EMCOR Group Inc (EME) 2025 Q4 法說會逐字稿

Good morning. My name is Jamie, and I will be your conference operator today. At this time, I would like to welcome everyone to the EMCOR Group Fourth Quarter and Full Year 2021 Earnings Conference Call. (Operator Instructions)

早安.我叫傑米，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2021年第四季及全年業績電話會議。（操作說明）

At this time, I'd like to turn the floor over to Lucas Sullivan, Director, Financial Planning and Analysis. Mr. Sullivan, you may begin.

此時，我想把發言權交給財務規劃與分析總監盧卡斯‧沙利文。蘇利文先生，您可以開始了。

Thanks, Jamie. Good morning, everyone, and welcome to EMCORE's Fourth Quarter and Full Year 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，傑米。各位早安，歡迎參加EMCORE 2025年第四季及全年財報電話會議。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. For today's call, Tony will provide comments on our fourth quarter and full year and discuss our RPOs. Jason will then review the fourth quarter and full year numbers, then turn it back to Tony to discuss our guidance before we open it up for Q&A.

今天與我在一起的有：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。在今天的電話會議上，Tony 將對我們第四季和全年業績發表評論，並討論我們的招募點目標 (RPO)。接下來，Jason 將回顧第四季度和全年數據，然後交還給 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 the disclosures in conjunction with our discussion and accompanying slides. And finally, as a reminder, all financial information discussed during this morning's call is included in our consolidated financial statements within both our earnings press release issued this morning and in our Form 10-K filed with the Securities and Exchange Commission.

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披露文件。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-K 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？

Yes. Thanks, Lucas. Good morning, and welcome to our fourth quarter 2025 earnings call. I'm going to speak briefly to the fourth quarter in my opening comments, but we'll focus my introductory remarks on what drove our continued success in 2025.

是的。謝謝你，盧卡斯。早安，歡迎參加我們2025年第四季財報電話會議。在開場白中，我將簡要地談談第四季度，但我的開場白將重點放在推動我們在 2025 年繼續取得成功的因素上。

So I'm going to start on pages 4 through 5 of our earnings presentation. We had an excellent close to the year with our fourth quarter results. In the fourth quarter, we generated revenues of $4.5 billion, which represents 19.7% growth. We earned adjusted earnings per share of $7.19 per diluted share, a 13.8% increase from 2024 and delivered adjusted operating income of $440 million, a 13.1% increase from 2024. We did this while achieving strong adjusted operating margins of 9.7%.

所以我將從我們收益報告的第4頁到第5頁開始講解。我們第四季的業績為這一年畫上了圓滿的句點。第四季度，我們實現了 45 億美元的收入，年增 19.7%。我們調整後的每股盈餘為 7.19 美元，比 2024 年成長 13.8%；調整後的營業收入為 4.4 億美元，比 2024 年成長 13.1%。我們實現了9.7%的強勁調整後營業利潤率。

Our adjusted results for the fourth quarter exclude the gain on the sale of our UK business and the transaction costs related to sub sell. For the full year, our adjusted results exclude these items as well as the transaction costs incurred in the first quarter due to the acquisition of the Miller Electric Company.

我們第四季的調整後業績不包括出售英國業務的收益以及與出售子公司相關的交易成本。全年調整後的業績不包括這些項目，也不包括第一季因收購 Miller Electric Company 而產生的交易成本。

By any measure, 2025 was a tremendous year for us. We had record revenues of nearly $17 billion and record adjusted full year operating margin of 9.4% and at the high end of our guidance range. We also had record adjusted diluted earnings per share of $25.87 per share, an increase of 20% from 2024. With operating cash flow of $1.3 billion, we continued our exceptional record of cash conversion. Our success once again demonstrates our ability to execute with discipline across our business as we drive innovation and efficiency to achieve exceptional outcomes for our customers.

無論從哪個角度來看，2025年對我們來說都是意義非凡的一年。我們實現了近 170 億美元的創紀錄營收，以及 9.4% 的創紀錄調整後全年營業利潤率，均處於我們預期範圍的高端。我們還實現了創紀錄的調整後稀釋每股收益，達到每股 25.87 美元，比 2024 年增長了 20%。憑藉13億美元的營運現金流，我們繼續保持著卓越的現金轉換率記錄。我們的成功再次證明了我們有能力在整個業務中嚴格執行，透過推動創新和提高效率，為客戶取得卓越的成果。

We have delivered sustained strong results despite the fact that we are working on the most technically sophisticated fast-paced and demanding projects in our history. We had a great year, and we enjoyed delivering for our customers and our shareholders.

儘管我們正在進行公司歷史上技術最複雜、節奏最快、要求最高的項目，但我們仍然取得了持續強勁的成果。我們度過了非常棒的一年，我們很高興能為客戶和股東創造價值。

Notably, we earned full year mechanical and electrical construction operating margins of 12.8% and 12.1%, respectively, demonstrating excellent execution across a diverse range of projects by size, end market, and geography. We did this while growing revenues of these segments by 10.1% and 51.8%, respectively. We achieved a 6% operating margin in our Building Services segment, driven by the underlying strength of our Mechanical Services business, which achieved high single-digit operating margins and 6% growth. Virtually all that growth was organic.

值得一提的是，我們全年的機械和電氣施工營業利潤率分別為 12.8% 和 12.1%，這表明我們在規模、終端市場和地理等各種不同項目的執行方面都表現出色。我們實現了這些業務板塊收入分別成長 10.1% 和 51.8% 的目標。在建築服務業務板塊，我們實現了 6% 的營業利潤率，這主要得益於機械服務業務的強勁表現，該業務實現了接近兩位數的營業利潤率和 6% 的增長。幾乎所有成長都是自然成長。

Demand for this business remains strong with a primary focus on aftermarket projects and retrofits. HVAC service and repair, building automation and controls upgrades and services and indoor air quality and energy efficiency projects. We remain well positioned with our Industrial Services segment to serve a rebounding oil and gas industry. We divested our UK business to focus on our US operations.

此業務需求依然強勁，主要集中在售後市場項目和改造方面。暖通空調服務與維修、樓宇自動化與控制系統升級與服務以及室內空氣品質與能源效率專案。我們的工業服務部門仍處於有利地位，能夠為復甦中的石油和天然氣產業提供服務。我們剝離了英國業務，以便專注於美國業務。

We found EMCOR UK a great strategic home achieved a very strong result for our sell-in the sale for our shareholders. We acquired Miller Electric, which is the largest acquisition in EMCOR history. The integration is on track, our leadership and values are aligned, and Miller will serve as a great platform for growth in the Southeast and Texas. In addition to Miller, we acquired nine other companies across our Mechanical Construction and Building Services segments.

我們發現 EMCOR UK 是一個絕佳的策略歸宿，並為我們的股東實現了非常強勁的出售收益。我們收購了 Miller Electric，這是 EMCOR 史上規模最大的收購案。整合工作進展順利，我們的領導層和價值觀一致，米勒將成為東南部和德克薩斯州發展的絕佳平台。除了 Miller 之外，我們還在機械施工和建築服務領域收購了其他九家公司。

Collectively, these platform-enhancing acquisitions will help us to better serve our customers. We repurchased almost $600 million in shares and increased our quarterly dividend to $0.40 per share. This return of cash to shareholders, coupled with our organic investment and acquisitions, affirms our successful balanced capital allocation strategy. We maintained our sterling balance sheet that allows for continued organic and acquisition growth.

總而言之，這些增強平台功能的收購將有助於我們更好地服務客戶。我們回購了近 6 億美元的股票，並將季度股息提高到每股 0.40 美元。此次向股東返還現金，加上我們的內部投資和收購，證實了我們成功的均衡資本配置策略。我們維持了穩健的資產負債表，這為持續的內生成長和收購成長提供了可能。

We maintained our industry-leading safety record in this demanding and complex environment with a TRIR under 1 for the second year in a row, we earned inclusion into the S&P 500, and we were recognized by Fortune as the number 1 most admired company in the engineering and construction industry. And we built our RPOs to $13.25 billion from $10.1 billion despite our record revenues. That's quite a year, right? Congratulations to our team, and thank you for a great 2025.

在如此嚴苛複雜的環境下，我們保持了業界領先的安全記錄，連續第二年 TRIR 低於 1，成功躋身標準普爾 500 指數，並被《財富》雜誌評為工程和建築行業最受尊敬的公司第一名。儘管我們取得了創紀錄的收入，但我們的 RPO 規模仍從 101 億美元成長到了 132.5 億美元。那真是不平凡的一年，對吧？恭喜我們的團隊，感謝大家共同成就了精彩的2025年。

I'm now going to go to page 6. These are PRs, which I will now highlight, (inaudible) 1.2% year-over-year and 17.6% organically. On a sequential basis, RPOs have increased 5.1% since September or 3.6% organically, driven by demand in our data center business, RPOs within the network and communications totaled a record $4.46 billion, at the end of December, an increase of $1.65 billion or normally nearly 60% year-over-year. We see no change in the momentum of the CapEx plans from our customers in this sector, and we have good visibility for the next two to three years as we work to support their buildout.

我現在要翻到第6頁。這些是公關數據，我現在要重點介紹一下，（聽不清楚）年增 1.2%，自然成長 17.6%。從環比來看，自 9 月以來，RPO 成長了 5.1%，其中有機成長了 3.6%，這主要得益於資料中心業務的需求。截至 12 月底，網路和通訊領域的 RPO 總額達到創紀錄的 44.6 億美元，年增 16.5 億美元，通常情況下年增近 60%。我們看到該行業客戶的資本支出計劃勢頭沒有變化，隨著我們努力支持他們的建設，我們對未來兩到三年的發展前景有良好的預期。

Institutional RPOs have increased by just under $440 million or 40% to $1.55 billion, largely as we continue to see demand for our services within the education sector, including from a number of colleges and universities. Manufacturing and industrial RPOs have increased by $201 million or 23% and to $1.1 billion.

機構招募流程外包 (RPO) 業務成長了近 4.4 億美元，增幅達 40%，達到 15.5 億美元，這主要是因為我們持續看到教育領域（包括許多學院和大學）對我們服務的需求。製造業和工業 RPO 增加了 2.01 億美元，增幅達 23%，達到 11 億美元。

As I mentioned last quarter, in addition to project awards driven by customers onshoring or reshoring initiatives. Growth in this sector has also benefited from certain food processing projects within our Mechanical Construction segment as well as a renewable energy project in our Industrial Services segment. Led by our Mechanical Construction segment, water and wastewater RPOs have increased by $408.5 million or nearly 60% to $1.1 billion as we continue to win projects throughout Florida. And due to select project opportunities, RPOs within the hospitality and entertainment have more than doubled year-over-year.

正如我上個季度提到的，除了客戶推動的本土化或遷回本土化計畫所驅動的專案獎勵之外。該行業的成長也得益於我們機械施工部門的某些食品加工項目以及我們工業服務部門的可再生能源項目。在機械施工部門的帶動下，水和廢水 RPO 增加了 4.085 億美元，增幅近 60%，達到 11 億美元，因為我們在佛羅裡達州各地持續贏得專案。由於一些精選的項目機會，酒店和娛樂業的 RPO 數量同比增長超過一倍。

I'm now going to turn to page 7 because I think it's important to look at some of the longer-term trends and what's really growing -- driving our growth over a sustained period of time and also to highlight our diversity of demand.

