APi Group Corp (APG) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to APi Group's third quarter 2025 financial results conference call. (Operator Instructions) Please note this call is being recorded. I'll be standing by should you need any assistance.

各位女士、先生，早安，歡迎參加APi集團2025年第三季財務業績電話會議。（操作員指示）請注意，本次通話正在錄音。如果您需要任何幫助，我隨時待命。

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

現在我將把電話交給APi集團投資者關係副總裁Adam Fee。請繼續。

Thank you. Good morning, everyone, and thank you for joining our third quarter 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 Jim Lillie, our Board co-chairs.

謝謝。各位早安，感謝各位參加我們2025年第三季財報電話會議。今天與我一起參加電話會議的有：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.

在開始之前，我想提醒各位，公司盈利新聞稿和本次電話會議中的某些陳述屬於前瞻性陳述，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，並且受到已知和未知風險、不確定性及其他因素的影響，這些因素可能導致實際結果與此類前瞻性聲明中明示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, October 30, and we undertake no obligation to update any forward-looking statements we may make except as required by law.

我們在新聞稿和提交給美國證券交易委員會的文件中詳細列出了可能導致我們未來業績與預期存在差異的重大風險。我們的聲明截至今日（10 月 30 日）有效，除法律要求外，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 third quarter financial performance on the Investor Relations page of our website. Our comments today will also include non-GAAP financial measures and other key operating metrics. The reconciliation of and information and other information regarding these items can be found in our press release and our presentation.

再次提醒各位，我們已在公司網站的投資者關係頁面上發布了詳細介紹第三季度財務業績的簡報。我們今天的評論還將包括非GAAP財務指標和其他關鍵營運指標。有關這些項目的核對、資訊及其他相關信息，請參閱我們的新聞稿和簡報。

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

現在我很高興把電話交給拉斯。

Thank you, Adam. Good morning, everyone. Thank you for taking the time to join our call this morning. Before we get into our record third quarter results, I would like to thank our approximately 29,000 leaders for their dedication to API. The safety, health and well-being of each of our teammates is our number 1 value.

謝謝你，亞當。各位早安。感謝您今天上午抽出時間參加我們的電話會議。在我們公佈創紀錄的第三季業績之前，我想感謝我們大約 29,000 名領導者對 API 的奉獻。我們始終將每位團隊成員的安全、健康和福祉放在首位。

Last month, during September, we recognized Suicide Prevention Month and construction Suicide Prevention week. We use this as an opportunity to encourage all of our team members to engage in meaningful conversations about mental health. These conversations are a simple way to embrace the care factor and show our teammates we care about their well-being, including physical and mental health.

上個月，也就是九月份，我們進行了自殺防治月和建築業自殺防治週活動。我們藉此機會鼓勵所有團隊成員就心理健康問題展開有意義的對話。這些對話是一種簡單的方式，可以體現關懷，並向我們的隊友表明我們關心他們的福祉，包括身心健康。

In addition to the care factor, another one of our foundational beliefs is our central premise, which means that at API, we recognize that our success only happens when our branches and fuel leaders are successful. One way we are supporting our branches and field leaders as part of our central premise is through investments in market-leading systems and technologies, including artificial intelligence.

除了關懷因素之外，我們的另一個基本信念是我們的核心前提，這意味著在 API，我們認識到，只有當我們的分支機構和燃料領導者取得成功時，我們的成功才會發生。作為我們核心理念的一部分，我們支持分支機構和現場領導的方式之一是投資於市場領先的系統和技術，包括人工智慧。

We see market-leading technology, not as tools that will replace our field leaders, but rather as a way to empower our branches and field leaders to accelerate their speed of doing business. Work more safely and better serve our customers as we grow into a $10 billion company. A few examples of these investments include the following: APi Echo, which allows our field leaders to record conversations and summarize key notes without having to leave the field or remove their safety gloves.

我們認為，市場領先的技術不是用來取代我們第一線領導者的工具，而是用來增強我們分公司和第一線領導者的能力，以加快他們的業務發展速度。隨著公司發展成為市值 100 億美元的企業，我們將更安全地工作，更好地服務客戶。這些投資的一些例子包括：APi Echo，它使我們的現場負責人能夠記錄對話並總結要點，而無需離開現場或摘下安全手套。

One code, which provides quick access to situation-relevant fire protection code, fire protection code detail to save time for our estimators, designers and field leaders. Connected glasses, which allow our remote experts to guide field leaders in real time, resulting in quicker service to our customers with a higher first-time fixed rate. And an AI-enabled predictive tool, which flags customers who have a high attrition risk -- this tool allows our local teams to take proactive steps to engage customers and focus on strengthening specific customer relationships.

一個規範，即可快速存取與情況相關的消防規範和消防規範詳情，從而節省我們估算員、設計師和現場負責人的時間。聯網眼鏡使我們的遠端專家能夠即時指導現場負責人，從而為我們的客戶提供更快捷的服務，並提高首次固定費率。此外，我們還開發了一款人工智慧預測工具，可以標記出流失風險高的客戶——該工具使我們的本地團隊能夠採取積極措施與客戶互動，並專注於加強與特定客戶的關係。

Finally, last year, we launched our global step safety platform, which allows our team members to document and manage safety activities in the field from a mobile device. Establish the safety standards and strategies and gives our leaders better data and visibility into safety metrics to better protect our teammates and help us continuously improve.

最後，去年我們推出了全球安全平台，該平台允許我們的團隊成員透過行動裝置記錄和管理現場安全活動。制定安全標準和策略，並為我們的領導者提供更好的資料和安全指標可見性，以便更好地保護我們的團隊成員，並幫助我們不斷改進。

We are still in the early innings piloting these technologies, but we believe our business-led approach to investing in technology will empower our 29,000 liters, increased teammate satisfaction and drive growth and margin expansion as we work towards our 10, 16 60-plus financial targets. As a reminder, these targets are $10 billion 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.

我們仍處於這些技術的早期試點階段，但我們相信，我們以業務為導向的技術投資方式將增強我們 29,000 公升的產能，提高團隊成員的滿意度，並在我們努力實現 10,16,60 多個財務目標的過程中推動成長和利潤率的擴大。再次提醒，這些目標是到 2028 年實現 100 億美元的淨收入，並保持持續的中等個位數有機增長；到 2028 年實現 16% 以上的調整後 EBITDA 利潤率；長期來看，60% 以上的收入來自檢驗、服務和監測；到 2028 年累計調整後自由現金流超過 30 億美元。

Our leaders have clear plans for how we intend to deliver on our 10, 16, 60-plus targets with a continued focus on the main initiatives that are enabling us to achieve our 13, 60, 80 targets. Those initiatives are consistent organic growth, improved inspection service and monitoring revenue mix, disciplined customer and project selection, pricing branch and field optimization, procurement, systems and scale accretive M&A and selective business pruning. And as I like to say, we can always just be better.

我們的領導階層對如何實現 10、16、60 多個目標有明確的計劃，並將繼續專注於使我們能夠實現 13、60、80 個目標的主要舉措。這些舉措包括持續的有機成長、改進的檢驗服務和監控收入組合、嚴格的客戶和專案選擇、定價分行和現場優化、採購、系統和規模增值併購以及有選擇的業務精簡。正如我常說的，我們總是可以做得更好。

Now turning to our record third quarter results. The business continues to have strong momentum, delivering robust top line growth while expanding margins. Some highlights include the following: Strong growth in inspection service and monitoring revenues led by double-digit inspection growth in North America for the 21st straight quarter, record backlog in both segments. And finally, accretive bolt-on M&A activity at attractive multiples. For the quarter, net revenues increased by 14%, approximately 10% organically, with strong growth across both segments.

現在來看看我們創紀錄的第三季業績。該業務持續保持強勁成長勢頭，在實現穩健營收成長的同時，利潤率也在不斷擴大。亮點包括：北美地區檢驗業務連續第 21 個季度實現兩位數成長，帶動檢驗服務和監控收入強勁增長，這兩個業務板塊的積壓訂單均創歷史新高。最後，還有以有吸引力的估值倍數進行的增值型併購活動。本季淨收入成長 14%，其中約 10% 為內生成長，兩個業務板塊均實現強勁成長。

In our Safety Services segment, revenues grew organically by approximately 9%, led by North American safety while delivering 40 basis points of segment earnings margin expansion. As expected, Specialty Services continued its strong growth in the third quarter, delivering approximately 12% organic growth with sequential margin expansion.

