APi Group Corp (APG) 2022 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the APi Group's Fourth Quarter 2022 Financial Results Conference Call. (Operator Instructions) Please note, this call is being recorded. I will be standing by should you need any assistance.

女士們先生們，早上好，歡迎參加 APi 集團 2022 年第四季度財務業績電話會議。 （操作員說明）請注意，此通話正在錄音中。如果你需要任何幫助，我會隨時待命。

I will now turn the call over to Olivia Walton, Vice President of Investor Relations at APi Group. Please go ahead.

我現在將把電話轉給 APi Group 投資者關係副總裁 Olivia Walton。請繼續。

Thank you. Good morning, everyone, and thank you for joining our fourth quarter 2022 earnings conference call. Joining me on the call today are Russ Becker, our President and CEO; Kevin Krumm, our Executive Vice President and Chief Financial Officer; and Sir Martin Franklin, and Jim Lillie, our Board co-chairs.

謝謝。大家早上好，感謝您參加我們的 2022 年第四季度收益電話會議。今天和我一起參加電話會議的是我們的總裁兼首席執行官 Russ Becker；我們的執行副總裁兼首席財務官 Kevin Krumm；以及我們的董事會聯合主席馬丁·富蘭克林爵士和吉姆·莉莉。

Before we begin, I would like to remind you that certain statements in the company's earnings press release announcement and on this call are forward-looking statements, which are based on expectations, intentions and projections regarding the company's future performance, anticipated events or trends and other matters that are not historical facts. These statements are not a guarantee of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.

在我們開始之前，我想提醒您，公司收益新聞稿公告和本次電話會議中的某些陳述是前瞻性陳述，這些陳述基於對公司未來業績、預期事件或趨勢的預期、意圖和預測，以及其他不屬於歷史事實的事項。這些陳述不是對未來業績的保證，並受已知和未知的風險、不確定性和其他因素的影響，這些因素可能導致實際結果與此類前瞻性陳述明示或暗示的結果存在重大差異。

In our press release and filings with the SEC, we detail material risks that may cause our future results to differ from our expectations. Our statements are as of today, February 28, and we have no obligation to update any forward-looking statement we may make. As a reminder, we have posted a presentation detailing our fourth quarter financial performance on the Investor Relations page of our website.

在我們的新聞稿和提交給美國證券交易委員會的文件中，我們詳細說明了可能導致我們未來結果與預期不同的重大風險。我們的聲明截至今天，即 2 月 28 日，我們沒有義務更新我們可能做出的任何前瞻性聲明。提醒一下，我們在我們網站的投資者關係頁面上發布了一份詳細介紹第四季度財務業績的演示文稿。

Our comments today will also include non-GAAP financial measures and other key operating metrics. The reconciliation of and other information regarding these items can be found in our press release and on our presentation.

我們今天的評論還將包括非 GAAP 財務指標和其他關鍵運營指標。可以在我們的新聞稿和我們的演示文稿中找到有關這些項目的調節和其他信息。

It is now my pleasure to turn the call over to Martin.

現在我很高興將電話轉給馬丁。

Thank you, Olivia, and good morning, everyone. 2022 was another incredible year in the development of APi. Following the acquisition of Chubb in January of 2022, we became the world's leading life Safety and Security Services provider. We created a business that is focused on statutorily mandated services that benefits from recurring revenue with 26,000 team members operating in over 20 countries. APi has a truly global platform for our customers and is well positioned to continue -- for continued growth and margin expansion, providing fully integrated seamless service to multinational corporations on a worldwide basis. 2022 marks a year of record net revenues, record adjusted EBITDA and record adjusted diluted earnings per share. We are pleased with the execution and leadership across APi to build on our already solid foundation for a very bright future.

謝謝你，奧利維亞，大家早上好。 2022 年是 API 發展過程中又一個令人難以置信的一年。在 2022 年 1 月收購 Chubb 之後，我們成為了世界領先的生命安全和安保服務提供商。我們創建了一家專注於法定強制服務的企業，這些服務受益於經常性收入，在 20 多個國家/地區擁有 26,000 名團隊成員。 APi 為我們的客戶提供了一個真正的全球平台，並準備好繼續 - 持續增長和利潤擴張，在全球範圍內為跨國公司提供完全集成的無縫服務。 2022 年是淨收入、調整後 EBITDA 和調整後攤薄每股收益均創紀錄的一年。我們對 APi 的執行力和領導力感到高興，他們在我們已經穩固的基礎上建立了一個非常光明的未來。

As many of you know, we held an investor event on November 17 to provide a thorough walk-through of Chubb as well as our continued path of deleveraging swiftly to our targeted range of 2 to 2.5x net debt to adjusted EBITDA, and our continued focus on thoughtful incremental M&A. We believe we are well positioned for continued organic growth and margin expansion and that we have the appropriate strategy and action plans in place to achieve our target 2025 levels with a healthy runway for continued growth beyond 2025.

正如你們許多人所知，我們在 11 月 17 日舉行了一次投資者活動，以全面介紹 Chubb 以及我們繼續快速去槓桿化的路徑，以達到我們調整後 EBITDA 的 2 至 2.5 倍淨債務的目標範圍，我們繼續專注於深思熟慮的增量併購。我們相信，我們已做好持續有機增長和利潤率擴張的準備，並且我們已製定適當的戰略和行動計劃，以實現我們 2025 年的目標水平，並為 2025 年以後的持續增長開闢一條健康的跑道。

With that, I will hand the call over to Russ. Thank you.

有了這個，我將把電話交給 Russ。謝謝。

Thank you, Martin, and good morning, everyone. Thank you for taking the time to join our call this morning. Before we provide you with a summary of our record results for 2022 and solid outlook for 2023, I would like to start by thanking those of you that joined us for our investor update event in November and last week in Miami at the Barclays and Citi conferences.

謝謝 Martin，大家早上好。感謝您今天早上抽出時間加入我們的電話會議。在我們向您總結我們 2022 年的創紀錄業績和 2023 年的穩健前景之前，我首先要感謝那些參加我們 11 月和上週在邁阿密巴克萊和花旗會議上參加我們的投資者更新活動的人.

Based on the feedback received in November and again last week, we believe that investors have a clear understanding of the strategy we have to make the most of the opportunities in front of us and achieve our goals as we continue to focus on shareholder value creation. As you've heard me say on prior calls, the safety, health and well-being of each of our team members remains our #1 priority. We remain grateful for their hard work and effort. This focus and other foundational priorities provides a platform from which we can continue to enhance shareholder value.

根據 11 月和上週再次收到的反饋，我們相信投資者清楚地了解我們必須充分利用擺在我們面前的機會並實現我們的目標的戰略，因為我們將繼續專注於創造股東價值。正如您在之前的電話中聽到我所說的那樣，我們每個團隊成員的安全、健康和福祉仍然是我們的第一要務。我們仍然感謝他們的辛勤工作和努力。這一重點和其他基本優先事項提供了一個平台，我們可以從中繼續提高股東價值。

2022 was a year of record financial results for APi. We delivered strong organic growth, adjusted EPS and free cash flow growth in a challenging macro environment. We believe this once again demonstrates the stability of our recurring revenue services-focused business model and the ongoing execution of our strategy by our talented team members.

