EMCOR Group Inc (EME) 2023 Q2 法說會逐字稿

Good morning. My name is Megan, and I will be your conference operator today. At this time, I would like to welcome everyone to the EMCOR Group Second Quarter 2023 Earnings Call. (Operator Instructions) Mr. Blake Mueller with FTI Consulting, you may begin.

早上好。我叫梅根，今天我將擔任你們的會議操作員。此時，我謹歡迎大家參加 EMCOR 集團 2023 年第二季度財報電話會議。 （操作員指示）FTI Consulting 的 Blake Mueller 先生，您可以開始了。

Thank you, Megan, and good morning, everyone. Welcome to the EMCOR Group conference call. We are here today to discuss the company's 2023 second quarter results, which were reported this morning.

謝謝你，梅根，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該公司今天上午公佈的 2023 年第二季度業績。

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.

我想將電話轉給共享服務執行副總裁凱文·馬茨 (Kevin Matz)，他將介紹管理層。凱文，請繼續。

Thanks, Blake. Good morning, everyone. Thank you for your interest in EMCOR, as always, and welcome to our earnings conference call for the second quarter of 2023.

謝謝，布萊克。大家，早安。感謝您一如既往地對 EMCOR 感興趣，並歡迎參加我們 2023 年第二季度的收益電話會議。

For those of you who are accessing the call via the Internet and the website, please welcome as well. We are at the beginning of our slide presentation, and we are on Slide 2.

對於那些通過互聯網和網站撥打電話的人，也表示歡迎。我們正處於幻燈片演示的開始部分，現在是幻燈片 2。

This presentation and discussion contains 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 the disclosures, in conjunction with our discussion and accompanying slides.

本演示文稿和討論包含前瞻性陳述，並可能包含某些非公認會計準則財務信息。第 2 頁詳細描述了前瞻性陳述和非 GAAP 財務信息披露。我鼓勵每個人結合我們的討論和隨附的幻燈片來查看這兩項披露。

Slide 3 has the executives who are with me to discuss our results for the quarter and 6 months. With me are Tony Guzzi, Chairman, President and Chief Executive Officer; Mark Pompa, our Executive Vice President and Chief Financial Officer; and Executive Vice President and General Counsel, Maxine Mauricio.

第 3 張幻燈片中的高管與我一起討論了我們本季度和 6 個月的業績。和我在一起的還有董事長、總裁兼首席執行官托尼·古齊 (Tony Guzzi)； Mark Pompa，我們的執行副總裁兼首席財務官；執行副總裁兼總法律顧問 Maxine Mauricio。

For 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 Presentations. You can always find us at emcorgroup.com.

對於無法通過互聯網訪問電話會議的與會者，本演示文稿（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。您隨時可以在 emcorgroup.com 上找到我們。

With that 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？

Thanks, Kevin, and good morning, and thanks for joining our call. I will be speaking to the second quarter results in my opening commentary. Mark is going to cover both the second quarter and year-to-date results. I will be speaking to Pages 4 through 6 in my opening comments.

謝謝凱文，早上好，感謝您加入我們的通話。我將在開場評論中談論第二季度的業績。馬克將報導第二季度和年初至今的業績。我將在開場白中談論第 4 頁至第 6 頁。

We had an extraordinarily strong second quarter, by any measure, at EMCOR. We had revenues of $3.05 billion, which represents 12.5% revenue growth and 11% organic revenue growth. We earned $196.7 million in operating income, and our operating income margin was a strong 6.5%. Diluted earnings per share totaled $2.95. This performance represents an all-time quarterly record for revenues, operating income, operating income margin and diluted earnings per share.

無論以何種標準衡量，EMCOR 的第二季度都異常強勁。我們的收入為 30.5 億美元，收入增長 12.5%，有機收入增長 11%。我們的營業收入為 1.967 億美元，營業利潤率高達 6.5%。稀釋後每股收益總計 2.95 美元。這一業績創下了收入、營業收入、營業利潤率和稀釋每股收益的歷史季度記錄。

We generated strong operating cash flow of $300 million in the quarter and grew our remaining performance obligations, or RPO, sequentially from Q1 by $413 million, or 5.2%, and from the year ago period by $1.8 billion, or just over 28%. Our business is performing well across nearly all segments and end markets.

本季度我們產生了 3 億美元的強勁運營現金流，剩餘履約義務 (RPO) 較第一季度增加了 4.13 億美元，即 5.2%，較去年同期增加了 18 億美元，即略高於 28%。我們的業務幾乎在所有細分市場和終端市場都表現良好。

Our Electrical and Mechanical Construction segments continue to perform well as evidenced by the strong revenue growth of 20.2% and 12.9%, respectively. With Mechanical Construction operating income margin of 10% and Electrical Construction operating income margin of 7.5%, the conversion to operating income by these segments, especially Mechanical, are towards the high end of our expectations.

我們的機電建築業務繼續表現良好，收入分別強勁增長 20.2% 和 12.9%。機械建築營業利潤率為 10%，電氣建築營業利潤率為 7.5%，這些部門（尤其是機械部門）向營業收入的轉化正接近我們預期的高端。

Across the country, we are executing well on some of the most sophisticated projects and markets, such as high-tech manufacturing, which includes semiconductors, the electric vehicle, or EV value chain, biotech, life sciences and pharmaceuticals.

在全國范圍內，我們在一些最複雜的項目和市場上表現出色，例如高科技製造業，其中包括半導體、電動汽車或電動汽車價值鏈、生物技術、生命科學和製藥。

The network and communications sector, which encompasses our data center work and the healthcare sector, are also performing well. We have industry-leading capabilities in BIM, or Building Information Modeling, prefabrication, project planning, labor sourcing, management and training. We offer a breadth of mechanical capabilities from HVAC, process piping, plumbing, and we're also a fire -- leading fire protection and life safety contractor, and our customers look to us to perform complex installation in the markets I just referenced.

包括我們的數據中心工作和醫療保健部門在內的網絡和通信部門也表現良好。我們在 BIM（建築信息模型）、預製、項目規劃、勞動力採購、管理和培訓方面擁有行業領先的能力。我們提供從暖通空調、工藝管道、管道系統等廣泛的機械功能，我們也是領先的消防和生命安全承包商，我們的客戶希望我們在我剛才提到的市場中執行複雜的安裝。

Our segment and subsidiary management teams are leading in an exceptional manner and allocating resources in a thoughtful and pragmatic way, while working towards outstanding outcomes for our customers. We continue to strive to optimize our project mix to produce great financial results.

我們的分部和子公司管理團隊以卓越的方式領導並以深思熟慮和務實的方式分配資源，同時努力為客戶取得卓越的成果。我們繼續努力優化我們的項目組合，以取得良好的財務業績。

Our U.S. Building Services segment continues to perform well, and it has a strong mix of work across its service lines. Revenue of this segment grew 12.9% in the quarter, with an operating income margin of 6%.

我們的美國建築服務部門繼續表現良好，並且跨服務線擁有強大的工作組合。該部門本季度收入增長 12.9%，營業利潤率為 6%。

Demand continues to be strong and persists for our mechanical services, with excellent execution across retrofit projects, building controls and maintenance and repairs. We are working across a variety of end markets, including traditional commercial markets, but also high-tech manufacturing, institutional and healthcare customers who remain focused on energy efficiency in indoor air quality, or IAQ upgrades. We expect to have a strong repair service season because of the heat that has blanket most parts of the country as well as extended lead times for applied equipment. This segment continues to enter into facility maintenance contracts, and there are strong demand for our site-based and rob technician services.

我們的機械服務需求持續強勁，在改造項目、建築控制以及維護和維修方面表現出色。我們的業務遍及各種終端市場，包括傳統商業市場，也包括仍然關注室內空氣質量能源效率或 IAQ 升級的高科技製造、機構和醫療保健客戶。由於全國大部分地區天氣炎熱，並且應用設備的交貨時間延長，我們預計維修服務季節將會很強勁。該部門繼續簽訂設施維護合同，對我們的現場服務和搶劫技術人員服務有強烈需求。

We're also excited about our pending acquisition of ECM. ECM is a bolt-on acquisition that adds capability. ECM will enhance our energy efficiency service offerings and will allow us to offer such services in a more programmatic way to owners looking for multisite and multiyear programs. Welcome to EMCOR, the ECM folks soon.

我們也對即將收購 ECM 感到興奮。 ECM 是一項增強能力的補充性收購。 ECM 將增強我們的能源效率服務產品，並使我們能夠以更加程序化的方式向尋求多站點和多年計劃的業主提供此類服務。歡迎來到 EMCOR，ECM 人員。

Our Industrial Services segment continues to improve at a modest pace. We executed a more normal spring turnaround season, and demand for our niche services is robust. Within our shop services, we are beginning to see increased levels of capital spending in the form of greater new build heat exchanger orders. We continue to wait for the resumption of demand for utility scale solar and are well positioned when the supply chain issues subside.

我們的工業服務部門繼續以適度的速度改善。我們度過了一個更加正常的春季周轉季節，對我們的利基服務的需求也很強勁。在我們的商店服務中，我們開始看到資本支出水平以更大的新建熱交換器訂單的形式增加。我們繼續等待公用事業規模太陽能需求的恢復，並在供應鏈問題消退時處於有利地位。

Our U.K. business performed in a manner consistent with the available market opportunities. While we saw a reduction in quarterly revenues, the team remains focused on profitability, as evidenced by the consistent year-over-year second quarter operating income margin. Building on its normal base of facility services contract, EMCOR U.K. continues to perform various project work for its customers, much of which is aimed at helping develop and implement multiyear energy reduction programs.

