EMCOR Group, Inc. (EME) 2026 Q1 法說會逐字稿

Good morning. My name is Cindy, and I will be your conference operator today. At this time, I would like to welcome everyone to the EMCOR Group first-quarter 2026 earnings conference call. (Operator Instructions)

早安。我叫 Cindy，今天將擔任各位的電話會議主持人。此刻，我想歡迎各位參加 EMCOR Group 2026 年第一季財報電話會議。（接線員指示）

I will now turn the call over to Lucas Sullivan, Director, Financial Planning and Analysis. Mr. Sullivan, you may begin.

現在我將把電話會議交給財務規劃與分析總監 Lucas Sullivan。Sullivan 先生，您可以開始。

Thank you, Cindy. Good morning, everyone, and welcome to EMCOR's first-quarter 2026 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 amcorgroup.com.

謝謝你，Cindy。各位早安，歡迎參加 EMCOR 2026 年第一季財報電話會議。對於透過網路直播加入的各位，我們現在位於今天發言所搭配投影片簡報的開頭。本簡報將存檔於我們網站 amcorgroup.com 的投資人關係專區。

With me today are Tony Guzzi, our Chairman, President, and Chief Executive Officer; Jason Nalbandian, Senior Vice President and Chief Financial Officer; and Maxine Mauricio, Executive Vice President, Chief Administrative Officer, and General Counsel. For today's call, Tony will provide comments on our first quarter 2026 and discuss our RPOs. Jason will then review the first quarter numbers, then turn it back to Tony to discuss our guidance before we open it up for Q&A.

今天與我一同出席的有：董事長、總裁暨執行長 Tony Guzzi；資深副總裁暨財務長 Jason Nalbandian；以及執行副總裁、行政長暨總法律顧問 Maxine Mauricio。在今天的電話會議中，Tony 將就我們 2026 年第一季表現發表評論並討論我們的 RPO。接著 Jason 將回顧第一季數字，然後再交回給 Tony 討論我們的財測指引，之後開放問答。

Before we begin, a quick reminder that this presentation and discussion contain 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，先快速提醒：本簡報與討論包含若干前瞻性陳述，並可能包含若干非 GAAP 財務資訊。我們簡報的第 2 頁對這些前瞻性陳述與非 GAAP 財務資訊揭露有詳細說明。我鼓勵各位在聆聽我們的討論與搭配投影片時，一併檢視這兩項揭露。

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，今天上午電話會議中討論的所有財務資訊，均包含在我們今早發布的財報新聞稿以及向美國證券交易委員會提交的 Form 10-Q 中的合併財務報表內。

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

那麼，讓我把電話會議交給 Tony。Tony？

Yeah, thanks, Lucas. And I'm going to start my discussion on Pages 3 and 4.

好的，謝謝你，Lucas。我將從第 3 與第 4 頁開始我的說明。

Good morning, and thanks for joining us today. I'm pleased to report another outstanding quarter for Amcorp.

各位早安，感謝今天加入我們。我很高興向各位報告 Amcorp 又一個表現出色的季度。

Our first quarter 2026 results demonstrate the sustained momentum we have built over many years, with strong execution across our business segments and continued growth in our core market sectors and geographies.

我們 2026 年第一季的結果展現了多年來累積的持續動能，在各業務部門皆有強勁執行力，並在核心市場產業別與地理區域持續成長。

In the first quarter, we generated revenues of $4.63 billion.

第一季我們創造營收 46.3 億美元。

Representing year-over-year growth of 19.7% and organic growth of 16.8% when adjusting for incremental acquisition contribution and the sale of Emcor UK.

年增 19.7%；若調整併購帶來的增量貢獻以及出售 Emcor UK 的影響，則有機成長為 16.8%。

Operating income reached $404 million with an 8.7% operating margin, while diluting earnings per share of $6.84.

營業利益達 4.04 億美元，營業利益率 8.7%，而稀釋後每股盈餘為 6.84 美元。

Represents an increase of 30% versus the first quarter of 2025.

較 2025 年第一季增加 30%。

This reflects our strategic positioning in high-growth markets and operational excellence across our construction and services platforms.

這反映了我們在高成長市場的策略性布局，以及在建造與服務平台上的卓越營運表現。

These results demonstrate our customers' continued confidence in M-Cor as one of their partners of choice for complex mission-critical projects.

這些成果顯示客戶持續信任 M-Cor，將我們視為其複雜、關鍵任務專案的首選合作夥伴之一。

Our Construction segments once again performed extremely well in the quarter.

我們的建造（Construction）部門本季再次表現極為出色。

The Electrical Construction segment generated year-over-year revenue growth of 33.1% with a 12.1% operating margin, while the Mechanical Construction segment achieved 28.9% revenue growth with a 10.9% operating margin.

電氣建造（Electrical Construction）部門營收年增 33.1%，營業利益率 12.1%；機械建造（Mechanical Construction）部門營收成長 28.9%，營業利益率 10.9%。

This performance reflects the range of our capabilities across both trades and geographies.

此一表現反映了我們在兩大工種與各地理區域的能力廣度。

It also takes into account increased customer scope and our reputation as one of the premier specialty contractors for complex, fast-paced projects.

同時也納入了客戶工作範疇擴大，以及我們作為複雜、節奏快速專案頂尖專業承包商之一的聲譽。

Our construction segment's growth was driven primarily by increased activity in network and communications, which is where our data center business rests, institutional, manufacturing and industrial, healthcare and water and wastewater market sectors.

我們建造部門的成長主要由網路與通訊（亦即我們資料中心業務所在領域）、機構（institutional）、製造與工業、醫療保健，以及水務與污水處理等市場領域活動增加所帶動。

Within our Mechanical Construction segment, we also benefited from increased commercial market sector revenues, driven primarily by the resumption of demand for warehousing, distribution and logistics projects.

在機械建造部門方面，我們也受惠於商業市場領域營收增加，主要由倉儲、配送與物流專案需求回升所帶動。

Our teams continue to leverage our prefabrication. And our virtual design and construction capabilities, excellence in labor management and planning, large project coordination and execution, and a disciplined focus on contract negotiation, administration, and adherence to those terms.

我們的團隊持續運用預製化能力。以及我們的虛擬設計與建造能力、卓越的勞務管理與規劃、大型專案協調與執行，並以紀律嚴謹地聚焦於合約談判、合約管理，以及對合約條款的遵循。

The US Building Services segment delivers solid results, led by impressive performance in our Mechanical Services division. While we still face slight revenue headwinds within our site-based business, we've begun to see the benefits of the restructuring on the cost side, which reduced overhead costs, and we have a more profitable contract portfolio mix. Our Industrial Services segment generated revenue growth of 6.4%, and that was driven by our Field Services division.

美國建築服務（US Building Services）部門交出穩健成果，其中以機械服務（Mechanical Services）事業部的亮眼表現領軍。雖然我們的駐點型（site-based）業務仍面臨些微營收逆風，但我們已開始看到重整在成本端帶來的效益，包含降低間接費用，且我們的合約組合結構更具獲利性。工業服務（Industrial Services）部門營收成長 6.4%，主要由現場服務（Field Services）事業部帶動。

Now I'm going to turn to Page 5.

接下來我將翻到第 5 頁。

Our remaining performance obligation positioned to strengthen significantly during the quarter, providing excellent visibility for sustained growth. Our RPOs totaled $15.62 billion at the end of the quarter versus $11.75 billion in the year-ago period and $13.25 billion as of December 31, 2025. This represents year-over-year growth of 32.9% and sequential growth of 17.9%.

我們的剩餘履約義務（RPO）在本季顯著增強，為持續成長提供極佳能見度。截至季末，我們的 RPO 總額為 156.2 億美元，對比去年同期的 117.5 億美元，以及截至 2025 年 12 月 31 日的 132.5 億美元。這代表年增 32.9%，季增 17.9%。

These diverse RPOs reflect continued strong demand across many market sectors, with particularly robust stack activity in network accumulations or data centers, where we continue to expand our geographic footprint and scope of services to better serve our customers. We see no sign of slowing demand in this vertical. Where customer investments in AI infrastructure, cloud infrastructure and overall digital transformation are driving unprecedented levels of activity.

這些多元的 RPO 反映多個市場領域持續強勁的需求，其中以網路與通訊（或資料中心）特別強勁的案量最為突出；我們持續擴大地理版圖與服務範疇，以更好地服務客戶。我們未見此垂直領域需求放緩的跡象。客戶在 AI 基礎設施、雲端基礎設施以及整體數位轉型上的投資，正推動前所未有的活動水準。

We are pleased with the quality and diversity of our work booked outside of the data center space, including notable awards within water and wastewater as we continue to win new projects in Florida, institutional, driven by demand for upgraded lab space by certain colleges and universities, and healthcare, as our customers continue to monitor their facilities while seeking to make them more flexible and responsive.

我們也對資料中心以外所承攬工作的品質與多元性深感滿意，其中包括水務與污水處理領域的多項重要得標（我們持續在佛羅里達贏得新專案）、機構領域（部分大專院校對升級實驗室空間的需求所帶動），以及醫療保健領域（客戶持續檢視其設施，同時希望使其更具彈性與反應能力）。

The strong operational and financial performance I've outlined demonstrate the effectiveness of our strategic initiatives and the depth of our execution capabilities. Our teams continue to deliver exceptional results for our customers while maintaining disciplined financial management and operational excellence and continued good contract negotiation and adherence to the contract terms we negotiate. With that context, I will turn it over to Jason, who will provide a detailed review of our first quarter financial results.

我所概述的強勁營運與財務表現，展現了我們策略性舉措的成效以及深厚的執行能力。我們的團隊在為客戶交付卓越成果的同時，持續維持嚴謹的財務管理與營運卓越，並持續做好合約談判以及遵循我們所談定的合約條款。在此背景之下，我將把電話會議交給 Jason，由他對第一季財務結果進行更詳細的回顧。

Thank you, Tony, and good morning, everyone.

謝謝你，Tony，各位早安。

Starting with Slide 6, which shows revenues, I'm going to cover the operating performance for each of our segments, as well as some of the key financial data for the first quarter of 2026 as compared to the first quarter of 2025.

從第 6 張投影片（顯示營收）開始，我將說明各部門的營運表現，以及 2026 年第一季相較 2025 年第一季的一些關鍵財務數據。

As Tony mentioned, revenues of $4.63 billion established a quarterly record for Emcor, increasing 19.7% or 16.8% on an organic basis when excluding acquisitions and adjusting for the sale of Emcor UK.

如 Tony 所提，46.3 億美元的營收創下 Emcor 單季新高，成長 19.7%；若排除併購並調整出售 Emcor UK 的影響，以有機基礎計算則成長 16.8%。

Revenues of electrical construction were $1.45 billion, increasing just over 33%.

電氣建造營收為 14.5 億美元，成長略高於 33%。

This segment generated increased revenues from the majority of the market sectors we serve, with the most significant growth coming from network and communications, where revenues increased by nearly 50%, driven by strong demand for data centers.

本部門在我們服務的大多數市場領域皆帶來營收增加，其中最顯著的成長來自網路與通訊，營收增加近 50%，主要由資料中心的強勁需求所帶動。

While this accounted for two-thirds of the segment's growth, we did experience notable revenue increases across a number of other sectors, including hospitality and entertainment. Due in part to progress made on a stadium project and institutional as a result of certain public sector projects.