2022 年是 APi 財務業績創紀錄的一年。我們在充滿挑戰的宏觀環境中實現了強勁的有機增長、調整後的每股收益和自由現金流增長。我們相信，這再次證明了我們以經常性收入服務為中心的業務模式的穩定性，以及我們才華橫溢的團隊成員對我們戰略的持續執行。

Key specific highlights for the year ended December 31, 2022, include the following. First, net revenues increased on an organic basis by 12.2%, driven by a double-digit increase in inspection, service and monitoring revenue in our legacy business. We achieved our goal of growing inspection revenue 10% plus and continue to drive towards our goal of 60% plus of total net revenues coming from inspection, service and monitoring.

截至 2022 年 12 月 31 日止年度的主要具體亮點包括以下內容。首先，淨收入有機增長 12.2%，這得益於我們傳統業務的檢查、服務和監控收入實現兩位數增長。我們實現了將檢查收入增長 10% 以上的目標，並繼續朝著我們的目標邁進，即來自檢查、服務和監控的總淨收入超過 60%。

As a reminder, on average, inspection and service revenue generates approximately 10% higher gross margin than contract revenue, and monitoring revenue generates approximately 20% higher gross margin than contract revenue. Second, adjusted gross margin grew by 288 basis points to 26.8%. We are pleased with the execution and leadership across our businesses to offset margin pressures through pricing activities; focused growth in inspection, service and monitoring; strong spend controls; procurement initiatives; and disciplined project and customer selection.

提醒一下，平均而言，檢查和服務收入產生的毛利率比合同收入高約 10%，而監測收入產生的毛利率比合同收入高約 20%。其次，調整後的毛利率增長了 288 個基點，達到 26.8%。我們對通過定價活動抵消利潤壓力的整個業務的執行力和領導力感到滿意；專注於檢查、服務和監控的增長；強有力的支出控制；採購舉措；以及嚴格的項目和客戶選擇。

Third, adjusted diluted earnings per share increased by 29.1% or $0.30, driven by strong operational performance and accretion from the acquisition of Chubb. Fourth, adjusted free cash flow of $412 million representing an 84.8% increase compared to the prior year period.

第三，調整後的攤薄每股收益增長 29.1% 或 0.30 美元，這得益於強勁的運營業績和收購 Chubb 的增長。第四，調整後的自由現金流為 4.12 億美元，比去年同期增長 84.8%。

In summary, the business continues to perform well and delivers on its commitments, driven by strong organic growth and solid operational performance as well as our ability to mitigate margin pressures that exist on a macro basis. Chubb continues to perform in line with our expectations. We've had more positive than negative surprises, and most importantly, what we have found has only reinforced our excitement about the acquisition.

總而言之，在強勁的有機增長和穩健的運營業績以及我們減輕宏觀基礎上存在的利潤壓力的能力的推動下，該業務繼續表現良好並兌現其承諾。 Chubb 的表現繼續符合我們的預期。我們的驚喜多於負面驚喜，最重要的是，我們的發現只會讓我們對此次收購更加興奮。

Compared to a 5-year CAGR of 0% before our ownership, Chubb delivered solid organic growth in 2022 despite COVID-19 supply chain disruptions, inflation and a difficult macro environment. As planned, we completed the work of transitioning Chubb from -- we completed the work of transitioning Chubb from services provided by its prior owner by year-end 2022. This involved a tremendous amount of work and significant process improvements, and we are grateful for the hard work across our teams. The integration is occurring swiftly. Savings are significant, and we continue to be energized by the opportunities in front of us as the world's leading life Safety and Security services provider.

與我們擁有之前 0% 的 5 年復合年增長率相比，安達在 2022 年實現了穩健的有機增長，儘管 COVID-19 供應鏈中斷、通貨膨脹和艱難的宏觀環境。按計劃，我們完成了從 Chubb 的過渡工作——到 2022 年底，我們完成了將 Chubb 從其前所有者提供的服務過渡的工作。這涉及大量的工作和重大的流程改進，我們感謝我們團隊的辛勤工作。整合正在迅速發生。節省的費用非常可觀，作為世界領先的人身安全和安保服務提供商，我們將繼續為擺在我們面前的機遇而充滿活力。

As outlined at our investor update in November, we see a clear path to a 2025 run rate value capture opportunities of at least $100 million. Our enhanced platform is already driving wallet share gains with overlap customers, and we are excited about the opportunities to expand cross-selling of services offerings. As we look ahead, we are focused on continuing our efforts to build a global and coordinated inspection sales force to drive our go-to-market strategy of selling inspection work first, which we believe will lead to further service revenue growth and ultimately drive margin expansion.

正如我們在 11 月份的投資者更新中所概述的那樣，我們看到了通往 2025 年至少 1 億美元的運行率價值捕獲機會的清晰路徑。我們增強的平台已經推動了與重疊客戶的錢包份額增長，我們很高興有機會擴大服務產品的交叉銷售。展望未來，我們專注於繼續努力建立一支全球協調的檢驗銷售團隊，以推動我們首先銷售檢驗工作的上市戰略，我們相信這將導致服務收入進一步增長並最終推動利潤率擴張。

We entered 2023 with positive momentum on many fronts. Our backlog remains strong and was up approximately 9% as of December 2022 compared to the end of December 2021. We remain focused on being disciplined on project and customer selection, and we'll continue to focus our efforts on growing acyclical recurring service revenue aspects of our portfolio rather than growing for the sake of growth and risking profitability.

我們在許多方面都以積極的勢頭進入了 2023 年。我們的積壓訂單依然強勁，截至 2022 年 12 月，與 2021 年 12 月末相比增加了約 9%。我們仍然專注於在項目和客戶選擇方面保持紀律，我們將繼續專注於增加非週期性經常性服務收入方面我們的投資組合，而不是為了增長和冒盈利風險而增長。

While some parts of the world are under recession and others may enter a recession, we believe that the statutorily driven demand for our services and the diversity of the end markets we serve provide predictable recurring revenue opportunities and help to build a protective moat around the business.

雖然世界上一些地區正處於衰退之中，而另一些地區可能會陷入衰退，但我們相信，對我們服務的法定驅動需求以及我們所服務的終端市場的多樣性提供了可預測的經常性收入機會，並有助於在企業周圍建立保護性護城河.

As part of our annual budgeting process, each of our operating companies presents a long-term strategic plan. In addition, we challenged each of our operating companies to prepare a downturn plan that addresses any potential challenges unique to their market and operations. We are confident that our business leaders are prepared, not only on paper through our downturn plans but also to take definitive and early action if needed. Whatever the challenge, we intend to build on our successes over the last 3 years to achieve the goals we have set for ourselves over the next 3 years.

作為我們年度預算流程的一部分，我們的每家運營公司都提出了長期戰略計劃。此外，我們要求我們的每家運營公司準備一份低迷計劃，以應對其市場和運營所特有的任何潛在挑戰。我們相信，我們的企業領導者已做好準備，不僅通過我們的低迷計劃寫在紙上，而且還會在需要時儘早採取明確的行動。無論面臨何種挑戰，我們都打算在過去 3 年的成功基礎上再接再厲，以實現我們在未來 3 年為自己設定的目標。

We are confident in the resiliency, growth prospects and strong free cash flow generation of our business and remain focused on capitalizing on opportunities in front of us, while maintaining a conservative balance sheet and liquidity profile. Our balance sheet is strong, which provides us the flexibility to pursue attractive capital allocation, including M&A.

我們對我們業務的彈性、增長前景和強勁的自由現金流產生充滿信心，並將繼續專注於利用我們面前的機會，同時保持保守的資產負債表和流動性狀況。我們的資產負債表強勁，這使我們能夠靈活地進行有吸引力的資本配置，包括併購。

We believe that the markets in which we operate are highly fragmented, and we are keeping a close eye on the opportunity set. We have an extensive pipeline of potential bolt-on opportunities for life Safety and Security services businesses.

