Comfort Systems USA, Inc. (FIX) 2026 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Comfort Systems USA's second-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝各位耐心等候，歡迎參加 Comfort Systems USA 2026 年第二季財報電話會議。(接線員指示) 提醒各位，今天的會議將被錄音。

And now I'd like to introduce your host for today's program, Julie Shaeff, Chief Accounting Officer. Please go ahead.

現在我想介紹今天節目的主持人：Julie Shaeff，首席會計官。請開始。

Thank you, Jonathan. Good morning. Welcome to Comfort Systems USA's second-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. But what we will say today is based upon the current plans and expectations of Comfort Systems USA.

謝謝你，Jonathan。各位早安。歡迎參加 Comfort Systems USA 2026 年第二季財報電話會議。我們今天的發言以及新聞稿包含在適用證券法規下所定義的前瞻性陳述。但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 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.

這些計畫與預期包含風險與不確定性，可能導致未來實際活動與營運結果與我們發言中所述者有重大差異。您可在我們最新的 Form 10-K 與 Form 10-Q，以及本次財報新聞稿中，閱讀關於特定風險因素的詳細清單與說明。

A slide presentation is provided as a companion to our remarks and is posted on the Investor Relations section of the company's website on the comfortsystemsusa.com. Joining me on the call today are Brian Lane, Chief Executive Officer; Trent McKenna, President; and Bill George, Chief Financial Officer.

我們提供了一份投影片簡報作為本次發言的輔助資料，並已張貼於公司網站 comfortsystemsusa.com 的投資人關係專區。

Brian will open our remarks.

Brian 將先開始我們的發言。

Okay. Thanks, Julie. Good morning, and thank you for joining us on the call today. We had a fantastic quarter with amazing execution by our teams. This is the first time that our quarterly revenue has exceeded $3 billion. We earned $12.53 per share this quarter, which is an increase of 92% compared to a year ago.

好的。謝謝你，Julie。各位早安，感謝各位今天加入我們的電話會議。我們本季表現非常出色，團隊執行力令人驚豔。這是我們季度營收首次超過 30 億美元。本季每股盈餘為 12.53 美元，較一年前成長 92%。

Our Mechanical business experienced a sharp increase in profitability and our Electrical segment also performed exceptionally well. Bookings continued to trend upwards, and our backlog increased to a new high of $14.1 billion. Demand remains strong, especially in technology as we continue to book work with good margins and favorable working conditions for our valuable people and we entered the second half of 2026 with increased sequential and year-over-year backlog.

我們的機械業務獲利能力大幅提升，電氣事業部也表現極為亮眼。接單持續呈上升趨勢，未完成訂單（backlog）增加至 141 億美元的新高。需求仍然強勁，尤其是科技領域；我們持續以良好毛利率與有利的工作條件承接業務，照顧我們珍貴的同仁，並以較前一季及較去年同期更高的未完成訂單進入 2026 年下半年。

I want to welcome my newest acquisition, Hunt Electric, a transaction we mentioned last quarter and that closed on May 1. Hunt is a great electrical business based in Utah, and we expect Hunt will contribute about $250 million of annualized revenue. We also increased our quarterly dividend by $0.10 to $0.90 per share. Thanks to our amazing people, we expect strong results for the rest of 2026 and continuing success into 2027.

我也要歡迎我們最新完成的併購案 Hunt Electric；這筆交易我們在上季提到，並於 5 月 1 日完成交割。Hunt 是一家位於猶他州的優質電氣公司，我們預期 Hunt 將貢獻約 2.5 億美元的年化營收。我們也將季度股利提高 0.10 美元至每股 0.90 美元。感謝我們優秀的同仁，我們預期 2026 年剩餘期間將維持強勁表現，並在 2027 年持續成功。

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

Trent 將在幾分鐘後說明我們的營運與展望；在問答結束後我也會做幾點結語。不過首先，我先把電話交給 Bill，請他回顧我們的財務表現。Bill？

Thanks, Brian. Our results were once again extraordinary with 44% same-store revenue growth, approximately $1 billion of free cash flow and EBITDA that was higher than last year by 80%. Revenue for the second quarter of 2026 was $3.3 billion, an increase of $1.1 billion compared to last year.

謝謝你，Brian。我們的成果再次非常卓越：同店營收成長 44%，自由現金流約 10 億美元，且 EBITDA 較去年提高 80%。2026 年第二季營收為 33 億美元，較去年增加 11 億美元。

Electrical segment revenue grew by 81%, while Mechanical segment revenue increased by 40%. Through six months same-store revenue has grown 47% and we estimate the 2026 same-store revenue growth will likely finish with a full year increase that is in the mid- to high-30% range.

電氣事業部營收成長 81%，機械事業部營收成長 40%。上半年同店營收成長 47%；我們估計 2026 年同店營收成長全年可能落在 30% 中段至高段的區間。

Gross profit was $844 million for the second quarter of 2026, $334 million higher than the year ago. Our gross profit percentage grew to a noteworthy 25.9% this quarter compared to 23.5% and for the second quarter of 2025. Gross profit percentage ticked down by a small amount from our first quarter as it was reported.

2026 年第二季毛利為 8.44 億美元，較去年同期增加 3.34 億美元。本季毛利率顯著提升至 25.9%，相較之下，2025 年第二季為 23.5%。相較第一季，毛利率如同我們所揭露的，略有小幅下滑。

However, absent the unique gains that we identified and quantified last quarter, our second quarter gross profit percentage actually increased from 25.2% in the first quarter to 25.9% this quarter. Quarterly gross profit percentage in our Mechanical segment jumped to 25.6% this year compared to 22.9% last year. Margins in our Electrical segment also increased by a full percentage point to 26.4% compared to 25.3% in the second quarter of 2025.

