Comfort Systems USA Inc (FIX) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q2 2025 Comfort Systems USA earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 2025 年第二季 Comfort Systems USA 收益電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Julie Shaeff, Chief Account Officer. Your line is open.

現在，我想將會議交給今天的發言人、首席客戶長朱莉·謝夫 (Julie Shaeff)。您的線路已開通。

Thanks, Latonya. Good morning. Welcome to Comfort Systems USA's second-quarter 2025 earnings call. Our comments today, as well as our press releases, contain forward-looking statements within the meaning of the applicable securities 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.

謝謝，拉托尼亞。早安.歡迎參加 Comfort Systems USA 2025 年第二季財報電話會議。我們今天的評論以及新聞稿包含適用證券法律法規所定義的前瞻性陳述。我們今天要講的內容是基於 Comfort Systems USA 目前的計劃和期望。這些計劃和期望包括風險和不確定性，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. 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. Brian will open our remarks.

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的特定風險因素的詳細清單和評論。我們提供了幻燈片簡報作為我們演講的補充，並發佈在公司網站 ComfortSystemsUSA.com 的投資者關係板塊。今天與我一起參加電話會議的還有總裁兼執行長 Brian Lane、營運長 Trent McKenna 和財務長 Bill George。布萊恩將開始我們的演講。

Okay, thanks, Julie. Good morning, and thank you for joining us on the call today. We had a fantastic quarter with amazing execution by our teams. This is the first time that our quarterly revenue has exceeded $2 billion. We earned an unprecedented $6.53 per share this quarter, which is an increase of 75% compared to a year ago. Our Mechanical segment had a sharp increase in profitability, and our Electrical segment was higher as well. Service revenue and profits also increased by double-digit percentages.

好的，謝謝，朱莉。早安，感謝您今天參加我們的電話會議。我們度過了一個精彩的季度，我們的團隊表現出色。這是我們的季度營收首次超過20億美元。本季我們的每股盈餘達到了前所未有的 6.53 美元，比去年同期成長了 75%。我們的機械部門獲利能力大幅提升，電氣部門獲利能力也同樣提升。服務收入和利潤也實現了兩位數的百分比成長。

Our bookings were strong and our backlog at the end of the quarter grew to a new high of $8.1 billion. Demand remained strong, especially in technology, and we continue to book work with good margins and good working conditions for our valuable people. We are going into the second half of 2025 with significant same-store growth in both sequential and year-over-year backlog.

我們的預訂量非常強勁，本季末的積壓訂單成長至 81 億美元的新高。需求依然強勁，尤其是在科技領域，我們繼續為我們寶貴的員工提供利潤豐厚、工作條件良好的工作。進入 2025 年下半年，同店訂單量將較上季及年比顯著成長。

I am happy to announce the acquisition and welcome Right Way Plumbing, a great plumbing business based in Florida, that we expect will earn $60 million to $70 million per year in revenue. We also increased our quarterly dividend by $0.05 to $0.50 per share, and we actively purchased shares during the first half of 2025. Despite a backdrop of tariff ambiguity and economic uncertainty, we feel fortunate to have good demand, especially for large and complex projects. Thanks to our amazing people, we expect continuing strong results in 2025 and continuing success into 2026.

我很高興宣布此次收購，並歡迎 Right Way Plumbing，這是一家位於佛羅裡達州的優秀管道公司，我們預計其每年的收入將達到 6,000 萬至 7,000 萬美元。我們還將季度股息提高 0.05 美元至每股 0.50 美元，並在 2025 年上半年積極購買股票。儘管存在關稅模糊和經濟不確定性的背景，我們仍然很幸運地擁有良好的需求，特別是對於大型和複雜的項目。感謝我們優秀的員工，我們預計 2025 年將繼續取得強勁業績，2026 年將繼續取得成功。

Trent will discuss our operations and outlook in a few minutes, and I will make a few closing comments after our Q&A. But first, I will turn the call over to Bill to review our financial performance. Bill?

特倫特將在幾分鐘後討論我們的營運和前景，我將在問答後發表一些總結性評論。但首先，我將把電話轉給比爾，讓他審查我們的財務表現。帳單？

Thanks, Brian. Our second-quarter results are remarkable, with 19% same-store revenue growth, sharply higher margins, and over $220 million of free cash flow. We also achieved more than $300 million in quarterly EBITDA for the first time ever, and that's a 50% increase over the same quarter one year ago.

謝謝，布萊恩。我們第二季的業績非常出色，同店營收成長 19%，利潤率大幅提高，自由現金流超過 2.2 億美元。我們的季度 EBITDA 也首次超過 3 億美元，比去年同期成長了 50%。

Revenue for the second quarter of 2025 was $2.2 billion, an increase of $363 million, or 20%, compared to last year. Electric segment revenue grew by 49%, while Mechanical segment revenue increased by 13%. Through six months, same-store revenue has grown by 17%. And currently, our best estimate is that for full year 2025, our same-store revenue increase will remain and that mid-teen range.

2025 年第二季營收為 22 億美元，較去年同期增加 3.63 億美元，成長 20%。電氣部門收入成長 49%，機械部門收入成長 13%。六個月來，同店收入成長了17%。目前，我們最好的估計是，到 2025 年全年，我們的同店收入增幅將保持在中等水平。

Gross profit was $510 million for the second quarter of 2025, $146 million higher than one year ago. Our gross profit percentage grew to a remarkable 23.5% this quarter compared to 20.1% for the second quarter of 2024. Quarterly gross profit percentage in our Mechanical segment jumped to 22.9% this year, compared to 19.2% last year. Margins in our Electrical segment also increased significantly to 25.3% as compared to 23.6% in the second quarter of 2024. We currently expect that gross profit margins will continue in the strong ranges that we have averaged over recent quarters.

2025 年第二季毛利為 5.1 億美元，比一年前高 1.46 億美元。本季我們的毛利率顯著成長至 23.5%，而 2024 年第二季為 20.1%。我們機械部門的季度毛利率今年躍升至 22.9%，去年為 19.2%。我們電氣部門的利潤率也從 2024 年第二季的 23.6% 大幅增加至 25.3%。我們目前預計毛利率將繼續保持在最近幾季的平均值。

SG&A expense for the quarter was $210 million, or 9.7% of revenue, compared to $180 million or 9.9% of revenue in the second quarter of 2024. SG&A increased mainly from ongoing investments in people to support our higher activity levels. Our operating income increased by just over 60% from last year, from $185 million in the second quarter of 2024 to $300 million for the second quarter of 2025. With improved gross profit margins, our operating income percentage surged to 13.8% this quarter from 10.2% in the prior year.

