Comfort Systems USA, Inc. (FIX) 2026 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Comfort Systems USA third-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 Comfort Systems USA 2026 年第三季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker today, Julie Shaeff, Chief Accounting Officer. Ma'am, please go ahead.

現在我想把會議交給今天的發言人，Julie Shaeff，首席會計長。女士，請開始。

Thank you, Michelle. Good morning. Welcome to Comfort Systems USA's third 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，Michelle。各位早安。歡迎參加 Comfort Systems USA 2026 年第三季財報電話會議。我們今天的評論以及新聞稿包含符合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 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，可能導致我們未來的活動與營運結果與我們評論中所述內容出現重大差異。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，閱讀關於我們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 found at comfortsystemsusa.com. Joining me on the call today are Brian Lane, Chief Executive Officer; Trent McKenna, President; and Bill George, Chief Financial Officer. Brian will open our remarks.

我們提供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。今天與我一同參與電話會議的有：執行長 Brian Lane、總裁 Trent McKenna，以及財務長 Bill George。Brian 將先開場。

All right. Thanks, Julie. Good morning, and thank you for joining us on the call today. Our amazing teams across the country continue to deliver excellent results for our customers, and they have delivered results that exceed even our recent record results. We earned $13.91 per share this quarter, which is $5.66 more than we earned in the same quarter last year.

好的。謝謝，Julie。各位早安，感謝大家今天加入我們的電話會議。我們遍布全國的優秀團隊持續為客戶交出卓越成果，而且交出的成績甚至超越我們近期的創紀錄表現。本季我們每股盈餘為 13.91 美元，比去年同期多賺 5.66 美元。

Our mechanical business had an extraordinary increase in activity levels and profitability. And our electrical segment once again achieved spectacular organic revenue growth at very high margins. Construction is driving most of our results, but service revenue and profit also grew by double-digit percentages. Our bookings were strong and our backlog at the end of the quarter grew to a new high of $17.8 billion.

我們的機電（Mechanical）業務在活動量與獲利能力方面出現非凡的成長。而我們的電氣（Electrical）部門再次以非常高的毛利率達成亮眼的有機營收成長。營建業務推動了我們大部分的成果，但服務收入與獲利也以雙位數百分比成長。我們的接單表現強勁，季末在手訂單（backlog）成長至 178 億美元的新高。

As a result of continuing strong demand, we achieved an eighth consecutive sequential backlog increase. We continue to book work with good margins and good working conditions for our valuable people. And we entered the fourth quarter of 2026 with $8.4 billion more in backlog than last year at this time. I'm happy to announce the acquisition of two companies on August 1.

在需求持續強勁的帶動下，我們已連續第八季在手訂單逐季增加。我們持續以良好的毛利率與良好的工作條件承接業務，讓我們珍貴的同仁受益。進入 2026 年第四季時，我們的在手訂單較去年同期多出 84 億美元。我很高興宣布，我們在 8 月 1 日完成收購兩家公司。

Boys Electrical located in Melbourne, Florida and NeoPod, a modular company for the health care industry based in New Braunfels, Texas. We are thrilled to have these two companies join the Comfort Systems USA family of companies and expect that they will contribute over $100 million in annual revenue at good margins. Today, we increased our quarterly dividend by $0.10 to $1 per share, and we actively purchased shares during the quarter. With solid bookings and great demand, we expect continuing growth and strong results for the remainder of 2026 and 2027.

分別是位於佛羅里達州墨爾本（Melbourne）的 Boys Electrical，以及位於德州新布朗費爾斯（New Braunfels）、專注於醫療照護產業的模組化公司 NeoPod。我們非常高興這兩家公司加入 Comfort Systems USA 企業家族，並預期它們將以良好毛利率貢獻超過 1 億美元的年營收。今天，我們將季度股利提高 0.10 美元至每股 1 美元，並在本季積極回購股份。在接單穩健與需求強勁的情況下，我們預期 2026 年剩餘期間及 2027 年將持續成長並維持強勁表現。

In a moment, Trent and Bill will discuss our results and outlook, but I want to first discuss another announcement that we made yesterday. Last night, we announced Bill's decision to retire from the company after 30 years of amazing service. Bill helped found the company in 1997 and has led the financial strategy of the company since 2005.

稍後 Trent 與 Bill 將討論我們的業績與展望，但我想先談談我們昨天發布的另一項公告。昨晚，我們宣布 Bill 決定在公司服務 30 年、貢獻卓著後退休。Bill 於 1997 年協助創立公司，並自 2005 年起領導公司的財務策略。

As importantly, since 2008, Bill has led the extraordinarily successful acquisition efforts of the company. And since 2011, Bill has also worked with many of our companies in an operational leadership role. I am deeply grateful to Bill for his steady leadership, thoughtful advice and the integrity that he has brought to Comfort Systems USA every day.

同樣重要的是，自 2008 年起，Bill 領導公司極為成功的併購工作。自 2011 年起，Bill 也以營運領導角色與我們旗下多家公司合作。我由衷感謝 Bill 每天為 Comfort Systems USA 帶來的穩健領導、深思熟慮的建議，以及他所展現的正直品格。

He has been a great partner to me. I, along with the rest of the leadership team, wish Bill the absolute best in his well-deserved retirement. Bill will be transitioning from the CFO role shortly after we report our 2026 results, and then will continue with the company for a period to transition his other roles.

他一直是我非常重要的夥伴。我與其他領導團隊成員一起，衷心祝福 Bill 在實至名歸的退休生活中一切順利。Bill 將在我們公布 2026 年度業績後不久，從財務長職務進行交接，之後仍將在公司留任一段時間，以完成其其他職務的交接。

We also announced that Julie will be promoted to CFO as Bill's successor, and I also want to congratulate her. Julie has been an integral member of our finance and accounting team for many years, and I have the utmost confidence that she is the perfect person to lead the organization through Bill's transition.

我們也宣布 Julie 將晉升為財務長，接任 Bill 的職務，我也要向她致上祝賀。Julie 多年來一直是我們財務與會計團隊不可或缺的一員，我對她充滿信心，相信她是帶領組織順利度過 Bill 交接期的最佳人選。

Before Bill discusses our results, I've asked him to also give his thoughts about the upcoming changes. Bill?

在 Bill 討論我們的業績之前，我也請他先分享對即將到來變動的看法。Bill？

Thanks, Brian. It's a poignant day for me, and I do want to take just a few minutes and explain why I am utterly confident that Comfort Systems USA will continue to have the best management team in our industry long after I'm gone. So over 30 years, I've done a lot of things at Comfort; legal, financial acquisitions, operations.

謝謝，Brian。對我而言這是個感觸很深的日子，我想花幾分鐘說明，為什麼我完全有信心，即使我離開之後很久，Comfort Systems USA 仍將持續擁有本產業最優秀的管理團隊。在超過 30 年的時間裡，我在 Comfort 做過很多事情：法務、財務、併購、營運。

The main three things I do today are financial, operational and acquisitions. The great news is that in the financial area, our depth is extraordinary. It's -- frankly, it's amazing. Right down the line, starting with Julie, we are stacked with unbelievable talent, in our financial area.

我目前主要負責的三件事是財務、營運與併購。好消息是，在財務領域，我們的人才深度非常驚人。坦白說，真的令人讚嘆。從 Julie 開始一路往下，我們在財務領域擁有令人難以置信的人才陣容。

And honestly, the day after I leave this role, Comfort Systems will still have the best CFO in construction and the best finance department in construction. You guys know Julie. I've been hearing from people for the last 24 hours, how happy and relieved -- both internal and external, how happy and relieved they are that Julie will be our next CFO.

老實說，在我離開這個職務的隔天，Comfort Systems 仍將擁有營建業最優秀的財務長，以及營建業最強的財務部門。各位都認識 Julie。過去 24 小時我聽到很多人說——無論公司內部或外部——他們對 Julie 將成為下一任財務長感到多麼開心與放心。

Operations is the part that I'll miss the most. But the good news is that our business isn't run in Houston. It's not even close to being run in Houston. It's run in the field. And as long as we maintain our culture and stay out of the way of the great companies we have, we'll always be fine.

營運是我最會想念的部分。但好消息是，我們的業務不是在休士頓運作的。甚至可以說，離在休士頓運作還差得遠。我們的業務是在第一線現場運作的。只要我們維持企業文化，並且不要妨礙我們所擁有的那些優秀公司發揮，我們就永遠不會有問題。

So I wanted to spend just a little bit more time commenting on acquisitions. Every acquisition we've ever done at Comfort Systems USA was done by a team of people. And every company we've ever bought -- we pick companies. We certainly qualify companies, but we don't pick companies. They pick us.

