EMCOR Group Inc (EME) 2023 Q1 法說會逐字稿

Good morning. My name is Keith, and I will be your conference operator today. At this time, I would like to welcome everyone to the EMCOR Group First Quarter 2023 Earnings Conference Call. (Operator Instructions) I'd now like to turn the conference over to your host today, Mr. Blake Mueller with FTI Consulting. Please begin.

早上好。我叫基思，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 EMCOR Group 2023 年第一季度收益電話會議。 （操作員說明）我現在想將會議轉交給今天的主持人，FTI 諮詢公司的 Blake Mueller 先生。請開始。

Thank you, Keith, and good morning, everyone. Welcome to the EMCOR Group conference call. We are here today to discuss the company's 2023 first quarter results, which were reported this morning. I would like to turn the call over to Kevin Matz, Executive Vice President of Shared Services, who will introduce management. Kevin, please go ahead.

謝謝你，基思，大家早上好。歡迎參加 EMCOR 集團電話會議。我們今天在這裡討論公司今天上午公佈的 2023 年第一季度業績。我想將電話轉給共享服務執行副總裁 Kevin Matz，他將介紹管理。凱文，請繼續。

Thank you, Blake, and good morning, everyone. And as always, thank you for your interest in EMCOR, and welcome to our earnings call for the first quarter of 2023. And boy, is it moving quickly? For those of you who have accessed the call via the Internet and our website, welcome to you as well, and we hope you have arrived at the beginning of our slide presentation that will accompany our remarks today.

謝謝你，布萊克，大家早上好。一如既往，感謝您對 EMCOR 的關注，歡迎來到我們 2023 年第一季度的財報電話會議。天哪，它進展迅速嗎？對於那些通過互聯網和我們的網站訪問電話會議的人，也歡迎您的到來，我們希望您已經看到我們今天發言的幻燈片演示文稿的開頭。

We are on Slide 2. This presentation and discussion contains certain forward-looking statements and may contain certain non-GAAP financial information. Page 2 describes in detail the forward-looking statements and the non-GAAP financial information disclosures. I encourage everyone to review both disclosures in conjunction with our discussion and accompanying slides.

我們在幻燈片 2 上。此演示文稿和討論包含某些前瞻性陳述，並可能包含某些非 GAAP 財務信息。第 2 頁詳細描述了前瞻性陳述和非 GAAP 財務信息披露。我鼓勵大家結合我們的討論和隨附的幻燈片來查看這兩項披露。

On Slide 3, the executives who are with me to discuss the quarter's results are Tony Guzzi, our Chairman, President and Chief Executive Officer; Mark Pompa, Executive Vice President and Chief Financial Officer; and our Executive Vice President and General Counsel, Maxine Mauricio. For call participants not accessing the conference call via the Internet, this presentation, including the slides, will be archived in the Investor Relations section of our website under Presentation. You can find us at emcorgroup.com.

在幻燈片 3 中，與我一起討論本季度業績的高管是我們的董事長、總裁兼首席執行官 Tony Guzzi；執行副總裁兼首席財務官 Mark Pompa；以及我們的執行副總裁兼總法律顧問 Maxine Mauricio。對於未通過互聯網訪問電話會議的電話參與者，此演示文稿（包括幻燈片）將存檔在我們網站的“投資者關係”部分的“演示文稿”下。您可以在 emcorgroup.com 找到我們。

And with that being said, please let me turn the call over to Tony. Tony?

話雖如此，請讓我把電話轉給托尼。托尼？

Yes. Thanks, Kevin, and good morning, and thank you for joining our call. I will cover Pages 4 through 6 in my opening comments. The momentum in the past few quarters continued in our business as we had an exceptional first quarter of 2023.

是的。謝謝，凱文，早上好，感謝您加入我們的電話會議。我將在開場評論中涵蓋第 4 頁到第 6 頁。由於我們在 2023 年第一季度表現出色，因此過去幾個季度的勢頭在我們的業務中得以延續。

Our team is executing well, and I appreciate the team's focus and dedication towards driving excellent outcomes for our customers. We earn diluted earnings per share of $2.32 on revenues of $2.89 billion and operating margin up 5.4%. We had strong first quarter organic revenue growth of 10.1% versus the year ago period. We also grew remaining performance obligations, or RPOs, from the year ago period and from December 31, 2022, to a record $7.87 billion.

我們的團隊執行得很好，我很欣賞團隊的專注和奉獻精神，致力於為我們的客戶帶來卓越的成果。我們的收入為 28.9 億美元，每股攤薄收益為 2.32 美元，營業利潤率增長 5.4%。與去年同期相比，我們第一季度的有機收入增長強勁，達到 10.1%。從去年同期和 2022 年 12 月 31 日起，我們的剩餘履約義務 (RPO) 也增加到創紀錄的 78.7 億美元。

During the first quarter of 2023, we executed very well across all segments. And the broad themes that drove our business in 2022 continued, including the underlying strength in the retrofit markets with a focus on energy efficiency and IAQ, or indoor air quality, which also leads to emissions reduction.

在 2023 年第一季度，我們在所有領域的表現都非常出色。推動我們 2022 年業務發展的廣泛主題仍在繼續，包括以能效和 IAQ 或室內空氣質量為重點的改造市場的潛在優勢，這也有助於減少排放。

Growth in the network communications and data center markets, strong demand in health care and high-tech manufacturing, including semiconductors and all things around the EV or electric vehicle value chain and traditional manufacturing and industrial projects driven by the onshoring supply chains and domestic capacity expansion. We also continue to see an increase in demand for our downstream refinery and petrochemical services.

網絡通信和數據中心市場的增長，對醫療保健和高科技製造業的強勁需求，包括半導體和電動汽車或電動汽車價值鏈周圍的所有事物，以及在岸供應鍊和國內產能擴張推動下的傳統製造業和工業項目.我們還繼續看到對下游煉油和石化服務的需求增加。

I will discuss these trends in more detail in my later commentary. Further, we are executing well on a good mix of business as evidenced by our improved gross profit margin of 15.1%. We still face headwinds from inflation and supply chain disruption, but we continue to improve our planning and execution to mitigate such headwinds, which we expect to continue through the balance of 2023.

我將在以後的評論中更詳細地討論這些趨勢。此外，我們在良好的業務組合方面表現良好，毛利率提高至 15.1% 就證明了這一點。我們仍然面臨通貨膨脹和供應鏈中斷帶來的不利因素，但我們將繼續改進我們的計劃和執行以減輕此類不利因素，我們預計這種不利因素將持續到 2023 年剩餘時間。

As our results demonstrate, we had a great start to the year in our construction segments. This was due to the expertise and skill of our subsidiary and segment teams in estimating, winning, planning and executing complex projects across diverse market sectors, trades and geographies.

正如我們的結果所表明的那樣，我們的建築部門今年開局良好。這是由於我們的子公司和部門團隊在估計、贏得、規劃和執行跨不同市場部門、行業和地域的複雜項目方面的專業知識和技能。

Our Mechanical Construction segment continues to perform in an exceptional manner with an operating income margin of 8% and organic revenue growth of 8.7%. Driving this growth is strong penetration in high-tech manufacturing, especially in the areas of semiconductors and the EV value chain as well as continued demand for data centers.

我們的機械製造部門繼續表現出色，營業利潤率為 8%，有機收入增長 8.7%。推動這一增長的是對高科技製造業的強勁滲透，尤其是在半導體和電動汽車價值鏈領域，以及對數據中心的持續需求。

We are winning in the traditional piping trades, but also our ever-expanding Fire and Life Safety trades. Our strong operating income margin is a result of exceptional job site planning and execution, supported by excellence in BIM and prefabrication.

我們不僅在傳統的管道行業中獲勝，而且在我們不斷擴大的消防和生命安全行業中也獲勝。我們強勁的營業利潤率是出色的工地規劃和執行的結果，並得到卓越的 BIM 和預製件的支持。

Our Electrical Construction segment's performance continue to strengthen to historical levels -- to historical levels. We earned an operating income margin of 6.3% in the quarter, representing a 250 basis point improvement versus a year ago period, and we had organic revenue growth of 16.8%. We had robust performance across important sectors such as network and communications, which encompasses our data center work, health care and manufacturing and industrial.

我們的電氣建築部門的業績繼續增強到歷史水平——達到歷史水平。我們在本季度的營業利潤率為 6.3%，與去年同期相比提高了 250 個基點，我們的有機收入增長了 16.8%。我們在網絡和通信等重要領域表現強勁，其中包括我們的數據中心工作、醫療保健、製造和工業。

We expect our results to continue to strengthen in the segment with improved project planning and execution, supported by the increased use of BIM, or building information modeling, and prefabrication.

我們預計，在 BIM 或建築信息模型和預製的使用增加的支持下，我們的項目規劃和執行得到改善，我們的業績將在該領域繼續加強。

Our recent acquisitions in this segment are performing well and have opened new markets and opportunities for us.

我們最近在這一領域的收購表現良好，為我們打開了新的市場和機會。

Our U.S. Building Services segment had a strong first quarter. We had operating margin of 5.2% with superior performance across the segment's Mechanical Services business as evidenced by organic growth, revenue growth, up 14.1%. We successfully executed project work and through improved planning, trade and job site coordination and estimating, managed to address some of the supply chain challenges that negatively impacted such work last year. We often talk about the work we do to increase our customers' energy efficiency and indoor improve air quality, which then results in emissions reductions and supports our customers' sustainability goals.

