Comfort Systems USA Inc (FIX) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q4 2025 Comfort Systems USA earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Comfort Systems USA 2025 年第四季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

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

現在我謹將電話交給今天的發言人，首席會計官朱莉·謝夫。請繼續。

Thanks, Lisa. Good morning. Welcome to Comfort Systems USA's fourth-quarter and full-year 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.

謝謝你，麗莎。早安.歡迎參加 Comfort Systems USA 2025 年第四季及全年業績電話會議。我們今天發表的評論以及新聞稿中包含適用證券法律法規意義上的前瞻性陳述。我們今天所說的內容是基於 Comfort Systems USA 目前的計劃和預期。

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 in our comments. You can read a detailed listing and commentary concerning our specific risk factors in our most recent Form 10-K as well as in our press release covering these earnings.

這些計劃和預期包含風險和不確定性，可能導致我們未來的實際活動和營運結果與我們的聲明有重大差異。您可以閱讀我們最新的 10-K 表格以及涵蓋這些收益的新聞稿，其中詳細列出了我們的具體風險因素並附有評論。

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, Chief Executive Officer; Trent McKenna, President and Chief Operating Officer; and Bill George, Chief Financial Officer.

我們準備了一份幻燈片簡報作為本次演講的補充，該簡報已發佈在公司網站 comfortsystemsusa.com 的投資者關係版塊。今天與我一起參加電話會議的有：執行長 Brian Lane；總裁兼營運長 Trent McKenna；以及財務長 Bill George。

Brian will open our remarks.

布萊恩將首先發言。

All right. Thanks, Julie. Good morning, everyone, and thank you for joining us today. Last night, we reported record earnings and backlog and exceptional cash flow, thanks to best-in-class execution by our teams across the United States. Same-store revenue growth for the fourth-quarter was 35%, and our quarterly gross margin exceeded 25% for the first time in company history.

好的。謝謝你，朱莉。各位早安，感謝大家今天收看我們的節目。昨晚，我們公佈了創紀錄的收益、積壓訂單和卓越的現金流，這要歸功於我們遍布全美的團隊一流的執行力。第四季同店營收成長35%，季毛利率首次超過25%，創公司歷史新高。

We are reporting $9.37 per share this quarter, up 129% from last year, and we earned $28.88 per share for the year compared to $14.60 in 2024. Backlog increased to a new all-time high of $12 billion, thanks to fantastic bookings in the quarter. Backlog growth was especially strong with technology customers, but our bookings and pipelines are strong in practically every sector.

本季每股收益為 9.37 美元，比去年同期增長 129%；全年每股收益為 28.88 美元，而 2024 年預計為 14.60 美元。由於本季預訂量大幅成長，積壓訂單金額創下歷史新高，達到 120 億美元。積壓訂單成長在科技客戶方面尤其強勁，但我們在幾乎所有產業的訂單和銷售管道都表現強勁。

2025 operating cash flow was $1.2 billion, laying a strong foundation for continued investment, and net cash flow demonstrates strong trends in our execution, customer relationships and prospects. Our modular capacity is currently around 3 million square feet, and we expect to increase this to approximately 4 million square feet by the end of 2026, with planned additions in Texas and North Carolina.

2025 年營運現金流為 12 億美元，為持續投資奠定了堅實的基礎，淨現金流也顯示我們在執行力、客戶關係和前景方面呈現強勁的趨勢。我們目前的模組化產能約為 300 萬平方英尺，預計到 2026 年底將增加到約 400 萬平方英尺，計劃在德克薩斯州和北卡羅來納州進行擴建。

We continue to explore every opportunity to invest in our businesses. And in addition to expanding our modular footprint, we are investing in technology, equipment and training for our amazing workforce. Also, as announced previously, we acquired two great electrical companies during the fourth-quarter, FC in Michigan and Meisner in Florida. Both are off to a great start, and I am happy to have them as part of Comfort Systems USA.

我們將繼續探索一切投資於我們業務的機會。除了擴大模組化佈局外，我們還在投資技術、設備和培訓，以提升我們優秀員工的福祉。此外，正如先前宣布的那樣，我們在第四季度收購了兩家優秀的電氣公司，分別是密西根州的 FC 和佛羅裡達州的 Meisner。兩者都取得了良好的開端，我很高興他們成為 Comfort Systems USA 的一員。

We have increased our quarterly dividend by $0.10 to $0.70 per share. And with our share repurchases last year, we are proving our commitment to rewarding our shareholders. 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 this call over to Bill to review our financial performance.

我們將季度股息提高了0.10美元，至每股0.70美元。去年我們透過股票回購，證明了我們對股東報酬的承諾。特倫特將在幾分鐘後討論我們的營運和前景，問答環節結束後我將作總結發言，但首先，我將把這次電話會議交給比爾，讓他回顧一下我們的財務業績。

Bill?

帳單？

Thanks, Brian. As Brian demonstrated, these results are unprecedented. Revenue for the fourth-quarter of 2025 increased by 42% compared to last year to $2.6 billion. Full year revenue for 2025 exceeded $9 billion, an increase of 30% compared to 2024. For the full year, our Mechanical segment revenue increased by 21%, benefited by modular expansion and substantial organic construction and service growth.

謝謝你，布萊恩。正如布萊恩所展示的那樣，這些結果是前所未有的。2025 年第四季營收較上年同期成長 42%，達 26 億美元。2025 年全年營收超過 90 億美元，比 2024 年成長 30%。全年來看，我們的機械業務部門收入成長了 21%，這得益於模組化擴張以及建築和服務業務的大幅內生成長。

Electrical segment revenue increased by 62% and overall same-store revenue increased by 26%. Despite tough revenue comparables in 2026, we expect same-store revenue will rise by mid-teen to high-teen percentages this year, weighed more heavily to the first half of the year. Gross profit was $675 million for the fourth-quarter of 2025, a $241 million increase compared to a year ago.

電器業務收入成長了 62%，同店總收入成長了 26%。儘管 2026 年的營收基數較高，但我們預計今年同店營收將成長 15% 至 10% 以上，其中上半年成長幅度更大。2025年第四季毛利為6.75億美元，較上年同期成長2.41億美元。

Our gross profit percentage grew to 25.5% this quarter as compared to 23.2% for the fourth-quarter of 2024. This margin improvement was achieved through excellent execution within both of our segments. The quarterly gross profit percentage in our mechanical segment improved to 24.9% compared to 22.4% last year, and margins in our Electrical segment continued to climb to 26.9%.

