APi Group Corp (APG) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to APi Group's third quarter 2024 financial results conference call. (Operator Instructions) Please note this call is being recorded. (Operator Instructions)

早安，女士們、先生們，歡迎參加 APi 集團 2024 年第三季財務業績電話會議。（操作員說明）請注意此通話正在錄音。（操作員說明）

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

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

Thank you. Good morning, everyone, and thank you for joining our third quarter 2024 earnings conference call. Joining me on the call today are Russ Becker, our President and CEO; and Kevin Krumm, our Executive Vice President and Chief Financial Officer; and sir Martin Franklin and Jim Lillie, our Board Co-Chairs.

謝謝。大家早安，感謝您參加我們的 2024 年第三季財報電話會議。今天和我一起參加電話會議的是我們的總裁兼執行長 Russ Becker；以及我們的執行副總裁兼財務長 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·利利爵士。

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 or other matters that are not historical facts.

在我們開始之前，我想提醒您，公司收益新聞稿中的某些陳述以及本次電話會議中的某些陳述都是前瞻性陳述，這些陳述基於對公司未來業績、預期事件或趨勢或其他不屬於歷史事實的事項。

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. In our press release and filings with the SEC, we detail material risks that may cause our future results to differ from our expectations.

這些陳述並非對未來績效的保證，並受到已知和未知的風險、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有重大差異。在我們向美國證券交易委員會提交的新聞稿和文件中，我們詳細介紹了可能導致我們未來業績與預期不同的重大風險。

Our statements are as of today, October 31, 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 third quarter financial performance on the Investor Relations page of our website. 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 presentation.

我們的聲明截至今天（10 月 31 日），我們沒有義務更新我們可能做出的任何前瞻性聲明，除非法律要求。謹此提醒，我們已在網站的投資者關係頁面上發布了一份詳細介紹第三季財務業績的簡報。我們今天的評論還將包括非公認會計準則財務指標和其他關鍵營運指標。有關這些項目的核對和其他資訊可以在我們的新聞稿和簡報中找到。

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

現在我很高興將電話轉給拉斯。

Thank you, Adam. Good morning, everyone. Thank you for taking the time to join our call. Before we get into our results, I would like to thank our approximately 29,000 leaders for their dedication to APi. The safety, health and well-being of each of our teammates is our number one value. While I mention this every quarter, the events of the last few months, including the impact of the hurricanes on our teammates in the Southeast has given our organization the opportunity to put that value to practice. I'm happy with the way our teammates stepped up to help each other and the impacted communities in which we operate.

謝謝你，亞當。大家早安。感謝您抽空參加我們的通話。在得出結果之前，我要感謝大約 29,000 名領導者對 APi 的奉獻。我們每個隊友的安全、健康和福祉是我們的首要價值觀。雖然我每季都會提到這一點，但過去幾個月發生的事件，包括颶風對我們東南部隊友的影響，使我們的組織有機會將這一價值付諸實踐。我對我們的隊友互相幫助以及我們所在的受影響社區的方式感到高興。

Back in 2021, we detailed our 13% plus adjusted EBITDA margin target by year-end 2025 as part of our broader [13/60/80] shareholder value creation framework that you can find on slide 5 of our third quarter presentation.

早在2021 年，我們就詳細說明了到2025 年底將調整後EBITDA 利潤率提高13% 的目標，作為我們更廣泛的[13/60/80] 股東價值創造框架的一部分，您可以在我們第三季度簡報的幻燈片5 中找到該框架。

In addition to the 13% target, the [60 and 80] financial goals are long-term revenues of 60% from inspection, service and monitoring, and long-term adjusted free cash flow conversion of approximately 80%. Over the past few years, we have communicated and executed our strategy and its key initiatives intended to achieve these goals with a specific focus on expanding margins to reach 13% or more in 2025. The team has made excellent progress this year executing on our margin expansion initiatives with expected adjusted EBITDA margins up approximately 150 basis points.

除了 13% 的目標之外，[60 和 80] 財務目標是來自檢查、服務和監控的長期收入 60%，以及約 80% 的長期調整後自由現金流轉換。在過去的幾年裡，我們溝通並執行了我們的策略及其關鍵舉措，旨在實現這些目標，特別關注到 2025 年將利潤率擴大到 13% 或更高。該團隊今年在執行利潤擴張計劃方面取得了巨大進展，預計調整後 EBITDA 利潤率將成長約 150 個基點。

This has been accomplished by the focusing on the following. First, pricing. Second, improved inspection, service and monitoring revenue mix. Third, disciplined customer and project selection. Fourth, Chubb value capture. Fifth, procurement, systems and scale. Six, accretive M&A and selective business pruning. And finally, as I always like to say, we always have the opportunity to just be better. The team's work over the last few years executing our 13/60/80 strategy has resulted in APi being the strongest it has ever been.

這是透過專注於以下方面來實現的。首先，定價。二是改善檢查、服務和監測收入結構。第三，嚴格客戶和專案選擇。第四，Chubb價值捕獲。五是採購、制度、規模。六是增量併購和選擇性業務修剪。最後，正如我常說的，我們總是有機會變得更好。團隊在過去幾年中執行 13/60/80 策略的工作使 APi 成為有史以來最強大的。

On slide 6, we highlight the progress we have made as the business from 2021 to 2024, with 2024 expected to be a year of record net revenues, profitability and free cash flow generation. The third quarter marks 17 quarters in a row of double-digit organic growth in inspection revenues in US Life Safety.

在投影片 6 中，我們重點介紹了 2021 年至 2024 年我們的業務所取得的進展，預計 2024 年將是淨收入、盈利能力和自由現金流創紀錄的一年。第三季標誌著美國生命安全檢查收入連續第 17 季實現兩位數有機成長。

This performance has been a key contributor to our steady progress towards our long-term target of 60% of revenues coming from inspection, service and monitoring. As we prepare to set new and increased financial goals for the next three years in 2025, it is gratifying to reflect on our progress since we first became a publicly traded company in late 2019.

這一業績為我們穩步實現 60% 收入來自檢查、服務和監控的長期目標做出了關鍵貢獻。當我們準備在 2025 年為未來三年制定新的、更高的財務目標時，我們很高興回顧自 2019 年底首次成為上市公司以來所取得的進展。

In our first year as a public company, we generated $393 million in adjusted EBITDA. This year, we expect to deliver about $900 million and we have $1 billion of annual adjusted EBITDA closed in our sites. As we prepare to enter 2025, we plan to continue to execute our strategy, accelerate organic growth, increase margins and expand our bolt-on M&A program.

作為上市公司的第一年，我們的調整後 EBITDA 為 3.93 億美元。今年，我們預計交付約 9 億美元，我們的網站已結清 10 億美元的年度調整後 EBITDA。在我們準備進入 2025 年之際，我們計劃繼續執行我們的策略，加速有機成長，提高利潤率並擴大我們的補充併購計劃。

Before Kevin gets into the third quarter results, I wanted to address our disciplined customer and project selection initiative on slide 7, which has been a significant contributor to the improvements we have made towards our 13/60/80 financial targets. We have focused on disciplined customers and project selection for some time now and made it a point of emphasis in our planning cycle in early 2023.

在 Kevin 公佈第三季業績之前，我想在投影片 7 上討論我們嚴格的客戶和專案選擇計劃，該計劃對我們實現 13/60/80 財務目標的改進做出了重大貢獻。一段時間以來，我們一直專注於嚴格的客戶和專案選擇，並將其作為 2023 年初規劃週期的重點。

We challenged our business leaders to evolve away from large, lower-margin, higher risk opportunities and focus on allocating our valuable field leaders to the best opportunities to position the business for long-term profitable growth. Our leadership team has done an excellent job executing this strategy and it is positively impacting our financial results, allowing us to deliver adjusted EBITDA margins ahead of our expectations.

我們要求我們的業務領導者遠離大型、低利潤、高風險的機會，並專注於將我們有價值的領域領導者分配到最佳機會，以實現業務的長期獲利成長。我們的領導團隊在執行此策略方面表現出色，對我們的財務表現產生了積極影響，使我們能夠提前實現調整後的 EBITDA 利潤率，超越我們的預期。

We've been consistently setting new records as it relates to margins and cash flow generation as we evolve our business towards higher margin, more recurring service revenues. It is encouraging to note that our backlog is growing and healthy with work that comes to us with a higher expected margin, lower expected risk and smaller project sizes.

隨著我們將業務發展到更高的利潤率、更多的經常性服務收入，我們一直在創造與利潤率和現金流產生相關的新記錄。令人鼓舞的是，我們的積壓工作正在不斷成長且健康，我們的工作具有更高的預期利潤、更低的預期風險和更小的專案規模。

This gives us confidence in reaccelerating growth in 2025 and beyond in these businesses. Equally important during this time, APi's underlying core service business has grown steadily as we continue to take market share. More recently, in the second and third quarters of this year, we have faced temporary tiny revenue headwinds due to unexpected timing delays in certain customer projects. We expect the total impact of these headwinds on our 2024 net revenues to be approximately $150 million, with this impact predominantly driven by the specialty services and HVAC businesses.

