APi Group Corporation (APG) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to API Group's first-quarter 2026 financial results conference call. (Operator Instructions) Please note, this call is being recorded. I will be standing by should you need any assistance.

各位女士、先生，早安，歡迎參加 APi Group 2026 年第一季財務業績電話會議。(接線員指示) 請注意，本次通話將被錄音。如您需要任何協助，我將隨時待命。

I will now turn the call over to Adam Walters, Senior Director of Investor Relations at API Group. Please go ahead.

現在我將把電話交給 APi Group 投資人關係資深總監 Adam Walters。請開始。

Thank you. Good morning, everyone, and thank you for joining our first quarter 2026 earnings conference call. Joining me on the call today are Russ Becker, our President and CEO; and David Jackola, our Executive Vice President and CFO.

謝謝。各位早安，感謝各位參加我們 2026 年第一季財報電話會議。今天與我一同出席的有我們的總裁暨執行長 Russ Becker，以及執行副總裁暨財務長 David Jackola。

Before we begin, I would 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 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，公司財報新聞稿以及本次電話會議中的某些陳述屬於前瞻性陳述，係基於對公司未來表現、預期事件或趨勢，以及其他非歷史事實事項的期望、意圖與預測。這些陳述不保證未來表現，且可能受到已知與未知的風險、不確定性及其他因素影響，致使實際結果與該等前瞻性陳述所明示或暗示者出現重大差異。

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, April 30, and we undertake no obligation to update any forward-looking statement we may make, except as required by law.

在我們的新聞稿及向美國證券交易委員會（SEC）提交的文件中，我們詳述了可能導致未來結果與預期不同的重大風險。我們的陳述以今日 4 月 30 日為準，除法律要求外，我們不承擔更新任何我們可能作出的前瞻性陳述之義務。

As a reminder, we have posted a presentation detailing our first quarter financial performance on the Investor Relations page of our website. Our comments today will also include non-GAAP financial measures and other key operating metrics. The reconciliation of and other information regarding these items can be found in our press release and our presentation.

提醒各位，我們已在公司網站的投資人關係頁面發布簡報，詳述第一季財務表現。我們今天的評論也將包含非 GAAP 財務衡量指標及其他關鍵營運指標。上述項目的調節表及其他相關資訊可於我們的新聞稿與簡報中查閱。

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

現在很高興把電話交給 Russ。

Thank you, Adam. Good morning, everyone. Thank you for taking the time to join our call this morning. I want to start by thanking our 29,000 teammates for their dedication to APi. The safety, health and well-being of each of our leaders is our number one value. We remain deeply committed to investing in their growth and development. This is at the heart of our purpose, building great leaders. Our people are what set this company apart and I'm truly grateful for everything they do.

謝謝你，Adam。各位早安。感謝各位今天早上撥冗參加我們的電話會議。我想先感謝我們 29,000 位隊友對 APi 的投入與奉獻。每一位領導者的安全、健康與福祉是我們的第一價值。我們仍然堅定承諾投資於他們的成長與發展。這正是我們使命的核心：培育卓越領導者。我們的人才是讓公司與眾不同的關鍵，我對他們所做的一切由衷感謝。

In 2026, APi is celebrating its 100-year anniversary by embracing the theme of gratitude. APi was founded in 1926 as a small plumbing business in St. Paul, Minnesota. Today, we are a global market-leading business services company with more than 500 locations around the world.

在 2026 年，APi 以「感恩」為主題慶祝成立 100 週年。APi 於 1926 年在明尼蘇達州聖保羅以一家小型管道工程公司起家。如今，我們已成為全球市場領先的商業服務公司，在世界各地擁有超過 500 個據點。

When I think about that journey, where we started and where we are today, I am truly humbled. We have so much to be grateful for. We are honoring this milestone by giving back to the communities that we serve and by celebrating with our teammates, customers and communities that helped us along this journey. We are off to a strong start in 2026.

回顧這段旅程，從我們的起點到今天的成就，我深感謙卑。我們有太多值得感恩的事。我們透過回饋所服務的社區，並與一路相伴的隊友、客戶與社區共同慶祝，來紀念這個里程碑。我們在 2026 年有個強勁的開局。

Before we get into the financial results, I wanted to touch on a few first quarter highlights. From an M&A perspective, we closed the acquisition of CertaSite in February, an inspection-first provider of comprehensive fire and life safety services across the Midwest.

在進入財務結果之前，我想先談幾項第一季重點。就併購（M&A）而言，我們於 2 月完成對 CertaSite 的收購；該公司以檢測優先為核心，於美國中西部提供全面的消防與生命安全服務。

Earlier this month, we announced an agreement to acquire Ireland-based Wtech Fire Group, which adds to our fire sprinkler and suppression capabilities across Europe, a key strategic growth area for our international business. And just last week, we announced an agreement to acquire Onyx-Fire Protection Services, a leading provider of fire and life safety services in Canada with an inspection-first mindset and a strong recurring revenue base.

本月稍早，我們宣布已達成協議收購總部位於愛爾蘭的 Wtech Fire Group，這將強化我們在歐洲的消防灑水與抑制系統能力，而歐洲是我們國際業務的關鍵策略成長領域。就在上週，我們也宣布已達成協議收購 Onyx-Fire Protection Services；該公司是加拿大領先的消防與生命安全服務供應商，秉持檢測優先的理念，並擁有穩健的經常性收入基礎。

This acquisition positions us well in Canada, which we view as an attractive fire and life safety and electronic security market. We expect Onyx-Fire to close in the second quarter and Wtech Fire to close in the third quarter of this year. We will update our full year guidance on future earnings calls after these transactions close.

此項收購使我們在加拿大的布局更具優勢；我們認為加拿大是具吸引力的消防與生命安全及電子安防市場。我們預期 Onyx-Fire 將於第二季完成交割，Wtech Fire 將於今年第三季完成交割。在這些交易完成後，我們將於後續的財報電話會議更新全年財測指引。

In total, these three acquisitions represent an investment of more than $1 billion to further build out our Safety Services segment across the US, Europe and Canada. Each of these acquisitions is accretive to our 10/16/60+ financial targets. And equally important, these businesses are all excellent cultural fits and we are excited to welcome our new teammates to the APi family.

總計而言，這三項收購代表超過 10 億美元的投資，用以進一步擴建我們在美國、歐洲與加拿大的安全服務（Safety Services）事業部。這些收購皆可增益（accretive）於我們的 10/16/60+ 財務目標。同樣重要的是，這些企業在文化上都非常契合，我們也很期待歡迎新隊友加入 APi 大家庭。

We also completed four bolt-on acquisitions during the quarter and we remain on track to deploy approximately $250 million in bolt-on M&A at attractive multiples this year, including opportunities within the international business and the elevator and escalator services businesses.

我們在本季也完成了四項補強型（bolt-on）收購，並仍按計畫於今年以具吸引力的倍數部署約 2.5 億美元於補強型併購，包含國際業務以及電梯與手扶梯服務業務中的機會。

Our systems and business enablement program continues to advance well. Earlier this month, our first pilot company went live on our new business systems. Our teams have done a tremendous amount of work to get to this point. And while there is still work ahead of us, we are tracking in line with our expectations.

我們的系統與業務賦能計畫持續順利推進。本月稍早，我們第一家試點公司已在新的業務系統上正式上線。我們的團隊為達成這一步投入了大量工作。雖然前方仍有工作要完成，但目前進度符合我們的預期。

Now turning to our strong first quarter results. The business continues to build momentum, delivering robust top line growth while expanding margins. We continue to deliver solid growth in inspection, service and monitoring revenues while capitalizing on the robust project environment. We expanded our adjusted EBITDA margins and as I mentioned earlier, we continue to drive our M&A strategy to further strengthen and expand our global platform.