本季我們的毛利率成長至 25.5%，而 2024 年第四季的毛利率為 23.2%。這一利潤率的提升得益於我們兩個業務部門的出色執行。我們機械部門的季度毛利率從去年的 22.4% 提高到 24.9%，而我們電氣部門的毛利率繼續攀升至 26.9%。

Full year gross profit increased by $719 million, and our annual gross profit margin was 24.1% as compared to 21.0% in 2024. Our electrical margin was 26.7% for 2025, while mechanical was 23.6%. As we look to 2026, we are optimistic that gross profit margins will continue in the strong ranges that we have achieved over the last several quarters, although we expect that as usual, our margins will be seasonably lower in the first-quarter compared to the full year.

全年毛利成長了 7.19 億美元，年度毛利率為 24.1%，而 2024 年為 21.0%。2025 年我們的電氣裕度為 26.7%，機械裕度為 23.6%。展望 2026 年，我們樂觀地認為毛利率將繼續保持在過去幾季所取得的強勁水平，儘管我們預計，與往常一樣，第一季的毛利率會因季節性因素而低於全年水平。

SG&A expense in the fourth-quarter was $248 million, or 9.4% of revenue; compared to $208 million, or 11.1% of revenue in the same quarter of 2024. For the full year, SG&A expense as a percentage of revenue was 9.7%, down from 10.4% in 2024. In 2025, our SG&A increased by $153 million, as we invested to support our much higher activity levels.

第四季銷售、一般及行政費用為 2.48 億美元，佔營收的 9.4%；而 2024 年同期為 2.08 億美元，佔營收的 11.1%。全年來看，銷售、一般及行政費用佔收入的百分比為 9.7%，低於 2024 年的 10.4%。2025 年，我們的銷售、一般及行政費用增加了 1.53 億美元，因為我們投資以支援我們更高的業務活動水準。

Quarterly operating income increased by 89% from $226 million in the fourth-quarter of 2024 to $427 million for the fourth-quarter of 2025. Thanks to the jump in gross profit margins and good SG&A leverage, our quarterly operating income percentage increased to 16.1% from 12.1% in the prior year. For the full year, our operating income was $1.3 billion, and we achieved a noteworthy operating income percentage of 14.4%.

季度營業收入從 2024 年第四季的 2.26 億美元成長 89% 至 2025 年第四季的 4.27 億美元。由於毛利率大幅成長以及良好的銷售、一般及行政費用槓桿作用，我們的季度營業收入百分比從上年的 12.1% 增長至 16.1%。全年營業收入為 13 億美元，營業利益率達 14.4%，成績斐然。

Our 2025 tax rate was 20.9%. Our effective tax rate was lower last year due to interest we received on a delayed refund for 2022, and we estimate that our tax rate in 2026 will be around 23%. After considering all these factors, net income for the fourth-quarter of 2025 was $331 million, or $9.37 per share, and this is a 129% improvement in quarterly earnings per share from last year.

我們2025年的稅率為20.9%。由於我們收到了 2022 年延遲退稅的利息，我們去年的實際稅率較低，我們估計 2026 年的稅率將在 23% 左右。綜合考慮所有這些因素，2025 年第四季淨收入為 3.31 億美元，即每股 9.37 美元，比去年同期每股收益提高了 129%。

Our full quarter -- full year earnings per share for 2025 were $28.88 as compared to $14.60 per share in the prior year, so our annual EPS grew by 98%. EBITDA increased 78% to $464 million this quarter from $261 million in the fourth-quarter of 2024. Same-store quarterly EBITDA increased by over 70%. Full year 2025 EBITDA was $1.45 billion, and our EBITDA margin was 16%.

我們 2025 年全年季度每股收益為 28.88 美元，而上一年為每股 14.60 美元，因此我們的年度每股收益增長了 98%。本季 EBITDA 成長 78%，達到 4.64 億美元，而 2024 年第四季為 2.61 億美元。同店季 EBITDA 成長超過 70%。2025 年全年 EBITDA 為 14.5 億美元，EBITDA 利潤率為 16%。

Full year free cash flow was a record $1 billion. CapEx in 2025 was $155 million, just over 1.7% of revenues. We continue to invest in our operations, expand our modular capacity, and purchase vehicles to support the growth in our service business. We increased our investment in share repurchases in 2025 and returned more than $200 million to shareholders by purchasing over 440,000 shares at an average price of $489 per share.

全年自由現金流達到創紀錄的10億美元。2025 年資本支出為 1.55 億美元，略高於營收的 1.7%。我們將繼續投資於我們的運營，擴大我們的模組化產能，並購買車輛以支持我們服務業務的成長。2025 年，我們增加了股票回購投資，以每股 489 美元的平均價格回購了超過 44 萬股股票，向股東返還了超過 2 億美元。

Since inception, our share purchase program has retired approximately 10.9 million shares at an average price of $50.15, and we have returned more than $546 million to you, our owners.

自成立以來，我們的股票回購計畫已以平均每股 50.15 美元的價格回購了約 1,090 萬股股票，並已向各位股東返還了超過 5.46 億美元。

That's all I've got, Trent.

特倫特，我只有這些了。

Thanks, Bill. I'm now going to discuss our business and outlook. Backlog at the end of the fourth-quarter was $11.9 billion, a same-store increase in both sequential and year-over-year backlog. Same-store sequential backlog increased $2.4 billion, or 26%, driven by bookings within the technology sector in both traditional construction and modular.

謝謝你，比爾。接下來我將討論我們的業務和前景。第四季末的積壓訂單為 119 億美元，與去年同期相比，同店積壓訂單數量均有所增加。同店訂單連續成長 24 億美元，增幅達 26%，主要得益於傳統建築和模組化建築領域科技產業的訂單成長。

More than 1/2 our sequential backlog increase was new modular bookings and with the continuing increase in modular and larger project backlog, the duration of our backlog continues to extend. Since last year, our backlog has doubled with an increase of $6 billion on a same -- and on a same-store basis, our backlog is 93% higher than at this time last year.

超過一半的連續積壓訂單成長來自新的模組化訂單，隨著模組化和大型專案的積壓訂單持續成長，我們的積壓訂單持續時間也不斷延長。自去年以來，我們的積壓訂單翻了一番，增加了 60 億美元——按同店計算，我們的積壓訂單比去年同期增長了 93%。

Our revenue mix continues to be led by the industrial sector, which includes technology, and industrial accounted for 67% of our volume in 2025. Technology dominated by data center work was 45% of our revenue, an increase from 33% the prior year. Industrial, and especially technology, is the largest driver of pipeline and backlog.

我們的收入組成仍以工業領域為主導，其中包括科技領域，到 2025 年，工業領域占我們總業務量的 67%。以資料中心業務為主的技術業務占我們營收的 45%，比前一年的 33% 有所成長。工業，尤其是科技業，是造成專案積壓和訂單量增加的最大驅動因素。

Institutional markets, including education, health care and government are also strong and represent 21% of our revenue. Commercial service markets are active for us. However, our commercial construction is now a small portion of our overall construction business. Construction accounted for 86% of our revenue with projects for new buildings representing 63% and existing building construction 23%.