本季銷售、一般及行政費用為 2.1 億美元，佔營收的 9.7%，而 2024 年第二季為 1.8 億美元，佔營收的 9.9%。銷售、一般及行政費用的增加主要源自於對人員的持續投資，以支持我們更高的活動水準。我們的營業收入比去年成長了 60% 多一點，從 2024 年第二季的 1.85 億美元成長到 2025 年第二季的 3 億美元。隨著毛利率的提高，我們的營業收入百分比從去年同期的 10.2% 飆升至本季的 13.8%。

Our year-to-date tax rate was 20.7%. Our effective tax rate in the first quarter was lower due to interest we received on a delayed refund by the IRS that was associated with our 2022 federal tax return. We received that $118 million refund in April 2025, which included $11 million of interest. Excluding this item, our effective tax rate would have been approximately 23% year-to-date, and we expect our tax rate for the second half of 2025 to continue to be in that 23% range, with our full-year effective rate a bit lower due to the discrete benefit recorded in the first quarter.

我們今年迄今的稅率為 20.7%。我們第一季的有效稅率較低，因為我們收到了與 2022 年聯邦稅申報表相關的美國國稅局延遲退稅的利息。我們在 2025 年 4 月收到了 1.18 億美元的退款，其中包括 1,100 萬美元的利息。不包括此項，我們今年迄今的有效稅率約為 23%，我們預計 2025 年下半年的稅率將繼續保持在 23% 的範圍內，而由於第一季記錄的單獨收益，我們的全年有效稅率將略低。

In July 2025, the federal government enacted major tax reform legislation. However, we currently do not expect that the new and amended provisions will have any significant impact on our operating results or cash flows. After considering all these factors, net income for the second quarter of 2025 was $231 million, or $6.53 per share. And that compares to net income for the second quarter of 2024 of $134 million or $3.74 per share, and this is an over 70% improvement from last year's already very strong showing.

2025年7月，聯邦政府頒布了重大稅收改革法案。然而，我們目前預計新的和修訂的規定不會對我們的經營業績或現金流產生任何重大影響。考慮所有這些因素後，2025 年第二季的淨收入為 2.31 億美元，即每股 6.53 美元。相比之下，2024 年第二季的淨收入為 1.34 億美元或每股 3.74 美元，比去年已經非常強勁的表現提高了 70% 以上。

EBITDA increased at $334 million this quarter from a strong $223 million in the second quarter of 2024. This 50% increase reflects great execution by our workforce and strong demand in our markets. As of June 30, our 12-month trailing EBITDA exceeds $1 billion for the first time ever. Free cash flow for the second quarter of 2025 was $222 million. This quarter's cash flow includes two discrete cash flow items that largely offset each other.

本季 EBITDA 從 2024 年第二季的 2.23 億美元增至 3.34 億美元。這一 50% 的成長反映了我們員工的出色執行力和市場強勁的需求。截至 6 月 30 日，我們過去 12 個月的 EBITDA 首次超過 10 億美元。2025 年第二季的自由現金流為 2.22 億美元。本季的現金流量包括兩個相互抵銷的獨立現金流項目。

As previously discussed, we received a $118 million tax refund in April 2025 that was related to our 2022 federal tax return. In addition, the remaining impact of our long-awaited cash flow turnaround of the advanced customer payments from our modular operations completed this quarter.

如前所述，我們在 2025 年 4 月收到了 1.18 億美元的退稅，這與我們 2022 年的聯邦報稅表有關。此外，我們期待已久的模組化營運預付客戶付款的現金流量扭轉的剩餘影響已於本季度完成。

As expected, the advanced payment position that we enjoyed for several quarters has now roughly normalized, and we expect that starting now and over time, our cash flow should once again approximate our after-tax earnings, subject to the quarter-to-quarter and seasonal variances that are typical in our industry.

正如預期的那樣，我們幾個季度以來享受的預付款狀況現在已經大致正常化，我們預計從現在開始隨著時間的推移，我們的現金流應該再次接近我們的稅後收益，但要受到我們行業典型的季度和季節性差異的影響。

We purchased additional shares this quarter, and year-to-date, we have spent $111 million buying approximately 326,000 shares. Even after funding share repurchases and our Right Way acquisition, we are in a net cash position of more than $250 million. And considering our strong cash prospects, we remain in a great position to reward our shareholders and fund additional growth.

我們本季購買了額外的股票，今年迄今為止，我們已花費 1.11 億美元購買了約 326,000 股。即使在回購股票和收購 Right Way 之後，我們的淨現金狀況仍超過 2.5 億美元。考慮到我們強勁的現金前景，我們仍然處於有利地位來回報股東並為進一步的成長提供資金。

And that's all I've got on financial information, so Trent?

這就是我所掌握的全部財務訊息，那麼特倫特呢？

Thanks, Bill. I'm going to discuss our operations and outlook. Our backlog at the end of the second quarter was a record $8.1 billion, a large sequential and year-over-year increase. Since last year, our backlog has increased by $2.4 billion, or 41%, and $2.2 billion of the increase was same store. On a sequential basis, backlog increased by $1.2 billion, or 18%, of which $1.1 billion was same store.

謝謝，比爾。我將討論我們的營運和前景。我們第二季末的積壓訂單達到了創紀錄的 81 億美元，比上一季和去年同期都有大幅成長。自去年以來，我們的積壓訂單增加了 24 億美元，即 41%，其中 22 億美元來自同店訂單。以環比計算，積壓訂單增加了 12 億美元，即 18%，其中 11 億美元來自同店訂單。

Second-quarter bookings were especially strong in the technology sector, both in our traditional construction business as well as the modular part of our business. We are entering the second half of 2025 with SameStore backlog 37% higher than at this time last year, and our project pipelines remain at historically high levels. Industrial customers accounted for 63% of total revenue in the first half of 2025, and they are major drivers of pipeline and backlog.

第二季科技領域的訂單尤其強勁，無論是我們的傳統建築業務還是模組化業務。進入 2025 年下半年，SameStore 積壓訂單量比去年同期高出 37%，我們的專案儲備仍處於歷史高點。工業客戶佔2025年上半年總收入的63%，他們是管道和積壓訂單的主要驅動力。

Technology, which is included in industrial, was 40% of our revenue, a substantial increase from 31% in the prior year. Manufacturing revenues were strong but declined modestly as our businesses chose to book a higher proportion of technology-related projects, particularly data center construction. Institutional markets, which include education, healthcare, and government, remain strong and represent 24% of our revenue. The commercial sector, which is a smaller part of our business, provided about 13% of revenue. Most of our service revenue is for commercial customers.

