APi Group Corp (APG) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to APi Group's first-quarter 2025 financial results conference call. All participants are now in a listen-only mode until the question-and-answer session. Please note this call is being recorded. I will be standing by should you need any assistance. I will now turn the call over to Adam Fee, Vice President of Investor Relations at APi Group. Please go ahead.

女士們、先生們，早安，歡迎參加 APi Group 2025 年第一季財務業績電話會議。所有參與者現在都處於只聽模式，直到問答環節。請注意，本次通話正在錄音。如果您需要任何幫助，我會隨時待命。現在我將把電話轉給 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 of 2025 earnings conference call. Joining me on the call today are Russ Becker, our President and CEO; David Jackola, our Executive Vice President and Chief Financial Officer; and Sir Martin Franklin and James Lillie, our Board Co-Chairs.

謝謝。大家早安，感謝您參加我們的 2025 年第一季財報電話會議。今天與我一起參加電話會議的還有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 David Jackola；以及我們的董事會聯合主席馬丁·富蘭克林爵士和詹姆斯·利利。

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 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、預期事件或趨勢以及其他非歷史事實的預期、意圖和預測。這些聲明並非對未來績效的保證，並且受已知和未知的風險、不確定性和其他因素的影響，導致實際結果與此類前瞻性聲明所表達或暗示的結果有重大差異。

In our press release and filings with the SEC, we detail risks that may cause our future results to differ from our expectations. Our statements are as of today, May 1, and we undertake no obligation to update any forward statement we may make except as required by law.

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未來結果與預期不同的風險。我們的聲明截至今天（5 月 1 日）為止，除非法律要求，否則我們不承擔更新任何前瞻性聲明的義務。

As a reminder, we have posted a presentation detailing our first quarter financial performance on the investor relations page of our website. This presentation includes historical quarterly financial information for a realigned segments on slide 16. 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. Now, my pleasure to turn the call over to Russ.

提醒一下，我們已在我們網站的投資者關係頁面上發布了一份詳細介紹我們第一季財務業績的簡報。此簡報包括投影片 16 上重新調整的部門的歷史季度財務資訊。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。在我們的新聞稿和簡報中可以找到這些項目的對帳和其他資訊。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 this morning. Before discussing our results, I'd like to take a moment to officially congratulate David on being appointed the CFO of APi. I'm grateful to have him leading our global finance organization as we celebrate our fifth anniversary being listed on the New York Stock Exchange. The last five years have been both challenging and rewarding, and I'm grateful to each of our 29,000 leaders for their hard work and unwavering commitment to APi.

謝謝你，亞當。大家早安。感謝您今天上午抽出時間參加我們的電話會議。在討論我們的業績之前，我想花點時間正式祝賀 David 被任命為 APi 的財務長。在我們慶祝在紐約證券交易所上市五週年之際，我很榮幸能由他領導我們的全球金融機構。過去五年既充滿挑戰又收穫頗豐，我感謝我們 29,000 名領導者為 APi 所做的辛勤工作和堅定不移的承諾。

Over the last five years, we have made great progress since becoming a public company. We have navigated the impacts of a global pandemic, established our 13/60/80 shareholder value creation framework, completed and integrated over 50 acquisitions, including Chubb, and continued to evolve our business away from lower margin, higher risk opportunities while focusing investments on building our business around statutorily mandated recurring life safety services.

過去五年來，我們自上市以來取得了長足的進步。我們克服了全球疫情的影響，建立了 13/60/80 股東價值創造框架，完成並整合了包括 Chubb 在內的 50 多項收購，並繼續將業務從利潤率較低、風險較高的機會中轉移出來，同時將投資重點放在圍繞法定強制的經常性生命安全服務開展業務上。

While more than doubling our net revenues since becoming public, our leaders have executed our margin expansion strategy, putting us in position to deliver on our 13% or more adjusted EBITDA margin targeted in 2025. We are excited to host investors and analysts at our investor day in New York on May 21, where we look forward to detailing new meaningfully higher financial targets and updates to our strategic plan.

自上市以來，我們的淨收入成長了一倍以上，同時我們的領導者也實施了利潤率擴張策略，使我們能夠實現 2025 年 13% 或更高的調整後 EBITDA 利潤率目標。我們很高興在 5 月 21 日於紐約舉行的投資者日上接待投資者和分析師，我們期待在會上詳細介紹新的、有意義的更高的財務目標和戰略計劃的更新。

Next week marks APi's 10th straight year of celebrating Safety Week. As I've said before, the safety, health, and well-being of each of our team members remains our number one value. Our commitment to safety drives industry leading safety outcomes across the organization. At the end of 2024, our total recordable incident rate for TRIR was below 1.0. This is significantly below the industry average. While we are proud of this, we continue to strive for zero incidents. We believe our commitment to creating a safer work environment and investing in every leader's development makes APi a company where leaders are inspired to build long and fulfilling careers.

下周是 APi 連續第十年慶祝安全週。正如我之前所說，我們團隊中每個成員的安全、健康和福祉仍然是我們的首要價值。我們對安全的承諾推動了整個組織在產業中領先的安全成果。截至 2024 年底，我們的 TRIR 總可記錄事故率低於 1.0。這明顯低於行業平均。儘管我們對此感到自豪，但我們仍將繼續努力實現零事故。我們相信，我們致力於創造更安全的工作環境並投資於每位領導者的發展，這使得 APi 成為一家激勵領導者建立長期而充實的職業生涯的公司。

Turning to the first quarter, I'm again pleased with the record results delivered by our global team as we continue to see robust demand for the services we offer across the businesses in an involving macro environment. Net revenues grew organically by approximately 2% in the quarter, representing positive momentum as we return to more traditional levels of of organic growth.

談到第一季度，我再次對我們的全球團隊取得的創紀錄業績感到滿意，因為我們繼續看到在複雜的宏觀環境下，我們在整個業務中提供的服務的需求強勁。本季淨收入有機成長約 2%，這代表著我們回歸更傳統的有機成長水平的積極勢頭。

In our safety services segment, organic growth came in at 5.6%, with high-single digit growth in inspection, services, and monitoring revenues, and low-single digit growth in project revenues. Importantly, and in line with our strategic initiatives, we saw a double-digit increase in inspection revenue in North America for the 19th straight quarter as we march towards our long-term goal of 60% of total net revenues from inspection, service, and monitoring.

在我們的安全服務部門，有機成長率達到 5.6%，其中檢查、服務和監控收入實現高個位數成長，專案收入實現低個位數成長。重要的是，根據我們的策略舉措，我們連續第 19 個季度看到北美的檢驗收入實現兩位數增長，我們正朝著檢驗、服務和監控佔總淨收入 60% 的長期目標邁進。

In our specialty services segment, our businesses perform in line with what we outlined last quarter. The decline in net revenues moderated from the fourth quarter, despite a headwind from the adverse weather we faced early in the first quarter. Backlog continues to grow up 7% organically, and we expect the segment to deliver positive organic growth in the second quarter.

在我們的專業服務領域，我們的業務表現與我們上個季度概述的情況一致。儘管第一季初我們面臨惡劣天氣的不利影響，但淨收入的降幅從第四季開始有所減緩。積壓訂單持續有機成長 7%，我們預計該部門將在第二季實現正有機成長。

With another quarter of margin expansion, the team continues to make meaningful progress executing our margin expansion initiatives as we close in on achieving our 13% or more adjusted EBITDA margin target in 2025. As a reminder, these initiatives include improved inspection, service, and monitoring revenue mix, disciplined customer and project selection, (inaudible) value capture, pricing improvements, procurement systems and scale, our creative M&A and selective business pruning, and as I like to say, we can always just be better.

隨著利潤率再度擴大一個季度，團隊在執行利潤率擴大計劃方面繼續取得有意義的進展，我們即將在 2025 年實現 13% 或更高的調整後 EBITDA 利潤率目標。提醒一下，這些措施包括改善檢查、服務和監控收入組合、嚴謹的客戶和專案選擇、（聽不清楚）價值獲取、定價改進、採購系統和規模、我們的創意併購和選擇性業務精簡，正如我喜歡說的，我們總是可以做得更好。

We believe we are also well positioned to navigate the evolving macro environment, including the impact of tariffs. I truly believe that APi is a safe harbor in the tariff storm. Our leaders have been proactive in working to get out in front of the tariff situation and implementing mitigation strategies since late last year. We do not expect any material impact from tariffs on the 54% of our net revenues that comes from highly recurring inspection, service, and monitoring. These services benefit from statutorily driven demand and have a cost structure comprised predominantly of labor. Any parts and materials are sourced in real time with their costs passed on to the customer.

