APi Group Corp (APG) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen and welcome to APi Group's fourth-quarter and full year 2025 financial results conference call. (Operator Instructions) Please note, this call is being recorded. I will be standing by should you need any assistance. I will now turn the call over to Adam Fee, Vice President of Investor Relations at APi Group. Please go ahead.

各位女士、先生，早安，歡迎參加APi集團2025年第四季及全年財務業績電話會議。（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。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 fourth quarter 2025 earnings conference call. Joining me on the call today is Russ Becker, our President and CEO; and David Jakiela, our Executive Vice President and Chief Financial Officer. Before we begin, I'd like to remind you that certain statements in the company's earnings press release and on this call are forward-looking statements, which are based on expectations, intentions, projections regarding the company's future performance, anticipated events or trends, and other matters that are not historical facts.

謝謝。各位早安，感謝各位參加我們2025年第四季財報電話會議。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，以及我們的執行副總裁兼財務長 David Jakiela。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的預期、意圖和預測。

These statements are not a guarantee of future performance and are subject to known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In our press release and filings with the SEC, we detail the material risks that may cause our future results to differ from our expectations. Our statements are as of today, February 25, and we undertake no obligation to update any forward-looking statements we may make, except as required by law.

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。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（2月25日），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 fourth quarter financial performance on the Investor Relations page of our website. Our comments today will also include non-GAAP financial measures and other key reporting metrics. The reconciliation of 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四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報告指標。有關這些項目的核對和其他信息，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. I want to start by thanking Adam Fee for his leadership of our investor relations function over the last three years. Adam has done an excellent job building trust with the investment community, and we are excited to announce his transition into a finance leadership role within our elevator business.

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。首先，我要感謝 Adam Fee 在過去三年對我們投資人關係部門的領導。Adam 在與投資界建立信任方面做得非常出色，我們很高興地宣布他將轉任我們電梯業務的財務領導職務。

With this transition, Adam Walters, who previously served on our corporate development team, will take over leadership responsibilities of investor relations. We remain grateful for the hard work of our 29,000 leaders and their dedication to APi. The safety, health, and well-being of each of our leaders is our number one value.

隨著這項人事變動，先前在我們企業發展團隊任職的亞當沃特斯將接手投資人關係的領導職責。我們衷心感謝 29,000 位領導者的辛勤工作以及他們對 API 的奉獻。我們最重視的是每位領導者的安全、健康和福祉。

We continue to prioritize investing in the men and the women in the field as human beings and aim to provide each of them with training, advancement opportunities, and leadership development. I'm proud to announce that APi has once again been recognized as a military-friendly employer for 2026. We remain committed to providing opportunities for veterans and their spouses to build careers and develop as leaders.

我們將繼續優先投資於第一線男女員工，視他們為有血有肉的人，並致力於為他們每個人提供培訓、晉昇機會和領導力發展機會。我很榮幸地宣布，APi 再次被評為 2026 年對軍人友善的雇主。我們將繼續致力於為退伍軍人及其配偶提供發展事業和成為領導者的機會。

Back in 2021, we introduced our long-term 13/60/80 shareholder value creation framework. Since then, 13/60/80 has been our North Star, and I'm proud of our team's relentless focus and dedication to delivering on these commitments. Over the last several years, our journey has been marked by meaningful progress. We grew revenues from $3.9 billion in 2021 to $7.9 billion in 2025.

早在 2021 年，我們就推出了長期 13/60/80 股東價值創造框架。從那時起，13/60/80 就成了我們的指路明燈，我為我們團隊堅持不懈地專注於履行這些承諾而感到自豪。在過去的幾年裡，我們取得了意義深遠的進步。我們預計營收將從 2021 年的 39 億美元成長到 2025 年的 79 億美元。

We increased our percentage of revenue coming from inspection, service, and monitoring from 40% in 2021 to 54% in 2025. We established a new adjacent vertical in the highly attractive elevator and escalator service market with the acquisition of Elevated. And we accelerated our bolt-on M&A strategy by deploying approximately $580 million across 33 bolt-on acquisitions from 2023 through 2025. Notably, as it relates to our 13/60/80 targets, we ended the year with adjusted EBITDA margins at 13.2%, above our 13% target and significantly above our 2021 adjusted EBITDA margin of 10.3%.

我們將檢查、服務和監控的收入比例從 2021 年的 40% 提高到 2025 年的 54%。我們透過收購 Elevated，在極具吸引力的電梯和自動扶梯服務市場中建立了一個新的相鄰垂直領域。我們加快了附加併購策略的實施，在 2023 年至 2025 年期間，透過 33 項附加收購投入了約 5.8 億美元。值得注意的是，就我們設定的 13/60/80 目標而言，我們在本年度調整後的 EBITDA 利潤率為 13.2%，高於我們 13% 的目標，並且遠高於我們 2021 年調整後的 EBITDA 利潤率 10.3%。

Additionally, we ended 2025 with adjusted free cash flow conversion of 80%, right in line with our stated target of 80%, and well above our 2021 adjusted free cash flow conversion of 55%. Thank you to all of our teammates for helping us win and for their focus, discipline, and commitment that made these results possible. In 2021, we set ambitious financial targets, and through our collective teamwork and belief, we achieved these targets. This allowed us to set our new, ambitious, but achievable three-year long-term financial targets of 10/16/60+. I am grateful.

此外，我們 2025 年的調整後自由現金流轉換率為 80%，與我們設定的 80% 的目標完全一致，並且遠高於 2021 年的調整後自由現金流轉換率 55%。感謝所有隊友的付出，幫助我們取得勝利；感謝他們的專注、自律和奉獻，使這些成績成為可能。2021年，我們制定了雄心勃勃的財務目標，透過團隊合作和共同信念，我們實現了這些目標。這使我們能夠設定新的、雄心勃勃但又可實現的三年長期財務目標，即 10/16/60+。我心存感激。

Now, I will dive into our record 2025 full year results. The business continues to build momentum, delivering robust, top-line growth while expanding margins. We continue to have strong growth in inspection, service, and monitoring revenues. We capitalized on a robust project environment. And finally, we continued to execute accretive bolt-on M&A at attractive multiples.

接下來，我將深入探討我們創紀錄的 2025 年全年業績。公司業務持續保持成長勢頭，在實現強勁營收成長的同時，利潤率也不斷擴大。我們在檢驗、服務和監控收入方面持續保持強勁成長。我們充分利用了良好的專案環境。最後，我們繼續以有吸引力的倍數執行增值型附加併購。

For the year, net revenues increased by 13%, approximately 8% organically, with strong growth across both segments. In our Safety Services segment, revenues grew organically by approximately 7%, led by growth in inspection, service, and monitoring revenues. As expected, Specialty Services maintained the momentum and closed the year with strong growth, delivering 10% organic growth for the year.

本年度淨收入成長 13%，其中約 8% 為有機成長，兩個業務板塊均實現強勁成長。在我們的安全服務部門，收入實現了約 7% 的有機成長，這主要得益於檢查、服務和監控收入的成長。正如預期的那樣，專業服務保持了成長勢頭，並以強勁的成長結束了這一年，全年實現了 10% 的有機成長。

In line with our strategic initiatives, we continued to drive improvements in adjusted gross margin, which expanded 50 basis points for the year. The strong performance in gross margin led to our record full year 2025 adjusted EBITDA margin, representing margin expansion of 50 basis points.

為配合我們的策略性舉措，我們持續推動調整後毛利率的提高，全年毛利率成長了 50 個基點。毛利率的強勁表現使我們 2025 年全年調整後 EBITDA 利潤率創下歷史新高，利潤率提高了 50 個基點。

We expect to see continued margin expansion in 2026 and beyond, largely driven by the same initiatives that we have been executing for the past several years, which include the following: 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.