機構市場，包括教育、醫療保健和政府領域，也表現強勁，占我們收入的 21%。商業服務市場對我們來說很活躍。然而，我們的商業建築業務現在只占我們整體建築業務的一小部分。建築業占我們收入的 86%，其中新建建築項目佔 63%，現有建築施工佔 23%。

We include modular in new building construction and year-to-date, modular was 18% of our revenue. Service revenue increased by 12% this year, but with faster growth in construction, service is now 14% of our total revenue. Our overall service business achieved a record $1.2 billion in revenue for 2025, and service continues to be a growing and reliable source of profit and cash flow.

我們將模組化建築納入新建築中，今年迄今為止，模組化建築占我們收入的 18%。今年服務收入成長了 12%，但由於建築業成長更快，服務收入目前占我們總收入的 14%。我們整體服務業務在 2025 年實現了創紀錄的 12 億美元收入，服務業將繼續成為不斷成長且可靠的利潤和現金流來源。

With unprecedented backlog and strong project pipelines and given the confidence we feel in our best-in-class workforce, we expect continued strong performance in 2026, and we feel confident in our prospects. I want to take this opportunity to close by thanking our over 22,000 employees for their hard work and dedication. Our success is a direct result of the people that serve our customers every single day.

憑藉前所未有的積壓訂單和強勁的項目儲備，以及我們對一流員工隊伍的信心，我們預計 2026 年將繼續保持強勁的業績，並且我們對前景充滿信心。最後，我要藉此機會感謝我們超過 22,000 名員工的辛勤工作和奉獻精神。我們的成功直接歸功於每天為客戶服務的員工。

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

現在我將把問題交還給麗莎，讓她提問。謝謝。

(Operator Instructions) Tim Mulrooney, William Blair.

（操作說明）蒂姆·穆爾魯尼，威廉·布萊爾。

I wanted to ask a clarification question on the backlog, and then I have one for Trent about labor. But first on the backlog, I think folks are going to look at your backlog, and they see that that growth accelerating there. And they're curious what that's really based on. So could you talk a little bit more about how this all really works?

我想就積壓工作問一個澄清問題，然後我還有一個關於勞動力方面的問題要問 Trent。但首先，關於待辦事項，我認為大家會查看你的待辦事項，然後他們會發現那裡的成長正在加速。他們很好奇這究竟是基於什麼。那麼，您能否再詳細談談這一切是如何運作的呢？

Like is your technology backlog today, is that reflective of the recent spike in CapEx that we've seen at the major hyperscalers recently, those announcements the last couple of weeks? Or is your backlog today reflective of hyperscaler spending plans last year or two-years ago? In other words, are you early cycle or later cycle on the CapEx announcements that we see?

例如，你們目前的技術積壓情況，是否反映了我們最近在主要超大規模資料中心營運商看到的資本支出激增，以及過去幾週的那些公告？或者，您目前的積壓訂單是否反映了超大規模資料中心營運商去年或前年的支出計畫？換句話說，您認為我們看到的資本支出公告屬於週期早期還是週期晚期？

Thanks, Tim. So yes, so if you -- if we put something into backlog, it means that we have the legal -- a binding legal commitment, a price and a scope in order for us to meet those three requirements, a building has to have been planned a year or two ago, right? We're not booking backlog for things that are being committed to today.

謝謝你，提姆。所以，是的，如果我們把某件事列入待辦事項清單，這意味著我們有法律上的——具有約束力的法律承諾、價格和範圍，為了滿足這三個要求，一座建築必須在一兩年前就規劃好了，對吧？對於今天已經承諾完成的事情，我們不會預留積壓訂單。

The backlog we hit -- we book is for stuff that's already -- the holes have been dug, things are being built. So we -- for a long time, people have thought of construction in a rubric of there's the early cycle players, that's mostly engineers and architects. There's the mid-cycle players. It's the people who start -- dig the hole, start the building, and then we're what's called a late-cycle player.

我們遇到的積壓——我們預訂的都是已經——坑已經挖好了，東西正在建造中的東西。所以，長期以來，人們一直把建築業看作是早期階段的參與者，這主要是工程師和建築師。還有那些處於週期中期的玩家。是那些先開工的人──挖坑、蓋房，然後我們才成為所謂的後期參與者。

So by the time we are booking backlog and especially by the time we're booking revenue, we're really working on things that came up 1 to 2.5 years ago. So for these gigantic projects, I think as you were kind of implying, we'll see whatever commitments they're making now, we'll see that in '27, '28 in our revenue.

所以，當我們開始確認積壓訂單，尤其是開始確認收入時，我們實際上是在處理 1 到 2.5 年前出現的問題。所以對於這些巨型項目，我想正如你剛才暗示的那樣，我們將看到他們現在所做的任何承諾，我們將在 2027 年、2028 年的收入中看到這些承諾。

Okay. That's very clear, Bill. That's exactly what I was asking about. So thank you for clarifying that. And then just shifting gears completely, I -- Trent, I wanted to ask about the labor shortage situation, because I have seen -- you've added more than 7,000 employees over the last 24-months, according to your SEC filings. So it's a lot. So I guess my question is, are you able to still source enough talent to fulfill all this demand?

好的。比爾，你說得很清楚。這正是我要問的。謝謝你的澄清。然後，我完全轉換一下話題——特倫特，我想問勞動力短缺的情況，因為我看到——根據你們提交給美國證券交易委員會的文件，你們在過去 24 個月裡增加了 7000 多名員工。所以數量很多。所以我想問的是，你們還能找到足夠的人才來滿足所有這些需求嗎？

Or are you seeing more bottlenecks these days? And can you talk about the different things that you're doing as an organization to build and retain this critical talent pool?

或者說，你最近遇到的瓶頸問題更多了嗎？能否談談貴公司為建立和留住這項關鍵人才庫所採取的不同措施？

Yes. Thanks, Tim, for that question. First, I think, first and foremost, our operating companies are really great places to work. They attract best-in-class craft professionals and leaders in the industry. And that's across the board, Comfort Systems companies all meet that description. And then one of the things that we've talked about in the past, and we continue to invest in and grow is our in-house capacity to provide contract craft professionals on a traveling basis, and that's in Kodiak and Pivot.