接著談我們強勁的第一季表現。公司持續累積動能，在擴大利潤率的同時，帶來強勁的營收成長。我們持續在檢測、服務與監控收入方面交出穩健成長，同時把握強勁的專案環境。我們擴大了調整後 EBITDA 利潤率；如我先前所提，我們也持續推動併購策略，以進一步強化並擴展我們的全球平台。

For the quarter, net revenues increased by 15%, and approximately 10% organically, with strong growth across both segments. In our Safety Services segment, revenues grew organically by approximately 5%, while expanding segment earnings margins by 60 basis points. Our Specialty Services segment continued its momentum, delivering approximately 25% organic growth while expanding segment earnings margins by 50 basis points. Importantly, we continue to see solid growth in inspection revenues, and we remain confident in our ability to sustain that momentum.

本季淨營收成長 15%，其中約 10% 為有機成長，兩大事業部皆呈現強勁成長。在安全服務事業部，營收有機成長約 5%，同時事業部獲利率提升 60 個基點。專業服務（Specialty Services）事業部延續動能，有機成長約 25%，同時事業部獲利率提升 50 個基點。重要的是，我們持續看到檢測收入的穩健成長，並對維持這股動能的能力保持信心。

Our team continued to focus on margin expansion with adjusted EBITDA margins expanding 70 basis points year-over-year. We expect to see continued margin expansion for the year, largely driven by the same initiatives that we have been executing. These include the following: first, 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 always like to say, we can always just be better.

我們的團隊持續聚焦於利潤率擴張，調整後 EBITDA 利潤率較去年同期提升 70 個基點。我們預期全年利潤率將持續擴張，主要由我們一直在執行的相同措施所驅動。包括：第一，持續的有機成長；改善檢測、服務與監控的收入組合；嚴謹的客戶與專案篩選；定價；分公司與現場端最佳化；採購；系統與規模效益；具增益的併購；以及選擇性地精簡業務。而且如我一向喜歡說的，我們永遠都可以做得更好。

The first quarter was another strong quarter for cash flow as the business generated $125 million in adjusted free cash flow. In addition, we ended the quarter with a net leverage ratio of approximately 1.8x, well below our long-term target. Our consistent free cash flow generation and strong balance sheet continue to provide us flexibility to pursue a range of value-enhancing capital deployment opportunities to support our 10/16/60+ financial targets.

第一季現金流再度表現強勁，業務產生了1.25億美元的調整後自由現金流。此外，我們在季末的淨槓桿比率約為1.8倍，遠低於我們的長期目標。我們持續穩定的自由現金流創造能力與強健的資產負債表，持續為我們提供彈性，以把握一系列可提升價值的資本配置機會，支持我們的10/16/60+財務目標。

As a reminder, these targets are the following: $10 billion in net revenues by 2028, supported by consistent mid-single-digit organic growth and accretive M&A. 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.

提醒一下，這些目標如下：到2028年淨營收達100億美元，並由持續的中等個位數有機成長與具增益性的併購（M&A）所支撐；到2028年調整後EBITDA利潤率達16%以上；長期而言，檢驗、服務與監測收入占我們營收的60%以上；以及截至2028年的累計調整後自由現金流達30億美元。

I am proud of our team for the strong momentum we have built to start the year. Our inspection, service and monitoring business continues to expand. Our backlog is robust and healthy, and our balance sheet provides us with the flexibility to continue executing on our capital deployment priorities.

我為我們團隊在年初所建立的強勁動能感到自豪。我們的檢驗、服務與監測業務持續擴張。我們的在手訂單（backlog）強勁且健康，而我們的資產負債表也為我們提供彈性，得以持續執行資本配置的優先事項。

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

接下來我想把電話會議交給David，請他更詳細地說明我們第一季的財務結果與展望指引。David？

Thanks, Russ, and good morning, everyone. Reported net revenues for the three months ended March 31 were $1.98 billion, a 15.3% increase compared to $1.72 billion in the prior year period. Organic revenue growth of 10.4% was driven by solid growth in inspection, service and monitoring revenues, growth in project revenues and pricing improvements. Adjusted gross margin for the three months ended March 31 was 31.3%, representing a 40 basis points decrease compared to the prior year period, primarily driven by business mix partially offset by disciplined customer and project selection and pricing improvements.

謝謝你，Russ，各位早安。截至3月31日止三個月的報告淨營收為19.8億美元，較去年同期的17.2億美元成長15.3%。10.4%的有機營收成長，主要來自檢驗、服務與監測收入的穩健成長、專案收入成長以及定價改善。截至3月31日止三個月的調整後毛利率為31.3%，較去年同期下降40個基點，主要由業務組合所致，部分被嚴謹的客戶與專案選擇以及定價改善所抵銷。

Adjusted EBITDA increased by 21.8% for the 3 months ended March 31, 18.1% on a fixed currency basis with adjusted EBITDA margin coming in at 11.9%, representing a 70 basis points increase compared to the prior year period. Growth in adjusted EBITDA was driven by strong revenue growth and favorable SG&A leverage.

截至3月31日止三個月，調整後EBITDA成長21.8%；以固定匯率計成長18.1%，調整後EBITDA利潤率為11.9%，較去年同期提升70個基點。調整後EBITDA的成長主要由強勁的營收成長與有利的SG&A槓桿所帶動。

Adjusted diluted earnings per share for the 3 months ended March 31 was $0.32, representing a $0.07 or 28% increase compared to the prior year period. The increase was driven by strong revenue growth, adjusted EBITDA margin expansion, and a decrease in interest expense partially offset by an increase in the share count.

截至3月31日止三個月，調整後稀釋每股盈餘為0.32美元，較去年同期增加0.07美元或28%。此增幅主要由強勁的營收成長、調整後EBITDA利潤率擴張，以及利息費用下降所帶動，但部分被股數增加所抵銷。

I will now discuss our results in more detail for the Safety Services segment. Safety Services reported net revenues for the 3 months ended March 31 were $1.42 billion, an 11.7% increase compared to $1.27 billion in the prior year period. Organic growth of 5.4% was driven by solid growth in inspection, service and monitoring revenues, growth in project revenues and pricing improvements.

接下來我將更詳細說明安全服務（Safety Services）事業部的表現。截至3月31日止三個月，安全服務的報告淨營收為14.2億美元，較去年同期的12.7億美元成長11.7%。5.4%的有機成長主要來自檢驗、服務與監測收入的穩健成長、專案收入成長以及定價改善。

Adjusted gross margin for the 3 months ended March 31 was 37.2%, representing a 20 basis points increase compared to the prior year period driven by disciplined customer and project selection and pricing improvements, resulting in margin expansion in inspection, services and monitoring revenues and project revenues, partially offset by mix.

截至3月31日止三個月，調整後毛利率為37.2%，較去年同期提升20個基點，主要由嚴謹的客戶與專案選擇以及定價改善所帶動，使檢驗、服務與監測收入及專案收入的利潤率擴張，但部分被組合因素所抵銷。

Segment earnings increased by 15.6% for the 3 months ended March 31, or 11.7% on a fixed currency basis. Segment earnings margin was 16.3%, representing a 60 basis points increase compared to the prior year period, primarily driven by adjusted gross margin expansion and favorable SG&A leverage.

截至3月31日止三個月，事業部獲利成長15.6%；以固定匯率計成長11.7%。事業部獲利率為16.3%，較去年同期提升60個基點，主要由調整後毛利率擴張與有利的SG&A槓桿所帶動。

I will now discuss our results in more detail for the Specialty Services segment. Specialty Services reported net revenues for the 3 months ended March 31 were $569 million, an increase of 25.6%, or 24.8% organically, compared to $453 million in the prior year period, driven by growth in both projects and service revenues.

接下來我將更詳細說明專業服務（Specialty Services）事業部的表現。截至3月31日止三個月，專業服務的報告淨營收為5.69億美元，較去年同期的4.53億美元增加25.6%；以有機口徑計成長24.8%，主要由專案與服務收入雙雙成長所帶動。

Adjusted gross margin for the 3 months ended March 31 was 16.3%, representing a 50 basis points decrease compared to the prior year period, primarily driven by mix. Segment earnings increased 34.5% for the 3 months ended March 31, and segment earnings margin was 6.9%, representing a 50 basis points increase compared to the prior year period primarily due to favorable fixed cost absorption, partially offset by mix.

