EMCOR Group Inc (EME) 2025 Q2 法說會逐字稿

Good morning. My name is Ranju, and I will be your conference operator today. At this time, I would like to welcome everyone to EMCOR Group second-quarter 2025 earnings conference call. (Operator Instructions)

早安.我叫 Ranju，今天我將擔任您的會議接線生。現在，我歡迎大家參加 EMCOR 集團 2025 年第二季財報電話會議。（操作員指示）

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

現在我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，你可以開始了。

Thank you, Ranju, and good morning, everyone, and welcome to EMCOR's second-quarter 2025 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. This presentation will be archived in the Investor Relations section of our website at emcor.com.

謝謝你，Ranju，大家早安，歡迎參加 EMCOR 2025 年第二季財報電話會議。對於透過網路直播加入我們的各位，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 emcor.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. Today's call, Tony will provide comments on our second quarter and discuss our RPOs. Jason will then review the second quarter and our numbers.

今天與我一起的有我們的董事長、總裁兼首席執行官 Tony Guzzi、EMCOR 的首席財務官 Jason Nalbandian 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 將對我們的第二季發表評論並討論我們的 RPO。然後傑森將回顧第二季度和我們的數據。

Before I turn it back to Tony to turn -- discuss our guidance before we open it up for Q&A. 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 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.

在我把話題轉回托尼之前——在我們開始問答之前討論一下我們的指導。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附帶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-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 表中的合併財務報表中。

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

說完這些，讓我把電話轉給東尼。托尼？

Yes. Thanks, Andy, and good morning, and welcome to our second quarter 2025 earnings call, and I'll be speaking to page 4. What I'm going to cover up front here are some of the financial highlights for the second quarter, then I'm going to provide some commentary on what is going well through the first half of the year. Jason is going to cover the quarterly financials in detail. We had an excellent second quarter and first half of 2025.

是的。謝謝，安迪，早上好，歡迎參加我們的 2025 年第二季財報電話會議，我將在第 4 頁發言。我將在這裡首先介紹第二季度的一些財務亮點，然後我將對今年上半年的良好情況做出一些評論。傑森將詳細介紹季度財務狀況。2025 年第二季和上半年我們表現優異。

In the second quarter, we earned $6.72 in diluted earnings per share, and we generated revenues of $4.3 billion. That represents a quarterly record and a 17.4% increase from the prior year period. We achieved exceptional operating margins of 9.6% and had operating cash flow of $194 million. We exited the second quarter with very strong RPO or remaining performance obligations, a record $11.9 billion, which represents an increase of $2.9 billion year-over-year and $1.8 billion from December of 2024. We continue to be disciplined capital allocators and for the first six months of 2025, we spent just over $430 million in share repurchases and utilize $887 million for acquisitions.

第二季度，我們的每股攤薄收益為 6.72 美元，營收為 43 億美元。這創下了季度紀錄，比去年同期增長了 17.4%。我們實現了 9.6% 的出色營業利潤率，營業現金流達到 1.94 億美元。我們在第二季結束時的 RPO 或剩餘履約義務非常強勁，達到創紀錄的 119 億美元，比去年同期增加了 29 億美元，比 2024 年 12 月增加了 18 億美元。我們繼續嚴格進行資本配置，2025 年前六個月，我們花費了超過 4.3 億美元用於股票回購，並利用 8.87 億美元進行收購。

We have a liquid balance sheet that will continue to support our growth and capital allocation strategy. Our performance remains strong, especially in our Electrical and Mechanical Construction segments, both of which continue to earn impressive operating margins while generating growth in their base of business is demonstrated by their RPOs.

我們擁有流動資產負債表，將繼續支持我們的成長和資本配置策略。我們的業績依然強勁，尤其是在電氣和機械建設部門，這兩個部門都繼續獲得令人印象深刻的營業利潤率，同時其業務基礎也在增長，這透過其 RPO 得到體現。

We have managed our project mix and continue to gain the confidence of our customers across geographies and market sectors. We continue to execute well for our customers in these segments by using VDC, BIM and prefabrication, coupled with strong planning, excellent labor sourcing and management and disciplined contract negotiation and oversight. We have the best build leadership in the business and they operate with focus, discipline and grit.

我們管理了我們的專案組合，並繼續贏得各個地區和各個市場領域的客戶的信任。我們透過使用 VDC、BIM 和預製，加上強大的規劃、優秀的勞動力採購和管理以及嚴謹的合約談判和監督，繼續為這些領域的客戶提供良好的服務。我們擁有業界最優秀的領導團隊，他們專注、自律、勇敢地開展工作。

In our Electrical Construction segment, our integration of Miller Electric remains on track. Our Mechanical Services business in our Building Services segment continues to execute well with good revenue growth and an operating margin in the high single digits.

在我們的電氣建設部門，我們對 Miller Electric 的整合仍在按計劃進行。我們建築服務部門的機械服務業務持續表現良好，收入成長良好，營業利潤率維持在高個位數。

We also executed a successful restructuring in our site-based business in response to past contract losses. This should provide us with a more efficient cost structure as we look to resume growth in the future. Although we had a tough first half in our Industrial Services segment, we expect both our shop and field businesses to improve as the year progresses.

為了應對過去的合約損失，我們也對現場業務進行了成功的重組。這將為我們提供更有效率的成本結構，以便我們在未來恢復成長。儘管我們的工業服務部門上半年經歷了艱難的時期，但我們預計隨著時間的推移，我們的車間和現場業務都會有所改善。

And lastly, the UK had a great start to the year with growth in revenue, operating margin and operating income. Overall, I think we can -- we are pretty sure that we had a very strong quarter and a very strong first half of 2025.

最後，英國今年開局良好，收入、營業利潤和營業收入均成長。總的來說，我認為我們可以——我們非常確定我們將有一個非常強勁的季度和 2025 年上半年。

Now, I'll ask you to turn to page 5 and I'm going to talk to RPOs before I turn the call over to Jason. As I previously mentioned, we led the quarter with diverse strong RPOs of $11.9 billion. Due to growth in nearly all of the market sectors we serve, our RPOs have increased by 32% year-over-year and 18% when compared to December of 2024. Excluding acquisitions, organically, RPOs have increased 22% year-over-year and nearly 9% since the end of 2024.

現在，我請您翻到第 5 頁，我將與 RPO 交談，然後再將電話轉給 Jason。正如我之前提到的，我們以 119 億美元的多元化強勁 RPO 引領本季。由於我們所服務的幾乎所有市場領域都在成長，我們的 RPO 年成長了 32%，與 2024 年 12 月相比成長了 18%。不包括收購，RPO 的有機成長年增了 22%，自 2024 年底以來成長了近 9%。

Our growth continues to be driven by long-term secular trends across key markets. RPOs within network and communications, which is where our data center business is totaled a record $3.8 billion at the end of June. We remain well positioned in this space, supporting our customers with their build-out of data centers.

我們的成長繼續受到主要市場的長期趨勢的推動。我們的資料中心業務所在的網路和通訊領域的 RPO 總額在 6 月底達到了創紀錄的 38 億美元。我們在該領域保持良好的地位，為客戶建立資料中心提供支援。

Healthcare RPOs totaled $1.4 billion, and that builds on an already solid base and the acquisition of Miller Electric has expanded our opportunities in this sector that contributed to the RPO growth we've seen thus far in 2025. Manufacturing and industrial RPOs now total $1 billion and in addition to the demand driven by customers' onshoring and reshoring initiatives, recent growth in the sector has also benefited from the award of certain food processing projects as well as a renewable energy project within our Industrial Services segment and led by our Mechanical Construction segment, water and wastewater RPOs totaled $725 million as we continue to be awarded projects throughout Florida.

醫療保健 RPO 總額達 14 億美元，這建立在已經穩固的基礎之上，而 Miller Electric 的收購擴大了我們在該領域的機會，這有助於我們在 2025 年迄今為止看到的 RPO 成長。製造業和工業 RPO 目前總額為 10 億美元，除了客戶的在岸和回岸計劃所推動的需求之外，該行業近期的增長還受益於我們工業服務部門授予的某些食品加工項目以及可再生能源項目，並且在我們的機械建設部門的帶動下，水和廢水 RPO 總額達到 7.25 億美元，因為我們繼續在整個佛羅裡達州授予項目。

Additionally, due to a combination of new contract awards and the acquisition of Miller Electric, we saw growth within the Institutional sector, where RPOs now total $1.4 billion and the Hospitality and Entertainment sector, where our peers have grown 72% year-over-year or 64% from December. Although RPOs within high-tech manufacturing have decreased from June of last year, and I stated this many times before, we believe in the long-term fundamentals of this sector. We acknowledge and have talked about that the award of these projects can be esodic in nature.

此外，由於新合約授予和對 Miller Electric 的收購，我們看到機構部門和酒店及娛樂部門實現了增長，其中 RPO 目前總額為 14 億美元，我們的同行在該部門同比增長 72%，環比增長 64%。儘管高科技製造業的招募流程外包 (RPO) 自去年 6 月以來有所減少，而且我之前也多次提到這一點，但我們相信該行業的長期基本面。我們承認並已經討論過，這些項目的授予本質上可能是具有宗教意義的。

On a sequential basis though, when compared to the end of March, we did experience an increase in high-tech manufacturing RPOs of $126 million or nearly 15% due in large part to the award of Phase 2 mechanical construction project for our semiconductor customer.