是的。謝謝提姆的提問。首先，我認為，最重要的是，我們旗下的營運公司都是非常棒的工作場所。他們吸引了業內一流的工藝專業人士和領導者。這種情況普遍存在，所有舒適系統公司都符合此描述。然後，我們過去討論過的一件事，也是我們持續投資和發展的事情之一，就是我們內部提供外派合約技工的能力，這項能力在 Kodiak 和 Pivot 都有體現。

And Pivot brought to us also a technology stack that has really helped us grow that piece of what we're building to be able to meet the labor needs of our customers. And this really gives our business leaders at a local level, greater flexibility to pursue work, either in remote geographies or work that would otherwise have had too large of a peak staffing requirement for them to have previously gone after.

Pivot 也為我們帶來了一套技術堆疊，這確實幫助我們發展了我們正在建立的這部分產品，從而能夠滿足客戶的勞動力需求。這確實讓本地企業領導者擁有更大的彈性去追求工作，無論是偏遠地區還是以前他們無法企及的高峰期人員需求量過大的工作。

So when you see those numbers, one, it's an all-of-the-above approach to hiring. And then two, it's a novel and new approach for us with regard to contract craft professionals. And that's how we're currently approaching this demand environment where we have a lot of work to chase.

所以當你看到這些數字時，首先，這是一種包羅萬象的招募方法。其次，對我們來說，這是一種與合約技工專業人員相關的新穎方法。這就是我們目前應對這種需求環境的方式，因為我們有很多工作要做。

Understood. Congrats on a nice quarter.

明白了。恭喜你本季業績出色。

Thanks.

謝謝。

Adam Thalhimer, Thompson Davis.

亞當·塔爾海默，湯普森·戴維斯。

Congrats on another wave of record results.

恭喜你們又一次創下紀錄。

Thanks, Adam.

謝謝你，亞當。

A similar question to Tim, but I was hoping you could give us more color on the bookings in Q4. What kind of projects are those? And when will those start construction?

我的問題和 Tim 的問題類似，但我希望你能詳細介紹第四季度的預訂情況。這些項目具體是什麼類型的？這些工程何時開工？

So there were -- so if you look at the enormous sequential increase of $2.6 billion in bookings, a little over half of that was new bookings in modular. So in past years, we've sometimes had a lot of year-end purchase orders in modular. And as the business has scaled up, that scaled up too. That work is a huge proportion of the work that was actually booked this quarter is going to perform in 2027.

所以，如果你看一下預訂金額連續成長 26 億美元的巨大增幅，其中略多於一半是模組化的新預訂。所以過去幾年，我們有時會在年底收到很多模組化產品的採購訂單。隨著業務規模的擴大，規模也隨之擴大。這項工作佔本季實際預定工作量的很大一部分，這些工作將在 2027 年完成。

Some of it will be in 2026, in the new buildings that we've committed to, and some of it actually goes into 2028. For the rest of the business, the well over $1 billion of new construction project bookings, that is highly generally reflective of the most busy sectors, which is, by far, data centers is the most busy of those sectors, although there's really good activity in manufacturing in pharma, and in other verticals such as food processing. But the projects are really big now.

一部分將在 2026 年建成，在我們承諾建造的新建築中；還有一部分實際上要到 2028 年才能建成。至於其他業務，超過 10 億美元的新建設項目預訂金額，總體上高度反映了最繁忙的行業，其中數據中心無疑是最繁忙的行業，儘管製藥製造業以及食品加工等其他垂直行業的活動也相當活躍。但現在這些項目規模真的很大。

And so that means that they get into -- they sit in backlog for a longer period of time. And I think some of what you saw with those bookings was people trying to get us signed up for their project as soon as possible because I think there's a general understanding with the demand right now for construction services in the United States, not everybody who wants a building gets one. So it's a busy time, and it's a great opportunity for us to really reward the people who are great partners for us.

所以這意味著它們會進入積壓狀態，並且會在積壓中停留更長時間。我認為你從這些預訂中看到的一些情況是，人們試圖盡快讓我們參與他們的項目，因為我認為目前美國對建築服務的需求普遍存在一種共識，那就是不是每個想建樓的人都能如願以償。所以現在是非常忙碌的時期，也是我們好好獎勵那些與我們並肩作戰的優秀夥伴的絕佳機會。

Perfect. And then I wanted to ask about the modular expansion, the 3 million to 4 million square feet. Does all of that come online at the end of 2026, or does that kind of come online throughout 2026? What's your ability to add square footage beyond that? And then how does that impact CapEx this year?

完美的。然後我想問模組化擴建項目，也就是300萬到400萬平方英尺的擴建工程。所有這些功能都是在 2026 年底全部上線，還是會在 2026 年全年陸續上線？你們還能在此基礎上增加多少建築面積？那麼，這會對今年的資本支出產生什麼影響呢？

So the single biggest procurement of space will close at the end of February. We'll be doing something in that space within a month or two, but it won't be fully productive until the end of the year. So I'd say it's more -- it's a gradual addition over the course of the year. But I think some of that space, we will be productive, especially final assembly space, we can be productive in that very, very quickly.

因此，此次規模最大的單筆太空採購將於2月底結束。我們將在一兩個月內在這個領域開展一些工作，但要到年底才能完全取得成效。所以我覺得更像是——這是一個在一年中逐步增加的過程。但我認為，在某些空間裡，我們可以提高生產力，尤其是在最終組裝空間裡，我們可以非常非常快速地提高生產力。

And do you have a forecast for 2026 CapEx, Bill?

比爾，你對2026年的資本支出有預測嗎？

If I had to -- so a lot of it will depend on whether we sign leases or purchase buildings. We are doing one very large building purchase in the first-quarter. We are looking at both leasing and purchasing for another very big investment that we'll probably be making in North Carolina. So I really don't. If I were forced to, I would say, the 1.7% you just saw is kind of a baseline rate for us right now.

如果必須這樣做的話——所以很多事情將取決於我們是簽訂租賃合約還是購買建築物。我們將在第一季進行一項非常大規模的建築物收購。我們正在考慮租賃和購買兩種方式，以便在北卡羅來納州進行另一項非常大的投資。所以我真的不知道。如果非要我說的話，我會說，你剛才看到的 1.7% 算是我們目前的基準。

And then if you buy a building, and it's $60 million, $70 million, that's going to move the meter a couple tenths of a percent. So that's the best I've got for you.

如果你買下一棟大樓，價值 6,000 萬美元、7,000 萬美元，那隻會讓價格波動零點幾個百分點。這就是我能給你的最好結果了。

Julio Romero, Sidoti & Company.

胡里奧·羅梅羅，西多蒂公司。

My first question is on the same-store sales growth expectation of mid- to high teens year-over-year in 2026, more weighted in the first half. Could you give us a sense of how much of the full year contribution is weighted to that first half? In other words, are we looking at a particularly strong first and second-quarter where the same-store sales growth is similar to what you saw in 1Q '23, in 2Q '24 in that 30% growth range? Or how would you have us think about that, that growth in the first half?

