Everus Construction Group, Inc. (ECG) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Everus Construction Group first quarter 2026 earnings call. (Operator Instructions) I will now hand the conference over to Paul Bartolai. Please go ahead.

各位好。感謝各位加入，歡迎參加 Everus Construction Group 2026 年第一季財報電話會議。(接線員指示) 我現在把會議交給 Paul Bartolai。請開始。

Thank you. Good morning, everyone, and welcome to Everus Construction Group's first quarter 2026 Results conference call. Leading the call today are CEO, Jeff Thiede and CFO, Max Marcy.

謝謝。各位早安，歡迎參加 Everus Construction Group 2026 年第一季業績電話會議。今天由執行長 Jeff Thiede 與財務長 Max Marcy 主持。

We issued a news release yesterday detailing our first quarter 2026 operational and financial results. This release and the accompanying presentation materials are available on our website at investors.everus.com.

我們昨天發布新聞稿，詳述 2026 年第一季的營運與財務結果。該新聞稿與隨附的簡報資料可於我們網站 investors.everus.com 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.

提醒各位，管理層在今日電話會議中的評論與問答可能包含前瞻性陳述；其本質具有不確定性，且不在公司控制範圍內。儘管這些前瞻性陳述係基於管理層目前的預期與信念，實際結果仍可能出現重大差異。

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.

關於可能導致實際結果不同的部分因素，請參閱我們最新向美國證券交易委員會（SEC）提交文件中的「風險因素」章節。

Additionally, please note that you can find reconciliations with historical non-GAAP financial measures in the news release issued yesterday and in the appendix of today's presentation.

此外，請注意：昨日發布的新聞稿以及今日簡報的附錄中，均可找到與歷史非 GAAP 財務衡量指標的調節表。

Today's call will begin with prepared remarks from Jeff, who will provide a review of our recent business performance, and an update on the progress against our strategic priorities, followed by Max who will provide a more detailed financial update before wrapping up with guidance. At the conclusion of these prepared remarks, we will open the line for your questions.

今天的會議將先由 Jeff 發表準備好的談話，回顧近期業務表現並更新我們在策略優先事項上的進展；接著由 Max 提供更詳細的財務更新，並在最後給出財測指引。在上述準備發言結束後，我們將開放提問。

And with that, I'll turn the call over to Jeff

接下來，我把電話交給 Jeff。

Thank you, Paul, and good morning to everyone joining us today. We are very pleased with our strong start to the year as we delivered another quarter of record revenues, maintained our strong execution and made important progress against our strategic priorities, highlighted by the acquisition of SE&M, our first transaction as a stand-alone public company.

謝謝你，Paul，也向今天加入的各位道早安。我們對今年強勁的開局感到非常滿意：我們再度交出創新高的單季營收，維持強勁的執行力，並在策略優先事項上取得重要進展，其中包括收購 SE&M——這是我們作為獨立上市公司後的第一筆交易。

Turning to our quarterly highlights, beginning with Slide 4.

接著看本季重點，從第 4 頁投影片開始。

We delivered first quarter revenues of $1 billion, up 25% from the prior year period driven by growth across both our E&M and T&D segments.

我們第一季營收達 10 億美元，較去年同期成長 25%，主要由 E&M 與 T&D 兩大事業部門的成長所帶動。

Our strong top line performance was complemented by another quarter of solid execution as first quarter EBITDA increased 44% from the prior year period and EBITDA margin was up 110 basis points. I'm extremely proud of our track record of strong project execution.

我們強勁的營收表現，亦由另一季穩健的執行力所支撐：第一季 EBITDA 較去年同期成長 44%，EBITDA 利潤率提升 110 個基點。我對我們在專案執行方面的優異紀錄感到非常自豪。

It is a direct reflection of our commitment to our operational playbook and our team's focus on executing jobs safely, on time and on budget.

這直接反映我們對營運作業手冊的承諾，以及團隊專注於以安全、準時且符合預算的方式執行各項工作。

I would like to thank all of our team members across the organization. None of this would be possible without their hard work and dedication.

我要感謝組織內所有團隊成員。若沒有他們的辛勤付出與投入，這一切都不可能達成。

Our backlog at the end of the first quarter was a record $3.7 billion, up 20% from the same period last year, with strong growth across both T&D and E&M. We continue to benefit from favourable end market trends across diverse markets, including data center, hospitality, high-tech, transmission and undergrounding.

第一季末在手訂單（backlog）創新高，達 37 億美元，較去年同期成長 20%，T&D 與 E&M 皆呈現強勁成長。我們持續受惠於多元市場的有利終端市場趨勢，包括資料中心、飯店旅宿、高科技、輸電以及地下化工程。

I'm also excited to report that our backlog included the first award related to the new geography we recently entered in support of a new high-tech client. This is a perfect example of what we look for when we decided to move forward into a new geographic location, we see strong long term opportunities in this region, have an exciting anchor project to build from and are working alongside a general contractor with whom we have a successful long-term partnership.