雖然這占了該分部成長的三分之二，但我們在其他多個產業也出現顯著的營收增加，包括飯店與娛樂。部分原因是體育場專案的進展，以及因若干公共部門專案而帶動的機構類業務。

In the quarter, our electrical construction segment also benefited from greater levels of short-duration projects and service work.

本季，我們的電氣施工分部也受惠於更多短工期專案與服務性工作。

Mechanical construction revenues of $2.03 billion are up nearly 29%.

機械施工營收為20.3億美元，成長近29%。

Similar to electrical, this segment once again experienced the greatest growth from the network and communications market sector, where revenues increased by 86%. Increased cooling requirements and advancements in liquid cooling, particularly for AI data centers, continued to drive opportunities for this segment.

與電氣分部類似，該分部再次在網路與通訊市場領域取得最大成長，該領域營收增加86%。冷卻需求提升與液冷技術的進展（尤其是針對AI資料中心）持續推動該分部的機會。

Beyond data centers, mechanical generated quarterly revenue growth from the majority of the other sectors in which we operate.

除資料中心之外，機械分部在我們營運的大多數其他產業領域也帶來季度營收成長。

Notably, institutional revenues doubled year-over-year, manufacturing and industrial, including food processing, was up 34% and commercial increased by 33%, driven by warehousing, distribution and logistics projects, largely within Fire Protection.

值得注意的是，機構類營收年增一倍；製造與工業（包括食品加工）成長34%；商業類成長33%，主要由倉儲、配送與物流專案帶動，且多數來自消防防護業務。

During the quarter, the segment also benefited from increased service revenues as we continue to expand our maintenance and inspection base, both within traditional mechanical services as well as our fire life safety offerings.

本季，隨著我們持續擴大維護與檢測客戶基礎（涵蓋傳統機械服務以及我們的消防與生命安全產品/服務），該分部也受惠於服務營收增加。

On a combined basis, our construction segments generated revenues of $3.47 billion, an increase of 30.6%.

合併計算下，我們的施工分部合計創造營收34.7億美元，成長30.6%。

I should note that this performance established new quarterly revenue records for each of these segments.

我應該指出，這項表現為上述各分部都創下新的單季營收紀錄。

Moving to Building Services, revenues of $772.6 million grew by 4%, driven by our Mechanical Services division, which generated a 6% increase in revenues.

接著看建築服務（Building Services），營收為7.726億美元，成長4%，主要由機械服務事業部帶動，其營收成長6%。

From a service line perspective, the most significant growth was seen in repair service maintenance and building automation and controls.

從服務線角度來看，成長最顯著的是維修服務維護以及建築自動化與控制。

Revenues of our Industrial Services segment were $381.8 million, an increase of 6.4%.

我們工業服務分部的營收為3.818億美元，成長6.4%。

Greater contribution from our field services operations, due primarily to progress made on a large solar project, was partially offset by a reduction in revenues within our shop services division due to lower heat exchanger sales and related services.

由於大型太陽能專案取得進展，我們的現場服務營運貢獻提高；但部分被工廠（shop）服務事業部營收下滑所抵銷，該下滑主要因熱交換器銷售及相關服務減少。

I'll turn to slide 7 for operating income.

接下來我將切到第7頁，說明營業利益。

We generated operating income of $403.8 million or 8.7% of revenues, both of which are records for Amcor for a first quarter.

我們的營業利益為4.038億美元，或占營收的8.7%，兩者皆為Amcor第一季的歷史新高。

This represents an increase in operating income of 26.7% and operating margin expansion of 50 basis points versus the prior year.

相較去年，營業利益增加26.7%，營業利益率擴張50個基點。

When adjusting for the acquisition transaction costs, which were incurred in Q1 of 2025.

若調整2025年第一季發生的收購交易成本，

Operating income grew by 23.1% and operating margin increased by 25 basis points.

營業利益成長23.1%，營業利益率增加25個基點。

Once again, if we look at each of our segments, due to the growth in revenues, operating income for electrical construction increased by 28.2% to a quarterly record of $174.5 million.

再次地，若看各分部，由於營收成長，電氣施工的營業利益增加28.2%，達到單季新高的1.745億美元。

Operating margin of 12.1% compares to 12.5% a year ago.

營業利益率為12.1%，相較一年前的12.5%。

With consistent gross profit margins, this segment continues to execute well across its project portfolio, with a year-over-year decrease in operating margin primarily resulting from an increase in intangible asset amortization given the one month of incremental expense from the Miller acquisition.

在毛利率維持穩定的情況下，該分部在其專案組合上持續執行良好；營業利益率年減主要是因無形資產攤銷增加，原因在於Miller收購案帶來額外一個月的費用。

Mechanical Construction had operating income of $221.6 million, an 18.7% increase.

機械施工的營業利益為2.216億美元，成長18.7%。

From an end market standpoint, this segment generated greater gross profit across many of the sectors in which we operate, with the largest increases generally tracking in line with the growth in its revenues.

從終端市場角度來看，該分部在我們營運的多個產業領域都創造更高的毛利；其中最大增幅大致與其營收成長趨勢一致。

Operating margin of 10.9% compares to 11.9% in last year's first quarter.

營業利益率為10.9%，相較去年第一季的11.9%。

As we anticipated when we exited 2025, operating margin of this segment decreased due to a shift in mix that included a greater percentage of revenues from projects where we're acting as either a construction manager or prime contractor and which inherently carry lower than average gross profit margins due to reduced markups on materials, equipment and subcontractor costs.

如同我們在2025年結束時所預期，該分部營業利益率因組合變化而下降，其中包含較高比例的營收來自我們擔任施工管理者或總承包商的專案；由於材料、設備與分包成本的加價幅度較低，這類專案本質上毛利率通常低於平均水準。

In addition, we had an increase in the number of GMP or cost-plus projects, particularly in newer geographies or on projects for scope or design are still evolving.

此外，我們的GMP（最高保證價格）或成本加成（cost-plus）專案數量增加，特別是在較新的地理市場，或是在範疇或設計仍在演進的專案上。

Together, our construction segments grew operating income by nearly 23% and earned a combined operating margin of 11.4%.

合計而言，我們的施工分部營業利益成長近23%，合併營業利益率為11.4%。

Building services generated operating income of $40.4 million, which represents an 11.1% increase and operating margin of 5.2% expanded by 30 basis points.

建築服務的營業利益為4,040萬美元，成長11.1%，營業利益率為5.2%，擴張30個基點。

This segment benefited from strong performance within its mechanical services division, which experienced a favorable mix given the greater volume of higher margin service and controls projects.

該分部受惠於機械服務事業部的強勁表現；由於高毛利的服務與控制專案量增加，產品/專案組合更為有利。

Also, as Tony mentioned, while we do face some headwinds within our site-based business, the restructuring we did last year has proven to be successful, resulting in both reduced overhead costs and a more profitable contract portfolio.

另外，如Tony所提，雖然我們的駐點型（site-based）業務仍面臨一些逆風，但我們去年進行的重整已證明成功，帶來管理費用降低，且合約組合更具獲利性。

And lastly, operating income for industrial services was $12.8 million, an increase of 89.1%, an operating margin of 3.3%, expanded by 140 basis points.

最後，工業服務的營業利益為1,280萬美元，成長89.1%；營業利益率為3.3%，擴張140個基點。

As a reminder, and contributing to the favorable year-over-year comparison, the results for this segment and last year's first quarter were negatively impacted by a $4 million increase in the allowance for credit losses, which negatively impacted operating margins for Q1 of 25 by 110 basis points.

提醒一下，且也使年對年比較更為有利的是：該分部以及去年第一季的結果受到信用損失備抵增加400萬美元的負面影響，這使2025年第一季的營業利益率降低110個基點。

Excluding this impact, the remaining increase in operating income and operating margin was primarily a result of greater gross profit and greater gross profit margin within its Field Services division.

排除此影響後，其餘營業利益與營業利益率的提升，主要來自現場服務事業部更高的毛利以及更高的毛利率。

If we quickly turn to Page 8, I'll cover a few items not included on the previous slides.

若我們快速翻到第8頁，我將補充幾項前面投影片未涵蓋的事項。

Gross profit of $864 million increased by 19.5% and our gross profit margin of 18.7% remained consistent with that of the prior year, which represents a record level of performance for a first quarter.

毛利為8.64億美元，成長19.5%；毛利率18.7%與去年持平，這也代表第一季創下歷史新高的表現水準。

SG&A was $460.1 million or 9.9% of revenues compared to $404 million or 10.4% of revenues a year ago.

SG&A為4.601億美元，或占營收的9.9%，相較一年前為4.04億美元或占營收的10.4%。

With the top-line growth we experienced during the quarter, we are pleased with the operating leverage we attained, as evidenced by the decrease in our SG&A margin.

在本季的營收成長帶動下，我們對所取得的營運槓桿感到滿意，從SG&A率下降即可看出。

And finally, on this page, diluted earnings per share was $6.84, which represents an increase of 30% or 26.4% when excluding the transaction costs in last year's first quarter.

最後，本頁顯示稀釋後每股盈餘為6.84美元，成長30%；若排除去年第一季的交易成本，則成長26.4%。

And finally, for me, let's turn to Slide 9, which covers our balance sheet.

最後就我這邊，讓我們看第9張投影片，內容是資產負債表。

Our balance sheet, including $916 million of cash on hand and $1.25 billion of working capital, remains strong and liquid and enables us to continue to fund organic growth, pursue strategic M&A and return capital to shareholders.

我們的資產負債表依然強健且具流動性，包括9.16億美元的現金部位與12.5億美元的營運資金，使我們得以持續投入內生成長、推動策略性併購（M&A），並回饋股東。

During the quarter, we returned $105 million of cash to our shareholders through stock repurchases and our quarterly dividend.

本季，我們透過庫藏股回購與季度股利，向股東返還1.05億美元現金。

Although not shown on this page, due to an increase in accounts receivable, given our strong organic revenue growth and coupled with the payment of the prior year's incentive compensation awards, cash flows from operations in the first quarter were essentially neutral.

雖然本頁未呈現，但由於應收帳款增加（反映我們強勁的內生營收成長），再加上支付前一年度的獎酬（激勵）薪酬獎金，第一季營運活動現金流量基本上持平。

However, for the full year, we remain confident in our ability to generate operating cash flow at least equivalent to net income or up to 80% to 85% of operating income consistent with previous years.

然而，就全年而言，我們仍有信心能產生至少相當於淨利的營運現金流量，或達營業利益的80%至85%，與過往年度一致。

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

接下來，我把電話會議交回給Tony。

Thanks, Jason, and I'm going to be on Pages 10 and 11.

謝謝你，Jason，我將講第10頁和第11頁。

Given our strong start to the year and the strength of our remaining performance obligations, we are raising our full-year 2026 guidance.

鑑於我們今年開局強勁，以及我們剩餘履約義務的強勁表現，我們上調2026全年指引。

We are increasing our revenue and diluted earnings per share guidance to a range that reflects our confidence in the sustained operational excellence that we have exhibited and strong market momentum.

我們提高營收與稀釋後每股盈餘指引區間，以反映我們對已展現之持續卓越營運與強勁市場動能的信心。

Such guidance reflects the demand that we are seeing and our success of winning and executing large-scale projects across many geographies and market sectors.

此指引反映我們所見的需求，以及我們在多個地理區域與市場領域贏得並執行大型專案的成功。

We now expect to earn revenues of between $18.5 billion and $19.25 billion.

