EMCOR Group Inc (EME) 2024 Q4 法說會逐字稿

Good morning. My name is Betsy, and I will be your conference operator today. At this time, I would like to welcome everyone to the EMCOR Group fourth quarter and full year 2024 earnings conference call. (Operator Instructions)

早安.我叫貝琪，今天我將擔任您的會議主持人。現在，我歡迎大家參加 EMCOR 集團 2024 年第四季和全年財報電話會議。（操作員指令）

I would now like to turn the call over to Andy Backman, Vice President of Investor Relations. Mr. Backman, you may begin.

現在，我想將電話轉給投資者關係副總裁安迪‧巴克曼 (Andy Backman)。巴克曼先生，您可以開始啦。

Thank you, Betsy, and good morning, everyone, and welcome to EMCOR's fourth quarter and full year 2024 earnings conference call. For those of you joining us by webcast, we are at the beginning of our slide presentation that will accompany our remarks today.

謝謝你，貝琪，大家早安，歡迎參加 EMCOR 2024 年第四季和全年財報電話會議。對於透過網路直播加入我們的各位，我們今天的演講將附帶幻燈片演示，現在正處於開始階段。

This presentation will be archived in the Investor Relations section of our website at emcorgroup.com. With me today are Tony Guzzi, our Chairman, President and Chief Executive Officer; Jason Nalbandian, Senior Vice President and EMCOR's Chief Financial Officer; and Maxine Mauricio, Executive Vice President, Chief Administrative Officer and General Counsel.

此簡報將存檔於我們網站 emcorgroup.com 的投資者關係部分。今天與我在一起的有我們的董事長、總裁兼首席執行官 Tony Guzzi； Jason Nalbandian，EMCOR 高級副總裁兼首席財務官；以及執行副總裁、首席行政官兼總法律顧問 Maxine Mauricio。

For today's call, Tony will provide comments on our fourth quarter and the full year 2024; Jason will then review our fourth quarter and full year numbers before turning it back to Tony to discuss our recent acquisition of Miller Electric Company, our RPOs as well as reviewing our 2025 guidance before we open it up for Q&A.

在今天的電話會議上，Tony 將對我們的第四季度和 2024 年全年發表評論；然後，傑森將回顧我們的第四季度和全年數據，然後再交還給托尼，討論我們最近對米勒電氣公司的收購、我們的 RPO 以及審查我們的 2025 年指引，然後我們再進行問答。

Before we begin, as a reminder, this presentation and discussion contain certain forward-looking statements and may contain certain non-GAAP financial information. slide 2 of our presentation described in detail these 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.

在我們開始之前，需要提醒的是，本示範和討論包含某些前瞻性陳述，並且可能包含某些非 GAAP 財務資訊。我們簡報的第 2 張投影片詳細描述了這些前瞻性陳述和非 GAAP 財務資訊揭露。我鼓勵大家結合我們的討論和隨附的幻燈片來審查這兩項披露內容。

And finally, as a reminder, all financial information discussed during this morning's call is included in our consolidated financial statements within both our earnings press release issued this morning and in our Form 10-K filed with the Securities and Exchange Commission.

最後，提醒一下，今天早上電話會議上討論的所有財務資訊都包含在我們今天早上發布的收益新聞稿和我們向美國證券交易委員會提交的 10-K 表中的合併財務報表中。

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

現在，讓我把電話轉給東尼。托尼？

Yes. Thanks, Andy, and good morning, and welcome to our fourth quarter 2024 earnings call. In my opening comments today, I will primarily highlight our performance in 2024, I'll discuss what went well and the challenges we face. I'll also provide some brief remarks on the quarter before turning it over to Jason, who's going to cover the quarter in detail. I'll then close by outlining our 2025 outlook and guidance.

是的。謝謝，安迪，早安，歡迎參加我們 2024 年第四季財報電話會議。在今天的開場白中，我將主要強調我們在 2024 年的表現，討論進展順利的事情以及我們面臨的挑戰。在將主題轉交給 Jason 之前，我也會對本季做一些簡短的評論，Jason 將詳細介紹本季的情況。最後，我將概述我們的 2025 年展望和指導。

And for my initial comments, I'd ask you to turn to pages 4 and 5. For the fourth quarter of 2024, we again had record performance on nearly every relevant financial metric, including diluted earnings per share of $6.32; operating income of $389 million; operating margin of 10.3%; operating cash flow of $469 million; and revenues of $3.77 billion, a 9.6% year-over-year increase.

對於我的初步評論，請您翻到第 4 頁和第 5 頁。2024 年第四季度，我們在幾乎所有相關財務指標上再次創下了創紀錄的業績，包括每股 6.32 美元的攤薄收益；營業收入3.89億美元；營業利潤率為10.3%；營運現金流4.69億美元；營收為37.7億美元，同比增長9.6%。

It was a great quarter, finishing an exceptional year. For 2024, we earned $14.6 billion in revenues, achieving year-over-year revenue growth of 15.8%. We had diluted earnings per share of $21.52, operating income of $1.3 billion, and we had an operating margin of 9.2%.

這是一個偉大的季度，為我們結束了非凡的一年。2024 年，我們的營收為 146 億美元，年增 15.8%。我們的每股攤薄收益為 21.52 美元，營業收入為 13 億美元，營業利益率為 9.2%。

We had operating cash flow of $1.4 billion. It was a terrific year with strong execution across our business, supported by well timed, long-term investors that positions us to serve growing, diverse and technically sophisticated end markets. Our performance culture centered on Mission First, People Always enables us to attract, develop, retain and reward an exceptional workforce, which in turn drives our strong performance for both our customers and our shareholders.

我們的營運現金流為14億美元。這是輝煌的一年，在長期投資者的鼎力支持下，我們的業務執行力強勁，使我們能夠服務於不斷增長、多樣化和技術先進的終端市場。我們的績效文化以「使命第一、以人為本」為核心，這使我們能夠吸引、培養、留住和獎勵優秀的員工，從而推動我們為客戶和股東帶來強勁的業績。

So this morning rather than providing a segment-by-segment recap of the year, what I thought I'd do is I'd provide an overview went well in 2024 and really what has gone well over the last three to five years as well as some of the challenges we overcame to deliver an exceptional 2024. First, we operate in growing markets that offer long-term opportunities for success.

因此，今天早上，我不會逐一回顧這一年，而是概述 2024 年取得的進展，以及過去三到五年取得的進展，以及我們為實現卓越的 2024 年而克服的一些挑戰。首先，我們在不斷成長的市場中開展業務，這些市場為我們提供了長期的成功機會。

However, to perform well in these markets, you must have the ability to attract, develop and retain exceptionally skilled labor. You must exhibit excellence in project planning and development, virtual design and construction, and I'll refer to that as BDC. And BDC includes BIM or Building Information Modeling, that then leads to prefabrication and then automation of some of our prefabrication operations.

然而，要想在這些市場中取得良好表現，您必須有能力吸引、培養和留住高技能勞動力。您必須在專案規劃和開發、虛擬設計和施工方面表現出色，我將其稱為 BDC。BDC 包括 BIM 或建築資訊模型，從而實現預製，並實現部分預製操作的自動化。

You also need to have experienced leaders down through the segment and subsidiary levels who can manage the performance of the work and earn and maintain the confidence of our customers, highlighting that we have the ability to efficiently execute projects under the most demanding conditions without compromising safety.

您還需要在各個部門和子公司層面擁有經驗豐富的領導者，他們可以管理工作績效並贏得和維持客戶的信任，突出我們有能力在最苛刻的條件下高效地執行項目，而不會損害安全性。

As we have demonstrated again in 2024 and really over many years, our ability to perform well in growing markets like data centers, high tech and traditional manufacturing, health care, energy retrofits and water and wastewater projects, they provide us the opportunities to generate above-market growth.

正如我們在 2024 年以及多年來再次證明的那樣，我們在資料中心、高科技和傳統製造業、醫療保健、能源改造以及水和廢水項目等成長型市場中表現良好的能力，它們為我們提供了實現高於市場成長的機會。

At EMCOR, we pivot to sectors where growth and opportunity exists, and we deploy our skilled workforce and leadership teams to tackle the most difficult projects for customers who value our capabilities, experience and strong balance sheet. Further, we have a broad service offering and the trade depth to effectively execute that offering.

在 EMCOR，我們專注於存在成長和機會的領域，並部署熟練的勞動力和領導團隊，為重視我們的能力、經驗和強大資產負債表的客戶解決最困難的專案。此外，我們提供廣泛的服務，並擁有有效執行該服務的交易深度。

Our extensive capabilities across the mechanical and electrical trades allow us to provide a more comprehensive scope and give us the desired scale for our customers. In the electrical trades, we can offer the full range of medium and low-voltage solutions across geographies, end markets and customers.

我們在機電行業的廣泛能力使我們能夠提供更全面的服務範圍並為客戶提供所需的規模。在電氣行業，我們可以跨地區、跨終端市場和跨客戶提供全方位的中低壓解決方案。

Our mechanical capabilities span large complex mechanical and piping systems in high tech and traditional manufacturing, industrial, oil and gas, health care, and water and wastewater projects that often require superior BDC and prefabrication capabilities to ensure efficient, precise and safe execution.

我們的機械能力涵蓋高科技和傳統製造、工業、石油和天然氣、醫療保健以及水和廢水項目中的大型複雜機械和管道系統，這些項目通常需要卓越的 BDC 和預製能力以確保高效、精確和安全的執行。

Our mechanical capabilities extend the fire life safety where we design, install and service, some of the most complex fire suppression and alarm systems. Beyond construction, our capabilities extend to the aftermarket where we have the skills and scale to meet our customers' needs with HVAC and building control service and retrofit projects as well as electrical retrofits, low voltage work as well as the fire life safety service solutions mentioned above.

我們的機械能力延長了我們設計、安裝和維護一些最複雜的滅火和警報系統的消防生命安全。除了建築之外，我們的能力還延伸到售後市場，我們擁有技能和規模來滿足客戶對暖通空調和建築控制服務和改造項目以及電氣改造、低壓工程以及上述消防生命安全服務解決方案的需求。

And finally, we invested in the long term for our people, and we are disciplined capital allocators. At our core, we are accomplished because of excellence and filled leadership and skilled labor united by EMCOR values of Mission First, People Always. We have a comprehensive leadership development program from project managers and foremen to segment and corporate leadership.

最後，我們為員工進行長期投資，我們是嚴謹的資本配置者。我們之所以能取得成就，從本質上講，是因為我們的卓越表現、優秀的領導力和熟練的勞動力，都體現了 EMCOR 的價值觀：使命第一，以人為本。我們擁有一套全面的領導力發展計劃，從專案經理和領班到部門和公司領導。

We train extensively across the skills that enable our success. We also have leading succession management as evidenced by the fact that 80% of our subsidiary and segment promotions are internal and well planned. Our voluntary turnover rate at the subsidiary and segment leadership levels are near zero as we have a pay-for-performance culture, and we work collectively as a team to achieve superior results for our customers.

我們對幫助我們獲得成功的各種技能進行了廣泛的培訓。我們也擁有領先的繼任管理，這一點從我們 80% 的子公司和部門晉升都是內部的、經過精心規劃的事實可以看出。由於我們推行績效工資文化，我們團隊協作，為客戶創造卓越成果，因此子公司和部門領導層的自願離職率接近零。

Our capital allocation model is balanced and effective, focused on building the business first through organic investment. For example, over the past three years, we have more than doubled our capital investment in the business with CapEx now in 2024 of $75 million.

我們的資本配置模式均衡有效，專注於透過有機投資先打造業務。例如，在過去三年中，我們對該業務的資本投資增加了一倍多，目前 2024 年的資本支出為 7,500 萬美元。

We have a very successful acquisition program, and we returned cash to our shareholders through dividends and share repurchases. In 2024, we completed seven acquisitions for approximately $230 million and we returned $43 million in cash through dividends to our shareholders and $500 million to our shareholders through share repurchases.

我們有一個非常成功的收購計劃，我們透過股利和股票回購向股東返還現金。2024 年，我們完成了七項收購，總價值約 2.3 億美元，並透過股息向股東返還了 4,300 萬美元現金，並透過股票回購向股東返還了 5 億美元。

The Miller acquisition, which we'll discuss later in this presentation, closed on February 3, 2025, and is a great example of our capital and discipline in action. As we have said in the past, deals happen when they happen. And we are disciplined acquirers focused on building our overall business to better serve the demands of our customers through offering of diverse services across markets and geographies.

我們將在後面的演講中討論 Miller 的收購，該收購於 2025 年 2 月 3 日完成，是我們資本和紀律付諸行動的一個很好的例子。正如我們過去所說的，交易總是在發生時才發生。我們是嚴謹的收購者，專注於建立整體業務，透過跨市場和跨地區提供多樣化的服務來更好地滿足客戶的需求。

While 2024 was an exceptional year, we had some challenges. These include ongoing supply chain issues. We finished some pre-COVID work that we have now finished that was not the greatest and the intense competition we face in our US and UK site-based services business.

雖然 2024 年是特別的一年，但我們也面臨一些挑戰。其中包括正在發生的供應鏈問題。我們完成了一些疫情之前的工作，現在已經完成了，但這些工作並不是很出色，而且我們在美國和英國的現場服務業務中面臨著激烈的競爭。

Building and maintaining a skilled workforce is always a challenge, but our field leaders are best-in-class in labor planning, sourcing, training and retention. We anticipate facing some macro and other potential challenges in 2025. But as we've done in the past, we will work to protect ourselves with excessive planning and where appropriate prefabrication and automation coupled with the right contractual terms and structures as contractors, it is in our DNA and training to adapt and improvise to achieve acceptable results.

