APi Group Corp (APG) 2022 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to APi Group's First Quarter 2022 Financial Result Conference Call. (Operator Instructions) Please note, this call is being recorded. (Operator Instructions)

女士們，先生們，早安！歡迎參加APi集團2022年第一季財務業績電話會議。 （接線生指示）請注意，本次通話正在錄音。 （接線生指示）

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

現在我將把電話轉給APi集團投資者關係副總裁Olivia Walton。請您發言。

Thank you. Good morning, everyone, and thank you for joining our first quarter 2022 earnings conference call. Joining me on the call today are Russ Becker, our President and CEO; Kevin Krumm, our Executive Vice President and Chief Financial Officer; and sir Martin Franklin and Jim Lillie, our Board Co-Chairs.

謝謝大家。大家早安，感謝大家參加我們2022年第一季財報電話會議。今天與我一起參加電話會議的還有我們的總裁兼執行長Russ Becker、我們的執行副總裁兼財務長Kevin Krumm，以及我們的董事會聯席主席Martin Franklin爵士和Jim Lillie。

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

在開始之前，我想提醒您，本公司獲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。這些陳述並非對未來績效的保證，並且受已知和未知風險、不確定性和其他因素的影響，這些因素可能導致實際結果與此類前瞻性陳述明示或暗示的結果有重大差異。

In our press release and filings with the SEC, we detail material risks that may cause our future results to differ from our expectations. Our statements are as of today, May 4, and we have no obligation to update any forward-looking statement we may make. As a reminder, we have posted a presentation detailing our first quarter financial performance on the Investor Relations page of our website.

在我們的新聞稿和提交給美國證券交易委員會 (SEC) 的文件中，我們詳細說明了可能導致未來業績與預期差異的重大風險。我們的聲明截至今日（5 月 4 日），我們沒有義務更新任何前瞻性聲明。在此提醒，我們已在網站的「投資者關係」頁面上發布了一份詳細介紹我們第一季財務業績的簡報。

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. Also as a reminder, there is a presentation containing supplemental information relative to prior periods and other useful information for investors available in the Presentation section of our website.

我們今天的評論還將涵蓋非公認會計準則 (Non-GAAP) 財務指標和其他關鍵營運指標。這些項目的對帳及其他資訊可在我們的新聞稿和簡報中找到。另請注意，我們網站的簡報部分提供一份演示文稿，其中包含與前期相關的補充資訊以及其他對投資者有用的資訊。

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

現在我很高興將電話轉給馬丁。

Thank you, Olivia. We are proud of the approximately 26,000 leaders of APi, focus and effort they put forth in navigating another complicated backdrop to the quarter. It was just over 3 years ago that we first met Russ and discussed building a business together primarily based on our view that a statutorily required services strategy is economically resilient and that these activities were necessary no matter what the economic climate might be.

謝謝你，奧莉維亞。我們為APi約26,000名領導者感到自豪，當他們在本季應對另一個複雜情況時，展現出的專注和努力令人矚目。就在三年多前，我們第一次認識Russ，並討論共同打造一家公司，主要基於我們的觀點：法定服務策略具有經濟韌性，無論經濟狀況如何，這些活動都是必要的。

Throughout the challenges since that initial meeting from navigating the COVID-19 pandemic to dealing with supply chain disruptions and inflation to acquiring and integrating the Chubb platform, the team has never lost sight of serving our customers safely and efficiently. We're grateful for their unwavering commitment. The integration of Chubb is off to a good start, and the strategic rationale for the transaction is proving even stronger than initially anticipated. Our belief when acquiring the business was that the acquisition would not only position APi well for continued success and improve the protective moat surrounding the business but that it would also create significant upside for shareholders and employees.

自首次會面以來，從應對新冠疫情、供應鏈中斷和通貨膨脹，到收購和整合安達平台，團隊始終秉持安全高效地服務客戶的核心理念，從未改變。我們感謝他們堅定不移的承諾。安達的整合工作開局良好，交易的策略邏輯也比原先預期的更清晰。我們收購安達平台時堅信，此次收購不僅能為APi的持續成功奠定良好基礎，增強其業務的護城河，還能為股東和員工創造巨大的收益。

We believe that the combined business will offer customers more customized and proprietary offerings through our uniquely trained technicians as they're called in the U.S. or engineers as they're called in Europe. We believe that the skills of our technicians and engineers, combined with our suite of offerings is a distinct competitive advantage.

我們相信，合併後的業務將透過我們訓練有素的技術人員（在美國被稱為“技術人員”，在歐洲被稱為“工程師”），為客戶提供更多客製化和專有化的產品。我們相信，我們技術人員和工程師的技能，加上我們全面的產品組合，將構成我們獨特的競爭優勢。

In addition, we believe that our scale will drive synergies and savings that could be redeployed back into the business to accelerate growth while enhancing margin expansion. We have great confidence in the business and the direction we're heading. We are excited about the opportunities for the company in the years ahead and look forward to updating you on our progress throughout the course of the year.

此外，我們相信，規模經濟將帶來綜效和成本節約，這些成本可以重新投入到業務中，加速成長並提升利潤率。我們對公司業務和未來發展方向充滿信心。我們對公司未來幾年的機會充滿期待，並期待今年向您報告我們的進展。

With that, I'll hand over to Russ.

說完這些，我就把麥克風交給拉斯。

Thank you, Martin, and good morning, everyone. Thank you for taking the time to join our call this morning.

謝謝馬丁，大家早安。感謝大家抽出時間參加我們今天早上的電話會議。

I will begin my remarks by commenting on our strong start to 2022. The positive momentum we have across the entire business and the key factors that we believe support the resilience of our business. I will then provide an update on our ongoing integration at Chubb before turning it over to Kevin to discuss our financial results and guidance in more detail.

首先，我想談談我們2022年的強勁開局。我們整個業務都保持著積極的勢頭，並且我們認為這些關鍵因素支撐著我們業務的韌性。之後，我將介紹安達保險正在進行的整合工作的最新進展，然後由凱文更詳細地討論我們的財務表現和預期。

We saw continued robust demand in the first quarter across our key end markets. For the 3 months ended March 31, 2022, net revenues increased on an organic basis by approximately 16% driven strategically by healthy growth in inspection and service revenue across the majority of our markets in Safety Services as well as general market recovery in Safety and Specialty Services compared to the prior year period, which was negatively impacted by the COVID-19 pandemic. We estimate that approximately 2/3 of this growth was driven by price and pass-through of material and labor costs and 1/3 was driven by volume which we measure through labor hours.

在第一季度，我們主要終端市場的需求持續強勁。截至2022年3月31日的三個月，淨收入有機增長約16%，這得益於我們安全服務領域大部分市場的檢驗和服務收入的健康增長，以及安全與專業服務市場的整體復甦，這與去年同期相比有所推動，而去年同期受到了新冠疫情的負面影響。我們估計，約三分之二的成長是由價格以及材料和人工成本的轉嫁所推動的，三分之一的成長是由我們透過工時衡量的產量所推動的。

It is important to note that this shift -- that this will shift over time based on our mix of work and macroeconomic factors such as inflation. This growth is tactical as we focus on margin expansion because, on average, inspection and service revenues generate 10% plus higher gross margins and monitoring revenues generate 20% plus higher gross margins than contract revenue. Going forward, on an annual basis, we intend to provide detail on our consolidated backlog. While this metric has less relevance to APi, given our focus on inspection and service revenue and our goal of reducing our contract loss rate, it does provide a barometer of the trends in the markets we serve.

值得注意的是，這種轉變——它會隨著時間的推移而變化，這取決於我們的工作組合以及通貨膨脹等宏觀經濟因素。這種成長是策略性的，因為我們專注於提高利潤率，因為平均而言，檢驗和服務收入的毛利率高於10%，而監控收入的毛利率高於合約收入的20%以上。展望未來，我們計劃每年提供合併待交付訂單的詳細資訊。雖然這個指標與APi的相關性較小，但考慮到我們專注於檢驗和服務收入，並且我們的目標是降低合約損失率，它確實可以反映我們所服務市場的發展趨勢。

Our consolidated backlog continues to build and was at a record high level of $3.6 billion as of the end of March, providing us with a solid foundation for growth as we move through the rest of the year. Backlog was up over 10% compared to the end of December 2021, including Chubb. It is important to note that while backlog is an important indicator of the positive momentum that we have in the business, we remain focused on disciplined project and customer selection, and therefore, we do not expect to see backlog growth each quarter.

我們的合併未完成訂單持續成長，截至3月底已達到創紀錄的36億美元，為我們在今年剩餘時間的成長奠定了堅實的基礎。與2021年12月底相比，包括安達保險在內的未完成訂單增加了10%以上。需要注意的是，雖然未完成訂單是我們業務積極發展勢頭的重要指標，但我們仍然專注於嚴謹的項目和客戶篩選，因此，我們預計每個季度的未完成訂單不會出現增長。

We remain focused on running the business regardless of what's going on in the macroeconomy, whether dealing with challenges faced in navigating supply chain disruptions, inflation, the COVID-19 pandemic, increased volatility in the economic climate, geographic anomalies, weather or other, we believe that there are several key factors that strengthen the resiliency of our business and help to reduce the impact of an always volatile business environment.

無論宏觀經濟如何變化，我們始終專注於經營業務，無論是應對供應鏈中斷、通貨膨脹、新冠疫情、經濟環境波動加劇、地理異常、天氣或其他因素帶來的挑戰，我們都認為有幾個關鍵因素可以增強我們業務的彈性，並有助於減少動盪的商業環境的影響。

First is our people. Our core purpose of building great leaders continues to define who we are. It is our identity and our culture. We believe that it is the unifying principle that connects everyone within our business regardless of their role. This purpose is particularly important as we integrate the Chubb team into APi. You've heard me say that the Chubb business was somewhat neglected over the years under prior ownership. Bringing the team into the fold at APi is a key part of the integration of the business. We believe that great leaders among many things will create great shareholder value.

