Comfort Systems USA Inc (FIX) 2025 Q3 法說會逐字稿

Good day, and welcome to the third quarter 2025 Comfort Systems USA earnings conference call. (Operator Instructions) As a reminder, this call may be recorded.

大家好，歡迎參加 Comfort Systems USA 2025 年第三季財報電話會議。（操作員指示）提醒一下，此通話可能會被錄音。

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

現在我想將電話轉給首席會計官朱莉·謝夫 (Julie Shaeff)。請繼續。

Thanks, Michelle. Good morning. Welcome to Comfort Systems USA's third 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.

謝謝，米歇爾。早安.歡迎參加 Comfort Systems USA 2025 年第三季財報電話會議。我們今天的評論以及新聞稿包含適用證券法律法規含義內的前瞻性陳述。我們今天要講的內容是基於 Comfort Systems USA 的當前計劃和期望。

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. 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.

這些計劃和預期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。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評論的補充，並發佈在公司網站 comfortsystemsusa.com 的投資者關係部分。

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.

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。

All right. Thanks, Julie. Good morning, and thank you for joining us on the call today. Our amazing teams across the country continue to deliver excellent results for our customers, and they have delivered financial results that far exceed even our recent outcomes.

好的。謝謝，朱莉。早安，感謝您今天參加我們的電話會議。我們遍佈全國的優秀團隊繼續為我們的客戶提供出色的成果，他們所取得的財務表現甚至遠遠超過了我們最近的成果。

We earned $8.25 per share this quarter, which is double what we earned in the same quarter last year. Our mechanical business had a sharp increase in profitability, and our electrical segment was higher as well. We also had favorable developments in some late-stage projects that contributed to our great results.

本季我們的每股收益為 8.25 美元，是去年同期的兩倍。我們的機械業務獲利能力大幅提升，電氣業務獲利能力也同樣提升。一些後期專案也取得了良好的進展，為我們取得了優異的業績做出了貢獻。

Construction is driving most of our results, but service revenue and profit also grew by double-digit percentages. Our bookings were strong, and our backlog at the end of the quarter grew to a new high of $9.4 billion.

我們的業績主要來自建築業，但服務收入和利潤也實現了兩位數的百分比成長。我們的訂單量非常強勁，本季末的積壓訂單量成長至 94 億美元的新高。

As a result of exceptional demand for our services, we achieved a second consecutive same-store backlog increase of more than $1 billion despite significant third quarter burn. We continue to book work with good margins and good working conditions for our valuable people. We entered the fourth quarter of 2025 with $3.7 billion more in backlog than last year at this time.

由於對我們服務的龐大需求，儘管第三季虧損嚴重，我們仍連續第二次實現同店積壓訂單成長超過 10 億美元。我們將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 年第四季度，我們的積壓訂單比去年同期增加了 37 億美元。

I'm happy to announce the acquisition of two companies on October 1. FZ Electrical, a contractor with strong industrial capabilities located in Grand Rapids, Michigan; and Meisner Electric, a contractor based in Boca Raton, Florida, with strong capabilities in health care and other attractive markets. We are thrilled to have these two companies join the Comfort Systems USA family of companies, and we welcome them.

我很高興地宣布10月1日收購兩家公司。FZ Electrical 是一家位於密西根州大急流城、擁有強大工業能力的承包商；Meisner Electric 是一家位於佛羅裡達州博卡拉頓、在醫療保健和其他有吸引力的市場擁有強大能力的承包商。我們很高興這兩家公司加入 Comfort Systems USA 公司大家庭，我們歡迎他們。

Today, we increased our quarterly dividend by 20% to $0.60 per share, and we have actively purchased shares during 2025. With solid bookings and great demand, we expect continuing growth and strong results in 2025 and 2026.

今天，我們將季度股息提高 20% 至每股 0.60 美元，並且我們在 2025 年期間積極購買股票。由於預訂量穩定且需求旺盛，我們預計 2025 年和 2026 年將持續成長並取得強勁業績。

Trent will discuss our operations and outlook in a few minutes, and I will make 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，我將在問答後發表結束語。但首先，我將把電話轉給比爾來審查我們的財務表現。帳單？

Thanks, Brian. Our third quarter results were remarkable in every way with 33% same-store revenue growth, sharply higher margins, EPS up by over 100% from the prior year and a surge of over $500 million in quarterly free cash flow. We achieved more than $400 million in quarterly EBITDA for the first time ever, and that's a 74% increase over the same quarter one year ago.

謝謝，布萊恩。我們的第三季業績在各方面都非常出色，同店營收成長 33%，利潤率大幅提高，每股收益較上年增長超過 100%，季度自由現金流激增超過 5 億美元。我們首次實現了超過 4 億美元的季度 EBITDA，比去年同期成長了 74%。

So we'll start with revenue. Revenue for the third quarter of 2025 was $2.5 billion, an increase of $639 million or 35% compared to last year. Electric segment revenue grew by 71% and mechanical revenue increased by 26%.

因此，我們將從收入開始。2025 年第三季營收為 25 億美元，比去年增加 6.39 億美元，增幅 35%。電氣部門收入成長71%，機械部門收入成長26%。

Through nine months, same-store revenue increased 23% and currently, our best estimate is that fourth quarter same-store revenue will grow in the high-teen range as compared to the same quarter last year. For full year 2026, we expect same-store revenue growth to continue most likely by a percentage in the low to mid-teens and weighed more heavily to the first half of the year.

在過去九個月中，同店營收成長了 23%，目前，我們的最佳估計是，與去年同期相比，第四季同店營收將成長十幾個百分點。對於 2026 年全年，我們預計同店收入成長很可能將繼續保持在十幾到十幾個百分點之間，並且對上半年的影響更大。

Gross profit was $608 million for the third quarter of 2025, $226 million higher than one year ago. Our gross profit percentage grew to a remarkable 24.8% this quarter compared to 21.1% for the third quarter of 2024. Quarterly gross profit percentage in our mechanical segment increased significantly to 24.3% this year compared to 20.3% last year. Margins in our electrical segment also grew to 26.2% as compared to 23.9% in the third quarter of 2024.

2025 年第三季毛利為 6.08 億美元，比一年前高 2.26 億美元。本季我們的毛利率顯著成長至 24.8%，而 2024 年第三季為 21.1%。我們機械部門的季度毛利率今年大幅上升至 24.3%，去年同期為 20.3%。我們電氣部門的利潤率也從 2024 年第三季的 23.9% 成長至 26.2%。

Great ongoing execution augmented by favorable developments in certain late-stage projects drove us to higher margins in both segments. Our largest single discrete project development was recognizing $16 million of previously deferred revenue on a project as a customer emerged from bankruptcy. We currently expect that 2026 profit margins are likely to continue in the strong ranges that we have achieved and averaged over recent quarters.

