EMCOR Group, Inc. (EME) 2026 Q2 法說會逐字稿

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

早安。我叫 Dave，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 EMCOR Group 2026 年第二季財報電話會議。（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，您可以開始了。

Thank you, Dave. Good morning, everyone, and welcome to EMCOR's second 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 emcorgroup.com. 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.

謝謝你，Dave。各位早安，歡迎參加 EMCOR 2026 年第二季財報電話會議。對於透過網路直播加入的各位，我們現在位於投影片簡報的開頭，該簡報將配合我們今天的發言。本簡報將存檔於 emcorgroup.com 網站的投資人關係專區。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、首席行政長暨總法律顧問 Maxine Mauricio。

For today's call, Tony will provide comments on our second quarter and discuss our RPOs. Jason will then review the second quarter numbers, then turn it back to Tony to discuss our guidance before we open it up for Q&A. Before we begin, a quick reminder that this presentation and discussion contains certain forward-looking statements and may contain certain non-GAAP financial information.

在今天的電話會議中，Tony 將就我們第二季表現發表評論並討論我們的 RPO。接著 Jason 將回顧第二季數據，之後再交回給 Tony 討論我們的財測指引，然後我們將開放問答。在開始之前，提醒各位，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。

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.

我們簡報的第 2 頁對這些前瞻性陳述以及非 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並參閱隨附投影片時，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.

最後提醒各位，今天早上電話會議中討論的所有財務資訊，均包含在我們合併財務報表中，並已載於我們今早發布的財報新聞稿，以及提交給美國證券交易委員會的 Form 10-Q。

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？

Yes. Thank you, Lucas, and good morning, and thanks for joining us today. I'm going to start my remarks on slide 4. EMCOR delivered another outstanding quarter, highlighted by exceptional organic growth, strong conversion of revenue into operating income and cash flow, continued booking strength and record remaining performance obligations, or RPOs. These results reflect the consistent execution, operational discipline and customer focus that have defined EMCOR success over many years.

好的。謝謝你，Lucas，各位早安，也感謝大家今天加入我們。我將從投影片第 4 頁開始我的發言。EMCOR 再次交出一個非常出色的季度，亮點包括卓越的內生成長、營收轉化為營業利益與現金流的強勁表現、持續強勁的接單，以及創紀錄的剩餘履約義務（RPO）。這些成果反映了多年來定義 EMCOR 成功的一貫執行力、營運紀律與以客戶為中心的專注。

Importantly, our strong performance during the first half of 2026, combined with the visibility provided by our record RPOs supports a substantial increase to our full year 2026 earnings guidance. As we will discuss in more detail later in the call, we also continue to execute our balanced capital allocation strategy, returning significant cash to shareholders while investing in strategic acquisitions that strengthen our capabilities and deepen our position in attractive end markets to better serve our customers.

重要的是，我們在 2026 年上半年的強勁表現，加上創紀錄 RPO 所提供的能見度，支持我們大幅上調 2026 年全年盈餘指引。如同我們稍後在電話會議中將更詳細討論的，我們也持續執行均衡的資本配置策略，在投資能強化能力、並加深我們在具吸引力終端市場地位的策略性併購之同時，向股東返還可觀的現金，以更好地服務客戶。

So let's go to the second quarter. In the second quarter, revenues were $5.15 billion, an increase of 19.8% over the prior year. Excluding the impact of acquisitions and the divestiture of EMCOR UK, organic revenue growth was 19.6%. Operating income reached $547 million, resulting in an operating margin of 10.6%, while diluted earnings per share increased by 35% year-over-year to $9.06 in the quarter. These results demonstrate the strength of our business model, the quality of our execution and the sustained demand that we continue to see across many of our core markets.

那麼我們來看第二季。第二季營收為 51.5 億美元，較去年同期成長 19.8%。若排除併購影響以及出售 EMCOR UK 的影響，內生營收成長為 19.6%。營業利益達 5.47 億美元，營業利益率為 10.6%；本季稀釋後每股盈餘年增 35% 至 9.06 美元。這些結果展現了我們商業模式的強韌性、執行品質，以及我們在多個核心市場持續看到的穩健需求。

Electrical Construction generated revenue growth of 24% year-over-year, while delivering an impressive operating margin of 13.9%. Mechanical Construction achieved revenue growth of 31% year-over-year with a strong operating margin of 12.5%. These results reflect our ability to execute complex projects across multiple geographies and trades and expand our scope with existing customers and consistently delivered value to our customers on mission-critical projects.

電氣工程建造業務營收年增 24%，同時交出亮眼的 13.9% 營業利益率。機械工程建造業務營收年增 31%，並達成強勁的 12.5% 營業利益率。這些成果反映我們在多個地理區域與工種中執行複雜專案的能力，並能在既有客戶中擴大服務範疇，且在關鍵任務專案上持續為客戶創造價值。

Growth across our construction businesses continues to be supported by strength in several sectors. In the quarter, the largest revenue increases were generated in network and communications, which is where our data center business is, institutional, manufacturing and industrial and warehousing and distribution within commercial.

我們建造業務的成長持續受到多個產業領域強勁表現的支撐。本季營收增幅最大的領域包括：網路與通訊（亦即我們資料中心業務所在）、機構類、製造與工業，以及商業領域中的倉儲與配送。

Our teams are leveraging industry-leading prefabrication capabilities, Virtual Design and Construction technologies, which we refer to as VDC many times, disciplined labor management and advanced project planning to execute these projects safely, efficiently and productively for our customers. Our U.S. Building Services segment also delivered solid performance. Revenues increased 5.6% from the second quarter of 2025, while operating income grew 26.6%.

我們的團隊運用業界領先的預製能力、虛擬設計與施工技術（我們常稱為 VDC）、嚴謹的人力管理以及先進的專案規劃，為客戶安全、有效率且高生產力地執行這些專案。我們的美國建築服務事業群也交出穩健表現。營收較 2025 年第二季成長 5.6%，而營業利益成長 26.6%。

Our Mechanical Services division continues to perform exceptionally well, benefiting from an increased service base as well as customer investments in HVAC retrofits, control systems upgrades, indoor air quality improvements and energy efficiency initiatives.

我們的機械服務事業部持續表現極為出色，受惠於服務客戶基礎的擴大，以及客戶在 HVAC 翻新、控制系統升級、室內空氣品質改善與能源效率方案上的投資。

In addition, the restructuring actions we implemented last year in our site-based services business are generating meaningful benefits through a leaner cost structure and a more profitable portfolio of contracts. Our Industrial Services segment generated revenue growth of 26% year-over-year, led by strong performance within field services while also delivering year-over-year improvement in profitability. Now I'll ask you to turn to slide 5.

此外，我們去年在駐點式服務業務所推動的重整措施，透過更精實的成本結構與更具獲利性的合約組合，正帶來顯著效益。我們的工業服務事業群營收年增 26%，主要由現場服務的強勁表現帶動，同時獲利能力亦較去年同期改善。現在請各位翻到投影片第 5 頁。

One of the most significant indicators of future growth continues to remain our RPO position. At quarter end, total RPOs reached a record $17.14 billion, an increase of 44% from the prior year, 29% from December and despite the record organic growth in the quarter, 10% sequential growth from March.

未來成長最重要的指標之一，仍然是我們的 RPO 部位。截至季末，RPO 總額達到創紀錄的 171.4 億美元，較去年同期增加 44%，較 12 月增加 29%；且儘管本季內生成長創紀錄，仍較 3 月呈現 10% 的季增。

Notably, 95% of this growth was organic. This record position provides visibility into future revenue and reflect the strength of customer demand across several sectors. Demand within the network and communications sector, led by data centers remains exceptionally strong. We continue to see expanding opportunities as customers invest in AI infrastructure and digital transformation initiatives.

值得注意的是，其中 95% 的成長來自內生。這一創紀錄的部位提供了未來營收的能見度，並反映多個產業領域客戶需求的強勁。網路與通訊領域的需求（以資料中心為首）仍然極為強勁。隨著客戶投資 AI 基礎設施與數位轉型計畫，我們持續看到機會擴大。

Equally important, our RPO growth was broad-based with strong bookings in water and wastewater, health care and the institutional sectors. Customers continue to place trust in EMCOR as we successfully execute projects and we consistently meet our commitments, many customers are expanding across geographies and scope in the facilities, geographies, trades and other technical disciplines like our preconstruction. This ability to deepen relationships and grow alongside our customers remains a significant competitive advantage for EMCOR.

同樣重要的是，我們的 RPO 成長相當廣泛，在水與污水處理、醫療保健以及機構類領域皆有強勁接單。客戶持續信任 EMCOR，因為我們成功執行專案並一貫履行承諾；許多客戶也在設施、地理區域、工種以及其他技術專業（例如我們的前期施工規劃）方面擴大合作的地域與範疇。這種深化關係並與客戶共同成長的能力，仍是 EMCOR 重要的競爭優勢。

And with that, I'll turn the call over to Jason to go through the numbers.

接下來，我把電話會議交給 Jason，請他帶大家看一下數字。

Thank you, Tony, and good morning, everyone. Over the next 2 slides, I will cover the operating performance for each of our segments as well as some of the key financial data for the second quarter of 2026 as compared to the second quarter of 2025.

謝謝你，Tony，各位早安。接下來 2 張投影片，我將說明我們各事業群的營運表現，以及 2026 年第二季相較 2025 年第二季的一些關鍵財務數據。

I'm going to start on Slide 6. Revenues of $5.15 billion established a quarterly record for EMCOR, increasing 19.8% or 19.6% on an organic basis when excluding acquisitions and adjusting for the sale of EMCOR UK. Each of our segments experienced meaningful revenue growth, contributing to our consolidated performance.

我將從投影片第 6 頁開始。營收 51.5 億美元創下 EMCOR 單季新高，年增 19.8%；若排除併購並就出售 EMCOR UK 進行調整，內生基礎下成長 19.6%。我們各事業群皆出現顯著的營收成長，並共同推動合併表現。

Revenues of Electrical Construction were $1.66 billion, increasing 24%. While this segment did experience increased activity across a number of the market sectors we serve, the majority of its growth in the quarter resulted from greater data center projects within the network and communications market sector, where revenues increased by 45%.