我們目前預期營收介於185億美元至192.5億美元之間。

And diluted earnings per share of between $28.25 and $29.75. As a reminder, Amcor's business is characterized by project cycles and timing that can create quarterly variability.

稀釋後每股盈餘介於28.25美元至29.75美元之間。提醒一下，Amcor 的業務具有專案週期與時點特性，可能造成季度間的波動。

However, our guidance reflects our current expectation of continued strong operating margins throughout 2026, supported by disciplined project selection and execution.

然而，我們的指引反映目前對2026年持續維持強勁營業利潤率的預期，並由嚴謹的專案選擇與執行所支撐。

We are focused on maintaining pricing discipline while delivering exceptional value to our customers.

我們專注於維持定價紀律，同時為客戶提供卓越價值。

Our sustained success is built on focused execution across a number of key priorities that differentiate Emcor and position us for continued growth.

我們的長期成功建立在多項關鍵優先事項的聚焦執行之上，這些事項使 Emcor 脫穎而出，並讓我們得以持續成長。

I'm now going to highlight four of them.

我現在要重點說明其中四項。

The first one is our training, peer learning and our productivity initiatives.

第一項是我們的訓練、同儕學習與生產力提升計畫。

We continue to leverage our training programs, our virtual design and construction capabilities and prefabrication facilities and capabilities and advanced project planning and delivery methodologies.

我們持續運用訓練計畫、虛擬設計與施工能力、預製設施與能力，以及先進的專案規劃與交付方法論。

We are committed to improving our means and methods every day, sharing knowledge across our organization and investing in workforce training, retention and expansion.

我們致力於每天改善作業方式與方法，在組織內分享知識，並投資於人力訓練、留任與擴編。

The second item is contract management discipline and negotiation.

第二項是合約管理紀律與談判。

We deliver exceptional results for our customers. However, we do protect our rights and interests through careful contract management, negotiation, particularly on complex, fast-paced projects. Third, we're known for field service field leadership excellence.

我們為客戶交付卓越成果。然而，我們也會透過審慎的合約管理與談判來保護自身權利與利益，特別是在複雜、節奏快速的專案上。第三，我們以現場服務與現場領導力卓越而聞名。

One could argue that is our core product.

有人可能會說，那就是我們的核心產品。

Our filled leadership excellence from frontline foremen and superintendents to project managers and executives and subsidiary and segment leaders make M-Corp an employer of choice in our industry.

我們的現場領導力卓越，從第一線工頭與工地主任，到專案經理與高階主管，以及子公司與事業部門領導者，使 M-Corp 成為本產業的首選雇主。

And finally, supporting all of that is our commitment to invest with discipline and for the long-term.

最後，支撐上述一切的是我們以紀律、著眼長期的投資承諾。

We maintain a disciplined approach for how we grow organically and through acquisition.

我們在有機成長與併購成長方面，皆維持嚴謹的做法。

This, coupled with the return of cash to shareholders through dividends and share repurchases, has provided the foundation for our compounding record of success over the past decade and provides balance to our approach to capital allocation.

再加上透過股利與庫藏股回購將現金回饋股東，這些作法奠定了我們過去十年複利式成功紀錄的基礎，也使我們的資本配置策略更為均衡。

These interconnected priorities create a sustainable competitive advantage that drives superior, durable performance across many diverse geographies and market sectors.

這些相互連結的優先事項創造了可持續的競爭優勢，推動我們在多元地理區域與市場領域展現卓越且耐久的表現。

The fundamentals of our business remain strong with sustained demand across several key market sectors.

我們的業務基本面仍然強勁，在數個關鍵市場領域的需求持續。

We will continue to always face macroeconomic challenges, in fact, I can't remember a time when we haven't had them, such as geopolitical events, rising commodity prices, but our team has consistently demonstrated the ability to navigate complexity and continue to deliver results.

我們將一如既往面臨總體經濟挑戰；事實上，我想不起來有哪個時期沒有這些挑戰，例如地緣政治事件、商品價格上漲等。但我們的團隊一再展現出駕馭複雜局勢並持續交付成果的能力。

Our success is a direct result of their dedication, their resilience, expertise, which results in executional excellence from our teammates across the organization.

我們的成功直接來自他們的投入、韌性與專業，並使組織各處的同仁展現出卓越的執行力。

I want to thank every member of the MCOR team for their contributions to our outstanding first quarter performance and over the long-term, and for everything you do to serve our customers, keep each other safe, and drive our success every day.

我要感謝 MCOR 團隊的每一位成員，感謝你們對我們出色的第一季表現以及長期成功所做的貢獻，也感謝你們每天為服務客戶、彼此安全與推動成功所付出的一切。

Thank you for your time this morning. We will now open the line for questions, and Cindy, I will turn the call over to you.

感謝各位今天早上的時間。我們現在開放提問，Cindy，我把電話會議交給你。

(Operator Instructions) Adam Thalhimer, Thompson Davis.

(接線員指示) Adam Thalhimer，Thompson Davis。

Hey, good morning, guys. Congrats on the...

嘿，各位早安。恭喜你們……

Congrats on the strong Q1 and the record orders.

恭喜第一季表現強勁以及創紀錄的訂單。

I guess I wanted to start on the book-to-bill and orders. I think at 1.5 times, that was a record book-to-bill for you guys. And Tony, you broadly talked about the pipeline, but I'm just curious if you can give more detail on the pipeline and what the expectation should be for orders for the rest of the year?

我想先從接單出貨比與訂單談起。我認為1.5倍對你們來說是創紀錄的接單出貨比。Tony，你大致談到了案源管線，但我想請你更詳細說明管線情況，以及對今年剩餘期間訂單的預期應該如何看待？

Well, I think I go back to something I said in our book, right, orders come when they come, projects come when they come, there's variability quarter-to-quarter both on bookings and when projects start, when they close and what the pace of contracts are, so you know I'm not going to tell you what I see for orders for the rest of the year, other than to say this.

我想回到我在我們的資料裡說過的一點：訂單來了就是來了，專案來了就是來了；無論是接單量，還是專案何時啟動、何時結案，以及合約推進的節奏，季度之間都會有波動。所以我不會告訴你我對今年剩餘期間訂單的具體看法，除了這一點。

We continue to see, and I said it in my script, we continue to see no slowing of demand, especially in data centers and really across other key market sectors. I don't think we're surprised by the demand we're seeing in water and wastewater in Florida, and we're winning a little more maybe than we thought we would. I don't think we're surprised by the demand, continued demand over multi-years in healthcare.

我們持續看到需求沒有放緩——我在講稿裡也提到——尤其是在資料中心，並且在其他幾個關鍵市場領域也是如此。我們對佛羅里達州水務與污水處理的需求並不意外，而且我們贏得的案子可能比原先預期多一些。我們對醫療保健領域跨多年持續的需求也不意外。

We continue to see a strong. Manufacturing and industrial business. I mean, projects can come in there a little lumpy, and then they can also come in smaller task orders thereafter. I think the market that surprised us the most over the last six to nine months or two to three quarters has been the institutional market.

我們持續看到強勁的。製造與工業業務。我的意思是，那裡的專案可能會比較不均勻地出現，之後也可能以較小的任務單形式陸續進來。我認為過去六到九個月、或兩到三個季度最讓我們意外的市場是機構型市場。

That has shown more resiliency than we would have thought. But I think that's a result of the market positioning we have in some key markets with some universities that are spending money.

它展現出的韌性超出我們原先的預期。但我認為這是因為我們在一些關鍵市場、與部分正在投入資金的大學之間具備良好的市場定位。

I also think that we weren't surprised by the resumption in warehousing and logistics and the transportation network that we're seeing and return in the commercial market sector of that, because we could see that based on the customer spending patterns. I would say right now, we will continue to grow in excess of non-res. Like we have historically pretty significantly, and we will continue to win important new projects in penetrating current geographies we are and investing in new geographies, even if they may seem adjacent across the data center space. One area I'd always remind people because I know the question is coming about high-tech manufacturing, I think that's a market of choice for us. We are well positioned in several key markets, especially in the Mountain West and in.

我也認為，我們對倉儲與物流以及交通運輸網路的回溫、以及其在商業市場領域的回歸並不意外，因為我們可以從客戶的支出模式看出端倪。我會說，就目前而言，我們將持續以高於非住宅市場的速度成長。就像我們過去一向顯著高於市場一樣；我們也將持續贏得重要的新專案，在既有地理區域深化滲透並投資新地理區域，即使在資料中心領域看起來只是相鄰市場。有一個領域我總是提醒大家，因為我知道這個問題會來：高科技製造，我認為那是我們的首選市場之一。我們在幾個關鍵市場具備良好布局，尤其是在山區西部以及

Arizona, and we're positioned there specifically across the trades of fire life safety and mechanical and some electrical. And we have the ability in other markets to serve especially fire life safety in just about every high-tech market that exists. We look at that as a flex market.

亞利桑那州；我們在那裡的布局特別涵蓋消防與生命安全、機械以及部分電氣等工種。而在其他市場，我們也有能力在幾乎所有現有的高科技市場中提供服務，特別是消防與生命安全。我們把那視為一個彈性市場。

They can be very difficult customers to work for in some cases, especially in the semi market. And sometimes we're making a mixed management issue within the geographic market.

在某些情況下，這些客戶可能非常難合作，尤其是在半導體市場。有時我們會在地理市場內做出組合管理上的取捨。

To maybe serve a larger data center campus than maybe go after the next semiconductor fab.

也許去服務一個更大的資料中心園區，而不是去爭取下一座半導體晶圓廠。

But again, we feel good about demand right now.

但再次強調，我們對目前的需求感到樂觀。

Spending patterns remain, and things are pretty much unraveling for the year, much like we expected.

支出模式仍在延續，今年的發展大致如同我們所預期般逐步展開。

We're not chasing margin percentages right now. We're much more focused on growing margin dollars, which is what you actually spend and invest for the long-term.

我們現在不在追逐利潤率百分比。我們更專注於擴大利潤金額，因為那才是你實際用來支出並為長期投資的東西。

Oh, that doesn't set me up well for my next question, which is on margin percentages.

喔，這樣就不太利於我接下來的問題了，我下一題是關於毛利率百分比。

But so high level, and thank you for that, Tony. That was great color. But high level, I did want to see if I can get at the margin potential in the back half. And maybe a way to do it is just, Jason, I mean, you ran through a bunch of issues that impacted you in Q1 in terms of markups and mix. And maybe you can just talk about how those issues play out as the year unfolds.

不過先從高層次來看，也謝謝你，Tony。這些說明很有幫助。但從高層次來看，我確實想了解一下下半年毛利率的潛力。也許可以這樣切入：Jason，我是說，你剛剛提到第一季在加價（markups）與組合（mix）方面影響你們的幾個因素。也許你可以談談，隨著今年接下來的進展，這些因素會如何演變。

I think we said this exiting last year, and I think it still holds today, right. If you look at that guidance range we provided, we do have some lower margin scenarios in there, which anticipate a changing mix. I think we believe execution is going to remain strong throughout the back half of the year, which gives us the opportunity to replicate last year's record margins at $9.4 billion. But I think some of these mix dynamics will remain with us throughout the rest of the year. I also believe what we've said kind. Kind of over the last several quarters and looking at kind of a rolling 12 to 24-month average, I think that holds true, just understanding it's going to fluctuate quarter-to-quarter just based on that mix as you kind of saw in mechanical this quarter. But I think the fundamentals still hold and I think really no significant change from what we said at year-end.