在我們的安全服務部門，營收實現了約 9% 的自然成長，主要得益於北美安全業務的帶動，同時實現了該部門 40 個基點的利潤率成長。如預期，專業服務業務在第三季持續保持強勁成長，實現了約 12% 的有機成長，利潤率也較上季擴大。

Our continued focus on our margin improvement initiatives allowed APi to deliver year-over-year improvements in adjusted EBITDA margin in the third quarter, with a 10 basis point increase versus last year. We continue to see great momentum in our business, particularly on the project side in North America, where we are being opportunistic but not overcommitting in the high-tech space. These project opportunities are in line with our disciplined customer and project selection are primarily sourced from our existing inspection and service relationships, our margin accretive to our overall project book of business due to their complexity and size and provide a long-term recurring inspection and service revenue opportunity for our local branches.

我們持續專注於提高利潤率的舉措，使得APi在第三季度實現了調整後EBITDA利潤率的同比增長，比去年同期增長了10個基點。我們的業務持續保持強勁勢頭，尤其是在北美的專案方面，我們在高科技領域既抓住機遇，又不會過度投入。這些專案機會符合我們嚴謹的客戶選擇原則，專案主要來自我們現有的檢驗和服務關係，由於其複雜性和規模，這些專案增加了我們整體業務的利潤，並為我們當地分支機構提供了長期的、經常性的檢驗和服務收入機會。

The third quarter was another strong quarter for free cash flow generation. Our consistent free cash flow generation and strong balance sheet provides us with the flexibility to pursue a range of value-enhancing capital deployment alternatives as we head into 2026. We continue to execute our M&A plan, completing 4 bolt-on acquisitions in the quarter, bringing our total for the year to 11 completed bolt-on acquisitions.

第三季自由現金流表現依然強勁。我們持續的自由現金流和強勁的資產負債表使我們有彈性去追求一系列能夠提升價值的資本部署方案，從而邁向 2026 年。我們繼續執行併購計劃，本季完成了 4 項附加收購，使我們今年的附加收購總數達到 11 項。

We remain on track to deploy approximately $250 million in bolt-on M&A at attractive multiples this year. Our pipeline remains robust and continues to grow. Now including fire protection, electronic security and elevator services opportunities globally. Most importantly, our value proposition as a forever home for their team continues to resonate with sellers.

我們仍有望在今年以有吸引力的估值倍數進行約 2.5 億美元的補充性併購。我們的產品線依然強勁，且持續成長。現在，業務範圍已擴展至全球消防、電子安防和電梯服務領域。最重要的是，我們作為團隊永久家園的價值主張繼續引起賣家的共鳴。

In summary, we moved through the fourth quarter and into 2026 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 targets and our 10, 16, 60-plus shareholder value creation framework.

總而言之，我們以強勁的勢頭順利度過了第四季度，並邁入了 2026 年。我們的檢測服務和監測業務持續擴張。我們的積壓訂單數量已達歷史新高。我們的資產負債表依然強勁，我們對領導層執行策略、實現 2025 年目標以及創造 10、16、60 倍以上股東價值的框架充滿信心。

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未來展望。大衛？

Thanks, Russ, and good morning, everybody. Reported revenues for the three months ended September 30 were $2.1 billion, a 14.2% increase compared to $1.83 billion in the prior year period. Organic growth of approximately 10% was driven by continued growth in inspection, service and monitoring revenues, strong growth in project revenues and pricing improvements.

謝謝你，Russ，大家早安。截至 9 月 30 日的三個月內，公司報告營收為 21 億美元，比去年同期的 18.3 億美元成長了 14.2%。約 10% 的有機成長主要得益於檢驗、服務和監控收入的持續成長、專案收入的強勁成長以及價格的改善。

Adjusted gross margin for the three months ended September 30 was 31.5%, representing a 50 basis point increase compared to the prior year period, driven by disciplined customer and project selection and pricing improvements, partially offset by mix.

截至 9 月 30 日的三個月，經調整後的毛利率為 31.5%，比上年同期增長 50 個基點，這主要得益於嚴格的客戶和項目選擇以及價格的改進，但部分被產品組合所抵消。

Adjusted EBITDA increased by 14.7% for the three months ended September 30, with adjusted EBITDA margin coming in at 13.5% representing a 10 basis point increase compared to the prior year period. Growth in adjusted EBITDA was driven by strong revenue growth and adjusted gross margin expansion, partially offset by investments to support growth.

截至 9 月 30 日的三個月，調整後 EBITDA 成長了 14.7%，調整後 EBITDA 利潤率為 13.5%，比去年同期成長了 10 個基點。調整後 EBITDA 的成長主要得益於強勁的營收成長和調整後毛利率的擴張，但部分被支持成長的投資所抵銷。

Adjusted diluted earnings per share for the third quarter was $0.41, representing a $0.07 or 20.6% increase compared to the prior year period. The increase was driven primarily by growth in adjusted EBITDA and a decrease in interest expense.

第三季經調整後的稀釋每股收益為 0.41 美元，比去年同期成長 0.07 美元，增幅達 20.6%。成長主要由調整後 EBITDA 的成長和利息支出的減少所推動。

I will now discuss our results in more detail for safety services. Safety Services reported revenues for the three months ended September 30 was $1.4 billion, a 15.4% increase compared to $1.2 billion in the prior year. Organic growth of 8.7% was driven by continued growth in inspection service and monitoring revenues, strong growth in project revenues and pricing improvements.

接下來我將更詳細地討論我們在安全服務方面的研究成果。Safety Services 公佈截至 9 月 30 日的三個月收入為 14 億美元，比上年同期的 12 億美元增長了 15.4%。有機成長率為 8.7%，這主要得益於檢驗服務和監控收入的持續成長、專案收入的強勁成長以及價格的改善。

Our North America Safety business continued its momentum with double-digit inspection revenue growth. Adjusted gross margin for the three months ended September 30 was 37.3%, representing an 80 basis point increase compared to the prior year period, driven by disciplined customer and project selection and pricing improvements leading to margin expansion in inspection service and monitoring revenues and project revenues.

我們的北美安全業務持續保持成長勢頭，檢驗收入實現了兩位數成長。截至 9 月 30 日的三個月，經調整後的毛利率為 37.3%，比上年同期增長 80 個基點，這主要得益於嚴格的客戶和項目選擇以及價格改進，從而帶動了檢驗服務和監控收入以及項目收入的利潤率增長。

Segment earnings increased by 18.6% for the three months ended September 30, and segment earnings margin was 16.8%, representing a 40 basis point increase compared to the prior year period primarily due to the increase in adjusted gross margin, partially offset by investments to support growth.

截至 9 月 30 日的三個月內，分部收益成長 18.6%，分部收益利潤率為 16.8%，較上年同期增長 40 個基點，主要原因是調整後毛利率的提高，但部分被支持增長的投資所抵消。

I will now discuss our results in more detail for our Specialty Services segment. Specialty Services reported organic revenues for the three months ended September 30 were $683 million, an increase of 11.6% compared to $612 million in the prior year period, driven by strong growth in project revenues. Adjusted gross margin for the three months ended September 30 was 19.3%, representing a 60 basis point decrease compared to the prior year period, driven primarily by increased project starts mix and increased material costs.

接下來，我將更詳細地討論我們專業服務部門的表現。專業服務部門報告稱，截至 9 月 30 日的三個月內，其有機收入為 6.83 億美元，比上年同期的 6.12 億美元增長了 11.6%，這主要得益於項目收入的強勁增長。截至 9 月 30 日的三個月，經調整後的毛利率為 19.3%，與去年同期相比下降了 60 個基點，主要原因是專案開工組合增加和材料成本增加。

Segment earnings increased 3.8% for the three months ended September 30, and segment earnings margin was 11.9%, representing an 80 basis point decrease compared to the prior year period, primarily due to the decrease in adjusted gross margin.

截至 9 月 30 日的三個月內，分部收益成長 3.8%，分部收益利潤率為 11.9%，與去年同期相比下降 80 個基點，主要原因是調整後毛利率下降。

Turning to cash flow. We continue to focus on driving strong free cash flow conversion improvements year-over-year. For the three months ended September 30, adjusted free cash flow came in at $248 million, up $21 million versus last year, representing an adjusted free cash flow conversion of 88%. The strong free cash flow in the third quarter drove adjusted free cash flow of $434 million year-to-date, up $73 million versus last year and representing a conversion rate of 58%.

