APi Group Corp (APG) 2025 Q2 法說會逐字稿

Good morning. Good morning, ladies and gentlemen, and welcome to APi Group's second-quarter 2025 financial results conference call. Please note, this call is being recorded. (Operator Instructions)

早安.女士們、先生們，早安，歡迎參加 APi Group 2025 年第二季財務業績電話會議。請注意，此通話正在錄音。（操作員指示）

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

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 second quarter 2025 earnings conference call. Joining me on the call today are Russ Becker, our President and CEO; and David Jackola, 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 2025 年第二季財報電話會議。今天與我一起參加電話會議的還有我們的總裁兼執行長 Russ Becker、我們的執行副總裁兼財務長 David Jackola、以及我們的董事會聯席主席 Martin Franklin 爵士和 Jim Lillie。

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

在我們開始之前，我想提醒您，公司收益新聞稿公告和本次電話會議中的某些陳述是前瞻性陳述，這些陳述基於對公司未來業績、預期事件或趨勢以及其他非歷史事實的事項的預期、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，這些因素可能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 material risks that may cause our future results to differ from our expectations. Our statements are as of today, July 31, and we undertake no obligation to update any forward-looking statements 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我們未來結果與預期不同的重大風險。我們的聲明截至今天（7 月 31 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 second quarter financial performance on the Investor Relations page on our website. Our comments today will 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.

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二季度財務業績的簡報。我們今天的評論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。

It's 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 this morning. Before we get into our record second quarter results, I wanted to thank our 29,000 leaders for their hard work and dedication to APi. The safety, health and well-being of each of our leaders remains our number 1 value. When I say safety, I don't just mean job site safety. We owe it to every one of our teammates to create an environment that's safe for them to do their job, not just physically, but also mentally and emotionally.

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。在我們獲得創紀錄的第二季業績之前，我想感謝我們 29,000 名領導對 APi 的辛勤工作和奉獻。我們每位領導者的安全、健康和福祉仍然是我們的首要重視。當我說安全時，我不僅僅指工作現場的安全。我們有責任為每位隊友創造一個安全的工作環境，不僅在身體上，而且在精神上和情感上。

At APi, we believe that culture drives results. We included a slide in our earnings presentation that highlights our culture and our investment in people as human beings, a key ingredient in our progress to becoming a $7 billion, 13% adjusted EBITDA margin company in 2025. It also includes two opportunities to learn more about our culture, which is centered on our purpose of building great leaders. I encourage you to take advantage of these if you haven't done so already.

在 APi，我們相信文化推動成果。我們在收益報告中加入了一張投影片，重點介紹了我們的文化以及我們對人的投資，這是我們在 2025 年成為一家價值 70 億美元、調整後 EBITDA 利潤率為 13% 的公司的關鍵因素。它還包括兩次了解我們文化的機會，我們的文化以培養偉大領袖的宗旨為中心。如果您還沒有這樣做的話，我鼓勵您利用這些優勢。

I also wanted to spend a minute on one of our foundational beliefs, the care factor. To win and achieve our new long-term financial targets, we need to care about and invest in our APi needs as human beings. A couple of months ago, at our Investor Day, we announced the start of the Care Factor Fund, an initiative designed to support APi team members and their children in offsetting the expense of unexpected mental health treatment.

我還想花一點時間談談我們的一個基本信念，就是關懷因素。為了贏得並實現我們新的長期財務目標，我們需要關心並投資於我們作為人類的 APi 需求。幾個月前，在我們的投資者日上，我們宣布啟動關懷因素基金，該基金旨在支持 APi 團隊成員及其子女抵消意外心理健康治療的費用。

This is something that is important to both me and our Board of Directors. And I'd like to thank our team members for their generosity in contributing to the fund. I'm happy to share that we have approved the first grant from the fund to one of our teammates. This is just one small way we show our teammates that the APi family cares during an important time of need.

這對我和我們的董事會都很重要。我還要感謝我們的團隊成員為該基金慷慨捐助。我很高興地告訴大家，我們已經批准從該基金向我們的一位隊友提供第一筆贈款。這只是我們向隊友表達 APi 大家庭在重要時刻關心他們的小方法。

Over the last several years, our team has remained relentlessly focused on our long-term 13/60/80 value creation targets we created in 2022. With our 13% or more adjusted EBITDA margin target in our sights for 2025, we are shifting our focus to the new 10/16/60+ shareholder value creation framework we introduced in May at our Investor Day.

在過去的幾年裡，我們的團隊一直堅持不懈地專注於我們在 2022 年制定的長期 13/60/80 價值創造目標。我們的目標是到 2025 年將調整後的 EBITDA 利潤率提高到 13% 或更高，因此我們將重點轉移到 5 月投資者日推出的新的 10/16/60+ 股東價值創造框架上。

As a reminder, these targets are the following: $10 billion-plus in net revenues by 2028, supported by consistent mid-single-digit organic growth. 16%-plus adjusted EBITDA margin by 2028. 60%-plus of our revenues from inspection, service and monitoring over the long term. And $3 billion-plus of cumulative adjusted free cash flow through 2028.

提醒一下，這些目標如下：到 2028 年，淨收入達到 100 億美元以上，並由持續的中等個位數有機成長支撐。到 2028 年，調整後的 EBITDA 利潤率達到 16% 以上。長期來看，我們的收入中有 60% 以上來自檢查、服務和監控。到 2028 年，累計調整後自由現金流將超過 30 億美元。

Our leaders rallied behind our 13/60/80 targets to deliver on our commitments, and they have done the same with respect to these new targets. We have clear plans for how we intend to deliver on our 10/16/60+ targets. Fortunately, we don't need to reinvent the wheel. The main initiatives that enabled us to achieve our 13/60/80 targets will also enable us to hit our new 10/16/60+ targets.

我們的領導人團結一致，支持我們的 13/60/80 目標，兌現我們的承諾，對於這些新目標，他們也做了同樣的事情。我們對如何實現 10/16/60+ 目標有明確的計劃。幸運的是，我們不需要重新發明輪子。使我們實現 13/60/80 目標的主要舉措也將使我們達到新的 10/16/60+ 目標。

These initiatives are pricing; improved inspection, service and monitoring revenue mix; disciplined customer and project selection; procurement, systems and scale; accretive M&A and selective business pruning. And as I like to say, we can always just be better. We will augment these initiatives with our continued focus on building great leaders and the technology necessary to support our growth.

這些舉措包括定價；改善檢查、服務和監控收入組合；嚴格的客戶和專案選擇；採購、系統和規模；增值性併購和選擇性業務精簡。正如我喜歡說的，我們總是可以變得更好。我們將繼續致力於培養優秀的領導者和支持我們發展所需的技術，以加強這些措施。

Now turning to our record second quarter results. The business continued to accelerate its momentum, delivering strong top line growth while expanding margins. Some highlights include the following: consistent margin expansion in Safety Services; a growing inspection service and monitoring business; a return to organic growth in Specialty Services; record backlog in both segments; and finally, an acceleration of accretive bolt-on M&A activity, all of which I will detail shortly.

現在來看看我們創紀錄的第二季業績。該業務繼續加速發展，在擴大利潤率的同時實現了強勁的營收成長。一些亮點包括：安全服務的利潤率持續擴大；檢驗服務和監控業務不斷增長；專業服務恢復有機增長；兩個部門的積壓訂單均創歷史新高；最後，增值性附加併購活動的加速，我將在稍後詳細介紹所有這些。

For the quarter, net revenues increased by 15%, up over 8% organically, with strong growth across both segments. In our Safety Services segment, revenues grew organically in line with expectations by approximately 6%, while delivering 80 basis points -- while delivering 80 basis points of segment earnings margin expansion.

本季度，淨收入成長 15%，有機成長超過 8%，兩個部門均實現強勁成長。在我們的安全服務部門，營收按照預期有機成長了約 6%，同時實現了 80 個基點的部門獲利利潤率擴張。

Within Safety Services, we delivered strong organic growth across the North American safety business. Importantly, and in line with our strategic initiatives, the North American safety business achieved double-digit inspection growth for the 20th straight quarter.

