APi Group Corp (APG) 2023 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to APi Group's First Quarter 2023 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，歡迎來到 APi 集團 2023 年第一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 Adam Fee, Vice President of Investor Relations of APi Group. Please go ahead.

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

Thank you. Good morning, everyone, and thank you for joining our first quarter 2023 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 2023 年第一季度收益電話會議。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 Martin Franklin 爵士和 Jim Lillie 爵士。

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, May 4, and we undertake no obligation to update any forward-looking statements we may make, except as required by law. As a reminder, we have posted a presentation detailing our first 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 5 月 4 日，除法律要求外，我們不承擔更新我們可能做出的任何前瞻性聲明的義務。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一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 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演示文稿中找到有關這些項目的對賬信息和其他信息。

It's now my pleasure to turn the call over to Jim.

現在我很高興將電話轉給吉姆。

Thanks, Adam, and welcome to APi. In 2022, APi became the world's leading Life Safety and Security Services provider, with a global platform serving our customers in over 20 countries while delivering record financial performance. Today, we continue to be pleased with the momentum APi is building and with an outstanding quarter to start 2023. We have great confidence in the business and the direction we're heading. The company delivered record first quarter results to start 2023 for net revenues and adjusted EBITDA while delivering margin-accretive double-digit organic growth across the platform.

謝謝，亞當，歡迎來到 APi。 2022 年，APi 成為全球領先的生命安全和安保服務提供商，其全球平台為 20 多個國家/地區的客戶提供服務，同時實現了創紀錄的財務業績。今天，我們繼續對 APi 正在建立的勢頭以及 2023 年開始的出色季度感到滿意。我們對業務和我們前進的方向充滿信心。該公司在 2023 年第一季度的淨收入和調整後的 EBITDA 方面取得了創紀錄的業績，同時在整個平台上實現了利潤率增長的兩位數有機增長。

Our strong financial results speak to the consistent efforts of our 27,000 leaders and to the strength of APi's recurring revenue, statutorily-required services business model. While successfully growing the business with an inspection-first mindset, the team has never lost sight of serving our customers safely and efficiently, and we are grateful for their commitment.

我們強勁的財務業績證明了我們 27,000 名領導者的不懈努力，也證明了 APi 的經常性收入、法定要求的服務業務模式的實力。在以檢查第一的心態成功發展業務的同時，該團隊從未忘記安全高效地為我們的客戶提供服務，我們感謝他們的承諾。

As we look at our road map for sustainable shareholder value creation, we believe that we can achieve outsized investor returns in the years ahead by focusing on our long-term 13/60/80 value creation targets, which include organic revenue growth above industry average; adjusted EBITDA margin of 13% driven by our continued focus on generating 60% of our revenue coming from inspection, service and monitoring; adjusted free cash flow conversion of 80%; and a targeted net leverage ratio of 2 to 2.5x.

在我們審視可持續股東價值創造路線圖時，我們相信，通過專注於我們的長期 13/60/80 價值創造目標，我們可以在未來幾年實現超額投資者回報，其中包括高於行業平均水平的有機收入增長;調整後的 EBITDA 利潤率為 13%，這得益於我們繼續專注於產生 60% 的收入來自檢查、服務和監控；調整後的自由現金流轉換為 80%；目標淨槓桿比率為 2 至 2.5 倍。

We look forward to updating you on our progress throughout the course of this year. And with that, I'll hand the call over to Russ to walk you through our performance. Russ?

我們期待著向您通報我們今年的進展情況。有了這個，我會把電話轉給 Russ，讓您了解我們的表演。拉斯？

Thank you, Jim. Good morning, everyone. Thank you for taking the time to join our call this morning. Before we start, I too want to welcome Adam to our leadership team. We look forward to his contributions.

謝謝你，吉姆。大家，早安。感謝您今天早上抽出時間加入我們的電話會議。在我們開始之前，我也想歡迎 Adam 加入我們的領導團隊。我們期待著他的貢獻。

Jim mentioned our 13/60/80 long-term shareholder value creation model that you see included in our presentation. We are relentlessly focused on driving the strategy through the organization and have distilled it down to an easy-to-remember and distinct phrase. I routinely speak to our field leaders about how they can help us deliver on this strategy when I'm visiting our locations around the world. Our leaders know what we want to achieve and how we intend to achieve it.

吉姆提到了我們的 13/60/80 長期股東價值創造模型，您在我們的演示文稿中看到了這一模型。我們不懈地專注於在整個組織中推動戰略，並將其提煉成一個易於記憶和獨特的短語。當我訪問我們在世界各地的地點時，我經常與我們的現場領導談論他們如何幫助我們實現這一戰略。我們的領導者知道我們想要實現什麼以及我們打算如何實現它。

Before we provide you with a summary of our record first quarter results, I would like to thank our approximately 27,000 leaders for their unwavering commitment to APi. 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. We believe that taking care of our leaders results in our leaders taking care of our customers. This is one of the foundational principles from which we will continue to enhance shareholder value.

在我們向您提供我們創紀錄的第一季度業績摘要之前，我要感謝我們大約 27,000 名領導者對 APi 的堅定承諾。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。我們相信，照顧我們的領導者會導致我們的領導者照顧我們的客戶。這是我們將繼續提高股東價值的基本原則之一。

This week marks APi's eighth straight year of celebrating Safety Week which, like the Kentucky Derby, is always the first week of May. The theme this year is, I am a Safety Leader. At APi, we believe everyone, everywhere is a leader, and being a leader begins with the daily commitment to safety for ourselves, our teammates, our customers and the communities we serve. This commitment to safety drives industry-leading safety outcomes across the organization.

本周是 APi 連續第八年慶祝安全週，與肯塔基德比一樣，安全週始終是五月的第一周。今年的主題是，我是安全領導者。在 APi，我們相信每個地方的每個人都是領導者，而成為領導者始於對我們自己、我們的隊友、我們的客戶和我們所服務的社區的安全的日常承諾。這種對安全的承諾推動整個組織取得行業領先的安全成果。

At the end of 2022, our Total Recordable Incident Rate, or TRIR, was below 1, which is significantly better than the industry average. We continue to strive for 0 recordable incidents and our leadership prioritizing safety makes APi a safer place to work, which contributes to our historically low turnover relative to industry benchmarks.

到 2022 年底，我們的總可記錄事故率 (TRIR) 低於 1，明顯好於行業平均水平。我們繼續努力實現 0 可記錄事故，我們將安全放在首位的領導層使 APi 成為一個更安全的工作場所，這導致我們的營業額相對於行業基準處於歷史低位。

Turning to the first quarter, I am pleased with the record results delivered by our global team as we continue to see robust demand across the business. Net revenues grew organically by 12.1%, reaching $1.6 billion for the 3 months ended March 31, 2023. This represents the eighth straight quarter of organic growth for APi, with all but 2 of these quarterly increases being double-digit organic growth.

談到第一季度，我對我們的全球團隊取得的創紀錄業績感到滿意，因為我們繼續看到整個業務的強勁需求。截至 2023 年 3 月 31 日的三個月，淨收入有機增長 12.1%，達到 16 億美元。這是 APi 連續第八個季度實現有機增長，其中除兩個季度外，其他所有季度均實現兩位數的有機增長。

Safety Services has delivered double-digit organic growth in each of the last 8 quarters, with over 20% organic growth in 4 of those 8 quarters. This is a testament to our growth strategy, which includes strategic pricing initiatives, increasing share with existing customers through cross-selling as well as purposely expanding with new customers in the fragmented growing fire and life safety market. This quarter, organic growth in Safety Services was solid at 14.1% in the first quarter, with organic growth in U.S. Life Safety remaining strong at approximately 20%.

安全服務在過去 8 個季度的每個季度都實現了兩位數的有機增長，這 8 個季度中有 4 個季度的有機增長超過 20%。這證明了我們的增長戰略，其中包括戰略定價舉措、通過交叉銷售增加現有客戶的份額，以及在不斷增長的零散消防和生命安全市場中有目的地擴大新客戶。本季度，安全服務的有機增長在第一季度穩健地達到 14.1%，美國生命安全的有機增長保持強勁，約為 20%。

As detailed at our November Investor Day, we are purposely managing our international growth in Safety Services, which came in at approximately 11% on an organic basis. We remain focused on solid growth at the right margin, managing customer and project selection and evolving away from certain customer relationships, when appropriate, when margins do not meet our targeted path for improvement.

正如我們在 11 月的投資者日所詳述的那樣，我們有意管理我們在安全服務方面的國際增長，其有機增長約為 11%。我們仍然專注於在適當的利潤率下實現穩健增長，管理客戶和項目選擇，並在適當的時候，在利潤率未達到我們的目標改善路徑時擺脫某些客戶關係。

I want to take a minute to recognize the progress we have made in growing our inspection customer base, continuing to realize benefits from our commitment to have an inspection-first mindset and how that mindset has contributed to the outstanding organic growth in Safety Services.

我想花一點時間來認識一下我們在擴大檢查客戶群方面取得的進展，繼續從我們承諾以檢查為先的心態中獲益，以及這種心態如何為安全服務的出色有機增長做出貢獻。

First, achieving double-digit inspection growth is not by accident. Over the last 5-plus years, we have developed the organizational capability of selling inspections to existing facilities and have built what we believe is the best inspection sales organization globally focused on fire and life safety. To be clear, the growth in inspections driven by our sales team of leaders is achieved by taking share from competitors.

