EMCOR Group Inc (EME) 2025 Q1 法說會逐字稿

Good day, and welcome to EMCOR Group Q1 '25 earnings conference call. (Operator Instructions) Please note that this event is being recorded.

大家好，歡迎參加 EMCOR Group 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Andy Backman, Vice President, Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁安迪巴克曼 (Andy Backman)。請繼續。

Thank you, Sagar, and good morning, everyone, and welcome to EMCOR's first quarter 2025 earnings conference call. For those of you joining us via webcast, we are at the beginning of our slide presentation that will accompany our remarks today. This presentation will be archived in the Investor Relations section of our website at emcorgroup.com.

謝謝你，Sagar，大家早安，歡迎參加 EMCOR 2025 年第一季財報電話會議。對於那些透過網路直播加入我們的人來說，我們現在正開始今天的演講幻燈片簡報。此簡報將存檔於我們網站 emcorgroup.com 的投資者關係部分。

With me today are Tony Guzzi, our Chairman, President and Chief Executive Officer; Jason Nalbandian, EMCOR's Chief Financial Officer; and Maxine Mauricio, Executive Vice President, Chief Administrative Officer ,and General Counsel. For today's call, Tony will provide comments on our first quarter and discuss our RPOs. Jason will then review our first quarter and numbers before turning it back to Tony to discuss our guidance. And then we'll open it up for Q&A.

今天與我一起的還有我們的董事長、總裁兼執行長 Tony Guzzi； Jason Nalbandian，EMCOR 財務長；以及執行副總裁、首席行政官兼總法律顧問 Maxine Mauricio。在今天的電話會議上，Tony 將對我們的第一季發表評論並討論我們的 RPO。然後，傑森將審查我們的第一季和數據，然後再將其交還給托尼討論我們的指導。然後我們將開始問答環節。

Before we begin, as a reminder, this presentation and discussion contains certain forward-looking statements and may contain certain non-GAAP financial information. Slide 2 of our presentation describes in detail on 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。我們簡報的第二張投影片詳細描述了這些前瞻性陳述和非公認會計準則財務資訊揭露。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 our Form 10-Q 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向美國證券交易委員會提交的 10-Q 表的合併財務報表中。

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

現在，讓我把話題交給東尼。托尼？

Thanks. Good morning, and thank you. I'm going to be mostly on page 4 here to start.

謝謝。早安，謝謝。首先我將主要討論第 4 頁。

We had a strong quarter at EMCOR in the first quarter, generating revenues of $3.87 billion, reflecting year-over-year growth of 12.7%. We earned $318.8 million in operating income, with an operating margin of 8.2% and diluted earnings per share of $5.26, representing an increase of 26% from the first quarter of 2024.

EMCOR 第一季表現強勁，營收達 38.7 億美元，較去年同期成長 12.7%。我們的營業收入為 3.188 億美元，營業利潤率為 8.2%，每股攤薄收益為 5.26 美元，比 2024 年第一季成長 26%。

When you adjust for the $9.4 million of transaction expenses related to our acquisition of Miller Electric, which closed in February, we are non-GAAP adjusted operating income of $328.1 million or 8.5% of revenues and non-GAAP adjusted diluted earnings per share of $5.41.

當我們調整與 2 月完成的收購 Miller Electric 相關的 940 萬美元交易費用時，我們的非 GAAP 調整後營業收入為 3.281 億美元，佔營收的 8.5%，非 GAAP 調整後每股攤薄收益為 5.41 美元。

We are very pleased with our overall performance. Our Electrical and Mechanical Construction segments, which had year-over-year revenue increases of 42.3% and 10.2%, respectively, drove our performance. The growth in our revenues reflects both our proactive move into new geographies to better serve our customers, as well as the confidence that our customers have in our ability to perform complex projects. Driving this growth was increased activity within the network and communications, which is data centers, healthcare, water and wastewater market sectors.

我們對我們的整體表現非常滿意。我們的電氣和機械建設部門的收入分別年增 42.3% 和 10.2%，推動了我們的績效成長。我們收入的成長既反映了我們積極進軍新地區以更好地服務客戶，也反映了客戶對我們執行複雜專案的能力的信心。推動這一成長的是網路和通訊領域活動的增加，其中包括資料中心、醫療保健、水和廢水市場領域。

The results of our Electrical Construction segment also included $183 million in revenues from Miller Electric. The integration of Miller is on track, and that is a credit to both EMCOR and Miller teams. When you share the same core values and have similar operating disciplines and share best practices, then the cultural alignment makes integration more successful. Thank you, Henry and your team.

我們的電氣建設部門的業績還包括來自 Miller Electric 的 1.83 億美元收入。Miller 的整合工作正在按計劃進行，這是 EMCOR 和 Miller 團隊的功勞。當您擁有相同的核心價值、相似的營運原則並分享最佳實踐時，文化一致性會使整合更加成功。謝謝你，亨利和你的團隊。

With respect to operating income, the reasons behind our growth remain the same. We continue to have excellent execution in our Electrical and Mechanical Construction segments, with 12.5% and 11.9% operating margins, respectively. To achieve these margins, our teams continue to leverage our prefabrication and virtual design and construction, or VDC capabilities, coupled with excellence in labor planning and management, large project coordination and execution, as well as a laser focus on contract terms.

就營業收入而言，我們成長的原因保持不變。我們的電氣和機械建設部門繼續表現出色，營業利潤率分別為 12.5% 和 11.9%。為了實現這些利潤，我們的團隊繼續利用我們的預製和虛擬設計和施工（VDC）能力，加上卓越的勞動力規劃和管理、大型專案協調和執行，以及對合約條款的高度關注。

Every quarter, we become better at sharing best practices across our company and ingraining them into our standard operating practices and procedures. This constant learning makes us more resilient as leaders and as a company.

每個季度，我們都會更好地在公司範圍內分享最佳實踐，並將其融入我們的標準作業實踐和程序中。這種不斷的學習使我們作為領導者和公司更具韌性。

The results of our US Building Services segment reflects strong performance in our Mechanical Services division, which was offset by the headwinds that we previously referenced in our site-based services business. Our Industrial Services segment was impacted by the effects of a slower start to the turnaround season caused in part by frigid January weather in Texas. In addition, we had an increase in our allowance for credit losses, impacted this segment's operating income and operating margin by $4 million or 110 basis points, respectively. We anticipate this segment's performance will improve throughout the year.

我們美國建築服務部門的表現反映了我們機械服務部門的強勁表現，但這被我們之前提到的現場服務業務的不利因素所抵消。我們的工業服務部門受到了周轉季節開始較慢的影響，部分原因是德克薩斯州一月份的寒冷天氣。此外，我們的信貸損失準備金有所增加，分別對該部門的營業收入和營業利潤率產生了 400 萬美元或 110 個基點的影響。我們預計該部門的業績將全年改善。

And lastly, our UK Building Services segment continues to perform as expected.

最後，我們的英國建築服務部門持續表現符合預期。

Now please turn to page 5, and I'll discuss RPOs. We leave the quarter with diverse RPOs, or remaining performance obligations, of $11.8 billion, versus $9.2 billion at the end of the first quarter of 2024. Year over year, our RPOs grew 17.1% organically. And with the inclusion of Miller Electric, RPOs increased by 28.1%.

現在請翻到第 5 頁，我將討論 RPO。本季末，我們的各種 RPO（剩餘履約義務）總額為 118 億美元，而 2024 年第一季末為 92 億美元。與去年同期相比，我們的 RPO 有機成長了 17.1%。隨著 Miller Electric 的加入，RPO 增加了 28.1%。

On a sequential basis, when compared to December of 2024, our RPOs increased by 6.4% organically and 16.3% when accounting for the Miller Electric acquisition.

以環比計算，與 2024 年 12 月相比，我們的 RPO 有機增長了 6.4%，如果計入 Miller Electric 收購，則增長了 16.3%。

We had an organic book-to-bill of 1.18 for the quarter. Driving our RPO growth are the markets set forth, and I'll talk about those on this page. Notably, RPOs within networking communications or data centers were $3.6 billion at the end of March. These RPOs have increased by nearly 112% year over year and 28% sequentially, with Miller contributing to a portion of this growth, adding approximately $400 million of RPOs in this important market segment.

本季我們的有機訂單出貨比為 1.18。推動我們 RPO 成長的是上述市場，我將在本頁討論這些市場。值得注意的是，截至 3 月底，網路通訊或資料中心內的 RPO 為 36 億美元。這些 RPO 年增了近 112%，環比增長了 28%，其中 Miller 為這一增長做出了一定貢獻，為這一重要細分市場增加了約 4 億美元的 RPO。

Healthcare RPOs of $1.5 billion increased 38% year over year and 14% sequentially. Healthcare has always been and remains a core market for EMCOR. The Miller Electric acquisition broadens our opportunities in this space, adding nearly $240 million of healthcare project RPOs.

醫療保健 RPO 為 15 億美元，年增 38%，季增 14%。醫療保健一直是 EMCOR 的核心市場。收購 Miller Electric 拓寬了我們在該領域的機會，增加了近 2.4 億美元的醫療保健項目 RPO。

RPOs within the manufacturing and industrial segment of $1.1 billion represent an increase of 31% year over year or 29% sequentially, with the majority of this increase being organic. Resulting from a combination of new contract awards for existing EMCOR companies and the acquisition of Miller, institutional RPOs increased to $1.25 billion, representing 21% year-over-year growth or 13% sequentially. And hospitality and entertainment RPOs have more than doubled year over year to $437 million, up nearly 73% sequentially due to the award of several sports stadium and arena projects. And that's really something Miller is good at.

