Bowman Consulting Group Ltd (BWMN) 2025 Q3 法說會逐字稿

Good morning. My name is Jasmine, and I will be the conference operator today. At this time, I would like to welcome everyone to the Bowman Consulting third quarter 2025 conference call. (Operator Instructions)

早安.我叫茉莉，今天我將擔任會議接線生。此時此刻，我謹代表 Bowman Consulting 向大家歡迎參加 2025 年第三季電話會議。（操作說明）

Please note that many of the comments made today are considered forward-looking statements under federal security laws. As described in the company's filing with the SEC, these statements are subject to numerous risks and uncertainties that could cause future results to differ from those expressed, and the company is not obligated to publicly update or revise these forward-looking statements.

請注意，今天發表的許多評論都屬於聯邦證券法意義上的前瞻性陳述。正如該公司向美國證券交易委員會提交的文件中所述，這些聲明受到許多風險和不確定性的影響，可能導致未來結果與所表達的結果有差異，而且該公司沒有義務公開更新或修改這些前瞻性聲明。

In addition, on today's call, the company will discuss certain non-GAAP financial information such as adjusted EBITDA, adjusted net income, and net servicing billing. You can find this information together with the reconciliation, the most directly comparable GAAP information in the company's earnings press release file with the SEC on the company's Investor Relations website at investors.bowman.com.

此外，在今天的電話會議上，公司將討論一些非GAAP財務信息，例如調整後的EBITDA、調整後的淨收入和淨服務帳單。您可以在公司投資者關係網站 investors.bowman.com 上找到公司向美國證券交易委員會提交的盈利新聞稿文件中包含此資訊以及最直接可比較的 GAAP 資訊和調節表。

Management will deliver prepared remarks as to which they will take questions from research analysts. Reply for the call will be available on the company's Investor Relations website. Mr. Bowman, you may begin your prepared remarks.

管理階層將發表事先準備好的講話，並接受研究分析師的提問。電話會議的答覆將在公司投資者關係網站上公佈。鮑曼先生，您可以開始發表準備好的演講了。

Thank you, Jasmine. Good morning, everyone. Thank you for joining our third quarter earnings call. Bruce Labovitz, our CFO, is here with me this morning. I'm going to start today's call with a welcome to all new Bowman employees who joined us this quarter. After my introductory remarks, I'll turn the call over to Bruce, who will cover our financial performance. I'll then end the call with closing statements before opening it to Q&A.

謝謝你，茉莉。各位早安。感謝您參加我們第三季財報電話會議。今天早上，我們的財務長布魯斯·拉博維茨和我在一起。今天，我首先要歡迎所有本季加入 Bowman 的新員工。在我的開場白之後，我將把電話交給布魯斯，他將介紹我們的財務表現。然後我會作總結發言結束通話，之後進入問答環節。

Turn to slide 3. The third quarter marked an important milestone in our continued evolution. For the first time, we surpassed a $500 million annualized gross revenue pace. This is a meaningful achievement, and the fact that we are ahead of schedule on this milestone demonstrates both the strength of our business model and the capabilities of our skilled team of professionals.

翻到第3張幻燈片。第三季是我們持續發展歷程中的重要里程碑。我們首次實現了年化總收入超過 5 億美元。這是一項意義重大的成就，我們事先完成這項里程碑的事實，既體現了我們商業模式的優勢，也展現了我們專業團隊的實力。

For the third quarter, we delivered 11% year-over-year growth in both gross and net revenue and a 7.6% growth in adjusted EBITDA while maintaining healthy cash flow generation and a solid balance sheet. Our net revenue for the quarter was $112 million and was supported by strong activity in transportation and power and utilities and energy. Together, these markets grew over 20% during the quarter and account for more than 40% of our top line.

第三季度，我們的毛收入和淨收入均年增 11%，調整後 EBITDA 成長 7.6%，同時維持了健康的現金流和穩健的資產負債表。本季淨收入為 1.12 億美元，這得益於交通運輸、電力、公用事業和能源產業的強勁成長。本季這些市場合計成長超過 20%，占我們總營收的 40% 以上。

Importantly, our backlog grew nearly 18% year over year to $448 million. This sustained growth reflects continued demand across our end markets. Our book-to-bill ratio continues to be above 1, a clear indicator of the momentum we are seeing as we head toward the end of 2025 and into 2026. In fact, bookings in the fourth quarter are once again outpacing the prior quarter.

值得注意的是，我們的積壓訂單年增近 18%，達到 4.48 億美元。這一持續成長反映了我們終端市場持續的需求。我們的訂單出貨比持續高於 1，這清楚地表明了我們在邁向 2025 年底和進入 2026 年之際所看到的成長勢頭。事實上，第四季的預訂量再次超過了上一季。

We've worked hard over the past year to regain our footing, and I'm proud to report that today we are a larger, more efficient, more resilient organization than ever before. Our growing base of recurring public sector work and a solid foundation of private demand positions us well for the years ahead.

過去一年，我們努力重振旗鼓，我很自豪地宣布，如今我們已成為一個比以往任何時候都更大、更有效率、更具韌性的組織。我們不斷增長的公共部門經常性工作基礎和堅實的私人需求基礎，使我們在未來幾年處於有利地位。

With that, I'm going to turn the call over to Bruce to review the financials in more detail. Bruce?

接下來，我會把電話交給布魯斯，讓他更詳細地分析一下財務狀況。布魯斯？

Great. Thank you, Gary, and good morning, everyone. While the third quarter marked an important milestone for Bowman in terms of reaching the $500 million annualized gross revenue rate, it also represents our achievement of two basic commitments we made to our shareholders this time last year to prioritize GAAP profitability and to improve our conversion of earnings to cash.

偉大的。謝謝你，加里，大家早安。第三季對 Bowman 而言是一個重要的里程碑，實現了 5 億美元的年化毛收入目標，同時也代表著我們實現了去年這個時候對股東做出的兩項基本承諾：優先考慮 GAAP 盈利能力，並提高收益轉化為現金的效率。

This year we've been hyper vigilant about delivering on these two basic commitments because unlike political, macroeconomic, and labor market uncertainties, these are outcomes we control. We're pleased to have delivered on these commitments.

今年，我們格外謹慎地履行這兩項基本承諾，因為與政治、宏觀經濟和勞動市場的不確定性不同，這些是我們能夠控制的結果。我們很高興履行了這些承諾。

For the third quarter and the nine months ending September 30, we dramatically increased GAAP net income to $6.6 million and $10.9 million respectively, compared to net income of $700,000 and a loss of $2.9 million for the same period as last year. Concurrently, we more than doubled our cash flow from operations to $26.5 million from $12.4 million, affirming the capital efficiency of our effort.

截至 9 月 30 日的第三季和前九個月，我們的 GAAP 淨收入分別大幅成長至 660 萬美元和 1,090 萬美元，而去年同期淨收入為 70 萬美元，虧損為 290 萬美元。同時，我們的營運活動現金流從 1,240 萬美元增加到 2,650 萬美元，翻了一番多，這證明了我們努力的資本效率。

We achieved this improved performance in part through consistent and sequential growth in build revenue throughout this year with an 11% year-over-year increase in net revenue in the third quarter with no erosion of our net to gross ratio. Organic net revenue, which excludes revenue from acquisitions closed after September 30, 2024, grew 6.6% for the third quarter and now stands at approximately 11% through nine months.