首先，實現兩位數的檢查量增長並非偶然。在過去 5 年多的時間裡，我們發展了向現有設施銷售檢查的組織能力，並建立了我們認為是全球專注於消防和生命安全的最佳檢查銷售組織。需要明確的是，由我們的銷售領導團隊推動的檢查增長是通過從競爭對手那裡獲得份額來實現的。

Second, 2 weeks ago, we held a company-wide Inspection Sales Leader Summit. I had the chance to stop by and speak to the room full of inspection sales leaders in attendance, and it was awesome to see the sales teams across our operating companies making connections, sharing best practices and showing excitement for our common goal.

第二，兩週前，我們召開了全公司範圍的檢驗銷售領袖峰會。我有機會在滿是檢查銷售負責人的房間裡停下來講話，看到我們運營公司的銷售團隊建立聯繫、分享最佳實踐並為我們的共同目標表現出興奮，真是太棒了。

Third, growing inspections has become increasingly within our control as we see the results of investing in our sales organization. March was the highest month of inspection revenue on record for APi. As a reminder, we estimate that every dollar of inspection revenue typically leads to approximately $3 to $4 of service revenue. On average, inspection and service revenue is 10% plus higher gross margin than contract revenue, and monitoring revenue is 20% plus higher than contract revenue.

第三，隨著我們看到投資於我們的銷售組織的結果，越來越多的檢查越來越在我們的控制範圍內。 3 月是 APi 有記錄以來檢查收入最高的月份。提醒一下，我們估計每一美元的檢查收入通常會帶來大約 3 到 4 美元的服務收入。平均而言，檢驗和服務收入比合同收入高出10%以上的毛利率，監測收入比合同收入高出20%以上。

Finally, on top of this, growing our inspection customer base provides a larger installed base where we are often the first call for any repair or other service work. This inspection sales effort is the key pillar to achieving 60% of revenues from inspection, service and monitoring, which is a key driver for our -- for achieving our 13% adjusted EBITDA margin target for 2025.

最後，最重要的是，擴大我們的檢查客戶群提供了更大的安裝基礎，我們通常是任何維修或其他服務工作的第一個電話。這項檢查銷售工作是實現 60% 的檢查、服務和監控收入的關鍵支柱，這是我們實現 2025 年 13% 調整後 EBITDA 利潤率目標的關鍵驅動力。

Back to the rest of the results. Adjusted gross margin grew nicely in the first quarter, up 40 basis points year-over-year. After easing up in the second half of last year, we saw inflation come back into play during the first quarter as certain prices rose across our suppliers. In a challenging environment, I am pleased with leadership's commitment to driving gross margin improvements through pricing activities; implementing fuel surcharges; shifting business mix towards inspection, service and monitoring; procurement initiatives; and disciplined project and customer selection. As a reminder, our small project size averaging $5,000 in Safety Services and a short project duration of less than 6 months for the company gives us the flexibility to manage inflationary pressures in our supply chain.

返回其餘的結果。第一季度調整後的毛利率增長良好，同比增長 40 個基點。在去年下半年有所緩和之後，我們看到通貨膨脹在第一季度重新發揮作用，因為我們供應商的某些價格上漲了。在充滿挑戰的環境中，我對領導層通過定價活動推動毛利率提高的承諾感到高興；實施燃油附加費；將業務組合轉向檢查、服務和監控；採購舉措；以及嚴格的項目和客戶選擇。提醒一下，我們在安全服務方面的小項目規模平均為 5,000 美元，而公司的項目持續時間較短，不到 6 個月，這使我們能夠靈活地管理供應鏈中的通貨膨脹壓力。

Finally, adjusted free cash flow came in flat for the quarter, in line with our expectations for Q1 and reflected an improvement of $47 million versus the prior year period.

最後，本季度調整後的自由現金流持平，符合我們對第一季度的預期，與去年同期相比增加了 4700 萬美元。

Our international operations continue to perform as expected. At Chubb, I am confident we now have the leadership teams in place to execute our strategy and move the business forward. In the first quarter, we continued to accelerate top line growth in that business, marking the fourth straight quarter of organic growth after years of no growth prior to APi's ownership. In November and on our Q4 call, we went into detail on our strategy for Chubb and how we plan to execute our $100 million value capture plan by 2025. We are pleased with the team's progress, executing a multi-pronged strategy while delivering solid operational performance.

我們的國際業務繼續按預期進行。在安達，我相信我們現在擁有領導團隊來執行我們的戰略並推動業務向前發展。在第一季度，我們繼續加速該業務的收入增長，這是在 APi 擁有之前多年沒有增長之後連續第四個季度實現有機增長。在 11 月和我們的第四季度電話會議上，我們詳細介紹了我們的 Chubb 戰略，以及我們計劃如何在 2025 年之前執行我們的 1 億美元價值捕獲計劃。我們對團隊的進展感到滿意，執行多管齊下的戰略，同時提供穩健的運營表現。

In summary, we are exiting the first quarter with strong momentum. The business continues to perform well. Our consolidated backlog remains near-record highs and business activity across both Safety and Specialty Services remains robust. We are starting to see benefits of increased demand for our services driven by federal funding flowing in the high-tech market within Safety Services and the infrastructure and utility markets we serve in Specialty Services. We challenged the team to remain focused on disciplined project and customer selection rather than growing for the safety growth, and I'm pleased that it's beginning to show through improved profitability of projects in our backlog.

總而言之，我們正以強勁的勢頭退出第一季度。該業務繼續表現良好。我們的綜合積壓訂單仍接近歷史最高水平，安全和專業服務的業務活動依然強勁。我們開始看到在安全服務高科技市場以及我們在專業服務中服務的基礎設施和公用事業市場中流動的聯邦資金推動了對我們服務需求增加的好處。我們要求團隊繼續專注於有紀律的項目和客戶選擇，而不是為了安全增長而增長，我很高興它開始通過我們積壓項目的盈利能力提高來體現。

We believe our robust backlog, variable cost structure as well as the statutorily-driven demand for our services and the diversity of the global end markets we serve provide predictable, recurring revenue opportunities and build a protective moat around the business in any macroeconomic conditions. We remain focused on capitalizing on the opportunities in front of us while driving leverage to our targeted net leverage ratio of 2 to 2.5x, which we expect to achieve near year-end, even with a modest return to bolt-on M&A in 2023. The markets we operate in are highly fragmented, and we are excited about the robust pipeline of opportunities for Life Safety and Security Services businesses.

我們相信，我們強大的積壓訂單、可變成本結構以及對我們服務的法定驅動需求以及我們所服務的全球終端市場的多樣性提供了可預測的、經常性的收入機會，並在任何宏觀經濟條件下圍繞業務建立了保護性護城河。我們仍然專注於利用擺在我們面前的機會，同時將槓桿率提高到我們 2 至 2.5 倍的目標淨槓桿率，我們預計將在年底前實現這一目標，即使 2023 年補強併購將適度回歸。我們經營的市場高度分散，我們對生命安全和安保服務業務的大量機會感到興奮。

I would now like to hand the call over to Kevin to discuss our financial results and guidance 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指導。凱文？

Thanks, Russ. Good morning, everyone. I will begin my remarks by reviewing our consolidated results and segment level operating performance before turning to our guidance.

謝謝，拉斯。大家，早安。在轉向我們的指導之前，我將通過回顧我們的綜合結果和部門級運營績效來開始我的評論。

Reported revenues for the 3 months ended March 31, 2023, increased by 9.7% to $1.6 billion compared to $1.5 billion in the prior year period. Net revenues increased organically from the same period by 12.1%, driven by double-digit growth in services revenues in both our Safety and Specialty segments. In 2022, approximately 2/3 of our 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. This quarter, we saw this mix come in closer to 50-50, although we are keeping a close eye on the price of key inputs like pipe prices, which have been trending up in early 2023.

截至 2023 年 3 月 31 日止三個月的報告收入增長 9.7% 至 16 億美元，而去年同期為 15 億美元。淨收入較同期有機增長 12.1%，這主要得益於我們的安全和專業領域服務收入的兩位數增長。到 2022 年，我們大約 2/3 的增長是由價格以及材料和勞動力成本的轉嫁驅動的，1/3 是由我們通過工時來衡量的數量驅動的。本季度，我們看到這種組合接近 50-50，儘管我們正在密切關注管道價格等關鍵投入的價格，這些價格在 2023 年初一直呈上漲趨勢。

Adjusted gross margin for the 3 months ended March 31, 2023, grew to 26.8%, representing a 40 basis point increase compared to the prior year period driven by favorable mix impacts from outsized growth in our Safety Segment and services in both segments. These factors were partially offset by inflation, which caused downward pressure on our margins.

截至 2023 年 3 月 31 日止三個月的調整後毛利率增長至 26.8%，較上年同期增長 40 個基點，這得益於我們的安全部門和這兩個部門的服務的超額增長帶來的有利組合影響。這些因素部分被通貨膨脹所抵消，這對我們的利潤率造成了下行壓力。

Adjusted EBITDA increased by 17.6% on a fixed currency basis for the 3 months ended March 31, 2023, and adjusted EBITDA margin was 9.1%, representing a 40 basis point increase compared to the prior year period primarily due to the factors impacting gross margins.

截至 2023 年 3 月 31 日止三個月，調整後 EBITDA 按固定貨幣計算增長 17.6%，調整後 EBITDA 利潤率為 9.1%，較上年同期增長 40 個基點，主要原因是影響毛利率的因素。

Adjusted diluted earnings per share for the first quarter was $0.25 per share, representing a $0.02 per share increase compared to the prior year period. The increase was driven primarily by strong organic growth and margin expansion in both Safety and Specialty Services. This is offset by an increase in interest expense compared to the prior year period.