然而，若排除我們上季所辨識並量化的特殊收益，本季毛利率實際上由第一季的 25.2% 提升至本季的 25.9%。我們機械事業部的季度毛利率今年躍升至 25.6%，去年同期為 22.9%。電氣事業部的毛利率也提高整整 1 個百分點至 26.4%，相較 2025 年第二季的 25.3%。

We believe that gross profit margins are likely to continue in the strong ranges that we have averaged in recent quarters. SG&A expense for the quarter was $287 million, compared to $210 million in the second quarter last year as we continue to invest in people and innovation to support our growing business. SG&A as a percentage of revenue declined from 9.7% of revenue last year, to 8.8% this quarter.

我們認為毛利率很可能會延續近幾季平均所呈現的強勁區間。本季 SG&A（銷售、一般及行政）費用為 2.87 億美元，去年第二季為 2.10 億美元；我們持續投資於人才與創新，以支援業務成長。SG&A 佔營收比重由去年的 9.7% 降至本季的 8.8%。

Our operating income increased by 86% from last year, from $300 million in the second quarter of 2025 to $558 million for the second quarter of 2026. With our strong gross profit margins, combined with our SG&A leverage, our operating income percentage surged to 17.1% this quarter from 13.8% in the prior year. Our year-to-date effective tax rate was 22.5% and benefited from a discrete tax item in the second quarter. We expect our full-year effective tax rate to be around 23%.

我們的營業利益較去年成長 86%，由 2025 年第二季的 3.00 億美元增加至 2026 年第二季的 5.58 億美元。在強勁毛利率與 SG&A 槓桿效益的帶動下，本季營業利益率由前一年的 13.8% 大幅攀升至 17.1%。年初至今的有效稅率為 22.5%，並受惠於第二季的一筆一次性稅務項目。我們預期全年有效稅率約為 23%。

After considering all these factors, net income for the second quarter of 2026 was $442 million or $12.53 per share and that compares to net income for the second quarter of 2025 of $231 million or $6.53 per share. So we are more than 90% higher than the already elevated numbers we achieved a year ago.

綜合上述因素後，2026 年第二季淨利為 4.42 億美元，或每股 12.53 美元；相較之下，2025 年第二季淨利為 2.31 億美元，或每股 6.53 美元。因此，我們較一年前已相當亮眼的數字再提高了 90% 以上。

EBITDA increased to $600 million this quarter from $334 million in the second quarter of 2025. This 80% increase reflects great execution by our workforce and strong demand in our markets. At the end of the second quarter, our trailing 12-month EBITDA is approximately $2 billion.

本季 EBITDA 由 2025 年第二季的 3.34 億美元增加至 6.00 億美元。這 80% 的增幅反映了我們員工的優異執行力以及市場的強勁需求。截至第二季末，我們過去 12 個月的 EBITDA 約為 20 億美元。

Free cash flow for the second quarter of 2026 was $999 million. We are continuing to fund expansion of our production facilities and expect to incur additional capital expenditures through the remainder of 2026. We estimate that full-year CapEx expenditures will be approximately 5% of our revenue.

2026 年第二季自由現金流為 9.99 億美元。我們持續投入生產設施擴建，並預期在 2026 年剩餘期間將發生額外的資本支出。我們估計全年資本支出（CapEx）約為營收的 5%。

Despite funding an acquisition and big capital investments, we are in a net cash position of over $1.8 billion and with strong ongoing cash prospects, we are better positioned than ever to reward our shareholders and invest in growing and adding to our business.

儘管我們為併購與大額資本投資提供資金，我們仍維持超過 18 億美元的淨現金部位；在持續強勁的現金前景下，我們比以往任何時候都更有能力回饋股東，並投資於業務成長與擴充。

That's [what] I got, Trent.

就這些了，Trent。

Thanks, Bill. I'm going to discuss our operations and our outlook. Our backlog at the end of the second quarter was a record $14.1 billion in large sequential and year-over-year increase. Since this time last year, our backlog has increased by $5.9 billion or 73% and $5.6 billion of the increase was same-store. On a sequential basis, backlog increased by $1.6 billion or 13%, of which $1.4 billion was same-store.

謝謝你，Bill。我將說明我們的營運與展望。截至第二季末，我們的未完成訂單（backlog）創下 141 億美元新高，較前一季及較去年同期均大幅增加。自去年此時以來，我們的未完成訂單增加 59 億美元或 73%，其中 56 億美元的增加來自同店。以季增來看，未完成訂單增加 16 億美元或 13%，其中 14 億美元為同店。

Second-quarter bookings were especially strong in the Technology sector, both in our Construction business as well as modular offerings. We entered the third quarter with same-store backlog 69% higher than at this time last year, and our project pipelines continue at historically high levels. Industrial customers accounted for 75% of total revenue in the first half of 2026, and they continue to be major drivers of pipeline and backlog.

第二季在科技產業的接單表現特別強勁，涵蓋我們的營建業務以及模組化產品。我們進入第三季時，同店口徑的在手訂單（backlog）較去年同期高出69%，而我們的專案管線仍維持在歷史高檔水準。2026年上半年，工業客戶占總營收的75%，並持續成為推動專案管線與在手訂單的主要動能。

Technology, which is included in industrial was 58% of our revenue, a substantial increase from 40% in the prior year. Our modular operations continue to grow and thrive and we are making progress on expanding our customer base, including with Frontier labs and colocation providers. Institutional markets, which include education, healthcare, and government remain strong and represents 17% of our revenue. The commercial sector now a smaller part of our business, provided 8% of our revenue.

納入工業類別的科技業務占我們營收的58%，較前一年40%大幅提升。我們的模組化營運持續成長並蓬勃發展，我們也在擴大客戶基礎方面取得進展，包括與前沿實驗室（Frontier labs）及機房共置（colocation）服務商合作。包含教育、醫療與政府在內的機構市場仍然強勁，占我們營收的17%。商業部門目前在我們業務中的比重較小，貢獻營收8%。

Construction accounted for 90% of our revenue with projects for new buildings representing 75% and existing building construction 15%. We include modular in new building construction and year to date, modular was 17% of our revenue. We now have over 3.5 million square feet of building capacity dedicated to our Modular business, and we are on track to have more than 4 million square feet in production by year end.

