

漢娜‧維拉斯奎茲，傑富瑞集團。

This is Hannah Velasquez on for Julien. Congrats on the strong quarter. I just wanted to ask around the tariff landscape. We've seen some fluctuations in tariff policy following the Supreme Court order and then some commentary from the White House suggesting that there could be different levers to pull across different statutes like Section 301, Section 232, et cetera.

這裡是漢娜·維拉斯奎茲，她正在為朱利安報道。恭喜你們本季業績出色。我只是想了解一下關稅方面的資訊。最高法院下令後，我們看到關稅政策出現了一些波動，隨後白宮發表了一些評論，暗示可能會利用不同的法規，如第 301 條、第 232 條等，採取不同的措施。

Can you just go ahead and maybe outline the general risk in that area, maybe how you are managing that, if it's reflected in PPAs you're negotiating today? Yes, to the extent you see that as a risk?

您能否簡要概述一下該領域的整體風險，以及您是如何應對這些風險的，如果這些風險反映在您目前正在談判的購電協議中的話？是的，如果你認為這是一種風險的話？

Yes. I think -- and George and probably Mark's prepared remarks, we both -- we all talked about the challenging environment of 2025, largely driven by policy and things like that. So we're not I would say, overexposed or underexposed than our peers to these sort of global things. And obviously, whatever the President may or may not do and what the Supreme Court may or may not do in response to that, yadi yadi yada is not really where we're prepared to comment.

是的。我認為——喬治和馬克在事先準備好的發言中也提到了這一點——我們倆都談到了 2025 年充滿挑戰的環境，這主要是由政策等因素造成的。所以，我認為我們並沒有比同齡人更多地接觸到這類全球性事件，也沒有接觸到更少的事件。顯然，無論總統做什麼或不做什麼，以及最高法院對此做出怎樣的回應，等等等等，我們都不願對此發表評論。

But we have said previously that some of our newer contracts have protections for tariffs. We're building that into the contract where if there are tariffs, there are potential price adjustment mechanisms. And other than that, we're sort of -- we're just playing it by year. We're building contingency into our deals. We're doing some pricing, like I said, some price adjustment potential in contracts. And we're sort of crossing our fingers and just hoping things stabilize, but we're managing through it just as our peers are.

但我們之前說過，我們的一些新合約包含關稅保護條款。我們正在合約中加入相關條款，規定如果出現關稅，將有相應的價格調整機制。除此之外，我們基本上就是按年來安排的。我們在交易中加入了緊急應變計畫。正如我所說，我們正在進行一些定價工作，合約中可能會有一些價格調整的可能性。我們只能祈禱情況能夠穩定下來，但我們和其他同行一樣，都在努力應對。

Well, if I might add there, one thing though about the state of the Union message for the President that he said that the hyperscalers, they should be doing their own power plants in order to provide their capacity. We thought that was a good opening and it will help us in the long term because as many of you know, I've been writing some articles saying that if we wait for the hyperscalers, they wait for the utilities in order to interconnect their power plants, we will lose the AI race.

嗯，如果我可以補充一點的話，關於總統在國情咨文中提到的一點，他說超大規模資料中心營運商應該自己建造發電廠來滿足其容量需求。我們認為這是一個很好的開端，從長遠來看對我們很有幫助，因為正如你們許多人所知，我一直在寫一些文章，指出如果我們等待超大規模資料中心運營商，而他們又等待公用事業公司將他們的發電廠互連起來，我們將在人工智慧競賽中落敗。

The only way that it can happen is they develop their own power plants at the end of the day, of course, they will get better reliability. And ultimately, it will be less expensive than doing it the other way. Because to get transmission lines, even though you have a large central power plant, it's going to cost you as much to bring that power to the load as it does to build the generation. So ultimately, everybody is going to bear off. So I think it's a great, great sales piece for our business.

唯一可行的辦法就是他們最終發展自己的發電廠，當然，這樣一來，他們的供電可靠性也會更高。最終，這樣做會比用另一種方​​法便宜。因為即使你擁有大型中央發電廠，鋪設輸電線路的成本，將電力輸送到負載端的成本，也和建造發電廠的成本一樣高。所以最終，大家都會放棄。所以我認為這對我們公司來說是一份非常非常棒的銷售資料。

Okay. That makes sense. And as a follow-up, just going off of that point, on the hyperscaler front, can you give us a sense of what the general -- if there is a generic mix between resources that some of the conversations you're having with hyperscalers look like? Is it more so biased towards firm power? Are you seeing any surprises, perhaps more of a weighting towards renewables, solar plus storage? But generally, what does the resource mix look like that they're interested in?