我現在要翻到第 7 頁，因為我認為有必要看看一些長期趨勢以及真正正在成長的因素——這些因素在一段時間內推動著我們的持續成長，同時也要突顯我們需求的多樣性。

So now go to page 7, let's take a minute. I want you to focus your eyes on the middle of this page. And in this middle of this page, you'll see where we were on the left-hand bar at 12/30/19, right before COVID. We were about $4.036 billion in RPOs, and I'll actually focus your eyes on that royal blue bar or dark blue bar, and that's our network and communications business.

現在請翻到第 7 頁，我們花一分鐘。請將視線集中在頁面中間。在本頁中間，您可以看到我們在 2019 年 12 月 30 日（新冠疫情爆發前）左側欄的位置。我們在 RPO 方面的收入約為 40.36 億美元，請大家注意那條皇家藍條或深藍色條，那就是我們的網路和通訊業務。

And I want you to look over at 12/31/25, those network and communications RPOs are about $4.4 billion today, which is greater than our total RPOs at the end of 12/31/19. But let me look at the total number of $13.254 billion. And realize that we have grown everything else by over $8.5 billion. And now I want you to come over to the left side of the page, and I want you to look at some of these long-term growth trends. I'm going to spend a little bit of time, and we've already done that with the near-term commentary.

請大家來看看 2025 年 12 月 31 日的數據，當時的網路和通訊 RPO 約為 44 億美元，高於 2019 年 12 月 31 日的總 RPO。但讓我來看看總額 132.54 億美元。而且要知道，我們其他所有方面的成長都超過了 85 億美元。現在請你移到頁面左側，看看這些長期成長趨勢。我打算花點時間，我們已經在近期評論中做過這件事了。

High-tech manufacturing on a compound annual growth rate that's an in and out of a major project. But from where we started in 12/31/19, which had some semiconductor work in it and pharma work in it, to where we are today has grown by a compound annual growth rate of 48%, and we remain very bullish on this market with the demand for semiconductor chips, the reshoring of for pharma the growth in GLP-1 drugs and what's going to happen there. And just in general, what has been reached short in high tech and what's going to continue to grow. 48% compound annual growth. Right above that is network and communications.

高科技製造業以年複合成長率快速發展，這是一個重大計畫的進出過程。但從 2019 年 12 月 31 日我們開始從事半導體和製藥業務以來，到今天，我們的複合年增長率達到了 48%，我們對這個市場仍然非常樂觀，因為半導體晶片的需求、製藥業務的回流、GLP-1 藥物的增長以及未來將要發生的事情。總的來說，高科技領域哪些方面已經達到瓶頸，哪些方面將持續成長？複合年增長率達48%。其上就是網路和通訊。

We thought we had a great data business center business in 2019. We went from having a very strong data center business to a terrific data center business. Now I'm not going to say we're the only ones that can do data center work at scale. We're the only ones that can operate in about 17 markets electorally. And we're doing about seven markets now mechanically and we're one of the only ones that could cover the whole country on fire life safety projects in the data center business.

2019年，我們認為我們的資料中心業務非常成功。我們的資料中心業務從非常強大發展成為卓越的資料中心業務。我並不是說我們是唯一能夠大規模開展資料中心工作的公司。我們是唯一一家可以在大約 17 個選舉市場開展業務的公司。目前我們已在七個市場開展業務，並且是少數能夠在資料中心行業的消防生命安全項目方面覆蓋全國的公司之一。

Look at health care, 23%. That is a stable market for EMCOR. It's been one of our long-term markets, and it is complex to build a high-rise hospital as it is a data center, and that's why our electricians and our pipe fitters can move between those sectors so easily between high-tech manufacturing, network and communication and really industrial work, they can move between those, and we do that.

看看醫療保健，佔23%。對EMCOR來說，這是一個穩定的市場。這一直是我們的長期市場之一，建造一座高層醫院就像建造數據中心一樣複雜，這就是為什麼我們的電工和管道工能夠如此輕鬆地在這些行業之間轉換，從高科技製造、網絡和通信到真正的工業工作，他們可以在這些行業之間轉換，而我們也確實這樣做了。

Institutional is up 20%. That was actually a surprise to us. When we went back and looked at the compound annual growth rate in institutional across that sector. Water and wastewater is a great market for us, mainly in Florida, 24% compound driven by consent decrees from the EPA, driven by just growth in Florida and driven by updating technology in these large wastewater plants.

機構投資者上漲 20%。這確實讓我們感到意外。當我們回顧並查看該行業機構的複合年增長率時。水和廢水對我們來說是一個巨大的市場，主要在佛羅裡達州，24% 的複合成長率是由美國環保署的同意令推動的，佛羅裡達州自身的成長以及這些大型廢水處理廠技術的更新所推動的。

Transportation, as you talk about mix management, we have decided to deemphasize the transportation market, especially the electrical roadway market. It takes a while to get out, but that will continue to drop unless a big airport or a project like that comes in, and that would be then balancing against these other markets. I love the bottom. And commercial was a GDP grower. It's pretty good considering the engine analysis happened over this period.

交通運輸，正如您所說的混合管理，我們決定降低對交通運輸市場的重視程度，尤其是對電氣化道路市場的重視程度。雖然需要一段時間才能擺脫困境，但除非出現大型機場或類似項目，否則這種情況會繼續惡化，而這些項目又會與其他市場形成平衡。我喜歡底部。商業是GDP成長的驅動力。考慮到引擎分析是在此期間進行的，這個結果相當不錯。

But look at the short duration projects. To me, that's a sign of what's going on across all the markets, especially in the built space. And that contains some commercial work that contains some institutional work that can save some manufacturing work. And these are projects that are going to last less than five months and typically have a ticket size of somewhere between $50,000 and $500,000. And that's -- and then put on top of that, the big service space we have in EMCOR across our fire-life safety projects across our mechanical service business and across even our day 2 electrical work.

但看看那些短期項目。在我看來，這預示著所有市場，尤其是建築領域的現狀。其中既包含一些商業工作，也包含一些機構工作，這些工作可以節省一些生產工作。這些項目的持續時間不到五個月，預算通常在 5 萬美元到 50 萬美元之間。而且，除此之外，EMCOR 還擁有龐大的服務空間，涵蓋消防安全項目、機械服務業務，甚至包括我們日常的電氣工作。

So what allows you to have that kind of compound annual growth across that sustained period of time. And these are in no particular order. First of all, you got to be where your customers are. You have to be able to meet them where they are. You have to have national reach.

那麼，是什麼讓你能夠在如此長的時間內保持如此高的複合年增長率呢？這些內容沒有特定的順序。首先，你必須出現在你的客戶所在的地方。你必須能夠設身處地為他們著想。你必須具備全國性的影響力。

You have to have the geographic footprint, but that's not enough. You can have a geographic footprint that can execute. You have to have opportunistically travel. You don't just travel to travel. We're not going to be the contractor that uses a labor broker and places labor around the country.

你必須擁有一定的地理覆蓋範圍，但這還不夠。你可以擁有能夠執行的地理覆蓋範圍。你必須抓住機會去旅行。旅行不僅僅是為了旅行。我們不會成為那種透過勞務仲介將勞動力派往全國各地的承包商。

For the most part, when we travel, we're traveling in our construction business with very strong union journeymen and commercial environment and others that can move around the country and check into the union and we draw from that. And we're an employer of choice. And that is driven by the strong field leadership we have at the local level.

大多數情況下，我們外出旅行時，都是在建築業，與工會成員和商業環境中的優秀工人一起，以及其他可以到全國各地流動並加入工會的工人一起，我們從中招募人員。我們是理想的雇主之選。這得歸功於我們在地方層級擁有的強大領導力。

We've got the technical expertise -- we have great prefabrication capability, BDC capability that we use to work across these sectors. And really, the BDC we use today in our data center business and the BDC we use today in our high-tech manufacturing was really honed in the health care sector over 20 years ago. We have a great reputation and safety record. It's really a hallmark of who we are and why we continue to attract the best trade labor. Our customers want us to do the work for them.

我們擁有技術專長——我們擁有強大的預製能力和業務發展能力，我們利用這些能力在這些領域開展工作。事實上，我們今天在資料中心業務中使用的 BDC 以及我們今天在高科技製造中使用的 BDC，早在 20 多年前就在醫療保健領域得到了完善。我們擁有良好的聲譽和安全記錄。這真正體現了我們的企業文化，也是我們能夠持續吸引最優秀技工的原因。我們的客戶希望我們替他們完成工作。

One of the benefits of scale to us is we can train, we can share means and methods and we can share best practices across our country. And that allows us to have very strong acquisition pipelines over a sustained period of time. And allows us to make the right smart growth organic investments.

規模化為我們帶來的好處之一是，我們可以進行培訓，可以分享方法和手段，還可以在全國範圍內分享最佳實踐。這使我們能夠在相當長的一段時間內擁有非常強大的收購管道。這使我們能夠進行正確的、明智的有機成長投資。

I think this page is something that really is a hallmark of our company. And I think this page is really what we have built together with that, our capital allocation strategy, which is on page 14, coupled with what is on page 7 is what we get paid for to do to build a company that has great diversity of demand to take advantage of the end markets, in many cases, and then build a sustainable compounding record of success.

我認為這個頁面確實是我們公司的標誌性特色之一。我認為這一頁真正體現了我們與資本配置策略（見第 14 頁）以及第 7 頁內容共同構建的成果，而我們獲得報酬的目的就是為了打造一家需求多元化的公司，從而在許多情況下利用終端市場，並建立可持續的複合增長的成功記錄。

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

傑森，接下來就交給你了。

Thank you, Tony, and good morning, everyone. Before we dive into our results for the fourth quarter, I thought it made sense to step back and take a look at how we performed for the full year, which is summarized on slide 8.

謝謝你，托尼，大家早安。在我們深入探討第四季度業績之前，我認為有必要回顧一下我們全年的表現，這在第 8 頁幻燈片中進行了總結。

In 2025, we earned revenues of $16.99 billion operating income of $1.71 billion and operating margin of 10.1% and diluted earnings per share of $28.19. When excluding the transaction costs incurred in connection with both the acquisition of Miller Electric and the sale of EMCOR UK as well as the gain on sale of EMCOR UK, we are non-GAAP operating income of $1.59 billion operating margin of 9.4% and diluted earnings per share of $25.87. All of which were records for EMCOR. We performed extremely well in 2025, benefiting from some of the best execution in our history and a favorable mix of work, both of which allowed us to deliver a full year operating margin at the high end of the guidance we previously provided and in excess of our expectations when we began the year.

2025年，我們實現營收169.9億美元，營業利潤17.1億美元，營業利益率為10.1%，稀釋後每股收益28.19美元。若不計入收購Miller Electric及出售EMCOR UK所產生的交易成本以及出售EMCOR UK的收益，則我們的非GAAP營業利潤為15.9億美元，營業利潤率為9.4%，稀釋後每股收益為25.87美元。所有這些業績均創下EMCOR的歷史新高。2025 年，我們取得了非常好的業績，這得益於我們歷史上一些最佳的執行力和有利的業務組合，這兩點都使我們能夠實現全年營業利潤率達到我們之前提供的指導範圍的高端，並且超過了我們年初的預期。

If we turn to slide 9, I will now review the operating performance for each of our segments during the quarter, starting with revenues. 4.5 billion represents a quarterly record for EMCOR, with revenues increasing 19.7% or 9.5% organically. Revenues of US Electrical Construction were a quarterly record of $1.36 billion, increasing 45.8% due to a combination of strong organic growth and the acquisition of Miller.