我也很高興報告，我們的在手訂單包含近期新進入地理區域的第一個得標案，係為支援一位新的高科技客戶。這正是我們決定進入新地理位置時所尋求的典型案例：我們看見該區域具備強勁的長期機會，有一個令人振奮的主力（anchor）專案可作為後續拓展的基礎，並且與一家我們長期成功合作的總承包商並肩作業。

We are excited by the opportunities in this market and will look to repeat this type of growth as we focus on expanding our geographic reach through both acquisitions and organic expansion.

我們對此市場的機會感到振奮，並將在透過併購與有機擴張來擴大地理版圖的同時，力求複製此類成長。

Our strong financial results reflect our disciplined focus on our strategic priorities, and I'd like to highlight some of our recent progress on our key initiatives. As a reminder, our value creation framework is based on targeted commercial growth, operational excellence and disciplined capital allocation.

我們強勁的財務結果反映了我們對策略優先事項的紀律性聚焦，我想強調我們在關鍵倡議上的一些近期進展。提醒各位，我們的價值創造架構建立在：目標式商業成長、營運卓越，以及紀律性的資本配置。

In terms of commercial growth, we have clearly benefited from strong end market trends, notably in the data center submarket. However, our growth isn't just data center work as we continue to benefit from our diversified end markets with solid trends in hospitality, high-tech and utility. I just mentioned the high-tech project award in our new geography, which is another example of our diversification and highlights our position in the attractive high-tech market.

就商業成長而言，我們顯然受惠於強勁的終端市場趨勢，尤其是資料中心次市場。然而，我們的成長不僅來自資料中心業務；我們也持續受惠於多元終端市場，在飯店旅宿、高科技與公用事業等領域皆有穩健趨勢。我剛提到我們在新地理區域取得的高科技專案得標，這也是我們多元化的另一個例子，並凸顯我們在具吸引力的高科技市場中的定位。

In addition to our organic growth, a key aspect of our acquisition of SE&M is their expertise to pharma and health care, which are areas we expect to be strong growth drivers for years to come.

除了有機成長之外，我們收購 SE&M 的一個關鍵面向，是其在製藥與醫療保健領域的專業能力；我們預期這些領域在未來多年將是強勁的成長驅動力。

We remain committed to a diversified approach to growth and believe we are very well positioned to benefit from favourable trends across our end markets given our strong customer relationships, track record of execution, and our highly skilled workforce.

我們仍致力於多元化的成長策略，並相信憑藉我們強健的客戶關係、良好的執行紀錄，以及高度專業的勞動力，我們已具備非常有利的定位，可受惠於各終端市場的有利趨勢。

Now turning to operational excellence.

接下來談營運卓越。

We continue to benefit from execution upside with our first quarter performance further building on our strong 2025 results.

我們持續受惠於執行面的上行空間（execution upside），第一季表現進一步建立在我們 2025 年的強勁成果之上。

While the positive project closeouts get attention, it is our broader execution across all 40,000-plus projects we do in a year that enables us to deliver execution upside. This means it is just to support, if not more important, to avoid problem contracts as it is to deliver closeout benefits. We take great pride in our ability to exercise disciplined project selection and successful execution represented by the stability in our margins over time.

雖然正向的專案結案（closeout）會受到關注，但真正讓我們能交出執行上行空間的，是我們一年所承作超過 40,000 個專案的整體執行表現。這表示，避免問題合約的重要性至少不亞於、甚至更重要於取得結案效益。我們對自身能夠進行具紀律的專案選擇並成功執行感到非常自豪，而這也反映在我們長期以來利潤率的穩定性上。

There are a lot of factors that go into our abilities to deliver consistent execution over the long term, such as our focus on our operational playbook and the dedication of our team.

我們能長期提供一致且穩健的執行表現，背後有許多因素，例如我們對營運作業手冊的聚焦，以及團隊的投入與奉獻。

Another key factor driving our performance is our diversified and balanced approach to project size and time. As we have discussed in the past, we are evenly balanced across project sizes and by contract type, with about half of our projects being fixed price and about half being cost plus. We like to maintain this balance throughout our company.

推動我們表現的另一個關鍵因素，是我們在專案規模與工期上的多元且均衡配置。如同我們過去所討論的，我們在專案規模與合約類型上分布均衡，約有一半專案為固定價格（fixed price），另一半為成本加成（cost plus）。我們希望在全公司維持這樣的平衡。

We often get asked, why don't we do more fixed price work to enable margin upside? When we have an opportunity to do a project on a fixed price basis, that is in the area of our expertise with a customer we know and where we are confident in the details of the contract, we will certainly look to pursue and win additional fixed price work.

我們常被問到：為什麼不做更多固定價格案以取得利潤率上行空間？當我們有機會以固定價格承作、且該專案屬於我們的專長領域、客戶是我們熟悉的對象，並且我們對合約細節有充分把握時，我們當然會尋求爭取並贏得更多固定價格業務。

But in general, we'd like to maintain a balance between fixed price and cost-plus because on large complex projects, there could be more risk. Cost-plus contracts, especially on very large complex projects help mitigate that risk.