不過，以環比計算，與 3 月底相比，我們的高科技製造業 RPO 確實增加了 1.26 億美元，增幅接近 15%，這在很大程度上要歸功於我們為半導體客戶授予了第二階段機械建設項目。

And with that, I'll turn the call over to you, Jason.

說完這些，我將把電話交給你，傑森。

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

謝謝你，托尼，大家早安。從第 6 張投影片開始，我將討論我們各部門的經營業績以及 2025 年第二季與 2024 年第二季相比的一些關鍵財務數據。

As Tony mentioned, consolidated revenues of $4.3 billion set a new quarterly record and represents an increase of $637.5 million or 17.4%. Revenue growth was led by our construction segments where we experienced greater demand across the majority of the market sectors we serve. During the quarter, acquisitions generated incremental revenues of $330.3 million with the most significant contribution from Miller Electric.

正如東尼所提到的，43 億美元的綜合收入創下了新的季度紀錄，增加了 6.375 億美元，增幅為 17.4%。收入成長主要由我們的建築部門推動，我們所服務的大多數市場領域的需求都有所增加。本季度，收購產生了 3.303 億美元的增量收入，其中 Miller Electric 的貢獻最大。

On an organic basis, revenues grew by 8.4%. If we look at each of our segments, revenues of US Electrical Construction were a record $1.34 billion, increasing 67.5% due to a combination of strong organic growth and the acquisition of Miller. This segment generated greater revenues from nearly all market sectors with the most significant growth being derived from our data center projects within the network and communications sector. Besides data centers, electrical experienced notable growth in Healthcare where our quarterly revenues more than doubled, Commercial, as we are starting to see some resumption in tenant fit-out demand and Institutional driven by increased activity for certain colleges and universities.

從有機角度來看，收入成長了 8.4%。如果我們看一下每個部門，美國電氣建築部門的收入達到創紀錄的 13.4 億美元，由於強勁的有機增長和收購 Miller 而增長了 67.5%。該部門在幾乎所有市場領域都獲得了更大的收入，其中最顯著的成長來自於我們在網路和通訊領域的資料中心專案。除了資料中心外，醫療保健領域的電氣業務也經歷了顯著增長，我們的季度收入增長了一倍多；商業業務也經歷了顯著增長，因為我們開始看到租戶裝修需求有所恢復；而機構業務則受到某些學院和大學活動增加的推動。

Revenues in this sector also benefited from higher levels of short duration projects and service work in part due to the service capabilities we've added to the Miller acquisition. US Mechanical Construction quarterly revenues were a record $1.76 billion, up 6%, almost all of which was organic. Similar to Electrical Construction, while this segment did experience increased revenues across a number of market sectors, the largest growth during the quarter was generated from Network and Communications due to greater demand for data center construction projects. Other sectors with the largest incremental growth include Manufacturing and Industrial, primarily driven by food processing projects and Hospitality and Entertainment, given the recent award of certain contracts in the Western region of the United States.

該部門的收入也受益於更高水準的短期專案和服務工作，部分原因是我們在收購 Miller 後增加了服務能力。美國機械建築季度營收創下 17.6 億美元的紀錄，成長 6%，幾乎全部來自有機成長。與電氣建設類似，雖然該部門在多個市場領域的收入都有所成長，但本季最大的成長來自網路和通訊部門，原因是對資料中心建設專案的需求增加。其他成長最快的行業包括製造業和工業，主要由食品加工項目和酒店及娛樂業推動，因為最近在美國西部地區授予了某些合約。

Partially offsetting the growth of the Mechanical Construction were revenue declines within high-tech manufacturing as we near completion of certain semiconductor construction projects and Commercial largely due to fewer active warehousing and distribution projects for some of our e-commerce customers. With respect to high-tech manufacturing, and as Tony just mentioned, we did receive a Phase 2 award for one of our semiconductor customers, which is reflected in the sequential increase in our RPOs at the end of the quarter. On a combined basis, our Construction segment generated revenues of $3.1 billion, an increase of 26.1%.

由於我們即將完成某些半導體建設項目，高科技製造業的收入下降，這部分抵消了機械建設業務的增長；而商業業務的收入下降，主要是因為我們為一些電子商務客戶開展的倉儲和配送項目減少。關於高科技製造，正如 Tony 剛才提到的，我們確實為我們的一位半導體客戶獲得了第二階段獎勵，這反映在本季度末我們的 RPO 的連續增長中。總體而言，我們的建築部門創造了 31 億美元的收入，成長了 26.1%。

Turning to US Building Services. Revenues of $793.2 million reflect a 1.6% increase year-over-year. In line with our expectations as we exited the first quarter, growth in Mechanical Services has now exceeded the revenue decline within site-based and we are pleased to see that this segment has turned a corner after four consecutive quarters of organic revenue declines. With respect to the segment's Mechanical Services division, revenues increased by 6.5% as demand remained robust across each of its service lines. Moving to Industrial Services. Revenues were $281.1 million, a 13.3% decrease.

轉向美國建築服務。營收 7.932 億美元，年增 1.6%。正如我們在第一季結束時所預期的那樣，機械服務業務的成長現已超過現場業務的收入下降，我們很高興看到這一部門在連續四個季度有機收入下降之後已經出現轉機。就該部門的機械服務部門而言，由於各服務線的需求仍然強勁，收入成長了 6.5%。轉向工業服務。營收為 2.811 億美元，下降 13.3%。

Revenues were impacted by lower field services volumes when compared to the prior year, which had benefited from jobs of a larger size, scope growth on certain turnarounds and the performance of a renewable fuel project. This segment also experienced a reduction in shop services revenues due to fewer new build heat exchanger sales during the quarter.

與前一年相比，現場服務量下降影響了收入，而前一年則受益於更大規模的工作、某些週轉範圍的增長以及可再生燃料項目的績效。由於本季新建熱交換器銷售減少，該部門的店鋪服務收入也出現下降。

And lastly, UK Building Services generated revenues of $134.6 million, an increase of $28 million or 26.3%. While favorable exchange rate movements did positively impact the segment's revenues by $7.4 million, the majority of its growth was due to greater service revenues, partially as a result of the recent award of the facilities maintenance contract and increased project activity with existing customers.

最後，英國建築服務業的收入為 1.346 億美元，增加了 2,800 萬美元，增幅為 26.3%。雖然有利的匯率變動確實對該部門的收入產生了 740 萬美元的積極影響，但其增長大部分歸因於服務收入的增加，部分原因是最近授予了設施維護合約以及與現有客戶的項目活動增加。

Let's turn to slide 7. With operating income of $415.2 million or 9.6% of revenues, our performance established a quarterly record for operating income and a second quarter record for operating margin. This represents a year-over-year increase in operating income of $82.4 million or nearly 25% and a 50 basis point improvement in operating margin. If we look at each of our segments, US Electrical Construction generated operating income of $157.7 million, which represents a 78% increase.

讓我們翻到第 7 張投影片。我們的營業收入為 4.152 億美元，佔營收的 9.6%，創下了季度營業收入記錄和第二季度營業利潤率記錄。這意味著營業收入年增 8,240 萬美元，增幅近 25%，營業利潤率提高 50 個基點。如果我們看一下每個部門，美國電氣建設公司的營業收入為 1.577 億美元，成長了 78%。

In addition to greater revenues, operating income of this segment benefited from a 70 basis point expansion in operating margin and the segment earned an operating margin of 11.8%. The segment experienced greater gross profit across the majority of the market sectors in which we operate with the largest increases generally in tracking with its revenue growth. Largely driven by Miller Electric, operating income of Electrical Construction included $9.8 million of incremental acquisition contribution, net of $11.4 million of intangible asset amortization. Operating income for US Mechanical Construction increased nearly 12% to $238.7 million and operating margin expanded by [70] basis points establishing a new quarterly record of 13.6%.

除了收入增加之外，該部門的營業收入還受益於營業利潤率擴大 70 個基點，該部門的營業利潤率為 11.8%。該部門在我們經營的大多數市場領域中都實現了更高的毛利，並且增幅最大，一般與其收入成長同步。電氣建設的營業收入主要受米勒電氣的推動，其中包括 980 萬美元的增量收購貢獻，扣除 1,140 萬美元的無形資產攤提。美國機械建築業務的營業收入成長近 12%，達到 2.387 億美元，營業利潤率擴大 [70] 個基點，創下 13.6% 的季度新高。

Similar to Electrical Construction, this segment experienced greater profitability across a number of market sectors with the most significant increase in gross profit being generated from networking communications. Together, our Construction segments reported operating margin of 12.8%, which is a 50 basis point improvement year-over-year. Excellent project execution, enhanced productivity and a more favorable mix continue to be significant contributors to our success. Operating income for US Building Services of $50 million grew by 6.8% and operating margin of 6.3% increased by 30 basis points.