這讓我們對這些業務在 2025 年及以後重新加速成長充滿信心。同樣重要的是，在此期間，隨著我們不斷佔據市場份額，APi 的底層核心服務業務也穩步成長。最近，在今年第二和第三季度，由於某些客戶專案的意外時間延遲，我們面臨暫時的微小收入阻力。我們預計這些不利因素對我們 2024 年淨收入的總影響約為 1.5 億美元，這種影響主要由專業服務和暖通空調業務推動。

In Specialty Services, the delays were primarily with certain telecom and utility customers and were driven by the following: higher-than-expected permitting and engineering delays and slower than planned execution of federal rural broadband program. We believe these headwinds are limited to 2024 and primarily related to certain portions of our specialty services business.

在專業服務中，延遲主要是某些電信和公用事業客戶的延遲，原因如下：許可和工程延遲高於預期，以及聯邦農村寬頻計畫的執行速度慢於計畫。我們認為這些不利因素僅限於 2024 年，並且主要與我們專業服務業務的某些部分有關。

Our core life safety business, which includes our fire protection, electronic security and elevator businesses and excludes the more project-heavy HVAC business has made excellent progress as highlighted on slide 8. Core life safety represents over 65% of total APi net revenues and has consistently demonstrated strong overall organic growth led by high single-digit organic growth in inspection, service and monitoring revenues.

我們的核心生命安全業務（包括消防、電子安全和電梯業務，不包括項目較多的暖通空調業務）取得了出色的進展，如幻燈片 8 所示。核心生命安全佔 APi 總淨收入的 65% 以上，並且在檢查、服務和監控收入的高個位數有機增長的帶動下，始終表現出強勁的整體有機增長。

The life safety business has a record high backlog of approximately $2 billion, up 5% organically versus prior year and is the healthiest we've seen it. From 2022 to 2024, adjusted gross profit and EBITDA margins in life safety have improved considerably, with adjusted EBITDA margins expanding more than 300 basis points. We expect the flywheel, which is underpinned by our inspection-first strategy, driving outsized growth in service revenues will continue to allow the businesses to be more selective on project revenues and drive further margin expansion across the branch network in 2025 and beyond. Starting in 2025, you will see our core life safety businesses more clearly as we have made the decision to realign the HVAC business under our specialty services segment.

生命安全業務的積壓訂單創歷史新高，約 20 億美元，比上年有機成長 5%，是我們見過的最健康的業務。從2022年到2024年，生命安全領域的調整後毛利和EBITDA利潤率大幅提高，調整後EBITDA利潤率擴大了300多個基點。我們預計，以我們的檢查優先策略為基礎的飛輪將繼續推動服務收入的大幅成長，使企業能夠對專案收入更具選擇性，並推動 2025 年及以後整個分支機構網路的利潤率進一步擴大。從 2025 年開始，您將更清楚地看到我們的核心生命安全業務，因為我們決定將 HVAC 業務重新調整到我們的專業服務部門下。

This change will put our HVAC business into a segment with other operating companies that serve similar customers in similar end markets to create synergies and efficiencies, which we highlight on slide 9. We entered 2025 with a lot of momentum. Organic growth of our inspection, service and monitoring revenue streams in safety services remain strong. Organic growth in backlog and proposal activity is trending positively, providing support for a return to organic growth and project revenues. The international business is nearly finished working through its subpar inherited contracts and branch consolidation plans.

這項變更將把我們的暖通空調業務與其他營運公司納入一個細分市場，這些公司為類似終端市場的類似客戶提供服務，以創造協同效應和效率，我們在幻燈片9 中強調了這一點。我們以強勁的勢頭進入 2025 年。我們在安全服務方面的檢查、服務和監控收入流的有機成長仍然強勁。積壓訂單和提案活動的有機成長呈正面趨勢，為有機成長和專案收入的回歸提供了支持。國際業務即將完成其低於標準的繼承合約和分支機構合併計劃。

On slide 10, the bolt-on M&A engine continues to accelerate and support future organic growth with 10 bolt-on acquisitions, excluding Elevated, closed at reasonable multiples through October. We expect this momentum to continue in 2025 and beyond.

在幻燈片 10 中，補強併購引擎繼續加速並支持未來的有機成長，截至 10 月份，除了 Elevated 之外，還有 10 筆補強收購以合理的倍數結束。我們預計這種勢頭將在 2025 年及以後持續下去。

And on slide 11, we you can see the long-term benefits, which we have accelerated through M&A of executing the initiatives behind our 13/60/80 shareholder value creation framework. Our business continues to evolve into a more asset-light services-focused branch-led operating model with an increased mix of recurring higher-margin revenues. During this evolution, our contract loss rate, which measures the dollar loss on projects as a percent of total revenue dropped from approximately 1.5% in 2019 to less than 0.4% in 2024, reflecting more disciplined customer and project selection and strong execution in the field.

在投影片 11 上，您可以看到長期效益，我們透過併購執行 13/60/80 股東價值創造框架背後的舉措，加速了這些效益。我們的業務持續發展為更輕資產、以服務為中心、以分公司為主導的營運模式，並增加經常性高利潤收入的組合。在這一演變過程中，我們的合約損失率（衡量專案美元損失佔總收入的百分比）從2019 年的約1.5% 下降到2024 年的不到0.4%，反映出更嚴格的客戶和專案選擇以及該領域的強大執行力。

I'm proud of the team's execution of our strategy. We have built a strong foundation, improved the quality of our business and backlog and expect to return to margin accretive organic growth in 2025. We are well positioned to achieve our 13% plus adjusted EBITDA margin target in 2025 and set new meaningfully higher targets for the following three years, which we will review during our Investor Day next year.

我為團隊執行我們的策略感到自豪。我們已經建立了堅實的基礎，提高了業務品質和積壓訂單，並預計在 2025 年恢復利潤成長的有機成長。我們有能力在 2025 年實現 13% 以上的調整後 EBITDA 利潤率目標，並為接下來的三年設定新的有意義的更高目標，我們將在明年的投資者日期間審查這些目標。

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

我現在想將電話轉交給凱文，更詳細地討論我們的財務表現和指導。凱文？

Thanks, Russ. Good morning, everyone. Reported revenues for the three months ended September 30 increased by 2.4% to $1.83 billion compared to $1.78 billion in the prior year period, driven by strong organic growth in service revenues of 9% in our Safety Services segment and modest benefits from favorable foreign currency exchange rates and M&A.

謝謝，拉斯。大家早安。截至9 月30 日的三個月報告收入增長2.4%，達到18.3 億美元，而上年同期為17.8 億美元，這得益於安全服務部門服務收入9% 的強勁有機增長以及有利的外匯兌換帶來的適度收益利率和併購。

This was partially offset by a 7.7% organic decline in our specialty services segment. On an organic basis, total company revenues were essentially flat for the quarter. Adjusted gross margin for the three months ended September 30, grew to 31%, representing a 200 basis point increase compared to the prior year period, driven by price increases, outsized growth in higher-margin services revenue, margin expansion for both project and service revenues as well as [Chubb] value capture savings.

這被我們的專業服務部門 7.7% 的有機下降部分抵消。從有機角度來看，本季公司總收入基本持平。截至 9 月 30 日的三個月調整後毛利率增長至 31%，較上年同期增長 200 個基點，主要受到價格上漲、高利潤服務收入大幅增長、項目和服務利潤率擴張的推動收入以及[ Chubb] 價值捕獲節省。

Adjusted EBITDA increased by 9.4% for the three months ended September 30, with adjusted EBITDA margin coming in at 13.4%, representing an 80 basis point increase compared to the prior year period. This was primarily due to the factors impacting gross margin, partially offset by lower fixed cost absorption in our specialty and HVAC businesses due to lower-than-expected revenues. Adjusted diluted earnings per share for the third quarter was $0.51 per share, representing a $0.03 per share or 6.3% increase compared to the prior year period. The increase was driven primarily by growth in adjusted EBITDA, partially offset by increases in interest expense and adjusted diluted shares outstanding.

截至 9 月 30 日的三個月，調整後 EBITDA 成長了 9.4%，調整後 EBITDA 利潤率為 13.4%，較去年同期成長 80 個基點。這主要是由於影響毛利率的因素造成的，但由於收入低於預期而導致我們的專業和暖通空調業務固定成本吸收減少，部分抵消了影響毛利率的因素。第三季調整後稀釋每股盈餘為每股 0.51 美元，較去年同期成長 0.03 美元，成長 6.3%。這一增長主要是由調整後 EBITDA 的增長所推動的，但部分被利息支出和調整後稀釋後流通股的增長所抵消。

I will now discuss our results in more detail for the safety services segment. Safety services reported revenues for the three months ended September 30 increased by 9.7% to $1.34 billion compared to $1.22 billion in the prior year. This quarter, growth was led by the US life safety businesses, which posted double-digit organic growth in inspection revenues as well as double-digit organic growth in broader inspection, service and monitoring revenues. This was partially offset by a low single-digit organic decline in project revenues driven by planned customer attrition in our international business and project delays in our HVAC business.

我現在將更詳細地討論我們在安全服務領域的結果。安全服務報告稱，截至 9 月 30 日的三個月收入增長了 9.7%，達到 13.4 億美元，而去年同期為 12.2 億美元。本季度，成長由美國生命安全業務引領，該業務的檢查收入實現了兩位數的有機成長，更廣泛的檢查、服務和監控收入也實現了兩位數的有機成長。這部分被我們國際業務中的計劃客戶流失和暖通空調業務中的項目延誤導致的項目收入低個位數有機下降所抵消。

On an organic basis, safety services revenues increased by 3.1%. Adjusted gross margin for the three months ended September 30, was 35% representing record third quarter adjusted gross margin and a 170 basis point increase compared to the prior year adjusted gross margin, driven by price increases, improved business mix in inspection, service and monitoring revenue as well as margin expansion in both our project and services revenues.

