Everus Construction Group Inc (ECG) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Christa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Everus third-quarter 2025 earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to Paul Bartolai. Please go ahead.

女士們、先生們，感謝你們的耐心等待。我叫克麗斯塔，今天我將擔任你們的會議接線生。此時此刻，我謹代表 Everus 公司歡迎各位參加 2025 年第三季財報電話會議。（操作員指示）現在我將把會議交給保羅·巴托萊。請繼續。

Thank you. Good morning, everyone, and welcome to Everus Construction Group's third-quarter 2025 results conference call. Leading the call today are CEO, Jeff Thiede; and CFO, Max Marcy. We issued a news release yesterday detailing our third-quarter 2025 operational and financial results. This release and the accompanying presentation materials are publicly available on the website at investors.everus.com.

謝謝。各位早安，歡迎參加 Everus Construction Group 2025 年第三季業績電話會議。今天主持電話會議的是執行長傑夫·蒂德和財務長馬克斯·馬西。我們昨天發布了一份新聞稿，詳細介紹了我們 2025 年第三季的營運和財務表現。本新聞稿及相關簡報資料可於 investors.everus.com 網站公開取得。

I would like to remind you that management's commentary and responses to questions on today's conference call may include forward-looking statements, which, by their nature, are uncertain and outside of the company's control. Although these forward-looking statements are based on management's current expectations and beliefs, actual results could differ materially.

我想提醒各位，管理層在今天電話會議上的評論和對問題的回答可能包含前瞻性陳述，這些陳述本質上是不確定的，並且超出公司的控制範圍。儘管這些前瞻性陳述是基於管理階層目前的預期和信念，但實際結果可能與預期有重大差異。

For a discussion of some of the factors that could cause actual results to differ, please refer to the Risk Factors section of our latest filings with the SEC. Additionally, please note that you can find reconciliations of historical non-GAAP financial measures in the news release issued yesterday in the appendix of today's presentation. Today's call will begin with prepared remarks from Jeff, who will provide a brief review of our recent business performance, followed by a financial update for Max. At the conclusion of these prepared remarks, we will open the line for your questions.

有關可能導致實際結果出現差異的一些因素的討論，請參閱我們向美國證券交易委員會提交的最新文件中的「風險因素」部分。此外，請注意，您可以在昨天發布的新聞稿中找到歷史非GAAP財務指標的調整表，該新聞稿位於今天簡報的附錄中。今天的電話會議將首先由 Jeff 發表準備好的講話，他將簡要回顧我們最近的業務表現，然後是 Max 的財務更新。在這些準備好的發言結束後，我們將開放提問環節。

With that, I'll turn the call over to Jeff.

接下來，我會把電話交給傑夫。

Thank you, Paul, and good morning to everyone joining us today. We are very excited to be here with you all as we report our third-quarter 2025 results. It is hard to believe it has been almost exactly one year since we reported our first quarterly results as a stand-alone public company. It has been a tremendous year, and I'm extremely proud of our team and everything we have accomplished. We have a team of top industry talent, and Everus is well positioned for many more years of success.

謝謝保羅，也祝今天所有參加我們節目的朋友們早安。我們非常高興能在這裡與大家一起公佈我們2025年第三季的業績。很難相信，距離我們作為一家獨立上市公司發布首份季度業績報告已經過去將近一年了。這是碩果累累的一年，我為我們的團隊以及我們所取得的一切成就感到無比自豪。我們擁有一支業內頂尖的人才團隊，Everus 已做好充分準備，在未來的許多年裡繼續取得成功。

During our call today, I will provide a brief overview of our results and highlight some of our key accomplishments against our strategic priorities before I turn it over to Max for his financial review. Beginning with slide 4, I'm pleased to report that we delivered another quarter of exceptional financial performance, demonstrating the strength of our business model and our outstanding execution capabilities.

在今天的電話會議上，我將簡要概述我們的業績，並重點介紹我們在實現策略重點方面取得的一些主要成就，然後再將報告交給 Max 進行財務審查。從第 4 張投影片開始，我很高興地報告，我們又一個季度取得了卓越的財務業績，這證明了我們商業模式的實力和我們出色的執行能力。

I'm incredibly proud of our employees across the organization whose dedication, skill and hard work enabled us to generate record quarterly revenue, net income and EBITDA. For the third quarter, revenue increased 30% from the prior year period, driven by continued strength in our Electrical and Mechanical segment, including sustained momentum in our data center submarket. Our strong revenue growth was complemented by excellent margin performance.

我為我們整個組織的員工感到無比自豪，他們的奉獻精神、技能和辛勤工作使我們能夠創造季度收入、淨利潤和 EBITDA 的紀錄。第三季度，營收比去年同期成長了 30%，這主要得益於電氣和機械部門的持續強勁成長，包括資料中心子市場的持續成長動能。我們強勁的營收成長得益於優異的利潤率表現。

Third quarter EBITDA increased 37% from the prior year period, driven by our revenue growth and solid execution. As a result, our EBITDA margin was up 50 basis points. Our team's ability to execute complex projects while maintaining our high standards of safety and quality continues to set us apart in the marketplace. Our total backlog at the end of the third quarter was $2.95 billion, up 2% from the same period last year and up 6% from the end of 2024. This is solid growth given our record third-quarter revenue performance.