與電氣建設類似，該部門在多個市場領域都實現了更高的獲利能力，其中網路通訊產生的毛利增幅最為顯著。整體而言，我們的建築部門的營業利潤率為 12.8%，比去年同期提高了 50 個基點。出色的專案執行、增強的生產力和更有利的組合繼續成為我們成功的重要貢獻者。美國建築服務公司的營業收入為 5,000 萬美元，成長 6.8%，營業利潤率為 6.3%，增加了 30 個基點。

Contributing to the improved profitability was a greater percentage of revenues from Mechanical Services, where we continue to perform well earning strong returns with notable margin expansion across HVAC projects and retrofit as well as repair service. Turning to Industrial Services. An operating loss of $419,000 compared to operating income of $12.7 million or 3.9% of revenues a year ago. The decrease in this segment's profitability was primarily due to the reduction in revenues and the mix shift that I previously referenced. In addition to the direct impact of lower revenues, this volume decline also resulted in a greater amount of unabsorbed overhead within the segment.

獲利能力的提高得益於機械服務收入佔比的提高，我們在該領域繼續表現良好，獲得了豐厚的回報，暖通空調專案、改造和維修服務的利潤率顯著擴大。轉向工業服務。營業虧損為 41.9 萬美元，而去年的營業收入為 1,270 萬美元，佔營收的 3.9%。該部門盈利能力的下降主要是由於我之前提到的收入減少和產品組合轉變。除了收入下降的直接影響外，銷售下降還導致該部門未吸收的間接費用增加。

And lastly, UK Building Services earned operating income of $8.4 million or 6.3% of revenues. The increased profitability of our UK business resulted from greater gross profit, stemming from increased segment revenues and a reduction in SG&A margin due to effective cost management, coupled with the leveraging of their overhead.

最後，英國建築服務公司的營業收入為 840 萬美元，佔營收的 6.3%。我們英國業務獲利能力的提高源自於毛利的增加，而毛利的增加源自於分部收入的增加，以及有效的成本管理所導致的銷售、一般及行政費用利潤率的降低，再加上間接費用的利用。

If we move to slide 8, I'll cover a few quarterly highlights not included on the previous slides. Driven by our Electrical and Mechanical Construction segments as well as our US Building Services segment, our gross profit margin has expanded by 70 basis points with gross profit increasing nearly 22%.

如果我們轉到第 8 張投影片，我將介紹前幾張投影片中未包含的一些季度亮點。受機電建設部門和美國建築服務部門的推動，我們的毛利率擴大了 70 個基點，毛利增加了近 22%。

Looking next to SG&A. Our second quarter expenses increased by $67.4 million and contributing to that variance was $28.9 million of incremental expenses from acquired companies and $5.5 million of additional amortization expense. Excluding these items, SG&A grew by $32.9 million largely due to employment costs, given both greater head count to support our organic growth as well as increased incentive compensation expense within certain of our segments given higher projected annual operating results.

接下來看看銷售、一般及行政費用 (SG&A)。我們第二季的支出增加了 6,740 萬美元，造成這一差異的原因是收購公司的增量支出 2,890 萬美元和額外攤銷支出 550 萬美元。除這些項目外，銷售、一般及行政費用增加了 3,290 萬美元，這主要是由於僱用成本，因為既增加了員工數量以支持我們的有機增長，又由於預計年度經營業績較高，我們某些部門的激勵薪酬費用也增加了。

SG&A margin for the quarter of 9.7% compares to 9.6% a year ago. And as expected, our SG&A margin did decrease from this year's first quarter and we continue to expect our full year SG&A margin to be relatively comparable to that of 2024 when adjusting for the $9.4 million of transaction expenses incurred earlier this year. And finally, on this page, diluted earnings per share was $6.72 compared to $5.25, an increase of 28%.

本季銷售、一般及行政費用利潤率為 9.7%，去年同期為 9.6%。正如預期的那樣，我們的銷售、一般及行政費用利潤率確實較今年第一季有所下降，並且我們仍然預計，在調整今年早些時候發生的 940 萬美元交易費用後，我們的全年銷售、一般及行政費用利潤率將與 2024 年的利潤率相對相當。最後，在此頁面上，每股攤薄收益為 6.72 美元，而之前為 5.25 美元，成長了 28%。

If we look briefly at slide 9, this slide summarizes our results for the first six months of 2025 and has been included here for your reference. Rather than go through the page in detail, I want to again highlight that we have had a tremendous start to the year setting a number of company records as we continue to deliver for our customers and shareholders.

如果我們簡單看一下投影片 9，這張投影片總結了我們 2025 年前六個月的業績，並已將其包含在此處供您參考。我不想詳細介紹這一頁，只是想再次強調，我們今年有一個非常好的開局，創下了多項公司記錄，我們將繼續為客戶和股東提供服務。

In a later slide, Tony will outline our updated earnings guidance for 2025. I mentioned that now as this guidance assumes continued strength in our margins in line with what we've achieved through the first year. Specifically, at the low end of our guidance, we have assumed a full year operating margin, which is equal to the 9% we have earned year-to-date, while the high end assumes operating margins in the back half of the year, which are essentially equivalent to the outstanding 9.6% we achieved this quarter. The implied full year margin is comparable to the margin we've delivered over the last 12 to 24 months.

在後面的幻燈片中，Tony 將概述我們更新後的 2025 年獲利預測。我提到，現在該指導假設我們的利潤率將繼續保持強勁，與我們第一年取得的成績保持一致。具體來說，在我們的指導下限，我們假設全年營業利潤率相當於今年迄今獲得的 9%，而上限假設下半年的營業利潤率基本上相當於我們本季實現的 9.6%。隱含的全年利潤率與我們過去 12 至 24 個月的利潤率相當。

With that, I'll turn to slide 10 to close on our balance sheet. Our balance sheet remains strong and liquid. And as of June 30, we had cash on hand of $486 million and working capital of just over $782 million. Largely as a result of borrowings outstanding on our revolver, our debt balance was a modest $256.4 million. We had operating cash flow of $193.7 million during the quarter and generated $302.2 million year-to-date. For the full year, we estimate operating cash flow to be at least equivalent to net income and up to approximately 80% of operating income.

接下來，我將翻到第 10 張投影片來結束我們的資產負債表。我們的資產負債表依然強勁且流動性強。截至 6 月 30 日，我們手頭上的現金為 4.86 億美元，營運資金略高於 7.82 億美元。主要是由於我們的循環信貸未償還借款，我們的債務餘額僅為 2.564 億美元。本季我們的營運現金流為 1.937 億美元，年初至今已產生 3.022 億美元。我們預計全年經營現金流至少相當於淨收入，最高可達經營收入的80%左右。

During the quarter, we utilized $207.3 million for the repurchase of our common stock, bringing our year-to-date repurchases to $432.2 million. When layering in second quarter acquisitions, we have spent $887.2 million year-to-date on M&A. As we've said before, our balance sheet, coupled with the cash expected to be generated by our operations as well as the nearly $980 million of capacity available under our credit facility leaves us well positioned to continue to deliver on our philosophy of balanced and disciplined capital allocation.

本季度，我們利用 2.073 億美元回購普通股，使年初至今的回購額達到 4.322 億美元。考慮到第二季的收購，今年迄今我們在併購上已花費 8.872 億美元。正如我們之前所說，我們的資產負債表，加上我們營運預計產生的現金以及我們信貸安排下近 9.8 億美元的可用容量，使我們能夠繼續實現平衡和嚴謹的資本配置理念。

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. And I'm going to be on pages 11 and 12. Clearly, we've been executing well. And as a result, we will raise our 2025 revenue and our earnings guidance. We now expect to earn between $24.50 to $25.75 in diluted earnings per share, and we expect revenue of between $16.4 million and $16.9 billion.

謝謝，傑森。我將在第 11 頁和第 12 頁。顯然，我們的執行情況良好。因此，我們將提高 2025 年的收入和獲利預期。我們現在預計每股攤薄收益將在 24.50 美元至 25.75 美元之間，預計營收在 1,640 萬美元至 169 億美元之間。

We expect to continue to earn strong operating margins and execute with discipline and efficiency for our customers. Our RPOs demonstrate the momentum and demand in our markets, especially in data centers, traditional and high-tech manufacturing, healthcare, HVAC service, building controls and retrofit projects. Macroeconomic uncertainty persists, especially around tariffs and trade, but we believe our guidance reflects the potential impact of such uncertainty as we view it today.

我們期望繼續獲得強勁的營業利潤率，並為客戶提供紀律性和高效性。我們的 RPO 展示了我們市場的發展勢頭和需求，尤其是在資料中心、傳統和高科技製造業、醫療保健、暖通空調服務、樓宇控制和改造專案領域。宏觀經濟不確定性仍然存在，尤其是在關稅和貿易方面，但我們相信，我們的指導反映了我們今天所看到的這種不確定性的潛在影響。

We will remain disciplined capital allocators bolstered by our strong balance sheet, a healthy pipeline of acquisitions and robust opportunities to support our organic growth. And if you look at page 12 and you look at a 10-year view of the world, you'll see 50-50 balanced capital allocation and deals happen when they happen.

我們將繼續保持嚴謹的資本配置，並藉助我們強大的資產負債表、健康的收購管道和支持我們有機成長的強勁機會。如果你看第 12 頁，並從 10 年後的角度來看世界，你會看到 50-50 的平衡資本配置和交易的發生。

And finally, I want to close with the most important statement of the call. I want to thank my EMCOR teammates, thank you for your dedication to our customers and to our company, and thank you for taking care of each other and keeping each other safe.