製造和工業領域的 RPO 為 11 億美元，較去年同期成長 31%，較上季成長 29%，其中大部分成長為有機成長。由於現有 EMCOR 公司獲得新合約以及收購 Miller，機構 RPO 增至 12.5 億美元，年增 21%，環比增長 13%。由於中標了多個體育場館和競技場項目，酒店和娛樂業的 RPO 同比增長一倍以上，達到 4.37 億美元，環比增長近 73%。而這正是米勒所擅長的。

And we continue to see demand within our Mechanical Construction segment for water and wastewater projects, with RPOs increasing 29% year over year and 20% sequentially to over $820 million. While we have experienced a decrease in our high-tech manufacturing RPOs, we continue to believe very strongly in the long-term fundamentals of this sector. As we've discussed on prior calls, these projects can be episodic in nature, and RPOs in this space will fluctuate based on timing of project awards, start-ups, and executions. We still expect future awards in this sector, and some of that should happen later this year.

我們繼續看到機械施工部門對水和廢水項目的需求，RPO 年增 29%，季增 20%，達到 8.2 億美元以上。儘管我們的高科技製造業招募流程外包業務有所減少，但我們仍然堅信該行業的長期基本面。正如我們在先前的電話會議中討論過的，這些專案本質上可能是偶發性的，而該領域的 RPO 將根據專案授予、啟動和執行的時間而波動。我們仍然期待該領域未來能獲得獎項，其中一些獎項應該會在今年稍後頒發。

With that, I'll turn the call over to Jason, who will review the quarter's financial results in more detail. Jason?

說完這些，我將把電話轉給傑森，他將更詳細地回顧本季的財務結果。傑森？

Thank you, Tony, and good morning, everyone. Starting on slide 6. I'm going to review the operating performance for each of our segments as well as some of the key financial data for the first quarter of 2025 as compared to the first quarter of 2024.

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經營業績以及 2025 年第一季與 2024 年第一季相比的一些關鍵財務數據。

As Tony mentioned, consolidated quarterly revenues were a record $3.87 billion, an increase of $435.1 million or 12.7%, which was once again led by our Construction segments, where we continue to execute well and demand remains strong across most of the key market sectors that we serve. Revenues for the first quarter included $251 million of incremental acquisition contribution, including $183 million from Miller Electric since the acquisition on February 3. On an organic basis, revenues grew by 5.4%.

正如東尼所提到的，合併季度收入達到創紀錄的 38.7 億美元，成長 4.351 億美元或 12.7%，這再次由我們的建築部門帶動，我們在該部門繼續表現良好，並且我們所服務的大多數關鍵市場領域的需求仍然強勁。第一季的營收包括 2.51 億美元的增量收購貢獻，其中包括自 2 月 3 日收購以來來自 Miller Electric 的 1.83 億美元。從有機角度來看，收入成長了 5.4%。

If we look to each of our segments, revenues of US Electrical Construction were a record $1.09 billion. Due to a combination of organic growth and the Miller Electric acquisition, this segment generated increased revenues from almost all market sectors, with the most significant growth coming from network and communications driven by our data center projects. In addition to data centers, notable revenue increases were experienced in healthcare, where our quarterly revenues doubled, transportation due to certain infrastructure projects, and institutional as a result of a greater number of public sector projects.

如果我們看一下每個部門，美國電氣建設的收入達到了創紀錄的 10.9 億美元。由於有機成長和收購 Miller Electric 的雙重作用，該部門幾乎所有市場領域的收入都實現了成長，其中最顯著的成長來自由我們的資料中心專案推動的網路和通訊業務。除資料中心外，醫療保健領域的收入也顯著增長，季度收入翻了一番；交通運輸領域由於某些基礎設施項目而增長；機構領域由於公共部門項目增加而增長。

US Mechanical Construction revenues were $1.57 billion, increasing 10.2%. Similar to Electrical, the largest growth during the quarter was seen from data centers within network and communications. In addition, this segment had noteworthy revenue increases within healthcare due to both greater organic activity, as well as incremental contribution from acquired companies; hospitality and entertainment, given increased project activity; and water and wastewater, driven by continued strong demand for our service offerings across the Southeast region of the United States.

美國機械建築收入為 15.7 億美元，成長 10.2%。與電氣類似，本季成長最大的是網路和通訊領域的資料中心。此外，由於有機活動的增加以及收購公司的增量貢獻，該部門在醫療保健領域的收入也顯著增加；由於項目活動增加，接待和娛樂業；以及水和廢水處理，這得益於美國東南地區對我們服務的持續強勁需求。

Revenues in the Mechanical segment also benefited from higher levels of service volume. Partially offsetting the growth in Mechanical, however, were reduced revenues in commercial and high-tech manufacturing. The completion or substantial completion of certain tenant fit-out or office projects, coupled with fewer warehousing and distribution projects, which we've referenced on recent calls, were the primary drivers of the reduced commercial revenues.

機械部門的收入也受惠於服務量的增加。然而，商業和高科技製造業的收入減少部分抵消了機械製造業的成長。某些租戶裝修或辦公室項目的完成或基本上完成，再加上倉儲和配送項目的減少（我們在最近的電話會議中提到），是商業收入減少的主要原因。

With respect to high-tech manufacturing, we experienced a decrease in revenues from semiconductor projects as we actively work towards the completion of the initial phases of several of these contracts. On a combined basis, our construction segments generated revenues of $2.66 billion, an increase of 21.3%.

在高科技製造方面，由於我們積極致力於完成其中幾個合約的初始階段，我們從半導體專案中獲得的收入有所下降。總體而言，我們的建築部門創造了 26.6 億美元的收入，成長了 21.3%。

Moving to US Building Services. Revenues were $742.6 million, representing a decrease of 4.9% as the expected reduction in site-based revenues more than offset the strength of our Mechanical Services operations, which grew revenues by $44.3 million during the quarter. Demand for mechanical services remained robust, and we once again experienced growth across each of those service lines.

轉向美國建築服務。營收為 7.426 億美元，下降 4.9%，因為現場收入的預期減少抵消了我們機械服務業務的強勁增長，機械服務業務在本季度收入增長了 4,430 萬美元。機械服務的需求依然強勁，我們再次經歷了每條服務線的成長。

We still face some headwinds in our compares for this segment as we move through the year. However, as we progress, the decrease in site-based revenues should be less drastic, and we are optimistic that the performance of Mechanical Services will begin to offset the lower site-based revenues.

隨著時間的流逝，我們在比較這一領域時仍然面臨一些阻力。然而，隨著我們的進步，現場收入的下降幅度應該會減小，我們樂觀地認為機械服務的表現將開始抵消現場收入的下降。

Looking at Industrial Services, revenues were $359 million, an increase of 1.4%. During the quarter, this segment's performance was impacted by a slower start to the turnaround season due to the delay or deferral of planned projects resulting from freezing weather conditions in Texas during January, which Tony referenced.

工業服務方面，營收為 3.59 億美元，成長 1.4%。在本季度，該部門的業績受到了周轉季節開始較慢的影響，這是由於托尼提到的 1 月份德克薩斯州的寒冷天氣導致計劃中的項目推遲或延期。

And lastly, UK Building Services delivered revenues of $105.3 million, essentially in line with that of the prior year period. A modest decline in facilities maintenance revenues was more than offset by increased project demand from certain of our UK customers.

最後，英國建築服務公司的營收為 1.053 億美元，與去年同期基本持平。設施維護收入的小幅下降被我們某些英國客戶的專案需求增加所抵消。

Let's turn to slide 7. We reported operating income of $318.8 million or 8.2% of revenues, and our performance established the new first quarter record for both operating income and operating margin. When compared against the first quarter of '24, this represents a 22.6% or nearly $59 million increase in operating income, and operating margin has expanded by 60 basis points.

讓我們翻到第 7 張投影片。我們報告的營業收入為 3.188 億美元，佔營收的 8.2%，我們的業績創下了第一季營業收入和營業利潤率的新紀錄。與 24 年第一季相比，這意味著營業收入增加了 22.6% 或近 5,900 萬美元，營業利潤率增加了 60 個基點。

Excluding transaction expenses related to the acquisition of Miller Electric, non-GAAP operating income was $328.1 million, up 26.2% or $68 million, and our non-GAAP operating margin was 8.5%, a 90 basis point improvement.

不包括與收購 Miller Electric 相關的交易費用，非 GAAP 營業收入為 3.281 億美元，成長 26.2% 或 6,800 萬美元，我們的非 GAAP 營業利潤率為 8.5%，提高了 90 個基點。

Once again, turning to each of our segments. US Electrical Construction generated an operating income of $136.1 million, which represents a 48.6% increase. Operating margin was 12.5%, a 50 basis point improvement.

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 1.361 億美元，成長 48.6%。營業利益率為12.5%，提高了50個基點。

From a market sector perspective, this segment benefited from greater gross profit across the majority of the sectors in which we operate, with the largest increases tracking in line with its revenue growth. Operating income of US Electrical Construction included $12.8 million of incremental contribution from Miller Electric, net of $7.4 million of intangible asset amortization.

從市場部門的角度來看，該部門受益於我們經營的大多數部門的毛利成長，其中最大的增幅與其收入成長一致。美國電氣建設公司的營業收入包括米勒電氣公司 1,280 萬美元的增量貢獻，扣除 740 萬美元的無形資產攤提。

Operating income for US Mechanical Construction was $186.7 million or 11.9% of revenues. This represents an increase of nearly 24% and 130 basis points of margin expansion. This segment experienced the most significant increases in gross profit from the network and communications and high-tech manufacturing sectors. Despite the reduction in high-tech manufacturing revenues that I previously referenced, the favorable progression on a number of EV and semiconductor projects resulted in greater profitability during the quarter.