我們預計 2026 年及以後利潤率將繼續擴張，這主要得益於我們過去幾年一直在執行的相同舉措，包括：持續的內生增長、改進的檢驗服務和監控收入結構、嚴格的客戶和項目選擇、定價、分支機構和現場優化、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。

2025 was another year of strong free cash flow, with record adjusted free cash flow of $836 million, representing 80% conversion on adjusted EBITDA. Our consistent free cash flow growth and the strength of our balance sheet provides flexibility to pursue value-enhancing capital deployment alternatives, including accretive M&A and opportunistic share repurchases.

2025 年自由現金流依然強勁，調整後的自由現金流達到創紀錄的 8.36 億美元，相當於調整後 EBITDA 的 80%。我們持續的自由現金流成長和強勁的資產負債表為我們提供了靈活性，可以追求提升價值的資本部署方案，包括增值併購和機會性股票回購。

In 2025, we continued to execute our M&A plan, completing 14 acquisitions and building on our long track record of integrating businesses and supplementing growth through M&A at attractive multiples. In addition, on February 2, 2026, we closed on the previously announced acquisition of CertaSite, an inspection-first provider of comprehensive fire and life safety services in the Midwest. We're already pursuing the additional opportunities created by this acquisition and welcome our new CertaSite team members to the APi family.

2025年，我們繼續執行併購計劃，完成了14項收購，並鞏固了我們長期以來在整合業務和透過併購以有吸引力的倍數補充增長方面的良好記錄。此外，2026 年 2 月 2 日，我們完成了先前宣布的對 CertaSite 的收購，CertaSite 是一家以檢驗為先的綜合消防和生命安全服務提供商，服務範圍覆蓋美國中西部地區。我們已開始尋求此次收購帶來的更多機遇，並歡迎 CertaSite 的新團隊成員加入 APi 大家庭。

Looking ahead, we are excited about the pipeline of M&A opportunities we see across fire-life safety, electronic security, elevator and escalator, and niche specialty services. Our team remains hard at work, prioritizing the most attractive opportunities. We will continue to focus on the quality of the business and importantly, on the culture, value, and fit. Our value proposition as a forever home continues to resonate with sellers.

展望未來，我們對消防安全、電子安防、電梯和自動扶梯以及利基專業服務領域的併購機會感到非常興奮。我們的團隊仍在努力工作，優先考慮最具吸引力的機會。我們將繼續專注於業務質量，更重要的是，專注於企業文化、價值觀和契合度。我們提出的「永久居所」的價值主張持續引起賣家的共鳴。

I want to take a moment to recognize a significant milestone for our company. In 2026, APi Group will celebrate its 100-year anniversary, marking a century of commitment to our customers and an unwavering focus on the safety, health, and well-being of each of our leaders. As we reflect on our legacy and begin the next century of growth, we have much to be grateful for.

我想藉此機會表彰我們公司所取得的一個重要里程碑。2026 年，APi 集團將迎來成立 100 週年，這標誌著我們一個世紀以來對客戶的承諾，以及對每位領導者的安全、健康和福祉的堅定關注。當我們回顧過去，展望下一個世紀的發展時，我們有很多值得感恩的事。

A central part of our 100-year anniversary will be gratitude and giving back to the communities that have supported us along the way and contributed so meaningfully to our ability to win. I look forward to celebrating with our 29,000 leaders around the world. Entering 2026, we remain laser-focused on our new North Star, the 10/16/60+ financial targets we introduced in May at our Investor Day.

我們百年慶典的核心內容將是表達對一路以來支持我們並為我們的勝利做出重大貢獻的社區的感激和回饋。我期待與全球29,000名領導人共同慶祝。進入 2026 年，我們將繼續專注於我們新的北極星，即我們在 5 月投資者日上提出的 10/16/60+ 財務目標。

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 of cumulative adjusted free cash flow through 2028.

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% 以上的收入來自檢查、服務和監控；到 2028 年累計調整後自由現金流達到 30 億美元。

I am proud of our team and the record financial results achieved in 2025. As we begin 2026, I have great confidence in our ability to continue to deliver strong organic growth, expand margins, and grow free cash flow by staying focused on investing in and caring about our people on a daily basis.

我為我們的團隊以及我們在 2025 年取得的創紀錄的財務表現感到自豪。展望 2026 年，我對我們繼續保持強勁的內生成長、擴大利潤率和增加自由現金流的能力充滿信心，因為我們將繼續專注於投資和關懷我們的員工。

I would now like to hand the call over to David to discuss our fourth quarter financial results and 2026 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第四季的財務表現和 2026 年的業績展望。大衛？

Thanks, Russ, good morning, everyone. Reported net revenues for the three months ended December 31 were $2.12 billion, a 13.8% increase compared to $1.86 billion in the prior year period. Organic growth of 11.1% was driven by continued growth in inspection, service, and monitoring revenues, strong growth in project revenues, and pricing improvements.

謝謝Russ，大家早安。截至 12 月 31 日的三個月內，公司報告淨收入為 21.2 億美元，比去年同期的 18.6 億美元增長了 13.8%。有機成長率達到 11.1%，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。

Adjusted gross margin for the three months ended December 31 was 32.2%, representing a 110-basis point increase compared to the prior year period, driven by disciplined customer and project selection and pricing improvements, partially offset by project revenue mix. Adjusted EBITDA increased by 21.9% for the three months ended December 31, with adjusted EBITDA margin coming in at 13.9%, representing a 90-basis point increase compared to the prior year period.

截至 12 月 31 日止三個月的調整後毛利率為 32.2%，比上年同期增長 110 個基點，這主要得益於嚴格的客戶和項目選擇以及定價改進，但部分被項目收入結構所抵消。截至 12 月 31 日的三個月，調整後 EBITDA 成長了 21.9%，調整後 EBITDA 利潤率為 13.9%，比去年同期成長了 90 個基點。

Growth in adjusted EBITDA was driven by strong revenue growth and adjusted gross margin expansion. Adjusted diluted earnings per share for the three months ended December 31 was $0.44, representing a $0.10 or 29.4% increase compared to the prior year period. The increase was driven by strong revenue growth, adjusted gross margin expansion, and a decrease in interest expense, partially offset by an increase in the share count.

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大。截至 12 月 31 日止三個月的調整後稀釋每股收益為 0.44 美元，比上年同期增長 0.10 美元或 29.4%。成長主要得益於強勁的收入成長、調整後毛利率的擴大以及利息支出的減少，但部分被流通股數量的增加所抵銷。

I will now discuss our results in more detail for the Safety Services segment. Safety Services reported net revenues for the three months ended December 31 of $1.42 billion, a 10.6% increase compared to $1.29 billion in the prior year period. Organic growth of 6.6% 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領域的表現。安全服務公司公佈截至 12 月 31 日的三個月淨收入為 14.2 億美元，比去年同期的 12.9 億美元增長了 10.6%。有機成長率達到 6.6%，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。

Adjusted gross margin for the three months ended December 31 was 37.7%, representing a 110-basis point increase compared to the prior year period, driven by disciplined customer and project selection, as well as pricing improvements, leading to margin expansion in inspection, service, and monitoring revenues, as well as project revenues.

截至 12 月 31 日的三個月，經調整後的毛利率為 37.7%，比上年同期增長 110 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善，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% for the three months ended December 31, and segment earnings margin was 17.5%, representing a 110-basis point increase compared to the prior year period, primarily due to adjusted gross margin expansion. I will now discuss our results in more detail for the Specialty Services segment.