我們取得這項業績提升的部分原因是，今年以來建築收入持續穩定成長，第三季淨收入年增 11%，而淨毛比率沒有下降。不包括 2024 年 9 月 30 日之後完成的收購所得收入的有機淨收入，第三季度增長了 6.6%，九個月以來累計增長約 11%。

Also contributing to our improved profitability was our ability to achieve the benefits of scale with revenue growth rates that outpace overhead growth rates. To that end, as revenue grew year over year, total overhead, we define as COGS and SG&A was down 290 basis points as a percentage of net revenue for the quarter at 89.5% and down 500 basis points for the nine months at 89%. This disciplined approach to overhead growth will be a significant contributor to sustained positive GAAP earnings and an industry leading margin profile.

此外，我們獲利能力的提高也得益於我們實現了規模效益，收入成長率超過了營運成本成長率。為此，隨著收入逐年增長，總間接費用（我們定義為銷售成本和銷售、管理及行政費用）佔本季度淨收入的百分比下降了 290 個基點，為 89.5%，而前九個月的百分比下降了 500 個基點，為 89%。這種對營運成本成長的嚴格控制，將對持續實現正向 GAAP 盈利和行業領先的利潤率做出重大貢獻。

Turning to some GAAP -- non-GAAP metrics. Adjusted EBITDA in the quarter increased by 8% to $18.3 million, representing a 16.3% margin on net revenue with adjusted EPS of $0.61, doubling Q3 2024. Through nine months, adjusted EBITDA is up nearly 25% to $53 million at a margin of 16.6% on net revenue, a 150 basis point year-over-year expansion with adjusted EPS of $1.26 again doubling adjusted EPS in the same period last year.

接下來我們來看一些GAAP和非GAAP指標。本季調整後 EBITDA 成長 8% 至 1,830 萬美元，淨收入利潤率為 16.3%，調整後每股收益為 0.61 美元，是 2024 年第三季的兩倍。前九個月，調整後 EBITDA 成長近 25% 至 5,300 萬美元，淨收入利潤率為 16.6%，年成長 150 個基點；調整後每股收益為 1.26 美元，再次比去年同期翻了一番。

Absolute growth in revenue was broad-based, with Transportation up 20%, power, Utilities and Energy up 17%, and Building Infrastructure up 8%. Natural Resources and Imaging, to which we allocated all Surdex related manned aerial and high resolution mapping revenue last year, saw a slight decline as we now allocate that revenue in a more deliberate manner across verticals. On an organic basis, Building Infrastructure grew 6%, Transportation grew 10%, Power and Utilities grew 13%, and Natural Resources and Imaging grew around 1%.

收入的絕對增長是全面性的，其中交通運輸業增長了 20%，電力、公用事業和能源業增長了 17%，建築基礎設施業增長了 8%。自然資源和影像業務（去年我們將所有與 Surdex 相關的載人航空和高分辨率測繪收入都分配給了該業務）略有下降，因為我們現在更加謹慎地將該收入分配到各個垂直領域。以有機成長計算，建築基礎設施成長了 6%，交通運輸成長了 10%，電力和公用事業成長了 13%，自然資源和影像產業成長了約 1%。

In previous quarterly calls, we've been asked about the relative gross margins of our primary verticals. We've suggested we believe they are relatively equal apart from Transportation, which has a lower contribution margin based on the nature of its primarily cost plus contracts.

在先前的季度電話會議上，我們曾被問及我們主要垂直業務的相對毛利率。我們認為，除了運輸業之外，其他產業的貢獻毛利相對均衡。運輸業的貢獻毛利較低，主要是因為其合約主要採用成本加成模式。

To corroborate this assertion, we calculated the gross margin of each vertical for the third quarter, during which gross margin was 53%, and concluded that our representation was accurate. During the quarter, gross margins by vertical were 56% for both Building Infrastructure and Power and Utilities, 57% for Natural Resources and Imaging, and 46% for Transportation.

為了證實這個說法，我們計算了第三季各垂直領域的毛利率，毛利率為 53%，由此得出結論，我們的陳述是準確的。本季各垂直產業的毛利率分別為：建築基礎設施及電力及公用事業 56%，自然資源及影像 57%，交通運輸 46%。

With Building Infrastructure, gross margin is benefited by more fixed fee contracting. With Natural Resources and Imaging, gross margin is advantaged from a disproportionate use of labor leveraging technology. With Transportation, we enjoy meaningfully longer and larger government contracts that have lower labor multipliers but generally generate higher utilizations and overhead leverage along with lower turnover costs.

透過更多地採用固定費用合同，建築基礎設施的毛利率會提高。自然資源和影像業務透過不成比例地使用勞動力槓桿技術，獲得了毛利率優勢。在交通運輸領域，我們享有更長、更大的政府合同，這些合約的勞動力乘數較低，但通常會產生更高的利用率和管理費用槓桿，以及更低的員工流動成本。

We will include this gross margin analysis in our quarterly presentations going forward. We ended the quarter with a record $448 million backlog, up 18% year over year, with 38% of that backlog from Building Infrastructure, 30% from Transportation, 23% from Power and Utilities, and 9% from Natural Resources and Imaging. This imbalance relative to revenue should indicate continuing diversification of our revenue mix, but it's likely not as dramatic as the percentages in backlog today reflect.

今後，我們將把這項毛利率分析納入我們的季度報告中。本季末，我們的積壓訂單金額創下歷史新高，達到 4.48 億美元，年增 18%，其中 38% 來自建築基礎設施，30% 來自交通運輸，23% 來自電力和公用事業，9% 來自自然資源和影像。與收入相比，這種不平衡應該表明我們的收入結構正在持續多元化，但可能沒有目前積壓訂單的百分比所反映的那麼劇烈。

Operating cash flow totaled $10.2 million for the quarter and sits at $26.5 million year-to-date, both more than twice last year's levels. While we are pleased with this significant increase in conversion, we're confident there is room for continuing improvement.

本季經營現金流總計 1,020 萬美元，今年迄今累計現金流為 2,650 萬美元，均是去年同期水準的兩倍多。雖然我們對轉換率的顯著提高感到滿意，但我們相信仍有提升空間。

Our balance sheet remains a strength and provides a solid foundation for growth. We ended the quarter with $16 million in cash and $57 million drawn on our revolver, a net debt of approximately $105 million with a net leverage ratio of 1.5 times trailing 12 months adjusted EBITDA.

我們的資產負債表依然穩健，為成長提供了堅實的基礎。本季末，我們持有現金 1,600 萬美元，循環信貸額度提取了 5,700 萬美元，淨債務約為 1.05 億美元，淨槓桿率為過去 12 個月調整後 EBITDA 的 1.5 倍。

After quarter end, we expanded our revolver to $210 million from $140 million, adding PNC Bank to the existing Bank of America and TD Bank syndicate. As a result, we have roughly $150 million in available liquidity for investment and growth initiatives. Our internal innovation incubator, the big fund, continues to produce high value ideas and opportunities that present the prospect of tangible returns for us long-term.

季度末，我們將循環信貸額度從 1.4 億美元增加到 2.1 億美元，在原有的美國銀行和道明銀行銀團的基礎上，新增了 PNC 銀行。因此，我們擁有約 1.5 億美元的可用流動資金，可用於投資和成長計劃。我們的內部創新孵化器－大基金，持續產生高價值的想法和機會，有望為我們帶來長期的實質回報。

We're actively engaged in advancing concepts that accelerate revenue growth through the deployment of proprietary AI enabled asset control kits which extend engagement with clients throughout the asset life cycle. With concepts that expand the application of the proprietary technology tools we acquired in the recent ORCaS acquisition, which drastically reduce the time it takes to perform repetitive feasibility and planning functions, thereby unlocking additional labor utilization.