截至3月31日止三個月，調整後毛利率為16.3%，較去年同期下降50個基點，主要由組合因素所致。截至3月31日止三個月，事業部獲利成長34.5%，事業部獲利率為6.9%，較去年同期提升50個基點，主要因固定成本吸收有利，部分被組合因素所抵銷。

As Russ mentioned in his remarks, Q1 was another strong quarter for adjusted free cash flow. For the 3 months ended March 31, adjusted free cash flow was $125 million, up $39 million versus last year, representing an adjusted free cash flow conversion of 88% on adjusted net income.

如Russ在致詞中提到，第一季調整後自由現金流再度表現強勁。截至3月31日止三個月，調整後自由現金流為1.25億美元，較去年增加3,900萬美元，代表以調整後淨利計算的調整後自由現金流轉換率為88%。

Free cash flow generation has been and continues to be a priority across APi. We are pleased with our first quarter adjusted free cash flow while continuing to drive strong, consistent revenue growth. We remain on track to achieve our adjusted free cash flow conversion target of approximately 115% for the year, in line with prior guidance.

自由現金流的創造一直是、並將持續是APi全公司的優先事項。我們對第一季的調整後自由現金流表現感到滿意，同時也持續推動強勁且一致的營收成長。我們仍按計畫達成全年約115%的調整後自由現金流轉換率目標，與先前指引一致。

At the end of the first quarter, our net debt to adjusted EBITDA ratio was approximately 1.8x, significantly below our long-term target of 2.5 to 3 times. Our consistent free cash flow generation and strong balance sheet position us well as we evaluate financing options for the previously announced Wtech and Onyx acquisitions, which we plan to fund with a combination of cash on hand, cash flow from operations and incremental debt. As a reminder, our long-term capital deployment priorities remain unchanged, maintaining net leverage at stated long-term goals, strategic M&A at attractive multiples and opportunistic share repurchase.

在第一季末，我們的淨負債對調整後EBITDA比率約為1.8倍，顯著低於我們2.5至3倍的長期目標。我們穩定的自由現金流創造能力與強健的資產負債表，使我們在評估先前已公告的Wtech與Onyx收購案之融資選項時具備良好條件；我們計畫以手上現金、營運現金流及新增負債的組合來籌資。提醒一下，我們的長期資本配置優先事項維持不變：將淨槓桿維持在既定長期目標、以具吸引力的倍數進行策略性併購，以及機會性庫藏股回購。

I will now discuss our guidance for the second quarter and full year 2026, which, as a reminder, is based on current foreign currency exchange rates and acquisitions closed to date. We expect increased full year net revenues of $8.475 billion to $8.675 billion, up from $8.4 billion to $8.6 billion, representing organic growth in net revenues of 5% to 7% for the year.

接下來我將說明我們對2026年第二季與全年之指引；提醒一下，此指引係以目前外匯匯率及截至目前已完成交割的收購案為基礎。我們預期全年淨營收將提高至84.75億至86.75億美元，先前為84億至86億美元，代表全年淨營收有機成長5%至7%。

Moving down to the P&L. We expect increased full year adjusted EBITDA of $1.15 billion to $1.21 billion, up from $1.14 billion to $1.2 billion, representing an adjusted EBITDA margin of 13.8% at the midpoint and adjusted EBITDA growth of 11% to 16% for the year.

接著看損益表（P&L）。我們預期全年調整後EBITDA將提高至11.5億至12.1億美元，先前為11.4億至12.0億美元；以中位數計算，調整後EBITDA利潤率為13.8%，全年調整後EBITDA成長11%至16%。

As a reminder, the impact of the CertaSite acquisition, which closed on February 2 was fully reflected in our prior guidance and we will update our guidance for the Wtech and Onyx acquisitions after those transactions have closed. Our increased full year revenue and EBITDA guidance is due to the strong business performance to start the year offset by the headwind of the strengthening US dollar since our February guidance. More information on our revised guide can be found on our earnings presentation that is posted on our Investor Relations website.

提醒一下，2月2日完成交割的CertaSite收購案之影響已完整反映在我們先前的指引中；而Wtech與Onyx收購案將在交易完成交割後更新指引。我們上調全年營收與EBITDA指引，主要因年初業務表現強勁，但部分被自2月指引以來美元走強所帶來的不利因素所抵銷。關於我們修訂後指引的更多資訊，請參閱我們發布於投資人關係網站的法說簡報。

In terms of the second quarter, we expect reported net revenues of $2.175 billion to $2.225 billion, representing organic net revenue growth of approximately 7% to 9%. We expect adjusted EBITDA of $300 million to $310 million, representing an adjusted EBITDA margin of 13.9% at the midpoint and adjusted EBITDA growth of 10% to 14%.

就第二季而言，我們預期申報淨營收為 21.75 億至 22.25 億美元，代表有機淨營收成長約 7% 至 9%。我們預期調整後 EBITDA 為 3.00 億至 3.10 億美元，以中位數計算的調整後 EBITDA 利潤率為 13.9%，且調整後 EBITDA 成長 10% 至 14%。

For 2026, we continue to anticipate interest expense to be $130 million, depreciation to be $90 million, capital expenditures to be $105 million, and our adjusted effective tax rate to be 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 441 million for the year.

對於 2026 年，我們仍預期利息費用為 1.30 億美元、折舊為 9,000 萬美元、資本支出為 1.05 億美元，且我們的調整後有效稅率為 23%。我們預期公司費用每季約 3,500 萬美元，全年在時點上會有些變動；並預期全年調整後稀釋加權平均股數為 4.41 億股。

With that, I will now turn the call back over to Russ.

接下來，我把電話交回給 Russ。

Thanks, David. We began the second quarter with positive momentum and strong demand for our services. We continue to deliver robust organic growth, expand adjusted EBITDA margins and build on the strength of our backlog, that and the continued strength of our M&A execution and pipeline position us well for the remainder of the year. We remain focused on creating sustainable shareholder value by delivering on our 10/16/60+ targets.

謝謝，David。我們以正向動能展開第二季，且對我們服務的需求強勁。我們持續交出強勁的有機成長、擴大調整後 EBITDA 利潤率，並在積壓訂單的優勢上再接再厲；再加上我們在併購執行與併購管線的持續強勢，讓我們在今年剩餘期間具備良好態勢。我們仍專注於透過達成我們的 10/16/60+ 目標，創造可持續的股東價值。

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

接下來，我想把電話交給接線員，並開放問答。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。(接線員指示)

Andrew Kaplowitz, Citi.

Andrew Kaplowitz，花旗。

Good morning, everyone.

各位早安。

Good morning.

早安。

Good morning. Russ, could you give us a little more color on what you're seeing in Specialty Services? Obviously, it continues to be very strong, a different level of strength, I think, over the last few quarters. I know you've got tougher comps moving forward, but do you see the momentum continuing as the majority of the uptick coming from data centers? Or is it more broad-based, would you say?

早安。Russ，你能否多分享一些你在專業服務（Specialty Services）看到的情況？顯然它持續非常強勁，我覺得過去幾季的強度又更上一個層級。我知道接下來的比較基期會更具挑戰，但你是否看到這股動能會延續，且這波上升的大部分來自資料中心？還是你會說其實更偏向廣泛性的成長？

Thanks, Andy, and I hope you're well. I would say that their backlog is super strong. And they are seeing some benefits from data centers, but I would classify the work in their portfolio to be more broad-based than just data centers. As a reminder, we're doing industrial maintenance and service work in our Specialty Services segment. We're doing infrastructure work.

