Comfort Systems USA Inc (FIX) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Q2 2024 Comfort Systems USA earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的耐心等待，歡迎參加 2024 年第二季美國 Comfort Systems 收益電話會議。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Julie Shaeff, Chief Accounting Officer. Please go ahead.

現在我想將會議交給今天的發言人、首席會計官 Julie Shaeff。請繼續。

Thanks, Daniel. Good morning. Welcome to Comfort Systems USA's Second Quarter 2024 earnings calls. Our comments today as well as our press releases contain forward-looking statements within the meaning of the applicable securities laws and regulations.

謝謝，丹尼爾。早安.歡迎參加 Comfort Systems USA 2024 年第二季財報電話會議。我們今天的評論以及我們的新聞稿包含適用證券法律和法規含義內的前瞻性陳述。

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.

我們今天要說的是基於美國舒適系統公司目前的計劃和期望。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營運結果與我們的評論中所述的存在重大差異。

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

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清單和評論。幻燈片簡報作為我們的評​​論的配套提供，並發佈在該公司網站的投資者關係部分，網址為：comfortsystemsusa.com。

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

今天和我一起參加電話會議的還有總裁兼執行長 Brian Lane；特倫特·麥肯納，營運長；和財務長威廉·喬治。

Brian will open our remarks.

布萊恩將開始我們的演講。

Okay. Thanks, Julie. Good morning, everyone, and thank you for joining us for the call today. We had a fantastic quarter as our teams achieved superb execution for our customers. We earned $3.74 per share this quarter, which is a net, which is an increase of over 9% compared to a year ago.

好的。謝謝，朱莉。大家早安，感謝您今天加入我們的電話會議。我們度過了一個精彩的季度，因為我們的團隊為客戶實現了卓越的執行力。本季我們每股收益為 3.74 美元，這是淨收益，與去年同期相比增長了 9% 以上。

Our mechanical business exceeded last year and our electrical segment achieved unprecedented margins. Both operating income and EBITDA dollars increased by 100% this quarter compared to 2023. Demand remains strong, especially in the industrial sector, including technology and other manufacturing customers.

我們的機械業務超過了去年，我們的電氣業務也實現了前所未有的利潤率。與 2023 年相比，本季營業收入和 EBITDA 均成長了 100%。需求依然強勁，尤其是在工業領域，包括技術和其他製造客戶。

Our backlog continues to track at a high level despite our strong revenue for the quarter. Backlog is $5.8 billion, far high up on both an absolute and a same-store basis than this time last year. And we continue to select work that has good margins and good working conditions for our valuable people. I will discuss our business and outlook in a few minutes.

儘管本季收入強勁，但我們的積壓訂單仍持續保持在高水準。積壓訂單金額為 58 億美元，無論是絕對值或同店積壓量均遠高於去年同期。我們繼續為有價值的員工選擇利潤豐厚、工作條件良好的工作。我將在幾分鐘內討論我們的業務和前景。

But first, I will turn this call over to Will to review our financial performance. Will?

但首先，我會將這通電話轉交給威爾，以審查我們的財務表現。將要？

Thanks, Brian. So, second quarter results were really remarkable. We had 30% same-store revenue growth, higher margins, good SG&A leverage and over $165 million in free cash flow. We achieved more than $200 million in quarterly EBITDA for the first time, and our EBITDA doubled compared to the same quarter last year.

謝謝，布萊恩。所以，第二季的業績確實非常出色。我們的同店營收成長了 30%，利潤率更高，SG&A 槓桿良好，自由現金流超過 1.65 億美元。我們的季度 EBITDA 首次超過 2 億美元，與去年同期相比，我們的 EBITDA 翻了一番。

Revenue for the second quarter of 2024 was $1.8 billion, and that is an increase of $514 million or 40% compared to last year. Our mechanical segment revenue increased by 49%, benefiting from organic construction and service growth, recent acquisitions and modular expansion. Electrical segment revenue increased by 12%. And overall, our same-store revenue increased by 30% or $383 million with the remaining $131 million of increase resulting from acquisitions.