但整體而言，我們希望在固定價格與成本加成之間維持平衡，因為在大型且複雜的專案上，風險可能更高。成本加成合約，特別是在非常大型且複雜的專案上，有助於降低該風險。

Also, as we have discussed in recent quarters, we are often being brought into project discussions very early before the ultimate scope and design of the project is fully known, which makes it difficult to bid at a fixed price. Being selected early on a project before design is completed, provides a great opportunity to execute work at a high level and build relationships.

此外，如同我們近幾季所討論的，我們經常在專案最早期就被納入討論，在專案最終範疇與設計尚未完全明確之前就參與，這使得以固定價格投標變得困難。在設計完成前就於早期被選定參與專案，提供了以高水準執行工作並建立關係的絕佳機會。

We will always look to convert cost-plus projects to fixed price when it makes sense. But generally, we will look to execute large complex projects on a cost-plus basis.

在合理且適當的情況下，我們一向會尋求將成本加成專案轉為固定價格。但一般而言，我們會以成本加成方式來執行大型且複雜的專案。

We have a long track record of delivering stable margins that increased modestly over time. We are always looking to deliver execution upside, but our primary focus is steady margin improvement and no surprises.

我們長期以來一直能夠提供穩定的利潤率，且隨時間推移小幅提升。我們一向致力於帶來執行面的上行空間，但我們的首要重點是利潤率穩健改善且不出意外。

End markets are strong right now and perhaps there are opportunities to be more aggressive with customers in the near term to drive margins. That is not our objective. Our strategy is to build long-term relationships, win the next project and the next one and deliver steady, modestly higher margins over time.

目前終端市場表現強勁，短期內或許有機會在客戶端採取更積極的作法以推動利潤率。但那不是我們的目標。我們的策略是建立長期關係，贏得下一個專案、再下一個專案，並隨時間推移提供穩健、溫和提高的利潤率。

This is what we have done successfully, and we remain confident in our ability to continue going forward and finally, our focus on disciplined capital allocation.

這正是我們成功做到的事；我們仍對未來持續推進的能力充滿信心；最後，我們也專注於嚴謹的資本配置。

Clearly, the highlights so far this year has been our acquisition of SE&M. Acquisitions are a critical part of our capital allocation and growth strategy. So we are very excited to have completed our first transaction as a stand-alone company.

顯然，今年迄今為止的亮點是我們收購了SE&M。併購是我們資本配置與成長策略中的關鍵一環。因此，我們非常興奮能以獨立公司身分完成第一筆交易。

As we have detailed, our acquisition strategy is focused on expanding our geographic footprint, diversifying our business and deepening our market presence. We think SE&M checks all these boxes. SE&M headquartered in North Carolina and expands our footprint in the very attractive Southeast region.

如我們先前所詳述，我們的併購策略聚焦於擴大地理版圖、分散業務組合並深化市場布局。我們認為SE&M完全符合這些要點。SE&M總部位於北卡羅來納州，並擴大我們在極具吸引力的美國東南部地區的布局。

This is a geography that is experiencing strong growth across a wide range of end markets that SE&M serves, including pharma, health care and complex industrial. SE&M is a leading provider of mechanical, electrical and plumbing services with about two-third of its revenue is coming from mechanical services.

該地區在SE&M所服務的多元終端市場中正經歷強勁成長，包括製藥、醫療保健與複雜工業等。SE&M是機械、電氣與管道（MEP）服務的領先供應商，其約三分之二的營收來自機械服務。

Additionally, the company generates more than 60% of its revenue from service work and renovation and retrofit work, which provides a stable and profitable revenue stream.

此外，該公司超過60%的營收來自維修服務以及翻新與改造（retrofit）工程，提供穩定且具獲利性的營收來源。

SE&M is led by an experienced management team and importantly, their current leaders, Zach Bynum, Patrick Rogers and Alex Bynum as well as other team members of their team are remaining with the company. We are very excited to have SE&M as part of the Everus family.

SE&M由經驗豐富的管理團隊領導；更重要的是，其現任領導團隊Zach Bynum、Patrick Rogers與Alex Bynum，以及團隊中的其他成員都將留任。我們非常高興SE&M加入Everus大家庭。

While it has only been a few weeks since the deal closed, integration is on track, and they are fitting in nicely with our team.

雖然交易完成至今僅數週，整合進度符合預期，且他們與我們團隊的磨合相當順利。

After the SE&M transaction, our pro forma net leverage as of April 2 was approximately 0.5times, which gives us ample flexibility to continue executing on our growth strategy.

完成SE&M交易後，截至4月2日，我們的備考淨槓桿約為0.5倍，這讓我們有充足彈性持續執行成長策略。

Our acquisition pipeline remains active, and we are hard at work looking for the next company to add to the Everus family. In summary, we are encouraged to see the strong momentum from 2025 carry into this year, and we are certainly very excited to get our first acquisition completed.

我們的併購案源（pipeline）仍然活躍，我們正全力尋找下一家可加入Everus大家庭的公司。總結而言，我們樂見2025年的強勁動能延續到今年，並且對完成首筆收購交易感到非常振奮。

Based on our strong start to the year and with the inclusion of SE&M, we are pleased to be raising our 2026 guidance which Max will discuss in more detail. We remain committed to our 4EVER strategic priorities and remain highly confident in our ability to deliver on our long-term financial goals.