首先是我們的員工。我們打造卓越領導者的核心目標，至今仍在定義我們。這是我們的身分和文化。我們相信，這是將我們公司所有成員（無論其職位高低）緊密聯繫在一起的統一原則。在我們將安達團隊整合到APi之際，這個目標尤其重要。您或許聽我說過，在先前的所有權歸屬下，安達業務多年來一直被忽略。將安達團隊納入APi是業務整合的關鍵環節。我們相信，卓越的領導者將創造巨大的股東價值。

As COVID-19 becomes more endemic, we recently held our first in-person 2-day leader lab. It was an opportunity for 125 leaders across our global businesses to benefit from APi's culture of organizational sharing of knowledge and best practices and collaboration across businesses. We have spent approximately $30 million on leadership development over the past 5 years and plan to continue to invest in and support our leadership development culture which we believe empowers the leaders across our businesses, drives business performance and increases future cross-selling opportunities. This investment is unique in our industry, and we believe that it is a competitive advantage.

隨著新冠疫情日益蔓延，我們最近舉辦了第一屆為期兩天的線下領導實驗室。這為我們全球業務的125位領導者提供了一個機會，讓他們受益於APi的文化，即組織共享知識和最佳實踐，並促進跨業務協作。過去五年，我們在領導力發展方面投入了約3000萬美元，併計劃繼續投資和支持我們的領導力發展文化，我們相信這種文化能夠賦能我們各業務的領導者，提升業務績效，並增加未來的交叉銷售機會。這項投資在我們產業中獨一無二，我們相信這是一種競爭優勢。

Our employees, technicians and engineers have careers, not jobs. And we believe this investment reduces this turnover, aligns communications and drives performance and productivity. This is a competitive advantage for APi, particularly when many companies see team members opt for new opportunities.

我們的員工、技術人員和工程師擁有的是事業，而不是工作。我們相信，這項投資可以減少人員流失，協調溝通，並提升績效和生產力。這對 APi 來說是一項競爭優勢，尤其是當許多公司看到團隊成員選擇新的工作機會時。

Second is our recurring revenue services-focused business model. The regulatory-driven demand for our services provides predictable, higher-margin, recurring revenue opportunities. We liken this to a protective moat around APi. Our go-to-market strategy in Safety Services is to sell inspection work first because we estimate that every dollar sold can lead to $3 to $4 of subsequent service work. This strategy differentiates us from our peers and ultimately creates a stickier client relationship that we believe positions us as the preferred life safety and security services provider in the buildings where we perform the inspections.

第二是我們以經常性收入服務為中心的商業模式。監管驅動對我們服務的需求，為我們提供了可預測、利潤率更高的經常性收入機會。我們將其比作APi周圍的護城河。我們在安全服務領域的市場策略是先銷售檢測服務，因為我們估計，每售出一美元，就能帶來3到4美元的後續服務。這項策略使我們在同行中脫穎而出，並最終建立了更緊密的客戶關係，我們相信，這將使我們成為我們進行檢測的樓宇中首選的生命安全和安保服務提供者。

Following the completion of the Chubb acquisition, we achieved our previously stated goal of more than 50% of our revenue coming from inspection and service. As a result, we are now moving the goalpost to the right and have a new goal of 60% plus.

完成對丘博的收購後，我們實現了先前設定的目標，即檢驗和服務業務佔總收入的50%以上。因此，我們現在將目標調整到60%以上。

Third is our revenue diversification across geographies, end markets, customers and projects. Our global footprint with approximately 500 plus locations in 20 countries allows us to maintain relationships with local decision-makers while also having the ability to execute multi-site services for national and international account customers. We believe that our low customer concentration with no single customer representing greater than 5% of our revenue and the diversity of the end markets we serve helped build a protective moat around the business. We believe that this, too, is a competitive advantage.

第三，我們的收入多元化體現在地域、終端市場、客戶和專案方面。我們遍佈全球20個國家的約500多個分支機構，這使我們能夠與當地決策者保持良好關係，同時也能為國內外客戶提供多站點服務。我們認為，較低的客戶集中度（沒有任何單一客戶的收入佔比超過5%）以及我們服務的終端市場的多樣性，有助於在業務周圍建立一道護城河。我們相信，這也是一項競爭優勢。

The last point I'd like to highlight is the relative variability of our cost structure, which provides us flexibility to effectively navigate the changing market. Our significant union labor force in the U.S. and subcontract labor force internationally allows us to flex our workforce capacity as market conditions dictate without incurring significant trailing costs or severance.

最後我想強調的一點是我們成本結構的相對可變性，這使我們能夠靈活地有效應對不斷變化的市場。我們在美國擁有龐大的工會勞動力，並在國際上擁有分包勞動力，這使我們能夠根據市場情況靈活調整員工隊伍，而無需承擔巨額的後續成本或遣散費。

As we've discussed on prior calls, our average project size is approximately $5,000 in our largest segment, Safety Services; and $75,000 in Specialty Services. In addition, the average duration of our projects is short which we believe allows us to reasonably control inflationary variables and manage our supply chain. We remain focused on real-time pricing and operational efficiency to ensure true costs are reflected in the services we provide.

正如我們在之前的電話會議上討論過的，我們最大的業務領域——安全服務——的平均項目規模約為 5,000 美元；專業服務的平均項目規模約為 75,000 美元。此外，我們專案的平均工期較短，我們相信這使我們能夠合理地控制通膨變數並管理我們的供應鏈。我們將繼續專注於即時定價和營運效率，以確保我們提供的服務能夠反映真實的成本。

As many of you heard us say previously, our business is not immune to macro marketplace disruptions related to supply chain disruptions and inflationary cost pressures. In general, we believe we've adjusted our project pricing models to pass-through these inflationary pressures. With that, a significant step-up in revenue related to pass-through pricing on project materials will compress our margins in the short term.

正如許多人之前所說，我們的業務無法免受與供應鏈中斷和通膨成本壓力相關的宏觀市場波動的影響。總體而言，我們認為我們已經調整了專案定價模型，以轉嫁這些通膨壓力。因此，與專案材料轉嫁定價相關的收入大幅成長將在短期內壓縮我們的利潤率。

That said, we remain laser-focused on our long-term margin expansion levers, inspection visits, service revenue, monitoring accounts and inflationary pricing on these recurring services because we believe this focus will allow our margins to bounce back quickly as we move away from the current inflationary environment on the material side of our business. We expect these negative variables will be with us through the balance of the year. However, we do not believe they limit us in achieving our long-term margin expansion goal of 13% plus adjusted EBITDA margin by 2025.

儘管如此，我們仍將高度關注長期利潤成長槓桿、巡檢次數、服務收入、監控帳戶以及這些經常性服務的通膨定價，因為我們相信，隨著我們擺脫當前實體業務通膨環境的影響，這種專注將使我們的利潤率迅速反彈。我們預計這些負面變數將伴隨我們度過今年餘下的時間。然而，我們認為它們不會限制我們實現2025年實現13%及調整後EBITDA利潤率的長期利潤成長目標。

Before turning the call over to Kevin, I would like to provide an update on our ongoing integration at Chubb. We are pleased with the progress made so far in the 4 months post close and are excited about the opportunities that lie ahead. We continue to build up the depth of our team to ensure we are well positioned to integrate and manage our global footprint. We have recently added resources with significant international and integration experience in areas such as human resources, procurement, accounting, finance and IT.

在將電話轉給凱文之前，我想先介紹安達保險正在進行的整合工作的最新進展。我們對交易完成後四個月內的進展感到滿意，並對未來的機會充滿期待。我們將繼續增強團隊實力，以確保我們能夠更好地整合和管理我們的全球業務。我們最近新增了一些在人力資源、採購、會計、財務和IT等領域擁有豐富國際化和整合經驗的人才。

The first half of this year is focused on ensuring the steps are in place to remove the business from carriers infrastructure, bringing our branch-led operating model and metrics into our platform, validating synergy assumptions developed during the initial due diligence efforts and evaluating the quality of the leadership team to ensure we have the right resources and right people in place moving forward.

今年上半年的重點是確保採取措施將業務從運營商基礎設施中移除，將我們以分支機構為主導的運營模式和指標引入我們的平台，驗證在初步盡職調查期間制定的協同假設，並評估領導團隊的質量，以確保我們擁有合適的資源和合適的人員來推進業務。

There has been a significant amount of time and effort spent across multiple functional areas to develop actionable, measurable and executable multiyear plans to leverage our combined global platform. Our initial assessment prior to closing of the acquisition was that we believed we could capture $20 million in savings in a business that had been historically underinvested in. After having our team on the ground for the last 90 days and working with local leadership, I am pleased to report that we believe we now see a clear path to value capture opportunities that are at least $40 million. We expect this figure to continue to evolve and grow as we learn more, and we believe that most of the projected value capture opportunities can be achieved within 3 years. It is our intent to reinvest some of the initial cost savings to help position us to maximize the opportunities that lie ahead.

我們已在多個職能領域投入了大量時間和精力，以製定切實可行、可衡量且可執行的多年期計劃，以充分利用我們合併後的全球平台。在收購完成前的初步評估中，我們確信能夠在一項歷來投資不足的業務中節省2,000萬美元。在我們的團隊在當地工作了90天並與當地領導層合作後，我很高興地告訴大家，我們現在看到了一條清晰的路徑，可以帶來至少4000萬美元的價值獲取機會。隨著我們了解更多信息，我們預計這一數字將繼續演變和增長，我們相信，大多數預計的價值獲取機會可以在3年內實現。我們打算將部分初始成本節省進行再投資，以幫助我們最大限度地掌握未來的機會。

We plan to provide a more detailed report to investors of our plans and the opportunities for the business later in the year. There is significant work still to be done, and we are in the very early days of this opportunity. The business is performing in line with our expectations. We have had no negative surprises and, more importantly, what we have found has only reinforced our excitement about the acquisition. The opportunities are there to not only reduce costs but also to drive top line growth, and I look forward to continuing to report on our progress.

我們計劃在今年稍後向投資者提交更詳細的報告，介紹我們的計劃和業務機會。目前仍有大量工作要做，而我們正處於這一機會的初期階段。業務表現符合我們的預期。我們沒有遇到任何負面意外，更重要的是，我們所發現的情況只會增強我們對此次收購的興奮。這些機會不僅可以降低成本，還可以推動營收成長，我期待繼續報告我們的進展。

In summary, I am pleased with the forward progress of our businesses and what has been achieved in the first quarter. We feel good about the momentum we have across the board and the outlook for the balance of this year and the years ahead.

