Comfort Systems USA Inc (FIX) 2023 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Q2 2023 Comfort Systems USA Earnings Conference Call. (Operator Instructions) Please be advised that today's call is being recorded.

感謝您的耐心等待，歡迎參加 Comfort Systems USA 2023 年第二季度收益電話會議。 （操作員說明）請注意，今天的通話正在錄音。

I would now like to turn the call over to Julie Shaeff, Chief Accounting Officer. Please go ahead.

我現在想將電話轉給首席會計官 Julie Shaeff。請繼續。

Thanks, Valerie. Good morning. Welcome to Comfort System USA's Second Quarter 2023 Earnings Call. Our comments today as well as our press releases contain forward-looking statements within the meaning of the applicable security laws and regulations. What we will say today is based upon the current plans and expectations of Comfort Systems USA. Those plans and expectations include risks and uncertainties that might cause actual future activities and results of our operations to be materially different from those set forth in our comments. You can read a detailed listing and commentary concerning our specific risk factors in our most recent Form 10-K and Form 10-Q as well as in our press release covering these earnings.

謝謝，瓦萊麗。早上好。歡迎參加 Comfort System USA 2023 年第二季度收益電話會議。我們今天的評論以及我們的新聞稿包含適用安全法律和法規含義內的前瞻性陳述。我們今天要說的是基於美國舒適系統公司當前的計劃和期望。這些計劃和預期包括風險和不確定性，這些風險和不確定性可能導致我們未來的實際活動和運營結果與我們的評論中所述的存在重大差異。您可以在我們最新的 10-K 表格和 10-Q 表格以及涵蓋這些收益的新聞稿中閱讀有關我們特定風險因素的詳細列表和評論。

A slide presentation has been provided as a companion to our remarks. The presentation is posted on the Investor Relations section of the company's website found at comfortsystemsusa.com.

我們提供了幻燈片演示作為我們的評​​論的補充。該演示文稿發佈在該公司網站的投資者關係部分：comfortsystemsusa.com。

Joining me on the call today are Brian Lane, President and Chief Executive Officer; Trent McKenna, Chief Operating Officer; and Bill George, Chief Financial Officer.

今天和我一起參加電話會議的還有總裁兼首席執行官 Brian Lane；特倫特·麥肯納，首席運營官；和首席財務官比爾·喬治。

Brian will open our remarks.

布萊恩將開始我們的發言。

All right. Thank you, Julie. Good morning, everyone, and thank you for joining us on the call today. We had another great quarter. Our teams delivered remarkable execution, and we are grateful for their dedication, especially in this very hot weather. We have never had a stronger demand environment, and we are carefully selecting work that has good margins and good working conditions for our valuable people.

好的。謝謝你，朱莉。大家早上好，感謝您今天加入我們的電話會議。我們又度過了一個美好的季度。我們的團隊表現出色，我們感謝他們的奉獻精神，尤其是在這個非常炎熱的天氣裡。我們從未有過如此強勁的需求環境，我們正在為我們有價值的員工精心挑選利潤豐厚、工作條件良好的工作。

We earned $1.93 per share this quarter compared to $1.17 a year ago. Current quarter revenue was $1.3 billion with same-store growth of 24%, reflecting strong ongoing demand in our markets. Our mechanical operations continued to perform at high levels, and electrical segment margins increased significantly. This quarter includes continued growth and solid performance in our modular business and service has maintained its upward trajectory.

本季度我們每股收益為 1.93 美元，而去年同期為 1.17 美元。本季度收入為 13 億美元，同店增長 24%，反映了我們市場持續強勁的需求。我們的機械業務繼續保持高水平，電氣業務利潤率大幅增長。本季度我們的模塊化業務和服務持續增長且表現穩健，保持了上升的軌跡。

Additionally, our backlog continues to track at unprecedented levels despite a strong revenue for the quarter. Backlog is $4.2 billion, which is $1.4 billion higher than it was at the same time last year. Our strong execution and favorable payment terms on new work helped us achieve $100 million of cash flow in the second quarter. Today, we also increased our quarterly dividend by $0.025 to $0.225 per share, which reflects our continuing strong cash flow and our commitment to reward our shareholders.

此外，儘管本季度收入強勁，但我們的積壓訂單繼續達到前所未有的水平。積壓訂單為 42 億美元，比去年同期增加了 14 億美元。我們對新工作的強大執行力和優惠的付款條件幫助我們在第二季度實現了 1 億美元的現金流。今天，我們還將季度股息增加了 0.025 美元，達到每股 0.225 美元，這反映了我們持續強勁的現金流以及我們回報股東的承諾。

I will discuss our business and outlook in a few minutes but first, I will turn this call over to Bill to review our financial performance. Bill?

我將在幾分鐘內討論我們的業務和前景，但首先，我會將這個電話轉交給比爾，以審查我們的財務業績。賬單？

Thanks, Brian. We had an amazing quarter; with 24% same-store revenue growth, higher margins, SG&A leverage, over $100 million of cash flow and our EBITDA increased by a remarkable 45% compared to last year. Specifically, revenue for the second quarter of 2023 was $1.3 billion, an increase of 27% or $278 million compared to last year. Our Mechanical segment revenue increased by $199 million or 26%, and it continues to benefit from growth in our modular business.

謝謝，布萊恩。我們度過了一個令人驚嘆的季度；同店收入增長 24%，利潤率更高，SG&A 槓桿率超過 1 億美元，現金流量超過 1 億美元，我們的 EBITDA 與去年相比顯著增長了 45%。具體而言，2023年第二季度營收為13億美元，較去年增長27%，即2.78億美元。我們的機械部門收入增長了 1.99 億美元，即 26%，並且繼續受益於我們模塊化業務的增長。

Our electrical segment increased by an even larger 33% and to $321 million. Combined same-store revenue increased by 24% or $247 million as we continue to benefit from strong demand and some pass-through effects of inflation. We are facing tougher revenue comparables in the second half of the year, and we currently estimate that revenue growth in the second half will be in the high single to low double digits and currently expect that percentage revenue growth for the full year is likely to be in the high teens.

我們的電氣部門增長了 33%，達到 3.21 億美元。由於我們繼續受益於強勁的需求和通貨膨脹的一些傳遞效應，同店合併收入增長了 24%，即 2.47 億美元。我們下半年面臨著更嚴峻的收入可比性，我們目前估計下半年的收入增長將在高個位數到低兩位數之間，目前預計全年收入增長百分比可能為在十幾歲的時候。

Gross profit was $228 million for the second quarter, a $53 million improvement compared to last year. Our gross profit percentage improved to 17.6% this quarter compared to 17.2% for the second quarter of 2022, driven by improved electrical margins. Quarterly gross profit percentage in our mechanical segment was the same this year and last year at 17.8%.