我的第一個問題是關於 2026 年同店銷售額同比增長預期，預計同比增長幅度在 15% 到 10% 之間，其中上半年增幅更大。能否大致說明一下，全年業績上半年的貢獻佔多大比例？換句話說，我們是否會看到第一季和第二季業績特別強勁，同店銷售成長與 2023 年第一季和 2024 年第二季類似，成長幅度達到 30% 左右？或者，您希望我們如何看待上半年的成長？

Yes, it's interesting. It's not so much that the growth is heavier in the first half as that the comparables last year are steeper in the second half of this year. So I think we're going to grow consistently through the year. But you saw the extra growth you saw in the third and fourth-quarter of last year just makes it a steeper comparable. So essentially, we looked at -- we budget, right?

是的，這很有意思。與其說是上半年成長幅度更大，不如說是今年下半年與去年同期相比成長幅度更大。所以我認為我們今年會持續成長。但去年第三季和第四季出現的額外成長，使得今年的年增幅更大。所以基本上，我們考慮的是——我們制定預算，對吧？

We just had our year-end budgeting process. We look really hard at what of the new backlog and of the existing backlog, we think will come through. We think about our service business, we think about our modular capacity, and we come up with sort of a full year revenue number. But then, when you just say, okay, and so that has a percentage, let's say, in the mid- to high teens.

我們剛完成了年終預算編制工作。我們會認真研究新的待辦事項和現有的待辦事項中，哪些我們認為能夠完成。我們會考慮我們的服務業務，我們會考慮我們的模組化產能，然後我們會得出全年的收入數字。但是，當你說，好吧，那麼這個百分比，比如說，在十幾到二十幾之間。

But then, when you look at that, you have to take into account that last year, the pattern was a pretty steep ramp up. And so the first two-quarters just the big number you're going to compare to is proportionately a little smaller.

但是，當你仔細分析時，你必須考慮到去年的趨勢是急劇上升的。因此，前兩個季度，也就是你要比較的大數字，按比例來說會比較小。

Super helpful there. And then I had one other one about as data centers continue to increase in density, you're obviously seeing increase in scope, and in project complexity. Can you maybe dive a little bit into how that improves the project economics for Comfort Systems. In other words, if scope is increasing three to four x versus five-years ago, given the scarcity of skilled

那真是幫了大忙。然後我還有一個問題，隨著資料中心密度不斷增加，顯然專案範圍和複雜性也在增加。您能否深入探討一下這如何改善舒適系統專案的經濟效益？換句話說，如果業務範圍比五年前擴大三到四倍，考慮到熟練工人的稀缺性，情況就可能會改變。

contractors that can kind of tackle that fair to assume your project economics are outpacing the increasing density of data centers?

能夠應對這種情況的承包商是否可以合理地假設您的專案經濟效益超過了資料中心密度不斷增長的速度？

Yes. Well, it certainly has been doing that over the last several quarters, right, as evidenced by the results that we just demonstrated. We definitely have an opportunity to demand that we be rewarded for the risk and for the commitment of scarce resources to people. At Comfort, we don't price primarily based on gross profit per hour worked.

是的。嗯，過去幾個季度以來，它確實一直在這樣做，對吧，正如我們剛才展示的結果所證明的那樣。我們絕對有機會要求獲得回報，以表彰我們承擔的風險以及對人們投入的稀缺資源。在 Comfort，我們的定價主要不是基於每小時工作的毛利。

We put a very, very heavy emphasis on work that will be good for our people, places where they can get to it without stressing their family, they have -- they can find a place to live. They can get lunch, other contractors on the job who are their friends. So there's a -- when your workforce is as scarce as ours is, if you thought about it, I don't think it would surprise you to know that being good to your workforce is almost more important than making sure that you optimize something that's in a spreadsheet, right? Because the spreadsheet is no good if the people aren't there.

我們非常非常重視對員工有益的工作，重視員工能夠方便地前往工作地點，不會給家人帶來壓力，並且能夠找到住處。他們可以和工地上的其他承包商朋友一起吃午餐。所以，當你的勞動力像我們一樣稀缺時，如果你仔細想想，我想你不會驚訝地發現，善待你的員工幾乎比確保你優化電子表格中的內容更重要，對吧？因為如果沒有人參與，電子表格就毫無用處。

And Julio, one more thing. I mean even when they're getting bigger, which they are getting a lot bigger, the work is still the same for us. There's just more of it? And I really do think it helps with your productivity and your planning, at least the ones I've seen. So it does -- I think it does help our economics in terms of how fast we can go as well.

胡里奧，還有一件事。我的意思是，即使他們變得越來越大（而且他們的確變得越來越大），對我們來說，工作內容仍然是一樣的。只是數量更多了嗎？我真的認為這有助於提高你的工作效率和規劃能力，至少我見過的那些人是這樣。所以確實如此——我認為這確實有助於我們的經濟發展，也能更快我們的發展速度。

Brent Thielman, DA Davidson & Company.

Brent Thielman，DA Davidson & Company。

Great quarter. Again, I guess just a question. I mean, it looks like you saw a measurable increase in modular contribution in the fourth-quarter, and happen to see pretty meaningful operating leverage here as well. SG&A as a percentage of revenue. So I mean, I think it's the lowest, I think you've ever seen for a fourth-quarter that I can remember. Did the two go hand in hand?

很棒的季度。我還是想問一個問題。我的意思是，看起來你們在第四季看到了模組化貢獻的顯著成長，也看到了相當有意義的營運槓桿效應。銷售、管理及行政費用佔收入的百分比。所以我的意思是，我認為這是有史以​​來第四季度最低的成績，我記憶中從未見過。這兩者是否相輔相成？

Anything else that you would say is driving that operating leverage is it ultimately reflecting this benefit of the fixed overhead at modular this quarter?

您認為推動營運槓桿作用的其他因素是否最終反映了本季模組化固定成本的好處？

So I'll start with the second one and say something briefly about your first question and then let see if anybody else has anything they want to say. That SG&A leverage, we increased our SG&A expenditures by $155 million. That's a lot of money in the real world. That is a lot of human beings and computers. And it's just that our revenue is growing so much faster that we're still getting leverage, and I think we just talked about pretty strong revenue growth next year.

那我就先回答第二個問題，再簡單說說你的第一個問題，然後看看還有沒有人想補充什麼。利用銷售、一般及行政費用槓桿，我們將銷售、一般及行政費用增加了 1.55 億美元。在現實世界中，這是一筆巨款。那可是很多人和電腦啊。只是因為我們的營收成長速度太快，所以我們仍然能夠獲得槓桿效應，而且我認為我們剛才也談到了明年非常強勁的營收成長。

If we were to hit that revenue growth, I don't think our SG&A would grow quite as fast. So there's some of that still available to us. As far as the prior question goes, and if I don't answer it, I think it's a pretty down-to-earth answer. It's execution. It's getting good pricing, it's just having an opportunity to go out and let our people do what they're great at and having them have enough money in the job to account for the risks and to take care of their people. I don't know. Maybe I didn't answer your first question, but that's what I'm thinking.