我們認為，我們經營的市場高度分散，我們正在密切關注機會集。我們為生命安全和安保服務業務提供了廣泛的潛在補強機會。

I would now like to hand the call over to Kevin to discuss our financial results and outlook in more detail. Kevin?

我現在想把電話轉給凱文，更詳細地討論我們的財務業績和前景。凱文？

Thanks, Russ. Good morning, everyone. I'll begin my remarks by reviewing our consolidated results and segment-level operating performance for the fourth quarter and full year before turning to our outlook.

謝謝，拉斯。大家，早安。在談到我們的展望之前，我將首先回顧我們第四季度和全年的綜合業績和部門級經營業績。

Reported net revenues for the 3 months ended December 31, 2022 increased by 53.1% to $1.7 billion compared to $1.1 billion in the prior year period. This was driven by revenue from acquisitions completed in Safety Services. Net revenues increased on an organic basis by approximately 6%, driven by strong organic growth in Safety Services. Consistent with prior quarters, approximately 2/3 of this growth was driven by price and pass-through of material and labor costs and 1/3 was driven by volume, which we measure through labor hours.

截至 2022 年 12 月 31 日止三個月的報告淨收入增長 53.1% 至 17 億美元，而去年同期為 11 億美元。這是由安全服務部門完成的收購帶來的收入推動的。在安全服務強勁的有機增長的推動下，淨收入有機增長了約 6%。與前幾個季度一致，這一增長的大約 2/3 是由價格和材料和勞動力成本的轉嫁推動的，1/3 是由數量推動的，我們通過工時來衡量。

For the year ended December 31, 2022, reported net revenues increased by 66.4% to $6.6 billion compared to $3.9 billion in the prior year period, driven by revenue from acquisitions completed in Safety Services. Net revenues increased on an organic basis by 12.2%, driven by double-digit growth in inspection, service and monitoring revenue for our legacy businesses and Safety Services. Approximately 2/3 of this growth was driven by price and pass-through of material and labor costs and 1/3 was driven by volume.

截至 2022 年 12 月 31 日止年度，報告的淨收入從上年同期的 39 億美元增長 66.4% 至 66 億美元，這主要得益於安全服務領域完成的收購帶來的收入。受我們傳統業務和安全服務的檢查、服務和監控收入兩位數增長的推動，淨收入有機增長 12.2%。大約 2/3 的增長是由價格以及材料和勞動力成本的傳遞驅動的，1/3 是由數量驅動的。

Adjusted gross margin for the 3 months ended December 31, 2022, was 27.8%, representing a 319-basis-point increase compared to the prior year period, driven by acquisitions in Safety Services and an improved mix of inspection service and monitoring revenue. For the year ended December 31, 2022, adjusted gross margin was 26.8%, representing a 288-basis-point increase compared to the prior year, primarily driven by reasons provided in the review of the fourth quarter.

截至 2022 年 12 月 31 日止三個月的調整後毛利率為 27.8%，較上年同期增長 319 個基點，這是受安全服務收購以及檢查服務和監測收入組合改善的推動。截至 2022 年 12 月 31 日止年度，調整後毛利率為 26.8%，較上年增長 288 個基點，主要原因是第四季度審查中提供的原因。

Adjusted EBITDA margin for the 3 months ended December 31, 2022, was 10.7%, representing a 40-basis-point increase compared to the prior year, driven by an improved mix of inspection, service and monitoring revenue and leverage on higher volumes in Safety Services. For the year ended December 31, 2022, adjusted EBITDA margin was 10.3%, consistent with prior year adjusted EBITDA margin of 10.3%.

截至 2022 年 12 月 31 日止三個月的調整後 EBITDA 利潤率為 10.7%，較上年增長 40 個基點，這主要得益於檢查、服務和監控收入組合的改善以及對安全業務量增加的槓桿作用服務。截至 2022 年 12 月 31 日止年度，調整後 EBITDA 利潤率為 10.3%，與上一年調整後 EBITDA 利潤率為 10.3% 一致。

Margins were negatively impacted by supply chain disruptions, inflation and mix from completed acquisitions, offset by an improved mix in inspection, service and monitoring revenue and leverage on higher volumes.

利潤率受到供應鏈中斷、通貨膨脹和已完成收購組合的負面影響，但被檢查、服務和監控收入組合的改善以及對更高產量的槓桿作用所抵消。

Adjusted diluted earnings per share for the fourth quarter was $0.36, representing a $0.07 increase compared to the prior year period. The increase was driven by strong organic growth in Safety Services and accretion from acquisitions. For the year ended December 31, 2022, adjusted diluted earnings per share was $1.33, representing a $0.30 increase from the prior year period driven by accretion from acquisitions and strong organic growth in Safety Services and Specialty Services.

第四季度調整後的攤薄每股收益為 0.36 美元，比去年同期增加 0.07 美元。這一增長是由安全服務的強勁有機增長和收購帶來的增長推動的。截至 2022 年 12 月 31 日止年度，調整後的攤薄每股收益為 1.33 美元，較上年同期增加 0.30 美元，這主要得益於收購的增長以及安全服務和專業服務的強勁有機增長。

I will now discuss our results in more detail for Safety Services. For the 3 months ended December 31, 2022, Safety Services reported net revenues increased by 111% to $1.2 billion compared to $569 million in the prior year period, driven by revenue from completed acquisitions and strong organic growth. Net revenues increased on an organic basis by 18.1% compared to the prior year period driven by a double-digit increase in inspection service and monitoring revenue.

我現在將更詳細地討論安全服務的結果。在截至 2022 年 12 月 31 日的 3 個月裡，安全服務報告的淨收入增長了 111%，達到 12 億美元，而去年同期為 5.69 億美元，這得益於已完成收購的收入和強勁的有機增長。受檢驗服務和監測收入兩位數增長的推動，淨收入與上年同期相比有機增長 18.1%。

For the year ended December 31, 2022, Safety Services reported net revenues increased by 120% to $4.6 billion compared to $2.1 billion in the prior year period, and net revenues increased on an organic basis by 17.1%, driven by reasons provided in review of the fourth quarter.

截至 2022 年 12 月 31 日止年度，安全服務報告的淨收入增長 120% 至 46 億美元，而上年同期為 21 億美元，淨收入有機增長 17.1%，這主要歸功於審查審查中提供的原因第四季。

Adjusted gross margins for the 3 months ended December 31, 2022 was 32.4%, representing a 146-basis-point increase compared to prior year, driven by the impact of completed acquisitions, pricing initiatives and disciplined projects and customer selection. For the year ended December 31, 2022, adjusted gross margin was 31.3% compared to the prior year adjusted gross margin of 31.5%, driven by inflation and certain supply chain disruptions, which caused the decline in productivity. This was offset by an improved mix in inspection service and monitoring revenue, pricing initiatives and the impact of completed acquisitions.