所以我想再多花一點時間談談併購。我們在 Comfort Systems USA 做過的每一筆併購，都是由一個團隊共同完成的。而我們買下的每一家公司——我們會挑選公司。我們當然會審核、篩選公司，但我們不是去「挑中」公司。是他們選擇了我們。

We give them unlimited time to do -- and unlimited access to do due diligence on us, and the reason that we continually win in the acquisition area, frequently buying companies at lower prices than other people are offering them, is because we have worked so hard to make Comfort Systems the best place on Planet Earth for somebody who has made their life's work building a great contractor a home for their legacy. And if we continue doing that, we'll continue winning because that's why we win in acquisitions.

我們給他們不設限的時間與不設限的管道，對我們進行盡職調查；而我們之所以能在併購領域持續勝出，甚至經常以低於其他人出價的價格買到公司，是因為我們非常努力地把 Comfort Systems 打造成地球上最好的地方，讓那些畢生致力於打造卓越承包商、希望為其傳承找到歸宿的人，能把他們的事業與傳承安置在這裡。只要我們持續這麼做，我們就會持續勝出，因為這正是我們在併購中致勝的原因。

And after I leave, we'll continue to have a great team. We have Vice President of Acquisitions, who was carefully selected as a person with the right judgment and temperament to sit in the middle of the team and facilitate things, somebody who won't get in the way of Comfort's message, which is all I've ever tried to do. The people who do our acquisitions include Brian Lane.

在我離開之後，我們仍將持續擁有一支很棒的團隊。我們有一位併購副總裁，他是經過審慎挑選、具備正確判斷力與性格的人選，能坐鎮團隊中間並促進協作，是那種不會妨礙 Comfort 訊息傳遞的人，而這正是我一直以來努力在做的事。負責我們併購的人員包括 Brian Lane。

They include our CEO, our President, our Chief Operating Officer, our regional leaders. Our Head of Innovation is very important in acquisitions, guy named Briston Blair. But most important, the thing that we -- makes us win in acquisitions is our field leadership. We're always involved in the acquisitions that we do. When we buy companies where there is overlap, we face that and solve that before we buy a company. We don't have mysteries, and we'll figure things out later.

其中包括我們的執行長、總裁、營運長，以及各區域領導。我們的創新主管在併購中非常重要，名叫 Briston Blair。但最重要的是，讓我們在併購中勝出的關鍵是我們的一線領導團隊。我們始終參與我們所進行的每一筆併購。當我們收購與既有業務有重疊的公司時，我們會在收購前就正面面對並解決這些重疊問題。我們不留謎團，也不會說之後再來弄清楚。

And I think we'll continue to do that. So I think Comfort Systems acquisitions is on a great roll. I think that will continue. I think we'll continue to be a trustworthy disciplined company that does acquisitions with conviction. Above all, we'll be patient. I would say the key to our acquisition program is that we refuse to be hurried. We're fast, actually, and we are -- when we are ready to go, we go, but we never have to hurry. So I'm very, very confident about the future of acquisitions at Comfort Systems.

我認為我們會持續這麼做。因此我認為 Comfort Systems 的併購正處於非常好的勢頭。我認為這將會延續。我認為我們會持續成為一家值得信賴、紀律嚴明、以堅定信念進行併購的公司。最重要的是，我們會保持耐心。我會說，我們併購計畫的關鍵在於我們拒絕被催促。其實我們動作很快，而且當我們準備好要出手時就會出手，但我們從不需要匆忙。因此我對 Comfort Systems 併購業務的未來非常、非常有信心。

And I just want to say one more thing about Comfort, which is how great Comfort is, and why I believe it will stay great, and that's our people and our culture. This company is filled from top to bottom with amazing people. And I don't think there's anybody who understands that as well as I do.

我還想再補充一點關於 Comfort 的事：Comfort 有多麼出色，以及我為什麼相信它會一直保持出色，而原因就在於我們的人才與文化。這家公司從上到下都充滿了令人驚嘆的人才。而我想沒有任何人比我更了解這一點。

And there's a lot of people who really understand it in Houston. Every one of our crucial functions is led by a great leader, tax, internal audit, risk management, treasury, insurance, every one of them. People -- most people -- people on this call will never meet the great people we have, people with names like Adam and Amy and Ana and Barbara and Byron and Elvira and George, Ela, Jay, Jordan, Judy, Michael, Wayne and more.

而在休士頓也有很多人非常了解這一點。我們每一項關鍵職能都由優秀的領導者帶領：稅務、內部稽核、風險管理、資金管理、保險，每一項都是。人員——大多數人——參與這通電話的人永遠不會見到我們那些優秀的人才，他們的名字像是 Adam、Amy、Ana、Barbara、Byron、Elvira、George、Ela、Jay、Jordan、Judy、Michael、Wayne 等等。

I couldn't possibly name them all. The unbelievable group of people with very long tenures at the company, very, very dedicated to our company and very, very dedicated to its culture. And then we have perhaps even surpassing that at our subsidiaries that are companies in all of these states, Texas, North Carolina, New York, Florida, South Carolina, Kentucky. Did I mention Texas? We have unbelievable groups of people who have pulled together to create something that's unmatched in their markets.

我不可能把他們全部都點名。這是一群令人難以置信、在公司任職年資很長的人，對公司非常、非常投入，也對公司的文化非常、非常投入。此外，我們的子公司——分布在這些州的公司：德州、北卡羅來納州、紐約州、佛羅里達州、南卡羅來納州、肯塔基州——在人才方面甚至可能更勝一籌。我有提到德州嗎？我們有一群群不可思議的人才凝聚在一起，打造出在各自市場中無可匹敵的成果。

And that culture has led to the staying power that we have in all our markets. It's led to us making money every year of our existence, us having free cash flow every year of our existence, to us being the best positioned when markets became great to really take advantage of it. And it's that -- everything I've just described is what created the great results that I'm going to review right now.

而這種文化帶來了我們在所有市場中的持久力。它讓我們在公司存在的每一年都能賺錢、每一年都有自由現金流，也讓我們在市場變得火熱時處於最佳位置，能真正把握機會。而我剛才描述的這一切，正是造就我接下來要回顧的優異成果的原因。

So that revenue for the third quarter of 2026 was $3.8 billion, an increase of $1.3 billion or 54% compared to last year. Electrical segment revenue grew by 85% and mechanical revenue grew by 43%. Through nine months, our same-store revenue increased 47%, and we expect full year same-store revenue will also be in the mid-40% range. We estimate that our same-store full year 2027 revenue will grow in the mid-20% range. Gross profit was $934 million for the third quarter of 2026, $327 million higher than one year ago.

因此，2026 年第三季營收為 38 億美元，較去年增加 13 億美元，增幅 54%。電氣事業部營收成長 85%，機電事業部營收成長 43%。累計前九個月，我們的同店營收增加 47%，我們預期全年同店營收也將落在 40% 中段的區間。我們估計 2027 年同店全年營收將在 20% 中段的區間成長。2026 年第三季毛利為 9.34 億美元，較一年前增加 3.27 億美元。

Our gross profit percentage remained consistent at a strong 24.8% this quarter. Quarterly gross profit percentage in our mechanical segment increased to 25.1% this quarter compared to 24.3% last year. Despite electrical segment revenue growth of over 80%, margins in our electrical segment slipped to 24.3% this quarter as compared to 26.2% in the third quarter of 2025.

本季毛利率維持一致，仍為強勁的 24.8%。本季我們機電事業部的季度毛利率提升至 25.1%，高於去年同期的 24.3%。儘管電氣事業部營收成長超過 80%，電氣事業部本季毛利率降至 24.3%，相較於 2025 年第三季的 26.2% 有所下滑。

Last year, we noted that our electrical results were positively impacted in the third quarter by discrete gains, including when a customer emerged from bankruptcy. Those gains improved electrical segment margins last year by approximately 1.8%. And without that effect, electrical margins were roughly flat. We currently expect that 2027 gross profit margins are likely to continue in the strong ranges that we've achieved and averaged over recent quarters.

去年我們曾提到，第三季電氣業務的表現受到一次性收益的正面影響，其中包括某位客戶自破產程序中脫離。這些收益使去年電氣事業部毛利率約提升 1.8%。若排除該影響，電氣毛利率大致持平。目前我們預期，2027 年毛利率很可能會延續我們近幾季所達成並平均維持的強勁區間。

SG&A expense for the quarter was $314 million, or 8.3% of revenue compared to $230 million or 9.4% of revenue in the third quarter of 2025, and we continue to invest to support our extraordinary growth. Our operating income increased by 65% from last year from $379 million in the third quarter of 2025 to $625 million for the third quarter of 2026.