最後，我想以本次通話中最重要的聲明作為結束。我要感謝我的 EMCOR 隊友，感謝你們對我們的客戶和公司的奉獻，感謝你們互相照顧、互相保護。

With that, Ranju, I'll take questions.

好了，Ranju，我將回答您的問題。

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

（操作員指示）Brent Thielman，D.A. Davidson。

(technical difficulty)

（技術難度）

Since there is no reply from the line or Mr. Thielman, we'll take the next. Adam Thalhimer, Thompson, Davis.

由於沒有接到電話或 Thielman 先生的回复，我們將接聽下一個電話。亞當泰爾希默、湯普森、戴維斯。

Nice quarter. Tony, can you just talk a little bit about bidding at a high level, I'm curious what your expectations are for bookings at a high level in the back half of the year?

不錯的季度。東尼，您能否簡單談談高水準競標，我很好奇您對下半年高水準預訂的期望是什麼？

Yes. I'm not going to guess a bookings. We'll continue to win our fair share of the business, and we continue to have repeat business with customers to think we're doing a great job. We continue to expand our footprint to serve more markets. In our business, it's not a quarter-to-quarter bookings business.

是的。我不會猜測預訂量。我們將繼續贏得公平的業務份額，並繼續與客戶重複業務，讓他們認為我們做得很好。我們將繼續擴大業務範圍以服務更多市場。在我們的業務中，這不是按季度進行的預訂業務。

It never has been. But all the underlying strength we've seen through the first half of the year, we saw it through the back half of last year, there's no reason for us to believe that doesn't continue. We're building the first building on a lot of sites that are multiyear build-outs and phases over time. We continue to see the strength in the markets that we've talked about extensively in the call, whether it be manufacturing, high-tech manufacturing, which is a little more episodic, networking communications, the commercial market for us is retrofit continues to chug along. Healthcare continues to be a strong market.

從來沒有。但是，我們在上半年看到的所有潛在實力，我們在去年下半年也看到了，我們沒有理由相信這種實力不會持續下去。我們正在許多工地上建造第一棟建築，這些建築的建設需要多年的時間，並且分階段進行。我們繼續看到我們在電話會議中廣泛討論的市場的強勁表現，無論是製造業、高科技製造業（這有點偶發性）、網絡通信，對我們來說，商業市場的改造仍在繼續推進。醫療保健仍然是一個強勁的市場。

So really, it's broad based. And if you think about our call, Jason go through some numbers, we have demonstrated over a long period of time that we will outpace nonres construction. Maybe cover some of those numbers, Jason.

所以實際上，它具有廣泛的基礎。如果你考慮一下我們的呼籲，傑森，看看一些數字，我們已經在很長一段時間內證明，我們將超越非住宅建設。也許可以涵蓋其中的一些數字，傑森。

And I think we've covered some of this in the past, right? If you look at EMCOR over a period of time, let's say, five years, we've historically outpaced nonres by 200 basis points organically and probably 250 basis points when you include M&A.

我想我們之前已經討論過其中的一些內容，對吧？如果你觀察 EMCOR 一段時間內的表現，比如說五年，從歷史上看，我們的有機增長速度比非房地產業務高出 200 個基點，如果算上併購，我們的增長速度可能比非房地產業務高出 250 個基點。

I think the more telling story though is when you look at our Construction segment, and even the Mechanical Services business within Building Services, over that same five-year period, those segments outpaced nonres by 500 to 600 basis points. So we expect the markets to be good, especially where we operate, and we expect to outperform those markets, Adam.

我認為更能說明問題的故事是，當你看看我們的建築部門，甚至建築服務中的機械服務業務時，在同一五年期間，這些部門的成長速度比非房地產部門高出 500 到 600 個基點。因此，我們預計市場將會表現良好，特別是在我們經營的地區，我們預計將超越這些市場，亞當。

Great. And then I wanted to ask about the Industrial business. With the change in administration, curious if you are seeing any signs of life?

偉大的。然後我想問一下工業業務。隨著政府的更迭，您是否看到了任何生命跡象？

The business -- again, think about a lot of the business is focused downstream. That really hasn't changed. It's more timing, which you see through the first half of this year versus last year, it's the timing of turnarounds. We do expect strengthening through the year. We do see more activity potentially midstream, which will impact our Electrical business within Industrial.

業務－再想想，很多業務都集中在下游。這確實沒有改變。這更多的是一個時機問題，你可以透過今年上半年與去年相比看到，這是一個轉捩點。我們確實預計全年形勢將有所改善。我們確實看到中游可能出現更多活動，這將影響我們工業領域的電氣業務。

And we also see some work around other energy build-out, especially in the LNG world and other things as the plans come to fruition. So I'd say that's the major parts, you'll see it. But being that we're 70% or so downstream focused, we're dependent on refinery utilization and the turnaround schedule.

隨著計劃的實現，我們也看到其他能源建設方面的一些工作，特別是在液化天然氣領域和其他領域。所以我想說這就是主要部分，你會看到它。但由於我們 70% 左右的業務重點集中在下游，因此我們依賴煉油廠的利用率和周轉計畫。

Got it. And last one for me. In the UK, what's caused the strength there? I'm curious if that's sustainable?

知道了。對我來說這是最後一個。在英國，是什麼導致了它的強勢？我很好奇這是否可持續？

Yes. I think the biggest thing is increased volume, right? We got a recent award or two. On the service side, we had more project activity. And when you really look that's what's driving the revenue growth. When you look at the margin side, it's really just leveraging their overhead in a period of growth.

是的。我認為最重要的是增加音量，對嗎？我們最近獲得了一兩個獎項。在服務方面，我們有更多的專案活動。如果你仔細觀察就會發現，這就是推動營收成長的因素。當你看利潤方面時，它實際上只是在成長時期利用他們的管理費用。

And it's been a pretty steady performer. And it's known for technical excellence and it wins those kind of contracts. And it's had long-term customer relationships. We've grown it organically, and we've been pretty steady over time, and it's been a very good performer for us.

而且它的表現相當穩定。它以卓越的技術而聞名，並贏得了此類合約。並且與客戶建立了長期的關係。我們讓它有機地發展，並且隨著時間的推移保持穩定，它對我們來說表現得非常好。

Yes. Nice to see the step-up in revenue there.

是的。很高興看到那裡的收入增加。

Brent Thielman, D.A.Davidson.

布倫特·蒂爾曼，D.A.戴維森。

Tony, this seems to be becoming an even more active M&A environment with some larger public transactions out there lately in either electrical or mechanical. I wanted to get your take on the pipeline of potential targets as the market evolved a lot in the last 12 months where seller expectations or can still meet your criteria to be an attractive year. I'd just love to get your take there.

東尼，這似乎正成為一個更活躍的併購環境，最近在電氣或機械領域出現了一些較大的公開交易。我想了解您對潛在目標的看法，因為市場在過去 12 個月中發生了很大變化，賣家的期望或仍然可以滿足您的標準，這將是一個有吸引力的年份。我很想知道您的看法。

I think it's yes and yes. If you go back to sort of how we think about deals, right? That hasn't changed. We're looking to buy companies of any size that can execute in the field and execute very well. As they become larger or larger acquisitions, we worry then very much about, is there a cultural fit.

我認為是的，是的。如果您回顧一下我們對交易的看法，對嗎？這一點沒有改變。我們希望收購能夠在該領域執行且執行良好的任何規模的公司。當它們變得更大或被收購時，我們非常擔心是否存在文化契合度。

And if you look at our two largest acquisitions we've done in the last five or six years, Batchelor & Kimball and Miller Electric, both met those criteria. And both were led by teams that were worried about the long-term sustainability of their organizations. Did we fit with their values as much as we worried about them fitting with our values and the ability to grow and have growth capital. So how we look at deals haven't changed. We're always looking to make a fair deal, and that's got to be fair for our shareholders.

如果你看一下我們在過去五、六年中完成的兩次最大收購，Batchelor & Kimball 和 Miller Electric，它們都符合這些標準。兩家公司的領導團隊都擔心其組織的長期永續性。我們是否符合他們的價值觀，就像我們擔心他們是否符合我們的價值觀、成長能力和成長資本一樣。因此我們看待交易的方式沒有改變。我們始終致力於達成公平交易，這對我們的股東來說也是公平的。

But we also want the seller to feel that they've made a good deal with us because that's how you perform better together going forward. If you think about the current environment, I think you're referencing, we did Miller and Quanta did Cupertino and then in this morning, they just did DSI. Yes, some of the deals have gotten larger.

但我們也希望賣家感覺到他們與我們達成了一筆很好的交易，因為這樣你們在未來的合作中才能取得更好的成績。如果您考慮當前的環境，我想您正在參考，我們做了 Miller，Quanta 做了 Cupertino，然後今天早上，他們剛剛做了 DSI。是的，有些交易的規模確實變大了。

And that's understandable, right? Some of these are closely held businesses. They're getting very large. The owners have all their eggs in one basket. And they also want growth capital because they see what we see in the future, right? They see a growing market. They want to be part of that.

這是可以理解的，對吧？其中一些是家族式企業。它們變得越來越大。業主把所有的雞蛋都放在同一個籃子裡。他們也想要成長資本，因為他們看到了我們所看到的未來，對嗎？他們看到了一個不斷成長的市場。他們希望成為其中的一部分。

They want to continue to provide opportunities for their people while at the same time, taking some of the risk off the table but continuing to run their business. So the competitive environment for those, for me, you wake up in the morning and you say, okay, one of your competitors or quasi competitors potentially bought somebody that is a good company. That's not a bad thing because they know how to run businesses, and we compete with those people today and nothing's really changed on the playing field today and how things are procured and how that moves. So I think it's a combination of, I think, optimism towards the future that drives these larger deals.