第二季度毛利潤為 2.28 億美元，比去年增加 5300 萬美元。在電力利潤率改善的推動下，本季度我們的毛利率提高至 17.6%，而 2022 年第二季度為 17.2%。我們的機械部門的季度毛利率今年與去年相同，均為 17.8%。

Margins in our electrical segment rose in the quarter to 17.0% as compared to 15.1% in Q2 2022. It's hard to predict how margins will unfold for the remainder of 2023 and in light of material cost variability and increasing modular in our mix. However, we remain optimistic that margins in 2023 will continue to trend at or slightly above the margins we achieved in 2022.

我們電氣部門的利潤率在本季度上升至 17.0%，而 2022 年第二季度為 15.1%。鑑於材料成本變化和我們產品組合中模塊化程度的增加，很難預測 2023 年剩餘時間內的利潤率將如何發展。然而，我們仍然樂觀地認為 2023 年的利潤率將繼續保持或略高於我們在 2022 年實現的利潤率。

SG&A expense for the quarter was $136 million or 10.5% of revenue compared to $119 million or 11.7% of revenue for the second quarter in 2022. On a same-store basis, SG&A was up approximately $14 million due to inflation and ongoing investments to support our much higher activity levels. But the growth in our SG&A cost was considerably slower than our growth in revenue, resulting in exceptionally good SG&A leverage this quarter as compared to last year.

本季度的 SG&A 費用為 1.36 億美元，佔收入的 10.5%，而 2022 年第二季度的 SG&A 費用為 1.19 億美元，佔收入的 11.7%。在同店基礎上，由於通貨膨脹和持續投資支持，SG&A 增加了約 1400 萬美元。我們的活動水平要高得多。但我們的 SG&A 成本增長速度遠慢於收入增長，導致本季度的 SG&A 槓桿率與去年相比異常良好。

Our operating income increased from last year by 62% to $92 million. Our operating income percentage improved to 7.1% this quarter from 5.6% for the second quarter of 2022 as electrical margins increased and as we had great SG&A leverage. We still expect interest expense in 2023 to increase from 2022. However, so far this year, our higher interest payments were partially and temporarily offset by interest income related to a favorable legal outcome in the first quarter as well as extremely strong cash flow in the first half of the year.

我們的營業收入比去年增長了 62%，達到 9200 萬美元。由於電力利潤率增加以及我們擁有巨大的 SG&A 槓桿，我們本季度的營業收入百分比從 2022 年第二季度的 5.6% 提高到 7.1%。我們仍然預計 2023 年的利息支出將比 2022 年有所增加。然而，今年到目前為止，我們較高的利息支出被第一季度有利的法律​​結果相關的利息收入以及強勁的現金流所部分和暫時地抵消了。今年上半年。

Our year-to-date tax rate of 16.1% included an incremental benefit of $6 million or $0.15 from a conforming adjustment for the R&D tax credit, of which $0.08 related to 2022. If Congress restores immediate deductibility of research expenditures and rescind this conforming adjustment, we will have to reverse that $0.15 income statement gain in the period that this occurs. Although many individual items have affected our tax rate lately, we estimate that a normalized tax rate for us is approximately 20% to 22%.

我們年初至今 16.1% 的稅率包括 600 萬美元的增量收益，即研發稅收抵免一致調整帶來的 0.15 美元增量收益，其中 0.08 美元與 2022 年相關。如果國會恢復研究支出的立即扣除並廢除這一一致調整，我們將不得不在發生這種情況的期間沖銷 0.15 美元的損益表收益。儘管最近許多個別項目影響了我們的稅率，但我們估計我們的正常化稅率約為 20% 至 22%。

After considering all these factors, net income for the second quarter of 2023 was $69 million or $1.93 per share, and this compares to net income for the second quarter of 2022 of $42 million or $1.17 per share. EBITDA increased from $77 million in the second quarter of last year to $112 million this quarter, an increase of 45%. Free cash flow for the first 6 months of 2023 was a remarkable $213 million.

考慮到所有這些因素後，2023 年第二季度的淨利潤為 6900 萬美元，即每股 1.93 美元，而 2022 年第二季度的淨利潤為 4200 萬美元，即每股 1.17 美元。 EBITDA從去年第二季度的7700萬美元增至本季度的1.12億美元，增長了45%。 2023 年前 6 個月的自由現金流達到驚人的 2.13 億美元。

And I want to take a few minutes to discuss 4 factors that are impacting our cash flow and have helped us achieve much higher cash flow than net income, but which will also create more variability than usual in our cash flow results over the next few quarters. Two of the factors have been helping cash flow and 2 of the factors are creating cash flow headwinds. The first positive driver is very straightforward. We are achieving profitability that's fantastic and we're able to obtain fair and favorable payment terms across our book of business. The second positive factor helping our cash flow is the fact that we received large advanced payments in the first half of 2023 and in late 2022 for some modular projects as a result of our commitment to add capacity.

我想花幾分鐘時間討論影響我們現金流的 4 個因素，這些因素幫助我們實現了遠高於淨利潤的現金流，但這也將在未來幾個季度給我們的現金流結果帶來比平常更大的波動性。其中兩個因素一直有利於現金流，另外兩個因素正在造成現金流阻力。第一個積極的驅動因素非常簡單。我們正在實現驚人的盈利能力，並且能夠在我們的業務範圍內獲得公平和優惠的付款條件。有助於我們現金流的第二個積極因素是，由於我們承諾增加產能，我們在 2023 年上半年和 2022 年末收到了一些模塊化項目的大筆預付款。

We also currently have some customer cash relating to large and ongoing equipment purchases. Although we continue to benefit from these advanced payments, this benefit will normalize as project costs are incurred. We estimate that the advanced payments received in late 2022 and the first 6 months of 2023, currently aggregate to $175 million to $200 million. So in other words, we currently have around $200 million of cash that we have not earned. As these early collections normalize, a substantial portion of this money will be reduced from ongoing cash flow, because we already have the money.

我們目前還擁有一些與大型和持續設備採購相關的客戶現金。儘管我們繼續從這些預付款中受益，但隨著項目成本的產生，這種收益將正常化。我們估計，2022 年末和 2023 年前 6 個月收到的預付款目前總計為 1.75 億至 2 億美元。換句話說，我們目前還有大約 2 億美元的現金沒有賺到。隨著這些早期收款正常化，這筆錢的很大一部分將從持續的現金流中減少，因為我們已經有錢了。

The first negative factor affecting our cash flow is the extra taxes we are paying as a result of the deferral of tax deductions for research expenditures. So far this year, we have disbursed approximately $80 million in tax payments that would not have been made under the prior regulation. Unless Congress acts to restore current deductibility, we expect to make additional tax payments during the last 6 months of 2023 of $50 million to $60 million as the deductible of those business cost is spread over the next 5 years.