持續的出色執行，加上某些後期專案的良好進展，推動我們在兩個領域都實現了更高的利潤率。我們最大的單一獨立專案開發是在客戶擺脫破產後確認了 1,600 萬美元的先前遞延收入。我們目前預計，2026 年的利潤率可能會繼續保持在最近幾季實現的平均值。

SG&A expense for the quarter was $230 million or 9.4% of revenue compared to $180 million or 9.9% of revenue in the third quarter of 2024. SG&A increased mainly from ongoing investments in people to support our higher activity levels.

本季銷售、一般及行政費用為 2.3 億美元，佔營收的 9.4%，而 2024 年第三季為 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。

Our operating income increased by just over 86% from last year from $203 million in the third quarter of 2024 to $379 million for the third quarter of 2025. Our operating income percentage surged to 5.5% this quarter from 11.2% in the prior year.

我們的營業收入較去年同期成長了 86% 以上，從 2024 年第三季的 2.03 億美元增至 2025 年第三季的 3.79 億美元。我們的營業收入百分比從去年同期的 11.2% 飆升至本季的 5.5%。

Our year-to-date tax rate was 20.9%. Our effective tax rate in the first quarter was lower due to interest we received on a delayed refund relating to our 2022 federal tax return. We expect our tax rate to continue to be around 23% for the rest of 2025 and into 2026.

我們今年迄今的稅率為 20.9%。由於我們收到了與 2022 年聯邦稅申報表相關的延遲退款利息，因此第一季我們的有效稅率較低。我們預計，2025 年剩餘時間和 2026 年我們的稅率將繼續維持在 23% 左右。

After considering all these factors, net income for the third quarter of 2025 was $292 million or $8.25 per share as compared to net income for the third quarter of 2024 of $146 million or $4.09 per share. Thanks to great execution by our people, EBITDA increased by 74% to $414 million this quarter from a strong $238 million in the third quarter of 2024. Our trailing 12-month EBITDA is now $1.25 billion.

考慮所有這些因素後，2025 年第三季的淨收入為 2.92 億美元或每股 8.25 美元，而 2024 年第三季的淨收入為 1.46 億美元或每股 4.09 美元。由於我們員工的出色執行，EBITDA 從 2024 年第三季的 2.38 億美元成長了 74%，達到本季的 4.14 億美元。我們過去 12 個月的 EBITDA 現為 12.5 億美元。

Free cash flow for the third quarter of 2025 was $519 million, and year-to-date, our free cash flow is $632 million. We purchased additional shares this quarter. And year-to-date, we have spent around $125 million, buying approximately 345,000 shares at an average price of $363.13 per share. At the end of September, our net cash position was $725 million.

2025 年第三季的自由現金流為 5.19 億美元，年初至今，我們的自由現金流為 6.32 億美元。我們本季購買了額外的股份。今年迄今為止，我們已花費約 1.25 億美元，以每股 363.13 美元的平均價格購買了約 345,000 股。截至九月底，我們的淨現金狀況為7.25億美元。

As Brian mentioned, we acquired two fantastic companies on October 1, Feyen Zylstra and Meisner Electric. We funded approximately $170 million in purchase consideration in the first -- fourth quarter, and these acquisitions are expected to provide over $200 million in incremental annual revenue and $15 million to $20 million of annual EBITDA.

正如 Brian 所提到的，我們在 10 月 1 日收購了兩家出色的公司，Feyen Zylstra 和 Meisner Electric。我們在第一季至第四季投入了約 1.7 億美元的收購資金，預計這些收購將帶來超過 2 億美元的增量年收入和 1,500 萬至 2,000 萬美元的年度 EBITDA。

In August, we finalized an amendment to our senior credit facility that increased our borrowing capacity from $850 million to $1.1 billion on very favorable terms. The new maturity date is October 2030. Our balance sheet and cash flow have put us in a great position to continue to invest, grow and reward our shareholders.

8 月份，我們最終完成了對高級信貸安排的修訂，以非常優惠的條件將我們的借款能力從 8.5 億美元提高到 11 億美元。新的到期日為2030年10月。我們的資產負債表和現金流使我們處於有利地位，可以繼續投資、發展並回報股東。

That's all I got. Trent?

這就是我所得到的全部。特倫特？

Thanks, Bill. I'm going to discuss our operations and outlook. Our backlog at the end of the third quarter was a record $9.4 billion, a large sequential and large year-over-year increase. Since last year at this time, our backlog has increased by $3.7 billion or 65% and $3.5 billion of the increase was same-store. On a sequential basis, backlog increased by $1.3 billion or 15%, all of which was same-store.

謝謝，比爾。我將討論我們的營運和前景。我們第三季末的積壓訂單達到了創紀錄的 94 億美元，環比和同比都有大幅成長。自去年此時以來，我們的積壓訂單增加了 37 億美元，即 65%，其中 35 億美元的成長來自同店訂單。以環比計算，積壓訂單增加了 13 億美元，即 15%，全部來自同店訂單。

Third 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 final quarter of 2025 with same-store backlog 62% higher than at this time last year, and our project pipelines remain at historically high levels.

第三季度，科技領域的預訂量尤其強勁，無論是我們的傳統建築業務還是模組化業務。我們即將進入 2025 年的最後一個季度，同店積壓訂單量比去年同期高出 62%，我們的專案儲備仍處於歷史高點。

Industrial customers accounted for 65% of total revenue in the first nine months of 2025, and they are major drivers of pipeline and backlog. Technology, which is included in Industrial, was 42% of our revenue, a substantial increase from 32% in the prior year.

2025 年前九個月，工業客戶佔總收入的 65%，他們是管道和積壓訂單的主要驅動力。科技（包含在工業中）占我們收入的 42%，較前一年的 32% 大幅成長。

While our manufacturing revenues declined on a percentage basis, we continue to see good demand for manufacturing, but in many cases, data center opportunities are more compelling.

雖然我們的製造業收入百分比下降，但我們仍然看到製造業的良好需求，但在許多情況下，資料中心機會更具吸引力。

Institutional markets, which include education, health care and government remain strong and represent 22% of our revenue. The commercial sector provided about 13% of revenue. Most of our service revenue is for commercial customers. Construction accounted for 86% of our revenue with projects for new buildings representing 61% and existing building construction 25%.

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 22%。商業部門提供了約13%的收入。我們的服務收入大多來自商業客戶。建築業占我們收入的 86%，其中新建築項目佔 61%，現有建築建設佔 25%。

We include modular in new building construction and year-to-date, modular was 17% of our revenue. We remain on track to have 3 million square feet of space in our modular businesses by early 2026, and we will prudently consider additional investments next year based on the strong demand we are seeing in modular.