我們相信，我們也已做好準備，以應對不斷變化的宏觀環境，包括關稅的影響。我堅信APi是關稅風暴中的避風港。自去年年底以來，我們的領導人一直積極主動地努力解決關稅問題並實施緩解策略。我們預計關稅不會對我們 54% 的淨收入（來自高度重複的檢查、服務和監控）產生任何重大影響。這些服務受益於法定驅動的需求，其成本結構主要由勞動力組成。任何零件和材料都是即時採購的，其成本轉嫁給客戶。

In our projects business, we are currently only seeing impacts from tariffs on the cost of our materials and our North American safety business where pipe prices have increased. Our leaders have done a good job protecting our business from material cost increases through contractual provisions, and we expect to be able to pass along much, if not all, material cost increases that arise from these tariffs. Longer term, we expect increased investment in US infrastructure and the onshoring of advanced manufacturing to be a benefit to the target and markets we serve.

在我們的專案業務中，我們目前只看到關稅對我們的材料成本和北美安全業務的影響，其中管道價格上漲。我們的領導層透過合約條款很好地保護了我們的業務免受材料成本上漲的影響，我們預計能夠轉嫁大部分（如果不是全部）由這些關稅引起的材料成本上漲。從長遠來看，我們預計美國基礎設施投資的增加和先進製造業的回歸將有利於我們服務的目標市場。

As a reminder, shortly after becoming a public company five years ago, the world was in the midst of a global pandemic. While the pandemic posed many challenges, it also highlighted the strength and resiliency of our business model. Exiting the pandemic, we experienced a period of significant increases in pipe prices far greater than we are experiencing today.

提醒一下，五年前該公司上市後不久，世界正處於一場全球大流行之中。雖然疫情帶來了許多挑戰，但也凸顯了我們商業模式的優勢和韌性。疫情結束後，我們經歷了一段管道價格大幅上漲的時期，漲幅遠遠超過現在。

Our leaders did a solid job protecting our margins and delivering on our commitments while being fair to our customers. We believe our robots backlog, variable cost structure, the statutorily driven demand for our services, and the diversity of the global and markets we serve combined to provide a protective mode around the business. We believe this positions us well to navigate the dynamic tariff variables in the marketplace.

我們的領導層在公平對待客戶的同時，出色地保護了我們的利潤並履行了我們的承諾。我們相信，我們的機器人積壓、可變成本結構、對我們服務的法定驅動需求以及我們所服務的全球和市場的多樣性結合起來為業務提供了一種保護模式。我們相信，這使我們能夠很好地應對市場上動態的關稅變數。

As we move through the year, we remained relentlessly focused on our long-term 13/60/80 value creation targets, which include the following: adjusted EBITDA margin of 13% or more in 2025, long-term revenues of 60% from inspection, service, and monitoring. And finally, long term adjusted free cash flow conversion of 80%.

在這一年中，我們始終堅持不懈地專注於我們的長期 13/60/80 價值創造目標，其中包括：2025 年調整後的 EBITDA 利潤率達到 13% 或更高，長期收入 60% 來自檢查、服務和監控。最後，長期調整後的自由現金流轉換率為 80%。

Our strong free cash flow generation and balance sheet strength provide us with the flexibility to pursue value enhancing capital deployment alternatives such as continuing our track record of disciplined M&A or opportunistic share repurchases. In the first quarter, we repurchased $75 million or 2.1 million shares of our common stock. Additionally, our Board has authorized a new $1 billion share repurchase program, giving us more flexibility to act as we expect to continue to increase our free cash flow generation in the years to come. I always joke that we don't have to do much diligence, and we really like the APi's leadership team, so it makes buying APG shares an easy decision.

我們強大的自由現金流產生能力和資產負債表實力使我們能夠靈活地尋求增值的資本配置替代方案，例如繼續保持我們嚴謹的併購記錄或機會性股票回購。第一季度，我們回購了價值 7,500 萬美元或 210 萬股普通股。此外，我們的董事會已批准一項新的 10 億美元股票回購計劃，這將使我們有更大的靈活性，因為我們預計在未來幾年將繼續增加我們的自由現金流。我總是開玩笑說，我們不需要做太多的盡職調查，我們真的很喜歡 APi 的領導團隊，所以購買 APG 股票是一個很容易的決定。

In terms of discipline M&A, we spent $250 million on bolt-on acquisitions at attractive and multiples in 2024, and we are targeting a similar level in 2025. We expect that part of that spend will be on our first elevator service full time under our APi elevator platform. We are taking a walk before we run approach to our expansion into the $10 billion plus domestic elevator service market.

在紀律併購方面，我們在 2024 年以具有吸引力的倍數花費了 2.5 億美元進行附加收購，我們的目標是在 2025 年達到類似的水平。我們預計，這筆支出的一部分將用於我們 APi 電梯平台下的首個全職電梯服務。我們正在採取「慢走」的方式向價值 100 億美元以上的國內電梯服務市場擴張。

We expect our ongoing expansion into the elevator service market to be a creative to our 13/60/80 value creation framework. And importantly, this represents a continuation of our focus on building a robust line of businesses that provides statutorily mandated recurring life safety services. We remain committed to building a $1 billion elevator service market leader over the long term as well as continuing to expand our fire protection and electronic security businesses.

我們期望我們在電梯服務市場的持續擴張能為我們的 13/60/80 價值創造框架帶來創新。重要的是，這代表我們繼續致力於建立強大的業務線，提供法定強制的經常性生命安全服務。我們將繼續致力於長期打造價值 10 億美元的電梯服務市場領導者，並繼續擴大我們的消防和電子安全業務。

In summary, we are off to a strong start in 2025, returning to traditional levels of organic growth after our thoughtful and selective pruning of certain low margin customer accounts in 2024. We've also continued to expand margins and deploy capital on M&A and share repurchases to drive shareholder value. We are pleased with our leaders' execution across the business, and I have great confidence in our ability to deliver on our near-term commitments while maintaining the focus on the long-term opportunities in front of us. I'd like to hand the call over to David to discuss our first-quarter financial results and updated guidance in more detail. David?

總而言之，我們在 2025 年取得了強勁開局，在 2024 年經過深思熟慮和選擇性地削減某些低利潤客戶帳戶後，恢復了傳統的有機增長水平。我們也持續擴大利潤率，並在併購和股票回購上投入資金，以提升股東價值。我們對領導階層在整個業務中的執行情況感到滿意，我對我們履行近期承諾的能力充滿信心，同時繼續關注我們面前的長期機會。我想把電話交給大衛，更詳細地討論我們的第一季財務表現和最新指引。戴維？

Thanks, Russ. Reported revenues for the three months ended March 31, increased 7.4% to $1.72 billion compared to $1.6 billion in the prior year period. Organic growth of approximately 2% was driven by pricing improvements and strong organic growth in safety services led by inspection, service, and monitoring, partially offset by an anticipated decrease in specialty services revenue.

謝謝，拉斯。截至 3 月 31 日的三個月報告營收與去年同期的 16 億美元相比成長 7.4% 至 17.2 億美元。約 2% 的有機成長得益於價格改善以及以檢查、服務和監控為主導的安全服務強勁的有機成長，但被專業服務收入的預期下降部分抵消。

Adjusted gross margin for the three months ended March 31 through to 31.7%, representing a 100 basis point increase compared to the prior year period and driven by disciplined customer and project selection, pricing improvements, and value capture initiatives in our international business. Adjusted EBITDA increased by 10.3%, 11.5% on a fixed currency basis for the three months ended March 31, with adjusted EBITDA margin coming in at 11.2%, representing a 30 basis point increase compared to the prior year period, primarily due to the increase in adjusted gross margin partially offset by lower fixed cost absorption in the specialty services segment.

截至 3 月 31 日的三個月的調整後毛利率為 31.7%，比去年同期增加了 100 個基點，這得益於我們國際業務中嚴格的客戶和項目選擇、價格改進和價值獲取舉措。截至 3 月 31 日的三個月，調整後 EBITDA 成長 10.3%，以固定貨幣計算成長 11.5%，調整後 EBITDA 利潤率為 11.2%，較去年同期增加 30 個基點，主要由於調整後毛利率增加，但被專業服務部門固定成本吸收減少部分抵消。

I am pleased to report that adjusted diluted earnings per share for the first quarter was $0.37, representing a 3p or 8.8% increase compared to the prior year period. The increase was primarily driven by strong growth and adjusted EBITDA, partially offset by an increase in interest expense and adjusted weighted average shares outstanding.