我們積極致力於推進相關理念，透過部署專有的人工智慧資產控制工具包來加速收入成長，從而在整個資產生命週期中與客戶建立更緊密的聯繫。透過擴展我們在最近收購 ORCaS 時獲得的專有技術工具的應用概念，可以大幅減少執行重複可行性和規劃功能所需的時間，從而釋放更多勞動力資源。

Also concepts that connect all Bowman operating systems and platforms with AI enabled capabilities which empower employees to ask Bowman plain English questions, the timely informed answers to which improved business acquisition efforts and streamlined proposal generation, estimation, and profitable project execution.

此外，還有將所有 Bowman 作業系統和平台與 AI 功能連接起來的概念，使員工能夠向 Bowman 提出通俗易懂的問題，並獲得及時、知情的答案，從而改進業務拓展工作，簡化提案生成、估算和盈利項目執行。

Lastly, we're working on ideas that modify, extend, and evolve the inherent capabilities and uses of our high-end geospatial assets to expand their applications, improve the quality of capture, extend revenue opportunities, shorten delivery times, and increase return on investment.

最後，我們正在研究一些想法，這些想法旨在修改、擴展和發展我們高端地理空間資產的固有功能和用途，以擴展其應用範圍、提高採集品質、擴大收入機會、縮短交付時間並提高投資回報率。

All investments in innovation are measured against defined return thresholds, ensuring innovation spending meets the same rigorous financial discipline as acquisitions. To date, we've expended a little bit over $300,000 on advancing these ideas, the cost of which are not added back to adjusted EBITDA and the benefits of which are not yet contemplated in our current projections.

所有創新投資都以既定的回報門檻來衡量，以確保創新支出與收購一樣受到嚴格的財務約束。迄今為止，我們已花費略超過 30 萬美元來推進這些想法，這些成本並未加回調整後的 EBITDA，其收益也尚未在我們目前的預測中考慮在內。

And while not a BIG Fund project, we also completed the upgrade of our accounting and enterprise management platform this quarter, an effort that consumed a meaningful amount of time and energy but will be a solid foundation for our next phase of growth. These costs were likewise not added back to adjusted EBITDA. It wouldn't be an earnings call if I didn't reference tax, so here goes.

雖然這不是一項大型基金項目，但我們本季也完成了會計和企業管理平台的升級，這項工作耗費了大量時間和精力，但將為我們下一階段的成長奠定堅實的基礎。這些成本同樣沒有加回調整後的 EBITDA 中。如果財報電話會議不談稅收，那就不算完整的財報電話會議，所以，下面就來談談稅收吧。

Following enactment of OB3, we filed message change notifications with the IRS that allowed us to unwind our uncertain tax position with retroactive audit protection. The change in law and associated adoption by Bowman of the new standards released approximately $52 million of deferred tax assets and other non-current liabilities on our balance sheet and released $3.5 million in P&I accruals which had previously run through the tax expense.

OB3 法案頒布後，我們向美國國稅局提交了資訊變更通知，這使我們能夠透過追溯性審計保護來消除我們不確定的稅務狀況。法律的變更以及 Bowman 公司對新標準的採用，釋放了我們資產負債表上約 5200 萬美元的遞延所得稅資產和其他非流動負債，並釋放了先前計入稅費的 350 萬美元本息合計費用。

In addition to committing to GAAP profitability and cash flow conversion, we also committed to the reduction of non-cash stock compensation as a percentage of revenue. For the first nine months of 2025, stock-based compensation totaled $14.2 million or 4.4% of net service billing, down from 7.3% a year earlier.

除了致力於實現符合美國通用會計準則的獲利能力和現金流轉換率外，我們還承諾降低非現金股票補償佔收入的百分比。2025 年前九個月，股票選擇權激勵總額為 1,420 萬美元，佔淨服務帳單的 4.4%，低於去年同期的 7.3%。

Excluding about $1 million of pre-IPO related issuances, adjusted stock-based compensation was approximately 4.1% of net revenue. As we've discussed in the past, these pre-IPO grant expenses represent the run out of GAAP costs related to awards issued prior to our IPO in 2021 and are not part of normalized long-term incentive costs.

剔除約 100 萬美元的 IPO 前相關發行，調整後的股票選擇權費用約佔淨收入的 4.1%。正如我們過去所討論的，這些 IPO 前的授予費用代表了 2021 年 IPO 之前頒發的獎勵相關的 GAAP 成本的消耗，並且不屬於正常化的長期激勵成本。

We expect total non-cash stock compensation for 2025 and 2026 to be roughly $19 million and $20.5 million respectively, which is consistent with our pledge to reduce equity compensation as a percentage of revenue while balancing its benefits for recruiting, retention, and efficient capital allocation.

我們預計 2025 年和 2026 年的非現金股票補償總額將分別約為 1,900 萬美元和 2,050 萬美元，這與我們降低股權補償佔收入比例的承諾相一致，同時兼顧其在招聘、留住人才和有效資本配置方面的優勢。

Thank you for your continued confidence and Bowman. With that, I'll turn the call back over to Gary.

感謝您一直以來的信任與支持，鮑曼公司。這樣，我就把電話轉回給加里了。

Okay. Thank you, Bruce. As Bruce mentioned, our improved profitability and working capital management once again drove strong cash flow this quarter, with cash conversion now at about 50% year-to-date. Our margins and cash efficiency place us solidly in line with the best performing firms in the E&C space.

好的。謝謝你，布魯斯。正如布魯斯所提到的，我們獲利能力和營運資本管理的改善再次推動了本季強勁的現金流，今年迄今的現金轉換率已達到約 50%。我們的利潤率和現金效率使我們穩居工程建設領域中表現最佳的公司之列。

Now, let me take a few minutes to share a summary of our market performance and outlook as we move into 2026. Transportation remains one of our most stable and resilient end markets, delivering double-digit growth year-to-date. Our expanding client base spans a broader range of state and municipal transportation agencies than ever before.

現在，請容許我花幾分鐘時間，總結一下我們市場在進入 2026 年時的表現和展望。交通運輸仍然是我們最穩定、最具韌性的終端市場之一，今年迄今實現了兩位數的成長。我們的客戶群不斷擴大，涵蓋的州和市政交通運輸機構比以往任何時候都更加廣泛。

We're deeply engaged across state DOT programs and large local agencies throughout the Pacific Northwest, Midwest, and East Coast where our teams are supporting multi-year bridge, roadway, and multi-modal infrastructure programs. Our long standing relationship with DOTs continue to be a key competitive advantage, creating recurring opportunities as agencies seek partners with both specialized technical expertise and the capacity to scale across geographies.

我們與太平洋西北地區、中西部地區和東海岸的各州交通部計畫和大型地方機構都有著深入的合作，我們的團隊正在為多年的橋樑、道路和多式聯運基礎設施項目提供支援。我們與交通部 (DOT) 的長期合作關係仍然是一項關鍵的競爭優勢，隨著各機構尋求既具備專業技術專長又具備跨地域擴展能力的合作夥伴，我們不斷獲得發展機會。

We currently have strong bridge and roadway pipelines with backlog visibility through 2026. We continue to benefit from recurring construction management and inspection programs with multiple state agencies, including a major multi-year assignment with Illinois.