我們的美國建築服務部門第一季度表現強勁。我們的營業利潤率為 5.2%，該部門的機械服務業務表現出色，有機增長、收入增長 14.1% 就證明了這一點。我們成功地執行了項目工作，並通過改進規劃、貿易和工地協調和估算，設法解決了去年對此類工作產生負面影響的一些供應鏈挑戰。我們經常談論我們為提高客戶的能源效率和改善室內空氣質量所做的工作，從而減少排放並支持我們客戶的可持續發展目標。

Our building services companies work through a diverse set of channels to deliver these projects and services to commercial, institutional, health care and manufacturing customers. We serve these customers directly, but also through major real estate providers, utilities and ESCOs, or energy service companies. We see our ability to serve our customers through such diverse channels as a competitive advantage, and we'll continue to seek out the broadest set of customers possible.

我們的建築服務公司通過多種渠道向商業、機構、醫療保健和製造業客戶提供這些項目和服務。我們直接為這些客戶提供服務，但也通過主要的房地產供應商、公用事業和 ESCO 或能源服務公司提供服務。我們將通過如此多樣化的渠道為客戶提供服務的能力視為一種競爭優勢，我們將繼續尋找盡可能廣泛的客戶群。

The results of our Industrial Services segment continue to improve at a steady pace, earning an operating margin up 4.5% in the first quarter of 2023. We executed a more normal turnaround season and saw improved demand and mix for our shop services.

我們的工業服務部門的業績繼續穩步改善，2023 年第一季度的營業利潤率增長了 4.5%。我們執行了一個更加正常的周轉季節，並且看到了對我們商店服務的需求和組合的改善。

We continue to execute work supporting our customers' increased demand for energy and operating efficiency as well as the renewable fuel expansion. The segment's performance trajectory continues to improve, and we would be even more positive about this segment's outlook if solar panel supply chain issues were not delaying our execution of electrical work supporting these solar panels.

我們繼續開展工作，支持客戶對能源和運營效率日益增長的需求以及可再生燃料的擴張。該部門的業績軌跡繼續改善，如果太陽能電池板供應鏈問題沒有延遲我們支持這些太陽能電池板的電氣工作的執行，我們對該部門的前景會更加樂觀。

Our U.K. team continues to execute well despite a challenging market and foreign exchange headwinds. We continue to grow our customer base and are happy with our mix of facilities management contracts and owner-direct project work. We leave the quarter with an excellent mix of work in our record RPOs of $7.87 billion. We have a strong balance sheet to support our organic growth outlook and our capital allocation model.

儘管面臨充滿挑戰的市場和外匯逆風，我們的英國團隊仍然表現出色。我們繼續擴大我們的客戶群，並對我們的設施管理合同和業主直接項目工作的組合感到滿意。我們在創紀錄的 78.7 億美元的 RPO 中完成了本季度的出色工作組合。我們擁有強大的資產負債表來支持我們的有機增長前景和我們的資本配置模型。

And with that, I will turn the presentation over to Mark.

然後，我將把演示文稿交給馬克。

Thank you, Tony, and good morning to everyone participating on the call today. For those accessing this presentation via the webcast, we are now on Slide 7. Over the next several slides, I will augment Tony's opening commentary and review each of our reportable segment's first quarter operating performance as well as other chief financial data derived from our consolidated financial statements included in both our earnings release announcement and Form 10-Q filed with the Securities and Exchange Commission earlier this morning.

謝謝托尼，今天參加電話會議的所有人早上好。對於那些通過網絡廣播訪問此演示文稿的人，我們現在在幻燈片 7 上。在接下來的幾張幻燈片中，我將補充 Tony 的開場評論並審查我們每個可報告部門的第一季度運營業績以及來自我們合併的其他主要財務數據我們的收益發佈公告和今天上午早些時候向美國證券交易委員會提交的 10-Q 表格中包含的財務報表。

So let's expand our review of EMCOR's first quarter performance. Consolidated revenues of $2.89 billion are up $297.9 million or 11.5% over quarter 1, 2022. Our first quarter results include $35.2 million of revenues attributable to businesses acquired pertaining to the period of time that such businesses were not owned by EMCOR in last year's first quarter. Excluding the impact of acquisitions, first quarter consolidated revenues increased approximately $262.7 million or 10.1% quarter-over-quarter.

因此，讓我們擴大對 EMCOR 第一季度業績的審查。合併收入為 28.9 億美元，比 2022 年第一季度增加 2.979 億美元，增幅為 11.5%。我們第一季度的業績包括 3520 萬美元的收入歸因於去年第一季度 EMCOR 不擁有這些業務期間收購的業務.排除收購的影響，第一季度合併收入增加約 2.627 億美元，環比增長 10.1%。

Before reviewing the operating results of our individual reporting segments, I would like to highlight that our consolidated revenues of $2.89 billion established a new first quarter record and represents our second best ever quarter. With that being said, I will now cover the results of each of our reportable segments, starting with revenue.

在回顧我們各個報告部門的經營業績之前，我想強調的是，我們 28.9 億美元的綜合收入創造了新的第一季度記錄，是我們有史以來第二好的季度。話雖如此，我現在將介紹我們每個可報告部門的結果，從收入開始。

United States Electrical Construction segment quarter 1 revenues of $644.7 million, increased $122.7 million or 23.5% from 2022's comparable quarter. Excluding incremental acquisition contribution, this segment's revenues grew a strong 16.8% organically quarter-over-quarter. Increased project activity within the network and communications, health care, manufacturing and hospitality and entertainment market sectors more than offset revenue declines in transportation and traditional commercial market sector activity.

美國電氣建築部門第一季度收入為 6.447 億美元，比 2022 年同期增加 1.227 億美元或 23.5%。不包括增量收購貢獻，該部門的收入環比有機增長 16.8%。網絡和通信、醫療保健、製造以及酒店和娛樂市場部門的項目活動增加，足以抵消運輸和傳統商業市場部門活動的收入下降。

We continue to experience strong demand from our data center customers as evidenced by the growth in remaining performance obligations within the network and communications market sector, and we are executing against these contracts.

我們繼續感受到數據中心客戶的強勁需求，網絡和通信市場領域剩餘履約義務的增長證明了這一點，我們正在執行這些合同。

Revenues of our United States Mechanical Construction segment of $1.1 billion increased approximately $86 million or 8.7% from the year ago period. Revenue growth during the quarter was predominantly derived from the High-Tech and Network and Communications market sectors, increased activity within the quarter included both Mechanical Construction as well as Fire Protection Services for customer projects supporting the design and manufacture of semiconductors, electric vehicles and/or related battery technologies.

我們美國機械製造部門的收入為 11 億美元，同比增長約 8600 萬美元或 8.7%。本季度的收入增長主要來自高科技以及網絡和通信市場領域，本季度增加的活動包括機械結構以及為支持半導體、電動汽車和/的設計和製造的客戶項目提供的消防服務或相關電池技術。

Additionally, similar to our Electrical Construction segment, our Mechanical Construction businesses are experiencing strong demand resulting from the growth in data center development.

此外，與我們的電氣建設部門類似，我們的機械建設業務正經歷著數據中心開發增長帶來的強勁需求。

Both our Electrical and Mechanical Construction segments established new first quarter revenue records in 2023, and consequently, our total U.S. Construction revenues of $1.72 billion represent a first quarter record as well. This performance surpassed that of the prior year period by $208.6 million or 13.8%.

我們的機電建築部門都在 2023 年創造了新的第一季度收入記錄，因此，我們 17.2 億美元的美國建築總收入也創下了第一季度的記錄。這一業績比上年同期高出 2.086 億美元或 13.8%。

United States Building Services segment revenues of $725.4 million increased $89.8 million or 14.1%, representing an all-time quarterly record for this segment. Growth was primarily experienced within the segment's Mechanical Services division, which generated incremental revenues from each of its service lines.

美國建築服務部門的收入為 7.254 億美元，增加了 8980 萬美元或 14.1%，創下了該部門的歷史季度記錄。增長主要體現在該部門的機械服務部門，該部門從其每條服務線產生了增量收入。

Notably, we saw an increase in HVAC project and retrofit work due to slightly improved equipment availability that facilitated greater project execution when compared to last year's first quarter, which was more severely impacted by the ongoing supply chain disruptions and delays. Additionally, this segment continues to experience strong demand for building automation and control solutions as our customers seek ways to improve the energy efficiency and/or indoor air quality of their facilities. With most companies focusing on their carbon footprint, we believe that this will be an area of continuing demand for us.

值得注意的是，與去年第一季度相比，我們看到 HVAC 項目和改造工作有所增加，因為設備可用性略有提高，這有助於更好地執行項目，而去年第一季度受到持續供應鏈中斷和延誤的影響更為嚴重。此外，隨著我們的客戶尋求提高其設施的能源效率和/或室內空氣質量的方法，該細分市場對樓宇自動化和控制解決方案的需求持續強勁。大多數公司都關注他們的碳足跡，我們相信這將是我們持續需求的領域。

Our United States Industrial Services segment generated revenues of $330.9 million, an increase of $20.1 million or 6.5% year-over-year. Despite the ongoing volatility in the broader oil and gas industry, we continue to see a steady resumption in demand for our field services offerings, and as a result, we achieved a solid start to 2023. Additionally, we have experienced an increase in new built heat exchanger orders and pull-through cleaning and maintenance within this segment's shop services operations.