謝謝，Andy，也希望你一切都好。我會說他們的積壓訂單非常強勁。他們確實從資料中心受益一些，但我會把他們組合中的工作性質歸類為不僅僅是資料中心，而是更廣泛的。提醒一下，我們在專業服務部門做的是工業維護與服務工作。我們也做基礎建設相關工作。

We do potable water replacement work, and so the telecom work. And so they're definitely benefiting from data center and the opportunities that are presented with the data center expansions in North America. But I would also just classify their backlog as being really diverse just with their service offerings as well as from a geographic standpoint.

我們做可飲用水管線汰換工程，還有電信相關工作。因此，他們確實受惠於資料中心，以及北美資料中心擴建所帶來的機會。但我也會把他們的積壓訂單形容為非常多元，不論是服務內容，或是地理分布的角度皆然。

Very helpful. And then it seems like you've accelerated acquisitions quite a bit this year with the $1 billion you mentioned and continued optimism to get to the $250 million per year bolt-on M&A activity. Is there any reason for the uptick maybe valuation is better, just more companies willing to sell, just more color on what you're seeing, do you expect this uptick of modestly bigger deals to continue?

非常有幫助。另外，看起來你們今年加速了併購，你提到的 10 億美元，以及持續樂觀看待每年達到 2.5 億美元的補強型併購活動。這波增加有什麼原因嗎？例如估值更合理、更多公司願意出售等；想請你多談談你看到的情況，你是否預期這種規模稍大一些的交易增加會持續？

Well, you broke the rule already, but with multiple questions. But I expected that from you, Andy. And so you know what, to be honest with you, Andy, I would just say it's -- the opportunities presented themselves at the right time. So I don't know that it was anything that was necessarily purposeful. It's just that sometimes things have to present themselves at the right time. As an example, Onyx presented itself 18 months to 2 years ago, we've known the business for a long time.

嗯，你已經先破壞規則了，因為問了好幾個問題。但我也預期你會這樣，Andy。老實說，Andy，我會說就是——機會在對的時間出現了。所以我不確定這是否是我們刻意為之。只是有時候事情必須在對的時間點出現。舉例來說，Onyx 在 18 個月到 2 年前就曾出現過機會，我們認識這家公司很久了。

I've known their CEO for probably 10 years plus. But when it presented itself the first time around, we were in the middle of an integration, a lot of integration work with our existing business in Canada alongside the Chubb Canada business, and we didn't feel like we had the bandwidth to do it. And so we remain disciplined and basically stayed on the sideline and this opportunity presented itself. And so we were able to capture it and take advantage of it.

我認識他們的 CEO 可能已經超過 10 年。但第一次出現機會時，我們正處於整合期，正在把加拿大既有業務與 Chubb Canada 業務做大量整合作業，我們覺得沒有足夠的資源與精力去做。因此我們保持紀律，基本上先在旁觀望，而這次機會再次出現。所以我們就能把握並加以利用。

Wtech is another example. I think I first met Ted Wright, their CEO, who's a great leader, just like the Onyx CEO is a great leader. I think I met Ted, a couple of years ago, and we've just stayed in touch and got to know his business. And I think our culture and everything, the investment we make in people really lined up with what he was looking for as it relates to the people on his team. And the opportunity presented itself. And so again, we took advantage of it.

Wtech 也是另一個例子。我第一次見到他們的 CEO Ted Wright（很棒的領導者，就像 Onyx 的 CEO 也是很棒的領導者）應該是幾年前。我們一直保持聯繫，也逐步更了解他的業務。我認為我們的文化，以及我們在人員上的投入，非常符合他對其團隊成員所期待的方向。而機會也就出現了。因此，我們再次把握了這個機會。

And so the CertaSite acquisition came along, that was more of a process-driven transaction. But I think it's more just the opportunities came right time, great fit for us. We have a great team here that was able to jump in and execute. And I'm super excited about these businesses. I mean they -- not only are they center of the fairway for us as it relates to like the services that we want to offer our customers, but very strategic for us, but great leadership, great people in those businesses and just can't be more excited to have them joining the APi family.

接著 CertaSite 的收購案出現了，那比較像是一個流程驅動的交易。但我認為更主要是機會來得正是時候，而且非常適合我們。我們這裡有一支很棒的團隊，能夠迅速投入並執行到位。我對這些企業感到非常興奮。我的意思是——它們不僅完全符合我們想提供給客戶的服務方向，也對我們非常具策略性；而且這些企業都有很棒的領導團隊與優秀的人才，我對他們加入 APi 大家庭感到無比興奮。

And I was -- you didn't ask me this, but I actually got a chance to be in Portugal last week with the Wtech team and as they kind of did their annual planning process. And like I came out of that just like even more excited about the fit. So just right opportunities, right time, probably the best way to put it.

另外——你沒有問我這個，但我上週其實有機會在葡萄牙和 Wtech 團隊一起，參與他們的年度規劃流程。我從那次行程回來後，對於彼此的契合度更加興奮。所以就是：對的機會、對的時間，大概是最好的說法。

Appreciate the color, Russ.

感謝補充說明，Russ。

John Tanwanteng, CJS Securities.

John Tanwanteng，CJS Securities。

Hi, good morning. Thank you for taking my questions. I was wondering if you could talk a little bit -- if you could talk about input cost inflation, what you're seeing there, number one. And if you're seeing any pushback from customers or any sensitivity to pricing as you put those price increases through to them?

嗨，早安。謝謝讓我提問。我想請你談談投入成本通膨，你們目前看到的情況，這是第一點。另外，當你們把這些漲價轉嫁給客戶時，是否看到客戶有任何反彈，或對價格更敏感？

Yeah, good question. Thanks, John. So on the pricing side, we continue to be able to get pricing on the inspection service and monitoring streams in our business. That hasn't changed over the last couple of quarters. In terms of input costs, so we've seen the impact of rising fuel costs and some material inflation in our business as a result of tariffs and the conflict in Iran. Our teammates and our leaders have done a really great job of protecting themselves at the time of proposal, which means that we're able to capture the dollar impact of rising fuel costs and material costs as they come through.

是的，問得好。謝謝你，John。在定價方面，我們在業務中的檢測、服務與監控等收入流，仍持續能夠取得價格調整。這在過去幾季並沒有改變。就投入成本而言，我們因關稅以及伊朗衝突而看到燃料成本上升的影響，以及部分材料通膨。我們的同仁與主管在提案階段就做得非常好、把保護措施納入其中，這代表我們能在燃料與材料成本上升發生時，將其金額影響反映並回收。

As a reminder, about 53% of our revenue comes from inspection service and monitoring and we're able to price that revenue on nearly in real time. So if material cost increase we're able to price for that almost in real time. We've done a great job of being able to protect ourselves and capture the dollar value. It may have had a slight nick on the margin, but we've been able to protect ourselves from a dollar basis.

提醒一下，我們約 53% 的營收來自檢測服務與監控，而這部分營收我們幾乎可以接近即時地進行定價。因此，如果材料成本上升，我們也幾乎能夠接近即時地反映在價格上。我們在保護自身並掌握其美元價值方面做得非常好。毛利率可能略有受損，但以美元金額的角度來看，我們已經能保護自己。

And are you seeing any sensitivity from customers?

那你們有看到客戶端有任何敏感度嗎？

No, we've been able to continue to catch your price.

沒有，我們仍然能持續把價格追上來。

Okay, great. Thank you.

好的，很好。謝謝。

Tim Mulrooney, William Blair.

Tim Mulrooney，William Blair。

Good morning, Russ and David. Thanks for taking my questions. Back to the acquisitions. Curious how far along are your recent acquisitions of Wtech and Onyx down this inspection-first journey. We think of APi as being very forward leaning on focusing on inspections and service versus the installed jobs, but I'm unclear how many other companies out there have a similar go-to-market strategy or at least how well developed their systems and protocols are, I guess, as it relates to being aligned with your strategy?