接下來請看第9張投影片，我將回顧本季各業務部門的營運業績，首先是營收。 EMCOR的季度營收達到45億美元，創歷史新高，較去年同期成長19.7%，其中有機成長9.5%。由於強勁的內生成長和對 Miller 的收購，美國電氣建築公司季度收入創下 13.6 億美元的紀錄，成長了 45.8%。

Similar to recent quarters, the most significant growth in this segment was generated from our data center projects within the network and communications market sector, where revenues increased nearly 50% year-over-year. While this represents the greatest increase during the quarter, almost all other sectors experienced growth. Health care, institutional and hospitality and entertainment represent the next three largest increases in addition to greater small project volumes.

與最近幾季類似，該領域最顯著的成長來自我們在網路和通訊市場領域的資料中心項目，其營收年增近 50%。雖然這是本季增幅最大的行業，但幾乎所有其他行業都實現了成長。除了小型項目數量增加外，醫療保健、機構和酒店娛樂業是增幅第二大的行業。

I think the best way to summarize this segment's performance in the quarter is that half of its growth came from data centers and half of its growth came from strength in the underlying or more traditional business. Once again, this highlights our diversity of demand.

我認為總結該業務板塊本季表現的最佳方式是，其一半的成長來自資料中心，另一半的成長來自基礎業務或更傳統業務的強勁表現。這再次凸顯了我們需求的多樣性。

Moving to US Mechanical Construction revenues of $1.94 billion increased 17%, establishing a new quarterly record for this segment. Similar to electrical 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 grew nearly 80% year-over-year. Sticking with my earlier comment regarding broad-based demand, mechanical construction experienced quarterly revenue increases in 8 out of the 11 sectors that we track with the only meaningful decrease coming from high-tech manufacturing.

美國機械建築業務收入達 19.4 億美元，成長 17%，創下該業務板塊新的季度紀錄。與電力產業類似，由於資料中心建設專案需求增加，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，季度營收年增近 80%。延續我之前關於廣泛需求的評論，在我們追蹤的 11 個行業中，機械建築行業有 8 個行業的季度收入實現了增長，只有高科技製造業出現了明顯的下降。

Notably, manufacturing and industrial, including food processing, was up just over 50%. Institutional was up 55% and commercial increased 17% as we are starting to see resumption in warehousing demand. As we've discussed throughout the year, although we are still executing on a higher base, the decrease in high-tech manufacturing is a result of the completion of certain semiconductor projects. On a combined basis, our construction segments generated revenues of $3.3 billion, an increase of 27.4%.

值得注意的是，包括食品加工在內的製造業和工業成長了 50% 以上。機構客戶成長了 55%，商業客戶成長了 17%，我們開始看到倉儲需求的恢復。正如我們今年一直在討論的那樣，儘管我們仍在較高的基數上執行，但高科技製造業的下降是由於某些半導體項目的完成所致。從整體來看，我們的建築業務部門創造了 33 億美元的收入，成長了 27.4%。

Looking next at US Building Services, revenues of $772.5 million reflect a 2.2% increase, all of which was organic. This marks the third quarter of revenue growth since the loss of site-based contracts that we've previously referenced and this performance was driven by our Mechanical Services division, which increased revenues by nearly 5% due to strength across each of their service lines, including projects and retrofits, repair service maintenance and building automation and controls.

接下來來看美國建築服務業務，其收入為 7.725 億美元，成長了 2.2%，全部為內生成長。這是自我們之前提到的現場合約損失以來的第三個季度收入增長，這一業績主要得益於我們的機械服務部門，該部門的收入增長了近 5%，這得益於其各項服務線的強勁表現，包括項目和改造、維修服務維護以及樓宇自動化和控制。

Turning to our Industrial Services segment. Revenues of $341.1 million have increased 9.1%. In the quarter, we experienced a more robust turnaround schedule, including the execution of certain projects that were delayed from Q3 to Q4, which led to increased revenues from both our field and shop services operations.

接下來我們來看看工業服務部門。營收達 3.411 億美元，成長 9.1%。本季度，我們的周轉進度更加穩健，包括執行一些從第三季度推遲到第四季度的項目，這使得我們的現場服務和車間服務業務的收入都有所增加。

In addition, this segment benefited from progress made on a large solar project, which is currently in process. And lastly, for the two months prior to the sale on December 1, and UK Building Services generated fourth quarter revenues of $95.3 million.

此外，該領域也受益於目前正在進行的大型太陽能專案所取得的進展。最後，在 12 月 1 日出售之前的兩個月裡，英國建築服務公司第四季的收入為 9,530 萬美元。

Let's turn to slide 10 for operating income. For the fourth quarter, we generated operating income of $573.8 million or 12.7% of revenues. When adjusting for the transaction expenses and the gain on sale of EMCOR UK. We are a non-GAAP operating income of $439.6 million, a quarterly record for EMCOR. This performance resulted in an exceptional 9.7% non-GAAP operating margin the highest we achieved in any quarter this year.

讓我們翻到第 10 張投影片，看看營業收入。第四季度，我們實現了 5.738 億美元的營業收入，佔總收入的 12.7%。扣除交易費用和出售EMCOR UK的收益後。我們實現了 4.396 億美元的非 GAAP 營業收入，創下 EMCOR 的季度紀錄。這一業績帶來了9.7%的非GAAP營業利潤率，這是我們今年任何一個季度取得的最高利潤率。

Looking at each of our segments, Electrical Construction had operating income of $173.1 million, a 17% increase. As a result of its revenue growth, the segment experienced greater gross profit across the majority of the market sectors in which we operate, resulting in an increase in operating income to a record level. While down from the record 15.8% earned in last year's fourth quarter, this segment's operating margin of 12.7% remained well above its historical average and was in line with our expectations particularly when compared against a rolling 12- to 24-month average, which would imply a range of 12% to 12.6% for the segment.

從各個業務部門來看，電氣工程業務的營業收入為 1.731 億美元，成長了 17%。由於收入成長，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，從而使營業收入達到了創紀錄的水平。雖然較去年第四季創紀錄的 15.8% 有所下降，但該業務板塊的營業利潤率為 12.7%，仍遠高於其歷史平均水平，並且符合我們的預期，特別是與 12 至 24 個月的滾動平均值相比，這意味著該業務板塊的營業利潤率應在 12% 至 12.6% 之間。

When adjusting for the impact of incremental intangible asset amortization, gross profit margin of the segment remained relatively consistent year-over-year, reflecting the overall strength of our execution and project portfolio. Contributing to the unfavorable comparison in operating margin was an unusually low SG&A margin in last year's fourth quarter due to the timing of recognition of certain expenses in the prior year.

在調整無形資產攤銷增量的影響後，該業務部門的毛利率較去年同期保持相對穩定，反映了我們整體執行力和專案組合的強勁表現。導致營業利益率比較不佳的原因是，由於前一年某些費用的確認時間，去年第四季的銷售、一般及行政費用利潤率異常低。

Operating income for US mechanical construction increased by 13.6% to a quarterly record of $250.5 million, while slightly below that of the prior year's quarter, operating margin of 12.9% was equivalent to the third quarter of this year as we continue to execute well. From an end market standpoint, we saw greater gross profit across many of the sectors in which we operate with the largest increases generally tracking in line with the revenue fluctuations I previously mentioned.

美國機械建築業務的營業收入成長了 13.6%，達到創季度紀錄的 2.505 億美元，而營業利潤率為 12.9%，略低於去年同期水平，與今年第三季持平，這得益於我們持續良好的執行力。從終端市場的角度來看，我們在營運的許多行業中都看到了更高的毛利，其中增幅最大的行業通常與我之前提到的收入波動一致。

Together, our construction segments grew operating income by nearly 15% and earned a combined operating margin of 12.8%. US Building Services generated operating income of $41.3 million, a modest increase over the prior year, and operating margin was a consistent 5.4%. Moving to Industrial Services. This segment's revenue growth coupled with 30 basis points of operating margin expansion due to better absorption resulted in a 21.1% increase in operating income.

我們的建築業務部門合計營業收入成長近 15%，合計營業利益率為 12.8%。美國建築服務公司實現營業收入 4,130 萬美元，比前一年略有成長，營業利潤率維持在 5.4%。轉入工業服務領域。該業務板塊的收入成長，加上因吸收率提高而帶來的 30 個基點的營業利潤率擴張，使得營業收入成長了 21.1%。

And lastly, UK Building Services delivered breakeven performance during the quarter as $3.7 million of underlying operating income was entirely offset by transaction-related costs, which were expensed within the UK.

最後，英國建築服務公司在本季度實現了收支平衡，因為 370 萬美元的基本營業收入完全被交易相關成本所抵消，這些成本在英國境內計入了費用。

Let's move to slide 11, and I'll cover a few quarterly highlights that were not included on the previous pages. Gross profit of $891.2 million has increased by 17.7% and our gross profit margin for the quarter was an outstanding 19.7%. SG&A was $462.3 million or 10.2% of revenues. Included in SG&A for the quarter were $10.7 million of transaction expenses related to the sale of EMCOR UK, which impacted SG&A margin by 20 basis points.

讓我們翻到第 11 張投影片，我將介紹一些前幾頁沒有提到的季度亮點。毛利為 8.912 億美元，成長了 17.7%，本季毛利率高達 19.7%。銷售、一般及行政費用為 4.623 億美元，佔營收的 10.2%。本季的銷售、一般及行政費用中包含與出售 EMCOR UK 相關的 1,070 萬美元交易費用，這導致銷售、一般及行政利潤率下降了 20 個基點。

Accounting for half of the remaining increase in SG&A was $35.2 million of incremental expenses from acquired companies and $6.2 million of additional amortization expense. Excluding these items, SG&A grew by $41.8 million, almost entirely due to employment costs, given both greater headcount to support our organic growth as well as increased incentive compensation expense in certain of our segments given the higher annual operating results. And finally, on this page, diluted earnings per share were $9.68 or $7.19 on an adjusted basis, which represents an increase of 13.8% and year-over-year.

剩餘的銷售、一般及行政費用增加額的一半，是由於收購公司帶來的 3520 萬美元增量支出和 620 萬美元額外攤銷費用造成的。在剔除這些項目後，銷售、一般及行政費用增長了 4,180 萬美元，幾乎完全是由於用工成本增加所致，這既包括為支持我們的內生增長而增加的員工人數，也包括由於年度經營業績提高而增加的某些業務部門的激勵性薪酬支出。最後，本頁數據顯示，稀釋後每股收益為 9.68 美元，調整後為 7.19 美元，年增 13.8%。

If we quickly turn to slide 12. With $1.1 billion of cash on hand, our balance sheet positions us well to continue to deliver on our philosophy of balanced capital allocation which includes organic investment, strategic acquisitions and returning cash to shareholders. Our commitment to this model is further demonstrated by the recent increase in our dividend of 60% and the incremental $500 million of authorization under our share repurchase program.

如果我們快速翻到第 12 張投影片。我們手頭上擁有 11 億美元的現金，資產負債表使我們能夠繼續貫徹我們均衡資本配置的理念，包括內生投資、策略性收購和向股東返還現金。我們最近將股息提高了 60%，並在股票回購計劃下增加了 5 億美元的授權，這進一步證明了我們對這一模式的承諾。

During the quarter, we repurchased approximately $155 million worth of our shares bringing our year-to-date repurchases to roughly $580 million. And we executed against our M&A pipeline, utilizing over $1 billion on acquisitions during the year, including an additional $122 million in Q4. And finally, on this page, we had operating cash flow of $524.4 million during the quarter or $1.3 billion for the full year, representing conversion in excess of 80% of operating income when adjusting for the gain on sale of EMCOR UK.