建立和維持一支熟練的勞動力隊伍始終是一項挑戰，但我們的現場領導者在勞動力規劃、採購、培訓和保留方面是一流的。我們預計 2025 年將面臨一些宏觀和其他潛在挑戰。但正如我們過去所做的那樣，我們將努力透過充分規劃、適當預製和自動化，加上作為承包商的正確合約條款和結構來保護自己，適應和改進以實現可接受的結果是我們DNA和培訓的一部分。

We exit 2024 with RPO growth of 14% year overyear and aggregate RPOs of $10.1 billion, another record for the company. Miller added over $700 million in RPOs as of our February 3 closing that is not in the $10.1 billion 2024 year-end number discussed above. Our balance sheet remains liquid and strong, even after the $865 million acquisition of Miller.

到 2024 年，我們的 RPO 年增 14%，RPO 總額達到 101 億美元，這又創下了公司的紀錄。截至 2 月 3 日收盤時，Miller 增加了超過 7 億美元的 RPO，這並不在上面討論的 2024 年底 101 億美元的數字中。即使在斥資 8.65 億美元收購 Miller 之後，我們的資產負債表仍然保持流動性強且強勁。

With that, Jason, I'll turn the discussion over to you.

有了這個，傑森，我將把討論交給你。

Thank you, Tony, and good morning, everyone. Starting on slide 6, I'm going to review our operating performance for each of our segments as well as some of the key financial data for the fourth quarter of 2024 as compared to the fourth quarter of 2023. I'll also touch on some of the highlights for our full year performance in addition to our acquisition of Miller Electric and the impact on our guidance for 2025.

謝謝你，托尼，大家早安。從第 6 張投影片開始，我將回顧我們各部門的營運表現以及 2024 年第四季與 2023 年第四季相比的一些關鍵財務數據。除了收購 Miller Electric 之外，我還將談談我們全年業績的一些亮點以及對我們 2025 年指引的影響。

As Tony mentioned, consolidated revenues were a record $3.77 billion, an increase of $330.8 million or 9.6%, which was led by our Construction segments as we continue to execute well and demand remains strong across most of the key sectors that we serve. On an organic basis, revenues grew 7.4%.

正如東尼所提到的，合併收入達到創紀錄的 37.7 億美元，成長 3.308 億美元，增幅 9.6%，這主要得益於我們的建築部門，因為我們繼續表現良好，而且我們所服務的大多數關鍵行業的需求依然強勁。從有機基礎來看，收入成長了 7.4%。

If we look at each of our segments, revenues of US Electrical Construction were $933.2 million, an increase of just over 22%. The most significant growth in this segment was experienced in the Network and Communications market sector due to a number of data center projects. But beyond data centers, demand within this segment continues to be broad-based with notable revenue increases within High-Tech and Traditional manufacturing, Transportation and Institutional. US

如果我們看一下每個部門，美國電氣建設的收入為 9.332 億美元，成長了 22% 多一點。由於大量資料中心專案的實施，網路和通訊市場領域實現了該領域最顯著的成長。但除了資料中心之外，該領域的需求仍然廣泛，高科技和傳統製造業、運輸業和機構業的收入均有顯著成長。我們

Mechanical Construction generated revenues of $1.66 billion, increasing 12.8%. Similar to Electrical Construction, the largest growth during the quarter was seen within Network and Communications. In addition, this segment experienced revenue increases within a number of the other sectors in which we operate, including High-Tech Manufacturing and health care.

機械建築業務營收 16.6 億美元，成長 12.8%。與電氣建設類似，本季成長最快的是網路和通訊領域。此外，該部門在我們經營的其他一些領域中也實現了收入成長，包括高科技製造和醫療保健。

Revenues in the Mechanical segment also benefited from higher levels of service work as we continue to grow our mechanical and fire protection maintenance base. As expected and consistent with my comments on the last several quarters, partially offsetting the growth in both of our Construction segments was a decrease in revenues from the commercial market sector due to either reduced demand across the commercial real estate industry or the completion of various warehousing and distribution projects.

隨著我們繼續擴大機械和消防維護基礎，機械部門的收入也受益於更高水準的服務工作。正如預期的那樣，並且與我對過去幾個季度的評論一致，由於商業房地產行業的需求減少或各種倉儲和配送項目的完成，商業市場部門的收入下降部分抵消了我們兩個建築部門的增長。

Further, within the Mechanical segment, we did experience a quarterly decrease in revenues from the Manufacturing and Industrial sector due in part to the timing of project startups. With a robust pipeline of traditional manufacturing and food processing projects, along with a 7% year-over-year increase in manufacturing RPOs, we remain confident in the underlying demand drivers of this sector.

此外，在機械部門內，我們確實經歷了來自製造業和工業部門的季度收入下降，部分原因是專案啟動的時間。憑藉強大的傳統製造和食品加工項目儲備，以及製造業RPO年增7%，我們對該行業的潛在需求驅動因素仍然充滿信心。

On a combined basis, our Construction segment generated revenues of $2.6 billion, an increase of 16% year overyear. Looking at US Building Services, revenues were $755.6 million, representing a decrease of 5.8% due to the nonrenewal of certain facilities maintenance contracts discussed on prior calls.

總體而言，我們的建築部門創造了 26 億美元的收入，年增 16%。縱觀美國建築服務業務，收入為 7.556 億美元，下降了 5.8%，原因是先前電話會議中討論的某些設施維護合約沒有續約。

An $89 million reduction in revenues from our commercial and government site-based operations more than offset the continued strength of our Mechanical Services division, which grew revenues by $42.5 million. We experienced revenue growth across each of our mechanical service lines. And just as a reminder, we began to see the impact of the loss site-based contracts in the second quarter of 2024.

我們商業和政府現場營運的收入減少了 8,900 萬美元，這遠遠抵消了機械服務部門持續強勁的成長勢頭，該部門的收入增長了 4,250 萬美元。我們的每條機械服務線的收入都實現了成長。提醒一下，我們在 2024 年第二季開始看到基於站點的合約損失的影響。

As such, when we look forward, we do anticipate a revenue headwind of $60 million to $70 million within US Building Services for the first quarter of 2025. If we move to Industrial Services, revenues were $312.7 million, an increase of 6.9%, driven by the segment's Field Services division, inclusive of an acquisition made by us during the year.

因此，展望未來，我們預計 2025 年第一季美國建築服務業的營收將遭遇 6,000 萬至 7,000 萬美元的逆風。如果我們轉向工業服務，營收為 3.127 億美元，成長 6.9%，這得益於該部門的現場服務部門，其中包括我們今年進行的收購。

And lastly, UK Building Services delivered revenues of $107.9 million, generally in line with that of the year ago period. Let's turn to slide 7.

最後，英國建築服務公司的營收為 1.079 億美元，與去年同期基本持平。讓我們翻到第 7 張投影片。

With operating income of $388.6 million or 10.3% of revenues, our performance established new quarterly records for both operating income and operating margin. When compared against the fourth quarter of 2023, this represents a 34.4% or nearly $100 million increase in operating income and operating margin has expanded by 190 basis points.

我們的營業收入為 3.886 億美元，佔營收的 10.3%，創下了營業收入和營業利潤率的季度新高。與 2023 年第四季相比，這意味著營業收入增加了 34.4% 或近 1 億美元，營業利潤率擴大了 190 個基點。

Once again, turning to each of our segments. US Electrical Construction generated operating income of $147.9 million, which represents a 94% increase. Operating margin was an outstanding 15.8%, a 580 basis point improvement. In addition to a more favorable mix of work, this performance is a true testament to the exceptional execution by our operating companies and project teams.

再次，轉向我們每一個部分。美國電氣建設公司實現營業收入 1.479 億美元，成長 94%。營業利益率高達 15.8%，提高了 580 個基點。除了更有利的工作組合之外，這項業績也真正證明了我們的營運公司和專案團隊的卓越執行力。

Operating income for US Mechanical Construction was $220.6 million, an increase of 18.6% year overyear and operating margin of 13.3% expanded by 70 basis points. Similar to Electrical Construction, a more favorable mix of work and excellent project execution were the primary drivers of this performance.

美國機械建築業務的營業收入為 2.206 億美元，年增 18.6%，營業利潤率為 13.3%，擴大了 70 個基點。與電氣建設類似，更有利的工作組合和出色的專案執行是實現這一業績的主要驅動力。

From a market sector perspective, our Construction segments generated greater gross profit from the majority of the sectors in which we operate with the largest increases generally tracking the growth in revenues. And together, our Construction segments reported an operating margin of 14.2%, which is a 250 basis point improvement year overyear.

從市場部門角度來看，我們的建築部門在我們經營的大多數部門中產生了更大的毛利，最大的增幅通常跟隨收入的成長。總體而言，我們的建築部門報告的營業利潤率為 14.2%，比去年同期提高了 250 個基點。

Operating income for US Building Services was $40.9 million, a slight decline year overyear. However, operating margin remained strong at 5.4%. With the loss of the previously referenced site-based contracts, the composition of this segment's revenues has shifted to a greater proportion of Mechanical Services, resulting in an increase in gross profit and operating margins. Moving to Industrial Services.

美國建築服務業務的營業收入為 4,090 萬美元，較去年同期略有下降。不過，營業利益率仍保持強勁，達到 5.4%。隨著先前提到的現場合約的遺失，該部門的收入組成已轉向更大比例的機械服務，從而導致毛利和營業利潤率的增加。轉向工業服務。

Operating income was $10.2 million, a decrease of $2.4 million and operating margin was 3.3%, a reduction of 100 basis points. Despite the increase in revenues, this segment experienced a decrease in gross profit and gross profit margin given a less favorable mix of work due in part to lower revenue contribution from our shop services division.

營業收入為 1,020 萬美元，減少 240 萬美元，營業利潤率為 3.3%，減少 100 個基點。儘管收入增加，但由於業務組合不佳，部分原因在於店舖服務部門的收入貢獻減少，導致該部門的毛利及毛利率下降。

And lastly, UK Building Services earned operating income of $4.8 million. In addition to the impact of slightly lower revenues, operating margins in the UK have declined by 50 basis points as the segment's project portfolio in last year's fourth quarter included a greater number of higher-margin opportunities. If we move to slide 8, a few quarterly highlights on this slide, starting with gross profit.

最後，英國建築服務公司的營業收入為 480 萬美元。除了收入略有下降的影響外，英國業務的營業利潤率還下降了 50 個基點，因為該部門去年第四季的專案組合包含了大量高利潤機會。如果我們轉到第 8 張投影片，這張投影片上有幾個季度亮點，首先是毛利。

Driven by our Electrical and Mechanical Construction segments as well as our US Building Services segment, gross profit margin has expanded by 210 basis points with gross profit increasing by 22.5%. Our fourth quarter SG&A increased by just under $40 million, which includes $9.5 million of incremental expenses from acquired companies.

在我們的電氣和機械建設部門以及美國建築服務部門的推動下，毛利率擴大了 210 個基點，毛利增加了 22.5%。我們第四季的銷售、一般及行政開支增加了近 4,000 萬美元，其中包括收購公司而產生的 950 萬美元的增量費用。

The remainder of this increase is largely due to employment costs, given both greater head count to support our organic growth as well as higher levels of incentive compensation expense across our operating companies due to their improved performance. SG&A margin for the quarter of 9.8% compared to 9.6% a year ago.

剩餘的成長主要歸因於僱用成本，因為我們需要更多的員工來支持我們的有機成長，而且由於營運公司的業績提高，其激勵薪酬費用水準也更高。本季銷售、一般及行政開支利潤率為 9.8%，去年同期為 9.6%。

The 20 basis point increase is a direct result of the expansion in gross profit margin and a corresponding increase in subsidiary incentive compensation that I just referenced. And finally, on this page, diluted earnings per share was $6.32 compared to $4.47 and an increase of 41.4%. If we briefly turn to slide 9.

20個基點的成長直接源自於我剛才提到的毛利率擴大和子公司激勵薪酬相應增加。最後，在此頁面上，每股攤薄收益為 6.32 美元，而去年同期為 4.47 美元，成長了 41.4%。如果我們簡單地翻到第 9 張投影片。

This page summarizes our performance for the full year. Tony touched on much of this already in his opening commentary. So rather than walk through these results in detail, I simply want to highlight that our performance for 2024 sets new company records for virtually every metric that we track, including annual revenues, gross profit and gross profit margin, operating income and operating margin, net income and diluted earnings per share.

此頁總結了我們全年的業績。托尼在開場評論中已經談到大部分內容。因此，我並不想詳細介紹這些結果，而只想強調一下，我們 2024 年的業績幾乎在我們跟踪的每個指標上都創下了公司的新紀錄，包括年收入、毛利潤和毛利率、營業收入和營業利潤率、淨收入和每股攤薄收益。

Notably, for 2024, we earned a full year operating margin of 9.2%. As we look ahead, we remain confident in the underlying fundamentals of our business. When Tony outlined guidance for 2025, you will see that we are once again projecting a year of strong operating margins with a range of 8.5% to 9.2%.

值得注意的是，2024 年，我們的全年營業利益率為 9.2%。展望未來，我們對我們的業務的基本面仍然充滿信心。當東尼概述 2025 年的指導方針時，您會看到我們再次預測今年的營業利潤率將強勁，範圍在 8.5% 至 9.2% 之間。

When looking at this range, though, it is important to note that we anticipate a 25 to 30 basis point impact from incremental intangible asset amortization stemming from the Miller Electric acquisition. With that being said, if we look first to the high end of this range, we are projecting an operating margin, which would match the record margin we earned in 2024 despite the incremental amortization.