我很高興地報告，第一季調整後每股攤薄收益為 0.37 美元，比去年同期成長 3 便士或 8.8%。成長主要得益於強勁的成長和調整後的 EBITDA，但部分被利息支出和調整後的加權平均流通股數的增加所抵消。

Safety services reported revenues for the three months ended March 31, increased by 13.4% to $1.27 billion compared to $1.12 billion in the prior year period. Organic growth of 5.6% was driven by double-digit inspection revenue growth in our North America safety business and 7% organic growth in inspection, service, and monitoring revenues for the segment. Project revenues grew 4% organically in the quarter. Adjusted gross margin for the three months ended March 31 was 37%, representing a 90 basis point decrease compared to the prior year period, driven by disciplined customer and project selection, pricing improvements, and value capture initiatives. Segment earnings increased by 20.6%, 21.6% when measured on a fixed currency basis for the three months ended March 31, and segment earnings margin was 15.7%, representing a 90 basis point increase compared to the prior year period, primarily due to the increase in adjusted gross margin.

安全服務部門報告稱，截至 3 月 31 日的三個月內，其收入較去年同期的 11.2 億美元增長 13.4%，達到 12.7 億美元。5.6% 的有機成長得益於北美安全業務的兩位數檢查收入增長以及該部門的檢查、服務和監控收入 7% 的有機增長。本季專案營收有機成長 4%。截至 3 月 31 日的三個月的調整後毛利率為 37%，與去年同期相比下降了 90 個基點，這得益於嚴格的客戶和專案選擇、價格改進和價值獲取措施。截至 3 月 31 日的三個月，分部獲利成長 20.6%，以固定貨幣計算成長 21.6%，分部獲利利潤率為 15.7%，較去年同期增加 90 個基點，這主要由於調整後的毛利率增加。

Specialty services reported revenues for the three months ended March 31, decreased by 6.8% to 453 million compared to $486 million in the prior year period. Organic revenue declined 6.6%, driven by an anticipated decrease in project and service revenues, as well as adverse weather impacts. Adjusted gross margin for the three months ended March 31, with 16.8%, representing a 150 basis point decrease compared to the prior year period, driven primarily by lower fixed cost absorption due to lower net revenues partially offset by the favorable impact from planned disciplined customer and project selection. Segment earnings decreased by 32.6% of the three months ended March 31, and segment earnings margin was 6.4%, representing a 240 basis point decrease compared to the prior year period, driven primarily by lower fixed cost absorption due to lower net revenues.

截至 3 月 31 日的三個月，專業服務收入下降 6.8% 至 4.53 億美元，去年同期為 4.86 億美元。由於項目和服務收入預期下降以及不利天氣的影響，有機收入下降了 6.6%。截至 3 月 31 日的三個月的調整後毛利率為 16.8%，比去年同期下降 150 個基點，主要原因是淨收入下降導致固定成本吸收減少，但有計劃的嚴格客戶和項目選擇帶來的有利影響部分抵消了這一影響。截至 3 月 31 日的三個月中，分部收益下降了 32.6%，分部收益利潤率為 6.4%，與去年同期相比下降了 240 個基點，這主要是由於淨收入下降導致固定成本吸收減少。

Turning to cash flow. For the three months ended March 301, adjusted free cash flow was $86 million, representing a $74 million improvement compared to the first quarter of 2024 and reflecting an adjusted to free cash flow conversion of approximately 45%. Free cash flow generation continues to be a priority across APi. We are pleased that we remain on track to achieve our adjusted free cash flow conversion target of approximately 75% for the year while returning to more traditional levels of organic growth in the business.

轉向現金流。截至 3 月 30 日的三個月，調整後的自由現金流為 8,600 萬美元，與 2024 年第一季相比增加了 7,400 萬美元，調整後的自由現金流轉換率約為 45%。自由現金流的產生仍然是 APi 的首要任務。我們很高興看到，我們仍有望實現今年約 75% 的調整後自由現金流轉換目標，同時恢復到更傳統的業務有機成長水準。

At the end of the quarter, our net leverage ratio was approximately 2.3 times below our long-term net leverage target of 2.5. Our strong balance sheet gives us flexibility to drive our margin accretive bolt on M&A strategy while allowing for opportunistic share purchases like we executed in the first quarter. We expect to continue to grow our free cash flow in 2025, providing us with significant opportunities for continued value enhancing capital deployment.

截至本季末，我們的淨槓桿比率比長期淨槓桿率目標 2.5 低約 2.3 倍。我們強勁的資產負債表使我們能夠靈活地推動利潤增值型併購策略，同時允許像我們在第一季執行的那樣進行機會性股票購買。我們預計 2025 年我們的自由現金流將持續成長，這將為我們提供持續提升資本價值的重大機會。

I will now discuss our guidance for the second quarter and full year 2025, which is a reminder is based on current foreign currency exchange rates. We expect increased full year net revenues of $7.4 billion to $7.6 billion up from $7.3 billion to $7.5 billion representing organic growth in net revenues of 2% to 5% for the year.

我現在將討論我們對 2025 年第二季和全年的指導，這是一個基於當前外匯匯率的提醒。我們預計全年淨收入將從 73 億美元至 75 億美元增至 74 億美元至 76 億美元，這意味著全年淨收入有機成長 2% 至 5%。

Moving down the P&L, we expect increased full year adjusted EBITDA of $985 billion to $1.035 billion up from $970 million to $1.02 billion, representing an adjusted EBITDA margin of 13.4% in the midpoint and adjusted EBITDA growth of over 10%. Our increased full year revenue in EBITDA guidance is due to the impact of the weakening USD since our February guidance, and more information on our revised guide can be found on slide 10 of our earnings presentation on our investor relations website.

順著損益表來看，我們預計全年調整後 EBITDA 將從 9.7 億美元增至 10.2 億美元，增幅達 9,850 億美元至 10.35 億美元，這意味著調整後 EBITDA 利潤率中位數為 13.4%，調整後 EBITDA 成長率將超過 10%。我們的 EBITDA 全年收入指引有所增加，這是由於自我們 2 月份指引以來美元走弱的影響，有關我們修訂指引的更多信息，請參閱我們投資者關係網站上收益報告的第 10 張幻燈片。

In terms of the second quarter, we expect reported net revenues of $1.875 billion to 1.925 billion, representing accelerating organic net revenue growth of approximately 3% to 6%. We expect adjusted EBITDA of $260 million to $270 million, representing an adjusted EBITDA margin of 13.9% at the midpoint and accelerating adjusted EBITDA growth of 13% to 17%.

就第二季而言，我們預計報告淨收入為 18.75 億美元至 19.25 億美元，這意味著有機淨收入將加速成長約 3% 至 6%。我們預計調整後的 EBITDA 為 2.6 億美元至 2.7 億美元，中間值代表調整後的 EBITDA 利潤率為 13.9%，調整後的 EBITDA 成長率加速為 13% 至 17%。

For 2025, we anticipate interest expense to be approximately $145 million, depreciation to be approximately $90 million, capital expenditures to be approximately $100 million and our adjusted effective tax rate to be approximately 23%. We expect our adjusted diluted weighted average share count for the year to be approximately $282 million reflecting our repurchase of 2.1 million shares in the first quarter, but not incorporating any potential future share repurchases. We continue to expect adjusted corporate expenses to be between $30 million and $35 million dollars per quarter with some timing variability throughout the year.

到 2025 年，我們預計利息支出約為 1.45 億美元，折舊約為 9,000 萬美元，資本支出約為 1 億美元，調整後有效稅率約為 23%。我們預計今年調整後的稀釋加權平均股數約為 2.82 億美元，這反映了我們在第一季回購的 210 萬股股票，但不包括任何潛在的未來股票回購。我們仍然預計調整後的公司費用每季將在 3,000 萬美元至 3,500 萬美元之間，全年的時間會有所不同。

You may also have noticed a new line in our earnings release tables called systems and business enablement. This represents a recently launched three-year investment in systems and technology that will equip our branches and field leaders with the data, modern tools and technology that they need to more efficiently and effectively serve our customers. This is a business led and field leader focused initiative, and one that we believe is the key enabler to achieving the long-term financial targets that we plan to share at our investor day in May. I will now turn the call back over to Russ.

您可能還注意到我們的收益發布表中有一行新內容，稱為系統和業務支援。這是最近啟動的為期三年的系統和技術投資，將為我們的分支機構和現場領導提供所需的數據、現代工具和技術，以便更有效率、更有效地為客戶服務。這是一項由企業主導、領域領導者重點關注的舉措，我們相信這是實現我們計劃在五月投資者日分享的長期財務目標的關鍵推動因素。現在我將把電話轉回給拉斯。

Thanks, David. APi's record first quarter net revenues and profitability speaks to the effectiveness of our strategy and the alignment in its execution by our global team of leaders. As you've heard from us, we have great confidence in business and the direction we are heading, despite the dynamic macro environment -- macroeconomic environment. We remain focused on creating sustainable shareholder value by delivering on our 13/60/80 targets with the near-term focus on generating adjusted EBITDA margin of 13% or more this year.