本季 SG&A（銷售、一般及行政）費用為 3.14 億美元，占營收 8.3%；相較之下，2025 年第三季為 2.30 億美元，占營收 9.4%。我們持續投資以支撐我們非凡的成長。我們的營業利益較去年成長 65%，從 2025 年第三季的 3.79 億美元增加至 2026 年第三季的 6.25 億美元。

Our operating income percentage increased to 16.6% this quarter from 15.5% in the prior year. Our year-to-date tax rate was 23%, and we expect our tax rate to continue to be around 23% for the rest of 2026 and in 2027. After considering all these factors, net income for the third quarter of 2026 was $489 million or $13.91 per share as compared to net income for the third quarter of 2025 of $292 million or $8.25 per share.

本季營業利益率由前一年的 15.5% 提升至 16.6%。年初至今的有效稅率為 23%，我們預期 2026 年剩餘期間及 2027 年稅率將持續約為 23%。綜合考量上述因素後，2026 年第三季淨利為 4.89 億美元，或每股 13.91 美元；相較之下，2025 年第三季淨利為 2.92 億美元，或每股 8.25 美元。

Thanks to great execution by our people, EBITDA increased by 61% to $668 million this quarter from a strong $414 million in the third quarter of 2025. Our trailing 12-month EBITDA is now approximately $2.3 billion. Free cash flow for the third quarter of 2026 was $806 million, and year-to-date, our free cash -- our cash flow is roughly $2 billion.

在我們團隊出色執行的帶動下，本季 EBITDA 較去年成長 61%，由 2025 年第三季強勁的 4.14 億美元提升至 6.68 億美元。我們過去 12 個月的 EBITDA 目前約為 23 億美元。2026 年第三季自由現金流為 8.06 億美元；年初至今，我們的自由現金——我們的現金流約為 20 億美元。

In addition to strong earnings, we benefited from advantageous payment terms and favorable collections from large technology customers. Our cash flow this quarter was also higher due to [$166 million] in income tax payments that we were able to defer until the fourth quarter of this year.

除了強勁獲利之外，我們也受惠於有利的付款條件，以及來自大型科技客戶的良好收款表現。本季現金流也因我們得以將 [1.66 億美元] 的所得稅款遞延至今年第四季支付而更高。

In addition to the modular expansions that are underway, we invested over $100 million in CapEx to expand prefabrication facilities for our traditional construction business. We estimate that full year CapEx will be 4% to 5% of revenue, and we're likely to continue to incur CapEx at elevated levels during the first half of 2027.

除正在進行的模組化擴建外，我們在資本支出（CapEx）上投入超過 1 億美元，用於擴充傳統營建業務的預製化設施。我們估計全年 CapEx 將占營收的 4% 至 5%，且在 2027 年上半年我們很可能仍將維持較高水準的 CapEx。

We actively purchased our shares this quarter, and year-to-date, we've returned $349 million to our shareholders, and we've retired approximately 212,000 shares. So once again, expressing my gratitude to the people I mentioned earlier and to the people on this call who've supported us for so long, I'm going to turn the time over to Trent. Trent?

本季我們積極回購自家股票；年初至今，我們已向股東返還3.49億美元，並已註銷約212,000股。因此，再次向我先前提到的人以及今天電話會議上長期支持我們的各位表達感謝，我現在把時間交給Trent。Trent？

Thanks, Bill. And before I start, I just want to thank you for the time I've been able to work with you over the last 22 years and for taking the chance and hiring me back 22 years ago. I appreciate it, Bill. So I'm going to discuss our operations and outlook. Our backlog at the end of the third quarter jumped to a record $17.8 billion. Since last year, at this time, our backlog has increased by $8.4 billion or 90%.

謝謝，Bill。在我開始之前，我想先感謝你，讓我在過去22年能與你共事，也謝謝你在22年前願意冒險把我再度聘回來。我很感激，Bill。接下來我將談談我們的營運與展望。第三季末我們的在手訂單（backlog）躍升至創紀錄的178億美元。與去年同期相比，我們的在手訂單增加了84億美元，或90%。

On a sequential basis, backlog increased by $3.8 billion or 27%. Third quarter bookings were especially strong in the technology sector, both in our traditional construction business as well as the modular part of our business. Industrial customers accounted for 76% of total revenue in the first 9 months of 2026, and they are major drivers of pipeline and backlog.

以季比來看，在手訂單增加了38億美元，或27%。第三季的新接訂單（bookings）在科技領域特別強勁，涵蓋我們傳統的營建業務以及模組化業務。2026年前9個月，工業客戶占總營收的76%，也是我們商機管線（pipeline）與在手訂單的主要推動力。

Technology, which is included in industrial, was 59% of our revenue, a strong increase from 42% in the prior year. Our modular operations continue to grow with our established customers and we are building products for new customers, including a frontier lab and colo providers. Although we have not yet entered new arrangements that we would consider programmatic, we continue to explore deeper partnerships with these and other potential strategic partners.

科技（包含於工業類別中）占我們營收的59%，較前一年度的42%大幅提升。我們的模組化營運持續隨著既有客戶成長，同時也為新客戶建置產品，包括前沿實驗室與共置（colo）服務供應商。雖然我們尚未簽訂我們認為屬於「計畫型（programmatic）」的新安排，但我們仍持續探索與這些及其他潛在策略夥伴更深層的合作關係。

Institutional markets, which include education, health care and government, remain strong, and represent 16% of our revenue, and the commercial sector provided about 8% of revenue. Most of our service revenue is for commercial customers. Overall, our companies continue to execute at high margins.

機構型市場（包含教育、醫療保健與政府）仍然強勁，占我們營收的16%；商業部門約占8%。我們的大部分服務營收來自商業客戶。整體而言，我們旗下公司持續以高毛利率執行。

However, this quarter, we experienced a higher proportion of equipment and materials in our cost mix that augmented our sequential revenue growth, but dampened sequential margins. Construction accounted for 90% of our revenue with projects for new buildings representing 75% and existing building construction 15%.

然而，本季我們的成本結構中設備與材料占比提高，推升了季比營收成長，但也壓抑了季比毛利率。營建業務占我們營收的90%，其中新建工程占75%，既有建物工程占15%。

We include modular in new building construction and year-to-date, modular was 17% of our revenue. We remain on track to have over 4 million square feet of space in our modular businesses by the end of 2026. And with ongoing orders and investments to meet that demand, we expect to have approximately 6 million square feet of capacity by the end of 2027. We also continue to evaluate further investments based on continuing strong demand and customer needs.

我們將模組化納入新建工程；年初至今，模組化占我們營收的17%。我們仍按計畫在2026年底前，於模組化業務中擁有超過400萬平方英尺的空間。隨著持續的訂單與為滿足需求所做的投資，我們預期到2027年底產能將約達600萬平方英尺。基於持續強勁的需求與客戶需求，我們也持續評估進一步投資。

Service revenue was higher by 13% this quarter, but with faster growth in construction, service represents 10% of total revenue. Service profitability was stronger than ever this quarter, and service remains a growing and reliable source of profit and cash flow. I cannot say enough about the amazing team of craft professionals that we have working hard for our customers every single day. Thanks to the teams that are working across the country, we are optimistic about our future.

本季服務營收成長13%，但由於營建成長更快，服務占總營收的10%。本季服務獲利能力創下歷來新高；服務仍是持續成長且可靠的獲利與現金流來源。我再怎麼稱讚也不為過，我們有一支令人驚嘆的工匠專業團隊，每天都為客戶努力工作。感謝全國各地團隊的投入，我們對未來保持樂觀。

I want to close by joining Brian and Bill in thanking our over 25,000 employees for their hard work and dedication, and I will now turn it back over to Michelle for questions.

最後，我想與Brian和Bill一同感謝我們超過25,000名員工的辛勤付出與奉獻；接下來我把時間交回給Michelle進行提問。

(Operator Instructions)

（接線員指示）

Adam Thalhimer, Thompson, Davis.

Adam Thalhimer，Thompson, Davis。

Hey, good morning, guys. Congrats on another great quarter. Julie congrats on your promotion. And Bill, congrats to you on your retirement. You'll be missed, Bill. Trent, I want to start with you on the sequential margin decline. Can you give a little bit more color on that? And how should we think about that as we look ahead to margins in the next few quarters?

各位早安。恭喜又交出一個很棒的季度。Julie，恭喜你升遷。Bill，也恭喜你退休。我們會想念你的，Bill。Trent，我想先從季比毛利率下滑談起。你能否再多提供一些背景說明？展望未來幾季，我們應該如何看待毛利率走勢？

Yes. Yes. I'll jump in, and then I'm sure Bill will want to add a little bit too. But sequentially, we just -- we carried a higher proportion of equipment and materials in our cost mix this quarter. So that's going to add revenue, but equipment doesn't carry the margin.