基於今年強勁的開局並納入SE&M，我們很高興上調2026年財測指引，Max將進一步說明。我們仍致力於4EVER策略重點，並對達成長期財務目標的能力保持高度信心。

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

接下來我把時間交給Max。

Thank you, Jeff, and good morning, everyone. I will provide additional details on the quarter to give an update on liquidity and balance sheet and wrap up with our updated guidance.

謝謝你，Jeff，各位早安。我將補充本季更多細節，更新流動性與資產負債表狀況，並以我們更新後的財測指引作結。

Beginning on Slide 11 of the presentation.

請看簡報第11頁。

Revenues for the first quarter were $1.04 billion, an increase of 25% compared to the same period last year. The increase was driven by growth in both E&M and T&D segments.

第一季營收為10.4億美元，較去年同期成長25%。成長動能來自E&M與T&D兩個部門的同步成長。

Total EBITDA was $88.9 million during the first quarter, an increase of 44% from the same period in 2025 driven by solid revenue growth, continued strong project execution and some favourable weather.

第一季總EBITDA為8,890萬美元，較2025年同期成長44%，主要受惠於穩健的營收成長、持續強勁的專案執行，以及部分有利的天候因素。

As a result, our first quarter EBITDA margin was 8.6%, up 110 basis points from 7.5% in the prior year period. On March 31, total backlog was $3.68 billion, up 20% from March 31 of last year.

因此，第一季EBITDA利潤率為8.6%，較去年同期的7.5%提升110個基點。截至3月31日，總在手訂單（backlog）為36.8億美元，較去年3月31日成長20%。

Our T&D backlog was up 10% compared to last year, due to increases in the utility end markets, specifically transmission and undergrounding work. While our E&M backlog was up 22%, reflecting growth in data center and hospitality as well as the first large award relating to the new geography we entered last year.

我們的T&D在手訂單較去年成長10%，主要因公用事業終端市場增加，尤其是輸電與地下化工程。而E&M在手訂單成長22%，反映資料中心與飯店旅宿市場的成長，以及我們去年進入的新地理區域所取得的第一筆大型得標案。

We remain encouraged by the favourable trends in several of our key markets, and we remain confident in our ability to generate continued backlog growth.

我們仍對多個關鍵市場的有利趨勢感到鼓舞，並對持續帶動在手訂單成長的能力保持信心。

Now turning to our segment results.

接著看各部門的營運表現。

Let's first look at E&M, where our first quarter revenues increased 29% to $835.1 million. The increase was driven primarily by growth in our commercial market with continued strength in our data center submarket.

先看E&M部門，第一季營收成長29%至8.351億美元。成長主要由商業市場帶動，其中資料中心子市場持續強勁。

Our E&M EBITDA was $75.3 million in the first quarter, an increase of 52% compared to the first quarter of 2025. The increase was driven by our strong revenue growth and higher gross margin due to project timing and efficient project execution.

第一季E&M EBITDA為7,530萬美元，較2025年第一季成長52%。成長主要來自強勁的營收成長，以及因專案時點與高效率專案執行而帶動的較高毛利率。

As a result, our E&M segment EBITDA margin was 9% up 140 basis points compared to 7.6% in the first quarter of 2025.

因此，E&M部門EBITDA利潤率為9%，較2025年第一季的7.6%提升140個基點。

Our first quarter T&D revenues were $204.4 million, up 10.5% from the first quarter of last year, driven by growth in utility end market and more favorable weather as we had limited weather disruptions in the early part of the year. T&D segment EBITDA was $27.1 million in the first quarter, up 35% from the prior year period due to the higher revenues and strong execution.

第一季T&D營收為2.044億美元，較去年第一季成長10.5%，主要受惠於公用事業終端市場成長，以及較有利的天候（年初天候干擾有限）。第一季T&D部門EBITDA為2,710萬美元，較去年同期成長35%，主要因營收提高與執行表現強勁。

As a result, T&D segment EBITDA margin was 13.3%, up 240 basis points compared to 10.9% in the same period last year.

因此，T&D部門EBITDA利潤率為13.3%，較去年同期的10.9%提升240個基點。

Turning to our balance sheet and liquidity.

接著談資產負債表與流動性。

As of March 31, we had $275 million of unrestricted cash and cash equivalents, $281.2 million of gross debt and $222.8 million available under the credit facility. We had virtually no net debt at the end of the first quarter. However, our pro forma net leverage, defined as net debt to trailing 12-month EBITDA as of April 2, after completing the SE&M transaction was approximately 0.5times.

截至3月31日，我們持有2.75億美元不受限制的現金及約當現金、2.812億美元總負債，且在信貸額度下尚有2.228億美元可用額度。第一季末我們幾乎沒有淨負債。然而，在完成SE&M交易後，截至4月2日，以淨負債除以過去12個月EBITDA定義的備考淨槓桿約為0.5倍。

Operating cash flows were $143.7 million for the first quarter of 2026, compared to $7.1 million in the same period last year due to the strong operating results and favourable working capital timing. CapEx was $15.5 million for the first quarter down slightly from $18.5 million in the prior year period.