謝謝，大衛。APi 第一季創紀錄的淨收入和獲利能力證明了我們策略的有效性以及全球領導團隊在執行該策略方面的協調性。正如您從我們這裡聽到的，儘管宏觀環境——宏觀經濟環境——充滿活力，但我們對業務和發展方向充滿信心。我們將繼續致力於創造永續的股東價值，實現 13/60/80 的目標，近期重點是在今年實現 13% 或更高的調整後 EBITDA 利潤率。

As a reminder, we will be hosting an investor day on May 21 in New York for professional investors. I'm looking forward to seeing many of you there but also encourage you to reach out to Adam to register if you haven't already done so, as space is limited. With that, I would now like to turn the call over to the operator and open the call for Q&A.

提醒一下，我們將於 5 月 21 日在紐約為專業投資者舉辦投資者日活動。我期待在那裡見到你們，但也鼓勵你們聯繫亞當進行註冊（如果你們還沒有註冊的話），因為空間有限。現在，我想將電話轉給接線員並開始問答環節。

(Operator Instructions)

（操作員指示）

Andy Kaplowitz, Citigroup.

花旗集團的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Russ, I think you said publicly that combined backlog for APG at the end of last quarter was $3.5 billion. Can you give more color to what your backlog did in Q1? I think you said it was up 7% in your specialty. And then can you talk about the visibility you do have toward growth in both your segments? Despite the uncertain macro, would you say you still have good visibility toward the single visual growth and safety? I think you said specialty to return to growth in Q2. Is that a function of project delays ending or new wins or both?

拉斯，我記得你公開說過，上個季度末 APG 的合併積壓訂單為 35 億美元。能否詳細說明您的積壓工作在第一季的表現？我認為您說過您的專業領域已經上漲了 7%。然後您能談談您對這兩個領域的成長前景有何看法嗎？儘管宏觀形勢不確定，您是否認為您對單一視覺增長和安全性仍然有良好的預見性？我認為您說過專業領域將在第二季度恢復成長。這是專案延期結束或新勝利或兩者兼而有之的結果嗎？

Well, that was a mouthful, Andy. So that's you had about seven questions in your one.

嗯，這話說得有點拗口，安迪。所以你的問題大概有七個。

Only three.

只有三個。

That's all -- it's all good. Yeah, I mean our backlog is sitting right around $3.5 billion, it's up on a year-over-year basis. It continues to actually -- we continue to see momentum building in our backlog and we expect it to continue to build that actually as we work our way through the second quarter. The end markets that we serve, we don't feel like we're over committed to anyone in markets such as data centers. Even though we're doing data center work, our focus remains on the -- ultimately, we want to be doing an inspection service and monitoring work for these facilities and the project work to come from the relationships that we've built with those particular clients. So we feel like we're in a really good spot.

就這樣吧——一切都很好。是的，我的意思是我們的積壓訂單大約是 35 億美元，比去年同期成長。它實際上還在繼續——我們繼續看到積壓訂單的勢頭不斷增強，我們預計，隨著我們進入第二季度，這種勢頭將繼續增強。對於我們所服務的終端市場，我們並不覺得我們對資料中心等市場中的任何人做出了過度的承諾。儘管我們正在從事資料中心工作，但我們的重點仍然是——最終，我們希望為這些設施提供檢查服務和監控工作，而專案工作則來自我們與特定客戶建立的關係。所以我們覺得我們處於一個非常好的位置。

Regarding specific to specialty, number one, it was a tough comp compared to Q1 from last year, is the -- we didn't really experience any adverse weather conditions like we did this year. This was more of a what I would consider a normalized year, and we expect our specialty services business to see organic growth in the second quarter aided in part by their growing backlog. The backlog is strong, I think 7 -- up 7% organic -- on an organic basis, and I think that we're really well positioned as we move are moving through the second quarter.

具體到專業方面，首先，與去年第一季相比，今年的業績比較艱難，因為我們並沒有像今年一樣遭遇惡劣的天氣條件。我認為這是比較正常的一年，我們預計我們的專業服務業務將在第二季度實現有機成長，部分原因是其積壓訂單的增加。積壓訂單很強勁，我認為有機成長了 7%——而且我認為我們在第二季的進展中處於非常有利的位置。

Thanks for that, Russ. And then can you elaborate a little more on the tariff-related impacts on the business and what's embedded in the guide? I think you said your people are buying steel pipe up front, you're not seeing as much in the way of pipe increases versus during the pandemic, but how have you thought about any higher pricing in your unchanged guidance, or do you expect to see any impact from tariffs on volume?

謝謝你，拉斯。然後，您能否進一步詳細說明關稅對業務的影響以及指南中的內容？我想您說過，您的員工正在預先購買鋼管，與疫情期間相比，您沒有看到鋼管價格上漲太多，但是，在保持不變的指導方針下，您如何看待任何更高的定價，或者您是否預計關稅會對產量產生任何影響？

Well, I mean -- I guess, first and foremost, number one, when President Trump was elected all the way back in last November, we anticipated, like I'm sure everybody anticipated that he would use tariffs, as a tool in his second term. And so, we very proactively got out in front of that, including language in our proposals and ultimately our contracts that should we see rapid escalation due to price escalation due to tariffs. That you know, we would be able to recapture that cost. Now, we're only recapturing the cost, we're not recapturing the margin on that. We're just getting -- we're able to pass the cost on and that's primarily in our in our project work. So I feel like our leaders did a a fantastic job of really getting out in front of it. Just because we knew that it was potentially going to come.

嗯，我的意思是——我想，首先，當川普總統去年 11 月當選時，我們預料到，我相信每個人都預料到他會在第二任期內使用關稅作為工具。因此，我們非常積極地採取了應對措施，包括在我們的提案和最終的合約中都提到，如果關稅導致價格上漲，我們將面臨價格迅速上漲的風險。你知道，我們將能夠收回這筆成本。現在，我們只能收回成本，而不能收回利潤。我們只是——我們能夠轉嫁成本，這主要在我們的專案工作中。所以我覺得我們的領導人在這方面做得非常好。只是因為我們知道它有可能會到來。

The commodity that we watched the closest is hot rolled coil, and that's because that's directly affects pipe prices. We've seen pipe prices increase since the first of the year, and we've actually seen them moderate and drop a little bit more recently, so we feel pretty good about where we're at. Yes, we did pull some material cost into the first quarter, as the trade -- as the tariffs, kind of that whole conversation escalated and some of the tariffs, the size of the tariffs, so to speak, increased so dramatically. We definitely did do some pre-purchasing the material and pull some of that material cost into the first quarter, which would be at a slightly lower margin. Then say what we're able to get from the labor that we -- when we're executing our work, et cetera. So I don't know, David, do you have any extra color on that that you'd like to add?

我們最密切關注的商品是熱軋捲，因為它直接影響管材價格。自今年年初以來，我們看到管道價格上漲，而實際上，最近價格有所緩和甚至有所下降，因此我們對目前的狀況感到相當滿意。是的，我們確實將一些材料成本納入了第一季度，因為貿易——隨著關稅，整個對話不斷升級，而且一些關稅，可以說關稅的規模急劇增加。我們確實做了一些預購材料，並將部分材料成本納入第一季度，因此利潤率會略低一些。然後說一下我們在執行工作時能夠從勞動中獲得什麼，等等。所以我不知道，大衛，您是否還有什麼想要補充的？

No, I think that summarizes it clearly.

不，我認為這已經總結得很清楚了。

Tim Mulrooney, William Blair.

提姆·馬爾羅尼、威廉·布萊爾。

So on organic growth, I mean, you were guiding total organic growth to be down, I think, in the low-single digit range in the first quarter, and you ended up at a positive 2%. So just curious what was the primary driver of that variance relative to your expectations.

因此，就有機成長而言，我的意思是，您指導的總有機成長在第一季應該會下降，我認為，在個位數的低位範圍內，但最終卻達到了正 2%。所以我只是好奇相對於您的預期，這種差異的主要驅動因素是什麼。

Yeah, I think, Russ probably answered that one in the last question is we did pull some materials forward into the first quarter ahead of projected or potential price increases from the tariffs, and that was really the main driver in our (inaudible) to our revenue guide in the first quarter.

是的，我想，拉斯可能在最後一個問題中回答了這個問題，我們確實在關稅預計或潛在的價格上漲之前將一些材料提前到第一季度，這確實是我們（聽不清楚）第一季度收入指南的主要驅動力。

Oh, okay, thanks. Sorry, I missed that but got it. So pulling forward the materials that boosted your organic growth, is that correct, David?