不過，當查看這個範圍時，值得注意的是，我們預計 Miller Electric 收購產生的增量無形資產攤銷將產生 25 到 30 個基點的影響。話雖如此，如果我們首先看這個範圍的高端，我們預計營業利潤率將與我們在 2024 年獲得的創紀錄利潤率相匹配，儘管攤銷有所增加。

Under this scenario, we're essentially forecasting a level of margin expansion within the underlying business. At the midpoint of our margin range, we have assumed a full year operating margin of approximately 8.9%, which when accounting for the incremental amortization is essentially in line with a 9.2% operating margin we earned in 2024.

在這種情況下，我們基本上預測了基礎業務的利潤率將會擴大。在我們的利潤率範圍的中間點，我們假設全年營業利潤率約為 8.9%，考慮到增量攤銷後，這基本上與我們在 2024 年獲得的 9.2% 的營業利潤率一致。

And finally, at the low end of our margin range, we have assumed a full year operating margin of 8.5%, which includes some measured assumptions due to macroeconomic and other uncertainties. When looking at margins, it's also important to remember that we are a project-based business, and our margins can and will move around from quarter to quarter based on the mix and timing of our work.

最後，在我們的利潤率範圍的低端，我們假設全年營業利潤率為 8.5%，其中包括由於宏觀經濟和其他不確定因素而做出的一些測量假設。當考慮利潤時，也要記住，我們是一家基於專案的企業，我們的利潤率會根據我們工作的組合和時間表而逐季度變動。

Let's turn now to slide 10, which is our balance sheet. As we've previously stated, our balance sheet remains strong and liquid. And when combined with our history of operating cash flow generation, provides us the flexibility we need to invest in organic growth pursue strategic acquisitions and return capital to our shareholders.

現在我們翻到第 10 張投影片，這是我們的資產負債表。正如我們之前所說，我們的資產負債表依然強勁且流動性強。結合我們經營現金流所產生的歷史，這為我們提供了投資有機成長、進行策略性收購和向股東返還資本所需的靈活性。

Although not shown on the slide, operating cash flow for the fourth quarter was $470 million, and for the full year, we generated over $1.4 billion of operating cash, equivalent to nearly 105% of operating income. We remain committed to our philosophy of balanced capital allocation and believe this is reflected both through our acquisition of Miller Electric, which Tony and I will speak to on the next slide, and our announcement today that our Board of Directors has approved a $500 million increase to our share repurchase program.

雖然幻燈片上沒有顯示，但第四季的營運現金流為 4.7 億美元，全年我們產生了超過 14 億美元的營運現金，相當於營運收入的近 105％。我們仍然致力於平衡資本配置的理念，並相信這體現在我們對 Miller Electric 的收購（Tony 和我將在下一張幻燈片中討論）和我們今天宣布的董事會批准將股票回購計劃增加 5 億美元中。

So let's turn to slide 11, where we highlight the Miller acquisition. Based in Jacksonville, Florida, Miller Electric expands our presence in the Southeast, where we previously had limited electrical operations. For full year 2024, the company generated estimated revenues of $805 million and $80 million in adjusted EBITDA.

讓我們翻到第 11 張投影片，其中我們重點介紹了 Miller 的收購。米勒電氣總部位於佛羅裡達州傑克遜維爾，擴大了我們在東南部地區的業務，此前我們在該地區的電氣業務有限。2024 年全年，該公司預計營收為 8.05 億美元，調整後 EBITDA 為 8,000 萬美元。

With RPOs as of December 31 of just over $700 million, we anticipate that Miller will contribute meaningfully to our projected revenue growth in 2025, with approximately 35% to 50% of our growth coming from Miller's contribution beginning in February of 2025. We also anticipate that the acquisition will be modestly accretive to diluted earnings per share in 2025 with further accretion in future years as backlog amortization runs off.

截至 12 月 31 日的 RPO 略高於 7 億美元，我們預計 Miller 將對我們 2025 年的預期營收成長做出重大貢獻，其中約 35% 至 50% 的成長來自 Miller 從 2025 年 2 月開始的貢獻。我們也預計，此次收購將在 2025 年適度增加每股攤薄收益，並且隨著積壓攤銷的減少，未來幾年每股收益將進一步增加。

When we referenced EPS accretion, there's three factors which need to be considered. Those include the underlying operating contribution from the business; the incremental intangible asset amortization, which we estimate to be approximately $45 million in the first year; and a reduction in interest income resulting from the all-cash purchase. When you consider all three of those factors, we estimate EPS accretion in 2025 of between $0.10 and $0.15.

當我們提到 EPS 累積時，有三個因素需要考慮。其中包括來自業務的基本營運貢獻；增量無形資產攤銷，我們估計第一年約為 4,500 萬美元；以及全現金收購導致的利息收入減少。考慮到所有這三個因素，我們預計 2025 年每股收益將成長 0.10 美元至 0.15 美元之間。

With that, I'll turn the call back to Tony, who I now want to say a few words about the acquisition before we continue.

說完這些，我將把電話轉回給托尼，在我們繼續之前，我想先講幾句關於這項收購的事。

Yes. Thank you, Jason. And look, we couldn't be more excited than to have finally gotten to a deal with the team for Miller Electric, Henry Brown, his brother and family and the ESOP shareholders of that company.

是的。謝謝你，傑森。而且，我們終於與 Miller Electric 團隊、亨利布朗、他的兄弟和家人以及該公司的員工持股計劃 (ESOP) 股東達成了協議，我們感到非常興奮。

We first started talking to each other almost six years ago, just to get to know each other because they're a leader in our space, and we're a leader in the space. And they've always had this unbelievable reputation for professionalism, care for their employees and excellent execution for their customers and also disciplined capital allocators much like we are.

我們第一次交談是在大約六年前，只是為了互相了解，因為他們是我們這個領域的領導者，我們也是這個領域的領導者。他們在專業精神、對員工的關心、對客戶的出色執行以及像我們一樣嚴謹的資本配置方面一直享有令人難以置信的聲譽。

It is really an acquisition that positions us to serve our customers better throughout the Southeast and also provide opportunity to expand opportunity for the team at Miller and grow the business substantially. It's already grown substantially over the past 5 to 10 years, but to even grow more.

這次收購確實使我們能夠更好地服務東南部的客戶，同時也為 Miller 團隊提供了擴展機會並大幅成長業務的機會。在過去的5到10年裡，它已經實現了大幅成長，而且成長幅度還會更大。

I think when Henry and I talked about the acquisition, it was not an acquisition based on big changes in their operation because, quite frankly, they already look a lot like EMCOR operation. They're an IBW leader and contractor, they run their company very much like a public company with the care and fiduciary responsibility of what a public company does. They have training programs.

我認為，當亨利和我談論此次收購時，這並不是基於其營運的重大變化而進行的收購，因為坦白說，他們已經看起來很像 EMCOR 的營運了。他們是 IBW 的領導者和承包商，他們以非常類似於上市公司的方式經營公司，並承擔上市公司應盡的謹慎和受託責任。他們有培訓計劃。

They have an inclusive culture. Their values almost identically match our values of Mission First, People Always. And you've heard me talk in the past about when EMCOR does an acquisition, we first look at their excellence and acceptable field execution.

他們擁有包容的文化。他們的價值觀與我們的「使命第一、以人為本」的價值觀幾乎完全一致。你們以前也聽我說過，當 EMCOR 進行收購時，我們首先會看他們的卓越性和可接受的現場執行情況。

Without a question, the folks at Miller Electric and the team there, are excellent in field execution and really deliver for the customers in a safe, productive manner. Then we also go back to the main office and said, do they share our values?

毫無疑問，Miller Electric 的員工和團隊在現場執行方面非常出色，並且真正以安全、高效的方式為客戶提供服務。然後我們也會回到總部詢問，他們是否認同我們的價值觀？

And we can say conclusively that the values of Miller Electric and EMCOR align specifically, especially around the values of discipline and integrity and trust and transparency and safety and teamwork. And then they also add to that the embrace of the community, which they would like many of our local companies do. There's nothing we really want to change it, Miller.

我們可以肯定地說，Miller Electric 和 EMCOR 的價值觀是一致的，特別是在紀律、誠信、信任、透明、安全和團隊合作等方面。然後他們也加入了社群的擁抱，他們希望我們的許多當地公司都能這樣做。米勒，我們確實不想改變什麼。

What we want to do is take the best of Miller and bring it into EMCOR and take the best of EMCOR and bring it to Miller. And we expect a long and prosperous future. We're excited that Henry and his team are going to be leading that business into the future. And it will report under our Electrical segment to Dan Fitzgibbons. I'll modestly say is one of the top data center people in the country.

我們想要做的是將 Miller 的最佳品質帶入 EMCOR，將 EMCOR 的最佳品質帶給 Miller。我們期待一個長久而繁榮的未來。我們很高興亨利和他的團隊將帶領這項業務走向未來。並且它將在我們的電氣部門下向 Dan Fitzgibbons 匯報。我可以謙虛地說我是國內頂尖的資料中心人員之一。

So their mix of work actually brings more diversity to us. They are about 24% data centers, 23% health care, 15% commercial. They know how to do the hardest industrial work and also know how to put work in the sports and entertainment market, which is a growing part of the Florida market.

因此，他們的混合工作實際上為我們帶來了更多多樣性。其中約24%為資料中心，23%為醫療保健，15%為商業。他們知道如何完成最艱苦的工業工作，也知道如何在體育和娛樂市場中開展工作，而體育和娛樂市場是佛羅裡達市場的一個不斷增長的部分。

They will be based in Jacksonville, Florida, and we look to grow the Miller footprint from Jacksonville, Florida throughout the Southeast through both organic growth and acquisition. So Henry Brown and his team will be key parts of the EMCOR leadership going forward.

他們的總部將設在佛羅裡達州傑克遜維爾，我們希望透過有機成長和收購，將米勒的足跡從佛羅裡達州傑克遜維爾擴展到整個東南部。因此，亨利·布朗和他的團隊將成為 EMCOR 領導層的重要組成部分。

And it's about as near perfect match of how a company is run as what we've seen at EMCOR. You take the best subsidiaries of EMCOR, you can lay it alongside how Miller's run and they're almost identical. With that being said, I'll now move on to RPOs, which will be pages 12 and 13.

它的運作方式與我們在 EMCOR 看到的幾乎完美匹配。您可以選擇 EMCOR 最好的子公司，並將其與 Miller 的經營方式進行比較，它們幾乎完全相同。話雖如此，我現在將轉到 RPO，即第 12 和 13 頁。

And I'd ask you to turn your attention there and I'd actually to pull those pages out or look at them side by side like we have the last couple of times. And what you'll see on page 12 with some key trends in market sectors where we continue to see growth.

我會請你們把注意力集中在那裡，然後我會把那些頁面拿出來或並排查看，就像我們過去幾次所做的那樣。您將在第 12 頁看到我們持續看到成長的市場領域的一些關鍵趨勢。

If you look at data centers and connectivity, we continue to see strong demand for hyperscale data center growth, which we include in our network communications sector. At the end of 2024, RPOs in these sector were a record $2.8 billion, up $1.25 billion or 80% year overyear, 31% sequentially from the end of the third quarter.

如果你看看資料中心和連接性，我們繼續看到對超大規模資料中心成長的強勁需求，我們將其納入我們的網路通訊部門。截至 2024 年底，這些領域的 RPO 達到創紀錄的 28 億美元，年增 12.5 億美元或 80%，較第三季末季增 31%。

As I said on prior calls, we continue to believe we're in the early innings of the overall data center expansion, and we have successfully positioned ourselves in key data center geographies over the last several years. Miller even brings us more geography to serve the data center market. And we do that by expanding our capabilities, both through organic capability building and acquisition -- in those acquisitions building more capability.

正如我在之前的電話會議中所說的那樣，我們仍然相信我們正處於整體資料中心擴展的早期階段，並且在過去幾年中我們已成功地在關鍵資料中心地區佔據一席之地。米勒甚至為我們帶來了更多地理範圍的服務以服務資料中心市場。我們透過擴展我們的能力來做到這一點，既透過有機能力建設，也透過收購——在這些收購中建立更多的能力。

I also believe we're in the early innings of reshoring and near-shoring and it will continue to provide us opportunities for both the High-Tech Manufacturing and the Manufacturing and Industrial sectors. We expect this to even strengthen more as customers invest more capital in these sectors as well as in oil and gas projects.

我還相信，我們正處於回流和近岸外包的初期，它將繼續為我們的高科技製造業以及製造業和工業部門提供機會。我們預計，隨著客戶在這些行業以及石油和天然氣項目中投入更多資金，這一趨勢將進一步加強。

Look, a lot of talk will go around tariffs. We believe long term, the equalization of trade is a plus for EMCOR. There will be some near-term hiccups but we will work through like we always do. But long term, equalization of trade is a good thing for EMCOR as reshoring and nearshoring will be part of that.

你看，很多討論都是圍繞著關稅進行的。我們相信，從長遠來看，貿易均衡對於 EMCOR 來說是一個有利因素。短期內可能會出現一些小問題，但我們會像往常一樣努力解決。但從長遠來看，貿易均等化對 EMCOR 來說是一件好事，因為回流和近岸外包將成為其中的一部分。

High-Tech Manufacturing, we had just over $1 billion at the end of the quarter, and that includes semiconductor, pharma, biotech, life sciences and electric vehicle value chain. RPOs in this sector were down sequentially year overyear by 18.2% and 29.6%, respectively. Look, driving this is the episodic nature of these projects, especially in the semiconductor space, you go through initial phases of multiyear projects, multiphase locations and then they reload and get ready for the next phase.