他們希望繼續為員工提供機會，同時降低一些風險，繼續經營業務。因此，對我來說，這些公司的競爭環境就是，你早上醒來後會說，好吧，你的一個競爭對手或準競爭對手可能收購了一家好公司。這並不是一件壞事，因為他們知道如何經營企業，我們今天與這些人競爭，而今天的競爭環境、採購方式和運作方式都沒有改變。所以我認為，對未來的樂觀態度推動了這些更大規模的交易。

Yes. That's great color. Yes, I wanted to ask on the -- I mean, you continue to put up really impressive expansion in the mechanical margins, I guess, in particular here. And Jenny, just wanted to circle back. Is this sort of the same mix in terms of combination of operating leverage versus just getting higher rate, it'd be helpful to hear what exactly you're leveraging in that.

是的。顏色真棒。是的，我想問一下——我的意思是，你們繼續在機械利潤率方面取得令人印象深刻的擴張，我想，特別是在這裡。珍妮，我只是想回到正題。就經營槓桿的組合而言，這是否與僅僅獲得更高的利率是相同的組合，了解您究竟利用了什麼將會很有幫助。

Yes. So I think it starts with us, right? So you think about the customer set that's driving that mix today. And you've heard me say this many times, these are the most sophisticated customers in the world, and they are very demanding. So they're not paying one more sent than they need to, and it's up to us to deliver.

是的。所以我認為這是從我們開始的，對嗎？因此，您要考慮一下當今推動這種組合的客戶群。你們已經聽我說過很多次了，他們是世界上最老練的客戶，而且要求非常高。因此，他們不會多付任何費用，送貨的責任就落在我們身上。

And they're not also having any easier contract terms than they need to. So start there. So then you have to get to, okay, it's a busy market, maybe pricing is a little bit better. But I believe most of it is being driven by our means and methods, our ability to gain productivity on a job site, our ability to leverage things like VDC and BIM, which our customers see real value to and then our ability to turn that into prefabricated solutions and our ability to have less labor on the job site and more highly skilled labor.

而且他們也沒有製定比需要的更寬鬆的合約條款。所以從那裡開始。那你必須明白，好吧，這是一個繁忙的市場，也許定價會更好一些。但我相信，其中大部分是由我們的手段和方法、我們在工作現場提高生產力的能力、我們利用 VDC 和 BIM 等的能力（我們的客戶看到了它們的真正價值）以及我們將其轉化為預製解決方案的能力，以及我們在工作現場減少勞動力並增加高技能勞動力的能力所驅動。

And then it really comes down to also do you have the best build supervision on the site to be able to drive the best productivity and get the best outcomes and do that in a safe manner to the point where you become a point -- a place where labor really wants to work.

然後，實際上還歸結為您是否擁有現場最好的建設監督，以便能夠推動最佳生產力並獲得最佳結果，並以安全的方式做到這一點，直到您成為勞動力真正想要工作的地方。

And I think we checked the box on all that. If you start with great supervision on a job site, you have a lot of great planning going on, you negotiated the contract the right way, you're really doing good progress billings and keeping your customer price and coming up with solutions how to drive value engineering and productivity. A lot of times, you end up in a good place. I'm going to asked Jason to go through this. Sustainability of margins, we always look at 12, 18 and 24-month averages. And I think we're at a level where we think we're pretty good.

我認為我們已經完成了這一切。如果您從工作現場的良好監督開始，那麼您就會進行大量出色的規劃，以正確的方式協商合同，您就會真正做好進度結算並保持客戶價格，並提出如何推動價值工程和生產力的解決方案。很多時候，你最終都會到達一個好地方。我要讓傑森來解決一下這個問題。利潤率的可持續性，我們始終關注 12、18 和 24 個月的平均值。我認為我們已經達到了相當不錯的水平。

I think two things I'd add. One, first before we talk about margins is just also the project sizes, right? We've talked about it increasing of project sizes and you get better utilization, you get better leverage on your indirect. And all of that's certainly helping margins as well. When you look at each of our segments, and we say this repeatedly, it's not a quarter-to-quarter business, right?

我想補充兩點。首先，在我們討論利潤之前，也要先討論專案規模，對嗎？我們已經討論過增加專案規模，以便獲得更好的利用率，獲得更好的間接槓桿作用。所有這些肯定也有助於提高利潤率。當你查看我們的每個部門時，我們會反覆說這一點，這不是一個季度到季度的業務，對嗎？

So Mechanical is a record quarterly margin here in the second quarter, but margins will bounce around, I think, on a consolidated basis, we've said, look at the trailing 12 to 24 months. I think that same logic holds true to the segment level. So if you look at Mechanical and you look at kind of a rolling 12- to 24-month, that's a good expectation for the margins there.

因此，機械部門第二季度的季度利潤率創下了歷史新高，但我認為，從合併數據來看，利潤率將會有所波動，就像我們說過的，看看過去 12 到 24 個月的情況。我認為同樣的邏輯也適用於細分層面。因此，如果您看一下機械，並看一下滾動的 12 到 24 個月，那麼對於那裡的利潤率來說這是一個不錯的預期。

So that gets to the sustainability point. If you were seeing outsized and a big fall off, we don't expect to see that but that sort of 12- to 24-month average gives you sort of a picture into how we view sustainability of margins.

這就牽涉到可持續性問題。如果您看到超大規模和大幅下降，我們預計不會看到這種情況，但這種 12 到 24 個月的平均值可以讓您了解我們如何看待利潤率的可持續性。

Understood. I take from your comments just on building services, it sort of feels like we're maybe at an inflection point here. When you think about just the financial outlook for the rest of the year? Or is that implying that back to kind of a growth business here?

明白了。從您對建築服務的評論中我看出，我們可能正處於一個轉折點。您考慮一下今年剩餘時間的財務前景嗎？或者這是否意味著業務將重新回到成長狀態？

I think we'll start growing again. The comps get easier and more fair, really as a large customer that you did very well with. And then the mix moves more towards mechanical services, which is good for the margins.

我認為我們會再次開始成長。作為您與大客戶合作非常愉快的事情，比較變得更容易、更公平。然後，業務組合將更多地轉向機械服務，這對利潤率有利。

Brian Brophy, Stifel.

布萊恩·布羅菲（Brian Brophy），Stifel。

Congrats on the nice quarter. Just curious what you're seeing from a pipeline perspective, project pipeline perspective on the pharma manufacturing side. Have you seen any change or acceleration in conversations with customers just given some of the changing outlook on the tariff discussion in that space?

恭喜本季取得良好成績。只是好奇您從製藥製造方面的管道角度、專案管道角度看到了什麼。鑑於該領域關稅討論前景的一些變化，您是否看到與客戶的對話有任何變化或加速？

Yes. I think for the most part, our customers started plants, you got to separate it into two things, right? The first part is they've got a bunch of new drugs they're going to build onshore that they've been investing. I'm not a medical expert. I think they're called GLP-1s and the weight loss drugs. That's been a big part of the story of the places we are, whether it be parts of Indiana or North Carolina and then somewhat New Jersey.

是的。我認為，在大多數情況下，我們的客戶開始種植植物，你必須將其分為兩件事，對嗎？第一部分是他們已經投資了一批將在國內生產的新藥。我不是醫學專家。我認為它們被稱為 GLP-1 和減肥藥。這一直是我們所在地方故事的重要組成部分，無論是印第安納州的部分地區還是北卡羅來納州的部分地區，甚至是新澤西州的部分地區。

Now, you're getting to the second part, which I think they start a plan in the middle of last year is, okay, we got -- and it really started as a result of COVID, too, onshoring more manufacturing. That doesn't happen overnight. But that has been ongoing, and I expect that to accelerate. I saw an analyst yesterday say that there hasn't been a lot of farm activity in the US a stock analyst, and I'm watching TV and I go, I must be in a different world than they've been because we see a lot of activity, and we participated in it.

現在，您進入第二部分，我認為他們在去年年中就開始了一項計劃，好的，我們得到了 - 而且它實際上也是由於 COVID 而開始的，將更多的製造業轉移到國內。這不是一朝一夕就能實現的。但這種情況一直在持續，我預計這種情況會加速。昨天我看到一位分析師說，美國的農業活動並不多，一位股票分析師，我在看電視時說，我一定處於與他們不同的世界，因為我們看到了很多活動，我們也參與其中。

That's really helpful and good to hear. And then one follow-up on this Phase 2 award on the semi side that you guys mentioned in your opening comments. Is this a small portion of the overall award you're expecting as part of this Phase 2 project? Or should we be thinking about additional awards in subsequent quarters as it relates to this?

這真的很有幫助，很高興聽到。然後，針對你們在開場白中提到的半決賽第二階段獎項，我們再進行一次後續跟進。這是您在第二階段專案中預期獲得的總獎金的一小部分嗎？或者我們是否應該考慮在隨後的幾個季度中授予與此相關的額外獎項？

I think this is not a small job, the to $100 million plus, and it's on a second phase, it's the next fab on a site where we're repeating what we did in the first phase. So it's not a small award. The question where I think is what happens on other sites. And that's where we'll probably do some initial work and then -- which you probably won't even see because it will be smaller and then an award like this potentially could happen.