2024 年第二季營收為 18 億美元，比去年增加 5.14 億美元，成長 40%。我們的機械部門收入成長了 49%，受益於有機建設和服務成長、最近的收購和模組化擴張。電氣部門收入成長 12%。整體而言，我們的同店營收成長了 30%，即 3.83 億美元，其餘 1.31 億美元的成長來自收購。

We are facing tougher prior year comparable results for the remainder of the year. Through six months, our same-store revenue growth has been 26%. And currently, our best estimate is that for full year 2024, our same-store revenue growth will be in the low to mid-20% range.

今年剩餘時間裡，我們將面臨更艱難的去年可比業績。六個月來，我們的同店收入成長了 26%。目前，我們最好的估計是，2024 年全年，我們的同店營收成長將在 20% 的中低範圍內。

Gross profit was $364 million for the second quarter of 2024, a noteworthy $136 million improvement compared to a year ago. Our gross profit percentage grew to 20.1% this quarter compared to 17.6% for the second quarter of 2023. Quarterly gross profit percentage in our electrical segment jumped to 23.6% this year as compared to 17% last year.

2024 年第二季的毛利為 3.64 億美元，與去年同期相比顯著增加了 1.36 億美元。本季我們的毛利率成長至 20.1%，而 2023 年第二季為 17.6%。今年，我們電氣部門的季度毛利率躍升至 23.6%，而去年為 17%。

Margins in our mechanical segment also increased significantly to 19.2% as compared to 17.8% in the second quarter of 2023. EBITDA doubled to $223 million this quarter from a strong $112 million in the second quarter of 2023. Same-store EBITDA increased by over 80%. And even without recent acquisitions, our EBITDA exceeded $200 million. Considering the strong ongoing demand, we expect that for 2024, EBITDA margins will continue in the strong ranges that we have achieved over the last several quarters.

我們的機械部門的利潤率也大幅成長至 19.2%，而 2023 年第二季為 17.8%。本季 EBITDA 從 2023 年第二季的 1.12 億美元翻倍至 2.23 億美元。同店 EBITDA 成長超過 80%。即使沒有最近的收購，我們的 EBITDA 也超過了 2 億美元。考慮到持續強勁的需求，我們預計 2024 年，EBITDA 利潤率將繼續保持在過去幾季的強勁水平。

SG&A expense for the quarter was $180 million, or 9.9% of revenue, compared to $136 million or 10.5% of revenue in the second quarter of 2023. Our operating income increased by just over 100% from last year from $92 million in the second quarter of 2023 to $185 million for the second quarter of 2024. With improved gross profit margins and favorable SG&A leverage, our operating income percentage surged to 10.2% this quarter from 7.1% in the prior year. This is the first time that we have achieved 10% OI margins in the quarter.

本季的 SG&A 費用為 1.8 億美元，佔營收的 9.9%，而 2023 年第二季的 SG&A 費用為 1.36 億美元，佔營收的 10.5%。我們的營業收入比去年成長了 100% 多一點，從 2023 年第二季的 9,200 萬美元增至 2024 年第二季的 1.85 億美元。憑藉毛利率的提高和有利的 SG&A 槓桿，本季我們的營業收入百分比從上一年的 7.1% 飆升至 10.2%。這是我們本季首次實現 10% 的 OI 利潤率。

Since I became CFO, Comfort Systems, has not used adjusted numbers to make our results look better. However, today, I do want to point out a notable factor in our results. Our recent acquisitions have exceeded our high expectations, resulting in larger than usual earnout expense. Without the changes in the fair value of our earnout obligations this quarter, certain earnings would have been notably stronger.

自從我擔任財務長以來，Comfort Systems 一直沒有使用調整後的數字來讓我們的結果看起來更好。然而，今天，我確實想指出我們結果中的一個值得注意的因素。我們最近的收購超出了我們的高預期，導致獲利費用高於平常。如果本季我們的獲利義務的公允價值沒有變化，某些收益將會明顯強勁。

We always have purchase-related adjustments in the periods following an acquisition. However, they currently are and likely will continue to be much larger over the next several quarters because of the significant contingent consideration opportunity included in recent transactions.

我們總是在收購後的期間進行與收購相關的調整。然而，由於最近的交易中包含了重大的或有對價機會，它們目前並且可能在未來幾季繼續變得更大。

Our year-to-date tax rate was 21.3%. We currently estimate that the full year 2024 tax rate will likely be in the 21% to 22% range. After considering all of these factors, net income for the second quarter of 2024 was $134 million or $3.74 per share. This is a 90% improvement from last year.