截至 12 月 31 日的三個月內，分部收益成長了 18%，分部收益利潤率為 17.5%，比去年同期成長了 110 個基點，主要原因是調整後的毛利率擴大。接下來，我將更詳細地討論我們在專業服務領域的表現。

Specialty Services reported net revenues for the three months ended December 31 were $695 million, an increase of 20.7% compared to $576 million in the prior year period, driven by strong growth in project revenues. Adjusted gross margin for the three months ended December 31 was 20.7%, representing a 190-basis point increase compared to the prior year period, driven by an increase in project opportunities that align with our disciplined customer and project selection criteria and improved leverage of fixed overhead costs.

專業服務部門報告稱，截至 12 月 31 日的三個月淨收入為 6.95 億美元，比上年同期的 5.76 億美元增長了 20.7%，這主要得益於項目收入的強勁增長。截至 12 月 31 日止三個月的調整後毛利率為 20.7%，比上年同期增長 190 個基點，這主要得益於符合我們嚴格的客戶和項目選擇標準的項目機會增加，以及固定間接費用的合理利用得到改善。

Segment earnings increased 40.7% for the three months ended December 31, and segment earnings margin was 11.9%, representing a 170-basis point increase compared to the prior year period, primarily due to adjusted gross margin expansion.

截至 12 月 31 日的三個月內，分部收益成長 40.7%，分部收益利潤率為 11.9%，較上年同期成長 170 個基點，主要原因是調整後的毛利率擴大。

Turning to cash flow, we continue to focus on driving strong free cash flow conversion. For the three months ended December 31, adjusted free cash flow came in at $402 million, up $95 million versus last year and representing an adjusted free cash flow conversion of 136%. The strong free cash flow in the fourth quarter drove adjusted free cash flow of $836 million for the full year 2025, up $168 million versus last year and representing a conversion rate of 80%.

談到現金流，我們將繼續專注於推動強勁的自由現金流轉換。截至 12 月 31 日的三個月內，調整後的自由現金流為 4.02 億美元，比去年同期增加 9,500 萬美元，調整後的自由現金流轉換率為 136%。第四季強勁的自由現金流推動 2025 年全年調整後的自由現金流達到 8.36 億美元，比去年增加 1.68 億美元，轉換率為 80%。

I want to reiterate what Russ said earlier and express my gratitude to all our leaders and teammates for their role in helping us execute and achieve our 80% free cash flow conversion target in 2025. Our teams understand the importance of free cash flow generation, our performance and progress reflect that focus. At the end of the fourth quarter, our net debt to adjusted EBITDA ratio was approximately 1.6 times, significantly below our long-term target of 2.5 times to 3 times, allowing us the flexibility to pursue value-enhancing capital deployment opportunities in 2026.

我想重申 Russ 之前所說的，並感謝我們所有的領導和團隊成員，感謝他們幫助我們執行並實現 2025 年 80% 的自由現金流轉換目標。我們的團隊深知自由現金流的重要性，我們的業績和進展也反映了這一點。在第四季末，我們的淨負債與調整後 EBITDA 比率約為 1.6 倍，遠低於我們 2.5 倍至 3 倍的長期目標，這使我們能夠靈活地在 2026 年尋求提升價值的資本部署機會。

As a reminder, our long-term capital deployment priorities are, maintaining net leverage at stated long-term targets, strategic M&A at attractive multiples, and opportunistic share repurchases.

再次提醒大家，我們的長期資本部署重點是：將淨槓桿率維持在既定的長期目標水平，以有吸引力的倍數進行策略性併購，以及進行機會性股票回購。

Turning to 2026 guidance. Based on current foreign exchange rates and acquisitions closed to date, we expect full year reported net revenues of $8.4 billion to $8.6 billion, representing organic growth of 5% at the midpoint. We expect our organic revenue growth for the year to align with our long-term growth algorithm, which, as a reminder, is mid to high single-digit growth in inspection, service, and monitoring revenues, and low to mid-single-digit growth in project revenues.

接下來展望2026年的發展方向。根據目前的匯率和迄今為止完成的收購，我們預計全年報告淨收入為 84 億美元至 86 億美元，其中價值代表 5% 的有機成長。我們預計今年的有機收入成長將與我們的長期成長演算法保持一致，再次提醒大家，演算法的目標是檢查、服務和監控收入實現中高個位數成長，專案收入達到低至中個位數成長。

We expect full year adjusted EBITDA of $1.14 billion to $1.2 billion, which represents adjusted EBITDA growth of approximately 8% to 13% on a fixed currency basis and adjusted EBITDA margin of 13.8% at the midpoint, up 60 basis points versus 2025. In 2026, we expect to maintain momentum in terms of delivering free cash flow growth, with 2026 adjusted free cash flow conversion expected to be at or above 115% of adjusted net income, which is equivalent to approximately 75% of adjusted EBITDA. As a reminder, the first quarter is traditionally our weakest quarter for free cash flow conversion due to seasonality.

我們預計全年調整後 EBITDA 為 11.4 億美元至 12 億美元，以固定匯率計算，調整後 EBITDA 成長約 8% 至 13%，調整後 EBITDA 利潤率為 13.8%（取中間值），比 2025 年成長 60 個基點。預計到 2026 年，我們將保持自由現金流成長的勢頭，2026 年調整後的自由現金流轉換率預計將達到或超過調整後淨收入的 115%，這相當於調整後 EBITDA 的約 75%。需要提醒的是，由於季節性因素，第一季歷來是我們自由現金流轉換率最低的季度。

Turning to the first quarter, we expect reported net revenues of $1.875 billion to $1.975 billion, representing organic revenue growth of 4% to 10%. We expect first quarter adjusted EBITDA of $225 million to $235 million, which represents adjusted EBITDA growth of approximately 12% to 17% on a fixed currency basis and adjusted EBITDA margin of 11.9% at the midpoint, which is up 70 basis points versus last year.

展望第一季度，我們預計報告淨收入為 18.75 億美元至 19.75 億美元，有機收入將成長 4% 至 10%。我們預計第一季調整後 EBITDA 為 2.25 億美元至 2.35 億美元，以固定匯率計算，調整後 EBITDA 成長約 12% 至 17%，調整後 EBITDA 利潤率為 11.9%（取中間值），比去年同期成長 70 個基點。

For 2026, we anticipate interest expense to be approximately $130 million, depreciation to be approximately $90 million, capital expenditures to be approximately $105 million, and our adjusted effective tax rate to be approximately 23%. We expect corporate expenses to be approximately $35 million per quarter, with some timing variability throughout the year, and our adjusted diluted weighted average share count to be approximately 441 for the year. Lastly, we anticipate systems and business enablement expense for 2026, which we adjust out of our financial results to be consistent with 2025.

預計 2026 年利息支出約為 1.3 億美元，折舊約為 9,000 萬美元，資本支出約 1.05 億美元，調整後的實際稅率約為 23%。我們預計公司每季支出約 3,500 萬美元，全年支出時間可能會有所波動，我們調整後的稀釋加權平均股數全年約為 441 股。最後，我們預計 2026 年將出現系統和業務支援支出，我們將從財務表現中調整該支出，使其與 2025 年保持一致。

I will now turn the call back over to Russ.

現在我將把通話轉回給Russ。

Thanks, David. Our record results in 2025 once again demonstrate the strength of our recurring revenue services-focused business model and the ongoing execution of our strategy by our teammates. We begin 2026 with positive momentum and strong demand for our services across our global platform. We remain relentlessly focused on growing inspection, service, and monitoring revenues.

謝謝你，大衛。我們在 2025 年取得的創紀錄業績再次證明了我們以經常性收入服務為中心的商業模式的強大實力，以及我們團隊成員持續執行我們的策略。2026 年伊始，我們迎來了積極的發展勢頭，全球平台對我們服務的需求也十分強勁。我們將繼續不懈努力，專注於提高檢驗、服務和監控收入。

That, combined with the accelerating growth in our backlog and robust M&A pipeline, provides a solid foundation for strong organic and inorganic growth in 2026, while continuing to expand our margins. We remain focused on creating sustainable shareholder value by delivering on our 10/16/60+ targets.