在安全服務領域，我們實現了北美安全業務的強勁有機成長。重要的是，根據我們的策略舉措，北美安全業務連續第 20 個季度實現了兩位數的檢查成長。

The international business delivered another solid quarter of organic growth, along with high single-digit order growth as that business continues to build momentum under APi's ownership. As expected, Specialty Services returned to growth in the second quarter, delivering 13.3% organic growth as steady increases in backlog dating back to 2024 converted to revenue growth.

國際業務在本季度再次實現了穩健的有機成長，訂單量也實現了高個位數成長，在 APi 的領導下，該業務繼續保持強勁發展勢頭。正如預期的那樣，專業服務在第二季度恢復成長，實現 13.3% 的有機成長，因為自 2024 年以來積壓訂單的穩定成長轉化為營收成長。

The momentum across the business is significant with our record backlog eclipsing $4 billion for the first time in APi history. Importantly, the double-digit organic growth in backlog includes contributions from our cross-sell efforts, focuses on our target end markets and is healthy from a disciplined customer and project selection perspective.

整個業務的發展勢頭強勁，我們的積壓訂單量在 APi 歷史上首次突破 40 億美元。重要的是，積壓訂單的兩位數有機成長包括我們的交叉銷售努力的貢獻，專注於我們的目標終端市場，並且從嚴格的客戶和專案選擇角度來看是健康的。

Our continued focus on our margin improvement initiatives allowed APi to deliver year-over-year improvements in adjusted EBITDA margin in the second quarter with a 30-basis point increase versus last year. Our continued strong free cash flow generation and balance sheet provides us with flexibility to pursue value-enhancing capital deployment alternatives.

我們持續關注利潤率提升舉措，使得 APi 在第二季度實現了調整後 EBITDA 利潤率的同比增長，比去年同期增加了 30 個基點。我們持續強勁的自由現金流產生和資產負債表為我們提供了靈活性，可以尋求增值的資本配置替代方案。

In the second quarter, we accelerated our M&A activity, completing six acquisitions, including our second elevator business. We have not closed seven acquisitions year-to-date, and we have several more opportunities under Letter of Intent. We remain on track to deploy approximately $250 million in accretive bolt-on M&A at attractive multiples this year.

第二季度，我們加快了併購活動，完成了六項收購，包括我們的第二家電梯業務。今年迄今為止，我們尚未完成七項收購，根據意向書，我們還有更多機會。我們仍有望在今年以誘人的倍數部署約 2.5 億美元的增值附加併購。

We also undertook some selective pruning of a small business in our Specialty segment that was not accretive to our new 10/16/60+ financial targets, which is the lens we'll use to continue to evaluate businesses in both segments going forward.

我們也對專業領域中的一些小型業務進行了選擇性修剪，這些業務對我們的新 10/16/60+ 財務目標沒有貢獻，這是我們今後繼續評估這兩個領域的業務的視角。

In summary, we moved to the second half of 2025 with great momentum. Our inspection, service and monitoring business continues to expand. Our backlog is at a record high. Our balance sheet remains strong. And we are confident in our leaders' ability to execute our strategy and deliver against our 2025 plan.

綜上所述，我們以強勁的勢頭邁入了2025年下半年。我們的檢驗、服務和監控業務不斷擴大。我們的積壓訂單量達到了歷史最高水準。我們的資產負債表依然強勁。我們相信我們的領導人有能力執行我們的策略並實現我們的 2025 年計劃。

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

現在我想把電話交給大衛，讓他更詳細地討論我們的財務表現和指導。戴維？

Thanks, Russ, and good morning, everyone. Reported revenues for the three months ended June 30 were $2 billion, a 15% increase compared to $1.73 billion in the prior year period. Organic growth of 8.3% was driven by strong project revenue growth, pricing improvements and continued growth in inspection, service and monitoring revenues.

謝謝，拉斯，大家早安。截至 6 月 30 日的三個月報告營收為 20 億美元，較去年同期的 17.3 億美元成長 15%。8.3% 的有機成長得益於專案收入的強勁成長、價格的改善以及檢查、服務和監控收入的持續成長。

Adjusted gross margin for the three months ended June 30 was 31.2%, representing a 50-basis point decrease compared to the prior year period, driven by mix, partially offset by pricing improvements across the business.

截至 6 月 30 日的三個月的調整後毛利率為 31.2%，與去年同期相比下降了 50 個基點，這是由產品組合導致的，但被整個業務的定價改進部分抵消。

Adjusted EBITDA increased by 17.7% for the three months ended June 30, with adjusted EBITDA margin coming in at 13.7%, representing a 30 basis point increase compared to the prior year period. Growth in adjusted EBITDA was driven by an increase in adjusted gross profit. Adjusted diluted earnings per share for the second quarter was $0.39, representing a $0.06 increase or 18.2% compared to the prior year period, primarily driven by strong adjusted EBITDA growth.

截至 6 月 30 日的三個月，調整後 EBITDA 成長了 17.7%，調整後 EBITDA 利潤率為 13.7%，與去年同期相比增加了 30 個基點。調整後 EBITDA 的成長是由調整後毛利的成長所推動的。第二季調整後每股攤薄收益為 0.39 美元，較去年同期增加 0.06 美元或 18.2%，主要得益於調整後 EBITDA 的強勁成長。

I will now discuss our results in more detail for Safety Services. Safety Services reported revenues for the three months ended June 30 increased by 15.8% to $1.36 billion, compared to $1.18 billion in the prior year period. Organic growth of 5.6% was driven by pricing improvements and strong growth in both service and project revenues. Our North America safety business continued its momentum with double-digit inspection revenue growth.

我現在將更詳細地討論安全服務的成果。安全服務部門報告稱，截至 6 月 30 日的三個月內，其收入增長 15.8%，達到 13.6 億美元，而去年同期的收入為 11.8 億美元。5.6% 的有機成長得益於價格改善以及服務和專案收入的強勁成長。我們的北美安全業務持續保持強勁勢頭，檢查收入實現兩位數成長。

Adjusted gross margin for the three months ended June 30 was 37.2%, representing a 70-basis point increase compared to the prior year period, driven by disciplined customer and project selection and pricing improvements leading to margin expansion in both service and project revenues.

截至 6 月 30 日的三個月的調整後毛利率為 37.2%，比去年同期增加了 70 個基點，這得益於嚴格的客戶和項目選擇以及價格改進，從而導致服務和項目收入的利潤率均有所擴大。

Segment earnings increased by 22.1% for the three months ended June 30 and segment earnings margin was 17%, representing an 80-basis point increase compared to the prior year period, primarily to the increase in adjusted gross margin.

截至 6 月 30 日的三個月，分部獲利成長了 22.1%，分部獲利利潤率為 17%，與去年同期相比增加了 80 個基點，這主要歸功於調整後的毛利率增加。

I will now discuss our results in more detail for Specialty Services. Specialty Services reported organic revenues for the three months ended June 30 grew 13.3% to $629 million, compared to $555 million in the prior year period, driven by strong project revenue growth. Adjusted gross margin for the three months ended June 30 was 18.1%, representing a 350-basis point decrease compared to the prior year period, driven by increased project starts, rising material costs and weather.

我現在將更詳細地討論我們的專業服務成果。專業服務部門報告稱，截至 6 月 30 日的三個月內，有機收入增長 13.3%，達到 6.29 億美元，而去年同期為 5.55 億美元，這得益於項目收入的強勁增長。截至 6 月 30 日的三個月的調整後毛利率為 18.1%，與去年同期相比下降了 350 個基點，原因是項目開工增加、材料成本上升和天氣原因。

Segment earnings decreased 2.7% for the three months ended June 30 and segment earnings margin was 11.3%, representing a 190-basis point decrease compared to the prior year period, primarily due to the decrease in adjusted gross margins, partially offset by favorable fixed cost absorption.

截至 6 月 30 日的三個月，分部獲利下降 2.7%，分部獲利利潤率為 11.3%，較去年同期下降 190 個基點，主要原因是調整後毛利率下降，但有利的固定成本吸收部分抵消了這一影響。

Turning to cash flow. For the first six months of the year, adjusted free cash flow was $186 million, reflecting an improvement of $52 million versus the prior year period and an adjusted free cash flow conversion of 40%. Free cash flow generation has been and continues to be a priority across APi, and we are pleased with our strong performance in the first half of the year as the business accelerates revenue growth.