工業領域的技術占我們收入的 40%，較前一年的 31% 大幅成長。製造業收入強勁但略有下降，因為我們的業務選擇預訂更高比例的技術相關項目，特別是資料中心建設。包括教育、醫療保健和政府在內的機構市場仍然強勁，占我們收入的 24%。商業部門是我們業務中較小的一部分，貢獻了約 13% 的收入。我們的服務收入大多來自商業客戶。

Construction accounted for 85% of our revenue with projects for new buildings representing 58% and existing building construction, 27%. We include modular in new building construction. And year-to-date, modular was 18% of our revenue. We currently have over 2.7 million square feet of building capacity dedicated to our modular business and we expect to have around 3 million square feet by early next year. Service revenue was up 10% and is 15% of total revenue. Service profitability was strong this quarter, and service continues to be a growing and reliable source of profit and cash flow.

建築業占我們收入的 85%，其中新建築項目佔 58%，現有建築建設佔 27%。我們在新建築施工中採用了模組化。今年迄今為止，模組化占我們收入的 18%。我們目前擁有超過 270 萬平方英尺的建築容量專門用於模組化業務，預計到明年年初將達到約 300 萬平方英尺。服務收入成長10%，佔總收入的15%。本季服務獲利能力強勁，服務持續成為不斷成長且可靠的利潤和現金流來源。

As mentioned before, we are entering the second half of 2025 with a backlog that is 37% higher on a same-store basis than we had at this time last year, and we have superb teams working hard for our customers every single day. Thanks to the dedication and hard work of our employees across the country, we are optimistic about our future. I want to close by joining Brian and Bill in thanking our over 20,000 employees for their hard work and dedication.

如前所述，進入 2025 年下半年，我們的同店積壓訂單量比去年同期高出 37%，而且我們擁有優秀的團隊，每天都在為客戶服務。感謝全國員工的奉獻和辛勤工作，我們對我們的未來充滿樂觀。最後，我要與 Brian 和 Bill 一起感謝我們 20,000 多名員工的辛勤工作和奉獻精神。

I will now turn it back over to Latonya for questions. Thank you.

現在我將把問題交還給 Latonya。謝謝。

(Operator Instructions) Sangita Jain, KeyBanc Capital Markets.

（操作員指示）Sangita Jain，KeyBanc 資本市場。

Good morning. Thank you for taking my questions. So appreciate the update on the modular square footage. Can you tell us how you're thinking about the extent of expansion in your modular capabilities and your thoughts on possibly adding a third location?

早安.感謝您回答我的問題。因此，感謝您對模組化平方英尺的更新。您能否告訴我們，您如何考慮擴展模組化功能的程度，以及您對可能增加第三個地點的想法？

Sangita, I would say that we like what we've been doing, which is adding incremental capacity in a way that's measured and really spending even a bigger focus or at least as much focus on improving productivity and automation in our existing spaces. So I think the kind of growth you've seen, as long as the market supports it and as long the amazing people who run these two businesses for us are convinced that they have the bandwidth to implement it, as long as those things hold true, we'll probably continue the same kind of incremental buildout.

桑吉塔，我想說，我們喜歡我們一直在做的事情，即以可衡量的方式增加增量容量，並真正投入更大的精力或至少同樣多的精力來提高我們現有空間的生產力和自動化程度。所以我認為，只要市場支持，只要為我們經營這兩項業務的優秀人才相信他們有足夠的能力來實現這一增長，只要這些條件成立，我們可能會繼續以同樣的方式逐步擴張。

It feels as if that demand is there, to say the least, actually. And so I don't know. I hope that answers your question. As far as the third location, that's something we think about on a long-term basis. We have two pretty great locations, right? We're right in the middle of the Mid-Atlantic. Houston is pretty well located, especially for the for the markets that these things need to go to. And even considering the states you have to drive through -- because that's a consideration, because different states have different load requirements. So I'm not sure that's a high priority for us right now, but we're very open-minded to it.

事實上，至少可以這麼說，感覺上這種需求是存在的。所以我不知道。我希望這能回答你的問題。至於第三個地點，這是我們長期考慮的事情。我們有兩個非常棒的地點，對嗎？我們正位於大西洋中部。休士頓的地理位置相當優越，特別是對於這些產品需要銷往的市場。甚至還要考慮你必須經過的州——因為這是一個考慮因素，因為不同的州有不同的負載要求。所以我不確定這對我們來說是否是當前的首要任務，但我們對此持非常開放的態度。

Got it. And if I can follow up, I know you said that the reconciliation bill maybe does not necessarily directly apply to what you do, but the bonus depreciation does help many of your customers, as probably the Trump executive order on AI. Can you talk a little bit about if you've had any initial conversations with your customers around that?

知道了。如果我可以跟進的話，我知道您說過，和解法案可能不一定直接適用於您所做的事情，但獎金折舊確實對您的許多客戶有幫助，就像川普關於人工智慧的行政命令一樣。您能否談談您是否與客戶就此進行過初步對話？

The bonus depreciation helps them and us some. I would say that I would not view that as an important driver for us at a time when we're already experiencing demand that far outstrips what we could possibly do. But anything that makes people a little hungrier is good, right? But I wouldn't consider that an important consideration.

獎金折舊對他們和我們都有幫助。我想說的是，當我們面臨遠遠超出我們能力範圍的需求時，我不會將此視為我們的一個重要驅動力。但任何能讓人感覺有點餓的東西都是好的，對吧？但我並不認為這是一個重要的考慮因素。

Got it. I appreciate your thoughts, Bill.

知道了。我很欣賞你的想法，比爾。

Julio Romero, Sidoti & Company.

胡里奧·羅梅羅，西多蒂公司。

Yes, so good morning. This is Alex on for Julio. Congrats on the quarter.

是的，早安。這是 Alex 為 Julio 表演的。恭喜本季取得佳績。

All right. Thank you.

好的。謝謝。

Good morning.

早安.

My first question, maybe we could start with just some color on growth for the remainder of '25. I know backlog and revenues have grown meaningfully even over the historical comps that you've mentioned that were a little tougher. So how's your confidence that this sort of continues positively into '25 and '26, and maybe some of the conversations that have led to that?

我的第一個問題是，也許我們可以先談談 2025 年剩餘時間的成長情況。我知道，即使與您提到的稍微艱難一點的歷史同期相比，積壓訂單和收入也都有了顯著增長。那麼，您對這種積極勢頭在 2025 年和 2026 年能否持續下去，以及是否能對導致這種勢頭的一些對話有信心？

Alex, you know how our backlog is always very lumpy, right? We don't spend a lot of time thinking about that and when jobs land kind of on a time scale. What we're really looking at is kind of our future pipelines. And what we see right now is very robust pipelines. They continue to be robust, even with all the bookings we had in the second quarter. So yes, things are still very bullish with regard to future work.