我們目前擁有強大的橋樑和公路工程儲備，預計到 2026 年都將有充足的工程完成。我們持續受益於與多個州政府機構進行的定期施工管理和檢查項目，其中包括與伊利諾伊州開展的一項重要的多年期項目。

Our ports and harbors practice, which is part of our Transportation segment, continues to gain momentum with coastal and port authorities, extending our reach into critical intermodal and maritime infrastructure projects in regions including Houston, Philadelphia, and the Pacific Northwest. We have a growing active backlog in ports and harbors with anticipated winds continuing through 2026 in existing and new geographies.

我們的港口和海港業務是交通運輸部門的一部分，在沿海和港口管理機構中持續發展壯大，將我們的業務拓展到休士頓、費城和太平洋西北地區等地的關鍵多式聯運和海運基礎設施項目。由於預計到 2026 年現有和新增地區的風力將持續強勁，我們在港口和碼頭的活躍積壓訂單不斷增加。

Overall, we expect Transportation to maintain steady, healthy growth. Less than 25% of IIJA funds have been released so far for permitted transportation projects, which we believe, coupled with state programs ensures multi-year nationwide demand runway. We expect Transportation will continue to provide the backbone of stability and recurring revenue across our portfolio.

整體而言，我們預期交通運輸業將保持穩定、健康的成長。迄今為止，IIJA 資金中只有不到 25% 用於已獲批准的交通項目，我們認為，再加上各州的計劃，可以確保全國範圍內多年的需求持續。我們預計交通運輸業將繼續為我們整個投資組合提供穩定性和經常性收入的支柱。

Our Power, Utilities, and Energy division continues to be our fastest growing market, up 38% year over year and driven by national investment in electrification, renewables, grid modernization, and data infrastructure. The recent acquisitions of Sierra Overhead Analytics, ORCaS, and Lazen Power Engineering significantly enhance our strategic positioning within this high growth market.

我們的電力、公用事業和能源部門仍然是我們成長最快的市場，年增 38%，這得益於國家對電氣化、再生能源、電網現代化和數據基礎設施的投資。最近對 Sierra Overhead Analytics、ORCaS 和 Lazen Power Engineering 的收購顯著增強了我們在這一高成長市場中的策略地位。

Sierra and its affiliate ORCaS, expand our capabilities in technology-enabled engineering, adding automation, precision mapping, hydrology, and optimization tools that improve project delivery and efficiency across renewable energy, data center, and utility scale infrastructure design. These digital solutions strengthen our ability to provide faster, smarter, and more cost efficient design workflows to clients in the power and energy transition space.

Sierra 及其附屬公司 ORCaS 擴展了我們在技術賦能工程方面的能力，增加了自動化、精確測繪、水文和最佳化工具，從而提高了再生能源、資料中心和公用事業規模基礎設施設計的專案交付和效率。這些數位化解決方案增強了我們為電力和能源轉型領域的客戶提供更快、更智慧、更具成本效益的設計工作流程的能力。

The addition of Lazen establishes our platform in high voltage overhead transmission line design, immediately positioning us to compete in one of the fastest growing recurring revenue segments of the power industry. Lazen's expertise enhances our credentials with major utilities and transportation operators, transmission operators, while complementing our advanced geospatial and aerial imaging services for power corridor mapping.

Lazen 的加入鞏固了我們在高壓架空輸電線路設計領域的平台，使我們立即能夠在電力行業增長最快的經常性收入領域之一展開競爭。Lazen 的專業知識增強了我們在主要公用事業公司、運輸業者和輸電業者的信譽，同時補充了我們用於電力走廊測繪的先進地理空間和航空成像服務。

Together these acquisitions broaden our reach across the generation to grid continuum, connecting our existing strengths in site design, renewables, and data centers with the infrastructure that delivers power across the US. Looking forward, Power, Utilities, and Energy represent a long-term growth engine for us. We expect continued revenue and margin expansion in 2026 as integration matures, our national footprint expands, and our clients increasingly turn to us for end to end power infrastructure solutions.

這些收購將擴大我們在發電到電網整個產業鏈中的覆蓋範圍，將我們在場地設計、再生能源和數據中心方面的現有優勢與為全美輸送電力的基礎設施聯繫起來。展望未來，電力、公用事業和能源將是我們長期成長的引擎。我們預計，隨著整合的成熟、全國業務的擴張以及客戶越來越多地尋求我們提供的端到端電力基礎設施解決方案，2026 年收入和利潤率將繼續增長。

Our well balanced Building Infrastructure business grew by just over 8% year over year in gross revenue, reflecting solid execution in public and mixed-use work that continues to balance softer conditions in the residential space. While some private development remains slightly constrained by interest rates, we see clear rebound potential emerging in mid to late 2026 as financing conditions improve. Our current Building Infrastructure projects continue to generate long-term revenue visibility through 2027, and we remain well positioned to capture renewed private sector growth as market conditions improve.

我們均衡發展的建​​築基礎設施業務總收入同比增長略高於 8%，這反映出我們在公共和混合用途工程方面取得了穩健的業績，從而繼續平衡了住宅領域的疲軟狀況。雖然一些私人開發案仍受到利率的輕微限制，但隨著融資條件的改善，我們認為在 2026 年中後期會出現明顯的反彈潛力。我們目前的基礎建設項目將持續產生長期收入，直至 2027 年，隨著市場狀況的改善，我們仍處於有利地位，能夠抓住私營部門重新增長的機會。

Our Natural Resources and Imaging segment remains a steady performer and margin stabilizer, representing roughly 11% of our net service revenue. We have robust visibility into 2026 in this market supported by recurring federal programs and strong municipal demand in water, environmental, and geospatial services.

我們的自然資源和影像業務板塊表現穩定，利潤率保持穩定，約占我們淨服務收入的 11%。在該市場，我們有信心在 2026 年實現強勁成長，這得益於聯邦政府的持續性項目以及市政當局對水務、環境和地理空間服務的強勁需求。

Automation and recurring federal mapping programs will continue to underpin growth in this segment, and our geospatial and remote sensing services continue to enhance efficiency across our broader business. Operating margins in this market remain among the highest company-wide, and we expect growth to be driven by technology-enabled delivery and long-term public sector finance funding.

自動化和定期聯邦測繪計畫將繼續支撐該領域的成長，而我們的地理空間和遙感服務將繼續提高我們整個業務的效率。該市場的營業利潤率在公司整體水準中仍處於最高水準之列，我們預計成長將由技術賦能的交付和長期公共部門融資驅動。

Now I'd like to address the current operating environment which includes the government shutdown. While the shutdown is causing some delays in project progression, invoicing collections within select federally supported programs and federally adjacent projects, our direct exposure to federal contracts remains limited, and we are not experiencing any unusual cancellation activity.

現在我想談談目前的營運環境，其中包括政府停擺。雖然政府停擺導致部分聯邦支持項目和聯邦相關項目的發票收款出現延誤，但我們對聯邦合約的直接接觸仍然有限，也沒有出現任何異常的取消情況。

Most of our public sector work is performed for state and local governments, which provide a natural buffer to extended interruptions such as the current government shutdown. We continue to monitor this particular situation closely, noting that the longer the shutdown continues, the more likely it is to extend near-term revenue somewhat further into the future.