影響我們現金流的第一個負面因素是我們因研究支出的稅收減免延期而支付的額外稅款。今年到目前為止，我們已經支付了大約 8,000 萬美元的稅款，而根據之前的規定，這些稅款是不會繳納的。除非國會採取行動恢復當前的扣除額，否則我們預計將在 2023 年最後 6 個月內額外繳納 5,000 萬至 6,000 萬美元的稅款，因為這些業務成本的扣除額將分攤到未來 5 年。

The fourth and final factor impacting our cash flow is temporarily heightened capital expenditures as we build out 1 million square feet of new modular capacity and as we purchase more vehicles as a result of reduced vehicle availability during COVID. Year-to-date, we had $39 million of net capital expenditures, double what we spent in the same period the prior year, and we expect this higher expenditure level will continue in the second half of 2023.

影響我們現金流的第四個也是最後一個因素是資本支出暫時增加，因為我們建造了 100 萬平方英尺的新模塊化產能，並且由於新冠疫情期間車輛供應量減少而購買了更多車輛。年初至今，我們的淨資本支出為 3900 萬美元，是上年同期支出的兩倍，我們預計這種較高的支出水平將在 2023 年下半年繼續。

So during the first half of this year, the 2 positive factors I just described overwhelmed the 2 negative factors. However, as those advanced payments amortize into a more normal cadence and as we fund our equipment commitments, free cash flow might be lower than you might otherwise expect over the next few quarters.

所以今年上半年，我剛才講的兩個積極因素壓倒了兩個消極因素。然而，隨著這些預付款以更正常的節奏攤銷，並且隨著我們為設備承諾提供資金，自由現金流可能會低於您在未來幾個季度的預期。

Our debt was lower at quarter end as our substantial free cash flow allowed us to reduce our debt by $109 million since year-end, in addition to funding the purchase of Eldeco in the first quarter. We also continue to purchase our shares, acquiring 53,000 shares at an average price of $126.89 in the first half of the year and adding to the over 10 million shares we've repurchased since 2007.

我們的債務在季度末有所下降，因為我們大量的自由現金流使我們能夠自年底以來減少 1.09 億美元的債務，此外還為第一季度收購 Eldeco 提供了資金。我們還繼續購買股票，上半年以平均價格 126.89 美元購買了 53,000 股，增加了我們自 2007 年以來回購的超過 1000 萬股股票。

Finally, as Brian noted, we implemented another meaningful dividend increase this quarter. That's all I have, Brian.

最後，正如布萊恩指出的，我們本季度實施了另一次有意義的股息增加。這就是我所擁有的一切，布萊恩。

All right. Thanks, Bill. I am going to spend a few minutes discussing our business and outlook. Our backlog at the end of the second quarter was $4.2 billion. Since last year at this time, our same-store backlog has increased $1.4 billion, around 50% with increases in our traditional mechanical and electrical business and substantial new bookings in our offsite construction operations. Our sequential backlog decreased by $259 million, with most of that reflecting the good progress we are making on the prebookings in our modular business. Excluding modular, our backlog was roughly flat despite a heavy midyear burn rate.

好的。謝謝，比爾。我將花幾分鐘討論我們的業務和前景。第二季度末我們的積壓訂單為 42 億美元。自去年這個時候以來，我們的同店積壓訂單增加了 14 億美元，增幅約為 50%，這得益於我們傳統機電業務的增長以及異地施工業務的大量新訂單。我們的積壓訂單連續減少了 2.59 億美元，其中大部分反映了我們在模塊化業務預訂方面取得的良好進展。儘管年中燒錢率很高，但不包括模塊化，我們的積壓訂單大致持平。

Our revenue mix continues to trend towards industrial work, and industrial customers were 52% of our total revenue in the first half of 2023. Data centers, life sciences, food processing and other manufacturing such as chip plants and battery are major drivers of new prospects in backlog. Technology, which is included in Industrial, was 20% of our revenue in the first 6 months of 2023, a substantial increase from 12% in the prior year.

我們的收入結構繼續向工業工作傾斜，2023年上半年工業客戶占我們總收入的52%。數據中心、生命科學、食品加工和芯片工廠和電池等其他製造業是新前景的主要驅動力積壓中。 2023 年前 6 個月，工業中包含的技術占我們收入的 20%，比上一年的 12% 大幅增加。

Institutional markets, which include education, health care and government are also strong and represent 28% of our revenue. The commercial sector is active, but with our changing mix, it is now a smaller part of our business at about 20% of revenue, and commercial is disproportionately service revenue. Year-to-date, construction was 80% of our revenue with projects for new buildings at 53%, while existing building construction was 27%.

包括教育、醫療保健和政府在內的機構市場也很強勁，占我們收入的 28%。商業部門很活躍，但隨著我們組合的變化，它現在只占我們業務的一小部分，約佔收入的 20%，而商業部門與服務收入的比例不成比例。今年迄今為止，建築業務占我們收入的 80%，其中新建築項目佔 53%，而現有建築佔 27%。

Service revenue increased by 16% year-to-date compared to last year. Service was 20% of our total revenues, with service projects providing 9% of total revenue and pure service, including hourly work, providing 11% of revenue. In both service and construction, we are encouraging and supporting our customers as they seek to improve the efficiency and sustainability of their businesses, buildings and operations, and we are committed to being good members of the diverse communities we serve.

年初至今，服務收入較去年增長 16%。服務占我們總收入的 20%，其中服務項目佔總收入的 9%，純服務（包括小時工）佔收入的 11%。在服務和建築方面，我們鼓勵和支持客戶尋求提高其業務、建築和運營的效率和可持續性，並且我們致力於成為我們所服務的多元化社區的優秀成員。

Comfort Systems is thriving because of our best-in-class people and their superb execution. Thanks to them and in light of the enduring need for the unique skills and capabilities, we feel confident in our prospects for continued growth and strong profitability in 2023. Our #1 priority remains to preserve and grow the best workforce in our industry. We are grateful for their and your trust. I want to end by thanking our over 15,000 employees for their hard work and dedication.