高科技製造業，截至本季末，我們的收入剛超過 10 億美元，其中包括半導體、製藥、生物技術、生命科學和電動車價值鏈。該領域的RPO與去年同期相比分別下降了18.2%和29.6%。看起來，推動這一點的是這些項目的偶發性，特別是在半導體領域，你會經歷多年項目的初始階段、多階段位置，然後它們重新加載並為下一階段做好準備。

Also, it's defined as we completed, especially in the fire protection side, certain electric vehicle manufacturing or EV value chain projects. Look, I continue to believe, we continue to believe our customers continue to believe in the long-term fundamentals of High-Tech Manufacturing. That's especially true on certain semiconductor sites, and that's especially true in BioLife and pharma.

此外，它被定義為我們完成的，特別是在消防方面，某些電動車製造或電動車價值鏈項目。你看，我仍然相信，我們繼續相信我們的客戶繼續相信高科技製造業的長期基本面。在某些半導體領域尤其如此，在 BioLife 和製藥領域尤其如此。

And on EVs, we're going to have more share in EVs than we have today. There's going to be hybrids and they're all going to need battery plants and the value chain built to do that. We remain positive long term and the expansion of each one of these place -- sectors and High-Tech Manufacturing.

就電動車而言，我們將擁有比現在更多的電動車份額。將會有混合動力汽車，它們都需要電池廠和為此建立的價值鏈。我們對長期前景和每個領域以及高科技製造業的擴張都保持樂觀。

In addition, we continue to see a healthy base of RPOs within a traditional Manufacturing and Industrial market sector. Go back to that reshoring/nearshoring trend, which I believe we're in the early innings in, and RPOs there are $863 million at the end of the quarter, up nearly 7% year overyear.

此外，我們繼續看到傳統製造業和工業市場領域的RPO基礎健康。回顧回流/近岸外包趨勢，我相信我們正處於初期，截止本季末，那裡的 RPO 為 8.63 億美元，同比增長近 7%。

And then finally, looking at energy efficiency and sustainability, a good long-term market for us for as long as I can remember. We continue to excel with retrofit project work, especially within the Mechanical Services division of our US Building Services segment, where we had RPOs of over $1.1 billion.

最後，從能源效率和永續性來看，就我所記得的而言，這對我們來說是一個很好的長期市場。我們在改造專案工作中繼續表現出色，特別是在美國建築服務部門的機械服務部門，我們的 RPO 超過 11 億美元。

As a reminder, this is based on tenant retrofitting updated equipment, integrating building controls, and it's really focused on making the space better, more efficient and also reducing usage and costs. These projects also increase overall system performance.

提醒一下，這是基於租戶改造更新的設備，整合建築控制，並且真正專注於使空間更好，更有效率，同時減少使用和成本。這些項目也提高了整體系統的效能。

Going to page 13, you're going to continue to see strong demand in health care. We ended the quarter with another record $1.3 billion in RPOs, up 26% from the year ago period and 8% from the third quarter. Our water and wastewater RPO were $683 million at the end of the quarter, up approximately 6% year overyear. These projects are episodic in nature. These are big size scope projects for us, and this is mostly a Florida market for us.

翻到第 13 頁，你將繼續看到醫療保健領域的強勁需求。本季結束時，我們的 RPO 金額再創紀錄，達到 13 億美元，比去年同期成長 26%，比第三季成長 8%。本季末，我們的水和廢水 RPO 為 6.83 億美元，年增約 6%。這些項目本質上都是偶發性的。對我們來說，這些都是大規模的項目，而且主要是佛羅裡達市場。

RPOs in the institutional sector, which include Project River schools, universities, and local state and federal buildings, were up 18% year overyear, coming in at a record $1.1 billion. Spending on research facilities, new classroom base, technology upgrades across campuses renovation and retrofits with indoor air quality and reduced energy consumption is really what's driving demand in this market sector.

機構部門的RPO（包括計畫河學校、大學以及地方州和聯邦建築）年增18%，達到創紀錄的11億美元。對研究設施、新教室基礎、校園技術升級、室內空氣品質改造和降低能源消耗的投入才是推動該市場領域需求的真正動力。

Transportation RPOs grew 12% year overyear to $294 million largely driven by airport construction. And then finally, we had short duration projects of $457 million. Go back to all the retrofit projects we talked about. This is about energy efficient, smarter, cleaner and more productive buildings.

交通運輸RPO年增12%，達到2.94億美元，主要受到機場建設的推動。最後，我們有 4.57 億美元的短期計畫。回顧我們討論過的所有改造項目。這是關於節能、更聰明、更乾淨、更有效率的建築。

Partially offsetting our RPO increases were expected declines in commercial, and there's no surprises there. Although I will say, we'll see what happens now at the back half of '25 into '26 as return-to-office mandates become more prevalent and the buildings will be needing retrofitted because they really have -- some of them have been occupied for five or six years.

部分抵消了我們的 RPO 成長的是商業業務的預期下滑，這並不令人意外。不過，我要說的是，我們會看到在 2025 年下半年到 2026 年期間會發生什麼，因為重返辦公室的要求變得越來越普遍，而且這些建築物將需要改造，因為它們確實——其中一些已經佔用了五六年。

As I mentioned earlier, total company RPOs at the end of the fourth quarter were $10.1 billion, up $1.25 billion or 14.2% year overyear. Miller will add another $700 million December 31, similar number, and that will be additive to that $10.1 billion.

正如我之前提到的，第四季末公司 RPO 總額為 101 億美元，年增 12.5 億美元，增幅為 14.2%。米勒將在 12 月 31 日再投入 7 億美元，數量與上年持平，這將使之前的 101 億美元有所增加。

We're pleased with the RPO performance, particularly in light of that strong revenue growth we had through the year and in the fourth quarter, which demonstrates continued strong demand for our services, and we are pleased with our project pipeline, which remains strong and diverse.

我們對 RPO 的表現感到滿意，特別是考慮到我們全年和第四季度的強勁收入成長，這表明對我們服務的需求持續強勁，我們對我們的專案管道感到滿意，它仍然強大而多樣化。

I get ahead of you on the question on this. Obviously, with the margins Jason talked about, we believe what we have in RPOs is very similar to what we executed over the past year. And we also believe what we're bidding on now is very similar with our outlook we gave you to what we've done over the last two years. So in closing, I'm going to go to page 14. Obviously, 2024, was another great year for EMCOR, another record year.

在這個問題上我比你先回答。顯然，根據 Jason 所說的利潤率，我們相信我們在 RPO 中取得的成績與過去一年的成績非常相似。我們也相信，我們現在競標的項目與我們過去兩年所做的展望非常相似。最後，我要翻到第 14 頁。顯然，2024 年對 EMCOR 來說又是個偉大的一年，又是創紀錄的一年。

Our team accomplished much and with the addition of Miller Electric on February 3, and I talked about this, we already added another great team to our already solid foundation for future growth for 2025 and beyond. As we set our 2025 guidance, obviously, we remain optimistic about our growth prospects and margin profile.

我們的團隊取得了許多成就，隨著 2 月 3 日 Miller Electric 的加入，正如我所說，我們已經為 2025 年及以後的未來成長奠定了堅實的基礎，又增加了一支優秀的團隊。當我們制定 2025 年指引時，顯然，我們對我們的成長前景和利潤率狀況仍然保持樂觀。

While I will acknowledge there's challenges in the broader economic environment here, you can copy and paste this from year to year. There's always challenges in the broader economic environment. And in order to adjust these challenges, we will do what we always have done.

儘管我承認這裡更廣泛的經濟環境中存在著挑戰，但你可以年復一年地複製和貼上這一點。更廣泛的經濟環境中總是存在著挑戰。為了應對這些挑戰，我們將繼續採取一致做法。

You focus on what you control and you execute well, your contingency plan for what you don't control, you don't overcommit your resources and you continue to develop great leaders and you continue to retrain, train and develop leaders and also the best skilled workforce in the industry. If you do that, things tend to work out okay.

你專注於你能控制的事物，並執行良好，對你不能控制的事物製定應急計劃，你不會過度投入資源，你會繼續培養優秀的領導者，並繼續再培訓、培訓和發展領導者以及行業中最好的技術勞動力。如果你這麼做，事情就會順利解決。

What we do know is these things, we should continue to earn our customers' confidence to build and service their most project challenging, campuses, buildings and manufacturing plants. As such, we believe that our diverse market sectors provide the opportunity for us to grow our business to $16.1 billion to $16.9 billion in revenues, and that's inclusive of the Miller acquisition. And we expect to earn diluted earnings per share of between 2025 -- $22.25 and $24.

我們確實知道這些事情，我們應該繼續贏得客戶的信任，以建造和服務他們最具挑戰性的項目、校園、建築物和製造工廠。因此，我們相信，多元化的市場領域將為我們的業務成長提供機會，使收入達到 161 億美元至 169 億美元，其中包括對 Miller 的收購。我們預計 2025 年每股攤薄收益將在 22.25 美元至 24 美元之間。

We expect our operating margins pre-Miller to continue to be strong and anticipate Miller will perform well. But intangible asset amortization, Jason went through all this in the first year of an acquisition, you take EMCOR overall, he talked about this, it's going to kick us between 25 to 30 basis points for the full year.

我們預計米勒收購前的營業利潤率將繼續保持強勁，並預計米勒將表現良好。但無形資產攤銷，傑森在收購的第一年就經歷了這一切，以 EMCOR 為例，他談到了這一點，這將使我們全年的利潤增加 25 到 30 個基點。

Also, just to be clear, and I think I've said this 9 out of the last 10 years, and I might have missed one, it's always important for people to remember this is not a quarter-to-quarter business. Project timing and customer releases do not always go as planned, right?

另外，需要明確的是，我想在過去 10 年中我已經說過 9 年了，但我可能漏掉了一年，人們始終要記住，這不是一項按季度計算的業務。專案時間表和客戶發布並不總是按計劃進行，對嗎？

And so you guys plant quarterly, we don't. We recognize that we may need to overcome headwinds from potential tariffs, which may be negative in the short term. And I said this, I believe long term, that will be positive for us as it may more drive more reshoring.

所以你們每季種植一次，我們則不然。我們認識到，我們可能需要克服潛在關稅帶來的阻力，這在短期內可能會產生負面影響。我說過，我相信從長遠來看，這對我們來說是有利的，因為它可能會推動更多的企業回流。

We also see volatility around supply chains. I just think that's a constant state of business now and the global supply chain will continue to face challenges and uncertainty. Further, we understand that the new administration may delay in funding under certain legislation and it probably benefited our customers. Overall, we will manage these uncertainties as we always have. We're going to be vigilant on cost, vigilant on our planning and vigilant on pricing and contractual terms.

我們也看到供應鏈周圍的波動。我只是認為這是目前的持續經營狀態，全球供應鏈將繼續面臨挑戰和不確定性。此外，我們了解新政府可能會根據某些立法推遲提供資金，這可能會使我們的客戶受益。總的來說，我們將像往常一樣管理這些不確定性。我們將密切關注成本、關注我們的計劃、關注定價和合約條款。

We're going to bring prefabrication and automation to bear to keep our costs under control. We'll keep our SG&A costs under control, and we won't overcommit to either contracts or schedule. We will continue to be balanced capital allocators.

我們將採用預製和自動化來控製成本。我們將控制銷售、一般及行政開支，並且不會對合約或進度做出太多承諾。我們將繼續保持平衡的資本配置。

We balanced -- will allocate more capital acquisitions. We allocated more than 2024, and we will continue to allocate to acquisitions through the remainder of 2025, and we expect to remain -- the acquisition market to remain active.

我們將實現平衡—將分配更多的資本收購。我們分配了超過 2024 年的資金，我們將在 2025 年剩餘時間內繼續分配給收購，我們預計收購市場將保持活躍。

We'll continue to invest organically, and we'll continue to return cash to shareholders as evidenced by the expansion of our share repurchase program. Finally, and not last, I want to thank all our EMCOR teammates for taking care of each other, living our values of Mission First, People Always and continuing to work in a safe and productive way to deliver exceptional value to our customers.

我們將繼續進行有機投資，並將繼續向股東返還現金，這從我們股票回購計畫的擴大就可以看出。最後，我要感謝所有 EMCOR 隊友，互相照顧，實踐「使命第一、以人為本」的價值觀，並繼續以安全高效的方式工作，為我們的客戶提供卓越的價值。

And with that, I'll take questions. Betsy, over to you.

現在，我將回答大家的提問。貝琪，交給你了。

(Operator Instructions) Brent Thielman, D.A. Davidson.

（操作員指示） Brent Thielman，D.A.戴維森。

Congrats on the strong year and the Miller deal. Tony, maybe just on Miller. I mean I take from your comments sounds like a really well-run business. I guess more so wondering if there are opportunities or future revenue synergies to gain when you can combine it with some of your existing operations in the Southeast?

恭喜您所取得的豐碩成果以及與米勒的交易。東尼，也許只是關於米勒。我的意思是，從您的評論來看，這聽起來像是一家經營良好的企業。我更想知道的是，當您將它與您在東南部現有的一些業務結合時，是否有機會或未來的收入協同效應？

Yes. We really only have overlap in two markets of any size, and we think it's net additive in both. We have some overlap in Texas, so we have some overlap in mid to Southern Virginia. And in both places, we think that's additive. But that's part of the opportunity.

