Bowman Consulting Group Ltd. (BWMN) 2025 Q4 法說會逐字稿

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

早安。我叫 Becky，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Bowman Consulting Group 2025 會計年度第四季暨全年財報電話會議。(接線員指示)

Please note that many of the comments made today are considered forward-looking statements under federal securities laws. As described in the company's filings 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，今天所發表的許多評論依據聯邦證券法被視為前瞻性陳述。如公司向美國證券交易委員會（SEC）提交的文件所述，這些陳述受多項風險與不確定性影響，可能導致未來結果與所表達者不同，且公司無義務公開更新或修訂這些前瞻性陳述。

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

此外，在今天的電話會議中，公司將討論若干非 GAAP 財務資訊，例如調整後 EBITDA、調整後淨利，以及淨服務計費（net service billing）。您可在公司向 SEC 提交的盈餘新聞稿以及公司投資人關係網站 investors.bowman.com 上，找到這些資訊及其與最直接可比 GAAP 資訊的調節表。

Management will deliver prepared remarks, after which they will take questions from research analysts. A replay of this call will be available on the company's Investor Relations website.

管理團隊將先發表準備好的談話內容，之後將接受研究分析師提問。本次電話會議的重播將於公司投資人關係網站提供。

Mr. Bowman, you may now begin your prepared remarks.

Bowman 先生，您現在可以開始您的準備發言。

Okay. Thanks, Becky. Good morning, everyone, and thanks for joining our year-end earnings call. Bruce Labovitz, our CFO, is with me this morning, along with Dan Swayze, our Chief Operating Officer.

好的。謝謝你，Becky。各位早安，感謝各位參加我們的年終財報電話會議。今天早上與我一同出席的有我們的財務長 Bruce Labovitz，以及營運長 Dan Swayze。

First, I'd like to welcome all new Bowman employees who joined us this quarter, including those from RPT Alliance, who joined in December. After my introductory remarks, I'll turn the call over to Bruce, who will cover our financial performance and technology initiatives. And then Dan will discuss operational successes, including where we're winning and why. I'll end the call with some closing statements before opening it to Q&A.

首先，我想歡迎本季加入 Bowman 的所有新同仁，包括 12 月加入的 RPT Alliance 團隊成員。在我做完開場說明後，我會把電話交給 Bruce，他將說明我們的財務表現與科技計畫。接著 Dan 將分享營運上的成功，包括我們在哪些領域勝出以及原因。在開放問答之前，我會以一些結語作結。

Going forward, we plan to periodically introduce members of our leadership team to provide deeper insight into specific aspects of our business.

展望未來，我們計畫定期邀請領導團隊成員加入，針對業務的特定面向提供更深入的洞見。

Let's start with fourth quarter and full year results. It's hard to believe that 2025 was our fourth full year as a public company and the final year of our emerging growth company status. I'm pleased to report that we delivered another record year as we advanced our efforts to become an ENR top 50 firm. We achieved our goals of generating double-digit in gross revenue -- double-digit growth in gross revenue, organic net revenue, and adjusted EBITDA. In addition, we increased our capture rate for public contracts with growth of approximately 28%.

我們先從第四季與全年業績開始。很難相信 2025 年是我們成為上市公司後的第四個完整年度，也是我們「新興成長公司」身分的最後一年。我很高興報告，隨著我們推進成為 ENR 前 50 名公司的目標，我們再度交出創紀錄的一年。我們達成了目標：總營收呈現雙位數成長——總營收、有機淨營收以及調整後 EBITDA 均為雙位數成長。此外，我們提高了公共合約的得標率，成長約 28%。

We entered 2026 with a record backlog of over $479 million, of which 20% improvement over the prior year. We strengthened our position in our existing markets through acquisitions, acqui-hires, and organic workforce expansion.

我們以超過 4.79 億美元的創紀錄在手訂單（backlog）進入 2026 年，較前一年提升 20%。我們透過併購、人才併購（acqui-hires）以及有機擴編人力，強化了在既有市場的布局。

Our increasing breadth of services, growing scale and redoubled commitment to relationship building produced new order growth for the year that was particularly strong in Power Utilities, Transportation, and Natural Resources, all of which are markets where we are seeing increased durable long-term demand. Our book-to-burn ratio continues to be over 1 times, a level which I'm proud to say we have achieved consistently since our public debut in 2021.

我們不斷擴大的服務廣度、日益提升的規模，以及再次加強的關係經營承諾，帶動全年新訂單成長，且在電力公用事業、交通運輸與自然資源等領域表現尤為強勁；這些市場正呈現更高且具韌性的長期需求。我們的接單/消化比（book-to-burn ratio）持續維持在 1 倍以上；我很自豪地說，自 2021 年上市以來，我們一直穩定達成這個水準。

The first quarter of 2026 is so far no exception with sales this quarter outpacing the fourth quarter. With the successful acquisition and integration of several consequential acquisitions during the year and these results as a springboard, I'm confident we are positioned for another breakout year in 2026.

截至目前，2026 年第一季也不例外，本季銷售表現已超越第四季。憑藉年度內多項重要併購的成功收購與整合，以及這些成果作為跳板，我有信心我們已為 2026 年再創突破性的一年做好準備。

With that, I'll turn the call over to Bruce to review our financial performance in greater detail. Bruce?

接下來，我把電話交給 Bruce，更詳細地回顧我們的財務表現。Bruce？

Great. Thanks, Gary. I'm going to start with a little off-script nod to Gary in light of his recent announcement. When I came to Bowman in 2013, we were a $50 million company with around 450 employees. Gary's vision of achievement at the time was a diversified $100 million revenue company where people could thrive and grow.

很好。謝謝你，Gary。鑑於 Gary 最近的公告，我先稍微離題向 Gary 致意。我在 2013 年加入 Bowman 時，我們是一家約 5,000 萬美元規模、約 450 名員工的公司。當時 Gary 對成就的願景，是打造一家多元化、營收達 1 億美元的公司，讓大家能夠茁壯並成長。

For the past 13 years, he's been deliberate in his leadership with a conviction about growth and a steadfast commitment to our culture. So with $490 million in revenue to end the company's 30th anniversary year and 2,500 committed professionals living our values every day, I think it's fair to say Gary is qualified for membership in the overachievers club. On behalf of everyone at Bowman, I want to publicly thank you for all you've done.

過去 13 年來，他以堅定的信念推動成長，並對我們的文化始終如一地投入，展現出深思熟慮的領導。因此，在公司 30 週年之際以 4.90 億美元營收作結，並有 2,500 位敬業的專業人士每天實踐我們的價值觀，我想可以公平地說，Gary 具備加入「超額達標者俱樂部」的資格。我代表 Bowman 全體同仁，公開感謝你所做的一切。

That's right, Bruce. Thank you.

沒錯，Bruce。謝謝你。

Okay. Turning to the fourth quarter and full year 2025. I'm pleased to be here today discussing another breakout year for Bowman. With quarterly gross revenue of $129 million, we've now had two consecutive quarters at a revenue run rate of greater than $500 million.

好的。接著談 2025 年第四季與全年。我很高興今天能在此討論 Bowman 又一個突破性年度。本季總營收為 1.29 億美元，我們已連續兩季的營收年化運行率超過 5 億美元。

Net service billing, which we use interchangeably with net revenue, was $114.6 million in the quarter, up 16.2% compared to last year. At an 89% net to gross ratio, up 200 basis points over last year, growth was disproportionately achieved through net revenue.

本季淨服務計費（我們與淨營收交替使用）為 1.146 億美元，較去年同期成長 16.2%。在淨/總比率為 89%（較去年提升 200 個基點）的情況下，成長更偏向由淨營收所帶動。

For the full year, gross and net revenue were up 14.9% and 14.5% to $490 million and $434.8 million, while maintaining a net to gross ratio of 89%. We again generated double-digit growth of organic net revenue at 12.4%. Gross margin for the quarter was 55%, up 190 basis points from last year and 53.4% for the full year, up 120 basis points over last year. SG&A for the full year was down 250 basis points compared to the prior year.

全年而言，總營收與淨營收分別成長 14.9% 與 14.5%，達到 4.90 億美元與 4.348 億美元，同時維持 89% 的淨/總比率。我們再次實現有機淨營收 12.4% 的雙位數成長。本季毛利率為 55%，較去年提升 190 個基點；全年毛利率為 53.4%，較去年提升 120 個基點。全年銷售、一般及管理費用（SG&A）較前一年下降 250 個基點。

Combined overhead for the year, in other words, the combination of all labor, both direct and indirect with SG&A, was down 400 basis points compared to the prior year. We believe this reflects an evolving mix of business and the scaling strategy we've been working towards for several years.

全年合併間接費用（overhead），也就是所有人力成本（直接與間接）加上 SG&A 的合計，較前一年下降 400 個基點。我們認為這反映了業務組合的演進，以及我們多年來持續推動的規模化策略。

Pretax net income for the year was $11.2 million as compared to a loss of $8.9 million in the prior year. Net income was $12.8 million for the full year as compared to $3 million for the prior year. With issues related to research and experimentation capitalization resolved, tax benefits had a lesser impact on our fourth quarter and the full year results.