我們的英國業務的表現與現有的市場機會一致。儘管我們看到季度收入有所下降，但團隊仍然專注於盈利能力，第二季度營業利潤率同比穩定就證明了這一點。在其正常的設施服務合同基礎上，EMCOR UK 繼續為其客戶執行各種項目工作，其中大部分旨在幫助制定和實施多年節能計劃。

Overall, EMCOR continues to have a strong balance sheet that supports our organic growth and the capital investment needed for that growth. We also have the firepower to add bolt-on acquisitions, like ECM, we hope to close soon, that help us expand our capabilities in support of our customers.

總體而言，EMCOR 繼續擁有強大的資產負債表，支持我們的有機增長以及該增長所需的資本投資。我們還有能力增加補強收購，例如 ECM，我們希望盡快完成，這有助於我們擴大支持客戶的能力。

With that, Mark, I'm going to turn it over to you.

馬克，我就把它交給你了。

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 supplement Tony's opening commentary on EMCOR's second quarter performance as well as provide a brief snapshot of our year-to-date results through June 30. All financial information referenced this morning is 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每個人早上好。對於那些通過網絡廣播訪問此演示文稿的人，我們現在正在觀看幻燈片7。在接下來的幾張幻燈片中，我將補充托尼對EMCOR 第二季度業績的開場評論，並提供截至6 月份我們今年迄今為止的業績的簡要概述30. 今天上午引用的所有財務信息均來自我們的合併財務報表，包括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。

So let's revisit and expand our review of EMCOR's second quarter performance. Consolidated revenues of $3.05 billion are up $338.2 million, or 12.5%, over quarter 2 2022. Our second quarter results include $40.6 million of revenues attributable to businesses acquired, pertaining to the time that such businesses were not owned by EMCOR in last year's second quarter. Acquisition revenues positively impacted our United States Electrical Construction segment within the quarter. Excluding the impact of acquisitions, second quarter consolidated revenues increased approximately $297.6 million or 11% quarter-over-quarter.

因此，讓我們重新審視並擴大對 EMCOR 第二季度業績的審查。合併收入為30.5 億美元，比2022 年第二季度增長了3.382 億美元，即12.5%。我們第二季度的業績包括歸屬於收購業務的4,060 萬美元收入，涉及去年第二季度這些業務不屬於EMCOR的時間。本季度的收購收入對我們的美國電氣建設部門產生了積極影響。排除收購的影響，第二季度合併收入增加約 2.976 億美元，環比增長 11%。

Before reviewing the operating results of our individual reporting segments, I would like to reiterate what Tony highlighted earlier, that our $3.05 billion of quarterly revenues represents a new all-time quarterly revenue record for the company.

在回顧我們各個報告部門的運營業績之前，我想重申托尼之前強調的內容，即我們 30.5 億美元的季度收入代表了公司新的季度收入記錄。

The specifics to each of our reportable segment's second quarter revenue performance is as follows: United States Electrical Construction segment revenues of $678.2 million increased $114 million or 20.2% from 2022's comparable quarter. Excluding incremental acquisition revenues, the segment's revenues grew a strong 13% organically period-over-period.

我們每個可報告部門第二季度收入表現的具體情況如下：美國電氣建築部門收入為 6.782 億美元，較 2022 年同期增長 1.14 億美元，即 20.2%。不包括增量收購收入，該部門的收入同比有機增長 13%。

Increased project activity within the majority of the market sectors served by this segment led to the quarterly revenue improvement. Such growth was most prevalent within the network and communications, manufacturing and industrial, healthcare and hospitality market sectors. Revenue of this segment were also positively impacted by slightly improved supply chain environment with regards to equipment procurement.

該部門所服務的大多數市場領域內項目活動的增加導致了季度收入的改善。這種增長在網絡和通信、製造和工業、醫療保健和酒店市場領域最為普遍。該分部的收入也受到設備採購方面供應鏈環境略有改善的積極影響。

Revenues of our United States Mechanical Construction segment of $1.19 billion increased $136.5 million or 12.9% from the year ago period. Revenue growth during the quarter was largely driven from increased activity within the high-tech manufacturing, network and communications and commercial market sectors. Consistent with this segment's first quarter performance, we are experiencing growth in both fire protection as well as traditional mechanical construction services.

美國機械製造部門的收入為 11.9 億美元，較去年同期增加 1.365 億美元，即 12.9%。本季度收入增長主要得益於高科技製造、網絡和通信以及商業市場領域活動的增加。與該部門第一季度的業績一致，我們在消防和傳統機械施工服務方面都在增長。

This increased demand is stemming from customer projects supporting the design and manufacturer of semiconductors as well as electric vehicles and/or related battery technologies. There additionally continues to be greater demand from our data center customers. With these results, both our Electrical and Mechanical Construction segments established new second quarter revenue records. Additionally, our combined U.S. construction revenues as well as that of our U.S. Mechanical Construction segment surpassed the previous all-time quarterly revenue records.

這種需求的增加源於支持半導體以及電動汽車和/或相關電池技術的設計和製造的客戶項目。此外，我們的數據中心客戶的需求也不斷增加。憑藉這些業績，我們的機電建築部門創造了新的第二季度收入記錄。此外，我們的美國建築收入以及美國機械建築部門的合併收入超過了之前的歷史季度收入記錄。

United States Building Services segment revenues of $775 million increased $88.5 million or 12.9%, representing an all-time quarterly record for this segment. Revenue growth was experienced across each of their divisions, with the majority being generated from mechanical services. Contributing to this performance was increased HVAC project and retrofit revenues due to slightly improved equipment availability that facilitated greater project execution when compared to 2022.

美國建築服務部門的收入為 7.75 億美元，增長了 8850 萬美元，即 12.9%，創下了該部門的歷史季度記錄。每個部門的收入都在增長，其中大部分來自機械服務。與 2022 年相比，設備可用性略有改善，促進了更好的項目執行，因此 HVAC 項目和改造收入增加，為這一業績做出了貢獻。

In addition, as commented during prior quarters, this segment continues to experience strong demand for certain of its service offerings as our customers seek ways to improve the energy efficiency and/or indoor air quality of their facilities. EMCOR's Industrial Services segment revenues of $292.3 million increased $7.7 million or 2.7% as we continue to experience a resumption in demand for our field services and are starting to see increased levels of capital spending within this segment's shop services.

此外，正如前幾個季度所評論的那樣，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，該細分市場對其某些服務產品的需求繼續強勁。 EMCOR 的工業服務部門收入為 2.923 億美元，增加了 770 萬美元，即 2.7%，因為我們對現場服務的需求繼續恢復，並且開始看到該部門的車間服務資本支出水平有所增加。

United Kingdom Building Services segment revenues of $106 million represent a reduction of $8.5 million or 7.4% from last year's second quarter. In addition to a minor degradation in the exchange rate between the British pound and the United States dollar, the period-over-period revenue decline as a result of the loss of certain facilities maintenance contracts due to nonrenewal. Further contributing to this decrease in revenues is a reduction in project activity, as certain of the segment's customers are reevaluating their capital spending programs in light of the macroeconomic headwinds within the U.K.

英國建築服務部門收入為 1.06 億美元，比去年第二季度減少 850 萬美元，即 7.4%。除了英鎊和美元之間的匯率小幅貶值之外，由於某些設施維護合同因不續簽而喪失，導致同期收入下降。進一步導致收入下降的是項目活動的減少，因為該部門的某些客戶正在根據英國宏觀經濟的不利因素重新評估其資本支出計劃。

Please turn to Slide 8. Reported operating income for the quarter was $196.7 million or 6.5% of revenues and favorably compares to $137.6 million of operating income, or 5.1% of revenues a year ago. Consistent with my revenue commentary and Tony's opening remarks, the current quarter's consolidated operating income and operating margin each represent new all-time quarterly records for EMCOR.

請參閱幻燈片 8。報告的本季度營業收入為 1.967 億美元，佔收入的 6.5%，而去年同期的營業收入為 1.376 億美元，佔收入的 5.1%。與我的收入評論和托尼的開場白一致，本季度的合併營業收入和營業利潤率均代表了 EMCOR 的新的歷史季度記錄。

Specific operating performance by segment is as follows: our U.S. Electrical Construction segment earned operating income of $50.7 million, an increase of $15.6 million from the comparable 2022 period. Reported operating margin of 7.5% represents an improvement from the 6.2% in last year's second quarter, consistent with the segment's first quarter performance, we experienced better project execution as well as a more favorable revenue mix year-over-year.

各部門具體經營業績如下：我們的美國電氣建築部門實現營業收入 5,070 萬美元，較 2022 年同期增加 1,560 萬美元。報告的營業利潤率為 7.5%，較去年第二季度的 6.2% 有所改善，與該部門第一季度的業績一致，我們經歷了更好的項目執行以及同比更有利的收入組合。

Such execution, coupled with a steady improvement within the supply chain and our ability to adapt to the current operating environment, resulted in a reduced level of discrete project write-downs quarter-over-quarter.

這種執行力，加上供應鏈內的穩步改進以及我們適應當前運營環境的能力，導致離散項目減記水平逐季下降。

Second quarter operating income of our U.S. Mechanical Construction segment of $119.8 million represents a $43.2 million increase from last year's quarter and operating margin of 10% represents a substantial improvement from an already strong 7.2% in the second quarter of 2022. Growth in both gross profit and gross profit margin, due to a more favorable revenue mix, including a higher percentage of self-perform projects, were the most significant contributors to this improved operating performance. In addition, the segment benefited from a lack of significant project write-downs when compared to last year, as well as the favorable closeout of several projects during the current year quarter.