接下來談談現金流。我們將繼續致力於逐年提高自由現金流轉換率。截至 9 月 30 日的三個月內，調整後的自由現金流為 2.48 億美元，比去年同期增加 2,100 萬美元，調整後的自由現金流轉換率為 88%。第三季強勁的自由現金流推動今年迄今的調整後自由現金流達到 4.34 億美元，比去年同期成長 7,300 萬美元，轉換率為 58%。

Free cash flow generation has been and continues to be a priority across APi and we are pleased with our performance year-to-date as the business accelerates revenue growth. We expect to finish the year at approximately 75% adjusted free cash flow conversion in line with our prior guidance. As a reminder, the fourth quarter is traditionally our strongest for free cash flow conversion due to seasonality.

自由現金流的產生一直是並將繼續是 APi 的優先事項，我們對今年迄今為止的業績感到滿意，因為業務正在加速收入成長。我們預計今年調整後自由現金流轉換率將達到約 75%，與我們先前的預期一致。提醒一下，由於季節性因素，第四季歷來是我們自由現金流轉換率最高的季度。

At the end of the third quarter, our net debt to adjusted EBITDA ratio was approximately 2.0 times below our long-term target, allowing us the flexibility to pursue value-enhancing capital deployment opportunities in the remainder of the year and into 2026. As a reminder, our long-term capital deployment priorities remain: one, maintaining net leverage as stated long-term targets. Two, strategic M&A at attractive multiples and three, opportunistic share repurchase.

第三季末，我們的淨負債與調整後 EBITDA 比率約為長期目標的 2.0 倍，這使我們能夠靈活地在今年剩餘時間和 2026 年尋求提升價值的資本部署機會。再次提醒大家，我們的長期資本部署重點仍是：一、維持淨槓桿率達到既定的長期目標。第二，以吸引人的倍數進行策略性併購；第三，伺機回購股票。

I will now discuss our guidance for the fourth 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 $7.825 billion to $7.925 billion up from $7.65 billion to $7.85 billion, representing reported revenue growth of 12% to 13% and organic growth in net revenues of 7% to 8% for the year.

接下來我將討論我們對 2025 年第四季和全年的業績預期，需要提醒的是，該預期是基於當前的外匯匯率制定的。我們預計全年淨收入將從 76.5 億美元至 78.5 億美元增至 78.25 億美元至 79.25 億美元，其中報告收入增長 12% 至 13%，淨收入有機增長 7% 至 8%。

Moving down the P&L. We expect full year adjusted EBITDA of $1.015 billion to $1.045 billion, compared to our previous guidance of $1.05 billion to $1.045 billion, representing adjusted EBITDA growth of approximately 15% at the midpoint and adjusted EBITDA margin above our previously stated 2025 goal of 13%.

向下移動損益表。我們預計全年調整後 EBITDA 為 10.15 億美元至 10.45 億美元，高於我們之前給出的 10.5 億美元至 10.45 億美元的預期，這意味著調整後 EBITDA 增長約 15%（取中間值），調整後 EBITDA 利潤率高於我們之前的 13% 的目標。

Our increased full year revenue and adjusted EBITDA guidance is driven by updates to our business outlook, including our third quarter over delivery, our latest outlook for the remainder of the year, and the impact of closed M&A during the quarter. Based on most recent rates, the impact of foreign currency is immaterial to our change in guide.

我們上調全年營收和調整後 EBITDA 預期，主要得益於業務展望的更新，包括第三季度業績超預期、對今年剩餘時間的最新展望以及本季度完成的併購的影響。根據最新匯率，外匯波動對我們的指導價調整影響不大。

For 2025, we anticipate interest expense to be approximately $145 million, depreciation to be approximately $85 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. We continue to expect adjusted corporate expenses to be approximately $35 million per quarter with some timing variability throughout the year.

預計 2025 年利息支出約 1.45 億美元，折舊約 8,500 萬美元。資本支出約 1 億美元，調整後的有效稅率約為 23%。我們預計本年度調整後的稀釋加權平均股數約為 4.24 億美元。我們預計調整後的公司支出每季約為 3,500 萬美元，但全年具體時間可能會有所變動。

As expected, our EBITDA adjustments for restructuring were zero in the third quarter as we brought those programs to the conclusion at the end of the second quarter. Overall, we are pleased with the team's execution of our strategy in an evolving macroeconomic environment during the year. I look forward to sharing more updates on our progress next quarter.

正如預期的那樣，由於我們在第二季末結束了這些項目，因此第三季的 EBITDA 重組調整為零。總體而言，我們對團隊在過去一年中在不斷變化的宏觀經濟環境下執行我們的策略感到滿意。我期待在下個季度與大家分享我們取得的更多進展。

I will now turn the call over to Russ.

現在我將把電話交給拉斯。

Thanks, David. We approached 2026 with strong momentum across our global 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。我們以強勁的勢頭邁入了 2026 年，我們的全球平台都取得了長足的進步。我們持續加速有機成長，同時擴大調整後 EBITDA 利潤率，發展經常性檢驗服務和監控業務，鞏固創紀錄的積壓訂單，並提高自由現金流的產生能力。

We believe our proven operating model built on our 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 abilities -- we are confident in our leaders' ability to execute our strategy and deliver against our new 10, 16, 60-plus financial targets creating value for all of our stakeholders.

我們相信，我們以檢驗和服務為先的策略、目標驅動的領導以及嚴謹的資本配置方法為基礎的成熟營運模式，使 APi 能夠實現持續的內生成長、利潤率擴張和增值併購。我們對自己的能力充滿信心——我們對領導層執行策略、實現新的 10、16、60 多個財務目標的能力充滿信心，這將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.

接下來，我將把通話交給接線員，並開始問答環節。

(Operator Instructions) Andy Kaplowitz, Citigroup.

（操作員說明）安迪·卡普洛維茨，花旗集團。

Good Morning, everyone. Russ, as organic growth, as you know, has been accelerating in Safety Services, could you give us some more color on how that broke down. For instance, are you seeing a boost your project business given a bigger data center tailwind? Or would you say it's more broad-based growth, given your comment in the prepared remarks, I'm not overcommitting to high tech?

各位早安。Russ，如你所知，安全服務領域的有機成長一直在加速，你能否更詳細地介紹一下這種成長是如何實現的？例如，隨著資料中心的發展，您的專案業務是否也隨之成長？或者，鑑於您在準備好的演講稿中提到“我並沒有過度投資高科技”，您會認為這是更廣泛的增長嗎？

So I would say that we're seeing very robust activity in the data center space across really both of our segments. Andy, I mean, I don't think, I think going into the year, data centers probably accounted for some place around 7% to 8% of our total revenue, and maybe that's going to push to 9% or 10% based on the tailwinds that we're seeing in the space. So it's not a significant component of our revenue.

因此，我認為我們在資料中心領域，尤其是在我們兩個業務板塊，都看到了非常強勁的市場活動。安迪，我的意思是，我認為，就今年而言，資料中心可能占我們總收入的 7% 到 8% 左右，而根據我們在該領域看到的利好因素，這個比例可能會上升到 9% 或 10%。所以它並不是我們收入的重要組成部分。

We continue to see really good activity in the semiconductor space, advanced manufacturing. We're seeing some activity in aviation that's creating opportunities for us. Health care continues to be strong as does critical infrastructure. So we feel -- we've always felt strongly about the end markets we've chosen to play in, and I feel like we're just seeing good robust activity.

我們看到半導體領域和先進製造業持續保持著非常活躍的態勢。我們看到航空領域的一些動態正在為我們創造機會。醫療保健產業和關鍵基礎設施仍保持強勁勢頭。所以我們一直對我們選擇進入的終端市場充滿信心，而且我覺得我們目前看到的市場活動非常活躍。

So I would say that one thing that might be different today than what was different a year or two years ago is size and complexity of some of these projects, which limits the limits to players that are able to really participate and deliver on some of the schedules, which creates opportunity for folks like us.

所以我想說，如今與一兩年前不同的一點是，這些項目的規模和複雜性有所增加，這限制了能夠真正參與並按時完成某些項目的參與者，從而為像我們這樣的人創造了機會。

Very helpful. And then you mentioned sort of 11 bolt-ons now, still reiterating $250 million plus this year, but it almost seems like you're ahead of plan on M&A. So maybe you can give us a little more color around the progress you're making.

很有幫助。然後你提到現在有大約 11 個附加項目，仍然重申今年將投資 2.5 億美元以上，但看起來你在併購方面似乎已經超前於計劃。或許您可以更詳細地介紹一下您所取得的進展。

Obviously, you've been adding to your elevator platform, you mentioned multiple other platforms. So just update us on sort of where you are. Is that the right observation and may be a little ahead. How do you think about it?