早安，Russ 和 David。謝謝你們回答我的問題。回到併購的話題。我想了解你們近期併購的 Wtech 和 Onyx，在這條「檢測優先」的旅程上目前進展到哪個階段。我們認為 APi 在聚焦檢測與服務、相對於安裝型專案方面是非常前瞻的，但我不太清楚外面還有多少公司有類似的 go-to-market 策略，或至少他們的系統與流程成熟度如何——也就是說，與你們策略對齊的程度？

Yeah, Tim, thank you. Good morning. And what I would tell you is like I'm going to include CertaSite into the mix here. I would tell you, CertaSite was like way down the line. And like 95% of their revenue came from inspection and service work. And so I would put them like even ahead of APi, and that goes back to when Jeff Wyatt founded the business, he founded the business with this inspection-first mindset.

是的，Tim，謝謝你。早安。我想我會把 CertaSite 也一起納入來談。我會說，CertaSite 在這條路上其實走得非常前面。他們大概 95% 的營收都來自檢測與服務工作。所以我會把他們放在甚至比 APi 更前面的位置；這要追溯到 Jeff Wyatt 創立這家公司時，他就是以「檢測優先」的思維來創業的。

I would say Onyx is kind of in a similar spot that APi is at currently today. And so they are super focused on building a really robust inspection, service and monitoring business, but I put them in a similar spot that we are. And I would say that Wtech is probably what I would consider the more traditional where they're probably a little bit heavier on the project side today, and there's opportunity for us to really build a robust inspection and services business inside that current business.

我會說 Onyx 目前大致處在和 APi 現在差不多的位置。他們非常專注於打造一個非常強健的檢測、服務與監控業務，但我會把他們放在與我們相近的階段。至於 Wtech，我認為它比較偏傳統；目前可能在專案端的比重更高，而我們有機會在其既有業務中，真正建立一個強健的檢測與服務業務。

So they're all 3 in kind of different phases of their evolution. But -- so they're in a good spot, and I think they're all going to be really accretive to what we're trying to accomplish as a company.

所以這三家公司大概都處在各自演進的不同階段。但——總之，他們都在一個不錯的位置，我認為他們都會對我們公司想達成的目標帶來很強的增益。

That's really good color. Thank you, Russ. And then if I just stick in kind of along those lines, if I'm looking at Wtech in particular, just curious how you think about the margin potential of that European business in totality. So you take Chubb, adding Wtech, I think what you had originally SK Fire, you put all this together, you streamline the operations. But obviously, the mix is a little bit different. The markets are a little bit different than the US, but you take all of this into account, what does that look like 3 to 5 years down the line relative to your US Fire and Life Safety business?

這些說明很有幫助。謝謝你，Russ。那如果我沿著這個方向再問一下，特別是看 Wtech，我想了解你如何看待這個歐洲業務整體的利潤率潛力。也就是把 Chubb、再加上 Wtech、以及你們原本的 SK Fire，把這些整合在一起並精簡營運。但顯然，組合結構有些不同。市場也和美國不太一樣；把這些都納入考量後，未來 3 到 5 年，相對於你們美國的 Fire and Life Safety（消防與生命安全）業務，會是什麼樣子？

Well, I got to give you a little bit of hard time to -- everybody is breaking the rules. So I gave Andy Kaplowitz a little bit of a hard time. So I got to make sure I give Jon from CJS and now I'm going to give you, Tim, a hard time about it, but -- anyways, Yes. No, it's all good. You got to have a little bit of fun with this stuff, too.

嗯，我得稍微跟你開個玩笑——大家都在破壞規則。所以我剛剛也稍微跟 Andy Kaplowitz 開了點玩笑。所以我得確保也要跟 CJS 的 Jon，現在也要跟你 Tim，稍微開個玩笑，不過——總之，是的。沒有啦，都很好。這些事情也要有點樂趣。

And the expectation is that it will be in line with our North American Safety business, and there's no reason that from a margin perspective, that they won't be. And it's just -- a big part of it is setting expectations and creating the right belief that it's achievable, but that's the expectation. We believe that every one of our branches has the opportunity to be a 20% EBITDA branch. And that's the goal, and that's the target. And we feel the same way about Wtech. We feel the same way about Chubb that's integrated with SK as we do about our business in Paducah, Kentucky.

我們的預期是，它的表現會與我們北美的 Safety（安全）業務一致；從利潤率角度來看，沒有理由做不到。而其中很大一部分在於設定期望，並建立「這是可達成的」正確信念，但這就是我們的預期。我們相信，我們每一個分公司都有機會成為 EBITDA 利潤率 20% 的分公司。這就是目標，也是標的。我們對 Wtech 也是同樣的看法。我們對與 SK 整合後的 Chubb 的看法，也和我們對肯塔基州帕迪尤卡（Paducah）業務的看法一樣。

Got it. Thank you.

了解。謝謝。

Kathryn Thompson, TRG.

Kathryn Thompson，TRG。

Sorry about that. Thank you for taking my questions today. Good to see that guidance was raised, seeing good underlying business performance. But if you could just give a little bit more color on that in terms of what you're seeing? Is it -- just to clarify, is it increased demand or pricing or just timing? And has there been any change in the variety of work? You noted earlier in your -- in the Q&A that it's not just data centers, but it's other projects, too. So just maybe sussing out a little bit more the color on that improved performance.

不好意思。謝謝你們今天回答我的問題。很高興看到你們上調指引，也看到基礎業務表現良好。但如果可以的話，能否就你們所看到的情況再多提供一些細節？我想確認一下：這是需求增加、定價、還是只是時點因素？另外，工作類型的多樣性是否有任何變化？你們先前在——在問答中提到不只是資料中心，還有其他專案。所以想再更深入了解一下這些改善表現背後的細節。

Well, I would say yes. And what I mean by that is that it's a combination of everything. There's demand. And obviously, the conversation everybody is talking about is around data centers, right? And data centers is really the primary pusher of demand. So there's demand opportunity, but there's other end markets that continue to create robust opportunities as well like advanced manufacturing. We're seeing some really great opportunities in the health care space, even higher education, there's opportunity there. Critical infrastructure continues to create opportunities for us.

嗯，我會說是的。我的意思是，這是各種因素的組合。有需求。而且顯然，大家都在談的話題是資料中心，對吧？資料中心確實是推動需求的主要動力。所以有需求機會，但也有其他終端市場持續帶來很強勁的機會，例如先進製造。我們在醫療保健領域也看到一些非常好的機會，甚至高等教育也有機會。關鍵基礎設施也持續為我們創造機會。

So there's demand, there's playing in the right end markets contributes to it. Price contributes to it. So it's a combination of everything. And we've been very consistent in our messaging that we are not over-indexing on the data center space. We want to make sure that we're taking advantage of the opportunities that are presented. But we're not pushing all the chips onto the come line as it relates to data centers. And we'll take advantage of it, but we need to continue to keep our customers that we have in the health care space and advanced manufacturing, et cetera. So it's a combination of everything that you mentioned.

所以有需求，切入正確的終端市場也有助於推動表現。價格也有貢獻。因此這是各種因素的組合。而且我們在訊息傳達上一直很一致：我們不會在資料中心領域過度集中。我們要確保把握眼前出現的機會。但就資料中心而言，我們不會把所有籌碼都押上去。我們會把握機會，但也必須持續維繫我們在醫療保健、先進製造等領域的客戶，等等。所以就是你提到的各項因素的綜合。

Great. Thank you. And the follow-up question relates to the inspection-first businesses that you acquired. Does the integration time line differ between kind of your two boards of inspection or inspection and servicing businesses. And just is it easier ramp? Just any other color on the ramp-up of this type of business. Thank you.

很好。謝謝。接下來的追問與你們收購的「先檢測」業務有關。在你們兩種檢測業務，或檢測加維保業務之間，整合時程是否有所不同？另外是否更容易加速爬坡？關於這類業務的爬坡進展，還有沒有其他補充說明？謝謝。

Yes. I mean all three of them are like slightly different, if you will, like CertaSite is kind of its own business that will continue to operate as an independent business inside our North American safety business. Their service offerings are a little bit different. It's a business that has -- does a lot of extinguisher work. And so the integration will look different for that business than it would, say, look for like a more traditional bolt-on.