2026年第一季營運現金流為1.437億美元，去年同期為710萬美元，主要因營運成果強勁以及營運資金時點有利。第一季資本支出（CapEx）為1,550萬美元，較去年同期的1,850萬美元略降。

While we continue to expect higher capital spending to support our organic growth strategy for the full year, the comparison during the first quarter reflects the purchase of the new Kansas City prefab facility in the first quarter of last year.

雖然我們仍預期全年資本支出將提高以支持有機成長策略，但第一季的年對年比較反映了去年第一季購置堪薩斯市新預製（prefab）設施所致。

We generated free cash flow of $131.9 million in the first quarter of 2026, up from a use of cash of $8.1 million in the first quarter of 2025. Our first quarter free cash flow reflects some timing benefits. We still expect a more normalized free cash flow conversion for the full year with our forecasted growth in operating results, largely offset by our higher levels of growth investments.

我們在2026年第一季產生自由現金流1.319億美元，相較之下，2025年第一季為現金流出810萬美元。第一季自由現金流反映部分時點上的有利因素。我們仍預期全年自由現金流轉換率將回歸較正常水準；在我們預測的營運成果成長下，將大致被較高水準的成長投資所抵銷。

Now wrapping up with guidance. We are encouraged by the solid start to the year, which included another quarter of strong execution and some favourable weather.

現在以指引作結。我們對今年開局穩健感到鼓舞，其中包括又一季強勁的執行表現以及一些有利的天氣因素。

It is also worth highlighting that given our shift in revenue mix due to the strong growth in E&M, we should see more muted seasonal patterns to operating results in 2026. We did not really see any seasonal dip in the first quarter, so we don't really expect much of a seasonal step-up through the year.

另外也值得強調的是，鑑於E&M強勁成長帶動我們營收組合轉變，我們預期2026年的營運結果季節性波動將更為溫和。我們在第一季並未真正看到任何季節性下滑，因此也不太預期全年會出現明顯的季節性回升。

Based on our strong first quarter results as well as the inclusion of SE&M, which closed in the second quarter, we are raising our full year 2026 guidance.

基於我們第一季的強勁表現，以及SE&M已於第二季完成交割並納入，我們上調2026年全年財測指引。

We are not providing explicit guidance on SE&M. But as a reminder, in 2025, the business generated $109 million of revenues with high teens EBITDA margin.

我們不會就SE&M提供明確指引。但提醒一下，2025年該業務創造了1.09億美元營收，EBITDA利潤率為十幾個百分點的高段。

As a whole for Everus, we are now forecasting 2026 revenues in the range of $4.3 billion to $4.4 billion and EBITDA in the range of $345 million to $360 million. At the midpoint of our range, our guidance implies EBITDA margins of 8.1%, which reflects the execution upside from Q1 as well as the margin accretion from SE&M.

就Everus整體而言，我們目前預估2026年營收介於43億至44億美元，EBITDA介於3.45億至3.60億美元。以區間中值計算，我們的指引隱含EBITDA利潤率為8.1%，反映第一季執行優於預期，以及SE&M帶來的利潤率增厚。

For the balance of the year, our guidance continues to assume EBITDA margins of right around 8% for the legacy business that completes our prepared remarks.

就今年剩餘期間而言，我們的指引仍假設既有業務的EBITDA利潤率約為8%，以上為我們準備好的發言內容。

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

接線員，我們現在準備進入問答環節。

(Operator Instructions) Brian Brophy, Stifel.

(接線員指示) Brian Brophy，Stifel。

Yeah, thanks. Good morning. Appreciate you taking the question. Nice margin this quarter. Jeff, you mentioned in your opening comments that this was the first award associated with the new geographic expansion. Does that imply some visibility into additional awards with this high-tech customer that you're referencing or are you just kind of expecting more awards in that new geographic region with other customers? Thanks.

好的，謝謝。早安。感謝讓我提問。本季利潤率表現不錯。Jeff，你在開場提到這是與新的地理擴張相關的第一個得標案。這是否意味著你們對所提到的那位高科技客戶後續還有更多得標能見度？還是你們只是預期在那個新地區會從其他客戶取得更多案子？謝謝。

Good morning, Brian. Brian, we're expecting more awards as the project continues to develop and design develops. The key is, is that we had line of sight in working with a long-term general contractor customer in a new geography with a new end user. This is exciting to us. We were able to plan for core resources to be able to mobilize and to be able to take on and ramp up slowly, so we could execute successfully.

早安，Brian。Brian，隨著專案持續推進、設計逐步完善，我們預期會有更多得標。關鍵在於，我們與一位長期合作的總承包商客戶在一個新地區、面對一個新的終端客戶合作時，已具備可視性。這讓我們很振奮。我們得以規劃核心資源進行動員，並能逐步承接、緩步擴張，以確保成功執行。

So we continue to see more opportunity on that site as we focus on that project and the backlog that we've generated and the backlog that we see in the near future. In addition, we're looking for additional businesses as it becomes available in that new geography.