是的。是的。我先說明一下，之後我相信Bill也會想補充一些。就季比而言，本季我們的成本組合中設備與材料占比更高。這會增加營收，但設備本身不帶來毛利率。

Our labor does. So the percentage comes down even as the dollars go up. So -- but anyway, the way I think about it, I'd be careful about focusing on one quarter. We've always kind of just -- some of this is a little bit lumpy depending on what the mix is, and that's what we experienced in the prior quarter.

我們的勞務才會。因此即使金額上升，百分比也會下降。不過，從我的角度來看，我會提醒大家不要只聚焦單一季度。我們一向如此——依組合不同，數字會有些波動，而這正是上一季我們所經歷的情況。

And there's other things that contributed to the slight decline. One of the things that happens is after we do acquisitions, we have purchase adjustments and certain of those purchase adjustments relate to the changes in the WIP schedule for jobs that were ongoing at the time we closed. And because of that, those purchase adjustments roll through our costs. And those adjustments were like $12 million higher in the third quarter than they were in the second quarter. So that was a straight hit to margins.

另外還有其他因素造成小幅下滑。其中之一是，我們完成併購後會有購買會計調整（purchase adjustments），而其中部分調整與我們在交割時仍在進行中的專案，其在製品（WIP）進度表的變動有關。因此，這些購買會計調整會反映在我們的成本中。第三季這些調整比第二季高出約1,200萬美元。因此這對毛利率是直接的衝擊。

We also -- we have one large company in electrical. It's over half of our electrical segment. That company had gross margins in the 30s in the second quarter, and their gross margins were still unfathomably high in the third quarter and above average for our company, but they weren't in the 30s.

另外，我們在電氣業務有一家大型公司。它占我們電氣部門的一半以上。該公司第二季的毛利率在30%多；第三季毛利率仍高得令人難以置信，且高於公司平均，但已不在30%多的水準。

So we just -- there's discrete things that happened what happened. I think the business has never been better. The other thing is when you see this kind of a jump in revenue, like 80% organic revenue growth in the electrical, you know a couple of things. One, you know you got a big denominator for your fraction, but you also know that we're early in a lot of jobs, and we don't pull out high margins early in jobs, right? We wait and we keep contingency. We wait and see how they go. So I can't -- I don't think there is anything but good news in this quarter, Adam.

所以——就是發生了一些個別事件。我認為公司業務從未像現在這麼好。另外一點是，當你看到營收出現這種跳升，例如電氣業務有80%的有機營收成長，你會知道幾件事。第一，你知道分母變大了；但你也知道我們在許多專案上仍處於早期階段，而我們不會在專案初期就拉出高毛利，對吧？我們會保留並維持預備金（contingency）。我們會先觀察專案進展。所以Adam，我認為本季除了好消息之外，沒有其他。

And then, Bill, just to pull on that thread a little bit. When you say we're early in jobs, when should we think about the portfolio maturing a little bit?

那Bill，我想順著這個話題再追問一下。你提到我們在專案初期，那我們應該何時預期整體專案組合會更成熟一些？

We've reached a point today where it's really hard to answer that question because some of these jobs are multiyear. But I will say you begin to see profit changes when you're 40%, 60%, 70% complete. These big jobs, the way that you recognize revenue in our industry is you estimate the remaining cost it's going to take you to finish a contractual obligation. Early in a job, you don't know what's going to happen.

我們目前已到了一個很難回答這個問題的階段，因為其中一些專案是跨多年的。但我會說，當專案完成度達到40%、60%、70%時，你會開始看到獲利的變化。這些大型專案，在我們這個產業認列營收的方式，是估計完成合約義務所需的剩餘成本。在專案初期，你不知道會發生什麼。

You don't know how much it's going to rain. You don't know what the people who are working next to you as other subcontractors are going to do. So companies that stay in business, they keep money in the job for the things they don't know. As you get deeper and deeper into those jobs, you begin to get a better view.

你不知道會下多少雨。你不知道在你旁邊工作的其他分包商會做什麼。所以能夠持續經營的公司，會在專案裡保留資金，用來應對那些未知的事情。當你在這些專案中越做越深，你就會開始看得更清楚。

And for us, historically, we've had net gain on jobs every year of our existence, and they've been bigger than ever lately. So I would say this quarter, definitely early in jobs. I'd say next quarter will be on average early in jobs, although there's always closeouts in fourth quarters to some extent just because of the nature of years ending and what customers want you to do. So I guess it's hard to say. I think we'll get back to average first half of next year.

就我們而言，從歷史上看，我們在公司存在的每一年，專案都呈現淨收益，而且最近的規模比以往更大。所以我會說這一季，確實是處於專案的早期階段。我會說下一季平均而言也會是專案早期，雖然第四季總會在某種程度上出現結案，因為年底的性質以及客戶希望你做的事情。所以我想這很難說。我認為我們會在明年上半年回到平均水準。

Okay. And then obviously unbelievable awards in the quarter. In terms of what's driving that, would you say that's your traditional data center customers? Or are there some new customers starting to creep in?

好的。然後很明顯，本季的得標非常驚人。就推動因素而言，你會說主要是你們傳統的資料中心客戶嗎？還是有一些新客戶開始逐漸加入？

Yes, there are definitely new customers creeping in and demand is just very strong. I mean our customers -- I think part of it is our customers are committing earlier and for larger scopes because they know that capacity like ours is scarce right now. And we continue to be really selective in what we're looking at.

是的，確實有新客戶正在逐漸加入，而且需求非常強勁。我的意思是，我們的客戶——我認為其中一部分原因是，客戶更早承諾、而且承諾更大的工作範圍，因為他們知道像我們這樣的產能目前很稀缺。而我們也持續在我們評估的機會上非常挑剔。

So yes, it's kind of all of the above. It's a market right now where the governor isn't demand, the governor is really just labor, the ability to be able to get the labor to the work. And our customers realize that, so they're wanting to lock up our capacity, and that's why you see what the backlog is doing.

所以是的，算是各種因素都有。目前這個市場，限制因素不是需求，真正的限制因素是勞動力，也就是能否把勞動力配置到工作現場的能力。我們的客戶也意識到這點，所以他們想鎖定我們的產能，這就是你看到積壓訂單（backlog）變化的原因。

And, you know, Adam, it's a real tribute to the folks out there working and the quality of work they're doing that we're getting this much repeat business from very sophisticated customers, really tip your hat to the folks and what they're producing.

而且，你知道，Adam，這也充分肯定了在外面工作的同仁，以及他們所做工作的品質；我們能從非常成熟、要求很高的客戶那裡獲得這麼多回頭生意，真的要向這些同仁致敬，肯定他們的產出。

Adam Bubes, Goldman Sachs.

Adam Bubes，高盛。

Hi, good morning. You talked about building some modular products for new customers, including frontier lab and colo providers. Can you just clarify the 6 million square feet of capacity you expect by 2027? Is the incremental 1 million square feet versus what you targeted by midyear?

嗨，早安。你提到為新客戶打造一些模組化產品，包括前沿實驗室（frontier lab）和機房代管（colo）供應商。你能否釐清一下你們預期到2027年的600萬平方英尺產能？相較於你們年中目標所增加的100萬平方英尺，是增量嗎？

Is that related to frontier labs or new colos, or is that primarily your two hyperscaler customers? And then can you just expand on the engagement, those conversations with the frontier lab and colos? What are they asking from you in terms of scope of work, potential output?

這是否與前沿實驗室或新的機房代管（colo）有關，還是主要來自你們兩家超大規模（hyperscaler）客戶？另外，你能否再談談與前沿實驗室和機房代管業者的互動、那些對話？他們在工作範圍、潛在產出方面，向你們提出了哪些需求？

Yes. So the answer to the build-out that we just talked about the 6 million is based on our current programmatic build-outs with the customers that we already have. And on the new customer front, yes, we're building product, right, for frontier lab and colocation providers, and that's real work, and we're proud of it, but we haven't yet entered arrangements with them that we would call programmatic, and we're not going to call them that until we believe they are programmatic, right? So the build-out that we've announced is all for existing capacity that is with our current customer base in modular.

是的。關於我們剛才談到的600萬平方英尺擴建，答案是：這是基於我們與既有客戶目前正在進行的、具計畫性（programmatic）的擴建案。至於新客戶方面，是的，我們正在為前沿實驗室和機房代管（colocation）供應商打造產品，這是真實的工作，我們也以此為榮，但我們尚未與他們達成我們會稱之為「具計畫性」的安排；在我們相信它們確實具計畫性之前，我們不會這樣稱呼，對吧？所以我們已宣布的擴建，全部都是針對我們目前客戶群在模組化業務中的既有產能。

You might -- if you're living in the paradigm over the last 30 years, like I sometimes do, you might say, "Oh, they haven't yet sold business to these people." The reality is we haven't yet reached terms where we're willing to accept business from these people. Right now, one of the things that's front and center for us is the ability to pay, right? So if we do something -- typically, our programmatic people have made five-year volume commitments to us.

