Comfort Systems USA, Inc. (FIX) 2026 Q1 法說會逐字稿

Thank you for standing by, and welcome to Comfort Systems USA's first quarter 2026 earnings conference call. (Operator Instructions) I would now like to hand the call over to Julie Shaeff, Chief Accounting Officer. Please go ahead.

感謝各位稍候，歡迎參加 Comfort Systems USA 2026 年第一季財報電話會議。（接線員指示）現在我想把電話交給首席會計官 Julie Shaeff。請開始。

Thanks, Latif. Good morning. Welcome to Comfort Systems USA's first quarter 2026 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，Latif。各位早安。歡迎參加 Comfort Systems USA 2026 年第一季財報電話會議。我們今天的評論以及新聞稿包含依適用證券法規所定義的前瞻性陳述。我們今天所說的內容係基於 Comfort Systems USA 目前的計畫與預期。

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.

這些計畫與預期包含風險與不確定性，可能導致我們未來的活動與營運結果與我們的評論所述有重大差異。

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

您可在我們最新的 Form 10-K 與 Form 10-Q，以及涵蓋本次財報的新聞稿中，閱讀關於我們特定風險因素的詳細清單與說明。我們提供一份投影片簡報作為本次談話的輔助資料，並已張貼於公司網站 comfortsystemsusa.com 的投資人關係（Investor Relations）專區。

Brian will open our remarks.

接下來由 Brian 開場。

All right. Thanks, Julie. Good morning, and thank you for joining our call today. We had a fantastic quarter and a strong start to 2026 driven by continued outstanding performance by our field teams. Our same-store revenue grew by 51% and quarterly gross margins at a new all-time high. We earned $10.51 per share this quarter more than double our strong first quarter in 2025.

好的。謝謝你，Julie。各位早安，感謝今天加入我們的電話會議。我們本季表現非常出色，2026 年也有強勁的開局，主要來自我們前線團隊持續卓越的表現所帶動。我們的同店營收成長 51%，單季毛利率也創下歷史新高。本季每股盈餘為 10.51 美元，較 2025 年第一季的亮眼表現增加逾一倍。

We also ended the quarter with record backlog of $12.5 billion, reflecting persistent demand including strong demand for our tech customers. And we entered the second quarter of 2026 with total backlog that is $5 billion higher than it was one year ago.

我們也在季末以 125 億美元的在手訂單（backlog）創下新高，反映需求持續強勁，其中包括來自科技客戶的強勁需求。此外，我們在 2026 年第二季開始時的總在手訂單，較一年前增加了 50 億美元。

We also announced another increase to our quarterly dividend to $0.80 by adding $0.10 per share, and we remain committed to consistently rewarding our shareholders while maintaining a strong balance sheet. Trent will discuss our business and outlook in a few minutes.

我們也宣布再次調升季度股利，每股增加 0.10 美元，使季度股利提高至 0.80 美元；同時我們仍致力於在維持強健資產負債表的前提下，持續回饋股東。Trent 將在幾分鐘後說明我們的業務與展望。

But first, I will turn the call over to Bill to review our financial performance.

不過首先，我將把電話交給 Bill，請他回顧我們的財務表現。

Bill?

Bill？

Thanks, Brian. So yes, we had a really great start to 2026. Our first quarter revenue was $2.9 billion, an increase of 56% compared to last year. Same-store revenue increased by 51% or $943 million. Revenue increased in both segments with an increase of 88% in our Electrical segment, while our Mechanical segment revenue increased by 47%.

謝謝你，Brian。是的，我們在 2026 年確實有一個非常好的開局。第一季營收為 29 億美元，較去年增加 56%。同店營收增加 51%，或 9.43 億美元。兩個事業部門營收皆成長，其中電氣（Electrical）部門成長 88%，機電（Mechanical）部門營收成長 47%。

Both segments also continue to benefit from strong demand in the technology sector, although we will face higher comparables in the second half of 2026, we believe same-store revenue for the full year 2026 and is likely to be higher than 2025 revenue by percentage growth in the mid- to high 20% range.

兩個部門也持續受惠於科技產業的強勁需求；儘管我們在 2026 年下半年將面臨較高的比較基期，我們仍認為 2026 全年同店營收很可能較 2025 年成長，中位數至高位數 20% 的百分比區間。

Gross profit was $754 million for the first quarter of 2026, which is $351 million higher compared to a year ago. Our gross profit percentage grew to 26.3% this quarter compared to 22.0% for the first quarter of 2025. Gross profit in the quarter benefited from $43 million in favorable developments on late-stage projects, including change orders, especially in our Mechanical segment.

2026 年第一季毛利為 7.54 億美元，較一年前增加 3.51 億美元。本季毛利率提升至 26.3%，相較 2025 年第一季為 22.0%。本季毛利受惠於後期專案的有利進展帶來 4,300 萬美元的貢獻（包含變更單），尤其是在我們的機電部門。

Quarterly gross profit percentage in our Mechanical segment improved to 26.9% this year compared to 21.7% last year. Margins also moved up by almost two full percentage points in our Electrical segment to 24.9% as compared to 23% in the first quarter of 2025.