好的。這很有道理。作為後續問題，就這一點而言，在超大規模資料中心方面，您能否給我們介紹一下，您與超大規模資料中心運營商進行的一些對話中，資源的一般組合情況如何？它是否更偏向實力雄厚的企業？你有沒有發現什麼意料之外的情況，例如更專注於再生能源，例如太陽能加儲能？但總的來說，他們感興趣的資源組合是什麼樣的呢？

I mean across the board, the energy infrastructure, it's across the board. And right now, everybody is concerned, many of the industrial and commercials that we're talking about resiliency. And the other thing that they concerned a lot, speed to power. And that's why I say if they go, they wait for the utilities and the central power plants to happen and get the right of ways of transmission lines, which might take 5- to 10-years, you will lose the AI race.

我的意思是，從各個方面來看，能源基礎設施都是如此。現在，每個人都很關心，我們正在談論的許多工業和商業領域的韌性問題。他們非常關注的另一件事是，獲取電力的速度。所以我說，如果他們等到公用設施和中央發電廠建成並獲得輸電線路的通行權（這可能需要 5 到 10 年），他們就會在人工智慧競賽中落敗。

So speed to power it might be -- and many of them, not only they want gas turbines, but they want some renewable. So you will see that they have gas turbines, we have some solar, some battery storage at the end of the day, high nice power supply. And that's where we come in into -- Ameresco comes into the picture because we've been doing it on a military basis.

所以，速度可能是關鍵——而且他們中的許多人不僅想要燃氣渦輪機，還想要一些再生能源。所以你會看到他們有燃氣渦輪機，我們有一些太陽能，一些電池儲能，最終，電力供應非常足夠。這就是我們介入的地方——Ameresco 之所以介入，是因為我們一直以軍事的方式進行這項工作。

Take the San Antonio, of course naval shipyard and I keep going on and on Fais Island, all of them. And some of them started in the previous Trump administration because they wanted to have resiliency in every, what I would say, critical base military base, whether it's naval or Army or the Marines (technical difficulty) and so on.

當然，就拿聖安東尼奧海軍造船廠來說吧，還有費斯島上的那些地方，我一個接一個地講下去。其中一些始於上一屆川普政府時期，因為他們希望在每個，我稱之為關鍵軍事基地的地方，無論是海軍、陸軍還是海軍陸戰隊（技術困難）等等，都具備韌性。

Manish Somaiya, Cantor Fitzgerald.

Manish Somaiya，Cantor Fitzgerald。

Two questions. One is, if you could just help us understand on the operating cash flow. Just give us a sense as to, I guess, how we should think about working capital in particular as we think about '26.

兩個問題。第一，能否請您幫我們了解營運現金流狀況？我想請您給我們一些關於「在考慮 2026 年時，我們應該如何看待營運資本」的理解。

Sure. Yes. I mean, look, we -- if you look at kind of Q4, right, from a cash flow, and I've said this a lot, quarterly cash flow can be lumpy, right? In Q4 cash flow, that really reflected kind of normal project timing and working capital movements. Obviously, that was a very heavy construction period. I think the right way to look at it, the right way to evaluate our cash generation is on a rolling multi-quarter basis.

當然。是的。我的意思是，你看，如果你看一下第四季度，對吧，從現金流的角度來看，我已經說過很多次了，季度現金流可能會有波動，對吧？第四季現金流確實反映了正常的專案進度和營運資金流動。顯然，那段時間就是施工高峰期。我認為看待這個問題的正確方法，評估我們現金流的正確方法，是以滾動多季度為基礎。

And I think that's why we like to provide that metric. It's a more realistic reflection of our implementation cycle. Like I said, quarterly cash can kind of move around due to construction timing and milestone billings. I think working capital, we've been a bit tighter on working capital because we've got some larger projects, they are coming through unbilled that are tied to milestones.

我認為這就是我們喜歡提供該指標的原因。這更真實地反映了我們的實施週期。正如我所說，由於施工進度和里程碑結算，季度現金流可能會有所波動。我認為，由於我們有一些較大的項目，這些項目尚未開票，且與里程碑掛鉤，因此我們在營運資金方面比較緊張。

And as we continue to progress those projects and \achieve those milestones, we'll start to see unbilled convert through AR and cash, and you'll start to see that come through our cash from operations. So timing can vary kind of quarter-to-quarter, but we would expect our working capital to normalize across the year, and we expect to see kind of the normal, if not growing level of cash generation.