第一季度調整後的攤薄每股收益為每股 0.25 美元，與去年同期相比每股增加 0.02 美元。這一增長主要是由安全和專業服務的強勁有機增長和利潤率擴張推動的。與去年同期相比，這被利息支出的增加所抵消。

I will now discuss our results in more detail for Safety Services. Safety Services reported revenues for the 3 months ended March 31, 2023, increase by 10.9% to $1.2 billion compared to $1.1 billion in the prior year period. Net revenues increased organically by 14.1%, and as Russ mentioned earlier, U.S. Life Safety was up organically 20.1% with our International Life Safety operations up organically 11%. The strong organic growth was driven by double-digit inspection service and monitoring revenue growth within our Life Safety businesses as well as continued pricing improvements.

我現在將更詳細地討論安全服務的結果。安全服務報告截至 2023 年 3 月 31 日止三個月的收入增長 10.9% 至 12 億美元，而去年同期為 11 億美元。淨收入有機增長 14.1%，正如 Russ 之前提到的，美國生命安全業務有機增長 20.1%，我們的國際生命安全業務有機增長 11%。強勁的有機增長是由我們生命安全業務中兩位數的檢查服務和監控收入增長以及持續的定價改進推動的。

Adjusted gross margins for the 3 months ended March 31, 2023, was 35.1%, which was flat compared to the prior year adjusted gross margin, driven primarily by pricing strength in inspection service and monitoring revenue offset by inflation and unfavorable mix impact. Adjusted EBITDA increased by 18.5% on a fixed currency basis for the 3 months ended March 31, 2023, and adjusted EBITDA margin was 12.3%, representing a 50 basis point increase compared with the prior year period driven primarily by leverage of SG&A spend across strong organic revenue growth.

截至 2023 年 3 月 31 日止三個月的調整後毛利率為 35.1%，與上年調整後毛利率持平，這主要是由於檢驗服務和監測收入的定價優勢被通貨膨脹和不利的組合影響所抵消。截至 2023 年 3 月 31 日的三個月，調整後的 EBITDA 按固定貨幣計算增長 18.5%，調整後的 EBITDA 利潤率為 12.3%，與上年同期相比增長 50 個基點，這主要是由於 SG&A 支出的槓桿作用有機收入增長。

I'll now discuss our results in more detail for our Specialty Services segment. Specialty Services reported revenues for the 3 months ended March 31, 2023, increased by 4.4% to $430 million compared to $412 million in the prior year period, primarily driven by increased demand in the infrastructure and utility markets.

我現在將更詳細地討論我們的專業服務部門的結果。專業服務報告稱截至 2023 年 3 月 31 日止三個月的收入增長 4.4% 至 4.3 億美元，而去年同期為 4.12 億美元，這主要是受基礎設施和公用事業市場需求增加的推動。

Adjusted gross margin for the 3 months ended March 31, 2023, was 13.3%, representing a 120 basis point increase compared to the prior year period, driven by strong organic growth, a shift in mix towards higher-margin service and disciplined project and customer selection. Adjusted EBITDA increased by 21.7% for the 3 months ended March 31, 2023, and adjusted EBITDA margin was 6.5%, representing a 90 basis point increase compared to the prior year period primarily due to the factors impacting adjusted gross margins.

截至 2023 年 3 月 31 日的 3 個月的調整後毛利率為 13.3%，較上年同期增長 120 個基點，這主要得益於強勁的有機增長、向利潤率更高的服務組合轉變以及規範的項目和客戶選擇。截至 2023 年 3 月 31 日止三個月，調整後 EBITDA 增長 21.7%，調整後 EBITDA 利潤率為 6.5%，較上年同期增長 90 個基點，主要原因是影響調整後毛利率的因素。

Turning to cash flow. In line with our guidance and expectations, our adjusted free cash flow for Q1 was flat, a $47 million improvement over the same period last year. As a reminder, Q1 is traditionally our lowest cash flow quarter due to seasonality and timing of annual payments. We reaffirm our prior guidance of delivering free cash flow conversion at or above 65% for 2023 on the way to our long-term adjusted free cash flow conversion target of approximately 80%.

轉向現金流。根據我們的指導和預期，我們調整後的第一季度自由現金流持平，比去年同期增加 4700 萬美元。提醒一下，由於季節性和年度付款的時間安排，第一季度傳統上是我們現金流量最低的季度。我們重申我們之前的指導意見，即在 2023 年實現 65% 或以上的自由現金流轉換，以實現我們約 80% 的長期調整後自由現金流轉換目標。

At the end of Q1, our net debt to adjusted EBITDA was approximately 3.1x. We remain laser focused on cash generation and deleveraging to our stated long-term net leverage target of 2 to 2.5x, with current expectations to achieve approximately 2.5x near the year-end 2023.

第一季度末，我們的淨債務與調整後 EBITDA 之比約為 3.1 倍。我們仍然專注於現金產生和去槓桿化，以實現我們規定的 2 至 2.5 倍的長期淨槓桿率目標，目前預計在 2023 年年底前達到約 2.5 倍。

I will now discuss our guidance for Q2 and full year 2023. While some might argue the macro became more uncertain during the quarter, the strength of our business, our top line momentum and the quality of our backlog gives us confidence to raise our prior full year guidance for reported net revenues and adjusted EBITDA. We now expect full year reported net revenues of $6.875 billion to $7.025 billion, up from $6.8 billion to $6.95 billion. At current currency expectations, this represents reported net revenue growth of approximately 5% to 7%. We now expect full year adjusted EBITDA of $740 million to $780 million, up from $735 million to $775 million, which represents reported adjusted EBITDA growth of 10% to 16%.

我現在將討論我們對第二季度和 2023 年全年的指導。雖然有些人可能會認為宏觀在本季度變得更加不確定，但我們的業務實力、我們的營收勢頭和我們積壓的質量使我們有信心提高我們之前的全部報告的淨收入和調整後的 EBITDA 的年度指導。我們現在預計全年報告的淨收入為 68.75 億美元至 70.25 億美元，高於 68 億美元至 69.5 億美元。按照目前的貨幣預期，這代表報告的淨收入增長約 5% 至 7%。我們現在預計全年調整後的 EBITDA 為 7.4 億美元至 7.8 億美元，高於 7.35 億美元至 7.75 億美元，這代表報告的調整後 EBITDA 增長 10% 至 16%。

In terms of Q2, we expect reported net revenues of $1.75 billion to $1.78 billion. This guidance represents reported net revenue growth of approximately 6% to 8%. We expect Q2 adjusted EBITDA of $195 million to $205 million, which represents reported adjusted EBITDA growth of 11% to 16%.

就第二季度而言，我們預計報告的淨收入為 17.5 億美元至 17.8 億美元。該指引代表報告的淨收入增長約 6% 至 8%。我們預計第二季度調整後的 EBITDA 為 1.95 億美元至 2.05 億美元，這代表報告的調整後 EBITDA 增長 11% 至 16%。

For 2023, we anticipate interest expense to be approximately $145 million, depreciation expense to be approximately $85 million, capital expenditures to be approximately $95 million and our adjusted effective cash tax rate to be approximately 24%. We expect our adjusted diluted weighted average share count for the year to be approximately 273 million.

到 2023 年，我們預計利息費用約為 1.45 億美元，折舊費用約為 8500 萬美元，資本支出約為 9500 萬美元，我們調整後的有效現金稅率約為 24%。我們預計今年調整後的稀釋加權平均股數約為 2.73 億股。

April marks APi's 3-year anniversary of being listed on the NYSE. We're excited across this mark with a stronger business, stronger leadership team and record first quarter results. With this 3-year anniversary and in conjunction with our filing of our 10-Q, as a matter of housekeeping only, we will also be updating on our shelf registration statement later today. This update is not meant to imply any planned issuances of shares or other activity, but is merely allowing us to have another 2 at our disposal now that this [window] has opened for the company. Overall, we are extremely pleased with the results delivered by our global team in the first quarter and look forward to sharing more updates as we progress throughout the year.

4 月是 APi 在紐交所上市 3 週年。我們對更強大的業務、更強大的領導團隊和創紀錄的第一季度業績感到興奮。在這 3 週年紀念日和我們提交 10-Q 的同時，我們也將在今天晚些時候更新我們的貨架註冊聲明。此更新並不意味著任何計劃發行股票或其他活動，而只是允許我們在這個 [窗口] 為公司打開後有另外 2 個可供我們支配。總的來說，我們對我們的全球團隊在第一季度取得的成果感到非常滿意，並期待隨著我們全年的進展分享更多更新。

I will now turn the call over to Russ.

我現在將把電話轉給 Russ。

Thanks, Kevin. APi's record first quarter results speaks to the strong momentum balanced across our global platform. Delivering the margin-enhancing double-digit organic growth, while improving backlog quality, gives us the comfort to raise our full year guidance for the business. As you've heard from all of us, we have great confidence in the business and the direction we are heading despite the macroeconomic environment. That said, we remain agile, adaptive and confident in our ability to take definitive and early actions in the face of a worsening of macroeconomic conditions.