我們的大部分公共部門工作都是為州和地方政府進行的，這為應對像目前政府停擺這樣的長期中斷提供了天然的緩衝。我們將繼續密切關注這一特殊情況，並注意到停工時間越長，就越有可能將近期收入推遲到未來更長時間。

Looking ahead, our focus remains clear. We'll continue to convert backlog into revenue while improving utilization and project delivery efficiency. We will aggressively leverage technology and innovation to enhance margins and scalability, and we'll deploy capital strategically through disciplined M&A and organic growth derived from continued investment in people and systems. We're reaffirming our full year 2025 guidance. We're also initiating 2026 guidance of net revenue between $465 million and $480 million and an adjusted EBITDA margin between 17% and 17.5%.

展望未來，我們的目標依然明確。我們將繼續把積壓訂單轉化為收入，同時提高利用率和專案交付效率。我們將積極利用技術和創新來提高利潤率和規模，並透過有紀律的併購和持續投資於人才和系統所帶來的內生成長，策略性地部署資本。我們重申2025年全年業績預期。我們也發布了 2026 年淨收入預期，預計淨收入在 4.65 億美元至 4.8 億美元之間，調整後 EBITDA 利潤率在 17% 至 17.5% 之間。

With that, I'll now turn the call back to Jasmine for questions.

接下來，我會把電話轉回給 Jasmine，回答她的問題。

(Operator Instructions)

（操作說明）

Laura Maher, B. Riley Securities.

Laura Maher，B. Riley Securities。

Good morning, Gary, and Bruce. Thanks for taking the question.

早安，蓋瑞和布魯斯。感謝您回答這個問題。

Morning.

早晨。

So some of the larger specialty contractors have mentioned total solutions packages. Do you see this creating competitive pressure in your data center business?

因此，一些規模較大的專業承包商提到了整體解決方案套餐。您認為這會對您的資料中心業務造成競爭壓力嗎？

No, I don't think that that's going to impede on any of the work that we do. I think, it's similar to any trends in design build or that you don't necessarily compete with other industries that, I think it's a big market. And even when firms offer complete solutions, they end up subcontracting, a good portion of that to specialized contractors like us anyway. So I don't think that's a real threat.

不，我不認為這會妨礙我們進行任何工作。我認為，這和設計建造領域的任何趨勢都類似，或者說，你不一定需要與其他行業競爭，我認為這是一個巨大的市場。即使公司提供完整的解決方案，最終也會將很大一部分工作分包出去，而且很大一部分還是分包給像我們這樣的專業承包商。所以我認為這並非真正的威脅。

No, I agree with that.

不，我同意。

Great, thanks. And then one more. On M&A, are there specific service lines or regions where you still see gaps relative to your growth objectives?

太好了，謝謝。然後又來了一個。在併購方面，您是否發現某些特定服務領域或地區在實現成長目標方面仍有差距？

Yes. We're really focused on some of these markets that we've been focused on expanding into for years now, especially transportation, certainly power and energy and data centers, and also water related opportunities as they come along. No specific regions we're focused on. We find the, I'd say usual suspects appealing Texas, California, the Southeast, but we're not particularly focused on a particular region in the US.

是的。我們非常關註一些我們多年來一直致力於拓展的市場，特別是交通、電力能源和資料中心，以及未來可能出現的與水相關的機會。我們沒有特別關注的地區。我們發現，像德州、加州、東南部這些常見的地區都很有吸引力，但我們並沒有特別關注美國的某個特定地區。

It's more service line and skill set focused and then it is geographically focused.

它更側重於服務領域和技能組合，其次才是地域性。

Great. Thanks. I'll pass it on.

偉大的。謝謝。我會轉達的。

Thank you, Laura.

謝謝你，勞拉。

Andy Wittmann, Baird.

安迪‧維特曼，貝爾德。

Morning, Andy.

早安，安迪。

Yeah, great. Hey, good morning. I guess I'll start with some top line questions here. It looks like the fourth quarter guidance here for '25 is implying a bit of a revenue acceleration to something in the double-digits. So I think that's right. Bruce, I was just wondering if you could comment on which end markets you think will pick up. The growth rate here as we move into the fourth quarter and what gives you confidence in that?

好的，太棒了。嘿，早安。我想先提出一些關鍵問題。看來，2025 年第四季的業績指引暗示營收將加速成長，達到兩位數。所以我覺得是對的。布魯斯，我想問你覺得哪些終端市場會復甦。進入第四季度，這裡的成長率如何？是什麼讓您對此充滿信心？

Yeah. The pickup's a couple days' worth of work. It's not -- I don't know that I would necessarily say it's anything extraordinary. We think that across the board, we've got a healthy backlog of work that's making its way through sales are strong, and a lot of the sales have been strong in what we consider to be shorter-term turn contracts areas we can earn revenue relatively quickly. So we have a good sense that that you know with what would be a couple days' worth of improvement in the fourth quarter, we can grow revenue.

是的。取貨需要兩天。倒也不是——我倒不覺得它有什麼特別之處。我們認為，總體而言，我們有大量積壓的工作正在逐步完成，銷售情況良好，而且許多銷售業績都來自我們認為的短期週轉合約領域，我們可以相對快速地獲得收入。因此，我們有理由相信，只要第四季能有幾天的改善，我們就能實現營收成長。

A couple -- sorry, Bruce, the idea of a couple days, you're saying there's more work days in the fourth quarter of '20?

幾天——抱歉，布魯斯，我說的幾天是指，你的意思是2020年第四季工作日會更多嗎？

No, I'm just saying that we have it -- it's that -- the amount of revenue that is to be to be accelerated is the equivalent of just a couple days' worth of work, so a couple of improved utilization week here and there.

不，我只是想說我們已經實現了——就是——需要加速實現的收入相當於幾天的工作量，也就是每週提高幾週的利用率。

Got it. Okay. That makes sense.

知道了。好的。這很有道理。

Yeah. We don't do the days of the quarter game. Like we -- quarters do have extra days and more holidays, but we really just think of them as quarters.

是的。我們不玩那種按季度進行的比賽。就像我們一樣——季度確實會多出幾天和更多的假期，但我們真的只是把它們看作是季度而已。

Yeah, that's what I thought. That's why when you were talking about day's worth of work, I was trying to make sure that we're just -- basically you're saying get a little bit more utilization out of the people, and what's really great about that, that accrues to the margins even better. So got it. So that makes sense.

是啊，我也是這麼想的。所以，當你談到一天的工作量時，我努力確保我們能夠——基本上你的意思是，要讓員工的利用率更高一些，而這樣做的好處是，利潤率會更高。明白了。這說得通。

And then I guess just kind of related to that, in the performance in the third quarter, I thought I'd ask a little bit about margins there too. And your business mix is changing a lot as you've been diversifying, so I just was wondering -- and maybe I missed a little bit of the comments at the early part of the conference call. But did you comment on the margins?

然後，我想也跟這個有點關係，關於第三季的業績，我想問利潤率方面的問題。隨著你們業務多元化，業務組合發生了很大變化，所以我只是想問一下——也許我錯過了電話會議早期的一些評論。但你對頁邊距有什麼看法嗎？

I guess they were down slightly over year. Was that like investments in growth? Was that utilization rates? Was that mixed? Every quarter is kind of its own thing, but I wanted to try to understand that a little bit better as it compared to the prior year.

我猜他們比去年同期略有下降。那算是對成長的投資嗎？那是利用率嗎？那是混合的嗎？每個季度的情況都略有不同，但我希望能夠更好地理解這一點，因為它與前一年相比有所不同。

Yeah. I think Andy, every year, as you said, every quarter is a little bit different. We talk about how we time labor sometimes can impact margins. You have to prepare for what's coming next and so sometimes we'll get a little bit heavy on labor in a quarter in anticipation of stronger growth in the next quarter.