我想我們在去年年底時就這麼說過，而我認為現在仍然適用。如果你看我們提供的那個指引區間，裡面確實包含一些較低毛利的情境，這些情境預期組合會發生變化。我想我們相信，下半年執行力會持續強勁，這讓我們有機會複製去年創紀錄的毛利（以美元計）達到94億美元。但我認為其中一些組合動態會在今年剩餘時間持續存在。我也認為我們過去幾季所說的——以滾動的12到24個月平均來看——我覺得仍然成立，只是要理解它會因組合而在季度之間波動，就像你們在本季機電（mechanical）業務看到的那樣。但我認為基本面仍然成立，與我們在年末所說的相比沒有重大改變。

I think I'm always careful of false precision. We give a range for a reason.

我一直都很小心避免過度追求看似精準的數字。我們給出區間是有原因的。

Could we.

我們能不能——

Be up on top of that range a little bit, but it's not going to we we don't think substantially at this point. They would take something, an execution that we're not seeing right now or we take a booking that happened in the year that had to be done very fast at superior margins. So we have a pretty good handle on what our mix looks like. And I think that's one of the things that's a little bit different than us and some other folks.

有可能略偏向區間上緣一些，但我們目前不認為會大幅超出。那需要出現我們現在還沒看到的執行表現，或者是今年內拿到一筆必須非常快速完成、且毛利極佳的訂單。所以我們對目前的組合狀況掌握得相當清楚。我想這也是我們和其他一些同業有點不同的地方之一。

Some of these companies are becoming one-market companies.

有些公司正在變成只專注單一市場的公司。

We are diverse by nature because of the geographies we serve and some of the companies we have that are earning very good returns that have nothing to do with data centers and we do do we do a little better in the data center market, we do on a margin percentage, but we should.

我們天生就很多元，因為我們服務的地理區域多元，而且我們旗下有一些公司能賺取非常好的報酬，與資料中心完全無關；而在資料中心市場方面，我們在毛利率百分比上確實做得稍微好一些，但我們也應該——

These are fast-paced jobs. They require a very strong dedication of some of our resources. And look, they come with risk, right? I mean, at the end of the day, we're always balancing contract risk versus.

這些都是節奏很快的案子。它們需要我們投入非常強的資源與承諾。而且你看，它們也伴隨風險，對吧？我的意思是，歸根結底，我們一直在平衡合約風險與——

Execution versus type. And sometimes that leads us to take a contract structure that may have inherently lower gross margins, but on a risk-adjusted basis. And then it could lead to follow-on work that comes in a fixed price way, which will then allow us the opportunity to grow margins over time. But we feel good about where the margins are on a year-to-date basis. I think the year started out pretty much like we thought, which quite frankly, just stronger revenue than we expected. And we're winning.

執行與類型之間的取捨。有時這會讓我們採用某種合約結構，其本質上可能帶來較低的毛利率，但從風險調整後的角度來看——接著也可能帶來後續工作，以固定價格的方式進來，進而讓我們有機會隨時間推進提升毛利。但我們對今年迄今的毛利表現感到滿意。我認為今年的開局大致符合我們的預期，只是坦白說，營收比我們預期更強。而且我們正在贏。

We're winning in markets right now, and that feels really good.

我們現在在各個市場都在贏，這種感覺真的很好。

All right. Thank you guys so much. I'll turn it over.

好的。非常感謝各位。我把時間交回去。

Brian Brophy, Stifel.

Brian Brophy，Stifel。

Yeah, thanks. Good morning, everybody.

好的，謝謝。各位早安。

Nice quarter.

這一季表現不錯。

Tony, you touched on my question at the end of your last answer. In terms of potentially shifting some of this mix away from GMP and cost-plus to fixed price over time, I guess help me understand, is that kind of a deliberate decision on your guys' part to start off with maybe some lower-risk structures in these new geographies? And I guess what's the needle mover? What needs to happen for you guys to potentially move these to more fixed price and increase the opportunity for higher margin over time?

Tony，你在上一個回答的最後其實已經提到我的問題了。就長期而言，若要把部分組合從GMP與成本加成（cost-plus）轉向固定價格（fixed price），我想請你幫我理解：這是否是你們刻意的策略——在這些新地理區域先以可能風險較低的結構起步？另外，我想問真正的關鍵驅動因素是什麼？需要發生什麼事，你們才可能把這些案子轉成更多固定價格，並提高長期取得更高毛利的機會？

Is it just you guys need to get comfortable in the new geography or is?

是因為你們需要在新地理區域建立熟悉度，還是——

There something else? No, look, first of all, it's not only our decision, right, some of our customers prefer to operate in a GMP mode because they anticipate they're going to have a fair number of change orders and they want to get started on the job, so it's not only our decision.

還有其他因素？不，你看，首先，這不只是我們的決定，對吧？有些客戶偏好用GMP模式運作，因為他們預期會有相當多的變更單（change orders），而且他們想先把工程啟動，所以這不只是我們的決定。

When it is our decision, I think you outlined it right, we have to get comfortable that we know the pace of build and the cost. I mean, I'll just remind folks of last year, right, we had a i I hate to always bring up bad news, but this is why we're in the how how we have to think about the business we're in, we were in a market to check three of the four blocks other than it was relatively new for the size we were trying to build.

當這是我們的決定時，我認為你說得沒錯：我們必須先確定自己對施工節奏與成本有足夠把握。我提醒大家回想去年，對吧，我——我不太想一直提壞消息，但這正是我們必須如何思考所處產業的原因：我們當時在一個市場裡，四個條件中符合了三個，唯一不符合的是，對於我們要建造的規模而言，那個市場相對較新。

And at the end of the day, we took it fixed price, we didn't get the acceleration change order quite what we thought we priced it right, and therefore we ate it, so that didn't make us shy away from fixed price work, but it shows you when you don't get it right, you own it, and so contract structure is not only our decision, it also comes from our owner.

而最後我們採用固定價格，但加速的變更單並沒有像我們預期那樣發生；我們原本以為定價是對的，結果就得自己承擔，所以這並沒有讓我們因此不敢做固定價格案子，但它告訴你：當你沒做對時，責任就在你身上。因此合約結構不只是我們的決定，也取決於業主（owner）。

And we typically work together. Now, I think most owners, if they think we have a good handle on what it looks like and they can get a fixed price that looks like can fit their budget and it takes away all the auditing and contract stuff that goes with a GMP contract, they're more than happy to move away. The other variation on that is we can get 50% into or 60% into a GMP job.

而我們通常會一起合作。我想多數業主如果認為我們對整體狀況掌握得很好，而且能拿到一個看起來符合他們預算的固定價格，同時也能免去GMP合約所伴隨的稽核與合約管理等事項，他們會非常樂意轉離GMP。另外一種變化是：我們可以在一個GMP案子進行到50%或60%的時候——

We both feel comfortable that we've locked in cost and scope, and therefore, we will change it to a fixed-price contract.

雙方都覺得成本與範疇已經鎖定，因此我們就會把它改成固定價格合約。

So I'd like to tell you there's four or five variables here, that variables could be up to six to 12 of contract administration and structure.

所以我想說，這裡有四、五個變數；而這些變數在合約管理與結構上，可能多到六到十二個。

And ours is always towards the best outcome for us and our owner and also the best risk-adjusted outcome.

而我們的取向一向是追求對我們與業主最好的結果，同時也是風險調整後最好的結果。

Jason, do you got anything to add on that? Yeah, I don't think anything has changed overall in terms of our appetite for fixed-price work or what we see in terms of the market and our customers. I think it's very much.

Jason，你有什麼要補充的嗎？對，我覺得整體而言，我們對固定價格案子的偏好（appetite），或我們對市場與客戶的觀察，都沒有改變。我認為這非常——

Specific geographies, specific opportunities and specific customers in the quarter, which drove the revenue mix to skew more toward G&A.

取決於特定地理區域、特定機會以及特定客戶在該季度的情況，這些因素使得營收組合更偏向G&A。

Mechanical, which makes sense because you're doing more of these AI data centers now.

機電（Mechanical）也是如此，這很合理，因為你們現在做更多這類AI資料中心。

And unless we're doing fabricated structures for those AI data centers, you could argue modular structures that have really, as part of our build or somebody else's build, they do start those things up more GMP and we would prefer they do that as they work out their designs.

而除非我們是在為那些AI資料中心做預製結構（fabricated structures）——你也可以說是模組化結構（modular structures），不論是作為我們的建造一部分或是別人的建造一部分——它們在設計尚在調整時，通常會以較多GMP的方式啟動，而我們也傾向讓它們先這樣做。

Yeah, and that's the comment I tried to make about the designs evolving and the scope still evolving.

是的，而那就是我想表達的評論：設計在演進，範疇也仍在演進。

Understood. That's very helpful. And then just as a follow-up, any update on access to craft labor tightness, any notable changes you guys have seen there over the last few months?

了解。這非常有幫助。接著追問一下，關於技工（craft labor）供給吃緊的情況，有沒有任何最新進展？過去幾個月你們在那方面看到什麼顯著變化嗎？

No notable changes. We're continuing to recruit heavily with the unions, especially in the Southeast, Texas, Oklahoma, through the Midwest. We're working in a very cooperative fashion.

沒有顯著變化。我們仍持續透過工會大力招募，特別是在美國東南部、德州、奧克拉荷馬州，一直到中西部。我們以非常合作的方式在運作。

One of the things that have benefited us is some of the programs, and that's one of the appeals of Miller.

有一件對我們有利的事情是一些培訓計畫，而這也是 Miller 的吸引力之一。

They are excellent at this. They have a pro-trade program that allows a quick training program of two to four weeks, gets people functional, allows us to bring them in at the right classification and get them functioning safely and productively on a job site. And that's something we're continuing to expand and grow across other M-Core subsidiaries.

他們在這方面非常出色。他們有一個支持技職（pro-trade）的計畫，提供為期兩到四週的快速訓練，讓人員具備基本作業能力，使我們能以正確的職級把他們納入，並讓他們在工地上以安全且高效率的方式投入工作。這也是我們正在持續擴大並推動到其他 M-Core 子公司的一項作法。

To grow our craft labor force. I will say that our, and I've talked about this before, our real bottleneck, and it really hasn't been a bottleneck because we have this great amount of work to work on, is supervision.

以擴大我們的技工人力。我會說，我們的——而且我以前也談過——真正的瓶頸，其實也不算瓶頸，因為我們有大量工作可以做，是在監督管理（supervision）。

We have to create more foremen, we have to create more general foremen, we have to get project.

我們必須培養更多工頭（foremen），必須培養更多總工頭（general foremen），我們必須讓專案——

Engineers to be able to move to project managers to be able to move to project executives, that's how we really grow.

工程師能夠晉升為專案經理，再晉升為專案主管（project executives），這才是我們真正成長的方式。

Our constraint on growth, yes, we have to build fabrication shops, whether they're on-site in tents or whether they're off-site in our fixed facilities, we always have to be thinking about that curve. We don't like to get too far ahead of that curve because there may be other ways to skin that cap on fabrication.

我們的成長限制方面，是的，我們必須建置更多製造／預製（fabrication）工坊，不論是在現場用帳篷搭建，或是在場外的固定設施，我們都必須一直思考那條產能曲線。我們不喜歡在那條曲線上走得太超前，因為在預製方面可能還有其他做法可行。

Like on-site fabrication and other things, but we always have an eye toward developing that supervision level. I said it in my remarks, our core product is really.