截至 2022 年 12 月 31 日止 3 個月的調整後毛利率為 32.4%，較上年同期增長 146 個基點，這主要受已完成收購、定價舉措和嚴格項目以及客戶選擇的影響。截至 2022 年 12 月 31 日止年度，調整後毛利率為 31.3%，而上年調整後毛利率為 31.5%，受通貨膨脹和某些供應鏈中斷導致生產力下降的推動。這被檢驗服務和監控收入、定價舉措以及已完成收購的影響的改進組合所抵消。

Adjusted EBITDA margin for the 3 months ended December 31, 2022, was 13.2% compared to prior year adjusted EBITDA margin of 13.5%, primarily -- driven primarily by SG&A mix impacts from completed acquisitions. For the year ended December 31, 2022, adjusted EBITDA margin was 12.2% compared to prior year adjusted EBITDA margin of 14%, driven by SG&A mix impacts from completed acquisitions and the reasons provided in review of gross margins.

截至 2022 年 12 月 31 日止三個月的調整後 EBITDA 利潤率為 13.2%，而去年調整後的 EBITDA 利潤率為 13.5%，這主要是受已完成收購的 SG&A 組合影響的推動。截至 2022 年 12 月 31 日止年度，調整後 EBITDA 利潤率為 12.2%，而上一年調整後 EBITDA 利潤率為 14%，這是受已完成收購的 SG&A 組合影響以及審查毛利率時提供的原因推動。

I will now discuss our results in more detail for Specialty Services segment. Specialty Services reported net revenues for the 3 months ended December 31, 2022 declined by 8.9% to $510 million compared to $560 million in the prior year period, driven by timing of projects at our specialty contracting businesses and a robust sales performance in Q4 2021. For the year ended December 31, 2022, Specialty Services reported net revenues increase by 6.4% to $2 billion compared to $1.9 billion in the prior year period, driven by an increase in service revenue, increased demand at our infrastructure, utility and fabrication businesses and improved capture of inflationary-driven price and cost pass-through.

我現在將更詳細地討論我們在專業服務領域的結果。專業服務報告稱，截至 2022 年 12 月 31 日止三個月的淨收入下降 8.9%，至 5.1 億美元，而去年同期為 5.6 億美元，這是受我們專業承包業務項目時間安排和 2021 年第四季度強勁銷售業績的推動。截至 2022 年 12 月 31 日止年度，專業服務報告的淨收入增長 6.4% 至 20 億美元，而去年同期為 19 億美元，這是由於服務收入增加、基礎設施、公用事業和製造業務需求增加以及改進了對通貨膨脹驅動的價格和成本轉嫁的捕獲。

Adjusted gross margin for the 3 months ended December 31, 2022, was 16.7% representing an 83-basis-point decline compared with the prior year, primarily driven by margin declines, which are arose due to inflationary cost pressures and productivity constraints on select jobs. This was offset by an improved mix of service revenue and improved productivity.

截至 2022 年 12 月 31 日止三個月的調整後毛利率為 16.7%，與上年相比下降 83 個基點，這主要是由於通脹成本壓力和特定工作的生產力限制導致的利潤率下降所致.這被服務收入組合的改善和生產力的提高所抵消。

For the year ended December 31, 2022, adjusted gross margin was 16.2%, representing a 100-basis-point increase compared to the prior year, driven by improved productivity and improved mix of service revenue. These factors were offset by inflation and supply chain disruptions, which caused downward pressure on margins.

截至 2022 年 12 月 31 日止年度，經調整後的毛利率為 16.2%，較上年增長 100 個基點，這主要得益於生產力的提高和服務收入組合的改善。這些因素被通貨膨脹和供應鏈中斷所抵消，這對利潤率造成了下行壓力。

Adjusted EBITDA margin for the 3 months ended December 31, 2022, was 10.4%, representing a 139-basis-point decline compared to the prior year due to the reasons provided in the review of gross margins. For the year ended December 31, 2022, adjusted EBITDA margin was 10.3%, representing a 12-basis-point increase compared to prior year due to the leverage of higher volumes.

由於毛利率審查中提供的原因，截至 2022 年 12 月 31 日止三個月的調整後 EBITDA 利潤率為 10.4%，較上年下降 139 個基點。截至 2022 年 12 月 31 日止年度，調整後的 EBITDA 利潤率為 10.3%，由於銷量增加，較上年增長 12 個基點。

Turning to cash flow. As expected and consistent with historical trends, we saw a strong sequential free cash flow performance in Q4 relative to Q3. For the 3 months ended December 31, 2022, adjusted free cash flow was $230 million, above our previously guided range of $190 million to $210 million and representing an $84 million increase compared to the prior year period. This increase was driven by the positive contribution from acquisitions, continued focus on working capital discipline and strong EBITDA growth in our legacy businesses.

轉向現金流。正如預期並與歷史趨勢一致，我們看到第四季度相對於第三季度的連續自由現金流表現強勁。截至 2022 年 12 月 31 日止的 3 個月，調整後的自由現金流為 2.3 億美元，高於我們先前指導的 1.9 億美元至 2.1 億美元的範圍，比上年同期增加 8400 萬美元。這一增長是由收購的積極貢獻、對營運資本紀律的持續關注以及我們傳統業務的強勁 EBITDA 增長推動的。

For the year ended December 31, 2022, adjusted free cash flow was $412 million, and our adjusted free cash flow conversion was approximately 61%. As of December 31, 2022, our net debt to adjusted EBITDA ratio was 3.1x and the weighted average maturity of our debt was over 5 years with the earliest maturity in 2026.

截至 2022 年 12 月 31 日止年度，調整後自由現金流為 4.12 億美元，我們調整後的自由現金流轉換率約為 61%。截至 2022 年 12 月 31 日，我們的淨債務與調整後 EBITDA 的比率為 3.1 倍，我們債務的加權平均期限超過 5 年，最早在 2026 年到期。

As part of our 2023 deleveraging plan, we paid down $200 million of long-term debt in January of this year. We remain laser-focused on cash generation and deleveraging at approximately 1 turn annually as we move towards our stated long-term target of 2 to 2.5x, which we expect to achieve near year-end 2023.

作為我們 2023 年去槓桿化計劃的一部分，我們在今年 1 月償還了 2 億美元的長期債務。隨著我們朝著既定的 2 至 2.5 倍的長期目標邁進，我們預計將在 2023 年年底實現這一目標，我們仍然專注於現金產生和去槓桿化，每年大約 1 次。

I will now discuss our outlook for 2023. As we look ahead to 2023, we are confident that our relentless focus on growing statutorily required higher-margin inspection service and monitoring revenue combined with our robust backlog and variable cost structure positions us well to prosper even if the macro environment continues to be volatile. As stated in our February 21 press release, we believe that net revenues for 2023 will range between $6.8 billion to $6.95 billion, representing growth in net revenues on an organic basis, in line with our historical performance.

我現在將討論我們對 2023 年的展望。展望 2023 年，我們相信，我們對增長法定要求的更高利潤檢查服務和監控收入的不懈關注，加上我們強大的積壓訂單和可變成本結構，將使我們能夠實現繁榮甚至如果宏觀環境繼續動盪。正如我們在 2 月 21 日的新聞稿中所述，我們認為 2023 年的淨收入將在 68 億美元至 69.5 億美元之間，代表淨收入有機增長，與我們的歷史表現一致。

We expect Q1 net revenues to be $1.54 billion to $1.56 billion. Based on current exchange rates, FX will remain a headwind in Q1. So this guidance represents a Q1 organic growth of 6% to 8% on a constant currency basis. For 2023, adjusted EBITDA, we expect to deliver $735 million to $775 million on strong margin expansion. We remain confident in achieving our goal of 13% plus adjusted EBITDA margin by 2025 through an improved mix in inspection, service and monitoring revenue; procurement savings; value capture opportunities; and leveraging our global scale.