亞歷克斯，你知道我們的積壓工作總是很多嗎？我們不會花太多時間去思考這個問題，也不會花太多時間去考慮工作何時到來。我們真正關注的是未來的管道。我們現在看到的是極其強大的管道。即使第二季我們有大量預訂，但業務依然保持強勁。所以是的，對於未來的工作來說，事情仍然非常樂觀。

Hey, Alex, this is Brian. I'm just going to jump in. Also, service, right? Bill and Trent mentioned we're getting good growth in service. It's about a Band 2 business for us now, growing about 10% this last quarter. So that's been nice, consistent growth, both from a revenue and profitability standpoint and onto the construction growth.

嘿，亞歷克斯，我是布萊恩。我要跳進去。還有服務，對吧？比爾和特倫特提到我們的服務取得了良好的成長。對我們來說，這屬於第 2 級業務，上個季度成長了約 10%。因此，無論從收入和獲利能力的角度，還是從建築成長的角度，這都是一種良好、持續的成長。

Very helpful color, thank you. And I think kind of rising above consistent growth, you had very nice earnings performance. And I think you wrote about anticipating solid earnings for the remainder of '25 and into '26. So could we get a little color there? Is solid sort of a statement of continuing where we are now, or is that a little bit more from historicals? Just a little color would be helpful.

非常有用的顏色，謝謝。我認為，除了持續成長之外，您的獲利表現也非常好。我認為您曾寫過關於預計 2025 年剩餘時間和 2026 年盈利穩健的文章。那麼我們可以在那裡得到一點顏色嗎？這是否是對我們目前所處位置的延續性的一種有力證明，還是更多地來自歷史？只需一點顏色就會有幫助。

Well, we have a lot of work to do. We think our guys are the best in the world at doing it. Our customers want it. They're willing to pay for it. So I think we just feel pretty great about at least the foreseeable demand and our ability to profitably meet it. We don't really have additional guidance on margins and stuff. These margins are pretty eye popping, and we're still digesting them. But we feel pretty darn bullish about our prospects going forward.

嗯，我們還有很多工作要做。我們認為我們的員工是世界上最擅長做這件事的人。我們的客戶想要它。他們願意為此付出代價。因此我認為，我們至少對可預見的需求以及我們盈利地滿足這一需求的能力感到非常滿意。我們實際上沒有關於利潤和其他方面的額外指導。這些利潤非常驚人，我們仍在消化它們。但我們對於未來的前景非常樂觀。

Yes, Alex, if you look at these, our gross margin is 23.5%, which is strong. So we're getting a good combination of pricing, which is out there, as well as the execution has been just terrific. So I think we're pretty optimistic about our results over the end of this year to next year for sure.

是的，亞歷克斯，如果你看一下這些，我們的毛利率是 23.5%，這個數字很高。因此，我們獲得了良好的定價組合，而且執行效果也非常出色。因此我認為我們對今年年底至明年的業績肯定非常樂觀。

Great. Well, very exciting results again and a lot more questions, but we'll jump back in the queue. Thank you.

偉大的。好吧，結果再次令人興奮，但還有很多問題，但我們會重新回到隊列中。謝謝。

All right. Thank you.

好的。謝謝。

Brent Thielman, D. A. Davidson & Company.

布倫特‧蒂爾曼 (Brent Thielman)，D. A. Davidson & Company。

Thanks. Good morning. Great quarter, guys. I guess the first question, just -- Trent, you commented on the manufacturing kind of customer side and that you ultimately were focusing maybe a bit more on the data center tech customers where you may get the best opportunity out of it. I guess, the question is, has that market or pipeline of opportunities on that side subsided, or it's just simply your workers are fungible and you're going to best opportunities?

謝謝。早安.太棒了，夥計們。我想第一個問題是——特倫特，你評論了製造業的客戶方面，你最終可能會更專注於資料中心技術客戶，你可能會從中獲得最好的機會。我想，問題是，那邊的市場或機會管道是否已經消退，或者僅僅是你的工人是可替代的，而你正在尋求最好的機會？

No, it hasn't subsided. It's still strong. So what really is happening is the best opportunities right now are presenting themselves more often than not on the technology side, and so companies are choosing to put their skilled workforce in the best possible circumstances to be successful, and that's with the technology customers right now.

不，它還沒有消退。它仍然很強大。因此，實際情況是，目前最好的機會往往出現在技術方面，因此公司選擇將其熟練的勞動力置於最佳環境中以獲得成功，這就是目前的技術客戶。

Brent, just to follow on, I mean, our operating companies, I think, are doing a superb job with project selection, stuff that we're really good at doing in places where we're strong. So you got to really tip your hat to them about the work they're bringing in here and how they're doing it.

布倫特，我想說的是，我認為我們的營運公司在專案選擇方面做得非常出色，而這些正是我們在優勢領域非常擅長做的事情。因此，您真的應該向他們致敬，感謝他們在這裡所做的工作以及他們如何開展工作。

Yes. And then on modular, I heard you say 18% of revenue year-to-date. Could you possibly comment maybe on the proportion modular represents in backlog today? And then also, just from a customer standpoint, is there an opportunity to add another hyperscaler to what you already have, just with the incremental capacity you're adding? Or is that capacity add really to serve the customers -- existing customers you have today?

是的。然後關於模組化，我聽到您說今年迄今為止的收入佔 18%。您能否評論一下模組化在今天積壓中所佔的比例？而且，僅從客戶的角度來看，是否有機會在您已有的基礎上添加另一個超大規模器，僅使用您添加的增量容量？或者增加產能真的是為了服務客戶—您現有的客戶？

So your second question, the opportunities there, there are people who would buy our product. The people -- our two main customers really are our best option to sell to right now. Across our businesses right now, there's a general tendency of our guys, of our leaders, of the people who interact with our customers to choose to do business with the customers who realize that we're trying to do something together as opposed to trying to do something that is a fight.

所以你的第二個問題是，那裡有機會，有人會購買我們的產品。這兩個主要客戶確實是我們目前最好的銷售對象。目前，在我們的業務中，我們的員工、我們的領導者以及與客戶互動的人員普遍傾向於選擇與那些意識到我們正在努力共同做某事而不是試圖做一些爭鬥的事情的客戶做生意。

So we're really, really choosing who we give our unbelievable and scarce resources to by the people who really want to go out there, build a good project, build it right, build it quick, work together, understand that everybody has to be paid for the risk they take. And so I think, ultimately, that's the experience we're having with those customers, and that's really, really valuable to us.