例如現場預製等其他方式；但我們始終把重點放在培養監督管理層級。我在致詞中提過，我們的核心產品其實是——

Field, labor, supervision, and leadership. And we just apply it in these trades, and we do that very well. And therefore, if you're doing that well, you become an employer of choice because trade craft people typically like four or five things, right?

現場人力、監督管理與領導力。我們只是把它應用在這些工種上，而且我們做得非常好。因此，只要你把這些做好，你就會成為首選雇主，因為技工通常在意四、五件事，對吧？

First, they like to know they're going to get paid every week and their benefits are going to get paid and in either no particular order. Then you're going to give them the safety equipment and tools that they need to be safe.

第一，他們希望知道每週都能領到薪水、福利也會按時繳付——順序不一定。接著，你會提供他們需要的安全裝備與工具，讓他們能安全作業。

That you have a good safety program, that the supervision and they're working for actually knows what they're doing and can really share means and methods and are plugged into our network to gain more knowledge on means and methods.

你要有良好的安全計畫；他們所屬的監督管理者確實懂得自己在做什麼，能分享施工手段與方法（means and methods），並且連結到我們的網絡，以獲取更多關於施工手段與方法的知識。

That they're working for people up through the chain of command that understand the work they're doing and finally, that if they do a good job and so choose to want to be part of one of our core teams, that we have ongoing work and that if they want promoted, that they have an opportunity to be promoted. M-Corp emphatically checks all those blocks in our subsidiary companies, and I think that's why you have it's difficult. Our guys are slogging away at it every day on mix management, but I think we've been able to meet the moment as far as recruitment and retention of trade.

他們一路往上所屬的管理鏈都理解他們在做的工作；最後，如果他們表現良好、也願意成為我們核心團隊的一員，我們有持續的工作量；而且如果他們想升遷，也有升遷機會。M-Corp 在我們的子公司裡非常明確地把這些都做到位，我想這也是為什麼——雖然很不容易——我們的同仁每天都在辛苦地做組合管理（mix management），但我認為在技工招募與留任方面，我們確實掌握住了當下的需求。

Excellent craft personnel.

優秀的技工人才。

Yeah, understood. Very helpful color. I appreciate it. I'll pass it on.

是的，了解。這些補充資訊非常有幫助。謝謝你。我會轉達。

Justin Hauke, Robert W. Baird.

Justin Hauke，Robert W. Baird。

Great. Good morning, everybody.

很好。各位早安。

I guess so we already talked about, obviously, the first quarter, really strong revenue trend, the RPOs up 18% quarter-over-quarter. I think that's an organic record for you. But the revenue guidance only tweaked a little bit higher. You're looking for kind of 9% to 13% growth for the year and you just did 20%.

我想我們已經談過了，顯然第一季營收趨勢非常強勁，RPO（剩餘履約義務）季增 18%。我認為這對你們來說是有機成長的紀錄。但營收指引只小幅上修。你們對全年成長的預期大概是 9% 到 13%，但你們剛做出 20%。

So I guess I'm just trying to understand. I know you've got some tough comps, but what's the conservatism. Outlook that would have the trends decelerate to kind of the more mid-single-digits from what you put up to start the year bookings.

所以我想我只是想理解一下。我知道你們有一些比較基期偏高的因素，但這種保守——展望——是基於什麼，會讓趨勢從年初的接單表現，放緩到大概中個位數成長？

I think you just said it in your last sentence, we just started the year.

我想你在最後一句其實已經說到了：我們才剛開始這一年。

We're sitting here in the first quarter.

我們現在才在第一季。

We have three quarters in front of us. I think we'll know a heck of a lot more on the revenue trend as we exit the second quarter and based on what we see at the end of the year. And it's still, I mean, even sitting here with these half the RPOs, Jason, I still think we have to book.

我們前面還有三個季度。我認為等我們走出第二季時，對營收趨勢會了解得多得多，也會根據我們在年底看到的情況來判斷。而且即使坐在這裡、RPO 已經有這樣的水準，Jason，我仍然認為我們還必須去承攬——

40% of our work.

約 40% 的工作量。

For the remainder of the year, if you take in -- let's just use the midpoint of our revenue guidance range. If you take into consideration what's in RPOs that we believe will burn through the rest of the year and what we earned in the first quarter, we still need to go.

在今年剩餘期間，如果你把——我們就用營收指引區間的中點來算。如果你把我們認為在今年剩餘期間會轉為收入的 RPO，以及第一季已認列的收入都納入考量，我們仍需要——

Out and book about 30% of our work.

出去再承攬大約 30% 的工作量。

And we think we can do that. And if we can book more of that and execute it within the year, that's how the revenue guidance will creep up and what much better visibility is going to. Said simply, we feel good about the revenue trend in the business, we feel good about. About our RPO bookings. We feel good about the margin in the RPOs, but we're sitting here in first quarter, April, and we'll have a much better view of that when we talk to you again in late July.

而我們認為我們做得到。如果我們能承攬更多，並在年內執行並認列，那就是營收指引會逐步上修的方式，也會帶來更好的能見度。簡單說，我們對業務的營收趨勢感覺良好，我們對——我們的 RPO 接單感覺良好。我們對 RPO 的利潤率也感覺良好，但我們現在才第一季、四月；等到七月下旬再跟各位交流時，我們會有更清楚的視野。

I think in the quarter, we made significant progress on a few jobs, some that accelerated maybe a little bit more than we expected. When we look at the rest of the year, I think where we land in that guidance is really going to depend on how quickly we mobilize on some of the new work we just booked, right? We had a lot. Strong bookings in the first quarter. So how quickly do those jobs mobilize? How quickly do we assemble a labor force? And how quickly do they start burning? That's what's really going to dictate where we land.

我認為在本季，我們在幾個案子上取得了顯著進展，其中一些的進度可能比我們預期的稍微更快。當我們看今年剩餘期間，我認為最終落在指引區間的哪個位置，真的會取決於我們對一些剛承攬的新工作動員（mobilize）的速度，對吧？我們有很多——第一季的接單非常強勁。所以這些案子多快能動員？我們多快能組建人力？以及他們多快開始消化（burning，開始投入並轉為收入）？這才是真正會決定我們最後落點的因素。

All right. And just so previously, it was 40% to 45% of kind of new work you had to booking, and you're saying it's 30%? I just want to make sure.

好。那只是確認一下：之前你們說需要承攬的新工作大概是 40% 到 45%，而你現在說是 30%？我只是想確認。

You're right, given we have one quarter behind our balance and the strong bookings we had in the year.

你說得對，考量到我們已經完成一個季度，以及今年以來強勁的接單表現。

And then I guess going back to the GMP contracts versus fixed price, can you give us -- I'd just be curious to know kind of what's the mix in the RPOs today of. Of what your contracts look like today versus a year ago or maybe five years ago in terms of how to more fixed price?

另外回到 GMP 合約相對於固定價格（fixed price）的部分，你能否提供——我只是想了解一下，目前 RPO 裡的合約組合大概是什麼樣子：也就是你們現在的合約型態，跟一年前或甚至五年前相比，在固定價格的比重上有什麼變化？

I don't think we could do that analysis from five years ago with any precision because things change halfway through a lot of times and it ends up something different. I think versus a year ago, I think incrementally it's moved a little more to GMP.

我不認為我們能夠對五年前做出任何精準的分析，因為很多時候事情在進行到一半就會改變，最後結果會變得不一樣。我認為相較於一年前，整體來看它逐步又更往GMP移動了一些。

And I would say this is not analytically precise, but I think that's mainly a mechanical and it's mainly driven by. I think the larger scope of work, which we're guessing, I mean, do we know that, in fact, that we have a pretty good idea because of the power requirements and the interact cooling we're doing, which is driven primarily, which we think by AI data centers.

我會說這在分析上並不精確，但我認為那主要是機械性的因素，而且主要是由……所驅動。我認為是因為工作範疇更大，我們是在推估——我們是否知道？其實我們有相當不錯的概念，因為電力需求以及我們正在做的互連式冷卻（interact cooling），其主要驅動因素——我們認為——是AI資料中心。

And these are some of the large language model data centers, and we think that's the case because of where some of them are being built. And a lot of this, we can tie all that together because of access to power and proximity and all that.

而這些是一些大型語言模型的資料中心；我們之所以這麼認為，是因為其中一些建置的地點。而且很多事情我們可以把它們串起來，因為電力取得、距離接近性等等。

So I think that's really the difference, where that will land later, we'll see, and not all GMP contracts are built the same way.

所以我認為那才是真正的差異；至於之後會落在哪裡，我們再看，而且並非所有GMP合約的架構都一樣。

But at the end of the day, there has been a little bit of a mix shift to there. And it only takes a couple of points to change 10 bps or 15 or 20 bps of margin.

但歸根結底，組合確實有一點點往那邊移動。而且只要變動幾個百分點，就足以讓毛利率變動10個基點、15個基點或20個基點。

I would offer, though, that we wouldn't take these things if we weren't driving more margin dollars by doing it versus other opportunities.

不過我想補充的是，如果不是因為相較於其他機會，這樣做能帶來更多的毛利金額，我們不會接這些案子。

All right. That's helpful. That's it for me. Thank you.

好的。這很有幫助。我這邊就到這裡。謝謝。

Jerome Leswitz, UBS.

Jerome Leswitz，瑞銀（UBS）。

Hey, good morning, guys. Thanks for taking the question.

各位早安。謝謝讓我提問。

So I just want to discuss this acceleration in organic growth that we saw here in Q1.

我想討論一下我們在第一季看到的內生成長加速。

It sounds like some of it was due to increased mix of prime contracting pass-through revenues that you called out.

聽起來其中一部分是因為你們提到的主承包（prime contracting）轉付收入（pass-through revenues）占比提高。

Just when we think of that relative to the high single-digit to low double-digit organic growth that you've discussed previously within the construction business, is that kind of upper single to low double-digit framing around your self-perform work, or was that including the prime contracting?

只是當我們把這點放在你們先前談到的、建築業務高個位數到低雙位數的內生成長框架下來看時，那個「高個位數到低雙位數」的說法，是針對你們自營施工（self-perform）的工作，還是包含主承包在內？

It was all in.

是全部都包含。

Yeah, it was all in. It was all in. I mean, I think the preponderance of what we do is self-perform.

對，是全部都包含。是全部都包含。我的意思是，我們做的大多數都是自營施工。

But there's two places where it's more pass-through: one is, I wouldn't even call it pass-through, we don't pass anything through without a markup in the construction business, but it'd be primarily in our water and wastewater business.

但有兩個領域比較偏「轉付」：第一個，我甚至不會稱它為轉付，因為在建築業務裡我們不會在沒有加價（markup）的情況下把任何東西轉付出去；但主要會出現在我們的水務與污水處理業務。

Which we have a great team executing very well down in Florida. And it would be in our -- the one thing we do at MCOR on an EPC basis at scale. Yes, we do chiller plants that way. We do other things. But the one place we do it at scale is in the food processing business. It's a very good business. It's a multi-trade package.

我們在佛羅里達有一支很棒的團隊，執行得非常好。另外一個是在MCOR我們以EPC模式、且具規模化在做的一件事。是的，我們也用那種方式做冷凍機房（chiller plants）。我們也做其他事情。但我們真正以規模化方式在做的，是食品加工業務。那是一個非常好的業務。它是一個多工種（multi-trade）的整包。

But we have more of that revenue passing through right now in our manufacturing industrial market sector.