營建業務占我們營收的90%，其中新建築專案占75%，既有建築施工占15%。我們將模組化納入新建築施工之中；截至目前，模組化占我們營收的17%。目前我們已有超過350萬平方英尺的建築產能專供模組化業務使用，並正按計畫在年底前讓投產面積超過400萬平方英尺。

With ongoing orders and investments we are making to address that demand, we expect to have approximately 5 million square feet of capacity by late summer 2027. Service revenue was up 7% this year, and it represents 10% of our total revenue. Our service remains very profitable, and our investments to meet the future demand that will result from this current strong construction activity remains a key element of our overall strategy.

隨著持續的訂單以及我們為滿足該需求所進行的投資，我們預期到2027年夏末將擁有約500萬平方英尺的產能。今年服務營收成長7%，占我們總營收的10%。我們的服務業務仍然非常獲利，而為因應目前強勁營建活動在未來所帶來的需求所做的投資，仍是我們整體策略的關鍵要素。

As mentioned before, we are entering the second half of 2026 with a backlog that is 69% higher on a same-store basis than we had at this time last year, and we have a superb team working hard for our customers every single day. Thanks to the dedication and hard work of our employees across the country, we are optimistic about our future. I want to close by joining Brian and Bill and thanking our over 25,000 employees for their hard work and dedication.

如先前所提，我們在2026年下半年開始時，同店口徑的在手訂單較去年同期高出69%，並且我們有一支卓越的團隊每天都為客戶努力。感謝全國各地員工的投入與辛勤付出，我們對未來保持樂觀。最後，我想與Brian和Bill一起，感謝我們超過25,000名員工的辛勞與奉獻。

And with that, I will now turn it back over to Jonathan for questions.

接下來，我把時間交回Jonathan進行提問。

Adam Thalhimer, Thompson Davis.

Adam Thalhimer，Thompson Davis。

Congrats on another amazing quarter. Bill, maybe you can help us understand the puts and takes to cash flow, how we should be looking at $1 billion of free cash flow in a single quarter and what that tells us about your cash flow prospects?

恭喜又交出一個非常亮眼的季度。Bill，也許你可以幫我們理解現金流的增減因素：我們該如何看待單季10億美元的自由現金流？這對你們的現金流前景意味著什麼？

Yeah. That is a really extraordinary number, like 2.5 times our earnings, right? And over time, our cash flow will match our net income plus a little because we do have some noncash expenses. The interesting thing about this, there is definitely an element of advanced cash.

是的。那真的是一個非常驚人的數字，大概是我們盈餘的2.5倍，對吧？長期來看，我們的現金流會與淨利相匹配，並且會略高一些，因為我們確實有一些非現金費用。這件事有趣的地方在於，確實包含了一部分預收現金（advanced cash）的因素。

People who know us what we're calling a year or two ago, we received a lot of orders and we were able to fill a percentage of those orders far ahead of when we would actually incur the cost to do the work. So we have begun to build a position of advanced cash as well. We also have extraordinarily good payment terms because we have extraordinarily good negotiating power on our work overall.

熟悉我們的人都知道，大約一兩年前我們收到大量訂單，而我們能在實際發生成本、執行工作之前很早就先交付其中一部分訂單。因此，我們也開始累積一個預收現金的部位。此外，我們也有極佳的付款條件，因為在整體業務上我們擁有非常強的議價能力。

And then, of course, our jobs are doing very well, and customers are happy to pay when they see that the work is getting done on time and well, so it was broad based. It wasn't any one thing. It is certainly a good sign that our business is healthy and that our customers are happy, but there's no like -- other than some advanced cash, there's no unique item to point out.

當然，我們的專案執行得非常好，客戶看到工程按時且高品質完成時，也樂於付款，所以這是多方面共同促成的。並不是單一因素。這無疑是我們業務健康、客戶滿意的良好訊號，但除了部分預收現金之外，沒有什麼特別獨特的項目需要指出。

And then I guess the flip side of that is how do you think about capital deployment from here?

那麼反過來看，你們接下來如何思考資本部署（capital deployment）？

We've told you that we would spend about 5% of our increasing revenues on essentially it boils down to buildings where we're buying them instead of leasing them because we're putting so much capital into these buildings in the form of robots and custom paint booths and turntables and various kinds of cutters.

我們已告訴各位，我們會把不斷成長的營收中約5%用於支出；本質上主要是用在建築物上——我們選擇購置而非租賃，因為我們會以機器人、客製化噴漆室、轉盤以及各類切割設備等形式，在這些建築物中投入大量資本。

And then we also continue to keep a sharp eye out for opportunities to buy stock. We like our stock better than we've ever liked it. We bought some year to date, but after the big purchases of last year, we've been a little slower in the first part of the year. And of course, a patient commitment to acquisitions is still a part of our of our capital allocation conviction.

另外，我們也會持續密切留意回購股票的機會。我們對自家股票的喜好程度比以往任何時候都更高。今年迄今我們已回購一些，但在去年大規模回購之後，今年前半段我們的步調稍微放慢。當然，對併購保持耐心且長期的承諾，仍是我們資本配置理念的一部分。

Okay. Lastly, Trent, I think you made a comment on I think this was a modular comment making progress on expanding the customer base. What did you mean by that? And then I'll turn it over. Thanks, guys.

好的。最後，Trent，我想你提到了一點——我記得是關於模組化——說在擴大客戶基礎方面取得進展。你指的是什麼意思？我問完就交回去。謝謝各位。

Yeah. We've been having some success with some pilot contracts, just small contracts with both frontier labs and also with colocation providers. And the hope is that those will lead to future programs.

是的。我們在一些試點合約上取得了一些成果，也就是一些小型合約，對象包括前沿實驗室（frontier labs）以及機房共置（colocation）服務商。我們希望這些能帶來未來的合作計畫。

Thanks again, guys.

再次謝謝各位。

Adam Bubes, Goldman Sachs.

Adam Bubes，高盛。

I think you talked about potential for 5 million square foot of modular capacity at around this time next year. How should we think about incremental CapEx associated with 1 million incremental square foot of capacity? And is that tied to an existing customer or the new customers -- potential customers you were referencing?