再加上我們積壓訂單的加速成長和強勁的併購項目儲備，為 2026 年強勁的內生式和外延式成長奠定了堅實的基礎，同時繼續擴大我們的利潤率。我們將繼續專注於透過實現 10/16/60+ 目標來創造可持續的股東價值。

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

接下來，我想把電話轉回給接線生，並開放問答環節。

(Operator Instructions)

（操作說明）

Tim Mulrooney, William Blair.

提姆·穆魯尼，威廉·布萊爾。

Russ, David, good morning.

Russ，David，早安。

Hey, Tim. How are you?

嘿，提姆。你好嗎？

How are you?

你好嗎？

Doing well, thanks. Yeah, just wanted to say congrats to Adam, too, on moving on to the next chapter. That was great to hear. Well deserved. My question is just a really high-level one. Your revenue guidance, it's calling for 6% growth at the low end of the range and 9% growth at the high end. Can you just talk about what kind of market condition assumptions that you're embedding in that low end versus that high end or various swing factors that you're embedding to achieving the different ends of that range, please?

我很好，謝謝。是的，也想祝賀亞當開啟人生新篇章。聽到這個消息真是太好了。實至名歸。我的問題只是一個比較宏觀的問題。你們的營收預期是，低階成長 6%，高端成長 9%。請您談談您在低端和高端定價中分別採用了哪些市場條件假設，或者為了實現該價格區間的不同兩端，您採用了哪些各種波動因素？

Thank you.

謝謝。

Yeah. I can start, and David can add any color if he would like to, Tim. So we continue to communicate, I guess, in message to our businesses, that we want to see high single-digit growth in the inspection service and monitoring component of their business and, low single-digit growth in the project piece of their business. We do happen to have a tailwind. Certain end markets are providing excellent project opportunities, which is evidenced by our backlog, which is, north of $4 billion and continues to be very strong, robust, and healthy. Probably the most important aspect of it is that it's very, very healthy.

是的。我可以先開始，如果大衛願意的話，他可以添加任何顏色，提姆。因此，我們繼續向各業務部門傳達訊息，我們希望看到其業務的檢驗服務和監控部分實現高個位數成長，而專案部分實現低個位數成長。我們正好趕上了順風。某些終端市場提供了絕佳的專案機會，這一點從我們超過 40 億美元的積壓訂單中可見一斑，而且我們的積壓訂單仍然非常強勁、穩健和健康。或許它最重要的方面就是它非常非常健康。

And so we are seeing a tailwind that's coming from it, and not all end markets are the same. I talk about end markets a lot, and I talk about end markets a lot with our business leaders. But obviously, the talk of the town is data centers, and we're reaping some of the benefit of the robust data center market, both on the inspection and service side, but also on the project side. Advanced manufacturing continues to be robust. Semiconductors providing some opportunities, healthcare, critical infrastructure. So we are seeing some strong tailwinds in certain end markets on the project side of our business that we're taking advantage of.

因此，我們看到它帶來了一股順風，但並非所有終端市場都相同。我經常談論終端市場，也經常和我們的業務領導談論終端市場。但顯然，現在大家都在談論資料中心，我們也從蓬勃發展的資料中心市場中獲益匪淺，無論是在檢查和服務方面，還是在專案方面。先進製造業依然保持強勁勢頭。半導體產業提供了一些機遇，醫療保健和關鍵基礎設施領域也從中受益。因此，我們看到，在專案業務的某些終端市場中，出現了一些強勁的順風，我們正在利用這些順風。

The only thing I would add to that, Tim, and I'll reiterate a point that maybe I made during my comments, was the 54% of our revenue that comes from recurring inspection service and monitoring that we expect to grow in our long-term organic growth algorithm of mid to mid-upper single digits. And then it's going to be the project environment that could be from the low end to the high end of the range.

提姆，我唯一要補充的是，我還要重申一下我之前可能已經說過的一點，那就是我們54%的收入來自經常性的檢查服務和監控，我們預計這部分收入將按照我們長期有機增長算法的中高個位數增長。然後，專案環境可能會涵蓋從低端到高端的各種情況。

Okay. Thank you.

好的。謝謝。

David Paige, RBC Capital Markets.

David Paige，加拿大皇家銀行資本市場。

Hi, good morning. Thank you for taking my question, and congrats, Adam. Well deserved. I was wondering maybe you could do the same for adjusted EBITDA margins. Is there anything that would push you? I know the range is that wide, but anything that would push you to the upper end or maybe even beat at the end, if you thought so? Maybe I know it's early days, but lay in how you're thinking about the recent changes to tariffs, if any. Thanks.

您好，早安。感謝您回答我的問題，也恭喜您，亞當。實至名歸。我想知道您是否也可以對調整後的 EBITDA 利潤率進行相同的操作。有什麼事能促使你前進嗎？我知道範圍很廣，但如果你覺得有什麼能讓你達到上限，甚至最終超越上限的東西，可以告訴我嗎？我知道現在下結論還為時過早，但請說說您對最近關稅變化（如果有的話）的看法。謝謝。

Well, I would start by saying we don't expect to see any change in tariffs materially impacting our business, good or bad. And so we just continue to lead our business, regardless of kind of what's happening external of all things APi and focusing on the things that we can control. Obviously, we need to make sure that we're pricing our work appropriately on all aspects of our business, not just the project side of our business, but the inspection service and monitoring component of our business.

首先我想說的是，我們預期關稅不會有任何實質變化，對我們的業務不會產生任何影響，無論是好是壞。因此，無論 API 之外發生什麼，我們都會繼續引領我們的業務，專注於我們能夠控制的事情。顯然，我們需要確保我們業務的各個方面都合理定價，不僅是專案方面，還包括檢驗服務和監控方面。

We do expect to see enhanced gross margins on some of our project-related work just because of the demands and the technical difficulty associated with some of this, especially data center work, that's happening in remote locations, the size of the projects, and the fact that you have to, move, people around to, in an effort to be able to execute on this work. We think that that's going to provide us with opportunities to expand our gross margins on that type of work.

我們預計，由於某些專案相關工作的需求和技術難度，特別是資料中心工作（這些工作在偏遠地區進行）、專案規模以及為了完成這項工作而不得不調動人員等因素，我們的一些專案相關工作的毛利率將會提高。我們認為這將為我們帶來機會，提高這類工作的毛利率。

But we just need to continue to pull on the same levers that we've been pulling since well, for a long time. I mean, this goes back even before 13/60/80. We just need to continue to pull on the same levers and execute and pound on the same drum, and we will continue to expand our margins as we continue to grow.

但我們只需要繼續採取我們長期以來一直在採取的那些措施。我的意思是，這甚至可以追溯到 13/60/80 年前。我們只需要繼續採取同樣的措施，繼續執行同樣的策略，繼續努力，隨著我們不斷發展壯大，我們的利潤率也會不斷提高。

Thank you.

謝謝。

Jonathan Tanwanteng, CJS Securities.

喬納森·譚萬騰，CJS 證券。

Hi, thank you for taking my questions, and congrats to Adam also. I was wondering if you could expand on the data center opportunity. How much is that contributing to your growth in 2026? And can you also talk about if the incremental margin there is higher than the corporate average? Russ, you mentioned more, technical expertise there. Just wondering if that also corresponds to the margin uplift.