今年機電部門單季毛利率提升至 26.9%，相較去年為 21.7%。電氣部門毛利率也上升近 2 個百分點至 24.9%，相較 2025 年第一季為 23%。

We currently expect that gross profit margins will continue in the strong ranges that we have averaged over the past several quarters. SG&A expense for the quarter was $269 million compared to $195 million in the same quarter of 2025 as we grew people and rewarded our busy teams in markets across the nation.

我們目前預期毛利率將持續維持在過去數季平均的強勁區間。本季銷售、一般及行政費用（SG&A）為 2.69 億美元，較 2025 年同期的 1.95 億美元增加，原因是我們在全國各地市場擴增人力並獎勵忙碌的團隊。

So with the large jump in revenue, SG&A as a percentage of revenue was 9.4% this quarter compared to 10.6% in the prior year. Our operating income increased by 132% from $209 million in the first quarter of 2025 to $486 million for the first quarter of 2026 with improved gross profit margins and SG&A leverage, our operating income percentage increased sharply from 11.4% to 17.0%.

因此，在營收大幅跳升之下，本季 SG&A 佔營收比重為 9.4%，相較前一年為 10.6%。我們的營業利益由 2025 年第一季的 2.09 億美元增加 132% 至 2026 年第一季的 4.86 億美元；在毛利率改善與 SG&A 槓桿效益帶動下，營業利益率也由 11.4% 大幅提升至 17.0%。

Our quarter-to-date effective tax rate was 23.2% compared to 18.6% in 2025. Our prior year effective tax rate was lower due to interest we received on a prior year tax refund. We expect our full year effective tax rate to be around 23%.

本季迄今的有效稅率為 23.2%，相較 2025 年為 18.6%。前一年度有效稅率較低，係因我們收到前一年度退稅的利息收入。我們預期全年有效稅率約為 23%。

After considering all these factors, net income for the first quarter of 2026 was $370 million or $10.51 per share, and that compares to net income for the first quarter of 2025 of $169 million or $4.75 per share. EBITDA increased by 116% to $524 million this quarter from $243 million in the first quarter of 2025 and our trailing 12-month EBITDA at the end of March 2026 is $1.74 billion. Our free cash flow was a positive $242 million in the first quarter.

綜合上述因素後，2026 年第一季淨利為 3.70 億美元，或每股 10.51 美元；相較之下，2025 年第一季淨利為 1.69 億美元，或每股 4.75 美元。本季 EBITDA 較 2025 年第一季的 2.43 億美元增加 116% 至 5.24 億美元；截至 2026 年 3 月底的過去 12 個月（trailing 12-month）EBITDA 為 17.4 億美元。第一季自由現金流為正 2.42 億美元。

Capital expenditures were $147 million in the quarter compared to $22 million in 2025. CapEx was 5.1% of revenue compared to 1.2% in 2025. And expenditures included a large modular assembly building purchase in Texas and other investments in our modular capabilities. We plan similar capital investment for the remainder of the year, and we estimate full year CapEx will be in the range of 5% of revenue.

本季資本支出為 1.47 億美元，較 2025 年的 2,200 萬美元增加。資本支出佔營收比重為 5.1%，相較 2025 年為 1.2%。支出包含在德州購置一棟大型模組化組裝廠房，以及其他對模組化能力的投資。我們計畫在今年剩餘期間進行類似的資本投資，並估計全年資本支出將約為營收的 5% 左右。

We're also happy to note that during March, we entered into a definitive agreement subject mainly to regulatory approval to acquire another highly skilled electrical contractor. The transaction is expected to close in early May, and we expect our new partner to initially contribute annualized revenues of roughly $250 million with EBITDA margins in the 8% to 10% range. That's what I've got.

我們也很高興指出，在 3 月期間，我們已簽署一份最終協議（主要仍須取得監管核准），以收購另一家技術精湛的電氣承包商。該交易預計於 5 月初完成交割；我們預期新夥伴初期將貢獻約 2.5 億美元的年化營收，EBITDA 利潤率約在 8% 至 10% 區間。以上就是我要報告的內容。

Trent?

Trent？

Thanks, Bill. Brian has asked me to comment on our business operations and provide an assessment of our outlook. Backlog at the end of the first quarter was a record $12.5 billion, a same-store sequential increase of just over $500 million and a remarkable same-store year-over-year increase of $5.3 billion. First quarter bookings were especially strong in the technology sector. Our companies are collaborating more than ever to deliver superior mechanical and electrical solutions for our customers.

謝謝你，Bill。Brian 請我就我們的營運狀況發表評論，並提供對展望的評估。第一季末在手訂單為創紀錄的 125 億美元，同店口徑季增略高於 5 億美元，同店口徑年增更達驚人的 53 億美元。第一季接單（bookings）在科技領域特別強勁。我們旗下公司比以往更緊密協作，為客戶提供更優異的機電與電氣解決方案。

Our revenue mix continues to be led by the industrial sector with that sector accounting for 75% of our volume in the quarter. Advanced technology dominated by data center work increased to 56% of our revenue and advanced technology remains the largest driver of pipeline and backlog.

我們的營收組合仍以工業領域為主，本季該領域占我們業務量的 75%。以資料中心工程為主的先進科技（advanced technology）占營收比重提高至 56%，且先進科技仍是商機管線（pipeline）與在手訂單的最大驅動力。

In institutional markets, including education, health care and government are also solid, comprising 17% of our revenue. The commercial sector now accounts for about 8% of revenue, with most of our commercial sector revenue flowing through our service activities.

