EMCOR Group Inc (EME) 2025 Q3 法說會逐字稿

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

早安.我叫克里斯，今天我將擔任你們的會議接線生。在此，我謹代表EMCOR集團歡迎各位參加2025年第三季財報電話會議。（操作說明）

At this time, I would like to turn the call over to Lucas Sullivan, Director of Financial Planning and Analysis. Mr. Sullivan, you may proceed.

此時，我想把電話交給財務規劃與分析總監盧卡斯‧沙利文。蘇利文先生，您可以繼續了。

Thank you, Chris. Good morning, everyone, and welcome to EMCOR's third-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 emcorgroup.com.

謝謝你，克里斯。各位早安，歡迎參加EMCOR 2025年第三季財報電話會議。對於透過網路直播收看本次活動的各位，我們現在正開始進行幻燈片演示，該演示將配合我們今天的演講。本次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, Senior Vice President and EMCOR's Chief Financial Officer; and Maxine Mauricio, Executive Vice President, Chief Administrative Officer and General Counsel.

今天陪同我出席的有：董事長、總裁兼執行長托尼·古齊；高級副總裁兼EMCOR首席財務官傑森·納爾班迪安；以及執行副總裁、首席行政官兼總法律顧問馬克辛·毛里西奧。

For today's call, Tony will provide comments on our third quarter and discuss our RPOs. Jason will then review the third quarter in numbers, then turn it back to Tony to discuss our guidance before we open it up for Q&A.

在今天的電話會議上，Tony 將對我們第三季的業績發表評論，並討論我們的招募點目標 (RPO)。接下來，Jason 將回顧第三季的數據，然後將其交還給 Tony，討論我們的業績指引，之後我們將開放問答環節。

Before we begin, a quick reminder that 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.

在開始之前，請快速提醒一下，本次演示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。我們的簡報第 2 頁詳細描述了這些前瞻性陳述和非 GAAP 財務資訊揭露。我鼓勵大家結合我們的討論和隨附的幻燈片仔細閱讀這兩份披露文件。

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.

最後提醒大家，今天早上電話會議中討論的所有財務資訊都包含在我們今天早上發布的盈利新聞稿和提交給美國證券交易委員會的 10-Q 表格中的合併財務報表中。

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

那麼，現在讓我把電話交給東尼。托尼？。

Thanks, Lucas, and welcome to the call. And I'm going to be on pages 4 through 5 of our presentation. Good morning, and welcome to our third quarter 2025 earnings call. I'm going to cover the financial highlights for the third quarter and then provide commentary on what has gone well through the first three quarters of this year which has been a lot. Jason will cover the quarterly financial results in detail.

謝謝盧卡斯，歡迎參加通話。我的內容會出現在簡報的第4頁到第5頁。早安，歡迎參加我們2025年第三季財報電話會議。我將介紹第三季的財務亮點，然後對今年前三個季度的良好進展進行評論，這三個季度有很多值得關注的事情。傑森將詳細介紹季度財務業績。

We had another strong quarter at EMCOR. We earned $6.57 in diluted earnings per share and generated revenues of $4.3 billion, which represents a 16.4% increase from the prior year period. We achieved an exceptional operating margin of 9.4% and had strong operating cash flow of $475.5 million.

EMCOR 又迎來了一個強勁的季度。我們每股攤薄收益為 6.57 美元，營收為 43 億美元，比上年同期成長 16.4%。我們實現了 9.4% 的卓越營業利潤率，並擁有 4.755 億美元的強勁經營現金流。

For the third quarter, we had a book-to-bill of 1.16 with remaining performance obligations at a record $12.6 billion, which represents an increase of $2.8 billion year-over-year and $2.5 million from December of 2004. We continue to allocate capital with discipline. For the first nine months of 2025, we allocated just over $430 million on share repurchases and utilized $900 million for acquisitions.

第三季度，我們的訂單出貨比為 1.16，剩餘履約義務達到創紀錄的 126 億美元，比去年同期增加 28 億美元，比 2004 年 12 月增加 250 萬美元。我們將繼續以嚴謹的態度進行資本配置。2025 年前九個月，我們分配了略高於 4.3 億美元用於股票回購，並利用 9 億美元用於收購。

Our balance sheet remains strong and liquid providing the fuel to support our growth and capital allocation strategy. So what's driving this outstanding performance in the first three quarters of 2025. Our Electrical and Mechanical Construction segments continue to earn impressive operating margins and generate growth in the base of business as demonstrated by increases in both revenue and RPOs across a number of key sectors.

我們的資產負債表依然穩健且流動性充足，為我們的成長和資本配置策略提供了動力。那麼，是什麼因素推動了2025年前三個季度如此出色的業績呢？我們的電氣和機械施工部門繼續獲得令人矚目的營業利潤率，並在業務基礎方面實現了成長，這體現在多個關鍵領域的收入和 RPO 的成長。

We execute well for our customers in these segments by using BDC BIM and prefabrication, coupled with strong planning, excellent labor sourcing and management and disciplined contract negotiation and oversight. We have managed our project mix well and continue to gain the confidence of our customers across geographies and diverse market sectors.

我們利用 BDC BIM 和預製技術，結合強而有力的規劃、優秀的勞動力資源和管理，以及嚴謹的合約談判和監督，為這些領域的客戶提供了良好的服務。我們很好地管理了專案組合，並持續贏得來自不同地區和不同市場領域的客戶的信任。

With respect to data centers, we continue to improve our capabilities to serve an increasing number of data center sites with multiple trades and across a diverse set of customers. As I've said before, we are known for having the best field leadership in the business and they operate with focus, discipline, humility and grit.

在資料中心方面，我們不斷提升自身能力，為越來越多的資料中心站點提供服務，這些站點涉及多個行業，並服務於多元化的客戶群。正如我之前所說，我們以擁有業內最優秀的現場領導團隊而聞名，他們以專注、自律、謙遜和堅韌不拔的精神開展工作。

Our Mechanical Services business and our US Building Services segment continues to execute well with revenue growth of nearly 6% in the quarter and 7% year-to-date and an operating margin in the high single digits. The impact of the successful restructuring in our site-based businesses is reflected in this segment's third quarter operating margin expansion.

我們的機械服務業務和美國建築服務部門持續保持良好業績，本季營收成長近 6%，年初至今成長 7%，營業利潤率達到高個位數。我們成功重組旗下各業務部門的影響力體現在該部門第三季的營業利潤率成長。

Our Industrial Services segment had some demand headwinds during the year as some large turnarounds were moved into the fourth quarter or further into 2026. And lastly, we had a successful third quarter in our UK Building Services segment. In September, we announced the sale of our UK business and believe that we will complete this transaction by year-end as we await UK regulatory approval.

今年，由於一些大型檢修項目被推遲到第四季度或更晚的 2026 年，我們的工業服務部門面臨一些需求上的不利因素。最後，我們在英國建築服務業務部門的第三季也取得了成功。9 月份，我們宣佈出售我們在英國的業務，並相信在等待英國監管部門批准的情況下，我們將在年底前完成這筆交易。

EMCOR UK has a very talented management team. and they will serve their new owners well, and we will miss them. Overall, we had another strong quarter and a robust performance year-to-date in 2025.

EMCOR UK擁有一支非常優秀的管理團隊，他們會為新東家服務得很好，我們會想念他們的。總體而言，我們在 2025 年又迎來了一個強勁的季度，並且年初至今業績表現穩健。

Now I'm going to turn to the RPO section. As I previously mentioned, we leave the quarter with a diverse and strong set of RPOs at $12.6 billion. Due to the growth in the majority of the sectors we serve, our RPOs have increased 29% year-over-year and 25% when compared to December of 2024. On a sequential basis, RPOs have increased 6% from June to September.

現在我要轉到RPO部分。正如我之前提到的，本季末，我們的 RPO 規模達到 126 億美元，且業務多元化且實力雄厚。由於我們所服務的大多數行業都在成長，我們的 RPO 業務年增了 29%，與 2024 年 12 月相比成長了 25%。從 6 月到 9 月，RPO 環比成長了 6%。

Long-term secular trends across key sectors continue to support this growth. Driven by robust data center demand, RPOs within network and communications totaled a record $4.3 billion at the end of September, almost double that of the year ago period. While acquisitions have added to our data center capabilities and allow us to serve our customers in additional geographies, over 80% of our RPO growth we have seen in this space during 2025 has been organic.

各關鍵產業的長期發展趨勢持續支撐著這一成長。受強勁的資料中心需求推動，截至 9 月底，網路和通訊領域的 RPO 總額達到創紀錄的 43 億美元，幾乎是去年同期的兩倍。雖然收購增強了我們的資料中心能力，並使我們能夠為更多地區的客戶提供服務，但我們在 2025 年看到的 RPO 成長中，超過 80% 是自然成長。

Health core RPOs totaled $1.3 billion. While the health care sector has always been core to EMCOR, the acquisition of Miller Electric has expanded our opportunities in this sector contributing to the nearly 7% RPO growth we experienced year-over-year.

醫療核心RPO總額達13億美元。雖然醫療保健產業一直是EMCOR的核心業務，但收購Miller Electric擴大了我們在該行業的機會，促成了我們RPO業務年增近7%。

Manufacturing and Industrial RPOs totaled $1.1 billion. In addition to demand driven by customers' onshoring and reshoring initiatives recent growth in this sector has also benefited from the award of certain food process projects within our Mechanical Construction segment as well as a renewable energy project within our Industrial Services segment and led by our Mechanical Construction segment, water and wastewater RPOs increased by over $300 million during the quarter and now total $1 billion as we continue to win projects throughout Florida.