我們的美國機械製造部門第二季度營業收入為1.198 億美元，比去年同期增加了4320 萬美元，營業利潤率為10%，較2022 年第二季度本已強勁的7.2% 有了大幅改善。毛利潤均增長由於更有利的收入組合（包括更高比例的自行執行項目），毛利率是經營業績改善的最重要貢獻者。此外，該部門受益於與去年相比沒有重大項目減記，以及本季度多個項目的有利收尾。

Operating income for U.S. Building Services was $46.1 million or 6% of revenues and compares to $38.5 million or 5.6% of revenues in 2022 second quarter. Improved operating performance within the segment's Mechanical Services division, as a result of both favorable project execution as well as the impact of contract price adjustments in response to inflation, were the primary drivers of the period-over-period increases.

美國建築服務公司的營業收入為 4610 萬美元，佔收入的 6%，而 2022 年第二季度的營業收入為 3850 萬美元，佔收入的 5.6%。由於良好的項目執行以及針對通貨膨脹而調整合同價格的影響，該部門機械服務部門​​的經營業績有所改善，這是同比增長的主要驅動力。

Our U.S. Industrial Services segment's operating income was $7.9 million, or 2.7% of revenues, represents a slight increase in terms of both dollars and margin from the comparable prior year period. We are seeing incremental demand across the segment's scope of services, which has led to a better mix of revenues and resulted in higher gross profit and gross profit margin. Resulting from the reduction in revenues previously referenced, U.K. Building Services operating income of $5.9 million represents a modest decrease from Q2 of 2022. However, operating margin of 5.6% remains consistent with that of the prior year, reflecting greater gross profit contribution from this segment's current portfolio of work.

我們的美國工業服務部門的營業收入為 790 萬美元，佔收入的 2.7%，與上年同期相比，美元和利潤率均略有增長。我們看到該部門服務範圍的需求不斷增加，這帶來了更好的收入組合，並帶來了更高的毛利潤和毛利率。由於之前提到的收入減少，英國建築服務業務營業收入為590 萬美元，較2022 年第二季度略有下降。不過，5.6% 的營業利潤率與上一年保持一致，反映出該部門的毛利潤貢獻更大當前的工作組合。

We are now on Slide 9. Additional financial items of significance for the quarter not addressed in the previous slides are as follows: Quarter 2 gross profit of $490.1 million is higher than the comparable 2022 quarter by $107.1 million or 28%, and gross margin of 16.1% has improved 200 basis points quarter-over-quarter. Selling, general and administrative expenses of approximately $293.4 million represent 9.6% of revenues and reflect an increase of $48 million from quarter 2 2022. SG&A for the current year's quarter includes approximately $5.1 million of incremental expenses from businesses acquired, inclusive of intangible asset amortization, resulting in an organic SG&A increase of $42.9 million. EMCOR's continued double-digit revenue growth has necessitated investments in human capital in the form of additional personnel and training to support our back-office and contract administration functions. This, coupled with annual cost of living increases for our existing workforce, has resulted in a quarter-over-quarter increase in salaries and benefits.

我們現在看到幻燈片9。之前幻燈片中未提及的本季度其他重要財務項目如下：第二季度毛利潤為4.901 億美元，比2022 年同期季度高出1.071 億美元或28%，毛利率為16.1% 環比提高 200 個基點。銷售、一般和管理費用約為2.934 億美元，佔收入的9.6%，比2022 年第二季度增加了4800 萬美元。本季度的銷售、一般和管理費用包括收購業務產生的約510 萬美元的增量費用，包括無形資產攤銷、 SG&A 有機增長 4,290 萬美元。 EMCOR 持續兩位數的收入增長需要以增加人員和培訓的形式進行人力資本投資，以支持我們的後台和合同管理職能。再加上我們現有員工每年生活成本的增加，導致工資和福利環比增長。

Also impacting our second quarter overhead was incremental expense pertaining to incentive compensation programs across the majority of our reportable segments. This is due to our higher operating results to date as well as our revised profitability projections for full year 2023, which have necessitated our second upward revision in our annual earnings guidance. Tony will speak to our guidance range in detail later in this morning's presentation.

同樣影響我們第二季度管理費用的是與我們大多數可報告部門的激勵薪酬計劃相關的增量費用。這是由於我們迄今為止較高的經營業績以及我們修訂的 2023 年全年盈利預測，這使得我們有必要第二次上調年度盈利指引。托尼將在今天上午的演講中詳細介紹我們的指導範圍。

Diluted earnings per common share was $2.95 as compared to $1.99 in the year ago quarter. Our second quarter performance establishes a new quarterly earnings per share record due to the combination of our strong net income and our share repurchase activity, which has reduced our actual and weighted average shares outstanding.

稀釋後每股普通股收益為 2.95 美元，去年同期為 1.99 美元。由於我們強勁的淨利潤和股票回購活動的結合，我們的第二季度業績創下了新的季度每股收益記錄，這減少了我們的實際和加權平均流通股。

Please turn to Slide 10. With the quarter commentary complete, I will touch on some highlights with respect to EMCOR's results for the first 6 months of 2023. Revenues of $5.94 billion represent an increase of $636.1 million or 12%, of which 10.6% was generated organically. Operating income of $351.6 million or 5.9% of revenues represents a 48% increase from the results of the first 6 months of 2022, as we have experienced improved operating income and operating margin in each of our domestic reporting segments.

請參閱幻燈片 10。季度評論完成後，我將談談 EMCOR 2023 年前 6 個月業績的一些亮點。收入為 59.4 億美元，增加了 6.361 億美元或 12%，其中 10.6% 為有機地產生。營業收入為 3.516 億美元，佔收入的 5.9%，比 2022 年前 6 個月的業績增長了 48%，因為我們每個國內報告部門的營業收入和營業利潤率均有所提高。

Our year-to-date diluted earnings per share was $5.28, which represents an approximate 57% increase over the $3.36 reported in 2022 as corresponding 6-month period. With substantial growth in our net income, coupled with an almost 8% reduction in our weighted average shares outstanding due to our share repurchases throughout 2022 and 2023, we have been able to drive significant EPS growth on a year-to-date basis.

我們年初至今的攤薄每股收益為 5.28 美元，比 2022 年相應 6 個月期間報告的 3.36 美元增長了約 57%。隨著我們淨利潤的大幅增長，加上由於我們在 2022 年和 2023 年回購股票，我們的加權平均流通股減少了近 8%，我們已經能夠推動年初至今的每股收益顯著增長。

My last comment on our results for the first half of 2023, and Tony commented specifically on the quarter, is that our operating cash flow of $214.9 million on a year-to-date basis represents a significant improvement over the cash used in operations of $18.9 million in 2022 6-month period. Despite our significant organic revenue growth and the resulting demands on working capital investment, our subsidiary management teams have done an excellent job of generating cash flow conversion, something we have been doing consistently over a long period of time.

我對 2023 年上半年業績的最後評論（托尼特別評論了本季度）是，我們年初至今的運營現金流為 2.149 億美元，比運營中使用的 18.9 美元的現金有了顯著改善。 2022 年6個月期間將達到100 萬。儘管我們的有機收入增長顯著，並由此產生了對營運資本投資的需求，但我們的子公司管理團隊在產生現金流轉換方面做得非常出色，這是我們長期以來一直在做的事情。

We are now on Slide 11. EMCOR's balance sheet remains strong in liquid, and we continue to be in a position to invest in our business, return capital to shareholders and pursue strategic M&A investments.

我們現在看到幻燈片 11。EMCOR 的資產負債表流動性依然強勁，我們繼續有能力投資我們的業務、向股東返還資本並尋求戰略併購投資。

Fluctuations when compared to December of 2022 are as follows: Cash on hand is just over $503 million, which represents an increase of $46.6 million. Our exceptional operating cash flow was partially offset by cash used for financing activities of $126.4 million, inclusive of just over $105 million for the repurchase of our common stock. In addition, we've utilized $48.4 million for investing activities in the form of capital expenditures and acquisitions.

與 2022 年 12 月相比，波動如下： 庫存現金略高於 5.03 億美元，增加了 4660 萬美元。我們出色的經營現金流被用於融資活動的 1.264 億美元現金部分抵消，其中包括用於回購普通股的略高於 1.05 億美元。此外，我們還以資本支出和收購的形式利用了 4840 萬美元用於投資活動。

Resulting primarily from our organic growth during the period, our working capital balance has increased by nearly $152 million. The $8.3 million increase in goodwill is entirely a result of the five acquisitions completed by us thus far in 2023, while net identified intangible assets have decreased by $19.5 million as the additional intangible assets recognized in connection with such acquisitions were more than offset by $32 million of amortization expense in the first half of the year.

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 1.52 億美元。商譽增加 830 萬美元完全是我們在 2023 年迄今完成的五項收購的結果，而已識別無形資產淨值減少了 1,950 萬美元，因為與此類收購相關的額外無形資產被 3,200 萬美元所抵消。上半年攤銷費用。

Total debt has remained substantially consistent and our stockholders' equity balance has increased by $143.8 million as our net income for the period exceeded our share repurchases and dividend payments. As a result of our consistent debt balance, coupled with the increase in stockholders' equity, EMCOR's debt to capitalization ratio has reduced to 10.4% from 11.1% at year-end 2022. EMCOR was anticipating a strong 2023 after a record 2022, and our performance to date as well as revised expectations for full year 2023 are validating such expectations.

總債務基本保持穩定，股東權益餘額增加了 1.438 億美元，因為我們的淨利潤超過了股票回購和股息支付。由於我們持續保持債務平衡，加上股東權益增加，EMCOR 的債務與資本比率已從2022 年底的11.1% 降至10.4%。EMCOR 預計，繼2022 年創紀錄的2023 年之後，2023 年將實現強勁增長，我們的迄今為止的業績以及修訂後的 2023 年全年預期都驗證了這一預期。

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

今天早上我的幻燈片演示完成後，我現在將電話回給托尼。

Thanks, Mark, and I'm going to be on Page 12. And what I wanted to do before we jump into the remaining performance obligation's absolute levels, is I wanted to take a step back and talk about what's been driving our exceptional organic growth and our RPO growth over the last 2 years, and what's been driving profitable organic growth for us.