我想你們談到大約在明年這個時候，模組化產能可能達到500萬平方英尺。我們應該如何看待每增加100萬平方英尺產能所需的增量資本支出（CapEx）？而這是否與既有客戶相關，或是與你剛提到的新客戶——潛在客戶——相關？

And lastly, just -- how are you thinking about the range of outcomes for modular capacity expansion in 2027? Could it ultimately move higher than that $5 million number?

最後再問一個——你們如何看待2027年模組化產能擴張的結果區間？最終是否可能高於那個「500萬」的數字？

I'll respond to the first part of that and probably Trent a better person to respond to the second part of that. The 5% of revenue that we talk about is our guidance on that, and we're comfortable that that's about the right amount of money.

我先回應第一部分，第二部分可能Trent更適合回答。我們所提到的營收5%就是我們對此的指引（guidance），我們也認為這大致是合適的資金水準。

I will say when we make new investments, we -- every time -- and these are big buildings, right, they're -- we bought one recently for $100 million. We really take a hard look at the pros and cons of leasing or ownership. We've been tending towards ownership lately in order to control our destiny and just liking the product that we're getting involved with.

我想補充的是，當我們進行新的投資時——每一次——而且這些都是大型建築，對吧——我們最近就買了一棟要價1億美元的。我們會非常仔細地評估租賃與持有（ownership）的利弊。最近我們更傾向於持有，以便掌握自身發展方向，並且我們也很喜歡我們正在投入的這類資產。

But there is some wiggle room around that because we don't know what decisions we're making as time passes, we'll try to make what's best for the business.

不過這方面仍有一些彈性空間，因為我們不確定隨著時間推移會做出哪些決策；我們會努力做出對公司最有利的選擇。

Yeah. And as far as out into the future, one thing. We're not going to invest in buildings just on speculation. We expand -- when customers provide us meaningful multiyear commitments, and so that would justify anything, but we'll be prudent about that going forward as we've always done.

是的。至於更長期的未來，有一點。我們不會僅憑臆測就投資建築物。我們會在客戶提供具實質意義的多年期承諾時才擴張；那樣才足以支持任何擴張決策，但我們會一如既往地審慎推進。

But we do love this industry. We're bullish long term about what the opportunities are in the industry we're in.

但我們確實很喜歡這個產業。從長期來看，我們對所處產業的機會保持樂觀（bullish）。

Great. And then I think your 10-Q shows changes in estimates on projects positively impacted Q2 revenues by around at 7.7%. I think that's close to double the impact year ago. Two-part question. What's driving that level of favorable revision?

很好。接著我想你們的 10-Q 顯示，專案估算變更對第二季營收帶來約 7.7% 的正面影響。我認為這大概接近去年同期影響的兩倍。兩個部分的問題。是什麼在驅動這種幅度的有利修正？

Is it change orders or conservative initial estimating? And how should we just think about the underlying margin rate given that could be reflective of in-process work running through the portfolio at conservative margins?

是變更單（change orders），還是初始估算偏保守？另外，考量這可能反映在投組中以保守毛利率進行中的工程，你們認為我們應該如何看待底層的毛利率水準？

So just as sort of historical context. Since I became CFO in 2005 and frankly before that, we have had net gain in our jobs every single year ever. We have more -- and by the way, you would expect the construction company to have that because when you're -- as you progress on these jobs, you don't know what's going to happen when you turn the systems on. You don't know how much it's going to rain.

就先提供一些歷史背景。自從我在 2005 年成為 CFO 以來，坦白說在那之前也是，我們每一年在工程案上都出現淨增益（net gain）。我們有更多——順帶一提，你會預期營造公司會有這種情況，因為當你——隨著工程進度推進，你不知道在系統啟用時會發生什麼。你不知道會下多少雨。

People who are not accruing for or considering the risks of what they're doing as they go to last long in this industry. They're bigger this quarter than usual. They're bigger -- they've been just trending bigger because of things like you mentioned like excellent pricing that we're getting. And in some ways, the risk is bigger, right?

那些在過程中沒有提列或沒有把自己正在做的事情之風險納入考量的人，在這個產業是撐不久的。這一季的幅度比平常大。而且它們更大——一直在變得更大，原因包括你提到的，例如我們拿到的極佳定價。而且在某些方面，風險也更大，對吧？

The number of jobs we have over 40 million or 100 million counsels us to not rush to recognize revenue on things that aren't finished too aggressively. I will also mention that in the first quarter, we called out some incremental gains that were out of the ordinary. One resulted from a big change order where we had a bunch of profit with no cost whatsoever.

我們有不少超過 4,000 萬或 1 億美元的案子，這會提醒我們不要在尚未完工的事項上過於積極地認列營收。我也要提到，在第一季我們點出了一些不尋常的額外增益。其中一項來自一筆大型變更單，我們幾乎沒有任何成本就取得了一大筆利潤。

And so we identified $43 million of gains that were kind of even outside the scope of the ordinary gains that we've had every year since 2005, that's what -- that's the point I was making about sort of if you want to look at our margin progression over time, you would not be getting a good picture of it if you left that out.

因此我們辨識出 4,300 萬美元的增益，某種程度上甚至超出自 2005 年以來我們每年都有的那種常態性增益範圍；這就是——我想表達的重點是，如果你想看我們毛利率隨時間的變化，如果把那個排除掉，你看到的就不會是完整的樣貌。

So did -- does that answer your question?

所以——這有回答你的問題嗎？

Yeah. That's helpful. Appreciate all the color.

有。這很有幫助。謝謝你提供這麼多細節。

I'd like to just add on one thing. When you look at an estimate and how well we do in the field, we are really fortunate to have elite trades people that are doing this work, who get up the field and really want to perform at a high level. So we're just very fortunate in this company to have the group of people we have building these buildings.

我想再補充一點。當你看一個估算以及我們在現場執行得多好時，我們很幸運擁有頂尖的技術工種人員來做這些工作，他們到工地上，真的很想把表現做到最高水準。所以我們公司能有這群人在建造這些建築，真的非常幸運。

(inaudible) amazing execution.