在有機基礎上，安全服務收入成長了 3.1%。截至9 月30 日的三個月調整後毛利率為35%，第三季調整後毛利率創歷史新高，與上年調整後毛利率相比增長170 個基點，這主要得益於價格上漲以及檢驗、服務和監控業務組合的改善我們的項目和服務收入的收入以及利潤率的擴大。

Adjusted EBITDA increased by 24.3% for the three months ended September 30. And adjusted EBITDA margin was 15.7%, representing a record for the third quarter and a 180 basis point increase compared to the prior year period primarily due to the factors impacting adjusted gross margin.

截至 9 月 30 日的三個月，調整後 EBITDA 成長了 24.3%。調整後的 EBITDA 利潤率為 15.7%，創第三季歷史新高，與去年同期相比成長 180 個基點，主要是由於影響調整後毛利率的因素。

I will now discuss our results in more detail for our specialty services segment. Specialty services reported revenues for the three months ended September 30 declined by 13.4%, 7.7% on an organic basis or 7.7% on an organic basis to $493 million compared to $569 million in the prior year period, driven by divestitures, a decline in service and project and a decline in project and services revenues.

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9 月30 日的三個月收入下降13.4%，有機收入下降7.7%，有機收入下降7.7%，至4.93 億美元，而上年同期為5.69 億美元，原因是資產剝離、服務下降和項目以及項目和服務收入的下降。

The decline in revenue was primarily driven by the exited customer relationship mentioned in the first quarter, higher-than-expected permitting and engineering delays as well as slower-than-expected execution of federal rural broadband programs. Our adjusted gross margin for the three months ended September 30 was 20.1%, representing a 40 basis point increase compared to the prior year period, driven by the impacts from our disciplined customer and project selection strategy.

收入下降的主要原因是第一季提到的客戶關係退出、許可和工程延遲高於預期以及聯邦農村寬頻計劃的執行速度低於預期。截至 9 月 30 日的三個月，調整後毛利率為 20.1%，比去年同期成長 40 個基點，這主要是受到我們嚴格的客戶和專案選擇策略的影響。

Adjusted EBITDA declined by 19.3% for the three months ended September 30 and adjusted EBITDA margin was 13.6%, representing a 100 basis point decrease compared to the prior year period. This was primarily due to lower fixed cost absorption on lower-than-expected near-term revenues. We continue to focus on driving strong free cash flow conversion improvements year-over-year. For the three months ended September 30, adjusted free cash flow came in at $227 million, reflecting an adjusted free cash flow conversion of 93%. For the first nine months of the year, adjusted free cash flow was $361 million, with conversion of 56%, representing an improvement of $124 million or slightly over 50% when compared to the first nine months of 2023.

截至 9 月 30 日的三個月，調整後 EBITDA 下降 19.3%，調整後 EBITDA 利潤率為 13.6%，較去年同期下降 100 個基點。這主要是由於近期收入低於預期而導致固定成本吸收減少。我們持續致力於推動自由現金流轉換逐年強勁改善。截至 9 月 30 日的三個月，調整後自由現金流為 2.27 億美元，反映出調整後自由現金流轉換率為 93%。今年前 9 個月，調整後自由現金流為 3.61 億美元，轉換率為 56%，與 2023 年前 9 個月相比，增加了 1.24 億美元，略高於 50%。

Free cash flow generation has been and continues to be a priority across APi and our performance in the first nine months of the year puts us in a position to increase our full year 2024 cash flow guidance. We now expect to finish the year at or above 75% adjusted free cash flow conversion, which is up from our prior guide of 70%. As a reminder, the fourth quarter is traditionally our strongest free cash flow conversion due to seasonality.

自由現金流產生一直並將繼續成為 APi 的首要任務，我們今年前 9 個月的業績使我們能夠提高 2024 年全年現金流指引。我們現在預計今年調整後自由現金流轉換率將達到或超過 75%，高於我們先前 70% 的指引值。提醒一下，由於季節性原因，第四季傳統上是我們最強的自由現金流轉換。

At the end of the third quarter, our net leverage was approximately 2.4 times below our long-term target of 2.5 times even as we accelerated margin accretive bolt-on M&A. As we look forward to 2025, we will remain laser-focused on cash generation and expect to grow our free cash flow providing us a significant opportunity for value-enhancing capital deployment.

截至第三季末，我們的淨槓桿率仍比我們 2.5 倍的長期目標低約 2.4 倍，儘管我們加速了利潤增值的補強併購。展望 2025 年，我們將繼續專注於現金生成，並期望增加我們的自由現金流，為我們提供增值資本部署的重要機會。

Our long-term capital deployment priorities remain maintaining net leverage at stated long-term targets, M&A at attractive multiples, and share repurchases, where, as a reminder, we have $400 million remaining under our current authorization levels.

我們的長期資本部署優先事項仍然是維持既定長期目標的淨槓桿率、以有吸引力的倍數進行併購以及股票回購，在此提醒一下，我們目前的授權水平還剩 4 億美元。

I will now discuss our guidance for the full year 2024. We expect full year reported net revenues of approximately $7 billion, revised from the low end of our prior guide, which was $7.15 billion. The $150 million reduction in revenue expectations for the year reflects the impacts of the project delays in our specialty and HVAC businesses discussed earlier in the call.

我現在將討論我們對 2024 年全年的指導。我們預計全年報告的淨收入約為 70 億美元，是從我們先前指南的低端（71.5 億美元）修正而來的。今年收入預期減少 1.5 億美元，反映了電話會議前面討論的專業和暖通空調業務項目延遲的影響。

We now expect full year adjusted EBITDA of $890 million to $900 million, representing a narrowing of the prior range on the top and bottom end. This range reflects adjusted EBITDA growth of approximately 13% and 15% on a fixed currency basis and adjusted EBITDA margin of 12.8% at the midpoint.

我們目前預計全年調整後 EBITDA 為 8.9 億至 9 億美元，較先前的上限和下限有所縮小。這一範圍反映了以固定貨幣計算約 13% 和 15% 的調整後 EBITDA 成長率，以及中點 12.8% 的調整後 EBITDA 利潤率。

For 2024, we anticipate interest expense to be approximately $145 million, depreciation to be approximately $82 million, capital expenditures to be approximately $90 million, and our adjusted effective tax rate to be approximately 23%. We expect our adjusted diluted weighted average share count to be approximately $280 million for the fourth quarter and $279 million for the full year.

2024 年，我們預計利息支出約為 1.45 億美元，折舊約為 8,200 萬美元，資本支出約為 9,000 萬美元，調整後的有效稅率約為 23%。我們預計第四季調整後的稀釋加權平均股數約為 2.8 億美元，全年約為 2.79 億美元。

As we look forward to 2025, we have great confidence in the business and its momentum. We plan to share our outlook early in the new year and more details about our long-term strategy at our Investor Day, which we expect to host in May in New York.

展望2025年，我們對業務及其動能充滿信心。我們計劃在新年伊始分享我們的展望，並在我們預計於 5 月在紐約舉辦的投資者日上分享我們的長期策略的更多細節。

I'll now turn the call back over to Russ.

我現在將把電話轉回給 Russ。

Thank you, Kevin. We believe we can create sustainable shareholder value by focusing on our 13/60/80 long-term value creation targets with a near-term laser focused on delivering adjusted EBITDA margins of 13% or more in 2025. As we look to 2025 and beyond, we have great confidence in the business, our backlog, our balance sheet and our ability to continue to evolve APi into an even lower CapEx asset-light business focused on high-margin statutorily mandated services.

謝謝你，凱文。我們相信，透過專注於我們的 13/60/80 長期價值創造目標，近期重點是在 2025 年實現 13% 或更高的調整後 EBITDA 利潤率，我們可以創造可持續的股東價值。展望 2025 年及以後，我們對業務、積壓訂單、資產負債表以及繼續將 APi 發展成為資本支出更低的輕資產業務、專注於高利潤法定服務的能力充滿信心。

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

這樣，我現在想將通話轉回給接線員並打開通話進行問答。

(Operator Instructions)

（操作員說明）

Julian Mitchell, Barclays.

朱利安米切爾，巴克萊銀行。

This is Kenyon Pelletier on for Julian. Maybe to start, earlier on the call, you guided to just under $900 million in EBITDA at the midpoint. And you mentioned that you have $1 billion of EBITDA in your sites. Could you provide any color on what the time line might be to get there?

我是凱尼恩·佩爾蒂埃 (Kenyon Pelletier) 替朱利安 (Julian) 演講。也許首先，在電話會議的早些時候，您指導的 EBITDA 中位數略低於 9 億美元。您提到您的網站擁有 10 億美元的 EBITDA。您能否提供有關到達那裡的時間線的任何資訊？

Well, Kevin, do you want to take that one?

好吧，凱文，你想買那個嗎？

Yeah, sure. So our current guide -- hi Ken, this is Kevin. Our current guide is $890 million to $900 million, which is down from our prior guide of $885 million to $915 million, okay? So just to clarify there. The question on the $1 billion, that was -- that comment is directed towards the near term with no specific date or time at this point. It's just a near-term benchmark we have internally. And as Russ mentioned, we believe we have the momentum in the business to get there in the near term.