轉向現金流。今年前六個月，調整後的自由現金流為 1.86 億美元，較去年同期增加 5,200 萬美元，調整後的自由現金流轉換率為 40%。自由現金流的產生一直是 APi 的首要任務，隨著業務收入加速成長，我們對上半年的強勁表現感到滿意。

During the second quarter, we increased our revolving credit facility from $500 million to $750 million and extended its maturity to 2030. At the end of the quarter, our net debt to adjusted EBITDA ratio was approximately 2.2 times. As a reminder, the back half of the calendar year is seasonally stronger from a free cash flow generation perspective. We expect that trend to continue this year, providing us with significant opportunities for continued value-enhancing capital deployment leveraging our strong balance sheet.

在第二季度，我們將循環信貸額度從 5 億美元增加到 7.5 億美元，並將其期限延長至 2030 年。截至本季末，我們的淨負債與調整後 EBITDA 比率約為 2.2 倍。提醒一下，從自由現金流產生的角度來看，下半年的季節性表現更為強勁。我們預計這一趨勢今年將持續下去，這將為我們提供利用強勁資產負債表繼續提升資本價值的重要機會。

I will now discuss our guidance for the third quarter and full year 2025, which, as a reminder, is based on current foreign currency exchange rates. We expect increased full year net revenues of $7.65 billion to $7.85 billion, up from $7.4 billion to $7.6 billion, representing organic growth in net revenues of 4% to 7% for the year.

我現在將討論我們對 2025 年第三季和全年的指導，提醒一下，該指導是基於當前的外匯匯率。我們預計全年淨收入將從 74 億美元至 76 億美元增至 76.5 億美元至 78.5 億美元，這意味著全年淨收入有機成長率將達到 4% 至 7%。

Moving down the P&L, we expect increased full year adjusted EBITDA of $1.005 billion to $1.045 billion, up from $985 million to $1.035 billion, representing adjusted EBITDA growth of approximately 15% at the midpoint. Our increased full year revenue and EBITDA guidance is driven by updates to our business outlook, including the impact of closed M&A during the quarter, our second quarter over-delivery and our latest outlook for the rest of the year. Based on most recent rates, the impact of foreign currency is immaterial to our change in guidance.

繼續看損益表，我們預計全年調整後 EBITDA 將成長 10.05 億美元至 10.45 億美元，高於 9.85 億美元至 10.35 億美元，這意味著調整後 EBITDA 中位數成長約 15%。我們全年營收和 EBITDA 預期的成長得益於我們業務前景的更新，包括本季完成的併購的影響、我們第二季的超額交付以及我們對今年剩餘時間的最新展望。根據最近的匯率，外幣的影響對我們的指導變化並不重要。

In terms of the third quarter, we expect reported net revenues of $1.985 billion to $2.035 billion. This guidance represents reported net revenue growth of approximately 9% to 11% and organic revenue growth of 5% to 7%. We expect Q3 adjusted EBITDA of $270 million to $280 million, which represents adjusted EBITDA growth of approximately 9% to 13% on a fixed currency basis.

就第三季而言，我們預計報告淨收入為 19.85 億美元至 20.35 億美元。該預期意味著報告的淨收入增長約 9% 至 11%，有機收入增長 5% 至 7%。我們預計第三季調整後的 EBITDA 為 2.7 億美元至 2.8 億美元，以固定貨幣計算，調整後的 EBITDA 成長約為 9% 至 13%。

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 424 million, reflecting the completion of our 3-for-2 stock split on June 30. We continue to expect adjusted corporate expenses to be between $30 million to $35 million 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 4.24 億股，這反映了我們於 6 月 30 日完成的 3 比 2 股票分割。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。

Overall, we are pleased with the team's execution of our strategy in an evolving macroeconomic environment during the second quarter and first half of 2025. I look forward to sharing more updates on our progress throughout the year.

總體而言，我們對團隊在 2025 年第二季和上半年不斷變化的宏觀經濟環境中執行我們的策略感到滿意。我期待全年分享更多有關我們進展的最新資訊。

I will now turn the call back over to Russ.

現在我將把電話轉回給拉斯。

Thank you, David. We entered the second half of 2025 with continued positive momentum across our global business platform. We continue to accelerate organic growth while expanding adjusted EBITDA margins, growing our recurring inspection, service and monitoring business, building on our record backlog and improving our free cash flow generation.

謝謝你，大衛。進入 2025 年下半年，我們的全球業務平台繼續保持積極勢頭。我們繼續加速有機成長，同時擴大調整後的 EBITDA 利潤率，發展我們的經常性檢查、服務和監控業務，鞏固我們的創紀錄積壓訂單並提高我們的自由現金流產生。

We believe our proven operating model built on an inspection and service first strategy, purpose-driven leadership and a disciplined approach to capital allocation positions APi for sustained organic growth, margin expansion and value-accretive M&A. We are confident in our leaders' ability to execute our strategy and deliver against our new 10/16/60+ long-term financial targets, creating value for all our stakeholders.

我們相信，我們成熟的營運模式建立在檢查和服務優先策略、目標驅動的領導力以及嚴謹的資本配置方法之上，這些將使 APi 實現持續的有機成長、利潤率擴張和價值增值的併購。我們相信，我們的領導者有能力執行我們的策略並實現我們新的 10/16/60+ 長期財務目標，為我們所有的利害關係人創造價值。

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

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）

Tim Mulrooney, William Blair.

提姆·馬爾羅尼、威廉·布萊爾。

Good morning. So two quick ones for me. On the second quarter, the revenue in your second quarter was, well, it was more than $60 million above the high end of the guidance range that you provided for the second quarter. I'm just curious what business or businesses outperformed your own internal expectations in the quarter.

早安.所以對我來說有兩個簡單的問題。就第二季而言，你們第二季的收入比你們為第二季提供的指導範圍的高端高出 6,000 多萬美元。我只是好奇本季哪些業務的表現超出了您自己的內部預期。

Yeah. Tim, I'm happy to take that one. So breaking down the quarter, I'd say our inspection, service and monitoring businesses performed largely as expected. We saw really strong contract and project activity across both of the segments during the second quarter. And we did see a little bit of an impact from rising material costs in the pull-forward of materials in the quarter that took us over the top end of the range.

是的。提姆，我很高興接受這個。因此，從本季來看，我認為我們的檢查、服務和監控業務表現基本上符合預期。我們看到第二季兩個部門的合約和專案活動都非常強勁。我們確實看到材料成本上漲對本季材料提前的影響，使我們超過了該範圍的上限。

Okay. Yeah. Thanks, David, following up on that, your Specialty business, obviously, revenue looked great, but the gross margins, 350 basis point decline. How much of that was due to rising material costs? I know you have pricing escalators and other things, but curious how much of that was maybe project-specific or specifically on the rising raw material costs?

好的。是的。謝謝，大衛，接下來，您的專業業務，顯然，收入看起來很棒，但毛利率下降了 350 個基點。其中有多少是因為材料成本上漲所造成的？我知道你們有價格自動調整機制和其他東西，但好奇其中有多少是針對特定項目或專門針對原材料成本上漲的？

And do you expect that gross margin pressure in Specialty to carry into the back half of the year, particularly as some of these tariffs potentially start to hit on things like copper? Thank you.

您是否預計特種產品的毛利率壓力將持續到今年下半年，特別是因為其中一些關稅可能會開始對銅等產品產生影響？謝謝。

Yeah. Great question again, Tim. So when we think about our Specialty margins in the second quarter, they were down year-over-year, really driven by increased project starts. And at the front end of a project, that tends to be more material driven, which is lower margin. And as you work your way through a quarter, or a project, you typically start working your margin up.

是的。提姆，這又是一個好問題。因此，當我們考慮第二季度的專業利潤率時，我們發現它們同比下降，這實際上是由於專案啟動增加所致。而在專案的前端，這往往受到材料驅動，利潤率較低。當你完成一個季度或一個專案時，你通常會開始提高你的利潤率。

Rising material costs and the impact of weather did play a role on our margins in the quarter. And I don't know if we can quantify the precise amount. What I would say about margins though in the Specialty segment is we do expect them to improve sequentially as we work our way throughout the year.

材料成本上漲和天氣影響確實對本季的利潤率產生了影響。我不知道我們是否可以量化精確的數量。不過，我想說的是，我們確實預期專業領域的利潤率會隨著全年的工作而逐步提高。

Got it. Thanks so much.