總而言之，我對我們業務的持續發展以及第一季的成績感到滿意。我們對整體發展動能以及今年餘下時間乃至未來幾年的前景充滿信心。

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

現在我想把電話交給凱文，讓他更詳細地討論我們的財務表現和指導。凱文？

Thanks, Russ. Good morning to those who have joined online. I'll begin my remarks by reviewing our consolidated result and segment level operating performance before turning to our guidance. As a reminder, the Chubb business is reported within our Safety Services segment and will be excluded from our organic net revenues until 2023.

謝謝，Russ。各位在線上參與的朋友們，大家早安。首先，我將回顧我們的合併績效和各部門的營運表現，然後再談我們的績效指引。需要提醒的是，Chubb 的業務是在我們的安全服務部門內報告的，並且在 2023 年之前不會被計入我們的有機淨收入。

Reported net revenues increased by 83% to $1.5 billion compared to $803 million in the prior year period. This was driven by acquisitions completed in Safety Services and strong organic growth in Safety and Specialty Services. Adjusted gross margins grew to 26.4%, representing a 371 basis point increase driven by an improved mix of inspection and service revenue resulting from recent acquisitions completed in Safety Services as well as organic growth and improved productivity in Specialty Services. These factors were partially offset by supply chain disruptions and inflation, which caused downward pressure on margins.

報告淨收入成長83%，達到15億美元，去年同期為8.03億美元。這得益於安全服務部門完成的收購以及安全和專業服務部門強勁的有機成長。調整後毛利率成長至26.4%，增幅達371個基點，這得益於安全服務部門近期完成的收購帶來的檢驗和服務收入結構改善，以及專業服務部門的有機增長和生產效率提升。這些因素被供應鏈中斷和通貨膨脹部分抵消，導致利潤率承壓。

Adjusted EBITDA margin was 8.7%, representing a 111 basis point increase compared to prior year period driven by an improved mix of inspection and service revenue resulting from acquisitions completed in Safety Services as well as strong organic growth. This was partially offset by supply chain disruptions and inflation, which caused downward pressure on margins.

調整後EBITDA利潤率為8.7%，較去年同期成長111個基點，這得益於安全服務部門完成的收購所帶來的檢驗和服務收入結構改善，以及強勁的有機成長。供應鏈中斷和通貨膨脹導致利潤率下降，部分抵消了這一增長。

As Russ mentioned earlier on the call, net revenues increased on an organic basis by approximately 16% compared to the prior year period. Excluding the impact of acquisitions completed in Safety Services over the past 12 months, both gross profit margin and EBITDA margin improved on a year-over-year basis.

正如Russ先前在電話會議上提到的，淨收入與去年同期相比有機成長了約16%。剔除過去12個月安全服務部門完成的收購的影響，毛利率和EBITDA利潤率均較去年同期增加。

Adjusted diluted earnings per share for the first quarter was $0.23, representing a $0.13 per share increase compared to the prior year period. The increase was driven primarily by strong organic growth in Safety and Specialty Services and the accretion from the acquisition of Chubb.

第一季調整後攤薄每股收益為0.23美元，較去年同期成長0.13美元。成長主要得益於安全與專業服務業務強勁的有機成長，以及收購丘博帶來的收益成長。

Our adjusted free cash flow for Q1 was a negative $47 million. While Q1 is traditionally our lowest cash flow quarter, Q1 2022 was further impacted by working capital build to cover supply chain disruptions and to support our strong revenue growth or, said another way, in a world of supply disruptions and limited availability, we made the decision in Q1 to ensure we have supply in front of our work needs.

我們第一季的調整後自由現金流為負4700萬美元。雖然第一季傳統上是我們現金流最低的季度，但為了彌補供應鏈中斷並支持強勁的收入成長，我們增加了營運資本，這進一步影響了2022年第一季。換句話說，在供應中斷和供應量有限的環境下，我們在第一季就做出了決定，確保供應量能夠滿足我們的工作需求。

Finally, we also saw cash used in acquisitions to rebuild working capital where we took the offset benefit as a purchase price reduction. That said, we anticipate most of the supply chain related working capital investments to be temporary and to be recovered by year-end, and we expect our adjusted free cash flow conversion for the year to be in excess of prior year levels on the way to our long-term average adjusted free cash flow conversion goal of 80%.

最後，我們也看到，收購中現金被用於重建營運資本，我們將這部分收益作為收購價格的降低來抵銷。即便如此，我們預計大部分與供應鏈相關的營運資本投資將是暫時的，並將在年底前收回，我們預計本年度調整後自由現金流轉換率將超過上年水平，並有望實現80%的長期平均調整後自由現金流轉換率目標。

I will now discuss our results in more detail for Safety Services. Safety Services net revenues for the 3 months ended March 31, 2022, increased by 130% to $1.1 billion compared to $466 million in the prior year period primarily driven by revenue from completed acquisitions. Net revenues increased on an organic basis by 14.6% compared to the prior year period driven by continued growth in inspection and service revenue across the majority of our markets and general market recovery compared to the prior year period, which was negatively impacted by the COVID-19 pandemic.

現在，我將更詳細地討論安全服務部門的表現。截至2022年3月31日的三個月，安全服務部門淨收入成長130%，達到11億美元，去年同期的淨收入為4.66億美元，主要得益於已完成收購帶來的收入。淨收入有機成長14.6%，這得益於我們大部分市場的檢驗和服務收入持續成長，以及整體市場相較去年同期有所復甦，而去年同期曾受到新冠疫情的負面影響。

Adjusted gross margin for the 3 months ended March 31, 2022, was 31.5% compared to the prior year adjusted gross margin of 31.5%. This was primarily driven by an improved mix of inspection and service revenue, offset by supply chain disruptions and inflation, which caused downward pressure on margins.

截至2022年3月31日的三個月，調整後毛利率為31.5%，去年同期調整後毛利率為31.5%。這主要得益於檢驗和服務收入結構改善，但供應鏈中斷和通貨膨脹導致的利潤率下行壓力有所抵銷。

Adjusted EBITDA margin for the 3 months ended March 31, 2022, was 11.8%, representing a 169 basis point decline compared to the prior year period primarily driven by the impact of completed acquisitions, supply chain disruptions and inflation, which caused downward pressure on our margins. These factors were partially offset by an improved mix of inspection and service revenue.

截至2022年3月31日的三個月，調整後EBITDA利潤率為11.8%，較去年同期下降169個基點，主要原因是已完成的收購、供應鏈中斷以及通貨膨脹的影響，導致我們的利潤率承壓。檢驗和服務收入組合的改善部分抵消了這些因素的影響。

I will now discuss our results in more detail for Specialty Services. Specialty Services reported net revenues for the 3 months ended March 31, 2022 -- sorry, Specialty Services reported net revenues for the 3 months ended March 31, 2022, increased on an organic basis by 19.8% to $412 million compared to $344 million in the prior year period. This was driven by an increased demand for our specialty contracting services and general market recovery compared to the prior year, which was negatively impacted by the COVID-19 pandemic.

現在，我將更詳細地討論我們專業服務業務的表現。專業服務業務報告了截至2022年3月31日的三個月的淨收入——抱歉，專業服務業務報告了截至2022年3月31日的三個月的淨收入，有機增長19.8%，達到4.12億美元，而去年同期為3.44億美元。這得益於我們專業承包服務需求的成長，以及整體市場與去年同期相比有所復甦，而去年同期受到了新冠疫情的負面影響。

Adjusted gross margin for the 3 months ended March 31, 2022, was 12.1%, representing a 196 basis point increase compared to prior year primarily driven by improved productivity and improved mix of service revenues. These factors were partially offset by supply chain disruptions and inflation, which caused downward pressure on margins.

截至2022年3月31日的三個月，調整後毛利率為12.1%，較上年增長196個基點，主要得益於生產力提升及服務收入結構改善。上述因素部分被供應鏈中斷和通貨膨脹所抵消，導致利潤率承壓。

Adjusted EBITDA margin for the 3 months ended March 31, 2022, was 5.6%, representing a 93 basis point increase compared to the prior year due to leverage on higher volume and an improved mix of service revenue. These factors were partially offset by supply chain disruptions and inflation, which caused downward pressure on margins.

截至2022年3月31日的三個月，調整後EBITDA利潤率為5.6%，較上年增長93個基點，這得益於銷售提升和服務收入結構改善。這些因素部分被供應鏈中斷和通貨膨脹所抵消，導致利潤率承壓。

I will now discuss our guidance for 2022. While macro environment became more uncertain during the quarter, the resiliency of our business and top line momentum give us confidence to increase our guidance expectations for net revenues and confirm our prior guidance for adjusted EBITDA. We now expect full year net revenues will range between $6.45 billion to $6.6 billion, up from $6.3 billion to $6.5 billion and expect growth in net revenues on an organic basis at constant currencies will be between 8% and 9%. This is up from prior guidance of 6% to 7%.

現在我將討論我們對2022年的業績指引。儘管本季宏觀環境變得更加不確定，但我們業務的韌性和營收成長勢頭，使我們有信心上調對淨收入的指引預期，並確認我們先前對調整後EBITDA的指引。我們目前預計全年淨收入將在64.5億美元至66億美元之間，高於先前的63億美元至65億美元，並預計以固定匯率計算的有機淨收入成長率將在8%至9%之間。這高於之前6%至7%的指引。

We remain confident in our full year adjusted EBITDA guidance of $650 million to $700 million as provided in our February 23 press release. As we commented on our last call, where we will end up within the range will largely be dependent on the speed with which we finalize and implement integration activities across our platform, the further impact of supply chain disruptions and inflationary pressures, our revenue growth and exchange rate movements during the year.

我們仍然對2月23日新聞稿中公佈的全年調整後EBITDA 6.5億至7億美元的預期充滿信心。正如我們在上次電話會議中所述，最終能否達到這一預期，很大程度上取決於我們完成和實施平台整合活動的速度、供應鏈中斷和通膨壓力的進一步影響、我們的收入增長以及年內匯率走勢。

For the second quarter, we expect net revenues to be $1.65 billion to $1.7 billion, up from $1.5 billion to $1.625 billion and adjusted EBITDA to be $170 million to $180 million, which is consistent with our prior guidance. As mentioned on our last call, we anticipate interest expense for 2022 to be approximately $120 million, depreciation expense to be approximately $85 million, CapEx to be approximately $90 million and our adjusted effective cash tax rate to be approximately 24%.