我們年初至今的稅率為 21.3%。我們目前估計 2024 年全年稅率可能在 21% 至 22% 範圍內。考慮到所有這些因素後，2024 年第二季的淨利潤為 1.34 億美元，即每股 3.74 美元。這比去年提高了 90%。

Free cash flow for the first six months of 2024 was $290 million. We continue to benefit from advanced payments for work that we will fund and complete in upcoming quarters and operating cash flow continues to exceed our earnings by about $300 million on a trailing 12-month basis. So we are well ahead of earnings and collecting our cash. Even with 2 notable acquisitions earlier this year, we have succeeded in retiring all of our bank debt as of June 30, 2024, and other debt was $91 million with cash balances exceeding our debt. We also spent around $11 million on share repurchases this quarter.

2024 年前六個月的自由現金流為 2.9 億美元。我們將繼續受益於我們將在未來幾季資助和完成的工作的預付款，並且在過去 12 個月的基礎上，營運現金流繼續超過我們的收入約 3 億美元。因此，我們遠遠領先於獲利和現金回收。即使今年稍早進行了兩次重大收購，截至 2024 年 6 月 30 日，我們仍成功償還了所有銀行債務，其他債務為 9,100 萬美元，現金餘額超過了我們的債務。本季我們也花了約 1,100 萬美元用於股票回購。

That's all I got it, Brian

這就是我所知道的，布萊恩

Hey, thanks, Will. I'm going to discuss our business and outlook.Our backlog at the end of the second quarter was $5.8 billion, a large year-over-year increase in a modest sequential decline. Since last year, our backlog has increased by $1.6 billion or 38%. [$1 billion] of the increase was same-store and $0.6 billion was new backlog from recent acquisitions. We are entering the second half of 2024 with 25% more same-store backlog than we had at this time last year despite a roughly 30% surge in organic revenue.

嘿，謝謝，威爾。我將討論我們的業務和前景。自去年以來，我們的積壓訂單增加了 16 億美元，即 38%。其中 [10 億美元] 成長來自同店，6 億美元來自最近收購的新積壓訂單。進入 2024 年下半年，儘管有機收入增長了約 30%，但同店積壓訂單仍比去年同期增加了 25%。

Our revenue mix continues to trend towards data centers, chip fab, battery plants, life science and food. Industrial customers accounted for 60% of total revenue in the first half of 2024, and they are major drivers of pipeline and backlog. Technology, which is included in industrial, was 31% of our revenue, a substantial increase from 20% in the prior year.

我們的收入結構繼續朝向資料中心、晶片工廠、電池廠、生命科學和食品方向發展。工業客戶佔2024年上半年總收入的60%，是管道和積壓訂單的主要驅動力。工業中包含的技術占我們收入的 31%，比前一年的 20% 大幅增加。

Institutional markets, which include education, health care and government, are also strong and represent 23% of our revenue. The commercial sector remains reasonably active in the regions that we serve, but it is now a smaller part of our business at about 17% of revenue. Most of our service revenue is for commercial customers though the share of our construction revenue that is commercial is not relatively small.

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 23%。在我們服務的地區，商業部門仍然相當活躍，但它現在只占我們業務的一小部分，約佔收入的 17%。我們的服務收入大多是為商業客戶提供的，儘管我們商業建築收入的份額並不相對較小。

Construction activities continue to be extraordinarily strong, and our project pipelines continue at unprecedented high levels. Construction accounted for 84% of our revenue with projects for new buildings representing 59% and existing building construction 25%. We include modular and new building construction and year-to-date modular was 18% of our revenue.

建築活動持續異常強勁，我們的專案儲備繼續保持在前所未有的高水準。建築施工占我們收入的 84%，其中新建築項目佔 59%，現有建築施工佔 25%。我們包括模組化和新建建築，今年迄今為止，模組化占我們收入的 18%。

Service revenue was 16% of our total revenue as our service revenue increased by 10% and service profit grew by 20% this quarter. Service is a reliable source of profit and cash flow and is on track to exceed $1 billion in revenue for 2024. As noted above, we are entering the second half of 2024 with a backlog that is 25% higher on a same-store basis than we had at this time last year, and we have a superb team working hard for our customers every single day.