是的。我的意思是，三個案子各自都有些微不同。比如說，CertaSite 某種程度上是一個獨立的業務，會在我們北美安全業務內以獨立事業的方式持續運作。他們的服務內容也有些不同。這是一個做了很多滅火器相關工作的業務。因此，對這個業務的整合方式，會不同於例如較傳統的補強式併購（bolt-on）。

Our Canadian, the Onyx acquisition, we're going to operate that business as an independent portfolio business for the time being until we can figure out the exact -- we know where their strengths are, where their weaknesses are, and how that's complementary to our existing footprint in the Canadian operations, and we'll kind of address that market by market as we continue to go forward after we get through the different regulatory filings and everything that we need to get done to close on the acquisition.

至於加拿大的 Onyx 收購案，我們短期內會把它作為獨立的投資組合業務來運作，直到我們釐清他們的優勢與弱點，以及這些如何與我們在加拿大既有營運據點形成互補；在完成各項監管申報等、並把收購案交割所需事項處理完之後，我們會在後續推進過程中按各個市場逐一來因應。

And then Wtech will be a stand-alone business inside our international business. And I think most folks have heard me talk about the difference between, say, North America and our international business. And what Wtech brings to our international business is strong strength and capability in the suppression side of the Fire, Life Safety space, which hasn't been a significant strength for us. And so we plan to operate that as an independent business inside our international operations. And so the integration will look different there as well. So they all will have their own variation and levels of like integration as you would potentially define it.

然後 Wtech 會在我們的國際業務中作為獨立事業運作。我想多數人都聽我談過北美與國際業務之間的差異。Wtech 為我們的國際業務帶來的是在消防、生命安全（Fire, Life Safety）領域中「抑制（suppression）」端的強項與能力，而這一直不是我們顯著的強項。因此我們計畫在國際營運中把它作為獨立業務來運作。所以那邊的整合方式也會不同。總之，它們各自都會有不同的變化與整合程度，取決於你如何定義「整合」。

Great. Thanks so much. Appreciate it and good luck.

很好。非常感謝。感謝你的說明，祝順利。

Thank you.

謝謝。

Julian Mitchell, Barclays.

Julian Mitchell，巴克萊。

Good morning. This is Hamer from the Barclays team on for Julian. Thank you for taking my question. I understand that growth is quite broad-based across your markets, but specifically on data centers, could you provide a bit more color on the funnel and pipeline over the next few quarters? And if the company is still on track to reach around 10% of sales from data centers this year?

早安。我是巴克萊團隊的 Hamer，今天代 Julian 發問。謝謝讓我提問。我了解你們各市場的成長相當廣泛，但就資料中心而言，能否多分享一下未來幾季的商機漏斗與管線情況？以及公司今年是否仍按計畫，資料中心營收占比可達約 10%？

Well, you're choppy. And so I think I heard your question, and it was around data centers and above -- around the funnel and around the opportunities that we're seeing, and if we think that approximately 10% of our revenue will come from the data center space at the end of the, so to speak, year. And I would say, yes. And I would say that the funnel of opportunities continues to be robust, and we're being selective about which opportunities that we pursue and that we want to deploy our teammates to. I tell our business leaders that like the men and the women that do the work in the field, we need to treat them like they're like precious gems and making sure that we put them on the right opportunities where we can maximize the opportunity that's in front of us.

你的聲音有點斷斷續續。不過我想我聽到你的問題，是關於資料中心、商機漏斗，以及我們看到的機會；以及我們是否認為到今年年底，約 10% 的營收會來自資料中心領域。我會說，是的。我也會說，商機漏斗仍然很強勁，我們對要追逐哪些機會相當有選擇性，也會審慎決定要把同仁投入到哪些案子上。我跟各事業主管說，第一線做現場工作的男男女女，我們要把他們當作珍貴的寶石一樣對待，確保把他們放在正確的機會上，讓眼前的機會價值最大化。

And so we're trying to be really selective. There's a lot of partnering opportunities that have presented themselves because of the demand in the data center space. So we're being very selective with who we work with and the clients that we choose to align ourselves with. We also want to make sure that we're super focused on the project side with companies and businesses that we have the opportunity to do the inspection, service and monitoring after that project opportunity is completed. And we do believe that approximately 10% to 11% of our revenue will come from data centers by the end of the year. I think that's fair isn't it, David?

因此我們努力做到非常有選擇性。由於資料中心領域的需求，出現了很多合作夥伴的機會。所以我們在選擇合作對象，以及選擇要與哪些客戶結盟方面，都非常審慎。我們也希望在專案端高度聚焦，與那些在專案完成後，我們有機會承接後續檢測、維保與監控的公司與業務合作。我們確實相信，到年底約有 10% 到 11% 的營收會來自資料中心。David，我這樣說合理吧？

Absolutely. Absolutely. And that was the result in the first quarter and the evolution of the backlog as we went through the quarter as well.

完全同意。完全同意。第一季的結果就是如此，而且我們在季度內看到的在手訂單（backlog）變化趨勢也是如此。

Perfect. Thank you very much. And a quick one on Safety Services. Is the 5.4% organic sales growth rate, relatively good run rate for the year?

很好。非常感謝。再快速問一個關於安全服務（Safety Services）。5.4% 的有機銷售成長率，是否可視為今年相對不錯的常態水準（run rate）？

Yeah. So a little choppy again. But I think the question was, was the mid-single-digit organic revenue growth a pretty good run rate for the year in the Safety segment? And the answer is yes.

是的。聲音又有點斷。但我想問題是：安全事業群今年維持中個位數的有機營收成長，是否算是相當不錯的常態水準？答案是是的。

Great. Thank you very much.

很好。非常感謝。

Ashish Sabadra, RBC.

Ashish Sabadra，RBC。

Hi, good morning. This is David Paige on for Ashish. Just following up on the last question, Specialty Services seems to be also tracking above your midterm organic growth target. So I was wondering how should we think about that in the back half of the year or even just given demand and project strength, does that organic growth target need to be revisited? And then as a follow-up, within Specialty, some of the subsegments, infrastructure, fab and specialty contracting, can you just give some color on how those performed in the quarter? Thank you.

嗨，早安。我是代 Ashish 發問的 David Paige。延續上一題，專業服務（Specialty Services）看起來也高於你們中期有機成長目標的軌道。所以我想請教，我們該如何看待今年下半年？或者在需求與專案強勁的情況下，這個有機成長目標是否需要重新檢視？另外追問，在專業服務內部的一些子領域：基礎建設、fab（廠務/製造設施）以及專業承攬（specialty contracting），能否分享一下它們本季的表現？謝謝。

Yeah. I'll take the first half of the question, which is around the progression of the Specialty segment. So really strong first quarter. I expect that business to perform at a strong level throughout the year. As we get deeper into the year, as you know, we'll be coming up against more difficult comps, so I would expect that there will be strength in that business. But as you start comping against more difficult comparisons, the revenue growth rate will slow in the back half but still be a really strong performance.

好的。我先回答前半段，也就是關於專業服務事業群的進展。第一季非常強勁。我預期這個業務全年都會維持強勢表現。如你所知，隨著進入更後面的季度，我們會面臨更具挑戰性的比較基期（comp），因此我預期這個業務仍會有力道。但當你開始對比更困難的基期時，下半年的營收成長率會放緩，但仍會是非常強的表現。

And then a little bit of color around fab and infrastructure. Is that the second part of your question?

然後你想再多了解一下 fab 與基礎建設的情況。這是你問題的第二部分嗎？

And just some of those -- yes, fab infrastructure and then Specialty contract with, I think, grew around 45% in 4Q. So I was curious what was the -- how those businesses performed in the quarter?

對，還有其中一些——是的，fab、基礎建設，另外還有專業承攬，我記得第四季成長大約 45%。所以我想了解這些業務本季表現如何？

Yeah. I mean really pleased with the performance of all 3 of those. Our growth in the Specialty segment was really diverse and well spread across all of the reportable segments with strength in a variety of end markets, including data centers, and as Russ mentioned, critical national infrastructure and others. So really pleased with the performance of all 3 of those and the backlog of all 3 of those reporting segments is strong and robust as well.