如果我們實現了那樣的營收成長，我認為我們的銷售、管理及行政費用成長速度不會那麼快。所以，我們仍然可以利用其中的一些資源。至於之前的問題，如果我不回答的話，我認為我的回答相當務實。關鍵在於執行。價格很合理，現在有機會讓我們的員工發揮所長，並且讓他們獲得足夠的收入來應對風險並照顧好他們的員工。我不知道。也許我沒有回答你的第一個問題，但這就是我的想法。

Okay. Well, to be continued there, Bill, I guess. Maybe another question just on modular. You guys had a number of initiatives, I mean, even before talking about this 4 million square footage, a lot of initiatives in terms of growing physical space, upgrading equipment, so I think, all were intended to help you kind of debottleneck.

好的。好吧，看來我們的故事還沒完待續，比爾。或許還可以問一個關於模組化的問題。你們有很多舉措，我的意思是，甚至在談到這 400 萬平方英尺的擴建計劃之前，你們就有很多增加物理空間、升級設備等方面的舉措，所以我認為，所有這些舉措都是為了幫助你們解決瓶頸問題。

Where would you say you are in terms of leveraging the investments you've already made there at modular? And are there still some of these things coming online through this year before the square footage increase that maybe you haven't fully realized the benefits of today?

您認為您在模組化領域已經進行的投資，目前發揮到了什麼作用？在建築面積增加之前，今年是否還有一些此類項目陸續上線，而您可能還沒有完全意識到它們目前帶來的好處？

I mean, yes. I mean, we're on a fantastic journey, right? One of the interesting things, you heard me talk about how we might be buying more buildings. But one of the reasons we're looking at buying buildings rather than leasing them, we don't want to be in the real estate business, is because the amount of money we're putting into these buildings in the form of robotics and other optimizations using automation, makes it.

我的意思是，是的。我的意思是，我們正在經歷一段奇妙的旅程，對吧？有趣的是，你們也聽到我談到我們可能會購買更多建築物。但我們考慮購買建築物而不是租賃建築物的原因之一，我們不想涉足房地產行業，是因為我們投入這些建築物中的大量資金，例如機器人和其他自動化優化措施，使得房地產行業變得非常昂貴。

So that you really don't want to drop $30 million into a $60 million building you don't own. And I think we're making great progress. I think that -- it's really -- it's extraordinary to see what's being accomplished by those guys. The last thing I want to do is just come back to the beginning of your question. The other thing is modular grew precipitously. And if you look in the MD&A, you can see it grew precipitously on both

所以你肯定不想把 3000 萬美元投入一棟你並不擁有的價值 6000 萬美元的建築。我認為我們取得了巨大進展。我覺得──真的──看到這些人所取得的成就，真是太了不起了。我最不想做的事就是回到你問題的開頭。另一件事是模組化設計發展迅速。如果你查看管理層討論與分析（MD&A），你會發現它在這兩方面都實現了急劇增長。

revenue and the profitability side, but it's still only 18% of Comfort. The rest of Comfort is growing pretty much the same. It's a -- modular is an extraordinary wonderful ingredient for our success, but it's one ingredient and everything else is doing great as well.

收入和盈利能力方面都有所提高，但仍只佔 Comfort 的 18%。Comfort 的其他區域也基本上保持相同的成長速度。模組化是我們成功的重要因素，但它只是一個因素，其他因素也都發揮了很好的作用。

Yes. If I could, I'd like to just commend that team. What the modular teams at Comfort Systems have been able to accomplish is really quite extraordinary with the expansion and also performance that they're continuing.

是的。如果可以的話，我真想表揚一下這個團隊。Comfort Systems 的模組化團隊所取得的成就確實非常非凡，他們不斷擴大規模，並且持續提升效能。

Yes, for sure. One more, if I could. Just -- I mean, it looks like you saw like a $1.6 billion increase in backlog for your I guess, your nonmodular Texas operations for the year. Could you just talk about markets outside of data center in Texas? Or should we just be talking about data center in Texas for the stick build operations? Just had a few questions there.

是的，當然。如果可以的話，再來一個。我的意思是，看起來你們德州非模組化業務的積壓訂單增加了大約 16 億美元。您能否談談德州資料中心以外的市場？或者我們應該只討論位於德克薩斯州的用於現場搭建作業的資料中心？我剛才還有幾個問題。

Yes. No. I mean, if you talk about Texas, it's a combination of modular and stick build. We're getting a lot of electrical work. As you know, we have the largest electrical contractor here in Texas for sure. We're going out more west. They're building in bigger so that has grown considerably. But also the other electricals we have are just outstanding as well throughout the country.

是的。不。我的意思是，如果你談到德州，它的建築風格是模組化建築和框架式建築的結合。我們接到了很多電機工程的工作。如您所知，我們這裡擁有德克薩斯州最大的電氣承包商。我們要往更西邊走。他們正在建造更大的建築，所以規模已經大幅成長。而且我們其他電器產品在全國各地也都非常出色。

So modular, it gets a lot of attention, but the stick build is still a very popular build how people are building data centers or other facilities.

雖然模組化設計備受關注，但傳統的框架式結構仍然是人們建造資料中心或其他設施的一種非常流行的方式。

Yes. And like advanced technology, which for us, at least in the last 12-months is almost, it's overwhelmingly data center. That went from 33% of our revenue to like 45% of our revenue year-over-year. So the reality is it is a -- in Texas, data center is just coming and demanding the construction resources that we have. And they're good -- the good partners are making it worth our while to dedicate the overwhelming majority of our resources to that vertical.

是的。就像先進技術一樣，至少在過去的 12 個月裡，對我們來說，它幾乎完全是資料中心。這一比例從上年同期的 33% 增長到 45% 左右。所以現實情況是——在德州，資料中心正在興起，並需要我們現有的建設資源。而且他們確實很優秀──正是這些優秀的合作夥伴，才使得我們把絕大部分資源投入這個垂直領域是值得的。

Yes. I'm just going to -- the Texas situation is really probably unique in the country with the amount of build that they're going, West Texas, there's a lot of, obviously, energy, et cetera, that's out there. But the amount of opportunities we're looking at is really outstanding.

是的。我只是想說——德克薩斯州的情況在全國可能是獨一無二的，因為他們正在進行大量的建設，西德克薩斯州，顯然有很多能源等等。但我們目前看到的機會數量確實非常驚人。

Josh Chan, UBS.