電氣工程建造業務營收為 16.6 億美元，成長 24%。雖然該事業群在我們服務的多個市場領域活動量皆有所增加，但本季成長的主要來源是網路與通訊市場領域中更大量的資料中心專案，使該領域營收增加 45%。

Mechanical Construction revenues of $2.3 billion grew by just over 31%. Similar to Electrical, this segment experienced the greatest growth from the network and communications market sector, where revenues more than doubled year-over-year. Increased cooling requirements for data centers, coupled with our expansion into new or adjacent geographies continue to drive more opportunities for this segment.

機械工程建造營收為23億美元，成長逾31%。與電氣工程類似，本事業部門的最大成長來自網路與通訊市場領域，該領域營收年增逾一倍。資料中心對冷卻的需求增加，加上我們拓展至新的或相鄰的地理市場，持續為本事業部門帶來更多機會。

In addition to data centers, Mechanical Construction generated notable revenue growth from several other sectors in which we operate. Specifically, institutional revenues increased 77%, Commercial increased by 26% due to resumption in demand for warehousing, distribution and logistics projects, largely within fire protection and manufacturing and industrial, including food processing, was up 18%.

除資料中心外，機械工程建造亦在我們營運的其他數個產業領域帶來顯著的營收成長。具體而言，機構類營收增加77%；商業類因倉儲、配送與物流專案需求回升而成長26%，主要來自消防防護；而製造與工業（含食品加工）則成長18%。

On a combined basis, our Construction segments generated revenues of $3.96 billion, an increase of 28%, establishing new quarterly revenue records for both segments. Moving to Building Services. Revenues of $837.7 million increased by 5.6%. Revenues of our Mechanical Services division increased by $30 million or nearly 5%, driven by broad-based strength across each of their service lines.

合併計算，我們的建造事業群營收達39.6億美元，成長28%，兩個事業部門皆創下單季營收新高。接著談樓宇服務（Building Services）。營收為8.377億美元，成長5.6%。我們機械服務事業部營收增加3,000萬美元、約成長近5%，主要受惠於其各項服務線的全面性強勁表現。

In addition, the segment's commercial site-based services division returned to growth, experiencing a $14 million or roughly 11% increase in revenues due to the award of new facilities maintenance contracts as well as scope for site expansion with existing customers.

此外，本事業部門的商業據點型服務（site-based services）事業部恢復成長，營收增加1,400萬美元、約成長11%，原因包括取得新的設施維護合約，以及既有客戶據點擴張所帶來的服務範圍增加。

Like our Construction segments, the performance of Building Services represents a quarterly record for revenues. Industrial Services revenues were $353.8 million, reflecting an increase of nearly 26%, driven by our Field Services division, which benefited from greater turnaround activity, higher petrochemical project volume and progress made on a large solar project.

如同我們的建造事業群，樓宇服務的表現亦創下單季營收新高。工業服務營收為3.538億美元，成長近26%，主要由現場服務（Field Services）事業部帶動，受惠於更多歲修/停工檢修（turnaround）活動、更高的石化專案量，以及一項大型太陽能專案的進度推進。

Let's move to Slide 7 for operating income. We generated operating income of $547.3 million or 10.6% of revenues, both of which are records for EMCOR for a second quarter. Operating income increased nearly 32% and operating margin expanded by 100 basis points.

接著看第7頁的營業利益。我們創造營業利益5.473億美元、占營收10.6%，兩者皆為EMCOR第二季的歷史新高。營業利益成長近32%，營業利益率擴張100個基點。

Looking at each of our segments. Operating income of Electrical Construction increased by 46.8% to a quarterly record of $231.4 million due to the revenue growth I previously mentioned, coupled with 210 basis points of operating margin expansion. While the segment did benefit from a 20 basis point reduction in SG&A margin, the vast majority of the increase in operating margin was a result of greater gross profit margin given exceptional field execution and a more favorable project mix. Mechanical Construction had operating income of $286.6 million, which represents a 20.1% increase. As with Electrical, operating income for this segment represents a quarterly record.

來看各事業部門表現。電氣工程建造的營業利益因前述營收成長，加上營業利益率擴張210個基點，年增46.8%至2.314億美元，創單季新高。雖然該部門受惠於SG&A費用率下降20個基點，但營業利益率提升的絕大部分來自毛利率提高，反映卓越的現場執行力與更有利的專案組合。機械工程建造的營業利益為2.866億美元，成長20.1%。與電氣工程相同，該部門營業利益亦創單季新高。

Although down 110 basis points, Mechanical Construction earned a solid 12.5% operating margin, which is in line with the segment's average margin over both the last 12- and 24-month periods.

儘管下滑110個基點，機械工程建造仍取得穩健的12.5%營業利益率，與該部門過去12個月及24個月期間的平均水準一致。

Similar to the first quarter and very much as we anticipated, the reduction in operating margin of this segment resulted from a shift in mix that included a greater percentage of revenues from projects where we are acting as either the 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 as well as an increase in the number of GNP or cost-plus contracts.

與第一季相似且完全符合我們的預期，該部門營業利益率下滑係由組合變動所致，其中包含：我們以施工管理者或總承包商（prime contractor）身分承作的專案營收占比提高；此類專案因材料、設備與分包成本加價幅度較低而使毛利率天生低於平均；同時GNP或成本加成（cost-plus）合約的件數也增加。

Together, our Construction segments grew operating income by over 30% and earned a combined operating margin of 13.1%, an increase of 30 basis points. Building Services generated operating income of $63.4 million, an increase of 26.6%. In addition to the impact of greater revenues, the segment achieved 130 basis points of margin expansion with operating margin reaching an impressive 7.6%.

合計而言，我們的建造事業群營業利益成長逾30%，合併營業利益率為13.1%，提升30個基點。樓宇服務的營業利益為6,340萬美元，成長26.6%。除營收增加的影響外，本事業部門亦達成130個基點的利益率擴張，使營業利益率提升至亮眼的7.6%。

Given a more favorable project mix, coupled with improved execution, gross profit margin increased by 70 basis points and due to the restructuring actions we completed within our site-based businesses, SG&A margin decreased by 60 basis points.

在更有利的專案組合與執行改善帶動下，毛利率提升70個基點；且由於我們已完成據點型業務的重整措施，SG&A費用率下降60個基點。

Operating income for Industrial Services was $9.6 million, a significant improvement versus the year ago period, driven by the increased revenues I previously mentioned. If we turn to Page 8, I'll quickly cover a few highlights not included on the previous slides.

工業服務的營業利益為960萬美元，較去年同期大幅改善，主要由前述營收增加所帶動。接著翻到第8頁，我將快速補充幾項前面投影片未涵蓋的重點。

Gross profit of $1.02 billion increased by 22.6% and our gross profit margin of 19.8% increased by 40 basis points. While all of our operating segments contributed to the greater gross profit dollars, the improvement in gross profit margin resulted from the performance of Electrical Construction and Building Services, as I just highlighted.

毛利為10.2億美元，成長22.6%；毛利率為19.8%，提升40個基點。雖然所有營運事業部門皆對毛利金額增加有所貢獻，但毛利率的改善主要來自我剛才強調的電氣工程建造與樓宇服務的表現。

SG&A was $475 million, or 9.2% of revenues compared to $418.6 million, or 9.7% of revenues a year ago. While revenues grew nearly 20%, we attained meaningful operating leverage during the quarter with SG&A increasing by only 13.5%, resulting in a 50 basis point reduction in quarterly SG&A margin.

SG&A為4.75億美元，占營收9.2%；相較去年為4.186億美元，占營收9.7%。在營收成長近20%的同時，我們於本季取得顯著的營運槓桿，SG&A僅增加13.5%，使單季SG&A費用率下降50個基點。

And lastly, on this page, diluted earnings per share was $9.06, which represents an increase of nearly 35% when compared to the $6.72 earned in last year's second quarter. If we briefly look at slide 9, you can see the strength of our performance for the first half of the year. Revenues have grown by 19.7% or 18.3% organically. Our gross profit margin has improved by 30 basis points, and we successfully leveraged our overhead cost structure, reducing SG&A margin by 50 basis points. This resulted in operating income, which has grown by nearly 30%, along with a record operating margin of 9.7%.

最後，本頁顯示稀釋後每股盈餘為9.06美元，較去年第二季的6.72美元增加近35%。若簡要看第9頁，可見我們上半年表現強勁。營收成長19.7%，或有機成長18.3%。毛利率改善30個基點，且我們成功運用間接費用結構的槓桿，使SG&A費用率下降50個基點。因此營業利益成長近30%，並創下9.7%的歷史新高營業利益率。

Let's turn to Slide 10. Our balance sheet, including $924 million of cash on hand and $1.45 billion of working capital continues to provide us with a competitive advantage and enables us to fund organic growth, pursue strategic M&A and return capital to shareholders, all of which you'll see on the next 2 pages.

接著看第10頁。我們的資產負債表（包含9.24億美元現金及14.5億美元營運資金）持續提供競爭優勢，使我們得以支應有機成長、推動策略性併購（M&A）並回饋股東；這些內容將在接下來兩頁呈現。

Although not shown on this slide, we did generate $289.4 million of operating cash flow in the quarter. And on a year-to-date basis, our operating cash flow is now relatively comparable to that of the year ago period despite our growth and the associated increase in working capital.

雖然本頁未呈現，但我們本季產生2.894億美元的營運現金流量。以年初至今（YTD）來看，儘管我們成長並帶動營運資金增加，我們的營運現金流量目前與去年同期相對接近。

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. And I'm going to go to page 11. And this is a great page, by the way. And so before I get into the guidance, Jason and I are going to talk about the acquisitions and capital allocation. I want to briefly highlight on this page some of our business development activity.

謝謝。我將翻到第11頁。順帶一提，這一頁很棒。在我進入財測指引之前，Jason和我會先談談併購與資本配置。我想先在本頁簡要重點說明我們的一些業務開發活動。

We continue to execute our acquisition strategy with a focus on transactions that expand our capabilities and strengthen our core competencies. These acquisitions deepen our trade and technical expertise and broaden our geographic reach to better support our customers in our fastest-growing sectors. These acquisitions actually showcase our playbook and mindset with acquisitions. We look to create a cumulative and compounding impact with our acquisitions that provide durable performance.