美國機械建築公司的營業收入為 1.867 億美元，佔營收的 11.9%。這意味著成長了近 24%，利潤率擴大了 130 個基點。此板塊毛利增幅最為顯著的是網路與通訊、高科技製造板塊。儘管我之前提到高科技製造業收入減少，但一些電動車和半導體專案的良好進展導致本季獲利能力提高。

And together, our construction segments reported an operating margin of 12.1%, which is a 100 basis point improvement year over year. Excellent execution and a more favorable mix of work continue to be the main drivers of their performance.

整體而言，我們的建築部門的營業利潤率為 12.1%，比去年同期提高了 100 個基點。出色的執行力和更有利的工作組合繼續成為他們業績的主要驅動力。

Operating income for US Building Services was $36.4 million or 4.9% of revenues. As the composition of this segment's revenues continues to skew towards more Mechanical Services and less site-based, an increase in gross profit and gross profit margin more than offset the reduced revenues of the segment, leading to a $3 million increase in operating income and a 60 basis point improvement in operating margin.

美國建築服務公司的營業收入為 3,640 萬美元，佔營收的 4.9%。由於該部門的收入組成繼續向機械服務傾斜，而現場收入減少，毛利和毛利率的增加足以抵消該部門收入的減少，從而導致營業收入增加 300 萬美元，營業利潤率提高 60 個基點。

I should also remind everyone that the favorable year-over-year comparison is driven in part by the impact in last year's first quarter of a customer bankruptcy, which reduced this segment's operating income by $11 million and operating margin by 140 basis points.

我還應該提醒大家，與去年同期相比，業績表現良好，部分原因是去年第一季受到客戶破產的影響，該部門的營業收入減少了 1,100 萬美元，營業利潤率減少了 140 個基點。

Turning to Industrial Services. Operating income of $6.8 million or 1.9% of revenues compares unfavorably to $18 million or 5.1% of revenues a year ago. Adding to the direct impact of the previously referenced project deferrals and delays was a greater amount of unabsorbed overhead. The results of this segment were also impacted by a $4 million increase in the allowance for credit losses, which reduced its operating margin by 110 basis points.

轉向工業服務。營業收入為 680 萬美元，佔營收的 1.9%，與去年同期的 1,800 萬美元或 5.1% 相比，表現不佳。除了前面提到的項目延期和延遲的直接影響外，還產生了大量未吸收的間接費用。該部門的業績也受到信貸損失準備金增加 400 萬美元的影響，導致其營業利潤率降低了 110 個基點。

And lastly, the UK Building Services earned operating income of $5 million or 4.7% of revenues. Mobilization costs incurred with the recent award of a facilities maintenance contract by a new customer was the primary reason for the period-over-period reduction in operating income and operating margin.

最後，英國建築服務公司的營業收入為 500 萬美元，佔營收的 4.7%。新客戶近期授予設施維護合約所產生的動員成本是導致營業收入和營業利潤率環比下降的主要原因。

Moving to slide 8 for a few quarterly highlights, starting with gross profit. Driven by our Electrical and Mechanical Construction segments, as well as our US Building Services segment, gross margin has expanded by 150 basis points, with gross profit increasing by 22.6%.

轉到幻燈片 8，查看幾個季度亮點，首先是毛利。受機電工程部門以及美國建築服務部門的推動，毛利率擴大了 150 個基點，毛利增加了 22.6%。

If we look next to SG&A, our first quarter expenses increased by $74.6 million. Contributing to this variance was $22.5 million of incremental expenses from acquired companies, $5.1 million of additional amortization expense, and the previously referenced $9.4 million of transaction costs. Excluding these items, SG&A grew by $37.7 million, largely due to employment costs given both greater head count to support our organic growth, as well as increased incentive compensation expense within our construction segments, given the higher projected annual operating results.

如果我們看一下銷售、一般和行政費用 (SG&A)，我們第一季的支出增加了 7,460 萬美元。造成這種差異的因素包括收購公司產生的 2,250 萬美元增量費用、510 萬美元額外攤提費用以及先前提到的 940 萬美元交易成本。不包括這些項目，銷售、一般及行政費用增長了 3770 萬美元，這主要是由於為支持有機增長而增加的員工數量造成的僱傭成本，以及由於預計年度經營業績較高而增加的建築部門的激勵薪酬費用。

SG&A margin for the quarter of 10.4% compares to 9.6% a year ago. Transaction costs account for 20 basis points of the increase, with the remaining 60 basis points being driven by two primary factors. First, we have the incentive compensation expense I just referenced. With the increase in our gross profit margin, it is typical to see an increase in SG&A margin as the improved profitability results in greater subsidiary incentive compensation, which is a variable cost.

本季銷售、一般及行政費用利潤率為 10.4%，去年同期為 9.6%。交易成本佔成長的 20 個基點，其餘 60 個基點則由兩個主要因素推動。首先，我們有我剛才提到的激勵薪酬費用。隨著毛利率的提高，銷售、一般和行政費用利潤率也隨之提高，這是很正常的，因為盈利能力的提高會帶來更多的子公司激勵薪酬，而激勵薪酬是一種變動成本。

Next, within US Building Services, SG&A margin has increased, given the decline in revenues we've experienced, without a corresponding reduction in SG&A. Our segment management team continues to adjust their cost structure, aligning the segment's overhead to its new revenue base. And overall, we do expect to see a decrease in SG&A margin as the year progresses and anticipate a full-year SG&A margin more comparable to that of the prior year when adjusting for transaction costs.

其次，在美國建築服務部門，由於收入下降，銷售、一般和行政費用 (SG&A) 利潤率有所增加，但銷售、一般和行政費用 (SG&A) 卻沒有相應減少。我們的部門管理團隊持續調整其成本結構，使部門的管理費用與新的收入基礎保持一致。總體而言，我們確實預計隨著時間的推移，銷售、一般及行政費用利潤率將會下降，並且預計在調整交易成本後，全年銷售、一般及行政費用利潤率將與上一年更加接近。

And finally on this page, diluted earnings per share was $5.26, compared to $4.17, an increase of 26.1%. Excluding transaction costs, non-GAAP diluted earnings per share was $5.41, an increase of 29.7%.

最後，稀釋每股收益為 5.26 美元，而之前為 4.17 美元，成長 26.1%。不計交易費用，非公認會計準則每股攤薄收益為 5.41 美元，成長 29.7%。

If we turn to slide 9, which is our balance sheet. As a result of the Miller Electric acquisition and approximately $225 million utilized on share repurchases, our cash balance has decreased to just under $577 million at the end of March. During the quarter, we borrowed $250 million under our revolver for temporary working capital needs. As we stated in the past, our balance sheet, including the $689 million of working capital, remains strong and liquid. And when coupled with our history of cash generation, as well as the nearly $980 million of capacity available under our credit facility, we are well positioned to continue to fund organic growth, pursue strategic M&A, and return capital to shareholders.

如果我們翻到投影片 9，那就是我們的資產負債表。由於收購 Miller Electric 以及約 2.25 億美元用於股票回購，我們的現金餘額在 3 月底已減少至略低於 5.77 億美元。本季度，我們透過循環信貸借入 2.5 億美元，以滿足臨時營運資金需求。正如我們過去所說，我們的資產負債表（包括 6.89 億美元的營運資金）依然強勁且流動性強。結合我們以往的現金創造歷史以及我們信貸安排下近 9.8 億美元的可用容量，我們完全有能力繼續為有機成長提供資金、進行策略併購並向股東返還資本。

Although not shown on the slide, operating cash flow was $108.5 million, which compares to $132.3 million in last year's first quarter. As a reminder, operating cash flow during Q1 tends to be the lowest due to the funding of the prior year's incentive compensation awards. Cash flow in the quarter was additionally impacted by the progression on a number of contracts for which we were previously built ahead. As we work through these upfront payments, we saw the expected decrease in operating cash as our outflows exceeded our inflows on these projects.

雖然幻燈片上沒有顯示，但營業現金流為 1.085 億美元，而去年第一季為 1.323 億美元。提醒一下，由於前一年激勵薪酬獎勵的資金，第一季的經營現金流往往最低。本季的現金流也受到我們先前製定的一些合約的進展的影響。當我們支付這些預付款時，我們看到了預期的營運現金減少，因為這些項目的流出量超過了流入量。

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

說完這些，我就把電話轉回給東尼。

Thanks, Jason. I'm going to be on pages 10 to 11 to finish. Given the strong start to the year, we are going to raise the low end of our diluted earnings per share guidance by $0.40 to a range of $22.65 to $24. Our revenue guidance will remain the same at $16.1 billion to $16.9 billion.

謝謝，傑森。我將在第 10 至 11 頁完成。鑑於今年開局強勁，我們將把每股攤薄收益預期的低端上調 0.40 美元，至 22.65 美元至 24 美元之間。我們的營收預期將保持不變，為 161 億美元至 169 億美元。

I'd always remind you this is not a quarter-to-quarter business. The guidance reflects our expectation that we will continue to deliver strong operating margins in 2025. In setting this range, we believe that we have covered the potential impact of tariffs on our business. We will manage through the tariff uncertainty, similar to how we managed the supply chain and cost disruptions around COVID. We will try to pass on price increases and protect ourselves as much as we can through proactively negotiating favorable contractual terms.

我總是提醒你，這不是一個按季度進行的生意。該指引反映了我們對 2025 年將繼續實現強勁營業利潤率的預期。在設定這個範圍時，我們相信我們已經涵蓋了關稅對我們業務的潛在影響。我們將設法解決關稅不確定性問題，類似於我們管理新冠疫情期間的供應鏈和成本中斷的方式。我們將盡力轉嫁價格上漲，並透過積極協商有利的合約條款盡可能地保護自己。

While customers possibly may defer spending or delay projects, we have not yet seen any such actions in a meaningful way, and the growth in our RPOs reflect the strong demand we continue to experience for our services.