製造業和工業RPO總額達11億美元。除了客戶回流和遷回本土化舉措帶來的需求外，該行業近期的成長還得益於我們機械施工部門承接的某些食品加工項目，以及我們工業服務部門承接的可再生能源項目。此外，在我們機械施工部門的牽頭下，本季水和廢水 RPO 金額增加了 3 億美元以上，目前總額已達 10 億美元，因為我們在佛羅裡達州各地持續贏得專案。

Although RPOs within high-tech manufacturing have decreased from September of last year, we continue to believe in the long-term fundamentals of the sector while acknowledging that award of these projects can be episodic in nature or impacted by our resource allocation decisions as we seek to deploy our workforce in a manner that achieves optimal outcomes for EMCOR and our shareholders.

儘管高科技製造業的 RPO 數量較去年 9 月有所下降，但我們仍然相信該行業的長期基本面，同時我們也認識到，這些項目的授予可能具有偶發性，或者會受到我們資源分配決策的影響，因為我們尋求以能夠為 EMCOR 和我們的股東實現最佳結果的方式來部署我們的員工隊伍。

With that, I will gladly turn the presentation over to Jason to cover our financial results in detail.

接下來，我將把演講交給傑森，讓他詳細介紹我們的財務表現。

Thank you, Tony, and good morning, everyone. As Tony mentioned, over the next several slides, I will review the operating performance for each of our segments as well as some of the key financial data for the third quarter of 2025 as compared to the third quarter of 2024.

謝謝你，托尼，大家早安。正如東尼所提到的，在接下來的幾張投影片中，我將回顧我們各部門的營運業績，以及 2025 年第三季與 2024 年第三季的一些關鍵財務數據。

I'll start on slide 6, which is revenues. With growth of 16.4%, revenues of $4.3 billion set a new company record for a third quarter. Acquisitions contributed $306.6 million, with the largest incremental revenue coming from Miller Electric.

我先從第 6 張投影片開始，內容就是收入。第三季營收成長 16.4%，達到 43 億美元，創下公司第三季新紀錄。收購貢獻了 3.066 億美元，其中新增收入最大的是 Miller Electric。

On an organic basis, revenues grew by 8.1%. We experienced growth within all of our reportable segments and demand for our services continues to be strong across most of the sectors that we serve. If we look at each of our segments, revenues of US Electrical Construction were $1.29 billion, increasing 52.1% due to a combination of strong organic growth and the acquisition of Miller. Consistent with our commentary over the last several quarters, while we continue to experience greater data center demand, growth within this segment remains broad based as increased revenues were generated from nearly all market sectors.

以有機成長計算，收入成長了 8.1%。我們所有可報告的業務部門都實現了成長，並且在我們所服務的絕大多數行業中，對我們服務的需求仍然強勁。如果我們逐一查看各個業務板塊，美國電氣建築業務的收入為 12.9 億美元，成長了 52.1%，這得益於強勁的內生成長和對 Miller 的收購。正如我們過去幾季的評論所述，儘管我們持續感受到資料中心需求的成長，但該領域的成長依然是廣泛的，因為幾乎所有市場領域的收入都有所增長。

In addition to networking communications, where revenues grew by nearly 70% year-over-year Electrical Construction saw notable growth in commercial, health care, institutional and transportation. This once again demonstrates the broad offerings of this segment.

除了網路通訊業務收入年增近 70% 之外，電氣建設業務在商業、醫療保健、機構和運輸領域也實現了顯著增長。這再次證明了該細分市場的豐富性。

Revenues in Electrical Construction also benefited from higher levels of short duration projects and service work due in part to the capabilities we've added through the Miller acquisition. Revenues of US Mechanical Construction were a record $1.78 billion, up 7% almost entirely through organic growth. Due to greater demand for data center construction projects, this segment saw the largest increase from the network and communications market sector where quarterly revenues nearly doubled year-over-year.

由於我們透過收購 Miller 公司而獲得了更多短期專案和服務工作，電氣工程業務的收入也因此受益。美國機械建築業的收入達到創紀錄的 17.8 億美元，成長 7%，幾乎完全是透過內生成長實現的。由於對資料中心建設專案的需求增加，該細分市場在網路和通訊市場領域實現了最大幅度的成長，季度收入較去年同期成長近一倍。

Beyond data centers, greater revenues were generated from several other market sectors with the most notable increase within manufacturing and industrial, led by food processing construction projects. Partially offsetting the revenue growth of the mechanical construction were decreases within the high-tech manufacturing as we completed certain semiconductor construction projects and commercial due to less warehousing and distribution project revenue.

除了資料中心之外，其他幾個市場領域也產生了更大的收入，其中製造業和工業領域的成長最為顯著，食品加工建設專案更是推動了這一成長。機械建設業務的收入成長部分被高科技製造業的收入下降所抵消，因為我們完成了一些半導體建設項目，而商業領域的收入下降則是因為倉儲和配送項目的收入減少。

While we are starting to see some resumption in demand from our e-commerce customers, we are just beginning to ramp up on these projects. On a combined basis, our Construction segment generated revenues of $3.1 billion an increase of 22.2%.

雖然我們開始看到電子商務客戶的需求有所恢復，但我們才剛開始增加這些專案的投資。從整體來看，我們的建築業務部門創造了 31 億美元的收入，成長了 22.2%。

Looking next at US Building Services revenues of $813.9 million reflect a 2.1% increase year-over-year. This marks the second quarter of revenue growth since the loss of site-based contracts that we've previously referenced. Similar to the second quarter, the growth in Mechanical Services exceeded the revenue decline within site-based and driven by each of its service lines, our Mechanical Services division generated revenue growth of 5.8% in the quarter, all of which was organic.

接下來來看美國建築服務收入，為 8.139 億美元，年增 2.1%。這是自我們之前提到的場地合約損失以來的第二個季度收入增長。與第二季類似，機械服務業務的成長超過了現場業務收入的下降，並且在各服務線的推動下，我們的機械服務部門在本季度實現了 5.8% 的收入成長，全部為內生成長。

Turning to our Industrial Services segment, revenues of $286.9 million are in line with that of the year ago period. Decreased field services revenues as a result of the completion of a large renewable fuel project were offset by an increase in shop service revenues primarily due to greater new build heat exchanger sales.

再來看我們的工業服務部門，營收為 2.869 億美元，與去年同期持平。由於大型再生燃料專案的完成，現場服務收入減少，但車間服務收入增加，這主要是由於新熱交換器銷售額增加所致。

And lastly, UK Building Services generated revenues of $136.2 million, which represents an increase of $29.8 million or 28.1%. While favorable exchange rate movements did positively impact the segment's revenues by $4.8 million, growth was largely driven by the award of recent facilities maintenance contracts by new customers and increased project activity with existing customers.

最後，英國建築服務業務的營收為 1.362 億美元，比上年同期成長 2,980 萬美元，增幅達 28.1%。雖然有利的匯率變動確實為該部門的收入帶來了 480 萬美元的積極影響，但成長主要得益於新客戶最近授予的設施維護合約以及與現有客戶增加的專案活動。

If we turn to slide 7 for operating income. We generated a record third quarter operating of $405.7 million and earned a very impressive 9.4% operating margin. Looking at each of our segments. US Electrical Construction had operating income of $145.2 million, which represents a nearly 22% increase.

如果我們翻到第 7 張投影片，了解營業收入。我們第三季營業收入創歷史新高，達到 4.057 億美元，營業利潤率也達到了令人矚目的 9.4%。我們逐一審視每個業務板塊。美國電氣建築公司營業收入為 1.452 億美元，成長近 22%。

As a result of the revenue growth I referenced, this segment experienced greater gross profit across the majority of the market sectors in which we operate, resulting in the increase in operating income. While down from the unprecedented 14.1% earned in last year's third quarter, the segment's operating margin of 11.3% remains strong, reflecting the overall performance and execution by our companies.

由於我提到的收入成長，該業務板塊在我們營運的大部分市場領域都實現了更高的毛利，從而導致營業收入增加。儘管較去年第三季史無前例的 14.1% 有所下降，但該部門 11.3% 的營業利潤率依然強勁，反映了我們公司的整體業績和執行力。

In addition to incremental intangible asset amortization, which reduced operating margin by 90 basis points, operating margin in the quarter was impacted by lower profitability on certain projects in new geographies where we encountered reduced labor productivity while investing in the development of a workforce.

除了無形資產攤銷增加導致營業利潤率下降 90 個基點外，本季營業利潤率也受到某些新地區項目盈利能力下降的影響，這些項目在投資發展勞動力的同時，勞動生產力也下降了。

Operating income from US mechanical construction of $229.3 million increased by 6.7%, in line with the growth in segment revenues, while operating margin of 12.9% is comparable year-over-year as we continue to execute well across our project portfolio. Together, our construction segments grew operating income by 12.1% and earned a combined operating margin of 12.2%.

美國機械工程業務的營業收入為 2.293 億美元，成長 6.7%，與業務部門收入的成長一致；營業利潤率為 12.9%，與去年同期持平，因為我們繼續在整個專案組合中保持良好的執行力。我們的建築業務板塊合計營業收入成長了 12.1%，合計營業利益率為 12.2%。

US Building Services generated operating income of $59.4 million an increase of 6.9% and expanded operating margin by 30 basis points to 7.3%. In addition to the increase in revenue, the operating performance of this segment benefited from a reduction in SG&A margin as we are beginning to see the impact of the restructuring we recently completed within our site-based business.

美國建築服務公司實現營業收入 5,940 萬美元，成長 6.9%，營業利潤率提高 30 個基點至 7.3%。除了收入成長外，該部門的經營業績也受惠於銷售、一般及行政費用率的下降，因為我們開始看到我們最近在現場業務中完成的重組的影響。

Moving to Industrial Services. Despite revenues which were relatively consistent year-over-year, operating income of this segment nearly doubled due in part to a more favorable mix, given a greater percentage of higher-margin shop services work.