我們持續執行併購策略，聚焦於能擴充我們能力並強化核心競爭力的交易。這些併購深化我們的工種與技術專業，並擴大地理覆蓋範圍，以更好地支援我們在成長最快產業領域的客戶。這些併購也實際展現了我們在併購上的作法與思維。我們希望透過併購創造累積且複利式的影響，帶來可持續的績效表現。

Further, we know that we have both cost and revenue synergies in an acquisition. In these cases, in most of the cases over the last five, eight years, our revenue synergies that we create far outweigh the cost synergies over time. If you make each of these acquisitions in turn, B&B Electric provide us really good capability in Wisconsin. They are a good industrial contractor that can do highly complex work. Sidney Electric in Sidney, Ohio complements the capability we have in Ohio that came through our Quebe acquisition over five years ago.

此外，我們也知道併購同時存在成本與營收的綜效。在這些案例中，過去五到八年多數情況下，我們所創造的營收綜效隨時間推進遠大於成本綜效。若逐一來看這些併購，B&B Electric為我們在威斯康辛州提供了非常好的能力。他們是一家優秀的工業承包商，能承作高度複雜的工程。位於俄亥俄州Sidney的Sidney Electric，補強了我們在俄亥俄州的能力，而該能力源自我們五年多前對Quebe的併購。

We learned with things like Sidney, who are great industrial contractors and can do health care work that we can pivot them if the data center opportunities become available and then we can grow them pretty significantly.

我們從像 Sidney 這樣的公司學到很多；他們是很出色的工業承包商，也能承作醫療保健相關工程。我們發現，一旦資料中心的機會出現，我們可以讓他們迅速轉向承作資料中心，並且能相當顯著地擴大其業務規模。

Giles was actually acquired with our Miller team and provides access to the Daytona Beach market and goes -- will allow us to go down through the growing space market in Florida. Schmidt Electric market leader in Central Texas and Austin, it opens up that market to us. They have the ability to do data center market, but that's where we're going to be able to bring some real capability. They can do the most complex work known, and we've learned that they can pivot into data center work through our customer relationships. So keep the base, grow that and put the data centers on top of it.

Giles 實際上是與我們的 Miller 團隊一同併購的，讓我們得以進入代托納海灘（Daytona Beach）市場，並且——將使我們能沿著佛羅里達州正在成長的太空產業市場一路向南拓展。Schmidt Electric 是德州中部與奧斯汀的市場領導者，為我們打開了該市場。他們具備承作資料中心市場的能力，但我們將能在此帶來真正的實力。他們能做最複雜的工程；我們也了解到，透過我們的客戶關係，他們可以轉向承作資料中心工程。因此，保住既有基礎、擴大其規模，並在其上叠加資料中心業務。

Likewise, Connelly Electric, we have great businesses in Chicagoland area. This is purely complementary and the locals they operate. There are two great contracting abilities. They bring a design build capability we don't necessarily have on some warehousing and logistics work. And we think we can pivot and we know we can pivot them also to the expanding data center market in the Southern and Western Chicago suburbs.

同樣地，Connelly Electric——我們在大芝加哥地區已有很好的事業基礎。這次完全是互補性的，且由他們在地團隊營運。他們具備兩項很強的承攬能力。他們帶來我們在部分倉儲與物流工程上未必具備的設計—施工（design-build）能力。而且我們認為我們可以讓他們轉型——也確信能讓他們轉向南、 西芝加哥郊區正在擴張的資料中心市場。

We feel really good. I'm going to let Jason go through. And what's important about all this, you look at this page and they're just names on a page, right? Each one of them have a story of a great operator or a great operating family that have owned the businesses for a long time. And now they've trusted us to take that with them.

我們感覺非常好。我先讓 Jason 來說明。而這一切的重要之處在於：你看這一頁，它們看起來只是頁面上的名字，對吧？但每一家背後都有故事——都是很優秀的經營者或優秀的經營家族，長期擁有並經營這些企業。而現在，他們信任我們，願意把這一切交託給我們，與我們一起往前走。

They're still going to be here. With them take these businesses to the next level with how we know to grow our customer relationships, and we're going to learn from them, too. We talked about the design build capability, some of the prefabrication techniques that they have on specific products. So this is a 2-way street, but I know we feel the pressure to continue to build and make these companies successful is now up to 70 years, in some cases, family legacy and ownership legacy have now entrusted us to take it to the next level, and we don't take that lightly.

他們仍然會在這裡。我們將與他們一起，把這些企業帶到下一個層次：運用我們擅長的方式深化並擴大客戶關係，同時我們也會向他們學習。我們談到的設計—施工能力，以及他們在特定產品上採用的一些預製化技術。所以這是一條雙向道路；但我知道，我們也感受到壓力——必須持續建設並讓這些公司成功。如今，有些公司長達 70 年的家族傳承與所有權傳承，已經把接棒、把它帶到下一個層次的責任託付給我們，我們絕不輕忽。

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

接下來，我把時間交給 Jason。

Yes. As Tony noted, these businesses will all be included in our Electrical Construction segment, and we do anticipate funding the acquisitions through a combination of cash on hand and to the extent necessary, the borrowing capacity provided by our credit facility. The slide shows here that these 5 businesses collectively generated $625 million of revenues and $105 million of EBITDA during the trailing 12 months ended June 30, and when considering the closing dates for Schmidt and Connelly, which collectively represent approximately 75% of the aggregate revenues and EBITDA presented.

是的。如 Tony 所提到，這些企業都將納入我們的電氣工程建設（Electrical Construction）事業部門；我們預期將以手上現金與（如有需要）我們信用融資額度所提供的借款能力相結合來為併購案提供資金。投影片顯示，這 5 家企業在截至 6 月 30 日的過去 12 個月合計創造 6.25 億美元營收與 1.05 億美元 EBITDA；此外，若考量 Schmidt 與 Connelly 的交割日期，兩者合計約占所呈現總營收與 EBITDA 的約 75%。

Our guidance, which Tony will discuss shortly assumes between $250 million and $275 million of revenue contribution from these five acquisitions in the back half of the year. Given the anticipated intangible asset amortization, as well as a reduction in net interest income, the impact to diluted earnings per share will be limited for the remainder of the year.

我們的財測（Tony 稍後會說明）假設這五項併購在下半年將貢獻約 2.5 億至 2.75 億美元的營收。考量預期的無形資產攤銷，以及淨利息收入的下降，今年剩餘期間對稀釋後每股盈餘（diluted EPS）的影響將相對有限。

But as backlog amortization rolls off over the succeeding 12 to 18 months, these acquisitions will provide further accretion as supported by their margin profile. If you look on slide 12, we've provided a summary of our capital allocation both year-to-date as well as over the past 10 years. As that slide shows, we remain committed to our philosophy of balanced capital allocation. When you factor in these pending acquisitions, we expect the mix for full year 2026 to be comparable to that of full year 2025 as the percentage deployed towards M&A increases.

但隨著積壓訂單攤銷在接下來 12 至 18 個月逐步到期消退，這些併購將在其毛利/利潤結構的支撐下，帶來進一步的增益（accretion）。如果你看第 12 張投影片，我們提供了今年迄今以及過去 10 年的資本配置摘要。如投影片所示，我們仍然堅持均衡資本配置的理念。將這些待完成的併購納入考量後，我們預期 2026 全年的配置組合將與 2025 全年相近，只是投入於併購（M&A）的比例會提高。

I'll turn the call back over to Tony for updated guidance.

我把電話會議交回給 Tony，請他更新財測指引。

Thanks, Jason. And I'm going to be on page 13 to close this out. Given our strong first half performance and the visibility provided by our record RPO position, we're going to raise full year 2026 guidance, which is outlined on page 12. Our updated guidance reflects continued demand across several key markets, our success in winning and executing large-scale projects and our confidence in the operational capabilities of our teams.

謝謝，Jason。我將在第 13 頁做個收尾。鑑於我們上半年表現強勁，以及創紀錄的 RPO 部位所提供的能見度，我們將上調 2026 全年財測指引（詳見第 12 頁）。更新後的指引反映：多個關鍵市場需求持續、我們在贏得並執行大型專案上的成功，以及我們對團隊營運能力的信心。

As a reminder, while acquisitions strengthen our long-term earnings power, as Jason just said, the earnings contribution near term on a diluted EPS basis remains moderated by acquisition-related backlog amortization. We now expect to earn revenue of between $20 billion and $20.5 billion and diluted earnings per share between $32 and $33.25.

提醒一下，雖然併購能強化我們的長期獲利能力，但如 Jason 剛才所說，短期在稀釋後 EPS 基礎上的獲利貢獻，仍會受到併購相關的積壓訂單攤銷所抑制。我們目前預期營收介於 200 億至 205 億美元，稀釋後每股盈餘介於 32 至 33.25 美元。

Our outlook assumes strong continued operating performance and margins, disciplined project execution and sustained demand across our core market sectors. We remain focused on maintaining pricing discipline, carefully selecting opportunities and delivering those opportunities to provide exceptional value to our customers. I've said these things before, and I always think they merit reiterating. We have 4 enduring fundamentals that we build our company on. First, our commitment to training, innovation and safety.

我們的展望假設：營運表現與利潤率持續強勁、專案執行紀律嚴謹，以及核心市場領域需求維持。我們仍專注於維持定價紀律、審慎挑選機會，並交付這些機會，為客戶創造卓越價值。我以前說過這些話，我也一直認為值得重申。我們有 4 項長期不變的基本面，作為公司建構的基礎。第一，我們對訓練、創新與安全的承諾。

We continue to invest in workforce development, prefabrication, virtual design and construction, or VDC, project delivery methods that improve productivity and strengthen execution.

我們持續投資於人力發展、預製化、虛擬設計與施工（VDC）等專案交付方法，以提升生產力並強化執行力。

Second, our disciplined approach to contract management. Our teams consistently balance customer service with prudent risk management, particularly on large and complex projects. Third, we do have exceptional field leadership. The dedication and expertise of our foreman, superintendents, project managers, project engineers and operating leaders at the subsidiary level and segment level remain an important differentiator for EMCOR and a major reason why customers continue to choose us.