受營收成長和穩健執行的推動，第三季 EBITDA 比上年同期成長 37%。因此，我們的 EBITDA 利潤率提高了 50 個基點。我們團隊能夠在執行複雜專案的同時，保持高標準的安全性和質量，這使我們在市場上脫穎而出。截至第三季末，我們的積壓訂單總額為 29.5 億美元，比去年同期成長 2%，比 2024 年底成長 6%。考慮到我們第三季創紀錄的營收表現，這是一個穩健的成長。

The strength of our backlog reflects our established reputation as a trusted partner for the most complex and demanding projects in our industry. Our clients continue to turn to us because they know we have the expertise, resources and track record to deliver exceptional results on schedule and within budget. This trust translates into repeat business and long-term relationships that form the foundation of our sustained growth. Looking ahead, I'm confident in our ability to continue building this backlog momentum. The underlying demand drivers across our key markets remain robust, and our competitive positioning has never been stronger.

我們強大的專案儲備反映了我們作為業內最複雜、最苛刻專案值得信賴的合作夥伴所建立的良好聲譽。客戶之所以不斷選擇我們，是因為他們知道我們擁有專業的知識、資源和良好的業績記錄，能夠按時按預算交付卓越的成果。這種信任轉化為回頭客和長期合作關係，而這正是我們持續成長的基礎。展望未來，我對我們繼續保持這項訂單積壓成長動能充滿信心。我們主要市場的潛在需求驅動因素依然強勁，我們的競爭地位也從未如此強大。

We're seeing healthy pipeline activity, and we will remain disciplined in our approach to project selection, focusing on opportunities that align with our strategic objectives and offer attractive returns. I would now like to spend a few minutes discussing some of the trends in our key markets. We remain encouraged by the favorable trends in our T&D business, where strong spending plans by many of our key customers continues to drive our momentum.

我們看到專案儲備活動良好，我們將繼續保持嚴謹的專案選擇方法，專注於符合我們策略目標並能提供可觀回報的機會。現在我想花幾分鐘時間討論我們主要市場的一些趨勢。我們對輸配電業務的良好發展趨勢感到鼓舞，許多主要客戶的強勁支出計畫繼續推動著我們的發展勢頭。

We think our recent revenue results are largely a timing issue as evidenced by our year-to-date backlog growth. Our utility customers are accelerating their infrastructure programs, and we're actively evaluating a healthy pipeline of opportunities that positions us for continued growth in this segment. The broader context driving this momentum cannot be overstated. The United States faces an unprecedented need for power transmission infrastructure upgrades, driven by projected loan growth from multiple sources, including data centers, electric vehicle adoption, industrial reshoring, undergrounding and the ongoing energy transition.

我們認為，近期營收業績主要受時機影響，這可以從我們今年迄今的積壓訂單成長中看出。我們的公用事業客戶正在加快基礎設施建設項目，我們正在積極評估一系列良好的發展機會，這將使我們在該領域持續成長。推動這一勢頭的更廣泛背景不容低估。由於資料中心、電動車普及、工業回流、地下化以及持續的能源轉型等多個方面預計貸款成長，美國面臨前所未有的電力傳輸基礎設施升級需求。

This creates a multiyear tailwind that we believe will sustain demand for our specialized T&D services well into the future. As we evaluate larger projects, we will remain disciplined in our approach, carefully considering each opportunity against our strategic criteria and risk parameters. This measured approach ensures we're selecting projects that align with both our growth objectives and our commitment to operational excellence.

我們相信，這將形成持續多年的順風，從而在未來很長一段時間內維持對我們專業輸配電服務的需求。在評估大型專案時，我們將保持嚴謹的態度，根據我們的策略標準和風險參數，仔細考慮每一個機會。這種審慎的做法確保我們選擇的項目既符合我們的成長目標，也符合我們對卓越營運的承諾。

Looking at our data center submarket, we continue to experience very strong demand with no signs of weakening and urgency around data center infrastructure development seems to only have intensified. Our deep involvement in long-term planning with key customers provides us with visibility into future projects and revenue opportunities. From a competitive standpoint, we've strategically positioned ourselves in key geographic locations where data center development is active.

從我們的資料中心細分市場來看，我們持續感受到非常強勁的需求，沒有絲毫減弱的跡象，而且資料中心基礎設施發展的緊迫性似乎只增不減。我們與主要客戶深度參與長期規劃，這使我們能夠了解未來的專案和收入機會。從競爭角度來看，我們已將自身策略佈局在資料中心發展活躍的關鍵地理位置。

We've established ourselves as one of the select few service providers in the industry with the proven track record, technical expertise and skilled workforce necessary to successfully execute these increasingly complex jobs. Data center projects demand precision, reliability and the ability to work with an extreme tight tolerances, requirements that play directly into our core strengths.