是的。我們實際上只在兩個規模的市場中有重疊，我們認為這兩個市場都是淨累加的。我們在德克薩斯州有一些重疊，因此我們在弗吉尼亞州中部到南部也有一些重疊。我們認為，在這兩個地方，這都是附加的。但這也是機會的一部分。

The other part of the opportunity with Miller is we share customers and they're going to want us to do more. Miller's customers have confidence in them, and we may not have the relationships or we have relationships where they're going to want to bring Miller into play, especially as you expand some of these larger projects, whether that be data centers, manufacturing plants or health care services.

與 Miller 合作的另一個機會是我們分享客戶，他們希望我們做更多的事情。Miller 的客戶對他們有信心，我們可能沒有這樣的關係，或者我們有這樣的關係，他們希望讓 Miller 參與進來，特別是當你擴展一些大型專案時，無論是資料中心、製造工廠還是醫療保健服務。

Those are the places where I think we have the most synergies in the near term. And then look, Miller -- in EMCOR, we think is some of our bigger companies as platform companies and Miller will serve as a platform company for us through the Southeast. We think it opens a window into acquisitions in the Southeast, not large electrical contractors, but small to midsize ones that will allow us to build scale and serve our customers better in more Southeastern markets.

我認為這些是我們近期最能發揮綜效的地方。然後看看米勒 - 在 EMCOR，我們認為我們的一些較大的公司是平台公司，而米勒將通過東南部為我們提供服務平台公司。我們認為，它為我們在東南部的收購打開了一扇窗戶，不是大型電氣承包商，而是中小型電氣承包商，這將使我們能夠擴大規模，並在更多的東南部市場更好地服務我們的客戶。

And Tony, I mean, it looks like data centers may be approaching 30% of your RPOs. Maybe to what degree you're seeing the influence of new AI data centers and your bookings now? I know it hasn't really been influential to revenue yet.

東尼，我的意思是，看起來資料中心可能接近你的 RPO 的 30%。也許您現在在多大程度上看到了新的 AI 資料中心和您的預訂的影響？我知道它還沒有對收入產生真正的影響。

Yes, I think that's a fair comment. The way we think about it now, do we know exactly what our customers are going to use those data centers for now. But the way we know that is because of the systems they're putting in and the megawatts they're using.

是的，我認為這是一個公正的評論。我們現在思考的是，我們是否確切知道我們的客戶現在將使用這些資料中心做什麼。但我們之所以知道這一點，是因為他們所安裝的系統和所使用的兆瓦電力。

I would still say, based on the mix of work we expect to execute for the most of 2025, we're still building cloud storage data centers with a little AI. But the mix is starting to come in with some AI data centers.

我仍然會說，基於我們預計在 2025 年大部分時間執行的工作組合，我們仍將使用少量人工智慧建立雲端儲存資料中心。但隨著一些人工智慧資料中心的出現，這種混合模式已開始出現。

And I said the only way we know that is through the megawatt and systems they are using, they need more cooling, they need more power. It's always -- I always like to take a step back when I think of things and people react to upmarkets. There's been a couple of these through the last three years.

我說我們唯一能知道這一點的方式是透過他們使用的兆瓦和系統，他們需要更多的冷卻，他們需要更多的電力。當我思考事物和人們對高端市場的反應時，我總是喜歡退一步考慮。過去三年發生過幾次這樣的事。

The reality of all this is I still believe we're in the early innings, like most major capital expansions, nothing is ever linear. I know that where we were building on three sites, and there was maybe only three or four or five sites doing data centers in the country in 2019 to any scale.

事實上，我仍然相信我們處於早期階段，就像大多數重大資本擴張一樣，沒有什麼是直線性的。我知道我們在三個站點建立資料中心，而 2019 年全國可能只有三、四或五個站點在建造規模的資料中心。

Today, you would say we're building hyperscale data centers electrically in about 15 different locations geography-wise. And we talked about how we did that.

今天，您可能會說我們正在大約 15 個不同的地理位置建造超大規模資料中心。我們也討論了我們是如何做到這一點的。

So clearly -- and I think these are some of the smartest planning people that I've had the privilege of watching work. They -- I don't think DeepSeek caught them by surprise. I think they have a plan, they're executing.

顯然——我認為他們是我有幸見過的一些最聰明的規劃人員。他們——我不認為 DeepSeek 讓他們感到意外。我認為他們有一個計劃，並且正在執行。

And what they've been in, if you think about that expansion of sites, it's two things, they're mitigating their risk and allows us to bring different labor to bear. But also they've been in the search for power, right?

如果你考慮場地的擴張，你會發現他們所做的就是兩件事，一是降低了風險，二是允許我們採用不同的勞動力。但他們也一直在尋求權力，對嗎？

And there's manufacturing sites that aren't as strong as they were -- you go up to the shores of Lake Michigan outside of Chicago or towards South Bend. You go to places in Iowa, you go to places in Oklahoma, there were major manufacturing sites at one time.

而且有些製造基地也不像以前那麼強大了——你可以去芝加哥郊外的密西根湖岸邊或是南本德方向看看。你可以去愛荷華州、俄克拉荷馬州的地方，那裡曾經都是主要的製造基地。

The power is there and there's excess power. And so they've been moving towards this excess power. And what would have held it up, I think, in some of the more mature data center sites they were starting to get worried about a dearth of power may be developing somewhere around 2027, 2028.

電力是存在的，並且還有過剩電力。所以他們一直在努力實現這種過剩權力。我認為，一些比較成熟的資料中心站點開始擔心電力短缺的問題可能會在 2027 年或 2028 年左右出現。

And I think one of the positives of the new administration is the realization that you need baseload power to stabilize the grid and also to support not only reshoring and near-shoring, but also any industrial expansion and also to become a leader in AI. So I do think what you'll see is more gas plants built and those gas plants will enable those existing sites to continue to flourish and develop.

我認為新政府的積極因素之一是認識到需要基載電力來穩定電網，不僅支持回岸和近岸生產，還支持任何工業擴張，並成為人工智慧領域的領導者。因此我確實認為你會看到更多的天然氣工廠被建造，這些天然氣工廠將使現有的工廠繼續繁榮和發展。

And I think that's a key enabler to say decent visibility or contractors for the next two or three years, we have decent visibility into the data center build, but I think it extends far beyond that.

我認為這是未來兩三年內對承包商有良好可見性的關鍵因素，我們對資料中心的建設有良好的可見性，但我認為它的意義遠不止於此。

Really helpful. Tony, last one, I guess, I have to ask on margins. I appreciate your opening comments. But I mean the move in electric margins here has just been phenomenal here in the last few years. And I guess the question I get is, how do you build upon this?

真的很有幫助。東尼，我想，最後一個問題我必須問一下利潤率。我很感謝您的開場白。但我的意思是，在過去幾年裡，這裡的電力利潤率變化非常驚人。我想我遇到的問題是，您如何在此基礎上繼續發展？

Are there still opportunities from execution, efficiencies and utilization in the field? Open-ended question, but love to get your comments on that?

從執行力、效率、利用率等方面來看，該領域是否仍有機會？開放式問題，但想聽聽您的評論嗎？

Yes. Look, I would be cautious to say we're going to build on these margins, right, especially the margins you saw in the fourth quarter. I will say though, we obviously believe in the stability of margins based on our guidance. And if you combine the margin profile we have with the efficiency of capital, we're operating the business from a return on net asset basis right now in our Construction businesses, they're doing great.

是的。看，我會謹慎地說我們將在這些利潤率的基礎上繼續擴大，尤其是你在第四季看到的利潤率。不過我要說的是，根據我們的指導，我們顯然相信利潤率的穩定。如果將我們的利潤率狀況與資本效率結合起來，我們目前是按照淨資產回報率來經營建築業務的，而且做得非常好。

And if you told me I could run a 8.5% to 10% EMCOR forever, I would take that deal from you. And it will bounce around quarter to quarter, right? If you could tell me, I could generate cash flow between 70% and 100% of EBITDA, I would take that deal, right?

如果您告訴我，我可以永遠運行 8.5% 到 10% 的 EMCOR，我會接受這筆交易。而且它會在每個季度之間波動，對嗎？如果您能告訴我，我可以產生 EBITDA 70% 到 100% 之間的現金流，我會接受這筆交易，對嗎？

And if you told me that we're going to continue to move the mix and continue to have opportunities to expand our mechanical service business which also has leading margins, and we'll solidify that site-based business at a smaller size, we'll take that deal. So when I look at the what we have and why we're achieving those margins, in my estimation, very little of it has to do with price.

如果您告訴我，我們將繼續調整業務組合，繼續有機會擴大我們的機械服務業務（該業務也具有領先的利潤率），並且我們將以較小的規模鞏固現場業務，那麼我們將接受這筆交易。因此，當我審視我們擁有什麼以及為什麼我們能夠實現這些利潤時，在我看來，這與價格關係不大。

We still have some of the most difficult customers in the world. They're demanding. They're not paying us on more nickel than they have to. We're being innovative in our means and methods. We're sharing those means and methods on how to get things done more efficiently for customers around the country. We have a great data center peer groups, both mechanically, electrically and in our fire life safety business.

我們仍然擁有一些世界上最難對付的客戶。他們要求很嚴格。他們不會向我們支付超過其應得數額的錢。我們正在進行手段和方法的創新。我們正在與全國各地的客戶分享這些手段和方法，以便更有效率地完成工作。我們擁有一支優秀的資料中心同行團隊，包括機械、電氣和消防生命安全業務部門。

We -- people come to us because they know they're going to get it done efficiently, safe, productively and it's going to work. And we also know how to integrate further upstream with our BDC capabilities to know that we can help get involved earlier in the design to get to design for constructability.

人們來找我們是因為他們知道我們可以有效率、安全、高產地完成工作，我們知道我們會成功。我們也知道如何將我們的 BDC 功能進一步整合到上游，以便我們能夠更早參與設計，實現可施工性設計。

I think our excellence in BDC and BIM and prefab and the way we share knowledge, is really unmatched. And that's the investments we've made. We talked about the capital investment profile, which is still small.

我認為我們在 BDC、BIM 和預製方面的卓越表現以及我們共享知識的方式是無與倫比的。這就是我們所做的投資。我們討論了資本投資概況，但規模仍然很小。

We talk about it's been very targeted and it's been very targeted to the software-enabling tools, the BDC -- the expansion of prefabrication and then the linkage of that prefabrication where customers feel confident that they can link us in earlier in the design so the design for constructability and speed happens earlier. I think all that together, especially on these large projects have allowed us to achieve superior margins.

我們談論的是它非常有針對性，而且它非常有針對性地針對軟體支援工具、BDC——預製的擴展，然後是預製的聯繫，客戶有信心他們可以在設計早期將我們聯繫起來，因此可施工性和速度的設計可以更早地進行。我認為所有這些，特別是在這些大型項目上，使我們獲得了更高的利潤。

And then it gets down to the basis of great labor management in the field and having the right crew mix assembled. And then quite frankly, the union is working with us to assemble the right crew mix, and we're a destination employer, whether you're a union or non-union in the field.

然後它涉及現場良好勞動力管理的基礎以及組成合適的人員組合。坦白說，工會正在與我們合作，組成合適的團隊，我們是目的地雇主，無論您是該領域的工會還是非工會。

You put all that together, you train the hell out of your supervision from forming up through superintendent to project manager to CEO, you drive people to the financial metrics that matter on a project in a company and you get good results. But all of that, Brent, you have to have a good market, right? If you don't have a good market, those things are not as easy to do.

把所有這些結合起來，你對你的監督人員進行嚴格的培訓，從組建到主管、專案經理到首席執行官，你讓人們關注公司專案中重要的財務指標，你會得到良好的結果。但是，布倫特，所有這一切，都必須有一個好的市場，對嗎？如果沒有好的市場，這些事情就沒那麼容易做到。

The only thing I think I'd add on margins, right, we obviously provided our expectations for the full year on a consolidated basis. If you think of our segments and you think quarter to quarter, I would just say, if you look at trailing 12, 18, 24 months, that gives you a good look of where the margins will bounce around between quarters.

我唯一想補充的是利潤率，對吧，我們顯然是在合併基礎上提供了全年的預期。如果您考慮我們的細分市場，並且逐季度考慮，我想說，如果您查看過去 12、18、24 個月，您就會清楚地知道利潤率在各個季度之間會如何波動。

Yes, good point, Jason.

是的，傑森，說得好。

I got to make a comment, though. I think it was early 2022, we had some -- not to bring up bad news. But in early '22, we had some late starts on some data center projects. It was -- switchgear specifically wasn't getting delivered on time.

但我還是得發表一點評論。我認為那是在 2022 年初，我們有一些——不是帶來壞消息。但在22年初，我們的部分資料中心專案起步較晚。問題是——開關設備沒有準時交貨。

We held on to a little bit of excess labor and no offense, Brent, but our analysts here were on fire about margins in the quarter and we said we're pretty sure we're still the leading electric contractor that can execute better than anybody in the field.

我們保留了少量的過剩勞動力，布倫特，我沒有冒犯的意思，但我們這裡的分析師對本季度的利潤率非常滿意，我們說，我們非常確定我們仍然是領先的電力承包商，我們的執行力比該領域的任何人都要好。

Here's what's going on. And so will that happen again? I don't think anytime soon. But there's variables of control, but you can bet we're going to always take the opportunity to hold on to our best filled supervision and not react to a short-term blip. And that's why margins aren't -- I'm not foretelling anything here -- this is not a quarter-to-quarter business with margins.