如果你仍用過去30年的典範來看——我有時也會——你可能會說：「喔，他們還沒把生意賣給這些人。」但現實是，我們還沒談到我們願意接受這些人業務的條件。目前對我們來說最核心的一點是付款能力，對吧？所以如果我們要做——通常，我們的具計畫性客戶會對我們做出五年的量承諾（volume commitments）。

And then we have gone out and spent large amounts of CapEx to build space that's going to primarily build their product. And I think not just in modular, but across our business, we have a long history and a long set of experience that really, really takes into account the financial strength of our counterparties and not that these people don't have financial strength because they do. But we don't -- we think there are various considerations as you compare the customers that we do work for.

然後我們會投入大量資本支出（CapEx）去建置空間，主要用來生產他們的產品。我認為不只是模組化業務，而是整個公司，我們長期以來的經驗都非常、非常重視交易對手的財務實力；並不是說這些人沒有財務實力，因為他們確實有。但我們認為，當你比較我們服務的不同客戶時，會有各種不同的考量。

And one other thing, too, I'm sure I'm not telling you haven't already realized, but modular is 17% of our revenue. It's growing but staying 17% because the rest of our business is also seeing really great demand as well.

另外還有一點，我相信我說的你也早已注意到：模組化業務占我們營收的17%。它在成長，但仍維持在17%，因為我們其他業務同樣也看到非常強勁的需求。

Got it. All super clear. And then, Bill, you referenced the projects in sort of earlier stages of completion, if you look at catch-up adjustments, the impact on revenues this quarter. I think it stepped down to 4.5% from closer to 8% of revenues in the first half of the year. Am I thinking about this right?

了解。都非常清楚。另外，Bill，你提到如果看追補調整（catch-up adjustments）對本季營收的影響，專案處於較早的完工階段。我記得這個比例從上半年接近營收的8%，下降到4.5%。我這樣理解對嗎？

Because if you kind of strip those impacts out, it looks like underlying gross margins actually continue to increase sequentially. Is that the right way to think about core execution? And does that give you confidence baseline margins can continue to expand as new projects mature?

因為如果把這些影響剔除，看起來底層的毛利率其實仍在逐季上升。這樣理解核心執行表現是對的嗎？而這是否讓你對基準毛利率能隨著新專案成熟而持續擴張更有信心？

I was with you all the way to the last sentence because we do not represent that margins will go up in the future. We do say -- we do know that things that are -- have been driving them up are still apparent for us.

我一路都同意你，直到最後一句，因為我們不會宣稱未來毛利率會上升。但我們確實會說——我們知道，推動毛利率上升的因素，對我們而言仍然存在。

And if anything, they're at least as strong as ever. I will say what you said plus things I can see that nobody could see unless they were sitting in Julie's or I's or Michael's seat, such as this point about the mix in our costs that Trent mentioned of a higher part of our -- by a couple of percentage points, our cost of goods sold has more material and equipment passing through it. There's nobody who runs a business for us, who worries about their return on wire. They worry about their return on electricians and plumbers. And our gross profit per hour worked is -- continues to get better. So I agree and more.

如果有什麼不同的話，那些因素至少跟以往一樣強。我會補充你所說的，再加上一些只有坐在Julie、我或Michael這個位置才看得到、外界看不到的事情，例如Trent提到的成本組合：我們的銷貨成本（COGS）中，材料與設備的比重提高了幾個百分點，更多是「過手」的材料與設備。我們這裡沒有人經營業務時會去擔心電線的報酬率。他們在意的是電工和水管工的報酬率。而我們每工時的毛利——持續在改善。所以我同意，而且我看到的還更多。

Great. Thanks so much, and congrats, Bill and Julie.

很好。非常感謝，也恭喜你，Bill和Julie。

Sangita Jain, KeyBanc.

Sangita Jain，KeyBanc。

Thank you. Good morning. Congratulations, Bill. And congratulations, Julie. So I just want to ask on the mechanical backlog, which saw a more meaningful jump than the electrical backlog. And I was wondering if you could break down the makeup of that, whether it may be modular and the traditional business?

謝謝。早安。恭喜你，Bill。也恭喜你，Julie。我想請教機械工程（mechanical）的積壓訂單（backlog），它的增幅比電氣（electrical）積壓訂單更明顯。我想知道你能否拆解一下其構成，是否包含模組化業務以及傳統業務？

Backlog is really lumpy. I don't think there's any different trend between the two. I just think in any given quarter, one might book more, one might book less. Well, one might book vastly more and the other might book even more vastly more the way things are going. But at some point, I don't think there's any differential there.

在手訂單（Backlog）的波動性很大。我不認為兩者之間有任何不同的趨勢。我只是覺得在任何一個季度，其中一方可能接單較多，另一方可能接單較少。嗯，照目前的情況，其中一方可能接單多很多，而另一方可能接單更多得多。但在某個時間點，我不認為那裡存在任何差異。

I think all of -- any of our 40 -- let's say we have 40 businesses, 20 are highly exposed to the super cycle. Those people have more work than they can do. They're choosing how much they take. It's really astonishing that our backlog went up this much in summer months. If I think about the burn, look at our revenue. This is a really, really [special], that's a really, really crazy amount of bookings.

我想在我們的——任何 40 個——假設我們有 40 個業務，其中 20 個高度暴露在這一波超級循環之下。那些團隊的工作多到做不完。他們在選擇要接多少。令人非常驚訝的是，我們的在手訂單在夏季月份竟然增加了這麼多。如果我想想消化速度（burn），再看看我們的營收。這真的是非常、非常[特殊]，這是一個非常、非常瘋狂的接單量。

And I will say, what's also crazy about it is that Brian Lane led, approved it. Brian Lane gets -- Brian Lane, Trent get on calls for the biggest jobs, and they talk through what are we doing to make sure we're safe.

我也要說，這件事同樣瘋狂的是，Brian Lane 主導並核准了它。Brian Lane 會——Brian Lane、Trent 會參與最大案子的電話會議，他們會把我們在做什麼講清楚，以確保我們是安全的。

We have a whole program for large projects where we monitor them even more closely. By the way, we're not kidding ourselves that anybody in Houston is performing anything. But we did really try to stay on top of it. And I don't think we -- our backlog is the best it's ever been, Brian.

我們針對大型專案有一整套計畫，會更密切地監控。順帶一提，我們並沒有自欺欺人，以為休士頓那邊有人在執行任何事情。但我們確實努力盯緊進度。而且我不認為我們——我們的在手訂單是有史以來最好的，Brian。

Best I've ever seen, Bill, and the activity level out there is as strong as I've ever seen it.

Bill，這是我見過最好的，而且外面的活動水準也跟我見過的一樣強。

All right. So then can I ask a follow-up on this on backlog? Given that you're booking, it seems larger projects, how should we think about the duration of that backlog? I know historically, it's been under a year. But can you tell us how that has changed in recent quarters?

好。那我可以就在手訂單再追問一下嗎？鑑於你們接到的似乎是更大型的專案，我們應該如何看待這些在手訂單的存續期間？我知道過去歷史上通常不到一年。但你能否告訴我們，近幾季這方面有什麼變化？

Yes. I mean I think if you look at the backlog we're winning now, we're obviously winning larger projects. And I think the time frame is probably pushed out to 18 to 24 months as opposed to 10 years ago, 9 months was the best look-see we had for sure. But the size of these jobs, the duration of them, where they are has extended the backlog to roughly 18 to 24 months, I think, Sangita, would be a good framework.

可以。我的意思是，我想如果你看我們現在贏得的在手訂單，我們顯然正在贏得更大型的專案。而我認為時間範圍可能被推遲到 18 到 24 個月；相較於 10 年前，9 個月大概是我們能確定看到的最遠範圍。但這些案子的規模、工期以及所在位置，使得在手訂單延長到大約 18 到 24 個月；我想，Sangita，這會是一個不錯的框架。

Got it, go ahead.

了解，請繼續。

I was just going to say, Sangita, one way to look at it is just that -- when I look at the backlog right now, what it did in the quarter, right, is demand is just for what our people do remains well in excess of what the industry can actually deliver. And we're being able to do and we're being asked to do and deliver more of it than ever before. So that's what I really take away from how strong the backlog was in this quarter.

我只是想說，Sangita，一種看法是——當我看現在的在手訂單，以及它在本季度的表現時，對吧，需求——對我們人員所做工作的需求——仍然遠遠超過整個產業實際能交付的量。而我們能做、也被要求去做並交付的量，比以往任何時候都更多。所以，這就是我從本季度在手訂單如此強勁所得到的主要結論。

Brent Thielman, Oppenheimer & Co.