謝謝，凱文。 APi 創紀錄的第一季度業績證明了我們全球平台的強勁勢頭。實現利潤率提高的兩位數有機增長，同時提高積壓質量，讓我們放心地提高全年業務指導。正如您從我們所有人那裡聽到的那樣，儘管宏觀經濟環境不佳，但我們對業務和我們前進的方向充滿信心。也就是說，面對宏觀經濟狀況的惡化，我們仍然保持敏捷、適應性強，並且相信我們有能力儘早採取明確的行動。

As we look to the years ahead, we believe we can create sustainable shareholder value by focusing on our 13/60/80 long-term value creation targets. These include above-industry average organic growth; adjusted EBITDA margin of 13% plus by 2025; 60% of revenue from service, inspection and monitoring; and adjusted free cash flow conversion of 80%. Coming off a great first quarter, I'm excited about the opportunities for the rest of 2023 and our ability to execute on our strategic plan in the years to come.

展望未來，我們相信我們可以通過專注於我們的 13/60/80 長期價值創造目標來創造可持續的股東價值。其中包括高於行業平均水平的有機增長；到 2025 年調整後的 EBITDA 利潤率為 13% 以上； 60%的收入來自服務、檢查和監測；調整後的自由現金流轉換為 80%。第一季度表現出色，我對 2023 年剩餘時間的機會以及我們在未來幾年執行戰略計劃的能力感到興奮。

With that, I would now like to turn the call back over to the operator and open the call for Q&A.

有了這個，我現在想把電話轉回接線員並打開電話進行問答。

(Operator Instructions) We'll take our first question from Andy Kaplowitz from Citigroup.

（操作員說明）我們將從花旗集團的 Andy Kaplowitz 那裡回答我們的第一個問題。

Russ, obviously, strong growth in your core America Life Safety business. When you talk to your customers, any sort of signs of any verticals slowing? And when you mentioned that you have improved backlog quality, maybe you can give us some more color on what that means and your visibility going forward?

Russ，很明顯，您的核心美國生命安全業務增長強勁。當您與客戶交談時，是否有任何垂直領域放緩的跡象？當你提到你已經提高了積壓質量時，也許你可以給我們更多關於這意味著什麼以及你的可見度的顏色？

Yes. Thanks, Andy. Appreciate you joining us this morning. I mean you've heard me say this before, but end markets, without question, matter. And I was recently at an industry association meeting where I was able to interact with a number of different CEOs in the space. And the folks that are in semiconductor, data center, health care, aviation are seeing, I'd say, manufacturing, specifically pharma and food and beverage, those end markets are continuing to just rock and roll. And -- but if you're in Chicago and thinking about building a 50-story condo tower, that project is dead in the water. And so you're seeing developer-led opportunities really get pushed to the right or get canceled.

是的。謝謝，安迪。感謝你今天早上加入我們。我的意思是你以前聽過我說過這個，但毫無疑問，終端市場很重要。我最近參加了一次行業協會會議，在那裡我能夠與該領域的許多不同 CEO 進行互動。半導體、數據中心、醫療保健、航空業的人們看到，製造業，特別是製藥業和食品飲料業，這些終端市場仍在繼續搖擺不定。而且 - 但如果你在芝加哥並考慮建造一座 50 層的公寓大樓，那麼該項目將陷入困境。所以你會看到開發人員主導的機會真的被推到右邊或被取消。

For us, we're very fortunate that developer-led project-related work is typically price driven. We've never competed very well in that space, and so it's not a large exposure to us. But the end markets that we play in, I didn't even mention, infrastructure and utility, which continues to be really robust as well. And so it's really all about the right end markets.

對我們來說，我們非常幸運，因為開發人員主導的項目相關工作通常是由價格驅動的。我們在那個領域的競爭從來沒有很好，所以這對我們來說並不是一個很大的風險敞口。但我們所參與的終端市場，我什至沒有提到，基礎設施和公用事業，它們仍然非常強勁。所以這真的是關於正確的終端市場。

And as it relates to our backlog, everybody knows how I really don't like backlog as a real benchmark for us because of the disciplined approach we take to project and customer selection. But we have visibility into our backlog and to the estimated gross margins associated with that backlog, and we feel like the quality of the backlog has really improved, really over the course of the end of last year into the first part of this year and we continue to be diligent when we're reviewing larger project-related proposals and the work associated -- and the work programs associated with that. And so we have -- we feel good about that.

由於它與我們的積壓有關，每個人都知道我真的不喜歡積壓作為我們的真正基準，因為我們對項目和客戶選擇採取了嚴格的方法。但是我們可以看到我們的積壓訂單以及與該積壓訂單相關的估計毛利率，我們覺得積壓訂單的質量確實有所提高，真的是在去年年底到今年上半年的過程中，我們在我們審查更大的項目相關提案和相關工作以及與之相關的工作計劃時，請繼續勤奮。所以我們 - 我們對此感覺很好。

And if you remember, last year, we talked a little bit about our efforts to burn off some of the lower-margin project-related work in our HVAC business that wasn't able to keep up with inflation. And we feel good that we've really worked our way through that as we continue to -- even though we continue to work off some of that backlog this year.

如果你還記得的話，去年，我們談到了我們在 HVAC 業務中燒掉一些利潤率較低的項目相關工作的努力，這些工作跟不上通貨膨脹的步伐。我們感覺很好，因為我們確實在繼續努力解決這個問題——儘管我們今年繼續處理一些積壓的工作。

Very helpful. And then you mentioned the increase in infrastructure and utility spending. I just wanted to ask you about specialty. Can you sustain that sort of mid-single-digit growth that you did in Q1 in that business? And are you seeing any impact from fiscal stimulus out there yet? And maybe just what's going on in telecom? Is that a more difficult environment this year?

很有幫助。然後你提到了基礎設施和公用事業支出的增加。我只是想問你專業。你能維持你在第一季度在該業務中取得的那種中個位數增長嗎？您是否看到了財政刺激措施的影響？也許電信行業正在發生什麼？今年的環境會更艱難嗎？

Yes. Well, you asked a lot of questions in one question.

是的。好吧，你在一個問題中問了很多問題。

I'm good at that.

我擅長那個。

I think most of your peers are pretty good at that, too. But so you're really not -- I think you're seeing dollars flowing into the system like really from a rural broadband perspective, and we've seen some opportunities in our businesses that perform that work. And so that part of it has been positive. Most of those dollars are allocated to the states and the states are figuring out how to utilize those dollars. So it's kind of state-by-state on what our business leaders are seeing. Kevin and I were just out actually visiting one of our businesses that does that work just like 3 weeks ago, and we had actually a pretty good conversation about what they're seeing there. So -- and they're seeing -- like in Minnesota, they're seeing opportunities. And so there's work happening there.

我認為你的大多數同齡人也很擅長這一點。但是，所以你真的不是——我認為你看到美元真正從農村寬帶的角度流入系統，而且我們已經在執行這項工作的企業中看到了一些機會。所以這部分是積極的。這些美元中的大部分都分配給了各州，各州正在研究如何使用這些美元。因此，我們的商業領袖所看到的情況是各州的。凱文和我剛剛出去參觀我們的一家企業，就像 3 週前一樣，我們實際上就他們在那裡看到的東西進行了很好的交談。所以——他們看到了——就像在明尼蘇達州一樣，他們看到了機會。因此，那裡正在開展工作。

As it relates to the infrastructure bill, you're seeing those dollars are starting to flow into the system, but a lot of that work is -- takes design effort and engineering effort, and so you're not really seeing the robust opportunities.

由於它與基礎設施法案有關，您會看到這些美元開始流入系統，但其中很多工作都是——需要設計工作和工程工作，因此您並沒有真正看到強大的機會。

And then regarding telecom, I know a number of the large telecom providers have reduced their CapEx budgets, but they've reduced their CapEx budgets from ginormous to enormous. And so the work plans that we do, we haven't seen any slowdown in our business with that and it continues to provide opportunities.

然後關於電信，我知道許多大型電信提供商已經減少了他們的資本支出預算，但他們已經將他們的資本支出預算從巨大減少到巨大。所以我們所做的工作計劃，我們沒有看到我們的業務有任何放緩，它繼續提供機會。

So to answer -- ultimately answer your question, there's plenty of opportunity in front of us to be able to sustain the organic growth that we showed through the first quarter. For us, it's more about really we want the business -- our business leaders to be super disciplined and focused on gross margin and, ultimately, EBITDA margin. That's how we're going to achieve our 13% goal, as being disciplined, and the growth and the opportunities are 100% there. We just need to make sure that we're picking the right opportunities for the business.

所以回答 - 最終回答你的問題，我們面前有很多機會能夠維持我們在第一季度展示的有機增長。對我們來說，更多的是我們真正想要的業務——我們的業務領導者非常自律，專注於毛利率，最終是 EBITDA 利潤率。這就是我們要實現 13% 目標的方式，因為要有紀律，增長和機會是 100% 的。我們只需要確保我們為企業選擇了正確的機會。

Just one quick follow-up for Kevin. You mentioned you're watching pipe prices. Have you put in maybe rising commodity prices into your guidance? Is that the reason why you raised EBITDA maybe a little less than revenue for the year?

只是對凱文的快速跟進。你提到你正在關注管道價格。您是否將商品價格上漲納入您的指導方針？這就是為什麼你提高 EBITDA 可能比當年收入少一點的原因嗎？

So yes, pipe prices are one of the critical elements that we purchased. We did see a runoff here in the first quarter. I would say that our guide, generally in the back half of the year, we are not yet taking a position on inflation. That is not baked into our guide any sort of significant inflation and, therefore, pass-through of that from a revenue standpoint would flow through.