本季度，我們回購了價值約 1.55 億美元的股票，使我們今年迄今的回購總額達到約 5.8 億美元。我們推進了併購計劃，年內透過收購投入超過 10 億美元，其中第四季又投入了 1.22 億美元。最後，在本季度，我們的營運現金流為 5.244 億美元，全年為 13 億美元，扣除出售 EMCOR UK 的收益後，轉換率超過營業收入的 80%。

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

這樣，我就把電話轉回給托尼了。

Thanks, Jason. And I'm going to close on pages 13 and 14. As discussed, we are well positioned to continue to deliver excellent results in 2026. We expect to earn revenues of $17.75 billion to $18.5 billion and achieve diluted earnings per share from $27.25 to $29.25 with a full year operating margin of between 9% and 9.4%. As we set guidance, and I have stated this many times over the years, we have always thought about it the following way.

謝謝你，傑森。最後，我要講到第 13 頁和第 14 頁。如同先前所討論的，我們已做好充分準備，在 2026 年繼續取得優異的成績。我們預計營收將達到 177.5 億美元至 185 億美元，稀釋後每股收益將達到 27.25 美元至 29.25 美元，全年營業利潤率將在 9% 至 9.4% 之間。多年來，我多次強調，在製定指導方針時，我們始終是這樣考慮的。

From the low end to the midpoint, we have a high degree of confidence that we will deliver that outcome absent a major economic event. From the midpoint to the high end of our range, we need to execute very well from a margin standpoint, and we need to book 40% to 45% of new work to allow us to hit the mid to high point of our revenue range easily said, the better our margins, the higher revenue, the more we move to the higher end of our range.

從低端到中端，我們非常有信心在沒有重大經濟事件發生的情況下實現這一目標。從我們收入範圍的中點到高端，我們需要在利潤率方面做得非常好，並且需要獲得 40% 到 45% 的新工作，才能達到我們收入範圍的中高點。簡單來說，我們的利潤率越高，收入就越高，我們就越能向收入範圍的高端邁進。

As we look at the composition of our RPOs, we began the year with a strong mix of work, with estimated gross margins in line with those experienced over the last few years. We have a strong foundation across diverse geographies and sectors. At this time, we see no slowing of demand for most of our end markets and continue to see exceptional prospects in our data center markets.

從我們的RPO業務組成來看，年初時我們的業務組合非常均衡，預計毛利率與過去幾年的毛利率基本持平。我們在不同的地域和產業都擁有強大的基礎。目前，我們大多數終端市場的需求沒有放緩的跡象，我們資料中心市場的前景仍然十分廣闊。

As we move into 2026, we need to keep leveraging our training BDC, fabrication and project planning and delivery capabilities. We must not only continue to incrementally improve, but also innovate in our internal processes and delivery. We must also continue to protect ourselves through careful contract negotiation execution and compliance. We deliver for our customers, and we will continue to do so, but we also strive to protect our rights as we deliver these complex projects.

展望 2026 年，我們需要繼續利用我們的培訓 BDC、製造和專案規劃及交付能力。我們不僅要持續逐步改進，還要在內部流程和交付方式上進行創新。我們也必須繼續透過謹慎的合約談判、執行和遵守來保護自己。我們為客戶提供服務，並將繼續這樣做，但我們也努力在交付這些複雜專案的同時保護我們的權利。

We will always face some macroeconomic challenge of some kind and some headwinds, but our team has excelled over the challenge -- overcoming these challenges over a very long period of time. I do believe that we are an employer of choice because of our excellence in field leadership. From our frontline foremen, superintendents, project managers and executives to our subsidiary and segment leadership.

我們總是會面臨某種宏觀經濟挑戰和一些不利因素，但我們的團隊已經出色地克服了這些挑戰——在很長一段時間內都克服了這些挑戰。我相信，我們之所以成為首選雇主，是因為我們在現場領導方面表現卓越。從我們的第一線工頭、主管、專案經理和高階主管，到我們的子公司和業務部門領導。

We will continue to execute a balanced capital allocation strategy, focused on organic investment strategic acquisitions and returning cash to shareholders through share repurchases and dividends, which we show on page 14. Our balanced capital allocation strategy has provided the foundation for our compounding record of success over the last 10 to 15 years.

我們將繼續執行均衡的資本配置策略，重點在於有機投資、策略性收購以及透過股票回購和分紅向股東返還現金，詳情請見第 14 頁。我們均衡的資本配置策略為我們在過去 10 到 15 年裡取得持續成功奠定了基礎。

As I close, I want to thank my teammates. I appreciate all you do for EMCOR every day and for our customers and appreciate the safe and productive way you execute our work. With that, Jamie, I'll turn the call over to you for questions.

最後，我要感謝我的隊友們。我非常感謝您每天為EMCOR和我們的客戶所做的一切，也感謝您以安全且有效率的方式完成我們的工作。那麼，傑米，接下來我把電話交給你，回答你的問題。

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

（操作說明）Brett Thielman，D.A. Davidson。

Tony or Jason, if you could comment just on some of the initiatives that compressed margins a bit last quarter, 3Q. I think you moved into some new territories that caused a little pressure there. Like what lingering impact that had in the fourth quarter, if any? And are you sort of beyond that at this stage here in 2026?

Tony 或 Jason，能否請你們就上個季度（第三季）導致利潤率略微下降的一些舉措發表一下看法？我認為你涉足了一些新的領域，這在那方面造成了一些壓力。例如，這種影響在第四季產生了哪些後續影響？到了 2026 年，你是否已經超越了那個階段？

You always have to be careful to say we're beyond that because we're starting projects all the time and we execute really well, and we write projects up, we write them down. But on balance, I think the headwinds we've experienced in that particular market are behind us sell. And we had a little bit of that spillover into the fourth quarter. Some of it also is just mix of work.

你總是要小心地說我們已經超越了那個階段，因為我們一直在啟動項目，而且執行得非常好，我們會把項目寫下來，記錄下來。但總的來說，我認為我們在那個特定市場遇到的不利因素已經過去，我們可以賣出了。第四節比賽中，這種影響也略有延續。其中一部分也只是工作混雜而已。

We didn't finish as much fixed price work in our Electrical segment as we did the year before. And we started some work that was more target price or GMP, and hopefully, we'll convert some of that to fixed price, but we don't know that. But the underlying margins in the business, which you can see from our gross margins is pretty strong.

我們在電機工程領域完成的固定價格工程量不如前一年。我們已經開始了一些以目標價或良好市場價格 (GMP) 為導向的工作，希望我們能將其中一些工作轉為固定價格，但我們對此還不得而知。但從我們的毛利率可以看出，該業務的潛在利潤率相當強勁。

Yes. And I would echo what Tony said. The only thing I would add to that, right, is I tried to say this in my prepared remarks. If you look at the gross profit margin for electrical and you adjust for the amortization impact, it performed relatively consistent year-over-year. So any impacts that we did have from those project start-ups was offset by just execution within the segment.

是的。我同意東尼的說法。我唯一要補充的是，我在準備好的演講稿中已經嘗試表達了這一點。如果查看電氣行業的毛利率，並調整攤銷影響，會發現其年比表現相對穩定。因此，這些專案啟動帶來的任何影響都被該領域內的執行情況所抵消了。

Yes. Brent, and you could see it in our numbers, right? Are we a little disappointed we coughed up 50 or 60 basis points this year in electrical operationally? Sure, we are. Some of the headwind was from amortization. That's not a cash expense. But when you look over a 12- to 24-month period, that's a pretty good snapshot of our margins. We expect to operate somewhere mid- to low 12s to 14-or-so percent electrically. And mid- to low 12s. So a 13.5% or so mechanically, and it's going to bounce around there. But if we can operate this business between 12.5% and 13.5% on a sustained basis across our construction segments, I think we'd be pretty pleased with that.

是的。布倫特，從我們的數據中就能看出來，對吧？今年我們在電力運營方面損失了 50 或 60 個基點，我們是否有點失望？當然，我們是。部分不利因素來自攤銷。那不是現金支出。但從 12 到 24 個月的時間跨度來看，這可以很好地反映出我們的利潤率。我們預計電力運作比例將在 12% 到 14% 左右。還有12秒中低段。所以機械方面大概是 13.5% 左右，而且會在那個範圍內波動。但如果我們能夠在建築業務的各個環節持續保持 12.5% 到 13.5% 的成長率，我認為我們會非常滿意。

Tony, maybe just to follow up, I mean, an interesting chart there on slide 7. So on the network communications, data center side, you talked about good visibility here for the next two to three years. I think it would be hard to dispute that maybe one of the questions that oftentimes comes up is just like your regional exposure do you see yourself having to move into different regions to get more of this work? Or maybe you could just talk about what's happening, where you're already at, where you -- where you're positioned today that is going to continue to spend.

東尼，或許可以補充一下，我的意思是，第 7 張投影片上的圖表很有意思。所以，在網路通訊和資料中心方面，您提到未來兩到三年內會有良好的可視性。我認為很難否認，經常被問到的問題之一是，就像你對地區的了解一樣，你是否認為自己需要搬到不同的地區才能獲得更多這類工作？或者，你也可以談談正在發生的事情，你目前的狀況，你——你現在所處的位置，以及你將繼續投入的領域。

I don't have to (inaudible) markets electrically. But the way I look at it is we have a strong -- we have a solid position in the Midwest. -- we'd like to make that a little bit stronger in some of the markets. We think we can do that either through acquisition investment or organic growth. Arizona, we continue to build that out.

我不需要（聽不清楚）電力市場。但我認為，我們在中西部地區擁有強大的——我們擁有穩固的地位。 ——我們希望在一些市場上進一步加強這種地位。我們認為可以透過收購投資或自身成長來實現這一目標。亞利桑那州，我們將繼續推動建設。

We've just built a better position mechanically in Arizona that we look to take advantage of it. And electrically, we moved into that market two years ago, and we're starting to hit full ramp right now. Texas, we're pretty strong. Mechanically, we'll take some of our first significant jobs in Texas. And there's a mixed management decision, right?

我們在亞利桑那州的機械設備方面已經建立了更好的優勢，我們希望能夠充分利用這一優勢。兩年前，我們進入了電力市場，現在正開始全面擴張。德州，我們實力很強。從機械方面來說，我們將在德州承接一些首批重要的項目。所以，管理階層做出了一個模稜兩可的決定，對吧？

We had that capability there doing semiconductor work. We'll continue to do some of that. But quite frankly, we think some of the rural data center work is better for us to do and it allows us to sort of get more productivity in our prefab shops also by doing that. And we've invested ahead of that. The semiconductor work we did there in a lot of ways with the beachhead to participate more broadly in the market and especially in the data center market. Mechanically, electrically, we have a very good position in the Dallas-Fort Worth area.

我們在半導體領域具備這種能力。我們會繼續做一些這樣的事情。但坦白說，我們認為一些農村資料中心的工作更適合我們去做，這樣做也能讓我們的預製車間提高生產效率。我們已提前進行了投資。我們在那裡進行的半導體工作，在許多方面都為我們更廣泛地參與市場，特別是資料中心市場，奠定了基礎。在機械和電氣方面，我們在達拉斯-沃斯堡地區擁有非常有利的地位。

We'll look to expand out of that. Atlanta, we have a very strong position mechanically and we have a secondary position electrically, and we'll look to continue to strengthen that. The Carolinas were pretty strong, both mechanically and electrically, more so mechanically, but still pretty strong electrically. Northern Virginia, quite frankly, were terrific, both mechanically and electrically. And then as you get to Oregon, we're very strong electrically. So we will continue in Iowa very strong electrically. We will continue to round that capability.