在機構型市場方面，包括教育、醫療保健與政府領域也維持穩健，占我們營收的 17%。商業領域目前約占營收 8%，其中大部分商業領域營收來自我們的服務業務。

Construction accounted for 90% of our revenue with projects for new buildings representing 75% and existing building construction 15%. Modular revenue was 17% of total revenue in the quarter. We are on track to have 4 million square feet of modular capacity by the end of 2026. And we are actively evaluating additional capacity investments. We include modular in new building construction and in our Mechanical segment.

施工業務占我們營收的90%，其中新建築專案占75%，既有建築施工占15%。本季模組化營收占總營收的17%。我們正按計畫在2026年底前達到400萬平方英尺的模組化產能。我們也正積極評估額外的產能投資。我們將模組化納入新建築施工以及我們的機電（Mechanical）事業部門。

Service revenue was up 8% this year, but with faster growth in construction service is now 10% of total revenue. Service profitability was strong this quarter, and service continues to be a growing and reliable source of profit and cash flow.

今年服務營收成長8%，但由於施工成長更快，服務目前占總營收的10%。本季服務獲利能力強勁，而服務持續成為穩定成長且可靠的獲利與現金流來源。

Before we turn the call over for questions, I want to join Brian and Bill and the team here in Houston in thanking our over 23,000 employees for their hard work and dedication. Comfort Systems USA success is a direct result of the people that serve our customers every single day.

在我們把電話交給問答之前，我想和Brian、Bill以及休士頓這裡的團隊一起，感謝我們超過23,000名員工的辛勤工作與投入奉獻。Comfort Systems USA的成功，直接來自於每天服務客戶的每一位同仁。

We're now going to turn this call back to Latif for questions. Thank you.

我們現在把這通電話交回給Latif進行提問。謝謝。

(Operator Instructions)

(接線員指示)

Adam Thalhimer, Thompson, Davis.

Adam Thalhimer，Thompson, Davis。

Great quarter. Bill, the CapEx forecast for the rest of the year, can you give a little more color on what that is? And is that more geared towards projects you've already booked? Or are you getting ready to handle future orders?

本季表現很棒。Bill，關於今年剩餘期間的資本支出（CapEx）預測，你能再多補充一些細節嗎？這些支出比較偏向已經接到的專案嗎？還是你們是在為未來訂單做準備？

Just as it's been for the last really couple of years, the answer to that question is all of the above. So we did buy our biggest building ever in Houston in the first quarter. Once you buy them, you then have to spend tens of millions of dollars putting cranes and robots and various turntables and paint booths and stuff like that into the building.

就像過去這幾年一樣，這個問題的答案是以上皆是。我們在第一季於休士頓買下了我們史上最大的一棟建築。買下來之後，你就得再投入數千萬美元，把吊車、機器人、各種轉盤、噴漆室之類的設備裝進建築裡。

One of the reasons we're buying these buildings now is because we've become a lot more automated, and we put so much money into the building, but it doesn't make sense to make those big investments into a building you don't own. We are looking at other building investments later in the year.

我們現在買這些建築的原因之一，是因為我們的自動化程度大幅提升，我們會在建築裡投入很多資金；但如果不是自己擁有的建築，就不合理去做那種大規模投資。我們也在評估今年稍晚其他建築投資。

We are -- this building was part of getting to the 4 million square feet. But of course, we definitely have the demand from our existing largest customers and from new customers that we're doing trial, trial -- large -- very large trial orders with add additional capacity if we become comfortable with that later in the year.

我們——這棟建築是達成400萬平方英尺目標的一部分。但當然，我們確實看到來自既有最大客戶以及新客戶的需求；我們正在進行試單——大型——非常大型的試單，如果我們在今年稍晚對此更有把握，就會增加額外產能。

Okay. And then the other one for me. Geographically, I'm curious where you are seeing more of the data center demand these days and how that matches up with your capabilities?

了解。那我還有另一個問題。從地理區域來看，我很好奇你們最近在哪些地方看到更多資料中心需求？以及這與你們的能力配置如何匹配？

Well, I would say by far and away, the biggest epicenter of demand is Texas, right? And it's really, really strong. But we're seeing data center -- I don't know that there is our strongest place. I mean there's certainly the Mid-Atlantic, the Carolinas and Virginia continue to have a ton of activity.

我會說，需求最大的核心區域遠遠是德州，對吧？而且真的非常強勁。但我們看到資料中心——我不確定那是不是我們最強的區域。我的意思是，中大西洋地區、卡羅來納州以及維吉尼亞州，仍然有大量活動。

And then you've got stuff in places like Mississippi and I don't know, up in the Upper West, there's stuff going in. So it's just kind of -- it's kind of amazing just the sheer -- the sheer sort of stand of it.

然後像密西西比州之類的地方也有一些，我不知道，在上西部也有案子在進行。所以就是——相當令人驚訝，單就規模——那種規模之大。

And Adam, we can handle the geographies because we have a significant traveling workforce. So where they want to build them, we pretty much can accommodate them.

而且Adam，我們可以應付各地區，因為我們有相當規模的外派（巡迴）勞動力。所以他們想在哪裡蓋，我們基本上都能配合。

(inaudible), William Blair.