所以是的，管道價格是我們購買的關鍵要素之一。我們確實在第一季度看到了決選。我會說我們的指南，一般在今年下半年，我們還沒有對通貨膨脹採取立場。這並沒有納入我們的指南中，任何形式的重大通貨膨脹，因此，從收入的角度來看，它的傳遞將會流過。

Our next question comes from Julian Mitchell from Barclays.

我們的下一個問題來自巴克萊銀行的 Julian Mitchell。

This is Kiran Patel-O'Connor on for Julian. I just wanted to ask on Chubb, how the acquisition is -- the integration is proceeding? And any updates to the synergy expectations for fiscal '23 and the cadence through the year?

我是朱利安的 Kiran Patel-O'Connor。我只是想問安達，收購進展如何——整合正在進行中？對 23 財年的協同效應預期和全年的節奏有何更新？

Well, we look -- we basically look at Chubb in our international business together, and I would answer that by saying we couldn't be more pleased with how the integration efforts really are progressing. And as I mentioned in my remarks, the -- we feel like our leadership team has really come together across all aspects of the business. And so we feel really good about that and where we're at and where the business is going, and we shared some information on organic growth internationally. We don't plan to do that on a quarter-by-quarter basis, but we wanted to just give some color on really the -- really solid progress that leadership in the business has been making.

好吧，我們看 - 我們基本上一起看看我們國際業務中的 Chubb，我會回答說我們對整合工作的真正進展感到非常滿意。正如我在發言中提到的那樣，我們覺得我們的領導團隊真的在業務的各個方面走到了一起。因此，我們對此以及我們所處的位置和業務的發展方向感到非常滿意，並且我們在國際上分享了一些有關有機增長的信息。我們不打算按季度進行，但我們只想為業務領導層取得的真正穩固進展提供一些色彩。

We feel really good about the $100 million of value capture opportunity in front of us. We've guided to $55 million to $65 million this year, with most of it happening in the second half and we feel like we're 100% on track with that. And I just -- I mean, the long and short of it is, is that we feel really good about where we're headed with that business.

我們對擺在我們面前的 1 億美元的價值捕獲機會感到非常高興。今年我們已經指導了 5500 萬到 6500 萬美元，其中大部分發生在下半年，我們覺得我們 100% 走上了正軌。我只是——我的意思是，總而言之，我們對這項業務的發展方向感到非常滿意。

Do you want to add anything?

你想添加什麼嗎？

Just a point of clarification. There's really no update from a restructuring or synergy timing standpoint from our last call. The $55 million to $65 million that Russ referenced was restructuring charge that we anticipate this year for the work we're doing there internationally, and we would expect that charge to be later in the year. And therefore, any value capture opportunities that come from the charge sales will be back half loaded really into 2024.

只是澄清一點。從我們上次電話會議的重組或協同時間的角度來看，確實沒有更新。 Russ 提到的 5500 萬至 6500 萬美元是我們預計今年我們在國際上所做的工作的重組費用，我們預計該費用將在今年晚些時候支付。因此，任何來自充電銷售的價值捕獲機會都將真正回到 2024 年。

Understood. And then my follow-up question was just on the comments you made on returning to bolt-on M&A later in '23. What gives you confidence to return to this bolt-on M&A? Is it strength in the cash flow later in the year? And should we expect the size of the deals to be relatively small and financed by cash on hand? Or would you be willing to take on any additional debt for the right deal?

明白了。然後我的後續問題只是關於你在 23 年晚些時候對回歸補強併購所做的評論。是什麼讓您有信心重返這場補強併購？今年晚些時候的現金流量是否強勁？我們是否應該期望交易規模相對較小並由手頭現金提供資金？或者您願意為正確的交易承擔任何額外的債務嗎？

Yes. So we're focused primarily, from a bolt-on M&A, in smaller transactions that are accretive to our existing business, primarily in North America. We want our team internationally to really stay focused on the integration work that's in front of them. That doesn't mean that if the right small opportunity came along with the right leader that would have the capacity to handle it, that we wouldn't take a look at it. So I don't want to say that it's 100% not going to happen. But the focus is primarily in North America where we feel like the existing leadership has the capacity to integrate it.

是的。因此，我們主要關注通過補強併購進行的小型交易，這些交易可以增加我們現有業務，主要是在北美。我們希望我們的國際團隊能夠真正專注於擺在他們面前的整合工作。這並不意味著如果合適的小機會伴隨著有能力處理它的合適的領導者出現，我們就不會考慮它。所以我不想說這 100% 不會發生。但重點主要在北美，我們認為現有的領導層有能力整合它。

We've modeled in some dollars, so to speak, into our cash flow forecast. So even as we talked about getting delevered to that 2.4, 2.5x by year-end, we've modeled in a modest amount of dollars for bolt-on M&A. So essentially, we would do that with cash on hand. And I suspect that if the right larger transformational opportunity would come along, I suspect that we would take a look at it, but it would have to be another kind of center-of-the-fairway type transaction for us that really, really made a lot of sense. But I would tell you that we're very, very excited to kind of turn the bolt-on M&A faucet and get it going again. And we have some really, really nice opportunities that we're digging in on right now.

可以說，我們已經將一些美元建模到我們的現金流量預測中。因此，即使我們談到在年底前將去槓桿化到 2.4、2.5 倍，我們也為補強併購建立了適度的美元模型。所以基本上，我們會用手頭的現金來做到這一點。而且我懷疑如果出現合適的更大的轉型機會，我懷疑我們會看一看，但這對我們來說必須是另一種真正非常成功的中心交易很有道理。但我會告訴你，我們非常非常興奮能夠打開螺栓固定的併購水龍頭並讓它再次運行。我們現在正在挖掘一些非常非常好的機會。

Our next question comes from Kathryn Thompson from Thompson Research Group.

我們的下一個問題來自 Thompson Research Group 的 Kathryn Thompson。

This is just a -- first is a bigger picture question. We look at 4 big specular trends impacting the U.S. in particular, reshoring, near-shoring, population shift, increasing and focus on environmental and then government support for construction spending through IIJA function, Inflation Reduction Act and CHIPS to that. When you look at those 4 big trends in the U.S., how does APi Group capitalize on these trends? In particular, we're hearing other comments from peers and related companies focusing on how they're already seeing benefits in fire and life safety.

這只是一個——首先是一個更宏觀的問題。我們著眼於影響美國的四大預測趨勢，特別是回流、近岸、人口轉移、增加和關注環境，然後是政府通過 IIJA 職能、通貨膨脹減少法案和 CHIPS 對建設支出的支持。當您審視美國的這 4 大趨勢時，API 集團如何利用這些趨勢？特別是，我們聽到了來自同行和相關公司的其他評論，重點關注他們如何已經看到了火災和生命安全方面的好處。

Well, Kathryn, I mean, I think that the fire and life safety space, specifically, to a certain degree, I think security evolves with it even though it's not as statutorily required. All of everything that you're seeing and you're talking about enhanced code and increased regulation in the space, is a positive for our business. When I look at things like the CHIPS Act, the semiconductors were already in process of reshoring and the $30 billion that's been allocated for that is just a drop in the bucket and really -- I don't even know if I would put it in the category of being necessary. The spend was really over the top from that perspective.

好吧，凱瑟琳，我的意思是，我認為消防和生命安全空間，特別是在某種程度上，我認為安全性會隨之發展，即使它不是法定要求。你所看到的所有一切，以及你正在談論的增強代碼和加強監管，對我們的業務都是積極的。當我看到諸如 CHIPS 法案之類的事情時，半導體已經在回歸的過程中，為此分配的 300 億美元只是九牛一毛，真的——我什至不知道我是否會把它投入必要的類別。從這個角度來看，這筆支出真的太過分了。

And I think for us, as we centered on our culture and purpose of building great leaders and when we think about that investment and what that means from an ESG perspective and the difference that we can make in the communities we serve, we feel that in a tightening labor market that, that only benefits our company and our organization and positions us to continue to grow the business. And I think that businesses that are really focused and centered on a people-first mindset are ultimately going to win. And all of the other stuff just becomes a byproduct to a certain degree and noise to a certain degree for your efforts as you continue to look to build your business.

我認為對我們來說，當我們以培養優秀領導者的文化和目標為中心時，當我們考慮這項投資以及從 ESG 的角度來看這意味著什麼以及我們可以在我們所服務的社區中做出的改變時，我們覺得一個緊縮的勞動力市場，這只會有利於我們的公司和我們的組織，並使我們能夠繼續發展業務。我認為真正專注於以人為本的企業最終會獲勝。當您繼續尋求建立您的業務時，所有其他的東西在某種程度上只是成為您努力的副產品和噪音在某種程度上。

And so when I think about ESG and some of the things that are associated with that, I really like where our business is positioned because it's positioned around people first, and that includes diversity, equity, inclusion and other aspects like that. We think that we have some real -- from a sustainability, we have some really good opportunities in front of us that will make a difference for our customers, and we'll only add to some of the efforts that they've already started to put forward.

因此，當我想到 ESG 以及與之相關的一些事情時，我真的很喜歡我們的業務定位，因為它以人為本，包括多樣性、公平性、包容性和其他類似方面。我們認為我們有一些真正的——從可持續發展的角度來看，我們面前有一些非常好的機會，它們將為我們的客戶帶來改變，我們只會增加他們已經開始的一些努力提出。

So I really think that our company is because we're so centered on our purpose of building great leaders, we're positioned to take advantage of kind of these secular tailwinds that you talked about.