我們已成為業內少數擁有良好的業績記錄、技術專長和熟練員工隊伍的服務提供者之一，能夠成功完成這些日益複雜的工作。資料中心專案需要精準性、可靠性和在極其嚴格的公差範圍內工作的能力，這些要求恰好與我們的核心優勢相契合。

Additionally, opportunities in our industrial end market continue to provide work opportunities for us. We are expanding our offering into other regions of the country to build upon our expertise. We have recently started work outside of our core geography at a semiconductor manufacturing facility. We believe more opportunities like this will come as we execute successfully. Now let me shift gears a bit and provide a quick update on some of our key accomplishments during the quarter regarding our 4EVER strategy, which continues to serve as the foundation for our sustainable growth and competitive differentiation.

此外，我們在工業終端市場也持續獲得工作機會。為了進一步發揮我們的專業優勢，我們正在將業務拓展到全國其他地區。我們最近開始在核心業務區域以外的半導體製造工廠開展業務。我們相信，隨著我們執行得越來越好，未來還會有更多類似的機會出現。現在讓我稍微轉換一下主題，快速介紹一下我們本季在 4EVER 策略方面取得的一些主要成就，該策略將繼續作為我們可持續成長和競爭差異化的基礎。

The cornerstone of our long-term success is our people. During the third quarter, we maintained our focus on attracting and retaining key talent, and I'm proud of our ability to secure and develop qualified labor in support of our strong top line results. Our ability to grow our employee base is critical to supporting our growth objectives and enabled us to generate nearly $1 billion in revenue during the third quarter.

我們長期成功的基石是我們的員工。第三季度，我們繼續專注於吸引和留住關鍵人才，我為我們能夠獲得和培養合格的勞動力以支持我們強勁的營收業績而感到自豪。我們不斷擴大員工隊伍的能力對於支持我們的成長目標至關重要，並使我們能夠在第三季創造近 10 億美元的收入。

What makes me particularly proud is not just our success in attracting new talent, but our continued focus on developing and retaining our existing workforce. We've invested significantly in training programs, career development pathways and competitive compensation packages that recognize the value our skilled craft people bring to our organization.

讓我感到特別自豪的不僅是我們成功吸引了新人才，還有我們持續專注於培養和留住現有員工。我們投入大量資金用於培訓專案、職涯發展途徑和具競爭力的薪酬方案，以表彰我們技術嫻熟的技工為公司帶來的價值。

In an industry where skilled labor is increasingly scarce and competition for top talent is intense, our ability to both attract and retain the best people in the business gives us a sustainable competitive advantage. We had another quarter of efficient execution, which, once again, positively impacted results during the quarter.

在技​​術工人日益稀缺、頂尖人才競爭激烈的行業中，我們既能吸引又能留住業內最優秀的人才，這使我們擁有可持續的競爭優勢。我們又一個季度高效執行，這再次對本季的業績產生了正面影響。

This is a direct reflection of our tremendous team throughout the organization. We had favorable variances and project pull forward across certain large projects that were spread across multiple end markets, highlighting the strength and depth of our team. Our focus on project selection, bidding discipline, training, safety and execution are core to everything that we do.

這直接體現了我們整個組織內優秀團隊的實力。我們在某些​​大型專案中獲得了有利的偏差和專案提前完成的機會，這些專案分佈在多個終端市場，這凸顯了我們團隊的實力和深度。我們注重專案選擇、投標紀律、培訓、安全和執行，這是我們一切工作的核心。

We are extremely proud of our track record of superior execution and work every day to maintain our success. In summary, I'm extremely proud of our third-quarter results and everything we have accomplished in our first year as a stand-alone company. We are excited about the opportunities ahead and expect ongoing strong momentum into 2026, while we continue to execute on our 4EVER strategic priorities with a focus on providing long-term value to our shareholders.

我們為自身卓越的執行力感到無比自豪，並且每天都在努力保持成功。總而言之，我對我們第三季的業績以及我們作為一家獨立公司在第一年所取得的一切成就感到無比自豪。我們對未來的機會感到興奮，並預計到 2026 年將繼續保持強勁的發展勢頭，同時我們將繼續執行我們的 4EVER 戰略重點，專注於為股東創造長期價值。

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

這樣，我就把麥克風交給馬克斯了。

Thank you, Jeff, and good morning, everyone. I will provide additional details on the quarter and give an update on our liquidity and balance sheet and wrap up with our guidance. Beginning on slide 10 in today's presentation, revenues for the third quarter were $986.8 million, an increase of 30% compared to the same period last year. The increase was driven by strong growth in E&M, where revenue increased 43% versus last year. Total EBITDA was $89 million during the third quarter, an increase of 37% from the same period last year.

謝謝你，傑夫，大家早安。我將提供本季的更多細節，並更新我們的流動性和資產負債表情況，最後給出我們的業績指引。從今天簡報的第 10 張投影片開始，第三季的營收為 9.868 億美元，比去年同期成長了 30%。此次成長主要得益於 E&M 業務的強勁成長，該業務收入比去年增長了 43%。第三季總 EBITDA 為 8,900 萬美元，比去年同期成長 37%。

That was driven by solid revenue growth and increases in segment level margins in both E&M and T&D, including continued strong project execution. Our stand-up costs continue to trend in line with our expectation for full year run rate incremental costs of $28 million. As a result, our third-quarter EBITDA margin was 9%, up 50 basis points from 8.5% in the prior year period. At September 30, total backlog was $2.95 billion, up 2% from September 30, 2024, even while we had a strong revenue burn during this current quarter. Our T&D backlog was up 19% from last year due to increases in the utility end market, specifically undergrounding and substation work.