Comfort Systems 的蓬勃發展得益於我們一流的員工和卓越的執行力。感謝他們，並考慮到對獨特技能和能力的持久需求，我們對 2023 年持續增長和強勁盈利能力的前景充滿信心。我們的第一要務仍然是保留和培養行業中最優秀的勞動力。我們感謝他們和您的信任。最後，我要感謝我們 15,000 多名員工的辛勤工作和奉獻精神。

I'll now turn it back over to Valerie for questions. Thank you.

我現在將其轉回給瓦萊麗詢問問題。謝謝。

(Operator Instructions) Our first question comes from Sean Eastman of KeyBanc.

（操作員說明）我們的第一個問題來自 KeyBanc 的 Sean Eastman。

Team, nice quarter. I wanted to just dive into the backlog trend a little bit. It's very helpful to know that excluding modular, which had the big prebookings dynamic, the backlog is pretty flat, and that's actually pretty bullish and a heavy burn quarter. I think that's very helpful. But perhaps you could comment on just the overall bid activity, the proposal dialogue, how that's trended maybe since the start of the year? And perhaps give you guys an opportunity to set an expectation on how this modular burn and how optically the backlog might trend over the balance of the year?

團隊，美好的季度。我想稍微深入了解一下積壓趨勢。知道排除模塊化（預先預訂動態較大）之外，積壓訂單相當平穩，這非常有幫助，這實際上是非常樂觀的，也是一個嚴重燒錢的季度。我認為這非常有幫助。但也許您可以僅評論一下整體投標活動、提案對話以及自今年年初以來的趨勢？也許讓你們有機會對這種模塊化燃燒方式以及積壓在今年餘下時間裡的趨勢如何進行設定預期？

All right, Sean, this is Brian. I'll go first, and I'll let Bill comment a little bit more on modular. As you noted and we noted in our formal words that we had big preorders and we're operating through that work right now. The opportunities in the markets are still very robust. And as you know, we're a little bit different now. We do have bigger projects. It's going to be lumpier. So you might have some quarter-to-quarter pluses and minuses. But the overall trend that we're seeing from a demand environment is still very good. We are still making sure we're looking for good work with good margins in it. That's really in our wheelhouse. So we're still very optimistic and feel very good about the position that we're in. Bill?

好吧，肖恩，這是布萊恩。我先來，然後讓 Bill 對模塊化進行更多評論。正如您所指出的，以及我們在正式場合中指出的，我們有大量預購訂單，並且我們現在正在開展這項工作。市場機會仍然非常強勁。如你所知，我們現在有點不同了。我們確實有更大的項目。會變得更加塊狀。因此，您可能會有一些季度與季度之間的優點和缺點。但我們從需求環境中看到的總體趨勢仍然非常好。我們仍在確保我們正在尋找利潤豐厚的好工作。這確實在我們的駕駛室裡。所以我們仍然非常樂觀，對我們所處的位置感覺非常好。比爾？

Yes. So I'll just talk about modular for a second. Modular, the difference is -- our entire book of business is doing amazingly well. But at the margin, the interesting things you see in the quarter are heavily driven by modular. So modular booked $800 million of work in a week in December. They had additional prebookings in January. And now they're burning that they're building those -- that equipment. And keeping in mind the new million square feet of space hasn't even come online yet, so that will burn quicker. They have a very, very good order flow and the they're evaluating how much more of that work they can take.

是的。所以我只想談談模塊化。模塊化，不同的是——我們的整個業務都表現得非常好。但從邊緣來看，您在本季度看到的有趣的事情在很大程度上是由模塊化驅動的。因此，Modular 在 12 月份的一周內預訂了 8 億美元的工作。他們在一月份有額外的預訂。現在他們正在為自己正在建造那些設備而感到憤怒。請記住，新的數百萬平方英尺的空間尚未上線，因此燃燒速度會更快。他們有非常非常好的訂單流程，並且正在評估他們還可以承擔多少工作。

It's also really affected our cash because when we took those big prebookings, we had the right to some of that works not even until '24, but we had the right to build a notable portion of it and be paid that immediately. That was part of them inducing us to add that capacity. So it's added some lumpiness, but as Brian said, we've never had stronger demand characteristics in our business than we're experiencing right now.

這也確實影響了我們的現金，因為當我們進行大量預訂時，我們甚至有權在 24 年之前使用其中的一些項目，但我們有權建造其中的很大一部分並立即獲得報酬。這是他們誘導我們增加容量的一部分。因此，這增加了一些波動性，但正如布萊恩所說，我們的業務從未有過比現在更強烈的需求特徵。

I think that's all very helpful. And just as we think through the go-forward growth potential on top line, we have a few different moving parts to consider. We have inflation abating. We've got tight capacity. But then we also have this massive backlog growth trend. So I'm just trying to piece all those together. I mean is there any way you can help us think through those and what a good way to think about kind of next year's organic revenue potential could be how much visibility you have on what that would look like into next year at this point?

我認為這非常有幫助。正如我們思考營收的未來增長潛力一樣，我們還有一些不同的變化因素需要考慮。我們的通脹正在減弱。我們的產能緊張。但我們也有這種大量積壓增長的趨勢。所以我只是想把所有這些拼湊在一起。我的意思是，您有什麼方法可以幫助我們思考這些問題？考慮明年有機收入潛力的一個好方法是，您對明年的情況有多少了解？

So you've sort of nailed the bigger than usual variability in there, especially the price of the revenue that's a pass through, generally a pass-through for us, like materials and equipment. But if we sort of assume out a way and we can assume that a way and say, "Listen, we're not going to assume deflation in that area, but we're going to assume much, much less normal inflation, meaning next to no inflation." I still think we would expect to be -- have higher revenues for sure in '24 than in '23, just in light of our backlog and our pipeline and the demand.

所以你已經確定了比平常更大的變化，特別是轉嫁收入的價格，通常對我們來說是轉嫁的，比如材料和設備。但如果我們假設出一種方法，我們可以假設一種方法並說：“聽著，我們不會假設該地區出現通貨緊縮，但我們會假設正常的通貨膨脹，這意味著下一步沒有通貨膨脹。”我仍然認為，根據我們的積壓訂單、管道和需求，我們預計 24 年的收入肯定會高於 23 年。

That is going to, to a certain extent, be held back by our guys. Like we have a fantastic workforce. They have been working very hard for a few years. Human beings can only do so much. We're growing our workforce, but we play a long game at Comfort. We've had growth and positive cash flow for 20 years. And we're not going to -- we're trying to take work that's favorable to our guys that has favorable locations, that have reasonable GCs, who don't run a miserable project. Our focus right now is build and preserve that workforce and the long term -- the things we need to do in the long term to do that is what's going to really benefit our shareholders. Having said that, the demand is so great, it's almost irresistible.