雖然客戶可能會推遲支出或推遲項目，但我們尚未看到任何此類有意義的行動，而我們的RPO成長反映了我們對服務的持續強勁需求。

We also believe that the normalization of trade and trade barriers will be a long-term net positive for EMCOR, resulting in more reshoring of critical manufacturing. We continue to believe that we are still in the early stages of this investment cycle. Said simply, we will manage the short-term challenge like we have many others. It is part of our EMCOR culture to train continuously and share practices around operating in a volatile, uncertain, complex, and ambiguous environment. We call that VUCA. We train on it. And quite frankly, that's been the world we've lived in for the last 12 to 15 years. Honestly, that is the type of environment that we have come to expect, and as contractors, we can react very well to almost any environment.

我們也相信，貿易和貿易壁壘的正常化將對 EMCOR 產生長期的淨利好，從而導致更多關鍵製造業回流。我們仍然相信我們仍處於這個投資週期的早期階段。簡而言之，我們將像應對許多其他挑戰一樣應對短期挑戰。持續培訓並分享在動盪、不確定、複雜和模糊的環境中運作的實踐是我們 EMCOR 文化的一部分。我們稱之為 VUCA。我們對此進行訓練。坦白說，這就是我們過去 12 到 15 年來生活的世界。老實說，這就是我們所期望的環境類型，作為承包商，我們幾乎可以對任何環境做出良好的反應。

So what will it take us to get to the higher end of the range? We got to continue to earn operating margins at the higher end of our performance over the last two years. Our RPO mix and bookings need to continue the same patterns that we have seen over the last 18 to 24 months. And we must continue to manage our costs well.

那我們要怎麼做才能達到更高的水準呢？過去兩年，我們的營業利潤率一直處於較高水準。我們的 RPO 組合和預訂需要延續過去 18 到 24 個月所見的相同模式。我們必須繼續妥善管理成本。

As the year progresses, we will know more about each of these in the actual impact of tariffs and other macroeconomic factors that are beyond our control. I often say to our team, and this is part of our DNA, too: focus on what you can control. And that is what we plan to do. We're going to exercise discipline around our overhead and job costs. And we'll continue to train and share best practices while proactively addressing any potential issues.

隨著時間的推移，我們將更了解關稅和其他我們無法控制的宏觀經濟因素的實際影響。我經常對我們的團隊說，這也是我們 DNA 的一部分：專注於你能控制的事情。這正是我們計劃要做的。我們將嚴格控制管理費用和工作成本。我們將繼續培訓和分享最佳實踐，同時積極解決任何潛在問題。

Like we always do, we will allocate capital with discipline. We have a decent pipeline of acquisition opportunities, and I have said for many years, deals happen when they happen.

就像我們一貫的做法一樣，我們將嚴格地分配資本。我們擁有大量的收購機會，而且我多年來一直強調，交易發生時就會發生。

Like we always do, we also want to thank our EMCOR teammates for their excellent performance and for living our values and mission first, people always. Quite frankly, we got the best team in the field from all levels, and our subsidiary leaders are executing exceptionally well in a very uncertain environment. But that's what we do as contractors, and we do it exceedingly well.

像往常一樣，我們也要感謝 EMCOR 隊友的出色表現，感謝他們始終將我們的價值觀和使命放在第一位，以人為本。坦白說，我們擁有各個層面該領域最優秀的團隊，我們的子公司領導在非常不確定的環境中表現非常出色。但這就是我們作為承包商所做的事情，而且我們做得非常好。

With that, we'll turn it over to Sagar for questions.

接下來，我們將把問題交給 Sagar 回答。

(Operator Instructions) Brent Thielman, DA Davidson.

（操作員指示）Brent Thielman，DA Davidson。

Great. Thanks. Tony, really strong start on RPOs. It looks like good momentum in most areas of the business right now. I guess in light of that, you did keep the top end of the guidance range here. And my question was more, is it to handicap what could be operational risks just related to tariffs or supply chain noise? Or is it more related to kind of potential growth headwinds that could surface even though it doesn't really sound like that's happened yet? Just wanted to get clarity there.

偉大的。謝謝。托尼，RPO 方面的開端確實很強勁。目前大多數業務領域看起來發展勢頭良好。我想，有鑑於此，你確實保持了指導範圍的最高端。我的問題是，這是否是為了限制與關稅或供應鏈噪音有關的營運風險？或者它是否更多地與可能出現的潛在成長阻力有關，儘管聽起來這種情況還沒有發生？只是想弄清楚這一點。

No, it's related than anything even beyond tariffs, right? There's a lot of uncertainty. It's not growth related. We think we have the tariffs nailed down in our range. We feel really good about that. We thought it's April, even without an environment that had tariffs and everything else, I doubt we would have raised the top end of our range. Even if you said there's no tariffs, no anything. We brought the bottom up because we feel good about that.

不，它與關稅以外的任何事情都相關，對嗎？存在很多不確定性。這與增長無關。我們認為我們已經將關稅確定在了我們的範圍內。我們對此感到非常高興。我們認為現在是四月，即使沒有關稅和其他一切的環境，我懷疑我們是否會提高我們的範圍的最高端。即使你說沒有關稅，也沒有任何東西。我們將底部向上推，因為我們對此感覺良好。

But the top end, if you do that math all the way out, it was fairly aggressive guidance. And we contemplated a year where we would continue to grow, obviously, with our revenue guidance of $16.1 billion to $16.9 billion. That's mainly due based on the pace and timing of projects, how they will roll out through the year.

但從最高點來看，如果你進行全面的計算，你會發現這是一個相當激進的指導。我們預計今年我們的營收將繼續成長，顯然，我們的預期營收為 161 億至 169 億美元。這主要取決於專案的進度和時間，以及它們將如何在全年推出。

But yes, more just sort of macroeconomic early in the year. We feel really good about the prospects we have in the business right now.

但確實，今年初的宏觀經濟情勢更為嚴峻。我們對目前的業務前景感到非常樂觀。

And I think the one thing to add to that on the margin side, right, is we are maintaining our margin guidance in that same range that we had back in February of 8.5% to 9.2%. With an adjusted margin for the first quarter here of 8.5%, we're essentially saying margins will at least hold if not improve throughout the remainder of the year.

我認為在利潤率方面需要補充的一點是，我們將利潤率預期維持在 2 月的 8.5% 至 9.2% 的同一範圍內。第一季的調整後利潤率為 8.5%，我們基本上可以斷言，今年剩餘時間內利潤率至少會保持穩定，甚至有所提高。

Okay. Okay. And then I guess, again, back on high-tech manufacturing, you've got a lot of momentum in most areas of the business. Obviously, RPOs are off a bit there. But seems like there's been a slug of announcements lately on the pharma side related to reshoring. So I want to come back to that, your assessment of the opportunities that may be building in that vertical where we could sort of see an inflection maybe in RPOs over the next couple of years here.

好的。好的。然後我想，再次回到高科技製造業，你們在大多數業務領域都獲得了極大的發展動能。顯然，RPO 有點偏離了。但最近製藥業似乎發布了一系列與回流有關的公告。所以我想回到這個問題，你對這個垂直領域可能出現的機會的評估，我們可能會在未來幾年看到 RPO 的轉折點。

My gut tells me, yes, pharma. I also see you'll see more semiconductor work come in. We'll be careful what we do there. But I think macroeconomically, it's set up for that, right? I don't think anybody that's listening to this call right now would say, gee, we feel better about what's happening in China and Taiwan today than before Taiwan Semiconductor started building fabs in Arizona.

我的直覺告訴我，是的，製藥業。我還看到你會看到更多的半導體工作湧入。我們在那裡做事會小心謹慎。但我認為從宏觀經濟角度來看，這是為此而設立的，對嗎？我認為現在聽到這個電話會議的任何人都不會說，天哪，我們對今天中國大陸和台灣發生的事情的感覺比台灣半導體開始在亞利桑那州建造晶圓廠之前要好得多。

Well, the answer to that would be that's even got more tenuous. So the spending may accelerate over the next three to five years instead of decelerate.

嗯，答案是，這變得更加脆弱了。因此，未來三到五年內支出可能會加速而不是減速。

I think that that one, I think pharma is absolutely that tied to reshoring. But Brent, I would tell you there's been a bevy of new drugs, especially around the weight loss area that we're also seeing expansion, and we're positioned very well. A big chunk of that has happened in the Research Triangle Park area. We have great capability there across the trade spectrum, from mill rights through pipe fitters and onward.

我認為，製藥業絕對與回流息息相關。但是布倫特，我想告訴你，已經出現了大量新藥，特別是在減肥領域，我們也看到了擴張，而且我們的定位非常好。其中很大一部分發生在三角研究園區。我們在從工廠權到管道安裝工等整個貿易領域都擁有強大的能力。

I think the other part that is happening is New Jersey. We have great electrical capability there in Mechanical. And then it's happening in the Indiana area, where we're well positioned, too. And then you get to the biopharm area. It still is Southern California is very strong. And we have great capability there, especially electrically and mechanically. And then if you take all of that and you overlay fire protection, we can service the fire life safety nationally.

我認為正在發生的另一件事是新澤西州。我們在機械領域擁有強大的電氣能力。然後它發生在印第安納地區，我們在那裡也佔據了有利位置。然後你就到了生物製藥區。南加州仍然非常強大。我們在這方面擁有強大的能力，尤其是電氣和機械方面。然後，如果你把所有這些都考慮進去，再加上防火措施，我們就可以在全國範圍內提供消防生命安全服務。

So again, we look at that. If we're sitting here five years from now, we're going to have built a lot of high-tech manufacturing plants. We're going to have done it hopefully very well. And our combination of VDC, coupled with prefab, coupled with how well our folks share means and method, we expect to be able to deliver exceptional results for our customers in that area.