是的。我們對這三個領域的表現都非常滿意。專業服務事業群的成長來源非常多元，且在所有可報告的分部之間分布均衡；多個終端市場都有強勁表現，包括資料中心，以及 Russ 提到的關鍵國家基礎建設等。所以我們對這三個領域的表現都很滿意，而這三個可報告分部的在手訂單也同樣強勁且充沛。

Great. Thank you.

太好了。謝謝。

Tomo Sano, JPMorgan.

Tomo Sano，摩根大通（JPMorgan）。

Good morning, everyone.

各位早安。

Good morning. How are you?

早安。你好嗎？

Thank you. Regarding your international business, I think you mentioned that backlog remains strong overall. But in today's volatile market, competitive dynamics can present both risks and opportunities. Given ongoing geopolitical and supply chain challenges, how have you adapted your international operations over the past couple of months? And do you see any new opportunities emerging globally?

謝謝。關於你們的國際業務，我想你提到整體而言在手訂單仍然強勁。但在今天這種波動的市場中，競爭態勢可能同時帶來風險與機會。鑑於持續的地緣政治與供應鏈挑戰，過去幾個月你們如何調整國際營運？以及你們是否看到全球出現任何新的機會？

Well, I think that when I look at the international business, like our backlog is basically on par with where it was the previous year. So like we feel good about the opportunities that we see. Our presence in the Middle East is pretty small. And I think that they're definitely seeing more impacts from the conflict in the Middle East, just I think just general temperature and proximity is going to have some level of impact on that. But we feel good about our international business and the leadership inside the international business and the opportunities that are coming forward.

嗯，我認為當我看國際業務時，我們的在手訂單基本上與前一年同期持平。所以我們對所看到的機會感到樂觀。我們在中東的布局相當小。我認為他們確實會更受到中東衝突的影響，主要是整體氛圍與地理鄰近性在某種程度上都會造成影響。但我們對國際業務、國際業務內部的領導團隊，以及正在浮現的機會都很有信心。

And from an M&A perspective, we've said that we have opened up the aperture, and we think there's opportunities for us to continue to expand our business internationally, and we're seeing the opportunities come forward. So it's a good -- we're in a good place there. But they definitely feel the impacts of the conflict more so than we do here. There's no question about that.

從併購（M&A）的角度來看，我們也說過我們已經放寬了範圍（aperture），並且認為我們有機會持續在國際上擴張業務，而且我們也看到這些機會正在出現。所以我們在這方面處於不錯的位置。但他們確實比我們在這裡更能感受到衝突帶來的影響。這點毫無疑問。

Thank you, Russ. I appreciate it.

謝謝你，Russ。我很感激。

Thank you.

謝謝。

Andrew Wittman, Baird.

Andrew Wittman，Baird。

Great. Thanks for taking my questions and good morning, guys. Most of my questions have been asked and answered, but just a couple here. Maybe one for David, would just be with these larger acquisitions still yet to close, could you just give us a view of where the net leverage stands kind of pro forma for those after those close, just so we can kind of gauge where the balance sheet is and how much more dry powder you have?

很好。謝謝讓我提問，大家早安。我的大多數問題都已經被問過也回答過了，但這裡再問兩個。也許先問 David：對於這些尚未完成交割的較大型收購案，你能否提供一下在它們完成交割後、以備考（pro forma）口徑計算的淨槓桿大概會落在哪裡，讓我們可以評估資產負債表狀況以及你們還有多少可用的「火力」（dry powder）？

And then, Russ, just kind of a question for you just on the safety, inspection, service and monitoring environment right now. There's been -- I don't think it's just APi that's been more focused on the inspection, service and monitoring portion of this market. I'm just wondering, obviously, you're still getting pricing. I feel like the industry is getting pricing. But is the competitive environment both for customers in that segment of the market as well as for acquisitions noticeably different than what you would have seen two or three years ago? Or would you say it's unchanged?

然後 Russ，我想問你一個關於目前安全、檢測、服務與監測（safety, inspection, service and monitoring）市場環境的問題。我覺得不只是 APi，整個市場似乎都更聚焦在檢測、服務與監測這一塊。我想問的是，顯然你們仍在取得定價。我感覺整個產業也都在取得定價。但無論是該細分市場的客戶端競爭環境，或是併購端的競爭環境，是否相較兩三年前有明顯不同？還是你會說基本沒有變？

I'll go first and just because I can remember the second half of your question, and David is younger than me, and hopefully, he can remember the first half of your question, even though I do remember the first half of your question, Andy. So anyways, good morning and thank you.

我先回答，因為我記得你問題的後半段；David 比我年輕，希望他能記得你問題的前半段，雖然其實我也記得前半段，Andy。總之，早安，謝謝。

I would say it's really unchanged. And I go back to even like for the most part, like our -- we continue to see organic growth in our inspection business on par with previous quarters. And you're really taking share there. And I think that, that's really primarily driven by the highly fragmented market that we operate in.

我會說其實沒有太大變化。回到最基本的情況，我們的檢測業務有機成長仍大致與前幾季持平。而你們其實是在那裡持續取得市占。我認為這主要是因為我們所處的市場高度分散。

And like I've commented to this in the past that if you really go in and analyze the major metropolitan markets across the United States, there's not one firm that has 10% market share in that market. And even -- I don't think most companies don't have more than 5% like the largest players, and that includes us. And so to me, like the highly fragmented nature of the markets that we serve continues to create opportunities for us to take share as it relates to growing our inspection and service business.

而且我過去也提過，如果你真的去分析美國各大都會區市場，沒有任何一家公司的市占率能在該市場達到 10%。甚至——我認為多數公司連 5% 都不到，即便是最大的玩家也一樣，包括我們。所以對我而言，我們所服務市場的高度分散性，持續為我們在擴大檢測與服務業務方面帶來取得市占的機會。

From an M&A perspective, Andy, we continue to see really -- our funnel and our pipeline are really robust, even including these -- the bolt-on M&As opportunities that we're seeing. And I would just tell you that we're looking for sellers who are really interested in finding the forever home for their people. And if all they're interested in is finding the highest price, then they should sell their business to a private equity-backed firm.

從併購（M&A）的角度來看，Andy，我們仍然看到非常——我們的案源漏斗與管線非常強勁，甚至包含我們看到的這些補強型（bolt-on）併購機會。我想說的是，我們在尋找的是那些真正希望為員工找到「永久歸宿」（forever home）的賣方。如果他們唯一在意的是賣到最高價格，那他們就應該把公司賣給有私募股權支持的公司。

And what we can offer these companies is a forever home for their people. We can respect the legacy that they've created. Most of these businesses are family-owned, family-run businesses, and we have something different that we can offer these people, and that creates a unique opportunity for us.

而我們能提供給這些公司的，是讓他們的員工有一個永久歸宿。我們能尊重他們所建立的傳承。這些企業多半是家族擁有、家族經營，我們能提供不同的價值，這也為我們創造了獨特的機會。

And even Wtech, which was a private equity-backed business, number one, it is probably one of the best private equity firms that I've been associated with, like just they actually care a lot about their people. But in a conversation that I had with Ted, their CEO in front of his key business leaders, the conversation was around people and finding the right spot and he actually turned and looked at his group and he said, We found our forever home. And I think that, that's something that's unique and a unique -- provides us with a unique opportunity as we continue to look to build out our portfolio and to build out our business.