顯然，你一直在擴大你的電梯平台，你也提到了其他多個平台。所以請您告知一下您目前的情況。這是正確的觀察，而且可能有點超前。你對此有何看法？

I think about it more like we're right on track, to be honest with you. I mean we have we have anticipated activity here in the fourth quarter that we still need to execute on. But I feel like we're right on track, whether it ends up being $275 million, I don't know. That will all depend on our ability to execute on the deals that we have in the pipeline right now. But this idea of us being a forever home for sellers, as we mentioned in our remarks, continues to resonate.

說實話，我覺得我們目前一切都在按部就班地進行。我的意思是，我們預計在第四季會有一些活動需要執行。但我感覺我們正按計劃進行，至於最終是否能達到 2.75 億美元，我不知道。這一切都取決於我們能否順利完成目前正在洽談中的交易。但正如我們在演講中提到的，我們成為賣家的永久家園這一理念仍然引起共鳴。

And we are seeing a lot of activity, and that has really been positive for us. So most -- the focus has remained primarily in North America in the fire and security space. We are continuing to do work on Elevator. We got one deal done -- this year, we have a number of deals that are in the pipeline that we're continuing to push forward on.

我們看到了很多活動，這對我們來說確實是個好兆頭。因此，大多數——重點仍然主要集中在北美的消防和安防領域。我們正在繼續進行電梯方面的工作。我們完成了一筆交易——今年，我們還有一些交易正在籌備中，我們會繼續推進這些交易。

And we are seeing more activity in the international business, but that still remains on a country-by-country basis based on the ability of that country, so to speak, to digest a potential bolt-on. But we are seeing more activity in our international business as well.

我們看到國際業務活動更加活躍，但這仍取決於各國自身消化潛在附加業務的能力。但我們也看到國際業務更加活躍。

Appreciate all the color.

欣賞這繽紛的色彩。

Thanks, Andy.

謝謝你，安迪。

Kathryn Thompson, Thompson Research Group.

Kathryn Thompson，Thompson 研究小組。

Hi, thank you for taking my questions today and tagging along just and balancing priorities for growth with M&A. So about 45% of of fewer end markets today by our calculation benefits from reindustrialization. And granted, as you noted, there's ample opportunity to grow smaller segments like elevator segment. But when you think about balancing your priorities by either industry verticals or broad US trends, how do you balance those two?

您好，感謝您今天回答我的問題，並一路陪伴我，平衡成長和併購的優先事項。因此，根據我們的計算，如今約有 45% 的終端市場受益於再工業化。當然，正如您所指出的，像電梯領域這樣的小細分市場也有很大的發展機會。但是，當您考慮根據行業垂直領域或美國整體趨勢來平衡您的優先事項時，您該如何平衡這兩者？

So -- for instance, based on our work and being able to see data center construction side, the amount of support is going to benefit companies of scale like API. So do you see a greater balance of your revenues coming from that reindustrialization, so you greater mix? Or -- and how do you balance that against just consolidating a vertical like the elevator and escalator segment?

例如，根據我們的工作以及對資料中心建置方面的了解，這種支援力度將使像 API 這樣的大型公司受益。所以您是否認為，隨著產業的復興，您的收入組成將會更加多元化？或者——你如何平衡這一點與僅僅整合電梯和自動扶梯等垂直產業之間的關係呢？

Well, I mean thanks, Kathryn, good morning, and we appreciate you and you being here with us. Well, for sure, the size of some of these projects and the complexity of these projects creates opportunity for folks like us because there's only a handful of national players that can handle the Fire life safety on, say, a large data center project. And so that's an advantage.

嗯，我是說，謝謝你，凱瑟琳，早安，我們很感謝你，也謝謝你今天能來和我們在一起。當然，這些專案的規模和複雜性為像我們這樣的人創造了機會，因為只有少數幾家全國性企業能夠處理大型資料中心專案的消防生命安全問題。所以這是一個優勢。

And for us, as we look at how do we balance that, for us, our geographic footprint is an advantage for us. And the data center market continues to follow power availability -- and so there's areas where there is some concentration of data centers, but you're starting to see these data centers move to different locations. And a lot of it is remote locations. So you have to have people that are willing to travel to these to these locations, and that's an advantage for us.

對我們來說，在考慮如何平衡這兩者時，我們的地理佈局對我們來說是一個優勢。資料中心市場繼續跟隨電力供應情況而變化——因此，在某些地區資料中心比較集中，但你開始看到這些資料中心轉移到不同的地點。而且很多都是偏遠地區。所以你必須要有願意前往這些地方的人，這對我們來說是一個優勢。

So as an example, one of our clients is going to build on large extensive data center in El Paso, Texas. We have a very, very strong fire, life safety business in El Paso, Texas, that's positioned to support that, and that's an advantage that we have. And so as we think about the balance of like investing -- continuing to invest in our inspection service and monitoring business, or say, continue to try to consolidate in the elevator space, we're doing both, and we feel like we've got the bandwidth to do both with the way our business is really structured.

例如，我們的一位客戶將在德克薩斯州埃爾帕索市建造一個大型資料中心。我們在德克薩斯州埃爾帕索擁有非常強大的消防和生命安全業務，能夠為此提供支持，這是我們的優勢。因此，當我們考慮投資平衡時——例如繼續投資我們的檢查服務和監控業務，或者說，繼續努力整合電梯領域，我們兩者都在做，而且我們覺得，以我們業務的實際結構，我們有能力同時做這兩件事。

So we've got the right resources in the elevator space to focus on not only growing the elevator business, but also executing on the on the elevator business that we currently have. And so we balance that. These large project opportunities flow -- continue to flow through me. So I can see how much activity is going there. And so we're able to ask questions to make sure that we've got the right resources to be able to execute on the work.

因此，我們在電梯領域擁有合適的資源，不僅可以專注於發展電梯業務，還可以專注於執行我們目前擁有的電梯業務。因此，我們需要權衡利弊。這些大型專案機會源源不絕地從我這裡湧來。所以，我可以看到那裡的活動有多活躍。因此，我們可以提出問題，以確保我們擁有執行這項工作所需的正確資源。

And one of the things that I talk about all the time that I think sometimes people don't really have a real understanding or maybe even respect for is that in our industry, having too much work is worse than having not enough. And so we watch that very, very closely to make sure that we're taking advantage of the right project-related opportunities so that we get paid the right price for the work that we do and the services that we provide. So we talk about it all the time, and I feel like we're doing a really good job of doing both.

我經常談到的一件事，我覺得人們有時並沒有真正理解，甚至可能沒有真正尊重，那就是在我們的行業裡，工作太多比工作太少更糟糕。因此，我們會非常密切地關注這一點，以確保我們能夠抓住正確的專案相關機會，從而獲得我們所做的工作和服務應得的報酬。所以我們一直在討論這個問題，我覺得我們在這兩方面都做得非常好。

It's very helpful with that. And following on that comment of too much work, are there in markets that are generally better margin as you go towards your margin profile, are there markets now that you would like to grow that you see as better margin markets as you focus on growth going forward?

在這方面它很有幫助。鑑於您先前提到的工作量過大，在您努力實現利潤率目標的過程中，是否存在一些利潤率普遍較高的市場？您目前是否希望拓展一些利潤率較高的市場，以便在未來專注於成長？

Well, I think the end markets that we're playing in right now today provide the best margin opportunity for the company. And it's because of what I've mentioned, it's based on size, based on complexity. And it's more around your ability to deliver. And the schedules for these data centers as you're aware, are really aggressive.

我認為，我們目前所處的終端市場為公司提供了最佳的利潤機會。正因為我剛才提到了這一點，它取決於規模和複雜程度。關鍵在於你的執行能力。如您所知，這些資料中心的部署計劃非常緊湊。

And so like you have to have you have to have the people. And if you're going to deploy your people to some of these project opportunities the margin opportunity needs to be there. And so -- so it's the size, it's the scale, it's the complexity and it's the schedule and your ability to deliver. And you should get paid for that, and we're seeing that.

所以，你必須要有這些人。如果你打算將人員部署到這些專案機會中，那麼就必須有相應的利潤空間。所以——所以關鍵在於規模、範圍、複雜性、進度安排以及你的交付能力。你應該為此獲得報酬，我們也看到了這一點。

Excellent.

出色的。

Andy Wittmann, Baird.