隨著我們不斷推進這些項目並實現這些里程碑，我們將開始看到未開票款項透過應收帳款和現金轉化為實際收入，您也將開始看到這些款項透過我們的營運現金流流入。因此，時間可能會因季度而異，但我們預計我們的營運資金將在年內恢復正常，並且我們預計現金產生水平將達到正常水平，甚至可能成長。

Okay. That's super helpful. And then on the guidance, what gets you to the top end of the guidance? What are some of the milestones that we should be kind of looking for?

好的。這太有幫助了。那麼，在指導原則方面，什麼才能讓你達到指導原則的最高水準呢？我們應該關注哪些里程碑事件？

Yes. I mean I think that's going to really come down to just execution, right? I think that the backlog is there, the opportunities are there. When we try to put our guidance together, we need to take a bit of a prudent look at how we think things can progress through the backlog and into the P&L. So I think if we can execute on these projects, we don't have other delays like some of the weather stuff we're seeing early in the year.

是的。我的意思是，我認為這最終取決於執行力，對吧？我認為積壓訂單就在那裡，機會也在那裡。當我們嘗試制定指導方針時，我們需要謹慎地考慮我們認為事情如何從積壓的工作中推進到損益表中。所以我覺得，如果我們能夠順利完成這些項目，就不會再像年初那樣遇到天氣原因造成的延誤了。

Yes, I think it always just comes down to our ability to execute and kind of stay disciplined on how we manage costs. And I think that could represent an opportunity. But we feel really good about the midpoints just based on how anchored it is to our visibility coming out of backlog, assets we're bringing on, et cetera.

是的，我認為最終取決於我們的執行能力以及在成本控制方面保持自律。我認為這可能是個機會。但我們對中間點感到非常滿意，因為它與我們的待辦事項清單、我們正在引進的資產等的可見性密切相關。

And then maybe last one for George. High level, obviously, you look at the backlog, it's pretty impressive, a lot of opportunities ahead. You talked about growth in Europe. So as I think about the business the next couple of years out, I mean, how does Ameresco evolve as far as -- go ahead. Sorry, George.

也許這是給喬治的最後一個了。從宏觀層面來看，很明顯，你看積壓的工作量，相當驚人，未來有很多機會。你談到了歐洲的成長。所以，當我思考未來幾年公司的發展時，我的意思是，Ameresco 將如何發展——請繼續。對不起，喬治。

I think you will see us doing more and more infrastructure projects and a good chunk of business in Europe. The potential is there. And that's why we made the investment in the last couple of quarters and this quarter, we added a considerable amount of people with the engineering, development people as well as financial and execution, construction managers, especially senior level management, construction management people to execute on these larger projects because I think that you will see us doing more data centers, more storage or resiliency plans for the industrial customers, especially

我認為你會看到我們在歐洲開展越來越多的基礎設施項目和相當一部分業務。潛力是存在的。這就是為什麼我們在過去幾個季度和本季進行了投資，我們大幅增加了工程、開發、財務、執行和施工管理人員，特別是高級管理人員和施工管理人員，以執行這些大型專案。因為我認為你們將會看到我們為工業客戶建造更多資料中心、儲存或彈性方案，尤其是在這些領域。

because the industrial sector for a long time, try to move energy efficiency projects that were very difficult. But now because they are concerned about resiliency and the higher cost of electricity, we're getting some good traction. So I think you will see us doing less on some of that much -- the business is there. We'll be doing much work, but the company will become much larger and driven by these larger opportunities, I would say, in the energy infrastructure sector.

因為工業部門長期以來一直在嘗試推進節能項目，但這些項目都非常困難。但現在，由於他們開始關注電力系統的韌性以及不斷上漲的電價，我們取得了一些不錯的進展。所以我認為你會看到我們在某些​​方面減少投入——業務就在那裡。我們將進行大量工作，但我認為，在能源基礎設施領域，公司規模將會更大，發展也將受到這些更大機會的驅動。

(Operator Instructions) There are no appearing questions at this time. And with that, ladies and gentlemen, concludes today's conference call. We thank you for participating. You may now disconnect.

（操作說明）目前沒有顯示任何問題。女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。