因此，我們再次看一下。如果我們五年後還在這裡，我們將會建造許多高科技製造工廠。希望我們能做得很好。我們將 VDC 與預製相結合，再加上我們的員工如何很好地共享手段和方法，我們希望能夠為該領域的客戶提供卓越的成果。

And I think in that space, right, as we await other phases of awards on the semiconductor space, we're still getting work in the other high-tech areas, be it pharma, biotech, life sciences, EV value chain. I mean just in the quarter alone, we had $200 million in organic net bookings in that high-tech manufacturing space.

我認為在這個領域，當我們等待半導體領域其他階段的獎項時，我們仍然在其他高科技領域開展工作，無論是製藥、生物技術、生命科學或電動車價值鏈。我的意思是，僅在本季度，我們在高科技製造領域的有機淨預訂量就達到了 2 億美元。

Got it. One more, maybe more housekeeping, Jason. I was trying to get a sense of whether Miller is accretive or dilutive to the Electrical segment margin as you fold that in or maybe it's neutral.

知道了。再來一次，也許還有更多的家務事，傑森。我試圖了解 Miller 對電氣部門利潤率的影響是增加還是減少，或者可能是中性的。

Yes. I think for the quarter, certainly dilutive to the margin, right? And we talked about the largest piece of that being driven by the intangible asset amortization. And so on an annual basis, we had said to consolidated EMCOR, expect 25 to 30 basis points of margin dilution. For the Electrical segment, I would say it's probably about 100 to 110 basis to that segment.

是的。我認為對於本季來說，利潤率肯定會被稀釋，對嗎？我們討論了其中最大的部分是由無形資產攤銷推動的。因此，以年度計算，我們曾表示，合併後的 EMCOR 預計利潤率將下降 25 至 30 個基點。對於電氣部分，我認為該部分的基礎大概是 100 到 110。

But when you remove the amortization expense, they are strong margins neutral with our Electrical segment.

但是當你去除攤銷費用時，我們的電氣部門的利潤率是中性的。

Got it. Okay. Thanks. I'll pass it on.

知道了。好的。謝謝。我會傳達的。

Adam Thalhimer, Thompson, Davis & Company.

亞當‧泰爾希默 (Adam Thalhimer)，湯普森戴維斯公司。

Great quarter. Tony, I want to start on Building Services. Can you just give us kind of updated high-level thoughts on where you want to take that segment from here?

很棒的一個季度。東尼，我想開始從事建築服務工作。您能否向我們提供一些最新的高層想法，告訴我們您希望從這裡開始如何處理這一部分？

Well, I think it's where we've been investing. Our investment dollars have gone into the Mechanical Service business over a long period of time. Historically, it's been sort of a 70-30 between site-based, and 30 being site-based, 70 being Mechanical Service. That's going to by this time next year, probably look like 80-20.

嗯，我想這就是我們一直在投資的地方。我們長期以來一直將大量資金投入機械服務業務。從歷史上看，基於站點的比例是 70-30，30 是基於站點，70 是基於機械服務。到明年這個時候，這個比例可能就會是 80-20。

So we'll continue to invest in technician-based services. We'll be opportunistic on the site-based team. We have a really good team there. So grow where it makes sense.

因此我們將繼續投資於基於技術人員的服務。我們將在現場團隊中抓住機會。我們那裡有一支非常優秀的團隊。因此，在有意義的地方發展。

And what we're not going to do is take contracts that have very difficult terms and provide little to no margin. And that's what you're really seeing right now on the site-based side. So Building Services has always been led by Mechanical Services. Our goal long term is to grow both, but Mechanical Services will be the emphasis.

我們不會簽訂條款非常苛刻且利潤微薄甚至沒有利潤的合約。這就是您現在在網站上真正看到的情況。因此，建築服務始終是由機械服務主導的。我們的長期目標是兩者同時發展，但機械服務將是重點。

Okay. Got it. You bought back a lot of stock in the first quarter despite closing Miller, and also, you had some cash outflows related to new project starts. What gave you the confidence to do that? Or can you just give some additional color behind that?

好的。知道了。儘管關閉了 Miller，您仍然在第一季回購了大量股票，而且，您還出現了一些與新專案啟動相關的現金流出。是什麼給了你信心這麼做？或者你能為它添加一些額外的顏色嗎？

Yeah, I think it starts -- Adam, it begins and ends with execution. We have a long-term history of being best-in-class as far as cash flow generation. We see no reason to believe that won't continue. We will earn cash flow at least at net income, and we'll probably exceed that a little bit as the year progresses. There's nothing in our profile that says that won't happen in the future.

是的，我認為它開始了——亞當，它始於執行，也終於執行。我們在現金流生成方面長期處於領先地位。我們沒有理由相信這種情況不會持續下去。我們的現金流至少會達到淨收入，而且隨著時間的推移，我們的現金流可能會略微超過這個數字。我們的簡介中沒有任何內容顯示將來不會發生這種事。

Yeah, you have customer prepayments that are in and out and bumps here or there, but we're smart about how we set up contractual terms. We're smart about how we execute on the job and keep our customers apprised of where we are in the progress of that job. We're best-in-class at progress billings. And quite frankly, because of the way we have our incentive plan structured, we have a cash focus in this company that's unrelenting. And put all that together, that gives us the confidence to continue to maybe use our balance sheet a little more aggressively.

是的，客戶預付款確實時有發生，時有支出，但我們很聰明地制定了合約條款。我們非常清楚如何執行工作，並讓客戶了解我們工作的進展。我們在進度計費方面是一流的。坦白說，由於我們的激勵計劃結構，我們在這家公司始終將現金作為關注的重點。綜合起來，我們就有信心繼續更積極地使用我們的資產負債表。

We've always said that when the right opportunity came along, that we would execute that, and it was irrespective of size, that we were very comfortable up to $1 billion and maybe even a little bit over that. And we've proven that with Miller. And we've also been -- if you look at the collection of deals we've done in the last five years, we are really good at executing the integration of acquisitions. And I would put Miller in the top decile of any acquisition integration that we've ever done.

我們總是說，當合適的機會出現時，我們就會去執行，而且無論規模大小，我們對 10 億美元甚至略高於這個數字感到非常滿意。我們已經透過米勒證明了這一點。如果你看一下我們過去五年完成的交易，你會發現我們非常擅長執行收購整合。我認為米勒在我們進行過的所有收購整合中名列前茅。

So we're here to build the business for the long term. We feel good about our cash flow. We feel good about our balance sheet. Jason, do you have anything to add?

因此，我們來這裡是為了長期發展業務。我們對我們的現金流感到滿意。我們對我們的資產負債表感到滿意。傑森，你還有什麼要補充的嗎？

I would just say we did still have very strong operating cash flow this quarter, right? A little bit down from last year. But I think it's important to remember that traditionally, really with the exception of this year and last year, Q1 operating cash flow for us is historically negative. So at $108 million, even compared to the $132 million or $133 million last year, still very strong operating cash flow in the quarter.

我只想說，本季我們的經營現金流確實仍然非常強勁，對嗎？與去年相比略有下降。但我認為重要的是要記住，傳統上，除了今年和去年以外，我們第一季的經營現金流歷來為負。因此，即使與去年的 1.32 億美元或 1.33 億美元相比，本季的營運現金流達到 1.08 億美元，仍然非常強勁。

And I think, Adam, cutting through, right, we obviously feel very good about not only the profitability but the cash flow characteristics for what we have in RPO right now.

我認為，亞當，切入正題，我們顯然對目前的 RPO 的獲利能力和現金流特徵感到非常滿意。

Got it. Good color. I'll turn it over. Thanks, guys.

知道了。顏色不錯。我把它翻過來。謝謝大家。

Brian Brophy, Stifel.

布萊恩·布羅菲（Brian Brophy），Stifel。

Thanks. I wanted to ask one on data centers. Obviously, continues to be a bright spot here in the near term, but we continue to see headlines pointing to some more noise, a couple of large hyperscalers at this point adjusting some of their data center commitments. Just curious your thoughts on this area. What's the latest you're seeing? And have you seen any change in your long-term customer build plans?

謝謝。我想問一個關於資料中心的問題。顯然，這在短期內仍是一個亮點，但我們繼續看到頭條新聞指向一些更多的噪音，一些大型超大規模企業此時正在調整他們的一些資料中心承諾。只是好奇你對這個領域的想法。您看到的最新動態是什麼？您的長期客戶建設計劃有任何變化嗎？

Yeah. The change we've seen is actually more areas, more search for power, more build. That's what we've seen. Look, I never read too much into people's data center announcements because some of that is sometimes just sending a signal they're pausing. And some of that has to do with the design changes.

是的。我們看到的變化其實是更多的領域、更多的權力探索、更多的建設。這就是我們所看到的。你看，我從來不會過度解讀人們的資料中心公告，因為其中一些有時只是發出暫停的訊號。其中一些與設計變化有關。

We've been through this a couple of times with different hyperscalers, whether it be on the colo side or for lack of a better word, the OEM, the owner side with the people that actually are going to occupy them. We've experienced this multiple times even on a location where they're going to build six buildings, they build two, any change of the design.

我們已經和不同的超大規模企業經歷過幾次這樣的情況了，無論是在託管方，還是由於缺乏更好的詞彙，OEM，所有者方以及實際要佔用它們的人。我們已經多次經歷過這種情況，甚至在一個地方，他們要建造六棟建築，他們只建造了兩棟，設計發生了任何變化。

What we know is size is increasing, megawatts increasing, our content is increasing and the demand for our resources increasing. And the number of places people want us to work are increasing. And that gives us pretty visibility, I would say, certainly through the end of the year with RPOs. And with the amount of people that have brought us into their build plans and wanting us to be part of the solution, that has definitely ticked up here in the last six to nine months.