是的，當然。我們現在的導遊——嗨，肯，我是凱文。我們目前的指導價為 8.9 億至 9 億美元，低於我們先前的指導價 8.85 億至 9.15 億美元，好嗎？所以只是想澄清一下。關於 10 億美元的問題是——該評論針對的是近期，目前沒有具體日期或時間。這只是我們內部的近期基準。正如拉斯所提到的，我們相信我們的業務有動力在短期內實現這一目標。

Okay, thank you. That's helpful. And then maybe as a quick follow-up. I was wondering if you could just talk a bit about the M&A environment and what your current pipeline looks like at present?

好的，謝謝。這很有幫助。然後也許作為快速跟進。我想知道您能否簡單談談併購環境以及目前您目前的管道狀況如何？

Sure. I'll take that. I mean, we have -- if you recall, last year, we shared that we did approximately $100 million of bolt-on M&A. And we said that we were going to move into 2024 and accelerate that. And we feel like we've done a really good job of that, and that really excludes the acquisition of Elevated, and our pipeline remains really full. We have a number of targets that we're continuing to work on to -- through the fourth quarter of this year, and we expect to have similar capacity and momentum as we go into 2025. So it's been really good. Our corporate development team has done a really nice job. And our pipeline is really robust, and the opportunities are plentiful.

當然。我會接受的。我的意思是，如果你還記得的話，去年我們分享我們進行了大約 1 億美元的補充併購。我們說過，我們將進入 2024 年並加速這一進程。我們覺得我們在這方面做得非常好，這確實排除了對 Elevated 的收購，而且我們的管道仍然非常滿。我們有許多目標需要繼續努力實現——直到今年第四季度，我們預計進入 2025 年時將擁有類似的產能和勢頭。所以這真的很好。我們的企業開發團隊做得非常好。我們的管道非常強大，機會也很多。

Great. Thanks for the color.

偉大的。謝謝你的顏色。

Stephanie Moore, Jefferies.

史蒂芬妮·摩爾，杰弗里斯。

Hi, good morning. Thank you. I guess just as a follow-up. I wanted to touch on maybe the project side of your business a little bit. I think you called out some of these permitting and delays last quarter and throughout the quarter. And I think noted today, you do think these are limited to 2024 and confidence in the full year guide. Maybe you could just give us a little bit of color on why you feel confident that these should kind of -- these should return and rebound here by year-end? Thank you.

嗨，早安。謝謝。我想只是作為後續行動。我想稍微談談你們業務的專案方面。我認為您在上個季度和整個季度中指出了其中一些許可和延遲的情況。我認為今天指出，您確實認為這些僅限於 2024 年，並且對全年指南充滿信心。也許你可以給我們一些解釋，為什麼你有信心這些應該在年底前回歸並反彈？謝謝。

Yeah, sure. Stephanie, thank you. Well, when you look at the project delays, essentially, everything is moving forward. It's just moving forward in a more herky-jerky fashion, if you will. I don't know if that's really actually proper grammar.

是的，當然。史蒂芬妮，謝謝你。好吧，當你看到專案延遲時，基本上一切都在向前推進。如果你願意的話，它只是以一種更加不穩定的方式向前發展。我不知道這是否真的是正確的語法。

But the opportunities are continuing to move forward. Like we've cited, we've got a large government utility client that has a significant winterization program that went on pause and the work basically was going to restart in the third quarter, and it has, and we have boots on the ground. It's just that the engineering work associated with really kicking off the installation components of it, is just slower to get moving than was originally expected, and we will see -- potentially see that work pull through in the first half of next year.

但機會仍在不斷向前發展。正如我們所引用的，我們有一個大型政府公用事業客戶，該客戶有一個重要的防凍計劃，該計劃已暫停，工作基本上將在第三季度重新啟動，而且確實如此，我們已經在現場啟動了。只是與真正啟動其安裝組件相關的工程工作進展速度比最初預期的要慢，我們將看到——可能會看到這項工作在明年上半年完成。

We had another one of the larger project-related opportunities that I think we shared some color on. It's a high-voltage power distribution transmission coming down from -- in the Northeast. And the work has started there as well, but we had originally anticipated having probably five crews going right now doing duct bank and bulk work.

我們還有另一個更大的專案相關機會，我認為我們對此有一些共同點。這是來自東北部的高壓配電傳輸。工作也在那裡開始，但我們最初預計現在可能有五名工作人員正在進行管道組和散裝工作。

And due to some interference issues with existing electrical distribution and natural gas distribution systems that are in the ground, they've got kind of like right-of-way issues that was -- nobody anticipated. And so they're going through reengineering to get those issues resolved, so that the work can ramp up and move forward. And some of that stuff is just you can't plan for it.

由於現有的地下配電和天然氣分配系統存在一些幹擾問題，他們遇到了一些無人預料到的通行權問題。因此，他們正在透過重新設計來解決這些問題，以便工作能夠加速並向前推進。有些事情是你無法計劃的。

And it's unfortunate and it's difficult. But all of those opportunities are moving forward. And we cited in our remarks, the increase in our backlog. Our backlog is up roughly 5% organically. And that basically moving into 2025 gives us great confidence that we've got good coverage for growth to return to the business. And so as we work our way through some of these short-term temporary challenges, we have great confidence in where the business is moving to, as we move into the end of the year and really next year.

這是不幸的，也是困難的。但所有這些機會都在向前發展。我們在演講中提到了積壓訂單的增加。我們的積壓訂單有機成長了大約 5%。基本上進入 2025 年，我們充滿信心，相信我們有良好的前景來恢復業務成長。因此，當我們努力克服一些短期的臨時挑戰時，隨著我們進入年底和明年，我們對業務的發展方向充滿信心。

Got it. So just -- and herky-jerky is perfectly fine word, in my opinion. I think that sums it up pretty well. So effectively, what you're saying is, really not much -- it's not that there was any kind of deterioration since 3Q. It was about as you expected, but a lot of this is outside your control. It's just kind of the timing of these -- there's going to be some changes on when things start and the ramp. It's not as if there's anything really that changed since 3Q, other than the ramp is happening maybe a little bit slower, which is really outside your control. Is that fair?

知道了。所以，在我看來，「herky-jerky」是一個非常好的詞。我認為這總結得很好。所以實際上，你所說的是，實際上並不多——並不是說自第三季以來有任何惡化。這與您的預期差不多，但很多事情都超出了您的控制範圍。這只是這些的時間安排——事情開始的時間和進度會發生一些變化。自從第三季以來，似乎沒有發生任何真正的變化，除了斜坡發生的速度可能有點慢之外，這確實超出了你的控制範圍。這樣公平嗎？

That's fair. The only place I would say that we've seen any significant pullback would be in the telecom space. And it's pretty well known that like the federal government's rural broadband program, the way the government is administering that program and delegating and basically delegating the distribution of those funds to the states and how the states are allocating those dollars to get that program going. It's well known that, that's a challenge right now.

這很公平。我想說，我們看到任何重大回檔的唯一地方是電信領域。眾所周知，就像聯邦政府的農村寬頻計劃一樣，政府管理該計劃的方式以及將這些資金分配給各州的方式，以及各州如何分配這些資金來推動該計劃的實施。眾所周知，這現在是一個挑戰。

And so you're seeing like proposal activity remains really strong, but you see delays in the work actually getting started because they're having some of these administrative issues associated with it. So that would probably be the only place that you could really point to where there's maybe some other core underlying issues. But like these other opportunities, the work is moving forward. It's just moving forward slower than anticipated due to unforeseen issues.

因此，您會看到提案活動仍然非常強勁，但您會看到工作實際開始的延遲，因為他們遇到了一些與之相關的管理問題。因此，這可能是您真正可以指出可能存在其他核心問題的唯一地方。但與其他機會一樣，這項工作正在向前推進。由於不可預見的問題，進展速度比預期慢。

Got it. And to Kevin here, I do want to switch over real quick to the safety services side. Can you just talk a little bit about the drivers of the margin expansion that you've seen kind of this year and kind of what -- and drivers that should continue into 2025?

知道了。對於這裡的凱文，我確實想快速切換到安全服務。您能否簡單談談今年看到的利潤率擴張的驅動因素以及哪些驅動因素應該持續到 2025 年？

Yeah. I'll start maybe and then Kevin can add maybe more detailed color if he would choose. But number one, this inspection-first strategy that we've incorporated, and we continue to talk about double-digit inspection growth in our core life safety business, that's like our key and we continue to see really good growth in inspection revenue, which leads to really good service pull-through, which is really manifesting itself. And we didn't really -- I don't know that we really called it out specifically in our remarks. But we get, on average, 10 higher gross margins on our inspection, service and monitoring, while even more on our monitoring than we do on our project work.

是的。我可能會開始，然後凱文可以添加更多詳細的顏色，如果他願意的話。但第一，我們採用的檢查優先策略，我們繼續談論我們核心生命安全業務的兩位數檢查增長，這就像我們的關鍵，我們繼續看到檢查收入的真正良好增長，這帶來真正良好的服務拉動，這是真正體現出來的。我們並沒有——我不知道我們是否真的在演講中明確指出了這一點。但平均而言，我們在檢查、服務和監控方面的毛利率高出 10%，而在監控方面的毛利率甚至比我們在專案工作方面的毛利率還要高。

And I think one thing that gets lost in the mix in the shuffle is that when you have a really robust inspection and service business, that allows you to be even more selective on the project portion of your business and you get to be more selective and picky with where you're going to deploy those field leaders and your margins go up ultimately on your project work.