我認為這不是一項小工程，耗資超過 1 億美元，而且是第二階段，我們將在同一個場地上建造下一個晶圓廠，重複我們在第一階段所做的事情。所以這不是一個小獎項。我想的問題是其他網站上會發生什麼事。我們可能會在那裡做一些初步工作，然後——你可能甚至不會看到，因為它會比較小，然後才有可能獲得這樣的獎項。

Justin Hauke, Baird.

賈斯汀·豪克，貝爾德。

Great. I just wanted to ask, I guess, obviously, the first half is really strong, 2Q, really strong. I'm just thinking about the guidance raise and the kind of the implied second half? Is it -- obviously, you don't guide quarterly, but is the guidance raise more a reflection of 2Q coming in stronger than expected and second half expectations kind of unchanged? Or is it a balance of the two?

偉大的。我只是想問一下，我想，顯然，上半年非常強勁，第二季也非常強勁。我只是在考慮指導性提升以及隱含的下半年情況？顯然，您不會發布季度指引，但上調指引是否更反映了第二季業績強於預期，而下半年預期則保持不變？還是兩者的平衡？

Obviously, you raised the margin guide, but it sounds like at the low end, it would be kind of assuming it kind of stays at the first half level. So just trying to understand the emphasis on that front and how you would characterize the guidance.

顯然，你提高了保證金指南，但聽起來在低端，它會假設它保持在上半年的水平。因此，只是想了解這方面的重點以及您如何描述指導。

So first of all, welcome. We appreciate taking you guys up and having you cover us, and we very much look forward to your conference this fall. As far as the guidance, I think you characterized it right. The lower end is sort of keep going what we're doing and the higher end sort of takes the higher end of the revenue guidance, puts a higher margin on it. Jason has got a fairly detailed analysis here.

首先，歡迎大家的到來。我們非常感謝你們的參與和報道，我們非常期待你們今年秋天的會議。就指導而言，我認為你的描述是正確的。低端是繼續我們正在做的事情，而高端則是採用收入指導的高端，並賦予其更高的利潤率。傑森在這裡進行了相當詳細的分析。

He can walk you through and I'm sure the rest of you will love to hear that, too, going to save you having to do the work.

他可以指導你，我相信你們其他人也會喜歡聽到這個，這將節省你們的工作。

No. I mean I think the only thing I would say is I think it is twofold, right? A piece of it is the performance in the second quarter and a piece of it is our expectations for margin in the back half of the year. And if you look now, as I stated, for the back half, we expect margins between 9% to 9.6%, which gives you full year margins of somewhere between 9% and 9.4%.

不。我的意思是我認為我唯一想說的是，我認為這是雙重的，對嗎？其中一部分是第二季的業績，一部分是我們對下半年利潤率的預期。如果你現在看一下，正如我所說，對於下半年，我們預計利潤率在 9% 到 9.6% 之間，這意味著全年利潤率將在 9% 到 9.4% 之間。

And so if you just look at that midpoint, which is about 9.2% and you take into consideration the intangible asset amortization impact from Miller, there's probably another 20 to 30 basis points on top of that if you're really comparing apples-to-apples to 24.

因此，如果您只看中點（約為 9.2%），並考慮到 Miller 的無形資產攤銷影響，那麼如果您真的將蘋果與蘋果進行比較，那麼在此基礎上可能還會有另外 20 到 30 個基點。

But to answer your question, I think it's a two-part raise. It's taking into consideration what we did in the second quarter and our expectations in the back half.

但要回答你的問題，我認為加薪分為兩部分。這是考慮到我們在第二季的表現以及對下半年的期望。

Which are good.

哪些都很好。

Yes. Okay. Fair enough. And I guess my second question, we talked a lot about pharma bio stuff and the semis. You don't have a ton of exposure to renewables, but it is something that you guys (inaudible)?

是的。好的。很公平。我的第二個問題是，我們談了很多關於製藥生物和半導體的內容。你們對再生能源的了解不多，但這是你們（聽不清楚）？

No. We've -- so that allows me to make a broader point, right? First of all, I think who we are, we're contracted right? So we look for two things when we look at how we're going to invest and grow in a resource. The first thing we look at, there's projects that are -- we consider one-off things or maybe of a short-term but I thought about EVs that way and the history around that.

不。我們──這樣我就可以提出更廣泛的觀點，對嗎？首先，我想我們是誰，我們是簽約的吧？因此，當我們考慮如何投資和發展資源時，我們會尋找兩件事。我們首先要考慮的是那些項目——我們考慮的是一次性的事情或可能是短期的事情，但我以這種方式考慮了電動車及其歷史。

We participated, especially on the fire life safety, but that's not where we made our long-term durable bet. We made it more into other high-tech manufacturing and into data centers. I do believe there'll still be more batteries, and we'll participate and we'll do all that. But it wasn't where we put -- people wanted us to put an upsized part of our resources there, and we didn't buy into it. Secondarily, when you get to specifics around some bios or [biolife] pharma, we're set up well to participate.

我們參與其中，特別是在消防生命安全方面，但這並不是我們做出長期持久賭注的地方。我們將其更多地投入其他高科技製造業和數據中心。我確實相信還會有更多的電池，我們會參與並盡力而為。但那不是我們所放置的地方——人們希望我們把更多的資源放在那裡，但我們不同意。其次，當您了解一些有關生物或[生物生命]製藥的具體資訊時，我們已做好充分準備參與。

And then your third part about renewables, that has always been something we do. We've built some very successfully, some renewable [farms], especially solar. We've done it specifically also with respect to smaller scale sort of the megawatt or less when they're doing it on site. We've done that. We've done combined heat and power.

第三部分是關於再生能源，這也是我們一直在做的事情。我們已經非常成功地建造了一些可再生[農場]，特別是太陽能農場。當他們在現場進行此類工作時，我們也專門針對兆瓦或更小規模的小型專案進行了此類工作。我們已經做到了。我們已經實現了熱電聯產。

But that's when one of our customers ask us to get involved or something we have a team that has particular expertise. It was never something that we did large-scale acquisitions on, and it's never something that we put the majority of the company's resources against. I've always had a simple philosophy. Go to durable demand where your customers have their money and aren't counting on at somebody else's money to make it a successful project or not. I've always looked at something subsidized, that's icing on the cake.

但當我們的客戶要求我們參與其中，或者我們有一個具有特定專業知識的團隊時，就會發生這種情況。我們從來沒有對它進行過大規模收購，也從來沒有將公司的大部分資源投入到它上面。我一直有一個簡單的哲學。追求持久需求，你的客戶有自己的錢，也不指望別人的錢來決定專案是否成功。我一直在關註一些補貼的東西，那是錦上添花。

But one person subsidies is another person's ability to remove that subsidy. So we always look for long-term dural demand and over a very long time that has served us well.

但一個人的補貼是另一個人取消該補貼的能力。因此，我們始終尋求長期的硬腦膜需求，並且在很長一段時間內，這對我們很有幫助。

Yes. I think if you take the broadest definition of renewable and you threw everything in there, solar, even some of the EV plants, the battery manufacturing that we've done, it's less than 5% of our total revenue. So it's not a significant piece of what we do.

是的。我認為，如果你採用再生能源的最廣泛定義，並將所有內容都包括在內，太陽能，甚至一些電動車工廠，我們所做的電池製造，其收入還不到我們總收入的 5%。所以這不是我們工作中的重要部分。

Avi Jaroslawicz, UBS.

瑞銀的 Avi Jaroslawicz。

Congrats on a nice 2Q. Excited to be covering you guys. So I just want to circle back to the margin conversation. I know you guys touched on this to some extent. But just when we think about the margins moving in band, we've now seen, I believe, five quarters where the margins in the combined construction segment was north of 12%.

恭喜您第二季取得良好業績。很高興能報道你們。所以我只想回到保證金的話題。我知道你們在某種程度上已經談到了這一點。但是，當我們考慮利潤率的變動時，我相信我們已經看到，五個季度中，綜合建築部門的利潤率超過了 12%。

But if we extend it back to the range back to 24 months, a decently wider range. So curious how you guys are thinking about the range within the Construction segment for the foreseeable future?

但如果我們將其範圍延長至 24 個月，範圍就會更加廣泛。所以很好奇你們對於可預見的未來建築領域的範圍有何看法？

I think if you look at a rolling 24 months, rolling 24 months for construction, it's going to get you somewhere between 12.5%, maybe 12.25% to 13%, 13.25%.

我認為，如果你看一下連續 24 個月的建築業，它會達到 12.5% 左右，大概 12.25% 到 13%、13.25% 之間。

I think that's a decent range on the construction. We might have not been core. We were looking at a rolling 12.

我認為這是一個不錯的建築範圍。我們可能不是核心。我們看到的是滾動的 12。

Rolling 12, rolling 24.

捲取 12，捲取 24。

Yes. Sorry about that. Okay. It makes sense. And in terms of the capacity for your prefabrication capabilities, do you still see opportunity to leverage that grow your volumes faster than your headcount?