您好，感謝您回答我的問題，也恭喜亞當。我想請您詳細介紹一下資料中心方面的機會。這對您2026年的成長貢獻有多大？您能否也談談那裡的增量利潤是否高於公司平均？Russ，你剛才提到了更多技術專長。想知道這是否也與利潤率提升相對應。

Yeah, I'll be happy to start that and let Russ comment if he'd like it at the end. So data centers are an area that's contributing to our growth in 2025 and 2026. It's an opportunity that we're taking advantage of, but we're not over-committing to. I'd say in 2024, data centers represented approximately 5% of our overall revenue. When we ended 2025, it was approximately 8% of our overall revenue, and we expect data centers to comprise about 10% of our total revenue in 2026. So it's contributing a couple percentage points of growth in both 2025 and 2026, but we've still got plenty of really good organic growth momentum in other parts of the business as well.

是的，我很樂意先開始，最後再讓 Russ 發表意見。因此，資料中心是推動我們2025年和2026年成長的領域之一。這是一個我們正在利用的機會，但我們不會過度投入。我估計到 2024 年，資料中心將占我們總收入的 5% 左右。截至 2025 年底，資料中心業務約占我們總營收的 8%，我們預計到 2026 年，資料中心業務將占我們總營收的 10% 左右。因此，它在 2025 年和 2026 年都將貢獻幾個百分點的成長，但我們在業務的其他部分仍然擁有非常良好的內生成長勢頭。

So it's a contributor, but it is not the primary driver of our growth in 2025 and 2026. And I'd say the margin profile of the data center work is really, really strong. There's not many players in the market that can do the work that we're doing in data centers, and that's allowing us to leverage our relationships, propose a strong gross margin, and execute against that.

所以它是推動因素之一，但不是我們在 2025 年和 2026 年成長的主要驅動力。而且我認為資料中心工作的利潤率非常非常高。市場上能夠像我們一樣在資料中心領域開展工作的廠商並不多，這使我們能夠利用自身的人脈關係，提出強勁的毛利率，並付諸實施。

I don't know if there's anything else you'd like to add, Russ?

我不知道你還有什麼要補充的嗎，Russ？

No, I think you hit it.

不，我覺得你擊中了。

Okay, great. Thank you. And I was wondering if you could just talk about the M&A pipeline going forward. I see that you closed four in Q1. Just how does that pipeline look going forward, just from a tuck-in perspective, and then also the opportunity for larger deals?

好的，太好了。謝謝。我想請您談談未來的併購計畫。我看到你在第一季完成了四筆交易。從現有專案的角度來看，未來的發展前景如何？同時，也存在達成更大交易的機會。

Well, you may be under. We're wondering who's going to be the first person to ask more than one question, John. So -- but anyways, the M&A pipeline remains robust, and we continue to see a lot of really good opportunities in the space, especially in North America. In fire, life, safety, security space, we've really got some nice opportunities in the elevator and escalator space that we plan to execute on here in the second quarter. The good part is that we're really have opened up the aperture to the international business and have some fantastic businesses that we're doing work on right now with the idea that we're going to, be able to get these businesses closed in the second and third quarter and bring some of those folks into the APi family.

嗯，你可能處於劣勢。約翰，我們很想知道誰會是第一個問不只一個問題的人。總之，併購市場依然強勁，我們繼續看到該領域有許多非常好的機會，尤其是在北美。在消防、生命安全、保全領域，我們在電梯和自動扶梯領域確實有一些不錯的機會，我們計劃在第二季度實施這些機會。好消息是，我們已經真正打開了國際業務的大門，並且目前正在與一些非常棒的企業合作，我們的想法是，我們將在第二季和第三季完成這些業務的收購，並將其中一些納入 API 大家庭。

So there's a just a tremendous amount of opportunities, and I think in my remarks, I talked about the idea of APi being a forever home for the sellers of these business. It continues to resonate with people, and it allows us to, buy these businesses at the right price and which is a really good thing. But yeah, we're really excited about the -- our pipeline for 2026 and beyond.

所以這裡有很多機會，而且我認為在我的演講中，我談到了 API 可以成為這些企業賣家的永久歸宿。它持續引起人們的共鳴，也使我們能夠以合適的價格收購這些企業，這真是一件好事。是的，我們對 2026 年及以後的發展計畫感到非常興奮。

Got it. Thanks, Russ.

知道了。謝謝你，Russ。

Julian Mitchell, Barclays.

朱利安米切爾，巴克萊銀行。

Hi, good morning. Just circle back on the top line, if there was any color you could give us on, how remaining performance obligations or backlog growth, how's that been developing? I suppose, allied to that, looking at the Q1 guide, there's a very, very wide range on the organic sales growth. Maybe help us understand kind of how you see the two segments' growth in the first quarter, please.

您好，早安。請回到第一行，如果您能提供一些細節信息，例如剩餘履約義務或積壓訂單增長情況，那又如何呢？我想，結合第一季的業績指引來看，有機銷售成長的範圍非常非常廣。請您幫我們了解您如何看待這兩個業務板塊在第一季的成長情況。

Sure. So I think you snuck in a two-part question as well, maybe. On the backlog, I'd say the backlog as we exited 2025 and into 2026 is healthy. It's up across both two segments, across a variety of end markets, and as Russ said in his comments, it's healthy, which means it's at good margin and work that we feel really good about.

當然。所以我覺得你可能也偷偷地提了一個包含兩個部分的問題。關於積壓訂單，我認為 2025 年末到 2026 年初的積壓訂單量處於健康水準。兩大業務板塊、多個終端市場均實現成長，正如 Russ 在評論中所說，業務狀況良好，這意味著利潤率很高，我們對此感到非常滿意。

In terms of Q1 and how that plays out across the segments. So I'd say the safety segment is going to be a lot of the same. And so I'll refer back to our organic growth algorithm. On the service side, we target mid to upper single-digit growth in that segment in service, and our Q1 outlook reflects that.

就第一季以及各細分市場的情況而言。所以我覺得安全方面的狀況應該不會有太大變化。因此，我將再次提及我們的自然成長演算法。在服務方面，我們的目標是實現服務領域中高個位數的成長，我們第一季的展望也反映了這一點。

On the project side, we reflect low to mid. Our outlook reflects that as well, but it's probably closer to the mid. And in the Specialty Services segment, we're comparing against a down Q1 of 2025, so I'd expect growth to be in the double-digit revenue growth in the first quarter of 2026. Does that help?

項目方面，我們反映的是低到中等程度。我們的預期也反映了這一點，但可能更接近中間水平。在專業服務領域，我們與 2025 年第一季的下滑情況進行比較，因此我預計 2026 年第一季的營收成長率將達到兩位數。這樣有幫助嗎？

That's perfect. Thanks a lot, David.

那很完美。非常感謝，大衛。

Curtis Nagle, BofA Securities.

柯蒂斯‧納格爾，美國銀行證券。

Great. Thanks so much for taking the question. Maybe if we just quickly go back to some of the trends in data center services revenue. How much of a pickup are you hopefully starting to see in -- from project work converting to service and hopefully that turning into, a long-standing, durable base of high margin press?

偉大的。非常感謝您回答這個問題。或許我們可以快速回顧一下資料中心服務收入的一些趨勢。您希望看到業務量從專案工作轉向服務，並最終發展成為長期穩定的高利潤印刷業務，那麼這種成長幅度有多大？

Well, it for sure will. I mean the reality of this, the project-related work that we're doing in the data center space is because of the relationships that have been established on the existing campuses of a lot of these hyperscalers, where we're already doing the inspection service and monitoring. The data center, the project side of it, the size of these projects is significantly higher than what we've seen in the past. And you're not going to see -- we're going to win the inspection service and monitoring. There's no -- I don't have any question about that, as we continue to move forward on some of this project work.