(聽不清楚)，William Blair。

This is Sam (inaudible) on for Tim. I want to dig a bit more into your new guidance here. Mid- to high 20% organic growth for the year would obviously be a great result. It does imply to a fair amount of growth moderation through the year. And I understand the comps get a bit harder here, but you had great momentum in the first quarter, and your backlog growth continues to outpace revenue growth.

我是Sam（聽不清楚），代Tim提問。我想再深入了解一下你們這次新的財測指引。全年有機成長率落在20%中段到高段，顯然會是很好的結果。但這也意味著全年成長在後續季度會有相當程度的放緩。我理解比較基期會變得更具挑戰，但你們第一季動能很強，而且在手訂單（backlog）成長仍持續快於營收成長。

I guess given this, I think it would be helpful for us to understand a bit more how you came to the mid- to high 20% organic growth rate for the year here.

我想在這樣的背景下，若能更了解你們是如何得出全年有機成長率落在20%中段到高段的，會對我們很有幫助。

So you know at Comfort, the way that we come up with this is very organic. We get projections from our field, and we know what our work that's committed is. Obviously, if we give guidance, it's at levels that we feel -- have very good reasons to believe are extremely achievable. Having said that, I'm not sure I agree with you that to get to something like the high 20s or something, you still got to be above 20% on average for the next three quarters. And I know you acknowledged this.

你知道，在Comfort，我們形成這個數字的方式非常「由下而上」。我們會從各地營運單位取得預估，也知道哪些工作已經確定承諾。顯然，如果我們提供指引，會是在我們認為——有非常充分理由相信——極度可達成的水準。話雖如此，我不確定我同意你說的：要達到例如20%高段之類，你接下來三個季度平均仍得高於20%。我知道你也提到了這點。

But we had some really big revenue quarter (inaudible) revenue quarters in the third and fourth quarter. And then the last thing I'll say is revenue is never our goal, our goal is profit. And so we just want to make sure that we take the amount of work we can do that we get paid barely for the unbelievable productive capacity that we have and the risk that we take is also well compensated.

但我們在第三季和第四季有一些非常大的營收季度（聽不清楚）。最後我想說的是，營收從來不是我們的目標，我們的目標是獲利。因此我們只想確保：我們承接的工作量是在我們可執行的範圍內，而且我們能因為我們驚人的生產能力與所承擔的風險而獲得足夠的報酬。

Yes. That makes sense. That's helpful. Maybe another one on the data center topic here, but several states have begun talking about data center bands or even limiting access to power. I'm wondering for the regions you're more exposed to on the data center side.

是的。這很合理。這很有幫助。我再問一個與資料中心相關的問題：有幾個州已開始討論資料中心禁令，甚至限制用電取得。我想了解，對於你們在資料中心較有曝險的區域而言，

Are there any pieces of legislation or proposals that you're actively tracking or closely following that could put some of your projects or backlog ever risk?

是否有任何你們正在積極追蹤或密切關注的法案或提案，可能讓你們部分專案或在手訂單面臨風險？

At this point, no. There's no states where we're involved that have proposals out that we've been tracking and they just don't impact our geography. And then the other thing I'd add to that is any time a large project that has a big footprint is getting put into some sort of community or state, and there's a lot of build occurring. There's always been pushback on these things historically. So this is something that we've been able to work around for years. It's not, I don't think, a high level of concern.

就目前而言，沒有。我們參與的州裡，沒有我們正在追蹤、且會影響我們地理布局的提案。另外我想補充的是，任何大型、占地面積很大的專案要落地到某個社區或州，而且同時有大量建設在進行時，歷史上一直都會出現反對聲浪。所以這類事情一直都會有反彈。這是我們多年來都能設法因應的事情。我不認為這是高度需要擔心的議題。

Additionally, we have a very good nexus of work in the states that are not currently in any sort of discussion. In fact, they're encouraging the build-out in the states that we are primarily focused on right now with where our geographies are. So in the long term, something we'll continue to keep an eye on, but it's not a pressing concern in the current environment.

此外，我們在目前沒有任何相關討論的州也有非常好的工作來源連結。事實上，就我們目前主要聚焦的州、以及我們的地理布局而言，那些州是在鼓勵擴建（build-out）。所以長期來看我們會持續關注，但在目前環境下並不是迫切的疑慮。

And as we sit here today, the demand of the data set still exceeds the supply.

而且就今天而言，資料中心的需求仍然高於供給。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc Capital Markets。

Can I ask one on the Electrical acquisition that you just mentioned, maybe the geography of that acquisition, the core end markets is participating or any other information that you can help us with?

我可以問一個關於你們剛提到的電氣（Electrical）收購案嗎？例如該收購案的地理位置、所參與的核心終端市場，或任何你能提供的其他資訊？

So this is a company that is right in our sweet spot. It's the kind of company that is incredibly strong in its market. Its market is in the West. I can't get too specific because, obviously, until we announce it, you don't need to know about it before the people there know about it.

這是一家正好落在我們甜蜜點的公司。它在其市場中非常強勢。它的市場在美國西部。我不能說得太具體，因為顯然在我們正式公告之前，你們不需要在那裡的人知道之前就先知道。

But it's in a core market that we love where we already have a mechanical. It's going to be a great acquisition that helps a little.