轉入工業服務領域。儘管收入與上年同期相比相對穩定，但由於利潤率較高的店鋪服務工作比例增加，業務組合更加有利，該部門的營業收入幾乎翻了一番。

And lastly, UK Building Services had operating income of $7.6 million or 5.6% of revenues. The increased profitability of the UK business was due to greater gross profit stemming from increased revenues, a more favorable project mix, and effective cost management, which resulted from the leveraging of their overhead during a period of growth.

最後，英國建築服務公司的營業收入為 760 萬美元，佔總收入的 5.6%。英國業務獲利能力的提高，是由於收入增加帶來的毛利成長、更有利的專案組合以及有效的成本管理，而這些都是在成長時期利用其間接費用實現的。

If we move to slide 8, I'll cover a few highlights not included on the previous slides. Gross profit of $835.3 million has increased by 13.7%, and our gross profit margin for the quarter was 19.4%. SG&A of $429.6 million increased by $58.4 million, while our SG&A margin remained consistent year-over-year at 10% of revenues, accounting for nearly two-third of the increase in SG&A was $32.2 million of incremental expenses from acquired companies and $5.7 million of incremental intangible asset amortization expense.

如果翻到第 8 張投影片，我將介紹一些前面投影片中沒有提到的重點內容。毛利為 8.353 億美元，成長了 13.7%，本季毛利率為 19.4%。銷售、一般及行政費用為 4.296 億美元，增加了 5,840 萬美元，而我們的銷售、一般及行政費用利潤率與去年同期持平，為收入的 10%。銷售、一般及行政費用增加的近三分之二是由於收購公司帶來的 3,220 萬美元增量支出和 570 萬美元增量無形資產攤銷費用。

Excluding these items, SG&A grew by $20.5 million, largely due to employment costs as we continue to invest in headcount to support our organic growth and we experienced some increased incentive compensation within certain of our segments given higher projected operating results. And finally, on this page, diluted earnings per share was $6.57 compared to $5.80, an increase of 13.3%.

在剔除這些項目後，銷售、一般及行政費用增長了 2050 萬美元，這主要是由於我們繼續投資於員工人數以支持我們的內生增長，以及由於預計經營業績較高，我們在某些​​業務部門的激勵性薪酬有所增加。最後，本頁數據顯示，稀釋後每股收益為 6.57 美元，而上一頁為 5.80 美元，成長了 13.3%。

If we look briefly at slide 9, this slide summarizes our results for the first nine months of 2025. With year-to-date revenue growth of 15.5% and operating margin expansion of 20 basis points, or 30 basis points when you exclude the impact of the transaction costs incurred earlier this year, our performance for the first three quarters set a number of new company records.

如果我們簡單看一下第 9 張投影片，這張投影片總結了我們 2025 年前九個月的業績。今年迄今為止，公司收入增長了 15.5%，營業利潤率提高了 20 個基點，如果排除今年早些時候產生的交易成本的影響，則提高了 30 個基點，前三個季度的業績創造了多項公司新紀錄。

In a later slide, Tony will outline our updated earnings guidance for 2025. As I've done in the past, I mentioned that now as this guidance reflects continued strength in our margins. Specifically, at the low end, we have assumed a full year operating margin, which is equal to what we have earned year-to-date. While the high end reflects what we could achieve if we produce an operating margin in the fourth quarter, equivalent to the record margin we earned in Q4 of last year.

在後面的幻燈片中，Tony 將概述我們更新後的 2025 年獲利預期。正如我過去所做的那樣，我再次提到，這份指導方針反映了我們利潤率的持續強勁。具體來說，在最低限度，我們假設全年營業利潤率與我們今年迄今的利潤率相等。高端反映瞭如果我們第四季的營業利潤率達到去年第四季創紀錄的利潤率，我們就能取得的成就。

Let's move to slide 10, which is our balance sheet. With cash on hand of $655 million and working capital of $878 million, our balance sheet as of September 30 remains strong and liquid, positioning us well to continue to deliver for our customers and shareholders. Although not shown on the slide, during the quarter, we had operating cash flow of $475.5 million and have generated $778 million year-to-date.

讓我們來看第 10 張投影片，也就是我們的資產負債表。截至9月30日，我們擁有6.55億美元的現金和8.78億美元的營運資金，資產負債表依然穩健且流動性強，這使我們能夠繼續為客戶和股東創造價值。雖然幻燈片上沒有顯示，但本季我們的營運現金流為 4.755 億美元，今年迄今已產生 7.78 億美元的現金流。

For the full year, we continue to estimate that operating cash flow will be at least equal to net income and approximately up to 80% of operating income. Given our strong operating cash flow during the quarter, we repaid the $250 million that was previously outstanding under our revolving credit facility.

我們預計全年經營現金流至少將等於淨收入，並可達到營業收入的約 80%。鑑於本季強勁的營運現金流，我們償還了先前根據循環信貸額度未償還的 2.5 億美元。

And before I turn the call back over to Tony, I just want to quickly look at slide 11, which summarizes the pending divestiture of our UK business. As Tony mentioned and we previously announced, we have entered into an agreement to sell EMCOR UK for approximately $255 million. This transaction, which we anticipate will close prior to the end of the year, sharpens our focus on core end markets throughout the United States while supporting our balanced capital allocation strategy.

在我將電話轉回給托尼之前，我想快速看第 11 張幻燈片，其中概述了我們即將剝離的英國業務。正如托尼所提到的，我們之前也宣布過，我們已經達成協議，將以約 2.55 億美元的價格出售 EMCOR UK。我們預計這項交易將在年底前完成，這將使我們更加專注於美國各地的核心終端市場，同時支援我們均衡的資本配置策略。

Proceeds will be used to pursue further organic growth and strategic M&A with a focus on electrical and mechanical construction as well as mechanical services while also returning capital to our shareholders. Due to the size of the UK business, this transaction will not be treated as discontinued operations and as a result, we will retain the revenue and earnings that have been generated by the business due to the close of the transaction.

所得將用於進一步的內生成長和策略併購，重點是電氣和機械施工以及機械服務，同時也將資本回饋給我們的股東。由於英國業務規模龐大，本次交易將不被視為終止經營，因此，我們將保留因交易完成而產生的業務收入和利潤。

Therefore, while EMCOR UK currently provides us with approximately $500 million of annual revenue and $0.45 of diluted EPS the impact in the current year will be limited to the portion of 2025 that we no longer own the business. This has been reflected in the updated earnings guidance, which Tony will share with you. And when providing our Q4 results we will adjust for transaction expenses and any gain from sale as those items are excluded from our guidance.

因此，儘管 EMCOR UK 目前每年為我們帶來約 5 億美元的收入和 0.45 美元的稀釋每股收益，但今年的影響將僅限於 2025 年我們不再擁有該業務的那部分時間。這一點已體現在更新後的獲利預期中，托尼將與大家分享。在提供第四季度業績時，我們將對交易費用和任何銷售收益進行調整，因為這些項目不包含在我們的業績指引中。

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

這樣，我就把電話轉回給托尼了。

Thanks, Jason. We've been executing very well. And as a result, we will tighten our 2025 revenue and earnings per share guidance. Specifically, we're updating our full year 2025 revenue guidance to a range of $16.7 million to $16.8 billion from a previous range of $16.4 billion to $16.9 billion. This reflects the momentum we have seen in the business while adjusting for the anticipated sale of the UK segment.

謝謝你，傑森。我們執行得非常好。因此，我們將收緊 2025 年營收和每股盈餘預期。具體來說，我們將 2025 年全年營收預期從先前的 164 億美元至 169 億美元調整為 1,670 萬美元至 168 億美元。這反映了我們在調整英國業務預期出售的影響後，所看到的業務發展勢頭。

We are also narrowing our guidance for non-GAAP diluted earnings per share to a rate of $25 to $25.75 reflecting an increase of $0.50 at the low end and $0.25 at the midpoint. In order to continue to earn strong operating margins, we will need to continue to execute with discipline and efficiency for our customers. I always remind our investors that this is not a quarter-to-quarter business with respect to operating margins and the past four to eight quarters, on average, reflect the underlying margins in our business.

我們同時將非GAAP稀釋後每股盈餘預期範圍縮小至25美元至25.75美元，其中下限增加0.50美元，中點增加0.25美元。為了持續獲得強勁的營業利潤率，我們需要繼續以嚴謹且有效率的方式為客戶服務。我總是提醒我們的投資者，就營業利潤率而言，這不是一個按季度計算的業務，過去四到八個季度的平均數據反映了我們業務的潛在利潤率。

There remains momentum and demand in key sectors, especially in data centers, traditional and high-tech manufacturing, health care, water and wastewater, HVAC service, building controls and retrofit projects. Macroeconomic uncertainty always exists, especially around tariffs, trade and now we have the government shutdown again. But we believe our guidance reflects the potential impact of such uncertainty as we view it today.

關鍵產業，特別是資料中心、傳統和高科技製造業、醫療保健、水和廢水處理、暖通空調服務、樓宇控制和改造項目，仍然保持著強勁的發展勢頭和需求。宏觀經濟的不確定性始終存在，尤其是在關稅、貿易方面，而現在政府又一次停擺了。但我們認為，我們的指導方針反映了我們目前所看到的這種不確定性可能產生的影響。

We will remain disciplined capital and resource allocators. Our strong balance sheet bolsters our ability to execute a healthy pipeline of acquisitions and also robust opportunities to invest in our organic growth and return of cash to shareholders through dividends and share repurchases.