事情是這樣的。那麼這種情況會再次發生嗎？我認為近期不會。雖然存在控制變量，但你可以打賭，我們將始終抓住機會堅持我們最好的監管，而不是對短期波動做出反應。這就是為什麼利潤率不是——我在這裡沒有預測任何事情——這不是一個有利潤率的季度業務。

Adam Thalhimer, Thompson Davis.

亞當塔希默、湯普森戴維斯。

Congrats on the year and the Miller acquisition.

恭喜這一年以及對 Miller 的收購。

And then you could add one on the outlook? Right? It's pretty good outlook.

然後您可以在 Outlook 上新增一個嗎？正確的？這是非常好的前景。

I was trying to be brief, but congrats on the outlook. I'm trying to get your high-level thoughts on capital allocation. So would you guys be willing to hold a little bit of net debt? If you found another Miller or if you really wanted to lean into the buyback quickly?

我試著簡短地說，但還是對前景表示祝賀。我想了解您對資本配置的高層想法。那麼你們願意承擔一點淨債務嗎？如果您找到了另一家 Miller 或您確實想要快速回購？

I think on the former, not the latter. I think we would take on net debt or -- look, I think we're comfortable between 1 and 2 times for a short period of time, and we're comfortable really at 0.5:1 on a sustained basis if we needed to fund the business.

我認為是前者，而不是後者。我認為我們會承擔淨債務，或者——看，我認為我們在短時間內可以承受 1 到 2 倍的債務，如果我們需要為企業提供資金，那麼在持續的基礎上，我們可以承受 0.5:1 的債務。

If we found another Miller, which I'm not sure there's another one exactly like Miller, yes, we would lean in and do that. Because the synergies and the profile of that company, if you go from field execution back to the values they run that company by, it was a perfect fit. There's not that many out there like that.

如果我們找到了另一個米勒，儘管我不確定是否還有另一個和米勒一模一樣的米勒，是的，我們會傾向於這樣做。因為該公司的綜效和概況，如果你從現場執行回溯到他們經營該公司的價值觀，這是完美的契合。像那樣的人並不多。

They don't create problems for us with too much overlap and then it's a destructive acquisition. There are still a few out there that are smaller but still sizable. So the answer to that is, yes. And I think, Jason, you agree with me on this, right? Deals happen when they happen.

他們不會因為過多的重疊而給我們帶來問題，這是一種破壞性的收購。還有一些較小但仍然相當大的。答案是肯定的。我想，傑森，你會同意我的看法，對嗎？交易發生時便會發生。

And you just try to make sure your balance sheet is flexible enough to take advantage of that. And so the buyback for us is where excess capital goes, and we're not afraid to do that. But would we lever up to do a buyback? No, I don't think that would be a good use of capital.

你只需確保你的資產負債表夠靈活，就能充分利用這一點。因此，對我們來說，回購就是釋放過剩資本，我們並不害怕這樣做。但我們會加大槓桿來進行回購嗎？不，我認為這不是資本的良好利用方式。

Agreed, Tony.

同意，東尼。

And then I wanted to ask about how we should think about the Building Services segment from a high level? I'm curious, is that slow growth or better margins over time?

然後我想問我們該如何從高層次看待建築服務領域？我很好奇，隨著時間的推移，利潤率會緩慢成長還是會更好？

I think we still have a couple of tough -- we have a tough comparison probably through the middle of the year as that contract the year-over-year rolls off. I think growth will return maybe fourth quarter of this coming year.

我認為我們仍面臨一些難題——隨著合約的逐年到期，我們可能要到今年年中才能進行艱難的比較。我認為經濟成長可能會在今年第四季恢復。

I think it will be more weighted towards -- it's always been weighted towards mechanical service. I think we -- in near term, we won't be building the site-based business to the level it was. We won't win that contract anytime soon.

我認為它將更加側重於——它一直側重於機械服務。我認為，短期內我們不會將基於站點的業務建置到原來的水準。我們不會很快贏得那份合約。

And also, it's a smart management team in site base. They're not going to chase their real estate people down to the bottom. So if someone values our technical capability, our program management capability and really understanding how the equipment actually works in their buildings, then we're the right solution for them. If they want a fast buck turn with the real estate guy, they can knock themselves out.

此外，這是一支智慧現場管理團隊。他們不會把房地產商追得落花流水。因此，如果有人看重我們的技術能力、專案管理能力以及真正了解設備在他們的建築物中實際如何運行，那麼我們就是他們的正確解決方案。如果他們想從房地產商快速賺錢，他們可以不擇手段。

And I think that's part of the reason why even when like a quarter like this one, where we're seeing a decline in revenue, we're still seeing strength or expansion in margins, right? We're focused on higher margin work and letting revenue grow.

我認為這就是為什麼即使像本季這樣收入下降但利潤率仍然保持強勁或擴大的原因之一，對吧？我們專注於利潤更高的工作並實現收入成長。

And we still see -- we have quietly built out that mechanical service business to a leading position through organic growth and small tuck-in acquisitions. We see still a world of opportunity in front of us to do that.

我們仍然看到——我們已透過有機成長和小規模收購，悄悄將機械服務業務打造成為領先地位。我們看到，我們面前仍然充滿著實現這目標的機會。

And we'll continue to buy mechanical service companies, which for us means real service companies, right? They do a small project works, HVAC retrofits, continue to look for the opportunity in every one of our markets to add building controls capability.

我們將繼續收購機械服務公司，對我們來說，這意味著真正的服務公司，對嗎？他們做一些小型專案工程，暖通空調改造，繼續在我們的每個市場中尋找機會增加樓宇控制能力。

Brian Brophy, Stifel.

布萊恩·布羅菲（Brian Brophy），Stifel。

I would extend my congratulations as well. Very nice quarter, very nice margin performance. Wanted to ask on health care. That was another strong area of RPO performance in the quarter. I guess, can you talk about what you're seeing there in terms of demand dynamics here currently?

我也謹此表示祝賀。非常好的季度，非常好的利潤表現。想問一下關於保健的問題。這是本季 RPO 表現的另一個強勁領域。我想，您能談談您目前看到的需求動態嗎？

Yes. The demand dynamics we're seeing there are really centered around new hospitals, new operating suites in the podium, new patient towers. And I think some of this is being accelerated a little bit because of COVID and they had updated hospitals and updated patient towers, and they realized they didn't have enough patient rooms.

是的。我們看到的需求動態實際上集中在新醫院、新手術室和新病人大樓。我認為由於新冠疫情的影響，其中一些進程有所加速，他們更新了醫院和病房，然後意識到沒有足夠的病房。

And so there's a balance going on there. expansion, the growth in places like Florida and the Southeast and in the Southwest, you're also seeing the growth there in Texas, just demographically growing. And in the Northeast, you're just seeing old hospitals being rehabbed and rebuilt.

因此，這裡存在著一種平衡。擴張，佛羅裡達、東南部和西南部等地的成長，你也會看到德州的成長，人口不斷成長。在東北地區，你會看到舊醫院正在被修復和重建。

I mean we're doing some work up in Boston right now. It's magical how they're putting this project together while they keep the hospital going -- of one of the leading health care hospitals in the world. And so we're good at that stuff. And if you think about a hospital and if you would stand at the bottom of the hospital and look up, it's a system-rich environment, much like a data center, much like a semiconductor plant, much like a manufacturing plant.

我的意思是我們現在正在波士頓做一些工作。他們一邊進行這個項目，一邊維持著醫院的正常運轉，這真是太神奇了——這家醫院是世界上領先的醫療保健醫院之一。所以我們擅長這些事。如果你想像一下一家醫院，如果你站在醫院的底部往上看，它是一個系統豐富的環境，很像資料中心，很像半導體工廠，很像製造工廠。

Hospitals tend to be a little heavier. Like data centers are more electrically heavy for us sometimes. Hospitals tend to be more mechanically heavy. Because you think about you're bringing med gases in, you're bringing HVAC in, you have air purification systems, you're doing positive and negative pressure rooms and you're trying to make them flexible.

醫院的情況往往會更嚴重一些。就像資料中心有時對我們來說耗電量更大。醫院的機械設備往往比較繁重。因為您要考慮引入醫用氣體，引入暖通空調，擁有空氣淨化系統，建立正壓室和負壓室，並嘗試使它們變得靈活。

You have air changes that have to happen not within the patient rooms. You have to isolate things. You have to have constant humidity. I mean there's a lot of things that go into it.

空氣變化必須在病房外進行。你必須隔離事物。必須保持恆定的濕度。我的意思是，這其中涉及很多因素。

And that's where working with the engineers, we don't design them but working with the engineers to figure out which system is going to work best and then being able to commission it the right way, very complex commissioning. And then a lot of times, we usually have service operations in those markets after a year or so, maybe we can get lucky and hand it off to them.

這就是與工程師一起工作的地方，我們不是設計它們，而是與工程師一起找出哪個系統能夠運作得最好，然後能夠以正確的方式調試它，非常複雜的調試。很多時候，我們通常會在一年左右的時間後在這些市場開展服務運營，也許我們會很幸運地將其交給他們。

Yes, that's really helpful. And then I wanted to also ask on the warehousing side of things. We continue to hear green shoots there. Curious if you're seeing similar -- and can you remind us how important of the end market that is for you guys?

是的，這確實很有幫助。然後我還想問一下有關倉儲方面的事情。我們不斷聽到那裡萌發的芽苗。好奇你們是否看到了類似情況—您能否提醒我們終端市場對您們來說有多重要？

Look, again, go back for contractors. And so quite frankly, when warehousing came down, we were pivoting the data centers anyway. And from our perspective, the fire -- and warehousing for us was mainly a fire life safety.

再看看，回去找承包商。因此，坦白說，當倉儲量下降時，我們無論如何都會轉移資料中心。從我們的角度來看，火災和倉儲對我們來說主要是一種火災生命安全。

And on the margins, only where the high substation where they were trying -- where people like Amazon were building substations for electric vehicles, major power input where we're doing electrical work at a warehouse. So the reality is, fire life safety, that's an easy pivot from us from warehousing to data centers. We -- that was underway anyway.

而在邊緣地帶，只有在他們嘗試建造高壓變電站的地方——像亞馬遜這樣的公司正在為電動車建造變電站，在我們在倉庫進行電氣工作的地方建造主要的電力輸入。因此，現實情況是，消防生命安全是我們從倉儲到資料中心的簡單轉變。我們 — — 無論如何，這已經在進行中。

We are seeing some green shoots in warehousing. I would offer a lot of is smaller scale. Cold storage warehouses has been where it's been picking up for us lately. And secondarily, there's a lot of reracking going on in these major warehouses. They're becoming much more automated as to become much more automated.

我們在倉儲方面看到了一些復甦的跡象。我會提供很多規模較小的服務。冷藏倉庫是最近我們業務成長最快的地方。其次，這些大型倉庫正在進行大量的重新上架工作。它們正變得越來越自動化。

We do some of that work. But also -- but when you do that, you have to bring more fire protection to bear into those projects. because now there's more fire protection within the racks because the racks are stacked much closer, and therefore, you need more fire like safety in them.

我們做了一些這樣的工作。但是——但是當你這樣做的時候，你必須在這些項目中採取更多的防火措施。因為現在貨架內的防火措施更加到位，因為貨架堆放得更近了，因此需要更多的防火安全措施。

Yes, that's helpful. And then one other one for me real quickly here. You called out tariffs as a risk factor. Can you remind us how you may potentially be impacted there? And talk about how you guys have managed through that in the past?

是的，這很有幫助。然後這裡還有另一個對我來說非常快的事情。您指出關稅是一個風險因素。您能否提醒我們您可能會受到哪些影響？談談你們過去是如何解決這個問題的？

Yes. So let's just rewind to 2021. Very quick price increases from just about everything we did. I don't think it will be that unplanned and that abrupt it already isn't. And of course, we're prepared for it.

是的。讓我們回顧一下 2021 年。我們所做的一切事情的價格都上漲得非常快。我不認為它會如此毫無計劃且如此突然，事實上它已經不是了。當然，我們已經做好準備了。

So how do we think about it? Well, first, if we can get the contractual terms in place, which we've been working on since 2021, to say, hey, if there's a sudden change in prices, we're going to pass that on to you. Secondarily, if we're on a large project and think about EMCOR, I'd say it's a third, a third, a third, right? A third of our business is small projects in service, that's continuously getting repriced. Any pricing that goes up we're going to -- that's what's going to happen.

那我們該如何看待這個問題呢？首先，如果我們能夠制定好合約條款，那麼我們從 2021 年就開始著手製定了，也就是說，如果價格突然發生變化，我們會把這個變化轉嫁給你。其次，如果我們正在進行一個大型專案並考慮 EMCOR，我會說它是三分之一、三分之一、三分之一，對嗎？我們的業務的三分之一是服務中的小型項目，這些項目的定價不斷在重新進行。任何價格上漲我們都會——這就是將要發生的事情。

So this material pricing is what tariffs are going to impact us. That part of the business isn't really going to be impacted at all. And if it is, we're not going to be able to find it on the income statement in any meaningful way. The second part of EMCOR projects are $1 million to $10 million projects, give or take. That's about a third of EMCOR's business, right?