因此，我們實際上是在選擇將我們難以置信的稀缺資源提供給那些真正想要出去建立一個好的項目、正確建造它、快速建立它、共同努力、理解每個人都必須為他們承擔的風險得到回報的人。所以我認為，最終，這就是我們與這些客戶所獲得的經驗，這對我們來說真的非常有價值。

Okay. And sorry, just the question around modular proportion and backlog, is that something you could comment on? Or how we might think about that in the book of business?

好的。抱歉，我只是關於模組化比例和積壓的問題，您可以對此發表評論嗎？或者我們如何在商業書籍中思考這個問題？

So my guess was modular is going to continue to grow, right? We're investing in new space. We're improving our productivity. There's a range of how fast it could grow. If you made me pick an over-under, I'd say now that we think that the business overall is going to grow mid-teens, I think modular should stay near that percentage.

所以我猜模組化將會繼續成長，對嗎？我們正在投資新的空間。我們正在提高生產力。它的成長速度有一個範圍。如果你讓我選擇一個高於或低於的方案，我會說，現在我們認為整體業務將以十幾歲的中段速度增長，我認為模組化應該保持在該百分比附近。

Now having said that, I fully recognize it's grown from 4 to 6 to 8 to 10 to 12. You know what I mean? But we have such good demand and opportunity in all of our businesses that it's a pretty -- everybody's great at getting bigger and better. It's a pretty tough chore to become a bigger percentage of our company right now.

現在說了這麼多，我完全意識到它已經從 4 個成長到 6 個、8 個、10 個、12 個。你知道我的意思？但我們所有業務都有如此好的需求和機會，這是一個相當不錯的情況——每個人都擅長變得更大、更好。目前，想要在我們公司中佔據更大份額是一項相當艱鉅的任務。

Okay. If I could sneak one more in, just maybe another approach to kind of the visibility question, could you talk about the funnel or pipeline and what that looks like today as you look into '26 and possibly into '27? I mean, I'm sure you're having conversations about next year at this point, but is the dialogue with customers becoming much more active about opportunities into 2027 at this point?

好的。如果我可以再偷偷地問一句，也許只是另一種解決可見性問題的方法，您能否談談漏斗或管道，以及當您展望 26 年甚至 27 年時，它們今天是什麼樣子的？我的意思是，我確信您現在正在討論明年的事情，但是現在與客戶就 2027 年的機會進行的對話是否變得更加活躍？

Yes, Brent, absolutely. I mean '25 is, we're full, right? You're looking at '26, '27, for sure, looking at opportunities longer out. As you know, we got bigger projects that run longer, take longer to get them done in the front end to get them signed, sealed, and delivered. But customers are looking out, '26, '27. It's a great time to be in the construction business, buddy.

是的，布倫特，絕對是。我的意思是‘25’，我們已經滿了，對吧？你肯定會關注 26 年、27 年，尋找更長遠的機會。如您所知，我們的專案更大、運行時間更長，需要更長的時間在前端完成簽署、蓋章和交付。但顧客們正在關注‘26’、‘27’。兄弟，現在是從事建築業的好時機。

Very good. I'll pass it on. Thank you.

非常好。我會傳達的。謝謝。

Adam Thalhimer, Thompson Davis.

亞當泰爾希默，湯普森戴維斯。

Hey, good morning, guys. Congrats on the record quarter. I basically wanted to pick up with where Brent left off and rephrase the question. Within the current backlog, how much of that work would be scheduled for 2027 plus?

嘿，大家早安。恭喜本季創下紀錄。我基本上想接著布倫特的話題重新表達這個問題。在目前積壓的工作中，有多少工作將安排在 2027 年以後完成？

A lot. I don't think we have a precise number. Yes, a lot.

很多。我認為我們沒有一個確切的數字。是的，很多。

But yes, the statement we made, Adam, about we're feeling good going out is because we're seeing both in backlog, and what we're looking at is healthy.

但是的，亞當，我們之所以說我們感覺很好，是因為我們看到了積壓的情況，而且我們看到的情況是健康的。

If you do a little math, you have to realize that if we're telling you we're going to grow mid-teens, the backlog is pushing farther out. (multiple speakers)

如果你稍微算一下，你就會意識到，如果我們告訴你我們的成長速度將達到十幾歲，那麼積壓的數量就會進一步增加。（多位發言者）

Understood. The growth that you've seen at Walker Electrical, how much of that is occurring in their traditional North Texas market versus work in other areas of Texas or even outside of Texas?

明白了。您所看到的 Walker Electrical 的成長，有多少是發生在其傳統的北德州市場，有多少是發生在德州其他地區甚至德州以外的市場？

So right now, all their work is in Texas, and it's in the four what I call major markets: Dallas, Houston, Austin, and San Antonio. So though they're very strong, North Texas, Dallas, et cetera, the other three markets are strong. Probably if you talked to them a few times since they've been in business that all four of their major markets have been strong, Adam.

所以現在，他們的所有工作都在德州，也就是我所說的四個主要市場：達拉斯、休士頓、奧斯汀和聖安東尼奧。因此，儘管北德州、達拉斯等市場非常強大，但其他三個市場也同樣強大。亞當，自從他們開始做生意以來，如果你和他們聊過幾次，你可能會發現他們的四個主要市場都很強勁。

Walker is killing it. It's amazing what they're doing. But all of our other Electricals are just killing it as well. So it's important to understand. One of the nice things for us is that because we bought all of our Electricals in the last five years or so, five or six years, we bought them at a time when we already had developed a big conviction around buying companies that had exposure to the super cycle, had exposure to certain states, certain complex capabilities.

沃克正在殺死它。他們所做的事情令人驚奇。但是我們所有其他電器也都將其殺死。所以理解這一點很重要。對我們來說，一件好事是，因為我們所有的電氣設備都是在過去五年左右，也就是五六年內購買的，所以我們在購買這些設備的時候，已經形成了強烈的信念，相信這些設備能夠接觸到超級週期、接觸到某些特定狀態、擁有某些複雜能力的公司。

So if you look across Comfort Systems USA, our Electricals just have a higher proportion of the companies that are tuned towards the good things that are happening right now. And they are doing an amazing job taking advantage of it, as are our Mechanical companies, obviously, and our service. Everybody except corporate's doing great.

因此，如果你看看 Comfort Systems USA，你會發現我們的電氣公司中，有更高比例的公司關注目前正在發生的好事。他們正在出色地利用這一點，我們的機械公司和我們的服務顯然也是如此。除了公司以外，其他人都做得很好。

But we're doing our bit on this call to help out.

但我們透過這次通話盡力提供協助。

Lastly, anything more you can say high level on pricing? Just as your technology customers are taking up more and more of your capacity, to what extent are they paying up for that?

最後，您還能就定價方面透露更多細節嗎？就像您的技術客戶佔用了您越來越多的容量一樣，他們為此付出了多大的代價？

Well, if you look at our gross margins, our pricing is obviously very good, right? You can read them in the income statement, but pricing is good, and we're getting paid for the risk and services that we're delivering.