我們將模組化納入新建築建設中，年初至今，模組化占我們收入的 17%。到 2026 年初，我們的模組化業務仍有望擁有 300 萬平方英尺的空間，並且根據我們在模組化領域看到的強勁需求，我們將審慎考慮明年的額外投資。

Service revenue was up 11%, but with faster growth in construction, it is now 14% of total revenue. Service profitability was strong this quarter, and service continues to be a growing and reliable source of profit and cash flow.

服務收入成長了 11%，但由於建築業務成長更快，目前佔總收入的 14%。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。

I cannot say enough about the amazing team of craft professionals that we have working hard for our customers every single day. Thanks to the teams that are working across the country, we are optimistic about our future. I want to close by joining Brian and Bill in thanking our over 21,000 employees for their hard work and dedication.

我對我們每天為客戶辛勤工作的優秀工藝專業團隊讚不絕口。感謝全國各地工作的團隊，我們對未來充滿樂觀。最後，我要與 Brian 和 Bill 一起感謝我們 21,000 多名員工的辛勤工作和奉獻精神。

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

現在我將把問題交還給米歇爾。謝謝。

(Operator Instructions)

（操作員指示）

Adam Thalhimer, Thompson Davis.

亞當·塔爾希默、湯普森·戴維斯。

Hey, good morning guys congrats on another wave of record results.

嘿，大家早安，祝賀你們又創下了新紀錄。

Thanks Adam.

謝謝亞當。

I wanted to ask high level on the technology side. Does the bidding activity match the bookings and the revenue growth that you saw in Q3?

我想向技術方面的高層詢問。競標活動是否與您在第三季看到的預訂量和收入成長相符？

Yeah. Adam, the opportunities, the pipeline is still robust, matching quarter 3. There's still more opportunities that then probably can be handled out there in the market at the moment. So we've seen no let up at all in the opportunities.

是的。亞當，機會和通路依然強勁，與第三季相匹配。目前市場上可能還有更多機會可以把握。因此，我們看到機會絲毫沒有減少。

And then I'm curious on capital allocation. Your free cash flow -- your net cash, I think, broke out to an all-time record in Q3. Just curious how you're thinking about that and if just accumulating cash from here wouldn't be the worst thing in the world?

然後我對資本配置很好奇。我認為，您的自由現金流—您的淨現金在第三季創下了歷史新高。只是好奇你怎麼想的，如果從這裡累積現金不是世界上最糟糕的事？

Well, that's never the worst thing in the world. There are worse alternatives to accumulating cash. But we haven't changed our capital allocation thinking since 2007. We will -- to the extent we can find opportunities that we have conviction around, we will deploy most of our cash doing acquisitions.

嗯，這絕對不是世界上最糟糕的事。除了累積現金之外，還有更糟糕的選擇。但自2007年以來，我們的資本配置思路從未改變。只要我們能夠找到有信心的機會，我們就會將大部分現金用於收購。

We will continually buy back our shares using a portion of our free cash flow, and we get aggressive on that when we feel like the stock has dipped to -- relative to our prospects. So for example, when it dipped earlier this year, we spent $100 million in a couple of weeks buying shares.

我們將利用部分自由現金流不斷回購我們的股票，當我們感覺到股價相對於我們的前景而言已經下跌時，我們就會積極回購。例如，今年稍早股價下跌時，我們在幾週內花了 1 億美元購買股票。

And then we -- one point you might be making is there's so much cash now. Is it realistic for us to deploy it into acquisitions? And I think the answer is we've faced that problem on a couple of stair steps in our cash over the last few years. So far, our reputation as an acquirer and our commitment to great outcomes for the people we buy have allowed us to find good opportunities to deploy our cash.

然後我們——您可能會提到的一點是現在有太多現金。我們將其部署到收購中是否現實？我認為答案是，過去幾年我們在現金方面遇到了幾個階段性的問題。到目前為止，我們作為收購方的聲譽以及我們對為被收購方帶來良好結果的承諾使我們找到了部署現金的良好機會。

One thing people might not think about is we are growing, but the companies we're buying are growing as well. There's a certain amount of scaling going on. So I meet with companies regularly that are having -- that have results that are twice as big as they were two or three years ago.

人們可能沒有想到的一件事是，我們正在成長，但我們收購的公司也在成長。正在進行一定程度的擴展。因此，我定期與一些公司會面，這些公司的業績比兩三年前成長了一倍。

And so in a sense, the reality is the opportunity set that's facing a company with a great, deep, well-established workforce of pipe fitters or electricians is amazing. These companies are worth more today than they were five years ago just because of actually what's going on because of the investments they've been making in the meanwhile.

因此，從某種意義上說，一家擁有大量、深厚、成熟的管道工或電工隊伍的公司所面臨的現實機會是驚人的。這些公司如今的價值比五年前更高，這實際上是由於他們在此期間進行的投資所致。

And we're optimistic. We're going to just try to keep doing what we've been doing. And if we wake up with the problem of we just can't keep up with the cash, then we'll find ways to reward our shareholders in other ways.

我們對此持樂觀態度。我們只會盡力繼續做我們一直在做的事情。如果我們意識到我們無法跟上現金流的問題，那麼我們就會想辦法用其他方式回報我們的股東。

Sounds good I'll turn it over thank you.

聽起來不錯，我會轉過來謝謝。

Sangita Jane, KeyBanc Capital Markets

Sangita Jane，KeyBanc 資本市場

Thank you for taking my question so a couple that I have. One is on the cash flow in third quarter, your free cash flow was especially strong. So I'm just trying to think how we should think about it for the whole year and if there were any material advance payments included in 3Q that we should be aware of?

感謝您回答我的問題，我有幾個問題。一是第三季的現金流，你們的自由現金流特別強勁。所以我只是想知道我們應該如何考慮全年的情況，以及第三季是否包含任何我們應該注意的重大預付款？

So for one thing, there wasn't an extraordinary event like there has been a few times over the last few years where we get way ahead due to some specific event or we have a turnaround where that event is sort of recalibrated. I will say that you can always expect our cash flow to be roughly equal to our net income. We are a cash business.

因此，首先，並沒有發生像過去幾年中幾次那樣的特別事件，我們因為某些特定事件而遙遙領先，或者我們經歷了一個轉折點，該事件被重新調整。我想說的是，你總是可以預期我們的現金流大致等於我們的淨收入。我們是現金生意。

We pay our taxes in cash. So when you see a quarter where we have cash flow above our net income, at some point, we're going to give that back. When it's below our net income, then we have cash we'll collect in the future. Through six months, we were behind our net income.