全年稅前淨利為 1,120 萬美元，而前一年為虧損 890 萬美元。全年淨利為 1,280 萬美元，而前一年為 300 萬美元。隨著研發與實驗費用資本化相關議題已解決，稅務利益對我們第四季與全年業績的影響較小。

Moving forward, tax is projected to have a more normalized impact on our statements, including simplifying the calculation of changes in working capital on our operating cash flows, no longer splitting the effect above and within the working capital. With Section 174 capitalization no longer an issue, it's key to note that we do still benefit from other permanent research and development credits that reduce our effective tax rate and never expire.

展望未來，預期稅務對我們報表的影響將更趨正常化，其中也包括簡化營運現金流中營運資金變動的計算方式，不再將其影響拆分為營運資金之上與營運資金之內。在《第 174 條》（Section 174）資本化不再構成問題後，仍需強調的是，我們依然可受益於其他永久性的研發抵減（tax credits），可降低我們的有效稅率，且永不到期。

We believe the turnaround in pretax GAAP profitability this year is a result of the improved labor utilization, scale, and full integration strategy we've been executing to achieve efficiency in operations. We're pleased to see meaningful increase in EPS, both GAAP-based and adjusted. On a GAAP basis, our basic and diluted EPS of $0.74 and $0.73 were up 300% year over year. On an adjusted basis, our basic and diluted EPS of $1.72 and $1.68 were up nearly 40% from the prior year. Holding our share count through buybacks also helped.

我們認為，今年稅前 GAAP 獲利能力的扭轉，源自於我們為提升營運效率而持續推動的勞動力使用率改善、規模效益，以及全面整合策略。我們很高興看到每股盈餘（EPS）在 GAAP 與調整後口徑均有顯著提升。以 GAAP 口徑計算，我們的基本與稀釋後 EPS 分別為 0.74 美元與 0.73 美元，年增 300%。以調整後口徑計算，我們的基本與稀釋後 EPS 分別為 1.72 美元與 1.68 美元，較前一年成長近 40%。透過庫藏股回購維持股數不變也有所助益。

With absolute growth in all market verticals this year, we continue to advance our objective of increased revenue diversification. Revenue distribution continued to shift positively in 2025 with Transportation at 21.2%, Power and Utility at 22.4%, Natural Resources at 11.5%, and Building Infrastructure down to 44.9%. We expect this trend and trajectory to continue in 2026.

今年在所有市場垂直領域皆實現絕對成長，我們持續推進提升營收多元化的目標。2025年營收分布持續正向轉移：運輸占21.2%，電力與公用事業占22.4%，天然資源占11.5%，建築基礎設施降至44.9%。我們預期此趨勢與軌跡將在2026年延續。

Our geospatial operations continue to be increasingly consequential and represented approximately 26% of 2025's gross revenue as a service that was spread across all markets. In the aggregate, around 30% of total gross revenue was derived from government or public funded work assignments, an area where we expect to continue to grow over the short and long term.

我們的地理空間業務營運持續變得愈發關鍵，作為一項覆蓋所有市場的服務，約占2025年總營收的26%。整體而言，約30%的總營收來自政府或公共資金支持的工作任務；我們預期該領域在短期與長期都將持續成長。

Organic net revenue growth was 11% in the fourth quarter and 12.4% for the full year, excluding [UP E], e3i, SOA, Lazen and RPT. Broken down by vertical for the quarter and for the full year, Natural Resources led the way with 29% and 27% growth, Power and Utilities delivered 11% and 13% growth, Transportation grew 6% and 22%, and Building Infrastructure was up 9% and 6%. The organic growth rate in Transportation in the fourth quarter was a function of delayed contracting and notices to proceed in Q3 of 2024.

扣除[UP E]、e3i、SOA、Lazen與RPT後，第四季有機淨營收成長為11%，全年為12.4%。按垂直領域拆分，單季與全年表現如下：天然資源以29%與27%的成長領先；電力與公用事業分別成長11%與13%；運輸分別成長6%與22%；建築基礎設施分別成長9%與6%。第四季運輸業務的有機成長率，主要源於2024年第三季合約簽訂與開工通知（notice to proceed）的延遲。

While we caught up in Q4 of 2024, the delay created a skewed growth curve for the year. All was well within our Transportation business, and we continue to win consequential new awards. I think it's also worth pointing out the steady increase in organic net revenue growth in Building Infrastructure throughout the year. We're optimistic that this represents a developing trend for that market.

雖然我們在2024年第四季已追趕進度，但該延遲使全年成長曲線出現偏斜。我們的運輸業務一切運作良好，且持續贏得具重大意義的新案授標。我也認為值得指出的是，建築基礎設施的有機淨營收成長在全年呈現穩步提升。我們樂觀認為這代表該市場正在形成的趨勢。

Backlog increased 20% to $479 million on December 31, 2025, up from $399 million at the end of 2024. While every vertical is up, the biggest gainer was Power and Utilities, where we were particularly active with business development and acquisitions. Excluding purchased backlog in place at year-end, the increase was 18.5% at $473 million. Sales of new work after closing an acquisition would not be considered acquired backlog.

截至2025年12月31日，未完成訂單（Backlog）增加20%至4.79億美元，較2024年底的3.99億美元上升。雖然各垂直領域皆成長，但最大增幅來自電力與公用事業，我們在該領域的業務開發與併購活動特別積極。若排除年末已購入的未完成訂單，未完成訂單增加18.5%至4.73億美元。在完成併購後所取得的新工作銷售，不會被視為併購取得的未完成訂單。

In the case of RPT, while we have very strong visibility into projects and schedules, work is released in more frequent phases to keep their forecast high, but their backlog low relative to the overall companies. Cash from operating activities for the full year increased by nearly 50% to $35.8 million from $24.3 million in the prior year.

以RPT為例，雖然我們對專案與時程具有非常高的能見度，但其工作會以更頻繁的階段釋出，以維持其預測值偏高，但相對於整體公司而言，其未完成訂單偏低。全年營運活動產生的現金流量增加近50%，由前一年的2,430萬美元增至3,580萬美元。

Net working capital increases adjusted for the UTP changes represented the equivalent of a roughly 4-month investment in growth revenue. Reducing that investment by 25% through process automation and operational efficiencies could add 7 to 8 percentage points to cash flow conversion. This is high on our to-do list in 2026.

經調整UTP變動後的淨營運資金增加，相當於對成長營收約4個月的投資。若透過流程自動化與營運效率提升將該投資降低25%，可使現金流轉換率增加7至8個百分點。這是我們2026年的重點待辦事項之一。

Net debt at the end of the year was $179 million, including the all-cash acquisition of RPT on December 5. Leverage was 2.45 times trailing 12 months and 2.06 times the midpoint of our 2026 guidance. We expect to increase cash flow from operations during the year to continue to reduce this debt throughout 2026.

年末淨負債為1.79億美元，其中包含12月5日以全現金完成的RPT收購。槓桿倍數為過去12個月的2.45倍，以及我們2026年指引中點的2.06倍。我們預期今年將提升營運現金流，以在2026年持續降低此負債。

On March 3, we executed a third amendment to our credit facility with BofA, TD Bank, and PNC to increase the maximum borrowing to $250 million. We increased the facility to ensure we have sufficient access to affordable capital to continue funding investments in organic growth, innovation and efficiency, accretive acquisitions, and stock repurchases. As of today, we have available liquidity of approximately $150 million.

3月3日，我們與美國銀行（BofA）、道明銀行（TD Bank）及PNC對我們的信貸融資安排簽署第三次修訂，將最高借款額提高至2.5億美元。我們提高額度以確保能充分取得具成本效益的資金，持續支持有機成長、創新與效率的投資、具增益性的併購，以及股票回購。截至今日，我們可動用的流動性約為1.5億美元。

During 2025, we periodically repurchased $18.8 million worth of our common stock at an average price of $27.51 per share. We continue to view stock repurchases as a means of addressing liquidity and valuation dislocations as opposed to a commitment to the return of capital. Assuming market stability and a rational valuation of our equity, our top priorities remain investment in organic and inorganic growth.

2025年期間，我們不定期以平均每股27.51美元的價格回購了1,880萬美元的普通股。我們仍將股票回購視為因應流動性與估值錯位的手段，而非承諾返還資本。在假設市場穩定且我們股權估值合理的情況下，我們的首要優先事項仍是投資於有機與非有機成長。

We remain steadfast in our commitment to investment in innovation. The BIG Fund, our internal technology incubator, is funding ideas presented by our employees to make impactful investments that advance our capabilities, improve the efficiency of our workforce, and decouple revenue growth from headcount growth, increase the value of our services, and extend customer engagement.

我們對創新投資的承諾依然堅定。BIG Fund作為我們的內部技術孵化器，資助員工提出的構想，以進行具影響力的投資：提升我們的能力、改善員工隊伍效率、使營收成長與人力成長脫鉤、提高服務價值，並延伸客戶互動。

It's admittedly a tricky time in our industry with respect to innovation and AI. We need to be sure we're prioritizing investments in processes and services relating to deliverables sold at stable values as opposed to efficiencies that merely cannibalize the work of work sold by the unit. We're making significant investments this year in our fleet of geospatial imaging assets, including high-resolution, high-altitude scanners, along with improved capture vehicles, including planes, UAVs, drones, and boats, all of which increased collection rates and data processing efficiencies by as much as 30% to 40%.