謝謝，馬克，我要寫第 12 頁。在我們討論剩餘履約義務的絕對水平之前，我想做的是退後一步，談談是什麼推動了我們卓越的有機增長過去兩年我們的RPO 增長，以及推動我們盈利有機增長的因素。

And if you look at this page, I want to take a step back also and say, if you look at these trends we're talking about on Page 12, they're front and center in the news every day. They're not only front and center from customers making investments, they're also the focus of government policy, in some cases, to strengthen those sectors for the long term.

如果你看這個頁面，我也想退後一步說，如果你看我們在第 12 頁討論的這些趨勢，它們每天都是新聞的前沿和中心。它們不僅是客戶投資的前沿和中心，而且在某些情況下也是政府政策的重點，以長期加強這些行業。

Secondarily, each one of these sectors require highly skilled labor, very skilled supervision, project managers and engineers that are really at the top of the industry. And the government incentives, where they're aiding in certain cases, want that kind of workforce on those jobs because it's more productive, it's safer and it's trained.

其次，這些行業中的每一個都需要高技能的勞動力、非常熟練的監督、項目經理和工程師，這些都是行業中真正頂尖的。政府的激勵措施（在某些情況下會提供幫助）希望有這樣的勞動力從事這些工作，因為這樣的工作效率更高，更安全，而且經過培訓。

And again, going back to the great supervision point. So let's talk about each of these in turn, and there's a little bit connectivity between a couple of them, and I'll talk about that.

再次，回到大監管點。因此，讓我們依次討論其中的每一個，它們之間有一點聯繫，我將討論這一點。

The first one is electrification and the EV, or electric vehicle value chain. In a lot of ways, that's a whole new industry, right, that's being built in plants, suppliers -- second- and third-tier suppliers, and we're certainly seeing that work in battery plants, which is the raw material. And we're certainly seeing that work really burgeoning across the country, especially in the mid-central part of the country in Midwest and also the Southeast and a little bit in the Southwest.

第一個是電氣化和電動汽車價值鏈。從很多方面來說，這是一個全新的行業，對吧，它正在工廠、供應商——二級和三級供應商中建立，我們當然看到它在電池工廠（即原材料）中發揮作用。我們當然看到這項工作在全國范圍內蓬勃發展，特別是在美國中西部、東南部和西南部的中部地區。

We are participating on a lot of these efforts, and there's more to come. And I will say that the pace and timing of actual delivery has been a little slower, but we continue to see the work and book the work, and we're very bullish on the sector. And it's across all of our trades. It's electrical work, mechanical work and fire life safety. And this is an area where our fire life safety products are in great demand because we can provide a comprehensive solution of not only the wet side, the sprinkler, but also the fire alarm to give these folks that are starting these facilities the assurance that we can deliver these complex systems.

我們正在參與其中的很多工作，而且還會有更多的工作要做。我想說的是，實際交付的速度和時間有點慢，但我們繼續看到工作並預訂工作，我們非常看好該行業。它貫穿我們所有的行業。它涉及電氣工作、機械工作和消防生命安全。這是我們的消防生命安全產品需求量很大的領域，因為我們不僅可以提供濕側、灑水裝置的全面解決方案，還可以提供火災報警器，為那些正在啟動這些設施的人們提供保證：可以交付這些複雜的系統。

We're also participating in EV charging stations, but we're doing it at scale. So what we're doing is we're bringing in lots of megawatts to supply an EV charging station for a fleet or also our big centralized hub. We will -- I'm sure, across EMCOR, we're participating in the local installations, but we're not really participating in any significant way in national rollouts of individual passenger car rollouts. Again, we will do some of that work, but the stuff that we like to do is megawatt-driven, high-scale charging stations.

我們還參與了電動汽車充電站的建設，但我們正在大規模開展這項工作。因此，我們正在做的是引入大量兆瓦電力，為車隊或我們的大型集中樞紐提供電動汽車充電站。我確信，在 EMCOR 範圍內，我們正在參與本地安裝，但我們並沒有真正以任何重要方式參與全國范圍內個別乘用車的推廣。同樣，我們將做其中一些工作，但我們喜歡做的是兆瓦驅動的大規模充電站。

We also believe the electrification also leads to an energy transition. But I think, at EMCOR, we believe more and more every day, it's an energy expansion. So think about all of the things on this page, they all require a lot of energy. And it's going to be a mix of all kinds of energy and all kind of solutions to make that energy cleaner.

我們還相信電氣化也會導致能源轉型。但我認為，在 EMCOR，我們每天都越來越相信，這是一種能源擴張。所以想想這一頁上的所有事情，它們都需要大量的精力。它將是各種能源和各種解決方案的混合體，以使能源更加清潔。

And this part of the trends that are driving our growth in RPOs, I think we're in the first couple of innings of. And I think the government incentives that have been put out through the various acts and you've heard us talk about those, will allow that momentum to continue. It wasn't the advent of what was happening, but it certainly will provide bolstering to those trends continuing.

我認為這部分趨勢正在推動我們 RPO 的增長，我們正處於前幾局。我認為政府通過各種法案推出的激勵措施以及您已經聽到我們談論的這些激勵措施將使這種勢頭繼續下去。這並不是正在發生的事情的出現，但它肯定會為這些趨勢的持續發展提供支持。

The next part is actually work that we're actively involved in today. And we see that -- and we're still on the front end as these new sites get built out. Let me give you an example, semiconductor manufacturing.

下一部分實際上是我們今天積極參與的工作。我們看到了這一點——隨著這些新網站的建成，我們仍然處於領先地位。我舉個例子，半導體製造。

What you read in the paper, a lot of the semiconductor build was happening or planned and it's going to be bolstered by the CHIPS Act. We're participating in a number of ways. We're participating mechanically, and we participate in some markets on the high-purity piping and others. We do quote in a form -- semi, the dirty side, which is far from dirty, but it's more of the HVAC and process cooling. We do both. And it depends on the capability of our subsidiary in that market and what the best mix of work that we can bring to bear in that market. We're participating electrically, especially on the low-voltage communication side, and we're participating with fire life safety across multiple plants across the country.

您在論文中讀到，許多半導體建設正在進行或計劃中，並且將得到《芯片法案》的支持。我們通過多種方式參與。我們以機械方式參與，我們參與一些高純度管道市場和其他市場。我們確實以一種形式引用——半，骯髒的一面，遠非骯髒，但它更多的是暖通空調和過程冷卻。我們兩者都做。這取決於我們子公司在該市場的能力以及我們可以在該市場提供的最佳工作組合。我們正在參與電力方面，特別是在低壓通信方面，並且我們正在參與全國多個工廠的消防生命安全。

When you go to the pharma, biotech, life sciences R&D, let me take the first two, pharma and biotech. That's actually coupled with what I'm going to talk about later on reshoring nearshoring. So we're seeing reshoring of the pharma industry to bring resilience to the supply chain, but we're also seeing as new drugs get built, like Ozempic, right, where people need to build capacity to build it up.

當你談到製藥、生物技術、生命科學研發時，讓我談談前兩個，製藥和生物技術。這實際上與我稍後要討論的回流近岸外包有關。因此，我們看到製藥行業正在回流，以增強供應鏈的彈性，但我們也看到隨著新藥物的開發，比如 Ozempic，人們需要建立能力來開發它。

And it's in areas where we are well positioned to do the work, and it's across all of our trades, but especially mechanically in fire life safety. The pharma area of RTP, Research Triangle Park, big pharma area, Southern New Jersey, Northeastern Pennsylvania, Indiana and Southern California are all big pharma areas. And it's areas where we have done the work over time. We have the trust of the customers, and we're well positioned to deliver that work for the long term.

這是我們能夠很好地開展工作的領域，並且涉及我們所有的行業，尤其​​是在消防生命安全方面。 RTP的製藥區、三角研究園、大型製藥區、新澤西州南部、賓夕法尼亞州東北部、印第安納州和南加州都是大型製藥區。這是我們長期以來一直在做的工作的領域。我們贏得了客戶的信任，並且我們有能力長期交付這項工作。

As you go to the life sciences R&D, that's much more expansive. R&D facilities are happening in commercial conversions. They're happening in just about every major medical center that we work in, and they're happening also as part of more incubator startup-type companies, where we're helping build out the facilities, and in life sciences is the same thing there.

當你進入生命科學研發領域時，範圍要廣泛得多。研發設施正在進行商業轉化。它們幾乎發生在我們工作的每個主要醫療中心，它們也發生在更多孵化器初創型公司中，我們正在幫助建造設施，在生命科學領域也是如此那裡。

Again, go to the semiconductor part, we believe that the CHIPS Act will continue to cement those sites as long-term build, and it's a national security issue. So we think that has long-term build. And when you understand the semiconductor market, once you're on a site and if you're doing good work, you get add-on work on that site to build the next fab, expand the fab, do the process cooling work.

再次回到半導體部分，我們相信《CHIPS 法案》將繼續鞏固這些站點的長期建設，這是一個國家安全問題。所以我們認為這是長期的。當您了解半導體市場時，一旦您到達某個地點並且工作做得很好，您就可以在該地點進行附加工作來建造下一個晶圓廠，擴大晶圓廠，進行工藝冷卻工作。

The next one, if you go to the right -- upper right, is data centers and connectivity. Through various calls, a lot of questions have been asked, do we see the data center build slowing down? We said no. And we said, "Well, maybe that's because we're a late cycle."