因此，當我們聚焦該專案、以及我們已取得的在手訂單與近期可見的在手訂單時，我們持續在該基地看到更多機會。此外，隨著在該新地區出現更多機會，我們也在尋求額外的業務。

Got it. That's helpful. And then just on the strong cash flow, curious to what extent better paint terms here are driving some of the strength. And I guess just outside of the quarter in bigger picture, to the extent you're seeing better payment terms generally and the extent we should expect that to sustain itself into the future.

了解。這很有幫助。另外關於強勁的現金流，我想了解更好的付款條件在多大程度上推動了這些強勢表現。以及從更長期的角度來看，若你們普遍看到付款條件改善，我們應在多大程度上預期這種情況能在未來持續？

Yes. So through our contract reviews and our selection of projects and contract terms and conditions, those are the top of the list items for us to be able to negotiate good payment terms.

是的。透過我們的合約審查、專案篩選，以及合約條款與條件的設定，這些都是我們優先事項，以便協商出良好的付款條件。

In addition to other TCs as we've seen improvement on and moving on from our customers over the last several years. Billing ahead on cost-plus jobs, making sure that we're anticipating when those costs hit our books, it's something that we have focused on through operational excellence initiative, and we're seeing the results of that.

此外，過去幾年我們也看到其他條款與條件（TCs）在客戶端有所改善並持續推進。在成本加成（cost-plus）專案上提前開立帳單、確保我們能預先掌握成本何時入帳，這是我們在營運卓越計畫中持續聚焦的事項，而我們也看到了成果。

And Brian, I would just add, obviously, it's a very strong cash flow. I think it's a lot due to timing rather than a persistent result like that in every single quarter. So more timing this quarter, maybe more normalized as the year progresses?

Brian，我再補充一下，這次現金流確實非常強勁。我認為這更多是時點因素，而非每一季都會持續出現的結果。所以本季偏向時點影響，隨著年度推進可能會更趨於常態化？

Appreciate it. I'll pass it on.

感謝。我把問題交給下一位。

Joseph Osha, Guggenheim.

Joseph Osha，Guggenheim。

Hey, this is [Mike Shatodi] on for Joe. Just a question on the backlog. So that obviously grew pretty nicely. Are you able to provide a little bit more color on the composition in terms of the percent for data centers versus hospitality and high tech?

嗨，我是代替Joe的[Mike Shatodi]。我有一個關於在手訂單（backlog）問題。在手訂單顯然成長得相當不錯。你們能否就組成提供更多說明，例如資料中心相對於飯店旅宿與高科技的占比？

Yes, thanks for the question. The delivery of our services and their ability to be able to execute at a high level puts us in a great position for future work.

好的，謝謝提問。我們服務的交付能力，以及高水準的執行能力，讓我們在爭取未來工作方面處於非常有利的位置。

We're still seeing a similar level of competition that we've seen over the last couple of years and our ability to target and select projects in a disciplined manner, so we could deploy those resources and bring those returns and that success of our safety and production metrics is something that we've gotten better and better at.

我們仍看到與過去幾年相近的競爭程度；而我們以紀律方式鎖定並挑選專案的能力，使我們能部署資源並帶來回報；同時，我們在安全與產能指標上的成功，也讓我們在這方面做得越來越好。

So the competition is still about the same, it has been for the last couple of years, but as we continue to get better and build and strengthen our relationships through execution, we see a lot of opportunity to be able to achieve the backlog that we need to be able to support the growth of our business.

因此，競爭態勢與過去幾年大致相同；但隨著我們持續精進，並透過執行建立與強化客戶關係，我們看到許多機會，能取得支撐業務成長所需的在手訂單。

Yeah. And it was -- so we don't break out the percentage of data center in the backlog. But the growth did come across a number of markets, right? It wasn't just data center. It was across our commercial segment and our industrial segment. So we have good growth in our backlog across our business.

是的。另外，我們不會在在手訂單中拆分資料中心的占比。但這次成長來自多個市場，對吧？不只是資料中心。而是橫跨我們的商業部門與工業部門。因此，我們整體業務的在手訂單都有不錯的成長。

Great. Thank you.

很好。謝謝。

Swetha Rakhecha, Cantor.

Swetha Rakhecha，Cantor。

Good morning, Jeff, Max and team. This is Shweta here on behalf of [Manish Somaya]. Congrats on a very strong quarter and the very first acquisition. Jeff, a question for you.

早安，Jeff、Max以及團隊各位。我是Shweta，代表[Manish Somaya]提問。恭喜本季表現非常強勁，也恭喜完成第一筆併購。Jeff，我有一個問題想請教你。

On the contact mix and the risk discipline as customers bring a risk in earlier on large complex work, should we now expect cost plus to remain a larger share of major projects? And does that cap margin sort of upside improve margin consistency?

關於合約組合與風險紀律：當客戶在大型複雜專案更早把風險帶進來時，我們是否應預期成本加成（cost-plus）會在重大專案中維持較高占比？而這是否會限制利潤率上行空間、但提升利潤率的一致性？

Yeah, well, I think, we really appreciate our mix. Of contract type, right? I think we really want to manage that cost plus versus fixed price.

是的，我想我們非常重視我們的組合。就合約類型而言，對吧？我認為我們確實希望管理成本加成（cost-plus）與固定價格（fixed price）之間的比例。

As Jeff said in his comments, I think it helps us manage the downside, and that, along with project selection, I think really helps to manage our margins incrementally up as we go forward. So I don't think our goal isn't to really change that mix. Our goal is to grow with our customers and continue to balance that mix.