它位於我們很喜歡的一個核心市場，而我們在那裡已經有機電（Mechanical）業務。這會是一筆很棒的收購，能帶來一些助益。

Got it. And I appreciate your giving us more details on how you came up with the guidance for this year. So as you were planning for your guidance for the remainder of the year, can you talk about where you found the biggest pinch point for growth? Is it labor? Is it procuring the equipment you need or maybe something else? Any color would be helpful.

了解。也感謝你提供更多細節，說明你們是如何得出今年的指引。那麼在你們規劃今年剩餘期間的指引時，能否談談你們認為成長最大的瓶頸點在哪裡？是人力嗎？是採購你們需要的設備，或可能是其他因素？任何補充說明都會很有幫助。

I mean it's always and forever for us. It's labor. That may change some, David, as of today, we have unbelievable workforce, but they can only do so much work, and they basically tell us. They take the work that they can confidently deliver for their customers. If you look at our same-store growth, it's unbelievable what these -- our workforces are accomplishing, the additional work they're able to take.

我的意思是，對我們來說一直都是、也永遠都是。是人力。David，這點可能會隨著時間有些變化；截至今天，我們的勞動力非常驚人，但他們能做的工作量仍然有限，而且他們基本上也會告訴我們。他們只接下自己有把握能為客戶交付的工作。如果你看我們的同店成長，這些——我們的團隊所完成的成果令人難以置信，他們能承接的額外工作量也很可觀。

Our head count -- if you look at the head count in the first quarter of 2025, it's 3,000 people or 4,000 people higher in the first quarter of 2026, depending whether you include or don't include sort of travelers and temporary workers that are always W-2 employees. That's a very, very big source of that increase.

我們的人頭數——如果你看2025年第一季的人頭數，到了2026年第一季增加了3,000人或4,000人，取決於你是否把所謂的外派人員（travelers）與臨時工納入計算；他們一直都是W-2員工。這是該增幅非常、非常重要的來源。

In addition, our materials and equipment as a percentage of our revenue is up by a couple of hundred basis points, and that drives -- but a lot of that increase in headcount last year happened from the first to the second quarter. So a lot of the sort of the 23,000 plus level that were -- we were much closer to our current level of employment by the end of the second quarter last year then we were -- we had a great spring hiring season last year.

此外，我們的材料與設備占營收的比重上升了幾百個基點，這也帶動——但去年人頭數增加的很大一部分發生在第一季到第二季之間。所以，去年第二季末我們的人力規模（約23,000人以上）其實已經更接近目前的用工水準；去年春季我們的招募季表現非常好。

So we're just comfortable mid- to high 20s. Obviously, if you average that, it's well above 20% on average a quarter for the next three quarters. In the real world, what will happen, we never know, but we feel like we should give you guidance based on what we see and we're confident in.

所以我們對中到高20%的成長區間感到有把握。顯然，如果把接下來三個季度平均起來看，平均每季會遠高於20%。在現實世界裡會發生什麼我們永遠無法完全確定，但我們覺得應該基於我們所看到、且有信心的情況來提供指引。

Josh Chan, UBS.

Josh Chan，瑞銀（UBS）。

Congrats on a really good quarter. I guess I was wondering if you can talk about the project pipeline. So basically, the future projects that could enter the backlog in the future, I guess, I'm asking this because book-to-bill this quarter was like 1.2, which is pretty normal for Q1. But for the last four quarters, you have been running massively strong book-to-bill. So I was just wondering if there's cadence change or how you're thinking about the market?

恭喜你們交出非常好的季度表現。我想問的是，你們能否談談專案管線（project pipeline）？也就是未來可能進入在手訂單（backlog）的專案；我之所以這麼問，是因為本季的接單出貨比（book-to-bill）大約是1.2，這對第一季來說相當正常。但在過去四個季度，你們的接單出貨比一直非常強勁。所以我想了解是否節奏有所改變，或你們如何看待市場？

Yes. So Josh, we -- the high-level answer is the pipelines are still very full, very strong, close to close. So there's no issue with the pipelines and availability of work. What I -- and we're really happy to see is we're maintaining our discipline and the selection of work we're taking. There is no sense overcommitting ourselves in work that we can't do properly.

是的。所以Josh，我們——高層次的答案是：管線仍然非常滿、非常強，從頭到尾都很扎實。因此在管線與工作量可得性方面沒有問題。而我們也很高興看到的是：我們仍維持紀律，嚴格挑選我們要承接的工作。我們完全不會為了接案而過度承諾，去承接我們無法妥善完成的工作。

So I think the way we're approaching this is the way we've always approached it. It just to make sure we can deliver a good product and service to our customers and that means staying within our lanes, the work we're taking in our wheelhouse, and it's evident in the margins we're delivering. So at lines are good, and we're really comfortable with the backlog we have.

所以我認為我們的做法和一向的做法一致。就是確保我們能為客戶交付良好的產品與服務；這意味著要在我們的跑道內、承接我們擅長領域（wheelhouse）的工作，而這也反映在我們交出的毛利率上。所以我們的管線狀況良好，我們也對目前的在手訂單非常放心。

In the 30 years I've been watching this industry almost the whole time, whenever you saw deceleration or whenever you saw limitations, until the last couple of years and sort of the ability to convert revenue or book work, it was a demand issue. Today I think it's really important for people to understand that it's a supply issue. There is plenty more work we could take if we could possibly do it.