我們預計第一季度淨收入為 15.4 億美元至 15.6 億美元。根據當前匯率，外彙在第一季度仍將是不利因素。因此，該指引代表第一季度在固定匯率基礎上有機增長 6% 至 8%。對於 2023 年，調整後的 EBITDA，我們預計將實現 7.35 億美元至 7.75 億美元的強勁利潤率擴張。我們仍然有信心通過改進檢查、服務和監控收入的組合，實現到 2025 年 13% 加上調整後的 EBITDA 利潤率的目標；採購節餘；價值獲取機會；並利用我們的全球規模。

We expect Q1 adjusted EBITDA to be $135 million to $145 million, which represents organic growth of 8% to 16% on a constant currency basis. We estimate that we will recognize between $55 million to $65 million of restructuring costs related to the Chubb restructuring program in 2023. Not only will these restructuring actions help the bottom line, but they will also significantly reduce organizational complexity, making it easier for the team to service customers and focus on driving organic growth and mix.

我們預計第一季度調整後的 EBITDA 為 1.35 億美元至 1.45 億美元，按固定匯率計算，有機增長為 8% 至 16%。我們估計，我們將在 2023 年確認與 Chubb 重組計劃相關的 5500 萬至 6500 萬美元的重組成本。這些重組行動不僅有助於提高利潤，而且還將顯著降低組織的複雜性，使團隊更容易服務客戶並專注於推動有機增長和組合。

Depending on how interest rates move through the year, we anticipate interest expense to be approximately $150 million for 2023 and between $35 million and $40 million for Q1. We expect depreciation for 2023 to be approximately $85 million and capital expenditures to be approximately $95 million. Our adjusted effective tax rate remains approximately 24%, and we expect our adjusted diluted weighted average share count for 2023 to be approximately 273 million. We expect to arrive at an adjusted free cash flow conversion for 2023 at or above 65%. For Q1, we expect adjusted free cash flow conversion to be flat, which is consistent with prior years and in line with the seasonality of our cash flows.

根據全年利率的變化情況，我們預計 2023 年的利息支出約為 1.5 億美元，第一季度的利息支出將在 3500 萬至 4000 萬美元之間。我們預計 2023 年的折舊約為 8500 萬美元，資本支出約為 9500 萬美元。我們調整後的有效稅率保持在 24% 左右，我們預計 2023 年調整後的攤薄加權平均股數約為 2.73 億股。我們預計 2023 年調整後的自由現金流轉換率將達到或超過 65%。對於第一季度，我們預計調整後的自由現金流轉換將持平，這與往年一致，也符合我們現金流的季節性。

I'll now turn the call over to Jim.

我現在將電話轉給吉姆。

Thanks, Kevin. Good morning, everybody. APi's continued strong performance in the fourth quarter was the culmination of what was another outstanding year for APi in 2022. The double-digit growth in organic net revenues combined with the acquisition and continued integration of Chubb, the development of a robust multiyear improvement plan for that business and the company's ability to offset natural headwinds allowed APi to again produce record earnings and generate substantial free cash flow.

謝謝，凱文。大家早上好。 APi 在第四季度的持續強勁表現是 APi 在 2022 年又一個出色表現的巔峰之作。有機淨收入的兩位數增長與對 Chubb 的收購和持續整合相結合，制定了穩健的多年改進計劃該業務和公司抵消自然逆風的能力使 APi 再次創造了創紀錄的收益並產生了大量的自由現金流。

As reflected in the guidance we gave last week for 2023, we have strong momentum balanced across our global platform. Our leaders continue to build on historically strong execution, continue to mitigate macro challenges and are staying focused on operational excellence. As you have heard all of us, we have great confidence in the business and the direction we're heading. We will continue to remain agile, focused and adaptive as needed to create sustainable shareholder value by focusing on long-term value creation targets.

正如我們上週給出的 2023 年指引所反映的那樣，我們在全球平台上擁有強勁的平衡勢頭。我們的領導者繼續鞏固歷史上強大的執行力，繼續緩解宏觀挑戰，並繼續專注於卓越運營。正如您聽到我們所有人所說的那樣，我們對業務和我們前進的方向充滿信心。我們將繼續根據需要保持敏捷、專注和適應性，通過專注於長期價值創造目標來創造可持續的股東價值。

These include solid organic growth, targeted adjusted free cash flow conversion of 80%, adjusted EBITDA margins of 13% by 2025 and targeted net leverage ratio of 2 to 2.5x, which, as Kevin mentioned, we expect to achieve near year-end 2023, supplemented by our recent $200 million reduction in term loan debt. Everyone is excited about the opportunities in the year ahead and our ability to execute on our strategic plan.

其中包括穩健的有機增長、調整後的自由現金流轉換目標為 80%、到 2025 年調整後的 EBITDA 利潤率為 13% 以及目標淨槓桿率為 2 至 2.5 倍，正如凱文所說，我們預計將在 2023 年年底前實現，加上我們最近減少了 2 億美元的定期貸款債務。每個人都對未來一年的機會以及我們執行戰略計劃的能力感到興奮。

I'd now like to turn the call back over to Russ and the operator for Q&A.

我現在想將電話轉回給 Russ 和接線員進行問答。

(Operator Instructions) We'll take a question from Kathryn Thompson of Thompson Research Group.

（操作員說明）我們將接受 Thompson Research Group 的 Kathryn Thompson 的提問。

Just in terms of your outlook, if you could give a little bit more color in what pricing is looking like for 2023, given services won't have an obvious material inflation backdrop, and also, you're just seeing some rationalization in certain categories of pricing across the value chain, be whether it raw materials and in some cases, labor. Really being able to give a little bit more detail of that 2/3 growth for price and 1/3 from volume or labor hours?

就你的前景而言，如果你能對 2023 年的定價情況給出更多的顏色，考慮到服務不會有明顯的物質通脹背景，而且，你只是看到某些類別的合理化整個價值鏈的定價，無論是原材料還是在某些情況下，勞動力。真的能夠更詳細地說明 2/3 的價格增長和 1/3 的產量或工時增長嗎？

Kathryn, thanks for taking the time to join our call this morning. Well, there's quite a bit there in your question. I would start by saying that we -- I feel like the business has done a very good job of taking price through a very difficult inflationary period. And we feel that the price that we've been able to take thus far is sticky and sustainable in the business as we march forward into 2023.

凱瑟琳，感謝您今天早上抽出時間加入我們的電話會議。好吧，你的問題中有很多。我首先要說的是，我覺得這家公司在度過一個非常艱難的通貨膨脹時期方面做得很好。我們認為，隨著我們邁向 2023 年，我們迄今為止能夠採取的價格在業務中具有粘性和可持續性。

We're still seeing inflation in the business. I mean, in past calls, we've talked about how we really watch hot-rolled coil closely just because we buy so much pipe. And we've seen -- we saw a dramatic decrease in pricing over the, say, the latter half of 2022. But over the course of the last 3 months, we've seen pipe prices pick up again. And -- so we continue to monitor that, and we continue to focus our businesses on taking price where -- taking prices appropriate. We want to make sure that we're fair with our customers, but we want to make sure we continue to take price.