我們的美國工業服務部門產生了 3.309 億美元的收入，同比增長 2010 萬美元或 6.5%。儘管更廣泛的石油和天然氣行業持續動盪，但我們繼續看到對我們的現場服務產品的需求穩步恢復，因此，我們在 2023 年取得了良好的開端。此外，我們的新建項目有所增加該部門的車間服務業務中的熱交換器訂單和拉動式清潔和維護。

United Kingdom Building Services segment revenues of $110.9 million represent a reduction of $20.6 million from last year's first quarter. Unfavorable exchange rate movements due to the weakening of the pound sterling negatively impacted this segment's quarter 1, 2023 revenues by $10.8 million.

英國建築服務部門的收入為 1.109 億美元，比去年第一季度減少了 2060 萬美元。英鎊疲軟導致不利的匯率變動對該部門 2023 年第一季度的收入產生了 1080 萬美元的負面影響。

Excluding the impact of foreign exchange, EMCOR's U.K. revenues decreased due to the loss of certain facilities maintenance contracts not renewed pursuant to rebuild as well as a reduction in project activity with certain customers period-over-period.

排除外彙的影響，EMCOR 在英國的收入有所下降，原因是某些設施維護合同因重建而未續簽，以及與某些客戶的項目活動同比減少。

Please turn to Slide 8. Selling, general and administrative expenses of $281.2 million represent 9.7% of first quarter revenues and compared to $252.6 million and 9.7% of revenues in the year ago period. SG&A for the current year's quarter includes approximately $5.2 million of incremental expenses from businesses acquired, inclusive of intangible asset amortization, resulting in an organic increase in SG&A of $23.3 million.

請轉到幻燈片 8。2.812 億美元的銷售、一般和管理費用佔第一季度收入的 9.7%，而去年同期為 2.526 億美元和 9.7%。本季度的 SG&A 包括約 520 萬美元的收購業務增量支出，包括無形資產攤銷，導致 SG&A 有機增長 2330 萬美元。

With EMCOR's continued revenue growth, we have added personnel to support our back office and contract administration functions resulting in increases in salaries and benefits from the corresponding 2022 period. Additionally, with the increase in both our quarter 1 operating income and diluted earnings per share as well as the positive revision in our full year 2023 EPS outlook, which Tony will cover later in this morning's presentation, we have seen a resulting increase in incentive compensation expense to reflect the actual and anticipated improvement in year-over-year performance.

隨著 EMCOR 收入的持續增長，我們增加了人員來支持我們的後台和合同管理職能，從而導致 2022 年同期的工資和福利有所增加。此外，隨著我們第一季度營業收入和攤薄後每股收益的增加，以及我們對 2023 年全年每股收益展望的積極修正（Tony 將在今天上午晚些時候的演講中介紹），我們已經看到激勵薪酬的增加費用，以反映同比業績的實際和預期改善。

Reported operating income for the quarter was $154.9 million or 5.4% of revenues. It favorably compares to approximately $100 million of operating income or 3.9% of revenues a year ago. Consistent with my revenue commentary, the current quarter's operating income and operating margin performance each represent new quarter 1 records for the company.

本季度報告的營業收入為 1.549 億美元，佔收入的 5.4%。與一年前約 1 億美元的營業收入或占收入的 3.9% 相比，這一數字是有利的。與我的收入評論一致，本季度的營業收入和營業利潤率表現均代表了公司第一季度的新紀錄。

Specific quarterly operating income performance by segment is as follows: Our U.S. Electrical Construction segment earned operating income of $40.5 million, an increase of $20.5 million from the comparable 2022 period. Reported operating margin of 6.3% is significantly improved from last year's quarter given a more favorable revenue mix as well as the negative impact in 2022 of supply chain disruptions, which resulted in job site sequencing challenges as well as reductions in labor productivity and efficiency.

按部門劃分的具體季度營業收入表現如下：我們的美國電氣建築部門的營業收入為 4050 萬美元，比 2022 年同期增加 2050 萬美元。鑑於更有利的收入組合以及 2022 年供應鏈中斷的負面影響，報告的營業利潤率為 6.3%，比去年同期顯著提高，供應鏈中斷導致工作現場排序挑戰以及勞動生產率和效率下降。

Although we are still experiencing various degrees of supply chain difficulties, the level of impact in the current year has been less severe than that experienced in the early part of 2022. This is due to both improved equipment availability and our subsidiary management team's ability to adapt to this less-than-optimal operating environment.

儘管我們仍面臨不同程度的供應鏈困難，但今年的影響程度沒有 2022 年初那麼嚴重。這是由於設備可用性的提高和我們子公司管理團隊的適應能力到這個不太理想的操作環境。

First quarter operating income of our U.S. Mechanical Construction segment of $86.2 million represents a $27.8 million increase from last year's quarter, an operating margin of 8% represents a substantial increase from the 5.9% earned a year ago. In addition to this segment's exceptional project execution, a better revenue mix when compared to the first quarter of 2022 as well as moderate improvements in both supply chain and commodity pricing environments were the primary factors driving this quarter-over-quarter improvement.

我們美國機械製造部門第一季度的營業收入為 8620 萬美元，比去年同期增加 2780 萬美元，8% 的營業利潤率比一年前的 5.9% 有大幅增長。除了該部門出色的項目執行外，與 2022 年第一季度相比更好的收入組合以及供應鍊和商品定價環境的適度改善是推動這一季度環比改善的主要因素。

Operating income for U.S. Building Services is $37.7 million or 5.2% of revenues and compares to $24.2 million or 3.8% of revenues in 2022's first quarter. Consistent with the segment's revenue performance, these improvements were driven by the Mechanical Services division, which saw increases in both gross profit and gross margin due to better project execution as well as the favorable impact of negotiated price adjustments which have been enacted in response to the inflationary pressures we've experienced.

美國建築服務的營業收入為 3770 萬美元，佔收入的 5.2%，而 2022 年第一季度的營業收入為 2420 萬美元，佔收入的 3.8%。與該部門的收入表現一致，這些改善是由機械服務部門推動的，由於更好的項目執行以及為響應我們經歷過的通貨膨脹壓力。

Compared to the year ago period, our U.S. Industrial Services segment operating income of $15 million or 4.5% of revenues represents an increase of $1.8 million with a slight expansion in operating margin, better pricing and mix, coupled with more normalized demand are the primary reasons for these quarter-over-quarter improvements.

與去年同期相比，我們的美國工業服務部門營業收入為 1500 萬美元，佔收入的 4.5%，增加了 180 萬美元，營業利潤率略有擴大，更好的定價和組合，以及更正常的需求是主要原因對於這些季度環比改進。

U.K. Building Services operating income of $5.4 million represents a decrease of $5.2 million, while operating margin of 4.9% is reduced from 8.1% of margin a year ago. Exacerbating the impact of reduced quarterly revenues on operating income, this segment experienced a shift in the mix and size of project work, which resulted in a decrease in gross profit margin.

英國建築服務營業收入為 540 萬美元，減少了 520 萬美元，營業利潤率為 4.9%，低於一年前的 8.1%。加劇了季度收入減少對營業收入的影響，該部門的項目工作組合和規模發生了變化，導致毛利率下降。

Additionally, contributing to the unfavorable period-over-period comparison is the impact in 2022's first quarter of a successful project closeout, which enhanced reported operating margin in the prior year period. This segment's operating income was also negatively impacted in the quarter by $500,000 resulting from unfavorable exchange rate movements.

此外，2022 年第一季度項目成功收尾的影響導致了不利的同期比較，這提高了上年同期報告的營業利潤率。由於不利的匯率變動，該部門的營業收入在本季度也受到了 500,000 美元的負面影響。

We are now on Slide 9. Additional financial items of significance for the quarter, not addressed on the previous slides are as follows: Gross profit of $436.1 million is higher than the comparable prior year period by $83.5 million or 23.7%; and gross margin of 15.1% is up 150 basis points quarter-over-quarter.

我們現在在幻燈片 9 上。其他對本季度具有重要意義但未在之前的幻燈片中提及的財務項目如下： 毛利潤為 4.361 億美元，比去年同期高出 8350 萬美元或 23.7%；毛利率為 15.1%，環比上升 150 個基點。

Diluted earnings per common share was $2.32 as compared to $1.39 in 2022's first quarter. The increase in quarterly net income, combined with the reduction in our weighted average shares outstanding, has led to a $0.93 EPS improvement year-over-year. Our share repurchases in 2022 have positively impacted our first quarter 2023 diluted earnings per share by $0.25.