Brent Thielman，Oppenheimer & Co.（奧本海默公司）。

Hey, thank you, Bill, Julie, of course, congrats to both. Great career here, Bill. I guess you want to pick up maybe, Bill, where you were talking a little bit on Comfort focused on quality of customers, so to speak. Obviously, data center balance sheet financing is a big topic in the market.

嗨，謝謝你，Bill、Julie，當然也恭喜兩位。Bill，你在這裡的職涯很精彩。我想接著問一下，也許，Bill，你剛才提到 Comfort 時，談到某種程度上更聚焦於客戶品質。顯然，資料中心的資產負債表融資是市場上一個很大的話題。

Maybe if you could talk us through how you look at that, your operations look at that, how corporate looks at it and scrutinizes those customers? And I guess, especially with regard to the pipeline of new potential projects, it sounds very healthy. I'm assuming that includes companies with available financing to push this through. If you could just talk to that.

也許你可以跟我們說說你們如何看待這件事、你們的營運如何看待、公司層面如何看待並審視這些客戶？另外我想，特別是就新潛在專案的管線而言，聽起來非常健康。我假設那也包含具備可用融資、能把案子推進去的公司。如果你能談談這點就太好了。

It's very textured. So you have the ultimate customer, but outside of modular, and I know this came up in the context of modular. But outside of modular, the payment obligation is actually typically coming from a large national GC, right? And then in modular, you have -- we do get mobilization payments and then we have payments upon delivery. We are typically -- at this point, we're vastly ahead with our programmatic customers. And based on very open, with each other, negotiations.

這裡面的層次很豐富。你有最終客戶，但除了模組化（modular）之外——我知道這在模組化的脈絡下被提到過——但在模組化以外，付款義務通常其實是由大型全國性總承包商（GC）來承擔，對吧？而在模組化方面，我們——確實會收到動員款（mobilization payments），然後在交付時收款。通常——到目前為止——我們在與計畫型（programmatic）客戶的合作上大幅領先。而且基於彼此非常開放的協商。

The other thing that you look at is the labor that you're doing, whatever you're building, are you building something that other people would want, right? Because we have lien rights in our business where we get to -- they go back to the English common law, right, 1,000 years ago, where we have the right to seize the building if we don't get paid.

你還會看的另一件事是：你投入的勞務、你在建造的任何東西，是否是其他人也會想要的東西，對吧？因為我們這個行業有留置權（lien rights），也就是——它可以追溯到英國普通法，對吧，1,000 年前——如果我們拿不到款項，我們有權查封該建築。

So one of the things that we learned to look at over the years is, is this a building that there would be many, many people who would want? Or is this a building like we're involved in a wafer construction and construction of a plant that made wafer using a certain technology where we knew that, that large and very expensive building would be pretty useless to anybody but the person building it.

所以我們多年來學到要看的一件事是：這是不是一棟會有很多很多人想要的建築？還是像我們曾參與晶圓廠的建造、以及使用某種特定技術製造晶圓的工廠建設那樣——我們知道那棟又大又昂貴的建築，除了建造它的那個人之外，對其他人幾乎毫無用處。

And so we -- in that case, asked for very special terms where we were paid every two weeks, and we had the right to leave on very short notice. So it's very -- there are many, many things that you take into account when you try to figure this out. So -- and by the way, there are people rolling into modular now who are taking large books of business who we think are agreeing to payment terms where they are banking some people. And so if we lose work on that basis, we don't mind it.

因此在那種情況下，我們——會要求非常特殊的條款，例如每兩週付款一次，並且我們有權在非常短的通知期內撤場。所以這非常——你在試圖判斷這件事時，需要考量很多很多因素。另外，順帶一提，現在有一些人正進入模組化領域，承接大量業務，我們認為他們同意的付款條款等於是在替某些人提供資金周轉（banking some people）。所以如果我們因此而失去一些工作，我們也不介意。

Okay. Maybe another sort of point of concern out there just the technology or data center project opportunities that are out there that you're looking at that aren't reflected in huge backlog today, presumably over the next few years. I guess any sense for how many of those you're looking at already have power connections figured out?

好的。也許還有另一個外界的擔憂點：就是你們正在看的那些科技或資料中心專案機會——今天的在手訂單裡可能還沒有大量反映——推測是在未來幾年。我想問，你們是否大概知道，你們已經在看的那些案子裡，有多少已經把電力接入（power connections）問題解決了？

Pretty much. The things we're looking at as prospects, the power connection is usually already solved.

幾乎都是。我們作為潛在案源在看的項目，電力接入通常都已經解決了。

If anybody stroked the check for us to do design work to make our engineers.

如果有人已經開支票讓我們做設計工作，讓我們的工程師來做。

Because of where we sit in the cycle, right, we're pretty late cycle player in the design of a building. And so for our traditional construction business, there aren't a lot of -- I'm not aware of a lot of things that we're looking at prospect pipeline wise, where the power hasn't already been solved.

因為就我們在這個循環中的位置而言，對吧，我們在建築設計上算是相當後期的參與者。因此就我們傳統的營建業務來說，在潛在案源管線中，我不知道有很多我們正在看的項目，其電力問題還沒有先被解決。

And I got to tell you, it really hasn't delayed anything we're seeing yet, Brent. And a lot of these data centers is generating their own power anyway. So these folks are going to solve their problem one way or another.

而且我得告訴你，Brent，就我們目前看到的情況而言，這真的還沒有延誤任何事情。另外，很多這些資料中心本來就會自發電。所以這些人無論如何都會用某種方式把問題解決。

Okay. Just a quick technical question. The operating margins in the mechanical segment come up a lot this year, including the third quarter. Is that primarily due to better profit margins in modular compared to last year, at least on an operating basis, essentially, are you getting better fixed cost leverage there and that's --

好的。先問一個簡短的技術性問題。今年機械事業部的營業利潤率提升被提到很多，包括第三季。這主要是因為模組化業務相較去年在營業層面的利潤率更好嗎？也就是說，你們在那邊本質上取得了更好的固定成本槓桿，然後那就是——

In the mix, that's the large -- that's the single largest driver in the mix. There is actually higher margins out for the nine months for sure in pretty much all parts of that work, but modular has really closed the gap with the rest of the business to come really up to parity with our average margins. And of course, mathematically, that changes the mix.

在組合裡，那是最大的——那是組合中單一最大的驅動因素。其實就前九個月而言，幾乎所有業務板塊的利潤率確實都有提高，但模組化業務真的縮小了與其他業務的差距，基本上已提升到與我們平均利潤率持平。當然，從數學上來說，這會改變組合。

And I'm just going to throw props to one company that is doing an unbelievable job on piping, really throughout the country and their margins have improved significantly and is doing a heck of a job.

我也想特別稱讚一家在配管方面做得非常出色的公司，幾乎在全國各地都表現亮眼，他們的利潤率顯著改善，真的做得非常好。

Josh Chan, UBS.

Josh Chan，瑞銀。

Hi, good morning, and congrats, Bill and Julie, both truly very well deserved. Congrats. My first question, could you talk about the magnitude of the orders that you took in, in the quarter? I mean it's sort of billions of dollars more than you're taking in any other quarter.

嗨，早安，恭喜 Bill 和 Julie，兩位都實至名歸。恭喜。我的第一個問題是，你們能談談本季接單的規模嗎？我的意思是，這看起來比你們其他任何季度的接單都多出好幾十億美元。

And so maybe -- I know that the demand is obviously really strong, but just kind of what drove that decision, the confidence around being able to phase it out and things of that nature?

所以也許——我知道需求顯然非常強勁，但想請教是什麼驅動你們做出這個決定、以及對於能夠分期消化（排程）這些訂單的信心等相關因素？

Yes, Josh. So the first part of that is that the timing of the work, we can handle, we have the personnel to do it. The locations are working in our favor. And the most important thing is you match your labor availability over when it's going to go.

是的，Josh。第一點是，工作的時點我們可以承接，我們有人力可以做。地點分布也對我們有利。而最重要的是，你要把勞動力的可用性，和工程實際要開展的時間點匹配起來。

So as Bill said earlier, when we work with our operating companies looking at these opportunities where they are, we're very confident we can handle all the work we have right now with the forces we have.

所以如同 Bill 先前提到的，當我們和各營運公司一起評估這些機會、看它們在哪裡時，我們非常有信心，以目前的團隊規模可以承接並完成我們現在手上的所有工作。

And we're also very fortunate, for a company of this size that the companies collaborate, work together, add that on to have a good traveling workforce. So when you add all that up, we're very confident in executing the level of backlog we have today.