所以我真的認為我們公司是因為我們如此專注於培養偉大領導者的目標，我們有能力利用你談到的這些長期順風。

And then a follow-up question I have, more relates to the Chubb acquisition. You're anniversarying that. And one of the areas that you're focusing on is that inspection-first mindset with Chubb. Where are we today versus with that when you first acquired the company? And how far along in that journey are you in really converting to that inspection-first mindset?

然後我有一個後續問題，更多地與 Chubb 的收購有關。你正在慶祝那個。您關注的領域之一是與 Chubb 的檢查至上的心態。與您首次收購公司時相比，我們今天的情況如何？在這段旅程中，您真正轉變為檢查至上的心態有多遠？

Well, I would tell you that we're in like the bottom of the first inning, really. I mean you're taking -- it's like taking a freighter and trying to turn it 180 degrees, and it takes time and it takes energy and efforts. And our -- I know that our new sales leader inside our international business is on the call today. So hopefully, he's listening closely to the importance here and I am smiling about that. But it takes energy and time.

好吧，我會告訴你，我們真的處於第一局的底部。我的意思是你正在乘坐 - 這就像乘坐貨輪並試圖將其旋轉 180 度，這需要時間，需要精力和努力。而我們的——我知道我們國際業務的新銷售主管今天正在接聽電話。所以希望他仔細聆聽這裡的重要性，我對此微笑。但這需要精力和時間。

And -- but it was really super cool, Kathryn, is that our leader in Asia shared a story with us that we recently basically won an inspection-first contract with one of the casino properties on the island of Macau. And we celebrated that across the business and across the organization. And to me, that's -- is that mindset that we have to change first. I mean there's just -- there's still the mindset of we're going to go win an installation job, and then we're going to -- at the end of the installation job, we're going to convert it to an inspection and service contract. And that take -- it's going to take some time and energy to change that mindset. But celebrating the right behaviors is a big part of it.

而且 - 但它真的超級酷，凱瑟琳，是我們在亞洲的領導與我們分享了一個故事，我們最近基本上贏得了與澳門島上一家賭場物業的檢查優先合同。我們在整個企業和整個組織中慶祝這一點。對我來說，那是我們必須首先改變的心態。我的意思是 - 仍然存在我們要贏得安裝工作的心態，然後我們將 - 在安裝工作結束時，我們將把它轉換為檢查和服務合同。這需要——需要一些時間和精力來改變這種心態。但慶祝正確的行為是其中很重要的一部分。

Probably be some -- well, there is an effort to transform our sales force going on in our international business right now. I feel very strongly that we have the right leader looking over the sales organization in that piece of the business. He's working in conjunction with Courtney Brogard, our Vice President of National Inspection Sales here in North America. And so we're gaining on it, but we have a lot of work to do there, and I'd be misleading you if I didn't tell you that.

可能有一些 - 好吧，現在正在努力改變我們在國際業務中進行的銷售隊伍。我非常強烈地感到，我們有合適的領導來監督該業務的銷售組織。他與我們在北美的國家檢驗銷售副總裁 Courtney Brogard 一起工作。所以我們正在取得進展，但我們還有很多工作要做，如果我不告訴你，我會誤導你。

Our next question comes from An Wittmann from Baird.

我們的下一個問題來自 Baird 的 An Wittmann。

Great. I guess just a technical one to start out with here. Just on the guidance, Kevin, maybe can you talk about what the FX hit is that's implicit in your guidance for this year? I think for the balance of the year, it should be evening out a little bit. But why don't you just comment on that?

偉大的。我想只是從這裡開始的技術問題。就指導而言，凱文，也許你能談談你今年的指導中隱含的外匯衝擊是什麼？我認為在今年餘下的時間裡，應該稍微晚一點。但你為什麼不對此發表評論呢？

And then just a point of clarification, make sure we're on the same page, Russ. You mentioned that there were some dollars on the investment side for some bolt-on M&A. I just want to make sure that the EBITDA guidance, the revenue guidance does not include any unanticipated or unannounced, I guess, I'd say, M&A through today.

然後只是澄清一點，確保我們在同一頁上，Russ。你提到在投資方面有一些美元用於一些補強併購。我只想確保 EBITDA 指導，收入指導不包括任何意外或未宣布的，我想，我會說，直到今天的併購。

I'll take them both, actually. On the first one, FX was a headwind year-on-year in the first quarter. You'll see that we did through our material. It's probably cost us somewhere around $30 million top line. As we go through the year, we anticipate that flipping the back half of the year in our reported results and our reported guidance. We see it being more favorable in the back half of the year. For the year, all in, it's going to be slightly favorable at revenue and, therefore, very, very slightly favorable at EBITDA. On the -- your question on bolt-on, our guidance traditionally always excludes any contemplated M&A all-cap revenue or at EBITDA.

實際上，我會把它們都帶走。首先，外彙在第一季度同比逆風。你會看到我們通過我們的材料做到了。它可能使我們損失了大約 3000 萬美元的收入。在我們度過這一年的過程中，我們預計我們報告的結果和報告的指導將在下半年翻轉。我們認為它在今年下半年會更加有利。總的來說，今年的收入將略微有利，因此，EBITDA 將非常非常有利。關於 - 你關於補強的問題，我們的指導傳統上總是不包括任何預期的併購全額收入或 EBITDA。

Yes. Okay. And then, I guess, just, Russ, I thought your commentary in your prepared remarks on the sales force and the investments and bringing the team in were kind of interesting. Kind of got me thinking more about that. With the company growing nicely here on the Safety segment, in particular, I guess I'm just curious, are you still hiring there? Or are you expecting the productivity of the existing sales force to continue to drive sales from here? I'm just kind of wondering how you're thinking about investments in a macro that's a little bit more uncertain, although your demand seems like it's pretty good.

是的。好的。然後，我想，只是，Russ，我認為你在你準備好的關於銷售隊伍和投資的評論中的評論以及讓團隊加入的評論有點有趣。有點讓我想到更多。隨著公司在安全領域的快速發展，特別是，我想我很好奇，你們還在招聘嗎？或者您是否期望現有銷售人員的生產力從這裡繼續推動銷售？我只是想知道你是如何考慮對一個有點不確定的宏觀投資的，儘管你的需求看起來相當不錯。

Yes. I would say that we continue to hire, and we continue to build out that sales team. And there's many markets that I would say that we're underrepresented in. And I view all of that as just great opportunity for the business.

是的。我會說我們繼續招聘，我們繼續建立銷售團隊。在很多市場中，我會說我們的代表性不足。我認為所有這些都是企業的絕佳機會。

And if you just -- and I know you know this, Andy, but for those that maybe don't know this, we -- regardless of what's going on from a macroeconomic environment, buildings and facilities and manufacturing operations, their -- those facilities are going to -- the inspection is going to continue to be required regardless of what's going on. And so for us, that's an investment into the future in a place where we will continue to invest and build out that sales force.

如果你只是——我知道你知道這一點，安迪，但對於那些可能不知道這一點的人來說，我們——不管宏觀經濟環境、建築和設施以及製造業務發生了什麼，他們的——那些設施將——無論發生什麼情況，都將繼續需要檢查。所以對我們來說，這是對未來的投資，我們將在這個地方繼續投資和建立銷售隊伍。

Got it. That's helpful. And then I guess my final question would just be trying to get an understanding of the extent of customers on the Chubb side that you've decided to go a different direction with that you've exited. Maybe could you help us just understand how much of an impact that was on a year-over-year basis to the revenue line in the quarter? Or maybe what do you anticipate that to be as a headwind to the revenue that's implicit in the guidance that you gave here today? Just so we can kind of frame what that looks like and what your gross new sales are really adding to the business.

知道了。這很有幫助。然後我想我的最後一個問題只是試圖了解 Chubb 方面的客戶範圍，你已經決定與你退出的方向不同。也許您能幫助我們了解與去年同期相比對本季度收入線的影響有多大？或者，也許您認為這會對您今天在這裡提供的指導中隱含的收入產生不利影響？這樣我們就可以構建出看起來像什麼以及您的新銷售總額真正為業務增加了什麼。

I think if we go back to the materials that we had last November, I think we showed in our revenue bridge, I think we showed customer attrition in the 5% range. And I would say that the reality of it is, it's less than that, probably in that 2% to 3% range. We've -- as some of these, so to speak, loss-making or poor performing service and maintenance contracts that we had where we were maybe a bit more aggressive on price, we didn't see the attrition that we thought we would necessarily see. So that's a positive to us. And we still have some work to do there, and we'll continue to have some work to do there probably through this year and maybe even dragging into a little bit of next year, and it will continue to be a point of emphasis for us.

我想如果我們回到去年 11 月的材料，我想我們在收入橋樑中展示了，我認為我們展示了 5% 範圍內的客戶流失。我想說的是，實際情況是，它比那個要少，可能在 2% 到 3% 的範圍內。我們已經 - 作為其中一些，可以這麼說，我們擁有的虧損或表現不佳的服務和維護合同我們可能在價格上更具侵略性，但我們沒有看到我們認為會出現的人員流失一定要看所以這對我們來說是積極的。我們在那裡還有一些工作要做，我們可能會在今年繼續在那裡做一些工作，甚至可能拖到明年的一點點，這將繼續成為我們的重點.

Our next question comes from Chris Snyder from UBS.

我們的下一個問題來自瑞銀集團的 Chris Snyder。

I want to ask on M&A, and particularly the tightening lending standards we're seeing in the market. Has that had any impact on the competition for deals? I would think maybe some of the smaller potential buyers out there in the market could be impacted by that.