嗯，如果你看看我們的毛利率，我們的定價顯然非常好，對嗎？您可以在損益表中看到它們，但定價是好的，而且我們會因我們所提供的風險和服務而獲得報酬。

And then, Adam, our project teams are really delivering efficiency effectively, and we've really pushed a lot of innovations out that are helping them manage projects even more efficiently than they had previously, so that's also driving that margin. And to some extent, our technology customers are very good partners with regard to those endeavors when it comes to innovation.

然後，亞當，我們的專案團隊確實有效地提高了效率，我們確實推出了許多創新，幫助他們比以前更有效地管理項目，所以這也推動了利潤的成長。在某種程度上，我們的技術客戶在創新方面是我們非常好的合作夥伴。

It's been a long time since we've cried about a bad job, so great work.

我們已經很久沒有因為糟糕的工作而哭泣了，所以做得很好。

Yes, I'm knocking on wood on that one, Adam.

是的，亞當，我對此表示贊同。

Me too. Thanks, guys.

我也是。謝謝大家。

Thanks.

謝謝。

Josh Chan, UBS.

瑞銀的 Josh Chan。

Hey, good morning, guys. Congrats on a really good quarter.

嘿，大家早安。恭喜本季取得如此好的業績。

Thank you.

謝謝。

Yes, it's clear that your demand environment is really strong, so could you just talk about kind of your workforce, their willingness to continue to work more, make more, but kind of keep working hard and then what you're seeing on the recruiting front?

是的，很明顯你們的需求環境非常強勁，那麼你能不能談談你們的員工隊伍，他們是否願意繼續工作更多，賺更多錢，但仍然努力工作，那麼你在招聘方面看到了什麼？

That's a great question, Josh, because that's what really is the secret to Comfort Systems' long-term success is making sure that it continues to be the best place for a craft professional to work. And I think our companies do a really great job of being the employer of choice in their markets. And then we've talked about this previously, but what we've done with our staffing company that's internal to the organization has really helped us be able to flex up and down and take care of our core workforce as we move through, especially these larger projects.

喬希，這個問題問得好，因為 Comfort Systems 長期成功的真正秘訣就是確保它繼續成為手工藝專業人士工作的最佳場所。我認為我們的公司在成為其所在市場的首選雇主方面做得非常出色。我們之前已經討論過這個問題，但是我們與組織內部的人員配備公司合作的做法確實幫助我們能夠靈活地調動人員，並在我們推進的過程中照顧好我們的核心員工，特別是在這些較大的項目中。

Additionally, we get a lot of collaboration on jobs. So we have more than one of our operating companies on projects, and they're able to share labor in ways that it has also been able to help us. But yes, it's certainly an all-of-the-above approach when it comes to talent right now because everybody's constrained as far as being able to recruit and find. But I think we're getting our fair share, if not more, of the talented craft professionals in America right now.

此外，我們在工作上也得到了很多合作。因此，我們在專案中擁有多家營運公司，它們能夠以某種方式共享勞動力，這也能夠幫助我們。但是的，就目前人才而言，這確實是一種全方位的方法，因為每個人在招募和尋找人才方面都受到限制。但我認為，我們現在在美國獲得了相當一部分有才華的手工藝專業人士，甚至更多。

That makes sense. Thank you, Trent. And I guess in terms of project selection, how do you think about the approach to choose projects between the different verticals? Obviously, technology is chosen more and more frequently, so are you okay with that? How are you talking to your operations about choosing types of projects that you want exposure to?

這很有道理。謝謝你，特倫特。我想就項目選擇而言，您如何看待在不同垂直領域之間選擇項目的方法？顯然，技術被選擇的頻率越來越高，那麼你對此能接受嗎？您如何與您的營運部門溝通選擇您想要接觸的項目類型？

Yes, that's a good question. I think they're doing a great job, selecting what's available in their markets. We're still pretty diverse, as you can tell by the pie chart of the different industries we serve. So we've kept good balance. Obviously, tech is red hot right now. So we're trying to service those customers the best we can.

是的，這是個好問題。我認為他們做得很好，選擇市場上現有的產品。我們仍然相當多元化，從我們所服務的不同行業的餅圖就可以看出。因此我們保持了良好的平衡。顯然，科技現在非常熱門。因此，我們正在盡力為這些客戶提供最好的服務。

But we are keeping our fingers in all the pies. Everything but commercial, right? Office buildings are slow. Everything else has got good activity. And I think they're selecting -- I think as Bill said in the script, the best working conditions for our people are going to pay for the risk and the services we provide.

但我們仍參與所有事務。一切都不是商業化的，對吧？辦公大樓很慢。其餘一切都活動良好。我認為他們正在選擇——我認為正如比爾在劇本中所說的那樣，為我們的員工提供最好的工作條件將為我們所提供的風險和服務付出代價。

I mean, one of the best operators in the world who works for us made the point recently that we don't decide what needs to be built. We just make sure we're the best people to build it. So this guy also said, I'll take any job you have as long as it rhymes with data center. The second part, he was kidding. The first part, he was dead serious.

我的意思是，我們公司中一位世界上最優秀的營運商最近表示，我們無法決定需要建造什麼。我們只是確保我們是建造它的最佳人選。所以這個人還說，只要與資料中心押韻，我就會接受你的任何作品。第二部分，他是在開玩笑。第一部分，他非常嚴肅。

Yes, absolutely.

是的，絕對是。

We have to just do the work that's there for us and be the best people to do it.

我們必須做好我們能做的工作，並成為最合適的人選。

And that's why, Josh, if you think about the bigger picture, training is crucial in here. At all levels of this organization, from the field up through project management, leadership, make sure our folks throughout the organization are well prepared to address the market.

這就是為什麼喬希，如果你從更大角度考慮，培訓在這裡至關重要。在這個組織的各個層面，從現場到專案管理、領導階層，確保整個組織的員工都做好充分的準備來應對市場。

Yes, I appreciate the color, guys, and congrats again on a really strong quarter.

是的，我很欣賞這個顏色，夥計們，再次祝賀你們取得如此強勁的季度業績。

All right, thank you.

好的，謝謝。

Brian Brophy, Stifel.

布萊恩·布羅菲（Brian Brophy），Stifel。

Thanks. Good morning, everybody. Congrats on the nice quarter. Appreciate the update on the modular capacity expansion plans. Can you provide an update on what you're seeing on modular from a competitive standpoint? Are you seeing any new entrants in the space? Curious your latest thoughts on how you're feeling about your leadership position there. And I guess to what extent are any changes in the competitive environment driving, I guess, some of this leaning into more capacity? Thanks.