是的。安迪，我覺得就像你說的，每年每季都會有些不同。我們討論過，如何安排勞動時間有時會影響利潤率。你必須為接下來的事情做好準備，所以有時我們會在一個季度內稍微增加勞動力投入，以期在下一個季度實現更強勁的成長。

We are not downsizing labor at the moment, contrary to employment reports that come out. We're in the hiring game. And so when labor becomes available, we take it. The margin change is a couple of hundred thousand dollar worth of revenue on this fixed set of labor. So we talk about our bands today is a 16% to 18% margin will fall in there between periods. And so I don't think there's anything to read into a 40 basis point change between last year and this year in margin.

與已公佈的就業報告相反，我們目前沒有裁員計畫。我們正在積極招募。所以，一旦有勞動力可用，我們就會僱用他們。利潤率的變化意味著在這套固定的勞動力投入下，收入將增加數十萬美元。所以我們今天討論的區間是，16%到18%的波動幅度會在各個時期之間。因此，我認為去年和今年利潤率40個基點的變化沒有什麼值得深思的。

Okay. And then I guess there's a similar question that just happened since you gave us initial guidance for '26. You know your margins are either up a little or up a little bit more to the 17% to 17.5% range. Obviously this is a -- that'd be, I think a good year to be able to get the margins up there. And I was just wondering kind of what the knobs are to get you there next year.

好的。然後，我想還有一個類似的問題，這個問題是因為你給了我們關於 2026 年的初步指引。你知道你的利潤率要么略有上升，要么上升幅度更大，達到 17% 到 17.5% 的區間。顯然，我認為今年是個好年頭，可以把利潤率提高上去。我只是想知道明年要達到那個目標需要哪些條件。

You talked about the overhead leverage. I have to imagine that's a big part of it, but what other things is mix in your favor? Maybe Bruce, why don't you just kind of fill us into what do you think is going to drive the year-over-year margin expansion in '26?

你談到了間接槓桿作用。我想這肯定有很大一部分原因，但還有哪些因素對你有利呢？布魯斯，不如你跟我們講講你認為2026年利潤率同比擴張的驅動因素是什麼？

Yeah. In large part, I think it is improved overhead leverage, right? We continue to be very focused on growing revenue faster than we grow overhead. And so there's additional margin expansion to be had from that. There's also improved utilization of our labor as we look at next year and we look at the mix of work, we think we can do it at a slightly higher revenue factor which is our internal measurement of the efficiency of our labor.

是的。我認為這在很大程度上是提高了管理槓桿，對嗎？我們始終非常注重以高於營運成本成長速度的速度實現收入成長。因此，由此還有進一步擴大利潤空間的空間。展望明年，我們的勞動力利用率也有所提高。考慮到工作組合，我們認為我們可以在略高的收入係數下完成工作，收入係數是我們內部衡量勞動效率的指標。

And so we gain a little bit of margin, which is somewhat embedded in that total overhead, when you think about it because we kind of combine those -- that together. But it's really a combination of the way we are utilizing geospatial technologies and technologies that exist today to advance the efficiency of the work of the workforce and you grow revenue quicker than we're growing overhead.

因此，我們獲得了一些利潤空間，這在某種程度上包含在總開銷中，仔細想想，因為我們把這些成本合併在一起了。但實際上，這是我們利用地理空間技術和現有技術來提高員工工作效率的一種方式，這樣一來，收入成長速度就能超過營運成本的成長速度。

Okay, great. I think I'll leave it there. Thanks for your time.

好的，太好了。我想我就說到這裡吧。感謝您抽出時間。

Thanks for. We'll see you soon at your conference.

謝謝。我們很快就會在您的會議上見到您。

Alex Rygiel, Texas Capital.

Alex Rygiel，德州資本。

Good morning, Bruce, and Gary. Very nice quarter there. As it relates to data centers, can you talk a bit about bidding opportunities? And how you see that progressing sort of in 2026 versus maybe 2025 and 2024? Are you seeing the sort of bidding opportunities or new project opportunities to be greater than the prior year? Or is the average project or contract size kind of greater than they have been in the past year? Just a little bit of color on that.

早安，布魯斯，蓋瑞。那片街區很不錯。關於資料中心，您能否談談競標機會？您認為到 2026 年，這種情況會比 2025 年和 2024 年的發展如何？您是否認為今年的投標機會或新專案機會比前一年更多？或者說，平均專案或合約規模是否比過去一年更大？稍微加點顏色。

Yeah, Alex, it's certainly tailwinds in that market. So there are continuing greater number of opportunities. The facilities are getting larger. Really as the data centers, we've spoken to this is, with AI as opposed to before the lack of being critical to be located proximate to fiber just provides a lot more opportunities for data centers spread out across the country. We're seeing lots of drivers to locate data centers near natural gas to power them. And our acquisition of e3i as an example just has expanded our network. So that in itself expands our opportunities.

是的，Alex，那絕對是市場順風。因此，機會越來越多。這些設施正在變得越來越大。正如我們之前討論過的，隨著人工智慧的發展，資料中心不再像以前那樣必須靠近光纖，這為遍布全國的資料中心提供了更多機會。我們看到很多企業為了為資料中心供電，會選擇將資料中心建在天然氣供應充足的地方。以我們收購 e3i 為例，這進一步擴大了我們的網路。因此，這本身就擴大了我們的機會。

I think Alex, the other thing that's -- that data centers have become the hot ticket item for landowners. And so to some extent, there's a little bit of a phantom amount of data center work that occurs within our Building Infrastructure portfolio. Because when landowners come to us and say what are the options -- we want our project to be a data center, right? Because everybody wants their project now to be a data center.

我認為 Alex，還有一點——資料中心已經成為土地所有者競相追逐的熱門項目。因此，在某種程度上，我們的建築基礎設施組合中存在一些隱形的資料中心工作。因為當土地所有者來找我們，問他們有哪些選擇時——我們希望我們的專案是一個資料中心，對吧？因為現在每個人都想把自己的專案建成資料中心。

There's feasibility work we do within that Building Infrastructure segment related to data centers, but until it becomes a data center, it doesn't really become part of the kind of what we call the data center portfolio of revenue. So there's a little bit of -- because there's an increased availability of opportunity for land to be data center, there's more activity in it.

我們在建築基礎設施領域內進行與資料中心相關的可行性研究工作，但只有當它成為資料中心後，才能真正成為我們所謂的資料中心收入組合的一部分。所以，由於可用於建造資料中心的土地機會增多，因此這方面的活動也更多了。

And to take that another step, clearly, landowners in the past had seen sort of solar as being a big opportunity. How do you see your solar business right now and sort of as we think about the next one to two years?

更進一步來說，顯然，過去的土地所有者一直把太陽能視為一個巨大的機會。您如何看待您目前的太陽能業務，以及我們展望未來一到兩年的發展前景？

Well, for the next year we're seeing a very strong. It's really being driven by the, I guess, a moment in the tax credits next year that's driving a lot of demand to accelerate planning of projects to get a critical mass of the project done before the middle of next year. So we see it very strong in 2026. Certainly likely to taper off in 2027, but we're well positioned in that market, and the development of solar projects is not going to go away. So we see a very strong 2026, cautious outlook after that.