噢，好的，謝謝。抱歉，我錯過了，但還是拿到了。那麼，大衛，您所說的推動有機成長的材料是否正確？

Yeah, you captured that well.

是的，你捕捉到了這一點。

Okay. And then, just on projects, I mean, given the current state of macro uncertainty, what can you tell us about demand in the projects business? I mean your guidance looks great, but I mean, as you look into specific projects, our customers holding back at all? I'm pushing forward with new projects, kind of waiting to see what happens with the tariffs situation, curious what you're seeing with regard to proposal activity and the backlog, generally within that that projects business. Thank you.

好的。然後，僅就專案而言，我的意思是，鑑於當前宏觀不確定性的狀況，您能告訴我們有關專案業務需求的什麼資訊？我的意思是您的指導看起來很棒，但是我的意思是，當您研究具體項目時，我們的客戶是否有所退縮？我正在推進新項目，有點在等待觀察關稅情況如何，好奇您對提案活動和積壓情況有何看法，一般來說，這是在項目業務範圍內。謝謝。

Yeah, we have not seen any delays or any significant delays or pullbacks due to all the noise associated with tariffs. I think I alluded to it in my earlier remarks, we've actually are putting on backlog right now. I mean, it's anybody's crystal ball to, you know, what happens if kind of the tariff noise continues for six months, nine months, three months, what happens from a demand perspective, but as we sit here right now today, we have not seen delays, and our backlog continues to build.

是的，我們沒有看到任何因關稅相關噪音而導致的延誤或重大延誤或回調。我想我在之前的評論中提到過，我們現在實際上正在積壓工作。我的意思是，任何人都可以預測，如果關稅噪音持續六個月、九個月、三個月，從需求角度來看會發生什麼，但就我們今天坐在這裡的情況來看，我們還沒有看到延誤，而且我們的積壓訂單還在繼續增加。

Jasper Bibb, Truist Securities.

賈斯柏·比布（Jasper Bibb），Truist Securities。

Wanted to ask some follow ups on the tariff comments. I think you said the only exposure to tariffs is the project revenues and US life safety. So if I do some math, is the part of your revenue mix I guess directly exposed to tariffs call it 15% to 20% of your total. And I guess, separately with where road coil futures are now, are you seeing increased materials costs yet or is that kind of more managing a risk that you would see higher prices in the future?

想詢問一些有關關稅評論的後續問題。我認為您說關稅的唯一影響是專案收入和美國生命安全。所以如果我做一些計算的話，我猜你的收入組合中直接受到關稅影響的部分佔總收入的 15% 到 20%。我想，就目前的道路捲材期貨價格而言，您是否看到材料成本上漲，或者這是否是一種管理風險，以至於未來價格會上漲？

Yeah, so if I'm hearing you, Jasper, your comment was do we expect that our revenues exposed to potential tariffs are approximately 15% or so? I think that's a fair estimate.

是的，如果我沒聽錯的話，賈斯珀，你的評論是我們是否預期我們的收入會受到潛在關稅的影響約為 15％ 左右？我認為這是一個合理的估計。

Got it. And then the second part of my question was, yeah, road coil futures at least haven't moved all that much. So are you seeing increased costs right now or with the materials you pulled forward into the first quarter, is that more managing the risk that you could see increased prices in the back half of the year over the next couple quarters rather than today?

知道了。然後我的問題的第二部分是，是的，至少道路線圈期貨沒有太大波動。那麼，您現在是否看到成本增加，或者隨著材料提前到第一季度，是否更多地管理風險，即下半年或未來幾個季度（而不是今天）可能會看到價格上漲？

So if you look at hot roll prices, I want to tell you from the first of the year, it was up roughly, it peaked at like what, 40% and it's dropped in the -- over the course of the last week or week or 10 days. I don't have all the figures -- exact figures in front of me, but it's dropped. We've seen it moderate and which is really positive. We stay very close to our vendors, and to make sure that we're doing our best to try to anticipate what's going to potentially happen. But I would also go back t an earlier statement that I made that when President Trump was elected, we knew that tariffs were going to be a tool in his toolbox, and we got out in front of it, and we should have good protection built into our proposals and our contracts that protect us from rapid increases in any sort of commodity prices.

因此，如果您查看熱捲價格，我想告訴您，從今年年初開始，它就大致上漲，最高漲幅達到 40%，而在過去一周或十天內則有所下降。我沒有全部數據——我面前沒有確切的數字，但它已經下降了。我們看到它呈現溫和態勢，這確實是正面的。我們與供應商保持密切聯繫，並確保盡最大努力預測可能發生的事情。但我還要回顧我之前說過的一句話：當川普總統當選時，我們就知道關稅將成為他工具箱中的一個工具，而我們走在了前面，我們應該在我們的提案和合約中加入良好的保護措施，以保護我們免受任何大宗商品價格快速上漲的影響。

That's helpful. And then, I was hoping you could update us on your experience with the rural broadband program and specialty. It seems like maybe there's been some more delays with the states rework their proposals there. Maybe you're just frame for us how much revenue associated with the broadband program is assumed in your updated guide and you -- how you see the cadence of that over the next couple quarters.

這很有幫助。然後，我希望您能向我們介紹您對農村寬頻計劃和專業的經驗。看起來各州重新制定提案的進程可能又出現了一些延誤。也許您只是想告訴我們，在更新的指南中，寬頻計畫的相關收入是多少，以及您如何看待未來幾季寬頻計畫的節奏。

Yeah, so how we would frame that is it's choppy for sure. And we feel like we've got it built into our forecast and our guides, and we knew it was going to be choppy as we moved throughout the year, and it's properly reflected in our forecast.

是的，所以我們如何建造它，它肯定是不連貫的。我們覺得我們已經將其納入了我們的預測和指南中，我們知道隨著全年的發展，它將會變得不穩定，並且它在我們的預測中得到了適當的反映。

Andy Whitman, Baird.

安迪·惠特曼，貝爾德。

On the international business that's underpinned by the Chubb acquisition, commented on North American inspection growth and talked consistently about what Chubb has been doing. So can you just talk for us a little bit about what you're seeing in terms of the organic growth rates internationally and how the uncertainty is affecting those customers.

關於由 Chubb 收購所支撐的國際業務，評論了北美檢驗業務的成長，並持續談論了 Chubb 一直在做的事情。那麼，您能否向我們簡單介紹一下您所看到的國際有機成長率以及不確定性如何影響這些客戶。

And then, David, maybe one for you. I know this is impossible, but I'm going to try anyway. Can you help us understand what the impacts from the weather may have been on a year-to-year basis? You said we heard more normal, so this is that sets the base for next year, but I'm just wondering maybe it helps understand just how good last quarter was and how variable your business can be with the weather. Thanks.

那麼，大衛，也許有一個適合你。我知道這是不可能的，但我還是要嘗試。您能幫助我們了解每年天氣帶來的影響嗎？您說我們聽到的消息更加正常，所以這為明年奠定了基礎，但我只是想知道這是否有助於了解上個季度的表現有多好，以及您的業務會因天氣而發生多大的變化。謝謝。

So I'll go first, and I would -- I guess, the way I would phrase it for you, Andy, good morning, by the way, is that we had organic growth in line with expectations, again, in the first quarter in our international business. And I think the business has grown organically every quarter since we've owned it now for well over three years and. And their organic growth was in line with our expectations and if you recall, we have said that they're no different than the rest of our business. We've guided them to high-single digit growth and inspection service and monitoring and low-single digit growth in the project work, which leads to roughly mid-single digit organic growth and that's right where they were. And so, we're very pleased with the trajectory that that business is on.

所以我先說一下，我想，我想向您表達的是，安迪，早上好，順便說一下，第一季我們的國際業務實現了符合預期的有機增長。我認為，自從我們擁有這家公司三年多以來，其業務每季都實現了有機成長。他們的有機成長符合我們的預期，如果你還記得的話，我們說過他們與我們其他業務沒有什麼不同。我們引導他們實現了高個位數成長、檢查服務和監控以及專案工作中的低個位數成長，從而實現了大約中等個位數的有機成長，而這正是他們所處的水平。因此，我們對該業務的發展軌跡非常滿意。

I mean, and it just -- in general, I'm really proud of that team. They've done a great job, and they continue to make good progress in their business. Our sales leader has done a really good job of, I'll just say realigning our sales team across the entire international business, and we're really showing good progress in the work and improving the end markets that we're serving, and everything's headed in the right direction there.