我們預計第二季淨收入為16.5億美元至17億美元，高於先前的15億美元至16.25億美元；調整後EBITDA為1.7億美元至1.8億美元，與我們先前的指引一致。正如我們上次電話會議中提到的，我們預計2022年的利息支出約為1.2億美元，折舊支出約為8500萬美元，資本支出約為9000萬美元，調整後有效現金稅率約為24%。

From a capital allocation perspective, we continue to target an average adjusted free cash flow conversion of approximately 80% and intend to use the cash generated to reduce net leverage to return to our targeted long-term range of 2 to 2.5x over the next couple of years. As we have previously said, with a target of an average of 80%, some years may be closer to 70% and some may be closer to 90%, but on average, we think 80% is reasonable over the long term -- a reasonable target over the long term. When we believe our own company represents the best available investment opportunity, we may repurchase shares. To that end, in March 2022, the Board authorized a new stock repurchase program to purchase up to an aggregate of $250 million shares from time to time. This is reflective not only of our confidence in our ability to execute, but also in our ability to generate cash.

從資本配置的角度來看，我們繼續將平均調整後自由現金流轉換率設定為約80%的目標，並計劃利用產生的現金來降低淨槓桿率，以在未來幾年內恢復到2至2.5倍的長期目標範圍。正如我們之前所說，平均80%的目標，有些年份可能接近70%，有些年份可能接近90%，但平均而言，我們認為80%的長期目標是合理的——一個合理的長期目標。當我們認為我們自己的公司代表著最佳的投資機會時，我們可能會回購股票。為此，董事會於2022年3月批准了一項新的股票回購計劃，不時回購總額不超過2.5億美元的股票。這不僅反映了我們對執行能力的信心，也反映了我們對現金創造能力的信心。

Our adjusted diluted weighted average share count for the first quarter was 269 million, which is approximately 40 million higher than we had as of fourth quarter 2021. The increase is primarily driven by the dilutive impact of 333 million shares relating to the $800 million perpetual preferred equity financing used in connection with the Chubb transaction. Rather than trying to determine the probability of conversion from time to time, we think it makes sense to consistently reflect our adjusted results assuming the conversion. We expect our adjusted diluted weighted average share count for the second quarter to be approximately $270 million.

我們第一季的調整後稀釋加權平均股數為2.69億股，較2021年第四季增加約4,000萬股。這一成長主要源自於與安達保險交易相關的8億美元永久優先股融資相關的3.33億股稀釋性影響。我們認為，與其不時嘗試確定轉換的可能性，不如始終如一地反映假設轉換的調整後績效。我們預計第二季的調整後稀釋加權平均股數約為2.7億美元。

I'll now turn the call over to Jim. Jim?

我現在將電話轉給吉姆。吉姆？

Thank you, Kevin. Good morning, everyone. As everyone has said, we are grateful for the efforts of our leaders who navigated a complicated backdrop and drove strong results in the first quarter. We are pleased that the business has, what we believe, strong momentum despite a choppy macroeconomic environment.

謝謝凱文。大家早安。正如大家所說，我們感謝領導們的努力，他們克服了複雜的局勢，並在第一季取得了強勁的業績。儘管宏觀經濟環境波動較大，但我們相信，公司業務仍保持著強勁的發展勢頭，對此我們感到欣慰。

Clearly, Russ and Kevin and the entire leadership team are focused on operational performance and successfully navigating all the macro turbulence since we became a public company 2 years ago. We couldn't be more pleased with the performance of the business to date and the trajectory of APi.

顯然，Russ、Kevin 以及整個領導團隊都專注於營運績效，並成功應對了我們兩年前上市以來的所有宏觀動盪。我們對迄今為止的業務表現以及 APi 的發展軌跡感到非常滿意。

As co-chairs, Martin and I view our role as providing our unique resources and the benefit of our shared experiences to help APi perform at the highest level and thereby drive shareholder value. From our perspective, the company is doing what it needs to do, is positioned well for success, having added new leaders to the bench with unique global skills to help drive performance. Additionally, new resources and tools are being added each month to improve efficiency and performance.

身為聯合主席，Martin 和我認為我們的職責是提供我們獨特的資源和共同的經驗，幫助 APi 實現最高水準的業績，從而提升股東價值。從我們的角度來看，公司正在做其需要做的事情，並且已經做好了成功的準備，公司已經吸收了具備獨特全球技能的新領導者，以提升業績。此外，我們每月都會新增資源和工具，以提高效率和績效。

We are pleased to provide the investment community new insights into the business on this call to help you understand the business better. We intend to continue to evolve the detailed information provided quarterly and look forward to providing more color on our strategic activities related to the acquisition of Chubb later in the year.

我們很高興在本次電話會議上為投資界提供新的業務見解，以幫助您更好地了解公司業務。我們計劃繼續改進每季度提供的詳細信息，並期待在今年晚些時候提供更多關於收購 Chubb 的戰略活動的詳細信息。

We intend to maintain our relentless focus on growing recurring service revenue, disciplined project and customer selection, pricing opportunities, leveraging our spend, driving operational excellence and realizing synergies from the acquisition of Chubb as we work towards our adjusted EBITDA margin goal of 13% plus by 2025. We will continue to remain responsive to opportunities within our business and to the macroeconomic environment in which we compete.

我們打算堅持不懈地專注於增加經常性服務收入、嚴謹的項目和客戶選擇、定價機會、利用我們的支出、推動卓越運營以及實現收購 Chubb 帶來的協同效應，努力實現到 2025 年調整後的 EBITDA 利潤率達到 13% 以上的目標。我們將繼續對業務中的機會和我們競爭的宏觀經濟環境保持敏捷響應。

We continually assess how to best to deploy our resources against our 3 primary growth drivers: optimizing the performance of our existing businesses, effectively managing our capital structure and investing capital in our business, including evaluating opportunistic acquisitions.

我們不斷評估如何針對三大主要成長動力來最佳地配置我們的資源：優化現有業務的績效、有效管理資本結構以及向我們的業務投資，包括評估機會性收購。

And with that, I'd now like to turn the call back over to the operator and open the call for Q&A.

現在，我想將電話轉回給接線員，並開始問答環節。

(Operator Instructions) We'll take our first question from Andy Kaplowitz from Citigroup.

（操作員指示）我們將回答花旗集團的 Andy Kaplowitz 提出的第一個問題。

So maybe first question, I know you just raised organic guidance to 8% to 9% versus the 6% to 7% that you had, Russ. Maybe you could talk about the assumptions in that increase. Is that all pass-through in pricing? Or is there at all volume increase in there? And then obviously, you grew mid-teens in Q1. Again, you talked about pass-through and pricing being 2/3 of that, it was still higher than our forecast. Again, was that all pricing pass-through? Or are there areas of your business that are outperforming your own expectations?

所以第一個問題，Russ，我知道您剛剛將內生成長預期從之前的6%到7%上調到了8%到9%。您能談談這次成長的假設嗎？這全部都轉嫁到定價上了嗎？還是說銷量成長也算進去了？顯然，您第一季的銷售額成長了15%左右。您之前提到了轉嫁，定價是這個數字的三分之二，但仍然高於我們的預期。請問，這全部都轉嫁到定價上了嗎？還是說，您的業務中有哪些領域超出了您的預期？

So Andy, in my remarks, I said that 2/3 of that was pricing pass-through and 1/3 of that was volume. We track man hours by business unit actually on a weekly basis, and that's really how we keep our eye on the ball as it relates to the differing trends that we are seeing in the business. And so we've been really, I guess, forward in our conversations with our different business unit leaders as it relates to price and making sure that we're trying to stay out on the forefront on price, but it's -- really, it's about 2/3 of that is price.

安迪，我剛剛說了，其中三分之二是價格傳導，三分之一是產量。我們實際上是每週追蹤每個業務部門的工時，這實際上是我們密切關注業務中不同趨勢的方式。因此，我們一直在與不同業務部門的領導者就價格問題進行溝通，確保我們在價格方面始終保持領先地位，但實際上，其中大約三分之二是價格。

Okay. And then, Russ, maybe asking you about sort of Chubb in this context. Obviously, going to $40 million of synergies looks good. Can you give us more color into where you're seeing the extra synergies as you're now on the ground? And then maybe talk about the probability that $40 million could move higher over time? And has the time line changed at all from when you get these synergies, I think you had said 18 to 36 months?

好的。 Russ，我想問您關於 Chubb 的情況。顯然，達到 4000 萬美元的協同效應看起來不錯。您能否更詳細地介紹一下，就目前的情況來看，您認為哪些方面能夠實現額外的綜效？然後，能否談談 4000 萬美元的協同效應在未來會繼續上升的可能性？從您獲得這些協同效應開始，時間線是否有任何變化？我記得您說過 18 到 36 個月？

Well, I think the 18 to 36 months is realistic. I mean as we look at some of the different countries that we operate in, the processes that you have to go through to make some of the changes that will ultimately need to be made in these businesses takes more time than it would potentially in the U.S. And so I think thinking about things in that time frame is really realistic. And it's not all going to happen in day 1 and you're ultimately looking at having probably 2 phases of some of the changes.

嗯，我認為18到36個月是現實的。我的意思是，看看我們經營的一些不同國家，你會發現，在這些業務中，最終需要進行的一些變革，需要經歷的流程比在美國可能要長得多。所以我認為在這個時間框架內考慮事情是非常現實的。而且，並非所有事情都會在第一天就發生，最終你可能會看到一些改變分為兩個階段。

I would say that as we spend more time in the business and we start to focus on driving the business really towards a similar branch built model that we currently have in our really core life safety business, that's where you start to see -- you get more visibility into some of the changes and what needs to be done to empower the branches and empower the branch leaders versus, say, having the business served from corporate.

我想說的是，隨著我們在業務上投入更多時間，並開始專注於推動業務真正走向類似於我們目前在核心生命安全業務中所採用的分支機構建設模式，你就會開始看到——你會更清楚地看到一些變化，以及需要做些什麼來授權分支機構和分支機構領導者，而不是讓企業提供服務。

And so as we spend time in the business, and we've had a number of different visits to Western Europe, we can see it. Like you can really see what needs to be done in this business that actually gets me really excited because you have more and more clarity around what needs to be done as we continue to try to drive towards this branch-led operating model which is exciting. We also get very excited when we look at the procurement opportunities. There's -- we felt like we weren't scratching the surface just as a core APi from a procurement perspective. And now as we're continuing to build out our procurement team here, we see combined synergies between the scale of both businesses coming together, and we see really a nice opportunity for us to take advantage of that.