我們將尋求拓展業務範圍。亞特蘭大，我們在機械方面擁有非常強大的實力，電氣方面也具備一定的實力，我們將繼續努力加強這一優勢。卡羅萊納隊實力很強，無論在機械方面還是電氣方面，機械方面更強，但電氣方面也相當強大。坦白說，北維吉尼亞在機械和電氣方面都非常出色。然後到了俄勒岡州，我們的電力系統就非常強大了。因此，愛荷華州的電力供應將繼續保持強勁勢頭。我們將繼續完善這項能力。

You can tell we're in more markets electrically than mechanically. Some of that is -- we found it advantageous to be able to take our electricians that we're very skilled in our management teams and doing something that still don't work at one time, and they've proven to be very good data center builders also. And we've been able to take that scale from our -- some of our companies and move it to others. And it takes about 18 months to ramp them up to get to full production where they can hit the kind of margins, our traditional data center company then mechanically.

可以看出，我們在電氣領域的市佔率比機械領域更大。部分原因是——我們發現，能夠讓我們的電工（他們技術非常嫻熟）參與到我們的管理團隊中，同時做一些仍然行不通的事情，這很有優勢，而且事實證明，他們也是非常優秀的數據中心建設者。我們已經能夠將我們一些公司的規模優勢轉移到其他公司。大約需要 18 個月的時間才能使它們達到全面生產水平，從而達到我們傳統資料中心公司那樣的利潤率。

And there's no real reason some that we haven't expanded as much as just the footprint of where we are and what it takes mechanically to build the capability because of the prefab and all the other things are a little more extensive. And in fire life safety, we can cover the entire market, and we do.

我們沒有像現在這樣大規模擴張，其實並沒有什麼真正的原因，只是我們目前的規模以及建造這種能力所需的機械設備，因為預製件和其他所有東西都更加複雜。在消防安全領域，我們可以涵蓋整個市場，而我們也確實做到了。

Got it. I appreciate that, Tony. And just last one. I mean, your balance sheet, you sort of have a war chest here. How do you think about like total excess liquidity here, assuming you want to keep some level of cash on the balance sheet, also understand your revolvers untapped -- just thoughts there. It seems like you can do a lot.

知道了。謝謝你，托尼。最後一個。我的意思是，從你的資產負債表來看，你這裡就像有一筆應急資金。您是如何考慮總的超額流動性的？假設您希望在資產負債表上保持一定水平的現金，並且了解您的循環信貸額度尚未動用——只是一些想法。你似乎能做很多事。

I'll hit a macro level on that. And then Jason will get into some specifics about like cash we'd probably like to have on hand. I think in general, we're never going to have a highly leveraged balance sheet on a sustained basis to think of who we're working for.

我會從宏觀層面來探討這個問題。然後傑森會具體談談我們可能需要準備的現金之類的東西。我認為總的來說，我們永遠不會長期維持高槓桿的資產負債表，因為我們需要考慮我們究竟在為誰工作。

One of our competitive differentiators, especially on this large project work is we're not a leverage company. And think about the hyperscalers, they're not looking to do business with leverage companies. And it's also when you look to the bonding line, it's a nice ability to be able to have a surety bond without question when you need it, and we've had that luxury. But we also would be willing to lever up for the right acquisitions or series of acquisitions to go to 1 to 1.5 times, maybe 2 times and the leverage back down to 1x. What I wouldn't do is borrow a bunch of money to buy back stock.

我們的競爭優勢之一，尤其是在大型專案工作中，是我們不是一家依賴槓桿的公司。想想那些超大規模資料中心營運商，他們並不想和槓桿公司做生意。而且，當你查看擔保條款時，你會發現，當你需要的時候，能夠毫無疑問地獲得擔保債券是一件非常好的事情，而我們一直享有這種優勢。但我們也願意為合適的收購或一系列收購提高槓桿率至 1 到 1.5 倍，甚至 2 倍，然後再將槓桿率降回 1 倍。我不會做的就是藉一大筆錢去回購股票。

We like to do the buyback through excess liquidity. And if we're going to borrow money, it's because we're building a -- we're buying into an asset that's going to return cash to us over an extended period of time. That sort of macro levitation maybe get to the specifics.

我們喜歡利用過剩流動資金進行回購。如果我們要藉錢，那是因為我們正在建立——我們正在購買一項資產，這項資產將在較長一段時間內為我們帶來現金回報。這種宏觀懸浮技術或許能揭示具體細節。

I would say if you go to that slide 14 that Tony referenced earlier and you look at what we've done this year, last year and even over the last 10 years, I think that's what our playbook looks like going forward, right? It continues to be a balanced approach towards capital allocation. We think we have a strong M&A pipeline as we move into next year. We'll continue to return capital to shareholders, and you saw that in the repurchases this year, and you saw that in the increase in dividend.

我想說，如果你看看托尼之前提到的第 14 張幻燈片，看看我們今年、去年甚至過去 10 年所做的事情，我認為這就是我們未來發展的方向，對吧？它仍然採取平衡的資本配置方法。我們認為，展望明年，我們將擁有強大的併購專案儲備。我們將繼續向股東返還資本，你們已經從今年的股票回購和股息成長中看到了這一點。

In terms of minimal cash balance for our balance sheet, it's probably somewhere in the neighborhood of $300 million to $400 million. So obviously, our balance sheet positions us to continue to deploy cash strategically as we move into 2026.

就我們資產負債表上的最低現金餘額而言，大概在 3 億至 4 億美元左右。顯然，我們的資產負債表使我們能夠在進入 2026 年之際繼續進行策略性現金部署。

Yes. I think if you ask any of our management team down through the segment level, we would love to replicate 2025 here in '26 and '27. However, you've heard me say many times, deals happen when they happen. And what we are going to do is maintain discipline. We're not going to -- I think people on the line know me well enough to know this management team well enough that we don't buy in the hype and we don't buy into frenzy.

是的。我認為，如果你問我們管理團隊的任何一位成員，從管理團隊到各個業務部門，他們都會說，我們非常希望在 2026 年和 2027 年能夠複製 2025 年的成就。但是，你們也聽我說過很多次了，交易什麼時候發生就什麼時候發生。我們要做的就是保持紀律。我們不會——我認為第一線人員足夠了解我，也足夠了解這個管理團隊，我們不會被炒作所迷惑，也不會陷入狂熱之中。

We have to believe there's a long sustained business case for why we would do something and we have to believe that we can add value. And our acquisition record is pretty darn good. I always say I never give anybody an A, but I'd give us a strong B+ over an extended period of time. And we're going to continue to do that. We're not private equity guys.

我們必須相信我們做某件事有長期可持續的商業理由，我們必須相信我們能夠創造價值。而且我們的收購記錄相當不錯。我總是說我從不給任何人打A，但從長遠來看，我會給我們打出優秀的B+。我們將繼續這樣做。我們不是搞私募股權的。

We're not averaging multiples down. We're looking to buy and build for the long term and build sustainable positions. And how we got from some of these places to serve 17 electrical data center markets is we bought companies who were in the business, we're able to strengthen it through peer learning, transferring people for short periods of time to help it and really doing a great job of taking our best practices and means and methods and sharing it across the company, especially as it comes to virtual design construct, VDC, BIM and prefabrication.

我們並沒有降低平均本益比。我們尋求的是長期收購和建設，並建立可持續發展的地位。我們之所以能從這些地方發展到服務 17 個電力資料中心市場，是因為我們收購了從事該業務的公司，我們能夠透過同行學習來加強業務，短期調派人員來提供幫助，並且真正出色地將我們的最佳實踐、方法和手段分享給整個公司，尤其是在虛擬設計建造 (VDC)、建築資訊模型 (BIM) 和預製方面。

Adam Thalhimer, Thompson, Davis.

亞當·塔爾海默、湯普森、戴維斯。

Congrats on the strong quarter and the year. Tony, I wanted to ask you first about RPO the 33% in network and communications, obviously, some others in your space are even higher than that. And I'm just curious if that was a conscious decision on your part to stay more diversified? Or if that reflects something else like geographic mix?

恭喜你們本季和全年業績都非常出色。Tony，我想先問你關於網路和通訊領域 RPO 33% 的問題，顯然，你們領域的其他一些 RPO 甚至更高。我只是好奇，這是否是你刻意做出的維持多元化發展的決定？還是這反映的是其他因素，例如地域構成？

It's funny. I'll go to the second thing. You said it's geographic and sector mix we're not passing up great data center opportunities because we're doing the other work. However, we're not going to go away from our existing customers.

真搞笑。我選擇第二點。你說過，關鍵在於地理位置和產業組合，我們不會因為忙於其他工作而錯失絕佳的資料中心機會。但是，我們不會放棄我們現有的客戶。

We have very strong companies in markets that have limited and no data center exposure. We have one of the best electrical contractors in the country in San Diego that generates great returns, serves our customers well, does it through a mix of pharma and high-tech manufacturing work some defense work and health care work.

我們在資料中心業務有限甚至沒有資料中心業務的市場中擁有實力雄厚的公司。我們在聖地牙哥擁有全國最好的電氣承包商之一，他們創造了豐厚的回報，為客戶提供了良好的服務，並透過製藥和高科技製造工程、一些國防工程和醫療保健工程來實現這一目標。

There's not a data center opportunity there for them to do, but they earn returns that are as good or better than our segment averages. And we have a chunk of our business that exists just like that in places like California, some of the Intermountain states, some of the Midwestern towns. And as you go to like something as specific as water and wastewater, we're not walking away from opportunities in Florida to do data centers, although the first ones are going to get built, and we will participate in that. But the teams that do that water and wastewater work are very specialized. Could they do chiller plant work and things like that?

雖然那裡沒有數據中心項目可供他們開展，但他們獲得的收益與我們行業的平均水平持平甚至更高。我們在加州、一些山間州、一些中西部城鎮等地都有一部分的業務就是這樣存在。而當我們談到像水和廢水處理這樣具體的領域時，我們並沒有放棄在佛羅裡達州建造資料中心的機會，儘管第一批資料中心將會建成，而我們也會參與其中。但是，負責供水和污水處理的團隊都是非常專業的。他們能做冷水機組之類的工作嗎？

Sure. But they're very specialized on that customer base and in that product offering. So yes, some of it is intentional. It's been intentional, Adam, beyond the last four or five years. It's been intentional over a very long period of time to build diversity of demand.

當然。但他們非常專注於特定的客戶群和產品系列。所以，是的，其中一些是故意的。亞當，這並非偶然，而是近四、五年來一直如此。長期以來，我們一直有意識地致力於建立多樣化的需求。

But that being said, I'll give you a great example. We had a very good industrial electrical contractor in the Midwest that are in middling returns for years, but very technically capable. When the opportunity presented itself in Northwest Indiana to do data center work, we were able to take some of our skill base on the supervision side and our estimating side, train the people there to do the work, estimate the work, and now they're one of the best data center builders we have. And so we have the ability to do that when the opportunity and we create the opportunity presents ourselves and our customers need us to do that.

不過話雖如此，我還是可以給你舉個很好的例子。我們在中西部地區有一家非常優秀的工業電氣承包商，多年來業績平平，但技術能力很強。當西北印第安納州出現資料中心建設的機會時，我們利用我們在監督和估算方面的一些技能，培訓當地人員進行工作和估算，現在他們是我們擁有的最好的資料中心建立者之一。因此，當機會出現，我們自己創造機會，而我們的客戶也需要我們這樣做時，我們就有能力做到這一點。

So I'd say, yes, part of it has been intentional as a long-term strategy. But are we shooting to say we're only going to do 33% data center work in RPOs, could be 40% for a part of a period of time, could be 45%, could go down to 30%. It's just the overall demand and the mix of work and margin we have out there.