坦白說，就創新與AI而言，這對我們產業來說確實是個棘手的時期。我們必須確保優先投資於與可交付成果相關、且能以穩定價值出售的流程與服務，而不是僅僅透過效率提升去侵蝕事業單位已售出工作的需求。今年我們正大幅投資於地理空間影像資產機隊，包括高解析度、高空掃描儀，以及更完善的採集載具（含飛機、UAV、無人機與船舶）；這些投資使採集速率與資料處理效率提升高達30%至40%。

We continue to integrate the technologies we've developed in-house with tools we purchased in the recent ORCaS acquisition. And we are launching PACK, our Port Asset Conditions Kit, which provides GIS-enabled digital twin-based life cycle asset management to port and marine operators.

我們持續將自研技術與近期ORCaS收購所取得的工具進行整合。同時，我們將推出PACK（港口資產狀況工具包），為港口與海事營運商提供具GIS功能、以數位孿生為基礎的全生命週期資產管理。

As opposed to the traditional Software-as-a-Service subscription model, we've put forward a services powered by software model that engages our integrated digital platforms with customers through a professional services arrangement that combines process automation and professional intervention. As we develop our suite of AI and GIS-enabled tool sets, we believe we're well positioned to monetize the library of assets in our growing digital services and advisory practice into a unique value proposition for our customers and shareholders.

不同於傳統的軟體即服務（SaaS）訂閱模式，我們提出「由軟體驅動的服務」模式，透過專業服務安排，將流程自動化與專業介入相結合，使我們的整合式數位平台與客戶互動。隨著我們開發AI與GIS賦能的工具組合，我們相信自己具備良好條件，能將日益成長的數位服務與顧問業務中的資產庫變現，為客戶與股東提供獨特的價值主張。

In connection with yesterday's release, we increased our full year 2026 guidance to a range of $495 million to $510 million and an adjusted EBITDA margin of 17% to 17.5%. At an 88% net to gross ratio, this would represent $563 million to $580 million of gross revenue. This increased net revenue guide includes the recent RPT acquisition without contemplating any future acquisitions. At the midpoint of our net revenue guidance, this represents approximately 16% absolute growth over last year. Pro forma to exclude RPT's 2025 revenue from the basis and from next year -- from this year, we're projecting just over 12% organic net revenue growth.

配合昨日的公告，我們將2026年全年指引上調至4.95億至5.10億美元，調整後EBITDA利潤率為17%至17.5%。以淨對總比率88%計算，這相當於5.63億至5.80億美元的總營收。此上調後的淨營收指引已納入近期RPT收購，但未考量任何未來併購。以淨營收指引中點計算，較去年約為16%的絕對成長。若以備考方式將RPT的2025年營收自基期中排除，並自明年——相對於今年——我們預估有機淨營收成長略高於12%。

We expect revenue during the year to again be nonlinear with the first and fourth quarters representing around 47% of net revenue and the second and third to be around 53% of net revenue. This should not be construed as quarterly revenue guidance, but rather as a guideline for relative weighting of the quarters throughout the year.

我們預期全年營收仍將呈現非線性分布，第一季與第四季合計約占淨營收的47%，第二季與第三季合計約占淨營收的53%。這不應被解讀為季度營收指引，而是作為全年各季度相對權重的參考。

I'm now going to turn the call over to Dan Swayze, our Chief Operating Officer, who's joining us today to provide insight into the question of where we're winning and why. Dan has been with Bowman for over 3.5 years and has spent 2 decades in senior leadership roles in civil and energy-related engineering. At Bowman, Dan's focus as the Chief Operating Officer is on the management and execution of our portfolio of services across markets. Dan, welcome.

接下來我將把電話會議交給我們的營運長Dan Swayze；他今天也與我們一同出席，將就我們在哪些方面取勝以及原因提供洞見。Dan加入Bowman已超過3.5年，並在土木與能源相關工程領域擔任高階領導職務長達20年。在Bowman，Dan作為營運長的重點在於跨市場的服務組合之管理與執行。Dan，歡迎。

Thank you, Bruce, and good morning, everyone. I know a lot of our team is listening to the call today, and I sincerely thank them for all they do and their commitment to Bowman. I'm very proud of our team.

謝謝你，Bruce，各位早安。我知道今天我們有許多團隊成員正在收聽電話會議，我由衷感謝他們所做的一切以及對Bowman的投入。我為我們的團隊感到非常自豪。

Today, I'm going to focus on where we are winning in the market and why those wins are becoming increasingly repeatable. In other words, our right to win. Over the past several years, we have been deliberate about building differentiated capabilities in markets where technical depth, geographical reach, capacity, execution consistency, and integrated end-to-end ability creates a competitive advantage.

今天，我將聚焦於我們在市場上取勝的領域，以及為何這些勝利正變得愈來愈可複製。換言之，就是我們的「取勝權」。過去幾年，我們有意識地在那些技術深度、地理覆蓋、產能、執行一致性，以及端到端整合能力能夠形成競爭優勢的市場，打造差異化能力。

Our acquisition strategy across the country created integrated service delivery teams in our various markets. In our data center and mission-critical practice, we are increasing our win rate by meeting our clients where they are. Data center programs are rarely single service projects. They are multiphase, multiservice opportunities. For example, combining the electrical and mechanical engineering forces from our e3i acquisition, the fire and life safety design services from our Fisher acquisition with our established capabilities in civil planning and engineering, we have a strong service offering our clients can rely on.

我們在全國範圍內的併購策略，於各個市場建立了整合式服務交付團隊。在資料中心與關鍵任務（mission-critical）業務中，我們透過在客戶所在之處與其對接來提升中標率。資料中心專案很少是單一服務的專案。它們是多階段、多服務的機會。例如，將我們 e3i 併購帶來的電機與機械工程力量、我們 Fisher 併購帶來的消防與生命安全設計服務，與我們既有的土木規劃與工程能力結合，我們便能提供客戶可倚賴的強大服務方案。

Our ability to deliver consistent technical standards across jurisdictions while maintaining strong relationships positions us as a long-term partner rather than a onetime design provider. As major operators continue to deploy capacity into new regions, we are following them into those markets, pairing local engineering knowledge with the strength of our national platform. As a result, we are expanding wallet share and deepening our engagements in a durable growth market. This approach increases client stickiness.

我們能在不同司法管轄區交付一致的技術標準，同時維持穩固的關係，這使我們成為長期合作夥伴，而非一次性的設計供應商。隨著主要營運商持續將產能部署至新區域，我們也跟隨他們進入這些市場，將在地工程知識與我們全國性平台的優勢相結合。因此，我們正在擴大客戶錢包份額（wallet share），並在一個具韌性成長的市場中加深合作參與。此一做法提高了客戶黏著度。

The power utility sector remains a robust market for our organization, spanning electric, oil, and gas as well as renewables. Bowman is actively involved in supporting the development and expansion of new power supplies for utilities, addressing the evolving and urgent need for bridging power for data centers and the rapid deployment of compressor stations for the midstream movement of natural gas. The services we provide for our natural gas clients are provided through a combination of several of our acquisitions, including MTX Surveying, RPT Alliance, Excellence Engineering, and Birck Engineering.

電力公用事業領域對我們而言仍是強勁市場，涵蓋電力、石油與天然氣，以及再生能源。Bowman 積極參與支援公用事業新電力供應的開發與擴張，以因應資料中心對過渡電力（bridging power）日益迫切的需求，以及為天然氣中游輸送快速部署壓縮站的需求。我們為天然氣客戶提供的服務，來自多項併購的組合，包括 MTX Surveying、RPT Alliance、Excellence Engineering 與 Birck Engineering。

Our approach leverages a comprehensive suite of services, seamlessly integrating a unique collection of geospatial expertise and equipment with proven engineering solutions to address the evolving needs of our clients. This multiservice end-to-end strategy ensures we can consistently deliver innovative, reliable one-stop shop outcomes across the diverse landscape of our clients' needs.

我們的方法運用一套完整的服務組合，將獨特的地理空間（geospatial）專業與設備，與經驗證的工程解決方案無縫整合，以滿足客戶不斷演進的需求。此一多服務、端到端策略，確保我們能在客戶多元需求的廣泛版圖中，持續交付創新、可靠的一站式成果。

Being early establishes incumbency and incumbency is an important element to our right to win. Our geospatial engagements often create pull-through opportunities for related engineering and advisory services. Our recent investments in new aircraft and advanced LiDAR sensors directly strengthens our competitive position. These advanced capabilities allow us to support complex infrastructure initiatives, including utility expansion, both in electricity and natural gas, damage assessments, land acquisition, land development and other large-scale public works projects.

及早進入可建立既有者地位（incumbency），而既有者地位是我們「取勝權」的重要要素。我們的地理空間業務往往能帶動（pull-through）相關工程與顧問服務的機會。我們近期對新型飛機與先進 LiDAR 感測器的投資，直接強化了我們的競爭地位。這些先進能力使我們能支援複雜的基礎設施計畫，包括電力與天然氣的公用事業擴張、損害評估、土地取得、土地開發，以及其他大型公共工程專案。

As an example, we are recently renewed for a 5-year agreement with the US Army Corps of Engineers to provide photogrammetric mapping and related survey services. Being awarded this renewal with this renewed agreement reflects both past performance and technical differentiation.