這主要得益於E&M和T&D業務的穩健收入成長和細分市場利潤率的提高，以及持續強勁的專案執行。我們的啟動成本繼續保持與我們對全年運行率增量成本 2800 萬美元的預期一致的趨勢。因此，我們第三季的 EBITDA 利潤率為 9%，比去年同期的 8.5% 提高了 50 個基點。截至 9 月 30 日，總積壓訂單為 29.5 億美元，比 2024 年 9 月 30 日成長 2%，儘管本季我們的營收消耗很大。由於公用事業終端市場（特別是地下工程和變電站工程）的成長，我們的輸配電積壓訂單比去年增加了 19%。

While our E&M backlog was relatively consistent, reflecting the strong revenue burn during the quarter. We remain confident in our ability to generate continued backlog growth. Our orders during the quarter were strong and bidding activity remains healthy across most of our key markets, including commercial, industrial and utility. Now turning to our segment results. Let's first look at E&M, where our third-quarter revenues increased 43% to $767.3 million.

雖然我們的工程和設備積壓訂單相對穩定，但這反映出本季營收消耗強勁。我們仍然有信心繼續創造訂單成長。本季我們的訂單表現強勁，在包括商業、工業和公用事業在內的大多數主要市場，投標活動依然活躍。現在來看我們各細分市場的業績。我們先來看 E&M 業務，該業務第三季營收成長 43%，達到 7.673 億美元。

The increase was driven primarily by growth in our commercial and renewables markets, with the continued strength in our data center submarket, once again a key driver. Our E&M EBITDA was $66.9 million in the third quarter, an increase of 64% compared to last year. The increase was driven by our strong revenue growth and higher gross margin due to project timing and efficiency gains on certain projects across several end markets, partially offset by higher SG&A expenses.

此次成長主要得益於商業和再生能源市場的成長，而資料中心子市場的持續強勁表現再次成為關鍵驅動因素。第三季度，我們的 E&M EBITDA 為 6,690 萬美元，比去年同期成長 64%。成長主要得益於我們強勁的營收成長和更高的毛利率，這得益於多個終端市場某些項目的進度安排和效率提升，但部分被更高的銷售、一般及行政費用所抵銷。

As a result, our E&M segment EBITDA margin was 8.7%, up 110 basis points compared to 7.6% in the third quarter of 2024. Our third-quarter T&D revenues were $223.4 million, down modestly from $228.5 million last year, driven by growth in the transportation market, offset by a modest decline in utility. While our T&D revenues were down nominally, we attribute this mostly to timing and less storm work. We remain encouraged by the broader demand trends as evidenced by the recent momentum in our T&D backlog.

因此，我們的 E&M 部門 EBITDA 利潤率為 8.7%，比 2024 年第三季的 7.6% 提高了 110 個基點。第三季輸配電收入為 2.234 億美元，較去年同期的 2.285 億美元略有下降，主要得益於交通運輸市場的成長，但公用事業收入略有下降，抵消了部分成長。雖然我們的輸配電收入名義上有所下降，但我們認為這主要是由於時間安排和風暴相關工作減少所致。我們對整體需求趨勢感到鼓舞，近期輸配電積壓訂單的成長動能證明了這一點。

We continue to see strong opportunities across our long-term customer relationships and are confident in the growth outlook heading into 2026. T&D segment EBITDA increased 11% to $33.8 million in the third quarter, driven primarily by a higher gross margin due to solid project execution and more favorable project mix. As a result, T&D segment EBITDA margin was 15.1%, up 180 basis points compared to 13.3% in the same period last year.

我們持續看到與長期客戶關係中蘊藏著巨大的機遇，並對2026年的成長前景充滿信心。第三季度，輸配電業務的 EBITDA 成長 11% 至 3,380 萬美元，主要得益於專案執行穩健和專案組合更加有利，從而提高了毛利率。因此，輸配電業務的 EBITDA 利潤率為 15.1%，比去年同期的 13.3% 成長了 180 個基點。

Turning now to our balance sheet and liquidity. As of September 30, we had $129.9 million of unrestricted cash and cash equivalents, $288.7 million of gross debt and $207.4 million available under the credit facility, net of $17.6 million of standby letters of credit. Net leverage, defined as net debt to trailing 12-month EBITDA, was approximately 0.5 times.

接下來我們來看看資產負債表和流動性。截至 9 月 30 日，我們有 1.299 億美元的非限制性現金及現金等價物，2.887 億美元的總債務，以及根據信貸安排可用的 2.074 億美元，扣除 1760 萬美元的備用信用證後。淨槓桿率（定義為淨債務與過去 12 個月 EBITDA 的比率）約為 0.5 倍。

Operating cash flows were $108.6 million for the first nine months of 2025, up from $82.7 million in the same paid last year, driven by our strong operating results, partially offset by changes in working capital to support our revenue growth. CapEx was $42.1 million for the first nine months of 2025, up from $34.5 million in the first nine months of last year.