謝謝。大家早安。恭喜本季取得良好成績。感謝您對模組化產能擴充計畫的更新。您能否從競爭的角度介紹一下模組化的最新情況？您是否看到該領域有新進入者？我很好奇您最近對自己的領導職位有何感受。我想，競爭環境的變化在多大程度上推動了產能的增加？謝謝。

So I will say our customers continue to encourage people to develop competitive capacity for us. They've had some of the best companies in the world work on that with mixed results. We don't think that we're -- what we do can't be done by someone else. Our goal is to just be so good at it that you'd be crazy to buy it from somebody else. So I hope that answers your question.

所以我想說，我們的客戶不斷鼓勵人們為我們提高競爭力。他們已經與世界上一些最好的公司合作進行這項工作，但結果好壞參半。我們不認為我們所做的事情別人無法做到。我們的目標是將它做得如此出色，以至於您從其他人那裡購買它都是瘋狂的。我希望這能回答你的問題。

Okay. And then -- that's helpful. And then I guess, anything to call out on the healthcare end market? It looks like that was really the only other end market that grew meaningfully outside the tech this quarter.

好的。然後——這很有幫助。那我想，醫療保健終端市場有什麼值得關注的事嗎？看起來這確實是本季除科技之外唯一實現顯著成長的其他終端市場。

Yes, I mean, we're seeing -- I think we've mentioned it in the last few quarters, Brian, that we're seeing some newbuild hospitals get built, heavy in the south for sure, Florida. So we are seeing a number of opportunities both on expansion of hospitals, newbuild, and also surgical centers, the smaller outpatient-type facilities you see. So yes, we are seeing some strength in healthcare. Been pretty consistent for a little over a year now.

是的，我的意思是，我們看到——我想我們在過去幾個季度中提到過，布萊恩，我們看到一些新建的醫院正在建設中，主要集中在南部，佛羅裡達州。因此，我們看到了許多機會，包括醫院擴建、新建、外科中心以及您所看到的較小的門診設施。是的，我們看到醫療保健領域確實有一些優勢。一年多來一直保持相當穩定。

Thanks. I appreciate it. I'll pass it on.

謝謝。我很感激。我會傳達的。

Thank you.

謝謝。

Sam Snyder, North Coast Research.

北海岸研究公司的 Sam Snyder。

Hey, guys. Great job, obviously. I just had I had a question on modular like everybody else, it seems like. I was wondering what has sort of changed or what could change going forward that has made modular, respectively a bigger part of the business? And then is there anything that you see down the road that -- maybe that changes? 10% is good. I'm kind of surprised it's not more, but just curious your thoughts there. Why 10? And is there anything you see down the line where that might change?

嘿，大家好。顯然，幹得好。我剛才和其他人一樣，對模組化有一個疑問。我想知道發生了哪些變化或未來可能發生哪些變化，使得模組化成為業務中更重要的一部分？那麼，您是否看到了未來可能發生的改變？10% 就很好了。我有點驚訝它沒有更多，但只是好奇你的想法。為什麼是 10？您認為未來這種情況是否會改變？

One thing people misunderstand about modular, it's very easy to think about it as a separate product line. And it is a different way of doing something. So anything that we do modularly -- and we've done not just tech, we did pharma, pharma was our main customer for modular for many years, is something that is also being done that day in a thousand locations in a stick-build way.

人們對模組化有一個誤解，很容易將其視為一條單獨的產品線。這是一種不同的做事方式。因此，我們以模組化方式進行的任何工作——我們不僅僅從事技術工作，我們還從事製藥工作，多年來製藥業一直是我們模組化的主要客戶，這些工作也正在以模組化的方式在數千個地點進行。

So modular is a way of delivering a product that -- a building that is being built in in the traditional ways as well. It has certain really unique advantages relating to speed and flexibility. And we think that there -- as the years pass, if you look forward in time, modular will become a more and more important modality for delivering especially complex projects in the United States.

因此，模組化是一種交付產品的方式——建築物也是以傳統方式建造的。它在速度和靈活性方面具有某些真正獨特的優勢。我們認為，隨著時間的推移，如果展望未來，模組化將成為美國交付特別複雜項目的越來越重要的模式。

But as far as what percentage it takes, I just think for now, at least for tech, where we're being pretty much bought out, it is a vector that allows them to do even more than they could have done if they ignored this opportunity. But I don't -- so I think people -- there may be a day when people are trying to decide which way of doing this is going to win. I think that will not be in my lifetime.

但至於佔比是多少，我認為現在至少對於科技業來說，我們基本上被收購了，這是一個載體，可以讓他們做比他們忽視這個機會時所能做的更多的事情。但我不這麼認為——所以我認為人們——也許有一天人們會試圖決定哪種方式會獲勝。我想這在我有生之年不會發生。

I think it's a really great modality for accomplishing things. There are projects that have certain characteristics for which it really has almost irresistible advantages. But I do think people -- it's really important that people understand it's a way of doing something, not a different thing that's being done. A building is a building is a building is a building.

我認為這是一種完成任務的非常好的方式。有些項目具有某些特點，因此它確實具有幾乎不可抗拒的優勢。但我確實認為，讓人們理解這是一種做事的方式，而不是正在做的不同的事情，這一點非常重要。建築物就是建築物就是建築物就是建築物。

That's really helpful, thank you. And then I had a -- kind of switching gears, looking at price-cost, do you see -- your suppliers are trying to pass on costs that really aren't there. And they're probably not getting that by you as a larger contractor, but just kind of curious on are you able to get some concessions from customers based on the tariff scaries right now, or is it really just passing through? To the extent that it does or it doesn't, it just passes through equally?

這真的很有幫助，謝謝。然後我換了一種思路，看看價格成本，你看，你的供應商正試圖轉嫁實際上不存在的成本。作為一個較大的承包商，他們可能無法從您那裡得到這些，但我有點好奇，您是否能夠根據目前的關稅恐慌從客戶那裡獲得一些讓步，或者這真的只是暫時的？無論它是否通過，它都同樣通過？

What kind of people do you think we are? This is the real world. People want to be compensated for what they do. They use talking points to justify getting the best price that they can. I believe there are for sure people who are using these conversations to justify price increases. And I also believe there is a lot of people absorbing stuff.

你認為我們是什麼樣的人？這就是現實世界。人們希望因自己的所作所為而獲得報酬。他們利用談話要點來證明他們能夠獲得最好的價格。我相信肯定有人會利用這些對話來為漲價辯護。我也相信有很多人正在吸收這些東西。

So I just think -- it's just like when things happened during COVID. People would say, are you seeing delays from COVID? And that's a hard question to answer because we always see delays. I don't think I've ever seen a building built -- well, I virtually have never seen a building built that was finished on the goal day to finish it in the first conversation. So we always see delays. We always see price negotiations and bouncing around. It's a complex situation with lots of factors. So I guess the answer is yes and no. Sorry to not give you a very helpful answer.