例如，我們近期與美國陸軍工兵團（US Army Corps of Engineers）續簽一項為期 5 年的協議，提供攝影測量製圖（photogrammetric mapping）及相關測量服務。獲得此次續約，反映了我們過往的績效與技術差異化。

We're also continuing to build strength in Transportation across the US where our extensive history of timely delivery and our expansive portfolio of creative bridge and highway design create a meaningful competitive opportunity. Our comprehensive transportation services offerings are an amalgamation of our acquisitions of McMahon, Speece Lewis, and Exeltech and our legacy teams in Chicago area providing end-to-end solutions. Transportation agencies prioritize demonstrated experience and capacity to deliver on comparable assets. The depth of our expertise and project experience in these regions drives repeated wins.

我們也持續在全美交通運輸領域累積實力；我們長期以來準時交付的紀錄，以及涵蓋創新橋梁與公路設計的廣泛作品集，創造了具意義的競爭機會。我們完整的交通運輸服務方案，結合了對 McMahon、Speece Lewis 與 Exeltech 的併購，以及我們在芝加哥地區的既有團隊，提供端到端解決方案。交通運輸主管機關重視可證明的經驗與交付同類資產的產能。我們在這些地區的專業深度與專案經驗，帶來反覆的中標。

Across these markets and others we participate in, the pattern is consistent. We win where specialized technical expertise matters. Past performance and incumbency create barriers to entries to our competitors. Our national presence enhances client value and where our integrated geospatial and engineering delivery improve client outcomes. Our operational investments, including workflow modernization, data integration, and selective automation using AI and machine learning support these markets by improving throughput and timely delivery of superior outcomes.

在這些市場以及我們參與的其他市場中，模式是一致的。我們在專業技術能力至關重要之處取勝。過往績效與既有者地位為競爭對手形成進入障礙。我們的全國性布局提升了客戶價值，而我們整合的地理空間與工程交付能力改善了客戶成果。我們的營運投資，包括工作流程現代化、資料整合，以及運用 AI 與機器學習的選擇性自動化，透過提升產出效率（throughput）與準時交付更優異成果來支援這些市場。

These investments are in service of a larger objective to strengthen our competitive standing in the market, where we see durable demand and long-term growth potential.

這些投資服務於一個更大的目標：在我們看見具韌性需求與長期成長潛力的市場中，強化我們的競爭地位。

We are not pursuing growth indiscriminately. We are concentrating on efficient use of capital, leveraging our talent, and embracing technology in markets where we have established credibility and where our integrated platform creates measurable differentiation and competitive advantage.

我們並非不加選擇地追求成長。我們聚焦於資本的有效運用、善用我們的人才，並在我們已建立公信力、且整合式平台能帶來可衡量差異化與競爭優勢的市場中擁抱科技。

The result, we continue to successfully deepen client relationships, enhance our right to win multiservice assignments and strengthen our foundation for sustained revenue growth. Our competitive position in the industry has never been stronger, and our right to win continues to broaden throughout our markets.

其結果是，我們持續成功深化客戶關係，提升我們承接多服務任務的取勝權，並強化我們持續營收成長的基礎。我們在產業中的競爭地位從未如此強勁，而我們的取勝權也持續在各個市場中擴大。

With that, I'll turn it over to Gary.

接下來，我把時間交給 Gary。

Great. Thanks, Dan. As Bruce mentioned, our focus on execution, organic growth, and strategic acquisition was evident in our results. We exited 2025 with strong momentum, some of the best margins in the E&C Group, and a backlog that foreshadows another year of double-digit revenue growth.

很好。謝謝你，Dan。如 Bruce 所提到的，我們對執行、內生成長與策略性併購的聚焦，已在我們的成果中充分展現。我們在 2025 年底以強勁動能收官，擁有 E&C 集團中名列前茅的利潤率，以及預示另一個雙位數營收成長年度的在手訂單（backlog）。

We enter 2026 with a renewed focus on disciplined growth and continued operational improvement along our service platform. While change in the occupant of the CEO chair is ahead of us, the core of this company, its senior leadership, and professional workforce is as intact, cohesive and aligned in its mission. With the exceptional talent we have at every level of this organization, I'm really excited for the future of the company I founded some 30 years ago.

我們以重新聚焦於紀律性成長，以及沿著我們的服務平台持續改善營運的態勢進入 2026 年。儘管 CEO 職位的接任變動在前方，但公司的核心、高階領導團隊與專業人力依然完整、凝聚，且在使命上高度一致。憑藉我們在組織各層級所擁有的卓越人才，我對這家我約 30 年前創立的公司之未來感到非常振奮。

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

接下來，我把電話會議交回給 Becky 進行提問。

(Operator Instructions)

(接線員指示)

Aaron Spychalla, Craig-Hallum.

Aaron Spychalla，Craig-Hallum。

First, maybe on the RPT acquisition. On RPT, can you just maybe talk a little bit about what that brings to your offering, an early read on just how integration is going there and kind of potential synergies within the platform?

首先，可能想問一下 RPT 這項併購。關於 RPT，你能否談談它為你們的服務方案帶來了什麼、目前對整合進度的初步觀察，以及在平台內可能的協同效益？

Yes. I'll start off with the second part of the question. Actually, integration there is well ahead of any other acquisition that we've done. It's pretty much integrated from an operating and financial perspective. It's on its way from a platform perspective.

好的。我先從問題的第二部分開始回答。其實，那邊的整合進度遠遠領先於我們做過的任何其他併購。從營運與財務角度來看，幾乎已經完成整合。從平台角度也正在推進中。

And so we jumped right on that one because the opportunity is right ahead of us to grow that business in connection with the rest of the components of Bowman. So it's integrated. It really extends our product offering in LNG. I'll let Dan talk for a second about the extension of the LNG and data center product offering.

因此我們立刻投入，因為眼前就有機會把這項業務與 Bowman 其他組成部分連結起來、進一步成長。所以它已經整合了。它確實擴展了我們在 LNG（液化天然氣）方面的產品／服務供給。我讓 Dan 補充談一下 LNG 與資料中心產品／服務供給的延伸。

Yes. If you go back to what we talked about a minute ago and you think about our right to win, RPT's skill set and client reach puts us right into the whole midstream move of natural gas, feeding liquefied natural gas centers, and also gives us that opportunity to provide more consulting and engineering services for those building pipelines.

好的。如果你回到我們剛才談到的內容，並思考我們的取勝權，RPT 的技能組合與客戶觸及範圍，讓我們能直接切入天然氣中游輸送的整體環節，為液化天然氣中心供氣，同時也讓我們有機會為那些建設管線的業者提供更多顧問與工程服務。

I'll also say we've already been successful in several cross-selling efforts where the combination of services has gotten us into projects that we otherwise probably wouldn't have been necessarily a lead contender for.

我也想補充，我們已在數個交叉銷售（cross-selling）上取得成功；服務組合的結合讓我們進入了一些專案，而若沒有這樣的組合，我們可能不一定會是主要競爭者。

All right. And then maybe second on EBITDA margins. Good performance in the quarter, 17.3%. Just thinking about the guidance for 2026, were there anything noteworthy from a driver perspective in the fourth quarter? And what are some of the factors you're incorporating for 2026? And how are you thinking about potential for upside there?

好的。第二個問題可能關於 EBITDA 利潤率。本季表現不錯，達到 17.3%。在思考 2026 年指引時，第四季在驅動因素方面是否有任何值得注意之處？你們在 2026 年納入考量的因素有哪些？以及你們如何看待利潤率上行的可能性？

Yes. So again, I think, Aaron, we've demonstrated that margin is not necessarily always consistent throughout the quarters, but that we look at the year as being able to deliver from what was a 16 -- high 16s this year to what we think will be a mid-17s next year.

是的。所以再說一次，我認為，Aaron，我們已經證明毛利率不一定在各季度之間都保持一致，但我們看的是全年能夠交付：從今年的16——16%中高段，提升到我們認為明年的17%中段。

So it's continuous improvement in margin. It always has to do with the timing of the acquisition of labor relative to the starts of projects. That's our biggest driver of margin in any particular period is the -- how well we time the collection of labor with the realization of revenue.

所以這是毛利率的持續改善。這總是與勞動力招募/配置的時點相對於專案開工時點有關。我們在任何特定期間毛利率的最大驅動因素，就是——我們在勞動力投入的收集/配置與營收實現之間的時點匹配做得有多好。

So I think that we continue to, as we scale, grow margin over overhead. And as we implement better and better workflow processes, automated processes, we optimize labor. And so I think we can increase by another -- we're projecting another 50 to -- 50-plus basis points of margin expansion this year to 80% -- 80 points. And I think those are the key drivers.