我想問一下併購，尤其是我們在市場上看到的收緊貸款標準。這對交易競爭有什麼影響嗎？我認為市場上一些規模較小的潛在買家可能會受到影響。

Yes. I mean I think what's -- for sure, anything that's larger, you're seeing, obviously, multiples are potentially coming down the -- much more difficult for, say, private equity firms to get the leverage that they would potentially be required. But on the smaller transactions and specifically the types of businesses that we want to acquire, the typical seller is not really interested in selling to private equity.

是的。我的意思是我認為 - 當然，任何更大的東西，你看到的，顯然，倍數可能會下降 - 比方說，私募股權公司更難以獲得他們可能需要的槓桿作用。但對於規模較小的交易，特別是我們想要收購的企業類型，典型的賣方並不真正有興趣出售給私募股權。

The sellers and the companies that we're looking for are really more interested in finding the right home for their people and for their team. And so we stay super focused on culture, values and fit. And I think that the potential sellers are focused on the same thing as us. And so we really find that we're still able to buy these businesses from an economically fair perspective, some place between 5 and 7x I suspect and we still -- when we have robust opportunities in that space.

我們正在尋找的賣家和公司實際上更感興趣的是為他們的員工和團隊找到合適的家。因此，我們非常專注於文化、價值觀和契合度。而且我認為潛在的賣家和我們關注的是同樣的事情。因此，我們真的發現，從經濟公平的角度來看，我們仍然能夠購買這些企業，我懷疑價格在 5 到 7 倍之間，而且我們仍然——當我們在該領域擁有強大的機會時。

So I would answer, it's a little bit of a bolt-in, but the types of companies and the types of sellers that we're looking for really aren't interested in selling their businesses to private equity. And we have, I think, a totally different story and I think a much better story to tell.

所以我會回答，這有點像螺栓固定，但我們正在尋找的公司類型和賣家類型確實對將他們的業務出售給私募股權不感興趣。我認為，我們有一個完全不同的故事，而且我認為有一個更好的故事要講。

I appreciate that. And then just kind of following up on those bolt-on. Is it fair to just assume that the bolt-ons from here will all be focused on life and fire safety? Or is there any appetite to maybe add bolt-ons in adjacent building services markets because where you can leverage the sales force -- or sorry, the workforce and kind of expand the total addressable market on the back of that?

我很感激。然後只是跟進那些螺栓固定。僅僅假設這裡的補強措施將全部集中在生命和消防安全上是否公平？或者是否有興趣在相鄰的建築服務市場中增加螺栓連接，因為您可以在其中利用銷售人員 - 或者抱歉，勞動力以及在此基礎上擴大整個可尋址市場？

So I would say that as we think about our M&A activity, again, our focus is what I would say is Life Safety and Security, and again, primarily in North America.

所以我想說，當我們考慮我們的併購活動時，我們的重點再次是我要說的生命安全和保障，而且主要是在北美。

Regarding the question on appetite for adjacencies, I would say there's appetite for adjacencies, but I don't know if that adjacency would necessarily -- we would want to be comfortable that there's the opportunity for us to scale any sort of adjacency that we move the business towards. Like in the past, we've mentioned interest in the elevator and escalator space. Well, buying up one-off $6 million elevator maintenance company in Paducah, Kentucky, probably doesn't make a lot of sense for us. But if there was an opportunity for us to enter into the space with -- as more of a platform-leading type business, there would probably be more interest in that. So we're going to make sure that we're staying laser-like focused on what our core capability is as we continue to look at adjacencies as well.

關於對鄰接的興趣問題，我會說對鄰接有興趣，但我不知道鄰接是否必然——我們希望感到舒服的是，我們有機會擴展我們移動的任何類型的鄰接業務往。與過去一樣，我們提到了對電梯和自動扶梯空間的興趣。那麼，以 600 萬美元一次性收購肯塔基州帕迪尤卡的電梯維修公司，對我們來說可能意義不大。但是，如果我們有機會進入這個領域——作為一個平台領先的企業，可能會有更多的興趣。因此，我們將確保在繼續關注鄰接關係的同時，像激光一樣專注於我們的核心能力。

Our next question comes from Ashish Sabadra from RBC.

我們的下一個問題來自 RBC 的 Ashish Sabadra。

This is David Paige on for Ashish. Congrats on the good results here. I just had one question around -- you had mentioned in the beginning of the call, some of the new business wins. Are you taking market share from maybe competitors? Or are you just growing share of wallet there? Or just maybe some more color on how you're attacking some of those new business wins you mentioned.

這是 Ashish 的 David Paige。祝賀這裡取得了好成績。我只是有一個問題——你在電話一開始就提到了一些新業務的勝利。您是否正在從競爭對手那里奪取市場份額？或者你只是在那裡增加了錢包份額？或者，也許只是關於您如何攻擊您提到的一些新業務勝利的更多顏色。

Well, when you think about inspections and our growth in inspections, you can -- obviously, there's -- we're raising our prices in our inspections, obviously. But essentially, the inspection growth that we're getting is all volume and all share, right? We're taking that -- it's the already-existing built environment that our sales teams found in the pavement and calling on those types of customers, and that's essentially we're taking volume.

好吧，當你考慮檢查和我們檢查的增長時，你可以 - 顯然，我們正在提高我們的檢查價格，顯然。但從本質上講，我們獲得的檢查增長是所有數量和所有份額，對嗎？我們正在接受——這是我們的銷售團隊在人行道上發現並拜訪這些類型的客戶的已經存在的建築環境，這基本上就是我們正在接受的數量。

And I mean, yes, are we converting -- are we still converting new building installations and things like that? For sure. But most of that is truly volume and share, and we obviously continue to try to focus on taking wallet as well with our existing customers wherever that's possible. And that's why you see us so focused on growth in inspections, and -- because we continue to build out our customer base.

我的意思是，是的，我們是否正在轉換——我們是否仍在轉換新的建築設施和類似的東西？一定。但其中大部分是真正的數量和份額，我們顯然會繼續努力專注於盡可能地與我們現有的客戶一起拿錢包。這就是為什麼你看到我們如此專注於檢查的增長，而且——因為我們繼續建立我們的客戶群。

A lot of the -- one of the advantages that we are going to have from the infrastructure bill is more indirect for us than direct. And what I mean by that is that as those dollars flow into the system and creates project-related opportunities, our competitors will start to move their business towards those larger project-related opportunities, which will open up opportunities with our existing customer base for us to take more share with our existing customers. And it should also raise -- bring the opportunity for us to raise our prices because of less competition in the space. So it's -- there's obviously price involved, but we are continuing to take volume and share.

很多——我們將從基礎設施法案中獲得的優勢之一對我們來說是間接的，而不是直接的。我的意思是，隨著這些美元流入系統並創造與項目相關的機會，我們的競爭對手將開始將他們的業務轉向那些更大的與項目相關的機會，這將為我們現有的客戶群打開機會與我們現有的客戶分享更多。而且它還應該提高 - 由於空間競爭減少，我們有機會提高價格。所以它 - 顯然涉及價格，但我們將繼續獲取數量和份額。

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

我們的下一個問題來自美國銀行的 Andrew Obin。

This is David Ridley-Lane on for Andrew Obin. As you've gotten more experience with Chubb's security business, how are you kind of thinking about that service lines, characteristics, returns, et cetera? And is that an area for investment for you?

這是安德魯奧賓的大衛雷德利萊恩。隨著您在 Chubb 的安全業務方面獲得更多經驗，您如何看待該服務線、特徵、回報等？那是您的投資領域嗎？

Well, it's 100% an area of investment for us. I mean like we've said this from day 1 that it's a center of the fairway deal for us. We feel that same way today. We feel like we're the 100% right owner and the right home for that business, and we won't have bought it if we weren't going to invest in the business. And for us, it's just really a matter of getting the business optimized and stabilized. We feel very strongly we need to have a really rock solid foundation in order to start putting those building blocks and growing that business as we move forward. And there's -- the markets that they serve are as fragmented as North America when we talk about that market as well. So we 100% plan to invest in it.

好吧，這對我們來說是 100% 的投資領域。我的意思是，就像我們從第一天起就說過，這是我們球道交易的中心。我們今天也有同樣的感覺。我們覺得我們是該企業 100% 的所有者和合適的歸宿，如果我們不打算投資該企業，我們就不會購買它。對我們來說，這真的只是讓業務優化和穩定的問題。我們非常強烈地感到，我們需要擁有一個真正堅如磐石的基礎，以便在我們前進的過程中開始構建這些基石並發展該業務。還有——當我們談論那個市場時，他們所服務的市場與北美一樣分散。所以我們 100% 計劃投資它。

Now, there's other opportunities inside that business as well, so like Chubb has very strong security capabilities. We're less strong in North America from a security perspective, so we feel that there's an opportunity for us to take advantage of some of that expertise in our existing business here. Same thing for our business, has much greater capability and strength from a sprinkler perspective. On the mechanical side of the life safety space, we think that we can bring that level of expertise to that business.

現在，該業務內部還有其他機會，因此像 Chubb 一樣具有非常強大的安全功能。從安全角度來看，我們在北美的實力較弱，因此我們認為我們有機會利用我們現有業務中的一些專業知識。對於我們的業務來說也是如此，從灑水器的角度來看，它具有更大的能力和實力。在生命安全領域的機械方面，我們認為我們可以將這種水平的專業知識帶到該業務中。

And so there's places for us to invest from probably an M&A perspective. There's places for us to invest and grow the business from -- in an organic perspective, and there's also ways for us to continue to improve the business just from a best practice and a knowledge sharing that will allow us to really increase the performance of the business. And we're very optimistic and very bullish on what can be accomplished there. And I think -- and I attribute a big part of, so to speak, I'm looking at Kevin as I make this comment, but I'm attributing a big part of our optimism to the leadership team that we've built out there. Like we've built out a first-class leadership team there. And it starts with the leadership and the leadership will ultimately drive superior results in that business, and I had great confidence.