在我觀察這個產業的30年裡，幾乎整段時間，只要你看到成長放緩或看到限制因素——直到最近幾年、以及把工作轉成營收或把案子接進來的能力——那通常都是需求面的問題。但我認為今天很重要的是讓大家理解：這其實是供給面的問題。如果我們做得到，其實還有更多工作可以承接。

And so it's very, very hard to really internalize that paradigm after it never having been true in living memory. But today, when you see somebody like a prognosticator like McGraw Hill or FMI, revise downward their number for next year especially to anything remotely close to the super cycle and in the kind of markets we're in, in the mid-Atlantic and the Southeast and Texas and the really, really hot Rocky Mountain states.

因此，在過去的記憶中從未真正成立的情況下，要真正內化這種典範轉移是非常、非常困難的。但今天，當你看到像McGraw Hill或FMI這類預測機構下修他們對明年的數字——尤其是下修到任何接近超級循環（super cycle）的水準——而且是在我們所處的市場：中大西洋、東南部、德州，以及非常、非常火熱的落磯山脈各州。

It is not that suddenly people don't want to build buildings. It's only a certain amount of buildings can be built, and that's what's going on.

這並不是突然之間大家不想蓋建築了。而是能夠被建造的建築數量就只有那麼多，事情就是這樣。

Yes. Great color here. Thanks, Brian and Bill. And then maybe my second question on CapEx. So I know that for the modular capacity you've historically leased your buildings, and you mentioned why you're purchasing them now.

是的。這些補充說明很有幫助。謝謝Brian和Bill。接著我第二個問題是關於資本支出（CapEx）。我知道在模組化產能方面，你們過去一向是用租賃廠房的方式，而你也提到為什麼現在改為購買。

I guess like what does that mean in terms of what you think about the durability of the cycle now that you're willing to kind of actually put your own money into the buildings? And does that suggest you have much more confidence in the outlook?

我想問的是：這對你們如何看待目前循環的持久性意味著什麼——既然你們願意實際把自有資金投入到建築物上？這是否表示你們對前景更有信心？

Well, so for one thing, you know us well enough to know that we don't go invest in buildings without being very, very confident that we have customers for those buildings. And for many of these buildings, we are insisting as a condition of us committing our capacity that customers make multiyear commitments at volume levels.

嗯，首先，你對我們夠了解就會知道：如果我們沒有非常、非常有信心這些建築會有客戶需求，我們不會去投資建築物。而且對於其中許多建築，我們要求客戶在我們承諾產能之前，必須以多年期、且在一定量體水準下做出承諾，作為我們投入產能的條件。

And that allows us to give them better pricing, right? We would have to demand higher pricing. If we were certain that the capacity we were building wouldn't have a longer period to pay off. And it also tightens our relationship with these customers, right? We try to find out what they need, and we try to help them every way we can to get what they need.

這也讓我們能給他們更好的價格，對吧？否則我們就必須要求更高的價格。如果我們不確定我們所建的產能是否需要更長時間才能回收。同時這也會強化我們與這些客戶的關係，對吧？我們會努力了解他們需要什麼，並盡我們所能協助他們取得所需。

Brian Brophy, Stifel.

Brian Brophy，Stifel。

Congrats on another nice quarter here. Wanted to ask about the $43 million change order close of benefit you mentioned in your opening comments. Just any more color on what drove that benefit this quarter? And I guess, so to the extent, was this more a kind of a onetime benefit from your perspective? Or is this more of a reflection of the environment we're in, with favorable T&Cs and is there an opportunity to continue to get these kind of benefits more consistently moving forward?

恭喜你們又交出一個不錯的季度。我想問你們在開場談話中提到的4,300萬美元變更單（change order）結案帶來的利益。能否再補充一些說明，本季是什麼因素推動了這項利益？另外，我想問的是：就你們的角度，這在多大程度上屬於一次性收益？或者這更反映了我們目前所處的環境——例如有利的條款與條件（T&Cs）——並且未來是否有機會更持續、較一致地取得這類收益？

So I'll talk about it numerically, and then if Trent wants to, he can -- he's the one who would be able to talk about sort of what's happening in the jobs. But essentially, the reason we called this out, put it in the MD&A, quantified it is because there really were a few unique things that we don't believe are just business as usual. We had late-stage jobs where we received change orders.

我會先從數字面來談，然後如果Trent願意，他可以——他是最能談工作現場（jobs）實際狀況的人。但基本上，我們之所以特別點出、放在MD&A裡並量化，是因為確實有幾個獨特因素，我們不認為那只是日常營運的一部分。我們在一些接近完工階段的案子上收到了變更單。

You may recall we had something like this two quarters or three quarters ago where we collected some money on a job based on a negotiation that we didn't expect, where we see something that -- like we get the question from shareholders like you, was there anything special in the quarter?

你可能記得兩季或三季前我們也有類似情況：我們在某個案子上透過談判收回了一些款項，這是我們原本沒有預期的；當我們看到這種情況——例如像你這樣的股東會問：這一季是否有什麼特別的因素？

We like to be able to answer that truthfully. So to answer it truthfully, we have to disclose it in this forum. And those really are not repeatable things, things like that. Things like that can happen in the future, they have happened in the past, but they don't happen every quarter.