知道了。非常感謝。

Andy Wittmann, Baird.

安迪‧維特曼，貝爾德。

Thank you. I think, David, you addressed this question a little bit in your prepared remarks, but I just wanted to drill into the guidance a little bit more. I'm looking at the increase here. Obviously, the revenue here in the quarter, above expectations, very good. A little bit of incremental M&A helps your guidance as well.

謝謝。大衛，我想你在準備好的發言中已經稍微提到了這個問題，但我只是想更深入地探討一下指導。我正在觀察這裡的成長情況。顯然，本季的營收超出預期，非常好。少量的增量式併購也有助於您的指導。

So I'm just trying to see if the forward outlook for the base business has changed or unchanged. I heard pull-forward mentioned in the previous answer to the question. So I'm just trying to get my arms around, have things improved from your outlook for the balance of the year or not on an organic basis?

所以我只是想看看基礎業務的前景是否發生了變化或沒有變化。我聽說在前面對該問題的回答中提到了前拉。所以我只是想弄清楚，從您對今年餘下的展望來看，情況是否有所改善？

Good morning, David. Thanks for the question. You're big, high-level, wrong numbers. You can think of our EBITDA raise as one-third of it driven by our Q2 over-delivery, maybe one-third of it due to M&A in the quarter and maybe one-third of it due to an increase, improvement in our second half business outlook.

早安，大衛。謝謝你的提問。你這個大佬，高層，數錯了。你可以認為我們的 EBITDA 成長有三分之一是由於我們第二季的超額交付，也許有三分之一是由於本季度的併購，還有三分之一是由於我們下半年業務前景的成長和改善。

Okay. That's helpful. And then just as it relates to, I guess, capital deployment. I heard kind of the comments about you've got a number of under LOI. Still targeting $250 million, you're kind of well over $100 million here. So you're doing -- you're on track at least. Does it feel like the M&A capital deployment, Russ, has the potential to be maybe above that given where you sit today with what's under contract and heading forward?

好的。這很有幫助。然後我想這跟資本部署有關。我聽到了一些關於您在意向書下獲得一些意見的評論。目標仍為 2.5 億美元，但現在已經遠遠超過 1 億美元了。所以你做的——至少你是在正確的軌道上。拉斯，考慮到您目前的合約狀況和未來的發展，您是否覺得併購資本部署有可能高於這個水準？

I would say -- Andy, good morning by the way. Welcome back. I would say that the potential is there. M&A is kind of like no different than disciplined project and customer selection. We need to continue to be disciplined in the companies and the businesses that we invite to join the APi family. So I would say the pipeline is robust.

我想說——安迪，順便說一下，早安。歡迎回來。我想說，潛力是存在的。併購與有紀律的專案和客戶選擇沒有什麼不同。我們需要繼續嚴格遵守我們邀請加入 APi 大家庭的公司和企業的規定。所以我想說這條管道是堅固的。

I would say the potential is there for us to over-deliver on the $250 million kind of commitment, if you will. But in the same breath, we're going to be really disciplined. And so if it's $250 million, it's $250 million; if it's $235 million, it's $235 million; and if it's $290 million, it's $290 million.

我想說，我們有潛力超額完成 2.5 億美元的承諾。但同時，我們也會非常嚴明紀律。因此，如果是 2.5 億美元，那就是 2.5 億美元；如果是 2.35 億美元，那就是 2.35 億美元；如果是 2.9 億美元，那就是 2.9 億美元。

Thank you.

謝謝。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Hi, good morning. I think, first off, I just wanted to try and understand the Safety business. Are we expecting that kind of 6%-ish organic growth back half as well pretty steady sort of run rate now? And maybe flesh out a little bit more how satisfied you are with your elevator market share and sort of top line push efforts, please?

嗨，早安。我想，首先，我只是想嘗試了解安全業務。我們是否預計下半年有機成長率將達到 6% 左右，現在的運作率也相當穩定？您能否進一步說明一下，您對電梯市場佔有率以及營收推動力度的滿意度如何？

Sure. I'll take the first part, Julian, and maybe I'll hand the second part on elevators over to Russ. So I'd say our outlook for the Safety Services segment in the back half of the year is really consistent with where we've had it for the year-to-date. We continue to target mid to upper single-digit revenue growth in the service side of the business, low to mid-single digit on the project to get to that mid-single digit 5% to 6% revenue growth in the back half of the year.

當然。朱利安，我來負責第一部分，然後也許我會把關於電梯的第二部分交給拉斯。因此，我想說，我們對今年下半年安全服務部門的展望與今年迄今的狀況是一致的。我們繼續將服務業務的收入成長目標設定為中上個位數，專案收入成長目標設定為中低個位數，以便在下半年實現 5% 至 6% 的中個位數收入成長。

And Julian, just to add a little bit of color on the elevator business, I'll talk about the existing business that we acquired about this time last year, Elevated. That business is really performing as expected. They're showing kind of mid to upper single-digit organic growth on the performance of the business is really as expected.

朱利安，為了讓電梯業務增添一些色彩，我將談談我們去年這個時候收購的現有業務 Elevated。該業務確實表現符合預期。他們表現出中等至高個位數的有機成長，業務表現確實符合預期。

The new acquisition that we just made is really what we're calling a tweener. I know that's just a really good use of vocabulary. But it's kind of -- it's not necessarily a bolt-on, but it's not the size of Elevated either. But it's a really good company and it positions us in the Northeast that we think will be super additive to our business.

我們剛完成的新收購其實就是我們所說的中間產品。我知道這只是詞彙的良好運用。但它不一定是螺栓固定的，而且尺寸也不像 Elevated 那麼大。但它確實是一家優秀的公司，它將我們定位在東北地區，我們認為這將對我們的業務產生極大的附加價值。

We have a number of additional opportunities that we're continuing to do some work on from a bolt-on perspective. So we remain super optimistic. But we've got a long ways to go to building out this $1 billion elevator and escalator platform that we stated that we believe we have the potential to do. So we're just getting going, but I'm really optimistic and really excited about the direction that we're headed and the opportunities that are in front of us.

我們還有很多其他機會，我們正在從附加角度繼續工作。因此我們仍然非常樂觀。但是，我們還有很長的路要走才能建成這個耗資 10 億美元的電梯和手扶梯平台，儘管我們表示相信我們有潛力做到這一點。所以，我們才剛起步，但我對我們的前進方向和擺在我們面前的機會感到非常樂觀和興奮。

That's helpful. Thank you. And then I just wanted to follow up on the acquisition front. And clearly, you've made good progress already this year. Sorry if I missed it, but would you mind sort of fleshing out the profile sort of in aggregate of the acquisitions that have been announced and/or closed in terms of sort of aggregate organic growth rate?

這很有幫助。謝謝。然後我只是想跟進收購方面的情況。顯然，今年你已經取得了很大的進步。抱歉，如果我錯過了，但您介意從整體有機成長率的角度，對已經宣布和/或完成的收購進行概括性地描述嗎？

Any sort of margin profile? How much EBITDA dollars are dialed into the guide now from acquisitions that have closed in the last 12 months or are expected to close this year?

有任何形式的保證金概況嗎？過去 12 個月內完成的收購或預計今年完成的收購為指南帶來了多少 EBITDA 美元？

Well, David can talk about the numbers, but I'll talk to you a little bit about the profile of the deals. Obviously, one of them is an elevator company, and that's kind of because we said that. And then five of the seven are in our North American Safety business, in the fire and security space. And one of the businesses was a very, very profitable HVAC service business that was a bolt-on to one of our existing the existing companies.

好吧，大衛可以談談這些數字，但我會和你稍微談談這些交易的概況。顯然，其中一個是電梯公司，這也是因為我們這麼說。其中有五家屬於我們的北美安全業務，涉及消防和安全領域。其中一項業務是利潤非常豐厚的暖通空調服務業務，它是我們現有公司之一的附加業務。

And every one of these acquisitions is accretive. They're either at fleet average or better. So they're all accretive to really our long-term results. Regarding what's included in the guide, I think David already said it was about one-third of our increased guidance was through M&A. I don't know if you have any specific numbers you want to share.