我的意思是，總的來說，我為那支球隊感到非常自豪。他們做得非常出色，並且他們的業務繼續取得良好的進展。我們的銷售主管做得非常好，我只想說，他重新調整了整個國際業務的銷售團隊，我們在工作中確實取得了良好的進展，改善了我們所服務的終端市場，一切都朝著正確的方向發展。

Good. I'll take your second question, Andy, which I believe was on the impact of weather in our specialty business in the first quarter. We look at weather days as a -- as an indicator of weather on a quarter year-over-year basis. We think we lost around five days due to weather in the first quarter of this year versus last, which is approximately a mid-single digit impact on organic revenue growth.

好的。安迪，我來回答你的第二個問題，我認為是關於第一季天氣對我們專業業務的影響。我們將天氣天數視為季度同比天氣狀況的指標。我們認為，與去年相比，今年第一季我們因天氣原因損失了大約五天的時間，這對有機收入成長的影響約為個位數的中等水平。

Okay, great. And then just for a couple of quick follow-ups here, the comments on the systems and businesses investments that you're making, the three-year program, Russ, I was just wondering if you could just drill in a little bit more to that as to what this is going to enable your team to do in the future versus what it can do today. Is this a is this an efficiency initiative for the margin, or is this more of a customer focus to improve customer satisfaction you'll have benefits to growth? I suspect it's both, but maybe that would be helpful. And then maybe I think a lot of people this morning were maybe surprised to see that you didn't report segment EBITDA. I was just wondering, David, if you could comment on that as well.

好的，太好了。然後，我只想快速跟進幾個問題，關於您正在進行的系統和業務投資的評論，三年計劃，拉斯，我只是想知道您是否可以更深入地探討一下這將使您的團隊在未來能夠做什麼，以及它現在能做什麼。這是一項提高利潤率的效率舉措嗎？還是說這更多的是以客戶為中心，以提高客戶滿意度為目的，從而促進成長？我懷疑兩者兼而有之，但也許這會有所幫助。然後我想今天早上很多人可能會驚訝地發現你沒有報告分部 EBITDA。我只是想知道，大衛，你是否也可以對此發表評論。

Yeah. So David can add whatever color he wants when we talk about the systems enablement and everything else. So we have a, I don't know if like the concept, I don't know if that's the right way to put it, and you're not -- but we have a belief here, we call it our central premise. And our central premise means that every decision and every choice and initiative that we bring forward needs to put the men and the women that work in the field first. 65% to 70% of our workforce is the men and the women that work in the field, and those individuals are basically, they drive our profitability. And so, giving them the tools that allow them to be more efficient and productive in the work that they do is one of our key priorities just across the business and everything in the choices that we make. So that is a significant component of some of this.

是的。因此，當我們談論系統支援和其他一切時，David 可以添加他想要的任何顏色。所以我們有一個，我不知道是否喜歡這個概念，我不知道這是否是正確的表達方式，而你不是——但我們在這裡有一個信念，我們稱之為我們的核心前提。我們的核心前提是，我們所做的每一個決定、每一個選擇和每一個舉措都需要把在一線工作的男女放在第一位。我們的勞動力中有 65% 到 70% 是在該領域工作的男性和女性，這些人基本上推動了我們的獲利能力。因此，為他們提供工具，使他們能夠更有效率、更有效率地完成工作，是我們在整個業務和所有決策中的主要優先事項之一。所以這是其中一個重要的組成部分。

And as we'll talk a little bit more about -- at the investor day, about where we think the business can go. If you do some simple math and you start thinking about we finished last year at just north of $7 billion in revenue and you think about mid-single digit organic growth and you think about this $250 million of bolt on M&A and then you and then you add in, say one or two larger transactions over the course of the next two or three years, you can really quickly see where this company can be $10 billion plus in revenue. And so, some of that is we need to have a foundation to be able to do that, to build systems and scale in that. So it's a really -- it's a combination of making sure that we're establishing a strong base to build on, but it's also to enable and the men and the women in the field and make them more productive and efficient and get our tools state of the art. So I don't know, David, do you want to add anything to that?

在投資者日，我們將進一步討論我們認為業務可以發展的方向。如果你做一些簡單的數學計算，想想我們去年的營收剛好超過 70 億美元，想想中等個位數的有機增長，想想這 2.5 億美元的附加併購，然後再加上未來兩三年的一兩筆更大的交易，你就能很快看到這家公司的收入可以達到 100 億美元以上。因此，我們需要有一個基礎才能做到這一點，建立系統並擴大規模。所以這真的是一個結合，確保我們建立一個強大的基礎，但這也能使該領域的男女同胞能夠提高他們的生產力和效率，並使我們的工具達到最先進的水平。所以我不知道，大衛，你想補充什麼嗎？

I don't think there's anything I need to address. All right, question two then, Andy, was around, segment level adjusted EBITDA and I would point you to maybe slide 9 in the presentation on our IR website. We've got segment earnings, which is a comparable metric to adjusted EBITDA at the segment level, and this is consistent with how we reported segment earnings at the end of fiscal 2024.

我認為沒有什麼需要我解決的。好的，安迪，第二個問題是，分部調整後的 EBITDA，我想請您參考我們 IR 網站上簡報中的第 9 張投影片。我們獲得了分部收益，這是與分部層級的調整後 EBITDA 相當的指標，這與我們在 2024 財年末報告的分部收益一致。

Kathryn Thompson, Thompson Research Group.

凱瑟琳·湯普森，湯普森研究小組。

I know there's a lot of noise around tariffs and changing landscape from a broad government standpoint, but what strikes me about APi is that this seems to be your first kind of normal year since going public in 2020. You have digested your job acquisition from three years ago, you've integrated elevate -- your elevated acquisition and you also have your division realignment behind you. As we -- the first part of my question, you're still throwing off a lot of cash. You -- you're already you significantly increase your buyback program. Could you talk about your focus in terms of capital allocation between bolt on acquisitions and stock buybacks and the color and flavor in terms of how we should think about acquisitions in 2025 in particular. Thank you.

我知道從政府角度來看，圍繞關稅和不斷變化的情況存在很多爭議，但 APi 給我留下的印像是，這似乎是你們自 2020 年上市以來第一個正常的年份。您已經消化了三年前的工作收購，整合了提升 - 提升的收購，並且還進行了部門重組。正如我們——我的問題的第一部分，你仍然在浪費大量現金。您—您已經大幅增加了回購計畫。您能否談談您在附加收購和股票回購之間的資本配置方面的重點，以及我們應該如何看待 2025 年的收購。謝謝。

So from a capital allocation perspective, we've always said, first and foremost, we want to deliver the company to inside our target of 2.5 times. So we've done that, so we don't get to use that as an option anymore. So second would be M&A and our preference would be to utilize and put our cash to work through accretive M&A. And I think we've demonstrated a solid track record, on that front over the, not just the five years that we've been public, but we have a long history of M&A.

因此，從資本配置的角度來看，我們一直說，首先，我們希望將公司績效提升到 2.5 倍的目標範圍內。所以我們已經這樣做了，所以我們不再將其作為一種選擇。因此，第二個是併購，我們傾向於透過增值併購來利用和利用我們的現金。我認為，我們在這方面已經展現了良好的業績記錄，不僅是在我們上市的五年內，而且我們還有悠久的併購歷史。

And then, share repurchases is our third option, and we continue to look at share repurchase as an opportunity for us based on where the share price is that in whatever environment that we're in. And that's -- when we bought back the $75 million worth of shares, we felt like our shares were undervalued, and as I said in my remarks, we actually like the leadership team of the company and don't have to do a lot of diligence and so we took advantage of that opportunity. And as we move forward, and you're right, the cash flow generation, the capability that this company has is really strong and I think you'll see a healthy mix and healthy blend between M&A and returning cash to our shareholders currently through share repurchases.

然後，股票回購是我們的第三個選擇，無論我們所處的環境下，我們都會根據股價狀況繼續將股票回購視為一個機會。那是——當我們回購價值 7500 萬美元的股票時，我們覺得我們的股票被低估了，正如我在發言中所說，我們實際上喜歡公司的領導團隊，不需要做很多盡職調查，所以我們抓住了這個機會。隨著我們不斷前進，您說得對，這家公司的現金流生成能力確實很強，我認為您會看到併購與目前透過股票回購向股東返還現金之間的健康組合和健康融合。

So from an M&A perspective, we see our pipeline and our funnel is very strong. We see a clear path to being able to execute on that kind of target of $250 million similar to what we did last year. We will be disciplined, we will not buy something just to buy something. We're going to make sure that we're buying businesses that are accretive to our long-term financial objectives. We continue to do some work on opportunities that you'd consider bigger than our bolt ons, nothing Chubb-esque, if you will. But we continue to do some work on other opportunities as well, so we see opportunities for us to potentially deploy capital from an M&A perspective on the app, so we feel like we're kind of a destination of choice for many sellers, and we want to make sure that we're taking advantage of that.