我們以現金繳納稅款。因此，當您看到某個季度我們的現金流高於淨收入時，在某個時候，我們就會將其退還。當它低於我們的淨收入時，我們就有未來可以收取的現金。六個月來，我們的淨收入一直落後。

There were some specific reasons for that, that we've discussed. In the third quarter, we had a big catch-up. We're getting fantastic payment terms. As we can negotiate good pricing and good conditions for our workers, we can also negotiate good payment terms.

我們已經討論過一些具體原因。第三節，我們明顯追趕上來。我們獲得了極佳的付款條件。由於我們可以為我們的工人協商好的價格和良好的條件，我們也可以協商好的付款條件。

So we just had a great cash flow quarter, but nothing fundamental has changed. We're going to cash flow our net income.

因此，我們剛剛經歷了一個現金流表現良好的季度，但根本性的事情並沒有改變。我們將把我們的淨收入轉化為現金流。

Got it. And then if I can ask one on backlog growth. Obviously, your backlog suggests that you're booking out further than a year. Can you speak a little bit to that? And if it's primarily on the modular side or also on the traditional construction side? If it's just data center or also life sciences pharma work that you feel like you're booking out earlier and earlier?

知道了。然後我可以問一個關於積壓成長的問題。顯然，您的積壓訂單表明您的預訂時間已超過一年。能稍微談一下這個嗎？它主要集中在模組化方面還是也集中在傳統建築方面？如果您感覺到資料中心或生命科學製藥工作預訂得越來越早，該怎麼辦？

But so when -- our bookings for the quarter, right, we were broadly across all of our businesses. And there were some -- the bookings that we had in modular, those are going to -- those are pushed out farther. So those aren't going to be exactly relevant to what I'm about to say.

但是，當 - 我們本季的預訂量大致涵蓋了我們所有的業務時。還有一些 — — 我們在模組化方面的預訂，這些將 — — 這些將被進一步推遲。所以這些與我要說的內容並不完全相關。

But for the rest of our bookings, all of those bookings are going to start sometime within the next year. They might be longer-term projects because of the size of the projects, but they are all projects that are slated to begin in 2026. So when we talk about bookings out further out, that's more of the modular side of the business.

但對於我們其餘的預訂，所有這些預訂都將在明年的某個時候開始。由於項目規模較大，它們可能是長期項目，但它們都是計劃於 2026 年開始的項目。因此，當我們談論更遠的預訂時，這更多的是業務的模組化方面。

Great, thank you. Appreciate the.

太好了，謝謝。謝謝。

Julio Romero, Sidoti and Company.

胡里奧·羅梅羅，西多蒂公司。

Thanks hey, good morning guys just following up on the last question about the order acceleration. Historically, you guys are very prudent at kind of not taking on additional backlog and not getting out over your skis.

謝謝大家，早安，我只是在跟進關於訂單加速的最後一個問題。從歷史上看，你們都非常謹慎，不會承擔額外的積壓工作，也不會冒險。

I know, Trent, you mentioned a piece of the backlog growth was modular orders that were further out. But just help us think about the step-up in orders here for the last several quarters. Part of it is booking yourselves further out, but some of it is also, I guess, securing enough pricing in your bid margins to compensate for that additional risk of additional orders?

我知道，特倫特，您提到積壓訂單成長的一部分是更遠的模組化訂單。但請幫我們思考一下過去幾季這裡的訂單成長。部分原因是提前預訂，但我想，部分原因也是為了確保投標利潤有足夠的定價，以補償額外訂單的額外風險？

Yeah, so Julio, we still have the same philosophy we've always had. We'll take on work we know we can do that we can handle with the skilled workforce that we have.

是的，胡里歐，我們仍然秉持著一貫的理念。我們將承擔我們知道我們可以完成的工作，並且我們擁有的熟練勞動力可以勝任。

So we look at each opportunity, particularly on the lodger side, make sure the timing is right, work for us that we can achieve a good product for our customers. So if you look at the timing of what we're winning, when it's coming in and can we handle it, we feel very comfortable with the workload that we have today.

因此，我們會專注於每一個機會，特別是房客方面的機會，確保時機正確，為我們努力，以便我們能夠為客戶提供優質的產品。因此，如果你看看我們贏得勝利的時機、它何時到來以及我們是否能處理它，我們對今天的工作量感到非常滿意。

And I want to add too, Julio, the collaboration between our companies is really permitting a lot of this additional booking that you're seeing. It's the companies working together to share workforces so that they can tackle projects that would otherwise have been kind of outside of their ability scope previously.

我還想補充一點，胡里奧，我們兩家公司之間的合作確實促成了您所看到的大量額外預訂。各公司透過合作共享勞動力，從而能夠處理以前超出其能力範圍的項目。

And Julio, one thing that we do have going for us is that we have folks that will travel and you see some of this work, maybe get all the West Texas, Abilene, Amarillo that we can handle because we have people that will travel to these sites.

胡里奧，我們確實有優勢，那就是我們有人願意出差，你可以看到我們的一些工作，也許我們可以處理所有西德克薩斯州、阿比林、阿馬裡洛的工作，因為我們有人願意前往這些地點。

That's very helpful. And then I know a big emphasis is being selective with regards to the specific partners you work with. And I think you guys mentioned earlier, your partners are getting bigger. They're taking on additional work. But just throwing that question back at you guys, has the pool of partners that you work with increased? Or is this just more a function of you doing more with your existing partners?

這非常有幫助。然後我知道，重點是選擇與您合作的特定合作夥伴。我想你們之前提到過，你們的合作夥伴正在變得越來越大。他們正在承擔額外的工作。但我再問你們這個問題，你們的夥伴數量增加了嗎？或者這只是您與現有合作夥伴進行更多合作的功能？

So what Trent was referring to was our companies working together. We do work sometimes with -- we worked with some companies. We worked with a company we bought, called Ivey, before we bought them. We have selected situations like that. But I think overwhelmingly, we're really talking about companies that are Comfort Systems USA companies that are 50 or 100 or 10 or 50 miles from each other.

特倫特指的是我們兩家公司的合作。我們有時確實與一些公司合作。在收購 Ivey 之前，我們曾與該公司合作。我們選擇了這樣的情況。但我認為，在絕大多數情況下，我們談論的是 Comfort Systems USA 公司，彼此相距 50 英里、100 英里、10 英里或 50 英里。

(multiple speakers) And it's really a great point for people to come and join us. They have opportunity to work with a lot of other companies in the same industry. under the same overall structure that we have.

（多位發言者）這確實是讓人們加入我們的好機會。他們有機會與我們同行業的許多其他公司在相同的整體結構下合作。

Yes, and I'm sorry to rephrase my question, I meant when I said has the pool of partners increased, I meant has the pool of kind of the customers that you typically have worked with increased? Or are you doing more with existing customers?