服務收入占我們總收入的 16%，本季我們的服務收入成長了 10%，服務利潤成長了 20%。服務是利潤和現金流的可靠來源，預計到 2024 年收入將超過 10 億美元。如上所述，進入 2024 年下半年，我們的同店積壓訂單量比去年同期高出 25%，而且我們擁有一支出色的團隊，每天都在為客戶努力工作。

Thanks to the dedication and hard work of our employees across the country. We are optimistic about our future. As always, I want to close by thanking our over 17,000 employees for their hard work and dedication. I'll now turn it back over to Daniel for questions. Thank you.

感謝全國各地員工的奉獻和辛勤工作。我們對未來感到樂觀。像往常一樣，我想最後感謝我們超過 17,000 名員工的辛勤工作和奉獻精神。我現在將其轉回給丹尼爾提問。謝謝。

(Operator Instructions).

（操作員說明）。

Alex Dwyer with KeyBanc Capital Markets.

KeyBanc 資本市場的 Alex Dwyer。

Hey, good morning. Thanks for taking my question, bonding for it. So, it's nice to see the continued strength in margins and the guidance called for this to continue this year. But how sustainable do you think these margins are as we think about the business on a longer-term basis? Is there any reason to think these margins would ultimately revert back more towards the historical averages over time?

嘿，早安。感謝您提出我的問題，並為此建立聯繫。因此，很高興看到利潤率持續強勁，指導意見要求今年繼續保持這種勢頭。但是，當我們從長遠角度考慮業務時，您認為這些利潤率的可持續性如何？有沒有理由認為隨著時間的推移，這些利潤率最終會恢復到歷史平均值？

I think, Alex, particularly as you know, the upcoming short term, I think we're in pretty good shape to maintain these margins. We're getting good pricing that we're getting excellent execution in the field. And also you can't forget we have a growing service 10% and you see profitability increase there. So I think we're pretty we're pretty optimistic in the near future that we should maintain these margins.

我認為，亞歷克斯，特別是如你所知，在即將到來的短期內，我認為我們處於保持這些利潤的良好狀態。我們獲得了良好的定價，並且在該領域獲得了出色的執行力。而且您也不能忘記我們的服務成長了 10%，並且您會看到獲利能力的提高。所以我認為我們對在不久的將來保持這些利潤率非常樂觀。

I would say every factor that is creating these margins is continuing at least as strong as it has been and in some cases continues to get stronger.

我想說，創造這些利潤的每一個因素都至少和以前一樣強勁，並且在某些情況下繼續變得更強。

Got it. And then the modular construction performance in the quarter, was most of that project activity for data centers? And then more broadly, how do we think about the growth algorithm in modular going forward, capacity additions and the ability for the business to gain efficiencies over time?

知道了。然後，本季的模組化建設績效大部分是針對資料中心的專案活動嗎？然後更廣泛地說，我們如何考慮未來模組化的成長演算法、容量增加以及業務隨著時間的推移而提高效率的能力？

So modular like really every single part of our business did great this quarter. And it's -- as you could see, it's growing, it's up to near 18% of our revenue. And -- so it's adding a percentage while the revenue is growing very quickly. So that's continued to grow. As far as the future, people have been asking a lot, are we going to make new large commitments to space. I don't think that that is something that -- we are taking incremental commitments. We have added incremental space within the last few months.

如此模組化，就像我們業務的每個部分本季都表現出色一樣。正如您所看到的，它正在成長，占我們收入的近 18%。而且——所以它增加了一個百分比，同時收入成長非常快。所以這個數字還在持續成長中。就未來而言，人們一直在問，我們是否會對太空做出新的重大承諾。我不認為這是我們正在做出的增量承諾。我們在過去幾個月內增加了增量空間。

We're more likely to do things incrementally. And I do want to say that one of the things that we emphasized when we took the additional 1 million square foot of space that we took recently, we took space that was much -- had much higher roofs and was much more configured for automation. And so I think a lot of our goal is going to be to improve the production and productivity of the newly deployed space.

我們更有可能循序漸進地做事。我確實想說，當我們最近額外佔用 100 萬平方英尺的空間時，我們強調的一件事是，我們佔用的空間很大——有更高的屋頂，並且有更多的自動化配置。因此，我認為我們的許多目標將是提高新部署空間的生產和生產力。

Ultimately, Comfort is going to take the amount of work we can execute. And when people -- there are businesses that you can scale easily. This is a business that you're doing things in the real world. You're delivering things that are 3 stories tall and 100 yards long and have incredible complexity inside them. And you have to respect the difficulty of what you're doing and make sure we will always put our ability to keep our promises to our customers above sort of pushing for growth on the topline.