2025 年頭九個月的營運現金流為 1.086 億美元，高於去年同期的 8,270 萬美元，主要得益於我們強勁的經營業績，但部分被為支持收入成長而進行的營運資本變動所抵銷。2025 年前九個月的資本支出為 4,210 萬美元，高於去年同期的 3,450 萬美元。

The increase in CapEx reflects our strategy to increase investments that support our organic growth including the purchase of our new prefab facility we discussed in the first quarter as well as additional vehicle and equipment purchases in TV to support the growth of our business. We continue to expect CapEx for 2025 to be in the range of $65 million to $70 million.

資本支出的增加反映了我們增加投資以支持自身有機成長的策略，包括我們在第一季度討論過的購買新的預製設施，以及在電視領域購買額外的車輛和設備以支持我們業務的成長。我們仍預期 2025 年的資本支出將在 6,500 萬美元至 7,000 萬美元之間。

We generated free cash flow of $74.8 million for the nine months ended September 30, 2025, up from $57.8 million last year. Wrapping up with guidance. We are very pleased with our strong results for the first nine months of the year, which reflect the attractive demand drivers in our business, excellent project execution and the pull forward of revenues and profits on certain projects.

截至 2025 年 9 月 30 日的九個月，我們產生了 7,480 萬美元的自由現金流，高於去年的 5,780 萬美元。最後給一些指導意見。我們對今年前九個月的強勁業績非常滿意，這反映了我們業務中誘人的需求驅動因素、出色的專案執行以及某些專案提前實現的收入和利潤。

Based on our elevated backlog position and strong business momentum balanced against our typical fourth-quarter seasonality, we expect a solid finish to the year. As a result of these factors, we are raising our 2025 guidance. We are now forecasting revenues for the full year in the range of $3.55 billion to $3.65 billion, which is up from our prior range of $3.3 billion to $3.4 billion. And we now expect EBITDA in the range of $290 million to $300 million, up from $240 million to $255 million previously. At the midpoint of our updated range, our revenue and EBITDA forecast represent growth of 26% and 40% adjusted for the incremental standalone costs versus the prior fiscal year.

鑑於我們較高的訂單積壓量和強勁的業務成長勢頭，再加上第四季度的季節性波動，我們預計今年將取得穩健的收官。鑑於上述因素，我們上調了2025年的業績預期。我們現在預測全年營收將在 35.5 億美元至 36.5 億美元之間，高於我們先前預測的 33 億美元至 34 億美元。我們現在預計 EBITDA 將在 2.9 億美元至 3 億美元之間，高於先前預期的 2.4 億美元至 2.55 億美元。在我們更新後的預測範圍的中點，經調整新增獨立成本後，我們的營收和 EBITDA 預測分別比上一財年成長 26% 和 40%。

Our revised guidance implies a fourth-quarter EBITDA margin below our year-to-date EBITDA margin. As we have discussed in recent calls and again this quarter, we have benefited from some very strong execution during fiscal 2025 with a few jobs where we recognize meaningful upside. At this point, we believe our fourth-quarter projected margin is a good starting point for our 2026 outlook. We will, of course, continue to strive for execution upside, but that is not our based on assumption as we start a year.

我們修訂後的業績指引意味著第四季 EBITDA 利潤率將低於年初至今的 EBITDA 利潤率。正如我們在最近的電話會議以及本季討論的那樣，我們在 2025 財年受益於一些非常強勁的執行力，我們認為其中一些項目具有顯著的成長潛力。目前，我們認為第四季的預期利潤率是展望 2026 年的良好起點。我們當然會繼續努力提升執行力，但這並不是我們年初的預期。

Overall, we are very proud of our strong performance through the first three quarters of the year, and we are extremely excited by the trends in our core markets and the momentum in our business. Our backlog remains at elevated levels, which provides a degree of visibility into revenue expectations for 2026, and we feel confident in our ability to deliver on our long-term financial targets. That completes our prepared remarks.

總的來說，我們對今年前三個季度的強勁表現感到非常自豪，並且對核心市場的趨勢和業務發展勢頭感到非常興奮。我們的積壓訂單仍然處於較高水平，這在一定程度上可以預測 2026 年的收入預期，我們對實現長期財務目標的能力充滿信心。我們的發言稿到此結束。

Operator, we are now ready for the question-and-answer portion of the call.

接線員，我們現在可以進入問答環節了。

(Operator Instructions) Ian Zaffino, Oppenheimer.

（操作說明）伊恩·扎菲諾，奧本海默。

Very good quarter, congratulations. Question would be on margins, and how do we think about margins going forward? I know initially, there was talk about not getting so much margin expansion going forward or maybe just kind of leveraging some of the cost structure. But we're actually seeing some really nice margin improvement in this quarter. How sustainable is this? And how do you kind of rethought maybe the potential margins that you guys could eventually reach?

本季業績非常好，恭喜！問題在於利潤率，以及我們未來該如何看待利潤率？我知道最初有人討論過未來利潤率不會有太大的成長，或者可能只是在成本結構上進行一些調整。但實際上，我們本季的利潤率確實有了顯著提升。這種做法的可持續性如何？那麼，你們該如何重新思考你們最終可能達到的潛在利潤率呢？

Thanks for the question, Ian. Our execution upside is really hard to forecast. And when things go right, most things on projects that we do, we have that uplift. We certainly strive to execute well as we have for many years through our repeatable playbook. And in this fiscal year, we saw really strong execution benefits more than in previous years. The upside in margins is not always possible. But when we've got labor materials and schedules, all lining up for us to be able to perform, we'll continue to focus on margin uplift on our projects going forward.