每股普通股攤薄收益為 2.32 美元，而 2022 年第一季度為 1.39 美元。季度淨收入的增加，加上我們加權平均流通股的減少，導致每股收益同比增長 0.93 美元。我們在 2022 年的股票回購對我們 2023 年第一季度的攤薄後每股收益產生了 0.25 美元的積極影響。

Please turn to Slide 10. EMCOR's balance sheet maintains its strength in liquidity, positioning us to fund organic growth, pursue strategic M&A opportunities and return capital to shareholders. Fluctuation of note within our balance sheet when compared to December of 2022 are as follows: Cash on hand of just over $420 million has decreased by $36.4 million. During the quarter, we utilized $84.6 million of cash to fund our operations, deployed $25.4 million for investing activities, including capital expenditures and acquisitions, and returned $23.2 million to stockholders through share repurchases and dividends. These uses of cash were partially offset by borrowings during the period of $100 million under our revolving credit facility.

請轉到幻燈片 10。EMCOR 的資產負債表在流動性方面保持強勁，使我們能夠為有機增長提供資金，尋求戰略併購機會並向股東返還資本。與 2022 年 12 月相比，我們資產負債表中的票據波動如下：手頭現金剛剛超過 4.2 億美元，減少了 3640 萬美元。本季度，我們使用了 8,460 萬美元的現金為我們的運營提供資金，部署了 2,540 萬美元用於投資活動，包括資本支出和收購，並通過股票回購和派息向股東返還了 2,320 萬美元。在我們的循環信貸額度下，這些現金使用被 1 億美元期間的借款部分抵消。

Resulting primarily from our organic growth during the period, our working capital balance has increased by nearly $193 million. The slight increase in goodwill was entirely a result of the 2 asset acquisitions completed by us during quarter 1 of 2023, while identifiable intangible assets have decreased marginally as the assets recognized in connection with these acquisitions were more than offset by amortization expense during the period.

主要由於我們在此期間的有機增長，我們的營運資金餘額增加了近 1.93 億美元。商譽的小幅增長完全是由於我們在 2023 年第一季度完成了 2 項資產收購，而可識別無形資產略有減少，因為與這些收購相關的確認資產被該期間的攤銷費用所抵消。

Total debt has increased by just under $100 million as a result of the additional borrowings under our revolving credit facility previously referenced. This increase in debt is the primary reason for the change in our debt-to-capitalization ratio reflected on the bottom of Slide 10.

由於我們之前提到的循環信貸安排下的額外借款，總債務增加了近 1 億美元。債務的增加是幻燈片 10 底部反映的我們的債務資本化比率變化的主要原因。

And lastly, our stockholders' equity balance has increased by just over $92 million as our net income for the period exceeded our share repurchases and dividend payments.

最後，我們的股東權益餘額增加了超過 9200 萬美元，因為我們的淨收入超過了我們的股票回購和股息支付。

With my portion of this morning's slide presentation completed, I will now return the call back to Tony. Tony?

今天早上我的幻燈片演示部分已經完成，我現在將把電話轉回給托尼。托尼？

Yes. Thanks, Mark, and I'm going to be on Page 11, remaining performance obligations by segment and market. The robust demand for our services continued the trend we experienced in the final 3 quarters of 2022 into the first quarter of 2023. Total company remaining performance obligations, or RPOs, at the end of the first quarter were almost $7.9 billion, up a little over $1.9 billion or 32% over the March 2022 total of $5.95 billion. All but approximately $169 million of the $1.9 billion increase was organic.

是的。謝謝，馬克，我將在第 11 頁上，按細分市場和市場剩餘的履約義務。對我們服務的強勁需求延續了我們在 2022 年最後 3 個季度到 2023 年第一季度所經歷的趨勢。第一季度末公司剩餘履約義務或 RPO 總額接近 79 億美元，略高於19 億美元，比 2022 年 3 月的 59.5 億美元總額增長 32%。在 19 億美元的增長中，除約 1.69 億美元外，其餘均為有機增長。

Additionally, first quarter project bookings were also strong with RPOs increasing $414 million or 5.5% in the first 3 months of 2023 from year-end 2022. With a 10.1% organic revenue growth, the continued RPO growth is a sign of strong underlying demand in our most resilient sectors. RPO growth was broad-based with each of our domestic reporting segments experiencing double-digit RPO growth in the first quarter versus the first quarter in the year ago period. Further, each of these 4 business segments saw RPOs increased in the first quarter from year-end 2022.

此外，第一季度的項目預訂也很強勁，2023 年前 3 個月的 RPO 比 2022 年底增加了 4.14 億美元或 5.5%。隨著 10.1% 的有機收入增長，RPO 的持續增長表明潛在需求強勁我們最具彈性的部門。 RPO 增長基礎廣泛，與去年同期相比，我們的每個國內報告部門在第一季度都經歷了兩位數的 RPO 增長。此外，從 2022 年底開始，這 4 個業務部門在第一季度的 RPO 均有所增加。

Our 2 domestic construction segments experienced strong progress -- project growth year-over-year with combined RPOs increasing just under $1.7 billion or 36% from March 2022. The U.S. Mechanical Construction segment saw RPOs increased by $934 million or 28%. While the U.S. Electrical Construction segment saw an increase of $754 million or 58%. Much of the Construction segment's RPO increase results from continued demand for hyperscale data centers, semiconductor manufacturing and health care facilities.

我們的 2 個國內建築部門取得了強勁進展——項目同比增長，自 2022 年 3 月以來，合併 RPO 增加了近 17 億美元或 36%。美國機械製造部門的 RPO 增加了 9.34 億美元或 28%。而美國電氣建築部門則增長了 7.54 億美元或 58%。建築部門的 RPO 增長主要來自對超大規模數據中心、半導體製造和醫療保健設施的持續需求。

We are also engaged in the buildup of the electric vehicle or EV value chain, which includes the production and development of electric vehicles, battery plants and other manufacturing and industrial facilities driven to support this important new industry. We also are seeing increased demand from the onshoring of manufacturing and industrial facilities as well as the expansion of capacities by some of our customers. Also across this whole EV value chain and across this reassuring and capacity expansion, we're seeing strong demand for our Fire and Life Safety services.

我們還致力於構建電動汽車或 EV 價值鏈，包括生產和開發電動汽車、電池廠和其他製造和工業設施，以支持這一重要的新興產業。我們還看到製造和工業設施的回岸需求增加，以及我們的一些客戶的產能擴張。同樣在整個電動汽車價值鏈以及這種令人放心的產能擴張中，我們看到了對我們的消防和生命安全服務的強勁需求。

Our U.S. Building Services RPO levels increased $237 million or 23% from March 2022 and now stands at $1.25 billion, and a lot of that is a small to midsized project and service work. Like all of 2022, this quarter saw continued project awards in its Mechanical Services division which is focused a lot on energy efficiency, indoor air quality and general retrofit projects as well as repair service work with growth in all the channels we serve to deliver these projects. U.S. Industrial Services grew RPO slightly year-over-year due to an increase in demand for our heat exchanger shop services and products.

我們的美國建築服務 RPO 水平比 2022 年 3 月增加了 2.37 億美元或 23%，目前為 12.5 億美元，其中很多是中小型項目和服務工作。與 2022 年全年一樣，本季度其機械服務部門繼續獲得項目獎勵，該部門重點關注能源效率、室內空氣質量和一般改造項目以及維修服務工作，我們為交付這些項目提供的所有渠道都在增長.由於對我們的換熱器車間服務和產品的需求增加，美國工業服務業務的 RPO 同比略有增長。

Moving to the right side of the page, we show RPOs broken down by market sector. As you can see, we have expanded sector segmentation to 10 market sectors. As we stated in our February call and for greater transparency into our current and future work, we split out what was previously reported as commercial RPOs into 3 sectors.

轉到頁面右側，我們顯示按市場部門細分的 RPO。如您所見，我們已將部門細分擴展到 10 個市場部門。正如我們在 2 月份的電話會議中所說，為了提高我們當前和未來工作的透明度，我們將之前報告的商業 RPO 分為 3 個部分。

The first of which is at the bottom is the traditional commercial projects, and that's the golden bar. It includes work in office buildings, warehouses, retail and restaurants and other commercial buildings. Commercial sector RPOs have increased $198 million or a little over 12% on a year-over-year basis. We disaggregated these commercial sectors into other ones to include network and communication. And that is the maroon bar. And that includes work that we've previously referred to as our telecommunications projects, which are data centers, data and fiber projects and network cabling projects. This sector has grown RPOs $516 million or 86% year-over-year.

第一個在最下面的是傳統的商業項目，也就是金條。它包括在辦公樓、倉庫、零售和餐館以及其他商業建築中工作。商業部門 RPO 同比增長 1.98 億美元或略高於 12%。我們將這些商業部門分解為其他部門，包括網絡和通信。那就是栗色酒吧。這包括我們之前稱為電信項目的工作，即數據中心、數據和光纖項目以及網絡佈線項目。該行業的 RPO 增長了 5.16 億美元，同比增長 86%。

We now have a group called high-tech projects, and it's in the high-tech manufacturing sector, as shown by the green bar. And these projects and services are in the semiconductor, biotech, life sciences, pharmaceutical and the EV value chain. Year-over-year, high-tech RPOs have increased $481 million or over 100%. We believe that these industries in this high-tech sector, high-tech manufacturing sectors, are in, for the most part, in the initial stages of capacity expansion and development. And that's what we -- we continue to expect to see growth, and it will be up and down a little bit as these are large projects a lot of times coming in, and that will drive growth in our RPOs.