我們將繼續保持嚴謹的資本和資源配置方式。我們強勁的資產負債表增強了我們執行健康收購計劃的能力，也為我們提供了充足的機會來投資於我們的內生成長，並透過股息和股票回購向股東返還現金。

When we talk about resource allocation, we work to maximize our opportunities across the right sectors, customers, contracts and geographies. Our resources, that is our supervision, our virtual design and construct or VDC capability, prefab, and as important as anything, our subsidiary and segment leaderships time, attention, and focus as they are ultimately the quarterback to direct this allocation, we think about that across all those sectors customers, contracts and geographies.

在談到資源分配時，我們致力於在合適的行業、客戶、合約和地理範圍內最大限度地利用我們的機會。我們的資源，包括我們的監管、我們的虛擬設計和建造（VDC）能力、預製件，以及同樣重要的，我們子公司和部門領導的時間、精力和專注力，因為他們最終是指導這項資源分配的負責人，我們在所有這些部門、客戶、合約和地理中都考慮到了這一點。

Last night, we signed an agreement to acquire the John W. Danforth company based in Buffalo, New York, with operations across Upstate New York and Ohio. Danforth is a mechanical construction company with expertise in data centers, health care, industrial, manufacturing and commercial. They also have excellent BDC and prefab capabilities.

昨晚，我們簽署了一項協議，收購總部位於紐約州布法羅的約翰·W·丹福斯公司，該公司在紐約州北部和俄亥俄州均有業務。Danforth 是一家機械建築公司，在資料中心、醫療保健、工業、製造和商業領域擁有豐富的專業知識。他們還擁有出色的BDC和預製能力。

Danforth should add about $350 million to $400 million in revenues with solid steady-state margins. However, in the first year, that those margins will be reduced to backlog amortization. The transaction is expected to close in the fourth quarter, subject to customary closing conditions. They are a great team. They have a great cultural fit with us, and we have worked together successfully in the past. We do look forward to much success together, and we look forward to soon welcoming the Danforth team to our EMCOR team.

Danforth 預計將增加約 3.5 億至 4 億美元的收入，並維持穩健的穩定利潤率。然而，在第一年，這些利潤率將因積壓訂單攤銷而減少。該交易預計將於第四季完成，但需滿足慣例成交條件。他們是一支很棒的團隊。他們與我們有著非常契合的文化，而且我們過去也曾成功合作過。我們期待共同取得巨大成功，也期待著丹福斯團隊盡快加入我們的EMCOR團隊。

And I'm going to close with what's probably the most important statement that I make at our recall. I want to thank my EMCOR teammates. Thank you for your dedication to EMCOR and our customers. Thank you for living our values every day. Thank you for taking care of one another and keeping each other safe, and thank you for the outstanding results we continue to produce for our shareholders.

最後，我要發表這次罷免大會上最重要的聲明。我要感謝我的EMCOR團隊成員。感謝您對EMCOR和我們客戶的奉獻。感謝你們每天實踐我們的價值觀。感謝大家互相照顧，確保彼此安全，也感謝大家持續為股東創造優異的績效。

And with that, I will take questions.

接下來，我將接受提問。

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

（操作說明）Brent Thielman，D.A. Davidson。

Tony, maybe just to build upon some of your comments in the concluding statement there. Obviously, I think maybe somewhat -- folks somewhat surprised by the margin profile this quarter. I think to your point, this is -- it's a construction business. You have impacts from mix and other factors in any quarter. And maybe, Tony, if you could build on the margins that you're seeing on new work? Are they attractive relative to what we see reported here? Just an opportunity to address those concerns here?

東尼，或許我想補充你在總結性發言中的一些觀點。顯然，我認為大家可能對本季的利潤率情況感到有些意外。我認為你說得對，這的確是一家建築公司。任何季度都會受到產品組合和其他因素的影響。東尼，或許你可以利用你在新作品中看到的利潤空間來進一步發展？與這裡報道的內容相比，它們有吸引力嗎？能否藉此機會解決這些問題？

This is some of the strongest overall operating margins we've had in a quarter. We knew we were going to have amortization headwind in the Electrical segment. And without the amortization headwind for the investment in new markets, reality is we're 14%-plus in electrical, mechanical margins are very strong. Building Services margins are strong

這是我們季度以來整體營運利潤率最高的一個季度。我們知道電氣業務板塊會面臨攤銷方面的阻力。而且，如果沒有投資新市場帶來的攤銷阻力，實際上我們在電氣領域的利潤率超過 14%，機械領域的利潤率也非常強勁。樓宇服務利潤率強勁

Jason, I think year-to-date, these are the best margins we've ever had on a year-to-date basis.

傑森，我認為就今年迄今為止而言，這是我們有史以來取得的最佳利潤率。

And I think the thing that I go back to Tony, is we've said over time, right, a rolling 12- to 24-month average is where we expect our margins to be those margins would be somewhere between 9.1% and 9.4% and on a consolidated basis, we delivered 9.4% in the quarter. And when you look at where we were as we exited Q2, we said for full year, our margins would be between 9% and 9.4%, and we delivered at 9.25%. So I think we're delivering the margins that we anticipated.

我認為我要回到托尼的觀點，我們之前說過，我們預計12到24個月的滾動平均利潤率會在9.1%到9.4%之間，而本季度我們實現了9.4%的綜合利潤率。回顧我們第二季末的情況，我們曾預測全年利潤率將在 9% 到 9.4% 之間，而我們最終實現了 9.25%。所以我認為我們實現了預期的利潤率。

Yes, and what the business does. I mean yes, it bounces around a little bit. But you don't buy something the size of Miller with the amount of backlog amortization. We're going to go through RPO or amortizati,n, we're going to go through and be able to keep margins at the levels they were. I mean it's just -- it's not and we did that when we gave our guidance for the year. So I'm a little befuddled about some of the margin reaction to be straight with you.

是的，還有企業實際進行的業務。是的，它會稍微晃動一下。但是，你不會用那麼多積壓的攤銷費用去購買像 Miller 這樣規模的公司。我們將進行 RPO 或攤銷，我們將努力維持利潤率在原有水準。我的意思是，事實並非如此——我們在發布年度指導方針時就說過這一點。坦白說，我對一些邊際反應感到有點困惑。

Yes. Understood. I guess, a separate question. Nearly double, if not more, in data center RPOs, I think folks understand that's a pretty good market. Maybe if you could just touch on maybe some of the other sectors and I mean what areas are surprising you in terms of relative strength or maybe even getting stronger that you'd point out outside of the data centers?

是的。明白了。我想，這是另一個問題。資料中心 RPO 的漲幅幾乎翻了一番，甚至更多，我認為大家都明白這是一個相當不錯的市場。或許您可以談談其他一些領域，我的意思是，除了資料中心之外，還有哪些領域在相對實力方面讓您感到驚訝，或者正在變得越來越強？

Yes. I think you hit on a really important question, Brent. I mean we have a broad base of business outside of data centers that's pretty successful. And I think a really good marker, and I always think about this in our business broadly, is what goes on in the mechanical service business, which grew mid-single digits as strong operating margins and almost has no data center exposure.

是的。布倫特，我覺得你問了一個很重要的問題。我的意思是，我們在資料中心之外還有相當成功的廣泛業務基礎。我認為一個很好的指標，也是我一直從整體考慮的，是機械服務業務的發展。該業務實現了中等個位數的成長，營運利潤率強勁，而且幾乎沒有資料中心業務。

I think I have this right, 7 of our 10 mechanical segments had growth and 10 of our electrical market sectors and 10 of our 11 electrical market sectors had growth. We're seeing strong growth on the mechanical side in water and wastewater. We continue to see strong demand in health care in both sectors, really. And the addition of Miller really bolsters our health care exposure on the electrical side in some of the fastest-growing health care markets in the country, of which they're exposed to.

我想我理解得沒錯，我們 10 個機械細分市場中有 7 個實現了成長，我們 11 個電氣市場細分市場中有 10 個實現了成長。我們看到水處理和廢水處理領域的機械設備方面出現了強勁成長。我們看到，這兩個領域對醫療保健的需求仍然強勁。Miller 的加入確實增強了我們在電氣領域的醫療保健業務，尤其是在美國一些成長最快的醫療保健市場，而 Miller 也涉足這些市場。

We continue to see good opportunities in traditional manufacturing, especially for us in food processing. It's one of the few things we do on a large scale EPC and we do it very well, our Shaba subsidiary in Fort Wayne, Indiana. We continue to see pretty good demand in traditional retrofit commercial. It's a strong market for us, especially with an eye towards energy efficiency and the restacking of buildings that continues to go on.

我們繼續看到傳統製造業的良好機遇，尤其是在食品加工領域。這是我們少數幾項大規模EPC業務之一，而且我們做得非常好，我們的Shaba子公司位於印第安納州韋恩堡。我們看到傳統商業改造的需求依然相當旺盛。對我們來說，這是一個強勁的市場，尤其是在人們越來越關注能源​​效率和建築物重新堆疊的情況下。

I think high-tech manufacturing, that's a choice. We have very strong demand in parts of the country, and we're executing very well. And other parts of the country, it's a little lumpier or we may rededicate those resources, quite frankly, to more data center work versus slog through another a semiconductor plant in parts of the country. We did very well on it. It's just a very difficult customer set and application in one particular case.

我認為高科技製造業是一種選擇。我們在國內部分地區的需求非常強勁，而且我們的執行情況也非常好。而全國其他地區的情況則不太理想，或者坦白說，我們可能會將這些資源重新投入到更多的資料中心建設中，而不是在該國其他地區再建一座半導體工廠。我們做得非常好。這是一個非常棘手的客戶群和特定案例中的應用問題。

So when you put it all together, demand is broad-based. It's strong, we like having diverse demand. We're going to continue to pursue diverse demand, and I think that's good news for our shareholders for the long term, and we're not giving up anything on the data center side by doing that, as you said, with the size and good. .