（聽不清楚）令人驚豔的執行力。

Sangita Jain, KeyBanc.

Sangita Jain，KeyBanc。

Bill and Brian and Trent, can I ask if you guys are evaluating your projects any differently or with greatest routing given the environment out there with the public sentiment turning against data centers and then maybe issues that are coming up.

Bill、Brian 和 Trent，我想請問在目前外部環境下——例如公眾情緒開始轉向反對資料中心，以及可能出現的一些問題——你們是否以不同方式或更嚴格的標準在評估你們的專案？

I'll take the execution part of that, then Bill probably can take the other part of it. We always spend a lot of time scrutinizing the work at the operating level and here on the larger work. So that really hasn't changed philosophically how we look at estimates and review the jobs. But on the front end --

我先回答執行面的部分，然後 Bill 可能可以回答另一部分。我們一向在營運層級、尤其是大型工程上，花很多時間嚴格檢視工作。所以在我們看估算與審查案子的方式上，理念上並沒有改變。但在前端--

Because we sell directly to the hyperscalers and to the most important intermediaries, we have really good -- a really good view on what they're thinking, what they're planning. And there is a very deep and calm certainty among these people that they're going to continue to build that they absolutely need and have to do this building.

因為我們直接銷售給超大規模雲端業者（hyperscalers）以及最重要的中介方，我們對他們在想什麼、在規劃什麼，有非常好的——非常清楚的掌握。而且在這些人之間，對於他們會持續建設、他們絕對需要且必須進行這些建設，有一種非常深且冷靜的確定性。

And our goal -- so we see no let down whatsoever. And our goal is just to really be a great partner for them in helping them achieve delivered compute. So the answer -- absolutely no sign of a letdown.

而我們的目標——所以我們完全沒有看到任何放緩。我們的目標就是成為他們很棒的合作夥伴，協助他們實現可交付的算力（delivered compute）。所以答案是——完全沒有任何放緩的跡象。

Got it. And then on the proposed expansion to 5 million square feet by next summer, I'm sorry if I missed this, but is that still for your current major customers? Or are you branching some capacity out into other industries or maybe reserving some for potential large customers coming up?

了解。另外，關於明年夏天前擬議擴張到 500 萬平方英尺，我不確定我是否漏聽了，但那仍然是為了你們目前的主要客戶嗎？還是你們會把部分產能延伸到其他產業，或是預留一些給未來可能出現的大型客戶？

For the current customers.

是給目前的客戶。

Okay. So even that expansion from 4% to 5% is still for the existing customers, you're saying?

好的。所以即便從 4% 擴張到 5% 的那部分，也仍然是為了既有客戶，對嗎？

Yes.

是的。

Okay. Got it. Thank you.

好的。了解了。謝謝。

Julio Romero, Sidoti & Company.

Julio Romero，Sidoti & Company。

Your full-year same-store sales guidance of mid to high 30s for the year implies second half, I think, about high 20s range or even in the low 30s. How should we think about I'm really curious to kind of the exit rate embedded in that. In other words, is the high 20s range as a run rate a reasonable jumping off point for how to look at '27.

你們全年同店銷售指引為 30% 中段到高段，這意味著下半年我想大約是 20% 高段，甚至 30% 低段。我們應該如何理解——我其實很好奇其中隱含的期末退出增速（exit rate）。換句話說，以 20% 高段作為一個運行速率（run rate），是否是用來看待 2027 年的合理起點？

So it's really -- it's our best estimate. When we give this guidance and understanding we've been wrong in the conservative direction quite a bit. We don't -- we don't just make it up, right? We have people in the field who are sort of workforce loading.

所以這真的是——我們的最佳估計。我們在給出這個指引時，也理解到我們過去常常在保守方向上低估。我們不——我們不是隨便編的，對吧？我們有在現場的人員在做某種人力配置（workforce loading）。

We build it from the bottom up.

我們是自下而上建立的。

And I will say also this really -- it's an extraordinary level of growth. So we do have, in particular, in the fourth quarter, but some really, really heavy comparables coming up. So we will show a lot of growth. We'll continue to show a lot of growth. But it's this level of growth against the comparables for the next two quarters and then particularly in the fourth quarter is a whole different like proposition than what you just saw.

我也要說，這真的是——非常驚人的成長幅度。因此我們確實會遇到，特別是在第四季，但其實接下來也有一些非常、非常高的比較基期。所以我們會呈現很多成長。我們也會持續呈現很多成長。但在接下來兩季、尤其是第四季，面對那些比較基期要維持這種成長幅度，性質上就完全不同於你剛剛看到的情況。

Got it. That's very helpful. And then I wanted to ask you about if you could speak a little about how the first couple of months of RC HUNT have progressed. Can you maybe speak to the strategic fit with the current mechanical subsidiaries you have out in Utah and how meaningful it is to go to market with that mechanical electrical pairing and if they're pursuing work jointly.

了解。這非常有幫助。另外我想請教，你能否談談 RC HUNT 在前一兩個月的進展如何？你能否談談它與你們在猶他州現有機電子公司之間的策略契合度，以及以機械與電氣搭配（mechanical-electrical pairing）共同對外拓展市場有多重要、他們是否在共同爭取案子？

Yeah, Hunt's exactly the kind of company that we want to be successful in joining Comfort Systems, and they have been fantastic in early stages with the integration. They're already working on some pursuits with our mechanical contractors in that market.

是的，Hunt 正是我們希望能成功加入 Comfort Systems 的那種公司，而且他們在整合的早期階段表現非常出色。他們已經在那個市場與我們的機械承包商一起進行一些投標/爭取案源（pursuits）。

That's a great market. We know it really well. And they are the premier electrical provider in that market. So we're really excited to have them on board.

那是一個很棒的市場。我們非常熟悉。而他們是該市場首屈一指的電氣服務供應商。所以我們很興奮他們加入我們。

Excellent. I'll pass it on. Thanks very much.

太好了。我把問題交給下一位。非常感謝。

Josh Chan, UBS.