第二，我們在合約管理上採取嚴謹自律的方法。我們的團隊一貫在客戶服務與審慎風險管理之間取得平衡，特別是在大型且複雜的專案上。第三，我們確實擁有卓越的現場領導力。我們的工頭、工地主任、專案經理、專案工程師，以及子公司層級與事業部門層級的營運領導者之投入與專業，仍是 EMCOR 的重要差異化優勢，也是客戶持續選擇我們的主要原因。

And finally, disciplined capital allocation. We continue to invest in organic growth, execute strategic acquisitions and return capital to shareholders, creating long-term value while maintaining financial flexibility. Together, these strengths create a durable competitive advantage and position us for continued success. I put this line in this paragraph in here all the time. I don't know when there hasn't been macroeconomic uncertainties that continue to exist, including geopolitical conflicts, commodity cost fluctuations, equipment lead time volatility.

最後，資本配置的紀律。我們持續投資於內生成長、執行策略性併購並回饋資本給股東，在維持財務彈性的同時創造長期價值。綜合而言，這些優勢形成持久的競爭優勢，並使我們具備持續成功的定位。我在這段裡總是會放進這句話。我不知道什麼時候宏觀經濟不確定性曾經不存在——包括地緣政治衝突、大宗商品成本波動、設備交期的波動等。

However, our teams have always repeatedly demonstrated their ability to manage through such complexity and deliver results. We entered the second half of 2026 with strong momentum and confidence in our ability to continue creating value for our customers and our shareholders.

然而，我們的團隊一再證明，他們有能力在這種複雜環境中有效管理並交出成果。我們以強勁動能進入 2026 年下半年，並對持續為客戶與股東創造價值的能力充滿信心。

And finally, and probably most importantly, I want to thank all my teammates for their commitment to safety, disciplined execution and customer service. Your dedication is what continue to drive EMCOR's performance and our long-term success. Thank you for joining us today. And with that, I will turn the questions over to Dave to open the line so that you can ask Jason and I questions, innumerable questions about data centers.

最後——也可能是最重要的——我要感謝所有同仁對安全、紀律執行與客戶服務的承諾。你們的投入，正是持續推動 EMCOR 表現與長期成功的動力。感謝各位今天加入我們。接下來，我把提問時間交給 Dave，請他開線，讓大家可以向 Jason 和我提問——關於資料中心的無數問題。

With that, I'll turn it over to Dave.

接下來，我把時間交給 Dave。

(Operator Instructions)

（接線員指示）

Adam Thalhimer, Thompson, Davis.

Adam Thalhimer，Thompson, Davis。

I'm going to try not to ask about data centers.

我會盡量不問資料中心的問題。

Okay. Great.

好的。很好。

I actually wanted to ask more in the semiconductor space, which maybe that's the high-tech manufacturing. But can you talk about the -- any bookings in the quarter or upcoming bids in that sector?

我其實想多問一些半導體領域的情況，或許那屬於高科技製造。但你們能談談——本季在該領域是否有任何接單，或接下來是否有即將投標的案子嗎？

We continue to see opportunities there. Fire life safety is particularly strong in the data center space. Mechanically, we're doing some important work in Arizona on top of the fire life safety work, and we're doing that in multiple locations. And we continue to see opportunities. We're very capable in that market.

我們持續在那裡看到機會。在資料中心領域，消防與生命安全業務特別強勁。在機電方面，除了消防與生命安全的工作之外，我們也正在亞利桑那州做一些重要的工作，而且是在多個地點進行。我們也持續看到機會。我們在那個市場非常有能力。

It's always balancing those opportunities versus other opportunities. For us, high-tech manufacturing also includes pharma and biotech and EV batteries. Jason?

這一直是在權衡那些機會與其他機會。對我們而言，高科技製造也包括製藥與生技，以及電動車電池。Jason？

Yes. I think if you look at where we stand today versus both year-end and sequentially, so from March, we've had strong bookings. RPOs are up in that space about 7%, both sequentially and from year-end. I think the compares get a little bit easier for us as the year goes on. So as we continue to book some of this work and the first phase -- the completion of the first phase of semiconductors is behind us in prior years, I think you'll see some growth here either later this year or early next year.

是的。我想如果你看我們今天所處的位置，相較於年末以及按季來看（也就是從3月起），我們的接單表現很強。在那個領域，RPO（剩餘履約義務）約成長7%，不論是按季或相較年末都是如此。我認為隨著今年進行，我們的比較基期會稍微變得更有利。因此，隨著我們持續承接這些工作，而且半導體第一階段的完工已在前幾年完成，我想你會在今年稍晚或明年初看到一些成長。

We are fire life safety, I think, on just about every important site that's being built right now. And mechanically, we're on a couple of them and electrically on some of the low voltage work, we continue to do the work also. Like anything else in contracting, you're balancing that opportunity versus other opportunities in that geographic market. And in some places, the data center market might be stronger and provide us more near-term earnings power. We can always go back and do some of that semiconductor work in some of these markets.

我想在目前正在建造的幾乎每一個重要場址，我們都有承作消防與生命安全。在機電方面，我們也參與其中幾個案子；在電氣方面，我們也持續做一些低電壓的工作。就像承包業的其他事情一樣，你要在該地理市場中權衡這個機會與其他機會。而在某些地方，資料中心市場可能更強，能為我們帶來更近端的獲利能力。我們也隨時可以回頭，在其中一些市場再做一些半導體相關的工作。

Got it. Okay. Super helpful. And then with all the acquisitions, a lot of other contractors entering your end markets via acquisition. I thought maybe it would be helpful for you to just break down how your capacity, the machine that you guys have built over decades compares to some of the competitors out there.

了解。好。非常有幫助。另外，隨著各種併購，很多其他承包商也透過併購進入你們的終端市場。我想也許你們可以拆解一下，你們數十年打造的產能與體系，和外面一些競爭對手相比如何。

Yes. I think for the most part, Page 11 -- Page 13, 11?

是的。我想大致上，第11頁——第13頁，第11頁？

11.

第11頁。

11 is a great example of our machine in action and that machine will continue. First thing we look for is, can they execute in the field. So we're not doing anything different today than we were doing five years ago or 8 years ago. Doing a little more a little larger, but can they execute in the field? If they can't execute in the field, whether they're a $5 million acquisition or a $400 million acquisition, we're not touching it.

第11頁是我們這套機器（體系）運作的絕佳例子，而且這套機器會持續運轉。我們首先看的，是他們能不能在現場執行。所以我們今天做的事情，和五年前或八年前並沒有不同。只是做得更多、規模更大一點，但重點是：他們能不能在現場執行？如果他們不能在現場執行，不管是5百萬美元的收購案或4億美元的收購案，我們都不會碰。

Then the second part is, do they share our values? The smaller ones, that's hard to -- a $10 billion acquisition, maybe that's less important because we're going to hold that into one of our existing operations. But if we're going to do a significant acquisition, like some of the ones on Page 11, they got to look at the world the way we do. We're a values-driven company. We have a disciplined operating model.

第二部分是，他們是否認同我們的價值觀？規模較小的案子，這點很難——如果是1百億美元的收購案，也許就沒那麼重要，因為我們會把它併入我們既有的某個營運單位。但如果我們要做一筆重大的收購，像第11頁上的一些案子，他們看世界的方式必須和我們一致。我們是一家以價值觀為導向的公司。我們有一套紀律嚴明的營運模式。

And they have to be willing to share learning and put learning and be willing to accept learning and best practices. And so that hasn't changed. When you look at others in the space, I don't know how they do acquisition or whatever. But to buy into this space, cold and not know how it operates and think you're going to generate synergy. Here's some things I do know over a long period of time.

而且他們必須願意分享學習、投入學習，也願意接受學習與最佳實務。所以這點沒有改變。至於同業在這個領域怎麼做併購之類的，我不清楚。但如果是冷不防買進這個領域、不了解它怎麼運作，卻以為能創造協同效益——有些事情我在長時間的經驗裡是很確定的。

Other than the relationships, like that does help bundling mechanical and electrical together at a local site, we are plenty of sites where we're together. We don't -- very rarely combine a bid. That's not a thing putting all the trades together typically.

除了關係之外——例如在單一在地場址把機械與電氣一起打包，確實有幫助；我們也有很多場址是一起做的。但我們不會——非常少把投標合併在一起。通常不會把所有工種一起打包成一個標案。

The other thing I know I'm pretty sure about is no one's asking the contractor that's doing the utility work and now do the data center work because you're doing the utility work, and I'm pretty sure the site contractor is not the electrical contractor of choice because they did the site work. These trades are very distinct with strong expertise, and I would say that's going to remain that way for a long time. So we're looking for people that are very good at what they do.

我另外很確定的一點是，沒有人會因為某個承包商在做公用事業工程，就要求他接著去做資料中心工程；我也很確定，場地承包商不會因為做了場地工程，就成為首選的電氣承包商。這些工種區隔非常明確、專業性很強，我認為這種情況在很長一段時間內都會維持不變。所以我們在找的是：在自己專業領域非常出色的人。

And in some of them, we think we have substantial growth because what we've learned over time, some -- especially the sort of midsized $50 million to $100 million contractor, if they can do complex work, if they've been working in industrial plants, if they've been working in health care facilities, and let's say there's a data center adjacency with a relationship we have, we're pretty sure we can put them in the data center market in addition to that.

而在其中一些方面，我們認為有相當可觀的成長，因為我們長期累積的經驗顯示：有些——尤其是那種中型、年規模約5,000萬到1億美元的承包商，如果他們能做複雜工程、如果他們一直在工業廠房工作、如果他們一直在醫療設施工作，並且假設在資料中心領域有我們既有的關係作為相鄰延伸，我們相當確定可以讓他們在既有業務之外，也進入資料中心市場。

And our folks have been great about sharing knowledge. And that knowledge starts all the way back or how you're going to estimate it, how you're going to bid it, what are the contractual negotiations look like, all the way through to how do you set up the VDC models, how does that work, all the way through to means and methods in the field. What we've learned through time, we learn a lot from our acquisitions on means and methods and we learn a lot from them on basic project planning labor, and they learn a lot from us. Overdrawn, but just thought I'd give some highlights.

而我們的團隊在分享知識方面做得非常好。這些知識從最前端開始：你要怎麼估算、怎麼投標、合約談判長什麼樣，一直到你如何建立VDC模型、那套流程怎麼運作，再一路到現場的施工方法與工法。我們長期學到的是：在施工方法與工法上，我們從併購進來的公司學到很多；在基礎的專案規劃與勞務配置上，我們也從他們那裡學到很多，而他們也從我們這裡學到很多。有點講得太多了，但想提供幾個重點。

I also think quickly, if you look at that package of acquisitions we put together, the thing that sets us apart is they're fairly diverse, both in terms of geography when you look at them together and markets they can serve. So I think that diversity gives them the opportunity to grow similar to the way EMCOR has grown over the last several years.