所以綜合來看，需求是廣大的。它很強勁，我們喜歡多元化的需求。我們將繼續追求多元化的需求，我認為這對我們的股東來說從長遠來看是個好消息，而且正如你所說，我們這樣做並不會放棄資料中心方面的任何東西，因為我們擁有規模和優勢。。

Adam Thalhimer, Thompson Davis.

亞當·塔爾海默，湯普森·戴維斯。

The organic expansion you talked about that impacted the Electrical segment, Tony, can you just talk about the investments you're making, how long that headwind might persist and what the benefit?

Tony，你剛才提到的對電氣行業產生影響的有機擴張，你能談談你們正在進行的投資、這種不利因素可能會持續多久以及帶來的好處嗎？

I think typically, Adam, it's a one or two quarter headwind as we start up the job and it's a margin investment is what it is. It's not really a capital investment upfront. It's a margin investment as we have to go through the learning curve of building a labor force and sometimes that takes a little longer. Sometimes we get it right at the beginning of a new market. And sometimes, it takes us further into the job to get it right.

我認為，亞當，通常情況下，在我們開始這項工作時，會遇到一到兩個季度的阻力，而這只是一項利潤投資。這其實並不是一筆前期資本投資。這是一筆利潤投資，因為我們必須經歷建立勞動力團隊的學習過程，而這有時需要更長的時間。有時，我們會在新市場一開始就把握住機會。有時，我們需要更深入地投入工作才能把事情做好。

And we do that all the time. And we only call that out, I think, to make investors aware that it's not a linear line when you expand from what was -- three or four data center markets in 2019, serving to over 60 today electrically and from one or two mechanically to over six today mechanically. That's not a linear straight line.

我們一直都是這麼做的。我認為，我們之所以指出這一點，是為了讓投資者意識到，資料中心市場的發展並非線性成長——從 2019 年的三、四個資料中心市場，發展到如今的 60 多個電力資料中心市場，以及從 2019 年的一兩個機械資料中心市場，發展到如今的六個以上機械資料中心市場。那不是一條直線。

We have yet to not do it successfully. And it's just more of a pointing out that, hey, that's part of how we grow the business and as part of what we almost look at it as R&D to go into a new market

我們至今為止還沒有失敗過。這更多的是在指出，嘿，這是我們發展業務的方式之一，也是我們幾乎將其視為進入新市場的研發活動的一部分。

Yes. And I think there's a combination of things that we expect to happen as we move forward, right? We'll build that labor force. We'll get that efficiency. We'll inherently become more productive as we do the next phases of these contracts, and we'll learn some lessons here, and we'll price our jobs to that market. So it's a number of things that we think kind of improve as you go from the first set of jobs to those next -- .

是的。我認為隨著我們不斷前進，我們預期會發生一系列事情，對吧？我們將培養這支勞動力隊伍。我們會達到那個效率。隨著這些合約的後續階段的進行，我們的生產效率自然會提高，我們會從中吸取一些經驗教訓，並根據市場情況來定價。所以，我們認為從第一批工作到下一批工作，有很多方面都會有所改善。——。

It's an ongoing headwind always in the numbers. This was a little more because it was a little bigger site.

從數據上看，這始終是持續的不利因素。這個網站稍微大一些，所以費用也稍微高一些。

Okay. Well, I think -- I mean, you left the prospect of flat Q4 margins in the guidance, which I thought was interesting. Just curious how you might get to the high end of the Q4 margin guide.

好的。嗯，我認為——我的意思是，你在業績指引中留下了第四季度利潤率持平的預期，我覺得這很有意思。我只是好奇你們是如何達到第四季利潤率預期上限的。

I think it's just project timing I mean, at this point, I mean, there's really nothing new. And then we'll have -- depending on when Danforth is closed, it's not going to really add anything. But we'll have revenue coming in without a lot of margin because of the headwind of the backlog amortization. We're still running off the Miller backlog amortization. I think those are the kind of things. Operating-wise, we expect to operate pretty well in the field

我覺得這只是專案時機的問題，我的意思是，目前來說，真的沒有什麼新的進展。然後，根據丹佛斯大道何時關閉，這實際上並不會增加任何東西。但由於積壓訂單攤銷帶來的不利影響，我們將獲得收入，但利潤率不會很高。我們仍在償還 Miller 的積壓訂單攤銷款項。我認為就是這類事情。就現場作業而言，我們預計會運作良好。

Brian Brophy, Stifel.

Brian Brophy，Stifel。

Just wanted to -- following up on the geographic investments. Just wanted to see if you could help us quantify, I guess, the impact. I think some of the numbers you gave, my back of envelope math suggests 200, maybe 250 basis points impact to margin in the quarter. Am I in the ballpark there? .

只是想跟進一下地域投資方面的情況。我只是想看看您能否幫我們量化一下這種影響。我認為你給出的一些數字，我粗略估算一下，可能會對本季的利潤率產生 200 到 250 個基點的影響。我估計得準嗎？。

Yes. I think I'll give you dollars and we can work it into margins. I mean if we look at the jobs that drove it, it's probably about $13 million or so

是的。我想我會給你美元，我們可以把這部分算進利潤裡。我的意思是，如果我們看看那些推動這一成長的就業崗位，大概價值1300萬美元左右。

Okay. That's helpful. And then appreciate all the commentary on the UK business. Curious how you guys are feeling about the business portfolio after this transaction closes, is there anything else you guys would consider noncore? Or how are you thinking about the portfolio at this point? .

好的。那很有幫助。然後，請欣賞所有關於英國商業的評論。很好奇各位對此次交易完成後的業務組合有何看法，還有什麼其他業務會被你們視為非核心業務嗎？或者說，您目前對投資組合有何看法？。

We look at our portfolio all the time. and portfolio actions to the size of the UK -- look, we're making portfolio adjustments all the time in our Mechanical and Electrical Construction business and even mechanical services. One of those portfolio adjustments we just talked about. We invested in a series of projects in a geographic market or two to gain scale in that market as a $13 million investment.

我們一直在審視我們的投資組合，並根據英國的規模調整投資組合——你看，我們一直在對機電建築業務，甚至機械服務業務進行投資組合調整。這是我們剛才討論過的投資組合調整之一。我們投資了 1300 萬美元，在一兩個地理市場開展了一系列項目，以擴大在該市場的規模。

You all don't think about that as a portfolio action. It was a little larger in this quarter, but it's major metro areas in this country, we have no interest participating on the electrical side in the traffic market anymore and we've been slowly winding that down across a number of markets.

你們都沒有把這看作是一種投資組合操作。本季規模略大一些，但這是該國的主要都市區，我們對參與交通市場的電氣方面已經沒有興趣了，我們已經在多個市場逐步減少了這方面的業務。

So those kind of things that we call routine course of business, the ins and outs, opening a new couple of new branch offices in the mechanical service business, either through a small asset purchase some guys tools and trucks which there's one move and one way that we announced, and there's one move in the other way, right?

所以，我們稱之為日常業務流程的事情，包括機械服務業務的來龍去脈，開設幾個新的分公司，要么通過購買一些工具和卡車等小型資產（我們已經宣布了一項舉措），要么通過另一種方式，對吧？

The UK is out, John W. Danforth is in. The UK really, it's a success story. For people that are following us over a long period of time know that while we turn something into something very successful with a great team, and it was the right time to exit for our shareholders really for that team and for that business. It wasn't going to be a place that we, because of all the other opportunities we have it wasn't going to be a place that we were going to allocate a lot of capital to grow.

英國出局，約翰·W·丹福斯上任。英國確實是一個成功案例。長期關注我們的人都知道，我們和一支優秀的團隊一起把事情做成了非常成功的事情，但對於我們的股東、團隊和企業來說，現在確實是退出的合適時機。由於我們還有其他很多機會，所以我們不會把大量資金投入這個地方去發展。

We like, for example, we weren't going to take the UK platform and grow through the rest of Europe to build a facility services business. That's not something we were going to do, it's probably something that needed to happen to continue the growth of that business.

例如，我們不會以英國的平台為基礎，向歐洲其他地區發展，從而建立設施服務業務。那不是我們原本打算做的，但為了公司繼續發展，這可能是必須要做的事。

John W. Danforth is another decision, right? Someone we knew, some of them we've known very well in a market that's steady, in a market where they have a leadership position with a group of people that we have worked with before. They got some interesting capabilities in BIM, VDC, prefabrication. And those capabilities have they work in the data center phase.

約翰·W·丹福斯是另一個需要決定的人物，對吧？我們認識其中一些人，其中一些我們非常熟悉，在一個穩定的市場中，他們在一個我們以前合作過的團隊中佔據領導地位。他們在BIM、VDC、預製構件方面獲得了一些有趣的能力。這些功能在資料中心階段都能發揮作用。

They work in the heavy industrial space. They work in the health care space and execute those projects very well. So not a one-for-one as far as exchange. But it's the kind of thing, midsized mechanical construction acquisition. And I think -- and we have balance sheet capability to do both without selling the UK, but it was the right time. If you look at other parts of our portfolio, we've examined it all the time. And we are probably headed towards is how do we think about the rest of our site-based business, which is pretty integrated into our Building Services business. It's on the improvement trend.