在某種程度上，這將被我們的人阻止。就像我們擁有一支出色的勞動力隊伍一樣。幾年來，他們一直非常努力地工作。人類只能做這麼多。我們正在擴大我們的員工隊伍，但我們在 Comfort 打的是一場持久戰。 20 年來我們一直保持增長和正現金流。我們不會——我們會嘗試做對我們的員工有利的工作，這些員工有有利的地點，有合理的GC，他們不會經營一個糟糕的項目。我們現在的重點是建立和保留勞動力以及長期目標——從長遠來看，我們需要做的事情才能真正使我們的股東受益。話雖如此，需求是如此之大，幾乎是不可抗拒的。

Okay. And then last one for me. It's nice to see the revenue outlook being taken up for 2023, but you guys are standing by this gross margin at or near 2022 levels. So I guess I was just curious to me, because we're running above 2022 levels in the first half and I can't really think of a reason why we should be down year-over-year gross margin in the second half. But maybe you tell me, perhaps there's a tough comp on margins as well in the second half?

好的。然後是我的最後一張。很高興看到 2023 年的收入前景，但你們堅持毛利率處於或接近 2022 年的水平。所以我想我只是好奇，因為我們上半年的毛利率高於 2022 年的水平，我真的想不出下半年毛利率同比下降的原因。但也許你告訴我，也許下半場的利潤率也很艱難？

Well, one thing, just to correct what you said. We actually said in our prepared remarks that we expected to trend at or above, slightly above the margins. And how far above, that's a lot of work between here and when we know that.

好吧，有一件事，只是為了糾正你所說的話。事實上，我們在準備好的發言中表示，我們預計趨勢將達到或高於利潤率，略高於利潤率。從現在到我們知道這一點，還有很多工作要做。

But Sean, thanks for helping us correct that also we're performing at a very high level right now in the field. We couldn't have some more than we're getting from these folks right now.

但是肖恩，感謝您幫助我們糾正這個問題，而且我們現在在該領域的表現也非常高。我們現在無法從這些人那裡得到更多的東西。

Okay. Great. So I mean everything is going great. Execution is good, and we're looking at least a little bit better than we would have thought before on margins in addition to the stronger revenue outlook.

好的。偉大的。所以我的意思是一切都很順利。執行情況良好，除了更強勁的收入前景外，我們的利潤率至少比之前想像的要好一些。

Our next question comes from the line of Julio Romero of Sidoti.

我們的下一個問題來自西多蒂的胡里奧·羅梅羅。

I wanted to talk about the SG&A leverage you're seeing in the model. It's really impressive. How do you -- what's going on there? And how do you expect SG&A as a percentage of sales to trend for the remainder of the year?

我想談談您在模型中看到的 SG&A 槓桿。這確實令人印象深刻。你怎麼樣——那裡發生了什麼事？您預計今年剩餘時間內的銷售、管理費用（SG&A）佔銷售額的百分比趨勢如何？

So we're optimistic that we can hold it at the levels that we had at the first half, which, of course, are unprecedented for us. As a percent of revenue, our SG&A has never been lower. Part of what's driving that is service as -- even though service has grown every single quarter since you -- long before you were an analyst and our service profits have grown, they just aren't growing as fast as construction and construction has lower SG&A. It's really impressive. If you think about that SG&A leverage, people think, oh, you control your cost. But in reality, all we really did was held our gross margins as we grew and didn't add as much cost. And that we certainly hope to continue to do that. But at the level where our goal is to just hold these levels we're at.

因此，我們樂觀地認為我們可以將其保持在上半年的水平，這當然對我們來說是前所未有的。我們的銷售管理費用佔收入的百分比從未如此低過。推動這一增長的部分原因是服務——儘管自從你成為分析師以來，服務每個季度都在增長——早在你成為分析師之前，我們的服務利潤就已經增長了，但它們的增長速度並沒有建築那麼快，而且建築的銷售管理費用較低。這確實令人印象深刻。如果你考慮 SG&A 槓桿，人們會想，哦，你控制了成本。但實際上，我們真正所做的只是隨著我們的發展而保持毛利率，並且沒有增加太多成本。我們當然希望繼續這樣做。但我們的目標是保持目前的水平。

Now the risk to gross -- to the SG&A as a percent of revenue would be that revenue, let's say, there's some deflation in some of the big equipment, which is selling for a lot more today than it sold for 1, 2, 3, 5 and 10 years ago in any way you want to look at it. Here's the thing, though. If that happens, our gross margin should go up, right? Because our materials as a percent of cost of goods sold are like in the 40% low-mid 40-digit range, 43%, 42%, 44%. And historically, they're about 1/3 of our costs. So if they go down even a little bit, that you'd see our SG&A tick up a little, but you want to see our gross margins make up for or possibly more than make up for that. So just it's a hard moment to predict that because there's that big elephant in the room of cost that passed through us.

現在，總風險——SG&A佔收入的百分比是收入，比如說，一些大型設備存在通貨緊縮，這些設備今天的售價比1、2、3要高得多。 ，5 年前和 10 年前，無論你以何種方式看待它。不過，事情是這樣的。如果發生這種情況，我們的毛利率應該會上升，對吧？因為我們的材料佔銷售商品成本的百分比約為 40% 中低 40 位數範圍，即 43%、42%、44%。從歷史上看，它們大約占我們成本的 1/3。因此，如果它們下降一點點，你會看到我們的銷售、管理費用略有上升，但你希望看到我們的毛利率彌補或可能超過彌補這一點。所以現在很難預測這一點，因為成本房間裡有一隻大像從我們身邊經過。

Yes. No, that totally makes sense about the service business not growing to the extent of the construction business and that affects the SG&A. I really appreciate that explanation there. Maybe you could talk about the service business, the trends you're seeing there? And I guess, could service maybe outgrow construction in 2024, just given the tough comps that construction would have?

是的。不，這完全有道理，服務業務沒有增長到建築業務的程度，並且影響了銷售管理費用。我真的很欣賞那裡的解釋。也許您可以談談服務業務以及您在那裡看到的趨勢？我猜想，考慮到建築業的競爭比較激烈，到 2024 年，服務業的增長可能會超過建築業嗎？

So it's Brian, Julio, if you look at service in general, we've tripled it over the last 10 years, doubled it over the last 5. We'll continue to get good solid growth, but a slow incremental growth that's very consistent in service. For it to outpace construction in 2023, 2024, I don't believe that will happen. I think it will still grow. But these construction markets are still very strong this year and next year. So we will get more growth out of construction than we will out of service.