隨著我們在這個業務上投入時間，並且多次訪問西歐，我們能夠看到這一點。你能夠真正看到這個業務需要做什麼，這實際上讓我非常興奮，因為隨著我們繼續努力推動這種令人興奮的分公司主導的營運模式，你對需要做的事情越來越清晰。當我們看到採購機會時，我們也非常興奮。從採購的角度來看，我們感覺作為核心APi，我們並沒有觸及皮毛。現在，隨著我們繼續在這裡組建採購團隊，我們看到了兩個業務規模的整合所產生的協同效應，我們看到了一個很好的機會來利用它。

And really, when we were talking a little bit about this yesterday, Kevin used the frame, we're scratching the surface on commercial opportunities. And we're just really getting going there. And there's going to be a number of opportunities for us to cross-sell with the existing business, take advantage of some of these multinational customers that we have that we're already starting to have some dialogue with, trying to tap into Blackstone's real estate portfolio.

真的，昨天我們稍微討論一下這個問題的時候，凱文用了「我們正在觸及商業機會的皮毛」這個框架。我們才剛開始行動。我們將有很多機會與現有業務進行交叉銷售，利用一些我們已經開始對話的跨國客戶，嘗試進入黑石的房地產投資組合。

So there's a number of things that really give us great confidence that $40 million is there, and it will continue to evolve, and we'll continue to keep you informed in that process.

因此，有很多事情讓我們非常有信心，4000 萬美元是存在的，而且它將繼續發展，我們將繼續向您通報這一過程。

Andy, if I could chime in. I mean one of the things that I think what Russ and Kevin and the team are doing that I think is different than what has historically occurred under prior ownership is, Russ is out there pounding the pavement, visiting places where senior leaders have never visited before. And he is working with the leaders in individual countries and having them build bottom-up plans rather than being told top down what to do.

安迪，我想插。我認為，拉塞爾、凱文和團隊正在做的事情與以往任何一位老闆的做法都不同，那就是拉塞爾會親自出馬，走訪高層領導從未去過的地方。他會與各國的領導人合作，讓他們自下而上地制定計劃，而不是聽從上而下的指示。

And from those bottom-up plans, you're getting ownership from country managers on what to do, how to do it. It's their plan rather than someone in some other country just telling them what to do. And so there's a lot of buy-in on what needs to happen, when it needs to happen, who's accountable and what the economic return is. And we're in early days of that, but it's really a team effort that Russ is driving rather than an administrative directive.

透過這些由下而上的計劃，各國經理人可以自主決定要做什麼、如何做。這是他們的計劃，而不是某個國家的人指手畫腳。因此，在需要做什麼、何時做、誰負責、以及經濟回報如何等方面，各方都能獲得充分的認同。雖然我們目前還處於早期階段，但這其實是Russ推動的團隊合作，而非行政指示。

Our next question comes from Markus Mittermaier from UBS.

我們的下一個問題來自瑞銀的 Markus Mittermaier。

Maybe I’ll follow up on the discussion you just had there. Sort of what's the cadence then to get to the bottom-up branch-led platform? What has to happen between now and then sort of like if you think forward 2 years? So is it kind of ripping out the old IT platform? Or what's the process to get there? Can you give us a bit more color on that?

也許我可以繼續您剛才的討論。那麼，實現由下而上、由分支機構主導的平台的節奏是怎麼樣的呢？從現在到兩年後，需要做些什麼？這是否意味著要徹底淘汰舊的IT平台？或者說，實現這目標的流程是怎麼樣的？能更詳細地講一下嗎？

Well, Mark, thank you for your question and thanks for participating this morning. The -- first and foremost, we have to carve this business out from carrier, and that has to be our #1 priority, and there is a lot of work to do there. Specifically, I would say probably the 2 key -- the 2 biggest work streams would be in the area of IT and HR and that needs to be the primary driver and the focus, okay?

好的，馬克，謝謝你的提問，也謝謝你今天早上的參與。首先，我們必須把這項業務從營運商業務中剝離出來，這必須是我們的首要任務，而且在這方面還有很多工作要做。具體來說，我認為兩個關鍵的——最大的兩個工作流程應該是IT和人力資源領域，這需要成為主要的驅動力和重點，好嗎？

So that is -- that takes some resources, and it takes the right talent both from the Chubb side and our side, and we are prioritizing that. All right. So it starts there. And that doesn't mean you can't make some changes that you need to be making. And we've already started to execute on that where it's appropriate in some of the different countries. And so I mean, it's just one of those things. It's like an ore freighter in Lake Superior. You don't change the direction of that ore freighter in a matter of minutes. It takes some time.

所以這需要一些資源，也需要丘博和我們雙方都擁有合適的人才，而我們正在優先考慮這一點。好的。所以一切從這裡開始。但這並不意味著你不能做出一些必要的改變。我們已經開始在一些國家以適當的方式執行這項計劃。所以我的意思是，這只是其中一件事。這就像蘇必利爾湖上的一艘礦石貨輪。你不可能在幾分鐘內改變那艘礦石貨輪的方向。這需要一些時間。

And our branch-led business model, operating model is somewhat different than the way the Chubb business has been built over the many years with under UTC and Carrier ownership and leadership. And so changing that and finding the right mix between their model and where we are from an operating perspective is ultimately going to take some time. And the other aspect of it too, that we don't -- most of us don't think about is that we still don't have access to Hong Kong. We still don't have access to China as those countries continue to suffer from lockdowns associated with COVID.

我們的分行主導業務模式和營運模式，與丘博多年來在UTC和Carrier的所有權和領導下建立的業務模式有所不同。因此，改變這種模式，並在他們的模式和我們目前的營運狀況之間找到合適的平衡點，最終需要一些時間。另一方面，我們大多數人沒有考慮到的是，我們仍然無法進入香港市場。我們仍然無法進入中國市場，因為這些國家仍在遭受與新冠疫情相關的封鎖。

So we are diligently building plans. We are focused on being prepared to make -- execute on our, so to speak, our Phase 1 changes that we need to make and are already trying to take advantage of some of the procurement opportunities that are going to happen there. So I just go back to 18 to 36 months is a realistic time frame, and we want to be realistic with you and what we share with you, but trust me, we are very active in the business, and we'll be attacking all fronts as we see that opportunity present itself.

所以我們正在認真制定計劃。我們專注於做好準備，執行我們第一階段需要做出的改變，並且已經在嘗試利用即將出現的一些採購機會。所以我要強調的是，18到36個月是一個現實的時間框架，我們希望以務實的態度與您分享我們分享的內容。但請相信我，我們在這個業務上非常活躍，一旦看到機會出現，我們就會全力以赴。

That's very helpful. And maybe one more on backlog, the $3.6 billion. I appreciate the update to the guidance here for the rest of the year. How should I think about the $3.6 billion, obviously a lot of projects in there. What's your ability to reprice once you put that into the backlog? And what's your visibility there on margin across that $3.6 billion?

這很有幫助。關於36億美元的待辦訂單，我再補充一點。我很感謝你更新了今年剩餘時間的業績預期。我該如何看待這36億美元，顯然這裡面有很多項目。一旦把這筆待辦訂單放進待辦訂單，你的重新定價能力如何？你對這36億美元的利潤率預期如何？

Yes. So number one, that is our contract -- that includes our contract installation backlog. It also includes larger time and material projects with our industrial maintenance customers would also include our anticipated work under certain master service agreements and blanket contracts. So it's not just, so to speak, fixed price, lump sum contract related work.

是的。首先，這是我們的合約——包括我們的合約安裝積壓訂單。它還包括我們與工業維護客戶合作的大型工料和材料項目，也包括我們根據某些主服務協議和總括合約預計完成的工作。所以，這不僅僅是所謂的固定價格、總價合約相關的工作。

And so there is a variety of opportunities that's included in that $3.6 billion. And margins vary based on segment and based on individual company, to be totally honest with you Markus, inside that. We have confidence in the margins there. We've been preaching price. We've been preaching protecting yourself in your contract languages, which goes back to your original proposal, to make sure that you're protecting yourself from inflationary pressures associated with it. So we have really good confidence in the quality of the backlog that we have, but it would be extremely difficult for us to give you an exact margin percentage based on -- it would vary by segment and by business.

所以，這36億美元蘊含著各種不同的機會。利潤率會因細分市場和具體公司而異，說實話，馬庫斯，這裡面有各種因素。我們對利潤率很有信心。我們一直在強調價格。我們一直在強調合約條款中要保護自己，這可以追溯到你最初的提案，以確保你免受與之相關的通膨壓力的影響。所以我們對現有訂單的品質非常有信心，但我們很難給出一個確切的利潤率——它會因細分市場和業務而異。

Our next question comes from Julian Mitchell from Barclays.

下一個問題來自巴克萊銀行的朱利安·米切爾。

This is Kiran Patel-O'Connor on for Julian. Just looking at the 60% plus new target for inspection service revenues, when do you think you'll be able to achieve that? And what actions are you guys taking to reach that goal?

我是 Kiran Patel-O'Connor，代替 Julian 進行訪問。關於檢驗服務收入 60% 以上的新目標，您認為什麼時候能夠達成？為了實現這個目標，你們正在採取哪些措施？

Well, I mean, the reality of it is, I can't tell you we're going to get there in 3 or 4 years to be totally honest with you, Kiran. So it's really driven by our relentless focus on growing the inspections. And our inspections were up again on a year-on-year basis for this quarter which really gets us excited.

嗯，我的意思是，說實話，基蘭，我無法保證我們能在三、四年內實現目標。所以，這主要是因為我們堅持不懈地致力於增加檢查次數。本季我們的檢查次數年增了，這讓我們非常興奮。

We had really solid growth in that piece of the business. We need to drive that inspection first mindset into the Chubb business so that they're thinking about things in a very similar fashion that we are. And as long as we continue to grow the inspection piece of the business, we know that we're going to grow the service piece of the business which is the recurring revenue portion of it.