所以我認為，隨著我們規模擴大，我們會持續讓毛利率相對於間接費用（overhead）提升。而且隨著我們導入越來越好的工作流程、流程自動化，我們會優化人力。因此我認為我們還能再提升——我們預估今年毛利率將再擴張50到——50個以上基點，達到80%——80個基點。我認為這些就是關鍵驅動因素。

Gary, congrats on the retirement and best of luck to everyone moving forward.

Gary，恭喜退休，也祝大家接下來一切順利。

Thank you, Aaron.

謝謝你，Aaron。

Min Cho, Texas Capital Bank.

Min Cho，Texas Capital Bank。

Congrats on a really strong year. You mentioned that the building segment saw some organic growth this quarter and that there were some developing trends. Can you talk a little bit about just the opportunities that you're seeing there?

恭喜你們今年表現非常強勁。你提到建築（Building）部門本季出現一些內生成長，且有一些正在發展的趨勢。你能談談你們在那裡看到的機會嗎？

So as I put it, we're optimistic that this is a developing trend. I'm not sure we're ready to call it yet. I think one thing that we are expecting to see at some point is a focus on affordability of housing. And we're already seeing it at the state level. You're seeing the requirements for permitting being loosened and stimulus for more affordable housing. That's where we really thrive is in creating supply for builders and for the homebuilding and multifamily market.

所以如我所說，我們對這是一個正在形成的趨勢感到樂觀。我不確定我們是否已經準備好下定論。我認為我們預期在某個時間點會看到市場聚焦於住房可負擔性。而我們已經在州層級看到這點。你會看到許可（permitting）要求被放寬，以及對更多可負擔住房的刺激措施。而這正是我們最擅長的：為建商以及住宅建築與多戶住宅市場創造供給。

So we saw some good positive movement there. It is geographical in nature and some pockets of the country are better at times than others. But we're optimistic that, that's an early indicator of some opportunity for bigger growth in that market again.

所以我們在那裡看到一些良好的正向動能。這在地理上具有差異性，國內某些地區在某些時點會比其他地區更好。但我們樂觀地認為，這是該市場再次出現更大成長機會的早期指標。

Excellent. Got it. Also on slide 8, you provided some gross margin by verticals. And I was just wondering if you can talk about how that has trended over the last few years. I'm assuming that it's kind of expanded just with the scale that you have. But can you talk a little bit about expectations for 2026 just directionally across the --

很好。了解。另外在第8頁投影片，你提供了按垂直領域（verticals）拆分的毛利率。我想請教這在過去幾年是如何走勢的。我猜隨著你們規模擴大，毛利率應該有所擴張。但你能否就2026年的預期，方向性地談談各個領域的情況——

I mean you broke up a little bit there. So I think the question was about the gross margins by vertical and expectations on those for the year. I'm going to assume that was the question.

你剛剛有點斷訊。所以我理解你的問題是關於按垂直領域的毛利率，以及今年對這些毛利率的預期。我先假設這就是你的問題。

Yes.

是的。

And so it's consistent with where we were in the third quarter when we started reporting on gross margin by vertical with Transportation being more of a cost-plus kind of market, but with longer-term commitments and longer engagements that reduce turnover costs there and create stability in workforce. And we think that the other three markets continue to have favorable gross margins. And I don't see anything that's going to erode those throughout the course of this year. If anything, processes -- process automations can help to improve those slightly.

所以這與我們在第三季開始按垂直領域揭露毛利率時的情況一致：交通運輸（Transportation）更偏向成本加成（cost-plus）的市場，但有較長期的承諾與較長的合作案期，能降低人員流動成本，並為勞動力帶來穩定性。我們認為另外三個市場仍將維持有利的毛利率。我看不出今年過程中有任何因素會侵蝕這些毛利率。如果有的話，流程——流程自動化反而可能讓它們略有改善。

And then just finally, your Natural Resources segment obviously had strong organic growth this quarter and in the year. And I don't think Dan spoke too much about that segment. But can you just provide a little more detail about where that demand is coming from, any other -- seeing any green shoots there?

最後一個問題，你們的天然資源（Natural Resources）部門本季以及全年顯然都有強勁的內生成長。我覺得Dan沒有太多談到這個部門。你能否再多提供一些細節，需求主要來自哪裡？另外——是否看到任何復甦的早期跡象（green shoots）？

Yes. So in some respect, that's a little bit of the catchall for what doesn't fit into other categories, but it includes environmental, it includes mining, it includes water resources, it includes agricultural imaging, and ortho imaging. And it includes land services associated with assisting landowners in acquisition of easements and other rights of way when it's not land acquisition for a power utility or for a road bridge or highway.

是的。某種程度上，這有點像是把不符合其他分類的項目放在一起的「大雜燴」，但它包含環境相關、採礦、水資源、農業影像，以及正射影像（ortho imaging）。也包含土地服務（land services），協助土地所有人取得地役權（easements）及其他通行權（rights of way），前提是該土地取得不是用於電力公用事業，或道路橋梁/高速公路的土地徵收。

So it's a large category for us in terms of the number of things that fit in there, a lot of exciting projects that are developing in that area, particularly with water resources, particularly with high-altitude aerial imaging and in the land services business.

所以就能納入其中的事項數量而言，這對我們是一個很大的類別；在那個領域有許多令人振奮的專案正在發展，特別是在水資源方面、特別是在高空航空影像方面，以及在土地服務業務方面。

Andy Wittmann, Baird.

Andy Wittmann，Baird。

I have a few here. So where do I want to start? I guess I don't know, maybe I'm reading into it too closely, but in your press release, you kind of talked about 2026 being -- I forgot the exact terminology, more of an organic year. Am I reading -- that sounds like a little bit of change. You said in your script here that your priorities are still in organic growth and inorganic growth.

我這裡有幾個問題。那我從哪裡開始呢？我想我也不確定，也許我解讀得太細，但在你們的新聞稿裡，你們有點提到2026年會——我忘了確切用詞——更像是內生成長的一年。我是不是解讀——那聽起來像是有些變化。你在這裡的講稿又說你們的優先事項仍然是內生成長與外生成長。

And so it just feels like maybe there's a change there. Is there more kind of organic focus in '26 than in the past? And if that is correct, why the change? And it's not -- I don't have a value judgment here. I don't -- this is not to say you should be doing more M&A or not. I'm just kind of curious if there is a change there, why there's a change there.

所以感覺好像可能有些改變。2026年是否比過去更偏重內生成長？如果是正確的，為什麼會有這個改變？我這裡沒有價值判斷。我不是在說你們應該做更多併購或不做。我只是好奇，如果真的有變化，為什麼會有這個變化。

Andy, this is Gary. There is really -- there's not a fundamental change. We are still committed to inorganic growth. They were a little narrower in our focus of strategic opportunities and moving toward bigger opportunities. So you're seeing maybe less frequent -- certainly less frequent announcements.

Andy，我是Gary。其實——沒有根本性的改變。我們仍然致力於外生成長。只是我們在策略性機會上的聚焦更為收斂，並朝向更大型的機會。所以你可能看到較不頻繁——當然公告會更不頻繁。

But we are just as committed to ever to a strong growth of -- a strong combination of inorganic and organic growth.

但我們對強勁成長的承諾一如既往——也就是外生成長與內生成長的強力組合。

I think there is an evolving nature of the market that there's opportunity to invest in the expansion of our services through investment in technologies and innovation, and that's all organic. So we continue to be investing in expansion of our capabilities and expansion of the capability of our workforce to generate revenue.

我認為市場正在演變，存在機會透過投資技術與創新來擴展我們的服務，而那全部都是內生的。因此我們會持續投資於能力擴張，以及提升我們勞動力的能力來創造營收。

But as Gary said, I think sort of we'll do less frequent small, but still be focused on acquisition and in the meantime, be focused on internal investment in organic growth. But thanks for bringing it up because I think it's an important distinction there.

但如Gary所說，我想我們會較少做頻繁的小型案子，但仍會聚焦於併購；同時，在此期間也會聚焦於內部投資以推動內生成長。不過謝謝你提出來，因為我認為這是一個重要的區別。

Absolutely, we want to clarify that.

完全同意，我們想把這點釐清。

Yes. Okay. Great. And then, Bruce, in your comments, you talked about some things that are going to be kind of a priority on collecting working capital this year. Could you just elaborate on that a little bit more?

是的。好的。很好。另外，Bruce，在你的評論中，你提到今年會把一些事情列為優先事項，像是加強回收營運資金。你能否再多闡述一下？

It does feel like there is some working capital opportunity, maybe at lots of different places, including your receivables. I just thought it'd be worth checking in here again with those a little bit higher than you've been for a while. What is a realistic goal here for DSOs maybe as we progress here through '26?

感覺在營運資金上有一些改善空間，可能在很多地方，包括應收帳款。我覺得值得再確認一下，因為這些水位比你們一段時間以來都要高一些。就2026年進行到後面，你們對DSO（應收帳款週轉天數）比較務實的目標會是什麼？

Yes. One thing I will point out that we're already so far past in the year. It's hard to remember that at the end of the year, there was a government shutdown, and that did slow collection on a portion of our receivables, not because they weren't collectible, but just because getting them processed was slower in a portion of our business. So I think there's a little bit of extension of receivables from that artificial impact.