每一次收購都具有增值作用。它們要麼達到艦隊平均水平，要麼更勝一籌。因此，它們都真正有助於我們實現長期業績。關於指南中包含的內容，我認為大衛已經說過，我們增加的指導金額中約有三分之一是透過併購實現的。我不知道您是否有任何想要分享的具體數字。

No, that about does it. Over the course of the year from Q1 to the end of Q4, we expect M&A to contribute north of $200 million of revenue in the business.

不，差不多就是這樣了。從第一季到第四季末，我們預計併購將為業務貢獻超過 2 億美元的收入。

Great. Thank you.

偉大的。謝謝。

Ashish Sabadra, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ashish Sabadra。

Hi, good morning. This is David Paige on for Ashish. I was wondering if you could give an update on the international business just how that performed in the quarter and how you're looking at it for the rest of the year? Thank you.

嗨，早安。這是 David Paige 為 Ashish 主持的節目。我想知道您是否可以介紹國際業務的最新情況，例如本季的表現如何以及您對今年剩餘時間的展望如何？謝謝。

Well, we're like super fired up about the business and where that business is performing. It showed organic growth again in the quarter. I think that business has grown now organically every quarter since we've owned it. We shared a data point in, I think, my prepared remarks about we saw high single-digit order growth in the business, which really speaks to the health of their inspection and service business.

嗯，我們對這項業務以及業務表現感到非常興奮。本季該公司再次呈現有機成長。我認為，自從我們擁有它以來，業務每個季度都有機成長。我認為，在我準備好的發言中，我們分享了一個數據點，我們看到業務中訂單數量實現了高個位數增長，這確實說明了他們的檢驗和服務業務的健康狀況。

So we continue to see really good momentum in our international business. And we still have some work to do. They're still optimizing. We have an integration going on in Benelux that's fairly significant, that we got great leadership handling. We're still continuing to do some work in our monitoring centers to optimize those. But like business-as-usual there, and I would tell you that they're doing a great job.

因此，我們的國際業務繼續呈現良好勢頭。我們還有一些工作要做。他們仍在優化。我們在比荷盧三國正在進行一項相當重要的整合，我們得到了出色的領導處理。我們仍在繼續在監控中心進行一些工作來優化這些工作。但那裡一切如常，我想告訴你，他們做得很好。

Thank you.

謝謝。

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS 證券。

Hi. Good morning, guys. Thank you for taking my questions. Nice quarter and nice to see the progress on the M&A front. I was wondering if you could drill down on the elevator acquisition that you did. If I recall correctly, Elevated itself had a very high EBITDA margin compared to your corporate average. And I'm wondering if the business that you acquired was similar to that or if it was more closer to your corporate average and can maybe get closer to what Elevated does over time?

你好。大家早安。感謝您回答我的問題。這是一個不錯的季度，很高興看到併購方面取得進展。我想知道您是否可以深入了解您所做的電梯收購。如果我沒記錯的話，Elevated 本身的 EBITDA 利潤率與你們公司的平均水平相比非常高。我想知道您收購的業務是否與此類似，或者是否更接近您的公司平均水平，並且隨著時間的推移，是否可能更接近 Elevated 的水平？

I would say it's kind of funny because we were joking around about this as we were getting prepped, that it's really closer to fleet average. We think -- obviously, we think that the potential for the business to get to, so to speak, the profile where Elevated is there. But we feel that way with every -- actually every one of our businesses.

我想說這有點好笑，因為我們在準備的時候開玩笑說這實際上更接近艦隊平均水平。我們認為——顯然，我們認為這項業務有潛力達到 Elevated 所處的水平。但我們對每一項業務——實際上我們的每一項業務——都有這種感覺。

It's no different than how we're looking at our life safety and security businesses where the kind of the new normal from a branch perspective is 20%, and that's where we're pushing all of our businesses. But at the time of the acquisition, it's really on par with the fleet average and with the potential to go and improve.

這與我們看待生命安全和安保業務的方式沒有什麼不同，從分公司的角度來看，新常態是 20%，而這正是我們推動所有業務的方向。但在收購時，它確實與船隊平均水平相當，並且具有提升的潛力。

Okay. Great. Thank you. And then I noticed that the seven acquisitions you did, I don't believe any one of them was international. I was wondering if you could speak to the opportunity there, the opportunity set that you're seeing, if any of the LOIs that you've been -- that you mentioned previously are in the international space and what we can expect there going forward?

好的。偉大的。謝謝。然後我注意到，你們進行的七次收購中，我認為沒有一次是國際性的。我想知道您是否可以談談那裡的機會、您所看到的機會集、您之前提到的任何意向書是否在國際領域，以及我們對未來的期望是什麼？

So we do have one small business under LOI in our international business as we sit here. And our team is doing diligence on that company as we speak. So there is no question that we've opened the aperture up to the international business. I would say that it's on a country-by-country basis, just like it is for us in North America on a company-by-company basis. In the international business, the country has to be able to kind of accept and integrate that business.

因此，我們現在在國際業務中確實有一家根據意向書開展的小型企業。目前我們的團隊正在對該公司進行盡職調查。因此，毫無疑問我們已經向國際業務敞開了大門。我想說，這是根據各個國家的情況而定的，就像我們在北美是根據各個公司的情況而定的一樣。在國際業務中，國家必須能夠接受和整合該業務。

And not every one of our businesses internationally has progressed to the point where we feel like they're ready for a bolt-on. But a number of them are. And we're certainly doing work and looking at a number of opportunities, but we do have one small business under LOI in the international business.

而且，我們的國際業務並非都已經發展到我們認為可以進行附加擴張的程度。但其中有很多是這樣的。我們確實在開展工作並尋找許多機會，但我們在國際業務中確實有一家根據意向書開展的小企業。

Got it. Thanks, Russ.

知道了。謝謝，拉斯。

Jasper Bibb, Truist Securities.

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

Hey. Morning, everyone. Wanted to ask a two-parter about Specialty projects. Just hoping you could provide a bit more detail on the new business pipeline there and then also how our project selection initiatives might impact the margins for that business once you get through the ramp-up as you talked about on some of these new wins.

嘿。大家早安。想問兩部分有關專業項目的問題。只是希望您能提供更多關於新業務管道的細節，以及我們的專案選擇舉措將如何影響該業務的利潤率，正如您在談到這些新勝利時所說的那樣。

Well, I would say that the new pipeline and backlog is really solid. I mean we don't -- in our prepared remarks, we stated that our backlog eclipsed $4 billion for the first time, and that's really kind of distributed across all aspects of our business. And I would say all aspects of our business are at record levels. So it's very, very good, and is very, very, very healthy.

嗯，我想說的是，新的管道和積壓訂單確實很可靠。我的意思是，我們不會——在我們準備好的發言中，我們表示我們的積壓訂單首次超過 40 億美元，而且這實際上分佈在我們業務的各個方面。我想說的是，我們業務的各個方面都達到了創紀錄的水平。所以它非常非常好，而且非常非常非常健康。

So we feel good about where we're at. David mentioned that we expect to see sequential growth in gross margins as we work our way through the back half of the year. And that's the expectation that we have on the business and we think that the margins in our backlog are strong.

因此我們對目前的狀況感到滿意。大衛提到，我們預計下半年毛利率將持續成長。這是我們對業務的期望，我們認為積壓訂單的利潤率很高。

Got it. And then Specialty really surprised this quarter, but I guess wondering how we should think about the composition of segment organic revenue growth and margins in your third quarter outlook?

知道了。然後，Specialty 本季確實令人驚訝，但我想知道我們應該如何看待第三季展望中的分部有機收入成長和利潤率的組成？

Yeah. I can give you some color on that, Jasper. So I'd expect in the third quarter, I think we answered your question earlier on the Safety business, mid-single-digit organic revenue growth in the third quarter there. I expect high single-digit organic revenue growth in the Specialty business in the third quarter.

是的。我可以給你一些關於這方面的詳細信息，賈斯珀。因此，我預計在第三季度，我想我們之前已經回答了您關於安全業務的問題，第三季度的有機收入將實現中等個位數成長。我預計第三季專業業務的有機收入將實現高個位數成長。

Okay. Got it. Thanks a bunch.

好的。知道了。非常感謝。

Andy Kaplowitz, Citi.

花旗銀行的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Hey. Good morning, guys.