我們在這方面的業務成長確實非常穩健。我們需要把這種「檢驗優先」的概念推廣到丘博的業務中，這樣他們才能以與我們非常相似的方式思考問題。只要我們繼續發展檢驗業務，我們就知道，服務業務，也就是經常性收入的一部分，也一定會成長。

And we're going to incrementally make gains on it each and every year, and that's what's positive for us. And that's what -- where we're driving the business to and that's what is our biggest focus. We still have work to do as we continue to build out our inspection sales team and that is happening and ongoing every single day. And that's really our #1 strategic priority across the business.

我們將逐年逐步取得進展，這對我們來說是積極的一面。這也是我們推動業務發展的方向，也是我們最大的關注點。我們仍有工作要做，因為我們將繼續建立我們的檢驗銷售團隊，這項工作每天都在進行。這確實是我們整個業務的首要策略重點。

Got it. And I have one follow-up. Just looking at the $40 million synergy number that you talked about. For the cost to achieve that, should we assume some sort of similar time line? Or how should we think about that?

明白了。我還有一個後續問題。剛才你提到了4000萬美元的綜效。為了實現這個目標，我們是否應該假設類似的時間表？或者我們應該如何考慮？

Well, I guess, we said that we believe that we're going to capture those synergies over an 18- to 36-month period of time. And that's where our focus is. As I said earlier in my remarks, our #1 focus right now is the separation from Carrier and that needs to continue to be our priority. But we believe that we see opportunities up to $40 million, and hopefully, that's going to continue to evolve, but it's going to take us that period of time to capture.

嗯，我想，我們說過，我們相信我們將在18到36個月的時間內實現這些協同效應。這就是我們的重點。正如我之前所說，我們目前的首要任務是與開利的分離，這需要繼續作為我們的優先事項。但我們相信，我們看到了高達4000萬美元的機會，希望這個機會能夠繼續發展，但這需要一段時間才能實現。

Our next question comes from Ashish Sabadra from RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Ashish Sabadra。

This is John Mazzoni filling in for Ashish. Congratulations on the strong results. Given the higher international tensions, and I think you mentioned this previously on Hong Kong and China, could you just walk us through how you were navigating international risks? And any of the actions you're doing perhaps in Europe on knock-on effects or any other things you're seeing in terms of just kind of the overall business environment?

我是約翰·馬佐尼，代替阿希什發言。恭喜您取得的出色業績。鑑於國際局勢日益緊張，我記得您之前提到香港和中國大陸的問題，能否請您介紹一下您是如何應對國際風險的？您在歐洲採取的措施是否也影響了這些風險的連鎖反應，或者您觀察到的其他對整體商業環境的影響？

Well, I think when I think about navigating risk, obviously, we continue to watch how things continue to evolve in Ukraine with Russia. We have very little exposure to that. Our legal team has stayed on top of that, looking at areas where we may have customer ties to Russia and what sort of impact that may or may not have on the business, but it has been -- it's very, very low, and it's been extremely small.

嗯，我認為，當我考慮如何規避風險時，我們當然會持續關注烏克蘭與俄羅斯關係的演變。我們對此的關注度很低。我們的法律團隊一直在密切關注，研究我們可能與俄羅斯存在客戶關係的領域，以及這可能會或可能不會對業務造成影響。但影響非常非常小，甚至可以說是微乎其微。

As it relates to how things potentially evolve with China and the position China takes, that's something that we continue to keep our eye on. Our exposure in China is small. The majority of our business in Asia is focused in Hong Kong, and we continue to really just keep our eye on it and have open dialogue about any sort of risk in what sort of action planning that we may have to take if there is potentially additional problems and challenges there.

至於事態可能如何演變以及中國將採取何種立場，我們一直在密切關注。我們在中國的業務規模很小。我們在亞洲的大部分業務集中在香港，我們將繼續密切關注香港的情況，並就任何可能存在的風險以及如果香港可能出現更多問題和挑戰，我們可能需要採取何種行動計劃進行公開對話。

I think from Martin and I were talking the other day, it's kind of funny that since we've been a public company, we've known nothing but headwinds -- we went public and so did COVID. And then we've had supply chain issues, and it will be interesting when the world just calms down a little bit, but this company has performed amazingly well and put up the numbers that it has put up in what has been a crazy couple of years. And so it's just going to be interesting when the waters smooth out and you get a bit of a tailwind in what's going on in the macros.

我記得前幾天我和馬丁聊過，自從我們成為上市公司以來，就一直面臨著各種阻力，這挺有意思的——我們上市了，新冠疫情也來了。之後我們又遇到了供應鏈問題，等世界稍微平靜下來，情況會變得很有趣。但這家公司的表現非常出色，在過去瘋狂的幾年裡取得瞭如此好的業績。所以，等到情況平靜下來，宏觀經濟情勢出現一些順風順水的時候，情況會變得很有趣。

But look at how well we performed over the last couple of years with global headwinds that have nothing to do with the business. I really think -- you really see the resiliency of how the business is set up and what we call the protective moat. And so we look forward for the day when the world just takes a breath.

但看看過去幾年我們在與業務無關的全球逆風中表現得多麼出色。我真的認為——你真的看到了我們業務架構的韌性，以及我們所謂的「護城河」。因此，我們期待著世界能夠喘口氣的那一天。

Great. And maybe quickly, could you just remind us on labor and how the union workforce United States and the subcontracted workforce actually helps. It sounds like the color around the $30 million spent over the past 5 years on leadership development is helpful. But just maybe around what you're seeing in the hiring environment and how you think you can pretty much navigate that as well just because the issue of kind of the tough labor market today?

太好了。您能否快速地談談勞動力問題，以及美國工會和分包商如何真正提供幫助。聽起來，過去五年在領導力發展上投入的3,000萬美元確實很有幫助。但能否談談您在招募環境中看到的情況，以及您認為如何應對這種情況，畢竟目前勞動市場情況嚴峻？

Yes. So there was a lot there in that -- in your question. So first, just to tackle the union component of it. So the majority of our workforce is union. That does a couple of things for us. It gives us really good visibility into their wage rates and the cost structure associated with that. And even going through this kind of a challenging time from a people perspective in our collective bargaining agreements that have come up for renegotiation.

是的。你的問題裡面有很多內容。首先，我們來談談工會的問題。我們的大多數員工都是工會成員。這對我們來說有幾個好處。它讓我們能夠很好地了解他們的工資率以及相關的成本結構。即使在我們面臨重新談判的集體談判協議中，從員工的角度來看，這也是一個充滿挑戰的時期。

I would tell you that they've all been resolved and settled at very fair basically wage packages and escalation in those wage packages. I've been actually very impressed with the leadership of the union and how they have been reasonable in their expectations and haven't tried to take advantage of the hot labor market and situation there.

我想說的是，所有問題都得到了解決，基本工資待遇和工資遞增方案都非常公平。工會領導層的表現給我留下了深刻的印象，他們的預期非常合理，沒有試圖利用當地火熱的勞動市場和情況來牟利。

The other aspect of the union aspect of it is when you have -- with Friday afternoon comes, we don't have work for that individual on Monday, we can basically lay them off and send them to the union hall without any trailing severance costs. That's all built into their wage packages. And so that gives us much more flexibility to flex up and down as we need.

工會的另一個好處是，如果週五下午到了，我們週一沒有那個人的工作，我們基本上可以解僱他們，讓他們去工會大廳，而且不用支付任何遣散費。這些都包含在他們的薪資待遇裡。這樣一來，我們就能更靈活地根據需要調整薪資。

What you see commonly in Western Europe, specifically around installation work is the use of a lot of subcontract labor instead of having permanent employees, and that allows them greater flexibility to flex up and down based on what their needs are. And so you'll see them use subcontract labor more often than they would have, say, having full-time employees.

在西歐，尤其是在安裝工程領域，你經常看到的是大量使用分包工，而不是僱用正式員工，這使得他們能夠根據自身需求更靈活地調動員工。所以你會看到他們使用分包工的頻率比僱用全職員工的頻率更高。

Regarding the $30 million investment in leadership development over a number of years, I would just tell you that we have believed for almost 20 years now that investing in our people and investing in our people as leaders and as human beings is what's ultimately going to drive the greatest results and create shareholder value. And it's really proven itself true.

關於多年來在領導力發展方面投入的3000萬美元，我只想說，近20年來，我們一直堅信，投資於我們的員工，投資於我們的員工作為領導者和作為人的價值，最終將帶來最大的成果，並創造股東價值。事實證明，這確實是事實。

The industry has done -- the men and the women that are actually doing the work in the field, they've done them a disservice. And they haven't made the level of investment in those individuals in the same way that say they have in their office personnel and staff. And from my perspective, that's an absolute chain. Almost 70% of our workforce is showing up on our customer sites every single day. And those men and women want to be invested in as human beings just like you and me. And I think that's one of the things that we've done that's unique at APi is that we've taken our leadership development efforts to those men and women. And I think that is something that creates a unique environment for us that people will want to be a bigger part of something that stands, our purpose of building great leaders and that means something and it stands for something bigger than an individual self.

業界對那些真正在第一線工作的男女員工造成了傷害。他們沒有像對待辦公室人員和員工那樣，對這些人進行同等程度的投入。在我看來，這構成了一個絕對的鏈條。我們幾乎70%的員工每天都出現在客戶現場。這些員工也像你我一樣，渴望被重視。我認為，APi的獨特之處之一在於，我們將領導力發展工作延伸到了這些員工身上。我認為這為我們創造了一個獨特的環境，讓人們渴望成為我們培養偉大領導者這一目標中更重要的一部分，而這目標的意義遠大於個人。

And I think that's something that is unique to what we're trying to accomplish at APi. And I think that's something that we can do and bring to the Chubb organization. We already have one individual from our team that we're planning to relocate to London. He was the individual that originally stood -- helped stand up our leadership development efforts way back in the early 2000s. And he's going to relocate to London and help bring that effort to Chubb. So we're already thinking about how are we going to bring that same energy and enthusiasm from a leader development perspective to the Chubb organization.