瑞銀集團的 Josh Chan。

Brian, Trent, Bill, Julie, congrats on a really strong quarter.

Brian、Trent、Bill、Julie，恭喜你們本季表現出色。

Thank you.

謝謝。

Yes. I guess, Brian, you've talked for a long time about not over committing to jobs. And so do you feel like your subsidiaries still understand that? Do you feel like there's any push from them to take more jobs than you're comfortable with? Just kind of how is that kind of progressing so far given the --

是的。布萊恩，我想你一直以來都在強調不要過度投入工作。那麼，您覺得您的子公司現在仍然理解這一點嗎？你是否覺得他們有壓力讓你接受超出你承受範圍的工作？有鑑於此，目前進展如何？--

Josh, that's a good question. We've talked about this a long time. I think it's a great question. We remain very disciplined. We go through on the acquisition side of the job, detailed process, where we lay out our labor projections on our current work. And the future work, we're looking at when is it going to start, who's going to be available, how many are going to be available and the supervision for that work.

喬什，問得好。我們已經討論這個問題很久了。我覺得這是一個很好的問題。我們始終保持高度自律。在採購環節，我們會詳細闡述我們目前工作的勞動力預測。至於未來的工作，我們正在考慮何時開始、誰能參與、有多少人參與以及這項工作的監督安排。

So we are right now in a very good position to handle all our backlog and assess what is coming that we can do to make sure we keep our profitability up, productivity up and keep everybody safe. So no, we haven't people are pushing over their skis, the work we have, we can handle.

因此，我們現在處於非常有利的位置，可以處理所有積壓的工作，並評估接下來我們可以採取哪些措施來確保我們保持盈利能力、生產力，並保障每個人的安全。所以，不，我們沒有遇到有人推倒滑雪板的情況，我們手邊的工作，我們都能應付。

That's great to hear. And then I guess on your outlook, you did call out stronger growth in the first half. Obviously, there was a ice storm in a lot of the South and Southeast in Q1. I just want to make sure that the operations kind of handle that well and that's not a concern in the near term, I guess.

聽到這個消息真是太好了。然後，我想就你的展望而言，你確實提到了上半年的強勁成長。顯然，第一季美國南部和東南部很多地區都遭遇了冰暴。我只是想確保營運方面能夠妥善處理此事，我想短期內這應該不是什麼問題。

So we did have some of our biggest operations who had jobs shutdown for multiple days in January. But that's why we're seasonally lower, right? That's why every year, we're seasonally lower. There's always something like that. So I don't think it's -- there's anything -- there's ice storms every year. It's just what you'd normally see.

所以，我們一些規模最大的業務部門在1月確實停工了好幾天。但這也就是為什麼我們的銷量會季節性下降，對吧？這就是為什麼我們每年都會出現季節性下降的原因。總是會有類似的事情發生。所以我覺得沒什麼大不了的──每年都有冰暴。這跟平常看到的沒什麼兩樣。

And while we're talking about this, if you look at the weather particularly up in the north with the temperatures we had, really want to applaud our guys for working through it. They did a heck of a job in very challenging conditions for sure.

說到這兒，如果你看看天氣，特別是北部地區的氣溫，我真的要為我們的隊員們克服重重困難堅持工作而鼓掌。他們在極其艱苦的條件下確實做得非常出色。

Brian Brophy, Stifel.

Brian Brophy，Stifel。

Congrats on a nice quarter. Obviously, there was some discussion about a month ago on some potential changes to cooling requirements on next-generation chips. Just any color on how that may impact your business and any notable implications we should be thinking about?

恭喜你本季業績出色。顯然，大約一個月前，人們曾討論過下一代晶片散熱要求的一些潛在變化。請您就此顏色可能對貴公司業務產生的影響以及我們應該考慮的任何顯著影響提供一些建議？

I would say not at all. The new chip stuff, they said -- he said, okay, we can use 45-degree water, still needs pipe still needs water, 45-degree water is not naturally occurring for 99% of the year and 99% of the places. So I don't -- if you just talk to our smartest people until they figure out how to run the servers without electricity, they're going to have heat. And yes, we just think people are going to need electricians and pipe fitters, honestly.

我覺得完全不是。他們說，新的晶片技術——他說，好吧，我們可以使用 45 度的水，但仍然需要管道，仍然需要水，45 度的水在一年中的 99% 的時間和 99% 的地方都不是自然產生的。所以，如果你只是和我們最聰明的人談談，直到他們弄清楚如何在沒有電力的情況下運行伺服器，他們就會遇到發熱問題。是的，老實說，我們認為人們仍然需要電工和水管工。

Far more impactful for the OEMs than for us.

對汽車製造商的影響遠比對我們的影響大。

Yes. No. That's helpful. And then I just wanted to ask about the M&A pipeline and cash deployment. You guys are obviously generating a lot of cash, have a very large cash balance at this point. It seems like your cash generation may be outpacing your ability to deploy into M&A? Maybe that's true, maybe that's not. But just big picture, how are you also thinking about other avenues on the capital deployment side?

是的。不。那很有幫助。然後，我也想問一下併購專案進度和現金部署。你們顯然賺了很多錢，目前現金餘額非常龐大。看來你的現金流成長速度可能超過你併購的能力了？也許是這樣，也許不是。但從宏觀角度來看，您在資本部署方面還有哪些途徑需要考慮？

So the pipeline is good, but the cash flow is relentless. We like our pipeline. We'll get some done. You might have noticed we spent a couple of hundred million dollars buying shares this past year. Two consecutive $0.10 increases to our dividend is almost a 50% increase to our dividend. I know our stock price keeps running away from it.

所以產品線建設良好，但現金流一直捉襟見肘。我們很喜歡我們的管道。我們會完成一些工作的。您可能已經注意到，去年我們花了數億美元購買股票。連續兩次將股息提高0.10美元，股息漲幅接近50%。我知道我們的股價一直在遠離它。

At the same time, we -- proportionately, if you look at the cash that we have and at least project to have this year, given the M&A we -- the range of M&A we might do, we are not going to have an unprecedented amount of cash as compared to the size of Comfort Systems. There have been times in the past when the financial crisis started, we had more cash proportionately than we think we're going to have in the next little while, and that's why we have some of the great companies we have today.

同時，按比例來說，如果你看看我們擁有的現金，以及至少預計今年將擁有的現金，考慮到我們可能進行的併購活動，與 Comfort Systems 的規模相比，我們不會擁有前所未有的現金數額。過去也曾出現過金融危機爆發的時候，我們當時的現金儲備比我們預計未來一段時間內能夠獲得的要多，正因如此，我們今天才能擁有一些如此優秀的公司。

So we're not -- we're definitely of a mindset to continue to have very, very high demands for conviction when we do acquisitions. We are certainly paying more for companies than we ever have. It's because they're worth more a company with hundreds of electricians that have worked together as a team for years, for decades is worth more than it was in the past, but at some point, we do actually think we're building for a multi-decade period.