我們知道，規模在增加，兆瓦在增加，內容在增加，對資源的需求也增加。人們希望我們工作的地點也越來越多。我想說，這為我們提供了相當好的透明度，當然可以一直到今年年底，RPO 的情況都是如此。隨著越來越多的人將我們納入他們的建設計劃並希望我們成為解決方案的一部分，在過去的六到九個月裡，這一數字肯定有所增加。

Got it. Yeah, that's very helpful. And then just wanted to understand some of the moving pieces on the EPS guide a little bit better. Obviously, some healthy buyback activity in the quarter. I'm assuming that's contributing.

知道了。是的，這非常有幫助。然後只是想更了解 EPS 指南中的一些活動部分。顯然，本季有一些健康的回購活動。我認為這是有幫助的。

It also appears that the Miller transaction costs are now excluded. I guess, do I have those items right? And are there any other moving pieces on EPS guidance we should be aware of?

現在看來，米勒交易成本也被排除在外了。我想，我有這些東西嗎？我們是否也應該注意 EPS 指引中的其他變動因素？

So when we set the guidance, we contemplated all the impacts of Miller to include the transaction expenses. But this is such a wide range, and it's so early in the year, it's hard for us to say or read too much into any of that. Our revenue guidance, we feel good about. We're pegging the low end of our guidance around 8.5% margins, and we're pegging the high end of our guidance around 9.2% margins. And if we operate within there and the volume gets to the high end, I think we're going to get towards the higher end of our guidance.

因此，當我們制定指導時，我們考慮了 Miller 的所有影響，包括交易費用。但範圍太廣，而且現在才年初，我們很難說出或解讀太多。我們對我們的收入預期感到滿意。我們將利潤率的低端預期設定為 8.5% 左右，將利潤率的高端預期設定為 9.2% 左右。如果我們在那裡運作並且交易量達到高端，我認為我們將達到指導的高端。

Could margins be stronger? That depends on mix. It not only depends on mix, Electrical, Mechanical versus the rest of the business. It also depends on mix of kind of contract type, GMP versus fixed price, our ability to convert GMP contracts into fixed price. All that goes into it.

利潤率還能更高嗎？這取決於混合。它不僅取決於組合、電氣、機械以及其他業務。它還取決於合約類型的組合，GMP 與固定價格，以及我們將 GMP 合約轉換為固定價格的能力。所有這些都包含在內。

There's 10,000, 12,000 moving pieces out there. It's April. There's some macroeconomic uncertainty. Quite frankly, with the size of the business now and where we are, we probably in any circumstance wouldn't have raised anything but the low end of this guidance range with the first quarter beat that we had. And at the end of the second quarter, we'll give you a pretty good view on maybe what the rest of the year looks like.

那裡有 10,000 到 12,000 個活動部件。現在是四月。存在一些宏觀經濟不確定性。坦白說，考慮到我們現在的業務規模和所處的位置，在任何情況下，我們可能都不會籌集任何資金，除了我們第一季業績超出預期的指導範圍的低端。在第二季末，我們將為您提供有關今年剩餘時間的情況的一個很好的預測。

And maybe at that time, we'll have some more to say about the top end of the range.

也許到那時，我們會對該系列的高端產品有更多要說的。

Got it. That's helpful. I'll pass it on. Thank you.

知道了。這很有幫助。我會傳達的。謝謝。

Alex Dwyer, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Alex Dwyer。

So on the network and communications portion of your business, can you remind us how much of that is purely data center and what makes up the balance of that? And I guess, like has there been a shift in your data center bid pipeline and ask of your customers between Mechanical and Electrical as we think about current versus prior years?

那麼，在您業務的網路和通訊部分，您能否提醒我們其中有多少是純粹的資料中心，以及其中的平衡由什麼構成？我想，當我們考慮當前與前幾年的情況時，您的資料中心投標管道和客戶在機械和電氣之間的要求是否發生了變化？

Yeah. So look, 85% or so of that network -- the reason we call it network and communications is we also have a low-voltage business that's become national in scope. It's part of it. It's 4 times the size as it was five years ago. And so that's in there, too. But 85% plus of it is just pure data center work, standard electrical work and mechanical work and fire life safety work on data centers.

是的。所以你看，大約 85% 的網路——我們稱之為網路和通訊的原因是我們還有一個已經覆蓋全國的低壓業務。這是其中的一部分。它的規模是五年前的四倍。所以這也在裡面。但其中 85% 以上只是純粹的資料中心工作、標準電氣工作、機械工作以及資料中心的消防生命安全工作。

I'm trying to remember the next question. Have we seen a change in the bid prospects? I would say, yeah, the inflection is up because number of sites is up. Look, this is -- you've heard me say this before. This is almost like a Game of Thrones looking for power. Everybody is looking for power to power these data centers and are looking all over the country. And we went from -- I think I said we went from serving three data center sites in 2019, and I think we went to 14. Now with Miller, we're like 16 or 17 geographies electrically.

我正在努力回想下一個問題。我們看到競標前景有變化嗎？我想說，是的，由於站點數量增加，所以拐點也增加了。瞧，這是──你以前聽我說過這件事。這幾乎就像一場尋求權力的權力的遊戲。每個人都在尋找電力來為這些數據中心供電，並且正在全國各地尋找。我們從 2019 年為 3 個資料中心站點提供服務開始，到現在為 14 個資料中心站點提供服務。現在有了 Miller，我們的電力覆蓋範圍已達 16 或 17 個地區。

Mechanically, we went from two, we're like at four. And quite frankly, people would like us to be at 8 or 10 mechanically right now. In fire life safety, we service every data center market in the country. And so net-net, people are in the search for power and their search for a very dependable baseload power that can service these data centers.

從機械角度來說，我們從兩個變成了四個。坦白說，人們希望我們現在的機械水平能達到 8 或 10。在消防生命安全方面，我們為全國每個資料中心市場提供服務。因此，人們正在尋找電力，以及能夠為這些資料中心提供服務的非常可靠的基載電力。

They're becoming bigger, right? The campuses are becoming bigger. And we're working on a couple of campuses right now that will be upwards of 2,500 megawatts when built out. And that's how people think about data center size now. Typically, the Electrical scope is 1.5 to 2x of the Mechanical scope.

它們正在變大，對嗎？校園變得越來越大。我們目前正在建造幾個園區，建成後發電量將超過 2,500 兆瓦。這就是人們現在對資料中心規模的看法。通常，電氣範圍是機械範圍的 1.5 到 2 倍。

However, that's historical. As you get to the future, Electrical might only be 1.25. Not that Electrical shrunk. But because of the heat in these data centers, the Mechanical scope has walked up. And because there's more cooling, and it's not only airside cooling, there's more rack cooling and immersive cooling around water and liquids to cool actually the servers in that media.

然而，這是歷史性的。展望未來，電氣可能只有 1.25。這並不是說電氣設備縮小了。但由於這些資料中心的熱量，機械範圍已經上升。而且由於冷卻方式更多，而且不僅是空氣側冷卻，還有更多的機架冷卻和圍繞水和液體的沉浸式冷卻來實際冷卻該介質中的伺服器。

And so that drives up the Mechanical scope, and just the tonnage that needed to support that also goes up.

這樣就擴大了機械範圍，並且支持該範圍所需的噸位也隨之增加。

And so just to put things in perspective, on a 2,500 megawatt data center campus, so each LM-8000 or the Siemens equivalent of a gas turbine, is about 250 to 300 megawatts. So to get to data center, you're talking a central utility plant that it's not dedicated because, I mean, electricity comes from everywhere, that would be dedicated to one data center site.

為了更清楚地說明情況，在一個 2,500 兆瓦的資料中心園區，每個 LM-8000 或西門子燃氣渦輪機的等效功率約為 250 至 300 兆瓦。因此，要到達資料中心，您談論的是一個非專用的中央公用事業廠，因為我的意思是，電力來自四面八方，它將專門用於一個資料中心站點。

To put that in perspective, the biggest integrated steel mills in this country at their height didn't use 10% of that power. So that's the kind of power we're talking. So that's why this quest for power has been going on.

換個角度來看，這個國家最大的綜合鋼廠在鼎盛時期使用的電力還不到數字的 10%。這就是我們談論的那種力量。這就是為什麼人們一直在追求權力。

I think the positive is I think we'll be in an environment where we'll be actually able to build power plants that can power data centers because if that didn't happen here in the years two through four of this outlook, then that would be a stunt to growth. I don't see that happening either because you're starting to see more announcements where -- they just had one in Pennsylvania. They knocked down a big coal plant. It's actually where I'm from. Big coal plant is decommissioned. They're actually going to put a data center site there, and they're actually going to put 750 megawatts at least of gas-fired generation right at the site. Those things will be owned by the utility long term because it will be part of the grid.

我認為積極的一面是，我們將處於一個能夠建造為資料中心供電的發電廠的環境中，因為如果這種情況在第二年到第四年沒有發生，那麼這將會阻礙成長。我也不認為這種情況會發生，因為你開始看到更多的公告——他們剛剛在賓州發布了一個公告。他們拆毀了一座大型燃煤電廠。這其實就是我的家鄉。大型燃煤電廠已退役。他們實際上打算在那裡建立一個資料中心，並且實際上打算在那裡安裝至少 750 兆瓦的燃氣發電設施。這些東西將長期歸公用事業公司所有，因為它將成為電網的一部分。

And so you put all that together, right now, it's hard for us to see how this is slowing down. Again, we are part of our customer build plan. They will move around. They will say this site is slowing down. They will say we're going to slow because of design changes. I wouldn't pretend to understand how the integration between a cloud storage platform and a training AI platform into generative AI platform all work together.