我們仍然看到業務通貨膨脹。我的意思是，在過去的電話中，我們談到了我們如何真正密切關注熱軋卷，只是因為我們買了這麼多鋼管。我們已經看到 - 我們看到價格在 2022 年下半年大幅下降。但在過去 3 個月中，我們看到管道價格再次回升。而且 - 所以我們繼續監控這一點，我們繼續將我們的業務集中在採取價格的地方 - 採取適當的價格。我們想確保我們對客戶公平，但我們想確保我們繼續接受價格。

Especially in North America, when you think about our labor force being primarily union. And there's a number of -- we feel there's a number of advantages for us to be union, one of them is stability and visibility into our labor cost. Typically, our union agreements from a wage escalation perspective reset in the spring, usually right around April 1. That is a very natural time for us to adjust our pricing and to take price with our customers, both on the labor and the material side of the business.

特別是在北美，當你想到我們的勞動力主要是工會時。還有很多——我們覺得加入工會有很多好處，其中之一就是我們勞動力成本的穩定性和可見性。通常，從工資上漲的角度來看，我們的工會協議會在春季重置，通常是在 4 月 1 日左右。這對我們來說是調整定價並與客戶定價的非常自然的時間，無論是在勞動力方面還是在材料方面。這生意。

So I think Kevin in his remarks said that approximately -- of our organic growth, approximately 2/3 of it came from price, 1/3 of it came from volume on the inspection and service side. Most of that is volume, and we continue to plan to grow our inspections by -- at a double-digit clip as we move into this next year. So I would suspect in the latter half of the year, you'll see that 2/3, 1/3 moderating a little bit. But we are continuing to take price across every aspect of our business.

所以我認為凱文在他的評論中說，我們的有機增長中，大約 2/3 來自價格，1/3 來自檢查和服務方面的數量。其中大部分是數量，我們繼續計劃在我們進入明年時以兩位數的速度增加我們的檢查。所以我懷疑在今年下半年，你會看到 2/3、1/3 會有所緩和。但我們將繼續對我們業務的各個方面進行定價。

All right. Great. And just one follow-up question. Given as the year closed, just a general greater conservatism, given concerns about recession and understand that you are -- your business model is, maybe perhaps not recession-proof, but recession-resistant. But still on the fringes, there could be some indicators of sign of companies changing their behavior in terms of concerns around the economy. What if any changes have you seen behavior wise in any of your businesses that would give any type of indication that there's a more conservative stance given the economic backdrop?

好的。偉大的。還有一個後續問題。考慮到今年年底，考慮到對經濟衰退的擔憂，以及你的商業模式可能不是抗衰退，而是抗衰退，只是普遍更加保守。但仍處於邊緣，可能有一些跡象表明公司在對經濟的擔憂方面改變了他們的行為。如果您在您的任何企業中看到任何明智的行為變化，這些變化會給出任何類型的跡象表明在經濟背景下存在更保守的立場怎麼辦？

Well, I mean, I would tell you that right now, we haven't seen that in our business, and that's demonstrated by the strong backlog that we carried into 2023 as well as what we see in the pipeline from an opportunity perspective. I would say -- tell you that we're naturally a -- what I would call a productively paranoid business, which means that we're always looking at the business and to make sure that we're in a position to adjust really quickly if we see any sort of downturn in the economy as it affects our business.

好吧，我的意思是，我現在要告訴你的是，我們還沒有在我們的業務中看到這一點，這從我們進入 2023 年的大量積壓以及我們從機會的角度看到的管道中得到證明。我會說 - 告訴你我們天生就是 - 我稱之為富有成效的偏執型企業，這意味著我們一直在關注業務並確保我們能夠真正快速調整如果我們看到經濟出現任何形式的衰退，因為它會影響我們的業務。

I would also tell you that end markets matter, and the end markets that we serve continue to be strong and resilient as they have been over the last number of years. Some of that's fueled by the infrastructure bill, some of it's fueled by the chip bill and a number of different things that are potentially additive to the business. And then I would say lastly, where there's concerns about Western Europe, we're already looking at restructuring and optimizing the business, and we couldn't be really in its own way doing that at a better time than right now.

我還要告訴你，終端市場很重要，我們服務的終端市場繼續保持強勁和彈性，就像過去幾年一樣。其中一些是由基礎設施法案推動的，一些是由芯片法案推動的，還有一些可能對業務產生影響的不同因素。然後我最後要說的是，在對西歐存在擔憂的地方，我們已經在考慮重組和優化業務，而且我們不可能在比現在更好的時候以自己的方式真正做到這一點。

So -- but we remain optimistic. We've got a -- 75% of our cost structure is variable by nature. So we have to adjust, we'll adjust.

所以——但我們仍然保持樂觀。我們有一個——75% 的成本結構本質上是可變的。所以我們必須調整，我們會調整。

Our next question is from Andrew Obin of Bank of America.

我們的下一個問題來自美國銀行的安德魯·奧賓。

This is David Ridley-Lane on for Andrew. How has supply chain performance been for you over the last couple of months? And when you think back about the disruption and cost impact in 2022, how meaningful will fewer disruptions be in 2023? I know it's tough to quantify, but at least 10, 20 basis points sound reasonable?

這是安德魯的大衛雷德利萊恩。在過去的幾個月裡，您的供應鍊錶現如何？當您回想 2022 年的中斷和成本影響時，2023 年減少中斷的意義有多大？我知道量化很難，但至少 10、20 個基點聽起來合理嗎？

So -- David, this is Kevin. So when you talk about supply chain disruption, I'll say, first, we're not out of the woods yet. Things still remain on backlog in certain categories, and we still, with our teams are battling through that. The inflation and supply chain disruption impacted our business in two ways in 2022. On the inflation side, obviously, the price pass-through that we've been talking about was a margin drag. We've referenced that. We believe as that comes down in 2023, we should get some of that margin back.

所以——大衛，這是凱文。所以當你談到供應鏈中斷時，我會說，首先，我們還沒有走出困境。在某些類別中，事情仍然積壓，我們仍然和我們的團隊正在努力解決這個問題。通貨膨脹和供應鏈中斷在 2022 年以兩種方式影響了我們的業務。在通貨膨脹方面，顯然，我們一直在談論的價格傳遞是利潤率的拖累。我們已經參考過了。我們相信，隨著這種情況在 2023 年下降，我們應該收回部分利潤。

On the supply chain side, just the lack of material and availability caused pretty significant productivity disruptions in our business, not just for our business, but you can imagine places where we work, there's other companies working there too that may also have had supply chain disruptions, which causes productivity issues for us.

在供應鏈方面，僅僅缺乏材料和可用性就導致了我們業務中相當嚴重的生產力中斷，不僅僅是我們的業務，而且你可以想像我們工作的地方，那裡也有其他公司可能也有供應鏈中斷，這會導致我們的生產力問題。

So we saw it on the productivity side. I'll say, as things start to moderate in the supply chain, we're seeing productivity improve. And the other areas as we move into 2023 as the supply chain works through its issues, we would anticipate productivity improvements coming through in margins as well in 2023.

所以我們在生產力方面看到了它。我會說，隨著供應鏈中的情況開始緩和，我們看到生產率提高了。隨著供應鏈解決其問題，我們進入 2023 年的其他領域，我們預計 2023 年也會通過利潤率提高生產率。

And as a quick follow-up. Just as you mentioned the end markets that you're serving, just could you kind of give a view on how strong the demand is among the major end markets, like commercial, industrial, health care, et cetera?

並作為快速跟進。就像您提到您所服務的終端市場一樣，您能否談談主要終端市場（如商業、工業、醫療保健等）的需求有多強勁？

I mean what do you mean, David, when you say an indication of how strong they are. I mean, data center is really strong, semiconductor remains very strong. Health care remains very strong. Depending upon how you look at the infrastructure spending and the infrastructure build, those dollars are really just starting to flow into the system. You're seeing some things, federal aid going into rural broadband access and things like that, that are having a positive impact on the business.