我也想快速補充，如果你看我們整體這一組併購案，讓我們與眾不同的是：把它們放在一起看，無論在地理分布或可服務的市場面向上，都相當多元。所以我認為這種多元性，讓它們有機會以類似EMCOR過去幾年成長的方式來成長。

Brent Thielman, Oppenheimer.

Brent Thielman，Oppenheimer。

I guess first question, the mechanical margin comparisons obviously reflects some mix effects, which always seems to be the case, Tony. But Jason, I think you mentioned performance as a prime and higher proportion of cost plus contracts as some of the factors in the quarter. Is there any sort of change in philosophy here with that business or just something more nuanced in the quarter?

我想第一個問題，機電毛利率的比較顯然反映了一些組合效應，Tony，這似乎一直都是如此。但Jason，我想你提到本季有以總承包（prime）身分的表現，以及成本加成（cost plus）合約占比提高等因素。這個業務在理念上有任何改變嗎？還是只是本季比較細微的變化？

We talked about this in Q1 as well, Brent. And it's very much some of the water and wastewater work that we're doing, some of the food processing work that we're doing. So we had more bookings in that space. We have more revenue coming through some of those contracts. And so it's just a little bit dilutive to margin.

Brent，我們在第一季也談過這點。這主要是我們正在做的一些水務與污水處理工程，以及一些食品加工工程。所以我們在那個領域的接單更多。也有更多營收透過那些合約進來。因此對毛利率來說就會有一點稀釋。

It really is more of mix and project based than anything else.

這真的更多是組合與專案層面的因素，而不是其他原因。

Yes. I mean, 12.5% is outstanding performance and we're executing really great across a number of end markets and a number of projects.

是的。我的意思是，12.5%是非常出色的表現，我們在多個終端市場、以及多個專案上都執行得非常好。

Yes. And I think that -- those dynamics remain throughout the rest of the year, but I don't think it's an indication of the philosophical change in terms of, at all, how we're running the business as we always have.

是的。而且我認為——這些動態會在今年剩餘時間持續存在，但我不認為這代表我們在經營這項業務的理念上有任何改變；我們仍然像以往一樣在運作。

Okay. And then you mentioned with a few of these transactions, maybe some plans to pivot some or more of their business towards kind of the data center opportunities that might be within their kind of respective territories. Obviously, you bring the customer relationships to the table. But could you just talk about the capabilities of these operations to do that work? Is it going to require more resources from you to do that effectively?

好的。接著你提到在其中幾筆交易中，可能有一些計畫要把他們部分或更多的業務，轉向各自區域內可能存在的資料中心機會。顯然，你們能把客戶關係帶到桌面上。但你能否談談這些營運單位具備哪些能力來做這類工作？要有效做到這點，是否需要你們投入更多資源？

I guess, kind of what gets you comfortable with those businesses potentially pivoting toward that kind of business?

我想問的是，究竟是什麼讓你們對這些企業可能轉向那類業務感到放心？

Because we've done it internally multiple times. We've taken existing EMCOR companies that have the same profile of these companies, and we've done it with acquisitions already, and Ohio is the best example. But existing EMCOR companies that have the exact capabilities, the exact kind of mentality that these folks have, and we've been able to pivot them pretty successfully into both high-tech manufacturing and data centers.

因為我們在內部已經做過很多次了。我們把既有的 EMCOR 公司——其輪廓與這些公司相同——拿來做轉型；我們也已經透過併購做過，而俄亥俄州是最好的例子。但這些既有的 EMCOR 公司具備完全相同的能力、完全相同的心態，而我們已經能相當成功地把它們轉向高科技製造與資料中心兩個領域。

But these are good businesses in their own right, serving the markets that they serve, like Jason said, that's what makes this exciting. Where there's an opportunity to add growth because of the things you identified, and we're pretty sure we can do that. Now what we do is, do we implant a couple of our folks at the field level to help them initially? Sure. Do we help them on the front end to make sure the numbers are right?

不過，這些本身就是很好的企業，在它們所服務的市場中表現出色；就像 Jason 說的，這也是令人興奮之處。在你所指出的因素之下，確實存在可以帶來成長的機會，而我們相當確定能做到。那我們會怎麼做？我們是否會在現場層級先派駐幾位我們的人員協助他們起步？當然。我們是否會在前端協助他們，確保數字是正確的？

Sure. Do we help them with contract negotiations? All those things are true. But ultimately, they got to have great field execution, great field supervision to be able to pivot and grow their business with us in those markets.

當然。我們是否會協助他們進行合約談判？這些都是真的。但最終，他們必須具備優秀的現場執行力、優秀的現場監督能力，才能在那些市場與我們一起轉型並擴大業務。

Justin Hauke, Baird.

Justin Hauke，Baird。

I've got two here. I guess first one, just clarifying, I'm assuming it's probably the case, but the acquisitions, are these all still union contractors like your typical electrical construction markets or the mix?

我有兩個問題。第一個是釐清一下——我猜應該是這樣——這些併購標的是否都仍是工會承包商，就像你們典型的電氣施工市場那樣？還是有不同的組合？

Yes, they're all union, IBEW contractors.

是的，它們全都是工會的 IBEW 承包商。

Okay. I figured they were. And then I guess the other question I had was just I wanted to understand the dynamics on raising the margin guidance. Obviously, electric was really strong here. And I know you guys don't manage to margin, you manage to gross profits and risk and everything else.

好的。我就猜是。第二個問題是，我想了解上調利潤率指引背後的動態。顯然，電氣業務這季非常強。而且我知道你們不是以利潤率為管理目標，你們管理的是毛利、風險以及其他因素。

But with the mechanical drag and then the incremental amortization from these deals, I guess I'm just surprised that the guidance was raised given kind of you've been relatively conservative on that. So just can you walk through what's different that drove that?

但在機械業務的拖累，以及這些交易帶來的額外攤銷之下，我有點意外你們仍上調了指引，因為你們一向相對保守。所以能否說明一下，是什麼不同之處驅動了這次上調？

I think one of the biggest factors is you can see the acceleration we've had in revenue. And that revenue acceleration is really absorbing a lot of overhead, both some of our indirect within cost of sales and then just SG&A. And so with that revenue growth, we're getting better absorption. We're getting better SG&A leverage. And so with the new revenue guidance, and we said all along, this is really going to be a revenue story for us if there was upside.

我認為最大的因素之一，是你可以看到我們營收的加速成長。而這種營收加速，正在吸收大量的間接費用，包括銷貨成本中的一些間接費用，以及一般與管理費用（SG&A）。因此，隨著營收成長，我們的費用吸收更好。我們的 SG&A 槓桿也更好。所以在新的營收指引之下——而我們一直說，如果有上行空間，這對我們來說會主要是一個營收故事。

With that new revenue guidance, we feel better about the operating margins because we're going to continue to see that absorption.

在這個新的營收指引下，我們對營業利益率更有信心，因為我們將持續看到這種吸收效益。

And then to your point, we have really, really good execution from Electrical, and then we saw greater contribution from Building and Industrial. And so when you kind of look at the first half of this year, we see no reason why the back half shouldn't look like the first half.

另外如你所說，電氣業務的執行非常、非常好；同時我們也看到建築與工業業務的貢獻提高。因此，當你把今年上半年整體來看，我們看不出下半年有任何理由不會像上半年一樣。

Avi Jaroslawicz, UBS.

Avi Jaroslawicz，UBS。

So yes, the really strong electrical margins here in Q2. Just wondering if there was anything kind of more unique that drove that strength? Or was it really more just everything going right?

所以，第二季電氣業務的利潤率確實非常強。想請問是否有任何比較特殊的因素推動了這個強勁表現？還是說真的就是各方面都很順？

Well, I don't know if everything went right. But what it is just the ebb and flow of the business. The good point in the business. We always talk about margins in bands, and we're at a pretty good place. We're at the midpoint of what that band would be right now.

嗯，我不確定是不是每件事都很順。但這就是業務的起伏循環。目前正處在業務的好時點。我們一直說利潤率是在一個區間內波動，而我們現在處在相當不錯的位置。就那個區間而言，我們目前大概在中位數附近。

And we always say margins will fluctuate quarter-to-quarter. But in our guidance is pretty strong performance for Electricals for the remainder of the year.

而且我們也一直說，利潤率會在季度之間波動。但在我們的指引中，電氣業務在今年剩餘期間的表現仍相當強勁。

Okay. Yes, I was wondering if -- I know last quarter, we spoke about how there was contract mix that was kind of restraining some of the margin percentages. And so wondering...

了解。是的，我在想——我知道上季我們談到合約組合在某種程度上抑制了一些利潤率百分比。所以想問……

More mechanical. That's more mechanical.

更多是在機械業務。那更多是機械業務的因素。

Got you. Okay. And then just thinking about the second half of the year, and I know margins move in bands, and this was a nice quarter. But is there any potential that we could see them stay in kind of the 10%-plus range? Or is that not realistic?

明白。好的。再來談到下半年，我知道利潤率是在區間內移動，而這一季很不錯。但是否有可能看到利潤率維持在 10%以上的水準？還是那不太現實？

If you look at our guidance, right, the way we're looking at it is this was a phenomenal quarter. And so I think you really need to take the first half of the year together. And if you look at our guidance, effectively, if you take the low end, what we believe can happen, so take low revenue, low EPS, the implication there on margins is that it's really comparable to the back half of last year.

如果你看我們的指引，對吧，我們的看法是這是一個非常出色的季度。所以我認為你需要把上半年作為一個整體來看。如果你看我們的指引，實際上，如果你取低端——也就是我們認為可能發生的情境：低營收、低 EPS——那對利潤率的含意是，下半年大致與去年下半年相當。

If you take the midpoint, so midpoint revenues, midpoint EPS, the implication there is that the back half of this year looks like the first half of this year. And then the higher end of that guidance implies that we continue to see some better execution and we continue to get more SG&A leverage. But I wouldn't suspect certainly not baked into our guidance is that the 10.6% margin repeat -- it's more like the first half of the year collectively.