所以我認為，是的，其中一部分是出於長期策略的考慮。但我們的目標是說，在 RPO 中，我們只做 33% 的資料中心工作，在一段時間內可能是 40%，可能是 45%，也可能下降到 30%。這只是我們目前面臨的整體需求以及工作和利潤的組合問題。

Yes. The only other thing I would add, too, is just remember that for us, what we show as RPOs are the funded phases of a contract. So we're working on a data center campus where there's multiple buildings and we have even a verbal for the Phase II. We're only showing that first phase in our RPO. So others may be doing it differently, which could skew percentages. But for us, this is funded, contracted work that we have in hand and 82% of this will burn over the next 12 months.

是的。我還要補充一點，請記住，對我們來說，我們展示的 RPO 是合約中已獲資助的階段。所以我們正在建造一個資料中心園區，裡面有多棟建築，而且我們甚至已經口頭敲定了第二期工程。我們目前只展示RPO的第一階段。所以其他人可能採取不同的做法，這可能會使百分比產生偏差。但對我們來說，這是有資金支持、有合約保障的工作，我們已經著手進行，其中 82% 將在未來 12 個月內完成。

Yes.

是的。

Got it. Okay. So -- but you're saying if the outlook for data centers is strong, -- those don't be surprised if it goes to 40%, 45%.

知道了。好的。所以——但你的意思是，如果資料中心的前景強勁，——那麼如果漲幅達到 40%、45%，也不要感到驚訝。

Yes, it could. If you look at our Electrical segment, where we've been able to get into 17 markets, it's 40% to 50% on a -- I think it will stay there for a while. It may even go up a little bit because we have found that that scale is the most -- we have the most ability to take that electrical skill and translate that into other markets from other work that they have done.

是的，有可能。如果你看看我們的電氣業務板塊，我們已經成功進入了 17 個市場，市佔率比達到 40% 到 50%——我認為這個比例會維持一段時間。甚至可能會略微上漲，因為我們發現這種規模是最——我們最有能力將這種電氣技能從他們所做的其他工作轉化到其他市場。

Okay. Last one for me. I was curious on semiconductors when the next wave of awards might be in that space.

好的。這是我最後一個了。我很好奇半導體領域下一波獎項什麼時候會頒發。

We're seeing some of it now. They're just getting awarded into smaller chunks. We're very ingrained in for one of the customers, two of the customers in Arizona. And we're also there in Arizona and the Mountain States Fire life safety. I don't know if -- because you're already on site, I'm not sure you'll see the magnitude of the awards that we saw initially because they can leave it up to us some pieces.

我們現在已經看到一些這樣的例子了。只是獎勵被分成了更小的份額。我們與亞利桑那州的一位客戶和兩位客戶建立了非常深厚的合作關係。我們也在亞利桑那州和山區各州開展消防生命安全工作。我不知道——因為你已經到了現場，我不確定你是否會看到我們最初看到的獎項規模，因為他們可能會把一些事情留給我們自己決定。

And I think that's an important delineation with us. We have a pretty good idea of the work we're going to be doing there which is some of that 40% to 45% we have to book a year. But Jason made a really important point, right? Everything we do goes back to GAAP, right?

我認為這對我們來說是一個重要的界線。我們對將要在那裡進行的工作已經有了比較清晰的認識，這部分工作占我們每年必須預訂的 40% 到 45%。但傑森說的確實很重要，對吧？我們所做的一切都要遵循公認會計準則，對吧？

So our RPOs are funded contracts, signed purchase orders non-cashable portion of a service agreement. I mean that is different than some of our peers do things. I mean we know that we may be at a data center site for two or three years. We're pretty sure the buildings we're going to get. But a, the work isn't contracted to us yet.

因此，我們的 RPO 是已支付資金的合同，是已簽署的採購訂單，是服務協議中不可兌現的部分。我的意思是，這和我們一些同儕的做法不一樣。我的意思是，我們知道我們可能會在一個資料中心待上兩到三年。我們相當確定我們將要獲得的建築物。但是，這項工作目前還沒有與我們簽訂合約。

And so therefore, we'll plan for it. But we certainly -- and on a semiconductor site, we know that maybe two years ago, we might have got $150 million award and it's going to look like that $150 million award again, but they're letting it out to us to $30 million, $50 million at a time because they know that that's how their funding is going to work, and that's how they did the actual contract for that piece of the work. So we've been that way forever. It's a little different when you have these huge projects.

所以，我們會為此做好計劃。但我們當然知道——在一個半導體行業，兩年前我們可能獲得了 1.5 億美元的合同，現在看起來又會是 1.5 億美元的合同，但他們會一次撥給我們 3000 萬美元、5000 萬美元，因為他們知道他們的資金運作方式就是這樣，他們也是這樣簽訂那部分工作的實際合同的。我們一直都是這樣。當專案規模龐大時，情況就略有不同了。

And we just have chosen to stay very consistent and not guess on what the future holds and keep it to that kind of convention. And as to say the same thing about our operating margin performance. The only thing to get added back here are hard things like transaction costs like the sale of the UK or a significant impairment. We have restructuring going on in the business all the time where we're restructuring subsidiaries.

我們選擇保持一貫的做法，不去猜測未來會發生什麼，而是堅持這種慣例。對於我們的營業利益率表現，情況也是如此。這裡唯一需要加回來的是硬性項目，例如出售英國或重大減損等交易成本。我們公司一直在進行重組，包括重組子公司。

We don't do that. We don't try to add back amortization. We figure our investors are smart enough to do that themselves. It's a noncash expense. We figure once we go down a rabbit hole, we become adjusted on adjusted, unadjusted. And we just chose to stay pure to the GAAP numbers both for RPOs and operating income and revenue recognition, Jason.

我們不那樣做。我們不打算將攤銷費用加回。我們認為我們的投資者夠聰明，能夠自己做出這樣的決定。這是一項非現金支出。我們認為，一旦我們深入研究某個領域，我們就會不斷地適應和不適應。傑森，我們選擇嚴格按照 GAAP 準則來計算 RPO、營業收入和營收。

Agreed.

同意。

Yes, I think it's just easier.

是的，我覺得這樣比較簡單。

The numbers are very clean. We appreciate that.

數據非常清晰。我們對此表示感謝。

You appreciate it sometimes because you salivate over other people that have 5%.

有時你會很欣賞它，因為你會對那些擁有 5% 的人垂涎三尺。

I can't speak for everybody else. I appreciate it.

我無法代表其他人發言。謝謝。

Brian Brophy, Stifel.

Brian Brophy，Stifel。

So your data center work has been growing a bit faster on the mechanical side than on the electrical side for a few quarters now. Can you talk about what are the drivers behind that? And do you expect that to sustain itself in the next year or this year?

所以，近幾個季度以來，你們資料中心機械的工作成長速度一直比電氣方面的工作成長速度快一些。您能談談背後的驅動因素嗎？你預計這種情況會在今年或明年持續下去嗎？

It could. It could because we -- first was the basis right in comparison to the segment. And so we've opened up a couple of new markets on the data center side. And also, I think one of the growth areas in that is it's a little different than the scope we're benefiting more from the AI data center, even though we're building the AI data centers electrically, but the scope doesn't increase as much going from a 100-megawatt cloud storage data center to a 200-megawatt AI data center on the electrical side. But on the mechanical side, it can be a 1.5 to 2 times multiplier on the mechanical systems that will go in. And what's interesting about that, that in either cases that usually include the major end equipment.

有可能。這可能是因為我們——首先，與該細分市場相比，我們的基礎是正確的。因此，我們在資料中心領域開拓了幾個新市場。而且，我認為其中一個成長領域與我們從人工智慧資料中心受益的範圍略有不同，儘管我們正在建立人工智慧資料中心，但從電力方面來看，其範圍並沒有從 100 兆瓦的雲端儲存資料中心擴大到 200 兆瓦的人工智慧資料中心。但就機械方面而言，它可能是所安裝機械系統的 1.5 到 2 倍。有趣的是，無論哪種情況，通常都包括主要的終端設備。

Yes. I think Tony's point on the base is very important as well, right? Mechanical is up more on a percentage basis. But on a dollars basis, Electrical grew $1 billion this year mechanical grew $850 million. So Electrical is still growing more in terms of dollars. It's just off a larger base, gives you a smaller perceptive.

是的。我認為托尼關於基地的觀點也非常重要，對吧？以百分比計算，機械行業的漲幅更大。但以美元計算，今年電氣產業成長了 10 億美元，機械產業成長了 8.5 億美元。所以，就收入而言，電氣業的成長速度仍然更快。因為它的底座更大，所以你的感知範圍會更小。

I think one way to look at it, too, electrically, we, about two years ago, established ourselves as more of a national player in data centers. Mechanically, I would still say we're still a super-regional player in data centers. So you may see that growth because of the base and how we're continuing to penetrate new markets mechanically. And it takes a little longer to penetrate mechanically, and we're starting to see some of the investments return to us now from what we made two or three years ago mechanically.

我認為從電氣角度來看，大約兩年前，我們已經把自己確立為資料中心領域的全國性參與者。從技術層面來說，我仍然認為我們在資料中心領域是一家超級區域性企業。所以你可能會看到這種成長，這是因為基礎穩固，以及我們不斷有條不紊地開拓新市場。機械滲透需要更長的時間，我們現在開始看到兩三年前透過機械方式進行的一些投資有所回報。

That's helpful. And then related, I think you mentioned 17 electrical markets on the data center side, you're up to now seven mechanical and it's grown nicely over time. Where can that go over time?

那很有幫助。另外，我想你提到過資料中心方面有 17 個電氣市場，現在機械市場有 7 個，而且隨著時間的推移，發展勢頭良好。隨著時間的推移，它會如何發展？

I actually don't know. I think we'll stop counting soon because they're now becoming you start counting the state of Ohio versus the four submarkets in Ohio and things like that, do you take the state of Indiana versus the two or three submarkets.

我其實不知道。我認為我們很快就會停止統計，因為現在的情況是，你開始統計俄亥俄州與俄亥俄州的四個子市場等等，你又會統計印第安納州與兩三個子市場嗎？

I think the way I think about it is we are now starting to build scale in some critical infrastructure places. So if you think about how this has happened and why it's happened, it's because it's been this quest for power as for stranded power. And -- that's how we -- that's how our great industrial electrical got into the data center business in Indiana because they went and chase the stranded power from the steel mills and auto plants that had been there before. And so you think about that over time, there's still stranded power out there, and that should keep -- that's why we say two- to three-year pretty good outlook because our customers are telling us that, and they may even be a little bit beyond that they feel pretty good, maybe a little longer that but we're contractors, we always discount that back a little bit.

我認為，我們現在正開始在一些關鍵基礎設施領域建立規模。所以，如果你思考這件事是如何發生的，以及為什麼會發生這件事，那是因為人們一直在追求權力，就像追求被困住的權力一樣。就這樣，我們偉大的工業電氣公司進入了印第安納州的資料中心業務，因為他們去追逐之前鋼鐵廠和汽車廠遺留下來的閒置電力。所以你想想，隨著時間的推移，仍然會有電力閒置，這應該會維持——這就是為什麼我們說兩到三年前景相當不錯，因為我們的客戶告訴我們，他們甚至可能感覺好一些，甚至可能比這更久，但我們是承包商，我們總是會把這種情況稍微往後推一點。

And -- but I will say this, the markets are now dependent on where they can get power in place. My gut is there'll be a couple more markets added -- and then in the markets they're in, they're going to start to build even more density, just like they did in Northern Virginia right outside of Columbus, Ohio, what they've done in Chicago, what they've done in Arizona. They built in Atlanta, they're building density in those markets. And they do that for a reason in Dallas. They do that for a reason because they think there's a good view on power in the long term and also the connections there are really, really good.