最終，舒適度將佔用我們可以執行的工作量。當人們——有一些可以輕鬆擴展的業務。這是一項你在現實世界中所做的事情。您要交付的東西有 3 層樓高、100 碼長，而且內部極其複雜。你必須尊重你所做的事情的困難，並確保我們始終將信守對客戶的承諾的能力置於推動收入成長之上。

Thank you. I'll turn it over.

謝謝。我會把它翻過來。

Adam Thalhimer with Thompson, Davis

亞當·塔爾希默與湯普森、戴維斯

Hey, good morning, guys. Great quarter. All right. So also on modular. I think it was late -- was it December of 2022, you had like a program award for modular? I'm curious if you see the potential for more of those going forward or if the future modular awards are more one-off?

嘿，早上好，夥計們。很棒的季度。好的。模組化也是如此。我認為已經晚了 - 是在 2022 年 12 月嗎？我很好奇您是否看到了未來更多此類獎項的潛力，或者未來的模組化獎項是否更多是一次性的？

So I don't know about one-off. They're just constant. So in 2021 December, there was a big commitment that was part of a really more than a year negotiation with a large customer that induced us to make a really big investment in 1 million square feet of additional space.

所以我不知道什麼是一次性的。它們只是恆定的。因此，在 2021 年 12 月，我們做出了一項重大承諾，這是與一位大客戶長達一年多的談判的一部分，這促使我們對 100 萬平方英尺的額外空間進行了巨額投資。

Since then, we have been able to keep the backlog at least the levels that we achieved sort of in that time frame. But it's -- the awards sort of come in as programs are completed, right-- there's short -- there are redesigns that happen in the products that we sell. And I don't know if it will continue.

從那時起，我們就能夠將積壓訂單保持在至少我們在該時間範圍內達到的水平。但獎項是在專案完成後頒發的，對吧，總而言之，我們銷售的產品會進行重新設計。而且我不知道這種情況是否會持續下去。

But I will say, in the last three years, we've tended to get more of the modular bookings in the winter months, sort of December, January, February, and we've had sort of a net burn in the middle of the year. We certainly had a net burn in modular this quarter, but we it's because we had really big bookings over the winter. And I think our prospects are good for that. But obviously, it depends if people are still planning on having data and computing power, right, which we think they are.

但我要說的是，在過去的三年裡，我們傾向於在冬季（12 月、1 月、2 月）獲得更多的模組化預訂，我們在冬季中期出現了淨燒錢。本季我們的模組化產品確實出現了淨消耗，但這是因為我們在冬季的訂單量非常大。我認為我們的前景是好的。但顯然，這取決於人們是否仍然計劃擁有數據和計算能力，對吧，我們認為他們是這樣。

That was my next question, backlog seasonality because for a couple of years now, it's been burn over the summer and build over the winter. Can that happen again?

這是我的下一個問題，積壓的季節性，因為幾年來，它在夏天被燒毀，在冬天積壓。這種事還能再發生嗎？

Yeah, So if you look at last year, we sort of went through the same cycle. I mean the thing you look at, we look at, Adam, is what's the demand, what's our pipelines look like. They're robust. It's in all the markets we served. It's probably a strong. I've been doing this for 40-some years. It's probably the best market I've ever been in. So we're pretty optimistic to see plenty of work for a while.

是的，如果你看看去年，我們經歷了同樣的週期。我的意思是，亞當，你所看到的，我們所看到的，是需求是什麼，我們的管道是什麼樣的。他們很堅強。我們服務的所有市場都有這種情況。這大概就是強者吧。我這樣做已經四十多年了。這可能是我去過的最好的市場。因此，我們非常樂觀地看到一段時間內會有大量工作。

And then lastly, can you just comment on Texas electrical, the margins are over 22%, again for the third straight quarter. Kind of what's the outlook for that business?

最後，您能否評論一下德州電力公司，利潤率再次超過 22%，連續第三個季度。該業務的前景如何？

Yeah. Well, first of all, the electrical company we have here is really a superb company that Will, found for sure. They're in the 4 big markets that we like in Texas. We have more electricians than anyone else. And Texas is booming. We got a lot of mission-critical work, which is really in the sweet spot. So we're really humming along in that business right now. And I think it will go on for a while.