下一個，如果你轉到右邊——右上角，是數據中心和連接。通過各種電話，人們提出了很多問題，我們是否看到數據中心建設放緩？我們說不。我們說，“好吧，也許那是因為我們處於一個較晚的周期。”

The reality is you got to figure the big data center owners and -- especially the -- both the REITs and the five big ones to build it. They understood that they were going to need more capacity. And so they secured the land, the facilities and it kept building because of really, what's driving it now is not only the increased need for storage and more cloud computing, which companies like EMCOR, or big companies like us are doing more every day, but also AI.

現實情況是，您必須確定大數據中心的所有者，尤其是房地產投資信託基金和五個大型數據中心所有者來構建它。他們明白他們將需要更多的產能。因此，他們獲得了土地、設施並不斷建設，因為現在推動它的不僅僅是對存儲和更多雲計算的需求增加，像EMCOR 這樣的公司，或者像我們這樣的大公司每天都在做更多的事情，還有人工智能。

AI is accelerating more build-out and it's more robust build up. So when we started building data centers 20 years ago, we thought a 5- to 10-megawatt data center was a big data center, which, by the way, 10, 15 megawatts is what a big assembly plant actually uses in the automotive, maybe 20. So think about what you see there.

人工智能正在加速更多的構建，並且構建得更加穩健。因此，當我們 20 年前開始建設數據中心時，我們認為 5 到 10 兆瓦的數據中心就是一個大數據中心，順便說一句，10、15 兆瓦是大型裝配廠在汽車、也許是20。所以想想你在那裡看到了什麼。

Now -- then we moved to 40, then we moved to 50 to 75. The data centers, hyperscale that we're building now are somewhere between 75 and 125 megawatts of power. Put into perspective, right, you need 5,000 -- you need 1,500 acres and 600,000 panels to generate 200 megawatts. That gives you an idea where you need an LM 8,000 from GE. You need half of the production of one of those gas turbines to support one data center. So just think of the scale of these data centers, and go back to the first block of why we think it's more of an energy expansion and also an energy transition at the same time. And that is a long-term trend.

現在——然後我們轉移到 40 個，然後我們轉移到 50 到 75 個。我們現在正在建設的超大規模數據中心的功率在 75 到 125 兆瓦之間。從長遠來看，你需要 5,000 塊——你需要 1,500 英畝的土地和 600,000 個面板才能產生 200 兆瓦的電力。這讓您知道哪裡需要 GE 的 LM 8,000。您需要其中一台燃氣輪機一半的產量來支持一個數據中心。因此，只要想想這些數據中心的規模，然後回到為什麼我們認為這更多的是能源擴張，同時也是能源轉型的第一部分。這是一個長期趨勢。

We're also going back and remodeling and adding more power to data centers that we built a mere 5 to 7 years ago, and that has just started. So we see a strong data center market. We're contractors, so 2 to 3 years is an outlook for us. But we see a strong data center market for the foreseeable future.

我們還將回過頭來對我們僅 5 到 7 年前建造的數據中心進行改造並為其添加更多功能，而這一切才剛剛開始。所以我們看到了一個強勁的數據中心市場。我們是承包商，所以我們的預期是 2 到 3 年。但我們看到在可預見的未來數據中心市場將會強勁。

Going to the bottom left in healthcare, we've always been bullish on healthcare. A healthcare system is as complex as any of the three things above, right, a major hospital. Every system comes to bear in an operating room, a patient room, an ICU bed, or a very sophisticated outpatient clinic.

轉到醫療保健領域的左下角，我們一直看好醫療保健領域。醫療保健系統與上述三件事一樣複雜，對吧，一家大醫院。每個系統都適用於手術室、病房、ICU 病床或非常複雜的門診診所。

And what the pandemic taught people, we certainly participate in helping people make their hospitals more flexible is that's got to be permanent. And so you're seeing more robust patient power build than we've seen in 5, 8 years. And it's also coupled with more sophisticated outpatient facilities.

這次大流行教會了人們，我們當然參與幫助人們使他們的醫院更加靈活，這必須是永久性的。因此，你會看到比我們過去 5、8 年看到的更強大的患者力量。它還配有更先進的門診設施。

We really didn't participate previously a lot in outpatient facilities, but with the sophistication level that's come now, we are. And the outpatient -- we've always maintained hospitals, especially the central chiller plants, and they also look for more energy resilience in those places. So you're seeing things like combined heat and power and other things, but it's also a great maintenance opportunity for us on the sophisticated outpatient facilities.

以前我們確實沒有經常參與門診設施，但隨著現在的複雜程度，我們確實參與了。至於門診病人——我們一直在維護醫院，特別是中央冷水機組，他們也在這些地方尋求更高的能源彈性。所以你會看到諸如熱電聯產和其他東西之類的東西，但這對我們複雜的門診設施來說也是一個很好的維護機會。

Reshoring and nearshoring, I'd like to say we were really seeing this trend in the Southeast and Southwest with all the things we talked about above. But really, we were headed towards building that capability in the Southeast because we believed in reshoring and nearshoring for quite some time. And the supply chains, I would say, got scarily consolidated into one facility.

回流和近岸外包，我想說的是，我們確實在東南部和西南部看到了這種趨勢，以及我們上面討論的所有事情。但實際上，我們正致力於在東南部建立這種能力，因為我們長期以來一直相信回流和近岸外包。我想說的是，供應鏈被可怕地整合到一個設施中。

And for those of us that maybe grew up a little bit manufacture, we knew we should always have two sources of supply at a minimum of two plants. We got into a world where we're bringing all our supply out of one plant, our customers and our suppliers. And the pandemic and also the tensions with China and the cost in China proved that this wasn't a feasible strategy. So nearshoring or reshoring were happening before the pandemic. It's accelerating. And if you throw the geopolitical concerns on top of it, it's a good long-term trend for us. But it's a capacity not only expansion, as the capacity is shifting, it's about resilience and it's about automation. And we're seeing that across just about any industry we work in.

對於我們這些可能從小從事製造業長大的人來說，我們知道我們應該始終擁有兩個供應來源，至少有兩個工廠。我們進入了這樣一個世界：我們將所有供應都從一家工廠、我們的客戶和我們的供應商中拿出來。這場大流行病、與中國的緊張關係以及中國的成本證明這不是一個可行的策略。因此，近岸或回流在大流行之前就已經發生了。它正在加速。如果你把地緣政治擔憂放在首位，這對我們來說是一個很好的長期趨勢。但這不僅僅是產能擴張，隨著產能的轉移，它還涉及彈性和自動化。我們在我們從事的幾乎所有行業中都看到了這一點。

And finally, one of my favorite things is energy efficiency and sustainability. I personally have been around that almost going on 30 years now. It's amazing how far we've come in HVAC equipment and controls upgrades, but also our ability to implement those solutions that the manufacturers bring.

最後，我最喜歡的事情之一是能源效率和可持續性。我個人已經經歷了差不多 30 年了。我們在暖通空調設備和控制升級方面取得瞭如此大的進步，而且我們實施製造商帶來的這些解決方案的能力也令人驚嘆。

If you think about efficiency, it's 50% better today than it was a mere 10 to 15 years ago. And we're doing that things with variable speed drives. We're doing that with control systems. We're doing that with sensors, and that sort of stuff we've been doing for a while.

如果考慮效率，今天比 10 到 15 年前提高了 50%。我們正在使用變速驅動器來做到這一點。我們正在通過控制系統來做到這一點。我們正在用傳感器來做到這一點，我們已經做了一段時間了。

But now customers are also looking for water and waste reduction. Manufacturing plants are more into how they're managing their compressed air system, all their waste gases and also facilities rationalization and footprint rationalization that's accelerating as people do this reshoring, nearshoring and supply chain resilience.

但現在客戶也在尋求減少水和廢物。製造工廠更關注如何管理其壓縮空氣系統、所有廢氣以及設施合理化和占地面積合理化，隨著人們進行回流、近岸外包和供應鏈彈性，這種情況正在加速。

They're also looking for energy resilience through alternative energy solutions. It could be anything from a combined heat and power off of a gas generator that then drives their chillers, to all the way through a solar on site of a megawatt or less, to backup generation that they may only use a few days a year, but they have to be able to have it because they don't trust the grid necessarily on a go-forward basis. That has had not only -- it's had utility incentives through years. It's had state incentives, and now there's going to be more federal government incentives on top of that.

他們還通過替代能源解決方案尋求能源彈性。它可以是任何東西，從燃氣發電機的熱電聯產，然後驅動冷卻器，到兆瓦或更少的太陽能，再到一年可能只使用幾天的備用發電，但他們必須能夠擁有它，因為他們不一定在未來的基礎上信任電網。這不僅是多年來的公用事業激勵措施。它有州政府的激勵措施，現在除此之外還將有更多的聯邦政府激勵措施。

So as you go to Page 13, you start to see that's really what's underlying these long-term trends, these trends that are big things is what's driving a lot of ways our RPO growth. And if you look at our RPO growth, I'm going to talk about some high-level things, and we can talk about strong demand across all these major themes.

因此，當您閱讀第 13 頁時，您會開始看到這些長期趨勢的真正根本原因，這些重大趨勢是推動我們 RPO 增長的多種方式的原因。如果你看看我們的 RPO 增長，我將談論一些高層次的事情，我們可以談論所有這些主要主題的強勁需求。

Our RPO is on Page 13. At the end of the second quarter, we're almost $8.3 billion. That's up a little over $1.8 billion, like I talked about, 28% over the 2022 second quarter for a total of $6.5 billion last year. We had good bookings in the second quarter. We're up $827 million from the year-end period '22 and we're up $413 million from the end of the first quarter.