但是——但我必須說，現在的市場取決於它們在哪裡能夠獲得電力。我的直覺是還會增加幾個市場——然後在他們已經進入的市場中，他們會開始建造更多高密度住宅，就像他們在俄亥俄州哥倫布市郊外的北維吉尼亞、芝加哥和亞利桑那州所做的那樣。他們在亞特蘭大進行了建設，他們在這些市場中打造高密度住宅區。達拉斯人這樣做是有原因的。他們這樣做是有原因的，因為他們認為從長遠來看，權力是一種好東西，而且那裡的關係也非常好。

And the latency becomes important in some of those major metro areas for the knowledge workers long time. Now do I understand how the latency works everything, not really, but that's how it all works when you put it all together. So it will go up, it's not going to grow like it did because now they're starting to build critical mass in those markets.

在一些主要大都市地區，對於知識工作者來說，延遲問題會長期存在。現在我完全理解延遲是如何運作的了嗎？還沒有完全理解，但當你把所有東西放在一起時，它就是這樣運作的。所以它會上漲，但不會像以前那樣快速成長，因為現在它們在這些市場中開始累積臨界規模。

Justin Hauke, Baird.

賈斯汀·豪克，貝爾德。

Yes. Great. I guess, first one, I mean you talked about the fire, life safety projects being strong for a while. I think you made some comments here about kind of the uniqueness of what you're doing on the data center specifically. But can you just elaborate a little bit more on your capabilities there? And how you're different in that market?

是的。偉大的。我想，首先，我的意思是，你談到了消防和生命安全項目在一段時間內一直很強勁。我認為你在這裡提到了一些關於你在資料中心所做的事情的獨特性。能否再詳細介紹一下您在這方面的能力？你在這個市場有何不同之處？

Yes, are we different, yes, because I think we have some of the best fire -- we have critical mass on design. And we have a very strong position with the Road Local in the UA for sprinklers. So if you take the business first and you take a step back and those that have been with us for, I'll be patient for a second, as I answer this question, it's one off the few trades that we do, that the actual implementation of that part of the specification is a design build product.

是的，我們與眾不同，因為我認為我們擁有一些最好的消防技術——我們在設計方面擁有足夠的實力。我們在 UA 的 Road Local 中擁有非常強大的地位，尤其是在灑水器方面。所以，如果你先從業務上看起，然後退後一步，對於那些一直和我們在一起的人，我會耐心一點，在我回答這個問題的時候，這是我們所從事的少數幾個行業之一，規範的這一部分的實際實施是一個設計建造產品。

The way the specification is written, it says provide a fire-life safety system in accordance with the code at both the national standard and then their state and local standards. And our guys are experts at that. And what they do then is we design it. And then fire life safety has a fairly significant prefabrication component. And we have some pretty at-scale fabrication shops -- to support our fire life safety business. And then it's for the union other than 16 close lows, it's a road local that will travel. And so our people can travel across the country. And it also tends to get connected to think of in other word, like LEGOs or (inaudible), it's a connected system, and we prefab most of it in the shops.

根據規範的寫法，要求按照國家標準以及州和地方標準提供消防生命安全系統。我們的人員都是這方面的專家。然後他們所做的就是由我們來設計。此外，消防安全領域還有一個相當重要的預製組成部分。我們擁有一些相當大的製造車間—以支持我們的消防安全業務。除了 16 個低點之外，對於工會來說，這是一條可以通勤的當地道路。因此，我們的人民可以暢遊全國。而且它也往往會相互連接，換句話說，就像樂高積木或（聽不清楚）一樣，它是一個互聯繫統，我們在商店裡預製了大部分組件。

And then finally, it has a nice aftermarket component, and we have a nice aftermarket business. And that is one of the places where if we build it, we have a pretty good shot at getting the long-term service agreement post building. So it's a national business and scope. It's a design build business and scope on that specific trade. We have a great workforce, and we're at scale in that business and probably as good as anybody else in the business never say we're the only ones, but one of the few that can operate on a national basis.

最後，它還有一個不錯的售後市場組件，而我們也有一個不錯的售後市場業務。而且，如果我們在那裡建設，我們就有很大機會在建成後獲得長期服務協議。所以這是一項全國性的業務。這是一家設計建造公司，業務範圍僅限於該特定行業。我們擁有優秀的員工隊伍，而且我們在該業務領域規模龐大，可能和業內其他任何公司一樣出色。我們從不說我們是唯一一家，但我們是少數幾家能夠在全國範圍內運營的公司之一。

Okay. I appreciate more of the history lesson on that. I guess my second one is, I guess, for Jason here, and it's just more of a model question. But the Danforth acquisition, obviously much smaller than the Miller was, but I know it's going to have an intangible component with it as well. Now that it's closed, I think Miller, that was like $40 million for the year, that was kind of a drag. What's kind of the similar magnitude for Danforth, just so we can kind of think about what's running through.

好的。我很想了解更多關於那段歷史的內容。我想我第二個問題是給傑森的，它更像是一個範例問題。但丹福斯收購案顯然比米勒收購案規模小得多，但我知道它也會帶來一些無形的收益。現在它關門了，我覺得米勒，那一年損失了大約 4000 萬美元，這有點可惜。丹福斯的情況也差不多，這樣我們就可以思考正在發生的事情。

So I'll hit a couple of things on amortization first. So if we look just at Danforth, in 2025, round numbers, it's about $2.7 million of amortization. In 2026, it's going to be around $14.2 million. So you got about $115 million of incremental amortization from Danforth in -- just a refresher on Miller, we said in year 1, so 2025, it'd be about $40.5 million of amortization.

那我先來談談攤銷方面的一些問題。因此，如果我們只看丹佛斯，到 2025 年，粗略估計，攤銷額約為 270 萬美元。到 2026 年，這個數字將達到 1,420 萬美元左右。因此，丹福斯公司將新增約 1.15 億美元的攤銷——回顧米勒的情況，我們在第一年就說過，到 2025 年，攤銷額將達到約 4,050 萬美元。

In 2026, it's going to be about $33 million. So you should see about 7.5% drop off. So if you just look across EMCORE, while we may have a little bit of amortization benefit in electrical, it's going to be offset in mechanical. So if you really net the 2, it's near neutral.

到 2026 年，這個數字將達到約 3,300 萬美元。所以你應該會看到大約7.5%的下降。因此，如果您縱觀 EMCORE，雖然我們在電氣方面可能有一些攤銷優勢，但這將在機械方面被抵消。所以如果淨賺 2，那就接近中立了。

Avi Jaroslawicz, UBS.

Avi Jaroslawicz，瑞銀集團。

So you've noted in the past how much more of your revenue has grown than your headcount. Is that something that you expect is going to be able to continue this year? Or are some of those productivity gains may be slowing down and requiring some more headcount to support revenue.

所以你之前已經注意到，你的收入成長速度遠遠超過了員工人數的成長速度。你認為今年這種情況能夠持續下去嗎？或者，部分生產力提升可能正在放緩，需要更多的人手來支持收入成長。

I think we'll keep the trend going.

我認為我們會繼續保持這種趨勢。

Yes. I think over time, we've said revenue is growing 2 to 3 times faster than the headcount -- we saw that again for the full year of '25 or revenue outpaced headcount by 2 times, and I think that model holds for the future.

是的。我認為隨著時間的推移，我們一直認為收入成長速度是員工人數成長速度的 2 到 3 倍——我們在 2025 年全年再次看到了這一點，收入成長速度是員工人數成長速度的 2 倍，我認為這種模式在未來仍然適用。

Yes. And we'll continue to get the productivity gains, and we'll continue to due to the means and method sharing across the country allow more productivity gains.

是的。我們將繼續提高生產力，而且由於全國範圍內的手段和方法共享，我們將繼續提高生產力。

Okay. That is helpful. And then just as we think about the margin guidance for this year, I appreciate that you give that color on the intangible amortization. But just without the UK business and with large projects continuing to grow and productivity continue to grow, would have expected maybe a starting point of around flat for the year for operating margins. So maybe if you could just help us think through that --

好的。那很有幫助。正當我們考慮今年的利潤率預期時，我很感謝您對無形資產攤銷的分析。但若不計英國業務，且大型專案持續成長，生產力持續提高，則預計今年的營業利潤率可能會在持平的起點附近。所以，或許您能幫我們一起思考這個問題就好了。--

Yes, at the high end of our range, it is flat. And so then it becomes a revenue. If we do come in flat. So on the size business we have with 12,000 projects, we're giving you a 40-basis-point range. It's pretty tight.

是的，在我們產品系列的高端產品中，它是平坦的。這樣一來，它就變成收入了。如果我們真的平淡無奇。因此，對於我們擁有 12,000 個專案的規模業務，我們給出的價格範圍是 40 個基點。很緊。

And could we come in at the time that range sure. But if we don't hit the midpoint of the guidance, that allow us -- it's a revenue margin thing, and it's really -- contract mix is probably the biggest thing in there. We think will maybe pick up a little better on project write-downs year-over-year. And so all that comes together, that's how we get to the range. It's a pretty tight range. And I think the bottom is pretty safe. Could there be upside on the top. A lot of things would go right, sure. But we gave you the 9.4, we think we have a probability of hitting the 9.4%.

我們當時能進入那個範圍嗎？當然可以。但如果我們未能達到預期目標的中點，那就意味著——這是收入利潤率的問題，而且——合約組合可能是其中最重要的因素。我們認為專案減記金額可能會比前一年略有改善。因此，所有這些因素加在一起，就構成了我們最終到達靶場的方式。範圍相當窄。我覺得底部應該比較安全。頂部是否有上漲空間？很多事情一定會進展順利。但我們已經給出了 9.4 的機率，我們認為我們有 9.4% 的機率達到這個目標。

Yes. The way I used the range is at the high end, we're essentially saying we could replicate the record margins that we achieved in 2024. That midpoint of that range somewhere around our rolling 12- to 24-month average, more or less, that is equivalent to that midpoint. And at the low end, we're saying, this is what margins could look like if we have a different mix.

是的。我使用這個範圍的方式是，在上限範圍內，我們實際上是在說我們可以複製我們在 2024 年取得的創紀錄利潤率。該範圍的中點大致在我們滾動 12 至 24 個月的平均值附近，或多或少，這相當於該中點。而對於低端市場，我們想說的是，如果我們採用不同的產品組合，利潤率可能會是這樣的。

So we talked about the water and wastewater work that we have ahead of us. It's great work we're not turning down data center work to do it. It's a different margin profile. We're acting as a prime contractor. There's more subcontract component, there's more material and equipment component, so lower margins. So what we're saying is as we do some of that work and potentially revenue skews upward, it could have an impact on margins, but we still think in a fairly high band and a band that is at record levels for EMCOR over the last two years.

所以我們討論了我們接下來要進行的供水和污水處理工作。這是一項很棒的工作，我們不會為了做這項工作而拒絕資料中心的工作。利潤率結構不同。我們擔任總承包商的角色。分包部分增多，材料和設備部分增多，因此利潤率較低。所以我們想說的是，隨著我們開展這些工作，收入可能會有所上升，這可能會對利潤率產生影響，但我們仍然認為利潤率會保持在相當高的水平，並且是EMCOR過去兩年來的最高水平。

Tim Mulrooney, William Blair.