如果你取中位數——中位數營收、中位數 EPS——那含意是今年下半年看起來會像今年上半年。而指引的高端則意味著我們持續看到更好的執行，並且持續獲得更多 SG&A 槓桿。但我不會預期——當然我們的指引也沒有把 10.6% 的利潤率重複出現納入假設——更像是把上半年整體一起看。

There's some seasonal things that work against that, too. The second quarter is always a strong building services quarter. There was a stronger industrial services than we typically have. And look, I'm just going to -- I think when you look at Industrial Services, we talked about the geopolitical risks. It has nothing to do with the business, but the refiners can't shut down for the most part in any substantial way in the back half of the year.

另外也有一些季節性因素會對此不利。第二季一向是建築服務的強勁季度。而且工業服務也比我們通常的水準更強。再者，我想說——當你看工業服務時，我們談過地緣政治風險。這與業務本身無關，但煉油廠在下半年大多無法以任何顯著方式停工。

So we had a pretty good turnaround season in February, March. I think the turnaround season will not be as strong as it normally can be because of what's happening in the Middle East because they have to keep open and keep producing oil and gas. Now that's a small impact on margins but it's likely to impact margins in the fourth quarter.

所以我們在二月、三月有一個相當不錯的歲修（turnaround）旺季。我認為今年的歲修季不會像往常那麼強，因為中東正在發生的事情使他們必須保持開工並持續生產油氣。這對利潤率的影響不大，但很可能會在第四季影響利潤率。

Brian Brophy, Stifel.

Brian Brophy，Stifel。

Yes. Congrats on the great quarter. I'll ask a data center question. Obviously, public market investors seem concerned about something as it relates to data centers, but just curious, your discussion with your customers, have you seen any change at all in the demand profile from that end market?

是的。恭喜這個很棒的季度。我問一個資料中心的問題。顯然，公開市場投資人似乎對資料中心相關的某些事情感到擔憂；但我想了解，你們與客戶的討論中，是否看到來自該終端市場的需求輪廓有任何改變？

Yes. Short answer, none. The demand profile remains the same. I do think there are some places we're going to build more, right? I think Ohio, Texas, Pennsylvania is a burgeoning market.

是的。簡短回答：沒有。需求輪廓維持不變。我確實認為有些地方我們會建得更多，對吧？我認為俄亥俄州、德州、賓夕法尼亞州都是正在興起的市場。

Arizona has been a strong market. Northern Virginia will continue to be strong. We have less of a share of them because just the law of large numbers. Other places are building. Northwest Indiana and Chicago and Atlantic can continue to be important markets, Arizona, and then Georgia and the Carolinas.

亞利桑那一直是個強勁的市場。北維吉尼亞將持續強勁。由於「大數法則」，我們在那裡的市占相對較小。其他地方也在建設。印第安納州西北部、芝加哥以及大西洋沿岸地區仍可持續成為重要市場；另外還有亞利桑那，接著是喬治亞與卡羅來納兩州。

And they all have one thing in common. They have power and they're willing to build power and the sort of not in your backyard thing, that's going to get play. It's the same people that were against fracking. They really don't want data centers because they don't want natural gas to continue to expand and what has to expand its natural gas to keep this going. And if you look at -- we've done some work on power and where power is going to become available and all that, we are in really good shape to continue to serve those markets.

而它們都有一個共同點。它們有電力，而且願意建電力；那種「別在我家後院」的心態，會開始發酵。這跟當初反對水力壓裂（fracking）的是同一批人。他們其實不希望資料中心發展，因為他們不希望天然氣持續擴張；但要讓這一切持續下去，必須擴張的就是天然氣。如果你看——我們在電力以及電力何時會變得可用等方面做了一些研究，我們的狀態非常好，能持續服務這些市場。

It's sort of laughable that New York put a data center ban on because there's really nothing materially happening in New York with data centers anyway.

紐約對資料中心祭出禁令這件事有點可笑，因為反正紐約的資料中心本來就沒有什麼實質性的進展。

Yes. That's great color. And then a question on the GMP mix. I know there's some attention. But in terms of your contract mix, can you give us a sense of how much has actually shifted to GMP versus fixed price?

是的。這些補充很有幫助。接著想問一下 GMP 的組合。我知道外界有一些關注。但就你們的合約組合而言，能否讓我們了解實際上有多少已經從固定總價轉向 GMP（保證最高價）？

Are we talking hundreds of basis points, thousands of basis points? Can you just give us a sense of the overall percentage mix?

我們是在談幾百個基點、還是幾千個基點的變化？你能否讓我們了解一下整體的百分比組合？

Mechanical. It probably shifted to mechanical 9% to 10%, which could be meaningful because they're large contracts. And then go back to the point I make about careful contract negotiation. A lot of that's driven by the owners and a lot of that's driven on the mechanical side because these mechanical systems and a lot of times are being done for the first time or being done, they're fairly complex.

機電（Mechanical）。大概轉向機電的比例是 9% 到 10%，這可能很有意義，因為那些是大型合約。再回到我提到的審慎合約談判。其中很多是由業主端推動的；而在機電端也有很多是因為這些機電系統往往是第一次做，或是以某種方式第一次導入——它們相當複雜。

And a lot of that GMP mix has shifted. There's always been an element of more GMP and mechanical, but the shift is really coming into the AI data centers. That's prudent both from the end customer, the owner, and that's prudent from us to be taking those contracts that way.

而且很多 GMP 的組合確實已經轉移。機電一直都有較多 GMP 的成分，但這次的轉移主要是發生在 AI 資料中心。這對終端客戶、也就是業主而言是審慎的；對我們而言，以這種方式承接合約也同樣是審慎的。

Tim Mulrooney, William Blair.

Tim Mulrooney，William Blair。

Yes. I have two questions. My first one is kind of building on your last conversation around state moratoriums and data center bans. As we think about some of these proposals in place at the state and local level, they're just mostly proposals at this point. But can you help us think about how flexible and transportable your labor is when it comes to these types of projects?

是的。我有兩個問題。第一個是延續你們剛才談到的州級暫停令與資料中心禁令。當我們思考州與地方層級目前提出的一些提案——目前大多仍只是提案——你能否協助我們理解，面對這類專案時，你們的勞動力有多大的彈性與可移動性？

Like are there enough of these projects in the works where you can have people drive a few towns over? Or do you have to house these workers in new states depending on where these projects are moving forward. Curious about your ability around labor capacity and flexibility.

例如，是否有足夠多的專案在推進，讓你們的人只要開車到隔壁幾個城鎮就能上工？或者，視這些專案推進的州別而定，你們必須把工人安置到新的州？想了解你們在勞動力產能與彈性方面的能力。

It's one of the benefits of being a union contractor. Because of the demand in some of these states, there's a capacity to bring in people from -- they will travel themselves. And then it's not us sort of housing them. They get paid per diem. They find a place.

這是成為工會承包商的好處之一。由於某些州的需求很強，有能力從——他們會自行前往（外地工作）。而不是由我們來安排住宿。他們會領日支費（per diem）。他們自己找地方住。

It could be as simple as the folks in Chicago, some of the labor moving up to Northwest Indiana to do the work. And then that local gets built up and they take more of the work. That's one of the benefits they come in. They come in with a level of sophistication. We know what their capabilities are.

可能很簡單，例如芝加哥的人力，有一部分移到印第安納州西北部去做工程。接著當地工會的人力就會被培養起來，承接更多工作。這是其中一個好處：他們會進來。他們帶著一定程度的成熟度與專業。我們也清楚他們的能力。

They check into the local union hall and we go to work. And we can help facilitate that in some cases.

他們到當地工會會館報到，我們就開始施工。在某些情況下，我們也能協助促成這件事。

And so there's -- that's the more traditional way of doing it. And then you get to some of the rural markets we're participating in, whether it be in some of the rural Midwest markets, just take Texas. We're finding creative ways to serve Texas, whether it's through more prefabrication on the job and then subcontracting some of the installation and doing ourselves. You can do it from -- if you're going to do union in some cases, you'll permit nonunion people to be union for a short period of time and use that capacity.

所以——這是比較傳統的做法。接著你會遇到一些我們正在參與的偏鄉市場，不管是中西部的一些鄉村市場，或以德州為例。我們正在用更有創意的方式服務德州，例如在工地端做更多預製（prefabrication），然後把部分安裝工作分包出去，同時我們自己也做一部分。你也可以——如果在某些情況下要做工會案，你可以允許非工會的人在短期間成為工會成員，並運用那部分產能。

And then finally, there are opportunities for some nonunion operations that we may have to participate in very rural markets to look a lot more like how the oil and gas people work than how a traditional IBEW or commercial contractor will work. So you have to be flexible and do all of the above. But mainly, it starts with the trades people themselves being flexible and looking for the work.

最後，在非常偏遠的市場，我們可能也有機會透過一些非工會的營運來參與；其運作方式會更像油氣產業的人，而不是傳統 IBEW 或商業承包商的做法。所以你必須有彈性，把上述方式都用上。但主要還是從技工本身的彈性開始——他們願意為了工作而移動。

I think about these moratoriums and we've done some work on that. We're by far, we're not lobbyist. We don't have -- we're not experts. But when you start to see the level of tax revenues that come into some of these counties, like Loudoun County, Virginia, 95%, I think, of the property receipts are now from the data center people. Pretty hard to take a step back where that's been driving your local tax base and your education systems.

談到這些暫停令，我們也做了一些研究。我們絕對不是——我們不是說客。我們也沒有——我們不是專家。但當你開始看到某些郡的稅收規模，例如維吉尼亞州的勞登郡（Loudoun County），我記得大約 95% 的不動產稅收如今都來自資料中心業者。當這一直在支撐你們地方稅基與教育體系時，要往後退一步是相當困難的。

We think there's plenty of opportunities. And at the end of the day, when we talk to the owners, they're going to find the places to build them, and we are well positioned to do that in the places where they are going to build them.

我們認為機會非常多。而且歸根究柢，當我們與業主溝通時，他們會找到可以建的地方；而在他們要建的那些地方，我們也具備很好的條件去承作。

I appreciate that extra color there, Tony, on the moratorium too. It's an interesting dynamic that's happening right now. Switching gears, wanted to ask about your backlog, your RPOs. As I look at this, I look at your one-year RPOs to complete -- be completed within a year. It typically represents about 50% of your next 12 months revenue.