謝謝你的提問，伊恩。我們的執行力提升空間真的很難預測。當事情進展順利時，我們所做的大多數專案都會為我們帶來這種鼓舞。我們當然會努力做到像多年來一樣，透過我們可重複使用的策略來出色地執行任務。在本財年，我們看到了比往年更強勁的執行效益。利潤率的提升並非總是可行。但是，當勞動力、材料和進度都準備就緒，我們可以順利開展工作時，我們將繼續專注於提高專案的利潤率。

Okay. And then maybe as a follow-up on the data center side. But can you maybe talk about what regions or where you're seeing particular strength, because also as far as your inbound, you're getting. And then also maybe can you talk about like the timeline for delivering some of these larger projects? I mean are you still kind of seeing them come into the backlog earlier? And how do you think about that just in general?

好的。然後或許可以針對資料中心方面進行後續跟進。但您能否談談您認為哪些地區或哪些地區特別強勁，因為就您的入境流量而言，您也看到了這一點。另外，您能否談談這些大型專案的交付時間表？我的意思是，你是否仍然看到它們提前進入積壓工作？那麼，你對這個問題整體上有什麼看法呢？

We've got quite a few data center projects in the Upper Midwest part of the country, also in the Midwest and the Southwest and Pacific Northwest, those are our primary regions, where we're doing data center work, and we've been asked to go to other regions as well. The data center work is a real important part of our business. As you've seen, it's grown in our revenue, but also in our backlog.

我們在美國中西部北部地區、中西部地區、西南部地區和太平洋西北地區都有不少資料中心項目，這些是我們的主要資料中心項目區域，我們也被邀請前往其他地區開展項目。資料中心工作是我們業務中非常重要的一部分。正如你所看到的，我們的收入成長了，但積壓訂單也增加了。

Brent Thielman, DA Davidson.

布倫特·蒂爾曼，地方檢察官戴維森。

Jeff or Max, I mean, look, you've got a year here of pretty tremendous organic growth kind of 25% or more. And on the other side, bookings a bit are inherently lumpy, but year to date, you're sort of pacing. What you did last year, backlog kind of more flattish, albeit at elevated levels. And I guess in that context, and to the extent that you can provide maybe some high-level views around next year, I mean, can you -- do you still expect to be able to grow the business organically off this really great year with all that you see in front of you, I think, would be just kind of help with -- give us a sense what the starting point could be?

傑夫或麥克斯，我的意思是，你看，你們這一年實現了相當驚人的自然增長，增幅達到了 25% 甚至更多。另一方面，預訂量本身就有些波動，但就今年迄今為止的情況來看，你的進度還算穩定。去年你們所做的工作，積壓的工作量雖然仍然較高，但整體上趨於平穩。我想，在這種情況下，如果您能對明年提供一些高屋建瓴的看法，我的意思是，您是否仍然期望能夠憑藉今年如此出色的業績，以及您目前所看到的一切，實現業務的有機增長？我認為，這將有助於我們了解明年的起點可能是什麼？

Yes. Thanks for the question, Brent. We're still seeing a very strong demand for the services that we provide. And as you know, backlog in our business could be lumpy. Now our ability to secure the backlog is strong. And we'll continue to get the backlog that's going to support growth of our business. So we're looking at our diversified end markets and our submarkets and try to navigate through any cyclicality. We do that by being anticipatory, close communication with our operating companies and, of course, being disciplined in our project selection.

是的。謝謝你的提問，布倫特。我們提供的服務仍然擁有非常強勁的需求。如您所知，我們業務中的積壓訂單可能並不均衡。現在我們保障積壓訂單的能力很強。我們將繼續獲得積壓訂單，這將有助於我們業務的成長。因此，我們正在審視我們多元化的終端市場和子市場，並努力應對任何週期性波動。我們透過提前預判、與營運公司密切溝通，當然還有在專案選擇上保持嚴謹來做到這一點。

Brian Brophy, Stifel.

Brian Brophy，Stifel。

Congrats on the nice quarter. Last quarter, you guys talked about having several projects in the preconstruction phase in Electromechanical. Is that still the case, or did many of those projects convert into backlog this quarter?

恭喜你本季業績出色。上個季度，你們談到了機電領域有幾個項目處於施工前階段。情況仍然如此嗎？還是說本季很多專案都變成積壓項目了？

Yes. We've seen an increase in large-scale projects. We talked about previously that our revenue is divided up into the third and third and third. But if you take a look at the large and mega projects, that has increased. So the projects that we have in preconstruction, they sometimes extend as we've seen in the past.

是的。我們看到大型專案有所增加。我們之前討論過，我們的收入分為三分之一、三分之一和三分之一。但如果你看看大型和特大項目，你會發現這個數字已經增加了。因此，我們目前處於施工前階段的項目，有時會像過去那樣延期。

But also, we had some projects that came forward where the material, the labor and all the decisions and constructability reviews were completed earlier. So that contributed to our pull forward. So we're very excited about our ability to position ourselves for additional work and create the backlog to support our growth. Max, do you want to add to that?