我認為這是我們在APi努力實現的獨特目標。我認為這是我們可以做到並帶到Chubb組織的事情。我們團隊中已經有一個人計劃調往倫敦。他是最初在21世紀初幫助我們建立領導力發展計畫的人。他將調往倫敦，幫助Chubb進行這項工作。所以我們已經在思考如何從領導力發展的角度，將同樣的活力和熱情帶到Chubb組織。

And as I said in my remarks, I really think that that's going to be a big part of the integration and a big part of what makes the Chubb organization successful as we move this thing forward.

正如我在演講中所說，我確實認為這將是整合的重要組成部分，也是我們推進這項工作時 Chubb 組織取得成功的重要組成部分。

Next question comes from Jon Tanwanteng from CJS Securities.

下一個問題來自 CJS Securities 的 Jon Tanwanteng。

My first one is, what gives you the confidence in reaching the market -- target margins just given that the pace of the inflationary environment we're seeing, I understand that you can grow profit dollars in line with your expectations or maybe a little bit better. But getting to the margin percentage just in this environment, what's driving that? Is it maybe an expectation of moderating inflation, more synergies or something else that we should be thinking about?

我的第一個問題是，是什麼讓您有信心達到市場目標利潤率？考慮到我們目前看到的通膨環境，我知道您的利潤成長可以達到預期，甚至可能略高於預期。但是，在這種環境下，實現利潤率目標的驅動力是什麼？是出於對通膨放緩的預期、綜效的增強，還是我們應該考慮的其他因素？

Jon, this is Kevin. I'll take that one. When we look at what's going on this year with the significant pass-through that Russ talked about, when you think about some of our businesses, if you take one of our businesses in the Specialty Services segment as a proxy fabrication, they're obviously seeing a significant run-up in revenue due to what we're pushing through from a price standpoint related to steel. That's going to compress margins this year. All that said, they continue to focus, and you can use that company really as a proxy for our contract work in specialty and broadly.

喬恩，我是凱文。我來回答這個問題。看看拉斯提到的今年的重大轉嫁情況，想想我們的一些業務，如果你把專業服務部門的某項業務作為代理製造業務，他們的收入顯然會大幅增長，這要歸功於我們推動的與鋼材相關的價格上漲。這將壓縮今年的利潤率。儘管如此，他們仍然會繼續專注，你可以把這家公司真正地作為我們在專業領域及廣泛領域承包業務的代理。

They continue to focus on productivity initiatives and continuing to push more and more of our offering through that service and recurring revenue. So in a year like this where we see the run-up, of course, it's going to compress margins. But as we continue to focus on the long-term levers that we've talked about for the last couple of years and this inflationary pressures subside, we expect there to be a higher ramp, let's say, next year and the following year in our margins as we see that work start to show up and as the material or inflationary impacts due to material costs subside.

他們繼續專注於提高生產力的舉措，並繼續透過這項服務和經常性收入來推廣我們越來越多的產品。因此，在像今年這樣價格上漲的年份，利潤率當然會受到擠壓。但隨著我們繼續關注過去幾年一直討論的長期槓桿，以及通膨壓力的消退，我們預計，隨著業務開始顯現，以及材料成本造成的重大或通膨影響消退，我們的利潤率在明年和後年將出現更高的增長。

Okay. Great. Appreciate that. And then second, Kevin, this is actually for you. What is your expected interest expense for the year just given the expectation of rising rates? And are you comfortable keeping that at a floating rate at this point?

好的。太好了，非常感謝。第二，凱文，這個問題其實是問你的。考慮到利率上升的預期，你今年的預期利息支出是多少？目前你覺得維持浮動利率合適嗎？

Yes. Our expected full year interest expense right now is $120 million. And we're comfortable with that, if that's your question. We're forecasting as we do based on sort of the mix of fixed and floating...

是的。我們目前預計全年利息支出為1.2億美元。如果您問的是這個，我們對此感到滿意。我們的預測是基於固定利率和浮動利率的組合…

Our next question comes from Kathryn Thompson from Thompson Research.

我們的下一個問題來自湯普森研究公司的凱瑟琳·湯普森。

Just in terms of -- this is just a bigger picture, understanding you're more services-focused. But I guess a backdrop, how are you thinking about managing inventories and just basic goods as the world shifts from a just in time to more of just in case? And how relevant is this trend really for APi?

就……這只是一個更大的視角，我理解你們更注重服務。但我想先從背景來看，隨著世界從即時生產轉向以防萬一，您如何看待庫存和基本商品的管理？這種趨勢與 APi 究竟有多大關係？

Kevin, do you want to talk about that a little bit on our cash flow?

凱文，你想談談我們的現金流嗎？

Yes. So yes, Kathryn, I think in the remarks, I mentioned this as well, that you see -- you saw the impact of -- I think you said it well, instead of just in time, we're trying to get in this world where availability sort of gets you on defense a little bit. We're doing what we can to get materials in our businesses and to our jobs in time to do the work that we need and noting the growth rates that we're seeing. That's become really, really important.

是的。凱瑟琳，是的，我想在評論中我也提到了這一點，你看到了——你看到了它的影響——我認為你說得很好，我們不僅僅是及時，而是試圖在這個可用性讓你有點防禦的世界裡有所作為。我們正在盡一切努力，及時將材料送到我們的企業和工作崗位，以完成我們所需的工作，並注意到我們正在看到的成長率。這變得非常非常重要。

Also, in my mind, we saw that as a working capital investment here in the first quarter. Obviously, as we move through the year, we expect for that work itself through and have less of an impact as we move sort of Q2, 3 and into Q4. So we think the most significant impact we're going to see really is in the first half of the year, and we expect to work a lot of that off in the back half of the year.

此外，在我看來，我們在第一季將其視為一項營運資本投資。顯然，隨著全年的推進，我們預計這些影響會逐漸顯現，在第二季、第三季以及第四季度，其影響將逐漸減弱。因此，我們認為最顯著的影響將在上半年顯現，我們預計下半年將在很大程度上抵消這些影響。

Okay. And what are you seeing in terms of supply chain timing from others in the construction cycle? And with your next goal of 60% of your revenue is coming from service, how much of this is organic growth versus acquired?

好的。您從其他建築業的供應鏈時間安排來看，有什麼發現？您下一個目標是60%的收入來自服務，那麼其中有多少是有機成長，有多少是收購而來的？

Kathryn, this is Russ. Majority of your growth in inspection and service is going to be organic. You might have some small M&A activity associated with buying customer accounts, et cetera, that will be additive onto that. But essentially, you can count on most of that being organic by nature. And the -- when you think about inspection and service the lion’s share of the work that's being done there is labor. And so from a supply chain perspective as we continue to grow that, we become less and less susceptible to supply chain related issues.

凱瑟琳，我是拉斯。你們在檢驗和服務方面的成長大部分將是有機成長。你們可能會進行一些與購買客戶帳戶相關的小型併購活動等等，這些活動會疊加到你們的業務上。但本質上，你們可以相信，大部分成長本質上都是有機成長。而且──說到檢驗和服務，大部分的工作都是人工完成。因此，從供應鏈的角度來看，隨著我們業務的持續成長，我們越來越不容易受到供應鏈相關問題的影響。

I mean you have component issues from a fire alarm perspective in security -- on the security side of the business that has been seeing some challenges in the last number of months. Pipe is also an item that we continue to keep a close eye on. We -- pipe is a big part of what we do in all aspects of our business. And so we continue to monitor not only cost but availability. But as we continue to grow the inspection and service side of the business, we become less and less susceptible to those issues and challenges.

我的意思是，從安防火災警報的角度來看，組件存在問題——在過去幾個月裡，安防業務方面遇到了一些挑戰。管道也是我們持續密切關注的項目。管道在我們業務的各個方面都佔有重要地位。因此，我們不僅持續監控成本，還持續監控其可用性。但隨著我們檢驗和服務業務的不斷發展，我們越來越不容易受到這些問題和挑戰的影響。

Okay. And what sequential trends are you seeing in terms of types of projects that are kind of in the proposal pipeline? And then I guess, importantly, who are you taking market share from?

好的。那麼，就目前處於提案流程中的專案類型而言，您觀察到了哪些連續趨勢？然後，我想，重要的是，您從誰那裡搶佔了市場份額？

Well, I think to try to address the first part of your question, I think the end markets that we serve continue to be very strong and very robust. You think about the data center space and what companies like Facebook, Microsoft, Google, what they're doing and the investment that they're continuing to make is really positive for us from both a installation but more importantly, an inspection and service space, semiconductor, the Intels of the world continue to provide robust opportunities for us.

嗯，我想嘗試回答你問題的第一部分，我認為我們所服務的終端市場仍然非常強勁。想想數據中心領域，像Facebook、微軟、谷歌這樣的公司，他們正在做的事情以及他們持續進行的投資對我們來說都是非常有利的，無論是從安裝方面，更重要的是從檢測和服務方面，還是從半導體方面，英特爾等公司都在繼續為我們提供強勁的機會。

And I think that that's something that we need to continue to stay focused on is being in the right end markets and the opportunities from both an inspection and service perspective and ultimately, an installation perspective, we'll continue to be robust. What was the second half of your question, Kathryn, I'm sorry.

我認為我們需要繼續專注於正確的終端市場，並從檢驗、服務以及最終的安裝角度把握機遇，保持強勁發展。凱瑟琳，你的問題的後半部是什麼？抱歉。

Just really -- who are you taking market share? I mean who are the big buckets in terms of taking market share because one of the things that's happening at post-COVID world is the bigger getting bigger, but also it gets down to service. So we see this as an opportunity to take share, which appears that you are from others that are just don't have as good access to products and people. So it’s really what are the big buckets where you're seeing market share gains.

說實話——你們在搶佔誰的市佔率？我的意思是，在搶佔市場份額方面，誰是最大的贏家？因為後疫情時代正在發生的事情之一是規模越來越大，但這也與服務有關。因此，我們認為這是一個搶佔市場份額的機會，而你們似乎比其他公司更難獲得產品和人員。所以，真正的關鍵在於，你們在哪些大贏家的市佔率中實現了成長。

Well, I mean, the industry is so fragmented. And I think that -- so we're going to be taking share from a lot of smaller, more family-owned type businesses in the regional, in local communities that we serve. And that's where our scale and technical capabilities are going to be ultimately a big advantage for us and something that we continue to stay focused on. And it's like anything you know -- you are right. It's about service, and it's about your commitment to serving your customers with flexibility, safely, efficiently and everything else associated with that.