甚至 Wtech 這家公司，雖然是私募股權支持的企業，第一，他們可能是我合作過最好的私募股權公司之一——他們其實非常在乎員工。但在我與他們 CEO Ted、以及他核心業務領導團隊面前的一次對話中，話題圍繞在人才與找到合適的歸屬；他真的轉頭看著他的團隊說：我們找到了我們的永久歸宿。我認為這是很獨特的，也——在我們持續擴充投資組合、擴大業務的過程中，這點為我們提供了獨特的機會。

And so I would say it's really the same, Andy. That's maybe a little bit more than what you're looking for. But I would just tell you it's the same, and I think it just creates opportunity and the more momentum we get, the more opportunity that it will create for us. And we've got a lot of really good things happening in that front. And we'll have -- as we work our way through this year, we're going to have a lot more to share, and that will take you into -- David can answer your question about our balance sheet and the dry powder we have because we have a lot of flexibility.

所以我會說其實差不多，Andy。這可能比你想要的回答多了一點。但我只想說是一樣的，我認為這反而創造機會；我們動能越強，就會為我們帶來越多機會。而我們在這方面有很多很好的進展。而且——隨著我們今年逐步推進，我們會有更多可以分享的內容；接下來——David 可以回答你關於資產負債表與可用火力（dry powder）的問題，因為我們有很大的彈性。

Yes, I appreciate you reminding me of the question, too, Russ. So as we mentioned in the script, we ended the first quarter with a net leverage ratio of about 1.8 times. By the time we finance and close on the 2 announced acquisitions, we will be at or below the low end of our target net leverage ratio, and I expect that we'll work that down to kind of the ballpark of where we are today by the end of the year. Does that help?

是的，也謝謝你提醒我問題，Russ。如同我們在講稿中提到的，我們在第一季結束時的淨槓桿比率約為 1.8 倍。等到我們為已公告的兩項收購完成融資並完成交割時，我們將會落在或低於我們目標淨槓桿比率區間的下緣；我預期到年底我們會把它降回到大致接近目前的水準。這樣有幫助嗎？

Yeah, we can do the math on that. Good enough. Thank you.

是的，我們可以把那個算出來。夠好了。謝謝。

Jasper Bibb, Truist Securities.

Jasper Bibb，Truist Securities。

(inaudible) guys. I'll keep it to one. Really nice organic growth this quarter, obviously, you mentioned a mix impact on gross margins for both segments. Could you just provide a bit more detail on the mix factor this quarter and clear up if there was any like material purchase pull forward due to uncertainty from the war or maybe the support the upcoming project in the next 3 quarters that could have, I guess, boosted revenue a bit and diluted margins.

（聽不清）各位。我就問一個。本季有機成長非常亮眼，顯然你提到兩個部門的毛利率都受到組合影響。能否再多提供一些本季組合因素的細節，並釐清是否因戰爭帶來的不確定性，出現任何像是材料採購提前拉貨的重大情況，或是為了支援未來 3 個季度即將到來的專案而提前備料，從而在某種程度上推升了營收並稀釋了毛利率。

Yes, I can cover that one. I think about mix as kind of 2 factors, and they're both really math-driven First is the growth in project revenue in the quarter, which on average, comes at about 10 percentage-points lower gross margin than our inspection, service and monitoring work. And then second is the growth in the Specialty Services segment vis-a-vis the Safety segment and the impact that had on margin in the quarter as well. So those are really the two mix factors, just the ratio of service and project work in the quarter and the segment mix. And to answer your other question, no real material pull-forward impact in the quarter.

是的，我可以回答這題。我把組合視為兩個因素，而且兩者都很「數學化」。第一是本季專案營收的成長；平均而言，專案的毛利率大約比我們的檢驗、服務與監測業務低 10 個百分點。第二是專業服務（Specialty Services）部門相對於安全（Safety）部門的成長，以及這對本季毛利率造成的影響。所以組合因素主要就是這兩項：本季服務與專案工作的比例，以及部門組合。至於你另一個問題，本季沒有任何實質性的提前拉貨影響。

Okay. Appreciate it.

好的。感謝。

Curtis Nagle, Bank of America.

Curtis Nagle，美國銀行。

Great. Just wanted to go back to that point you made on that 5.4% run rate for that being a good run rate for the year. Just wanted to confirm that given the 2H compares are obviously higher. So if that's the case, I mean, that's obviously a pretty positive statement. So just yes, I wanted to confirm that that's what you said.

很好。我想回到你提到的那個 5.4% 的運行率（run rate），你說這會是今年一個不錯的運行率。我想確認一下，因為下半年（2H）的比較基期顯然更高。所以如果是這樣的話，那顯然是相當正面的說法。所以，是的，我只是想確認你剛剛的意思是這樣。

Yeah. I think I'm following your question. This is around the anticipated growth rates in the Safety segment for the full year in the back half. I continue to refer back to our long-term organic revenue growth algorithm in that segment. We expect our service revenue to grow mid- to upper single digits, each and every quarter, each and every year, and we expect our project work to grow low to mid-single digits, which gets to a mid-single-digit organic revenue growth. That was really the playbook that we saw in the first quarter, a little heavier maybe on the project revenue, but we expect that to play out through the course of the year.

是的。我想我理解你的問題。這是關於安全部門在下半年、以及全年預期的成長率。我仍會回到我們在該部門的長期有機營收成長「算法」（growth algorithm）。我們預期服務營收每一季、每一年都能以中到高個位數成長；而專案業務預期以低到中個位數成長，合計帶來中個位數的有機營收成長。這基本上就是我們在第一季看到的作戰手冊（playbook），可能專案營收占比稍高一些，但我們預期這種情況會在全年過程中持續演進。

Okay. And then just one quick one on gross margins, should mix continue to be a headwind? How should we think about gross margins for the back half of the year?

好的。另外快速問一個關於毛利率：組合是否仍會持續成為逆風？我們應該如何看待下半年毛利率的走勢？

I continue to expect to see our gross margins and our adjusted EBITDA margins expanding year-over-year as we target 60 basis points to 70 basis points of margin improvement in the year.

我仍預期我們的毛利率與調整後 EBITDA 利潤率將年對年擴張，因為我們今年的目標是利潤率提升 60 到 70 個基點。

Okay. Appreciate it.

好的。感謝。

Josh Chan, UBS.

Josh Chan，瑞銀（UBS）。

Hi, good morning, Russ and David. On that Safety Services growth point, I guess you grew 5.5% in Q1, and it was a little heavier on project. Could you just talk about the trajectory on the inspection, service and monitoring and whether there's any change there or more of a timing in the quarter? Thank you.

嗨，早安，Russ 和 David。關於安全服務成長那點，我想你們第一季成長 5.5%，而且專案占比稍高。能否談談檢驗、服務與監測業務的成長軌跡，以及是否有任何變化，或只是本季的時間點因素？謝謝。

No, I mean there really hasn't been any change in the trajectory of our inspection, service and monitoring revenue growth, Josh. That business consistently grows mid- to upper single digits across the business, and there might be quarters where it ends up a little closer to mid. There might be quarters where it ends up a little closer to upper. But that has been a consistent mid- to upper single-digit revenue growth stream for the Safety segment. It was in the first quarter, and we expect that it will continue to be in the back half of the year.

沒有，我們的檢驗、服務與監測營收成長軌跡其實沒有任何改變，Josh。那塊業務一向在整體業務中穩定維持中到高個位數成長，有些季度可能更接近中個位數。也有些季度可能更接近高個位數。但對安全部門而言，這一直是一條穩定的中到高個位數營收成長來源。第一季是如此，我們也預期下半年會持續如此。

Great. Thank you for the color and branch on the quarter.

很好。謝謝你提供本季的補充說明與細節。

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

目前沒有其他問題。我現在把電話交回給總裁兼執行長 Russ Becker 作結語。

Thank you. In closing, I'd like to thank all 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, everybody, for joining the call.

謝謝。最後，我想感謝所有同仁持續的支持，以及對我們業務的投入與奉獻。我們相信，我們的人才是所有一切得以建立的基礎。沒有他們，就沒有我們。我也要感謝我們的長期股東，以及近期加入的股東對我們的支持。我們感謝各位持有 APi 的股權，並期待在今年剩餘時間持續向各位更新我們的進展。再次感謝各位參與本次電話會議。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。