嘿。大家早安。

Hey, Andy. Are you going to ask us seven questions in one question?

嘿，安迪。你要在一個問題裡問我們七個問題嗎？

I'll try not to, Russ. I just wanted to ask you about -- I just wanted to ask you about Specialty in one sense. You've been focused on sort of higher-margin projects, sort of getting rid of the loss-leading projects. How would you sort of assess that progress here? Like is any of that impacting the quarter? Or is it more just as you talked about, sort of materials and mix?

我會盡量不這麼做，拉斯。我只是想問你——我只是想從某種意義上問你關於 Specialty 的問題。您一直專注於利潤率較高的項目，擺脫虧損的項目。您如何評價這裡的進展？這些會對本季產生影響嗎？或者它更像您所說的，是某種材料和混合物？

Yeah. I mean, Andy, as you know, business isn't linear and not everything necessarily flushes itself out in a perfectly straight line. And if you look at like our Q2 of last year, we had a number of projects coming to completion and you typically have gross margin improvement as your projects finish. And we have, so to speak, more project starts going on right now. And typically, that's at a lower gross margin.

是的。我的意思是，安迪，正如你所知，商業並不是線性的，並不是所有的事情都必然會沿著一條完美的直線發展。如果你看一下我們去年第二季的情況，我們有許多專案即將完成，而且隨著專案的完成，毛利率通常會提高。可以這麼說，我們現在有更多的專案開始進行。通常情況下，毛利率較低。

And then you factor in, you have a little bit of cost inflation. We had some weather impacts and all that stuff, kind of where we are sitting in this quarter. And we think it will only get better as we work our way through the second half of the year.

然後你再考慮到，成本會有一點膨脹。我們受到了一些天氣影響和諸如此類的事情的影響，這有點像我們本季所處的情況。我們相信，隨著下半年的到來，情況只會變得更好。

Appreciate that, Russ. And then obviously, non-res markets have been kind of all over the place, but your Safety business is doing really well. Maybe just talk about sort of what you're seeing out there, inspection and service, can it continue to grow double digits for the foreseeable future?

非常感謝，拉斯。顯然，非住宅市場已經遍布各地，但您的安全業務表現非常好。也許只是談論一下您所看到的檢查和服務，在可預見的未來它能否繼續保持兩位數的成長？

Well, we are really, I guess, pleased with the way our -- again, our bellwether always is inspection growth. And we stated that inspections grew for the 20th straight quarter at double-digit clip. So we don't see really any let off in that, and that's been really positive, and that's leading to strong organic growth in our service business. That's primarily in North America.

嗯，我想，我們真的對我們的方式感到滿意——我們的風向標始終是檢查增長。我們指出，檢查量連續第 20 季以兩位數的速度成長。因此，我們並沒有看到任何鬆懈，這是非常積極的，這將導致我們服務業務的強勁有機成長。這主要發生在北美。

And what we're seeing internationally with high single-digit order growth is, I guess, really sending us a message that the sales transformation that has been initiated by our leadership there is really taking hold and taking shape.

我想，我們看到國際上訂單量呈現高個位數成長，這實際上向我們傳遞了一個訊息：由我們的領導層發起的銷售轉型正在真正紮根並成形。

So that's all really focused on the service side of our business in Safety, and that's really positive. And that gives us good comfort in direction that we're going. Then you layer in really the strong project opportunities in the end markets that we pursue, and that's just a really good combination. And that's what we're seeing. And data center, semiconductors, advanced manufacturing, all are really providing robust opportunities for us.

因此，這一切都真正集中在我們安全業務的服務方面，這是非常積極的。這讓我們對前進的方向充滿信心。然後，您將真正在我們所追求的終端市場中分層加入強大的專案機會，這是一個非常好的組合。這就是我們所看到的。資料中心、半導體、先進製造業都為我們提供了巨大的機會。

And we're just trying to make sure that we're being smart so that we can get the gross margins on the work that we really need to get for that work to be beneficial to the company and ultimately to our shareholders. So there's a lot of opportunity out there. And proposal activity, even with all the noise around tariffs, still the proposal activity is very, very robust. And we're just trying to be smart about what work we take and what work we pursue.

我們只是想確保我們足夠聰明，以便我們能夠從真正需要的工作中獲得毛利率，從而使公司受益，並最終使我們的股東受益。因此，還有很多機會。至於提案活動，儘管關稅問題引起諸多爭議，但提案活動仍非常活躍。我們只是想明智地選擇我們從事什麼工作以及我們追求什麼工作。

Very helpful. Thanks.

非常有幫助。謝謝。

Tomo Sano, JPMorgan.

摩根大通的 Tomo Sano。

Hi. Good morning, everyon. Thanks for taking my questions. My first question is the North America inspection revenues have another 20 consecutive quarters double-digit growth. And wanted to get more color on the pricing improvements as well as your inspection-first strategies, including technology standpoint, like AI sales, productivity tools, how you see the improvement of the margins of the -- in addition to the volume side of this business, please?

你好。大家早安。感謝您回答我的問題。我的第一個問題是北美檢驗收入連續20個季度實現兩位數成長。並且想進一步了解定價改進以及您的檢查優先策略，包括技術角度，例如人工智慧銷售、生產力工具，除了這項業務的數量方面之外，您如何看待利潤率的提高？

Yeah. So I'm happy to take it, and if Russ has any commentary at the end. So we continue to be able to capture low to mid-single-digit pricing in our inspection service and monitoring revenue streams. And your question then on margin and the impact of AI and digital on margins going forward. I would say our expectation on all of our revenue streams is that we're going to continue to be able to expand margin into '26, '27 and '28 as we pursue our 10/16/60+ strategic goals, and the technology and the use of technology will be a part of that.

是的。所以我很高興接受它，如果拉斯最後有什麼評論的話。因此，我們能夠繼續在檢驗服務和監控收入流中獲得低至中等個位數的定價。那麼你的問題是關於利潤率以及人工智慧和數位化對未來利潤率的影響。我想說，我們對所有收入來源的期望是，在我們追求 10/16/60+ 策略目標的過程中，我們將繼續能夠在 26、27 和 28 年擴大利潤率，而技術和技術的使用將成為其中的一部分。

Yeah. What I would say, Tomo, is that I think actually the technology and AI and all that stuff that comes together is probably going to be more of providing leverage from an SG&A perspective and making us more efficient. And when you think about the labor market that's out there, we need to -- our efforts around artificial intelligence and technology need to enable us to continue to scale our business because we're going to have less people to be able to do the work. And so that's really where the focus is.

是的。我想說的是，Tomo，我認為實際上技術和人工智慧以及所有這些東西結合在一起可能會從銷售、一般和行政管理的角度提供更多的槓桿作用，並使我們更有效率。當你考慮到現有的勞動力市場時，我們需要——我們在人工智慧和技術方面的努力需要使我們能夠繼續擴大業務規模，因為我們將需要更少的人來完成這項工作。這才是真正的重點。

But we're -- we have a team that is focused basically on AI on an international basis. And the reality of it is, just like most every other company, we're probably in the bottom of the first inning in our efforts there. But we actually are resourcing and have kind of an AI task force, for lack of better words.

但我們——我們有一個主要專注於國際人工智慧的團隊。而事實是，就像大多數其他公司一樣，我們在那裡的努力可能還處於第一階段的底層。但實際上我們正在提供資源，並且有一個人工智慧工作小組，說得更直白些。

Thank you. And just one follow-up on innovation side, international business in Safety Services. Could you talk about leveraging digital with Chubb Vision, how actually you see customer reactions there? And could you talk about the -- how you're excited about this in terms of the volumes and margin in international business please?

謝謝。關於創新方面，我們再說一個後續問題，就是安全服務的國際業務。您能否談談 Chubb Vision 如何運用數位技術，以及您實際上如何看待客戶的反應？您能否談談－就國際業務量和利潤而言，您對此有何興奮之情？

Tomo, could you repeat your question please?

Tomo，你能重複一下你的問題嗎？

Yes. So I would like to get more color on digital strategies in international business, especially Chubb Vision that you showcased at the IR Day, if you see any -- the customer feedback in the second quarter and some expectation in the second half, please?