嗯，我的意思是，這個行業太分散了。我認為——所以我們將從我們服務的區域和當地社區的許多規模較小、更像家族企業的企業手中奪取市場份額。而這正是我們的規模和技術能力最終將成為我們巨大優勢的地方，也是我們持續關注的重點。就像您知道的任何事情一樣——您說得對。關鍵在於服務，在於我們致力於為客戶提供靈活、安全、高效的服務，以及與之相關的一切。

And so I mean, this is also very much still a relationship-based industry and space. I think that our inspection first in the strategy that we've employed as it relates to how we sell inspections into the marketplace allows us to create more solid, sticky relationships with our customers. So that's a driver for us, and our customers continue to consolidate. And that's an advantage for us as our customers continue to consolidate and grow their businesses, that's going to create opportunities for us if we're delivering and we're executing, and we're maintaining those key relationships.

所以我的意思是，這在很大程度上仍然是一個基於關係的行業和領域。我認為，我們實施的「檢驗優先」策略，以及我們如何將檢驗產品銷售到市場，使我們能夠與客戶建立更穩固、更緊密的關係。這對我們來說是一個驅動力，我們的客戶也不斷鞏固。這對我們來說是一個優勢，因為我們的客戶也不斷鞏固和發展他們的業務。如果我們能夠交付成果、執行並維護這些關鍵關係，這將為我們創造機會。

And we have time for one more question from Andrew Wittmann from Baird.

我們還有時間回答貝爾德公司的安德魯‧維特曼 (Andrew Wittmann) 提出的另一個問題。

I guess I wanted to ask a little bit on the integration, maybe from 2 perspectives. The first one, I guess, is -- I think I heard in the prepared remarks, obviously, the $20 million to $40 million synergy, but I also heard that there's going to be a level of reinvestment. So I was wondering what the expectation is for the net savings to EBITDA would be after the reinvestments.

我想從兩個角度問關於整合的問題。第一個問題，我想在準備好的發言中聽到了，顯然是2000萬到4000萬美元的協同效應，但我也聽說會有一定程度的再投資。所以我想知道，再投資後，EBITDA的淨節省預期是多少。

And maybe for Kevin, if you could talk a little bit about what this year's budget is for like acquisition and integration costs. I know this quarter in the adjusted reconciliation, there's large numbers for the acquisition expenses, which make sense in the quarter where you actually closed the deal. But the integration and reorganization expenses were actually fairly modest. So I was hoping to understand how that geography moves. I would expect the integration and reorganization expenses to maybe go up and the acquisition expenses to go down. But what's the net budget maybe for the year for those type of items, just so we have an order of magnitude as to what they'll cost this year.

凱文，您能否談談今年用於收購和整合成本的預算是多少？我知道本季的調整後財務報表中，收購費用佔了很大一部分，這在你們實際完成交易的季度是合理的。但整合和重組費用其實相當適中。所以我想了解一下該地區的市場變化。我預期整合和重組費用可能會上升，而收購費用可能會下降。但請問這類項目的年度淨預算是多少？這樣我們就能大致估算出它們今年的成本是多少。

Yes, I can take both of those. I'll start on the latter, Andrew, and then you'll have to remind me. I think the first one was the $20 million to $40 million, but we'll have to come back to clarify that question. So on the acquisition, the onetime cost, yes, you're right. You saw about $24 million related to just closing the deal in the quarter. And then you should have seen somewhere around, I'll say, $15 million to $20 million, I think it was close to $17 million on just ongoing costs.

是的，我可以同時考慮這兩個。安德魯，我先從後者開始，然後你得提醒我。我記得第一個是2000萬到4000萬美元，但我們必須回過頭來澄清這個問題。關於收購，一次性成本，是的，你說得對。你看到本季與完成交易相關的費用約為2400萬美元。然後你應該看到大約1500萬到2000萬美元，我認為僅持續成本就接近1700萬美元。

The majority of that cost that you saw in the first quarter was related to our continued investment in carving out the Chubb business from the Carrier infrastructure. Okay. There's various things in there, but I'll say that was largely what was in there.

您在第一季看到的大部分成本與我們持續投資於將 Chubb 業務從 Carrier 基礎設施中剝離有關。好的。這裡面有很多內容，但我要說的是，基本上就是這些。

We are still working through the full year view to that. So we're not ready to guide on it. I think you asked for a budgeted number. But we'll have 2 buckets there. One will be cost to capture the value opportunities that we're talking about and the other is cost that we're going to continue to see for the year as we carve this business out of the Carrier platform. Okay. So the cost you saw in Q1, I think you can -- those will step up slightly as we move through the year, but we are still in the planning phase of all that and looking to conclude that here in the second quarter.

我們仍在製定全年預算，因此尚未準備好提供指導。我想您問的是預算數字。但我們會有兩個面向。一個是捕捉我們討論的價值機會的成本，另一個是隨著我們將這項業務從 Carrier 平台剝離，我們今年將繼續看到的成本。好的。您在第一季看到的成本，我認為隨著全年的推進，這些成本會略有上升，但我們仍處於規劃階段，並希望在第二季得出結論。

The first part of the question was if you've gone to 40% of gross synergies, what's our realistic expectation for the net benefit to EBITDA from cost synergies…

問題的第一部分是，如果總綜效達到 40%，那麼我們對成本綜效給 EBITDA 帶來的淨收益的現實預期是多少…

I'll jump in on that one and tell you that will be part of the update later in the year.

我會深入討論這一點，並告訴你這將是今年稍後更新的一部分。

Okay. Okay. And then I guess I was just curious with what is softening demand or what was seen a softening demand from some of the large warehouses, customers, I mean, you look at what Amazon's results were for the quarter. Clearly, there was a prebuild in COVID related to home delivery services. And it's not just Amazon, it's probably others as well.

好的。好的。然後，我只是好奇需求疲軟是什麼，或者說，一些大型倉庫客戶的需求疲軟是什麼，我的意思是，你看看亞馬遜本季的業績。顯然，新冠疫情與送貨上門服務之間存在著預熱。而且不只是亞馬遜，其他公司可能也一樣。

I guess, Russ, given that this has been, to my understanding, a fairly large driver of your growth over the last couple of years, are you seeing any signs or changing any expectations around what the longer-term outlook might be or at least the intermediate term outlook over the next couple years could be on the specific end market?

我想，拉斯，鑑於據我所知，這在過去幾年中一直是推動您業務增長的一個相當大的動力，您是否看到任何跡像或改變任何關於長期前景的預期，或者至少是未來幾年特定終端市場的中期前景？

Yes. So we do play in the space, but it's not a significant component of our revenue mix by any stretch of the imagination. And I think that if you go back and look, I've often commented that our focus is on capturing the inspection and service work on the -- from the Amazons of the world after the facilities are up and some of our competitors would rather chase those around and make them a -- chase around the original installation work where if it's the right opportunity for us with the right customers, the right relationship, then we're going to be interested and willing to participate in that.

是的。我們確實在這個領域有所佈局，但無論如何，這不是我們的收入結構的重要組成部分。如果你回顧一下，你會發現我經常說，我們的重點是抓住亞馬遜等全球大型資料中心設施建成後的檢查和服務工作，而我們的一些競爭對手則更願意追逐這些設施，讓他們在最初的安裝工作中苦苦掙扎。如果這對我們來說是一個合適的機會，有合適的客戶，有合適的關係，那麼我們就會感興趣並願意參與其中。

So I think that the diversity that we have, Andy, with our customer base, not only from individual customers, but from also from an end market perspective, gives me -- I'm not worried about it at all. And we've been keeping an eye on it. Our manufacturing business and Specialty Services does some Amazon work. But they’ve got -- number one, they have a great backlog as we continue through 2022, and they also have great customer diversification so that if Amazon does pull back and we do say miss out on one of their, so to speak, project-related opportunities, it won't have any impact on our business and our results. So I -- we keep an eye on it. We track it, but we're more interested in the ultimate service and inspection work than we are on the original builds.

所以我認為，Andy，我們客戶群的多樣性，不僅來自個人客戶，也來自終端市場，這讓我——我一點也不擔心。我們一直在關注這個問題。我們的製造業務和專業服務部門有一些亞馬遜的工作。但他們有——首先，到2022年，他們有大量的積壓訂單，而且他們的客戶也非常多樣化，所以如果亞馬遜真的撤退，我們錯過了他們的一個，可以這麼說，與項目相關的機會，這不會對我們的業務和業績產生任何影響。所以我——我們會密切注意。我們會追蹤它，但我們對最終的服務和檢查工作比對原始版本更感興趣。

Andrew, going back to the $20 million to $40 million, I mean, while we'll give you color when we do the more fulsome presentation in the back half of the year, I mean, the reinvestment really is a onetime event, whereas the synergy savings are perpetual. So you have to look at it that way as well.

安德魯，回到2000萬到4000萬美元的問題。雖然我們會在下半年做更詳細的演示時詳細說明，但我的意思是，再投資實際上是一次性的，而協同效應帶來的節省是永久性的。所以你也必須這樣看待它。

Got it. We'll look forward to the update later this year on that.

明白了。我們期待今年晚些時候的更新。

So thank you, Andy, and nice to hear from you. So I'll wrap things up here. And in closing, I would be remiss if I didn't take the opportunity to thank all of our APi and Chubb team members who have remained focused on not only supporting our company but -- company and customers, but also the communities in which we serve. The safety, health and well-being of each of our leaders remains our #1 priority.

謝謝你，安迪，很高興收到你的來信。我的分享就到這裡。最後，如果我不藉此機會感謝我們APi和Chubb團隊的所有成員，那我就太失職了。他們不僅專注於支持我們公司，也支持公司和客戶，以及我們服務的社區。我們每位領導者的安全、健康和福祉始終是我們的首要任務。

I want to thank everybody for taking the time to join the call this morning. Thank you for your continued interest in APi. We truly are excited about the opportunities that lie ahead and really look forward to updating you on our progress throughout the course of the year and as we continue to cross the key milestones. So thank you. Have a great day.

感謝各位今天上午抽空參加電話會議。感謝大家對APi的持續關注。我們對未來的機會充滿期待，並期待在今年以及我們繼續邁向關鍵里程碑的過程中，向大家報告我們的進展。謝謝大家！祝大家有美好的一天。