所以，關稅將對我們產生影響，也就是材料定價。這部分業務實際上不會受到任何影響。如果是的話，我們將無法以任何有意義的方式在損益表上找到它。EMCOR 計畫的第二部分是價值 100 萬美元到 1000 萬美元左右的項目。這大約佔 EMCOR 業務的三分之一，對嗎？

That's across the whole business. And if you look at that, that's a little quick return. We may get nicked a little bit, again, probably not material or what will happen. And then you get to the third is the larger projects. And then let's bifurcate that third.

這涉及整個業務。如果你看一下，你會發現這是一個很快的回報。我們可能會受到一點傷害，但可能不是實質的傷害。然後你會看到第三個是更大的項目。然後讓我們將第三個分成兩個部分。

When we're doing data center work, semiconductor work these big manufacturing jobs at one time, rewind10 years ago, we would have bought all the major end systems. We have brought the chillers, the air handlers, we would have bought the switchgear.

當我們同時進行資料中心工作、半導體工作這些大型製造工作時，回顧十年前，我們會購買所有主要的終端系統。我們購買了冷水機組、空氣處理器，我們也買了開關設備。

But because of the lousy lead times in the supply chain, the owners of the GCs purchased that now mainly the owners, even if they're buying through the GCs and they basically send the equipment to us, and we get a handling fee. So that's probably -- of that 33%, that's probably half of our -- or more of our material hogs. We're really not exposed much at all there.

但由於供應鏈的交貨時間太長，現在主要是 GC 的所有者購買這些設備，即使他們是透過 GC 購買，他們基本上也會將設備發送給我們，我們會收取手續費。所以這可能就是 — — 在那 33% 中，可能佔了我們的一半 — — 甚至更多的材料消耗。我們確實沒有在那裡受到太多的關注。

And then the balance is on pipe wire and conduit. We -- it's up to us and our local folks working with distribution to protect our prices and we've got a long-term commitment. And right now, we may have a little bit of inventory uptick and we've got that small compared to the overall size of EMCOR. We have a little bit of inventory uptick where we lock in the price on certain pipe and conduit wire, to be able to build a project.

然後平衡點就在管道、電線和導管上。我們——這取決於我們和我們的當地分銷商合作來保護我們的價格，而且我們做出了長期承諾。目前，我們的庫存可能有一點增加，但與 EMCOR 的整體規模相比，我們的庫存還是比較小的。我們的庫存有一些增加，我們鎖定了某些管道和導線的價格，以便能夠建造項目。

Jason, do you have anything to add on that?

傑森，你對此還有什麼補充嗎？

I think you summarized it, Tony.

我想你已經總結出來了，東尼。

We've spent a lot of time thinking about this. And our team is ready. And again, go back to more contractors, we get paid to adapt to really difficult situations and figure out a solution how to overcome it.

我們花了很多時間思考這個問題。我們的團隊已經做好準備。再次，回到更多的承包商，我們得到報酬來適應真正困難的情況並找出解決方案來克服它。

Alex Dwyer, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Alex Dwyer。

Yes. So I just wanted to start and ask about your data center business and if you're seeing any shift in geographies where projects are being bid I'm just wondering if data center investment moves to these more like remote areas where it could be harder to hire a labor force? If this is something you're planning for? And are there any investments that you can make ahead of this to better position EMCOR in this scenario?

是的。所以我想先問一下您的資料中心業務，以及您是否看到專案競標的地理位置發生了任何變化，我只是想知道資料中心投資是否會轉移到這些更偏遠的地區，這些地區可能更難僱用勞動力？如果這是您正在計劃的事情？在此之前，您可以進行哪些投資，讓 EMCOR 在這種情況下佔據更好的位置？

So the answer would be yes, yes and yes. If you were to rewind in 2019, we were serving about three data center markets electrically or so mechanically. Today that's, with the addition of Miller, about 15 or 16 electrically. And most of the expansion has happened in secondary markets.

所以答案是肯定的、肯定的、肯定的。如果回顧 2019 年，我們當時在電力或機械方面為大約三個資料中心市場提供服務。如今，隨著米勒的加入，電氣化程度已達到約 15 或 16 分。大多數擴張都發生在二級市場。

And my secondary market means not Metro DC, not Metro Atlanta, not a market we've worked in forever -- Portland, Washington, and a little bit of Texas. So what happened, right?

我的二級市場不是華盛頓特區大都會區，不是亞特蘭大大都會區，也不是我們一直經營的市場——而是波特蘭、華盛頓，還有一小部分德州。那麼，到底發生了什麼事呢？對吧？

There's been a quest for power, the surge for power. These are really smart planning people. And so they said, where are we going to be able to build for the next five years without having a dearth of power. That we're pretty going to have a surety of power.

人們一直在追求權力，追求權力。這些人確實都是聰明的規劃人員。所以他們問，未來五年我們要在哪裡建造才能不出現電力短缺的情況？我們幾乎肯定會擁有權力。

And so you're seeing them go to places over time over the last three years, really. And I think they feel a little better because they're not as worried about cash generation. You're never going to power this expansion with renewable intermittent power. It was going to be part of the solution, but that's not a solution for something that needs to run 24 hours a day at 50 to 100 megawatts.

所以你確實看到他們在過去三年裡隨時間去過很多地方。我認為他們會感覺好一些，因為他們不再那麼擔心現金流問題。你永遠不可能利用再生間歇性能源來為這項擴張計畫提供動力。它本來是解決方案的一部分，但對於需要以 50 到 100 兆瓦的功率每天 24 小時運行的系統來說，它並不是一個解決方案。

And so if you think you weren't going to have surety of power, you were out looking for pockets of power where you know where that we're going to be. That's why data centers were coming into parts of Indiana. That's why data centers were expanding more in Columbus, Ohio. Think about Ohio River, right? And if you didn't have coal power coming up, you still had some nuclear, but you're also going to be able to build gas generation.

因此，如果你認為你無法保證擁有權力，那麼你就會去尋找你知道我們會在哪裡的權力口袋。這就是為什麼資料中心進入印第安納州部分地區的原因。這就是為什麼資料中心在俄亥俄州哥倫布市進一步擴張的原因。想想俄亥俄河，對吧？如果您沒有使用煤電，您仍然可以使用一些核電，但您也可以建造天然氣發電廠。

That's why data centers expanded in Northern Virginia originally, and they moved down to the Richmond area, but why did they do that? Because you have power coming out of West Virginia, Southern Virginia, and it's all sources of power, traditional power.

這就是為什麼資料中心最初在北維吉尼亞州擴張，然後搬遷到里士滿地區的原因，但他們為什麼要這樣做呢？因為有來自西維吉尼亞州、南維吉尼亞州的電力，而且都是來自傳統電力的來源。

That's why you had data centers going to Oklahoma, where you did have some renewable or I'd say, intermittent power. You did have some of that with wind, but you also had baseload fossil power that you could bring to bear. That's why you see them going to Charleston, South Carolina, right?

這就是為什麼要把資料中心設在俄克拉荷馬州，那裡確實有一些再生能源，或者說間歇性能源。你確實可以利用風能來發電，但你也可以利用基本負載的化石能源。這就是你看到他們去南卡羅來納州查爾斯頓的原因，對嗎？

That's why you see them go into Atlanta. I'll just give you an aside in Atlanta. There's a big data center being built center campus being built south of Atlanta. That data center campus -- there were three nuclear reactors being built that were -- are built. The first one is brought online.

這就是你看到他們進入亞特蘭大的原因。我只想跟你講一下亞特蘭大的情況。亞特蘭大南部正在興建一個大型資料中心中心園區。那個資料中心園區有三座核反應器正在興建中。第一個已經上線。

The give or take is about 5,000 megawatts. It's a lot of power, right? That data center campus will use one in a third and the electron doesn't care where it comes from. A third of one of those new nuclear reactors, one data center campus. So that's why they've expanded.

大約是 5,000 兆瓦。它的功率很大，對吧？這個資料中心園區將使用三分之一的電子，而電子並不關心它來自哪裡。其中三分之一的新核反應堆，一個資料中心園區。這就是他們擴張的原因。

So how we handle that? Well, we've done it through acquisition. We've also done it taking some of our existing capacity. And what we've learned is our teams that can build hospitals and our teams that can build manufacturing plants and service manufacturing plants, those teams have the skill and ability with some training and some cross-training, right.

那我們該如何處理呢？嗯，我們已經透過收購做到了這一點。我們也利用了部分現有產能。我們了解到，我們的團隊可以建造醫院，我們的團隊可以建造製造工廠和服務製造工廠，這些團隊都具備一些培訓和交叉培訓的技能和能力，對吧。

So we take folks from places where we've built data centers, they go in on the front end and help with estimating and developing the plan of work and the means and methods. And then those teams can come in and then now we can train up with a really good electrical and mechanical teams to do more work.

因此，我們從已建立資料中心的地方招募人員，他們從前端進入並幫助評估和製定工作計劃以及手段和方法。然後這些團隊就可以加入，現在我們可以訓練一支真正優秀的電氣和機械團隊來完成更多的工作。

We've also done it through organic expansion. An example of that is what we've done in Columbus, Ohio. We took two of our best operating data center teams mechanically out of Poole and Kent and Bachelor and Kimball. They came together and formed a company called Upland.

我們也透過有機擴張實現了這一目標。我們在俄亥俄州哥倫布市所做的就是一個例子。我們從 Poole 和 Kent 以及 Bachelor 和 Kimball 中抽調了兩支最優秀的資料中心營運團隊。他們聚在一起成立了一家名為 Upland 的公司。

That's there specifically to serve data center clients, but now we'll serve the market more broadly. And over a two- or three-year period, we become one of the leading mechanical data construction companies in Columbus, Ohio, and one of the leading mechanical contractors. And that's new for us. We hadn't done a lot.

這是專門為資料中心客戶提供服務，但現在我們將更廣泛地服務市場。經過兩三年的時間，我們成為俄亥俄州哥倫布市領先的機械數據施工公司之一，也是領先的機械承包商之一。這對我們來說是新鮮事。我們還沒做太多的事情。

We did the same thing electrically in Arizona through organic growth and investment. There, we started with virtually our team from Dyne, Portland, building excellence in prefabrication in Portland, bringing that capability down to Arizona, recruiting a workforce, that workforce started with building a great prefabrication shop with a couple of low voltage jobs in the semiconductor space.

我們透過有機成長和投資在亞利桑那州做了同樣的事情。在那裡，我們幾乎從來自波特蘭戴恩的團隊開始，在波特蘭打造卓越的預製件，將這種能力帶到亞利桑那州，招募一支勞動力隊伍，這支勞動力隊伍首先建立了一個偉大的預製車間，並在半導體領域從事幾個低壓工作。

Now they can pivot and do day two data center work and with six months to a year with the creativity of the leadership team there and the means and method know-how and innovation, they'll be servicing the broader data center market in Arizona. So that's just a snippet of how we think about it.

現在他們可以轉向並進行第二天的資料中心工作，並利用那裡的領導團隊的創造力以及方法和訣竅以及創新，用六個月到一年的時間，他們將為亞利桑那州更廣泛的資料中心市場提供服務。這只是我們思考這個問題的片段。

And then being able to look at now an energy policy potentially that brings more surety to power, which I believe, as I said earlier, really, I think it would be significant expansion in gas plant power construction, which is clean and will also provide the baseload necessary to continue both the reshoring to have surety of power, but also the data center expansion, especially when you go from traditional cloud storage data centers, which is a 40 to 100-megawatt game or 75 megawatts to AI, which is somewhere between 150 and 200.

然後，現在能夠研究一項可能為電力帶來更多保障的能源政策，我相信，正如我之前所說的，這實際上將顯著擴大天然氣發電廠的建設，這種發電廠是清潔的，也將提供必要的基本負荷，以繼續回流以確保電力，同時也擴大資料中心，特別是當你從傳統的雲端儲存資料中心（40 到 100 兆瓦或 75 兆瓦）。

And just rewind the tape for people, take 200 megawatts and say 5,000 to 6,500 homes, and that will give you an idea the power usage needed to supply data centers.

只要為人們倒帶，取 200 兆瓦，假設 5,000 至 6,500 戶家庭，您就會知道為資料中心供電所需的用電量。

Thanks, Tony, that was a super helpful answer. And then I guess my second and last question. is just on the Industrial Services outlook for this year and just think about what is built into guidance from a revenue growth and margin perspective?

謝謝，托尼，這是一個非常有用的答案。那我想我的第二個也是最後一個問題。只是關於今年的工業服務前景，想想從收入成長和利潤率的角度來看，指導包含了什麼？

I know there's there is room for the margins to continue to perform here? And how meaningful do you think of an impact it could be with a more oil and gas friendly administration over the next couple of years?

我知道這裡還有利潤空間可以繼續表現嗎？您認為在未來幾年內，更有利於石油和天然氣的政府將會帶來多大的影響？

I think the real benefit will be '26 and beyond. I think what you're seeing this year is a more traditional turnaround market with the caveat is -- the first quarter got off to a little bit of a slow start because of the snowstorm in Texas, which delayed everything a week, which means we aid a little bit of labor, nothing significant.

我認為真正的好處將是在26年及以後。我認為今年你將看到的是一個更傳統的轉型市場，但有一個警告：第一季開局有些緩慢，因為德州的暴風雪導致所有事情都推遲了一周，這意味著我們需要提供一點勞動力援助，但沒有什麼重大意義。

We had a little bit of labor for a week as we were geared up to start the turnaround season and then everything got stuck in place in Texas for a week. We see a normal turnaround season, probably a little more back half loaded than we -- but that happens -- it's year-to-year thing. But we are -- we continue to see the force march to normal demand.