所以，把所有這些放在一起，現在，我們很難看出這種趨勢是如何減緩的。再次強調，我們是客戶建設計畫的一部分。它們會四處走動。他們會說這個網站的速度變慢了。他們會說，由於設計變更，我們將會放慢速度。我不會假裝了解雲端儲存平台和訓練 AI 平台與生成 AI 平台之間的整合如何協同工作。

I wouldn't pretend to know that. But what I do know is the typical cloud storage were somewhere between 30 and 60 megawatts, and the ones we think are going to AI are north of 100 megawatts at this time.

我不會假裝知道這一點。但我確實知道的是，典型的雲端儲存大約在 30 到 60 兆瓦之間，而我們認為用於 AI 的雲端儲存目前大約在 100 兆瓦以上。

To put 100 or 200 megawatts into perspective for you, 200 megawatts is about 5,500 homes. That's probably average home, 3.5 to 4 people. That's, give or take, 20,000 people. That's a small to midsize city in the US, is one data center doing AI will require with power.

為了讓您更清楚地了解 100 或 200 兆瓦，200 兆瓦大約可以滿足 5,500 戶家庭的用電需求。這可能是個普通家庭，有 3.5 到 4 個人。也就是說，大約有 2 萬人。這是美國的一個中小型城市，也是進行人工智慧所需的電力資料中心之一。

Got it. Very helpful thoughts, Tony. I guess second, on the RPO, the 28% growth rate, I think that's the strongest like RPO growth rate since couple of years ago. And I'm just wondering how we think about this 28% RPO growth against the revenue growth guidance, which is low double digits. Is that just a function of more of that RPOs for 2026 projects?

知道了。非常有用的想法，托尼。我想第二點，關於 RPO，28% 的成長率，我認為這是幾年前最強勁的 RPO 成長率。我只是想知道我們如何看待 28% 的 RPO 成長與營收成長預期（低兩位數）之間的關係。這僅僅是 2026 年專案 RPO 的更多功能嗎？

Or maybe you're working on more larger projects that burn over multiple years? I guess just wondering if there's anything difference in the burn cadence of this RPO going forward.

或者也許您正在從事需要耗費多年的更大的專案？我只是想知道這個 RPO 的燃燒節奏在未來是否會有什麼不同。

Yeah. I think quickly, two things, and then I'll let Tony add in as well. First, that 28% does include Miller. So organically, it is up 17%. And then the second is just if you look at historically, what percentage of our RPOs turn to revenues in excess of 12 months, historically, that number has always been around 85% or so.

是的。我很快想到了兩件事，然後我會讓托尼也補充一點。首先，這 28% 確實包括米勒。因此有機增長了 17%。第二，如果你回顧歷史，我們的 RPO 中有多少比例轉化為超過 12 個月的收入，從歷史上看，這個數字一直在 85% 左右。

Where we stand today about -- sorry, it's been 85% is going to burn in the next 12 months, 15% in excess of 12 months. If we look today, it's about 80% that's going to burn in the 12 months and 20% going on beyond 12 months. So we do have a little bit more of that RPO that's slated for a longer-term burn. And that's just some of the water and wastewater work we're doing in Mechanical, some of the food process work we're doing in Mechanical, and just some of the jobs that we acquired through Miller.

我們目前的狀況是——抱歉，85% 的資金將在未來 12 個月內消耗掉，15% 的資金將超過 12 個月。如果我們今天來看，大約 80% 的資金將在 12 個月內消耗掉，而 20% 的資金將在 12 個月後消耗掉。因此，我們確實有更多的 RPO 計劃用於長期消耗。這只是我們在機械部門進行的一些水和廢水工作、我們在機械部門進行的一些食品加工工作以及我們透過 Miller 獲得的一些工作。

Yeah. And the thing I'd add, it's important to also know our revenue growth rate is tempered by what you see in Building Services and Industrial Services, right? So some of that growth rate matches up with what's going on in the Electrical, Mechanical segment, which is where those RPOs are directed towards, and the Mechanical Services business, which, if you look at the first quarter, right, we grew in our Construction businesses total 21.3%. Give or take, half of that was organic. The balance was really Miller. There's a couple of other small things going on there.

是的。我想補充的是，同樣重要的是要知道我們的收入成長率受到建築服務和工業服務的影響，對嗎？因此，部分成長率與電氣、機械領域（這些 RPO 針對的是電氣、機械領域）和機械服務業務的情況相吻合，如果您看第一季度，我們的建築業務總體增長了 21.3%。大約有一半是有機的。平衡確實是米勒的。那裡還發生了一些其他的小事。

Building Services actually contracted. That was all driven by site-based. Our Mechanical Services business was up high single digits, right? And then the Industrial Services business was flattish in the quarter. And that was really geared towards the start of -- the slower start to the year. And the UK was also flattish.

建築服務實際上已經簽約。這一切都是由網站驅動的。我們的機械服務業務成長了個位數，對嗎？本季工業服務業務表現平平。這確實是為了應對今年年初較為緩慢的情況。英國的情況也持平。

So you got a part of the business that's not growing at the rate the construction businesses are. The RPOs are pointed towards the Construction, Mechanical Service business. Those growth rates more line up with what you'd expect to see there.

因此，部分業務的成長速度不如建築業務。RPO 針對的是建築、機械服務業務。這些成長率更符合您所期望的水平。

Thank you. I'll turn it over there.

謝謝。我把它轉到那邊。

Adam, Goldman Sachs.

亞當，高盛。

Tony, you alluded to the data center business expanding into many more markets, both electrically and mechanically over the last several years. When you think about growth for that business off the current run rate, is the next leg of growth coming from existing markets or new markets? And just if it's new, is that an organic expansion or via M&A?

東尼，您提到資料中心業務在過去幾年中擴展到了更多的市場，包括電氣和機械市場。當您考慮該業務按照當前運行率成長時，下一輪成長是來自現有市場還是新市場？如果是新業務，這是有機擴張還是透過併購實現的？

Almost all of our growth in data centers up to this point, I mean, through the first quarter of this year, has been organic. If you -- or acquisitions done four or five years ago, and they weren't really in the data center market in a significant way. If you look at Miller, they contributed, I think, Jason, $400 million in network and communications? Does that sound about right?

到目前為止，也就是今年第一季，我們資料中心的成長幾乎都是有機的。如果你——或四、五年前完成的收購，他們實際上並沒有在資料中心市場上取得重大進展。如果你看看米勒，我想，傑森，他們在網路和通訊方面貢獻了 4 億美元？這聽起來對嗎？

Yes. Yes.

是的。是的。

So I mean they're part of the growth going forward. In fact, I think both the Miller team and the EMCOR team are excited about the markets we can expand with because some of the capabilities they had, some of the enhanced capabilities we bring, and the two of us together can even do more with the resources.

所以我的意思是，他們是未來成長的一部分。事實上，我認為 Miller 團隊和 EMCOR 團隊都對我們可以擴展的市場感到興奮，因為他們擁有一些能力，我們帶來了一些增強的能力，我們兩個團隊結合起來可以利用資源做更多的事情。

I'd say also, you asked about the split between new locations and existing locations. I'd say it's fairly balanced if you look over a year. That fluctuates quarter-to-quarter. But if you look over a year and you say, over the past year, where has the growth come, I'd say it's 50-50, give or take. I mean current campuses, current -- when we say location, we mean like a city or a metropolitan area that's like a 50, 40 -- 30, 40-mile radius. That doesn't mean the sites are all the same.

我還想說，您詢問了新地點和現有地點之間的劃分。如果回顧一年的話，我會說它是相當平衡的。該數字每季都會有所波動。但如果你回顧過去一年，並問自己，過去一年的成長來自哪裡，我會說大概是各佔一半。我指的是現在的校園，現在的——當我們說位置時，我們的意思是像一個城市或一個大都市區，半徑為 50、40——30、40 英里。這並不意味著這些網站都是一樣的。

We're talking geographic locations, radius is places where they're going to have -- like Prior, Oklahoma, they built there before, but now it's building again.

我們談論的是地理位置，半徑是他們將要建造的地方——例如俄克拉荷馬州普賴爾，他們以前在那裡建造過，但現在又開始建造了。

Understood. And then on margins, you folks cited a mixed tailwind this quarter and in prior quarters. Which types of projects are driving the mix tailwind? And how do margins on the average data center project specifically compare to portfolio averages?

明白了。關於利潤率，你們提到了本季和前幾季的利多因素。哪些類型的專案正在推動混合順風？那麼，資料中心專案的平均利潤與投資組合的平均利潤相比如何呢？

I think, in general, when we say mixed tailwinds, we mean mixed tailwinds more towards our Construction businesses right now. I think any projects have a range of outcomes on margins. Clearly, the larger, more sophisticated ones, if we get it right, where our customers are very demanding, and we've been part of the design assist, if all that works out, we can do a little bit better. That's mainly based on our execution more than anything. I think midsized projects can also have those characteristics. And small projects have very steady margins, by and large, and mix up.

我認為，總的來說，當我們說混合順風時，我們指的是目前對我們的建築業務更有利的混合順風。我認為任何專案都會產生一系列的邊際成果。顯然，如果我們做對了，更大、更複雜的產品，我們的客戶要求很高，而且我們一直是設計協助的一部分，如果一切順利，我們可以做得更好。這主要取決於我們的執行力。我認為中型專案也可以具備這些特質。整體而言，小型專案的利潤率非常穩定，而且混合型。

The reality of all that project mix right now in general, to include the Mechanical Services business, which is more small project focus, sort of $5 million or less, I think the reality of all of it, we are operating at, over the last three years, at the high end of what we have done over a 10-year period. And I think the reason for all that is we've gotten better. Maybe pricing has got a little bit better. But these are really demanding customers we work for, so they're not paying 1 nickel more than they have to. We've gotten better, and we've gotten better on the small project side because we can deliver faster for the owner and also disrupt their typically retrofit projects.