但目前在我們的製造業／工業市場部門，這類轉付型收入占比更高。

And that comes at a little over margin, but if you look at it on a return on capital basis, it's very good work and when we look at projects, Avi, we look at it both ways.

那類案子的利潤率會稍微低一些，但如果以資本報酬率（return on capital）的角度來看，它是非常好的工作；而且我們在看專案時，Avi，我們會用兩種方式來看。

We look at a project like that, it's almost the same way we look at an acquisition, what the cash flows look on that project versus what we've invested to do it.

我們看這類專案，幾乎就像看併購一樣：這個專案的現金流相對於我們為了執行它所投入的資金，表現如何。

What does it allow us to do from a further with a customer, both from an aftermarket basis and also follow-on work?

它能讓我們在與客戶的後續合作上做到什麼——不論是售後市場（aftermarket）層面，或是後續追加工程（follow-on work）。

We have customers that we've been on site doing large projects every three to five years. We made continuous presence at those sites, doing small fixed-price projects and maintenance projects.

我們有一些客戶，我們每三到五年就會在現場做一次大型專案。我們也在那些場址維持持續性的存在，做一些小型的固定總價（fixed-price）專案與維護專案。

You don't want to say nothing's ever forever, but we've been there 20 years almost now.

你不會想說沒有任何事情是永遠的，但我們在那裡幾乎已經20年了。

So that's a part of the business. Those are the two places where that pass-through revenue is the most significant.

所以那是業務的一部分。而這兩個領域是轉付收入最顯著的地方。

And that can affect margins 10 or 15 bps in a quarter to the negative. But again, I'll go back, they generate really good margin dollars and really good return on capital on those projects.

而這可能在單一季度對利潤率造成10或15個基點的負面影響。但同樣地，我再強調一次：這些專案能帶來非常好的毛利金額，以及非常好的資本報酬率。

And in this quarter, it was the food processing, right? We still have the water and wastewater in our backlog. I think that's what you could see as the year progresses, and this quarter is very much coming from food processing, though.

而在這一季，是食品加工，對吧？我們的在手訂單（backlog）裡仍然有水務與污水處理。我想隨著年度推進你會看到那部分；但這一季的貢獻確實主要來自食品加工。

Okay, got it. Makes sense. Yeah, I was in part looking at the water and wastewater growth in the quarter and so just trying to piece it all together.

好的，了解。有道理。對，我部分是在看本季水務與污水處理的成長，所以想把整體拼湊起來。

I'll get ahead of one of the other questions and somebody can maybe drop out of the queue is we're not foregoing any data center work to do this work.

我先回答可能有人接下來會問的問題，這樣也許有人可以從排隊中退出：我們並沒有為了做這些工作而放棄任何資料中心的案子。

It's either a different team that does this kind of work or a different market sector, I mean, different geography. We're not foregoing different skills and capabilities. We're not foregoing any projects in the data center or high-tech world because we're doing water and wastewater and food processing work.

要嘛是不同的團隊在做這類工作，要嘛是不同的市場部門——我的意思是，不同的地理區域。我們並沒有放棄不同的技能與能力。我們也沒有因為在做水務與污水處理、以及食品加工的工作，就放棄資料中心或高科技領域的任何專案。

So really, it's incremental growth at the end of the day.

所以歸根結底，這真的是增量成長。

Okay, that makes sense.

好的，這就說得通了。

And then just also when we last spoke, I think you framed productivity and pricing together, contributing about 5 percentage points to construction revenue growth this year.

另外，上次我們談到時，我記得你把生產力與定價放在一起，說它們今年對建築營收成長的貢獻大約是5個百分點。

What do you have embedded for that in the updated guidance? Is it still about 5% or has that ticked up?

在更新後的指引裡，你們對這部分的假設是多少？仍然大約是5%嗎，還是有上調？

I think the way we termed it is less than half, right, at the lower end. So about 30% to 40% of our growth comes from pricing and productivity.

我想我們的說法是不到一半，對吧，在較低端。所以大約30%到40%的成長來自定價與生產力。

But then now you have to tie that also into mix, right, Jason, to get to that answer. I don't think there's anything different than what we've done historically.

但接著你也必須把組合（mix）因素一起納入，對吧，Jason，才能得到那個答案。我不認為這跟我們過去一貫的做法有任何不同。

Okay, I appreciate it.

好的，感謝。

Thank you.

謝謝。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc Capital Markets。

Good morning.

早安。

So, if I can ask a follow-up on the mechanical margins discussion.

我想就機電（mechanical）利潤率的討論追問一下。

Will these projects later on have incremental phases that you will then take on as fixed price or is the nature of these projects such that even the follow-on phases will be GMP?

這些專案在後期是否會有增量的階段，屆時你們會以固定總價承接？還是這些專案的性質使得即便後續階段也會是GMP？

Well, the margin headwind in mechanical, some of it's GMP, others mixed because of the food processing work. We hope to have follow-on phases over a number of years.

機電的利潤率逆風，有一部分是GMP，其他則因為食品加工的工作而呈現混合。我們希望在未來數年能有後續階段。

They won't be as large.

但規模不會那麼大。

I think it's to be determined what that contracting mechanism is, right? They could be fixed price in the future on some of these jobs if we get more comfortable with our labor force, we get more comfortable with the design. They may stay GMP because we do have a couple of customers who just prefer GMP work. So I think it's going to be dependent on the individual jobs, and I think we'll know more as the year progresses.

我認為合約機制會是什麼，還有待觀察，對吧？如果我們對勞動力更有把握、對設計更有把握，未來其中一些案子可能會轉為固定總價。也可能會維持GMP，因為我們確實有幾個客戶就是偏好GMP的工作。所以我認為會取決於個別案子；而且我想隨著今年推進，我們會知道得更多。

Yeah, I think we're beating this a little too hard right now, collectively on the phone.

是的，我覺得我們現在在電話上，大家有點把這件事過度用力地討論了。

We contract lots of different ways. And sometimes our fixed-price work on something like food processing, because we're servicing as more as a prime, is a fixed-price contract.

我們用很多不同方式簽約。而且有時候，像食品加工這類的固定總價工作，因為我們更多是以總承包的角色在服務，就會是固定總價合約。

It doesn't have the same market characteristics and margin opportunity that a fixed-price contract can be on a single-trade contract doing a data center or a manufacturing plant or a hospital.

它不像在單一工種合約下做資料中心、製造工廠或醫院那樣的固定總價合約，具有相同的市場特性與毛利空間。

Other clerks were doing GMP work on data centers because a customer can't nail down scope or a newer geography, or that's their preferred way of doing the business, and they do that that way across their whole portfolio.

其他同業在資料中心做GMP（保證最高價）案子，是因為客戶無法把範疇釘死、或是新的地理區域，或那就是他們偏好的做法，而且他們在整個投資組合裡都用那種方式來做。

I think we always think about operating in bands of margins, and as long as we're sort of within that 12 to 24-month look on bands of margins.

我想我們一直都是用毛利率區間來思考經營，只要我們大致落在那個以12到24個月為觀察期的毛利率區間內。

We're performing pretty well. And then we take it a separate step further.

我們的表現就相當不錯。然後我們再往下多想一步。

At the part we're in a business, I think anybody that knows this, MCOR is a return on invested capital type mentality. And if we can generate more margin dollars and balance that against the margins, we're happy. I know we're all trying to nail down this number of nine point whatever percent for the year.

就我們所處的業態而言，我想任何了解這行的人都知道，MCOR的思維是偏向投資資本報酬率（ROIC）的心態。如果我們能創造更多的毛利金額，並在毛利率之間取得平衡，我們就滿意。我知道大家都想把今年的數字釘在9點多%的某個精確值上。

A, we're not that good. That's why you have a range. And B, we're at 12,000 projects going on right now of all kinds of different contract structures. Is it a little bit on incremental towards GMP? I look at that as a positive because maybe we should come off the table where we shouldn't have been taking the risk on a fixed-price contract and allows us to penetrate a customer further. So I think we're trying to put too fine a point on something that you can't put a fine point on.

A，我們沒那麼厲害。所以才會給一個區間。B，我們現在同時在做12,000個專案，各種不同的合約結構都有。是不是有一點邊際上往GMP傾斜？我把那看成正面，因為也許我們應該從一些不該在固定總價合約上承擔風險的地方退一步，並且讓我們能更深入滲透客戶。所以我覺得我們試圖把一件本來就無法精確到那麼細的事情，硬要講得太精準。

And I just go back to those 12 to 24-month averages to Tony's point. If you look at Mechanical prior to this quarter and you look at those eight quarters, margin for Mechanical was as low as $10.6 and as high as $13.6.

我只是回到Tony提到的12到24個月平均值。如果你看機電（Mechanical）在本季之前，回看那八個季度，機電的毛利率最低是10.6，最高是13.6。

We're still right, we're bouncing around those eight-quarter averages. And so I don't see anything here that's fundamentally different.

我們仍然是在那些八季平均值附近上下波動。所以我看不出有任何本質上不同的地方。

Yeah, we grew mechanical operating income 18.7% and we grew electrical operating income 28.2%.

是的，我們把機電營業利益成長了18.7%，也把電氣（Electrical）營業利益成長了28.2%。

I'd say on any given day, sign me up for that.

我想任何一天你都可以算我一份，我都願意要這種表現。

Understood.

了解。

That's very helpful.

這非常有幫助。

Can I follow-up on the 1.5 book to bill? And can you give us a little bit of a look as to are you being able to book longer dated backlog? I know that the space has traditionally been more of a booking, a short-term booking cadence, but can you tell us at least some of these large projects give you a longer look into your...

我可以追問一下1.5的接單出貨比（book-to-bill）嗎？你能不能稍微談談，你們是否能夠承接更長期的在手訂單（backlog）？我知道這個領域傳統上比較偏向短週期的接單節奏，但你能否至少說明一下，這些大型專案是否讓你們對你們的……

Performance maybe next year, into next year.

表現可能到明年、延伸到明年，有更長的能見度。

I don't think in a significant way. I mean, I think if you look at the end of last year, we would have said at the end of '25, 82% of that RPO is going to burn within 12 months. Where we sit today, we say 78% is going to burn within 12 months. So a little bit longer.

我不認為有顯著的改變。我的意思是，如果你看去年底，我們會說到25年底，該RPO（剩餘履約義務）有82%會在12個月內轉為收入。以我們今天的位置來看，我們說78%會在12個月內轉為收入。所以是稍微拉長了一點。

A little bit more extending beyond the 12 months, but not in a significant way. If you look at our total RPO, I'd be surprised if $6 billion to $6.5 billion goes even into $27.

有一點點更多延伸到12個月之後，但並不顯著。如果你看我們的RPO總額，我會很驚訝如果有60億到65億美元會一路延伸到27年。

Right.

對。

And that will increase as the year goes on. Yes, of course.

而且這個數字會隨著年度進行而增加。是的，當然。

Got it.

了解。

Thank you very much.

非常感謝。

Yes, thank you.

是的，謝謝。

Tim Mulrooney, William Blair.

Tim Mulrooney，William Blair。

Tony, Jason, thanks for taking my questions. Just a couple of quick ones here. So I heard you say that productivity and pricing is contributing, I don't know, but you said like 30%, 40% of total growth this year. And you're growing, call it, 10% to 12% organically.