安迪‧維特曼，貝爾德。

Great, good morning and thanks for taking my questions, everyone. I guess I want to kind of build on the margin questions here a little bit and just kind of get your assessment, Russ, on the margin performance in the quarter. 10 basis points you got a lofty 2028 goal. I know one quarter does not make the trend. But just you mentioned some things like, I don't know, materials costs and talk about some investments for growth. And there's that inherent growth margin trade-off that is such a focus for your company.

大家早安，謝謝各位回答我的問題。我想就利潤率的問題再深入探討一下，Russ，也想聽聽你對本季利潤率表現的評估。 10個基點，你為2028年設定了一個很高的目標。我知道一個季度的數據並不能代表整體趨勢。但你剛才提到了一些事情，例如，我不知道，材料成本，以及一些成長方面的投資。而這正是貴公司非常關注的固有成長利潤率權衡問題。

Obviously, you look back at last year, you got big margin gains as a result of kind of slowing down some of the projects that you took on I guess I wanted to ask you kind of are you at the right balance of growth, it's much better here, but you're not getting quite as much margin. So what's your assessment of kind of your balance between those things? And -- and as you head into '26, you need to maybe throttle down the growth to make some progress towards that big '28 margin guidance?

顯然，回顧去年，由於放緩了一些專案的進度，你們獲得了巨大的利潤成長。我想問的是，你們的成長是否達到了適當的平衡？現在的情況好多了，但你們的利潤率卻沒有以前那麼高了。那麼，你如何評價你在這兩者之間的平衡狀態呢？而且──隨著你邁入 2026 年，或許需要放緩成長速度，才能朝著 2028 年的高利潤率目標取得一些進展？

Well. Good morning, Andy. Thanks for being here. And well, number one, we're not going to tell you we can do something that we can't do. And I mean, we're competitive competitive group. And I feel like the margin expansion goal and objective we put out there is realistic, and we will deliver on that. And I feel like we're doing a good job of balancing organic growth with -- inside our existing portfolio today.

出色地。早安，安迪。謝謝你們的到來。首先，我們不會告訴你們我們能做到我們做不到的事。我的意思是，我們是一個極具競爭力的團隊。我覺得我們提出的利潤率擴張目標是現實的，我們一定能夠達成這個目標。我覺得我們目前在平衡有機成長和現有投資組合方面做得很好。

And -- and as you said, really, even as you framed your question, the reality of this business really isn't linear. And we will continue to see our margins expand as we move through the remainder of the year and into next year. So I remain optimistic about how we're balancing it.

而且——正如你所說，即使你提出了這個問題，這個行業的現實也並非是線性的。隨著今年剩餘時間的過去以及明年的到來，我們的利潤率將繼續擴大。所以我對我們目前的平衡方式仍然保持樂觀。

I don't know, David, if you have any color you'd like to add?

大衛，我不知道，你還有什麼想添加的顏色嗎？

Yes, I'll add a few points. Russ. Thanks for the time, Andy. Thanks for the question. Underlying, we've seen really good margin expansion in our inspection service and monitoring work. And we're able to continue to get margin-accretive pricing, and we expect that to continue into the future. I'd say, we're still in the early phases of a lot of this contract work that is driving organic revenue growth, particularly -- this comment is in the Specialty Services segment, and we'll see margins expand sequentially again in Q4 and into 2026.

是的，我再補充幾點。俄文謝謝你抽出時間，安迪。謝謝你的提問。從根本上看，我們的檢驗服務和監控業務的利潤率得到了非常好的成長。我們能夠繼續獲得利潤率提升的定價，並且我們預計這種情況將持續到未來。我認為，我們仍處於推動有機收入成長的大量合約工作的早期階段，尤其是在專業服務領域——這條評論指的是專業服務領域——我們將在第四季度以及 2026 年看到利潤率再次環比增長。

As those projects move deeper into completion, we tend to move margins up on our projects as we get closer to completion, and we're still in early days in many of those projects. I think there's a lot of opportunity to grow margin. Last thing I'd say is we did deliver a strong quarter and raised our guide for the year. And with that comes some increase in corporate costs and variable compensation that impacted margin in the quarter as well.

隨著這些專案逐步推進，我們往往在專案接近完成時提高利潤率，而目前許多專案仍處於早期階段。我認為利潤率有很大的成長空間。最後我想說的是，我們本季業績表現強勁，並提高了全年業績預期。隨之而來的是企業成本和可變薪酬的增加，這也對本季的利潤率產生了影響。

Okay. That's a specific comment on maybe elaboration on the materials and the investments.

好的。這是針對材料和投資的具體評論，或許可以對此進行詳細說明。

Well, we can -- the primary area that when David was talking about investments is continuing to invest in our sales team, primarily in the inspection service and monitoring space. We have really ambitious goals in -- with our -- where we want to take the inspection service and monitoring component of our of our business when you think about our 2028 objectives, which means in a lot of ways, we need to more than double our sales team and the folks that are doing that work, which means we need to bring more inspectors into to the business.

嗯，我們可以——大衛談到投資時，主要指的是繼續投資我們的銷售團隊，主要是在檢驗服務和監控領域。我們在業務的檢驗服務和監控方面有著非常雄心勃勃的目標——考慮到我們 2028 年的目標，這意味著在許多方面，我們需要將銷售團隊和從事這項工作的人員增加一倍以上，這意味著我們需要為公司引進更多的檢驗員。

So it's primarily when we talk about investment, it's primarily in that piece of our business. So that's a primary when we talk about investment, it's really in building out our sales team and our sales leadership.

所以，當我們談論投資時，主要指的是我們業務的這一部分。所以，當我們談到投資時，首要任務就是建立我們的銷售團隊和銷售領導。

Great, thanks.

太好了，謝謝。

Josh Chan, UBS Financial.

Josh Chan，瑞銀金融。

Hi, good morning, Russ, David. Thanks for picking my questions. I think in terms of organic growth, certainly a really strong year, and it seems like it's just getting stronger. I guess you are tracking ahead of your mid-single-digit kind of long-term growth rate. So maybe could you comment on sort of the sustainability to grow mid-single digits on top of the very strong growth this year? Or how are you thinking about kind of the cadence, whether this pulls anything forward or whether you can kind of grow on top of this?

嗨，早安，Russ，David。謝謝你選擇我的問題。我認為就自然成長而言，今年無疑是非常強勁的一年，而且似乎還在不斷增強。我猜你的長期成長率已經超過了預期的個位數中段水準。那麼，您能否談談在今年強勁成長的基礎上，能否持續維持個位數中段的成長呢？或者，你如何看待這種節奏？這種節奏能否推動事情向前發展，或是能否在此基礎上繼續發展？

Yes, great question. Thanks for being with us, too, Josh. I'll take you back to the organic growth algorithm that we shared at our Investor Day in late May. And when you think about our safety services side of the business, we expect mid- to upper single-digit growth. That's kind of mid- to upper single-digit growth in the service side of the business, driven by both price and share gain and then low to mid-single-digit growth on the project side.

是的，問得好。謝謝你也和我們在一起，喬希。我將帶您回顧我們在五月下旬投資者日上分享的自然成長演算法。而就我們的安全服務業務而言，我們預期成長幅度將達到中高個位數。服務業務方面實現了中等至較高的個位數成長，這主要得益於價格和市場份額的成長；而專案業務方面則實現了較低至中等的個位數成長。

Then likewise, we expect mid-single-digit growth over the long term in our specialty business, and we believe that, that algorithm is is sustainable over the long run. And to a point that Russ made earlier, when we put out frameworks and expectations we deliver against them.

同樣地，我們預計我們的專業業務在長期內將實現中等個位數的成長，並且我們相信，這種成長模式在長期內是可持續的。正如 Russ 之前提到的，當我們制定框架和預期目標時，我們會努力實現這些目標。

As we've gone deeper into the year where you've seen that outside revenue growth is really in the in the project part of the business, where we've got an expectation over the long term of that being in the low to mid-single digits. And that was more in the mid- to upper single digits, double digits in places in the third quarter. So do I believe it's sustainable? Yes, and we'll continue to deliver against that growth algorithm?

隨著今年的深入，我們已經看到外部收入成長實際上來自業務的項目部分，我們預計從長遠來看，該部分的成長將保持在個位數的低到中等水平。第三季度，增幅大多在個位數中高段，部分地區達到兩位數。那麼，我是否認為它是可持續的呢？是的，我們將繼續按照該成長演算法執行目標？

Great Thanks, David, here. And then I guess in terms of the guidance, you moved up the revenue guidance nicely, I think, over $100 million at the midpoint. And then you kind of nudged up the EBITDA guidance at midpoint. So could you talk about the translation there in terms of the much higher revenue and then kind of the slightly higher EBITDA?