我們希望能夠如實回答。所以要如實回答，我們就必須在這個場合揭露。而那些確實不是可重複的事情，像這類狀況。這類事情未來可能會發生，過去也曾發生，但不會每一季都發生。

If you take that $43 million and you back it out, it's almost $1 a share, and it takes our gross margin and it puts sort of at -- something like 25.2 which sequentially is much, much, much closer, it's still very high, but it's much closer to what you would expect in the first quarter. And so we just felt like the disclosure would be we don't like to give information, but we do that when we feel like we owe it to you guys. So that -- hopefully, that helps.

如果你把那 4,300 萬美元扣除回去，幾乎相當於每股 1 美元，這會把我們的毛利率拉回到——大概 25.2 左右，按季比較就非常、非常、非常接近了；雖然仍然很高，但已經更接近你在第一季會預期的水準。所以我們覺得應該揭露這件事——我們不喜歡提供這類資訊，但當我們覺得欠各位一個交代時，我們就會這麼做。所以——希望這能有所幫助。

It was just a mixture of change orders from the descope and then also additionally, some really favorable closeouts on some work that was new to the operating companies that were performing it, and they just recognized disproportionate gains at the end of the job because of their ability to deliver. It's really just it's really a credit to the teams that we're working so hard to make sure that they deliver to their customers. So that's what it blows down to.

這只是多種因素的混合：一部分來自縮減範圍（descope）所產生的變更單，另外也有一些非常有利的結案（closeout），是一些對執行該工作的營運公司而言屬於新類型的工作；由於他們的交付能力，他們在專案尾聲認列了不成比例的收益。這真的要歸功於我們的團隊，他們非常努力，確保能交付給客戶。所以大概就是這麼回事。

Yes. That's helpful. And then I guess just looking at electrical growth, it was about 80% organic this quarter. It's been around that range for a few quarters now. I realize some of that is price and productivity, but obviously, headcount is a big part of that as well.

是的。這很有幫助。然後我想就電氣業務的成長來看，本季大約有 80% 是有機成長。這個比例已經維持在這個區間好幾季了。我知道其中一部分是價格與生產力，但顯然，人力（headcount）也是很大的一部分。

I guess maybe just touch on where are you finding all these electricians and just how sustainable do you think your ability to grow headcount at this pace is?

我想你們能不能談談，你們到底從哪裡找到這麼多電工？以及你們認為以這樣的速度增加人力的能力有多可持續？

Well, I think we're finding everywhere, but as we've said there is -- we're a really good place to work. We pay people well. We do a lot of training. We have a lot of work that attracts people. So the type of work we're getting is attracting a lot of electricians throughout the country.

嗯，我想我們是到處都在找；但如同我們說過的——我們是一個非常適合工作的地方。我們給員工很好的薪酬。我們做很多訓練。我們有很多能吸引人的工作。所以我們接到的工作類型，正在吸引全國各地很多電工。

Can we keep the pace that we're going to try to. We're full court press and recruit and hiring. And so far, we've had good luck doing it. But we'll continue swinging away at it, Brian.

我們能不能維持目前的速度？我們會努力去做。我們全力以赴在招募與聘用。到目前為止，我們做得還算順利。但我們會繼續全力衝刺，Brian。

Julio Romero, Sidoti & Company.

Julio Romero，Sidoti & Company。

Bill, you mentioned earlier that Comfort's goal and focus is on the gross profit dollars and still the 26.3% gross margin percentage you put up this quarter, eye-popping, even backing out the $43 million change order, as you said, 25.2% is still very strong. Just asking about the sustainability of those gross margins on a core basis going forward?

Bill，你先前提到 Comfort 的目標與重點在於毛利金額（gross profit dollars），而且你們本季繳出的 26.3% 毛利率百分比非常驚人；即使如你所說把 4,300 萬美元的變更單扣除，25.2% 仍然非常強勁。我想請教的是，往後在核心基礎上，這些毛利率的可持續性如何？

And then kind of related to that, as you take on these additional larger projects, are we seeing any change in the mix of activity versus cost pass-throughs that flow through the revenue line that might cause gyrations in the gross margin line on a percentage basis?

另外也相關的是，當你們承接更多額外的大型專案時，我們是否看到活動組合（mix of activity）相對於成本轉嫁（cost pass-throughs）——也就是流經營收項目的部分——出現任何變化，可能導致毛利率在百分比上出現波動？

So the answer to the second one is no. Actually, we're seeing, if anything, more uniformity in the work that we're taking and more repeatability, which is one of the reasons that we're doing so well. We're able now to sort of -- we have a much stronger ability to pick our counterparties to make sure that we do work with people. We've done similar work with people who have proven that they're constructive when issues come up. And so I would say, if anything, we probably feel more comfortable than ever with that sort of structural internal cadence.