Brian、Julio，如果你看一下總體服務，我們在過去 10 年裡將其增長了兩倍，在過去 5 年裡翻了一番。我們將繼續獲得良好的穩健增長，但增量增長緩慢且非常穩定在服務中。如果它在 2023 年、2024 年超過建設速度，我認為這不會發生。我認為它仍然會增長。但今年和明年這些建築市場仍然非常強勁。因此，我們從建設中獲得的增長將比從服務中獲得的增長更多。

Okay. Great. And then just last one for me is just maybe talk about if artificial intelligence is kind of driving any newer activity within data centers lately? And is it just the hyperscalers or are there others out there at the moment?

好的。偉大的。對我來說，最後一個可能只是談論人工智能最近是否在推動數據中心內的任何新活動？是只有超大規模企業還是目前還有其他企業？

So there was an already big demand for data centers has gone up a lot. So the answer is, of course, yes, absolutely. It's not just driving the number of projects, it's driving the value of the projects. These new servers can burn 2, 3, 4x hotter. And guess what, we're in the cooling business. So it's really advantageous for us.

因此，對數據中心的需求已經很大了。所以答案當然是肯定的、絕對的。它不僅增加了項目的數量，還增加了項目的價值。這些新服務器的溫度可以提高 2、3、4 倍。你猜怎麼著，我們從事的是冷卻業務。所以這對我們來說確實是有利的。

And also the electrical demand is in the same range, 2 to 4x more requirements. So is this more work for us to do in each of these buildings, Julio.

而且電力需求也在相同範圍內，需求量增加了 2 到 4 倍。 Julio，我們在這些建築物中的每一棟都需要做更多的工作嗎？

The other thing that happens is that buildings become even more technically complex and hard to execute, which pushes people towards us, right, because we have the big workforces, the very, very capable people are much less likely to think cheap and cheerful right now.

發生的另一件事是，建築物在技術上變得更加複雜和難以執行，這將人們推向我們，對吧，因為我們擁有大量的勞動力，非常非常有能力的人現在不太可能認為廉價和快樂。

Our next question comes from the line of Joshua Chan of UBS.

我們的下一個問題來自瑞銀集團的 Joshua Chan。

Brian, Bill and Julie, congrats on a great quarter. I wanted to ask about the project outlook, I guess, basically projects that are even beyond your backlog, what you're seeing across the different end markets of work that you're possibly preparing to bid on?

布萊恩、比爾和朱莉，恭喜您度過了一個出色的季度。我想問一下項目前景，我想，基本上是超出了您的積壓工作的項目，您在可能準備投標的不同終端市場中看到了什麼？

So it's still never been better. Right now, there's more work, we're turning away work. That's why we're able to be picky about trying to find work that's good for our people and it's never been better. It's the amount of demand, you are -- so you have -- we're over 50% industrial, right? So on the technology side, you have data center demand that's really taken another leg up from already a strong positioning. And then you've got totally new sources of demand. We're deployed very heavily on 2 of the largest silicon manufacturer projects in the United States. Battery is starting to roll revenue through more. And then you've got really good manufacturing. You've got really good pharma. You've got -- it's just extraordinary. The offshoring hurt us for 15 or 20 years, and restoring feels like it's got legs right now.

所以它仍然從未如此好過。現在，還有更多的工作，我們正在放棄工作。這就是為什麼我們能夠挑剔地尋找對我們的員工有利的工作，而且情況從未如此好。這是需求量，所以你有——我們工業化程度超過 50%，對吧？因此，在技術方面，數據中心的需求確實使已經強大的定位又向前邁進了一步。然後你就會得到全新的需求來源。我們在美國最大的兩個矽製造商項目上進行了大量部署。電池開始增加收入。然後你就擁有了非常好的製造能力。你有非常好的藥品。你有——這真是太棒了。離岸外包給我們帶來了 15 或 20 年的傷害，而現在的恢復感覺就像是已經站穩了腳跟。

That's good to hear. And then on the modular business, could you remind us when the million square foot capacity comes online and kind of your time line of completing the large order and when you might be able to assume newer orders on the module side?

聽起來還不錯。然後在模塊化業務方面，您能否提醒我們百萬平方英尺的產能何時上線以及您完成大訂單的時間線以及您何時可以在模塊方面承擔更新的訂單？

So we may have some production in that space by the end of the third quarter, but if so, in one of the 2 new spaces, so it won't even be detectable. By the middle of the fourth quarter, we should have at least some production in both of the new big buildings. We are still -- our prospects for additional bookings in modular like every other part of our business. They've never been better. We have conversations. Right now, we have orders we could take that we are waiting to make sure we can execute on what we have, quite honestly.

因此，到第三季度末，我們可能會在該空間進行一些生產，但如果是這樣，在兩個新空間之一，所以它甚至不會被檢測到。到第四季度中期，我們的兩座新大樓至少應該有一些生產。我們仍然希望像我們業務的其他部分一樣以模塊化方式進行額外預訂。他們從來沒有這麼好過。我們有交談。現在，我們有可以接受的命令，我們正在等待，以確保我們能夠執行我們所擁有的，老實說。

Josh, the larger projects, it's all about the time you could have won one in the middle of June, right, that's going to come into July. So on the larger work, time is different than it is on the smaller work, which is quickly awarded. The bigger ones just take a little bit longer.

喬什，較大的項目，這都是關於你可以在六月中旬贏得一個項目的時間，對吧，那將進入七月。因此，對於較大的工作，時間與較小的工作不同，後者很快就會獲得獎勵。較大的只是需要更長的時間。

Our next question comes from the line of Brent Thielman of D.A. Davidson.

我們的下一個問題來自 D.A. 的 Brent Thielman。戴維森。

I guess, Brian or Bill, can you just maybe talk about some of the discussions you're having with customers on the modular side? Are there similar order opportunities out there like you saw kind of late in 2022 that might be additive over the course of the next 12-plus months?

我想，Brian 或 Bill，您能談談您與客戶在模塊化方面進行的一些討論嗎？是否存在類似的訂單機會，就像您在 2022 年末看到的那樣，並且在接下來的 12 個多月內可能會增加？

So we can only talk a certain amount about that, right? But our single largest customer that we've done work with since really before we bought really either of the 2 companies that do modular for us. So it's one case, more than 10 years. We're looking at ways to adapt their scope so that we can do more for them and also leave good work for contractors. We have new orders that we're in design on for a new major customer and quite honestly, we're in conversations, we've been visited by others.