肯定會的。我的意思是，我們之所以能在資料中心領域開展與專案相關的工作，是因為我們已經與許多超大規模資料中心的現有園區建立了合作關係，在那裡我們已經進行了檢查服務和監控工作。資料中心，以及專案本身，這些專案的規模都比我們過去所見的要大得多。你不會看到的——我們將贏得檢驗服務和監控業務。對此我沒有任何疑問，我們將繼續推進這個專案的一些工作。

But the size of the inspection service and monitoring account is significantly lower than the size of the project-related work. And so you just need to continue to chip away and build your inspection service and monitoring business, which we continue to do. We continue to see really, really good growth on the inspection side of our business. And if you recall, we generate someplace between $3 and $4 worth of service work for every dollar of inspection revenue that we generate, and that continues to grow at that high single-digit clip. So the playbook is working, and we continue to execute on it, and we continue to see really good results. And it's no different than in the data center space as the rest of our business.

但檢查服務和監測帳戶的規模遠小於專案相關工作的規模。所以你只需要繼續腳踏實地，逐步發展你的檢驗服務和監控業務，而我們也一直在做這件事。我們的業務在檢驗方面持續保持非常好的成長動能。如果你還記得的話，我們每獲得 1 美元的檢驗收入，就能創造價值 3 到 4 美元的服務收入，而且這一數字還在以接近兩位數的速度持續增長。所以這套策略行之有效，我們繼續執行，並且持續取得非常好的成果。這與資料中心領域以及我們業務的其他方面並無不同。

Okay, thank you.

好的，謝謝。

Andrew Kaplowitz, Citi.

安德魯‧卡普洛維茨，花旗集團。

Hey, Russ. Hey, guys. How are you doing? Adam, congratulations.

嘿，Russ。嘿，夥計們。你好嗎？亞當，恭喜你。

Thank you.

謝謝。

Russ --

拉斯--

This is a going away party for Andrew.

這是為安德魯舉辦的歡送會。

There you go.

好了。

Anyway.

反正。

Good morning. This might be a bit nitpicky, but maybe you already said it. Like, on inspection, like, I think you last quarter had, over 20 quarters in a row of double digits. Did it still grow double digits this quarter? If not, is it just kind of the law of large numbers starting to get to that segment and still couldn't grow high single digits plus? How is core inflation?

早安.這可能有點吹毛求疵，但也許你已經說過了。例如，我檢查了一下，我覺得你們上個季度已經連續20多個季度保持兩位數的成長了。本季是否仍維持兩位數成長？如果不是，是不是因為大數定律導致數字成長到一定程度後，仍然無法達到個位數以上？核心通膨情況如何？

Yeah. So we knew somebody was going to pick up on that. But -- so it did grow double-digit, but we are moving to the point where it's going to be the law of large numbers. It'll be tougher and tougher to comp against that. We continue to see really good growth in our inspection business. So yes, it did grow double digits. You're just going to hear us, we're not going to talk about it as prevalently.

是的。所以我們知道一定會有人注意到這一點。但是──雖然它的確實現了兩位數的成長，但我們正朝著符合大數定律的方向發展。要與之競爭會越來越難。我們的檢驗業務持續保持良好的成長動能。是的，它的確實現了兩位數的成長。你們只會聽到我們這麼說，我們不會像以前那樣公開談論這件事。

Sounds good. Thank you.

聽起來不錯。謝謝。

Tomohiko Sano, JPMorgan.

佐野智彥，摩根大通。

Hi, everyone. First of all, congratulations on your 100th anniversary.

大家好。首先，恭喜你們成立100週年。

Thanks, Tomo. Good morning.

謝謝你，托莫。早安.

Thank you. So your 2026 guidance implies an about 60 bps improvement in adjusted EBITDA margin at the midpoint. What other major drivers behind this margin expansions? As you work toward to 16%-plus margin target for 2028, which initiatives do you plan to further strength or newly implement, please?

謝謝。因此，您 2026 年的業績指引意味著調整後 EBITDA 利潤率中位數將提高約 60 個基點。推動利潤率擴張的其他主要因素有哪些？在努力實現 2028 年 16% 以上的利潤率目標的過程中，您計劃進一步加強哪些措施或新實施哪些措施？

Hey, good question, Tomo. Thanks for being on this morning. So yeah, you're right about 60 basis points at the midpoint. And really, the initiatives that are going to get us to 16% by the end of 2028 are the initiatives that got us to 13% by 2025. And I'd say, as we get deeper into the 2028 period, we're going to start to see increased benefits from our investments that we're making as an organization in procurement, as well as some of the benefits from the system and technology investment that we're currently undergoing in our North America business. And accretive M&A will play a part in that as well.

嘿，問得好，Tomo。感謝您今天早上收看節目。是的，你說的沒錯，中點大約有 60 個基點。事實上，到 2028 年底能讓我們達到 16% 的舉措，正是到 2025 年讓我們達到 13% 的舉措。我認為，隨著我們深入 2028 年，我們將開始看到我們作為一家企業在採購方面進行的投資所帶來的更多收益，以及我們目前正在北美業務中進行的系統和技術投資所帶來的一些收益。而增值型併購也將在其中發揮作用。

Thank you.

謝謝。

Jasper Bibb, Truist Securities.

Jasper Bibb，Truist Securities。

Hey, good morning, guys. Just wanted to ask about the assumption for project demand and your guidance. I think you're projecting low to mid singles growth for the year, but cited a lot of strength in project pipeline, data center, et cetera. I guess just how would you frame the assumption of low to mid-single-digit versus a strong pipeline there? Is that conservatism because it's earlier in the year? Is it harder comps? Just any detail there would be helpful. Thanks.

嘿，各位早安。我想請教一下關於專案需求的假設，並希望得到您的指導。我認為你預計今年的單筆交易成長將處於較低到中等水平，但你提到專案儲備、資料中心等領域實力強勁。我想問的是，您會如何解釋「個位數低到中等」的假設與「強勁的人才儲備」之間的關係？因為現在才年初，所以就顯得保守嗎？比賽難度更高嗎？提供任何細節都會很有幫助。謝謝。

I think you nailed all three of the reasons around that as a midpoint of our guide. I mean, we guide a guide in a range for a reason and those are three very good reasons to start where we did for the year.

我認為你已經準確地闡述了圍繞這一點的三個原因，作為我們指南的中點。我的意思是，我們選擇在某個區域進行指導是有原因的，而這三個原因正是我們今年選擇從這裡開始的非常好的理由。

Fair enough. Thank you very much.

很公平。非常感謝。

Thanks, Jasper.

謝謝你，賈斯柏。

Andrew Wittmann, Baird.

安德魯‧維特曼，貝爾德。

Yeah, thanks. A lot of my questions have been asked and answered. But I guess maybe, Russ, if you had to use the crystal ball a little bit, with the balance sheet here, you're pretty significantly below your ranges. That's a pretty big change. So -- like if you think about capital deployment in 2026, like, if you had to split up how it's going to go out and get invested. Do you think that M&A is bigger than buyback or the other way around? I guess I'd want to just try to understand how much you think you can get done this year, given that you got a lot of capital here.

嗯，謝謝。我的許多問題都已經被問過並得到了解答。但我想，Russ，如果你要稍微預測一下的話，根據目前的資產負債表來看，你的業績遠低於預期。這是一個相當大的變化。所以——例如，如果你考慮一下 2026 年的資本部署，例如，如果你必須把資金分配到不同的投資管道。你認為併購比股票回購規模更大，還是反過來？我想了解一下，鑑於你擁有大量資金，你認為今年你能完成多少事情。

And do you think that maybe as a sub question to that one-part question, is there something chunkier in here? I mean, you guys have had the history of doing some larger deals. You haven't had a gigantic one for a year, but is this the year that comes back? Thank you.