另外我們也很幸運，以我們這樣規模的公司而言，各子公司之間能夠協作、互相支援，再加上我們有一支良好的外派（流動）勞動力隊伍。把這些因素加總起來，我們對於執行目前的在手訂單水位非常有信心。

That's great to hear and obviously, great backlog. I guess my follow-up. Could I ask about the margin comment about the mix of materials because obviously, I understand the mathematical reason for that. But over the years, it's very rare for you to call out that mix as a driver. And so I was wondering if anything large specifically happened this quarter where that mix was more impactful than usual?

很高興聽到這點，而且顯然在手訂單很強。我想追問一下。我可以問關於你們提到「材料組合」對毛利率的影響嗎？我當然理解其數學上的原因。但多年來，你們很少特別點出材料組合作為驅動因素。所以我想知道，本季是否有什麼特別大的事情發生，使得這個組合影響比平常更顯著？

So material and equipment was about 2% higher than it had averaged in the first six months. The only other time we brought that up was during COVID because there was so much inflation in materials and equipment. I think that they just met. The dollars of them just became such a bigger part of our cost mix.

材料與設備的占比，比前六個月的平均水準高了大約2%。我們上一次提到這點是在 COVID 期間，因為材料與設備通膨非常嚴重。我想這次就是剛好碰上了。它們的金額在我們成本組合中變成了更大的一部分。

I think in this case, a big part of it is the earliness of the job. So a lot of stuff gets delivered. Earlier in a job, there's -- you're doing very, very long pipe runs and things like that. I think some of that actually comes back to the earliness of the job. Some of it is just it's lumpy, and that's just the way it is. Trent, I mean what do you --

我認為這次很大一部分原因是工程處於較早期階段。所以很多東西會被交付。在工程早期，你會做非常、非常長的管線鋪設等等。我想其中一些其實就回到工程早期階段的特性。另外一部分就是它本來就會有波動，事情就是這樣。Trent，你覺得呢——

Yes, everything you said, Bill, is correct. So it's really where the large projects are in their life cycle and where we are in ordering that equipment.

是的，Bill，你說的都對。所以這主要取決於大型專案在其生命週期中的位置，以及我們在何時下單採購那些設備。

Tim Mulrooney, William Blair.

Tim Mulrooney，William Blair。

Yeah, thanks for taking my questions. Good morning. The first question I wanted to ask about is on the backlog, obviously, a very strong result, but we don't see -- we don't have insight in the individual conversations that you're having.

好的，謝謝讓我提問。早安。我第一個想問的是在手訂單，顯然結果非常強勁，但我們看不到——我們無法掌握你們正在進行的個別對話細節。

So I'm wondering with all the political rhetoric around data center moratoriums heading into the election, other regulations that governors are proposing around data center construction. Just curious if you've seen any change in any project schedules or push out in the pipeline in any other states?

所以我想問，選舉前圍繞資料中心暫停令（moratorium）的政治言論很多，還有一些州長提出關於資料中心建設的其他監管措施。想請教你們是否看到任何專案時程有變動，或在其他州的案源管線有任何延後？

So I would say, and having talked to one of our biggest companies in the last day or two, the answer is generally no. Like I haven't -- literally, I don't know a project where one of these considerations has changed its trajectory. I will say, I think on a big -- more macro level, I have a sense, and I've talked with people who've given me this sense, this may push more of the work nationally into more sort of friendly jurisdictions.

我會說，並且在過去一兩天和我們最大的一家公司之一談過之後，答案大致是否定的。就像我沒有——真的，我不知道有哪個專案因為這些考量而改變了它的走向。不過我會說，我認為在更宏觀的層面，我有一種感覺，而且我也和一些人談過，他們也給了我同樣的感覺：這可能會把更多工作在全國範圍內推向更「友善」的司法管轄區（州）。

So if you were a large hyperscaler, and you were laying your bets on which states you wanted to do work in, I think you sort of where your future, where you place your bets, where you go do your work and make your commitments, is going to be influenced by your perception of whether the governor in that state wants people in that state to have jobs, right? And -- so I do think -- I do -- I'm not saying it has no effect, but I don't know -- like I don't think at a micro level, we've seen any effect whatsoever.

所以如果你是一家大型超大規模雲端業者（hyperscaler），在押注你想在哪些州做工程，我想你會——你對未來的布局、你把賭注下在哪裡、你去哪裡做工程並做出承諾，會受到你對該州州長是否希望該州居民有工作機會的觀感所影響，對吧？所以我確實認為——我確實——我不是說完全沒有影響，但我不知道——就微觀層面而言，我們完全沒有看到任何影響。

Tim, I can tell you from the work we have today, what we are seeing here at Comfort Systems we have not been delayed by any moratorium.

Tim，我可以告訴你，就我們今天手上的工作來看，我們在 Comfort Systems 這邊沒有因任何暫停令而被延誤。

One thing more to think about, too, is that modular is even less exposed because it ships to wherever the customer site is. So it's also something to keep in mind for that 17% of our business.

另外還有一點可以思考：模組化業務受到的影響更小，因為它是運送到客戶的任何工地現場。所以對於我們業務中那17%的部分，這也是需要記住的一點。

Okay. That's really helpful color. And just on the modular business, by the way, my -- just my last question here. I'm curious why you haven't added any more programmatic customers in your modular business? I know you touched on this earlier, but the demand is clearly there. Could you just walk me through that decision matrix around that and a little bit more?

好的，這些補充很有幫助。另外關於模組化業務，順帶一提，我——我最後一個問題。我很好奇，為什麼你們在模組化業務中沒有再新增更多「計畫型」（programmatic）的客戶？我知道你們先前有提到一些，但需求顯然就在那裡。你們能否帶我走一遍你們做這個決策的評估矩陣，以及再多談一點？

I'll start. So this happens in the real world, right? We're talking about 250,000, 600,000, 700,000 square foot buildings that are being built out with rows of robots and automated paint booths and turntables and have to be staffed with thousands ultimately of people. And so we think we've grown unbelievably fast. We don't -- this is not scalable the way you can just print another copy of software.

我先說。這在現實世界就是這樣，對吧？我們談的是25萬、60萬、70萬平方英尺的廠房在建造，裡面是一排排機器人、自動化噴漆室、轉盤，而且最終還必須配置數千名員工。所以我們認為我們已經成長得非常、非常快了。我們——這不是那種你可以像印出另一份軟體拷貝那樣就能無限擴張的模式。

And honestly, we have tended to stick with our two big customers who've kept us happy together for -- in one case for 20 years because we know them, it works. They want more than we can [build]. They can't buy enough from us to the point where they're looking at other sources of supply. So another way of asking -- the other side of that question is, why would we divert from a sure thing to sort of a mystery, right?

而且老實說，我們傾向於持續服務我們的兩個大客戶，他們讓我們合作得很愉快——其中一個客戶我們合作了20年——因為我們了解他們，運作也順暢。他們想要的量超過我們能[建造]的。他們從我們這裡買不夠，以至於他們正在尋找其他供應來源。所以換個角度問——這個問題的另一面是：我們為什麼要從一個確定的合作關係，轉去一個某種程度上還是未知數的對象，對吧？

Yeah. Makes total sense. Thanks for the color, guys.

是的。完全合理。謝謝各位補充說明。

Julio Romero, Sidoti & Company.

Julio Romero，Sidoti & Company。

Thanks. Hey, good morning. And again, Bill, congrats on your retirement, and Julie congrats on the CFO role, well deserved. Trent, you mentioned earlier that your customers understand that labor is the governor. I guess if that's the case, what lever would expand that fastest? Would it be training? Would it be modular automation or digital field tools? And what kind of growth in your head count does mid-20s growth in '27 require?

謝謝。嗨，早安。另外，Bill，恭喜你退休；Julie，也恭喜你擔任財務長（CFO），實至名歸。Trent，你先前提到客戶理解勞動力是限制因素。如果是這樣，哪個槓桿能最快擴大這部分？會是訓練嗎？會是模組化自動化或數位化現場工具嗎？另外，你們腦中預期，到了 2027 年要達到 20% 多的成長，員工人數需要成長多少？

It's going to require growth. I mean we're over 25,000 today, right? And we've done -- we've grown that kind of the way we've always done it, right? Where our companies strive to be the best place for craft professionals to work. We pay well. We train relentlessly. And we are always trying to keep people busy on good projects with good conditions. That's what a craft professional is interested in.