我們的 RPO 位於第 13 頁。第二季度末，我們的收入接近 83 億美元。正如我所說，這一數字略高於 18 億美元，比 2022 年第二季度增長 28%，去年總額為 65 億美元。第二季度我們的預訂情況良好。我們比 22 年末增加了 8.27 億美元，比第一季度末增加了 4.13 億美元。

So I'm going to give you some big trends out of those RPOs. Domestic construction RPO is up 33% versus the year ago period. Building Services RPO is up 14.5% versus the year ago period. Network & Communications, which includes our hyperscale data center work, stands at $1.2 billion, up 52% versus the year ago period. High-tech manufacturing sector, which includes semiconductors, pharma, biotech, life sciences, R&D and the electric vehicle value chain, are up 160% versus the year ago period, and they now total $1.2 billion. Healthcare RPO, as I talked about those trends there at the hospitals and outpatient facilities, they're up 50% versus the year ago period. Manufacturing and industrial, which points right towards reshoring, nearshoring, capacity transition, flexibility expansion, they're up 35% versus the year ago period.

因此，我將向您介紹這些 RPO 的一些大趨勢。國內建築 RPO 較去年同期增長 33%。建築服務 RPO 比去年同期增長 14.5%。網絡與通信（包括我們的超大規模數據中心工作）價值 12 億美元，比去年同期增長 52%。包括半導體、製藥、生物技術、生命科學、研發和電動汽車價值鏈在內的高科技製造業較去年同期增長了 160%，目前總價值達 12 億美元。醫療保健 RPO，正如我談到醫院和門診設施的這些趨勢一樣，它們比去年同期增長了 50%。製造業和工業，直接指向回流、近岸外包、產能轉型、靈活性擴張，與去年同期相比增長了 35%。

So you see those trends manifesting themselves into our RPOs. Our bid log continues to remain strong, and we continue to see opportunities across these market sectors and other sectors. Other sector activity includes institutionals up 13%, short-duration projects, which includes a lot of the HVAC retrofit, project work is up 7%.

所以你會看到這些趨勢體現在我們的 RPO 中。我們的出價記錄繼續保持強勁，我們繼續看到這些市場領域和其他領域的機會。其他部門活動包括機構增長 13%，短期項目，其中包括大量 HVAC 改造項目，增長 7%。

Reality is that's hit and stasis, right? We're getting used to the lead times. We're getting used to those extended lead times. That should be more of a book-and-ship business in the future as we deliver the projects that we booked 6 to 12 months ago.

現實是這就是打擊和停滯，對吧？我們正在習慣交貨時間。我們正在習慣這些延長的交貨時間。未來，這應該更多地是一種預訂和運輸業務，因為我們交付了 6 到 12 個月前預訂的項目。

Partially offsetting that is a decrease in transportation and water and wastewater RPOs. They tend to be more episodic in their award, and we have a very good position in water and wastewater in some of the markets that matter most. And you've seen those big awards come in and out of our RPOs there.

運輸、水和廢水恢復點目標的減少部分抵消了這一影響。他們的獲獎往往更加間歇性，而且我們在一些最重要的市場的水和廢水處理領域擁有非常好的地位。您已經看到這些重大獎項來自我們的 RPO。

We do remain balanced in our market participation. We're winning new work in most active of the nonresidential sectors. And why are we doing that? One is the market is good, but we also have a very good position and we have excellent subsidiary and field leadership and segment leadership. We have the technical expertise. We have meticulous execution and our ability to work with our customers to achieve unique solutions along the entire design install, retrofit, repair, maintain, service continuum is strengthened every day.

我們的市場參與確實保持平衡。我們正在最活躍的非住宅領域贏得新的工作。我們為什麼要這樣做？一是市場很好，但我們也有非常好的地位，我們有優秀的子公司和領域領導力以及細分市場領導力。我們擁有專業技術。我們擁有一絲不苟的執行力，並與客戶合作，在整個設計安裝、改造、維修、維護、服務連續性中實現獨特的解決方案的能力每天都在增強。

Now I'm going to turn to Page 14 and 15, which is what most of you really care about. We're going to raise our diluted EPS guidance from a range of $9.25 to $10 to a range of $10.75 to $11.25. Our revenue guidance will remain unchanged at $12 billion to $12.5 billion.

現在我要翻到第 14 和 15 頁，這是你們大多數人真正關心的。我們將把稀釋後每股收益指引從 9.25 美元至 10 美元上調至 10.75 美元至 11.25 美元。我們的收入指引將保持在 120 億至 125 億美元不變。

As are reflected in our RPOs, we are winning work in important and strategic market sectors. We are executing such work with efficiency and precision, and that's really shown by our record operating income margin. We believe that we will gain SG&A leverage as the year progresses, and we are utilizing our BIM prefabrication, labor management and supply management capabilities with an eye delivering -- to delivering superior results for our customers and growth and results for our shareholders.

正如我們的 RPO 所反映的那樣，我們正在重要的戰略市場領域贏得工作。我們正在高效、精確地執行此類工作，這從我們創紀錄的營業利潤率中得到了充分體現。我們相信，隨著時間的推移，我們將獲得SG&A 影響力，並且我們正在利用我們的BIM 預製、勞動力管理和供應管理能力，著眼於交付——為我們的客戶提供卓越的成果，為我們的股東提供增長和成果。

The supply chain remains challenging for any engineered or applied products or complex assemblies, but we have learned to mitigate these disruptions. As the year progresses, we expect some headwinds as our more traditional commercial customers will struggle with higher interest rates, in some cases, reduce building occupancy and potential liquidity issues.

對於任何工程或應用產品或複雜組件來說，供應鏈仍然充滿挑戰，但我們已經學會減輕這些干擾。隨著時間的推移，我們預計會遇到一些阻力，因為我們更傳統的商業客戶將面臨更高的利率，在某些情況下，會減少建築入住率和潛在的流動性問題。

We always know that attracting skilled trade labor and developing trained frontline leadership is both a challenge and an opportunity, and we've always met it. And we believe that we will continue to be, through our subsidiaries, an employer of choice. We also believe that we are well positioned to navigate these headwinds, and we'll also have our eye on any disruption in the energy markets, and that will cause us to remain vigilant in our pricing and estimating.

我們始終知道，吸引熟練的貿易勞動力和培養訓練有素的一線領導力既是挑戰也是機遇，而且我們一直都遇到了這一點。我們相信，通過我們的子公司，我們將繼續成為首選的雇主。我們還相信，我們有能力應對這些逆風，我們還將關注能源市場的任何干擾，這將使我們在定價和估算中保持警惕。

We're going to continue to be balanced capital allocators. There remains opportunity within our acquisition pipeline, and we believe that we will continue to add capability, geography and customers that will propel growth through our acquisition program, much like our recent announcement of the signing of ECM that we announced a few weeks ago.

我們將繼續成為平衡的資本配置者。我們的收購渠道中仍然存在機會，我們相信我們將繼續增加能力、地域和客戶，這將通過我們的收購計劃推動增長，就像我們最近宣布的幾週前宣布的 ECM 簽署一樣。

With the uncertainty in the financial markets, we believe our strong balance sheet -- we know, we not just believe that. We know that our strong balance sheet help us win work on large, sophisticated projects as the customers see our financial strength as another reason to choose EMCOR.

由於金融市場的不確定性，我們相信我們強大的資產負債表——我們知道，我們不僅僅是相信這一點。我們知道，強大的資產負債表有助於我們贏得大型、複雜項目的工作，因為客戶將我們的財務實力視為選擇 EMCOR 的另一個原因。

I would be remiss if I didn't thank our entire EMCOR team for their dedication and hard work and discipline. We all appreciate all you do every day.

如果我不感謝整個 EMCOR 團隊的奉獻精神、辛勤工作和紀律，那就是我的失職。我們都感謝您每天所做的一切。

And with that, I'll take questions. Megan, I'll turn it over to you, our operator.

接下來，我將回答問題。梅根，我會把它交給你，我們的接線員。

(Operator Instructions) The first question comes from Adam Thalhimer with Thompson, Davis.

（操作員說明）第一個問題來自 Adam Thalhimer 和 Thompson、Davis。

Congrats on a good quarter, and thanks for all the commentary on Slide 12, Tony. I guess the biggest question is, how does that all wrap up into your thoughts on the prospect for continued sequential backlog growth?

恭喜您取得了良好的季度業績，並感謝托尼對幻燈片 12 的所有評論。我想最大的問題是，這一切如何體現在您對積壓訂單持續連續增長前景的想法中？

Yes. I mean, look, I've said it a thousand times. It's -- we're in a very good level of RPOs. We have opportunities in front of us. Projects, large awards come in. And because you booked it 2 weeks after the end of the quarter, it doesn't mean you've lost momentum in your business.

是的。我的意思是，聽著，我已經說過一千遍了。我們的 RPO 水平非常好。我們面前有機會。項目、大獎項紛紛湧現。而且，因為您是在季度結束後兩週預訂的，但這並不意味著您失去了業務動力。

Also, as you're out of site, and that site builds out like a new semiconductor site, or some of these EV sites, sometimes the initial award is big. And then you get follow-on work that over a period of 18 months, which is a project life of a lot of these is every bit is big. But they -- because I know you, they tend to let it out in stages.

此外，當您離開站點時，該站點會像新的半導體站點或其中一些電動汽車站點一樣進行建設，有時最初的獎勵會很大。然後你會得到為期 18 個月的後續工作，這是很多項目的生命週期，每一點都很大。但他們——因為我了解你，他們傾向於分階段地發洩出來。

So what I know is we have good momentum in the business. We're playing to broad themes that are driving our business and driving our sector and the economy. We have something that's very valuable, which is highly skilled technical labor that can execute the most difficult jobs and service the most -- drive service in the toughest situations.

據我所知，我們的業務勢頭良好。我們正在發揮廣泛的主題，這些主題正在推動我們的業務、推動我們的行業和經濟。我們擁有非常有價值的東西，即高技能的技術勞動力，可以執行最困難的工作並提供最多的服務——在最困難的情況下推動服務。

So I guess, in the 19 years I've done this, I've never thought about what sequential RPO or backlog growth looks like. I certainly have joined that we've had a book-to-bill of over 1 for I think 8 or 10 quarters in a row. I don't see maybe that's slowing down, but the flip side is if it was 0.98, I don't think that means much of anything, to be honest with you.