因此，從併購的角度來看，我們的通路和漏斗非常強大。我們看到了實現 2.5 億美元目標的明確途徑，類似於我們去年所做的。我們會遵守紀律，不會為了買東西而買東西。我們將確保我們收購的企業能夠實現我們的長期財務目標。我們將繼續致力於一些您認為比我們的附加功能更大的機會，如果您願意的話，這並不是 Chubb 式的。但我們也在繼續尋找其他機會，因此我們看到了從應用程式的併購角度部門資本的機會，因此我們覺得我們是許多賣家的首選目的地，我們希望確保我們能夠利用這一點。

Okay, perfect. Appreciate the color on that. My second question is stepping back and just looking at how APG could potentially win with a re-industrialization of the US market. But when we look at your verticals, we believe around 45% of your in markets benefit from this broad trend. Could you clarify what are different ways, and even if it's just a little bit of story time to be able to say how your -- how APG's services benefit and support a broad reindustrialization of the North American market. Thanks very much and good luck.

好的，完美。欣賞它的色彩。我的第二個問題是退一步來看 APG 如何透過美國市場的再工業化取得勝利。但當我們審視你們的垂直產業時，我們相信你們大約 45% 的市場受益於此大趨勢。您能否解釋一下有哪些不同的方式，即使只是講一小段故事，也能說明 APG 的服務如何使北美市場受益並支持其廣泛的再工業化。非常感謝，祝你好運。

Thank you, Kathryn. I mean, if I'm understanding your question right, you're talking about the potential re-onshoring, I guess, I mean (technical difficulty)Especially in the life safety and security space, is that a lot of these project-related opportunities are massive and there's limited firms that have the capability to properly execute and manage some of these larger scale, project opportunities, and there's an opportunity for companies such as ours to take advantage of that.

謝謝你，凱瑟琳。我的意思是，如果我理解你的問題沒有錯的話，你談論的是潛在的回流，我想，我的意思是（技術難度）特別是在生命安全和安保領域，很多與專案相關的機會都是巨大的，而只有有限的公司有能力正確執行和管理這些更大規模的專案機會，而像我們這樣的公司就有機會利用這一點。

I would tell you that we are viewing a lot of these large -- larger project related opportunities. It's just that opportunities and we want that to be complimentary to our business and complementary to our strategy of really building a resilient business model around inspection service and monitoring. So we want our project opportunities to come from the relationships we've built from an inspection service and monitoring perspective.

我想告訴你，我們正在關注許多與大型專案相關的機會。這只是機會，我們希望這能補充我們的業務，並補充我們真正圍繞檢查服務和監控建立有彈性的商業模式的策略。因此，我們希望我們的專案機會來自於我們從檢查服務和監控角度建立的關係。

And I would tell you that that's the approach that we're taking with the really robust data center market, is that we want to take advantage of the opportunities that are that are there, but we don't want to overcommit to anyone in market or any one specific customer, so that like you've seen some of the stuff with Microsoft going through pulling back a little bit on a large scale data center project that they had in Ohio as an example. We didn't have any exposure to that and that's a positive thing for us. And so, we want to make sure that we're viewing that as kind of gravy, if you will, and we want to take advantage of it, but we don't want to be over committed to it. I hope that was helpful.

我想告訴你，這就是我們在真正強勁的資料中心市場所採取的方法，我們希望利用現有的機會，但我們不想對市場上的任何人或任何一個特定客戶做出過度承諾，所以就像你所看到的，微軟在俄亥俄州的一個大型資料中心專案上稍微撤回了一些。我們沒有接觸過任何此類情況，這對我們來說是一件好事。因此，我們希望確保我們將其視為一種額外收穫，如果你願意的話，我們希望利用它，但我們不想對此過度承諾。我希望這有幫助。

Stephanie Moore, Jefferies.

史蒂芬妮摩爾，傑富瑞集團。

It would be helpful if you could maybe talk a little bit about your margin expansion opportunities for the year, kind of remind us what buckets are driving some of the improvement. And then at the same time, maybe discuss the sensitivities to you achieving margin expansion and what is that -- what could be a weaker demand environment. Thank you.

如果您能稍微談談今年的利潤擴張機會，並提醒我們哪些因素推動了部分改善，那將會很有幫助。然後同時，也許討論實現利潤擴張的敏感性，以及那是什麼——什麼可能是較弱的需求環境。謝謝。

I made a comment in our prepared remarks, and it really doesn't hurt, Kathryn. Sorry. I'm sorry, Stephanie, welcome back, by the way. And but, yeah. I made this -- made these remarks, but really, it's continuing to improve the mix of -- from a revenue mix perspective of inspection service and monitoring, continuing to improve that, doing more of inspection service and monitoring versus project work, I can't ever emphasize enough the importance of disciplined customer and project selection.

我在我們準備好的發言中發表了評論，這真的沒有什麼壞處，凱瑟琳。對不起。對不起，史蒂芬妮，順便說一句，歡迎回來。但是，是的。我發表了這些言論，但實際上，它正在繼續改善組合——從檢查服務和監控的收入組合角度來看，繼續改進這一點，做更多的檢查服務和監控而不是專案工作，我永遠不能過分強調自律的客戶和專案選擇的重要性。

This will probably be the last time you hear us talk in this context, but Chubb value capture, we have three really significant integration efforts going on right now. One in Benelux, one with our global monitoring centers, and another with our Canadian business that we need to continue to execute on, which is -- which our teams are doing a fantastic job, I mean, on executing on it, but there's still work to do, and that is beneficial to the long-term profitability of the company.

這可能是您最後一次聽到我們在這種情況下談論，但對於 Chubb 價值捕獲，我們目前正在進行三項非常重要的整合工作。一個在比荷盧經濟聯盟，一個在我們的全球監控中心，另一個在我們需要繼續執行的加拿大業務，我們的團隊在執行方面做得非常出色，但仍有工作要做，這對公司的長期盈利能力有益。

Price is a big component of it, and especially in the -- with the macro environment that we're in right now, we need to make sure we're staying on top of price. Obviously, procurement and taking advantage of our scales, a big component of it and accretive M&A, all kind of work into it. And when we talk about just being better, we're talking about really improving the performance of our individual branches across the breadth of our portfolio. And if you -- if you're able to attend the investor day, you will see a very similar message coming from us as it relates to this, what's next from a margin expansion because we do think it's meaningful, where we think we can take the company from 13% where our target is today to what's next level. I think you'll see on May 21 that we think it's can significantly improve from from where we are today.

價格是其中一個重要因素，尤其是在我們目前所處的宏觀環境下，我們需要確保控制價格。顯然，採購和利用我們的規模是其中一個重要的部分，而增值併購也是其中的重要組成部分。當我們談論變得更好時，我們談論的是真正提高我們整個投資組合中各個分支機構的表現。如果您能夠參加投資者日，您將看到我們傳達與此相關的非常相似的訊息，即利潤率擴張的下一步是什麼，因為我們確實認為它很有意義，我們認為我們可以將公司利潤率從我們目前的目標 13％ 提升到更高的水平。我想你會在 5 月 21 日看到，我們認為它可以比現在有顯著改善。

Great and appreciate the color, and I'm looking forward to to attending. So just one follow up on maybe some of the M&A questions that have already been asked today. Can you talk about your appetite of maybe doing a larger deal, whether it's a platform deal or even if something even larger on top of that were to emerge your willingness or what it would take for you to maybe participate in something a little bit larger here. Again, not talking about necessarily this year or anytime soon, but general appetite. Thank you.

很棒，很欣賞顏色，我期待參加。因此，我們只想對今天已經提出的一些併購問題進行跟進。您能否談談您是否有興趣進行更大規模的交易，無論是平台交易，還是在此基礎上進行更大的交易，您是否願意或需要做些什麼才能參與到更大規模的交易中。再說一次，我談論的不一定是今年或近期的情況，而是普遍的胃口。謝謝。

Well, I guess, how I would respond to that is by starting -- we feel like we did a -- we've demonstrated our capabilities of doing something bigger since Chubb. And I think if you go back three years ago when we first announced the acquisition of Chubb, there were some folks that really took a show me that you guys can do it, and I feel like we've demonstrated that we are capable and able to execute on a larger scale acquisition. So I feel like we have the bandwidth to do it should the right opportunity come along, and that's where I -- what I would emphasize, it needs to be the right opportunity for us so that we are good operators. We have a lot of really good operators in this business.