因此，從併購的角度來看，我們可以投資一些地方。我們可以從有機的角度投資和發展業務，也可以通過最佳實踐和知識共享繼續改進業務，這將使我們能夠真正提高績效商業。我們非常樂觀，非常看好在那裡可以取得的成就。而且我認為 - 我認為很大一部分可以這麼說，我在發表評論時看著凱文，但我將我們的樂觀情緒很大一部分歸因於我們建立的領導團隊那裡。就像我們在那裡建立了一流的領導團隊一樣。它始於領導層，而領導層最終將推動該業務取得卓越成果，我對此充滿信心。

Got it. And just a quick follow-up. I think the implication of some of the pricing commentary here is that you're seeing an acceleration in labor hours, just the cleanest metric of volume. Is that the right read here?

知道了。并快速跟進。我認為這裡的一些定價評論的含義是你看到勞動時間的加速，這只是最乾淨的數量指標。這是正確的閱讀嗎？

Can you take it?

你能接受嗎？

Yes. I would say that it varies across our businesses for sure. But in general, as we move sort of back half 2022 in the first half or early 2023, I would say in the aggregate, we're not seeing an acceleration per se, but we're seeing sort of the growth that we saw last year in labor hours in the back half of the year continuing in the first quarter of 2023.

是的。我會說它肯定會因我們的業務而異。但總的來說，隨著我們在上半年或 2023 年初向後移動 2022 年，我想說總體而言，我們本身並沒有看到加速，但我們看到了我們上次看到的某種增長今年下半年的勞動時間持續到 2023 年第一季度。

Our next question comes from Steve Tusa from JPMorgan.

我們的下一個問題來自摩根大通的 Steve Tusa。

This is Parth Patel on for Steve Tusa. Are you seeing any impact of higher vacancy rates, particularly in office vertical?

這是史蒂夫圖薩的 Parth Patel。您是否看到更高的空置率有任何影響，尤其是在辦公室垂直領域？

I'm sorry, I didn't hear you.

對不起，我沒聽見。

Can you hear me now?

你能聽到我嗎？

Yes, try me again.

是的，再試一次。

Are you seeing any impact of higher vacancy rates, particularly in office?

您是否看到更高的空缺率有任何影響，尤其是在辦公室？

No. I mean, I think really, again, the inspections are statutorily required. I think that -- so we're focused on the already existing built environment, and so for us, that's an advantage that we have. And again, we don't -- we're not involved with a lot of developer-led commercial office building construction that's being shelved. And so it's just -- it doesn't have a material impact on our business, and I think that we stay focused on the proper end markets. So it hasn't had any sort of a material impact on our business at all.

不，我的意思是，我認為真的，再一次，檢查是法定要求的。我認為 - 所以我們專注於已經存在的建築環境，所以對我們來說，這是我們擁有的優勢。再一次，我們沒有——我們沒有參與許多被擱置的開發商主導的商業辦公樓建設。所以它只是 - 它不會對我們的業務產生實質性影響，我認為我們仍然專注於適當的終端市場。因此，它根本沒有對我們的業務產生任何實質性影響。

Our next question comes from Adam Wyden from ADW Capital.

我們的下一個問題來自 ADW Capital 的 Adam Wyden。

And no, really nice job. Obviously, the free cash flow conversion was a lot better and things are sort of normalizing. But I had sort of more of a qualitative question. Some people sort of referenced APi as a construction company, and I think some people sort of danced around the issue, well, there's new construction down or there's vacancies down.

不，真的很棒。顯然，自由現金流轉換要好得多，事情正在正常化。但我有更多的定性問題。有些人將 APi 稱為建築公司，我認為有些人圍繞這個問題跳舞，好吧，有新建築倒塌或有空缺。

And I think a lot of building service companies that sell into sort of the end markets that you sell into like a Watsco or an Otis elevator, they sort of give 2 numbers. One is sort of recurring service and recurring, and then like what is replacement in nature. I think earlier on in your sort of IPO go public process, you sort of spoke to the company being sort of 90-plus percent recurring and replacement. So sort of stuff that isn't directly levered to new construction because new construction building stock is only growing about 3% a year.

而且我認為很多銷售到終端市場的建築服務公司，比如 Watsco 或 Otis 電梯，他們給出了 2 個數字。一種是重複性服務和重複性，然後是本質上的替代。我認為在你的首次公開募股上市過程的早期，你對公司說了 90% 以上的經常性和替代性。這類東西並沒有直接用於新建築，因為新建築存量每年僅增長 3% 左右。

So maybe it would be helpful to sort of give people a sense of sort of how much of new business is sort of contractual service? How much of it is replacement? And how much of it is really levered to sort of new [steering] up new buildings, so people can get a sense of sort of the macroeconomic sensitivity?

因此，讓人們了解有多少新業務是合同服務可能會有所幫助？有多少是替代品？其中有多少真的被用來建造新的[引導]新建築，這樣人們才能對宏觀經濟的敏感性有所了解？

Yes. So Adam, thank you for your interest and your support. So the 90% that you referred to is really is directed towards a recurring customer base. Basically, we're very much a relationship-based business and focus from our team, and so 90% of our revenue comes from a recurring basically same customers year-in and year-out, and we're super focused on retaining those customers. We don't break out the exact figures as it relates to inspection service and monitoring, but we're north of 50% of our total revenue comes from inspection service and monitoring.

是的。亞當，感謝您的關注和支持。所以你提到的 90% 實際上是針對經常性客戶群的。基本上，我們是一個非常基於關係的企業，我們團隊的重點，所以我們 90% 的收入來自年復一年的基本相同的經常性客戶，我們非常專注於留住這些客戶.我們沒有透露與檢查服務和監控相關的確切數字，但我們總收入的 50% 以上來自檢查服務和監控。

And I think that if you peel back the onion a little bit further, probably -- so then you do some math and you'd say, well, the other, say, 40 -- high 40s percentages would be installation or project-related work. And I would say of that, probably some place around -- and this is a guesstimate, so you can't really hold me to it, but I would say that it's probably some place, around 20% to 25% of that is retrofit and kind of upgrade work that if you wanted to, you could probably bucket that service work, but the way we manage it, we don't. And so a high percentage of our business is very, very economically resilient.

而且我認為，如果你把洋蔥剝得更遠一點，可能——然後你做一些數學運算，然後你會說，好吧，另一個，比如說，40——40% 的高百分比將與安裝或項目相關工作。我想說的是，可能是周圍的某個地方——這是一個猜測，所以你不能真的讓我相信，但我想說它可能是某個地方，其中大約 20% 到 25% 是改造和某種升級工作，如果你願意，你可能會把這項服務工作搞砸，但我們管理它的方式，我們不會這樣做。因此，我們業務的很大一部分在經濟上具有很強的彈性。

And again, I just want to point everybody to the end markets that we serve. Like we're super focused on being in the right end markets, semiconductor, data center, health care, utility, infrastructure. Those are the end markets that we have really worked hard to push our business leaders to. I think there's some work for us to continue to do that internationally, but I mean, I would say that from a leadership perspective, we're 100% aligned on the end markets and it's just a matter of executing on that inside the business. But feel really good about the resiliency of the company.

再一次，我只想向大家指出我們服務的終端市場。就像我們非常專注於進入正確的終端市場、半導體、數據中心、醫療保健、公用事業、基礎設施一樣。這些是我們真正努力推動我們的商業領袖進入的終端市場。我認為我們需要繼續在國際上做一些工作，但我的意思是，從領導的角度來看，我們在終端市場上 100% 保持一致，這只是在業務內部執行的問題。但對公司的彈性感到非常滿意。

Yes. I think that's really, really helpful. And obviously, the resiliency is coming out in the numbers, so thanks for all the work. Appreciate it.

是的。我認為這真的非常有幫助。顯然，彈性正在從數字中顯現出來，所以感謝所有的工作。欣賞它。

Thank you. So in closing this morning, I would like to thank -- again, thank our team members who remain focused on supporting our company, customers and the communities in which we serve. The safety, health and well-being of each of our leaders remains our #1 priority. I would also like to thank our long-term shareholders, our new shareholders and those who have expressed interest in APi. We appreciate your support.

謝謝。因此，在今天上午結束時，我要再次感謝我們的團隊成員，他們一直專注於支持我們的公司、客戶和我們所服務的社區。我們每位領導人的安全、健康和福祉仍然是我們的第一要務。我還要感謝我們的長期股東、我們的新股東和那些對 APi 表示興趣的人。感謝您的支持。

We are excited about the opportunities that lie ahead and really look forward to updating you on our progress throughout the course of the year. So thank you, everybody, again, for taking the time to join the call. And we're super excited about what we're going to be able to demonstrate to each of you as we work our way through the year.

我們對未來的機遇感到興奮，並非常期待向您介紹我們在這一年中取得的最新進展。再次感謝大家抽出時間加入電話會議。我們對我們將在這一年的工作中能夠向你們每個人展示的內容感到非常興奮。

Thank you, ladies and gentlemen. This concludes today's conference. You may now disconnect.

謝謝你們，女士們，先生們。今天的會議到此結束。您現在可以斷開連接。