他們從事重工業領域的工作。他們從事醫療保健領域的工作，並且把這些項目執行得非常好。所以，交換並不是一對一的。但這就是中型機械工程建設收購這類事情。我認為——而且我們有能力在不出售英國的情況下同時做到這兩點，但現在正是時候。如果你看看我們投資組合的其他部分，你會發現我們一直在對其進行審查。我們接下來可能會思考的是，我們如何看待我們其他的現場業務，這些業務與我們的樓宇服務業務已經高度整合。情況呈好轉趨勢。

And then we have industrial services business, which has had a tough couple of years. That being said, some of the things we do there, some of the prospects we have, we think we can improve it. And I always say these things this way. Deals happen both ways when they happen and there's a timing that's right. And right now, we think we have a good portfolio that we're executing on. It still has upside across all the businesses that we're operating in

此外，我們還有工業服務業務，過去幾年過得很艱難。話雖如此，我們認為我們在那裡做的一些事情，以及我們所擁有的一些前景，還有改進的空間。我總是這樣說。交易的發生往往是雙向的，而且時機也很重要。目前，我們認為我們擁有一個運作良好的投資組合。在我們經營的所有業務領域，它仍然具有成長潛力。

Justin Hauke, Baird

賈斯汀·豪克，貝爾德

Great. Yes, I guess maybe I was going to build on that last question just on capital allocation. And obviously, you did the Danforth after the quarter on a good cash flow quarter, and you've got the proceeds coming in from the UK.

偉大的。是的，我想我原本打算在上一個問題的基礎上，進一步探討資本配置的問題。顯然，你在現金流良好的季度結束後進行了丹佛斯項目，並且你從英國獲得了收益。

But should there be any read or do you want to make any comments about just the lack of buybacks in the quarter. Is that signaling that there's other kind of pending transactions that are out there that make you are closer to coming than not or anything about just -- usually, your buybacks are pretty predictable quarter to quarter.

但是，對於本季缺乏股票回購，您是否有任何解讀或評論？這是否意味著還有其他類型的待處理交易，使你離目標更近一步，或者僅僅是——通常情況下，你的回購在每個季度都是相當可預測的。

Yes. We -- yes and no. We did a greater amount than we typically would do in the first part of the year, and most of that executed off of a 10b5-1, we're not really traders in our stock. There was a bit of a dislocation in the 10b51 picked it up in the second quarter.

是的。我們——既是也不是。今年上半年，我們的交易量比平常大得多，而且大部分交易都是根據 10b5-1 表格進行的，我們實際上並不是股票交易員。10b51 在第二節比賽中出現了一些失誤，但隨後又恢復正常了。

That being said, we're not capital constrained. We'll be balanced capital allocators over a long period of time. If you go to the end of my remarks, we look at all uses of capital from organic investment. And it's interesting. We were thinking about what we've added this year or will add by the end of the year. We'll add about 400,000 square feet, give or take, of prefabrication space and our ability to prefabricate some call it modular construction, maybe it's the next step down, which for the most part, we do for our jobs. And we do that across our fire life safety business.

也就是說，我們並不缺資金。我們將長期維持資本配置的平衡。如果你看到我發言的最後，我們會探討有機投資中所有資本的用途。這很有意思。我們正在思考今年已經新增了哪些內容，或是到年底要新增哪些內容。我們將增加約 40 萬平方英尺的預製空間，我們預製的能力（有些人稱之為模組化建築，也許這是下一個階段，而我們大部分工作都是這樣做的）也得到了提升。我們在消防安全業務的各個方面都貫徹了這個理念。

We do that in our Electrical business, and we do that in our mechanical business and Danforth adds to that capability. They have a very well-run, very modern shop, and it's one of the attractions they had with us in a pretty good labor market.

我們在電氣業務中這樣做，我們在機械業務中也這樣做，而丹福斯增強了這種能力。他們的店鋪管理得非常好，非常現代化，在勞動市場相當不錯的情況下，這也是吸引我們選擇他們的原因之一。

So we don't have capital constraints. There's not a lot of timing going on unless there's a big dislocation. And I wouldn't consider today a big dislocation. We ran up in a week and we came right back to where we were. And we think we're performing well. Our cash flow is good. We're going to keep a strong and liquid balance sheet. And I think what you see on the last page of our presentation, you take a six-year trend. I think this next six years will look very similar to the last six years.

因此我們沒有資金限制。除非發生重大脫臼，否則不會有很多時機上的考量。我不認為今天是個重大變故。我們一週之內就追了上去，然後又回到了原點。我們認為我們表現不錯。我們的現金流狀況良好。我們將保持穩健且流動性良好的資產負債表。我認為，您在我們簡報的最後一頁看到的，是六年來的趨勢。我認為未來六年將會與過去六年非常相似。

Avi Jaroslawicz, UBS

瑞銀集團的Avi Jaroslawicz

So I noticed that organic growth has been running around mid to upper single digits the last few quarters. Are you thinking that should be picking up at all in the near term just based on some of the backlog growth that you're seeing? Or does this seem like a more comfortable rate for the foreseeable future?

我注意到，過去幾個季度，有機成長率一直徘徊在個位數中高段位。根據你看到的積壓訂單成長情況，你認為短期內這種情況會有所改善嗎？或者，在可預見的未來，這個利率看起來是否更令人感到舒適？

Look, I think high single digits, low double digits is probably a comfortable rate. I mean, the reality, right, we're a big company and the law of large numbers start to take over. If you think about what we have to add from an organic -- to say we're growing 10% organically you take our guidance. That means we added between $1.5 billion and $2 billion of revenue organically in a year, that's pretty darn good and still maintain the cash flow characteristics we have and the margin profile we have.

我認為個位數高點到兩位數低點的利率可能比較合適。我的意思是，現實情況是，我們是一家大公司，大數定律開始發揮作用。如果你想想我們從有機種植中需要添加什麼——比如說，我們有機種植的增長率為 10%，你就聽從我們的指導。這意味著我們一年內實現了 15 億至 20 億美元的有機收入成長，這相當不錯，同時也維持了我們現有的現金流特徵和利潤率水準。

And Jason, I think that's probably not a bad way to look at it.

傑森，我覺得這或許是個不錯的看待問題的角度。

I agree with that, Tony, especially when you look -- I would look at the RPO growth sequentially, right, we're growing 5%, 6% sequentially. I think that gives you a little bit more of a tell for the future. The other thing, too, is if you look at our RPO and you look at how much of it will burn in excess of 12 months, right now I think it's about 20% or so will burn greater than a year. And if you look historically, that number was typically about 15. So some of the work we're booking now is a little bit longer term, which I think impacts just the turn of that RPO.

我同意你的看法，托尼，尤其是當你觀察——我會觀察 RPO 的環比增長，對吧，我們環比增長了 5%、6%。我認為這能讓你對未來有更多預兆。還有一點，如果你看一下我們的 RPO，再看看有多少燃料會在 12 個月以上燃燒，目前我認為大約有 20% 左右的燃料會在一年以上燃燒。從歷史數據來看，這個數字通常在 15 左右。所以我們現在預訂的一些工作是長期性的，我認為這會影響 RPO 的周轉時間。

Yes. And if you think about it, we had some really good growth markets. I think if you look at our data center business, I mean, that's going to grow high teens to mid-20s for a while. And if you look at any forecast out there, right, cloud storage, data centers are going to grow high single digits to low teens and AI growth dependent on who you look at and we've looked at many.

是的。仔細想想，我們曾經擁有一些非常好的成長型市場。我認為，如果你看看我們的資料中心業務，我的意思是，它將在一段時間內保持十幾到二十幾的成長。如果你看看市面上的任何預測，你會發現雲端儲存和資料中心將以接近兩位數的速度成長，而人工智慧的成長則取決於你參考的是誰的預測，我們已經看過很多預測了。

And remember, we're actually connected all the way back through our customers and their capital spending plan. AI data centers are going to grow 20% plus, and that's going to become an increasing part of our business and that will be by design, but we're not going to neglect our traditional business. And if you look long term, right, we've grown in excess of non-res construction businesses 500 basis points

請記住，我們實際上與客戶及其資本支出計劃有著千絲萬縷的聯繫。人工智慧資料中心將成長 20% 以上，這將成為我們業務中越來越重要的部分，這是我們有意為之，但我們不會忽視我們的傳統業務。從長遠來看，我們的成長速度比非住宅建築業務高出500個基點。

Over a five-year period

在五年期間

Over a five-year period, that's probably a pretty good marker. And it may go a little more than that because of the data center concentration, but maybe that picks up another 100 basis points. I mean these are long-term projections.

從五年時間來看，這可能是個相當不錯的指標。由於資料中心集中，實際漲幅可能還會略高於此，但或許能再增加 100 個基點。我的意思是，這些都是長期預測。

But I think high single digits organic, maybe pick a couple more points up through acquisition is how we think about the business over the long term and how we have thought about it over a long period of time in our planning

但我認為，實現接近兩位數的有機成長，或許再透過收購提升幾個百分點，這才是我們對公司長期發展的預期，也是我們長期以來在規劃中一直秉持的理念。

Okay. I appreciate that perspective. And then I could just ask a follow-up in terms of some of the cost of growth that you've been seeing, just with growth having been relatively steady just on the organic side. Can you share some more color as to what made this maybe more unique than past situations, you've been growing at a pretty nice clip over the last couple of years. And similarly, have we had any periods where there have been a similar type of level of these start-up efficiencies in the Mechanical Construction segment.

好的。我很欣賞這種觀點。然後我也可以就您觀察到的成長成本問題追問一下，因為有機成長方面一直相對穩定。能否詳細說說是什麼讓這次的情況比以往更獨特？過去幾年你的進步速度相當不錯。同樣地，機械施工領域是否也曾出現過類似的啟動效率水準？

They show up, yes. And the only reason we called it out this quarter was a little more than usual. This happens just about every quarter, and you can see it in our one disclosure in the Q. That's where most of that rests, this was a little more, a little tougher market, a little tougher job building the labor force. And really, it's still a profitable job.