好吧，我想，我對此的回應是，從一開始——我們覺得我們已經做了——自從 Chubb 以來，我們已經證明了我們有能力做更大的事情。我想，如果回顧三年前我們首次宣布收購 Chubb 時的情況，有些人確實向我展示了你們可以做到，我覺得我們已經證明我們有能力並且能夠執行更大規模的收購。所以我覺得如果有合適的機會出現，我們就有足夠的能力去做這件事，這就是我要強調的，這對我們來說必須是合適的機會，這樣我們才能成為優秀的運營商。我們在這個行業中有很多非常優秀的運營商。

And if it's the right opportunity and the right fit, I would say and we -- and the right valuation, I would say that there would be appetite for that, but it has to fit and it has to be the right fit for us. And I think if you look at the cash generation capabilities of the company, we're going to have a lot of wherewithal and a lot of strength on our balance sheet to be able to do something bigger if it's the right opportunity and if it's the right fit.

如果這是正確的機會和正確的選擇，我想說，而且估值也正確，我想說，人們會對此有興趣，但它必須適合我們，而且必須適合我們。我認為，如果你看一下公司的現金產生能力，你會發現如果有合適的機會和合適的條件，我們的資產負債表上就會有足夠的資金和實力來做更大的事情。

Steve Tusa, JP Morgan.

摩根大通的史蒂夫·圖薩。

Can you just -- I'm not sure if you guys said this before, but what is your price expectation for the year? I know that's kind of tough with the labor dynamic, but any color there?

你能不能——我不確定你們之前是否說過這個，但你對今年的價格預期是多少？我知道這對勞動力動態來說有點困難，但是那裡有顏色嗎？

Yeah, good question, Steve. We didn't comment on it, I would expect our pricing is absent any significant material cost increase to be consistent with the pricing that we've been able to deliver in previous years.

是的，史蒂夫，問得好。我們沒有對此發表評論，我希望我們的定價不會出現任何重大的材料成本增加，與我們前幾年能夠提供的定價一致。

Okay, and did you guys comment at all on the backlog?

好的，你們對積壓問題有什麼評論嗎？

I don't think we had anything in our prepared remarks, but I think I commented that generally, that it's -- that's sitting roughly at $3.5 billion which is up, I don't know, 5% or something organically.

我認為我們的準備好的演講稿中沒有任何內容，但我認為我總體上評論說，這大約是 35 億美元，或者說，有機增長了 5% 左右。

Josh Chan, UBS.

瑞銀的 Josh Chan。

I guess, how are you guys thinking about APi's positioning if we were to go into a recession. I assume that the inspection safety service and monitoring piece will be quite safe, but just curious how you're thinking about the project side of the business. Thank you.

我想，如果我們陷入經濟衰退，你們會如何看待 APi 的定位。我認為檢查安全服務和監控部分會非常安全，但只是好奇您是如何看待業務的專案方面的。謝謝。

Well, I mean, I guess the first thing I would point you, I'd point you to two things. Number one is like 70% plus of our cost structure is variable by nature. So if we do see anything that is alarming, we have the ability to flex very quickly. Second thing I'd point you to is our performance in 2020, right after the company went public and the pandemic landed. And we proved that we could flex quickly, and we actually expanded margins in a very tough environment when people didn't know what the what the pandemic was going to bring.

嗯，我的意思是，我想我首先要告訴你的是兩件事。首先，我們的成本結構中 70% 以上本質上是可變的。因此，如果我們確實發現任何令人擔憂的事情，我們就有能力迅速採取行動。我想指出的第二件事是我們在 2020 年的表現，就在公司上市和疫情爆發之後。我們證明了我們可以迅速靈活地應對，而且在人們不知道疫情會帶來什麼的非常艱難的環境中，我們實際上擴大了利潤率。

Next, I would say is that if we do run into -- if there is any sort of, so to speak, macro event that causes a slowdown, this company generates a ton of cash during the course of any sort of slow -- slower period, and that's a positive for us. 100%, our inspection service and monitoring business will withstand any sort of a slowdown. And the other part is that typically if there is any sort of a slowdown, your projects business is book backlog and it typically, it's going to take some period of time for you to work through that, so like I have just really good confidence in the resiliency of our business and our ability to take actions should we need to.

接下來我想說的是，如果我們確實遇到——如果有任何導致經濟放緩的宏觀事件，這家公司在任何緩慢的時期都會產生大量現金，這對我們來說是積極的。 100% 地，我們的檢驗服務和監控業務將能夠承受任何形式的經濟放緩。另一方面，通常如果出現任何形式的放緩，您的專案業務就會出現積壓訂單，通常需要一段時間才能解決這個問題，因此，我對我們業務的彈性以及我們在需要時採取行動的能力非常有信心。

That's great to hear. I appreciate the color, Russ. And then, just a quick question on specialty. I guess if the business returns to organic growth in Q2, does it mean margin can be at the similar level as last year? Is any reason why margins could contract if growth is positive?

聽到這個消息真是太好了。我很欣賞這個顏色，拉斯。然後，我簡單問一個關於專業的話題。我想，如果業務在第二季度恢復有機成長，是否意味著利潤率可以達到與去年類似的水平？若成長率為正，利潤率為何會收縮？

Yeah, hey. Thanks for the question, Josh. I -- here's how I'm thinking about specialty as it goes through the year. Return to organic revenue growth in the second quarter, margins will begin to expand year over year as we get into the back half, but we still expect them to be modestly down year over year for the full year and returning to accretive in '26.

是啊，嘿。謝謝你的提問，喬希。以下是我對這一年的專業的看法。第二季恢復有機收入成長，進入下半年，利潤率將開始逐年擴大，但我們仍預計全年利潤率將同比小幅下降，並在 2026 年恢復成長。

Jack Cauchi, Barclays.

巴克萊銀行的傑克·考奇。

You've previously mentioned that project pruning should be an ongoing process. Where do you see opportunities for further pruning and at what point are you satisfied with the portfolio?

您之前提到過，專案修剪應該是一個持續的過程。您認為哪些方面有進一步精簡的機會？您對投資組合的滿意程度如何？

Well, I would say that -- I would say like if I sit here today, I'm not sitting here worried about whether you know we've got some massive pruning left to do with our customers. I think it's like you started your remarks, it's just kind of an ongoing -- it's an ongoing, so I feel like we're there. And we will always continue to focus on making sure that we're working with the right customers on the -- in the right type of work, that we can win at, but I feel like we're in a good spot right now as we sit here today.

好吧，我想說的是——如果我今天坐在這裡，我不會坐在這裡擔心你是否知道我們還需要為我們的客戶進行大量的修剪。我認為這就像您開始講話一樣，這只是一種持續不斷的——一種持續不斷的，所以我覺得我們已經到了那裡。我們將始終專注於確保我們與合適的客戶合作，進行合適的工作，從而贏得勝利，但我覺得我們今天坐在這裡，現在處於一個很好的位置。

Helpful. And so just to follow up, gross margins are showing at a decent increase, how's APi coping so well with the wage inflation among its service technicians?

很有幫助。那麼，進一步問一下，毛利率顯示出了可觀的成長，APi 是如何有效應對其服務技術人員薪資上漲的呢？

Well, I say in general, it's because we had pretty good visibility into what wage increases are going to be. So especially on the fire side in North America, we're primarily a union firm. And so, you have pretty good visibility into what the union agreements are going to be, and so it gives you a lot of -- you've got plenty of runway to build the wage increases into your proposals and into your pricing so I would say it's just good visibility and good discipline by the individual business leaders.

嗯，總的來說，這是因為我們對薪資成長有相當清晰的了解。因此，特別是在北美的火災方面，我們主要是一家工會公司。因此，你對工會協議的內容有相當好的了解，所以它給你很多——你有足夠的空間將工資增長納入你的提案和定價中，所以我想說這只是個別企業領導人良好的透明度和良好的紀律。

At this point, I would now like to hand the call back over to Russ for the closing remarks.

現在，我想將發言權交還給拉斯，請他做最後發言。

Awesome, thank you. In closing, I would like to thank all of our team members for their continued support and dedication to our business. We believe our people are the foundation on which everything else is built. Without them, we do not exist. I would also like to thank our long-term shareholders as well as those that have recently joined us for your support. We appreciate your ownership of APi and look forward to updating you on our progress throughout the remainder of the year. And hopefully, we see many of you at our investor conference in New York on May 21. Thank you, everybody.

太棒了，謝謝。最後，我要感謝我們團隊的所有成員對我們業務的持續支持和奉獻。我們相信，我們的員工是一切事物的基礎。沒有他們，我們就不存在。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進展。希望我們能在 5 月 21 日於紐約舉行的投資者會議上見到你們。謝謝大家。

Ladies and gentlemen, this 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。