是的，很抱歉我重新措辭了我的問題，我的意思是當我說合作夥伴的數量增加了嗎？我的意思是您通常合作的客戶數量增加了嗎？還是您正在為現有客戶提供更多服務？

I would say there aren't many people in the United States we haven't done work for in the past. If they've done work in the past, we've probably done it. So that's kind of a hard question to answer, but it's mostly -- there is a definite preference for people who we have a history of succeeding together with.

我想說，在美國，我們過去為很多人做過工作。如果他們過去做過工作，我們可能也做過。所以這是一個很難回答的問題，但主要是——我們確實更喜歡那些與我們一起取得成功的人。

We have rough projects, we don't want to do work with those people anymore. We want to do work with the people that we have great projects with over and over. Brian, did you -- I mean yeah.

我們的專案很艱難，我們不想再與那些人一起工作了。我們希望與那些曾多次與我們合作完成偉大項目的人們一起工作。布萊恩，你——我是說是的。

Got you very helpful thanks guys.

非常有幫助，謝謝大家。

Brent Thielman, D.A. Davidson & Company.

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

Hey, thanks, congrats again, another great quarter. I guess, Brian, Trent or Bill, one of the questions that seems to come up often is just your ability to sustain the growth you're seeing outside of modular, just given sort of the industry labor constraints out there. You've grown same-store, call it, 20% or more for what looks to be a fourth year in a row here.

嘿，謝謝，再次祝賀，又​​一個偉大的季度。我想，布萊恩、特倫特或比爾，似乎經常出現的一個問題是，考慮到行業勞動力的限制，你們是否有能力維持模組化以外的成長。您的同店銷售額已經連續第四年增長了 20% 或更多。

And I know there's a lot of factors to the growth over the last few years. But maybe you could talk about just sort of how critical have your sort of internal recruiting, hiring efforts been in recent years in support of that growth versus job values getting bigger?

我知道過去幾年的成長有很多因素。但也許您可以談談近年來您的內部招募和聘用工作對於支持這種成長以及工作價值的提升有多重要？

And then also, I guess, is there any sort of slowdown or change you've seen in terms of your ability to bring in people to support the growth, I guess, outside of acquisitions?

另外，我想，除了收購之外，您是否看到在引進人才以支持成長的能力方面有任何放緩或變化？

Yeah, so I'll go first, Brent. First and foremost, this is a good place to work, right? We treat people fair in what respect. We pay them well, and there's a good benefit package. So we're constantly recruiting. But as you can tell by our numbers, we're up over 21,000 access to another probably 35,000, 34,000 contract labors that we have. So all in all, we're constantly recruiting, but we do get people to come here and work. We also have a lot of work, which makes us a good place to work as well.

是的，我先來，布倫特。首先，這是一個好的工作場所，對吧？我們在哪些方面公平地對待人們。我們給他們豐厚的薪水，並且還有良好的福利。所以我們一直在招募人才。但正如您從我們的數據中看到的，我們擁有超過 21,000 名合約工，另外還有大約 35,000 到 34,000 名合約工。總而言之，我們一直在招聘，但我們確實會吸引人們來這裡工作。我們也有很多工作，這也使我們成為一個良好的工作場所。

So how much can we grow? We continue to train. We're improving productivity constantly. We're trying to pick the right jobs that we're good at planning them using BIM, prefab and modular help us. But the enhancement that we are achieving with the skilled workforce is the best I've ever seen in my career today.

那我們能成長多少？我們繼續訓練。我們正在不斷提高生產力。我們正在嘗試選擇我們擅長的正確工作，使用 BIM、預製件和模組化來幫助我們進行規劃。但我們在技術勞動力方面取得的進步是我職業生涯中見過的最好的。

Okay. All right. And then the 3 million square footage of space in modular that, I guess, becomes available early 2026, I think you said Trent. Is that capacity or space already effectively sold out? Or do you expect it to be soon?

好的。好的。然後，我猜想，模組化的 300 萬平方英尺空間將於 2026 年初投入使用，我想您說的是特倫特。這些容量或空間是否已全部售罄？或者您預計它很快就會到來？

Yeah, the answer is yes.

是的，答案是肯定的。

Okay. Just one last technicality, if I could. The $15.5 million write-up that you called out, I think, in the filing, is that all reflected in the mechanical segment? Or I'm just trying to level set what kind of normalized margin looks like.

好的。如果可以的話，我只想說最後一個技術細節。我認為，您在文件中提到的 1550 萬美元增值是否都反映在機械部分了？或者我只是試著設定什麼樣的標準化邊距是什麼樣的。

So that happens to be in the electrical segment. But one of the things we were basically saying is we always get these questions, did you have anything special in the quarter? Did you have jobs that closed out especially well? We have a lot of jobs now. So we almost always do. But at this point, we did have some special closeouts this quarter that were particularly helpful. That was the biggest one.

這恰好屬於電氣領域。但我們基本上說的一件事是，我們總是會問這些問題，本季你們有什麼特別的事情嗎？您有沒有完成得特別好的工作？我們現在有很多工作。所以我們幾乎總是這麼做。但就目前而言，本季我們確實有一些特別有幫助的特殊清倉活動。這是最大的一個。

So in MD&A, you're required to give an example. We gave the biggest single example, but they happened in both electrical and mechanical. We're late in some jobs. The jobs are going well. The systems are being turned on and they work well.

因此在 MD&A 中，你需要舉一個例子。我們給了最大的單一例子，但它們發生在電氣和機械領域。我們在某些​​工作上已經遲到了。工作進展順利。系統正在啟動並且運作良好。

We're able to relieve contingency. So we did -- this would have been a great quarter without those. This would have been a record quarter even without some of those pickups. Some of those pickups pushed our results a little further, and we wanted to just let people know that.

我們能夠緩解突發狀況。所以我們確實這麼做了——即使沒有這些，這個季度也會很棒。即使沒有這些成長，本季也仍將是創紀錄的一個季度。其中一些改進使我們的業績更上一層樓，我們只是想讓人們知道這一點。

Okay. Sorry. And Bill, theoretically, you have these every quarter. It just varies. So even if we compare year-on-year, you might have had them last year?

好的。對不起。比爾，理論上，你每季都會有這些。只是有所不同。那麼，即使我們進行逐年比較，您去年可能就已經擁有它們了？

But the last three or four quarters, we were frequently asked, did you have any special closeout? And we said nothing out of the usual. This time, we're saying we kind of had some a little more than we would -- we might normally count on having. So I would say we do have -- we had some really good stuff happened this quarter.