所以我想，在我從事這項工作的 19 年裡，我從未考慮過 RPO 或積壓訂單的連續增長是什麼樣的。我當然也同意，我們的訂單出貨比已經連續 8 個或 10 個季度超過 1。我不認為速度會放緩，但另一方面，如果是 0.98，老實說，我認為這沒有什麼意義。

Great. And then I hate to ask for guidance within the guidance, but can you give us any help on how you guys see the back half playing out between Q3 and Q4?

偉大的。然後我不想在指導中尋求指導，但是你們能給我們任何幫助，告訴我們你們如何看待第三季度和第四季度之間的後半場比賽嗎？

We have. You know what? This is all project timing-related. When a turnaround starts and ends, we've never provided quarterly guidance, and I don't think we're going to start now. Are we Mark?

我們有。你知道嗎？這都與項目時間相關。當扭虧為盈開始和結束時，我們從未提供過季度指導，而且我認為我們現在也不會開始。我們是馬克嗎？

No, we're not.

沒有，我們沒有。

And then lastly, fire protection. Can you give us a sense for how accretive that is to mechanical margins?

最後，防火。您能否讓我們了解這對機械利潤的增加有多大？

Well, it operates at better margins than the base business. Some of that has to do with the material component of those jobs. It has a higher labor component, but it's helping. It's providing a nice cap on it. But you know, it's a tough job, so we've got to execute.

嗯，它的運營利潤比基礎業務更高。其中一些與這些工作的物質組成部分有關。它的勞動力成分較高，但有幫助。它為它提供了一個很好的上限。但你知道，這是一項艱鉅的工作，所以我們必須執行。

(Operator Instructions)

（操作員說明）

Sorry I did want to ask about the shop business. When was the last time the shop business was strong? I can't even remember.

抱歉，我確實想問一下商店生意。上一次商店生意旺盛是什麼時候？我什至不記得了。

2018 -- '17, '18.

2018 年——'17、'18。

And how meaningful could that be to that segment?

這對該細分市場有何意義？

It's not nonmeaningful.

這並不是沒有意義的。

And also on my list, I had solar. When you thought that might gain traction?

在我的清單上，我還有太陽能。當您認為這可能會受到關注時？

There's probably people better qualified than me to talk about that because of where we are in the chain to deliver those projects. There's a lot of things on the drawing board. There's a lot of land bought. There's a lot of contracts. Purchase power agreement is out there.

可能有人比我更有資格談論這個問題，因為我們處於交付這些項目的鏈條中。繪圖板上有很多東西。買了很多地。有很多合同。購買電力協議就在那裡。

We had a full book of business. I expected to do 10%, 12% revenue of that segment. But the reality is, there's not a lot happening there right now.

我們有一本完整的商業書籍。我預計該部門的收入佔 10%、12%。但現實是，目前並沒有發生太多事情。

Now the smaller ones are happening. So when we're on a hospital site or a campus site where we're doing the car ports, actually, one of our suppliers is doing that as part of our overall energy program for some of our bigger customers. We can get them there.

現在，更小的事情正在發生。因此，當我們在醫院或校園進行停車位時，實際上，我們的供應商之一正在這樣做，作為我們為一些大客戶提供的整體能源計劃的一部分。我們可以把他們送到那裡。

When you're talking utility scale solar, and again, I think there's probably people that are better qualified to me to talk about that. We're just not seeing the activity we expected to see this year.

當你再次談論公用事業規模太陽能時，我認為可能有人更有資格與我談論這個問題。我們只是沒有看到今年預期的活動。

The next question comes from Sean Eastman with KeyBanc Capital Markets.

下一個問題來自 KeyBanc Capital Markets 的 Sean Eastman。

Team, many compliments. Really fantastic update here. So I wanted to talk a little bit more about the margins, which is really the big upside toggle and the outlook for the year.

團隊，很多讚美。這裡的更新真的很棒。所以我想多談談利潤率，這確實是一個巨大的上升空間和今年的前景。

Obviously, we had a really strong start on margins in the first quarter, but you guys kind of held back from flowing through that really strong start to the year. And then here we are in 2Q, kind of blowing out margin expectation, and you guys are releasing more of that kind of elevated margin and a juicier guidance update.

顯然，我們在第一季度的利潤率上有一個非常強勁的開局，但你們有點阻礙了今年真正強勁的開局。然後我們進入了第二季度，利潤率預期有點超出預期，你們正在發布更多此類提高的利潤率和更有趣的指導更新。

So I just wanted to get a sense for what changed in your view? And what's kind of come through stronger to give you more confidence to just guide margins up from here versus last quarter?

所以我只是想了解一下您的觀點發生了什麼變化？與上一季度相比，哪些方面的表現更強勁，可以讓您更有信心引導利潤率從現在開始上升？

Yes. So I'll take a high-level view, and then I'll turn it over to Mark. I think there's three things that we have more confidence in. One is the mix of our work going forward, and we have pretty good visibility on what we're nearing completion in and what's starting up, at least we think we do at this point in the year.

是的。所以我會採取一個高層次的觀點，然後我會把它交給馬克。我認為我們對三件事更有信心。一是我們未來工作的組合，我們對即將完成的工作和正在啟動的工作有很好的了解，至少我們認為目前我們在做在這一年裡。

The second point is the mix of trades. We have a very good mix of trades. We have strong fire life safety demand. Our electrical business is back on track with a great mix of work. In our core mechanical business, mechanical services businesses are all performing well. Coupled with, we see a pretty normal fall turnaround season. So I think that -- at a high level, that mix of things, and I'll let Mark get into more of the specifics.

第二點是行業的組合。我們有非常好的貿易組合。我們對消防生命安全有強烈的需求。我們的電力業務已重回正軌，各項工作都取得了豐碩成果。在我們的核心機械業務中，機械服務業務均表現良好。此外，我們看到了一個非常正常的秋季周轉季節。所以我認為——在高層次上，這些事情的混合，我會讓馬克了解更多細節。

Yes, Sean. I think clearly, and not to rehash history, but quarter 1, from a seasonality perspective, tends to be one of our weakest quarters in the year, despite the fact that our Industrial Services segment is executing in the earlier periods of the spring turnaround season.

是的，肖恩。我清楚地認為，並不是要重述歷史，但從季節性角度來看，第一季度往往是我們今年最弱的季度之一，儘管我們的工業服務部門是在春季周轉季節的早期執行的。

I think when you look back to where we were exiting last year and certainly, where we were a year ago at this time, and Tony and I both have commented on this multiple times during this morning's call, the revenue mix was good. It certainly wasn't bad, but we certainly had some projects in the mix that were marginal contributors or they were in loss positions.

我認為，當你回顧我們去年的退出情況，當然，我們一年前的這個時候，托尼和我在今天早上的電話會議上多次對此發表評論，收入組合是好的。這當然還不錯，但我們肯定有一些項目是邊際貢獻者或者處於虧損狀態。

So I think the term of absence of badness that we've used many times in the past is certainly, relevant or germane to the 2023 periods. And that work other than one project is all cleaned up at this point. So that's a good thing from an activity perspective.

因此，我認為我們過去多次使用的“不存在壞事”一詞肯定與 2023 年時期相關或密切相關。此時，除了一個項目之外的其他工作都已清理完畢。所以從活動的角度來看，這是一件好事。

The other thing, and we talked about supply chain many times, and we're certainly not saying that it's great, but it's certainly more normalized as we sit here in late July of 2023 than it certainly was at the midpoint of last year. So we're seeing flow of equipment from the OEMs, and that's giving us the ability to make sure we're utilizing our labor in the most efficient manner possible, which is driving better margins.

另一件事，我們多次談到供應鏈，我們當然不是說它很棒，但當我們在 2023 年 7 月下旬坐在這裡時，它肯定比去年中期更加正常化。因此，我們看到來自原始設備製造商的設備流，這使我們能夠確保以最有效的方式利用我們的勞動力，從而提高利潤率。

And then specifically, I know I mentioned this in my prepared commentary, in the mechanical -- U.S. Mechanical Construction segment, we did have some favorable project closeout. So back to the earlier caller's point, we only control the start and stops of projects based on our customer's project time line.

然後具體來說，我知道我在我準備的評論中提到了這一點，在機械——美國機械建築領域，我們確實有一些有利的項目收尾。回到前面調用者的觀點，我們僅根據客戶的項目時間線控制項目的啟動和停止。

To the extent that we execute in the fixed price environment or arena, on a better basis, then we obviously capture that improvement. And ultimately, we recognize it where it's appropriate. We certainly had that phenomenon in the second quarter. And as we look at the book of business, as we progress to the rest of 2023, we don't see any particular problematic areas other than the fact that we have thousands of active projects out there with, certainly, a very, very large deployed workforce that we need to make sure is executing at an exceptional level as we've demonstrated over a long period of time.

如果我們在固定價格環境或舞台上更好地執行，那麼我們顯然會捕捉到這種改進。最終，我們會在適當的時候認識到它。我們在第二季度確實出現了這種現象。當我們審視商業手冊時，隨著我們進入 2023 年剩餘時間，我們沒有看到任何特別有問題的領域，除了我們有數千個活躍項目，當然還有一個非常非常大的項目。正如我們在很長一段時間內所證明的那樣，我們需要確保部署的員工隊伍能夠以卓越的水平執行。

So kind of a long-winded answer. Ultimately, the book of business is very, very strong. We're happy with the labor complement we have on the jobs. And the operating environment is still not optimal with regards to things that are outside of our control, but we've certainly seen some stabilization, which is giving us a little bit more positive momentum as we look at the outlook for the business.