是的。嗯，首先，我們這裡的電氣公司確實是威爾找到的一家很棒的公司。他們位於我們喜歡的德克薩斯州 4 個大市場。我們的電工比其他任何人都多。德州正在蓬勃發展。我們完成了許多關鍵任務的工作，這確實是最佳狀態。所以我們現在在這個行業確實進展順利。我認為這種情況會持續一段時間。

It's also important to note, the electrical segment is not just Texas. We have unbelievable results right now in Kentucky and North Carolina. We have just fantastic electrical businesses. People need what they do. They do a great job for their customers, and they make sure that they get paid for the capacity that they can bring to bear and for the risks that they take. So it's really, to hit those kinds of numbers, pretty much everybody had to be just having an amazing outcome.

還需要注意的是，電力領域不僅僅是德克薩斯州。我們現在在肯塔基州和北卡羅來納州取得了令人難以置信的成果。我們擁有出色的電力業務。人們需要他們所做的事情。他們為客戶做得很好，並確保他們根據自己所能承擔的能力和所承擔的風險獲得報酬。所以，要達到這些數字，幾乎每個人都必須取得令人驚訝的結果。

It's good to have electricians right now. Adam.

現在有電工真是太好了。亞當.

Good to hear. Thank you.

很高興聽到。謝謝。

Thank you.

謝謝。

Josh Chan with UBS.

瑞銀集團 (UBS) 的喬許陳 (Josh Chan)。

Morning, guys. Congrats on a really good quarter.

早安，夥計們。恭喜您度過了一個非常好的季度。

Thank you so much.

太感謝了。

I guess, Brian, if you really look at the bidding pipeline, do you see kind of new projects popping up for bid at similar or stronger rates? And where are those verticals, any difference versus sort of the recent past?

我想，布萊恩，如果你仔細觀察投標管道，你是否會看到一些新項目以類似或更高的價格出現？這些垂直領域在哪裡，與最近的過去相比有什麼不同嗎？

I think if you look at the pipelines in the backlog, it's probably been pretty consistent for the last 18 months to two years. We're still seeing, as we mentioned in the script, similar opportunities, data centers, pharma, life sciences, food, et cetera. So we're seeing the mix pretty consistent in the markets that we serve. And there's been no let-up, Josh,

我認為，如果您查看待辦事項中的管道，您會發現過去 18 個月到兩年內的情況可能相當一致。正如我們在腳本中提到的，我們仍然看到類似的機會，資料中心、製藥、生命科學、食物等等。因此，我們看到我們所服務的市場中的組合非常一致。喬希，我們沒有鬆懈，

If you don't mind. I'll just comment on other data centers. We're going to have people there are people right now who seem to be concerned that something's happening with the data center build. What we are hearing from our customers and experiencing in the market is that they are continuing to believe in deploying data centers.

如果你不介意的話。我只會評論其他資料中心。我們現在會有一些人似乎擔心資料中心建設中發生的事情。我們從客戶那裡聽到的以及在市場上體驗到的情況是，他們仍然相信部署資料中心。

They've bought a lot of very, very expensive computer chips they're taking delivery of those on a regular basis. Our understanding is they're going to be deployed into servers and put in buildings that are going to need to be cooled. They're going to need to be heated. I mean, sorry, they're going to need electricity.

他們購買了很多非常非常昂貴的電腦晶片，並定期接收這些晶片。我們的理解是它們將部署到伺服器並放置在需要冷卻的建築物中。它們需要被加熱。我的意思是，抱歉，他們需要電。

They'll be heated by the servers. The but -- and also, we're seeing data center work pop up in places that hasn't started yet in states where we haven't seen data centers before.

它們會被伺服器加熱。但是，而且，我們看到資料中心工作在我們以前從未見過資料中心的州尚未開始的地方突然出現。

So it's possible, I guess?

所以我猜有可能嗎？

That's slowing down. But I will say if that's happening, it's certainly not in anything that we can see or experience in our vision or our markets or in our conversations with our customers.