所以第二個問題的答案是否定的。事實上，如果有什麼變化的話，我們看到的是所承接工作的更一致性，以及更高的可重複性，這也是我們表現這麼好的原因之一。我們現在在某種程度上——更有能力去挑選合作對象（counterparties），確保我們與那些人合作。我們曾與他們做過類似的工作，而他們也證明當問題出現時，他們會以建設性的方式處理。所以我會說，如果有什麼不同的話，我們對這種結構性的內部節奏反而比以往任何時候都更有信心。

As far as the ability to maintain the margins, we said we expect to stay at the high margins that we've averaged over the last several quarters for the next several quarters. Everything else we said on this call is super supportive of our ability to extract high margins and to get rewarded for the work we do. And I -- as much as Brian Lane likes to complain and cry, we're -- we're in a pretty good market and we got the best teams in the world. And so at some point, we just have to take the win.

至於維持毛利率的能力，我們說過，我們預期未來幾季會維持在過去幾季平均的高毛利率水準。我們在這通電話中提到的其他所有內容，都非常支持我們能夠取得高毛利率，並且讓我們的工作獲得相應回報。而且——儘管 Brian Lane 喜歡抱怨和哭訴，我們——我們身處一個相當不錯的市場，而且我們有全世界最好的團隊。所以到某個程度，我們就得接受這個勝利。

I want to keep crying, Bill.

我還想繼續哭，Bill。

And only one thing I'd like to tack on to that is just we wouldn't be achieving these types of results if it wasn't for the teams in the field and their commitment to constant improvement. It's really our companies, especially our company's field leadership that's fostering a culture of continuous improvement, and that is in these results, right? It's just hats off to the teams out there that are making this happen.

我只想再補充一點：如果沒有現場團隊以及他們對持續改善的承諾，我們不可能達成這樣的成果。真正推動持續改善文化的是我們的公司，尤其是我們公司的現場領導團隊，而這也反映在這些成果上，對吧？真的要向在外面讓這一切成真的團隊致敬。

Really helpful and insightful. And then secondly, related to kind of your point earlier, Bill, about partnering with repeat customers and choosing your customers and repeat end-use customers kind of a broader question about the longer-term revenue opportunity on these technology construction projects. Is there an opportunity or have you thought about an opportunity to expand wallet share with the owner-operator of the data center beyond the initial construction scope by cross-selling any adjacent solutions related to monitoring sensors or just overall optimization of the data center?

非常有幫助，也很有洞見。第二個問題，延伸你先前的觀點，Bill，關於與重複客戶合作、選擇客戶，以及重複的終端客戶——這是一個更廣泛、關於科技建設專案長期營收機會的問題。是否存在機會，或你們是否想過，有機會在資料中心的業主／營運商（owner-operator）那邊，超越初始建置範圍，透過交叉銷售任何相鄰解決方案（例如監測感測器或整體資料中心最佳化）來擴大錢包份額（wallet share）？

I think there's a wonderful maintenance and service opportunity that think about the installed base that's being created and then sort of think about the companies that are doing it, the advantage we have and understanding it. And like -- and even if you take our modular stuff, the modular units that we build are built to be maintained.

我認為維護與服務方面有很棒的機會；想想正在形成的裝機基礎（installed base），再想想是哪些公司在做這件事，以及我們在理解這些系統方面的優勢。而且——即便以我們的模組化業務來看，我們建造的模組化單元本來就是為了便於維護而設計的。

They're built to have great accessibility to the parts and pieces that we'll need in the future. There are also -- there's a lot of consideration that's going into the work we do today about what -- in what ways things might need to be retrofitted in the future.

它們被設計成對未來需要的零組件具有很好的可及性。此外——我們今天所做的工作也投入了大量考量：未來可能需要以哪些方式進行改裝（retrofit）。

For example, if they were to achieve chips, that do not need to be cooled as much. Then at some point, you could keep high levels of cooling, but you would still have to add electrical capacity in order to add additional servers.

例如，如果他們採用的晶片不需要那麼多冷卻。那麼在某個時間點，你可以維持高水準的冷卻，但你仍然必須增加電力容量，才能新增更多伺服器。

And I know for a fact that in some cases, consideration is being given much more than it has in the past about the ways that the technology might change in the future and making sure that you can exactly future-proof stuff but you can give yourself options and a lot of that's happening.

而且我確知，在某些情況下，對於未來技術可能如何改變的考量，比過去更為周全，並確保你不一定能完全把東西「未來化」（future-proof），但你可以為自己保留選項，而這方面正在發生很多事情。

It's really -- it's one of the great advantages of doing something on this scale, you -- and for us, right, doing it in so many states with so many great companies that talk to each other. We can bring something to our customers that is pretty close to unique

這真的——這是以這種規模做事的一大優勢；而對我們而言，對吧，在這麼多州、與這麼多彼此交流的優秀公司一起做。我們能帶給客戶的東西幾乎是相當獨特的。

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

現在我想把會議交回給 Brian Lane 做結語。先生？

Thank you. I think in closing, I really want to thank our amazing employees again. We are truly fortunate to have the people that work at all levels of this organization. It's a real privilege to be here. We appreciate all your interest in Comfort Systems and then we look forward to having a really strong 2026.

謝謝。我想在結語中，我真的要再次感謝我們了不起的員工。我們非常幸運，能擁有在這個組織各個層級工作的這些人。能在這裡是一種真正的榮幸。我們感謝各位對 Comfort Systems 的關注，也期待 2026 年會非常強勁。

Thanks again, and I hope you all have a great weekend. Thank you.

再次感謝，也祝各位週末愉快。謝謝。

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。感謝各位參與。您現在可以掛線。