提姆·穆魯尼，威廉·布萊爾。

I'm looking at the time here, I'm just going to ask one question. And I really just want to build on that last question, you guys because maybe the Tony, from like a more -- a higher level, a more conceptual standpoint. So bear with me. Because as I step back and I think about the situation that we're in, like this really is a renaissance for blue collar trade labor, American unionized labor in this country. So as I look at your guide for '26, I wonder what is the fair value? What is a fair burden for the critical services that you provide? Is it 12% to 13% margin in the Construction business? Like why can't that go higher?

我看了看時間，我只問一個問題。我真的很想就上一個問題展開討論，因為東尼，從更高層次、更概念化的角度來看。請各位耐心等待。因為當我冷靜下來思考我們所處的情況時，我發現這確實是藍領貿易工人、美國工會工人在這個國家的復興時期。所以，當我查看你們的 2026 年指南時，我想知道它的合理價值是多少？對於您提供的關鍵服務，合理的負擔是多少？建築業的利潤率是 12% 到 13% 嗎？為什麼不能更高呢？

I think it's a mixed question. And I think this whole thing is about risk and return for us, too, Tim. Clearly, where we make our most margin is where we take the most risk on a contracting basis, which is where we take fixed price risk.

我認為這是一個比較複雜的問題。提姆，我覺得這件事對我們來說也是風險與報酬的問題。顯然，我們利潤最大的地方，就是我們在合約基礎上承擔最大風險的地方，也就是我們承擔固定價格風險的地方。

And the more mixed use to that, especially on these large projects, and we do well, the more money we can make. However, there are certain operating conditions on the ground that doesn't allow us to do that. And a classic example would have been the job that happened last year, we went a new market. We felt pretty sure of ourselves on the fixed price. We reevaluate that now today.

而且混合用途越多，尤其是在這些大型專案中，如果我們做得好，我們就能賺到更多的錢。但是，由於某些實際操作條件的限制，我們無法做到。一個典型的例子就是去年的那份工作，我們進入了一個新市場。我們對固定價格相當有信心。我們今天重新評估了這一點。

We probably sort of went into that market on that project with that design -- and with the schedule they gave us, we probably should have pushed harder for a GMP contract, which would have maybe not taken some of the upside away from us if we've executed the way we thought we could, but would have protected us on the downside.

我們當時可能就是抱著這樣的心態，帶著這樣的設計進入了那個市場——而且按照他們給我們的進度安排，我們或許應該更努力地爭取一份GMP合同，如果我們按照自己預想的方式執行，這或許不會讓我們損失一些收益，但可以保護我們免受損失。

I think the other thing that -- I think you're right. But remember, part of that renaissance actually goes back to labor, too. I think they've been very good with us on labor increases. But the packages you put together on a job here puts pressure on the budgets of our end customers, and that's how you get into some of these target price GMP type projects because they're saying, okay, we're not exactly how you're going to put this labor force together in this remote market in this section of IO or this section of Texas. So there's some underlying things going on here. But generally, I agree with you. I don't think our customers pay us enough for what we do, and we're going to continue to ask us to pay more. I don't disagree. We have the best skilled labor in the country, I don't disagree with you.

我覺得還有一點——我覺得你說得對。但別忘了，這場復興的一部分其實也可以追溯到勞動。我認為他們在勞動成本上漲方面對我們非常寬容。但是，你在這裡打包的項目會給我們的最終客戶的預算帶來壓力，這就是為什麼你會參與一些目標價格 GMP 類型的項目，因為他們會說，好吧，我們不太清楚你打算如何在愛荷華州的這個偏遠地區或德克薩斯州的這個地區組建這支勞動力隊伍。所以這裡面肯定有一些潛在的問題。但總的來說，我同意你的觀點。我認為我們的客戶為我們提供的服務支付的報酬不夠，我們將繼續要求支付更多費用。我同意。我們擁有全國最優秀的熟練勞動力，這一點我同意你的看法。

Adam Bubes, Goldman Sachs.

Adam Bubes，高盛集團。

One more on the outlook, and sorry if I missed this, but can you help us break out the revenue growth outlook between organic and acquisition? I know there's a few moving pieces with divestitures, and the acquisitions you did last year?

關於前景展望，還有一個問題，如果我錯過了請見諒，您能否幫我們分析一下有機成長和收購帶來的營收成長前景？我知道資產剝離涉及一些變數，還有你們去年進行的收購？

Yes. I guess my first comment there, right, is you have to remember, the UK basically gives us a 3% headwind on the revenue growth. So if you look at our guidance, and let's say, at the low end, it's 4.5% and at the high end, it's 9%. It's really equivalent to 7.5% and 12%.

是的。我想說的第一點是，你們必須記住，英國基本上為我們帶來了 3% 的收入成長阻力。所以，如果你看一下我們的指導意見，比如說，低端是 4.5%，高端是 9%。實際上相當於 7.5% 和 12%。

When you consider the one month of incremental contribution we have from Miller and the 10 months from Danforth, and you put that together, it really offsets the UK impact, the lost revenues from the UK. So if you look at it and you say, what's the guidance? How much of that is organic? How much of that is acquisition. I would say really all of it is organic because the lost revenue from the UK is just offset by the acquisitions.

考慮到 Miller 一個月的增量貢獻和 Danforth 十個月的增量貢獻，把這些加起來，確實可以抵消英國的影響，以及英國損失的收入。所以如果你檢視一下，然後問：指導原則是什麼？其中有多少是有機的？其中有多少是收購所得？我覺得這一切都是自然成長，因為英國業務損失的收入剛好被收購業務彌補了。

Got it. Understood. Helpful. And then can you update us on the M&A pipeline today? I know it's hard to predict timing of M&A. But can you talk about how active your M&A pipeline is maybe compared to this time last year? And any way to characterize the pipeline of opportunities in terms of size of businesses, region, or technical exposure?

知道了。明白了。很有幫助。那麼，您能否向我們介紹一下今天的併購專案進度？我知道併購的時機很難預測。但您能否談談貴公司目前的併購專案進度，與去年同期相比如何？有沒有辦法從企業規模、地理或技術難度等方面來描述這些潛在機會？

Sure. First of all, we have as good or better pipeline sitting here today than we did at the end of 2020 because we knew we were already going to do Miller, right? We were in negotiation. So if you look at the pipeline beyond Miller, our pipeline today is broader and more diverse than it was at the end -- and the universe of them is where we like to buy, right?

當然。首先，我們現在擁有的管道比 2020 年底時還要好，甚至更好，因為我們知道我們本來就要開發 Miller，對吧？我們當時正在談判。所以，如果你看看 Miller 以外的產品線，你會發現我們今天的產品線比最後階段更加廣泛和多樣化——而這正是我們喜歡購買的產品線，對吧？

Mechanical and Electrical segments, building service, focus on mechanical service and building controls companies. That's where we're going to buy for the most part. And there's some battering around mill right work and maybe some of the handling work we do in our mechanical business to supplement what else we do there. But that's what we'll do. Deals happen when they happen. I know we're landing -- here's who are landing site. We're landing site for someone that's selling their life's work or their family's life work. That's proven very good for us.

機械和電氣部門、樓宇服務部門，專注於機械服務和樓宇控制公司。我們大部分商品都會在那裡購買。而且，在工廠裡還有一些相關的工作，也許還有一些我們在機械業務中為了補充我們在那裡所做的其他工作而進行的搬運工作。但我們會這麼做。交易會在適當的時機發生。我知道我們要著陸了——以下是著陸地點。我們是一個平台，供那些出售自己或家族畢生心血的人使用。事實證明，這對我們來說非常有利。

They typically it might be a broker, but it's not a brokered sale. Very much like Miller, very much like Quibi, very much like Batchelor & Kimball, very much a year ago. These are sort of landmark businesses that we're going to hopefully get to a deal. In other places, ESOP, that was Danforth. We're a great place for ESOPs long term, and part of Miller was a ESOP because we have an operational culture that's focused on the trades.

通常情況下，交易可能透過經紀人完成，但這不是透過經紀人進行的銷售。非常像 Miller，非常像 Quibi，非常像 Batchelor & Kimball，非常像一年前的樣子。這些都是具有里程碑意義的企業，我們希望能夠達成交易。在其他地方，員工持股計畫（ESOP）指的是丹佛斯。對於長期實行員工持股計劃 (ESOP) 的公司來說，我們是一個非常棒的地方，而 Miller 的部分股份就是員工持股計劃，因為我們擁有以貿易為中心的營運文化。

And that's really how that ESOP started at one time when that family moved that business into an ESOP. What we don't do particularly well in is auctions against private equity. We're not I don't have enough on my team with the vest that can go in and rip a company apart and tell me what it's worth. So we're not as good there, and we're not playing the average multiple game down. We're actually buying companies for the long term.

這就是這家企業最初成立員工持股計畫 (ESOP) 的由來，當時這項企業被納入了員工持股計畫。我們在與私募股權公司進行拍賣時表現並不出色。我們團隊裡沒有足夠的人能像我一樣，穿上那件能深入公司內部，把公司拆解開來，告訴我它值多少錢的背心。所以我們在那方面表現得不夠好，我們也沒有打出平均水準的多場落後戰績。我們收購這些公司其實是為了長期發展。

And our deal size could be everything from $2 million, where we by some HVAC technicians, and it augments a smaller branch we have, all the way up to Miller at $865 million. We'll do anything along those lines. Could we do a couple, $500 million acquisitions this year, $300 million to $500 million? Sure, we could. And we could do $400 million, $500 -- I mean, $100 million acquisitions -- just don't know sitting here today, but I feel as good about our pipeline today at this point in the year as I have at any time in the last three or four years.

我們的交易規模可能從 200 萬美元（我們購買一些暖通空調技術人員，並擴充我們較小的分店）到 8.65 億美元（米勒的交易）不等。我們會採取任何符合這些原則的措施。我們今年能不能完成幾筆5億美元的收購，或是3億到5億美元的收購？當然可以。我們或許能完成 4 億美元、5 億美元——我是說，1 億美元的收購——現在坐在這裡還不能確定，但我感覺今年這個時候我們的專案儲備情況，比過去三四年裡的任何時候都要好。

And with that, everyone, we will be ending today's question-and-answer session. I would like to turn the floor back over to Tony for any closing remarks.

各位，今天的問答環節就到此結束了。我想把發言權交還給托尼，讓他做最後的總結發言。

Thanks, Jamie. Thanks to all the analysts. I thought this was a great question-and-answer session today. I think you got to the heart of what we wrestle with every day. I want to thank my colleagues from EMCOR and my teammates for what was a great '25.

謝謝你，傑米。感謝所有分析師。我覺得今天的問答環節非常棒。我認為你抓住了我們每天都在努力解決的核心問題。我要感謝EMCOR的同事和我的隊友們，感謝他們讓我度過了精彩的2025年。

Reality is most of us already forgot about 25%. We're here in the third week of February. We've all been focused on '26 really since probably the fourth quarter of '25. We have a great outlook. We're in all the right sectors. We're playing with the right team, and we have a terrific capital allocation strategy. Thanks for your interest in EMCOR. And thank you to all my teammates.

事實上，我們大多數人已經忘記了25%這個數字。現在是二月的第三週。從 2025 年第四季開始，我們所有人的注意力就都集中在 2026 年了。我們前景一片光明。我們涉足了所有正確的領域。我們擁有一支優秀的團隊，並且制定了出色的資本配置策略。感謝您對EMCOR的關注。感謝我的所有隊友。

And with that, everyone, we'll be concluding today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

各位，今天的電話會議和演示就到此結束了。非常感謝您的參與。現在您可以斷開線路了。