那速度正在減慢。但我想說的是，如果這種情況發生了，那肯定不是我們在願景、市場或與客戶的對話中看到或體驗到的。

That's encouraging and thanks for the color there. I guess in this current environment, how do you keep your employees happy? And I know no one's like relax working this hard, but any concerns about the sustainability, everybody working this hard for a long time?

這是令人鼓舞的，感謝那裡的顏色。我想在現在的環境下，如何讓員工開心呢？我知道沒有人喜歡放鬆地工作這麼努力，但是對永續性有任何擔憂嗎，每個人都這麼努力工作很久？

Yeah, Josh, that is a great question. Thanks for asking it. We really take great pride in protecting our folks from a health and safety perspective, treat them fair, we treat them with respect. We have a lot of work for them to do, which is great for themselves and their families. But at the end of the day, we are extremely grateful for the hard work and commitment they're all making, but we'll really go out of that way.

是的，喬什，這是一個很好的問題。謝謝你的提問。我們非常自豪能夠從健康和安全的角度保護我們的員工，公平對待他們，我們尊重他們。我們有很多工作要做，這對他們自己和他們的家人來說都是好事。但歸根結底，我們非常感謝他們所做的辛勤工作和承諾，但我們真的會繼續這樣做。

We're very field focused in this company, which I'm really proud of, and we really do try to take aim as best we can. So they like a lot of work. They like to work. So we're in a good time for them as well. So -- but thanks for asking.

我們非常專注於這家公司，我對此感到非常自豪，我們確實盡力實現目標。所以他們喜歡很多工作。他們喜歡工作。所以我們對他們來說也處於一個好時機。所以——但是謝謝你的提問。

That's good. And then maybe I can sneak one more in. If people were to ask you, what percentage of your business do you think is exposed to AI, how would you address that? Is that the data center portion? Or how would you kind of think about that?

那挺好的。然後也許我可以再偷偷溜進去一個。如果人們問你，你認為你的業務中有多少比例受到人工智慧的影響，你會如何回答？那是資料中心部分嗎？或者你會如何看待這個問題？

You know, I don't think AI, let's say, the demand for data, right? Because even the AI build really only started at last year, 15 months, right? There's been heavy data center construction because people were getting ready for streaming. Everybody's forgotten about that. Compute power the AI, thing is an incremental add to what was already a very, very solid pipeline.

你知道，我不認為人工智慧對數據的需求，對吧？因為即使是人工智慧的建置實際上也是去年15個月才開始的，對嗎？由於人們正在為串流媒體做好準備，因此資料中心的建設量很大。大家都忘記了這一點。人工智慧的運算能力是對已經非常非常可靠的管道的增量添加。

I would say that it's both AI, and chips that are affected by, driven by, decisions by hyperscalers to protect their core businesses by making sure they're not left behind and to prepare for opportunities of the future by building out this capacity. I don't know if that helps, but--

我想說的是，人工智慧和晶片都受到超大規模企業決策的影響和驅動，這些決策旨在透過確保自己不會落後來保護其核心業務，並透過建立這種能力來為未來的機會做好準備。我不知道這是否有幫助，但是——

Yeah, thanks, Will, and thanks and thank you both for the response and the time.

是的，謝謝威爾，謝謝你們的回覆和時間。

Thank you.

謝謝。

Julio Romero with Sidoti & Company.

胡里奧·羅梅羅 (Julio Romero) 與 Sidoti & Company。

Thanks. Good morning, guys.

謝謝。早安，夥計們。

Good morning.

早安.

You guys talked about good morning. You're talking same-store sales growth in the low to mid 20% range for the full year from I guess that implies at least 15% ish growth in the back half. Just any thoughts about how we should think about same store sales growth percentages in 3Q and then in 4Q.

你們聊了早安。你說的是全年同店銷售額成長在 20% 左右，我猜這意味著下半年至少有 15% 左右的成長。關於我們應該如何考慮第三季和第四季同店銷售成長百分比的任何想法。

So through 11 months, it was 26%. So to sort of be that low mid 10s, that would have to it would come down some, but maybe not down to 15, right? If you if the second half was 15% and that's going to average below 20%. So we're a little stronger than that. I don't really know what's going to happen. There's a lot we are on July 1 of this year, we had 25% more folks were on a same store basis than we had last year.