但在過去的三、四個季度裡，我們經常被問到，你們有什麼特別的收尾工作嗎？我們沒有說任何不尋常的話。這一次，我們說我們得到的比我們通常期望得到的要多一些。所以我想說我們確實——本季發生了一些非常好的事情。

Yeah, okay, understood, thank you.

嗯，好的，明白了，謝謝。

Josh Chan, UBS.

瑞銀集團的 Josh Chan。

Hey, good morning guys congrats on a really great quarter. I wanted to ask about the backlog question, but especially within the last six months because obviously, you've had a strong demand environment, you have labor constraint, you have labor sharing for a while now.

嘿，大家早安，恭喜你們取得了一個非常棒的季度成績。我想問一下積壓問題，特別是過去六個月內的問題，因為顯然，你們有一個強勁的需求環境，有勞動力限制，有一段時間有勞動力共享。

But really over the last two quarters, you had these two consecutive $1 billion step-up in the backlog. And I was just wondering if anything is different in this last six months versus the longer period, I guess.

但實際上在過去兩個季度中，積壓訂單量連續增加了 10 億美元。我只是想知道，過去六個月與較長時期相比是否有什麼不同。

So it's an interesting way you asked that question. Every quarter is different from every other quarter, right? We had some big bookings. Sometimes they're in pharma, sometimes they're -- it's never exactly the same because this is lumpy stuff, as we've said. We had a lot of really, really good opportunities get to the point where they were documented and could go into backlog this quarter.

所以你問這個問題的方式很有趣。每個季度都與其他季度不同，對嗎？我們有一些大額預訂。有時他們從事製藥業，有時他們——從來都不完全相同，因為正如我們所說的，這是塊狀的東西。我們有很多非常非常好的機會，這些機會都已記錄在案，並且可以在本季度積壓。

Year-to-date, it's the companies you guys know of and think about. There were some interesting ones this quarter. It's work we know are really companies that are doing work they've done over and over. So we feel great about it. But there's just such a good market. There's such a good opportunity. Our customers, they want us to commit early, so they commit early. It's just a fantastic market, and we have just unbelievably good companies.

今年迄今為止，這些是你們所了解和思考的公司。本季發生了一些有趣的事情。我們知道，這些公司確實在重複做他們已經做過的工作。所以我們對此感覺很好。但市場確實很好。有這麼好的機會。我們的客戶希望我們儘早做出承諾，所以他們也儘早做出了承諾。這是一個非常棒的市場，我們擁有令人難以置信的優秀公司。

Yeah, that makes a lot of sense. I appreciate the color there. And then on modular capacity, if you were to expand kind of incrementally from here, would there be a preference to serving existing customer or I guess, demand for that? Or would there be a preference to kind of grow with other types of customers within modular?

是的，這很有道理。我很欣賞那裡的色彩。然後就模組化容量而言，如果您要從這裡逐步擴展，是否會優先服務現有客戶，或者我猜，是滿足現有客戶的需求？或者是否傾向於與模組化內的其他類型的客戶一起成長？

I would say we always have a preference towards meeting the needs of the people who have been great partners for us over years. And in the case of one of the ones you would be referring to more than a decade. So we'll always have a preference towards great customers as opposed to new customers.

我想說，我們始終優先滿足多年來一直是我們優秀合作夥伴的人們的需求。就其中一個而言，您提到的時間可能超過十年。因此，我們始終優先考慮優質客戶，而不是新客戶。

Having said that, we are -- we talk to new customers. We have opportunities. As you know, we added a customer. But if you were asking me the question, would our guys rather do work with people who they have a great relationship with or find out how good somebody else is, they'll take the sure thing.

話雖如此，我們正在與新客戶交談。我們有機會。如您所知，我們增加了一位客戶。但如果你問我這個問題，我們的員工是願意與關係良好的人一起工作，還是願意了解其他人的優秀程度，他們會選擇肯定的選擇。

Sure, absolutely. Yeah, thank you for the color and congrats getting on the quarter.

當然，絕對是如此。是的，謝謝你的顏色，並祝賀你進入這個季度。

Tim Mulrooney, William Blair.

提姆·穆魯尼、威廉·布萊爾。

Yeah, good morning. Thanks for taking my questions and including me on the conference call. I'm excited to be covering the company.

是的，早安。感謝您回答我的問題並邀請我參加電話會議。我很高興能夠報道這家公司。

Thank you.

謝謝。

I hate to go back to this backlog question and beat it to death, but I'm newer to the company here. So I just want to make sure I understand how this works. How much of your backlog, excluding that modular piece, would you expect to start at some point over the next 12 months? I'm just trying to understand how much of this backlog is actually being pushed out versus just elongated due to the larger projects?

我不想再回到這個積壓問題上並反覆討論它，但我對這家公司還比較陌生。所以我只是想確保我理解這是如何運作的。除了模組化部分之外，您預計在未來 12 個月內會開始處理多少積壓工作？我只是想了解有多少積壓工作實際上是被推遲了，還是僅僅因為專案規模較大而被延長了？

So I'm really glad you asked. The majority of the backlog numerically is jobs that have already started. It's the work left to finish on jobs that have already started. When Trent says everything is going to start within a year, he means all the new bookings. We don't have new bookings. Really many of the new bookings have already started at some level in the sense that we're doing preliminary work, underground work.

所以我很高興你問了這個問題。從數量上看，積壓的大部分工作都是已經開始的工作。這是已經開始的工作中尚待完成的部分。當特倫特說一切都將在一年內開始時，他指的是所有新的預訂。我們沒有新的預訂。實際上，從我們正在進行前期工作和地下工作的角度來看，許多新的預訂已經在某種程度上開始了。

We have engineering we're billing for. But it is -- this is really a -- because the definition of backlog in sort of what's called a remaining performance obligation under GAAP is so strict. You really don't put something into the reported backlog number until you have a price, a scope and a legally binding obligation that can be audited.

我們有工程需要收費。但這確實是——因為根據 GAAP，所謂的剩餘履約義務的積壓定義非常嚴格。在您獲得價格、範圍和可審計的具有法律約束力的義務之前，您實際上不會將任何東西放入報告的積壓數字中。

We are -- almost any project that we put into our backlog, it was awarded to us a quarter, 2 quarters, 3 quarters ago. We received a phone call saying, this is your work, long before it shows up in backlog. So I hope that helps because it's not like -- we're not like a manufacturing company that's selling stuff we're going to start producing far in the future. You can't really price the building until it's been designed. You can't really design a building until you're about to start it. So

我們幾乎所有待辦事項中的項目都是在一個季度、兩個季度或三個季度前授予我們的。早在它出現在積壓工作之前，我們就接到了一個電話說，這是你的工作。所以我希望這會有所幫助，因為這不像——我們不像一家製造公司，銷售我們將在遙遠的未來開始生產的產品。在建築設計完成之前，你無法真正為其定價。直到你開始建造一棟建築物之前，你都無法真正設計它。所以

Yeah, No, that's really helpful, Bill. I guess, a more firm picture for a more firm backlog. That's helpful so my other question just really quick is actually something I don't hear discussed a lot on these calls, but I'm curious to learn more is that service revenue piece. I mean it's up 11%. You said it's like 14% to 15% of your revenue. It's not insignificant.