Tony、Jason，謝謝你們回答我的問題。我這邊只有幾個很快的問題。所以我聽到你說生產力與定價在今年的總成長中貢獻了，我不確定，但你說大概30%、40%。而你們的有機成長大概是10%到12%。

You exclude contribution from acquisitions. So this implies pricing is maybe adding 3% to 4 points to growth, which I'm just wanting to confirm is directionally correct. The reason I want to is because that surprises me a little bit. Like, we're hearing about pricing being very strong, particularly around AI infrastructure, where you, M-Core, are critical to the whole process.

你排除了併購的貢獻。所以這表示定價可能為成長增加了約3%到4個百分點，我只是想確認這個方向上是否正確。我之所以想確認，是因為這讓我有點意外。像我們聽到定價非常強，特別是在AI基礎設施周邊，而你們M-Core在整個流程中是關鍵。

But you're not the largest cost bucket for a long shot. So it seems to me that pricing would be a lot higher than three to four points, but maybe I'm missing something.

但你們遠遠不是最大的成本項目。所以在我看來，定價應該會比3到4個點高很多，但也許我漏掉了什麼。

I think, look. I think in general, when contractors talk about strong pricing, a lot of times they got to execute the work.

我想，這樣說吧。一般來說，承包商談到「定價很強」時，很多時候還是得把工程做出來、執行到位。

And so we're saying our expectation going into the year on pricing is we're working with really smart customers.

所以我們的意思是，我們在年初對定價的預期是：我們面對的是非常聰明的客戶。

We never assume our customers don't have alternatives. I've never assumed that any time in my career.

我們從不假設客戶沒有替代方案。我在職涯中從來沒有那樣假設過。

And that we want to be with these contractors, these customers long-terms.

而且我們希望能和這些承包商、這些客戶建立長期合作。

I think when you look at our gross margins and you look at our execution over a long period of time and our ability to retain customers and then at times we replace other contractors on sites when I don't remember us ever being replaced on a site, I think we get the price, productivity, execution just about right.

我想如果你看我們的毛利率、看我們長期以來的執行表現、以及我們留住客戶的能力，還有有時候我們會在工地上取代其他承包商——但我不記得我們曾在任何工地被取代過——我想我們在價格、生產力、執行之間拿捏得相當到位。

I've never been the guy that's going to sit here, there's people throwing work at us and we just catch it in buckets.

我從來不是那種會坐在這裡說「大家把工作往我們這裡丟，我們只要用桶子接就好」的人。

And some of my peers that say that, I'm not sure they have the long-term view of the market that we have what pricing really means in contracting.

而有些同業這麼說時，我不確定他們是否像我們一樣，對市場的長期觀點、以及在承攬工程中「定價」真正代表什麼，有同樣的理解。

Price in our business comes in a lot of different ways.

在我們這個行業，價格是以很多不同方式呈現的。

It's the assumptions you're making on the productivity of your labor, especially as you move further down the labor curve, and there's more of a mix of people you're less familiar with or more untrained.

它包含你對勞動生產力所做的假設，特別是當你沿著勞動曲線往下走，會有更多你不那麼熟悉、或訓練較不足的人員混合進來。

Pricing also can cover what you expect on unforeseen job conditions. You don't get in an adversarial relationship with customers you're going to work with a long time if there's small changes on a job. So maybe you're giving up some of that in the execution of the job to retain the customer.

定價也可能涵蓋你對不可預見工地條件的預期。如果只是工地上有些小變更，而你又想和客戶長期合作，你不會跟客戶形成對立關係。所以也許你在工程執行上會讓出其中一部分，以便留住客戶。

I think the pricing environment is good, and I think we're almost getting paid for what we're worth.

我認為定價環境是好的，而且我覺得我們幾乎正在拿到與我們價值相稱的報酬。

But I would take probably better contract terms.

但我會更想要更好的合約條款。

Better change order administration and give up some price any day as you execute these large, fast-paced jobs for what are some of the most sophisticated customers in the world. JC, do you have something to add on that?

更好的變更單管理（change order administration），然後在價格上讓出一些也無妨——尤其是在為全球最成熟的一些客戶執行這些大型、快節奏的專案時。JC，你要補充一下嗎？

No, I just think when you look at the number of jobs we're executing today versus the number of jobs a year ago, and you kind of back into the growth rate in jobs or even average contract values, I think it supports what we're saying, which is that really volume, demand, and productivity are the core. Of our revenue.

不，我只是認為，當你比較我們今天正在執行的工作案量與一年前的工作案量，並回推工作案量的成長率，甚至是平均合約金額時，我認為這些都支持我們所說的，也就是：真正的核心在於量、需求與生產力。這些是我們營收的核心。

Okay, that's very clear.

好的，這非常清楚。

Thank you.

謝謝。

Manish Somaiya, Cantor.

Manish Somaiya，Cantor。

Good morning, and congrats again to the team. A couple of questions.

早安，也再次恭喜團隊。我有幾個問題。

Maybe, Tony, for you first.

也許先請教你，Tony。

When I think about the contracts that you're being awarded, especially the mission critical projects, are you seeing both electrical and mechanical scopes?

當我想到你們正在獲得的合約，特別是關鍵任務（mission critical）專案時，你們是否同時看到電氣與機械的工作範疇？

Or is that?

還是說是？

I mean, we don't, I think underneath your question, are we combining electrical and mechanical scopes and bidding the jobs that way? Absolutely not.

我的意思是，我們不會——我想你問題背後是在問：我們是否把電氣與機械的範疇合併起來，並以那樣的方式去投標？絕對不會。

But are we on some sites, both electrically and mechanically? Yes.

但我們在某些工地是否同時做電氣與機械？是的。

But do we make decisions contingent on that? Absolutely not.

但我們做決策是否會以此為前提條件？絕對不會。

These are separate scopes of work, these are separate things. Now, if we're fortunate enough that we have two M-Corp companies on that site or even three when you include fire life safety, does the job tend to go better for the owner in those cases? Probably, yeah. Our guys know each other and how to work together, they're working with the same VDC tools, the integration becomes better on the drawings.

這些是不同的工作範疇，是不同的事情。不過，如果我們很幸運，在同一個工地有兩家 M-Corp 公司，甚至加上消防與生命安全（fire life safety）後有三家，對業主而言案子是否通常會做得更順？可能是的。我們的人彼此熟悉、知道如何協作，也使用相同的 VDC 工具，圖面上的整合會更好。

They can talk to each other and get coordination better on the job sites to prevent straight sacking.

他們可以彼此溝通，在工地上把協調做得更好，以避免「straight sacking」。

But do we specifically bundle the two things together and bid it as a package? No, we don't do that, almost never. I don't want to say never, nothing's never, but we almost try not to do that.

但我們是否會特別把兩者綁在一起，當作一個套裝去投標？不，我們不這麼做，幾乎從不。我不想說「從不」，因為沒有什麼是絕對不會，但我們幾乎都盡量不這麼做。

But if you look at our bookings and you say, okay, there's a significant increase in data center bookings or networking communications RPOs, that's coming from both mechanical and electrical. When you look at the revenue growth within each segment, let's just again look at network. And communications, round numbers, electrical is up $240 million and mechanical is up $280 million. So we're seeing that growth in both, and we're seeing the bookings from both.

但如果你看我們的接單，會說：好的，資料中心接單或網路通訊 RPO 有顯著增加，這是來自機械與電氣兩邊。當你看各事業部的營收成長，再以網路與通訊為例，取整數來看，電氣增加了 2.4 億美元，機械增加了 2.8 億美元。所以我們在兩邊都看到成長，也在兩邊都看到接單。

Okay, that's super helpful. And then, Jason, on the cash flow aspect, how should we think about the cash flow use reversing over the course of the year? Is that second-half weighted typically, or you know of that come?

好的，這非常有幫助。接著，Jason，關於現金流的部分，我們應該如何看待全年現金流使用（cash flow use）在過程中反轉？通常會偏向下半年嗎？或是你知道會怎麼發生？

I think if you look at the pattern we've had over the last two years or so, we think that pattern will hold true to the remainder of the year. Q4 tends to be the strongest for us from a cash flow generation perspective, Q1 tends to be the weakest, but if you look really over '24 and '25, we expect those patterns to be about the same.

我想如果你看過去大約兩年的走勢，我們認為這個模式在今年剩餘期間會維持一致。從現金流創造的角度來看，第四季通常是我們最強的一季，第一季通常是最弱的一季；但如果你看 2024 年與 2025 年，我們預期這些模式大致相同。

And then just, Tony, back to you, maybe if you can just talk about the M&A pipeline, what you're seeing out there, what are still the missing pieces within M-Core geographically or product-wise?

另外，Tony，再回到你這邊，也許你可以談談併購（M&A）案源管線，你在市場上看到什麼？在 M-Core 的版圖上，無論是地理或產品面，還有哪些仍缺的拼圖？

And then maybe if you can also just give us a sense as to what you're seeing so far in the second quarter?

另外也許你也可以讓我們了解一下，你到目前為止在第二季看到的情況？

Well, I won't answer that.

嗯，我不會回答那個。

In terms of demand.

就需求而言。

I won't answer that question. We're reporting on the first quarter today.

我不會回答那個問題。我們今天是在報告第一季。

Look, our acquisition pipeline is good. Deals happen when they happen. Our primary area of interest is electrical construction. We're a medium voltage company or line voltage company.

你看，我們的併購管線不錯。交易該發生時就會發生。我們主要關注的領域是電氣工程建造。我們是中壓或線路電壓（line voltage）領域的公司。

We're not really looking to grow the high-voltage market or the T&D market. We do have a position there, but it's mainly in the Mountain West, and it's a very good company, but we're not looking to become Quanta.

我們並不是真的想擴大高壓市場或輸電與配電（T&D）市場。我們確實在那裡有布局，但主要在美國山區西部（Mountain West），而且那是一家非常好的公司；但我們不打算變成 Quanta。

In the T&D business. We're going to continue to do low to mid-voltage acquisitions in electrical.

在 T&D 業務上。我們會持續在電氣領域做低壓到中壓的併購。

We still have places where we can expand geography or strengthen geography in a lot of cases now. I think what we've had great success with is either buying an acquisition at scale, which is Miller. That's a great example of that. But we also have many examples in Emcor, which is, I think, where you create the most value is where we take a. Electrical contractor that was just a good industrial or healthcare contractor could do really sophisticated work.

我們仍有許多地方可以擴張地理覆蓋，或在很多情況下強化既有的地理布局。我認為我們非常成功的一點是：要嘛收購具規模的標的，例如 Miller，就是很好的例子。但在 Emcor 我們也有很多例子；我認為最能創造價值的是：我們收購一家電氣承包商，它原本只是很好的工業或醫療承包商，能做非常高階的工作。

We know that there's customers that want us to do data centers in that market. We were able to come in and take that group of folks and take their core business, have them continue to do that. Through our peer learning and help, we can then have them expand into data centers. And that comes at much better valuation than the folks that are doing 80% of their work in data centers that everybody's frothy over and want to spend 12 or 15 times. Earnings. We're not going to do that for a one-market company and a one-sector company.