正如Jeff在評論中所說，我認為這有助於我們管理下行風險；再加上專案選擇，我認為這確實有助於我們在未來逐步提升並管理利潤率。所以我不認為我們的目標是要大幅改變這個組合。我們的目標是與客戶一起成長，並持續在該組合上取得平衡。

Yeah, I'd like to add that if you think about the medium and small-sized projects, which have, generally speaking, a higher margin, those are incredibly important to us and sequentially, our service group, which is a smaller part of our business, yet a very important part of our business, that backlog has increased from this past quarter to the previous quarter.

是的，我想補充的是，如果你看中小型專案，一般而言它們的利潤率較高，這些對我們非常重要；而且就序列比較而言，我們的服務事業群雖然在整體業務中占比較小，但非常關鍵，該部分的在手訂單從上一季到本季是增加的。

Right. That makes sense. Just one more question. I know you're not giving explicit guidance in regards to SE&M, but the business generated $109 million of revenue in '25 at a high-teen EBITDA margin.

好的。這很合理。再問最後一個問題。我知道你們不會就 SE&M 提供明確指引，但該業務在 2025 年創造了 1.09 億美元營收，且 EBITDA 利潤率在十幾個百分點的高檔。

Should investors now assume a similar annualized revenue-based post flows and sort of wanted to ask you about the integration costs and sort of seasonality that we should consider for 2026 contribution?

投資人現在是否應假設在後續資金流入後，年化的營收水準大致相近？另外也想請教你們，對於 2026 年的貢獻，我們應考量哪些整合成本以及季節性因素？

Yes, so the SC&M is forecasted to contribute between mid-teens and high-teens of EBITDA for 2026, and that covers most of our guidance slip. Our stronger core performance and confidence in our ability to build upon our operation excellence complete the balance of our updated guide.

是的，因此，預期 SC&M 在 2026 年將貢獻 EBITDA 介於十幾個百分點中段到高段之間，這涵蓋了我們指引上調的大部分。我們核心業務更強勁的表現，以及我們對持續提升營運卓越能力的信心，構成了我們更新後指引的其餘部分。

Great. Thank you. Thank you so much. Sorry, Max.

很好。謝謝。非常感謝。抱歉，Max。

No, I was just going to say, yes. So the other part you asked about was seasonality, right? I don't think there's no seasonality factors that we're thinking of there. So we kind of gave you 2025 revenue when we did the deal. And you could assume probably some mid- to high percentage growth rate on their revenue. And then as Jeff said, maintaining those margins that we disclosed earlier.

不，我只是想說，是的。所以你問的另一部分是季節性，對吧？我不認為我們在這方面有任何季節性因素需要考量。所以我們在交易時提供了 2025 年的營收。你可以假設他們的營收大概會有中到高個位數百分比的成長率。然後如 Jeff 所說，維持我們先前揭露的那些利潤率。

Right. Right.

對。對。

Thank you. I'll get back in the queue. Thanks.

謝謝。我回到排隊等候。謝謝。

(Operator Instructions) Chris Senyek, Wolfe Research.

(接線員指示) Chris Senyek，Wolfe Research。

Yeah, hi guys. Great quarter again. Questions, couple questions. Given the very strong E&M backlog and strong data center end market, I was surprised you didn't raise yearly EBITDA guidance beyond the actuals and the acquisition.

是的，嗨，各位。又是一個很棒的季度。有幾個問題。鑑於 E&M 的在手訂單非常強勁，以及資料中心終端市場強勢，我有點意外你們沒有在實際表現與併購之外，進一步上調全年 EBITDA 指引。

Is that just a matter of we're early in the year conservative in this or is there anything else we should be thinking about as we model it for the remainder of the year?

這只是因為年初還早、因此較為保守嗎？還是我們在為今年剩餘期間建模時，還需要考量其他因素？

Yeah, it's early in the year, and when you look at our line of sight of some of these projects and our record backlog and the timing of that, we're going to take another close look throughout the quarter and be able to report it out in future quarters.

是的，現在還在年初；當你看我們對部分專案的可視性、創紀錄的在手訂單以及其時點安排時，我們會在本季期間再仔細檢視，並在未來季度對外更新。

Our record backlog includes jobs that we were just awarded, and so for us to be able to make sure we've got the right profile, the right model is very important, and we'll get more information as the as the quarter proceeds.

我們的創紀錄在手訂單包含剛剛得標的案子，因此對我們而言，確保我們有正確的輪廓、正確的模型非常重要；隨著季度推進，我們會取得更多資訊。

Yeah, and just as a reminder too, Chris, right, so as we said in the last quarter's conference call and prepared remarks, right, we had some good visibility to some execution early on in the year. I think you can see, especially with our cash flow and the timing of that, some projects coming to a close since we had that some of that good execution did come forward.