目前所有項目組合的實際情況是，包括機械服務業務在內，這些業務更側重於小型項目，大約 500 萬美元或更少，我認為，就所有這些而言，我們在過去三年中的運營水平處於過去 10 年的最高水平。我認為這一切的原因是我們已經變得更好了。也許定價已經變得更好一點了。但我們服務的客戶確實要求很高，所以他們不會多付一分錢。我們已經變得更好了，在小專案方面我們也變得更好了，因為我們可以更快地為業主交付產品，同時也打破了他們通常的改造專案。

We're very good about not disrupting their ongoing operations. And so that's a valuable skill. And we have very good small project crews.

我們非常善於不干擾他們正在進行的營運。所以這是一項寶貴的技能。我們擁有非常優秀的小型專案團隊。

On the midsize projects, it's sort of better execution. And we're able to take some of the learnings we have from the large project side on VDC in prefab and bringing that down into the mid-market. And the price of the price, our competitors really probably can't do that. They don't have the scale to do that.

對於中型專案來說，它的執行效果更好。我們能夠將從大型專案中學到的一些關於預製 VDC 的經驗帶到中端市場。而且就價格而言，我們的競爭對手可能真的做不到這一點。他們的規模不足以實現這一目標。

And then at the top end, we're working a lot of times collaborating with our customers to get to the right solution and the right planning. We're thinking a lot about labor mix management. What's the ratio of journeymen into apprentices? Wiremen. What's the foremen mix going to be on the job? What's the experience level of those foremen? How many of our core people are we going to have on the job versus travelers?

在最高端，我們多次與客戶合作以獲得正確的解決方案和正確的規劃。我們正在認真考慮勞動力組合管理。熟練工和學徒的比例是多少？電線工。工頭在工作中會如何組合？這些工頭的經驗程度如何？我們的核心員工中，有多少人會實際上班，有多少人會出差？

All those things go into thinking about how we price the job, how we build contingency, and then finally, how eventually we execute that job. I mean it's a lot of things going into it, but we're at the high end over these last two or three years. And quite frankly, based on our guidance, we see no reason that that's not going to continue.

所有這些事情都與我們如何為工作定價、如何建立應急措施以及最終如何執行這項工作有關。我的意思是，有很多事情要做，但在過去的兩三年裡，我們處於高端。坦白說，根據我們的指導，我們認為沒有理由不繼續下去。

And then one last one on margins for me. I know you advise on not thinking about the business on a quarter-to-quarter basis. But typically, you folks -- and typically, you do see step-up 2Q versus 1Q in margins. Any puts and takes around that normal cadence that we see? Should we --

最後一個關於利潤的問題。我知道您建議不要以季度為單位來考慮業務。但通常情況下，各位——通常情況下，您確實會看到第二季度的利潤率相對於第一季有所上升。我們看到的正常節奏有沒有什麼變化？我們應該--

In all seriousness, Adam, we don't think about the business that way. We can't. We have 12,000 projects, give or take, 10,000 to 12,000 projects. They start. They close. We have contingency being released after we get more certainty on completion of the job and completion of our labor estimates.

說實話，亞當，我們不會這樣考慮生意。我們不能。我們有 12,000 個項目，大約 10,000 到 12,000 個項目。他們開始了。他們關閉了。當我們對工作完成情況和勞動力估算的完成情況有了更多的確定性之後，我們就會解除應急措施。

And so there's too many moving parts. I think what we say is if you look over a -- we would say now, Jason --

因此，有太多活動部件。我想我們說的是，如果你看一下——我們現在會說，傑森--

Up to 24-month period.

最長可達 24 個月。

Yes. Three to five quarters, give or take. You'll get a pretty accurate view of how the business is actually performing. And that band of margin expectation is what could actually happen in any quarter. It could be on the upside of that, it can be in the middle of that, maybe on the lower end of it.

是的。大約三到五個季度。您將對業務的實際表現有相當準確的了解。並且該利潤預期區間實際上可能在任何季度發生。它可能是處於上行，也可能處於中行，也可能處於下行。

And none of that really has to do with the underlying fundamentals of the business. That's why we encourage you to look over sort of three to five quarters to get a real view on what's happening with our margins.

但這些都與業務的基本面無關。這就是為什麼我們鼓勵您查看三到五個季度的數據，以真正了解我們的利潤率。

Thanks so much.

非常感謝。

Thank you. This concludes our question-and-answer session. I would now like to turn the conference back over to our CEO, Tony Guzzi, for closing remarks.

謝謝。我們的問答環節到此結束。現在，我想將會議交還給我們的執行長 Tony Guzzi 來致閉幕詞。

Yeah. Look, I also think about what's the simple message on the quarter? And I think it's important to summarize because there's a lot of macroeconomic noise out there. And so how we think about it is we're not going to sit here and make a lot of excuses. We're going to operate in the environment that we feel that we're in. And we're going to make contingency plans. We're going to share best practices. We're going to do everything we can to drive the productivity up on our labor because that's something we can control.

是的。瞧，我也在想這個季度的簡單資訊是什麼？我認為總結很重要，因為有許多宏觀經濟噪音。因此，我們的想法是，我們不會坐在這裡找很多藉口。我們將在我們所處的環境中開展工作。我們將製定應急計劃。我們將分享最佳實踐。我們將竭盡全力提高勞動生產力，因為這是我們可以控制的。

We believe sitting here today that we have the impact of the tariffs in our guidance. We thought carefully about that. That's why we have a range. That may be why we didn't take the lower end of this as much as some of you would have liked us to. But quite frankly, we probably wouldn't have done that anyway this early in the year, and that's in any macroeconomic environment.

我們相信，今天坐在這裡，我們的指導已經受到了關稅的影響。我們對此進行了仔細的思考。這就是我們擁有一系列產品的原因。這也許就是為什麼我們沒有像你們中的一些人希望的那樣採取較低的價格。但坦白說，我們可能無論如何都不會在今年年初就這麼做，無論在任何宏觀經濟環境下都是如此。

And we talk about the uncertain macroeconomic environment, I would just caution you, I haven't worked in a certain macroeconomic environment in almost my 15 years here as CEO. There's been lots of puts and takes and ups and downs, and you take the steel and aluminum tariffs, I think we're seven for seven with presidents since 1974 that have done something with the steel and aluminum market when they're president. And we are well-rehearsed in how to do that. And quite frankly, COVID sharpened that sort of for us much more on how we can react.

當我們談論不確定的宏觀經濟環境時，我只想提醒你，在我擔任執行長的近 15 年裡，我並沒有在特定的宏觀經濟環境中工作過。有許多的利弊得失和起伏，就拿鋼鐵和鋁關稅來說，我想自 1974 年以來，七任總統在任期間都對鋼鐵和鋁市場採取了一些措施。我們已經充分練習過如何做到這一點。坦白說，新冠疫情讓我們更加清楚如何應對。

And we started planning on maybe supply chain and tariffs and all those things because we sort of paid attention to who won the election and what that person said. And so we started doing -- refreshing all our training on contractual terms, execution, labor contingencies, all the way back in November and December. This was no surprise to us for there to be something.

我們開始規劃供應鏈和關稅等所有事情，因為我們專注於誰贏得了選舉以及那個人說了什麼。因此，我們從 11 月和 12 月就開始更新有關合約條款、執行、勞動力應急等所有培訓。對於這樣的事情發生，我們並不感到驚訝。

It's also important to note that, right, the biggest part of our cost is still labor, and it will always be the bigger part of our cost. And when you talk about these mega jobs, it's always important to know we're not buying most of the end-equipment anymore. That is being supplied by the owner or the GC because of what lead times did in COVID. So we feel we've got that taken care of.

還要注意的是，我們成本中最大的一部分仍然是勞動力，而勞動力永遠是我們成本中最大的部分。當你談論這些大型工程時，重要的是要知道我們不再購買大多數終端設備。由於 COVID 期間交貨時間較長，因此由業主或 GC 提供。所以我們覺得我們已經解決了這個問題。

Secondarily, we feel really good about our labor position in the market. We continue to attract the best and brightest to work for us. And we continue to be able to fill the jobs we need to to execute well for our customers.

其次，我們對我們的勞動力在市場上的地位感到非常滿意。我們繼續吸引最優秀、最聰明的人才為我們工作。我們將繼續填補我們需要的職位，為客戶提供良好的服務。

And finally, and I'll say this unequivocally, every day I feel we put the best leadership team on the field from forming up. And that's what will make a difference in these periods of uncertainty. And that's why customers allow us to have a 28% increase in RPO. And that's why we have great integration and acquisitions. And that's why people like Miller Electric are excited to be part of our team, and we're excited to have them as part of our team.

最後，我要毫不含糊地說，從組建之初，我每天都感覺我們派出了最好的領導團隊。這正是在這些不確定時期能夠發揮作用的因素。這就是為什麼客戶允許我們將 RPO 提高 28% 的原因。這就是我們進行偉大整合和收購的原因。這就是為什麼像 Miller Electric 這樣的人很高興成為我們團隊的一員，我們也很高興他們成為我們團隊的一員。

With that, Andy, you can close it off.

安迪，這樣你就可以結束這件事了。

Thanks, Tony, and thanks, Jason, and thank you all for joining us today. As always, if you have any follow-up questions, please don't hesitate to reach out to me directly. Thank you all again, and have a great day. And Sagar, will you please close the call?

謝謝，東尼，謝謝，傑森，謝謝大家今天加入我們。像往常一樣，如果您有任何後續問題，請隨時直接與我聯繫。再次感謝大家，祝福大家有個愉快的一天。薩加爾，請您結束通話好嗎？

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

謝謝。此次會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。