我們現在有一個稱為高科技項目的組，它屬於高科技製造業，如綠色條所示。這些項目和服務涉及半導體、生物技術、生命科學、製藥和電動汽車價值鏈。與去年同期相比，高科技 RPO 增加了 4.81 億美元，增幅超過 100%。我們認為，在這個高科技領域，高科技製造業中的這些行業，大部分都處於產能擴張和發展的初級階段。這就是我們 - 我們繼續期望看到增長，並且會有所上升和下降，因為這些是很多次的大型項目，這將推動我們 RPO 的增長。

We also believe that to date, there has been negligible impact of the government legislation that was designed to support these sectors. It just was passed, and we think that legislation will not only increase further demand, but we think it will elongate the duration of that demand.

我們還認為，迄今為止，旨在支持這些行業的政府立法的影響微乎其微。它剛剛通過，我們認為立法不僅會增加進一步的需求，而且我們認為它會延長這種需求的持續時間。

As I've said before, we continue to broaden our Fire Life Safety services across all these sectors. That would be the gold, the maroon and the green and we continue to provide projects across all sectors. Looking at other market sectors and year-over-year activity, health care RPOs are up 55%, institutional is up 10%, and manufacturing and industrial are up 35%, and short duration projects, which include much of the HVAC and repair service work, it's flat, maybe up 1%. And partially offsetting this increase was a reduction in transportation and water and wastewater RPOs.

正如我之前所說，我們將繼續擴大我們在所有這些領域的消防生命安全服務。那將是金色、栗色和綠色，我們將繼續提供所有領域的項目。從其他市場部門和同比活動來看，醫療保健 RPO 增長 55%，機構增長 10%，製造業和工業增長 35%，以及短期項目，其中包括大部分 HVAC 和維修服務工作，持平，可能上漲 1%。部分抵消了這一增長的是運輸以及水和廢水 RPO 的減少。

And looking at our market sector participation, it is noteworthy to see how balanced our participation is. This balance demonstrates one of the strengths we have highlighted before, which is our ability to provide electrical and mechanical construction, retrofit and repair service technical labor and solutions across diverse non-residential market sectors in U.S. and U.K. geographies. We have decent work in hand and continue to bid new project opportunities across many non-residential market sectors.

看看我們的市場部門參與，值得注意的是我們的參與是多麼平衡。這種平衡展示了我們之前強調的優勢之一，即我們能夠在美國和英國地區的不同非住宅市場部門提供機電施工、改造和維修服務技術勞動力和解決方案。我們手頭有體面的工作，並繼續在許多非住宅市場領域競標新項目機會。

Our project mix is good, and we are executing well in all phases of project delivery in what is still a very challenging operating environment. I have mentioned several of these robust sectors before today that drive our growth.

我們的項目組合很好，在仍然極具挑戰性的運營環境中，我們在項目交付的所有階段都執行良好。在今天之前，我已經提到了其中幾個推動我們增長的強勁行業。

On the next page, on Page 12, you'll see highlights and more depth that explain them to you. I am not going to cover that page in detail today because I think it would be redundant with the commentary I just made explaining our RPOs. And with the enhanced disclosure around commercial, I think we've met many of the things we talk about on Page 12.

在下一頁，即第 12 頁，您將看到要點和更深入的解釋。我今天不打算詳細介紹該頁面，因為我認為它與我剛剛解釋我們的 RPO 的評論是多餘的。隨著圍繞商業的更多披露，我認為我們已經遇到了我們在第 12 頁上討論的許多事情。

And with that, I will now turn to Page 13 and 14. We expect our success to continue in 2023 despite a market that has uncertainty in it. We are going to leave our revenue guidance intact at $12 billion to $12.5 billion in revenues, but we are going to increase our earnings per diluted share guidance from what was a range of $8.75 to $9.50 to $9.25 to $10, and earnings per diluted share is what we now expect our guidance to be.

然後，我現在將翻到第 13 頁和第 14 頁。儘管市場存在不確定性，但我們預計我們的成功將在 2023 年繼續。我們將保持 120 億美元至 125 億美元的收入指導不變，但我們將把稀釋後每股收益指導從 8.75 美元至 9.50 美元提高到 9.25 美元至 10 美元，稀釋後每股收益為我們現在期望我們的指導是什麼。

Our RPOs remain strong, and we continue to see demand in key areas like we talked about, commercial retrofit, semiconductors, health care, data centers, bio life sciences. We also are seeing strong demand, as I said before, for our Fire Life Safety services across most major end markets.

我們的 RPO 仍然強勁，我們繼續看到我們談到的關鍵領域的需求，商業改造、半導體、醫療保健、數據中心、生物生命科學。正如我之前所說，我們還看到大多數主要終端市場對我們的消防生命安全服務的強勁需求。

The supply chain issues and challenges that we experienced through the last 18 months still exists with long lead times, unreliable delivery schedule for finished systems like switchgear and HVAC equipment. We also expect to continue to see inflationary pressures for labors, materials and fuel. However, as we did in most of 2022 and in the first quarter of 2023, we will continue to adapt to better planning, estimating and resource allocation.

我們在過去 18 個月中經歷的供應鏈問題和挑戰仍然存在，如開關設備和 HVAC 設備等成品系統的交貨時間長、交付時間表不可靠。我們還預計將繼續看到勞動力、材料和燃料的通脹壓力。然而，正如我們在 2022 年的大部分時間和 2023 年第一季度所做的那樣，我們將繼續適應更好的規劃、估算和資源分配。

So where do we end up in this guidance range will depend on several factors, some in our control and some outside of our control. And I'm going to cover first the ones that we believe that are more in our control. And it's not an exhaustive list, but it is the major ones.

因此，我們在這個指導範圍內的最終位置將取決於幾個因素，一些在我們的控制範圍內，一些在我們的控制範圍之外。我將首先介紹我們認為更受我們控制的那些。這不是一個詳盡的清單，但它是主要的清單。

The first thing we need to do is we need to continue to increase our use of BIM, or building information modeling, prefabrication enhanced planning to drive efficiency, improve safety and increase the quality and productivity of our service delivery. We can need to continue to pay attention and enhance our pricing and estimating to mitigate the impact of inflation and supply chain challenges.

我們需要做的第一件事是我們需要繼續增加對 BIM 或建築信息模型的使用，預製增強規劃以提高效率、提高安全性並提高我們服務交付的質量和生產力。我們可能需要繼續關注並加強我們的定價和估算，以減輕通貨膨脹和供應鏈挑戰的影響。

Third, we need to leverage our reputation as an employer of choice to staff our jobs with the right mix of skills and classifications to not only enhance our labor productivity, but also our safety and cost.

第三，我們需要利用我們作為首選雇主的聲譽，為我們的工作配備正確的技能和分類組合，以不僅提高我們的勞動生產率，而且提高我們的安全和成本。

Fourth, we need to train and educate our employees at all levels of the organization to work smarter and lead better.

第四，我們需要培訓和教育我們組織中各個層級的員工，讓他們更聰明地工作，更好地領導。

Fifth, we need to be vigilant with our commercial service customers and actively monitor their financial condition and payment status with us as they remain challenged with occupancy and now refinancing issues. And finally, we always look to gain SG&A leverage.

第五，我們需要對我們的商業服務客戶保持警惕，並積極監控他們的財務狀況和我們的付款狀態，因為他們仍然面臨入住率和現在的再融資問題。最後，我們總是希望獲得 SG&A 的影響力。

However, we always will have areas beyond our control that could affect our performance. Number one, material sourcing and lead times continue to challenge the market and our customers. I don't think that's improving in 2023, not much anyway.

然而，我們總是會有超出我們控制範圍的區域，這些區域可能會影響我們的表現。第一，材料採購和交貨時間繼續挑戰市場和我們的客戶。我不認為這種情況在 2023 年會有所改善，反正不會有太大改善。

Number two, higher interest rates and economic uncertainty may impact the demand for some of our customers' products and services, and then it will impact us. I expect this will move some projects in the planning stage for later periods, and those in the decision stage may be postponed, re-phased or re-scoped.

第二，更高的利率和經濟不確定性可能會影響對我們客戶的某些產品和服務的需求，然後它會影響我們。我預計這會將一些處於規劃階段的項目轉移到後期，而那些處於決策階段的項目可能會被推遲、重新分階段或重新確定範圍。

Number three, disruption caused by uncertain energy markets and supply, especially as the conflict in Ukraine continues and it could potentially intensify. OPEC took supply out of the market and China's reopening increases demand. However, we expect to continue to generate strong operating cash flow, and we'll continue to execute our long-term and successful capital allocation strategy that balances supporting our organic growth and acquisition while returning cash to shareholders through dividends and share repurchases.

第三，能源市場和供應的不確定性造成的破壞，尤其是在烏克蘭衝突持續且可能加劇的情況下。歐佩克從市場上奪走了供應，而中國的重新開放增加了需求。然而，我們預計將繼續產生強勁的經營現金流，我們將繼續執行我們長期和成功的資本配置戰略，平衡支持我們的有機增長和收購，同時通過股息和股票回購向股東返還現金。

Finally, as always, I would like to continue to thank the EMCOR team because none of this would be possible without your discipline, teamwork and dedication to drive the best possible results for our customers. And as a result of serving our customers so well, we continue to produce outstanding results for our shareholders.