所以我只是認為——這就像 COVID 期間發生的事情一樣。人們會問，您是否看到了 COVID 造成的延誤？這是一個很難回答的問題，因為我們總是看到延誤。我認為我從未見過一座建築物建成——好吧，我實際上從未見過一座建築物在目標日第一次談話中就完工。所以我們總是會看到延誤。我們總是看到價格談判和波動。這是一個涉及很多因素的複雜情況。所以我猜答案是肯定的，也是否定的。很抱歉沒能給你一個非常有用的答案。

No, that's okay. I think it's just the gross margins are so good. I'm just looking for any reason why that might not continue.

不，沒關係。我認為只是毛利率很高。我只是在尋找這種情況可能不會繼續下去的任何理由。

We don't have some clever trick right now that's kind of sneaking some money out the side. It's just that our guys are really -- they're valuable. They're hardworking. They can provide you with something that's hard to get your hands on, and great customers are willing to pay for it.

我們現在沒有什麼巧妙的手段來偷偷地賺點錢。只是我們的球員確實──他們很有價值。他們很勤奮。他們可以為您提供一些難以獲得的東西，而且優質客戶願意為此付費。

And Sam, if we had a clever trick, we wouldn't tell you.

山姆，如果我們有一個聰明的辦法，我們不會告訴你。

That's fair. That's fair, all right. I'll pass it along. Thank you.

這很公平。這很公平，沒錯。我會傳達的。謝謝。

All right. Thank you.

好的。謝謝。

Brent Thielman, D. A. Davidson & Company.

布倫特‧蒂爾曼 (Brent Thielman)，D. A. Davidson & Company。

Hey, thanks. Just, I guess, a quick question on the semi-fab market and anything that maybe coming down the pipeline there, and maybe you can comment on pharma as well. It's been a number of announcements out there and how real of an opportunity that can be down the line for you.

嘿，謝謝。我想，我只想問一下關於半晶圓廠市場以及那裡可能出現的任何情況的一個簡單問題，也許您也可以對製藥業發表評論。已經有很多公告發布，這對您來說是一個多麼現實的機會。

Yes, those are all very strong in pipeline right now. We've got a lot of prospects that are out there. I mean, nothing that I'll comment on, but that's all larger stuff and it's very lumpy, like you get it or you don't. Sometimes you get it at a small contract, and then the remainder of the value of the contract is done in change orders over time. So it's one of those things. It's hard to see it going through in and out of backlog. But at the same time, our pipeline is showing very strong opportunities in both pharma and chip fab.

是的，目前這些都在大力籌備中。我們有很多潛在客戶。我的意思是，沒有什麼可評論的，但那都是更大的東西，而且非常複雜，就像你得到它或你沒有得到它一樣。有時你會透過一份小合約獲得它，然後合約的剩餘價值會隨著時間的推移透過變更單來完成。所以這是其中之一。很難想像它會經歷積壓和解除積壓的過程。但同時，我們的產品線在製藥和晶片製造領域都顯示出非常強勁的機會。

Okay. And then maybe just more of a nuanced question, but when I look about revenue by activity type, existing building constructions actually have been outgrowing new construction for the past four quarters. And I guess I think about data centers being largely greenfield. I just was curious why that is and the results.

好的。然後也許這只是一個更微妙的問題，但是當我按活動類型查看收入時，我發現過去四個季度現有建築的建設量實際上已經超過了新建築的建設量。我認為資料中心基本上還處於未開發狀態。我只是好奇為什麼會這樣以及結果如何。

So much of our work is industrial now. And in the United States, an awful lot of industrial is adding on to existing capacity as opposed to greenfield, even in the tech area. So that's been a trend actually for a long time as we've become more and more industrial. Because the reality is, if you're building Phase 3 of something, for us, that's an existing sort of thing. Some of that is just like, it's a little bit definitional, and it's also just the nature of the industrial world.

現在我們的許多工作都是工業化的。在美國，許多工業企業都在擴大現有產能，而不是新建產能，即使在科技領域也是如此。隨著我們越來越工業化，這實際上已經成為一種長期趨勢。因為事實是，如果你正在建構某個事物的第三階段，對我們來說，這是一種現有的東西。其中有些只是有點定義性的，而且它也只是工業世界的本質。

Okay, and so in that regard, the margins wouldn't really be different? I've always thought of existing as having higher margins to it. But if you're doing Phase 3 of something, it's in some ways still a green zone.

好的，那麼從這個角度來看，利潤率其實不會有太大差異嗎？我一直認為現有的利潤率更高。但如果你正在進行某件事的第三階段，從某種程度上來說它仍然是一個綠色區域。

It would still have us -- the big differentiator there is what percentage of the project is materials and subcontracts. And that would perform more like a traditional new building if it's an extension. You know what I mean? So I guess I would agree with that. Right now, margins are so good across the board that those distinctions are a little hard to even make.

它仍然會有我們——最大的區別在於專案中有多少比例是材料和分包合約。如果是擴建的話，其性能會更像傳統的新建築。你知道我的意思？所以我想我會同意這一點。目前，各方面的利潤率都很高，因此這些差異有點難以做出。

Very nice. Thanks for taking the extra one. Thanks, guys.

很不錯。謝謝你拿了額外的一個。謝謝大家。

Thank you.

謝謝。

Thanks.

謝謝。

And I would now like to turn the conference back to Brian Lane for closing remarks.

現在我想請 Brian Lane 致閉幕詞。

All right. Thank you. In closing, I want to reiterate my gratitude for the amazing dedication and excellence of the teams we have across our nation, serving our customers every day. Demand is strong, and our people are rising to the challenges of addressing the robust need for their unique skills.

好的。謝謝。最後，我要再次表達我對我們遍布全國的團隊的感謝，他們每天為我們的客戶提供令人驚嘆的奉獻精神和卓越的服務。需求強勁，我們的員工正在迎接挑戰，滿足對其獨特技能的強烈需求。

As Trent mentioned, we feel that conditions are good for us to continue to perform. And as Bill indicated, we have the resources and the commitment to lean into delivering for our employees, our customers, and you, our shareholders. Thank you for your confidence and have a great rest of the summer. Thank you.

正如特倫特所說，我們覺得目前的條件有利於我們繼續表現。正如比爾所說，我們擁有資源和承諾，致力於為我們的員工、客戶以及我們的股東提供服務。感謝您的信任，祝您有個愉快的夏天。謝謝。

And this concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。