所以我們只能對此進行一定程度的討論，對嗎？但自從我們購買了為我們做模塊化的兩家公司中的任何一家之前，我們就一直與我們最大的客戶合作。所以這是一個案例，10多年了。我們正在尋找調整其範圍的方法，以便我們可以為他們做更多的事情，同時也為承包商留下好的工作。我們正在為新的主要客戶設計新訂單，老實說，我們正在交談，其他人也拜訪過我們。

But frankly, we're capacity constrained for the foreseeable future, right? And we're going to -- the people who've been good to us forever, we have to take care of them and give them -- make sure we give them what they need, because they treat us well. But we're absolutely out there developing -- really, for all of these especially on the data center side for all of these people, it's all of the above strategy. They want to build modular. They want to build -- They're doing for that what we're doing for hiring people. And that is everything we can think of.

但坦率地說，在可預見的未來我們的產能受到限制，對吧？我們要——那些永遠對我們好的人，我們必須照顧他們並給予他們——確保我們給他們他們需要的東西，因為他們對我們很好。但我們絕對在開發——實際上，對於所有這些，特別是在數據中心方面，對於所有這些人來說，這都是上述策略。他們想要構建模塊化。他們想要建立——他們正在為此做我們為招聘人員所做的事情。這就是我們能想到的一切。

It's amazing how many opportunities are out there, just in the state of Texas, Brent.

令人驚奇的是，就在德克薩斯州布倫特州，就有如此多的機會。

Got it. Maybe just sticking with modular, how much of an impact is that? It sounds like it's ramped up a lot here maybe in the quarter or first half, how much of an impact is that having on your margins in mechanical?

知道了。也許只是堅持模塊化，這有多大影響？聽起來好像在本季度或上半年增長了很多，這對你們的機械利潤有多大影響？

So their margins are slightly lower than the average of our mechanical margins. Their margins per dollar spend on labor are as good or better, right? They use a less skilled on average less, very skilled, but not as skilled as [gentlemen] out in the field, labor force. But no, I mean, they average our margins down. As far as how much, it's in the tens of basis points, because they're still as big as they are, the rest of Comfort still forfeits to the business, right?

所以他們的利潤率略低於我們機械利潤率的平均水平。他們每美元勞動力支出的利潤同樣好甚至更好，對嗎？他們使用的勞動力平均技術水平較低，技術水平很高，但不如[先生們]在該領域熟練。但不，我的意思是，他們平均我們的利潤率下降了。至於多少，是幾十個基點，因為它們還是那麼大，舒適的其餘部分仍然讓給了業務，對吧？

Okay. I guess lastly, Bill, I mean, $6 in free cash flow through the first half, caught all the comments about the moving pieces attached to that. I think you're telling us don't expect to repeat of that, but is it feasible that you could still do it, because second half of the year tends to be a pretty strong cash generation for you, historically speaking?

好的。我想最後，比爾，我的意思是，上半年的自由現金流為 6 美元，抓住了所有關於與之相關的移動部分的評論。我認為您是在告訴我們不要期望重複這種情況，但是您仍然可以這樣做嗎？因為從歷史角度來看，下半年對您來說往往會產生相當強勁的現金產生？

So it would take a new prebooking to maintain this. It would take -- and most likely, if that were to come, it would not come in time for us to collect the money. We literally have $200 million we haven't earned. That is a lot of money. And it's only good news, right? The fact that we have those relationships with our customers, and they understand the kind of risks we take for them, but you can't earn the same money twice.

因此，需要重新預訂才能維持這一狀態。這需要——而且很可能，如果真的發生了，我們就無法及時收到錢了。我們實際上還有兩億美元沒有賺到。那是很多錢。這只是好消息，對吧？事實上，我們與客戶建立了這些關係，他們了解我們為他們承擔的風險，但你不能兩次賺同樣的錢。

So we just -- you know us, like we just want to be perfectly clear with people about what's happening, right? We made it clear to people when we got the prebookings that was going to be lumpy and there'd be a quarter or 2 where there'd be some normalization of that, and we want to make it clear that all this advanced cash we're getting has to normalize over time. We still have -- you can collect money early, but you can't collect it twice.

所以我們只是——你了解我們，就像我們只是想讓人們完全清楚正在發生的事情，對吧？當我們收到預訂時，我們就向人們明確表示，預訂量將會出現波動，並且會有一兩個季度的情況會正常化，我們想明確表示，所有這些預付款都是我們預付的。隨著時間的推移，重新變得正常化。我們仍然有——你可以提前收錢，但你不能收兩次。

Right. Just last one. Maybe just if you could talk about the implications of the heat waves you all experienced where you're at, but seems like it's hit a lot of the markets that you have operations and what does that mean for the company?

正確的。就最後一張。也許你可以談談你們都經歷過的熱浪的影響，但似乎熱浪襲擊了你們運營的很多市場，這對公司意味著什麼？

Well, we -- as you can imagine, it is hot at a lot of places, from a work perspective, right, 100% utilization, if not more. If anybody living in these places, try to get some of the company a house. So we don't -- it's just very difficult. But -- so the implication for us really is the health and safety of our workers, making sure they're staying hydrated regulating new work, because it is down here in the South, it is really hard, Brent. So we can really -- there's plenty of work for them to do. We just want to make sure that we take care of them for the long term. That's the bigger implication. There's plenty of work out there. That's not the problem.

嗯，正如你可以想像的那樣，從工作角度來看，很多地方都很熱，對吧，100% 的利用率，如果不是更高的話。如果有人住在這些地方，請嘗試為公司的一些人買房子。所以我們不這樣做——這非常困難。但是，對我們來說，這確實是我們工人的健康和安全，確保他們在新的工作中保持充足的水分，因為在南方，這真的很難，布倫特。所以我們真的可以——​​他們有很多工作要做。我們只是想確保長期照顧他們。這是更大的含義。那裡有很多工作要做。那不是問題。

Got you. Brian, is that driving outsized contributions from service as well?

明白你了。布萊恩，這是否也推動了服務的巨大貢獻？

Yes. Service is fully utilized, fully capacity working weekends. You just got to make sure you take him, so you don't run them into the ground. When you see that some of these folks are on roofs down in Texas, you're probably talking 120, 130 degrees on those roofs, same in Arizona. So you just got to be careful how much you're working them and what the conditions are, but it is driving a lot of work, a lot of repair work, et cetera, as you would imagine.

是的。服務充分利用，週末工作滿負荷。你只需要確保你抓住了他，這樣你就不會把他撞到地上。當您看到其中一些人在德克薩斯州的屋頂上時，您可能會說這些屋頂上的溫度為 120 度、130 度，亞利桑那州也是如此。所以你必須小心你的工作量和條件，但正如你想像的那樣，它會帶來大量的工作、大量的維修工作等等。

Our next question comes from the line of Adam Thalhimer of Thomson, Davis.