我的意思是，大衛，當你說他們有多強時，你是什麼意思。我的意思是，數據中心真的很強大，半導體仍然很強大。醫療保健仍然非常強大。根據您如何看待基礎設施支出和基礎設施建設，這些美元實際上才剛剛開始流入系統。你看到了一些事情，聯邦援助進入農村寬帶接入等等，這對企業產生了積極的影響。

So I think in general, those end markets are really strong. We don't have a lot of exposure to retail hospitality. We don't do a lot of like developer-led type project opportunities that rising interest rates are going to have a negative effect on whether our developers can move forward with some of their project-related work. So that's a plus for us.

所以我認為總的來說，這些終端市場真的很強勁。我們對零售招待的接觸不多。我們沒有做很多像開發人員主導的項目機會，因為利率上升會對我們的開發人員是否可以推進他們的一些與項目相關的工作產生負面影響。所以這對我們來說是一個優勢。

We have very little exposure to residential, including multifamily housing, which is a positive for us. So in general, I think the focus that we've had on the right end markets has made a difference for us.

我們很少接觸住宅，包括多戶住宅，這對我們來說是積極的。所以總的來說，我認為我們對正確的終端市場的關注對我們產生了影響。

We'll take our next question from Julian Mitchell of Barclays.

我們將從巴克萊銀行的朱利安米切爾那裡接受下一個問題。

This is Kiran Patel-O'Connor on for Julian Mitchell. I just wanted to ask on the Chubb synergies. Can you talk about how these are progressing? Maybe how much you realized in 2022 and what your expectations are for synergies realized in 2023?

我是朱利安·米切爾 (Julian Mitchell) 的基蘭·帕特爾-奧康納 (Kiran Patel-O'Connor)。我只是想問一下 Chubb 的協同作用。你能談談這些進展如何嗎？也許您在 2022 年實現了多少？您對 2023 年實現的協同效應有何期望？

Yes. Kiran, this is Kevin. From a Chubb synergy standpoint, we talked about it in November. So to step back, our restructuring charge in 2022 was approximately $30 million. As I said on the call, we anticipate $55 million to $60 million in restructuring in 2023. The actions that we took associated with the $30 million charge in 2022 did bear fruit in 2022 as well. We saw approximately $5 million to $10 million of savings come through. We anticipate the remainder of that to come through in 2023.

是的。基蘭，這是凱文。從 Chubb 協同作用的角度來看，我們在 11 月討論過它。所以退一步說，我們在 2022 年的重組費用約為 3000 萬美元。正如我在電話會議上所說，我們預計 2023 年將進行 5500 萬至 6000 萬美元的重組。我們採取的與 2022 年 3000 萬美元費用相關的行動也在 2022 年取得了成果。我們看到節省了大約 500 萬到 1000 萬美元。我們預計其餘部分將在 2023 年完成。

With respect to the 2023 actions and initiatives, we expect most of those charges to occur later in the year. And with that, the savings similar to 2022 will start to come in, in the back half of 2023.

關於 2023 年的行動和倡議，我們預計這些費用中的大部分將在今年晚些時候發生。這樣一來，類似於 2022 年的節省將在 2023 年下半年開始出現。

Got it. And then I just had one follow-up on the backlog. I saw you guys noted that the backlog was up 9% in 2022. Do you expect to burn through a material portion of the backlog at all? Or do you expect orders to remain steady with sales growth through the year?

知道了。然後我對積壓的工作進行了一次跟進。我看到你們注意到 2022 年積壓工作增加了 9%。你們是否期望完全消耗掉積壓工作的大部分內容？還是您預計全年訂單會隨著銷售增長而保持穩定？

Yes. So typically, what we see is we'll see -- we'll burn through backlog in the fourth quarter as we move towards the end of the year, and then we will build backlog over the course of the first half of the next year. So -- when you look at our backlog on a year-on-year basis, it's up. But if you look at it sequentially from the end of Q3 through the end of the year, it's slightly down, which is 100% normal for us.

是的。因此，通常情況下，我們看到的是我們將會看到的——我們將在第四季度解決積壓，因為我們將在年底前完成，然後我們將在明年上半年建立積壓.所以 - 當您按年查看我們的積壓訂單時，它已經增加了。但如果你從第三季度末到今年年底按順序看，它會略有下降，這對我們來說是 100% 正常的。

And when we first started talking about backlog, we reminded everybody that, that's actually not the greatest metric to measure us by. And because with the processes that we have from a project selection and customer selection, we actually wouldn't mind seeing our backlog shrink a little bit because it would show -- it would demonstrate to us that we're being more disciplined with the work that we pursue. And the quality of the backlog is going to have better margins in it as we work our way through 2023.

當我們第一次開始談論積壓時，我們提醒大家，這實際上並不是衡量我們的最佳指標。而且由於我們在項目選擇和客戶選擇過程中的流程，我們實際上不介意看到我們的積壓工作有所減少，因為它會表明——這會向我們證明我們在工作中更加自律我們追求的。隨著我們努力工作到 2023 年，積壓的質量將在其中獲得更好的利潤。

So our backlog is in a really good shape, and the funnel that we have with our proposals that we see coming through the system remains very robust.

因此，我們的積壓情況非常好，我們看到通過系統提出的提案的渠道仍然非常穩健。

Our next question is from Chris Snyder of UBS.

我們的下一個問題來自瑞銀集團的 Chris Snyder。

I kind of want to follow up on some of the prior commentary on margins. If I look at '23, it seems like at the midpoint, the guidance with EBITDA margin up 70 or so basis points year-on-year. And then the 25% target implies up at least 100 basis points kind of per annum the year after. Can you just maybe provide some color on what is kind of driving that post '23 reacceleration, whether it's productivity or it sounds like some of the Chubb synergies are kind of back half '23 weighted?

我有點想跟進之前關於利潤率的一些評論。如果我看一下 23 年，它似乎處於中點，EBITDA 利潤率同比增長 70 個基點左右的指導。然後 25% 的目標意味著第二年每年至少上漲 100 個基點。你能不能提供一些顏色來說明是什麼推動了 23 年後的再加速，無論是生產力還是聽起來像一些 Chubb 協同效應是 23 後半加權的？

Yes, I can take that, Chris. So with respect to 2023, the primary drivers of our margin expansion, and I think your math seems directionally correct when you look at the full year guide at the midpoint, is going to be continued delivery of our value capture opportunities that we talked about in November. And it's going to be the stickiness of our pricing and our continued focus there that Russ has talked about earlier on the call. And then the last component of it will be, I guess, what I referenced earlier on the call, which is the expectation that in 2022, our price pass-through was -- while we were able to pass it through, there was a margin drag primarily on the project business. And I think in 2023, if pricing comes down, we should get some of that gross margin back.

是的，我可以接受，克里斯。因此，關於 2023 年，我們利潤率擴張的主要驅動力，我認為當你在中點查看全年指南時，你的數學似乎方向正確，將繼續提供我們在十一月。這將是我們定價的粘性以及 Russ 早些時候在電話會議上談到的我們對那裡的持續關注。然後它的最後一個組成部分將是，我想，我之前在電話會議上提到的，即在 2022 年，我們的價格傳遞的預期是——雖然我們能夠傳遞它，但有一個利潤率主要拖累項目業務。我認為到 2023 年，如果定價下降，我們應該可以收回部分毛利率。

And then maybe for the follow-up, something more kind of thematic. We're seeing a very high level of investment into the U.S. economy, whether it's reshoring, stimulus -- or sorry, infrastructure kind of bills on behalf of the government. Can you kind of talk a little bit about what that means for your business? I think we always kind of think about the drivers here being the installed base, which is kind of an influx of capacity expansion. Kind of -- what kind of opportunity does that provide?