是的。很抱歉。好的。這是有道理的。就您的預製能力而言，您是否仍然看到機會使您的產量成長速度快於員工人數的成長速度？

And are you working on continuing to expand your capacity there?

您是否正在努力繼續擴大那裡的產能？

Yes and yes. We absolutely continue to look for opportunities to expand that. We fabricate for the most part for ourselves, 95% is for us. There's some that some will ask us to do a job because we particularly well somewhere and there's another skid they want to send to another data center site somewhere where we're not the installer. But again, that's 5% -- 95% for us.

是的，是的。我們絕對會繼續尋找機會來擴大這一點。我們大部分都是為自己製造的，95% 都是為自己製造的。有些人會要求我們做某項工作，因為我們在某個地方特別擅長，而且他們還想將另一個滑軌發送到另一個資料中心站點，而我們不是那裡的安裝人員。但同樣，對我們來說，這個比例是 5% 到 95%。

We have -- if you look at our CapEx as a percentage of sales, it's relatively the same but it's more than doubled, and that is almost all in the prefabrication assets. And it's mainly, in the Construction business, it's in the fire life safety business, which is a -- in the sprinkler side, especially as a big prefabricated business.

如果您將我們的資本支出視為銷售額的百分比，它相對相同，但增加了一倍多，而且幾乎全部用於預製資產。它主要涉及建築業務、消防生命安全業務，即灑水器業務，尤其是大型預製業務。

And even there, we do about 70% of our total volume, and we still source 30%, and we'll always do that because some of the smaller jobs -- local jobs doesn't make sense for us to build fabrication capability. On the Electrical, we continue to expand that, probably more aggressively than any right now because we have more sites we're doing data center work at and other large scale work. And mechanically, we have a couple of really big shops we continue to expand.

即使在那裡，我們也只完成了總產量的 70% 左右，但仍從當地採購了 30%，而且我們會一直這樣做，因為一些較小的工作——本地工作對於我們建立製造能力來說沒有意義。在電氣方面，我們將繼續擴大規模，可能比現在任何時候都更加積極，因為我們在更多的站點進行資料中心工作和其他大規模工作。從機械方面來看，我們有幾家非常大的商店，而且我們還在繼續擴張。

Again, we're fabricating for ourselves. And where you see that fabrication really come into play on fire life safety, it's almost every job on the sprinkler side. But where you see it come to play in Electrical is on the large jobs. When you're doing a big data center, a big DUC bank, if you're doing some of the underground, we're looking for ways every day to take labor off the job and become more efficient and safer. And so the bigger electrical jobs data centers, semiconductor plants, pharma plants been mechanical even more so, especially as you get to the heavy piping systems, which is especially true for semi plants and manufacturing plants in general, healthcare and also data centers.

再說一遍，我們是在為自己捏造事實。您會發現，製造確實在火災生命安全方面發揮作用，這幾乎涉及灑水器的每項工作。但你會發現它在電氣領域發揮作用的卻是大型工程。當你在建造大型資料中心、大型 DUC 銀行或進行一些地下作業時，我們每天都在尋找方法來減少勞動力，提高工作效率和安全性。因此，大型電氣工程、資料中心、半導體工廠、製藥廠的機械化程度更高，特別是涉及重型管道系統，對於半成品工廠和製造廠、醫療保健和資料中心來說尤其如此。

So you put all that together, the growth in the markets we see is what's driving our prefabrication. But you cannot do that prefabrication unless you have very good VDC and BIM capability. So what's really happened in the world today is drawings are getting done to a certain level. We're not usually the engineer of record. But we are finishing for constructability at about 50% to 70%, 60%.

所以，把所有這些放在一起，我們看到的市場成長就是推動我們預製發展的動力。但是，除非您擁有非常好的 VDC 和 BIM 能力，否則您無法進行預製。所以，當今世界真正發生的情況是，繪畫已經達到了一定的水準。我們通常不是記錄工程師。但我們的可施工性已完成約 50% 至 70%、60%。

We're picking up and getting more involved in the design on these to design for constructability and offer our (inaudible) to get more value engineering in place especially on means and methods. That then drives our prefabrication plan for that job. And for us, that's very much coordinated with the field and how we do that. Like I said, for us today, it's about 95% for us. Some people call this modular construction, we call prefabrication.

我們正在進行並更多地參與這些設計，以實現可施工性設計，並提供我們的（聽不清楚）以實現更多的價值工程，特別是在手段和方法上。這推動了我們針對該項工作的預製計劃。對我們來說，這與現場情況以及我們如何做到這一點高度協調。就像我說的，對我們今天來說，這個比例大約是 95%。有些人稱之為模組化建築，我們稱之為預製。

All right. That is helpful. And then just when we think about your bookings this quarter, obviously, that can be somewhat volatile quarter-to-quarter, you try to fit it into a 90-day window. But just as we think about your capacity there and expanding your capacity, how much more do you think you -- or I guess -- is this the limit of what you were comfortable booking? How much more could you have booked with more capacity?

好的。這很有幫助。然後，當我們考慮本季的預訂情況時，顯然，每個季度的預訂情況可能會有些波動，您可以嘗試將其納入 90 天的時間窗口內。但是，正如我們考慮您在那裡的容量並擴大您的容量一樣，您認為您 - 或者我猜 - 這是您可以舒適預訂的極限嗎？如果容量更大的話，您還能預訂多少？

There's clearly a lot of momentum in your end markets, but you also need to be prudent about the work that you're taking on. I'm just curious to hear how you're balancing that.

您的終端市場顯然有著很大的發展勢頭，但您也需要謹慎對待您所承擔的工作。我只是好奇想知道你是如何平衡這一點的。

We don't really think about it that way. I mean we look at a market, we look at the jobs, we look at the long-term potential on a site. And we've had the ability to attract the labor we need to do the work. We're going to -- of course, I've never said that people are throwing work at us, and we're deciding what we want to do, that cross isn't true. For us, we start with strategically what are the markets we're going to serve with the capacity we're going to build to serve that over time.

我們其實並不這麼認為。我的意思是，我們看市場，看工作，看場地的長期潛力。我們有能力吸引完成這項工作所需的勞動力。我們會——當然，我從來沒有說過人們把工作交給我們，然後我們決定我們想做什麼，這種說法是不正確的。對我們來說，我們首先要從策略上考慮我們將服務哪些市場，以及我們將如何隨著時間的推移建立服務這些市場的能力。

How do we build supervision to serve that market? We'll find the craft labor because people want to work for us. We've got to build supervision, right? We've got to build the Forman, the project managers, the project engineers. We got to build the VDC capability.

我們如何建立監管來服務這個市場？我們會找到手藝勞力，因為人們願意為我們工作。我們必須建立監督，對嗎？我們必須培養專案經理、專案工程師和專案負責人。我們必須建立 VDC 能力。

And we've gone through this period of significant growth and we can continue to build that capacity. And we think about -- I don't even say measured, we think about it site by site, location by location, company by company. And I wouldn't say our people are capacity constrained, every contractor can be capacity constrained if they want to chase the whole market. What I would say is we continue to manage to the right mix that we need to, to be successful over a very long period of time.

我們已經經歷了這段顯著成長時期，我們可以繼續建立這種能力。我們思考——我甚至沒有說衡量，而是逐個站點、逐個地點、逐個公司地思考。我不會說我們的員工能力受到限制，如果每個承包商都想追逐整個市場，他們的能力就會受到限制。我想說的是，我們將繼續努力實現我們需要的正確組合，以便在很長一段時間內取得成功。

Sam Snyder, Northcoast Research.

薩姆·斯奈德（Sam Snyder），Northcoast Research。

Just wanted to know, maybe you could remind us, I'm looking at the growth rates between mechanical and electrical. Do you expect that to converge? And then maybe you could remind us for everybody on the call, how that sort of flows from the beginning to an end of a project, obviously, every project is different, but do you expect the mix to change as projects mature on average?

只是想知道，也許您可以提醒我們，我正在研究機械和電氣之間的成長率。您認為這會收斂嗎？然後也許您可以提醒我們電話中的每個人，從專案開始到結束的流程是怎樣的，顯然，每個專案都是不同的，但是您是否預計隨著專案平均成熟，組合會發生變化？

Yes. So you can almost think of every project has a cycle, Manpower usually starts to peak between 25% to 30% of the job to about 65% of the job. So that's obviously when you're earning the most revenue. And margins trail that typically because you start to figure out what you're actually going to make on the job. I mean everything we do is based on an estimate. And estimate becomes more for better or worse as the job progresses. But will they converge? Probably not. I mean they'll have different growth rates in the quarter. Are they both serving the end market?

是的。因此，你幾乎可以認為每個專案都有一個週期，人力通常在工作的 25％ 到 30％ 到 65％ 之間達到高峰。所以這顯然是你賺取最多收入的時候。利潤率通常會低於這個數字，因為你開始弄清楚你在工作中實際上能賺多少錢。我的意思是我們所做的一切都是基於估計的。隨著工作的進展，估計會變得越來越好或越來越壞。但它們會融合嗎？可能不是。我的意思是他們在本季會有不同的成長率。它們都服務於終端市場嗎？

Yes, with a little different mix, electrically is a little more heavily weighted towards data centers, mechanically a little more diverse mix of projects. Some of that is just our heritage and where our footprint is, some of them more data center markets where our big mechanical contractors are, and some of them are just getting into that business now. But the markets they serve are relatively the same, more of an emphasis right now electrically on data centers. We'll continue to look to expand the mechanical capacity. But really, because there are so many projects going at any time, it's hard to say there's anything Jason and I driving overall on the timing.