我們的下一個問題來自湯姆森戴維斯公司的 Adam Thalhimer。

Bill, I just wanted to confirm the revenue targets that you gave, those were organic, right? They do not include Eldeco?

比爾，我只是想確認一下你給出的收入目標，那些是有機的，對吧？他們不包括Eldeco？

Yes, they're organic. I've always said it's a fantastic company, but percentage-wise, they would think it was [$30 million] in the quarter. So -- but no, those are organic. But it's a rounding error -- indifference.

是的，它們是有機的。我一直說這是一家出色的公司，但從百分比來看，他們會認為該季度的收入為[3000萬美元]。所以——但不是，那些是有機的。但這是一個舍入錯誤——冷漠。

And then -- well, I was hoping you could comment on 2024 revenue because well, you guys kind of brought it up in terms of having some visibility and just playing around with the model last night. I don't really know where to set that as a start.

然後，我希望你們能夠對 2024 年的收入發表評論，因為你們昨晚提出了一些可見性並只是玩弄模型。我真的不知道從哪裡開始。

So I expect 2024 revenue will be larger than 2023 revenue. I think if you keep the margins close to the same, you can count on some growth. If you don't show growth, you should expect our margins to get higher. So the problem is it's not an independent variable, right, because it changes really the operative part of it is mix.

所以我預計 2024 年的收入將大於 2023 年的收入。我認為，如果你保持利潤率接近相同，你就可以指望一些增長。如果你沒有表現出增長，你應該期望我們的利潤率會更高。所以問題是它不是一個自變量，對吧，因為它真正改變了它的操作部分是混合。

Yes. I mean we already have a significant amount of work for 2024 already, Adam. So we're looking at 2025 in some cases. So we're feeling good about 2024 for July for sure.

是的。我的意思是，Adam，我們已經為 2024 年做好了大量工作。因此，在某些情況下我們會考慮 2025 年。因此，我們對 2024 年 7 月的情況肯定感覺良好。

Okay. But Bill, I guess, if you have the opinion that the revenue growth is going to decelerate then you get a little bit more optimistic about margins?

好的。但是比爾，我想，如果您認為收入增長將會放緩，那麼您對利潤率會更加樂觀嗎？

100%.

100%。

Got you. And then what do we do with CapEx going forward? When does this -- and I thought it was one modular facility, you said 2. But when do those stop constructing?

明白你了。那麼我們未來如何處理資本支出呢？這是什麼時候——我以為這是一個模塊化設施，你說2。但是那些什麼時候停止建造呢？

So it's 400,000-plus square feet in North Carolina and 600,000-plus square feet in Texas. The money for those build-outs should be substantially fully funded by the end of the year. I think vehicle catch-up actually has really got a long way to go. So if we were -- we're bigger now, but I would say we're 2 years from getting back to our traditional level of CapEx that you know, and we'd probably get halfway back there next year, we'll be down sort of halfway back to normal. So it's doubled now, maybe from its long-term trends. It's 150% of its long-term trends next year, and it's back to normal by the following year. That's obviously just a guess, but it's -- and keep in mind, CapEx is so small for us, right? We're such an asset-light business that it's not going to drive your model on the cash side.

因此，北卡羅來納州的面積為 400,000 多平方英尺，德克薩斯州的面積為 600,000 多平方英尺。這些擴建項目的資金應該會在今年年底前基本到位。我認為汽車追趕實際上還有很長的路要走。因此，如果我們現在規模更大，但我想說，我們需要 2 年時間才能恢復到傳統的資本支出水平，明年我們可能會恢復到一半，我們會有點恢復正常了。所以現在它已經翻了一番，也許是從其長期趨勢來看。明年是長期趨勢的150%，到第二年就恢復正常了。這顯然只是一個猜測，但請記住，資本支出對我們來說太小了，對吧？我們是一家輕資產企業，它不會在現金方面推動你的模式。

Perfect. And then just lastly, does the margin profile of the business changed at all as the revenue shifts more to modular? I'm just thinking over multiple years.

完美的。最後，隨著收入更多地轉向模塊化，業務的利潤狀況是否發生了變化？我只是思考了很多年。

So the gross margin -- yes, I would say, if you were just to freeze everything and say, "Hey, freeze everything, but double modular." What you would see is materials as a percent of cost of goods sold would be higher. And you would see gross margins would be lower and SG&A would be lower. And we'd make a lot -- yes, we make a lot of money.

所以毛利率 - 是的，我會說，如果你只是凍結一切並說，“嘿，凍結一切，但雙模塊化。”您會看到材料佔銷售成本的百分比會更高。你會發現毛利率會更低，SG&A 也會更低。我們會賺很多錢——是的，我們賺很多錢。

One way to look at the productivity of modular, people get concerned that it has slightly lower gross margin. And the reality is the margin per dollar of labor is as good or better than anything we have and think about that because it's pretty damn good in the rest of our business, right? So you just -- you have to -- these are not the same businesses. they have different characteristics -- cost characteristics. There is a lot of material, steel, chillers, generators going into those things we're building in those plants.

人們看待模塊化生產力的一種方式是擔心它的毛利率略低。現實情況是，每美元勞動力的利潤與我們所擁有的任何東西一樣好甚至更好，因為它在我們的其他業務中非常好，對吧？所以你只是——你必須——這些不是同一家公司。它們有不同的特徵——成本特徵。我們在這些工廠建造的東西需要大量的材料、鋼鐵、冷卻器、發電機。

Thank you. I'm showing no further questions at this time. I'd like to turn the call back over to Brian Lane for any closing remarks.

謝謝。我目前沒有提出任何進一步的問題。我想將電話轉回布萊恩·萊恩 (Brian Lane)，讓其發表結束語。

Okay. Thank you, Valerie. In closing, I want once again to thank all our amazing employees. I hope everybody takes care of themselves out there. And everybody else, I hope you have a great rest of your summer and we look forward to seeing you soon. Thank you.

好的。謝謝你，瓦萊麗。最後，我想再次感謝我們所有出色的員工。我希望每個人在外面都能照顧好自己。還有其他人，我希望你們度過了愉快的暑假，我們期待很快見到你們。謝謝。

Thank you. Ladies and gentlemen, this does conclude today's conference. Thank you for all participating. You may now disconnect. Have a great day.

謝謝。女士們、先生們，今天的會議到此結束。感謝大家的參與。您現在可以斷開連接。祝你有美好的一天。