最後，一如既往，我要繼續感謝 EMCOR 團隊，因為如果沒有你們的紀律、團隊合作和為我們的客戶帶來最佳結果的奉獻精神，這一切都不可能實現。由於為我們的客戶提供瞭如此出色的服務，我們繼續為我們的股東創造出色的業績。

And with that, Keith, I will take questions.

基思，我將回答問題。

(Operator Instructions) And today's first question comes from Brent Thielman with D.A. Davidson.

（操作員說明）今天的第一個問題來自 D.A. 的 Brent Thielman。戴維森。

Congrats on the great quarter. Tony, I was just wondering if you could comment on your traditional commercial verticals, just in the context of these kind of heightened concerns around credit tightening. It seems like that would be an area you may have the most exposure risk. But I'd love to hear sort of how you'd pick that apart. Are there high levels of retrofit and upgrades within that vertical versus new construction? Any anecdotes there would be really helpful.

祝賀這個偉大的季度。托尼，我只是想知道你是否可以就你的傳統商業垂直領域發表評論，就在對信貸緊縮的擔憂加劇的背景下。這似乎是您可能面臨最大暴露風險的區域。但我很想听聽您如何區分它。與新建築相比，該垂直建築是否有高水平的改造和升級？那裡的任何軼事都會非常有幫助。

I mean -- so that's why we did the enhanced disclosure. Then you can see the yellow bars, traditional commercial. And it's the part that's up least year-over-year, and it's essentially flat from year-end. Now part of that is a result of we're starting to burn through. That's where you really saw the impact of elongated supply lines because those projects that we do, for the most part, are meant to be quicker hitting.

我的意思是 - 這就是我們進行增強披露的原因。然後你可以看到黃色的酒吧，傳統的商業。這是同比增長最少的部分，與年底相比基本持平。現在，部分原因是我們開始燃燒殆盡。這就是你真正看到延長供應線的影響的地方，因為我們所做的那些項目，在大多數情況下，都是為了更快地實現目標。

So if you think about EMCOR's commercial backlog, probably less than 1% of what we do today to 1.5%, is what I would call new out-of-the-ground commercial or high-rise residential.

因此，如果您考慮 EMCOR 的商業積壓，可能不到我們今天所做工作的 1% 到 1.5%，我稱之為新的地面商業或高層住宅。

At one time, that was very different. The bulk of the business that's in that traditional yellow section or even that pink section -- probably that pink section has -- you could take that pink section and spread it across all our other sectors there, the short duration projects. But that yellow, for the most part, is aftermarket. It's short-duration projects -- not short duration. It's major retrofit, it's retrofit, it's tenant build-out, it's ad moves and changes. It's where our longer-duration energy retrofit projects are. It's that kind of stuff. It's the fast preponderance of what we do in commercial now.

有一次，那是非常不同的。在那個傳統的黃色部分甚至那個粉紅色部分中的大部分業務——可能那個粉紅色部分都有——你可以把那個粉紅色部分分散到我們那裡的所有其他部門，即短期項目。但在大多數情況下，黃色是售後市場。這是短期項目——不是短期項目。這是重大改造，它是改造，它是租戶擴建，它是廣告移動和變化。這是我們的長期能源改造項目所在的地方。就是那種東西。這是我們現在在商業領域所做的快速優勢。

And then as you move up, right, we talked about the maroon and the green. I mean the reality is that's a good breakout, right, because that's where the growth is coming for us. And like we said, that growth was coming even before the enhanced legislation, like the CHIPS Act and IRA, we expect that to even continue more and I talked about it maybe growth or elongation. But we're more careful in that commercial sector. We've been careful in that commercial sector for a long time.

然後當你向上移動時，我們談到了栗色和綠色。我的意思是現實是這是一個很好的突破，對吧，因為這就是我們增長的方向。就像我們說的那樣，這種增長甚至在 CHIPS 法案和 IRA 等強化立法之前就已經出現了，我們預計這種情況甚至會持續更多，我談到它可能是增長或延長。但我們在商業領域更加謹慎。長期以來，我們一直在該商業領域保持謹慎。

We're especially careful when it's developer-led. We pay attention to a lot of collections, and we pay attention to their financing. Do I think new grow commercial is a growth market right now? No. Do I think there's opportunities with well-capitalized customers? The answer is yes. Do I think the energy efficiency market has legs for a lot to go? And I like the way we service that energy efficiency market and the short-duration project market.

當它由開發人員主導時，我們會特別小心。我們關注很多藏品，我們關注他們的融資。我認為新的種植商業現在是一個增長市場嗎？不。我認為資本充足的客戶有機會嗎？答案是肯定的。我認為能效市場還有很多路要走嗎？我喜歡我們為能源效率市場和短期項目市場提供服務的方式。

We service that through a lot of different channels. We go direct to the owner. We go to the owners, what would be called, their in-house general contractor or construction manager that may run all their projects like in a university or a manufacturing setting, but we're the contractor of choice and have been there for a while.

我們通過許多不同的渠道提供服務。我們直接去找主人。我們去找業主，所謂的業主，他們的內部總承包商或施工經理，他們可能會像在大學或製造環境中一樣運行他們所有的項目，但我們是首選承包商並且已經在那裡待了一段時間.

We go through the large real estate providers and facilities managers. We go through that channel. We go through utilities that have programs where they -- where they helps fund and direct and they have the salespeople that work with us to sell the project.

我們通過大型房地產供應商和設施經理。我們通過那個通道。我們通過有項目的公用事業公司——在那裡他們幫助資助和指導，他們有與我們合作銷售項目的銷售人員。

And then we go through the major ESCOs where they may sell a project, and now they actually have people actually have to go figure out how to get it done. And we have the sales force that knows how to sell to them and sell every one of those channels. And so we like that position. We think that market has legs. So it's a complex answer. But that's why we did the enhanced disclosure because we were thinking -- we were starting to make it harder for us to help people understand where the real growth and what that commercial sector the way we traditionally defined it was.

然後我們通過主要的 ESCO，他們可能會在那裡出售項目，現在他們實際上需要人們去弄清楚如何完成它。我們的銷售人員知道如何向他們銷售以及如何銷售這些渠道中的每一個。所以我們喜歡那個位置。我們認為市場有腿。所以這是一個複雜的答案。但這就是我們加強披露的原因，因為我們在想——我們開始讓我們更難幫助人們了解真正的增長在哪里以及我們傳統定義的商業部門是什麼。

Okay. I appreciate that. Just I guess staying on the topic of the RPOs, Tony, the health care piece also really sticks out to me, just the continued expansion there. I guess my question is, would you consider that a fairly diverse group of customers and a broader trend? Or is this aligned with some specific customers that just happen to be spending?

好的。我很感激。只是我想留在 RPO 的話題上，托尼，醫療保健部分也很吸引我，只是那裡的持續擴張。我想我的問題是，您是否認為這是一個相當多樣化的客戶群體和更廣泛的趨勢？還是這與某些恰好在消費的特定客戶一致？

It's both. It's both, Brent. It's both, right? $0.01, specific customers drive that backlog because they can be large projects. But if you look over a 2- or 3-year period, over time, and with the way we think about it is part of a broader trend. They got, quite frankly, disrupted a little bit with COVID because they weren't building new facilities in the middle of COVID. They were building emergency facilities been on new facilities or retrofitting so you can do multi-use. So some of this is pent-up demand or what should have been capital planning, but it's a long-term trend.

兩者都是。兩者都是，布倫特。兩者都是，對吧？ 0.01 美元，特定客戶推動積壓，因為它們可能是大型項目。但如果你回顧 2 年或 3 年的時間段，隨著時間的推移，我們認為它是更廣泛趨勢的一部分。坦率地說，他們因 COVID 受到了一些干擾，因為他們沒有在 COVID 期間建造新設施。他們在新設施上建造應急設施或進行改造，以便您可以進行多用途。因此，其中一些是被壓抑的需求或本應進行的資本規劃，但這是一個長期趨勢。

Hospitals and big health care facilities and outpatient facilities, they need to be cleaner. They need to have better ventilation. They need to have an ability to flex from positive pressure to negative pressure in our world. They have much more complex low-voltage needs. They have much more complex general electrical needs. They have to put backup power. And while they're doing all that, they have to think about their sustainability goals and how they're going to operate that facility more efficiently.

醫院、大型醫療保健設施和門診設施，它們需要更清潔。他們需要更好的通風。他們需要有能力在我們的世界中從正壓力轉變為負壓力。他們有更複雜的低電壓需求。他們有更複雜的一般電氣需求。他們必須提供備用電源。在他們做所有這些的同時，他們必須考慮他們的可持續發展目標以及他們將如何更有效地運營該設施。

Okay. And the last one, just, I guess, which of the 2 construction business groups are you seeing still sort of more profound challenges related to the supply disruptions in place, is it more electrical or mechanical? Because it looks like the electrical margin definitely snapped back big from last year, but maybe a little below what levels we've seen in the past. I'd just love to kind of understand that.