Tony，謝謝你對暫停令補充的更多細節。這確實是目前正在發生的一個有趣動態。換個話題，我想問你們的在手訂單（backlog）、你們的 RPO。我看你們一年期 RPO（預計一年內完成）時，它通常約等於你們未來 12 個月營收的 50%。

That was true every year basically for the last four years, plus or minus [1] percentage point or 2. It's basically 50%. It's in a very tight range. Is there any practical reason, and I don't know, but is there any practical reason that you could think of for why that might not be the case anymore?

過去四年基本上每年都如此，上下大約差 [1] 到 2 個百分點。基本就是 50%。落在非常窄的區間。是否有任何實務上的原因——我不確定——但是否有任何實務上的原因，會讓未來不再是這樣？

No, I can't think why the future doesn't look like the past. Jason?

沒有，我想不到為什麼未來看起來不會像過去一樣。Jason？

Yes. I think the one thing we have to just weigh as well, right, is we've booked a lot of work in the last two quarters. And so I think some of it will be the timing of ramp-up and the timing of mobilization. So if you're looking at growth rates in RPO versus growth rates in guidance, and there's obviously a disconnect, right? Our RPO is growing a little bit faster than we're saying our revenues are going to grow.

是的。我認為我們也必須權衡的一點是，對吧，我們在過去兩個季度簽下了很多工作。因此其中一部分會取決於爬坡（ramp-up）的時點與動員（mobilization）的時點。所以如果你在看 RPO 的成長率相對於財測指引的成長率，顯然會有落差，對吧？我們的 RPO 成長得比我們所說的營收成長還要快一些。

Some of that is just the timing of mobilization which is the level of work we've booked over the last two quarters.

其中一部分只是動員時點的問題，因為我們在過去兩個季度簽下的工作量很大。

It's within a band, you're probably about right. I mean we think it's a little different when we come into the year, Jason, we usually think we have about 55% to 60%.

它落在一個區間內，你的判斷大概是對的。我的意思是，Jason，我們在年初進入年度時的看法通常會有點不同，我們一般認為大約是55%到60%。

So it used to be that we'd have to go and book and earn 60% of our annual revenue in that year. That percentage has dropped dramatically. It dropped to 50%, 45%. I think this year, it was 40% of the revenue we had to go book and earn. So I think that's the new norm right now.

所以以前我們必須在當年度去接單並認列賺取我們全年營收的60%。那個比例已經大幅下降。降到50%、45%。我想今年，我們需要去接單並認列賺取的只有40%的營收。所以我認為這就是目前的新常態。

We do have some projects that are skewing out a little bit longer, right? Historically, we would say that 85% or so of our RPOs burn in 12 months. where we're sitting today, it's more like 75% or 76%. And some of that's the water and wastewater mix. Some of it's just the volume of bookings we've had.

我們確實有一些專案的期間拉得稍微更長一些，對吧？過去我們會說大約85%的RPO會在12個月內消化；以我們今天的狀況來看，更像是75%或76%。其中一部分是給水與廢水的組合占比所致。另一部分則只是我們接單量的規模。

Could it also be project size, Jason?

也可能跟專案規模有關嗎，Jason？

Absolutely. Absolutely.

絕對是。絕對是。

That's been increasing. And if you look at the last few years, there's really no big shift going on here.

那一直在增加。而且如果你看過去幾年，這裡其實沒有發生什麼大的轉變。

Manish Somaiya, Cantor.

Manish Somaiya，Cantor。

Congratulations, everybody. Tony, I wanted to go back to Slide 11 seems to be your favorite slide on M&A. If you can just help us get a better sense as to going forward, what the missing pockets of exposure might be by sector, by market, that would be helpful. And what does the pipeline look like as you look ahead?

恭喜各位。Tony，我想回到第11頁，看起來那是你談併購最喜歡的一頁。如果你能幫我們更清楚了解，往前看，按產業別、按市場別，可能還缺哪些曝險口袋（缺口），那會很有幫助。另外，展望未來，你們的案源管線看起來如何？

The pipeline is strong. And so what we're looking for always is, can we augment existing capability to one of our larger subsidiaries? A great example of that or at a geographic market is Giles in the Miller and Sidney teaming up with Quebe in Ohio. Those are classic examples of what we do. We will always do those and that's a big part of what we do.

案源管線很強。所以我們一直在找的是：我們能否把既有能力補強到我們某一家較大的子公司？一個很好的例子，或以地理市場來說，就是Giles在Miller與Sidney的合作下，與俄亥俄州的Quebe結盟。這些都是我們做法的典型例子。我們永遠都會做這類交易，而這也是我們業務很大的一部分。

And then there is the sort of stand-alone capability, which would be a B&B, Schmidt and Connelly. B&B, we were not in that part of Wisconsin. It's a good industrial part of Wisconsin. They have the ability to travel some and do some industrial work, and they're just really, really good executors. Schmidt brings more Texas to us.

另外還有一種是偏獨立的能力平台，例如B&B、Schmidt和Connelly。B&B方面，我們原本不在威斯康辛州的那個區域。那裡是威斯康辛州很不錯的工業區。他們有能力外出承接一些工業工程，而且執行力真的非常、非常強。Schmidt則為我們帶來更多德州的布局。

We have a fairly strong business in Texas, mechanically and electrically. This just adds to it. And it's in sort of Austin, San Antonio and a little bit in Houston with a great operating team that's known for their technical sophistication. And just great values, right, like all these companies, they all have great values. And then Connelly, if you put a chessboard together of what's going on in Northwest Indiana, Illinois, we have 2 great companies, Gibson Electric, which is one of the founding EMCOR companies, Lyons & Pinner and now Connelly.

我們在德州的機械與電氣業務本來就相當強。這筆交易只是進一步加強。其據點大致在奧斯汀、聖安東尼奧，並在休士頓也有一些，且擁有一支以技術成熟度著稱的優秀營運團隊。而且價值觀很棒，對吧，就像這些公司一樣，他們都有很好的價值觀。至於Connelly，如果你把西北印第安納、伊利諾伊正在發生的事情用棋盤來拼起來，我們有兩家很棒的公司：Gibson Electric（EMCOR的創始公司之一）、Lyons & Pinner，現在再加上Connelly。

And it's like a mosaic chessboard around the city of Chicago, Northwest Indiana and Southern suburbs and it really allows us to serve our customers better. That's what drives most of this as our customers look for us to continue to expand capability. I think when I think of acquisitions, we're going to continue to focus on what we do well which is Mechanical and Electrical Construction and adding on both companies like Sidney, Giles, B&B and also the bigger ones like Schmidt and Connelly. And then also mechanical services, Again, something we do very well. That's where some of the smaller acquisitions are as we build out that branch network.

這就像在芝加哥市區周邊、西北印第安納以及南部郊區拼出一個馬賽克棋盤，讓我們能更好地服務客戶。這也是大多數交易的驅動因素：客戶希望我們持續擴充能力。我想，談到收購，我們會持續聚焦在我們擅長的領域，也就是機械與電氣工程建造，並同時增加像Sidney、Giles、B&B這類加掛型公司，以及像Schmidt與Connelly這類較大型的收購。另外也包括機械服務——同樣是我們做得非常好的領域。一些較小型的收購多半就在這裡，因為我們在擴建那個分支網路。

Are we looking to invest in things that we don't know as well? Probably not. We see plenty of white space yet. Both to do the add-ons and also sort of the stand-alone ones. And what we've done over a long period of time, we grow these faster, quite frankly, a lot of times in the rest of the company.

我們會去投資一些我們不那麼熟悉的領域嗎？大概不會。我們仍然看到很多白地空間。不論是做加掛型收購，或是做較獨立的平台型收購。而且坦白說，長期以來我們做的事情是：我們往往能把這些公司成長得比公司其他部分更快。

And we're looking -- there's a sentence I put in there. We're looking for the cumulative and compounding impact. But we want to pay a fair price. But we're very cautious when you think about some companies that are on market companies, exposure to one end market, two or three customers or one geography or just a couple of geographies. We found that we can do that as well by putting a mosaic of acquisitions together off of one of our bases and grow pretty strongly in some of those markets.

而我們在找——我在那裡放了一句話。我們在尋求累積與複利的影響。但我們希望支付合理的價格。不過，當你想到一些正在市場上出售的公司時，我們會非常謹慎：例如只曝險於單一終端市場、只有兩三個客戶、或只在一個地理區域、或僅有少數幾個地理區域。我們發現，我們也可以透過在某個既有據點周邊拼出一個馬賽克式的收購組合，在其中一些市場實現相當強勁的成長。

And then we've been very successful at that.

而且我們在這方面一直非常成功。

And Tony, the $750 million upfront purchase price that you outlined, should we think of these acquisitions having any earn-outs?

Tony，你提到的7.5億美元前期收購價款，我們是否應該把這些收購視為包含任何或有對價（earn-out）？

Yes.

是的。

There's another -- up to $90 million in earnouts for 2 of the deals. That's the maximum they can be. That's not our prediction of where those will land, but we hope they hit it, right.

另外還有——其中兩筆交易有最高9,000萬美元的或有對價（earn-out）。那是它們可能達到的上限。那不是我們對最終落點的預測，但我們希望他們能達到，對吧。

And then, Jason, while I have you on the cash flow front, how should we think about cash conversion in second half? And I guess if you will kind of give some sense as to how we should think about '27 as well?

另外，Jason，既然談到現金流，後半年我們該如何看待現金轉換？以及如果可以的話，也請大概談談我們該如何看待'27？

Yes. So obviously, we won't comment on '27 at this point. I think if we look at '26 and we just look at EMCOR as a whole, the philosophy or the algorithm we always have on cash flow is we should be able to have operating cash flow at least equivalent to net income, and that goes up to 80% to 85% of our operating income. So if you look back over the last several years, let's just take '24 and '25 as examples. We see no reason why the operating cash flow in '26 won't look like it did the last two years.

好的。所以很明顯，我們現在不會評論'27。我想如果看'26，並把EMCOR整體放在一起看，我們對現金流一貫的理念或算法是：營運現金流至少應該等同於淨利，並且可達營業利益的80%到85%。所以如果你回頭看過去幾年，就以'24和'25為例。我們看不出任何理由認為'26的營運現金流不會和過去兩年相似。

We obviously are back-half weighted. For us, Q1 is always the weakest and we start to see operating cash flow accelerate in Q3 and Q4. So I think that's going to continue to hold this year as well.