是的，不，這真的很有幫助，比爾。我想，更堅定的前景意味著更堅定的積壓。這很有幫助，所以我的另一個問題實際上是我在這些電話中沒有聽到太多討論的內容，但我很好奇想了解更多有關服務收入的部分。我的意思是它上漲了 11%。您說這大約佔您收入的 14% 到 15%。這並不是無關緊要的事。

I don't hear it talked about a lot. What's driving that strength in the revenue growth there, and it sounds like -- and in the profitability? And is there some sort of conversion like when your new construction is stronger that brings along some service? Or are those pretty much not correlated? Just any color on that piece of the business. thank you.

我沒聽到太多關於它的討論。推動其營收成長的動力是什麼？獲利能力又如何？當您的新建築更加堅固時，是否會出現某種轉變並帶來一些服務？或者它們幾乎沒有關聯？這部分業務的任何顏色都可以。謝謝。

So the service business continues to be strong. There's a lot of investment in sales force collaboration, making sure that we're going after the right parts of that market. Across the board, we're just seeing broad strength in that business, and it's execution driven.

因此服務業務持續強勁。我們在銷售隊伍協作方面投入了大量資金，以確保我們能夠佔領該​​市場的正確部分。總體而言，我們看到該業務具有廣泛的實力，而且是由執行力驅動的。

We have a lot of people -- the service business, it's really -- it's a day-to-day kind of bunt single doubles business. It's not like the construction business where you add a lot to your backlog at once. It's small maintenance contracts, pull-through work that comes from that.

我們有很多人——服務業務，這實際上是一種日常的短打單打雙打業務。它不像建築業那樣需要一次性增加大量積壓工作。這是小型維護合同，由此產生的拉動工作。

To your point, it's converting new work to service contracts over time. So it is the kind of business that just by its nature, doesn't grow quite as episodically as the construction business. But what you've got is you've got some real strength in that from the teams out in the field that are making it happen.

正如您所說，隨著時間的推移，它會將新工作轉化為服務合約。因此，從本質上來說，這種業務的成長並不像建築業務那樣具有偶然性。但你所擁有的是，你從實地團隊中獲得了一些真正的力量，這些力量正在使這一切成為現實。

Brian Brophy, Stifel.

布萊恩·布羅菲，Stifel。

Yeah, thanks. Good morning, everybody congrats on a nice quarter. Just wanted to follow up on some of this headcount discussion. I think the over 21,000 employees implies a little bit over 15% headcount growth since the end of 2024.

是的，謝謝。早安，恭喜大家本季取得良好成績。只是想跟進一些有關員工人數的討論。我認為超過 21,000 名員工意味著自 2024 年底以來員工人數成長略高於 15%。

It obviously seems to be an important enabler of some of the organic growth we've seen here this quarter. Just could you help us understand how sustainable that pace of hiring could be, assuming demand remains healthy here? thanks

顯然，它是我們本季看到的一些有機成長的重要推動因素。假設這裡的需求保持健康，您能否幫助我們了解這種招募速度的可持續性？謝謝

That number does include some acquisitions. So -- but I would say the majority of that was 15 points were added by our companies. And we don't -- we would never tell you, oh, we can regularly add 12% to our workforce of craft workers.

這個數字確實包括一些收購。所以——但我想說，其中大部分的 15 分都是由我們的公司增加的。我們不會——我們永遠不會告訴你，哦，我們可以定期增加 12% 的手工藝工人隊伍。

We had a really good nine months. We're confident we can -- we have -- on any given day, we have apprenticeship programs going on that we really are trying to get as many people as we can legally put into them involved in. There are like state-mandated ratios where you can only have a certain number of apprentices per journey persons.

我們度過了非常愉快的九個月。我們有信心——我們已經——在每一天，我們都在開展學徒計劃，我們確實在努力讓盡可能多的人合法地參與其中。就像國家規定的比例一樣，每個旅行者只能擁有一定數量的學徒。

So we're trying to grow as fast as we can. I think high single digits is what we've accomplished over a long period of time. We're pretty proud of that, by the way, because that means you're creating or you're helping people create themselves as electricians and pipe fitters and that's good for them. That's good for us. That's good for the US.

因此，我們正在努力盡快成長。我認為高個位數是我們長期以來的成就。順便說一句，我們對此感到非常自豪，因為這意味著你正在創造或幫助人們成為電工和管道工，這對他們有好處。這對我們有好處。這對美國來說是好事。

Okay. Yes, that's helpful. And then wondering if you could give an update on some of the automation investments you've made on the modular side. And just to what extent you're seeing some productivity benefits? Any color you can provide there would be interesting.

好的。是的，這很有幫助。然後想知道您是否可以介紹一下您在模組化方面所做的一些自動化投資。您在多大程度上看到了生產力的提升？您提供的任何顏色都會很有趣。

Okay cool.

好的很酷。

You want to -- Okay. Well, so more and more robots, right? So as we get more and more buildings implemented, we see the bills go by for robots we're buying. We've added turn tables. It's what Trent was saying, it's singles and doubles, but yes, no, there's a lot of automation going in. There's improvements in welding proficiency that's driven by better software, really AI-enabled software. There's just a million little things. I mean.

你想——好的。那麼，機器人會越來越多，對吧？因此，隨著我們建造越來越多的建築，我們看到了購買機器人的費用。我們新增了轉盤。正如特倫特所說的那樣，它是單打和雙打，但是是的，不，有很多自動化功能。焊接效率的提升得益於更好的軟體，真正支援人工智慧的軟體。有無數的小事。我是說。

I'll also tell you, Brian, in terms of the history of construction, the amount of innovation and technology that's being developed and applied today leaps and bounds over what it's ever been. And it's going to be a huge help into helping us build stuff as we go forward safer, more productively and the quality is getting better every day. So.

布萊恩，我還要告訴你，就建築歷史而言，今天開發和應用的創新和技術的數量比以往任何時候都要多。這將對我們生產更安全、更有效率、品質每天都在提高提供巨大的幫助。所以。

Yeah, and one of the benefits Comfort Systems has is we have 48 different test beds where we can try new things and then move them throughout the enterprise if they work. And so it's a really excellent way to be able to test and innovate and then be able to do it in a controlled way and then move it out if it's effective in one operating unit, then it will be effective across. And it's a way for us to be able to innovate inside of a construction environment without significant risk. So it's a real benefit to our structure.