你認為這裡面是否包含一些更複雜的內容，可以作為上述問題的子問題嗎？我的意思是，你們之前也做過一些比較大的交易。你們已經一年沒有遇到大洪水了，但今年會是洪水回歸之年嗎？謝謝。

So -- I mean, we will, I guess -- good morning, and thanks, Andy. I appreciate the thoughtfulness of your questions. The -- we're always looking from an M&A perspective and doing work on what I guess you classified as chunkier transactions. We see some opportunity for sure in the life safety and security space, as well as the elevator and escalator space. And so we're doing work, all the time. I would say, yes, you could expect to see us do something chunkier. Will it be [Chubbesque] I don't know. We really haven't found anything that necessarily fits exactly what we're looking for that would be of that size and scale.

所以——我的意思是，我想我們會的——早上好，謝謝你，安迪。感謝您提出如此周到的問題。我們總是從併購的角度出發，從事我認為你歸類為規模較大的交易。我們看到，在生命安全領域以及電梯和自動扶梯領域，肯定存在一些機會。所以我們一直在工作。是的，你們可以期待看到我們做一些更宏大的作品。會是[胖胖的]嗎？我不知道。我們還沒有找到完全符合我們要求，尺寸和規模也合適的東西。

When you, when you describe chunky, if you're thinking about things like the size of, say, Elevated or, even CertaSite, yeah, I think you're going to see us do -- be active in that space. And I would suggest that the priority would be M&A in front of share repurchases, especially with the performance of our stock over the last period of time. And so -- but we for sure see opportunity in the M&A space that we're going to continue to dig in on and do some work.

當你描述「厚重」這個詞時，如果你想到的是像 Elevated 甚至 CertaSite 這樣的大尺寸產品，是的，我想你會看到我們在這個領域積極開展活動。而且我認為，鑑於我們股票最近一段時間的表現，併購應該是優先事項，而不是股票回購。所以——但我們確實看到了併購領域的機遇，我們將繼續深入研究並進行一些工作。

Okay. Thank you very much.

好的。非常感謝。

Joshua Chan, UBS.

Joshua Chan，瑞銀集團。

Hi, good morning, Russ, David, and congratulations, Adam. I just wanted to ask about, how firm do you see the project environment currently? I think the low end of your guide may assume a somewhat of a changing environment, I guess, as you go through the year. So I just wanted to make sure that that's not what you're signaling or seeing and just kind of ask about the firmness of the environment. Thank you.

嗨，早安，Russ，David，恭喜Adam。我只是想問一下，您認為目前專案環境有多穩固？我認為，隨著一年中的不同時間，你指南中的低端部分可能假設環境有所變化。所以我只是想確認一下，這是否是你發出的信號或看到的，只是想問環境的穩固程度。謝謝。

Yeah, well, I mean, I saw your print, that hit earlier, this morning, Josh, in talking about organic growth in our Safety business. Like, it's really good. I mean, so both on the inspection and service side and on the project side. And we expect it to remain positive and strong as we work our way through the year. We don't see anything that suggests that it's not going to continue to be strong and robust.

是的，嗯，我的意思是，我今天早上看到了你那篇報道，喬希，你在談到我們安全業務的自然增長時發表了這篇文章。真的很好。我的意思是，無論是在檢查和服務方面，還是在專案方面。我們預計，隨著年數的增加，這一趨勢將保持積極強勁。我們沒有看到任何跡象表明它不會繼續保持強勁勢頭。

Okay. That's great to hear, and thanks for the color.

好的。聽到這個消息真好，謝謝你的讚美。

Stephanie Moore, Jefferies.

Stephanie Moore，傑富瑞集團。

Great. Good morning. Thanks, everybody. I wanted to ask maybe a bigger picture question here, especially based on what I think were very strong 2025 results across the board, but especially on the top line. So I wanted to ask maybe this question in a different way. I think given that the underlying industrial economy, based on most macro indicators that have suggested that 2025 was not a very great industrial year, but we are seeing some green shoots possibly to start 2026, notably with just given the PMI print for January and the like.

偉大的。早安.謝謝大家。我想在這裡提出一個更宏觀的問題，特別是基於我認為 2025 年各方面都表現非常強勁的業績，尤其是總業績。所以我想換個方式問這個問題。我認為，鑑於大多數宏觀指標都表明，2025 年工業經濟狀況並不樂觀，但我們看到 2026 年初可能會出現一些復甦跡象，特別是考慮到 1 月的 PMI 數據等等。

So I wanted you to maybe touch a little bit on kind of, one, how much exposure you think you have to kind of the near-term macro within the industrial economy? And then maybe asked another way, how insulated are you to that as well? So kind of a big picture question and trying to get a sense of, if the industrial economy does ultimately improve, how are you guys positioned? Thanks.

所以我想請您稍微談談，第一，您認為您在工業經濟的近期宏觀經濟中有多大程度的參與度？然後或許可以換個方式問，你對這種情況的免疫力如何？所以，我想問一個比較宏觀的問題，如果工業經濟最終有所改善，你們的處境如何？謝謝。

Well, I think -- you know what? I'm not an economist, by any stretch of the mean, Stephanie. I think, we've -- hopefully, we've demonstrated to the investment community the resilience in our business. 54% of our revenue comes from inspection service and monitoring, that's going to be there regardless of what's going on in the macro. And I feel like we've done a nice job of leading the business through what you could argue is kind of a herky-jerky economic environment over the last period of time.

嗯，我覺得──你知道嗎？史蒂芬妮，我絕對不是經濟學家，無論從哪個角度來說都是如此。我認為，我們已經——希望如此——向投資界證明了我們業務的韌性。我們54%的收入來自檢驗服務和監測，無論宏觀經濟狀況如何，這部分收入都會保持穩定。我覺得我們很好地帶領公司度過了過去這段時間可以說是動盪不安的經濟環境。

So I guess I'm maybe using too many words to get to the point where I feel like we're very well insulated from any noise that may come in the macros. And I also think that this is a business that's if things do improve, this business should see the benefits of that and be able to take advantage of that.

所以我想我可能用了太多的文字來表達我的意思，那就是我覺得我們已經很好地隔絕了宏觀層面上可能出現的任何噪音。而且我認為，如果情況好轉，這家企業應該能夠從中受益並加以利用。

And I think about -- I was joking around with our, with a handful of our Board members about this, maybe three or four -- maybe even six months ago, I don't remember. But the reality of it is that since the company's gone public, we really haven't been in a an economic environment where we've just had tailwinds behind us. It seems like it was, we go public and we get hammered with COVID.

我想起來了——我大概三、四個月前，甚至可能是六個月前，和我們董事會的幾位成員開玩笑談過這件事，我不記得了。但現實情況是，自從公司上市以來，我們並沒有真正處於一個一路順風的經濟環境中。似乎確實如此，我們公開宣布消息後，就遭到了新冠疫情的重創。

Then as soon as COVID's goes -- so to speak, goes away, we get hammered with inflationary times, and then it's tariffs. And it seems like there's always been some headwind that's been in front of this business, and yet we've continued to show really good resilience as we've grown the top line, both inorganically and organically, and expanded our margins, through those headwinds. So I feel like this is just a really strong, resilient business that has that 54% of our revenue kind of backbone from inspection service and monitoring that kind of creates that protective moat around the company.

然後，一旦新冠疫情——或者說，一旦消失——我們就會遭受通貨膨脹的打擊，然後就是關稅。似乎這家企業一直面臨著一些不利因素，但我們仍然展現出了非常好的韌性，透過有機成長和無機成長，實現了營收成長，並擴大了利潤率，克服了這些不利因素。所以我感覺這是一家非常強大、有韌性的企業，其 54% 的收入來自檢驗服務和監控，這為公司構築了一道保護屏障。

So I feel really good about how we're positioned and how if we do see tailwinds in the economy, we should be able to take advantage of that. We didn't lose you, did we, Stephanie?