嗯，明年我們預計會非常強勁。我想，這主要是由於明年稅收抵免政策的出台，這促使人們加快專案規劃，以便在明年年中之前完成一定數量的專案。因此，我們預計它在 2026 年將非常強勁。雖然到 2027 年可能會逐漸放緩，但我們在該市場中佔據了有利地位，而且太陽能專案的發展不會消失。因此，我們預計2026年經濟情勢將非常強勁，之後前景將保持謹慎。

Excellent. And lastly, your M&A activity this year has been, I don't know, a little bit slower, than the last few years. Any comment on that and how we can think about the M&A activity in 2026?

出色的。最後，今年你們的併購活動似乎比過去幾年還要慢。對此您有何評論？我們該如何看待2026年的併購活動？

We're still committed to M&A, have a strong pipeline of opportunities. I think we've shifted maybe more focus of our M&A to really focus on strategic opportunities. And certainly, with the new revolver in place and that dry powder really positions us for some strong M&A activity toward the end of this year and certainly into 2027. So we're still fully committed to inorganic growth to supplement our organic growth.

我們仍然致力於併購，並且擁有大量潛在機會。我認為我們已經將併購的重點更多地轉移到真正關注戰略機會。當然，有了新的左輪手槍和充足的資金，我們就能在今年年底以及2027年開展一些強勁的併購活動。因此，我們仍然致力於透過非內生成長來補充內生成長。

Great, thank you very much.

太好了，非常感謝。

Aaron Spychalla, Craig-Hallum.

Aaron Spychalla，Craig-Hallum。

Good morning, Aaron.

早上好，亞倫。

Yeah, good morning, Gary and Bruce. Thanks for taking the questions. Morning. Maybe first on Building Infrastructure, can you kind of talk about how you're thinking about growth in that segment in 2026? Sounds like there's some cross currents between some of the subareas. And just maybe talk about your ability to kind of move labor or,kind of as projects kind of ebb and flow in that segment.

早安，蓋瑞和布魯斯。謝謝您回答問題。早晨。首先，關於基礎設施建設，您能否談談您對 2026 年該領域成長的看法？聽起來某些子區域之間存在一些交叉影響。或許還可以談談你調配勞動力的能力，或者說，隨著該領域專案的起伏變化，你如何應對。

Well, the -- nice thing about our business is the skill set -- excuse me, that we apply to Building Infrastructure is transferable to many of our other markets. So we do move that labor around readily, we're seeing with the interest rate decline, we're seeing projects come off the shelf earlier in the year and was a little more localized geographically.

嗯，我們這個行業的好處在於，我們應用於建築基礎設施的技能——抱歉，應該說是技能——可以轉移到我們的許多其他市場。因此，我們可以很方便地調配勞動力。隨著利率下降，我們看到一些項目在今年早些時候就啟動了，而且這些項目在地理位置上更加集中。

As we come into the end of the year here, we're seeing it more broadly across the geographies that we're located in. So we're probably looking at in 2026, maybe as we allocate labor, but I would bet that the directionality would be some labor allocated toward the Building Infrastructure as opposed to away from it.

隨著年底臨近，我們在我們所在地區的各個層面都看到了這種現象。所以，我們可能會在 2026 年看到這種情況，也許會隨著勞動力分配的變化而變化，但我敢打賭，未來的趨勢是將部分勞動力分配給基礎設施建設，而不是減少對基礎設施的投入。

All right. Thanks for that. And then maybe on OpEx, just -- there was an earlier question, but kind of a pick up an SG&A this quarter. Is there some kind of allocation of projects and timing there? Is that kind of in advance of growth moving forward or just opportunistic? Maybe just a little bit of color on that.

好的。謝謝。然後，關於營運支出，之前有個問題，就是這季度可能會增加銷售、一般及行政費用。那裡是否有項目分配和時間安排方面的規定？這是對未來成長的提前佈局，還是只是投機取巧？或許可以稍微加點顏色。

Yeah. One of the reasons we talk -- we try to talk about total overhead as opposed to the SG&A relative to COGS is that our labor and operations, depending on utilization will be allocated a little bit more towards COGS or a little bit more towards SG&A in any given period depending on the proportion of direct and indirect labor.

是的。我們之所以談論總間接費用而不是銷售、管理及行政費用相對於銷售成本的比例，其中一個原因是，根據利用率，在任何給定時期，我們的勞動力和運營成本將根據直接和間接勞動力的比例，更多地分配給銷售成本或更多地分配給銷售、管理及行政費用。

I wouldn't say there's anything consequential that's really driven SG&A higher. It's going to grow as we grow. The question is can we meter it at a lower pace than revenue is growing. So I really look at it as the overall all in is down as a percentage of revenue and that's really what we're focused on.

我不會說有什麼重大因素真正推高了銷售、一般及行政費用。它會隨著我們的成長而成長。問題是，我們能否以低於收入成長速度的速度來衡量它。所以我認為整體總支出佔收入的百分比下降了，而這正是我們關注的重點。

All right. Thanks. And then just maybe one last one. I mean, on labor you know how how are you feeling about you know availability there as as you grow the business moving forward?

好的。謝謝。然後，或許就最後一個吧。我的意思是，關於勞動力方面，您覺得隨著業務的成長，勞動力供應情況如何？

We have a very aggressive talent acquisition group, excuse me. So it's a labor challenge market. I mean, in a good way, there's a challenge to find staff, but they're out there and we have a good machine to recruit onboard them. So it's a -- we're well positioned to bring on the labor that we need.

恕我直言，我們有一個非常積極的人才招募團隊。所以這是一個勞動市場挑戰。我的意思是，從好的方面來說，雖然招募是個挑戰，但人才確實存在，而且我們有一套完善的機制來招募和聘用他們。所以，我們完全有能力招募我們需要的勞動力。

I guess it's why we are so focused on developing labor leveraging innovation within the organization, not to shrink the labor pool, but to not have to grow it as dramatically as otherwise.

我想這就是為什麼我們如此專注於在組織內部發展利用勞動力的創新，不是為了縮小勞動力規模，而是為了避免像其他方式那樣大幅擴大勞動力規模。

Right, understood. Great. Thanks for taking the questions. I'll turn it over.

好的，明白了。偉大的。謝謝您回答問題。我把它翻過來。

Thank you, Aaron.

謝謝你，亞倫。

Jeff Martin, ROTH Capital Partners.

Jeff Martin，ROTH Capital Partners。

Thank you. Good morning, Gary and Bruce. I wanted to dive into a specific segment of the backlog. If you look at power and utilities, it looks like it's on a trajectory to double from where it was in the middle of 2024. Where are you seeing the strongest backlog growth there? And is this the segment that you're most focused on for M&A?

謝謝。早安，蓋瑞和布魯斯。我想深入研究待辦事項中的某個特定部分。如果觀察電力和公用事業，其發展軌跡似乎將在 2024 年年中比當時翻倍。您認為哪些地區的積壓訂單成長最為強勁？這是您在併購方面最關注的領域嗎？

We're seeing it certainly in the linear projects, the transmission corridors, we've included data centers in there now. So our data center activity certainly is growing that. I wouldn't say it is the primary focus of M&A, but it is one of a couple of primary power and utilities, energy, certainly transportation if I picked areas that we're really focused on, and the opportunities that they're really -- we find exciting.