Josh Chan，UBS。

Congrats on a great quarter. I was wondering about the increase in the backlog. I think you called out modular contributing a portion of the increased backlog, but curious how much of the backlog increase was marginal this quarter? And is it unusual to have a larger modular order in Q2 compared to the historical pattern? Just wanted some color around that.

恭喜本季表現很出色。我想問一下在手訂單（backlog）的增加。我記得你們提到模組化（modular）對在手訂單增加有部分貢獻，但我想了解本季在手訂單增加中，有多少是邊際新增的？另外，相較於歷史模式，在第二季出現較大的模組化訂單是否不尋常？想請你們補充一些背景。

So of that increase, Modular had bookings of $510 million. It's in the MD&A, ahead of what they earned. So they booked enough to cover their incredible burn rate and net an additional $500 million. I would say nothing is unusual right now or actually, I think what I would say is everything is unusual right now.

因此，在那項增幅中，Modular 的接單金額為 5.10 億美元。這在 MD&A 裡有揭露，且高於他們已認列的收入。所以他們的接單量足以覆蓋其驚人的資金消耗率，並額外淨增加 5.00 億美元。我會說目前沒有什麼不尋常，或者其實我想說的是：現在一切都很不尋常。

It's an amazing time, but I don't -- there wasn't some like really special unexpected thing that happened. It's just that -- it's the reason we're adding the square footage. There's just a very, very consistent demand from our customers to buy as much of this as we can produce.

這是個令人驚嘆的時期，但我不——並沒有發生什麼特別、出乎意料的事情。只是——這也是我們增加廠房面積的原因。客戶對於購買我們能生產的這些產品，需求非常、非常穩定且一致。

Okay. Yeah. That makes a lot of sense. And then on the backlog itself, could you just talk about the duration of the backlog? Are you stretching out the order book? How are you managing the dynamic of the duration as you may be looking a little further out or maybe not?

好的。是的。這很合理。那麼關於在手訂單本身，能否談談在手訂單的期間長度？你們是否在拉長訂單簿的交付期？當你們可能把視野放得更遠（或也許沒有）時，你們如何管理這種期間長度的動態？

Yeah. I'll start with that. It's a tale of two cities with the difference. It's the best of times and the best of times. But on the modular side, we are getting farther and farther booked out. On the construction side, bigger projects take longer, but some of these bigger projects move pretty fast. So I would say we still have our sort of -- most of it burns on the construction side in the next 18 to 24 months.

是的。我先回答這個。這有點像兩個世界的故事，差異很大。這是最好的時代，也是最好的時代。但在模組化這一端，我們的排程被預訂得越來越遠。在施工這一端，較大的專案需要更長時間，但其中一些大型專案推進得也很快。所以我會說，我們仍然有我們的——大部分在施工端會在未來 18 到 24 個月內消化掉。

But Josh, just to make sure this is clear, we only take work that we know we can perform. We do a lot of time, labor planning, looking at the extent the job is when the men are available. So we don't kick our coverage. We're very prudent and disciplined on what work we take and what it is.

但 Josh，為了確保這點清楚，我們只承接我們確定能執行的工作。我們做了大量的時間與人力規劃，評估工作範圍以及人員何時可用。所以我們不會超出我們的承載能力。我們對於承接哪些工作以及工作內容是什麼，都非常審慎且自律。

Great. Yeah. Congrats on the quarter again and good luck on the second half.

很好。是的。再次恭喜本季表現，下半年也祝順利。

Brian Brophy, Stifel.

Brian Brophy，Stifel。

Very nice quarter again. Curious, obviously, the CapEx number is quite large. You guys reiterated that how are you thinking about returns on that CapEx spending this year relative to your internal hurdles?

本季再次表現非常亮眼。我想了解，顯然資本支出（CapEx）數字相當大。你們也重申了該指引；你們如何看待今年這些 CapEx 支出相對於內部報酬門檻的回報？

So this would meet any reasonable person internal hurdle. What we've been experiencing in that world is full paybacks within a year or two. I mean, it's unbelievable. So we don't -- we're not -- we're really not a company that stares at spreadsheets a lot or sits around conference rooms a lot, but if you were to, it's -- think about -- look at how much CapEx we've spent and then look at how much earnings we've incrementally added or you could probably do a one-to-one analysis on the modular part of our business.

這會符合任何合理的內部門檻。我們在那個領域的經驗是，一到兩年內就能完全回收。我的意思是，這令人難以置信。所以我們不——我們真的不是那種整天盯著試算表、或一直坐在會議室裡的公司；但如果你要這麼做——想想看——看看我們花了多少 CapEx，再看看我們增量增加了多少獲利；你大概可以對我們業務中的模組化部分做一個一對一的分析。

You have the information to do this to say, okay, how much are they spending and how much is that business providing to them, and it's extraordinary. I mean, the returns are embarrassing.

你有足夠資訊可以這樣做：好，看看他們花了多少，然後看看那個業務為他們貢獻了多少，結果非常驚人。我的意思是，這些回報高到讓人不好意思。

It's great to hear. And then there was some discussion on the advanced cash earlier. Curious to what extent this is related to the stick fill side of the business versus the modular side?

很高興聽到。另外，先前有提到預收現金（advanced cash）。我想了解，這在多大程度上與傳統現場施工（stick-built）業務相關，還是與模組化業務相關？

It's all of the above. To get a number like that, everything has to be optimized in that direction for that particular metric. But if you force me to guess, I would say something like a third, a third, a third or so, I'd say one-third of it might be the advanced cash that we've gotten in the past and the rest of it is it's really good performance, but it's within the range of -- if you were to like do a lag 12-month -- trailing 12-month comparison of net income to cash, we're ahead, but we've been ahead for years.

兩者都有。要達到那樣的數字，所有事情都必須朝著那個特定指標的方向去最佳化。但如果你一定要我猜，我會說大概各占三分之一、三分之一、三分之一；我會說其中約三分之一可能是我們過去收到的預收現金，其餘則是非常好的營運表現。不過這仍在——如果你做一個過去 12 個月（TTM）的淨利與現金的比較，我們是領先的，但我們領先已經很多年了。

And I'd say it's not really outside sort of 1.5 standard deviations of what might have happened setting aside the advanced cash.