是的，Comfort Systems 的優點之一是我們擁有 48 個不同的測試平台，我們可以在其中嘗試新事物，如果有效，則可以將其推廣到整個企業。因此，這是一種非常好的方法，可以進行測試和創新，然後以可控的方式進行，然後將其移出，如果它在一個操作單元中有效，那麼它將在整個操作單元中有效。這是一種讓我們能夠在建築環境中進行創新且不會產生重大風險的方法。所以這對我們的結構來說確實有益。

Yeah, that's really helpful. Last one for me. Pharma was mentioned very briefly. Just would you give us an update on kind of what you're seeing on the project pipeline side, particularly some of the onshoring opportunities that may be coming. Obviously, we've had a little bit more tariff discussion on pharma products. I'm just curious if you've seen any movement in that market? Thanks.

是的，這真的很有幫助。對我來說是最後一個。製藥業被非常簡短地提及。您能否向我們介紹您在專案管道方面看到的最新情況，特別是一些可能出現的在岸投資機會。顯然，我們就醫藥產品的關稅進行了更多的討論。我只是好奇您是否看到該市場有任何動向？謝謝。

Our biggest single booking, I think, in the last couple of quarters was in pharma, but the majority of our bookings today are in technology. It's not because there aren't pharma opportunities. It's because technology is competing for our resources and they're making a compelling case for our resources.

我認為，過去幾季我們最大的單筆訂單是在製藥領域，但今天我們大部分的訂單都在科技領域。這並不是因為沒有製藥機會。這是因為科技正在爭奪我們的資源，並且他們正在為我們的資源提出令人信服的理由。

I will also say, if you talk to -- we have a very, very strong pharma group of people that have done work in pharma for decades in the Mid-Atlantic. I've spent time with some of them recently. They say that there is a lot of planning going on projects with code names for construction along the Eastern Seaboard. But in our case, that would be the Mid-Atlantic area and especially the research triangle, the area around the research triangle.

我還要說的是，如果你與我們交談——我們有一個非常強大的製藥團隊，他們在中大西洋地區從事製藥工作已有數十年。我最近和他們中的一些人一起度過了一段時間。他們說，東海岸有很多以代號命名的建設項目正在規劃中。但在我們的情況下，那將是中大西洋地區，特別是研究三角區，即研究三角區周圍的區域。

So there's a lot of work coming. Pharma has very, very long lead times. They they think and plan for years. So unless something like -- there are exceptions to that. GLP-1 boom, they're just building it as fast as they can. The COVID vaccines and all sorts of things that were needed for the COVID vaccines, very, very fast.

因此，還有很多工作要做。製藥業的交貨週期非常非常長。他們思考和計劃了多年。所以除非有類似情況──否則會有例外。GLP-1 熱潮，他們正在盡可能快地建造它。新冠疫苗以及新冠疫苗所需的各種東西都來得非常非常快。

But normal regular day-to-day pharma stuff, it develops over a long period of time. And that pipeline, the people, the smartest people in our company who know about it, say it's very, very good. Now the time may come when it's available to us, and that's not what we choose to do, right? But I think that the opportunity is out there.

但正常的日常製藥工作需要很長一段時間才能完成。我們公司裡最聰明的人都知道這條管道非常非常好。現在，當我們可以使用它的時候，這不是我們選擇做的，對嗎？但我認為機會就在那裡。

Very helpful. I'll pass it on.

非常有幫助。我會傳達的。

Sangita Jane, KeyBanc Capital Markets

Sangita Jane，KeyBanc 資本市場

Good thanks I just had a follow-up on -- as you see large data centers starting to get commissioned, I'm wondering if there's a change in the type of electrical or mechanical scope that you may be seeing because we're hearing that developers are now looking at DC power instead of AC power. And I wonder if that impacts you or if it just kind of stays outside the wall.

好的，謝謝，我剛剛進行了跟進——正如您所看到的，大型資料中心開始投入使用，我想知道您所看到的電氣或機械範圍的類型是否發生了變化，因為我們聽說開發人員現在正在研究直流電而不是交流電。我想知道這是否對你有影響，或者它是否只是停留在牆外。

So we don't -- for us, electrons going through a wire, you just can't even imagine how generic that is to an electrician. He couldn't care if those electrons are -- he doesn't care if it's going to make pills or it's going to make data. So you'd be -- you just need electricians. That's a great thing about our positioning. Whatever you -- if you need to do something, you need us. And I haven't heard anybody saying that it's materially changing.

所以我們不知道——對我們來說，電子通過電線，你甚至無法想像這對電工來說有多普遍。他並不關心這些電子是否會被製成藥丸或產生數據。所以你——你只需要電工。這是我們的定位的一大優點。無論您做什麼——如果您需要做某事，您就需要我們。我還沒有聽到任何人說它正在發生實質性的變化。

The one thing you do hear is scale, like the amount of copper, the amount of switchgear, the density of cooling, just the sheer scale, people -- even very, very seasoned people are amazed by that in our organization. But as far as like those kind of tweaks, I'm not hearing anything. Trent?

您聽到的一件事就是規模，例如銅的數量、開關設備的數量、冷卻密度，僅僅是規模，人們——甚至我們組織中非常非常有經驗的人都會對此感到驚訝。但就這些調整而言，我沒有聽到任何消息。特倫特？

Great thank you.

非常感謝。

There are no further questions at this time. I'd like to turn the call back over to Brian Lane for closing remarks.

目前沒有其他問題。我想將電話轉回給 Brian Lane 做結束語。

Okay. I just 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 challenge of addressing the unprecedented need for their unique skills.

好的。我只想再次表達我對我們全國各地團隊的感激之情，感謝他們每天為客戶服務的驚人奉獻精神和卓越表現。需求強勁，我們的員工正在迎接挑戰，滿足對其獨特技能前所未有的需求。

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 for you, our shareholders.

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。正如比爾所指出的，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。

As we embark upon the holidays that are coming up, we won't have another call. I wish everyone the best for the rest of the year and enjoy your time with your families as the holidays come upon us. Thank you for your confidence. Have a great weekend.

隨著假期的臨近，我們不會再接到任何電話。我祝福大家在接下來的一年裡一切順利，並在假期到來之際與家人共度美好時光。感謝您的信任。祝你周末愉快。

Thank you for your participation. This does conclude the program. You may now disconnect. Good day.

感謝您的參與。該計劃確實就此結束。您現在可以斷開連線。再會。