所以，我們——我們絕對秉持著這樣的心態：在進行收購時，我們會繼續保持非常非常高的信心要求。我們現在為公司支付的價格肯定比以往任何時候都高。這是因為擁有數百名電工多年來一直像一個團隊一樣一起工作的公司比過去更有價值，但在某種程度上，我們確實認為我們正在為幾十年的發展奠定基礎。

And we just want to have people that come in and that are good peers to the amazing companies we have. One of the reasons Comfort is so successful is we have so many companies that have -- they've been building data centers for decades, right? There's nobody on the planet that has a better pedigree than us in building data centers. And we want to keep the quality of our group of companies very high.

我們只想招收那些能與我們旗下優秀公司相媲美的人才。Comfort之所以如此成功，其中一個原因是，我們有很多公司——他們已經建造資料中心幾十年了，對吧？在資料中心建置領域，世界上沒有任何一家公司比我們擁有更豐富的經驗和更卓越的資格。我們希望維持集團旗下各公司的高品質。

And so with acquisitions, we have to choose between conviction and sort of making spreadsheets happy. We're going to stick with conviction. It's done well for us in the past.

因此，在收購方面，我們必須在信念和讓財務報表滿意之間做出選擇。我們將堅持我們的信念。過去它對我們很有幫助。

Sangita Jain, KeyBanc.

Sangita Jain，KeyBanc。

Great. So I have a question on the backlog duration becoming longer, which is kind of a little bit different from what has been the case for you guys. Since we still have the supply chain and tariff uncertainties, are you having to contract for this longer duration backlog a little bit differently so that you know you're protecting your returns when you deliver them, let's say, in 2028?

偉大的。所以我想問一下積壓工作時間變長的問題，這和你們的情況有點不同。由於供應鍊和關稅方面仍然存在不確定性，您是否需要以不同的方式簽訂這種較長時間的積壓訂單合同，以便確保您在交付貨物時（例如在 2028 年）能夠獲得回報？

If you look across our costs, like if you look at our cost of goods sold, and you look across our costs, there really aren't -- we don't quote equipment or anything that's highly spec, which is -- on this scale of work, it's all highly spec without getting a quote from someone else. And so that really hasn't changed. We're actually being released even on these long jobs to purchase stuff very, very early, sometimes we're being released -- we're being given enough of a commitment to purchase stuff before the work itself even goes into our backlog the rest of our cost and where we take all of our risk is labor.

如果你看一下我們的各項成本，比如我們的銷售成本，再看一下我們的各項成本，你會發現實際上並沒有——我們不報價設備或任何高規格的東西，也就是說——在這個規模的工作中，所有東西都是高規格的，除非從其他人那裡獲得報價。所以這一點其實並沒有改變。實際上，即使是這些長期項目，我們也會在很早的時候就被允許購買東西，有時甚至在工作本身進入我們的待辦事項清單之前，我們就被給予足夠的承諾來購買東西。我們其餘的成本和所有風險都在於勞動力。

There's no such thing as sort of four-year price locks for labor. So what we rely on there is that we have the best people in the country at knowing that they're going to have to take care of their people and making sure that they put the money in the jobs that they're going to need to take care of their people.

勞動市場不存在所謂的四年價格鎖定。因此，我們依靠的是，我們擁有全國最優秀的人才，他們知道必須照顧好自己的人民，並確保將資金投入到他們所需的崗位上，以照顧好他們的人民。

And Sangita, Bill and I -- this is Trent. Bill and I is recovering attorneys, both appreciate how much our legal team does to make sure that we have the right contract terms to protect us as we go forward with all this work. And they do a really, really great job of making sure that we're protected contractually.

還有桑吉塔、比爾和我──這位是特倫特。我和比爾都是正在康復中的律師，我們都非常感激我們的法律團隊為確保我們擁有合適的合約條款來保護我們，以便我們能夠順利進行所有這些工作所做的一切。他們在確保我們的合約權益得到保障方面做得非常出色。

They're doing better than they did when Trent and I were General Counsel.

他們現在的狀況比我和特倫特擔任總法律顧問時好得多。

Without a doubt, Bill. Without a doubt.

毫無疑問，比爾。無疑。

I'll certify that. It's possible, we have a little more bargaining power.

我會證實這一點。有可能，我們確實多了一些談判籌碼。

Got it. Let me ask one more on the modular capacity increase. Can you kind of walk us through your decision on going from 3 million to 4 million? Is that a function of a specific customer coming and asking you for additional capacity? Or is it more you kind of seeing the runway ahead?

知道了。關於模組化產能提升，我再問一個問題。可以跟我們解釋一下你為什麼決定從 300 萬增加到 400 萬嗎？這是因為有特定客戶來要求增加產能嗎？或者，你更像是看到了前方的跑道？

It's primarily us taking steps to meet more of the demand from our two largest customers. they would buy more if they could. And we really want to do everything we can. They've been great partners for us. We want to be great partners for them. We've added a few customers, but none of them are at scale. And if you look at the new buildings, and you say, okay, what's going to be built in those buildings? The floor space right now is planned for those two large hyperscaler customers who have been so good to us.

我們主要採取措施是為了滿足我們兩大客戶日益增長的需求。如果可以的話，他們會買更多。我們真的想盡一切努力。他們一直是我們的優秀合作夥伴。我們希望成為他們優秀的合作夥伴。我們新增了一些客戶，但沒有一個客戶達到規模化水準。如果你看看這些新建築，然後說，好吧，這些建築裡會建造什麼呢？目前預留的空間是給那兩家對我們非常好的大型超大規模客戶。

I would now like to turn the call back over to Brian Lane for closing remarks. Please go ahead, Brian.

現在我謹將電話交還給布萊恩·萊恩，請他作總結發言。請繼續，布萊恩。

All right. Thank you. In closing, I really want to thank our amazing employees again. They're truly outstanding. We had a great 2025, and we are really excited about 2026. Thanks for your interest in Comfort Systems. We look forward to seeing you on the road soon, and I hope you all have a great weekend.

好的。謝謝。最後，我再次衷心感謝我們優秀的員工。他們真是非常出色。2025年我們取得了巨大的成功，我們對2026年充滿期待。感謝您對舒適系統的關注。我們期待很快能在路上見到你們，祝大家週末愉快。

This does conclude today's conference call. You may all disconnect.

今天的電話會議到此結束。你們可以斷開連結了。