所以在 11 個月裡，這個比例是 26%。因此，要達到 10 左右的低水平，就必須下降一些，但可能不會下降到 15，對嗎？如果下半年是 15%，那麼平均值將低於 20%。所以我們比那強一點。我真的不知道會發生什麼事。今年 7 月 1 日，我們的活動非常多，同一家商店的人數比去年增加了 25%。

So, you know, we believe we're going to have very strong growth for the full year. Our best estimate is that low mid 20% range. But I will say there's a range around that of what could happen. And we do we have seemed to be surprised to the upside lately.

所以，你知道，我們相信全年將會有非常強勁的成長。我們最好的估計是中低 20% 的範圍。但我想說的是，可能發生的事情是有一定範圍的。我們確實對最近的上漲感到驚訝。

Got it. That's helpful. And then and you guys talked about factors that are creating these margins on one of them, I would think would be project selection. Can you maybe just talk about that and how crucial the factor that is in creating these margins? And is that kind of like a rising tide of sorts where you can just continue to see a greater quantity of opportunities and you're able to do and therefore you are able to become more and more selective on these projects?

知道了。這很有幫助。然後你們談到了在其中之一上創造這些利潤的因素，我認為是項目選擇。您能否談談這一點以及創造這些利潤的因素有多重要？這是否有點像某種不斷上漲的浪潮，您可以繼續看到更多的機會並且您能夠做到，因此您能夠對這些項目變得越來越有選擇性？

Yeah, I think you know, we have a crisis. We like most people do go no go, but we're very careful to select will put another valuable resource with good customers in doing the work. So, it's really important that you go to the factories and selecting what work you're going to take in a market like this. One is when there's a lot of work out there, Julio.

是的，我想你知道，我們遇到了危機。我們像大多數人一樣不去，但我們非常謹慎地選擇將另一個有價值的資源與良好的客戶一起做工作。因此，前往工廠並選擇在這樣的市場中要從事的工作非常重要。一是當工作量很大的時候，胡里歐。

Okay. Okay. And then and last one for me would just be on that 10% operating margin milestone that you hit in this quarter. I think it may also be the first time at least in quite a while that your SG&A margin has a 9% handle on it. So maybe if you could just touch on SG&A leverage and how we should be thinking about that going forward?

好的。好的。然後，對我來說最後一個目標是您在本季達到的 10% 營業利潤率里程碑。我認為這也可能是您的 SG&A 利潤率至少在相當長一段時間內第一次達到 9%。那麼，也許您可以談談 SG&A 槓桿以及我們未來應該如何考慮這一點？

It's a great question. It's going to be hard to get much more SG&A leverage just mathematically, right? But I do think this range is we should continue and because we're continuing to get the revenue growth, we did have notable dollar increases in SG&A this quarter. It does take money to do this work. So I guess I would say -- I guess if that were a modeling question, I wouldn't count on a whole lot more leverage, but I don't think -- I think the leverage we've gotten so far is pretty solid until revenue trends were to change here.

這是一個很好的問題。僅從數學角度來看，很難獲得更多的 SG&A 槓桿，對嗎？但我確實認為這個範圍是我們應該繼續下去的，因為我們繼續實現收入成長，所以本季我們的銷售管理費用確實有顯著的成長。做這項工作確實需要錢。所以我想我會說 - 我想如果這是一個建模問題，我不會指望更多的槓桿，但我不認為 - 我認為我們迄今為止獲得的槓桿是相當穩固的直到這裡的收入趨勢發生變化。

Got it. I'll pass it along. Thanks very much, guys.

知道了。我會把它傳遞下去。非常感謝，夥計們。

Thanks.

謝謝。

Thanks.

謝謝。

Thank you. I'm showing no further questions at this time. I would now like to turn it back to Brian Lane for closing remarks.

謝謝。我目前沒有提出任何進一步的問題。現在我想請布萊恩·萊恩 (Brian Lane) 發表結束語。

All right. Thanks, everyone, for listening in today. I really want to thank our amazing employees. Again, we're really grateful for the work that they do. I hope everyone enjoys their summer and the weekend, and we look forward to seeing everybody on the road soon. Thank you.

好的。謝謝大家今天的收聽。我真的要感謝我們出色的員工。再次，我們非常感謝他們所做的工作。我希望每個人都享受他們的夏天和週末，我們期待很快在路上見到大家。謝謝。

Thanks, everybody and this concludes today's conference call. Thank you for participating, and you may now disconnect.

謝謝大家，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。