我認為在洗牌中迷失的一件事是，當您擁有真正強大的檢查和服務業務時，這使您可以對業務的項目部分更具選擇性，並且您可以更加選擇性和如果您對這些領域領導者的部署位置很挑剔，那麼你的利潤最終會隨著你的專案工作而提高。

So that would be the first component of it that drives increased margins. And we've grown the mix of our inspection, service and monitoring business to 54% of total revenue now, which is, we continue to make progress towards that 60% goal.

因此，這將是推動利潤成長的第一個組成部分。現在，我們的檢查、服務和監控業務組合已佔總收入的 54%，也就是說，我們將繼續朝著 60% 的目標取得進展。

Then if you look at our international business, they continue to do a really nice job of, number one, pruning poor performing contracts and customers as well as optimizing their branches and improving the performance of their branches, and we've made tremendous strides in eliminating loss-making branches in our international business. I think when we originally bought Chubb, we had like [47] loss-making branches, and we're down into single digits now and expect that to be really very, very close to no loss-making branches by the end of the year. I don't know that we'll quite make that, but we're continuing to make significant progress there.

然後，如果你看看我們的國際業務，他們繼續做得非常好，第一，修剪表現不佳的合約和客戶，以及優化他們的分支機構並提高他們的分支機構的績效，我們在以下方面取得了巨大的進步：消除我們國際業務中虧損的分支機構。我認為當我們最初購買 Chubb 時，我們有 [47] 個虧損分支機構，現在我們已經降至個位數，預計到今年年底將非常非常接近沒有虧損分支機構。我不知道我們能否完全做到這一點，但我們將繼續在這方面取得重大進展。

And all of that stuff is additive to our margins, and we're seeing really good progress in the international business. So you can see like if you look at our contract loss rate, there's a -- as that has declined, there's a direct relationship with improved gross margins, which ultimately lead to improved EBITDA margins. And like our team is really doing a great job of being selective in the work that they're choosing and the programs that they're choosing.

所有這些都增加了我們的利潤，我們看到國際業務取得了非常好的進展。所以你可以看到，如果你看看我們的合約損失率，你會發現，隨著合約損失率的下降，與毛利率的提高有直接關係，這最終會導致 EBITDA 利潤率的提高。就像我們的團隊在對他們選擇的工作和專案進行選擇性方面確實做得很好。

So Kevin, I don't know if you want to add anything?

凱文，我不知道你是否想補充什麼？

I don't know, Russ. You highlighted the project execution that we now see in our contract loss rate and the Chubb value capture, which continues to contribute to the safety services segment. So nothing else on my end.

我不知道，拉斯。您強調了我們現在在合約損失率和 Chubb 價值捕獲中看到的專案執行情況，這將繼續為安全服務領域做出貢獻。所以我這邊沒什麼別的事情了。

Thank you guys. Appreciate it.

謝謝你們。欣賞它。

Thanks, Stephanie.

謝謝，斯蒂芬妮。

Andy Wittmann, Baird.

安迪‧魏特曼，貝爾德。

Yeah, great. Thanks for taking my question guys. I guess I just wanted to start out by checking in on the early days of Elevated. Maybe Russ, you could talk about the level of customer and employee retention that you've seen here so far? If you could talk about any progress that you're making on integrating in terms of your ability to cross-sell or maybe even how the company's revenue and margins are coming out compared to the way you expected them to come out?

是的，太棒了。謝謝你們回答我的問題。我想我只是想從回顧一下 Elevated 的早期發展開始。也許 Russ，您可以談談到目前為止您在這裡看到的客戶和員工留任率的水平嗎？您是否可以談談您在交叉銷售能力方面在整合方面取得的任何進展，或者甚至與您預期的方式相比，公司的收入和利潤率如何？

Well, number one, I would tell you that from, say, key leader retention and everything else, like we couldn't be happier. We -- like I think I can honestly tell you that, Andy, that I appreciate the leadership of that business more and more as we continue to get to know them, and we're also starting to look at potential bolt-on M&A opportunities in that space.

好吧，第一，我會告訴你，從關鍵領導者的保留率和其他方面來看，我們感到非常高興。我們——就像我想我可以誠實地告訴你，安迪，隨著我們不斷了解他們，我越來越欣賞該企業的領導力，而且我們也開始尋找潛在的補強併購機會在那空間裡。

And so it's -- what that's done is it's afforded us to spend more time with some of their key leaders and taking advantage of their expertise as we look at some of these other businesses. And like there's some really good people. We lost one leader that ran a small piece of our business, but that was -- I guess that was more anticipated than anything. So we feel really good about where we're at with that -- with the business and I really like the long-term prospects of what we're doing there.

這樣做的結果是，我們可以花更多的時間與他們的一些主要領導者相處，並在我們研究其他一些業務時利用他們的專業知識。就像有一些非常好的人一樣。我們失去了一位負責我們一小部分業務的領導者，但那是——我想這比任何事情都更令人期待。因此，我們對我們在業務方面的現狀感到非常滿意，我真的很喜歡我們在那裡所做的事情的長期前景。

Cross-selling, we're just, so to speak, getting started. And like we've had some joint sales meetings with them. They have a large hospital client that they brought our national accounts group in on a meeting, and so we're just really scratching the surface as it relates to the cross-selling opportunity.

可以說，交叉銷售才剛開始。就像我們與他們舉行了一些聯合銷售會議一樣。他們有一家大型醫院客戶，他們邀請我們的國民帳戶小組參加了一次會議，因此我們只是觸及了與交叉銷售機會相關的表面現象。

We had like -- as a great example, we had all of our safety professionals on campus this week for their annual kind of collaboration and meeting where they're getting together, and we had people from our international business there as well, and our Elevated team was well represented. And as we continue to bring our leader development capabilities to them, it's been well received inside their business. So it's been good. We expect that business to perform just as we shared when we first announced the acquisition going all the way back to, I guess, probably June now.

作為一個很好的例子，本週我們所有的安全專業人員都在校園裡參加一年一度的合作和會議，他們在那裡聚會，我們的國際業務人員也在那裡，我們的員工也在那裡。水平的團隊得到了很好的體現。隨著我們繼續向他們提供領導者培養能力，這在他們的業務中受到了好評。所以一切都很好。我們預計該業務的表現將與我們首次宣布收購時所分享的一樣，我想可能是六月。

And we have seen no reason why the business hasn't. It's not uncommon for some of these acquisitions to have a little dip in their results in the near-term period after the deal closes because the team is so focused on trying to get the deal across the finish line. And I think I shared this on the last (technical difficulty) when we had a call is that there was no real surprises with the acquisition. It was kind of a typical private equity kind of owned transaction where they start the business from a CapEx perspective.

我們也沒有發現該業務沒有這樣做的原因。其中一些收購在交易完成後的短期內業績略有下降的情況並不罕見，因為團隊非常專注於努力完成交易。我想我在最後一次（技術困難）我們打電話時分享的這一點是，這次收購並沒有真正的驚喜。這是一種典型的私募股權自有交易，他們從資本支出的角度開始開展業務。

They didn't -- they weren't investing in the rolling fleet and things like that. None of that's unexpected, though. You kind of know that going into these transactions when the owner is a private equity firm. And we're making the requisite investments in the business. So like I remain super optimistic about the long-term prospects for us building a broader platform in the elevator and escalator space.

他們沒有——他們沒有投資於滾動機隊之類的東西。不過，這一切都不足為奇。你大概知道，當所有者是一家私募股權公司時，就會進行這些交易。我們正在對該業務進行必要的投資。因此，我對我們在電梯和自動扶梯領域建立更廣泛平台的長期前景仍然非常樂觀。

Great. I wanted to follow up my next question here, probably with Kevin. And I guess I wanted to try to understand the 10 bolt-ons that you've done this year for which you've paid $211 million. I was just wondering, Kevin, if you could just give us the aggregate annual revenue from those, just so we can get a sense of how those are factoring into your outlook and give us a better sense of how meaningful those have been?

偉大的。我想在這裡跟進我的下一個問題，可能是和凱文一起。我想我想嘗試了解你們今年完成的 10 項補強項目，你們為此支付了 2.11 億美元。我只是想知道，凱文，您是否可以給我們這些項目的年總收入，以便我們能夠了解這些項目如何影響您的前景，並讓我們更好地了解這些項目的意義有多大？

Thanks, Andy. So listen, so you're right, we've done about 10 deals that excludes Elevated and the purchase price has been at or around to date -- at or around $200 million. We don't disclose revenue exactly on all these deals. But the -- I would say, just directionally to help you, the average annual revenue on transactions to date is going to be north of $100 million.

謝謝，安迪。聽著，所以你是對的，我們已經完成了大約 10 筆不包括 Elevated 的交易，並且迄今為止的購買價格已達到或約為 2 億美元。我們不會準確揭露所有這些交易的收入。但是，我想說，只是為了幫助您，迄今為止的平均年交易收入將超過 1 億美元。

Got it. Okay. I guess -- and then my final question, Kevin, is just on the adjustments between GAAP and your adjusted results. I was just wondering what your outlook is for the convergence of those two numbers. Obviously, there are some things that are just definitional like you're always going to exclude the intangible amortization on your adjusted EPS and things like that.