但是，我們也遇到了一些項目，這些項目的材料、勞動力以及所有決策和施工可行性審查都已提前完成。所以這促成了我們的前進。因此，我們非常高興能夠為更多的工作做好準備，並創造足夠的訂單來支持我們的成長。馬克斯，你想補充什麼嗎？

Yes. So Brian, I would say, yes, some of those projects that we're in early phases did accelerate and help us deliver some solid revenue this quarter. So some of those convertible we also still have a lot of projects in the kind of preconstruction or early construction phases, which help us get some visibility into next year.

是的。所以布萊恩，我想說，是的，我們一些處於早期階段的專案確實加快了進度，並幫助我們在本季度實現了可觀的收入。所以，我們還有一些可轉換項目，目前仍處於施工前或早期施工階段，這有助於我們對明年的情況有所了解。

Yes, that's great. I appreciate it. And then, I guess, one other one for me. Obviously, there's been headlines around foot traffic slowing down in Vegas. I guess, can you talk about what you're seeing in that local market? How have conversations with some of your customer base been going there as it relates to activity over the next year or so?

是的，那太好了。謝謝。然後，我想，我還有一份。顯然，已經有新聞報導拉斯維加斯的人流量正在減少。我想，您能談談您在當地市場看到的景象嗎？您與部分客戶群的溝通進度如何？關於未來一年左右的業務活動，您有何看法？

And then I guess related, assuming there was some sort of seasonal or theoretical slowdown there, can you help us understand your ability to work through that given the fungibility of the workforce and obviously, the strength we're seeing in other end markets like data centers? Or is a slowdown kind of like late '23, early '24 possibility, or how do you feel about your ability to move around resources if needed?

然後，我想問的是，假設存在某種季節性或理論上的放緩，考慮到勞動力的可替代性以及我們在數據中心等其他終端市場看到的強勁勢頭，您能否幫助我們了解您應對這種情況的能力？或者，經濟放緩是否可能像 2023 年底、2024 年初？或者，您如何看待在需要時調配資源的能力？

Thanks for the question. We've got four great companies in the Las Vegas market, and we're very well positioned to do hospitality work. Nevertheless, we've diversified those businesses. We're doing data center work in Las Vegas. We're also doing correctional institutional work. And we've pivoted with some of our resources to other parts of the country.

謝謝你的提問。我們在拉斯維加斯市場擁有四家優秀的公司，我們完全有能力開展酒店服務業務。然而，我們已經實現了這些業務的多元化。我們在拉斯維加斯進行資料中心建設工作。我們也進行懲教機構方面的工作。我們已將部分資源轉移到該國其他地區。

And we moved data center talent down to Arizona and also to the northern part of Nevada to be able to capitalize on our expertise in building data centers. So we're diversified. We're in a really good position for the projects that are available. And our work that we have this year 2025 for Las Vegas is up over the prior year. And if you look at our backlog in hospitality and, of course, data center, those are up since the end of last year.

我們將資料中心人才轉移到亞利桑那州和內華達州北部，以便充分利用我們在建造資料中心方面的專業知識。所以我們的業務是多元化的。我們目前處於非常有利的位置，可以承接現有的項目。我們今年（2025 年）為拉斯維加斯制定的工作計劃比前一年增加。如果你看一下我們在酒店業和資料中心領域的積壓訂單，你會發現這些訂單自去年年底以來都有所增加。

Yes. So Brian, I'd just add, I mean, we are a premier operator in that Vegas market, right? And we will continue to be a premier operator. I think we saw the slowdown from like '22 to '24, and now we're seeing some opportunities in '25, as we've been talking about. But the important part, which you asked is the diversification, right? So we're a premier operator in the hospitality space, but we'll also be a premier operator outside of that data centers and other markets. So we feel good about our positioning there.

是的。所以布萊恩，我只想補充一點，我的意思是，我們是拉斯維加斯市場上的頂級運營商，對吧？我們將繼續保持一流運營商的地位。我認為我們看到了 2022 年到 2024 年的經濟放緩，而現在我們看到了 2025 年的一些機遇，正如我們一直在討論的那樣。但你問到的重點是多元化，對吧？所以，我們是飯店業的頂級營運商，但我們也將是資料中心和其他市場之外的頂級營運商。所以我們對自身在那裡的定位感到滿意。

(Operator Instructions) Chris Senyek, Wolfe Research.

（操作說明）克里斯‧塞尼克，沃爾夫研究公司。

Great quarter. Within E&M, could we unpack some of the data center end market revenue in terms of thinking about how that's progressed over the years -- over the year, I guess, meaning, has anything changed in terms of the mix or size or length or timing of the contracts or customer demands or even potentially geography that might change how we should model this business in E&M as we think about things forward.

很棒的季度。在工程與維護 (E&M) 領域，我們能否分析一下資料中心終端市場的收入，思考一下它這些年來的發展情況——我猜是指過去一年，也就是說，合約的組合、規模、期限、時間安排、客戶需求，甚至地理位置方面是否有任何變化，從而改變我們在工程與維護 (E&M) 領域對這項業務的建模方式，以便我們展望未來。

I appreciate the question. Data centers have become a very big part of our business. It's in our commercial end market, and it's also the largest part of our backlog. And we're getting that work because of our relationships that are based upon our execution and the available labor and management to be able to accomplish those jobs. So we're still seeing a very strong demand in that market.