是的，他們會來的。而我們本季之所以特別指出這一點，唯一的原因是這次的次數比平常略多一些。這種情況幾乎每季都會發生，你可以在我們季度報告中的揭露資訊中看到這一點。大部分原因就在這裡，今年的市場情勢更加嚴峻，勞動市場建設也更加困難。而且，這仍然是一份收入可觀的工作。

I mean, I don't want everybody to think that we invested into a wash job. That's not what happened here. This is classic revenue recognition thing, right? The margin came down versus what we expected. And like Jason said, we probably were a little more optimistic than we needed to be as we entered that new market because quite frankly, if you looked at the customer and what we thought we were going to be doing and the speed which is going to happen, we'd work for other markets before, and we had a different experience and we had a more experienced workforce

我的意思是，我不想讓大家覺得我們投資的是洗錢工程。事情並非如此。這是典型的收入確認問題，對吧？利潤率低於預期。正如傑森所說，我們進入這個新市場時可能過於樂觀了。坦白講，如果我們檢視一下客戶群、我們當時設想的業務模式以及預期的發展速度，就會發現我們之前在其他市場也積累了豐富的經驗，擁有更專業的員工隊伍。

Sam Casemen, William Blair

山姆·卡斯曼，威廉·布萊爾

I guess, to start looking at your network and communications end market, it looks like revenue was flat sequentially for total US construction just given the rapid sequential growth we've seen in the last few quarters, I think some investors may have found that surprising. Can you talk about what would cause that pacing to slow? I think you just mentioned that I think we're going to mark.

我想，從網路和通訊終端市場來看，考慮到過去幾季美國建築業的快速環比增長，其收入環比持平，我認為這可能會讓一些投資者感到驚訝。你能說說是什麼原因導致這種步速減慢嗎？我想你剛才提到過，我想我們要標記一下。

Can you repeat that question for me because we're not seeing that same data point. I just want to make sure I understand the question. You're saying revenue in network and communications is flat for construction

你能再說一次這個問題嗎？因為我們沒有看到同樣的數據點。我只是想確認一下我是否理解了這個問題。你是說建築業的網路和通訊收入持平嗎？

For total US construction sequentially. Yes. Year-over-year was growing sequentially.

依美國總建築量順序計算。是的。年比呈成長趨勢。

I think it's just project timing. I mean I think year-over-year, we're up tremendously, right? We're probably up almost 80%. I think electrical is up 70%. Mechanical is nearly double. I think it's up 90% or so. sequential, I wouldn't really look at this business one quarter to the next and look for.

我覺得這只是專案時間安排的問題。我的意思是，我認為與去年相比，我們取得了巨大的進步，對吧？我們可能上漲了近 80%。我認為電力價格上漲了70%。機械化程度幾乎是兩倍。我認為它上漲了大約 90%。就季度環比而言，我不會真正關注這家公司每季的表現。

RPOs are up almost double, right?

RPO（招聘價格調整）幾乎翻了一番，對吧？

In the quarter, at least 50% of our RPO growth came from network and communications.

本季度，我們至少 50% 的 RPO 成長來自網路和通訊。

Yes. So yes, we're not -- said simply, we're not seeing any slowing in the market. There's a lot of project timing. I mean you can tell by our surprise we think it's an area of great strength for us, and it's going to continue to grow -- .

是的。所以，是的，簡單來說，我們沒有看到市場出現任何放緩的跡象。專案時間安排非常重要。我的意思是，從我們表現出的驚訝就能看出，我們認為這是我們的一大優勢領域，它也將繼續發展壯大。——。

Got it. Okay. That's helpful. Maybe just sticking with the data center theme, though. Maybe you could just update us on the footprint of your mechanical business. I think last we spoke, you had been in about five markets today, but you were thinking of maybe taking that up to kind of the electrical business, 15 markets. How should we think about that as you think about the next year?

知道了。好的。那很有幫助。或許可以繼續沿用資料中心的主題。或許您可以向我們介紹一下您機械業務的概況。我想我們上次談話時，你今天已經去了大約五個市場，但你當時正在考慮或許可以把業務拓展到電氣行業，也就是 15 個市場。在思考明年的時候，我們該如何看待這個問題？

We will add one to two mechanical markets over the next year. The difference between mechanical and electrical is the mechanical -- your -- I would say, it takes a little more to build the workforce that you're going to put into that market, and you really, really have to think about your prefab plan as you go into that mechanical market.

未來一年，我們將新增一到兩家機械市場。機械和電氣的區別在於機械——我的意思是，你需要投入更多精力來培養進入該市場的勞動力，而且當你進入機械市場時，你真的、真的需要認真考慮你的預製計劃。

So there's a level of investment you have to make on prefabrication in BDC that's a little more mechanical to support the next market you move into. So I think we'll grow by another two markets or so over the next year. Maybe one more than that with the acquisition of Danforth. Then I think we'll -- electrically, we'll probably add one or two markets also at least, maybe more.

因此，在 BDC 中，你需要對預製件進行一定程度的投資，這更多的是機械方面的投入，以支持你進入的下一個市場。所以我認為，未來一年我們還會再拓展兩個左右的市場。收購丹佛斯後，或許還會多一個。那我認為，在電力方面，我們可能至少還會增加一兩個市場，也許更多。

-- When you talk about markets, it's also important to think about -- once you get on some of these sites, that can be a five-year build. And so we're doing the first building on some of these places, to be a five-year build. And a lot of times, you can have one, two or three EMCOR companies on those sites. And the thing that gets lost in this, I'm not -- I can't count the number of fire protection sites on. In our Fire life safety business, we're probably serving 70% of the data center sites in 1one way or another around the country.

——談到市場，也要考慮到——一旦你進入某些網站，這可能需要五年時間才能建立起來。因此，我們正在其中一些地方進行第一棟建築的建設，工期為五年。很多時候，這些工地上可能有一家、兩家甚至三家EMCOR公司。而這件事中容易被忽略的一點是，我無法——我無法統計消防站點的數量。在我們的消防安全業務領域，我們可能以某種方式為全國 70% 的資料中心提供服務。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc 資本市場。

So I appreciate the color on the RPOs in communications. Can you just elaborate if you're seeing potentially larger individual bookings in this segment or if there's any change in terms of how these contracts are coming through?

所以我很欣賞通訊領域 RPO 的色彩運用。您能否詳細說明一下，您是否看到該領域個人預訂量可能更大，或者這些合約的簽訂方式是否有任何變化？

The answer is yes and yes, with a caveat. Some of the contracts also will be larger, but they'll be in a contract type called GMP, where we only book a portion of that work over time because they let out the next phase, even though we know we have the whole thing, which may distinguish us from other people, again, EMCOR, and RPOs is only contracted work. And that includes places where we may have $30 million in RPOs, but we know we're going to do $100 million of work. And so we've been relatively consistent with that.

答案是肯定的，但有前提條件。有些合約的金額也會更大，但它們屬於一種叫做 GMP 的合約類型，在這種合約中，我們只會隨著時間的推移預訂其中的一部分工作，因為他們會把下一階段的工作外包出去，即使我們知道我們已經完成了全部工作，這可能會使我們與其他公司有所區別，再次強調，EMCOR 和 RPO 只是合約工作。這其中也包括一些地方，我們可能在 RPO 上投入了 3000 萬美元，但我們知道我們將完成價值 1 億美元的工作。因此，我們在這方面一直保持著相對一致的態度。

But in general, they're getting larger. I think, is a fair comment. The project size is getting larger. And that's a combination of larger call storage sites and larger AI size for sure, with more content, especially mechanically.

但總的來說，它們的體積正在增加。我認為這是一個合理的評論。項目規模越來越大。這肯定是由於更大的呼叫儲存網站和更大的 AI 規模，以及更多的內容（尤其是在機械方面）共同作用的結果。

And then are you booking further and further -- like earlier and earlier for projects that may not start, let's say, for a few quarters?

然後，你們是否把檔期越排越遠──比如，越來越早預訂那些可能幾季後才會開始的專案？

No. We know we're probably going to get those projects. But again, which differentiates EMCOR from some other people in our sector, our space is even though we're pretty sure we're going to get the next five buildings until that next data center is let, it's not in our RPOs, even though it's like an 80%, 90% probability, we're going to get it

不。我們知道我們很可能會拿到這些項目。但再次強調，EMCOR 與其他一些同行業公司不同之處在於，儘管我們幾乎可以肯定能拿到接下來的五棟樓宇的租賃權，直到下一個數據中心出租為止，但這並沒有納入我們的租賃點目標 (RPO) 中，儘管我們有 80% 到 90% 的概率能拿到它。

Yes. And if you're looking at the growth in RPO greater than a year, not in a center that's driving that. It's some of the other work we do in the quarter.

是的。如果你關注的是一年以上的 RPO 成長，而不是某個中心推動的成長。這是我們本季所做的其他一些工作。

That's helpful. And then is there anything in your guide, '25 guide for the acquisition that you just referenced.

那很有幫助。那麼，你的指南，也就是你剛才提到的“25 年收購指南”，裡面有沒有相關內容呢？

No, that will be -- any impact they have for '25 will be immaterial, maybe a little bit on the revenue side, but we don't know exactly when we'll close. And then you have to offset that versus when the UK will close. We think we called it about right. If the UK closes later and this one closes earlier, maybe we go towards the higher -- the top end of that guide more comfortably

不，那將是——它們對 2025 年的任何影響都微不足道，也許在收入方面會有一點影響，但我們不知道確切的關閉時間。然後你還得把這和英國何時關閉聯繫起來。我們認為我們的預測基本上正確。如果英國關門時間晚於英國，而英國關門時間早於英國，那麼我們或許可以更輕鬆地達到指南中的較高水平——也就是上限。

Yes. And on the bottom line, right, if you just think just because of the backlog amortization, and we typically say this, the impact is negligible in that first, let's say, 12 months or so just because of the backlog amortization. So certainly for the fourth quarter, impact on EPS of the acquisition should be minimal

是的。歸根結底，沒錯，如果你只是考慮積壓訂單攤銷，我們通常都會這麼說，那麼在最初的12個月左右，由於積壓訂單攤銷的影響是可以忽略不計的。因此，可以肯定的是，此次收購對第四季每股收益的影響應該微乎其微。

Adam Bubes, Goldman Sachs

Adam Bubes，高盛

I think your hours per employee has moved up steadily higher over the last few years. Can you just talk about how much more runway you have to increase utilization, both from an hour per employee basis and then in terms of just productivity?