是的。因此，我想進一步了解國際業務中的數位策略，特別是您在投資者關係日上展示的 Chubb Vision，如果您看到任何資訊——第二季度的客戶回饋和下半年的一些預期，可以嗎？

Well, I mean the work with Chubb Vision and stuff is really just interesting as well and just really getting cranked up. I mean we see a lot of opportunity with the work that that team is doing. I mean, I think there's a lot of really good stuff happening there, but I think we're too early to like declare victory or anything like that, Tomo. I think there's a tremendous amount of opportunity.

嗯，我的意思是與 Chubb Vision 和其他公司合作真的很有趣，而且真的很有活力。我的意思是，我們看到該團隊所做的工作有很多機會。我的意思是，我認為那裡發生了很多非常好的事情，但我認為我們現在還太早，不能宣布勝利或類似的事情，Tomo。我認為存在大量的機會。

I would tell you that, in a lot of ways, our international business is further along in that journey. Our leader there, Andrew White, is a bit techy himself. And I think he has a really broad vision for where that can go, and that's something that we're working on making sure that we can take across the entire breadth of our portfolio, not just in the international business. But I'd say it's too early to declare victory. I don't know, David, you worked there for -- so do you have any other color?

我想告訴你們，從很多方面來看，我們的國際業務在這趟旅程中已經走得更遠了。我們那裡的領導人安德魯懷特 (Andrew White) 本人也是一位技術高手。我認為他對於這一目標的未來有著非常廣闊的願景，而這正是我們正在努力確保能夠涵蓋我們整個投資組合，而不僅僅是國際業務的事情。但我認為現在宣布勝利還為時過早。我不知道，大衛，你在那裡工作過──那你還有其他顏色嗎？

No. The only thing is, it's too early to declare victory, but it's an incredible opportunity. I mean in our international business, we've got 50 million connected devices. And the more that we can use technology to serve our customers, the better our business will be.

不。唯一的問題是，現在宣布勝利還為時過早，但這是一個難得的機會。我的意思是，在我們的國際業務中，我們有 5000 萬台連網設備。我們越多地利用科技來服務我們的客戶，我們的業務就會越好。

Thank you for the color.

謝謝你的顏色。

Kathryn Thompson, Thompson Research Group.

凱瑟琳·湯普森，湯普森研究小組。

Hi. Thank you for taking my question for today. Just one observation. Despite all the gloomy headlines, I think it's worth noting that one-third of your EBITDA growth is from an improved outlook. So definitely separating from a few other companies. The question to you, when you look at -- I just want to pull the string a little bit more on how APi wins with AI. You look at companies like Meta had their guidance for $66 billion to $72 billion for this year, and they're raising and they're looking at reaching $100 billion next year.

你好。感謝您回答我今天的問題。僅一個觀察。儘管頭條新聞令人沮喪，但我認為值得注意的是，您的 EBITDA 成長的三分之一來自於改善的前景。因此，我們肯定與其他幾家公司有所區別。你的問題是，當你看到——我只是想進一步解釋 APi 如何利用人工智慧取勝。你看，像 Meta 這樣的公司，今年的預期營收為 660 億美元至 720 億美元，而且他們正在籌集資金，希望明年能達到 1,000 億美元。

And you touched briefly on a few like on how APi can lend. But could you give a few examples in terms of either how you went with new projects or with the ongoing maintenance and operations of the AI on the (inaudible) books? Thanks very much.

您簡要地談到了一些內容，例如 APi 如何提供借貸服務。但是，您能否舉幾個例子，說明您如何開展新項目，或者如何對（聽不清楚）書籍中的人工智慧進行持續維護和操作？非常感謝。

Well, when you're doing the inspection and service work at whether it's Meta or Microsoft, whoever, but when you're doing the inspection and service work at those facilities and they come along and expand at that existing site, the opportunity for you to win that expansion, the business associated with that expansion, rises dramatically because of the relationships you have and the client is interested in consistency and service and follow through and all of that other stuff.

好吧，當你在 Meta 或 Microsoft 等公司進行檢查和服務工作時，無論他們在哪些設施進行檢查和服務工作，而他們又來並在現有站點進行擴展時，你贏得擴展的機會以及與擴展相關的業務會由於你們之間的關係而急劇上升，而且客戶對一致性、服務和後續行動以及所有其他東西感興趣。

Then when you have other larger opportunities that are, say, more greenfield sites like, say, Meta's 10-X site in Louisiana, then it's really relationship-based and your ability to man work in some of these remote locations. And that's I think something that we have really a depth of skill set and have the capacity and the workforce that we can bring to bear on those types of project opportunities.

然後，當你有其他更大的機會時，例如更多的綠地站點，比如說，路易斯安那州的 Meta 10-X 站點，那麼它實際上是基於關係的，並且你有能力在一些偏遠地區工作。我認為，我們確實擁有深厚的技能、能力和勞動力，可以承擔此類專案機會。

And those opportunities, the selection criteria is usually around your ability to work safely, your ability to provide the right, high-quality, skilled lead field leaders to actually execute the work, your ability to get the work done on time, I mean because they're very aggressive schedules. And so there's all these other gates, and price is a very small factor that comes into the equation.

而這些機會的選擇標準通常是圍繞你安全工作的能力，你提供合適的、高品質的、熟練的現場領導來實際執行工作的能力，以及你按時完成工作的能力，我的意思是因為他們的時間安排非常緊湊。因此，還有其他所有這些門，而價格只是影響等式的一個非常小的因素。

I'd also say on the on the fire, life safety and security side of it, there's only a handful of firms that have the capacity and the skills to tackle projects of both that magnitude. And that's an element of complexity that's a positive for a firm like ours. But in the same breath, we still have to be selective and be smart about which projects we pursue so that we don't overextend ourselves and, therefore, don't deliver on the commitments that we make to that customer. So I don't know, did that make sense, Kathryn?

我還想說，在火災、生命安全和安保方面，只有少數公司有能力和技能來處理如此規模的專案。對於我們這樣的公司來說，這種複雜因素是有利的。但同時，我們仍然必須謹慎選擇並明智地選擇我們所進行的項目，這樣我們才不會過度擴張自己，從而無法兌現對客戶所做的承諾。所以我不知道，這有意義嗎，凱瑟琳？

Yeah. No. And so it sounds to me that you can win business both at the build-out, but then, on an ongoing basis, with ongoing typical services that you would do for any complex commercial building and structure. Is that correct? Am I hearing you correctly on that?

是的。不。因此，在我看來，您不僅可以在建設過程中贏得業務，而且可以在持續的基礎上，透過為任何複雜的商業建築和結構提供的持續典型服務來贏得業務。對嗎？我理解的對嗎？

That's correct. And the more complex the opportunity, the better off we're going to be. We don't want to find ourselves in positions for, say, project-related work where, let's just say, we're not doing the inspection and service work for that customer. We don't want to be in a position where we're just competing on price. Like that's just not our model.

沒錯。機會越複雜，我們的處境就越好。我們不想發現自己處於這樣的境地：在與專案相關的工作中，我們只是說，我們沒有為該客戶進行檢查和服務工作。我們不想陷入僅在價格上競爭的境地。好像那不是我們的模型。

We don't do well when we just compete on price. And if it's just -- if that's what it is, if somebody is going to -- especially in today's world, somebody is just going to treat it as an auction, if you will. We're just -- we're not going to do well in that environment. So it's like why don't waste your time pursuing it?

如果我們只在價格上競爭，我們的業績就不會好。如果只是 — — 如果情況就是這樣，如果有人 — — 特別是在當今世界，有人會把它當作一場拍賣，如果你願意的話。我們只是——在那種環境下我們不會做得很好。那為什麼不浪費時間去追求它呢？

And that's why we have a fairly robust go/no-go kind of checklist that we put our businesses through, because we want them to actually think about should I even pursue this. And the reality of it is, if it's just going to be a price-driven decision, this shouldn't.

這就是為什麼我們為我們的企業制定了一套相當嚴格的「可以/不能」的清單，因為我們希望他們真正思考我是否應該繼續這樣做。而事實是，如果這只是一個由價格驅動的決定，那就不應該這麼做。

Excellent. Thanks so much and best of luck going forward.

出色的。非常感謝，祝你未來一切順利。

Josh Chan, UBS.

瑞銀的 Josh Chan。

Hey. Good morning, Russ, David. Just two quick ones for me. So on the guidance raise that was for the rest of the year, I guess, the one-third of the guidance raise, what got better? Was it primarily the Specialty side of things?