感謝您的提問。資料中心已成為我們業務中非常重要的一部分。它屬於我們的商業終端市場，同時也是我們積壓訂單中最大的一部分。我們之所以能獲得這些工作，是因為我們與客戶建立了良好的關係，而這種關係又建立在我們高效的執行力、充足的勞動力和充足的管理能力之上，從而能夠完成這些工作。因此，我們仍然看到該市場需求非常強勁。

Nevertheless, we're trying to keep ourselves diversified and capitalize on the hot markets, but also to be anticipatory and cross-train our people so we can capture additional work should that market cool, but we're not seeing that. We're seeing very long runway on data center opportunities, and we're very well positioned in the markets that we serve. And when it makes sense, we will travel and meet the demands of our customer request to do projects outside of our core markets.

儘管如此，我們仍在努力保持多元化經營，充分利用火熱的市場，同時也要未雨綢繆，對員工進行交叉培訓，以便在市場降溫時能夠抓住更多工作機會，但我們目前還沒有看到這種情況發生。我們看到資料中心領域有著非常長的發展前景，並且在我們所服務的市場中，我們擁有非常有利的地位。當條件允許時，我們會前往客戶所在地，滿足客戶在核心市場之外進行專案的需求。

And then in terms of where that businesses today versus, let's say, the start of the year, is it -- that's been a gradual acceleration of conversations and bidding and things of that nature, or has it sort of been up and to the right like many of the stocks in the space, or has that been more lumpier than what we might think in terms of the pace in that business in terms of conversation.

那麼，就目前這些企業與年初相比的情況而言，是對話、競標等活動逐漸加速，還是像該領域的許多股票一樣一路飆升，又或者，就該業務的對話速度而言，其波動性比我們想像的要大得多。

It's grown for us, and we continue to see that as an opportunity going into next year.

它為我們帶來了成長，我們繼續將其視為明年發展的機會。

Got you. And then totally separately, leverage is down around 0.5 net leverage. I know Tim is now on board leading corporate strategy. Can you remind us and update us on how you're evaluating M&A opportunities, what the opportunities look like out there, areas that would be adjacent, or how to think about the pace and scale of potential deployment of the excess capital, if you will.

抓到你了。另外，槓桿率也下降到淨槓桿率 0.5 左右。我知道蒂姆現在已經加入公司，負責領導公司策略。能否提醒我們並更新您是如何評估併購機會的，目前的機會情況如何，有哪些相鄰領域，或如何考慮潛在剩餘資本部署的速度和規模？

The strength of our balance sheet is putting us in a good position to be able to do a meaningful acquisition. And earlier this year, we added to our corporate development team. So we're really excited about continuing to be very active in the M&A space, but we see more opportunities than we did a year ago. Our funnel is broader and deeper.

我們穩健的資產負債表使我們處於有利地位，能夠進行有意義的收購。今年早些時候，我們擴充了企業發展團隊。因此，我們非常高興能夠繼續在併購領域保持活躍，我們看到的機會比一年前更多。我們的銷售漏斗更寬廣、更深入。

And if you think about our strategic priorities to be able to get the right company in the right location for the right price, that is something that we're spending a lot of time and effort in working on. We want a company that's going to have high integrity, of course, also provide the same or similar services to what we currently do and provide that geographical expansion in both the T&D segment and also the Electrical and Mechanical segment.

如果你想想我們的策略重點，那就是以合適的價格在合適的地點找到合適的公司，這是我們投入大量時間和精力去努力的事情。我們當然希望找到一家具有高度誠信的公司，同時提供與我們目前相同或類似的服務，並在輸配電領域以及電氣和機械領域實現地理擴張。

That does conclude our question-and-answer session. I will now turn the conference back over to Jeff Thiede for closing comments.

我們的問答環節到此結束。現在我將把會議交還給傑夫·蒂德，請他作總結發言。

Thank you, operator, and thank you all again for joining us today. We are very excited about the opportunities ahead for Everus, and we are confident that we have the right strategy in place and the right team to execute on our plan.

謝謝接線員，也再次感謝各位今天收看我們的節目。我們對 Everus 的未來發展機會感到非常興奮，我們有信心，我們已經制定了正確的策略，並擁有合適的團隊來執行我們的計劃。

We will be attending several investor events during this quarter, including the Baird Industrial Conference in Chicago, the Oppenheimer Industrial Summit, the Jefferies E&C Conference and the Goldman Sachs Energy Conference in Miami. If we are not able to connect during the quarter, we look forward to speaking with you on our next quarterly earnings call. Thank you for your time and interest in Everus. This concludes today's call.

本季我們將參加多場投資者活動，包括在芝加哥舉行的貝爾德工業會議、奧本海默工業高峰會、傑富瑞工程建設會議以及在邁阿密舉行的高盛能源會議。如果本季我們未能聯繫上，我們期待在下一次季度財報電話會議上與您交流。感謝您抽出時間並對 Everus 感興趣。今天的電話會議到此結束。

Ladies and gentlemen, you may now disconnect.

女士們先生們，現在可以斷開連接了。