我認為在過去幾年裡，你們每位員工的工時一直在穩定上升。您能否談談您還有多少空間來提高員工利用率，包括每位員工每小時的利用率以及生產力方面？

Well, I think we're going to continue to drive productivity. Again, because of project mix and like if we do -- with more water, wastewater coming in, that is even more different because of some of the subcontractor work we do. I think in general, right?

我認為我們將繼續提高生產力。再說，由於專案組合的不同，如果我們進行更多的水和廢水排放，情況就更加不同了，因為我們做了一些分包工作。我覺得整體來說是這樣，對吧？

If you look at it, at a minimum, I think we're going to continue to drive at least 3% to 5% better because we got to a pretty good place productivity. But I think it will be higher than that. Go back to that discussion we just had about our shop investments. we're doing -- our manhours are growing less than our revenues, and we expect that manhours to continue to grow a-third to half as much as what revenues will grow.

仔細分析一下，我認為至少我們會繼續提高 3% 到 5% 的生產力，因為我們的生產力已經達到了相當不錯的水平。但我認為實際數字會高於這個數字。回到我們剛才討論的關於店鋪投資的問題。我們目前的工時成長速度低於收入成長速度，我們預期工時成長速度將持續維持在營收成長速度的三分之一到一半。

And in most of our revenues, this is what's interesting, right? At one time, if you go back five or six years, we would have had much more equipment in those revenue numbers. And if you take most of this data center work or high-tech manufacturing work we're doing, even some health care work, we're not really buying the major components, and most of that was driven by supply chain.

而我們大部分的收入中，這才是真正有趣的地方，對吧？如果回顧五、六年前，當時我們的收入數據會包含更多的設備。而且，就我們目前所做的資料中心工作或高科技製造工作，甚至一些醫療保健工作而言，我們實際上並沒有購買主要零件，而這大多是由供應鏈驅動的。

The difficulties around supply chain post-COVID and extended lead times the owners or the owners through the CM's general contracts, but mainly the owners are buying that equipment now and then sending it to us for a handling fee. So the revenue growth would even be more and so the productivity we're getting and the ability to grow ours at a-third to half the rate of revenues is even more impressive if you look over the last three to five years versus if you took a 10-year view. Jason, do you have anything to add?

新冠疫情後供應鏈面臨諸多困難，交貨週期延長，業主或業主透過 CM 的一般合約購買設備，但主要是業主現在購買設備，然後支付手續費將其發送給我們。因此，收入成長會更加顯著，而且，如果我們回顧過去三到五年，就會發現，我們獲得的生產力以及以收入增長速度的三分之一到一半實現生產力增長的能力，比回顧過去十年更加令人印象深刻。傑森，你還有什麼要補充的嗎？

Yes. We've talked about it before. And if you look over a five-year period, revenue is growing basically 3 times what our headcount is growing. I think Tony touched on the productivity tools and the investments in prefab. I think the other thing impacting that, too, is project sizes, right? As project sizes scale up, you inherently get more utilization and we're benefit.

是的。我們之前討論過這個問題。如果縱觀五年時間，收入成長速度基本上是員工人數成長速度的三倍。我認為托尼已經談到了生產力工具和預製件的投資。我認為影響因素之一也是專案規模，對吧？隨著專案規模的擴大，資源利用率自然會提高，我們也從中受益。

Especially if you are indirect. Yes.

尤其是當你說話拐彎抹角的時候。是的。

Got it. And then your data center business has grown at a really impressive high double-digit rate. The backlog would support sort of continued double-digit growth. Can you just take us under the hood and help us think how you're able to allocate resources so efficiently and how quick quickly, you'll be able to move labor around from here? What's sort of the sustainable rate of growth that we should be underwriting in that business?

知道了。然後，您的資料中心業務以令人印象深刻的兩位數高成長率成長。積壓訂單將支撐兩位數的持續成長。您能否為我們詳細解釋一下，您是如何如此有效率地分配資源的，以及您未來能夠以多快的速度調配勞動力？我們應該為該業務設定怎樣的可持續成長率？

Look, I think if you heard what I just said, right, earlier. And I think you're probably, Adam, looking at the same market forecast we are and compiling them all and trying to get a view. Cloud storage is going to go 9%, 10% is what most people think over the next five years and AI depending on which ones you look at or in excess of 20%, 25%.

你看，我想如果你聽見我剛才說的話，對吧，就是剛才說的話。亞當，我想你可能和我們一樣，正在研究同樣的市場預測，把它們匯總起來，試圖得出自己的結論。未來五年，雲端儲存的佔比將達到 9% 到 10%，這是大多數人的看法；而人工智慧的佔比則取決於你關注的是哪些方面，甚至可能超過 20% 到 25%。

So if you blend that out, we're doing both, there's no reason for us not to believe it's not a quarter-to-quarter business. We continue to look annually year-over-year. I don't know mid-teens, low 20s, depending on the year or the quarter. Eventually, you get into the law of large numbers there, too. But sustainably, I think the good news is we're penetrated with the right customer.

所以，如果把這一點考慮進去，我們兩者都在做，那麼我們沒有理由不相信這不是季度性的業務。我們繼續逐年進行比較分析。我不知道，大概十幾歲，二十出頭，取決於年份或季度。最終，你也會牽涉到大數定律。但從永續發展的角度來看，我認為好消息是我們已經成功打入了目標客戶群。

I don't share an anecdote with all of you because I think it's really constructive. We are a large data center builder that our customers value. And we just pulled together our 80 top people or so in the data center business, and we actually did it on at Miller and they hosted it.

我不跟大家分享軼事，因為我覺得這很有意義。我們是一家大型資料中心建立商，深受客戶信賴。我們把資料中心產業最優秀的 80 人左右聚集在一起，實際上是在 Miller 舉辦的，他們負責託管。

And first of all, it's a really impressive group of people that really know the business and know the customers. And what we talked about on our side were means and methods on how to drive productivity and contract terms and the things we're seeing that can lead to better outcomes for not only EMCOR, our shareholders, but also the customer.

首先，這是一個非常優秀的團隊，他們真正了解業務，也了解客戶。我們這邊討論的是如何提高生產力、改善合約條款，以及我們看到哪些因素不僅能為 EMCOR、我們的股東，還能為客戶帶來更好的結果。

But what was different about this meeting, and I've been doing this for a little while, is I'm not going to get into names, three of the top four actual end use, the actual end resulting capital and the other two wanted to come in, but the schedules wouldn't allow, and they did -- they've since done conference calls on these, were the direct owners one that come in and make sure that we understood what they had planned, and how much they wanted us to be part of those plans going forward.

但這次會議的不同之處在於，我已經做了一段時間了，我不想透露具體人名，前四名實際最終用戶中，有三位是最終產生實際資本的，另外兩位也想參加，但時間安排不允許，他們後來就此事進行了電話會議，是直接所有者親自到場，確保我們了解他們的計劃，以及他們希望我們在未來多大程度上參與到這些計劃中。

And so this is looking right through the general contractors and construction managers, who are ultimately who write our checks and are very important customers for ours and partners, but the end user the big hyperscale’s wanted us to know how important and share their plans with us on a proprietary basis.

因此，我們直接越過了總承包商和施工經理，他們最終才是給我們開支票的人，也是我們和合作夥伴非常重要的客戶，但最終用戶——大型超大規模企業——希望我們知道他們的計劃有多麼重要，並以專有的方式與我們分享。

And I'm not going to share all those plans, obviously, because it was on a confidential and proprietary basis, but to be able to pull our team together like that, to be able to talk about how we get better to be able to talk very specifically around means and methods and labor productivity and couple that with our customers sharing their outlook of their capital spending, that led me obviously more positive than negative by long shot on what data center build looks like over the next five years -- of that data center build.

顯然，我不會透露所有這些計劃，因為這是保密和專有的，但是能夠把我們的團隊聚集在一起，討論如何改進，具體討論方法、手段和勞動生產率，再加上我們的客戶分享他們對資本支出的展望，這顯然讓我對未來五年數據中心建設的前景更加樂觀。

And at this time, we are showing no further questioners in the queue, and this does conclude today's question-and-answer session.

目前，排隊提問的人已經全部離開，今天的問答環節到此結束。

I would now like to turn the conference back over to Tony Guzzi for any closing remarks.

現在我謹將會議交還給東尼古齊，請他作總結發言。

So look, we'll see a couple of you and we'll see some of the more investors as we're out and about with conferences here in November and December. But for the rest of you, this will be the premature happy Thanksgiving and have a great end of the year and happy holidays and all those things.

所以，我們打算在11月和12月參加各種會議的時候，見到你們中的一些人，也會見到更多的投資者。但對其他人來說，這將是提前到來的感恩節快樂，祝大家年末愉快，節日快樂，一切順利。

And for those of you that enjoy Halloween, enjoy Halloween tomorrow, mostly that should be people with little kids. After that, it's not that much fun. That's my view. But no, thank you all and to my EMCOR colleagues. Stay safe, and we look forward to seeing you.

喜歡萬聖節的各位，明天就好好享受萬聖節吧，尤其是有小孩的家庭。之後，就沒那麼有趣了。這是我的看法。不，應該感謝大家，也感謝我的EMCOR同事們。請注意安全，我們期待與您見面。

Today's conference has now concluded. Thank you for attending today's presentation, and you may now disconnect your lines.

今天的會議已經結束。感謝各位參加今天的報告會，現在可以掛斷電話了。