我們的現金流顯然是偏後半年的。對我們來說，第一季一向最弱，而我們會在第三季與第四季看到營運現金流加速。所以我認為今年也會延續這個趨勢。

Adam Bubes, Goldman Sachs.

Adam Bubes，高盛。

Just wondering if you could touch on the size of the data center projects you're seeing in the pipeline. How does that compare to what's in backlog, what you're executing against today? And then to what extent do larger project sizes create opportunities for higher workforce utilization, increased revenue per employee?

想請你談談你們在案源管線中看到的資料中心專案規模。這和目前在手訂單、以及你們今天正在執行的專案相比如何？另外，更大的專案規模在多大程度上能帶來更高的人力利用率、提高每位員工的營收等機會？

That actually depends on -- more on the mix. So in general, we're going to get more revenue per employee in the mechanical side than we are on the electrical side. And also the mechanical side allows us to do more prefabrication on modules that have higher value content, especially in the AI data center. When you look at trending up, that's been going on over time, right? If you have been back in 2019, a 20-megawatt data center was considered large.

那其實取決於——更取決於組合。所以一般而言，我們在機械端的每位員工營收會高於電氣端。而且機械端也讓我們能在模組上做更多預製，這些模組的附加價值含量更高，尤其是在AI資料中心。至於規模往上走的趨勢，那是隨時間一直在發生的，對吧？如果你回到2019年，一座20兆瓦的資料中心就被視為大型。

The way I think about it today, when we're doing cloud storage, we're now building somewhere between 40 and 75 megawatts, give or take. And when there's an AI component, and we have no idea how these things work together, anything. It's not our area of expertise. You're starting to talk 100-plus megawatts, 200 megawatts, and people have all kinds of different things. When they get much above 200, 250, and then I think most people are talking about campuses.

以我今天的看法，當我們在做雲端儲存時，我們現在建置的規模大約介於40到75兆瓦之間，上下浮動。而當加入AI組件時，我們根本不知道這些東西如何一起運作，任何細節都不清楚。這不是我們的專業領域。你開始會談到100兆瓦以上、200兆瓦，而且各家都有各種不同的配置。當它們遠高於200、250兆瓦時，我想多數人談的就是園區型（campus）。

So two things have happened. The size has gone up over the last five years. And on the mechanical side, especially, we get a multiplier of 1.5 to 2 on AI data center. And on the Electrical side, for an AI data center is probably 1.5 and that's just driven by the size of the Electrical coming in, that needed the power of the data center. So they're getting bigger.

所以有兩件事發生了。過去五年，規模變大了。而在機械端，尤其是，我們在AI資料中心上看到1.5到2倍的乘數效應。在電氣端，AI資料中心大概是1.5倍，這主要是由於進線電力的電氣規模變大，因為資料中心需要那樣的供電能力。所以它們正在變得更大。

They're getting more complex, especially when the AI is introduced. And they're usually always built with the idea toward the campus of three to seven buildings that are going to fill out that campus.

它們也變得更複雜，尤其是在導入AI之後。而且通常幾乎都是以園區的概念來建置，也就是三到七棟建築，最終會把那個園區填滿。

And then you touched on it a little bit earlier, but could you just expand on the opportunity to move into maybe traditionally nonunion regions to serve data centers seem to be expanding into more rural markets and then maybe Texas, in particular, you acquired the electrical contractor there, but what's the exposure to the state today? And how big could that exposure get over time?

另外你稍早也稍微提到，但你能否再延伸談談：為了服務資料中心，是否有機會進入一些傳統上非工會的地區？資料中心似乎正在擴張到更偏鄉的市場，特別是德州——你們在那裡收購了電氣承包商——但目前對該州的曝險（業務比重）是多少？而隨著時間推移，這個曝險可能會成長到多大？

Yes. So exposure to the state today is broad if you bring in the Industrial segment, it's very broad. If you talk about our exposure today as part of the Mechanical and Electrical segment, Mechanical Services has some exposure there. But I think what you're focused on, what's our exposure to the Mechanical and Electrical segment and what's our exposure broadly. We have pretty good exposure in Central Texas through our Batchelor & Kimball subsidiary.

是的。所以如果把工業事業群納入來看，我們目前對該州的曝險很廣。如果談的是機電事業群（Mechanical and Electrical segment）的曝險，機械服務（Mechanical Services）在那裡也有一些曝險。但我想你關注的是：我們在機電事業群的曝險是多少，以及更廣義的曝險是多少。透過我們的子公司Batchelor & Kimball，我們在德州中部有相當不錯的曝險。

They went out there, had not been there. They went out there to build a semiconductor plant. They did a very good job on it. Excellent job for the owner. And that allowed us to build a workforce out there.

他們當時去那裡之前，並沒有在那裡做過。他們去那裡是為了建一座半導體工廠。他們做得非常好。對業主而言是非常出色的表現。而這也讓我們得以在當地建立起一支勞動力隊伍。

We followed up with an add-on acquisition in Central Texas mechanically. And we're pretty well positioned to serve both the more metro markets in Central Texas, but also some of the rural markets. Because on the data center market mechanically, you can have a large prefabrication component, which allows us to have less labor on the job in those rural markets.

之後我們在德州中部的機械領域又做了一筆補強型收購（add-on acquisition）。我們在德州中部的都會市場具備很好的服務定位，同時也能覆蓋一些偏鄉市場。因為在資料中心的機械工程上，可以有很大一部分採用預製（prefabrication），這讓我們在那些偏鄉市場的工地上可以用更少的人力。

When you go electrically, we have a range of options. We already were participating in the DFW market. I would say we're either one or two supporting the data center market and the Dallas-Fort Worth area. That was from an acquisition we made about seven years ago with an eye towards doing this. They had been doing day 2 work in those data centers with our scale and the capability, I talked about our ability to come down and do that.

在電氣方面，我們有一系列選項。我們原本就已經參與DFW市場。我會說，在達拉斯—沃斯堡地區支援資料中心市場方面，我們不是第一就是第二。這源自於我們大約七年前做的一筆收購，當時就是著眼於要做這件事。他們一直在那些資料中心做第2天（day 2）的工作；憑藉我們的規模與能力——我之前談到我們有能力下場去做那些工作——

The team really did a great job learning how to do that. We've expanded that capacity. And I would say we're a significant player in the Dallas-Fort Worth area market and the data center market. Schmidt gives us the opportunity to expand that. Schmidt is a terrific full line contractor run by just an exceptional team.

那個團隊確實做得很棒，學會了如何執行那類工作。我們也擴充了那方面的產能。我會說，我們在達拉斯—沃斯堡地區市場以及資料中心市場中，是一個重要的參與者。Schmidt讓我們有機會進一步擴大這一點。Schmidt是一家非常出色、產品線完整的承包商，由一支極其優秀的團隊經營。

We feel really good about our ability to bring that capability into Texas. And then we have the ability to leverage some of our other assets in the market to support that in rural Texas where some of the oil and gas folks can maybe help us do that over time. So we're fairly well positioned now in Texas. We'll be, I think, better positioned after these acquisitions. And we'll look to continue to do add-on acquisitions in Texas to support this growth.

我們對於把那項能力帶進德州的能力感到非常有信心。此外，我們也能運用在市場中的其他資產來支援，特別是在德州偏鄉地區，某些油氣領域的人才可能隨時間推移協助我們做到這點。所以我們目前在德州的布局相當到位。我想在完成這些收購之後，我們的定位會更好。而且我們也會持續在德州尋找補強型收購，以支援這項成長。

Just two facts to round that out, Adam. And if you look at our non-oil and gas business in Texas, we do $1 billion of revenue there today before Schmidt, before any acquisitions. And if you look at because you have data center specifically. If you look at data center RPOs, Virginia is the state where we have the most activity, but Texas is the second for us and followed closely by Georgia. So Texas is an important market for us.

Adam，再補充兩個事實把這點說完整。如果你看我們在德州的非油氣業務，在Schmidt之前、在任何收購之前，我們目前在那裡就有10億美元的營收。而且因為你特別提到資料中心。如果看資料中心的RPO（剩餘履約義務），維吉尼亞州是我們活動最多的州，但德州是第二，喬治亞州緊追在後。所以德州對我們而言是一個重要市場。

It's one where we have a lot of activity today, and I think that's going to continue to grow.

這也是我們今天活動非常多的市場之一，而我認為這將會持續成長。

And I think it shows you our ability to pivot. And if you think about how we grew in Texas, they both were acquisitions that were made pre 2020. Batchelor & Kimball in 2019. We had Gowan down there, and we added on there in the Houston area, more traditional commercial and health care contractor. The Batchelor & Kimball expanded.

我想這也顯示了我們轉向調整的能力。如果你回頭看我們如何在德州成長，這兩筆收購都是在2020年之前完成的。Batchelor & Kimball是在2019年。我們在那裡有Gowan，並且在休士頓地區做了補強，屬於較傳統的商業與醫療保健承包商。Batchelor & Kimball也持續擴張。

We acquired the company in Austin mechanically, which helped get us to know the electrical, quite frankly, on Schmidt, and we grew that. And so it's been a good story of acquisitions, great culture with those companies, then organic growth on top of the acquisitions.

我們在奧斯汀收購了一家機械公司，這也幫助我們了解電氣業務，坦白說，對於Schmidt也是如此，然後我們把它做大。因此這是一個很好的收購故事：這些公司有很棒的文化，然後在收購之上再疊加有機成長。

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

我們的問答環節到此結束。我想把電話會議交回給Tony Guzzi，請他做任何結語。

First, again, I want to reiterate and thank my teammates for outstanding performance over a sustained period of time. I do want to welcome our new teammates in B&B Electric, Sidney, Giles, Schmidt and Connelly. We're thrilled to have you as part of our Electric team, and we look forward to closing Schmidt and Connelly here in the third quarter. And then finally, everybody stay safe, and we look forward to continue to execute well for our customers. Thank you.

首先，我再次想重申並感謝我的團隊夥伴，在一段持續的時間裡展現了卓越的表現。我也要歡迎我們在B&B Electric、Sidney、Giles、Schmidt以及Connelly的新夥伴加入。我們很高興你們成為我們電氣團隊的一員，也期待在第三季完成Schmidt與Connelly的交割。最後，請大家注意安全，我們也期待持續為客戶把執行工作做好。謝謝。

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

本次電話會議到此結束。感謝您參加今天的簡報。您現在可以掛線。