所以我覺得我們目前的處境非常樂觀，如果經濟出現利多因素，我們應該可以把握這個機會。我們沒有失去你，對嗎，史蒂芬妮？

Kathryn Thompson, Thompson Research Group.

Kathryn Thompson，Thompson 研究小組。

Hi, thank you for taking my question today. And I promise I will ask just one. Once again, it is stepping back and look at the forest for the trees. The cat's out of the bag with AI broadly in the US market and the global market. But put more simply, with the reindustrialization of the US market, which is a bigger trend that includes AI, but it's a bigger trend. When you look at your APi end market of, say, light, non-res versus more that heavy or industrial. In other words, light, I would put, like the Boston field trip that we did a few years ago to a commercial building versus the heavier, which would be a data center build-out or energy-supporting data build-out.

您好，感謝您今天回答我的問題。我保證只會問一個問題。這又是一次退後一步，從整體上看問題，而不是只見樹木不見森林的做法。人工智慧在美國市場和全球市場已經廣為人知。但更簡單地說，隨著美國市場的再工業化，這是一個更大的趨勢，其中也包括人工智慧，但它本身是一個更大的趨勢。當你審視你的 API 終端市場時，比如說，輕型、非資源型應用與重型或工業應用。換句話說，輕型建築就像幾年前我們去波士頓參觀商業建築一樣，而重型建築則像資料中心建設或能源支援型資料建設那樣。

Where do you see that end market breakout today versus that light versus kind of heavy? And where do you see it five years from now, based on what you're seeing and your crystal ball? And what does that mean for your margin goals? Thanks so much.

你認為今天終端市場的突破點在哪裡？是偏輕還是偏重？那麼，根據你目前所見和你的預測，你認為五年後會是什麼樣子？那這對你的利潤率目標意味著什麼？非常感謝。

Well. You did a great job of adding, like, three questions in one question, Kathryn.

出色地。凱瑟琳，你做得太棒了，竟然在一個問題裡提出了三個問題。

Well, it was heavy versus light, you know?

嗯，就是重量級對輕型的比較，你知道嗎？

Yeah.

是的。

How about you just ponder on that a little bit?

不如你稍微思考一下這個問題？

Yeah. Well, no, I mean, it's a thought-provoking -- it's obviously a thought-provoking question. If you look at Specialty Services, a significant component of their revenue mix, a very significant component of their revenue mix comes in what you would consider that heavy industrial. Based on your description of what's considered heavy industrial, including data centers and things like that, and you can see where that's going to continue to have good, strong, organic growth, and that's evidenced right now in our backlog.

是的。不，我的意思是，這是一個引人深思的問題——這顯然是一個引人深思的問題。如果你看一下專業服務，你會發現其收入組成中非常重要的一部分，那就是重工業。根據你對重工業的描述，包括資料中心等等，可以看出它將繼續保持良好、強勁的自然成長，這一點從我們目前的積壓訂單中就可以看出。

I don't know that any one of us can sit here and tell you that, we're going to have 60/40 heavy versus light in five years. What I can tell you is that our company is better situated for the more complex types of end markets. So whether that's advanced manufacturing, data centers, semiconductors, utility, like that's more complicated. Those are complicated facilities that require a different level of expertise, not only on the inspection service and monitoring side, but also on the project side. And so we have always done well in there.

我不知道我們當中有誰能坐在這裡告訴你，五年後我們會達到重金屬與輕金屬 60/40 的比例。我可以告訴你的是，我們公司更適合應付更複雜的終端市場類型。所以無論是先進製造業、資料中心、半導體、公用事業等等，情況就比較複雜了。這些設施非常複雜，不僅在檢查服務和監控方面，而且在專案方面，都需要不同程度的專業知識。所以，我們一直在那裡都做得很好。

If you go back and look at some of our end market data that's included in either Adam or the other Adam, their the spreadsheets that they have on our investor site, when you look at, like, how much of our business comes from commercial, I would tell you that most of that is on the inspection and service side and not necessarily on the project side. And so we will continue to build our inspection and service business, more so on the light side. Now, I don't know that -- you know what I mean, that's what you put office space in the light side, we'll continue to do that.

如果你回顧我們在 Adam 或另一個 Adam 中包含的一些終端市場數據，也就是我們投資者網站上的電子表格，當你查看例如我們的業務有多少來自商業領域時，我會告訴你，其中大部分來自檢驗和服務方面，而不一定是專案方面。因此，我們將繼續發展我們的檢驗和服務業務，尤其是在輕型領域。現在，我不知道——你知道我的意思，這就是你把辦公空間放在光明面的原因，我們會繼續這樣做。

So as it relates to artificial intelligence, we're embracing it. We actually think that artificial intelligence is going to be an enabler for our business and not a job displacement tool, if you will. We actually have stood up an AI team that's being led by a very smart individual in our company. The mandate that they've been given is to really focus our early efforts on enabling our field leaders and making the work of our field leaders, making it more enjoyable, more efficient, hopefully freeing up more time so that they can spend more time on our customer sites. That's what they like to do, and that's the mandate that that team has been given.

所以，就人工智慧而言，我們正在擁抱它。我們實際上認為人工智慧將成為我們業務的推動力，而不是取代工作的工具。我們實際上已經組建了一個人工智慧團隊，由我們公司一位非常聰明的人領導。他們的任務是真正專注於幫助我們的第一線領導者，讓他們的工作更輕鬆、更有效率，希望能夠騰出更多時間，讓他們能夠花更多時間在客戶現場。這就是他們喜歡做的事情，也是賦予該團隊的任務。

And we think that as we continue to adopt artificial intelligence in our business, that it's going to free up people from doing, I'll just say, more mundane tasks, and we can redeploy them into activities that are going to ultimately help us grow our inspection service and monitoring business. And you've heard us talk about that piece of our business. It takes more infrastructure to run that part of our business than, say, the project side of our business. And we see artificial intelligence really enabling that aspect of our business, which is going to free up more people to help it grow. So it's a really good thing. So you had a very thought-provoking question, Kathryn.

我們認為，隨著我們在業務中不斷採用人工智慧，這將使人們從繁瑣的日常工作中解放出來，我們可以將他們重新部署到最終有助於我們發展檢驗服務和監控業務的活動中。您也聽我們談過這部分業務。經營我們業務的這一部分需要比經營我們業務的專案部分更多的基礎設施。我們看到人工智慧正在真正推動我們業務的這一方面發展，這將解放更多的人來幫助業務成長。所以這真是一件好事。凱瑟琳，你提出了一個非常發人深省的問題。

Great. Thanks so much, and, best of luck.

偉大的。非常感謝，祝你好運。

Thank you.

謝謝。

There are no further questions at this time. I will now turn the call back to Russ Becker, President and CEO, for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給總裁兼執行長 Russ Becker，請他作總結發言。

Thank you. In closing, I would like to thank all of our teammates for their continued support and dedication to our business. We believe our people are the foundation on which everything else is built. Without them, we do not exist. I would also like to thank our long-term shareholders, as well as those that have recently joined us for their support. We appreciate your ownership of APi and look forward to updating you on our progress throughout the remainder of the year. Thank you again, and Adam, thank you for everything that you've done for us. I'm very grateful.

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。我們相信，員工是其他一切的基礎。沒有他們，我們就不存在。我還要感謝我們的長期股東以及最近加入我們的股東給予的支持。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。再次感謝，亞當，感謝你為我們所做的一切。我非常感激。

Thank you.

謝謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。