然後也許對於後續行動，更像主題的東西。我們看到對美國經濟的投資水平非常高，無論是回流、刺激——還是對不起，代表政府的基礎設施類法案。您能談談這對您的業務意味著什麼嗎？我認為我們總是認為這裡的驅動程序是安裝基礎，這是一種容量擴展的湧入。這提供了什麼樣的機會？

Well, I mean, kind of two different things. I mean, like when I think about reshoring and things like that, my brain immediately jumps to the semiconductor space and the level of activity that you see going on with the Intels of the world and Micron and some of those other folks, and the capital spending that they have going on in the United States is very, very robust.

嗯，我的意思是，兩種不同的東西。我的意思是，當我想到回流之類的事情時，我的大腦會立即跳到半導體領域，以及你看到的世界英特爾、美光和其他一些人以及資本的活動水平他們在美國進行的支出非常非常強勁。

And I would say it's so robust that firms like ours have to make sure that we're disciplined that we don't overextend our resources actually and make sure that the project-related opportunity that we do pursue, we have the capacity to do and do very well. And these are sophisticated customers and being able to deliver a high-quality end product is something that's very important. So we've been really disciplined in making sure that we don't overextend in those spaces.

而且我會說它是如此強大，以至於像我們這樣的公司必須確保我們受到紀律處分，以至於我們實際上不會過度擴展我們的資源，並確保我們確實追求的與項目相關的機會，我們有能力做到並且做得很好。這些都是老練的客戶，能夠提供高質量的最終產品是非常重要的。因此，我們一直非常嚴格地確保我們不會在這些空間過度擴張。

When I think about the infrastructure bill, I think about it more from the whole concept of a rising tide floats all boats. And a lot of the project-related opportunities that will be funded by the infrastructure bill are things that we would not be interested in pursuing. However, our peers in the industry and our competitors in the industry are interested in pursuing that. And as they pursue some of those related opportunities, it creates more space for us with our existing customers to take share, to increase pricing, to improve our margins. And that ultimately is a benefit to us.

當我考慮基礎設施法案時，我更多地是從水漲船高的整個概念來考慮它。許多將由基礎設施法案資助的與項目相關的機會是我們不感興趣的事情。但是，我們的行業同行和我們的行業競爭對手有興趣追求這一點。當他們尋求其中一些相關機會時，它為我們與現有客戶創造了更多空間來分享，提高定價，提高我們的利潤率。這最終對我們有利。

The real broadband spending at the federal government moving forward with is something that aids our business and specifically a couple of our businesses. But in the scheme of things, it's not a huge driver of revenue in our Specialty Services segment.

聯邦政府推進的真正寬帶支出有助於我們的業務，特別是我們的一些業務。但總的來說，它並不是我們專業服務部門收入的巨大推動力。

Our next question is from Andy Kaplowitz of Citibank.

我們的下一個問題來自花旗銀行的 Andy Kaplowitz。

This is (inaudible) on behalf of Andy. Can you update us on what you're seeing in Europe and China? And as we think of your 2023 guidance, what is (inaudible) for these regions? Are you baking in a recovery in economic conditions? Or given the nature of your work, you think you can get to your guidance even without a significant step-up in economic activities there?

這是（聽不清）代表 Andy。你能告訴我們你在歐洲和中國看到的最新情況嗎？當我們想到您的 2023 年指南時，這些地區的（聽不清）是什麼？你在經濟復甦中烘焙嗎？或者考慮到你的工作性質，你認為即使那裡的經濟活動沒有顯著增加，你也可以得到你的指導？

Well, I mean, obviously, we put forward guidance that we have confidence in being able to deliver based on the conditions that we see in both Western Europe as well as in Asia. Our actual presence in China is small. We have a nice business in Hong Kong that is really seeing robust opportunities in front of it. And the team there is performing very well. It's a very good team. I actually had the good fortune of visiting them in mid-January. And was just super impressed with the quality of our team there and the level of activity that they're seeing in the marketplace remains very strong.

好吧，我的意思是，很明顯，我們提出了我們有信心能夠根據我們在西歐和亞洲看到的情況提供的指導。我們在中國的實際存在很小。我們在香港的業務不錯，確實看到了巨大的機遇。那裡的團隊表現非常好。這是一個非常好的團隊。實際上，我有幸在 1 月中旬拜訪了他們。並且對我們那裡團隊的素質以及他們在市場上看到的活動水平仍然非常強勁印象深刻。

As it relates to Western Europe, we really have not seen a slowdown. And again, I just point to the end markets that we're focused on. I would say that if Andrew White was on the call, he -- the one place that he would add color would be pharmaceutical, which is a good base for them and in addition to the other end markets that I talked about earlier.

就西歐而言，我們確實沒有看到放緩。再一次，我只是指出我們關注的終端市場。我要說的是，如果安德魯·懷特（Andrew White）在電話中，他——他要添加顏色的一個地方就是製藥，這對他們來說是一個很好的基礎，除了我之前談到的其他終端市場之外。

But I also mentioned that right now, we're going through kind of a rightsizing and optimization project as it relates to the business in general. We have some integration activities going on with overlap between a previous acquisition we made with Western States Fire and Chubb, specifically related to the Benelux area.

但我也提到，現在，我們正在經歷一種與一般業務相關的規模調整和優化項目。我們正在進行一些整合活動，與我們之前與 Western States Fire 和 Chubb 進行的收購之間存在重疊，特別是與比荷盧地區相關。

All of that provides great opportunity for us to get that business optimized and rightsized right now. And then the last thing that I would point you to is that Chubb right now over 60% of their revenue comes from inspection service and monitoring. And so that business is really from a -- when you think about it from a resiliency perspective, is in a really good place.

所有這些都為我們提供了很好的機會，讓我們立即優化和調整業務規模。然後我要指出的最後一件事是，Chubb 現在超過 60% 的收入來自檢查服務和監控。因此，當您從彈性的角度考慮時，該業務確實來自 - 處於一個非常好的地方。

Very helpful. And following up on that, like you highlighted strong organic growth in 2022 for Chubb. Can you quantify what that was? And also what the business did in terms of margins? I mean you have like 3% to 5% long-term guidance for growth and around 15% plus for EBITDA margin. So as we think of 2023, should we expect growth in that range and margin to progress towards that 15%-plus target?

很有幫助。然後跟進，就像你強調的那樣，Chubb 在 2022 年實現了強勁的有機增長。你能量化那是什麼嗎？還有企業在利潤方面做了什麼？我的意思是你有 3% 到 5% 的長期增長指導和大約 15% 以上的 EBITDA 利潤率。因此，當我們想到 2023 年時，我們是否應該期望該範圍內的增長和利潤率朝著 15% 以上的目標前進？

Well, we don't break out. We shared some information about Chubb at the November investor meeting, but we don't break out their results separately. But you should -- you can count on 3% to 5% organic growth in 2023 in the business. (technical difficulty)

好吧，我們沒有爆發。我們在 11 月的投資者會議上分享了有關 Chubb 的一些信息，但我們沒有單獨公佈他們的結果。但你應該——你可以指望到 2023 年該業務將實現 3% 至 5% 的有機增長。 （技術難度）