是的。我想指出的一點是，我們今年其實已經走得很後面了。很難記得在去年年底曾發生政府停擺，這確實讓我們部分應收帳款的收款進度變慢；不是因為收不回來，而是因為在我們部分業務中，款項處理流程變慢了。所以我認為，因為那個人為因素，應收帳款有些許拉長。

Getting -- working capital is an important focus for us, certainly, getting work to be billable, not necessarily that we aren't earning it, but getting it to the point of billing and collecting it is something that we're working towards narrowing down. And so I think reducing, let's say, work in process, which is a component of working capital will be a focus this year. And we're always working on collections, Andy. It's one of the great challenges that never seems to completely get solved. But between that, between the -- we had a -- we implemented a new -- not a new -- we upgraded our ERP system throughout in 2025, and we think that will help facilitate the process of processing work.

改善——營運資金對我們而言當然是重要的重點；讓工作能夠開立帳單，並不一定是我們沒有賺到，而是把它推進到可以開票並收款的階段，這是我們正在努力縮短的流程。因此，我認為降低例如在製品（WIP，屬於營運資金的一部分）會是今年的重點。而且我們一直都在努力催收，Andy。這是個似乎永遠無法完全解決的重大挑戰之一。不過在這之間——我們在2025年全面導入了一套新的——不是新的——我們升級了ERP系統，我們認為這將有助於促進工作處理流程。

To follow on Bruce's point, I always work on the collections, the 31-some years, it's in our DNA. We have to keep the cash flowing.

延續Bruce的觀點，我一直都在做催收，31年多了，這已經是我們的DNA。我們必須讓現金持續流入。

Okay. My next few here are maybe just kind of more kind of model focused or some of these are kind of important. So Bruce, you talked about a more normalized tax rate. Are you still -- what is the effective tax rate that you think is applicable here in '26?

好的。我接下來幾個問題可能比較偏模型，或其中一些算是比較重要。所以Bruce，你提到較為正常化的稅率。你仍然——你認為在’26年適用的有效稅率會是多少？

Yes. I would say that it is based on our statutory less our R&D credits, it's somewhere in that high teen, 20% kind of range.

是的。我會說，這是以法定稅率扣除我們的研發抵減後計算，大概落在十幾%的高段到20%上下的區間。

Okay. Great. And then just -- this is really myopic, but I think notable in 2025 that's the total -- that's the number that we should use basically on the company's income statement, it's high teens, low 20s.

好的。很好。然後——這可能很短視，但我覺得值得注意：在2025年，這就是總——這就是我們基本上應該用在公司損益表上的數字，也就是十幾%的高段、20%出頭。

Yes.

是的。

Yes. Is that correct?

是的。這樣說對嗎？

Yes.

是的。

Okay. So I was looking back at 2025 and the margin progression for 2020 -- I'm sorry, you're trying to say something. Go ahead.

好的。所以我回頭看了2025年，以及2020年的利潤率走勢——抱歉，你好像想說什麼。你先請。

No, go ahead.

沒有，你繼續。

Sorry to chime in. Okay. So the second quarter net adjusted EBITDA margin was higher than the third quarter adjusted EBITDA margin in 2025. That's usually for companies like yours, the third quarter margin is higher than the second quarter.

抱歉插一句。好的。所以在2025年，第二季的淨調整後EBITDA利潤率高於第三季的調整後EBITDA利潤率。通常對像你們這類公司而言，第三季利潤率會高於第二季。

So I guess my question is as we -- you talked about revenue seasonality in your prepared remarks. But just on this one specifically, it feels like I want to put the higher margin in the third quarter than the second quarter. Am I thinking about that correctly? Or is there a reason that, that pattern from last year would repeat again here in '26?

所以我想問的是，隨著——你在事先準備的講稿中談到營收的季節性。但就這一點而言，我感覺我應該把第三季的利潤率放得比第二季高。我這樣想對嗎？或者，去年那種型態在’26年會再次出現，有什麼原因嗎？

No, I don't think it's necessarily a repeatable pattern from last year. I think we had some -- we talked about it in the second quarter of last year. There were a few exceptional items that sort of hit on all cylinders. I think that -- I wouldn't necessarily say that, that is indicative of our -- of a pattern permanently.

不，我不認為那一定是去年可重複的型態。我想我們有一些——我們在去年第二季有談到。有幾個一次性項目幾乎是各方面都同時發揮作用。我認為——我不會說那代表我們——代表我們長期固定的模式。

Okay. I just wanted to make sure. Trying to think if there's anything else here. Okay. I think I'm good there.

好的。我只是想確認一下。想想看還有沒有其他問題。好的。我這邊沒問題了。

Tomo Sano, JPMorgan.

Tomo Sano，摩根大通。

And Gary, although we have only recently met, I would like to express our respect and appreciation for your leadership and culture as you prepare for your retirement.

Gary，雖然我們最近才認識，但在你準備退休之際，我想表達我們對你領導力與企業文化的敬意與感謝。

Thank you, Tomo. It's very kind.

謝謝你，Tomo。你太客氣了。

So I'd like to kick off. You raised your 2026 net revenue guidance to $495 million to $510 million. And which segments or projects are driving these upward revisions? And are you currently $479 million backlog? What proportion do you expect to convert to revenue in 2026, please?

那我先開始提問。你把2026年淨營收指引上調至4.95億至5.10億美元。哪些事業部門或專案推動了這些上修？另外，你們目前有4.79億美元的在手訂單（backlog）。請問你預期其中有多少比例會在2026年轉為營收？

Generally speaking, Tomo, we turn somewhere between 70% and 80% of backlog in a year -- in a 12-month period. So it gets a little longer, sometimes it gets a little shorter. But generally speaking, we think of 70% to 80% of backlog in any moment has a 12-month tail to it.

一般來說，Tomo，我們在一年——也就是12個月期間內，會把約70%到80%的在手訂單轉為營收。所以有時會稍微拉長，有時會稍微縮短。但一般而言，我們認為在任何時點的在手訂單中，有70%到80%會在12個月內落地。

In terms of where we think we're going to continue to see growth, obviously, power is an area that we expect to contribute to the growth year over year. A big chunk of that guidance increase was from the acquisition of RPT that happened after last -- after third quarter's conference call. So that's all power related in that bit of the increase. The rest of it is between natural resources and --

至於我們認為會持續看到成長的領域，顯然電力是我們預期會對年增成長做出貢獻的領域。這次指引上調的一大部分，來自於在上次——第三季法說會之後完成的RPT併購。因此，那一部分的增量全部都與電力相關。其餘的增量則介於天然資源與--

Transportation.

運輸。

And transportation.

以及運輸。

And a follow-up on upcoming CEO transitions. Could you talk about how you're ensuring management stabilities and continuities? And are there any qualitative KPIs or targets related to successions and strategic continuity, please?

另外追問即將到來的CEO交接。你們如何確保管理層的穩定性與延續性？是否有任何與接班與策略延續相關的質化KPI或目標？

We have effective communication. We are doing retention -- economic retention packages for some key people and really the communication of the continuation of our culture. So a qualitative view of success in the succession is certainly retention of our key staff, retention of our leadership, and continued forward execution of our strategic plan.

我們有有效的溝通。我們也針對一些關鍵人才提供留任——經濟性留任方案，並且強調我們文化的延續。因此，接班成功的質化衡量，當然包括關鍵員工的留任、領導團隊的留任，以及持續向前落實我們的策略計畫。

Yes. We've got 2,500 people who depend on the continued success of this company every day, and we take that responsibility very seriously. And the Board takes that responsibility very seriously. And so we are all wholly committed to the long-term success of this. We're all invested in the long-term success of this company and in the -- in seeing this through without any disruption in service to our customers, in service to our employees, and in value generation to our shareholders.

是的。我們有2,500名員工每天都仰賴公司持續成功，我們非常嚴肅地看待這份責任。董事會也非常嚴肅地看待這份責任。因此，我們全體都完全致力於公司的長期成功。我們都投資於公司的長期成功，並且——確保在不影響對客戶的服務、不影響對員工的服務，以及不影響為股東創造價值的前提下，把這件事順利完成。

I'll also follow up there, Tomo. As a member of the Board, I'm not on the search and selection committee, but certainly, I have input. But I would not have made this move if I didn't have great confidence in the Board getting this right, both for the legacy, my legacy, candidly, personal legacy and my personal economics. I'm still the largest shareholder -- single shareholder in the company, and I tend to continue to own a tremendous amount of the stock in the long run. So I have a real vested interest in the success.

我也補充一下，Tomo。以董事會成員身分，我不在搜尋與遴選委員會裡，但我當然會提供意見。但如果我對董事會能把這件事做對沒有高度信心，我不會做出這個決定；這不僅關乎傳承、坦白說也關乎我的傳承——個人傳承與個人經濟利益。我仍然是公司最大的——單一股東，而且長期而言我傾向持續持有大量股票。所以我對成功有非常實質的利害關係。

Liam Burke, B. Riley Securities.

Liam Burke，B. Riley Securities。

Gary, congratulations on your retirement.

Gary，恭喜你退休。

Thank you, Liam.

謝謝你，Liam。

When you reached critical mass here on the front end of the infrastructure projects, is there -- has there been any push -- competitive pushback from some of the larger specialty contractors that are looking to move into your space since it is probably the most profitable piece of the project?