當我們準備好開始轉機季節時，我們遇到了一周的短暫勞動，然後一切都在德克薩斯州停滯了一周。我們看到了一個正常的轉機季節，可能比我們預期的要多一點——但這種情況會發生——這是逐年發生的事情。但我們—我們繼續看到需求朝正常方向發展。

We do see hopefully somewhere around back half of '25 going into '26. We have a great electrical business, the team at Arden in Louisiana through Texas up into North Dakota in the mid-continent area. They're some of the best upstream and midstream people. That is really where we have the exposure.

我們確實有希望看到 2025 年下半年至 2026 年左右的情況。我們擁有一家大型電氣公司，我們的團隊遍布中部地區的路易斯安那州阿登、德克薩斯州和北達科他州。他們都是上游和中游最優秀的人才。這確實是我們獲得曝光的地方。

And if they -- if there's opportunity there, they will take advantage of it. And that should come in the form of more compressor stations and also bringing electrical services to the well site.

如果他們——如果那裡有機會，他們就會利用它。這應該以建立更多的壓縮機站以及為油井現場提供電力服務的形式來實現。

Yes. The only thing I would say in terms of what's baked into guidance, I would say there's nothing extreme in terms of growth assumptions for 2025. The one thing I'd point out is we did have an acquisition in Industrial Services this year.

是的。關於指導意見中的內容，我唯一想說的是，對於 2025 年的成長假設，沒有什麼極端的。我想指出的一點是，我們今年確實在工業服務領域進行了收購。

So some of the growth we saw this year came from an acquisition. So we would expect a more normal level of organic growth next year.

因此，我們今年看到的部分成長來自於收購。因此，我們預計明年的有機成長水準將更加正常。

And that acquisition was focused on upstream, and it was focused on really helping control of control solutions around methane. And that's why we bought it. It expands our services and it puts it with a great team down at Ardent.

此次收購的重點是上游，重點是真正幫助控制甲烷周圍的控制解決方案。這就是我們購買它的原因。它擴展了我們的服務範圍，並將其與 Ardent 的優秀團隊結合。

And I will say, as we look from middle of '26 through the middle of '28.5, we're hoping that -- I'll be glad we own that asset in the out years. I mean the whole Industrial Services segment in the out year is coming up.

我想說的是，當我們展望26年中期到28.5年中期時，我們希望——我很高興我們在未來幾年擁有這項資產。我的意思是明年整個工業服務領域將會崛起。

Adam Bubes, Goldman Sachs.

高盛的亞當布貝斯 (Adam Bubes)。

I think the midpoint of your guide seems around 7.5% organic growth. Can you just help us bifurcate organic growth between your highest growth end markets, data centers and high-tech manufacturing and how that compares to the balance of the business?

我認為您的指導的中間點似乎是 7.5% 的有機成長率。您能否幫助我們將您最高成長終端市場、資料中心和高科技製造業之間的有機成長分為兩類，並將其與業務平衡進行比較？

Yes. I'm going to kick this over to Jason. I don't think we see significant growth because we'll have to get it into RPOs first. We'll see the growth there first before we have growth in revenues and high-tech manufacturing. We do see data center growth. But Jason, I'll throw it over to you, but it's 50-50, isn't it?

是的。我要把這個交給傑森。我認為我們不會看到顯著的成長，因為我們必須先將其納入RPO。在收入和高科技製造業實現成長之前，我們首先會看到那裡的成長。我們確實看到資料中心的成長。但是傑森，我會把它交給你，但比例是 50-50，不是嗎？

I think that's fair, Tony. I mean I think when you look at this year and you look at our growth against traditional non-res, we probably grew 100 to 150 basis points in excess of non-res. And so when we think about next year and we say, what's the assumptions for the high-growth sectors versus what's the assumptions for the rest of the business, I think we'll continue to grow somewhere between 100 to 200 basis points in excess of non-ress.

我認為這很公平，托尼。我的意思是，當你回顧今年並看看我們相對於傳統非房地產的成長時，我們的成長可能比非房地產高出 100 到 150 個基點。因此，當我們考慮明年並說，高成長產業的假設是什麼與其他業務的假設是什麼時，我認為我們將繼續以高於非成長產業的 100 到 200 個基點的速度成長。

That's -- and EMCOR overall.

這就是——以及 EMCOR 的整體情況。

EMCOR overall. In our Electrical Mechanical segment, it's almost twice that, right?

EMCOR 整體情況。在我們的電氣機械領域，這個數字幾乎是兩倍，對嗎？

Got it. I appreciate the color there. And then how are you thinking about your ability to continue to grow employee count in 2025? And how much of that 7.5% organic growth would be driven by employee capacity versus room for further utilization improvements?

知道了。我很欣賞那裡的色彩。那麼您認為您在 2025 年是否有能力持續增加員工人數？7.5% 的有機成長中有多少是由員工能力推動的，有多少是由進一步利用率提升的空間所推動的？

Our head count clearly hasn't been growing as fast as our revenues, right? Our man hours grew 8% or 9% in 2024. And they've been growing probably man hours, if you take it over a three- or four-year period, has been growing about 60% to 65% of our revenue growth.

我們的員工數量顯然沒有像收入那樣快速成長，對嗎？2024 年，我們的工時將成長 8% 或 9%。如果你以三到四年的時間計算，他們的工時可能一直在增加，這占我們收入成長的 60％ 到 65％。

And we expect to be able to continue that trend going. And that goes to what our folks are doing in prefab, what they're doing in planning, what they're doing in estimating and all those things. I don't -- we always complain in the field about not being able to find the people.

我們希望能夠繼續保持這一趨勢。這與我們的人員在預製中所做的事情、在規劃中所做的事情、在估算中所做的事情以及所有這些事情有關。我不知道——我們總是在現場抱怨找不到人。

But our folks do a wonderful job of finding the people. And I always go back to what I always say, right? At the end of the day, how do you attract great tradespeople to come and want to work for you, sometimes for a project, some of them for a career. I think it gets down to four or five things, right?

但我們的工作人員在尋找人才方面做得非常出色。我總是會重複我常說的話，對嗎？歸根結底，您如何吸引優秀的工匠來為您工作，有時是為了一個項目，有時是為了一份職業。我認為這取決於四、五件事，對嗎？

I think these are in no particular order. First, they want to know they're going to get paid every week. And if they're union employees, they want to know that also you're paying into the benefits fund.

我認為這些並沒有什麼特別的順序。首先，他們想知道每周是否能拿到薪水。如果他們是工會僱員，他們想知道你是否也向福利基金繳了費用。

The second thing, right, again, no particular order, they want to know that you're going to make the investments to keep them safe. That's not only in the means and methods to make sure the job is well planned, but also they have the equipment they need to be successful.

第二件事，對，再說一次，沒有特別的順序，他們想知道你會進行投資來確保他們的安全。這不僅意味著他們有方法和手段來確保工作得到良好的規劃，而且他們還擁有成功所需的設備。

In my 20-plus years at EMCOR, we have never turned down a safety investment, and then we never will. The third thing they really care about, am I being led by people at the local level and above, but mainly the local level, from the foreman through the superintendence through the project manager to that CEO and VP of Operations.

我在 EMCOR 工作了 20 多年，我們從來沒有拒絕過安全投資，而且以後也永遠不會拒絕。他們真正關心的第三件事是，我是否受到當地及以上級別人員的領導，但主要是當地級別，從領班到主管、專案經理到執行長和營運副總裁。

That -- we'll know what I'm doing and know what the challenge is on the job and that they can come in and help me if they need to get through a tough situation on a job site. I think another thing that is -- someone that want to build a career with us, if I do a good job for you, will you make be part of your permanent team. We have -- if you take our trade workforce about two-thirds of it, give or take, are with us from project to project to project and they build a career with us.

那樣——我們就會知道我在做什麼，知道工作上的挑戰是什麼，如果他們需要在工作現場解決困難情況，他們可以來幫助我。我認為另一件事是——如果有人想在我們這裡建立事業，如果我為你做好了工作，你是否會讓我成為你永久團隊的一員。我們的貿易勞動力中大約有三分之二左右的人跟隨我們從一個項目到另一個項目，並與我們一起建立了職業生涯。

And I think finally, I think a lot of them want to be with a company that quite frankly, does some of the most interesting work in the space. Trades people don't like to do a lot of rework. They like well-planned jobs. And quite frankly, they like to point to the skyline or point to the market and said, I built that. And I was part of the team that built that. I'm part of the team that takes care of that. And they take a lot of pride in that.

最後，我認為他們中的許多人都想加入一家坦率地說在該領域從事一些最有趣工作的公司。商人不喜歡做大量的返工。他們喜歡有周密計劃的工作。坦白說，他們喜歡指著天際線或市場說，這是我建造的。我是這個團隊的一員。我是負責此事的團隊的一員。他們對此感到非常自豪。

So I think EMCOR emphatically goes check, check, check, check. We talked about Miller earlier. Miller can do the same thing in their markets. It's check, check, check, check, check, right? They also provide that environment for the trades people to build long-term success with them.

因此我認為 EMCOR 會專注於檢查、檢查、檢查、檢查。我們之前討論過米勒。米勒可以在他們的市場上做同樣的事情。是檢查，檢查，檢查，檢查，檢查，對嗎？他們也為工匠提供了與他們一起創造長期成功的環境。

And just to add on to Tony's comment about head count, not growing as fast as revenues. If you look over a 10-year period, our revenue round CAGR number is 10%. Our head count CAGR is 3%, 3.5%, right? And a 3:1 ratio. And if you look at even just this year alone, headcount is up 5%, 5.5% and revenue growth is up almost 16%. So that ratio is holding true even today, and we expect --

我只是想補充一下托尼關於員工人數的評論，員工人數的成長速度沒有收入成長快。若以 10 年為週期，我們的營收複合年增長率為 10%。我們的員工人數複合年增長率是 3%、3.5%，對嗎？比例為 3:1。如果只看今年的情況，員工人數增加了 5%、5.5%，營收成長了近 16%。因此，這一比例至今仍然適用，我們預計--

65% we go back, right? We expect to only have to grow head count a third to half as much as we grow revenue.

65％我們回去吧？我們預期員工人數的成長幅度僅為收入成長的三分之一到一半。

And we see no reason why that would be different.

我們看不出有什麼理由會有所不同。

What I was trying to say 65% gets covered.

我想說的是 65% 已被覆蓋。

And then last one for me. Really strong margins in the quarter and understand margins can bounce around quarter to quarter, but any specific driver of the positive variance in margins versus your expectation heading into the quarter? And any other major puts and takes driving the margin outlook you mentioned incremental intangible amortization by any other moving pieces we should keep in mind in terms of mix or any other pieces in 2025?

這對我來說是最後一個。本季的利潤率確實很高，並且了解利潤率可能會在各個季度之間波動，但與您對本季度的預期相比，利潤率出現正向變化的具體驅動因素是什麼？您提到了影響利潤前景的任何其他主要因素，例如增量無形資產攤銷，以及我們在 2025 年的組合或任何其他因素方面應該牢記的任何其他變動因素嗎？

Yes. I think in terms of the quarter, there's really no anomalies. I think we beat our expectations when it came to execution, particularly in the Electrical segment, right, which had a north of 15% margin. When we look to 2025, outside of the intangible asset amortization, I don't think there's any anomalies or anyone else to be considered.

是的。我認為就本季而言，確實沒有異常。我認為，在執行方面，我們超出了我們的預期，特別是在電氣領域，利潤率超過了 15％。當我們展望 2025 年時，除了無形資產攤銷之外，我認為沒有任何異常或任何其他需要考慮的因素。

I think also at these levels of margin, and you heard me say before, if I could run EMCOR forever between 8.5% to 10% combined margins with good growth. Where we are right now, we are very cognizant of keeping good margins.

我認為，在這樣的利潤水平下，正如您之前聽我說過的那樣，如果我能夠讓 EMCOR 永遠保持 8.5% 到 10% 之間的綜合利潤率並且實現良好的增長。就目前情況而言，我們非常清楚要保持良好的利潤率。

But also, we're more worried about margin dollars right now than margin percentages, right? At these levels, we want to grow margin dollars. And if we had to give up 10 basis points to do that, we would do that.

但是，我們現在更擔心的是利潤金額而不是利潤百分比，對嗎？在這些水準上，我們希望增加利潤。如果為了實現這個目標我們必須放棄 10 個基點，我們也會這麼做。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Guzzi for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Guzzi 先生，請他作最後發言。

Look, thank you all for your interest in EMCOR. I know there's a lot more than the analysts have asked questions. Hopefully, you got most of your questions answered. We expect another good year. We're excited about the future.

看，感謝大家對 EMCOR 的興趣。我知道問題遠不止分析師提出的問題。希望您的大部分問題都已得到解答。我們期待又一個豐收年。我們對未來充滿興奮。

And to our team, let's work safe and productively in 2025 were even better than we did in '24. And with that, Andy, I'll throw it back to you to close off the call.

對於我們的團隊來說，讓我們在 2025 年安全且有效率地工作，甚至比 2024 年做得更好。安迪，說完這些，我就把麥克風交給你，結束本次通話。

Great. Thanks. Thanks, Tony. Thanks, Jason, and thank you all for joining us today. If you should have any follow-up questions, please do not hesitate to reach out to me directly.

偉大的。謝謝。謝謝，托尼。謝謝傑森，也謝謝大家今天的到來。如果您有任何後續問題，請隨時直接與我聯絡。

Thank you all again, and have a great day. And Betsy, will you please close the call.

再次感謝大家，祝福大家有個愉快的一天。貝琪，請你結束通話。

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。您現在可以斷開連線。