知道了。好的。我想，凱文，我的最後一個問題是關於 GAAP 和調整後結果之間的調整。我只是想知道您對這兩個數字的收斂有何看法。顯然，有些事情只是定義性的，例如你總是要排除調整後每股盈餘的無形攤銷等。

But for the things like business transformation costs and restructuring, I mean, most of Chubb has been integrated now, but -- and the bigger bucket for your adjustments is in the business transformation. Is '25 a cleaner year where those numbers come down? Or what other things are you investing in that might cause that to be higher as we move forward?

但對於諸如業務轉型成本和重組之類的事情，我的意思是，大部分 Chubb 現在已經整合了，但是 - 更大的調整範圍是在業務轉型中。25 年是這些數字下降的更清潔的一年嗎？或者您正在投資哪些其他東西，可能會導致隨著我們的前進而變得更高？

Yeah. So we've said pretty consistently that the restructuring expense with respect to -- so there's -- you highlighted on the two buckets, the two material buckets. There's some non-service pension and a few other things in there, contingent consideration for deals we closed really prior to being a public company. But the two big buckets that are in there that are driving the largest gap at this point, Andy, are the BPT and restructuring. We said restructuring is related to the value capture work we're doing in Chubb, which will largely be done at the end of 2025. And that's still our expectation.

是的。因此，我們非常一致地表示，重組費用涉及——所以有——你強調了兩個桶，兩個材料桶。其中有一些非服務退休金和其他一些東西，是我們在成為上市公司之前真正完成的交易的或有考慮因素。但安迪，目前造成最大差距的兩大因素是 BPT 和重組。我們表示，重組與我們在 Chubb 所做的價值獲取工作有關，該工作大部分將於 2025 年底完成。這仍然是我們的期望。

The other bucket of Business Process Transformation, that bucket is really focused on integration work associated with primarily Chubb and now elevated and other deals we've done. I would expect that bucket to continue as we do larger sort of deals, platform deals and some things like that. But as you look at 2025, absent that, I would expect that bucket like the restructuring bucket to subside.

業務流程轉型的另一個部分，實際上專注於與主要與 Chubb 相關的整合工作，現在還涉及與我們完成的其他交易相關的整合工作。我預計隨著我們進行更大規模的交易、平台交易和類似的事情，這種情況將會持續下去。但當你展望 2025 年時，如果沒有這一點，我預期像重組桶這樣的桶子會消退。

Thank you very much.

非常感謝。

Kathryn Thompson, Thompson Research.

凱瑟琳湯普森，湯普森研究中心。

Hi. Thank you for taking my questions today. Just first on the -- you've gained great pricing over the years and including in the quarter just reported. But given that inflation is abating somewhat, can you discuss the ability to gain pricing in that moderating inflation environment?

你好。感謝您今天回答我的問題。首先，多年來，包括剛剛報告的季度，您已經獲得了很好的定價。但鑑於通膨減弱，您能否討論一下在通膨放緩的環境下獲得定價的能力？

Well, I'll start and then Kevin can add some color to it, Kathryn, and thank you for joining the call. But we continue to take price, I mean, and in our business, especially like if you look at our inspection and service business, which is predominantly labor, you are continuing -- in our business, we're continuing to see wage rates increase at reasonable levels. Don't get me wrong. I mean we're not seeing anything crazy happen there.

好吧，我先開始，然後凱文可以為其添加一些色彩，凱瑟琳，感謝您加入通話。但我的意思是，我們繼續採取價格，在我們的業務中，特別是如果你看看我們的檢查和服務業務，主要是勞動力，你會繼續- 在我們的業務中，我們繼續看到工資率上漲處於合理水準。別誤會我的意思。我的意思是我們沒有看到那裡發生任何瘋狂的事情。

And so we continue to take price across really the broader portfolio of our business. So -- and we see really actually good stickiness in that price. I think earlier in the year, we talked about we had a business in our Specialty Services segment that we struggled to raise our prices, and we came to a mutual agreement and walked away from a client relationship.

因此，我們繼續在更廣泛的業務組合中定價。所以——我們看到這個價格確實有很好的黏性。我想今年早些時候，我們談到我們的專業服務部門有一項業務，我們很難提高價格，我們達成了共同協議並放棄了客戶關係。

And we've actually already started to do work for that customer. We haven't returned to the levels that we had, say, in 2023, but we are returning to work and doing -- executing on different programs for this particular customer at increased prices.

實際上我們已經開始為該客戶開展工作。我們還沒有回到 2023 年的水平，但我們正在恢復工作並以更高的價格為這個特定客戶執行不同的計劃。

So we continue to focus on price and take price. And we want to continue to work for clients that value the services and the skills that our field leaders bring to the table. And that's -- those are the right customers for us, and that's where the focus has continued to be. So it's been positive for the business. I don't know, Kevin, do you have anything more to add that's maybe more detailed?

所以我們繼續關注價格並採取價格。我們希望繼續為重視我們的現場領導者提供的服務和技能的客戶提供服務。那就是──這些是我們合適的客戶，這也是我們持續關注的焦點。所以這對企業來說是正面的。我不知道，凱文，你還有什麼要補充的，可能更詳細嗎？

No -- I mean, we've talked about where we're going to consistently take price to drive margin, and that's on the service side of the business. And when you look at it this year, our teams in North America and, internationally, I would say, internationally, where they had some room to run as they came into APi Group have continued to take pricing on the service side of the business to drive margin. And I think as we go forward here, it's going to be a lever we're going to continue to be able to pull. We've talked about ticket size and some things like that, that allows us to do that. And then, of course, the value we bring on site. And so I think as we go forward here, even as inflation could subside, we're going to be able to continue to work our pricing mechanics as we have.

不——我的意思是，我們已經討論過我們將在哪些方面持續採取價格來提高利潤，那就是業務的服務方面。今年，我們在北美和國際上的團隊，我想說的是，在國際上，他們在進入 APi 集團時有一定的運作空間，繼續在業務的服務方面定價。我認為，當我們向前邁進時，這將成為我們繼續能夠拉動的槓桿。我們已經討論了門票大小和類似的事情，這使我們能夠做到這一點。當然，還有我們為現場帶來的價值。因此，我認為，當我們繼續前進時，即使通貨膨脹可能消退，我們也將能夠繼續以現有方式運作我們的定價機制。

Great. That's very helpful. This one just a little bit -- this is -- it's earnings season. So you pick up some great nuggets from companies that have already reported, including a large exterior building product distributor that mentioned that their non-res repair and remodel activity is picking up after COVID delays, and it's been better than expected this year. So given APG services are largely nondiscretionary, how does APG fit into that non-res R&R activity that was delayed? So really, what are the opportunities?

偉大的。這非常有幫助。這只是一點點——這是——這是財報季節。因此，您可以從已經發布報告的公司中獲得一些重要信息，其中包括一家大型外部建築產品分銷商，該分銷商提到，他們的非維修和改造活動在新冠疫情延遲後正在回升，而且今年的情況好於預期。因此，鑑於 APG 服務在很大程度上是非自由裁量的，APG 如何適應被延遲的非資源 R&R 活動？那麼實際上，機會是什麼？

Good question, Kathryn. I mean, I feel like our business-related activities kind of in a world post-COVID have essentially returned to normal. So I'm not quite sure what this other firm is necessarily citing. And our business continues to see really, really ample opportunities and the growth in inspections. I mean, again, double digits for -- in this quarter again. And that just continued -- that all that has just continued since COVID. And really, we had a dip when COVID first hit, which when nobody knew what was going on, and then it bounced back, and we've just continued to see double-digit inspection growth. And so I guess I'm at a little bit of a loss as it relates to what this other company is citing. I don't know, Kevin, can you help me out?

好問題，凱瑟琳。我的意思是，我覺得在新冠疫情之後的世界裡，我們與業務相關的活動基本上已經恢復正常。所以我不太確定這家公司一定引用了什麼。我們的業務繼續看到非常非常充足的機會和檢查的成長。我的意思是，本季再次達到兩位數。自新冠疫情以來，這一切仍在繼續。事實上，當新冠病毒第一次爆發時，我們的檢測量出現了下滑，當時沒有人知道發生了什麼，然後又反彈，我們繼續看到兩位數的檢查增長。所以我想我有點不知所措，因為這與另一家公司引用的內容有關。我不知道，凱文，你能幫我嗎？

Well, what I would point to just on general momentum, we added it to the presentation. You can look at our backlog, it's up. Our proposal activity remains robust. We track that. Our proposal activity is up. As Russ hit on inspections, we continue to see double-digit growth there. And in our service portfolio, which would be sort of not statutorily required, but work we're doing on the security side, our service portfolio work is up as well. So we continue to see -- and what we look at, we continue to see good momentum across those areas.

嗯，我要指出的是整體勢頭，我們將其添加到演示中。你可以看看我們的積壓工作，已經完成了。我們的提案活動依然強勁。我們對此進行追蹤。我們的提案活動已經開始了。隨著拉斯進行檢查，我們繼續看到那裡的兩位數增長。在我們的服務組合中，這不是法定要求的，但我們在安全方面所做的工作，我們的服務組合工作也在增加。因此，我們繼續看到——以及我們所看到的，我們繼續看到這些領域的良好勢頭。

Yeah. It seems like from our perspective, it's only -- it can only be a positive thing for APi.