嘿。早上好，拉斯、大衛。我只想簡單說兩句話。那麼，對於今年剩餘時間的指導性加薪，我猜，指導性加薪的三分之一，有什麼好轉的嗎？這主要是事物的專業面嗎？

Josh, I think I'd attribute that to the really strong backlog that we were able to generate during the quarter and the strong margin and strength of the backlog, gave us comfort in the back half of the year.

喬希，我認為我將此歸因於我們在本季度能夠產生的非常強勁的積壓訂單，以及強勁的利潤率和積壓訂單的實力，這讓我們在下半年感到安心。

Okay. Great. Thank you. And then on the backlog margin, it sounds like you're pleased with the backlog margin. I guess when it comes to realizing that backlog margin over time, obviously, you can control your own execution, but can you talk about other factors that you have to think about as that converts, things that may or may not be outside and control and what you could do to kind of ring-fence those?

好的。偉大的。謝謝。然後關於積壓訂單利潤率，聽起來您對積壓訂單利潤率感到滿意。我想，當談到隨著時間的推移實現積壓利潤時，顯然你可以控制自己的執行，但你可以談談在轉換過程中你必須考慮的其他因素，這些因素可能在外部和控制之外，你可以做些什麼來保護它們？

Well, obviously, Josh, the material cost escalation is something, as prices go up, whether it's because of tariffs or inflation or whatnot, or a combination thereof, that's out of our control, but it's in our control. I mean like we have been talking very openly since President Trump won the election that he's going to use tariffs as a lever for him, to level the playing field from a trade perspective.

嗯，顯然，喬希，隨著價格上漲，材料成本上漲，無論是由於關稅、通貨膨脹還是其他原因，還是兩者兼而有之，這都是我們無法控制的，但也在我們的控制範圍內。我的意思是，自從川普總統贏得大選以來，我們一直在公開談論他將利用關稅作為槓桿，從貿易角度創造公平的競爭環境。

And so you knew that it was coming. And so we've been working hard to protect ourselves during the time of our proposals. I'm sure we're not perfect. And I'm sure there's some gaps in some places where we didn't do as well as we should. That would be one area.

所以你知道它即將到來。因此，我們在提出提案期間一直在努力保護自己。我確信我們並不完美。我確信在某些地方我們做得還不夠好，存在一些差距。那將是一個領域。

Weather is -- could be a significant issue and challenge for us. Because, obviously, when you have poor weather conditions, you're not going to be as efficient with the deployment of your field leaders. And so that's another area that could be challenging.

天氣對我們來說可能是一個重大問題和挑戰。因為，顯然，當天氣條件惡劣時，現場領導的部署效率就不會那麼高。這是另一個可能具有挑戰性的領域。

So those would probably be the primary two contributors. Obviously, we have to execute. That's an aspect of it. Availability of labor and things like that is -- could be a challenge as well. But the reality of it is everybody has known that there's going to be work availability of labor issues and challenges and shortages.

因此，這可能是兩個主要因素。顯然，我們必須執行。這是它的一個面向。勞動力的可用性以及諸如此類的事情也可能是一個挑戰。但事實是，每個人都知道，將會出現勞動力供應問題、挑戰和短缺。

And so as you are making decisions to take on whether it's master service agreements or other project-related opportunities, you should be factoring that into the equation, and that really should not be an excuse.

因此，當您決定是否採取主服務協議或其他與專案相關的機會時，您應該將其考慮在內，而這實際上不應該成為藉口。

Thanks. Congrats on the quarter.

謝謝。恭喜本季取得佳績。

Stephanie Moore, Jefferies.

史蒂芬妮摩爾，傑富瑞集團。

Hi, good morning. Thanks, everybody. Maybe just to -- I want to go back to the margin performance in the quarter. It was very good across both segments, obviously, you've seen -- or for the consolidated level. But as we look at both segments, I was hoping maybe you could talk a little bit about the puts and takes of the margin performance. I know at your Analyst Day, you walked through several levers to achieve ultimately your 16%-plus target pricing, project selection and the like. So maybe if you could just talk about the underlying puts and takes and your path to achieve some of those -- to achieve that target and the levers to get there. Thank you.

嗨，早安。謝謝大家。也許只是為了——我想回到本季的利潤表現。顯然，您已經看到，兩個部門的表現都非常好——或者說，從合併水平來看。但當我們審視這兩個部分時，我希望您能稍微談談利潤表現的優缺點。我知道在您的分析師日上，您透過多種手段最終實現了 16% 以上的目標定價、專案選擇等。因此，也許您可以談談潛在的利弊以及實現其中一些目標的途徑——實現該目標和實現該目標的槓桿。謝謝。

Yeah, happy to give you a little bit of color there, Stephanie. Puts and takes on margin in the quarter. So our margin performance on inspection, service and monitoring was strong, continues to be. We're able to get margin-accretive price in that price or part of the business. We were able to get good leverage out of our fixed cost base during the quarter, partially due to the strong organic revenue growth. So that was a positive.

是的，很高興能帶給你一點色彩，史蒂芬妮。本季的保證金看跌和上漲。因此，我們在檢查、服務和監控方面的利潤表現強勁，並且持續如此。我們能夠從該價格或部分業務中獲得利潤增值價格。本季度，我們能夠從固定成本基礎中獲得良好的槓桿作用，部分原因是強勁的有機收入成長。所以這是積極的。

We talked a little bit about rising material costs. And we've talked a lot over the last couple of quarters about how our business is able to protect itself at the time of proposal and being able to capture the dollar value of rising material costs. And we believe the business did a good job of doing that during the quarter. But that did have a little bit of margin erosion during the quarter.

我們談了一些材料成本上漲的問題。在過去的幾個季度中，我們多次討論我們的企業如何在提案時保護自己，以及如何獲得材料成本上漲所帶來的美元價值。我們相信本季公司在這方面做得很好。但本季的利潤率確實有所下降。

So I think when you talk about service mix, you talked about a disciplined project, I think customer selection, getting leverage, we're seeing progress in all of those areas in our path to 13% and now 16% adjusted EBITDA margin.

所以我認為，當您談論服務組合時，您談論的是一個有紀律的項目，我認為客戶選擇、獲得槓桿，我們在所有這些領域都看到了進展，我們的調整後 EBITDA 利潤率達到了 13%，現在為 16%。

Great. Very helpful. And then just one quick follow-up. Is there any chance you can give a bit of an update on the systems investment that you called out at the Analyst Day, how it's progressing thus far? And anything you can call out on that? Thank you.

偉大的。非常有幫助。然後只需快速跟進一次。您能否稍微介紹一下您在分析師日上提到的系統投資的最新進展？目前進展如何？對此您能提出什麼意見嗎？謝謝。

Yeah. Absolutely. I'm sure you saw in the release the spend on the system and business enablement in the quarter. What I'd say is those are difficult, challenging business-led projects, but the team is performing and executing well. And I've been particularly impressed with the way that that team is working closely to make sure that the voices of our branch, company and field leaders is heard each and every step along the way. So really good progress on that. The team is committed. They're executing well, and we feel good about where that work is.

是的。絕對地。我相信您在發布中看到了本季度在系統和業務支援方面的支出。我想說的是，這些都是困難且具有挑戰性的商業主導項目，但團隊的表現和執行都很好。令我印象特別深刻的是，團隊密切合作，確保我們的分公司、公司和現場領導的聲音在整個過程中都能被聽到。因此這方面確實取得了很好的進展。該團隊非常敬業。他們執行得很好，我們對他們的工作進展感到滿意。

Got it. Thank you. Appreciate it.

知道了。謝謝。非常感謝。

And that concludes our Q&A session. I will now turn the conference back over to Russ Becker, our President and CEO, for closing remarks.

我們的問答環節到此結束。現在，我將會議交還給我們的總裁兼首席執行官拉斯貝克爾 (Russ Becker) 來致閉幕詞。

Thank you. In closing, I would like to thank all our team members for their continued support and dedication to our business. I'm truly grateful for what each and every 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 look forward to updating you on our progress throughout the remainder of the year.

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。我由衷地感謝你們每個人每天所做的一切。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。

Thank you, everybody.

謝謝大家。

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

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