好的。最後一個，我想，您認為這兩個建築業務集團中的哪一個仍然面臨著與供應中斷相關的更深刻的挑戰，是電氣的還是機械的？因為看起來電氣利潤率肯定比去年大幅回升，但可能略低於我們過去看到的水平。我只是想有點理解這一點。

I think, I would say probably electrical more than mechanical. It's a more consolidated market for major end products, and it's more on the critical path. So we've had to rejigger our means and methods to work around that. Mechanically, we buy a lot of equipment, we do a lot of HVAC work. We also do a lot of the straight piping work, supporting big process plants or where the owner bought the equipment.

我想，我想說的可能是電氣而不是機械。對於主要的終端產品來說，這是一個更加整合的市場，而且它更處於關鍵路徑上。所以我們不得不重新調整我們的手段和方法來解決這個問題。在機械方面，我們購買了很多設備，做了很多 HVAC 工作。我們還做很多直管工作，支持大型加工廠或業主購買設備的地方。

And so they do that in the electrical business, too, for major gear. But my experience has been when you look at things like generators and switchgears and smart panels, the delivery performance is not great yet. The mechanical has gotten a little better. At least what they say they're going to do, they do. But the electrical lead times haven't really moved much down at all. The mechanicals have started to move down a little bit. And I think, in general, the mechanical sales forces are more in tune with their factories. And I think they have better visibility to keep us up to date on what's happening than the electrical sales force.

因此，他們在電氣行業也這樣做，主要是為了生產齒輪。但我的經驗是，當你查看發電機、開關設備和智能面板等產品時，交付性能還不是很好。機械變得更好了。至少他們說他們要做的，他們做到了。但電氣交貨時間並沒有真正下降太多。機械裝置已經開始向下移動一點點。而且我認為，總的來說，機械銷售人員與他們的工廠更加協調。而且我認為他們比電氣銷售人員具有更好的可見性，可以讓我們及時了解正在發生的事情。

And the next question comes from Adam Thalhimer with Thompson, Davis.

下一個問題來自 Adam Thalhimer 和 Thompson, Davis。

Great quarter. On the industrial business, that was your best quarterly op income in 3 years. Just curious what your visibility is like there and what the -- if you can build on the Q1 results.

偉大的季度。在工業業務方面，這是 3 年來最好的季度營業收入。只是好奇你在那裡的能見度如何以及 - 如果你可以在第一季度的結果的基礎上再接再厲。

Look, we think, things have gotten better. We like where our shop backlog is at. We like what that portends for the future. We think we're in a more normalized operating environment, which is good. We expect to continue to operate normally. We have no reason to believe we don't have a normal fall turnaround season coming up.

看，我們認為，事情變得更好了。我們喜歡我們的商店積壓訂單所在的位置。我們喜歡這預示著未來。我們認為我們處於一個更加規範化的運營環境中，這很好。我們希望繼續正常運作。我們沒有理由相信我們不會迎來正常的秋季周轉季節。

I think the long Poole & Kent is a new product we have, right, or a new service, which is building these alternative energy, the renewables, especially around solar, and that's clogged up everywhere. But Mark, I mean...

我認為長期的 Poole & Kent 是我們擁有的新產品，對，或者是一項新服務，它正在建設這些替代能源，可再生能源，特別是圍繞太陽能，而且到處都被堵塞了。但是馬克，我是說……

Yes, Adam, the only thing I would add is just don't lose sight of the fact of the seasonality of that business. So it's kind of bookends quarter 1 and quarter 4. But having said that, we saw, as Tony mentioned a couple of times during his prepared remarks, we saw it's close to a normal operating environment as we've seen in a while with that customer base. And it's -- a lot of it is mix driven as well. So we're deploying the qualified label we have. And if our customers adhere to their -- to the schedules that we've been planning with them, we're optimistic that 2023 is going to at least look like a normal 12-month performance period for the Industrial Services segment.

是的，亞當，我唯一要補充的是不要忽視該業務的季節性這一事實。所以這是第 1 季度和第 4 季度的書擋。但是話雖如此，我們看到，正如 Tony 在準備好的發言中多次提到的那樣，我們看到它接近正常的操作環境，正如我們在一段時間內看到的那樣客戶群。而且它 - 其中很多也是混合驅動的。所以我們正在部署我們擁有的合格標籤。如果我們的客戶遵守他們的 - 我們一直與他們一起計劃的時間表，我們樂觀地認為 2023 年至少看起來像工業服務部門正常的 12 個月業績期。

And that's reflected in our guidance. And part of that is reflected in our guidance takeup.

這反映在我們的指南中。其中一部分反映在我們的指導意見中。

Okay. What is the outlook for solar panels? I don't know that, if I've followed that closely.

好的。太陽能電池板的前景如何？我不知道，如果我密切關注它。

There are certainly people way better qualified to talk about that than us as part of our business. But based on what we see, not good. It's still plugged up. I don't think there's going to be this big uptick this year. But again, that's sort of -- there's people who know a lot more about that. To me, as someone that's followed it closely to our bidding on work, we see a lot of delayed work.

作為我們業務的一部分，肯定有比我們更有資格談論這個問題的人。但根據我們所看到的，情況並不好。它仍然堵塞。我認為今年不會有這麼大的上漲。但同樣，這有點——有些人對此了解得更多。對我來說，作為密切關注我們投標工作的人，我們看到了很多延遲的工作。

Yes. And then I guess, Brent kind of touched on this, but I just wanted to touch on your macro comment. And I guess the debate is, where do you think macro would manifest itself? Because it seems like a lot of these big projects are kind of locked and loaded and there's government support. So maybe those big projects go, but there's risk to the short duration projects?

是的。然後我想，布倫特有點提到了這一點，但我只是想談談你的宏觀評論。我想爭論的焦點是，你認為宏觀經濟會在哪裡表現出來？因為看起來很多這樣的大項目都是鎖定和加載的，並且有政府的支持。那麼也許那些大項目會去，但短期項目有風險嗎？

Yes. I think there's -- it's hard to tell. I mean the short-duration projects have something that's been driving them for a while. And so there's this counterbalancing view out there, right, in my mind because of energy pricing, and people who drive for more sustainable facilities. So on one hand, you sit there and say, why I just won't do the project. On the other hand, you say, every day, I don't do that project, my cost structure becomes worse because energy prices continue to become uncertain and escalate.

是的。我認為有——這很難說。我的意思是短期項目有一些東西已經推動了他們一段時間。因此，由於能源定價和推動更可持續設施的人們，在我的腦海中出現了這種平衡的觀點。所以一方面，你坐在那裡說，為什麼我不做這個項目。另一方面，你說，每一天，我不做那個項目，我的成本結構變得更糟，因為能源價格繼續變得不確定和升級。

And most of our major customers have committed to sustainability goals. And you can't get there unless you do equipment replacement and modernization and all -- something as simple as fixing the compressor lines in a manufacturing facility. That requires a lot of work. It requires new equipment. If you take out something that used to be 0.68 kW per tonne, and now you're putting in something with 0.32 kW per tonne on a chiller and it has variable speed, that's a market change in your operating cost profile.

我們的大多數主要客戶都致力於實現可持續發展目標。除非你進行設備更換和現代化改造等等，否則你無法到達那裡——就像在製造設施中修理壓縮機管線一樣簡單。這需要大量的工作。它需要新設備。如果你取出過去每噸 0.68 kW 的東西，現在你在冷卻器上放入每噸 0.32 kW 的東西並且它具有可變速度，這就是你的運營成本概況的市場變化。

And then you're going to start thinking about, okay, I have to do that. If I don't do that in these triple net leases, which has always been the bane to the existence of energy efficiency, my building may no longer be competitive, right? So I have all these forces going on around me. And so I think that if you're heavily exposed to new build commercial, you probably have a different outlook than we have on that.

然後你會開始想，好吧，我必須這樣做。如果我在這些一直是能源效率存在的禍根的這些三重淨租賃中不這樣做，我的建築可能不再具有競爭力，對吧？所以我周圍有所有這些力量。所以我認為，如果你大量接觸新建商業廣告，你可能會有與我們不同的看法。

I also think, if you think of some of these major projects that are going on, on those big things I talked about from reshoring, EV value chain, semiconductors, data centers. And remember, there's a whole ecosystem around each of those. I guess most of this was happening without government support. That can only help it now, and it can only elongate it in my mind.

我還認為，如果你想到正在進行的這些重大項目中的一些，就我談到的那些大事，從回流、電動汽車價值鏈、半導體、數據中心。請記住，每一個都有一個完整的生態系統。我想這大部分是在沒有政府支持的情況下發生的。那隻能在現在幫助它，它只能在我的腦海中拉長它。

And most of these customers are not worried about a 500 basis point expansion in interest rate costs. One, they're self-funded for the most part and the kind of value they're going to create over what they're doing. And then you layer on top of that for some of these industries, the demands with respect to national security and the onshoring of some critical industries, I think that mix drives long-term demand in a favorable way.

而且這些客戶中的大多數並不擔心利率成本增加 500 個基點。第一，他們大部分時間都是自籌資金的，他們將在他們所做的事情上創造那種價值。然後，對於其中一些行業，國家安全方面的需求和一些關鍵行業的外包，我認為這種組合以有利的方式推動了長期需求。

And look, for us, we have great RPOs. We expect to continue to have great RPOs. From this high level, that could plus or minus a little bit quarter-to-quarter, but we expect our overall trends over the next couple of years to be pretty good as are in these major sectors. But we'll see.