是的。從我們的角度來看，這對 APi 來說只是一件正面的事情。

Thanks, Kathryn.

謝謝，凱瑟琳。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

Good morning guys. So you're still recording 3% organic growth in safety. And if inspection and service are growing double digit, it means your project business is declining. So I know a lot of the issue is HVAC services and you're going to comp that weakness now and you're moving into Specialty anyway. But how should we think about your projects business going forward in safety? Can it get back to, let's say, mid-single-digit growth in the current market? Or is there not enough good work out there for that?

早安，夥計們。因此，安全方面仍然實現了 3% 的有機成長。如果檢查和服務成長兩位數，則表示您的專案業務正在下降。所以我知道很多問題是暖通空調服務，你現在要彌補這個弱點，無論如何你都會進入專業領域。但是我們應該如何看待您的專案業務的安全發展呢？比如說，當前市場能否恢復到中個位數成長？還是沒有足夠好的工作來做這件事？

There's plenty of good work out there. There's plenty of good work out there, Andy. I mean, if you look at our -- number one, we're focused on project selection and customer selection in that business as well. We had a large hospital project in our Asian business that kind of pushed from the -- commencing in the first half of the year into the second half of the year. And that work is now moving forward. We actually recently booked another large hospital project that literally, when you're standing in our office in Hong Kong, you can look out the window and look down on the project site. And we've just recently put that project into -- I don't even think it shows up in our backlog figures as of yet.

那裡有很多好的工作。安迪，那裡有很多好的工作。我的意思是，如果你看看我們的第一點，我們也專注於該業務的專案選擇和客戶選擇。我們的亞洲業務有一個大型醫院項目，從上半年開始一直推到下半年。這項工作現在正在向前推進。事實上，我們最近預訂了另一個大型醫院項目，從字面上看，當你站在我們香港的辦公室時，你可以看著窗外，俯視項目現場。我們最近剛將該專案投入——我甚至認為它還沒有出現在我們的積壓數據中。

So we have a business that's based in the South that does a lot of warehouse and distribution work, and that business has been slightly impacted by the high interest rate environment. And as interest rates continue to come down, we expect to see that business take off and really have a positive impact. It's a highly profitable business, but the revenue is down some. And then you cited some of the general pruning from a project selection perspective that we've had in the HVAC business. But I think I cited in my remarks that the backlog in our North American safety business or in our safety business is at $2 billion, and it's the highest it's ever been. So we have really good visibility into what this next year is going to look like, and we're really optimistic and it's positive.

因此，我們有一家位於南方的企業，從事大量倉儲和配送工作，該業務受到高利率環境的輕微影響。隨著利率繼續下降，我們預計業務將會起飛並真正產生正面影響。這是一項利潤豐厚的業務，但收入卻下降。然後您引用了我們在暖通空調業務中從專案選擇角度進行的一些一般性修剪。但我想我在發言中提到，我們北美安全業務或安全業務的積壓金額為 20 億美元，這是有史以​​來最高的。因此，我們對明年的情況非常清楚，我們非常樂觀且積極。

Got it. No, that's helpful. And then, Russ, I know, obviously, you don't want to give out those new three year targets on margin, but you're already delivering over 13% over the last couple of quarters. I know it's a seasonal business. So -- but still, like if inspection services are much higher project margins, as you look forward, what stops you from delivering sort of mid- to high teens? Or at least how do you think about what you could be telling us next year?

知道了。不，這很有幫助。然後，Russ，我知道，很明顯，您不想在利潤率上給出這些新的三年目標，但您在過去幾個季度中已經實現了超過 13% 的目標。我知道這是一個季節性的業務。那麼，但是，就像您所期望的那樣，如果檢查服務的項目利潤率要高得多，那麼什麼會阻止您提供中等到高青少年的產品呢？或至少您如何看待明年您可以告訴我們的內容？

Well, come to our Investor Day in May, and we'll share our targets with you. But I mean, directionally, you're correct. I mean, we're not saying that we're done when we get to 13%. And just like anything, when you set a goal and you set a target, the first thing you need to do is deliver on that target. And we haven't done that yet. And we expect we will do that in 2025.

好吧，參加我們五月的投資者日，我們將與您分享我們的目標。但我的意思是，從方向上來說，你是對的。我的意思是，我們並不是說達到 13% 就完成了。就像任何事情一樣，當你設定一個目標並設定一個目標時，你需要做的第一件事就是實現該目標。我們還沒有這樣做。我們預計將在 2025 年實現這一目標。

We will be within a stone's throw if you look at the guidance that we provided as we finish out this year. So we've made really, I think, fantastic progress in expanding our margins. And there's -- we're not going to stop. So when we get to 13%, we're not going to stop.

如果你看看我們今年完成時提供的指導，我們就差一步了。因此，我認為，我們在擴大利潤方面確實取得了巨大的進展。我們不會停止。因此，當我們達到 13% 時，我們不會停止。

And there continues to be upside for us, and we're going to share that next May. And we're doing a lot of work right now on kind of we're calling it 2025 and beyond. And what does that look like, not just margin expansion, but where can we go from a revenue perspective and what -- where are the growth opportunities in the business. And we feel just really, really good about the long-term prospects and the viability of where we're taking the business.

我們仍然有上行空間，我們將在明年五月分享這一點。我們現在正在做大量工作，我們稱之為 2025 年及以後。這看起來是什麼樣的，不僅僅是利潤率的擴張，而是從收入的角度來看我們可以走向何方，以及業務的成長機會在哪裡。我們對我們所開展業務的長期前景和可行性感到非常非常好。

Got it. And just one more quick one for me. Like backlog, I know you don't love to talk about backlog, Russ, but is it still growing sequentially? And if you think about sort of core markets, whether it's been data centers or semiconductor, LNG, whatever it is, like generally, are those markets still giving you more opportunities? Has there been any delays in some of those bigger markets? How do you think about that?

知道了。對我來說，還有一個快一點。就像積壓一樣，我知道你不喜歡談論積壓，Russ，但它仍然在連續增長嗎？如果你考慮一些核心市場，無論是資料中心還是半導體、液化天然氣，無論它是什麼，就像一般情況一樣，這些市場是否仍然給你更多的機會？一些較大的市場是否出現了延誤？您對此有何看法？

Yeah, I mean -- so yes, our backlog continues to grow, and it continues -- and when I -- when we talk about it growing, it's healthier. And I think that's a really important component for folks that are joining the call today to take away is that, yes, it's growing, and it's much more healthy than it was, say, 12 months ago or 24 months ago. And so it's very positive.

是的，我的意思是 - 所以是的，我們的積壓工作繼續增長，而且還在繼續 - 當我 - 當我們談論它增長時，它更健康。我認為，對於今天加入電話會議的人來說，一個非常重要的組成部分是，是的，它正在增長，而且比 12 個月前或 24 個月前更健康。所以這是非常積極的。

Our core end markets, I mean, you don't even need to talk about data centers. I mean the data center market is so hot, and there's so many opportunities in the space. We still see good opportunities in the semiconductor space. Health care continues to remain positive.

我的意思是，我們的核心終端市場，你甚至不需要談論資料中心。我的意思是資料中心市場非常火爆，而且這個領域有很多機會。我們仍然看到半導體領域的良好機會。醫療保健繼續保持積極的勢頭。

The infrastructure space, critical infrastructure remains -- continues to have a lot of opportunities in that sector as well. Probably the only place -- and I think when Stephanie from Jefferies was asking a question and I cited the only place that we've seen any sort of kind of pullback from some of -- is in the telecom space, and a lot of that has to do with the administrative issues that the federal government has in administering the funds with the rural broadband program, BEAD, I think, is what the acronym is. And that's really the only place where we've seen any sort of true difficulty, if you will. But our backlog is super strong.

基礎設施領域、關鍵基礎設施仍然存在——該領域也繼續有很多機會。可能唯一的地方——我想當傑富瑞的斯蒂芬妮提出問題時，我引用了我們看到的唯一一個出現任何形式回調的地方——是電信領域，其中很多都是這樣的。在管理農村寬頻計畫資金時遇到的行政問題有關，我認為BEAD 是縮寫。如果你願意的話，這確實是我們見過任何真正困難的唯一地方。但我們的積壓訂單非常多。

That's helpful. Thank you.

這很有幫助。謝謝。

Josh Chan, UBS.

喬許陳，瑞銀。

Hi, good morning. Russ, Kevin. Thanks for taking my questions. When you talk about accelerating organic growth in 2025, is the primary driver there, the absence of the project delays that you're seeing today? And I guess, could you talk about kind of the composition between service and project and whether both can kind of grow in '25? Thank you.

嗨，早安。拉斯、凱文.感謝您回答我的問題。當您談到 2025 年加速有機成長時，主要驅動因素是您今天看到的專案沒有延誤嗎？我想，您能否談談服務和項目之間的組合以及兩者是否可以在 25 年有所發展？謝謝。

Well, Kevin, why don't you -- do you want to grab this one?

好吧，凱文，你為什麼不——你想抓住這個嗎？

Yeah. So as we think about 2025, going into 2025, obviously, with strong backlog and the activity that I referenced earlier in the call, we feel like it's going to -- or we believe it's going to be more of a -- what I can say is a normal year, Josh. And so as we look at the project side of the business, we'd expect that to perform in that low to mid-single digits and service, which has held up this year at that mid- to high single digits, that would be our expectation as we go through 2025 as well. Now there'll be a ramp-up period in the first half of the year. But in general, we see 2025 setting up as that normal year with projects low to mid, and service mid- to high. That's on an organic basis.