當你們在基礎建設專案前端達到臨界規模之後，是否——是否有一些較大型的專業承包商因為這可能是專案中最有利可圖的部分，而試圖進入你們的領域，並因此出現任何競爭上的反制或壓力？

Are you talking about in the power space or just -- sorry, infrastructure at large, Liam? Power space?

你是在談電力領域，還是——抱歉，是指整體基礎建設，Liam？電力領域？

Let's go on the infrastructure at large.

我們談整體基礎建設。

Yes. There's a real line of distinction in the industry between, I'd say, the construction companies. I think that's what you're asking about and the engineering firms and there's a collegial relationship between -- we've not felt threatened. Dan, you can tell if you felt it from the ground up from, let's say, specialty construction contractors trying to make their way into the engineering world.

是的。我認為業界在我看來，建築公司之間確實有一條很明確的分界線。我想你問的是這個，以及工程公司之間的差異；彼此之間是較為合作的關係——我們並沒有感到受到威脅。Dan，你可以說說看，從第一線來看，是否有例如專業施工承包商試圖進入工程領域時帶來的壓力。

No. In some cases, we're working for those contractors. So it's not really a threat that we see.

沒有。在某些情況下，我們反而是為那些承包商提供服務。所以這並不是我們所看到的威脅。

Yes. If anything I'd say it's drawn the other way is that there's such a resource constraint in this space that it's an all-hands-on-deck kind of mindset. And there are functions of the construction process that the specialty contractors need help with, right? The equipment providers, the GCs need help. There's no effort to share risk on that part of the process, but there is an effort to bring in help.

是的。如果要說的話，我會說反而是往另一個方向：這個領域的資源限制非常嚴重，因此大家都有「全員上陣」的心態。而施工流程中有些環節，專業承包商確實需要協助，對吧？設備供應商、總承包商（GCs）都需要幫忙。在流程的那一部分並沒有要分攤風險的努力，但確實有把人手找進來協助的努力。

Okay. Fair enough. Across the board, you had good growth across all your business segments. Is there -- do you see any pockets of weakness? Or is it just your diversification to be able to move right past it?

好的。有道理。整體來看，你們所有業務部門的成長都不錯。你們是否看到任何疲弱的區塊？還是說你們的多元化讓你們能夠直接跨過那些問題？

Right now, I would say that there are no pockets of weakness. There's no negative connotation in any of the markets or segments. Obviously, we're keeping an eye on the growth rate of the building infrastructure space. It's still our biggest, it's still continuing to grow, and we have hopes for it to accelerate. And so I wouldn't characterize it as weakness.

就目前而言，我會說沒有任何疲弱的區塊。在任何市場或分項中都沒有負面訊號。當然，我們會持續關注建築基礎設施領域的成長率。它仍然是我們最大的板塊，也仍在持續成長，我們也希望它能加速。因此我不會把它描述為疲弱。

It's -- that's -- it's getting attention from us to make sure that we keep our staffing right and all of our overhead right for that group. But on the others, it's -- as I use the same phrase, it's an all hands-on-deck effort to try to keep up with power and transportation and other resources.

只是——我們會特別留意，確保該團隊的人力配置與所有間接費用都維持在正確水準。但其他領域則是——我用同樣的說法——大家都得全員上陣，才能跟上電力、運輸以及其他資源相關業務的需求。

The good news, Liam, as we've talked about is that in our workforce, it's very fungible across the four markets. So we don't have silos of workforce that are only able to do one thing. The base of our labor pyramid really is very cross-disciplined and cross-market capable. And so we focus on that kind of business model deliberately.

Liam，好消息是，正如我們談過的，我們的勞動力在四個市場之間非常具有可替換性。所以我們不會有人力只會做某一件事的「孤島」。我們勞動金字塔的基礎其實是高度跨專業、跨市場都能勝任的。因此我們是有意識地聚焦並打造這樣的商業模式。

Jeff Martin, ROTH Capital Partners.

Jeff Martin，ROTH Capital Partners。

Bruce and Gary, I wonder if you could touch on RPT. I know that they were constrained for growth, and you've owned it roughly three months now. Just curious how much you've been able to staff up for RPT during the initial three months and maybe give us a glimpse at what your hiring plans for that business in particular as well as touch on just general availability of labor and ability to staff up in front of larger contracts in general.

Bruce 和 Gary，我想請你們談談 RPT。我知道他們之前成長受限，而你們收購大約三個月了。我想了解在這最初三個月裡，你們為 RPT 增聘人力的幅度有多大；也請你們分享一下針對該業務的招募計畫；另外也請談談整體勞動力供給情況，以及在一般情況下，面對更大型合約時提前擴編的人力可得性與能力。

This is Gary. I'll jump in. As we were doing our due diligence on RPT and certainly part of the attraction is all the opportunities in the space that they are in. And they're being down as a single office operation in Houston, being in Houston, there are pockets of the oil and gas industry that are -- especially the oil industry, maybe up until this past week that have been soft, and it's been a good availability of labor down there. So we've found the ability for the RPT group to staff up as flexible as any of our pieces of business.

我是 Gary。我先回答。我們在對 RPT 進行盡職調查時，吸引我們的一部分原因，確實是他們所在領域有很多機會。而他們過去是休士頓單一辦公室的營運模式；在休士頓，油氣產業中有些區塊——尤其是石油產業，可能直到上週為止——表現偏弱，因此當地勞動力供給相對充裕。所以我們發現，RPT 團隊在人力擴編方面的彈性，與我們其他業務板塊一樣高。

I think it's been also them becoming part of a much larger organization has given them access to staffing that has availability of utilization as well. So we've tamped down the shortage by adding capacity from our system.

我也認為，成為更大型組織的一部分，讓他們也能取得我們體系內可用、且有產能利用率空間的人力資源。因此我們透過從系統內增加產能，緩解了人力短缺。

The other thing that we've been doing a lot of now is in-sourcing things that they used to outsource. And so we're finding they're using survey. They're using our fire protection. They're using our mechanical, and we're grabbing -- essentially, we're grabbing more work from their clients, which is, again, putting a little more stress on the need for people. But it's what we do for a living is making sure that we can meet the needs -- meet demand with supply.

另外，我們現在也做了很多把他們過去外包的工作改為內製。因此我們發現他們在使用我們的測量服務。他們在使用我們的消防防護服務。他們在使用我們的機械團隊，而我們——基本上——也從他們的客戶那裡承接到更多工作；這同樣會讓人力需求承受一些額外壓力。但我們的本業就是確保能夠滿足需求——讓供給跟得上需求。

Great. I wanted to touch on geospatial. You mentioned that's roughly 20 -- I think, 26%, 24% of your net revenue. It sounds like you're making investments, further investments in geospatial. Maybe you could elaborate kind of some of the general demand trends you're seeing there?

很好。我想談談地理空間（geospatial）。你提到那大約占你們淨營收的 20——我想是 26%、24%。聽起來你們正在、也將進一步在地理空間方面投資。你能否更詳細說明一下你們在那裡看到的一些整體需求趨勢？

And if you could also touch on the competitive dynamic for geospatial, that would be helpful.

另外，如果你也能談談地理空間的競爭態勢，會很有幫助。

Jeff, geospatial is pretty much at the core of everything that we do. A lot of the work we do originates with imaging. It processes through imaging and utilizes survey and scanning and 3-dimensional iteration throughout the life cycle of the asset. So we don't think of it as a vertical because it's a service that really supports every bit of business that we do kind of at the epicenter of our services portfolio. So we are making investments in that space because it's evolving so quickly.

Jeff，地理空間幾乎是我們所做一切的核心。我們很多工作都起始於影像。它會透過影像處理流程，並在資產生命週期中運用測量、掃描與三維迭代。因此我們不把它視為一個垂直領域，因為它其實是一項服務，真正支援我們所有業務，是我們服務組合的核心位置。所以我們會在這個領域投資，因為它演進得非常快。

And those that are ahead have distinct advantages and geospatial is one of those service lines that creates, as Dan mentioned, incumbency. And incumbency is such a valuable asset in the life cycle of asset work. So we're buying high-resolution scanners. We're buying imaging technology that does underwater LiDAR. We're buying vehicles that collect data, whether that's from the air, from the water. We're improving the operational efficiency of our high-altitude fleet, which spends a lot of time, let's say, chasing weather.

而走在前面的人會有明顯優勢；地理空間就是其中一條能夠建立優勢的服務線，正如 Dan 提到的，它能創造「既有客戶優勢」（incumbency）。而在資產生命週期的工作中，既有客戶優勢是一項非常有價值的資產。因此我們在採購高解析度掃描儀。我們在採購可進行水下 LiDAR 的影像技術。我們在採購能蒐集資料的載具，不論是從空中或水面。我們也在提升高空機隊的營運效率，因為它花很多時間——比如說——追逐天氣。

And if we can shorten the chase, we get more productivity out of it, and there's plenty of work to be done there. So geospatial is -- we think it is really a critical part of the overall product we deliver. And so we want to be a leader in our fleet.