非常感謝，大衛。然後，就業績指引而言，我認為你們很好地提高了營收指引，中位數超過 1 億美元。然後你們在中期略微上調了 EBITDA 預期。那麼，您能否談談收入大幅成長以及 EBITDA 略微成長所帶來的影響？

Yes. I'd be happy to, Josh. When you think about what's moving up our revenue guide for the year, it's the same answer that I gave you on the last question, which is increased or continued strong strength in the project environment.

是的。我很樂意，喬許。當你思考是什麼因素推動了我們今年的營收預期成長時，答案和我上次回答你的問題一樣，那就是專案環境的持續強勁成長。

And we've talked publicly for the last couple of years on how the project side of our business on average is at a lower gross margin than the inspection service and monitoring stream and so that mix impact influences, and we've talked over the last couple of quarters how as we're ramping up projects. They tend to come in at a lower margin both through at the early part of the project and get marked up as we go through the work and you see that dynamic in the fourth quarter as well.

過去幾年，我們一直在公開討論，我們業務的項目部分平均毛利率低於檢驗服務和監測業務，因此這種組合影響，而且在過去的幾個季度裡，我們也一直在討論，隨著我們加大項目投入，情況會如何變化。在專案初期，它們的利潤率往往較低，隨著工作的推進，利潤率會逐漸提高，這種趨勢在第四季也會顯現出來。

Great. Thanks for the color and good luck in the rest of the year.

偉大的。感謝你帶來的色彩，祝福今年餘下的日子一切順利。

Thanks, Josh.

謝謝你，喬希。

Tomo Sano, JP Morgan.

Tomo Sano，摩根大通。

Good morning. This is Ethan on for Tomo. Looking at the M&A pipeline, you guys had 4 bolt-on acquisitions in the quarter and a strong track record of value accretive M&A. What's kind of the current status of that M&A pipeline? And are there any particular geographic or service lines that you're prioritizing for future bolt-on acquisitions?

早安.這裡是伊桑替托莫報道。從併購專案來看，你們本季完成了 4 項補充性收購，並且在增值併購方面有著良好的業績記錄。目前併購專案的進度如何？您是否優先考慮在未來進行補充收購時，請注意某些特定的地理區域或服務領域？

Well, I mean, the pipeline, I mean, I think you can expect more of the same. You know what I mean. It's kind of just regular cadence for us at this stage of the game. We just keep plugging away and making sure that we're making good choices for the businesses that we choose to bring into the APi family.

嗯，我的意思是，關於這條管道，我認為情況還會繼續和以前一樣。你知道我的意思。對我們來說，這只是現階段比賽的正常節奏。我們一直在努力，確保我們為選擇加入 API 大家庭的企業做出正確的選擇。

Culture values and fit being the number 1 gate, if you will, that we need to solve for. I think you're going to continue to see a very similar cadence as you've seen really over the course of the last couple of years. So that part of it is good and the opportunities that are in front of us are really positive.

文化價值和契合度是我們需要解決的首要難題。我認為你會看到與過去幾年非常相似的節奏繼續下去。所以這方面是好事，擺在我們面前的機會也確實非常正面。

As it relates to focus, it seems like just based on readiness and capability are we -- the majority of our transactions have happened in our North American safety business, primarily in the probably fire protection first, electronic security second and elevators, I would say, are on equal footing, and that's just the way -- that's just kind of the way it's happened -- and a lot of that is based on readiness.

就重點而言，似乎僅僅基於準備和能力，我們——我們的大部分交易都發生在北美安全業務領域，主要集中在消防領域，其次是電子安防，電梯領域，我認為兩者地位相當，情況就是這樣——事情就是這樣發生的——而這很大程度上取決於準備情況。

So -- but I would say fire suppression, fire just in general electronic security and elevators are kind of all the same as it relates to our priorities. And you're going to see us continue to do more transactions in North America until the international business is in kind of an overarching way, more ready and capable of handling bolt-on M&A activity. We -- all that being said, we continue to do work on opportunities that we see in our international base business, and that's based on country readiness.

所以——但我想說，滅火、一般的消防、電子安防和電梯，就我們的優先事項而言，其實都差不多。你會看到我們繼續在北美進行更多交易，直到國際業務從整體上更加成熟，更有能力處理補充性的併購活動。綜上所述，我們將繼續努力尋找我們在國際業務中看到的機會，而這取決於各國的準備。

So we have certain countries that are in a much better place as it relates to being ready to take a bolt-on versus other countries. And that's a gate that we use actually in North America as well. So -- but you should expect a very, very similar cadence of activity. We also continue to look at slightly larger opportunities that are out there in the market, and we continue to do work on those. So lots of good things happening from an M&A perspective right now today.

因此，與其他國家相比，某些國家在做好接受附加組件的準備方面處於更有利的地位。而且，我們在北美也使用這種閘門。所以——但你應該會預期活動節奏非常非常相似。我們也會繼續關注市場上規模稍大的機會，並持續推進這些機會的開發工作。所以從併購的角度來看，目前有許多利多消息發生。

Thank you for providing a little bit of color. On your investments in the sales team. Are you guys seeing -- how is the labor availability and technician retention? And are you guys experiencing any wage pressures or capacity constraints?

謝謝你為這裡增添了一抹色彩。關於您對銷售團隊的投資。你們有沒有註意到──勞動力供應和技術人員留任情況如何？你們是否面臨薪資壓力或產能限制？

So I would tell you that -- well, number one, as it relates to people in general, not just like sales people. Like we talked about the investment in our inspection service and monitoring business really as a whole. And the first tenet of people and talent management is retention and you have to keep the people that you have.

所以我想告訴你——首先，這適用於所有人，而不僅僅是銷售人員。就像我們之前討論的，對我們的檢驗服務和監控業務進行整體投資。人員和人才管理的第一個原則是留住人才，你必須留住你現有的員工。

And our retention is very, very strong, I think, north of 90% and I would tell you that, that's driven by the company's purpose of building great leaders in the investments that we continue to to make in every single person that's on our team. And that includes the men and the women in the field. And I think that's something that differentiates us.

我們的員工留任率非常非常高，我認為超過 90%，我認為這得益於公司致力於培養優秀領導者的宗旨，以及我們對團隊中每位成員的持續投入。這其中也包括一線的男男女女。我認為這是我們之間的差異所在。

So first, we have to keep the people that we have. Second, you have to really be looking for people in nontraditional places in today's world. And I feel like our team is doing a better and better job like I don't think we're perfect at it, but I think we're doing a better and better job of bringing people in from nontraditional places. And then you have to have the capabilities to train.

所以首先，我們必須留住現有的人員。其次，在當今世界，你必須真正去非傳統的地方尋找人才。我覺得我們的團隊做得越來越好了，雖然我覺得我們做得還不夠完美，但我覺得我們在從非傳統領域招募人才方面做得越來越好了。然後你還得具備訓練的能力。

And we have these I don't know if I'd call them a center of excellence, but pockets of brilliance anyways, where we've developed training programs and where we can send inspectors and we can send fire alarm technicians. And folks like that. We have a design training center inside one of our businesses that's being utilized by all of their sister companies. And so we recognize the fact that if we want to achieve our goals, 10, 16, 60 plus. It's going to take more people in our organization. And so we have to be thinking differently about that. And I feel like our team is really doing a good job.

我們還有一些地方，我不知道是否應該稱之為卓越中心，但無論如何都是人才輩出的地方，我們在那裡制定了培訓計劃，可以派遣檢查員和消防警報技術人員。還有像他那樣的人。我們在旗下某公司內部設立了一個設計培訓中心，供其所有姊妹公司使用。因此我們認識到，如果我們想要實現我們的目標，10、16、60 甚至更多。我們組織需要更多的人手。所以我們必須換個角度去思考這個問題。我覺得我們團隊做得真的很好。

I think we have some more work to do there, but I feel like we're doing a good job in understanding what the people needs are. I look at people, If you -- if our business leaders use people as the reason that they can't grow their business, then that's an excuse. And the reality of it is, is that everybody that's in the industry knows that finding really good people that have the skills to do the work that we need to do for our customers. It's been tight like this for 10 years.