是的，略有不同，電氣方面更側重於資料中心，機械方面則更傾向於多樣化的專案組合。其中一些只是我們的傳統和我們的足跡，有些是更多的資料中心市場，我們的大型機械承包商都在那裡，有些是剛進入該業務。但他們所服務的市場相對相同，目前更專注於資料中心的電氣。我們將繼續尋求擴大機械產能。但實際上，由於隨時都有如此多的項目在進行，因此很難說 Jason 和我總體上對時間安排有什麼影響。

The one thing I'd add on the data center growth for each, right, is if you look at electrical construction dollar-wise, growing faster data centers or more growth from data centers dollar-wise, the mechanical is growing at a faster growth rate and that's to the point that Tony made that historically, our Electrical business was our data center business. We are starting to see an uptick in demand in mechanical.

關於資料中心的成長，我想補充一點，如果從電氣建設的美元角度來看，資料中心的成長速度更快，或者從資料中心的美元角度來看成長更快，那麼機械的成長速度更快，這就是托尼所說的歷史，我們的電氣業務就是我們的資料中心業務。我們開始看到機械需求的上升。

Yes. And we have three or four companies that do it mechanically. Fire life safety everywhere we can do it. electrically, that's upwards of 8 or 10 that really do it in a significant way.

是的。我們有三、四家公司採用機械方式進行生產。我們可以做到在任何地方保證消防生命安全。電氣方面，有 8 到 10 個確實以重要方式做到這一點。

Adam Bubes, Goldman Sachs.

高盛的亞當布貝斯 (Adam Bubes)。

I just had a couple on the data center business. Based on last quarter's 10-Q and today's results, it looks like your data center business is growing in the very high double-digit growth range organically. And it appears that it's well above broader data center construction spending in the US, which is closer to call it, 25% up year-over-year. So just wondering what's driving your outsized data center growth versus industry data points in your view? And do you expect that spread is sustainable?

我剛剛談了一些有關資料中心業務的事情。根據上個季度的 10-Q 和今天的結果，看起來您的資料中心業務正在以非常高的兩位數成長範圍有機成長。而且看起來，這一數字遠高於美國整體資料中心建設支出，更確切地說，年增了 25%。所以我想知道，在您看來，與行業數據點相比，是什麼推動了您的超大型數據中心的成長？您認為這種傳播是可持續的嗎？

I don't know if that's sizable spread is sustainable, but I think much like nonres market, I would expect us over time to outgrow whatever the data center market is growing. And that's for a number of reasons. We're in more markets than just about anybody. We have a lot of customers that really like us. We do great work for them.

我不知道這種相當大的差距是否可持續，但我認為，與非房地產市場非常相似，我預計隨著時間的推移，我們的成長速度將超過資料中心市場的成長速度。這是有多種原因的。我們涉足的市場比任何人都要多。我們有很多非常喜歡我們的客戶。我們為他們做了出色的工作。

Some of our folks are the most innovative people, both mechanically and electrically and how a data center gets built. That's both fire life safety, mechanical and electrical. We do a great job of VDC and BIM and prefabrication in the data center world, which leads to really good outcomes for our customers. And we have a resume in a lot of ways, is second to none. And again, I always go back to, these are the most demanding smart customers that we work with.

我們中的一些人是最具創新精神的人，他們精通機械和電氣技術，並知道如何建造資料中心。這既涉及火災生命安全，也涉及機械和電氣安全。我們在資料中心領域的 VDC、BIM 和預製方面做得非常出色，這為我們的客戶帶來了非常好的成果。而且我們的簡歷在許多方面都是首屈一指的。我總是回想，這些都是我們合作過的最苛刻、最聰明的客戶。

And so I take it as a real for source of pride, but not so much for me. Source of pride in our people that have become leaders in this market and build our capability. And they're good. And I think if you're growing like we are, both mechanically and electrically and outpacing the market by 1.5 times to 2 times, you have to be good because, again, you're working for some of the toughest customers known demand.

因此我把它視為真正的驕傲，但對我來說卻並非如此。我們為我們的員工感到驕傲，他們已經成為這個市場的領導者並增強了我們的能力。而且它們都很好。我認為，如果你們像我們一樣在機械和電氣領域不斷發展，並且比市場增長 1.5 倍到 2 倍，那麼你們就必須做得非常好，因為你們正在為一些已知需求最苛刻的客戶工作。

Great. And then I understand there's many different moving pieces underpinning margins, but I think all else equal, data center margins are relatively strong. If data centers continue to increase as a percent of your overall revenue, should we expect potential for further total company margin expansion, all else equal?

偉大的。然後我知道有很多不同的因素支撐著利潤率，但我認為在其他條件相同的情況下，資料中心的利潤率相對較高。如果資料中心占公司總收入的百分比繼續增加，那麼在其他條件相同的情況下，我們是否應該預期公司總利潤率有進一步擴大的潛力？

I have to say you have to add other variable on top of that, and that's contract mix. Certain times, we're working GMP, we're working to a target fee and a target price. Other times, we're doing at fixed price. That mix of contract mix, and that can change quarter-to-quarter by customer. That can be whether one of the big people we all heard about this morning as they announced, whether it's one of the seven or what's one of the (inaudible) people voting for the seven.

我不得不說你必須在此基礎上添加其他變量，那就是合約組合。某些時候，我們會按照 GMP 來工作，我們會按照目標費用和目標價來工作。其他時候，我們以固定價格出售。合約組合的這種組合可以根據客戶逐季度變化。這可能是我們今天早上聽到的宣布的某位大人物，可能是七人組之一，也可能是投票給七人組的（聽不清楚）人之一。

The contract mix has a big part to that. And also for us is the timing when we're on a site, sometimes we'll start on a site and they're going to do a three-year build, four-year build on that data center site. We'll start on that site, and we'll work on that site initially, and we've started some new sites. We'll initially started the GMP and then we'll move to a fixed price. So that changes in mix are happening all the time, where they'll come up with a new design on a site and we thought we were going to be doing a fixed price and now that will go to GMP for the next build because they've changed their design.

合約組合對此起著重要作用。對我們來說，還有一個時間點就是我們到達某個站點的時間，有時我們會在一個站點開始建設，然後他們會在該資料中心站點進行為期三年、四年的建設。我們將從該網站開始，並且我們將首先在該網站上進行工作，並且我們已經啟動了一些新網站。我們將首先啟動 GMP，然後轉向固定價格。因此，組合的變化一直在發生，他們會在現場提出新的設計，我們以為我們會做一個固定價格，但現在這將轉到 GMP 進行下一個構建，因為他們已經改變了他們的設計。

They're managing their risk. But remember, we're always managing our customers, too. But the only reason data centers may look more profitable is because we spend a lot of time working with our customers on feed to market and we spend a lot of time working with our customers on what's the appropriate level of risk each of us should be taking.

他們正在管理風險。但請記住，我們也始終在管理我們的客戶。但資料中心看起來更有利可圖的唯一原因是，我們花費大量時間與客戶合作，將產品推向市場，我們花費大量時間與客戶合作，確定每個人應該承擔的適當風險等級。

Yes. And just to echo what Tony said, right, I never generalized by sector. I think we are in our margin on every job and it's just speculation until you know the scope of the job, the contract structure, the geography, what that labor pool looks like and how much we can prefab.

是的。只是為了重複托尼所說的話，對，我從來沒有按部門進行概括。我認為我們在每項工作上都有自己的利潤空間，在你了解工作範圍、合約結構、地理位置、勞動力資源狀況以及我們可以預製多少之前，這只是猜測。

And just as a point there, right, as you said, if you look at the growth rate we've seen for data centers this year, it's definitely high double digits but our guidance for the full year implies is the same margins we were in last year. So I wouldn't necessarily say that just because you have more of one sector, your margins are going up.

正如您所說，如果您看一下今年資料中心的成長率，它肯定是兩位數的高成長率，但我們對全年的預期意味著利潤率與去年相同。因此，我不會說僅僅因為你在某個領域有更多業務，你的利潤率就會上升。

Because the contract mix is so much of that. And we're in a learning curve in some of these new sites, too, because of the labor.

因為合約組合中有很多這樣的情況。而且由於勞動力的緣故，我們在一些新站點也處於學習階段。

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

我們的問答環節到此結束。現在我想將會議交還給 Tony Guzzi 並請他致閉幕詞。

Thank you all very much for being part of our call today. Welcome to our new cover analysts. And we look forward to a strong second half, and I hope you all stay safe and have a good remainder of the summer. Andy, back to you.

非常感謝大家今天參加我們的電話會議。歡迎來到我們的新封面分析師。我們期待下半年的強勁表現，並希望大家能平安度過愉快的夏天。安迪，回到你身邊。

Great. Thanks, Tony. And thanks, Jason. And thank you all for joining us today. As always, if you should have any follow-up questions, please do not hesitate to reach out to me directly. Thank you all again, and have a great day. Ranju, can you please close the call?

偉大的。謝謝，托尼。謝謝你，傑森。感謝大家今天的到來。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。Ranju，你能掛斷電話嗎？

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

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。