而且我會說，若先不考慮預收現金，這也沒有超出可能發生情況的大約 1.5 個標準差。

And one of the things about the advanced cash is I think it reflects the strength of our counterparties and also how much they value locking up our capacity right now. So it's a real good indicator from an operations perspective.

另外，關於預收現金，我認為它反映了我們交易對手的實力，以及他們現在有多重視鎖定我們產能。所以從營運角度來看，這是一個非常好的指標。

That's great. And just kind of one follow up on that. To what extent have you guys seen any competitive changes from a landscape perspective on the modular side recently?

很好。我再追問一點。就模組化這一端而言，你們最近在競爭格局上看到哪些變化？

There are a handful of other companies building -- in most cases, the product that we codesigned with our customers. We don't really -- I'd say some of them are so new at it, that I don't think it's -- we have feedback. But I can say this, which is our customers are not inducing other people to build this to replace us. They're inducing other people to build this because they want more than we'll build.

有少數其他公司也在建造——多數情況下，是我們與客戶共同設計的產品。我們其實不太——我會說其中一些才剛起步，所以我不認為——我們有收到一些回饋。但我可以這麼說：我們的客戶並不是在引導其他人建造這些東西來取代我們。他們引導其他人建造，是因為他們想要的量超過我們能建造的量。

And we've never really thought we'd be the only company in the world doing complex modular. We just want to be the best and keep our -- earn a lead in that.

而且我們從來不認為全世界只有我們一家在做複雜模組化。我們只想做到最好，並持續——在這方面取得並維持領先。

Understood. Appreciate it. I'll pass it on.

了解。謝謝。我把時間交給下一位。

[Jean Feliz], Oppenheimer.

[Jean Feliz]，Oppenheimer。

Congrats on the quarter, team. Looking at the balance sheet, what was associated with the large change in billings and excess this quarter? Was that associated with a single customer in modular or a collection of other customers?

恭喜本季表現，團隊。從資產負債表來看，本季「已開立帳單及超額」（billings and excess）大幅變動是由什麼因素造成的？這是與模組化的一位單一客戶相關，還是與其他多位客戶的組合相關？

Yeah. I'd say it's all of the factors that contributed to our cash flow, and it's emblematic of our -- really, it's emblematic of the leverage -- but I don't want to use the word leverage, of the credibility that we have with our customers and their willingness to be a great partner for us so that we can keep working together.

是的。我會說這是所有促成我們現金流的因素綜合作用，也反映了我們的——其實反映了我們的槓桿——但我不想用「槓桿」這個詞——反映了我們在客戶心中的可信度，以及他們願意成為我們很好的合作夥伴，讓我們能持續一起合作。

A lot of questions have been asked about modular capacity -- but just for more clarity, just roughly speaking, what percentage of the new capacity is allocated for the legacy customers, new recent customers, and some -- and the potential leads based on the conversations you guys are having with all the above?

很多問題都在問模組化產能——但為了更清楚一點，大致而言，新增產能中有多少比例分配給既有客戶、近期新客戶，以及——基於你們與上述各方對話所帶來的潛在商機？

I agree with Trent. I mean, the capacity we're talking to you about today is overwhelmingly for our existing customers and existing orders. So if we were to begin to have serious programmatic revenue from the new customers that we're doing pilot orders with, we would have to add space to build that. And we're getting more and more confident in our ability in a measured way to add space and successfully.

我同意 Trent 的看法。我的意思是，我們今天跟各位談的產能，絕大部分是為了我們既有客戶與既有訂單。所以如果我們開始從目前正在做試點訂單的新客戶那裡，取得具規模、可程式化的營收，我們就必須再增加空間來生產。而且我們對於以審慎、可控的方式擴增空間並成功落地的能力，越來越有信心。

Thank you. And one last from me. Could you provide us an update on the service opportunities in data centers?

謝謝。我最後一個問題。能否提供資料中心服務機會的最新進展？

Yeah. So, I mean, right now, we're very focused on what every project we build today, right, in the data center world really becomes tomorrow's service opportunity. And we're building this enormous installed base for these data centers across the country.

是的。所以，我的意思是，目前我們非常專注於：我們今天在資料中心領域建造的每一個專案，對吧，基本上都會成為明天的服務機會。而我們正在全國各地為這些資料中心建立龐大的已安裝基礎（installed base）。

And when you look at what it takes to properly maintain those, there's significant technical depth and the service technicians required for it. We feel like we're very well positioned for that, and that will develop over time. Some of that gets caught up into warranty periods and things like that with -- so it's not an immediate opportunity, but it was -- it's definitely a long-term opportunity for us to continue to grow our service business.

而當你看看要如何妥善維護那些設備時，會發現其中有相當深的技術門檻，也需要相應的服務技術人員。我們覺得自己在這方面的布局非常到位，而且這會隨時間逐步發展。其中一部分會受到保固期間等因素影響——所以這不是立刻就能把握的機會，但——這絕對是我們長期持續擴大服務業務的機會。

Are you guys having conversations to buy any pilot programs for the future or is this just based on what you're doing right now?

你們是否正在洽談為未來購買任何試點計畫，還是這只是基於你們目前正在做的事情？

Yeah. We haven't -- we've established ourselves as a provider to one of the hyperscalers. So that provides us an inroad to some of the data centers that they have. And we're focusing on geographies where it makes sense for us.

是的。我們還沒有——我們已經把自己建立為其中一家超大規模雲端業者（hyperscaler）的供應商。因此，這讓我們得以切入他們所擁有的一些資料中心。而我們正聚焦在對我們而言合理的地理區域。

Some of this is -- at the end of the day, this is being able to deliver service technicians to the location in ways that make us successful. We're not going to take something that we can't perform. So we're being very judicious in how we approach it, but we're seeing inroads.