這是一個冗長的答案。最終，這本商業書籍非常非常強大。我們對工作中的勞動力補充感到滿意。就我們無法控制的事情而言，運營環境仍然不是最佳的，但我們確實看到了一些穩定，這在我們審視業務前景時給了我們更多積極的動力。

Right. Bottom line is, we called revenue about right at the beginning of the year, but our margins are 100 basis points higher than -- 125 basis points higher than we thought they were going to be.

正確的。最重要的是，我們在今年年初就公佈了收入，但我們的利潤率比我們預期的高出 100 個基點 - 125 個基點。

Okay. Got it. That's helpful. And do you think that we're setting tough margin comps here in 2023? Or do you feel like in light of the mix of work in the pipeline, the complexity of projects driving RPOs and the bid pipeline, that there's some differentiation in the marketplace that perhaps we haven't seen before? And we could view this performance we're seeing here as sustainable?

好的。知道了。這很有幫助。您認為 2023 年我們會設定嚴格的利潤率嗎？或者，您是否覺得，考慮到管道中的工作組合、推動 RPO 的項目的複雜性以及投標管道，市場中可能存在一些我們以前從未見過的差異？我們可以認為我們在這裡看到的這種表現是可持續的嗎？

Sean, I've said a long time, I go back to the way Adam asked about backlog or RPO, I think about margins the same way.

肖恩，我已經說過很長時間了，我回到亞當詢問積壓或 RPO 的方式，我以同樣的方式考慮利潤。

One quarter doesn't make a trend. We look over 4 or 5 quarters to see a trend. Margins could go up or down. It could be nothing more than starting up jobs, mix of jobs, mix of contracts. And I said this, I think, last year, after we got out of the first quarter where we had some of the tougher work that was taken pre-pandemic, and we didn't start up the -- especially the data center work we expected to in the Electrical segment.

四分之一併不能形成趨勢。我們通過四五個季度的觀察來觀察趨勢。利潤可能會上升或下降。它可能只不過是開始工作、混合工作、混合合同。我想，我去年說過這一點，在我們結束第一季度之後，我們做了一些大流行前採取的更艱鉅的工作，但我們沒有啟動——特別是我們的數據中心工作。預計在電氣領域。

And I said last year, we look at underlying productivity. We look at the things we're doing to drive productivity. You got to remember, as a contractor, we don't get to keep the productivity in a sense that a manufacturing plant does. But what we do get to keep is the ideas, and the idea is that we're driving that productivity.

我去年說過，我們關注的是潛在的生產力。我們著眼於我們正在做的事情來提高生產力。您必須記住，作為承包商，我們無法像製造工廠那樣保持生產力。但我們確實要保留的是想法，而這個想法就是我們正在推動生產力。

So quarter-to-quarter, they could fluctuate some. We definitely think, as we're guiding to, we believe we're going to have strong margin performance for the rest of the year. We, obviously, are at all-time level and RPOs. We like the mix of working at RPOs. But hey, we got to go out and execute. We got to have customers that hang in there with us, and we will.

因此，每個季度，它們可能會出現一些波動。我們確實認為，正如我們所指導的那樣，我們相信今年剩餘時間我們將擁有強勁的利潤率表現。顯然，我們處於歷史最高水平和 RPO。我們喜歡 RPO 的混合工作方式。但是，嘿，我們必須出去執行。我們必須擁有支持我們的客戶，我們也會的。

Okay. Got it. And then just kind of going back to your end market drivers commentary, Tony. I mean we look at the RPO disclosure as kind of a leading indicator of demand. And I wondered if you would say that perhaps there's greater visibility in the model, then we can even really observe in the RPO disclosure, just in light of there being more programmatic and larger multiyear programs.

好的。知道了。然後回到你的終端市場驅動因素評論，托尼。我的意思是，我們將 RPO 披露視為需求的領先指標。我想知道您是否會說，也許該模型具有更大的可見性，那麼我們甚至可以在 RPO 披露中真正觀察到，只是考慮到有更多的程序化和更大的多年期計劃。

Just kind of more complex infrastructure challenges driving the business that would suggest perhaps you have more of a multiyear type of visibility that isn't fully captured in what we see in RPO? What would you say there?

只是推動業務發展的更複雜的基礎設施挑戰表明您可能擁有更多的多年類型的可見性，而我們在 RPO 中看到的內容並未完全體現出來？你在那裡會說什麼？

Yes. What I think I said while I was going through that page, Page 12, I said, as a contractor, we don't try to bring big sweeping conclusions on 5-year outlooks. But I think what I said is, I didn't know exactly how things would layer in, but that these six things that we were driving our RPOs right now, that we had a pretty good feeling that they were going to continue to drive our business for the next 2 to 3 years.

是的。我想我在瀏覽第 12 頁時所說的話，我說，作為承包商，我們不會試圖對 5 年前景得出大而全面的結論。但我認為我所說的是，我並不確切地知道事情將如何分層，但是我們現在正在推動 RPO 的這六件事，我們有一個很好的感覺，他們將繼續推動我們的 RPO。未來2至3年的業務。

How that manifests itself is I think exact words I used something like that, how it manifests itself quarter-to-quarter. I don't know. But I do know that we're well positioned in some really critical, as you would say, infrastructure type -- not the big I infrastructure, but the small I infrastructure-type sectors that we feel really good about.

我想這就是我用過的確切詞語，它是如何在每個季度表現出來的。我不知道。但我確實知道，正如你所說，我們在一些非常關鍵的基礎設施類型中處於有利地位——不是大型基礎設施，而是我們感覺非常好的小型基礎設施類型部門。

But guess what, Sean, we're going to go out and execute every day. And we get graded every day by our customers. We get graded every day. And look, the site might be great for 5 years, but in any one of these sites, they could take a 6-month pause. And we have nothing that we -- there's nothing we could do about that.

但是你猜怎麼著，肖恩，我們每天都會出去執行。我們的客戶每天都會對我們進行評分。我們每天都會被評分。你看，該網站可能會在 5 年內表現出色，但在這些網站中的任何一個，他們都可能會暫停 6 個月。我們對此無能為力。

And you saw that last year in the data center business, right? Our electrical business has a wonderful position in the data center market. And just about every key geographic market that matters. We have a wonderful position, but we also have competition every day.

去年您在數據中心業務中看到了這一點，對吧？我們的電氣業務在數據中心市場中佔有極好的地位。幾乎每個重要的關鍵地理市場。我們有一個很好的位置，但我們每天也有競爭。

But coupled with that, we don't necessarily control when things are going to start. So last year, we thought we were going to start a bunch of work in the first quarter. And what we told everybody, look, it didn't start. That has all kinds of implications, maybe for a little underabsorption of our supervision.

但除此之外，我們不一定能控制事情何時開始。所以去年，我們認為我們將在第一季度開始大量工作。我們告訴大家，看，它並沒有開始。這會產生各種各樣的影響，也許是因為我們的監督有點不夠充分。

Why didn't it start? Well, it mainly didn't start because the switchgear was 8 weeks late. The smart panels were 6 weeks late. The generators were 5 weeks late. So they are owner procured materials. So instead of starting those jobs, February 1, we started most of those jobs May 1. And we ate the supervision in the meantime because we certainly weren't going to lose our key supervision that we plan on working for us for the next 10 years.

為什麼沒有開始？嗯，它沒有啟動主要是因為開關設備晚了 8 週。智能面板晚了 6 週。發電機遲到了 5 週。所以它們是業主採購的材料。因此，我們沒有在 2 月 1 日開始這些工作，而是在 5 月 1 日開始大部分工作。同時我們接受了監督，因為我們當然不會失去我們計劃在未來 10 年為我們工作的關鍵監督。年。

So the trend is great, right? And so I've given questions the last first quarter is this the end of the data center build. And we said, "No." And here we are with $1.2 billion in network and communications, RPOs. So the RPOs do tell a story, but in a lot of ways, it's not a quarter-to-quarter story.

所以趨勢很棒，對嗎？因此，我在上個第一季度提出了數據中心建設結束的問題。我們說：“不。”我們現在擁有 12 億美元的網絡和通信 RPO。因此，RPO 確實講述了一個故事，但在很多方面，它並不是一個季度的故事。

Yes. I think it's notable for you to be talking 2 to 3 years. If you just look at the long-term history of the business for you to be out kind of seeing robust trends out over multiple years, I think, in itself is notable.

是的。我認為你能談論兩到三年是值得注意的。如果你只看一下該業務的長期歷史，你就會發現多年來的強勁趨勢，我認為，這本身就值得注意。

Yes. Well, I think it's -- you can't run from success that you've had where you've entrenched yourself into really good positions. But again, our customers can make a decision not to build in a certain way. I think we'll perform. I don't think that's going to be an issue, but they can delay things by a year. They can delay things by 6 months. We see none of that today, but we can be talking very different in the first quarter of next year. It doesn't mean it's not a long good term trend. It just means, hey, they took a pause.

是的。嗯，我認為——你無法逃避你已經獲得的成功，因為你已經把自己鞏固在非常好的位置上。但同樣，我們的客戶可以決定不以某種方式構建。我想我們會表演。我認為這不會成為問題，但他們可以將事情推遲一年。他們可以將事情推遲 6 個月。今天我們看不到這些，但明年第一季度我們的討論可能會大不相同。這並不意味著這不是一個長期的良好趨勢。這只是意味著，嘿，他們暫停了。

Okay, I think that's it. Thank you all, and have a safe rest of summer. Pay attention to the heat and drink a lot of water. Be well. Bye.

好吧，我想就是這樣。謝謝大家，祝大家暑假平安。注意防暑，多喝水。祝你一切順利。再見。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。