如果我們能縮短追逐的時間，就能提高生產力，而那裡也有大量工作可做。所以地理空間——我們認為它確實是我們交付整體產品中非常關鍵的一部分。因此我們希望在機隊能力方面成為領導者。

Great. And could you tie that into your CapEx and property and equipment acquired under capital lease projections or estimates for this?

很好。你能否把這點連結到你們今年的資本支出（CapEx）以及以資本租賃取得的不動產與設備的預測或估計？

It's generally included -- I mean it's included in that bucket. We may -- again, we sort of talk about an average of 3%, 4% spending on CapEx. Episodically, it may be a little bit higher and a little bit lower in years. This may be one of the little bit higher years as we continue to improve that fleet. But as revenue is growing, you absorb that CapEx from a percentage perspective as well.

一般來說都包含在——我的意思是，都包含在那個項目裡。我們可能——再次強調——我們通常談的是 CapEx 約占 3%、4% 的平均支出。在某些年度可能會階段性地高一些或低一些。今年可能就是偏高的一年，因為我們持續改善那支機隊。但隨著營收成長，從比例角度來看，你也能吸收這些 CapEx。

So I don't think it's going to, in any way, put it off the charts, but it could pop at a point or so this year. But then these are long-lived assets. So you buy them in one year, they last for several years.

所以我不認為它會在任何方面變得非常誇張，但今年可能會多跳升一個百分點左右。不過這些都是長壽命資產。你在某一年買進，它們可以使用好幾年。

And Gary, congratulations on your retirement.

Gary，也恭喜你退休。

Thank you, Jeff.

謝謝你，Jeff。

Jeff, look forward to seeing you guys in a couple of weeks.

Jeff，期待幾週後見到你們各位。

Sherif El-Sabbahy, Bank of America.

Sherif El-Sabbahy，美國銀行。

This is Nandita Nayar on for Sherif. Awesome. So just on the -- just quickly on the full year guide, guys. You raised the net revenues for the full year, but the EBITDA guide was maintained. Just -- could you just talk about the margin profile maybe of like recent acquisitions like RPT?

我是代替Sherif的Nandita Nayar。太棒了。所以各位，關於全年指引我想快速問一下。你們上調了全年淨營收，但EBITDA指引維持不變。能否談談近期收購（例如RPT）的利潤率概況？

Does it come at like lower margins with other cost optimization measures in the business holding margins steady at like 17%, 17.5%? Or on the flip side, is it slightly accretive? And are there other temporary investments in the business that we should be aware of that's holding margins back a little bit?

它是否屬於較低利潤率，並由業務中的其他成本優化措施把利潤率維持在約17%、17.5%？或者反過來說，它是否略具增厚（accretive）？另外，是否有其他我們需要留意的短期投資，正在讓利潤率稍微受到壓抑？

Yes. So I'm not sure I'd characterize it as holding margins back in the sense that, look, we continue to grow margin. We're growing it. We're committing to grow it another half -- 50 -- 50-plus basis points during the year. So we're very much focused on expanding margin over time.

是的。所以我不確定我會把它形容為「拖累」利潤率，因為你看，我們仍在持續提升利潤率。我們正在提升。我們承諾今年再提升半個百分點——50——超過50個基點。因此我們非常專注於隨時間推進擴大利潤率。

RPT is a high-margin business. But again, as a percentage of our overall business, even being a significantly higher margin business doesn't necessarily drag the whole business along from a margin perspective. We think that being able to get 17.5% margin is pretty high bar for the industry. And I think that as you asked about contributors to that, certainly, sort of this concept that we introduced about decoupling revenue growth from headcount growth doesn't mean shrinking your workforce but it means growing revenue faster than you grow workforce, and that increases margin. And that's from the tools that we're employing and investing in as sort of one of the earlier questions about organic investment and investing in these processes and service line expansions, we think will add margin over time.

RPT是一個高利潤率的業務。但同樣地，作為我們整體業務的一個比例，即便它是顯著更高利潤率的業務，從利潤率角度也不一定會把整體業務一起拉動。我們認為能做到17.5%的利潤率，對這個產業而言是相當高的門檻。至於你問到的貢獻因素，當然，我們提出的「將營收成長與人頭成長脫鉤」這個概念，並不代表縮減人力，而是讓營收成長快於人力成長，這會提升利潤率。而這來自我們正在採用並投資的工具；也呼應先前關於有機投資的問題——投資這些流程與服務線擴張，我們認為將隨時間推進帶來利潤率提升。

We've talked about that. We believe that this is a high teens margin business without innovation and an even higher one with, and it's a journey that we continue to be on.

我們已談過這點。我們相信，即使沒有創新，這也是一個利潤率在高十幾%的業務；有了創新則會更高，而這是一段我們持續走在其中的旅程。

That's helpful. And also guys, net leverage is, I think, around you mentioned 1.9 times higher than historical levels. Just could you remind us of your target range again? And I believe like historically, it's been around, I think, 0.8 times on average. Could we see leverage structurally closer maybe like to the high end of your range for like a certain period of time as Bowman kind of gets more acquisitive?

這很有幫助。另外，各位，淨槓桿我想你們提到大約是1.9倍，高於歷史水準。能否再提醒我們你們的目標區間？而且我記得歷史上平均大約是0.8倍左右。隨著Bowman變得更積極併購，我們是否可能在一段時間內看到槓桿結構性地更接近你們區間的上緣？

Or is there a plan to delever to historical levels over the near to medium term?

或者在短中期是否有計畫把槓桿降回歷史水準？

Yes. So we've typically been in the 1.5 times kind of range, the mid-1s. We made this acquisition of RPT on December 5. So didn't get any of the benefit at year-end for any of the EBITDA from that acquisition, but had all the leverage on our balance sheet. When we look ahead, it's about on a pro forma basis, about 2 times.

是的。我們過去通常在約1.5倍的區間，也就是1倍中段。我們在12月5日完成RPT這筆收購。因此在年底時，尚未取得該收購帶來的任何EBITDA效益，但資產負債表上已反映全部槓桿。往前看，以備考（pro forma）基礎大約是2倍。

That's before we start paying that down with cash flow that we'll generate from this year. So we hit 50% cash flow generation this year. We think that's going to continue to improve. So at an EBITDA of -- in the 17s margin on $500 million of revenue, there's going to be a good deal of cash flow to be used to pay that down.

這還是在我們用今年將產生的現金流開始償還之前。我們今年達到50%的現金流轉換率。我們認為這將持續改善。因此在約5億美元營收、利潤率在17%多的EBITDA水準下，將會有相當可觀的現金流可用來償還。

Now we'll continue to be growth oriented. And to the extent that we identify another acquisition, we would certainly -- there could be additional leverage from it, but there will also be a significant amount of EBITDA from it. So I think that you'll see us structurally trying to achieve a below 2 times, keep it in that 1.5 times to 2 times range, which has been our sort of our target. But we've been consistent that episodically, we will be higher as we invest in growth.

當然我們仍會以成長為導向。若我們再找到另一項收購，當然——它可能會帶來額外槓桿，但同時也會帶來相當可觀的EBITDA。所以我認為你們會看到我們在結構上會努力把槓桿維持在2倍以下，保持在1.5倍到2倍的區間，這一直是我們的目標。但我們也一貫表示，在投資成長的特定時點，槓桿會階段性地偏高。

Got it. And just lastly, on the $25 million BIG Fund, could you just give us a sense of how much has been committed versus funded, just kind of the runway there?

了解。最後一個問題，關於2,500萬美元的BIG Fund，你們能否說明一下目前已承諾（committed）與已撥付（funded）的比例，大概還有多少跑道？

Yes. So I would say that we're roughly about halfway into it in terms of committed. That doesn't mean it's all been expended. There's a lot of proof of concept, a lot of proof of returns and a lot of other factors to -- that over the next 12 to 18 months, we would fund the projects that have come forward. Some of it is the investment in assets in geospatial that will facilitate some of these additional services.

是的。我會說以承諾金額來看，我們大約進行到一半。但這不代表都已經支出。其中有很多概念驗證、報酬驗證以及其他因素——在接下來12到18個月，我們會為已提出的專案提供資金。部分資金會投向地理空間（geospatial）資產的投資，以促進其中一些額外服務。

But I'd say we're about halfway into ideas that would be funded.

但我會說，就可能獲得資助的想法而言，我們大約走到一半。

Okay. Perfect. That's great color. And Gary, congrats.

好的。完美。這些補充資訊很有幫助。Gary，恭喜。

Thanks, Nandita.

謝謝你，Nandita。

Thank you. As we have no further questions on the line, I will now hand back to Gary Bowman for final comments.

謝謝。由於線上沒有進一步提問，我現在把電話交回Gary Bowman做最後結語。

Thanks, Becky. Well, thanks for everybody for joining us on the call today. We're very pleased with where we're at, pleased with the prospects for the year. And thanks certainly to all the employees and to our investors for all the faith that you put into us. Have a great day, everyone.

謝謝你，Becky。也謝謝各位今天參與電話會議。我們對目前的進展非常滿意，也對今年的前景感到樂觀。同時也特別感謝所有員工以及我們的投資人，感謝你們對我們的信任。祝大家有美好的一天。

Thank you. This concludes today's call. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。各位現在可以掛線。