我認為我們在這方面還有一些工作要做，但我感覺我們在了解人們的需求方面做得很好。我觀察人們，如果——如果我們的企業領導者以員工為由，認為他們無法發展業務，那隻是藉口。而現實情況是，業內人士都知道，找到真正優秀的人才，具備為客戶完成所需工作的技能，至關重要。這種膠著狀態已經持續10年了。

And so saying that you can't find the people, that's an excuse. Like you have to think differently about it. And how you're going to build your business. And I feel like our group is doing a nice job there. And that -- it takes leadership to do that.

所以說找不到人，那隻是藉口。你需要換個角度思考這個問題。以及你打算如何建立你的事業。我覺得我們這組在那方面做得很好。而做到這一點——需要領導力。

Thank you for taking the question and good luck with the rest of the year.

感謝您回答這個問題，並祝您今年餘下的日子一切順利。

Thank you.

謝謝。

Stephanie Moore, Jefferies.

Stephanie Moore，傑富瑞集團。

Hello, This is Harold Antor on for Stephanie Moore. Just wanted to get an update on Elevated. I think you guys have owned the acquisition a little bit over a year now. So just I guess, what's the organic growth running in that business. How is the cross-selling running? How many cities have you been in? Just any conversations about how that integration is going?

大家好，我是哈羅德·安托爾，替史蒂芬妮·摩爾為您報道。想了解 Elevated 的最新進展。我認為你們收購這家公司已經一年多了。所以我想問的是，該業務的自然成長如何？交叉銷售情況如何？你去過多少個城市？有沒有人討論一下整合進度如何？

I think Elevated is doing really well. And they're high single-digit, pushing double-digit but high single-digit organic growth. So we feel good about where that business is at. It's really doing well. The cross-selling, again, is just -- we're in maybe the top of the second inning as it relates to cross-selling as those folks get to know their long-term APi teammates, that's going to only accelerate but it's happening more and more. I view that as being very, very positive.

我認為Elevated做得非常好。而且它們的有機成長率接近兩位數，正在努力實現兩位數成長，但接近兩位數。所以我們對這家公司目前的經營狀況感到滿意。它表現得非常出色。交叉銷售目前還處於起步階段——隨著這些人逐漸了解他們的長期 APi 團隊成員，交叉銷售可能還處於第二局上半場，這種情況只會加速發展，而且正在變得越來越普遍。我認為這是非常非常積極的。

As we mentioned earlier, we made one acquisition in the elevator space. It's really not a bolt-on to Elevated. It's kind of what we turned a tweener. It's a really -- it's a nice-sized business and we're operating it independently of Elevated. But I -- we couldn't be happier with where we're at with our -- with the elevator business as it sits today.

正如我們之前提到的，我們在電梯領域進行了一項收購。它實際上並不是 Elevated 的附加元件。這有點像我們把青少年培養成準青少年。這是一個規模相當不錯的企業，而且我們獨立於 Elevated 經營它。但是，我們對目前的電梯業務狀況非常滿意。

Great, thank you for the color. And then I guess, just double-clicking on Specialty, another solid quarter of strong performance. I guess what's the size of the pipeline today versus, I guess, the last time you spoke. And I know you're not giving formal 2026 guide, but I guess as we think about the double digit, we mentioned that we prepared to be exiting in 2025.

太好了，謝謝你提供的顏色。然後，我猜，只需雙擊“專業領域”，又是一個表現強勁的季度。我想問的是，與上次您談到時相比，如今的管道規模有多大？我知道你們沒有給出正式的 2026 年指南，但我想當我們考慮兩位數成長時，我們提到我們準備在 2025 年退出。

What would -- I guess, do you think that sets up for 2026 to run slightly ahead of that mid-single-digit organic growth performance? Or just any comments there would be very helpful. Thank you.

我想，你認為這是否意味著 2026 年的有機成長率會略高於中等個位數水準？或者您也可以在那裡發表任何評論，這將非常有幫助。謝謝。

Well, I think -- I mean we don't break out backlog by segment, but our backlog remains at record highs across really both segments. And so we feel really, really good about where we're going as we work our way through the fourth quarter and into 2026. We still -- our target is -- David mentioned this earlier in his remarks, and I'll let him make some additional comments about it.

嗯，我認為——我的意思是，我們沒有按部門細分積壓訂單，但我們兩個部門的積壓訂單都保持在歷史最高水平。因此，我們對未來發展方向感到非常非常樂觀，並期待第四季以及 2026 年的到來。我們仍然——我們的目標是——大衛在先前的演講中提到了這一點，我將讓他就此做一些補充評論。

But our targeted growth rate is mid-single digit organic. And we'll take advantage of the opportunities that are continue to be presented to us. And if there's an opportunity that we feel like we can execute on, and it's going to be accretive to our margin goals, we're going to grab it and go. But right now, as we move into 2026, the expectation is mid-single digit organic growth. I don't know, David, do you have anything?

但我們的目標有機成長率是中等個位數。我們將充分利用不斷擺在我們面前的機會。如果出現我們覺得可以把握的機會，而且這個機會能夠提升我們的利潤率目標，我們就會抓住它，全力以赴。但就目前而言，展望 2026 年，有機成長率預計將達到個位數中段。我不知道，大衛，你有什麼嗎？

Yes. I think maybe the only thing I'd add is on the momentum question, if you pull apart our guide for the full year, it's really a strong fourth quarter guide, too. It will be a mid- to upper single-digit organic revenue growth and our highest margin expansion quarter of the year.

是的。我覺得我唯一要補充的是關於成長勢頭的問題，如果你仔細分析我們全年的業績指引，你會發現第四季度的業績指引也非常強勁。這將實現中高個位數的有機收入成長，也是我們今年利潤率擴張幅度最大的季度。

So we feel like we're exiting 2025 with really good momentum. We've got that project backlog behind us. And most importantly, as Russ mentioned earlier, in the call -- that project work will lead to great inspection service and monitoring opportunities for our teammates which will fuel growth throughout the 2028 strat period.

因此，我們感覺我們將以非常好的發展勢頭邁入2025年。我們已經完成了積壓的項目。最重要的是，正如 Russ 先前在電話會議中所提到的——該專案工作將為我們的團隊成員帶來良好的檢驗服務和監控機會，這將推動 2028 年策略期內的成長。

Thank you, guys.

謝謝大家。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Thanks very much. Good morning. Maybe my first question would just be around the acquisition sort of contribution, not so much the pipeline of unannounced deals and all that. But just if I look at the announced and closed transactions and so forth. I think M&A contribution to revenue this year is sort of mid-single digits.

非常感謝。早安.我的第一個問題可能只是關於收購方面的貢獻，而不是關於尚未公佈的交易計劃等等。但如果我看一下已公佈和已完成的交易等等。我認為今年併購對營收的貢獻大概在個位數中段。

When you look at the acquisitions that have closed or expected to close by year-end, how should we think about the M&A sales contribution for next year? As it looks today, again, just based on the announced closed and about to close deals. And color on the sort of profitability for those newer acquisitions in aggregate?

當我們審視那些已經完成或預計在年底前完成的收購時，我們應該如何看待明年併購對銷售額的貢獻？就目前的情況來看，這僅僅是根據已宣布完成和即將完成的交易來看的。那麼，這些新收購項目的整體獲利情況如何呢？

You're asking a 2026 budget question, Julian.

朱利安，你問的是2026年的預算問題。

Announced sort of closed deals nothing perspective or what have you.

宣布的交易基本上已經完成，沒有給出任何前景或其他方面的資訊。

The best year I can give you on that is that about $1 of purchase price it is about $1, maybe a little bit less in revenue over a 12-month period. And so if you shape that out, you'll get a pretty good sense, I think, of what that will contribute next year, and we expect our deals to be accretive to fleet average from a margin perspective.

我能給出的最佳年份是，1 美元的購買價格大約是 1 美元，12 個月的收入可能略少一些。因此，如果你把這些因素考慮進去，我認為你就能很好地了解明年這將會帶來什麼影響，我們預計從利潤率的角度來看，我們的交易將提高機隊平均水平。

That's helpful, thank you. And then maybe just circling back to the operating leverage question that's come up a handful of times on this call. So is the core assumption leaving aside any outsized acquisitions that might have a different margin profile.

這很有幫助，謝謝。然後，或許可以回到本次電話會議中多次提到的營運槓桿問題上來。因此，核心假設是：暫且不考慮任何可能具有不同利潤率的超大型收購。

But if we just look at the business as it is today, should we assume that, that sort of mid-high teens operating leverage that you've delivered year-to-date, that's a good sort of run rate for the year ahead, just looking at the shape of end market growth rates and the attendant kind of mix differences and all that.