是的，另外也提醒一下，Chris，對吧，如同我們在上一季的電話會議與事先準備的講稿中所說，我們對年初部分執行進度有不錯的能見度。我想你可以看到，特別是從我們現金流與其時點來看，有些專案正在收尾；由於我們當時有一些良好的執行，確實有部分進度提前發生。

So that's why when you look at the remainder of the year and then our guidance for margins kind of reverting. Back towards kind of more our core margins for the remainder of the year. So more timing, I think, than anything, not a step change in profitability.

所以這也是為什麼當你看今年剩餘期間，以及我們對利潤率的指引會出現回歸。回到今年剩餘期間更接近我們核心利潤率的水準。因此我認為主要是時點因素，而不是獲利能力出現結構性的躍升。

And then another question, are you seeing incremental transmission and utility investment tied specifically to power in large data centers? In other words, is there a meaningful pull-through demand benefiting the T&D segment from the same AI infrastructure trends that are driving EMN growth?

再一個問題，你們是否看到與大型資料中心用電相關、特別是電力方面帶動的額外輸電與公用事業投資？換句話說，推動 EMN 成長的同一波 AI 基礎設施趨勢，是否也透過連帶需求，對 T&D 事業部帶來顯著助益？

We are seeing increased opportunities in those areas and in fact, our transmission backlog has increased sequentially for the quarter, we're really confident in our ability to be able to pursue medium and large-sized transmission projects, we're going to be very selective, it has to be in our core geographies and also we have to have the available resources.

我們確實在這些領域看到更多機會；事實上，我們的輸電在手訂單本季較上季增加。對於爭取中大型輸電專案，我們非常有信心；我們會非常審慎挑選，必須在我們的核心地理區域內，而且我們也必須有可用資源。

We also don't want to abandon our customers on the MSA work, which is between 55% and 60% of our T&D revenue, a very important part of our business, so we do see increased opportunities, we're going to be selective, so we can execute and continue with the success on our really strong margins in our T&D segment.

我們也不希望在 MSA 工作上忽略既有客戶；MSA 約占我們 T&D 營收的 55% 到 60%，是我們業務非常重要的一部分。因此我們確實看到更多機會，但會選擇性承接，確保能夠執行到位，並延續我們 T&D 事業部強勁利潤率的成功表現。

Okay, great. And then if I'll sneak one more in terms of labor availability, your revenue growth rates are exceptional, there's strong end demand in E&M, how are you seeing, are you coming across labor availability issues as you sort of keep scaling that business or how are you managing that specifically given the significant growth rates you had here over the last since you came out of the spend?

好的，很好。那我再偷問一個關於勞動力供給的問題：你們的營收成長率非常亮眼，E&M 的終端需求也很強；在你們持續擴張該業務的同時，是否遇到勞動力供給不足的問題？或你們如何管理？尤其考量你們自從走出低迷以來，這段期間的成長幅度相當可觀。

Qualified available labor has always been a challenge for us, so we put more and more emphasis on outreach and once we are able to bring people into our record employment levels, we focus on thorough orientation, training, and development so we can continue to attract.

具備資格且可用的勞動力一直是我們的挑戰，因此我們在招募拓展上投入越來越多心力；一旦我們能把人員招進來、使就業人數達到創紀錄水準，我們就會著重於完整的到職導入、訓練與發展，以便持續吸引人才。

Retain and build upon our record of employment. And we put more emphasis on it. We are really good at it, and we don't take this lightly. We want to make sure that we have high performers being able to build upon and support our growth projections.

留任並在我們創紀錄的就業規模上持續擴充。我們也更加重視這件事。我們在這方面做得很好，而且我們不會掉以輕心。我們希望確保有高績效的人才，能夠在我們的成長預測上持續加乘並提供支撐。

I guess, is there a point at which that just becomes a constraint in terms of how fast you can grow, or are you confident you can continue to kind of leverage that and scale that given what you said earlier?

我想問的是，是否會有某個點，這會成為你們成長速度的限制？還是你們有信心能如你先前所說，持續運用這方面的能力並擴大規模？

I'm confident that we can scale it because of our team of people that focus on our operations and our people business.

我有信心我們能擴大規模，因為我們有一支團隊專注於營運以及以人為本的業務。

Okay, great. Thanks so much for taking my questions.

好的，很好。非常感謝回答我的問題。

Thank you.

謝謝。

(Operator Instructions)

(接線員指示)

There are no further questions at this time. I will now turn the call back to Jeff Thiede for closing remarks.

目前沒有其他提問。我現在把電話交回給 Jeff Thiede 作結語。

Thank you, operator, and thank you all again for joining us today. We will be attending several upcoming investor events, including the Oppenheimer Industrial Growth Conference as well as the Stifel and KeyBanc conferences in Boston.

謝謝接線員，也再次感謝各位今天加入我們。我們將出席接下來幾場投資人活動，包括 Oppenheimer 工業成長研討會，以及在波士頓舉行的 Stifel 與 KeyBanc 研討會。

If we are not able to connect during the next few months, 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

如果接下來幾個月我們未能與各位聯繫，我們期待在下一次季度財報電話會議上與各位交流。感謝各位對 Everus 的時間與關注。今天的電話會議到此結束

Thank you for attending. You may now disconnect.

感謝您的參與。您現在可以掛線。