是的。因此，當我們考慮2025 年時，進入2025 年，顯然，由於大量的積壓和我之前在電話會議中提到的活動，我們覺得這將是——或者我們相信這將是——我能做到的說這是正常的一年，喬許。因此，當我們審視業務的項目方面時，我們預計其表現將達到中低個位數和服務，今年一直保持中高個位數，這將是我們的我們也對 2025 年充滿期待。現在上半年將有加速期。但總體而言，我們認為 2025 年將是正常年份，項目數量為中低水平，服務水平為中高水平。這是在有機的基礎上。

Organic basis. Okay. And then on your three year targets, obviously, you guys have done a great job expanding margins and likely to reach your existing target. Kind of going forward, will there be a kind of an organic growth component to the next round of targets as well? Just curious how you're thinking about what metrics are important.

有機基礎。好的。然後，在您的三年目標上，顯然，您在擴大利潤方面做得很好，並且有可能達到您現有的目標。展望未來，下一輪目標是否也會有某種有機成長的組成部分？只是好奇您如何思考哪些指標很重要。

Well, for sure, I mean, like there's -- for sure, is an element of organic growth in like this long-term planning that I talked about 2025 and beyond. Organic growth is a component of that. I guess, Josh, I guess we haven't really thought our way through exactly how -- I think it's good feedback for us and something for us to think about as we start to establish some of these targets and goals and what we share with folks like yourself as we go forward. But there's no question that organic growth is part of the algorithm as we think about what does the business look like in 2025 and beyond or like through 2028. We think about it from an organic growth.

嗯，當然，我的意思是，就像我談到的 2025 年及以後的長期規劃一樣，肯定是有機成長的一個要素。有機成長是其中的一個組成部分。我想，喬什，我想我們還沒有真正思考過具體的方式——我認為這對我們來說是很好的反饋，也是我們在開始製定其中一些目標和目的以及我們與之分享的內容時需要考慮的事情在我們前進的過程中，像你這樣的人。但毫無疑問，當我們思考 2025 年及以後或到 2028 年的業務狀況時，有機成長是演算法的一部分。我們從有機成長的角度來思考它。

We think about it from a bolt-on M&A perspective. We think about it from transformational M&A and what does the business look like and how much of that is service? And is there another leg under the stool? And all of those things come into play as we think about 2025 and beyond.

我們從補強併購的角度來思考這個問題。我們從轉型併購的角度來思考，業務是什麼樣的，其中有多少是服務？凳子下面還有另一條腿嗎？當我們思考 2025 年及以後時，所有這些因素都會發揮作用。

So yes, organic growth is a component of that. We understand the importance of organic growth and the health of our business. And we'll have to think about how we establish and publish from a target perspective. So I don't know, Kevin, you got any thoughts on that?

所以，是的，有機成長是其中的一個組成部分。我們了解有機成長和業務健康發展的重要性。我們必須從目標角度思考如何建立和發布。所以我不知道，凱文，你對此有什麼想法嗎？

Nothing to add, Russ.

沒什麼好補充的，拉斯。

Great. Yeah, thank you both for the color and the time. I appreciate that.

偉大的。是的，謝謝你的顏色和時間。我很欣賞這一點。

Thank you.

謝謝。

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS 證券。

Hi, good morning guys. I was just wondering if you could give us a little more color on the M&A pipeline and kind of the timing and size of opportunities there. Do you expect some of these to close earlier in '25 or maybe late in '24, and maybe that has an effect on the accretion for the year? Or is it more spread out? Or is it more back-half weighted? Just help me understand what you're looking at in your pipeline today.

嗨，大家早安。我只是想知道您是否可以給我們更多關於併購管道的資訊以及那裡的機會的時機和規模。您是否預計其中一些項目會在 25 年早些時候或在 24 年晚些時候關閉，這可能會對今年的成長產生影響？還是更加分散？還是後半部加重？請幫助我了解您今天在管道中看到的內容。

Well, the reality of it is when you think about bolt-on M&A, Jon, we want that to happen consistently throughout the year and not -- and the reality of it is that we don't have -- like I'm talking specifically bolt-on M&A now. Most of these sellers sell their business one time, and that's it. And so sometimes they don't have usually a lot of resources. And so sometimes transactions moved relatively quickly.

好吧，事實是，當你考慮補強併購時，喬恩，我們希望這種情況全年持續發生，而不是——而事實是我們沒有——就像我說的那樣現在特別是補強併購。這些賣家中的大多數人都會一次性出售他們的業務，僅此而已。所以有時他們通常沒有很多資源。因此有時交易進展相對較快。

Sometimes they move relatively slowly. And some of it's based on do they have the resources? Can they pull the information together that we need, et cetera? So you don't have 100% control about the timing of some of these transactions, but the goal is to have them happen consistently throughout the year so that you're balancing your workload.

有時它們移動得相對緩慢。其中一些是基於他們是否有資源？他們能否將我們需要的資訊整合在一起等等？因此，您無法 100% 控制其中某些事務的時間安排，但目標是讓它們全年一致發生，以便平衡工作負載。

We're not killing our team and our people are getting the work done, and we just -- it's kind of like you just like clicking away and clicking away and clicking away and clicking away and you continue to do some transactions. So we expect to get -- have some deal activity get completed up here in the fourth quarter, and we'll continue -- and we'll just continue pushing right through into next year.

我們並沒有殺死我們的團隊，我們的員工正在完成工作，我們只是 - 這有點像你只是喜歡點擊，點擊，點擊，點擊，然後你繼續做一些交易。因此，我們預計在第四季完成一些交易活動，我們將繼續進行，我們將繼續推進到明年。

Now the next Elevated, when that comes along, we're always kind of digging in and looking at the next opportunity and doing a little bit of work. And there's some -- there's always something going on. And it doesn't mean though that we're going to move forward. We are very disciplined in how we value these businesses and whether the business is the right fit for us. And so it's -- whether we have one happened yet this year, I would say, probably doubtful. I suspect anything is possible, but it's probably doubtful. And most likely, there will be -- it would be something -- if something were to happen, it would happen in 2025.

現在，當下一個 Elevated 出現時，我們總是會深入挖掘並尋找下一個機會並做一些工作。總是有一些事情在發生。但這並不意味著我們會繼續前進。我們對如何評估這些業務以及該業務是否適合我們非常嚴格。因此，我想說，今年是否發生過這種情況，可能值得懷疑。我懷疑一切皆有可能，但這可能是值得懷疑的。最有可能的是，如果某件事發生的話，它會在 2025 年發生。

Got it. And to follow on an earlier question, are you expecting to provide something like an inorganic growth target or aspiration or perhaps a target for capital deployment towards M&A at your Investor Day?

知道了。繼續先前的問題，您是否期望在投資者日提供諸如無機成長目標或願望之類的東西，或者可能是併購資本部署的目標？

Again, I don't know that we've worked our way through exactly what we're going to publish and target. But bolt-on M&A is part of our playbook. And we've always been an acquisitive company, and it's really a big part of our DNA and who we are. And so it will be part of the playbook.

再說一次，我不知道我們是否已經完全完成了我們將要發布的內容和目標。但補強併購是我們策略的一部分。我們一直是一家收購型公司，這確實是我們 DNA 和我們是誰的重要組成部分。因此它將成為劇本的一部分。

There's always going to be an element of hesitation about saying we're going to do X amount of M&A a year because if it's not the right opportunities for us, then we need to be disciplined, and we need to not do it. And I don't want to get into a situation where we're doing deals just to do deals. That would not be good for our shareholders for the long term.

對於我們每年要進行 X 筆併購，總是會有一些猶豫，因為如果這對我們來說不是合適的機會，那麼我們需要遵守紀律，我們需要不這樣做。我不想陷入這樣一種情況：我們只是為了做交易而做交易。從長遠來看，這對我們的股東不利。

So it will be part of our playbook. It will be part of our planning. It will be part of how we're thinking about what the business looks like long term and in the future. But I would be reticent to say we're going to do X amount of M&A each year. It just -- I don't know if that would make much sense.

所以這將成為我們劇本的一部分。這將是我們計劃的一部分。這將成為我們如何思考業務的長期和未來的一部分。但我不願透露我們每年都會進行 X 筆併購。只是——我不知道這是否有意義。

That concludes our Q&A session. I will now turn the conference back over to Russ for the closing remarks.

我們的問答環節到此結束。現在我將把會議轉回拉斯進行閉幕致詞。

Thank you. In closing, I would like to thank all of our team members for their continued support and dedication to our business. I'm truly grateful for what each one of you do on a daily basis. I would also like to thank our long-term shareholders as well as those that have recently joined us for their support. We appreciate your ownership of APi, and we look forward to updating you on our progress throughout the remainder of the year. Thank you, everybody. Appreciate your time this morning.

謝謝。最後，我要感謝我們所有團隊成員對我們業務的持續支持和奉獻。我真的很感激你們每個人每天所做的事情。我還要感謝我們的長期股東以及最近加入我們的股東的支持。我們感謝您對 APi 的所有權，並期待在今年剩餘時間內向您通報我們的最新進展。謝謝大家。感謝您今天早上的時間。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。