但如果我們只看目前的業務狀況，我們是否應該假設，今年迄今為止你們實現的十幾到二十幾的經營槓桿率，對於未來一年來說是一個不錯的運行速度，僅從終端市場增長率的形狀以及相關的組合差異等等來看。

Julian, when you say operating leverage, are you -- are you talking about EBITDA growth? Or maybe just can you help clarify that?

朱利安，你說的經營槓桿是指 EBITDA 成長嗎？或者您能幫忙解釋一下嗎？

Sorry, just sure, Adam. So it's sort of incremental EBITDA margin. I think that number, for example, on sort of incremental EBITDA margin in the third quarter just delivered was mid-teens, and it was mid-teens in the first half as well.

抱歉，沒關係，亞當。所以這算是EBITDA利潤率的提升。例如，我認為第三季新增 EBITDA 利潤率達到了 15% 左右，上半年也達到了 15% 左右。

So your sort of -- your headline EBITDA margin was 13.5%, sort of incremental EBITDA margin just change in EBITDA over change in sales was more like mid-teens. Is that a good kind of run rate when you're looking at the end market mix today?

所以，你的名目 EBITDA 利潤率為 13.5%，而增量 EBITDA 利潤率（EBITDA 的變動與銷售額的變動之比）則在 15% 左右。從目前的終端市場組合來看，這樣的運作率算是理想的嗎？

Yes. I think as you're modeling out into 2026 and beyond, I'd model a somewhat higher incremental going into the future.

是的。我認為，在預測 2026 年及以後的發展趨勢時，未來的增量應該會略高一些。

Okay, perfect. Thanks very much.

好的，完美。非常感謝。

Jasper Bibb, Truist Securities.

Jasper Bibb，Truist Securities。

Hey, good morning guys. Following up on the data center comments. Based on what you're seeing in the backlog trend for that sector, should we expect the revenue contribution from data centers to continue to build over the next few quarters, maybe to materially higher number than the 9% to 10% you cited earlier on the call?

嘿，各位早安。關於資料中心的評論，我接著說一下。根據您目前對該行業積壓訂單趨勢的觀察，我們是否應該預期資料中心的收入貢獻將在未來幾季繼續增長，甚至可能遠高於您之前在電話會議上提到的 9% 到 10%？

I don't think it will be material higher -- materially higher. I can't even say it. I think it might creep to 10%, 11% or something like that as a percent of our revenue, I mean, I'd be surprised if it got to 12%. And one of the things to remember is that the difference between, say, us and some of the other players that are really taking advantage of the data center space is the fire life safety that component of these jobs is like significantly smaller.

我不認為它會大幅上漲——不會大幅上漲。我甚至都說不出口。我認為它可能會悄悄地占到我們收入的 10%、11% 或類似水平，我的意思是，如果能達到 12%，我會很驚訝。需要記住的一點是，比如說，我們和其他一些真正利用資料中心空間的參與者之間的差異在於，這些工作中的消防安全因素要小得多。

So like the HVAC/mechanical work on a large data center might be $500 million from a contract value perspective. And like I'm kind of making -- I'm just trying to give you directional guidance on the numbers here. The fire life safety might be $10 million to $15 million on that same data center job.

例如，大型資料中心的暖通空調/機械工程，從合約價值的角度來看可能價值 5 億美元。就像我正在做的那樣——我只是想給你一些關於這些數字的方向性指導。在同一個資料中心專案中，消防安全的投入可能高達 1,000 萬至 1,500 萬美元。

Now we're seeing some of these large, large, very, very large projects where the fire life safety is higher than that. But then the mechanical is probably still 10 times of that. And so the contracts, the sizes are different. And so that's the reason that you won't see it incrementally affect us as much as it say might affect of one our peers in the space.

現在我們看到一些規模非常非常大的項目，其消防安全等級要高得多。但機械方面的成本可能仍是這個的 10 倍。因此，合約的規模也各不相同。所以，這就是為什麼它不會像對我們同行一樣，逐漸對我們產生重大影響的原因。

Okay. Super helpful context. And then hoping you could maybe update us on early progress on your tech investments and any key milestones thinking about the ERP, for example, we should keep in mind as we think about '26.

好的。非常有用的背景資訊。然後，希望您能向我們報告您在技術投資方面的早期進展以及在 ERP 方面取得的任何關鍵里程碑，例如，我們在考慮 2026 年時應該記住這些里程碑。

Yes, absolutely. Thanks for the question. Our tech investment, this is our ERP investment in our Safety Services segment. I'd say is progressing largely as we expected. These are difficult projects, but I'm really pleased that the team is progressing and they're progressing, doing it a lockstep with our business and making sure that this is a business-led project that's meeting the business needs of our branch leaders, our field leaders and our company leaders.

是的，絕對的。謝謝你的提問。這是我們在安全服務領域的技術投資，也就是我們的ERP投資。我認為進展基本上符合我們的預期。這些都是困難的項目，但我很高興團隊正在取得進展，他們與我們的業務步調一致，確保這是一個以業務為主導的項目，能夠滿足我們分公司領導、現場領導和公司領導的業務需求。

So that is moving forward. We're out of the blueprinting phase and we are currently deploying in our pilot company. So really moving forward as we expected. As you think into 2026 from a cost perspective, 2025 is going to be the high watermark for spend on that system deployment project. It will step down a bit as we go into 2026 and then step down further in 2027 as we get near and approach conclusion.

所以這是向前邁進。我們已經完成了設計階段，目前正在試點公司進行部署。一切都如我們預期的那樣進展順利。從成本角度展望 2026 年，2025 年將是該系統部署專案支出的高峰期。進入 2026 年，這一數字會略有下降，然後在 2027 年隨著接近尾聲而進一步下降。

Any questions guys?

各位有什麼問題嗎？

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS 證券。

Hi, thank you for taking my question. A lot of them have been answered already. I guess the one thing that I have is based on -- and following up on the prior question on the incremental margin expectation going forward to be higher than it has been.

您好，感謝您回答我的問題。很多問題都已經得到了解答。我猜我唯一能確定的是——並且是對先前關於未來增量利潤預期會高於以往的問題的跟進。

Should we take that to mean that there's no very large project start quarters in the schedule for the upcoming several quarters. And I understand that's obviously good for growth, but impacts the margin in the quarter. Is that the takeaway we should be having?

這是否意味著在接下來的幾個季度裡，日程安排中沒有非常大的專案啟動計畫？我知道這顯然有利於成長，但會影響當季利潤率。這就是我們該吸取的教訓嗎？

Yes. I wouldn't -- I view this whole project start topic that's impacted our year-over-year margins for the past couple of quarters is something that happens at an inflection point. And as we went from being down year-over-year to significantly up year-over-year from a revenue perspective in Q2, it impacted. We were up about $50 million to $60 million in revenue quarter-over-quarter in the Specialty segment in the third quarter. So that impacted.

是的。我不這麼認為——我認為整個專案啟動問題在過去幾個季度影響了我們的年比利潤率，而這正是發生在一個轉折點上。第二季度，我們的營收從年減轉為年比大幅成長，這產生了影響。第三季度，我們在特種藥品領域的營收季增了約 5,000 萬至 6,000 萬美元。所以這產生了影響。

But now as we get into the fourth quarter, and I'd expect our margins in the Specialty segment to be year-over-year accretive and then into Q1 and Q2 of next year, it's just going to be part of the ebbs and flows of our margin and not a major issue.

但現在進入第四季度，我預計我們在特藥業務領域的利潤率將同比增長，而到了明年第一季和第二季度，這只是我們利潤率波動的一部分，不會是一個大問題。

Got it. Thank you very much.

知道了。非常感謝。

This concludes the Q&A session portion of today's meeting. I'd now like to turn the call over to Russ Becker for closing remarks.

今天會議的問答環節到此結束。現在我把電話交給 Russ Becker，請他作總結發言。

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.

謝謝。最後，我要感謝我們所有團隊成員對我們業務的持續支持和奉獻。我衷心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給予的支持。

We appreciate your ownership of APi and look forward to updating you on our progress throughout the remainder of the year. Thank you, everybody, for joining the call this morning.

我們感謝您對 API 的支持，並期待在今年剩餘的時間裡向您報告我們的進展。感謝各位今天上午參加電話會議。

This concludes today's meeting. You may now disconnect.

今天的會議到此結束。您現在可以斷開連線了。