我們確實在輸電線路專案和輸電走廊中看到了這一點，現在我們也把資料中心納入其中了。因此，我們的資料中心活動確實在成長。我不會說這是併購的主要重點，但它是幾個主要的電力和公用事業、能源，當然還有交通運輸領域之一，如果讓我選擇我們真正關注的領域，以及我們認為它們所蘊含的機遇，這些領域確實令人興奮。

Great. And then just how would you characterize the environment in terms of the timeliness of projects? And by timeliness I mean starting on time, no delays, no weather delays, no other factors driving because I know transportation is a bit of a wildcard. I mean the large projects that can come on. They can get pushed out a month or two. They can get pushed out a little longer. If you could just give an update of kind of how that's progressed this year. I know going back, several quarters, Transportation kind of caused some disruption for you. So any insight there would be really helpful.

偉大的。那麼，您如何評估當前環境在專案及時性上的表現呢？所謂準時，我的意思是準時出發，沒有延誤，沒有天氣延誤，沒有其他因素影響，因為我知道交通運輸有點難以預測。我是指那些可能啟動的大型專案。他們可能會被推遲一到兩個月。它們可以被推遲更長時間。能否簡單介紹一下今年的進展？我知道在過去的幾個季度裡，交通運輸方面給你們造成了一些幹擾。所以，任何見解都將非常有幫助。

We did have some projects that got delayed in the starts. They didn't go away, so this business is lumpy. And that's why we guide to a year, not a quarter. So the -- there's -- we have seen some delays in starts here recently, but just that's only attributed to project specific issues. Nothing in the macroeconomy nor in the funding of transportation driving that.

我們確實有一些專案在啟動階段遭遇了延誤。他們沒有離開，所以這行生意不太穩定。所以，我們的指南是以年為單位，而不是以季度為單位。所以——確實——我們最近看到一些專案開工延遲，但這僅僅是由於專案本身的問題造成的。宏觀經濟或交通運輸資金方面都沒有任何因素導致這種情況發生。

Great. And then how would you characterize the M&A environment from an evaluation standpoint? I know when you allude to strategic acquisitions, I assume they're being larger than you've done historically. So just curious, are you seeing the competitiveness of those more strategic level acquisitions out in the market today?

偉大的。那麼，從評估的角度來看，您會如何描述併購環境？我知道，當你提到策略性收購時，我假設這次的收購規模比你以往的收購規模更大。所以我很好奇，您認為目前市場上那些更具策略性的收購案的競爭程度如何？

It's competitive. I'll say no more competitive than it has been over the last year or so, but these strategic opportunities, they drive a lot of attention. We have to sharpen our pencil, we have to sell ourselves, but it's -- we're winning out on our share of those -- of nice strategic opportunities.

競爭很激烈。我認為競爭程度並沒有比過去一年左右更加激烈，但這些戰略機會確實引起了廣泛關注。我們必須精打細算，必須推銷自己，但我們正在贏得屬於我們的那份——美好的戰略機會。

Great, thanks for taking the questions.

太好了，謝謝你回答這些問題。

Jean Veliz, D.A. Davidson.

Jean Veliz，D.A. Davidson。

Hi, Jean.

你好，珍。

Good morning. Thank you so much for your time. Just a quick question, some of the comments you made about hiring. So you guys are -- so you're in hiring mode. And then I just wanted to sort of understand with some project delays and this growth that you're experiencing, how would you characterize sort of the growth cadence in 2026 versus previous year?

早安.非常感謝您抽出時間。我有一個小問題，關於您之前對招聘的一些評論。所以你們——所以你們正在招募。然後，我想了解一下，考慮到一些專案延誤以及您正在經歷的成長，您如何描述 2026 年與前一年相比的成長節奏？

Should we expect some -- maybe a higher pick up in the first half of next year versus this year, I guess? And how should we think about EBITDA margins given that there could be some increase in SG&A? Or I guess should I think about differently as you progress through the year, do those sufficiency start to kick in? And when would they kick in?

我們是否可以預期－或許明年上半年銷售量會比今年上半年成長？考慮到銷售、管理及行政費用可能會增加，我們應該如何看待 EBITDA 利潤率？或者，我想隨著一年時間的推移，我應該換個角度思考，這些滿足感會開始發揮作用嗎？它們何時生效？

I think one thing we're hoping for, for next year, the first half of this year was a relatively chaotic time with a lot of disruption associated with uncertainty around tariffs and other economic issues. And so I think that, that stifled the first half a little bit. So hopefully ex that factor, we'll see a little bit more balanced growth first quarter, second quarter, of next year into third, and kind of through the end of the year. So I think, our cycles are relatively the same, hopefully they'll be maybe a little bit more calm with rates lower and some of the transition issues behind us. You still there?

我認為我們希望明年能有所改善，因為今年上半年相對混亂，關稅和其他經濟問題的不確定性造成了極大的干擾。所以我覺得，這在某種程度上抑制了上半場的精彩程度。所以，希望排除這個因素後，我們能看到明年第一季、第二季、第三季以及年底前的成長更加平衡一些。所以我覺得，我們的週期相對來說還算相同，希望隨著利率下降和一些過渡問題的解決，週期能稍微平靜一些。你還在嗎？

Yeah, sorry, I apologize about that. In terms of the EBITDA margins, yeah, you -- thank you so much for all the comments and color. But I just sort of wanted to understand a little more with the pickup in projects or expected work, I guess going into the fourth quarter, should we see it kind of come down to second quarter levels in terms of SG&A? Or it should be more in line with what you experienced this quarter?

是的，抱歉，我為此道歉。關於 EBITDA 利潤率，是的，非常感謝您的所有評論和見解。但我只是想更了解一下，隨著專案或預期工作的增加，進入第四季度，銷售、一般及行政費用是否會回落到第二季度的水平？或者它應該更符合你本季的實際體驗？

I think it'll be in between.

我認為應該介於兩者之間。

Makes sense. And just, I guess, into 2026. Going back to my first question, should we expect more efficiencies that you talked about having a greater impact in SG&A sort of from the start of 2026? Or will that develop more as you head into the second half of 2026? Any color or comment around that helps.

有道理。我想，大概會持續到 2026 年吧。回到我的第一個問題，我們是否可以期待您所說的那些效率提升措施，從 2026 年初開始對銷售、​​一般及行政費用產生更大的影響？或者，隨著進入 2026 年下半年，這種情況會進一步發展嗎？任何相關的評論或意見都會有所幫助。

Yeah, I would expect it to be more beneficial on a relative basis in the second half of the year, but still be beneficial in the first half of the year.

是的，我預計下半年相對而言會更有利，但上半年也會有好處。

Got it. I appreciate it. Thank you so much for your time.

知道了。謝謝。非常感謝您抽出時間。

Thank you. There are currently no questions registered. (Operator Instructions) There are no questions waiting at this time, so I'll pass the conference back over to the team for any closing remarks.

謝謝。目前暫無任何問題登記。（操作員指示）目前沒有待回答的問題，所以我將把會議交還給團隊，請他們作總結發言。

Thank you, Jasmine, and thank you, everyone, for joining us on this call this morning. We're really looking forward to finishing out the year on a high note and certainly looking forward to a banner 2026. So thanks for all the employees who are listening for all you're doing and for all the investors for the faith you put into us and for the analysts for staying in touch with us. With that, I'm going to wrap it up. Good morning, everyone.

謝謝 Jasmine，也謝謝大家今天早上參加我們的電話會議。我們非常期待以優異的成績結束今年，當然也期待2026年能有輝煌的成就。所以，感謝所有認真聆聽的員工所做的一切，感謝所有投資人對我們的信任，感謝分析師們與我們保持聯繫。我就說到這裡吧。各位早安。

Ladies and gentlemen, that will conclude today's conference call. Thank you for joining.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。