其中一部分——歸根結底，是要能以讓我們成功的方式，把服務技術人員派到現場。我們不會接我們做不到的案子。所以我們在切入方式上非常審慎，但我們確實看到一些突破。

Thank you so much for the time. Appreciate it. I'll pass it on.

非常感謝你撥冗。感激不盡。我把問題交給下一位。

Tim Mulrooney, William Blair.

Tim Mulrooney，William Blair。

It's going to shock you, but I have a question about your Modular business. So you're adding square feet, you're going from 4 million to 5 million now. I think it's the most recent update. Like are you adding projects to your backlog for that capacity today, even though that capacity isn't built out yet? Or do you wait until the expansion is closer to finished?

可能會讓你吃驚，但我有一個關於你們模組化（Modular）業務的問題。你們在增加面積，現在從400萬平方英尺擴到500萬平方英尺。我想這是最近一次更新。像是——你們是否已經在為今天這些產能把專案加入在手訂單（backlog），即使那些產能還沒建好？還是你們會等到擴建接近完成才開始？

And then -- so that's my first question is like how do we think about that in terms of flowing through the backlog? And then what kind of terms, I don't know, volume guarantees or otherwise, are you getting to derisk the investments that you have to make in these expansions?

然後——所以我第一個問題是：我們該如何看待這件事在在手訂單中的流入方式？另外，為了降低你們在這些擴建投資上必須承擔的風險，你們拿到什麼樣的條款？我不知道，像是量的保證或其他機制？

Yeah. So some of that was in this quarter. And Bill already mentioned the over $500 million of modular backlog that was added in the quarter incrementally. So that's already in there to some extent. Some of it will be coming, though in future orders as well.

是的。其中一部分就在本季發生。而Bill已經提到，本季模組化在手訂單新增了超過5億美元的增量。所以某種程度上，這部分已經反映在裡面了。不過也有一部分會在未來的訂單中陸續進來。

And then as far as derisking on that stuff, I mean, that's all about making sure that we have the volume commitments with the customer. And with the two hyperscalers that we work with, they have been willing to continue to provide us volume commitments. That's why we continue to expand.

至於如何降低這些事情的風險，我的意思是，關鍵就在於確保我們與客戶之間有量的承諾。而我們合作的兩家超大規模雲端業者，一直願意持續提供量的承諾。這也是我們持續擴張的原因。

Okay. That's really helpful. So even today, a part of the expansion from four to five, you're booking some of that today and you are getting volume commitment. So that's really helpful. My other question, it's still -- it's data center related. But, I mean, we saw the -- okay, we saw the news about the moratoriums on data centers in New York.

好的。這非常有幫助。所以即使在今天，從400萬擴到500萬的擴建中，你們已經在今天就先行入帳其中一部分，而且也拿到了量的承諾。這真的很有幫助。我另一個問題仍然——與資料中心相關。不過，我是說，我們看到——好，我們看到紐約對資料中心設置暫停令（moratorium）的新聞。

So I guess I'm curious if you have any planned projects there that might get impacted, but also could you just talk more about this broader idea of state moratoriums where those are cropping up? And how that compares to the more business-friendly places where you operate in your footprint?

所以我想知道你們在那裡是否有任何已規劃的專案可能會受到影響；另外你能否多談談這種更廣泛的「州層級暫停令」概念，哪些地方正在出現？以及這與你們營運版圖中那些更友善商業環境的地區相比，有何不同？

I mean a lot of what we currently have in our backlog, right, was already planned permitted through late cycle, right? And then with regard to moratoriums and kind of what you're hearing with certain data centers really receiving heavy press coverages so like we don't want them here, there. Our position on that is these data centers as many as built are going to get built. There might be reasons to move them, et cetera.

我的意思是，我們目前在手訂單中的很多案子，對吧，本來就已經規劃並取得許可，走到週期後段了，對吧？至於暫停令，以及你聽到某些資料中心受到大量媒體報導、像是「我們不想要它們在這裡、在那裡」之類的聲音。我們的看法是：這些資料中心——不管建多少——終究都會被建起來。可能會有一些原因需要把它們移到別處等等。

With regard to our modular buildout, that doesn't impact it quite as much because that's more of a programmatic towards certain locations that they're trying to hit. And then with regard to the stick-built part of our business, I think these I'm betting on these guys to be able to build the data centers over time. And so I think that you'll hear a lot.

就我們的模組化擴建而言，影響沒有那麼大，因為那更像是針對他們想要達成的特定地點所做的計畫性推進。至於我們業務中現場傳統施工（stick-built）的部分，我想我押注這些人能夠隨時間把資料中心建起來。所以我認為你會聽到很多相關聲音。

There's going to be some press coverage. There's going to be this the other is certainly during election periods. You're going to hear people say certain things. But I think at the end of the day, these things need to get built. So people will figure out a place to put them and a way to get them to built.

會有一些媒體報導。會有這個那個，尤其是在選舉期間。你會聽到人們說一些話。但我認為歸根結底，這些東西必須被建起來。所以人們會想辦法找地方放，也會想辦法把它們建成。

And get the [power] to do it.

以及取得（電力）來做到這件事。

And get the power to -- got it. Okay. Thank you very much. Congrats on a nice quarter.

以及取得電力來——了解了。好的。非常感謝。恭喜本季表現不錯。

This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Brian Lane for any further remarks.

今天節目的問答環節到此結束。我想把節目交回給Brian Lane，請他做進一步的結語。

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

最後，我想再次表達我的感謝，感謝我們遍布全國的團隊展現出驚人的投入與卓越表現，每天為客戶提供服務。需求依然強勁，而我們的同仁正迎接挑戰，因應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 you, our shareholders. Thank you for your confidence and have a great rest of your summer.

正如Trent所提到的，我們認為整體條件有利於我們持續交出成績。也如Bill所指出，我們具備資源與承諾，將全力以赴，為員工、客戶，以及各位股東交付成果。感謝各位的信任，祝各位夏日餘下時光愉快。

Thank you.

謝謝。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

感謝各位女士、先生參與今天的電話會議。本節目到此結束。您現在可以掛線。祝您有美好的一天。