我們知道在那個市場有客戶希望我們做資料中心。我們能夠進來，把那群人與他們的核心業務保留下來，讓他們持續做原本的事。透過同儕學習與我們的協助，我們再讓他們擴展到資料中心。而這樣的估值會比那些 80% 工作都在資料中心、大家都很亢奮、願意付出 12 或 15 倍的標的要好得多。獲利倍數。對於只在單一市場、單一產業的公司，我們不會那樣做。

Secondarily, we're biomechanical, mechanical construction. We've tended to do that more by and then take a larger platform like Bachelor and Kimball and grow organically and the reason that sets up that they can do that well is because the amount of prefabrication on a mechanical job, they can take more labor hours off the job and therefore they feel much more comfortable and that's sort of the fire protection story too.

其次，我們在生物機電（biomechanical）、機械工程建造領域。我們比較傾向於先建立較大的平台，例如 Bachelor 和 Kimball，然後以有機成長來擴張；之所以能這樣做，是因為機械工程的預製（prefabrication）比例很高，他們可以把更多工時從工地端移除，因此會更有把握；這也有點像消防（fire protection）的故事。

Which is the other part in mechanical that we would grow through acquisition and organically.

這是機械領域的另一部分，我們會透過併購與有機成長來擴張。

And with the Fire Protection, we're both growing the construction capability and the aftermarket capability. The other area of interest for us is, of course, the mechanical service space.

至於消防，我們同時在提升施工能力與售後市場（aftermarket）能力。我們另一個關注領域，當然是機械服務（mechanical service）市場。

We do both, they're not large compared to the construction acquisitions, but we'll do larger acquisitions there. There, we're buying.

我們兩者都做；相較於工程建造的併購，它們規模不大，但我們也會在那裡做較大型的收購。在那裡，我們買的是——

Footprint, we're buying technician capability and sometimes those acquisitions are as small as a couple of million dollar asset deal to open up a market or strengthen our market, whether it's a certain type of equipment, a certain kind of capability.

我們買的是據點覆蓋（footprint），買的是技師能力；有時這些收購小到只是幾百萬美元的資產交易，用來開拓市場或強化我們的市場地位，不論是某一類設備、某一種能力。

And then we also love to continue to support our customers through building controls and automation in mechanical services acquisitions, where we're one of the more significant.

此外，我們也很樂於透過機械服務的併購，持續以樓宇控制與自動化來支援客戶；在這方面，我們是較具規模的獨立樓宇控制業者之一。

Independent building controls, and we have a number of different brands we're a dealer for. And we have good capability, and that's both on the front end of the business and the design, the development of the user interfaces, and of course, the installation, the commissioning to make sure it works.

而且我們代理多個不同品牌。我們具備良好能力，涵蓋業務前端與設計端、使用者介面的開發，當然也包括安裝與試運轉（commissioning），以確保系統運作正常。

Those are our primary interests as we grow through acquisition. I would also argue that we also are not immune to doing the right kind of fabrication acquisition.

以上是我們透過併購成長的主要關注方向。我也會主張，我們同樣不排斥做對的製造／預製（fabrication）類併購。

We haven't done a lot of that to date, but we would do that if we thought we could add -- we have ongoing work that we could take some of that capacity and then also kit up or something called modular more than what we're doing today. It's not something we've done, but it's something we look at all the time.

截至目前我們還沒有做很多這方面的事，但如果我們認為能增加——我們有持續進行的工作，我們可以把部分產能拿來用，然後也可以做成套件化，或是所謂的模組化，超過我們今天正在做的程度。這不是我們已經做過的事，但這是我們一直在看的方向。

Jason, did I miss anything? I think that's a good summary.

Jason，我有漏掉什麼嗎？我覺得這是個很好的總結。

Yes, indeed. Well, thank you so much, guys, and best of luck.

是的，確實。好，非常感謝各位，祝你們好運。

Adam Bubes, Goldman Sachs.

Adam Bubes，高盛。

Hi, good morning. This is Anuj on behalf of Adam.

嗨，早安。我是 Anuj，代表 Adam 發言。

So I wanted to understand what is your prefabrication capacity today and how much capacity do you plan to add this year? And additionally, if you can discuss the puts and takes of internalizing fabrication versus leveraging fabrication for third-party sales.

我想了解你們目前的預製產能是多少，以及今年計畫新增多少產能？另外，如果可以的話，請談談把製造內部化（自製）相較於利用製造能力做第三方銷售，各自的利弊取捨。

Look, I think the best way to think about how we think about it is to look at our CapEx spending.

你看，我認為理解我們怎麼看這件事，最好的方式是看我們的資本支出（CapEx）。

We don't necessarily look at it as we're destined to add this much square footage, because I think you've got to take the fabrication that we do and break it into two or three pieces. One is the traditional fab we do just about every contract that we have, which they're doing some pipe fabrication.

我們不一定會用「我們注定要增加多少平方英尺」來看，因為我覺得你必須把我們做的製造拆成兩到三個部分來看。第一部分是傳統的製造，我們幾乎每一個合約都會做，他們會做一些管件預製。

Little bit of fittings on the sheet metal side, and they do that to support the aftermarket and the smaller projects in our market. We do a lot of that. The second fabrication is more dedicated fabrication, especially in our bit larger mechanical and electrical contractors, and that breaks into two pieces too.

在鈑金那邊也會做一點配件，他們這麼做是為了支援售後市場以及我們市場中的較小型專案。我們做很多這類工作。第二種製造是更專門的製造，特別是在我們規模較大的機電承包商那邊，而這又可以再拆成兩部分。

There's, especially electrically, there's almost a catalog we can do that says we're taking all these different parts from distributors and OEMs, put them together, so they're almost kits out to the site. And then there's job specific where we're making conduit racks and...

尤其在電氣方面，幾乎有一個「型錄」可以做：我們把來自經銷商與 OEM 的各種不同零件拿來組裝在一起，幾乎是打包成套件送到工地。然後還有依專案客製的部分，我們會做線管支架（conduit racks）以及……

Different bends that we're doing specific to that job that looks more like what we do in the mechanical side. Where there we can have pretty significant pipe shops, pipe rack shops that do a variety of sizes from small bore to large bore. And then we also have sheet metal shops where we're hoping to generate off those coil lines somewhere between 800,000 and 1,002 pounds a year. Now again, and then there's the third part of that is.

各種彎管，這些都是針對該專案特定需求所做，看起來更像我們在機械端做的事情。在那邊我們可以有相當規模的管件工廠、管架工廠，能做各種尺寸，從小口徑到大口徑。另外我們也有鈑金工廠，我們希望透過那些捲料產線每年產出大約 800,000 到 1,002 磅。再說一次，然後第三部分是……

Part of that fabrication, if we can do on job site in a tent and bring equipment in and not have to move it as much, we do that too.

其中一部分製造，如果我們能在工地用帳篷搭設、把設備帶進去，並且不必搬動那麼多次，我們也會這麼做。

So we're much more adaptable maybe than some others of fabrication. And I think that distinguishes us from other people is, for the most part, you never say everything is everything, but for the most part, M-Cor is fabricating for M-Cor.

所以我們在製造方面可能比其他人更有彈性。我認為這也是我們與其他人的差異：大致上——你不會說所有事情都絕對如此——但大致上，M-Cor 的製造是為 M-Cor 服務。

And doing it as part of our job design. We do have cases where people want us to build that other people installed, but that's a small minority of our fabrication versus others. And I think part of that is because we tend to have our trades focused on it. We're not a multi-craft workforce, maybe like the non-union workforce can be in some markets. Hence my discussion about if we did fabrication and looked at it that way, that would be a fabricator would buy that we think we could bring more value to.

而且是作為我們工作設計的一部分來做。確實也有一些情況是別人希望我們做製造、由其他人去安裝，但相較於其他公司，這只占我們製造量的一小部分。我認為其中一個原因是，我們的工種通常是專注分工的。我們不是多工種（multi-craft）的勞動力，可能不像某些市場的非工會勞動力那樣可以多工種。因此我才會提到：如果我們以那種方式來做製造並從那個角度來看，那會是一個製造商會去買的東西，而我們認為我們可以帶來更多價值。

By looking at more multi-trade work. Jason.

透過更多跨工種的工作來看。Jason。

I'd just say if you look, Tony made the point about our CapEx over the last several years, and we've said it before, if you take even just a three-year look, our CapEx, if you look at a CAGR, is growing twice what our revenue is, and that's those investments we're making in prefab. If you look at '26, I think we'll spend somewhere between $115 million and $125 million on CapEx, and I think a significant part of that will be fitting out.

我補充一下：如果你看，Tony 提到我們過去幾年的資本支出，我們之前也說過，如果只看三年，我們的 CapEx 以年複合成長率（CAGR）來看，成長速度是營收的兩倍，而那就是我們在預製（prefab）上的投資。如果看 2026 年，我想我們的 CapEx 會落在 1.15 億到 1.25 億美元之間，其中相當大一部分會用在配備完善（fitting out）

Fabrication facilities or upgrading the ones we have today.

製造設施，或升級我們現有的設施。

Thank you. That helps. And just one more follow-up. So demand remains particularly in your data center business. So what if anything sets the ceiling on level of growth you can achieve from a capacity standpoint? Is it labor, equipment procurement, et cetera?

謝謝。這很有幫助。再追問一個問題。需求仍然存在，特別是在你們的資料中心業務。那麼從產能角度來看，究竟是什麼（如果有的話）會限制你們能達到的成長上限？是人力、設備採購等等嗎？

Well, it's emphatically not equipment procurement because on data centers.

嗯，絕對不是設備採購，因為在資料中心……

Most of the major equipment is being bought by the owners or the owners through the GCs because they're deciding what sites they want to do it to. We really have nothing to do with what they're doing on the major end product equipment in data centers.

大部分主要設備都是由業主採購，或由業主透過總承包商（GCs）採購，因為是他們在決定要在哪些場址做。在資料中心的主要終端產品設備方面，我們基本上與他們的採購沒有關係。

In small cases, we still do, but for the most part, the owners buying the equipment.

少數情況下我們仍會參與，但大多數時候是業主在買設備。

I think I've addressed where the bottleneck could be, we've been great at producing leaders, our bottleneck has filled leadership and it gets to the frontline leaders, foreman, general foreman and project manager, project executives, and no one can grow without that constraint.

我想我已經談到瓶頸可能在哪裡：我們很擅長培養領導者，我們的瓶頸在於補足領導職缺，尤其是第一線領導者——工頭、總工頭、專案經理、專案主管（project executives）——沒有這個限制，任何人都無法成長。

We feel pretty good about our being our growth targets we have out there, we wouldn't have taken the work, and so therefore, we feel pretty good that in this quarter that year-over-year, it's up plus 30%, up plus 17% sequentially, we feel we can fill the teams either through increased scope or the teams that we've built to service that demand.

我們對外公布的成長目標，我們覺得相當有把握；我們不會接下做不到的工作，因此我們也相當有信心：本季年增超過 30%，季增超過 17%，我們覺得可以補齊團隊，不論是透過增加工作範疇，或是透過我們已建立的團隊來服務這些需求。

And the law of large numbers eventually tells you that your growth rate is going to slow, but the dollars stay up. And I'd say the same thing about that's my whole margin point. We're in the search for margin dollars right now, more than margin percentages.

而且「大數法則」終究會告訴你，你的成長率會放緩，但金額仍會上升。我對毛利的觀點也是一樣。我們現在追求的是毛利金額（margin dollars），而不是毛利率百分比。

All right, thank you all.

好的，謝謝各位。

We'll see you again at the end of July, and thanks for your interest in Amcor.

我們七月底再見，也謝謝各位對 Amcor 的關注。