看，對我們來說，我們有很棒的 RPO。我們希望繼續擁有出色的 RPO。從這個高水平來看，這可能會按季度增加或減少一點，但我們預計未來幾年我們的總體趨勢將與這些主要行業一樣良好。但我們拭目以待。

And the next question comes from Sean Eastman with KeyBanc.

下一個問題來自 KeyBanc 的 Sean Eastman。

Great start here. Very good start. I thought -- I mean, I thought the big takeaway from the first quarter was really the margins. I mean, I think this is a record margin performance for our first quarter. Yet you guys are saying there's still kind of lingering supply chain challenges. Is there something unsustainable that came through in the first quarter? Or are we just kind of effectively not updating the outlook sort of just flowing through a better start to the year?

從這裡開始很棒。很好的開始。我想——我的意思是，我認為第一季度的最大收穫真的是利潤率。我的意思是，我認為這是我們第一季度創紀錄的利潤率表現。然而你們說仍然存在揮之不去的供應鏈挑戰。第一季度是否出現了一些不可持續的情況？還是我們只是有效地不更新前景，只是讓今年開局更好？

I don't know, Sean, I think taking our outlook up to $9.25 to $10 from $8.75 to $9.50 is a pretty big move. I think the revenue velocity is in the businesses, and we said that in our initial guidance. And I think further, if you extrapolate that, I think that what we're really saying in the guidance is we expect strong margins through the year. Now we are mix dependent. And projects start, they finish. But we -- there was nothing extraordinary in the first quarter, right, Mark?

我不知道，肖恩，我認為將我們的前景從 8.75 美元上調至 9.25 美元至 10 美元是一個相當大的舉措。我認為收入速度在業務中，我們在最初的指導中說過。而且我進一步認為，如果你推斷這一點，我認為我們在指導中真正說的是我們預計全年的利潤率很高。現在我們是混合依賴的。項目開始，他們完成。但是我們 - 第一季度沒有什麼特別的，對吧，馬克？

Sean, the only thing I'd point out, if you recollect from quarter 1 last year, we did have some additional headwinds with regards to project write-downs, both in electrical and mechanical construction. The extent of write-down activity in the first quarter of 2023 was not at that same level.

肖恩，我唯一要指出的是，如果你回憶起去年第一季度的情況，我們確實在電氣和機械建設方面的項目減記方面遇到了一些額外的不利因素。 2023 年第一季度的減記活動程度不同。

The other thing, which is extremely difficult to quantify relative to 2023's quarter 1 is with the fairly mild winter weather pattern we had in most of the geographies we operate. We didn't deal with the same level of job site difficulties with regards to fighting weather. But like I said, that's difficult to quantify. It does not have an outsized impact on the quarter performance. And the only thing I might have done is pulled some activity forward in the year.

相對於 2023 年第一季度而言，另一件事極難量化，那就是我們在我們運營的大多數地區都擁有相當溫和的冬季天氣模式。我們沒有處理與戰鬥天氣有關的相同級別的工作現場困難。但正如我所說，這很難量化。它對季度業績沒有太大影響。我唯一可能做的就是在這一年裡推動一些活動。

And I think the other thing that bolstered first quarter operating margins -- operating income margins is this is a seasonally strong quarter for industrial. And so we have to factor in what second and third quarter mean to us there, especially if we can't deliver some of the solar work that we hope to deliver towards the back half of the year.

而且我認為支撐第一季度營業利潤率的另一件事 - 營業收入利潤率是工業的季節性強勁季度。因此，我們必須考慮第二和第三季度對我們的意義，特別是如果我們無法交付我們希望在今年下半年交付的一些太陽能工作。

So -- and then I guess, just general caution, right? I mean I talked about the things we don't control. And those are sizable macro forces we don't control. And so we think it's prudent to have an eye towards that. But I think we have a strong guidance out there to update it. We started the year with strong guidance. We updated that with strong guidance. And underlying that is what we believe, depending on where you are in that revenue range, is pretty strong underlying operating performance.

所以——然後我想，只是一般的謹慎，對吧？我的意思是我談到了我們無法控制的事情。這些是我們無法控制的相當大的宏觀力量。因此，我們認為關注這一點是明智的。但我認為我們有一個強有力的指導來更新它。我們在強有力的指導下開始了這一年。我們在強有力的指導下對其進行了更新。我們相信，根據您在該收入範圍內的位置，潛在的經營業績非常強勁。

Yes. Look, I don't want to take the wind out of the sails. Great update. I guess what I was getting at is just that I have to go back to 2014 to find a year where the first quarter is not the low watermark operating margin for the year. And I feel like with that dynamic in mind, it seems like there's a lot of cushion in the guidance from a margin perspective over the balance of the year.

是的。看，我不想讓風從風帆上消失。很棒的更新。我想我的意思是我必須回到 2014 年才能找到第一季度不是當年低水位線營業利潤率的一年。我覺得考慮到這種動態，從利潤率的角度來看，今年餘下時間的指導似乎有很多緩衝。

Yes. I mean, we had a lot of -- I mean, when you start looking at this at the macro level though, right, there's a lot of puts and takes in any given quarter. And we think that with those countervailing macro forces and how they could impact the back of the year, we think that we put strong guidance out and we think we'll obviously end up somewhere in that range. And we got to execute well on the things that we can to keep those margins where they are. And I enumerated 4 or 5 points that we think are most important.

是的。我的意思是，我們有很多——我的意思是，當你開始從宏觀層面看這個問題時，對，在任何給定的季度都有很多投入和投入。我們認為，有了這些抵消的宏觀力量以及它們如何影響今年年底，我們認為我們提出了強有力的指導，我們認為我們顯然會在這個範圍內的某個地方結束。我們必須做好我們能做的事情，以保持這些利潤率。我列舉了 4 或 5 個我們認為最重要的點。

And just coming back to the credit tightening element being so topical, maybe approaching that from a different way. How do you see that potentially impacting your M&A pipeline?

回到信貸緊縮因素是如此熱門，也許從不同的方式來解決這個問題。您如何看待這可能會影響您的併購管道？

I don't think it impacts our ability to do what we think we need to execute other things we would like to execute. I think though, Sean, we know this, right? If the overall M&A environment is not favorable, less things may be for sale, right?

我認為這不會影響我們做我們認為需要執行的其他事情的能力。我想，肖恩，我們知道這一點，對吧？如果整體併購環境不好，賣的東西可能會少一些，對吧？

Now a lot of the things we buy are necessarily in that typical M&A market. Most of the deals we've done over the last 3 years have been people selling their life's work, which is where we operate the best, right? That's where we are the most successful, and we also drive the most value, not only for the person selling the business because they have a lot of things they're looking at, but for our shareholders, and it gives us new opportunities to grow.

現在我們購買的很多東西都必然是在那個典型的併購市場中。我們在過去 3 年中完成的大部分交易都是人們出售他們一生的工作，這是我們經營最好的地方，對吧？這就是我們最成功的地方，我們也創造了最大的價值，不僅是為了出售業務的人，因為他們有很多他們正在尋找的東西，而且是為了我們的股東，這給了我們新的發展機會.

But look, private equity is not much in the market right now between interest rates, covenants and credit tightening and the ability to place their secondary debt. They're not in the market. People that want a robust auction around the process, therefore, are trying to sell their companies right now. And so put all that together, it's no secret. I mean, you follow the same things we do.

但是你看，私募股權目前在利率、契約和信貸緊縮以及發行二級債務的能力之間的市場上並不多。他們不在市場上。因此，希望圍繞該過程進行強勁拍賣的人們正試圖立即出售他們的公司。所以把所有這些放在一起，這已經不是什麼秘密了。我的意思是，你跟我們做的一樣。

M&A volumes are down significantly. That being said, for the kinds of things we do, I don't think it -- I would say, oh, my god, it's the most robust pipeline I've ever seen. But what we have was, I think, is an acceptable pipeline of opportunities for us to pursue to continue to build out our footprint, add to our capability and enhance the services we're offering across a number of geographies or new geographies or product lines would like to add a product services would like that.

併購交易量大幅下降。話雖如此，對於我們所做的各種事情，我不認為——我會說，哦，天哪，這是我見過的最強大的管道。但我認為，我們所擁有的是一個可接受的機會管道，我們可以繼續擴大我們的足跡，增加我們的能力並增強我們在多個地區或新地區或產品線中提供的服務想添加一個產品服務會喜歡那個。

Got it. Got it. All right. Many compliments to the team.

知道了。知道了。好的。對團隊的許多讚美。

Thank you.

謝謝。

Thank you. And this concludes the question-and-answer session. I would like to return the call to Tony Guzzi for any closing comments.

謝謝。問答環節到此結束。我想將電話轉回給 Tony Guzzi 以獲得任何結束評論。

Thank you very much all. We started well in 2023. We got a lot of work ahead of us. And I hope you all are well. Have a good summer, and be safe.

非常感謝大家。我們在 2023 年開局不錯。我們還有很多工作要做。我希望你們都好。祝你暑假愉快，注意安全。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開線路。