這會需要成長。我的意思是，我們現在已經超過 25,000 人了，對吧？而且我們一直以來都是用我們一貫的方式來擴張，對吧？也就是讓旗下公司努力成為技術工種專業人士最想工作的地方。我們薪酬優渥。我們不間斷地訓練。我們也一直努力讓大家在條件良好的優質專案上保持忙碌。這就是技術工種專業人士在意的事。

Obviously, our traveling workforce has helped a lot in this and our contract craft operations at Kodiak and Pivot have helped as well. And acquisitions like Hunt and Boys have already let us put people where the work is, right? So there's a lot of ways we're doing it. And our companies, we have planned -- the one key thing about us is that if we've taken work, it means we planned against every -- labor planned against every dollar in that backlog. So that's one thing about us.

顯然，我們的流動型勞動力在這方面幫了很大忙，而 Kodiak 和 Pivot 的合約技術工種營運也同樣有所助益。像 Hunt 和 Boys 這類併購，也已經讓我們能把人力配置到有工作需求的地方，對吧？所以我們有很多做法。而且我們旗下公司已經規劃好——我們的一個關鍵點是：只要我們接了案子，就代表我們已針對積壓訂單中的每一塊錢，都做了相對應的勞動力規劃。這就是我們的一個特點。

When we look at something to Bill's point earlier, when he talked about Trent and Brian looking at work, it's always -- the question is always, well, do we have the labor to do it? And then it's labor planned before we ever agree to it. So as we look into the future in that mid-20s, we will have to add people, but we'll just do it the way we've always done it.

就像 Bill 先前提到的，當他談到 Trent 和 Brian 在看案子時，永遠都會先問——我們有足夠的人力來做嗎？而且在我們同意之前，就會先把人力規劃做好。所以展望未來要達到 20% 多的成長，我們確實必須增加人手，但我們會用一貫的方式來做。

And that's really -- the easiest way to kind of sum that up is we want to be the best place for a craft professional to build their career. We'll continue to try to be that place. And that's a lot of -- there's a lot of things that go into that, but that's the easiest way to understand it.

而這其實——最簡單的總結方式就是：我們希望成為技術工種專業人士打造職涯的最佳去處。我們會持續努力成為那樣的地方。這背後牽涉很多事情，但這是最容易理解的方式。

I've been doing construction a long time, probably more than I want to remember. But we really do treat people with respect and feeling here, and I think that really matters when you bring people in and they stay with us. I think it's really important what the culture of this company is and how we get people to go to work when they go work.

我做營造業很久了，可能久到我都不太想去算。但我們確實在這裡以尊重與同理對待每個人，我認為這在招募並留住人才時非常重要。我覺得公司的文化是什麼、以及大家去工地工作時的感受如何，真的很重要。

Yes. And I want to -- if it's okay, Brian, I want to add to that because if you look at what our people, the 25,000-plus, just did over the last three months, they were working in the hottest months of the year. Many of them, many of them are on the road away from their families, and they still delivered safely, on schedule with great quality for our customers. That's -- I just want to take my hat off to them and commend them on the work that they performed and how grateful I am for what they've done.

是的。而且我想——如果可以的話，Brian，我想補充一下：如果你看看我們 25,000 多名同仁在過去三個月所做的事，他們是在一年中最炎熱的月份工作。其中很多人、很多人都在外地出差，遠離家人，但他們仍然以安全的方式、按期並以優良品質為客戶交付成果。我——我只是想向他們致敬，稱讚他們的表現，也非常感謝他們所做的一切。

Really helpful there. And then maybe just asking again about what you mentioned earlier about programmatic relationships, typically involving multiyear volume commitments and enough visibility to support CapEx, and earlier, I know to another question you stated, why would you divert from those -- the two large programmatic customers.

這些說明很有幫助。接著我想再問一下你先前提到的「計畫型合作關係」：通常涉及多年期的量能承諾，並且有足夠的可視性來支持資本支出（CapEx）。

But I guess what would you need to see from one of the newer customers before they could kind of graduate to programmatic? And how important is the financial strength of the customer in those considerations?

但我想問的是，在讓某個較新的客戶「升級」成計畫型合作之前，你們需要從他們身上看到什麼？另外，在這些考量中，客戶的財務實力有多重要？

Yes. So I would say that the two things that you would look for are the nature of the commitment and the payment timing, right, payment timing. And also, you actually take into account many of these newer customers are really -- they're new to building modular hot aisle containment or modular chiller plants.

是的。所以我會說，你會看的兩件事是：承諾的性質，以及付款時點，對吧，付款時點。另外，你也會把一些因素納入考量：很多這些新客戶其實——他們是第一次建置模組化熱通道封閉（hot aisle containment）或模組化冷卻機組（chiller）廠房。

And so one great thing about them is they're willing to really listen to our experience and build stuff. And if we build stuff that's constructible and versatile, that gives us a lot of comfort as well that it's valuable to them or to someone else and maybe more importantly, that the capacity that we set up to build for them has a lot of outlets. So none of it's mysterious, you could sit and think of it. Nobody here is a genius who's thought of something new. It's exactly what you would think.

所以他們的一個優點是，他們願意真正聽取我們的經驗來建造。如果我們建造的是可施工、且具彈性的設計，這也會讓我們更安心：一方面對他們有價值，或對其他人也有價值；更重要的是，我們為他們建立的產能也有很多其他去處可以消化。所以這一點都不神祕，你坐下來想一想就能理解。這裡沒有人是想到什麼全新點子的天才。就是你所能想到的那些因素。

Very helpful. I'll pass it on. And congratulations again.

非常有幫助。我把問題交回去。也再次恭喜。

Kurt Yinger, D.A. Davidson.

Kurt Yinger，D.A. Davidson。

Great, thank you, and good morning, everyone. I just wanted to go back to the point on capacity. I guess for those operating companies that are doing larger data center work, how much capacity, so to speak, is just left looking at the projects and backlog and how that carries you through next year?

很好，謝謝，大家早安。我想回到產能這點。我想問的是，對於那些在做較大型資料中心專案的營運公司而言，從目前的專案與積壓訂單來看，所謂剩餘的產能大概還有多少？以及這能支撐你們走到明年什麼時候？

And I guess what I'm ultimately trying to get at is thinking about bookings in the next couple of quarters and whether the outsized performance this quarter maybe takes away from what we might expect looking forward?

我最終想問的是：接下來幾季的接單（bookings）該怎麼看？以及本季特別突出的表現，是否會影響我們對未來的預期、讓未來看起來比較少？

I think that -- first of all, that question doesn't have like a mathematical answer. There's no gauge, right? And your willingness to stretch to accept work has to do with work, the nature of that work, the flexibility that you're given, the timing. I would say, our guys -- it's certainly the case that if we book more in one quarter, we might not -- we might book not as much in a future quarter.

我認為——首先，這個問題沒有那種數學式的答案。沒有一個量表可以量，對吧？而你願意拉伸去承接工作的程度，取決於工作本身、工作的性質、對方給你的彈性，以及時程安排。我會說，我們的團隊——確實有可能某一季接單多了，未來某一季就可能接得沒那麼多。

My sense is our guys have -- they're going to continue to book the work, will probably continue to book further out. At this moment, the conditions are extremely supportive with no sign of that changing. I don't know. It's -- but I can't change the fact that you don't collect a dollar twice, you don't book the same job twice, right?

我的感覺是，我們的團隊會——會持續接單，而且可能會持續把接單往更遠的期間延伸。就目前而言，市場條件非常有利，而且看不出有改變的跡象。我不知道。只是——但我也無法改變一個事實：同一塊錢不會收兩次，同一個案子也不會接單兩次，對吧？

And Kurt, we will -- we do remain disciplined on what we're going to take. The big driver for us is we're not going to take work that we can't do at a very high level. So that, to me, is the overriding factor when we look at these things. And -- but we have world-class people out there looking to work, doing the work. So we'll handle what we can handle and we'll see how it goes. But we'll keep booking work as we go farther and farther out.

Kurt，我們也會——我們在要接哪些案子上仍然保持紀律。對我們來說最大的驅動因素是：我們不會接我們無法以非常高水準完成的工作。所以對我而言，這是我們在看這些事情時最核心的因素。而且——我們有世界級的人才在外面找工作、做工作。所以我們會處理我們能處理的部分，然後看看進展如何。但我們會隨著時間推進，持續把接單排到更遠的未來。

All right. That makes sense. And then just second on capital deployment. I mean, given the level of cash generation, I guess I'm just curious looking at historically as a percentage of that, what you've deployed towards M&A, how does kind of the current landscape look in terms of the ability to continue to do that? And how does that maybe impact the thinking or aggressiveness that we might expect from kind of a share repurchase perspective going forward?

好的。這很合理。接著第二個問題是關於資本部署。我的意思是，考量到現金創造的水準，我想知道從歷史上看，作為其中的百分比，你們用於併購（M&A）的部署大概是多少？就目前的環境而言，持續進行這類部署的能力看起來如何？以及這可能會如何影響我們對未來股票回購角度的思考或積極程度的預期？

So we look at these decisions over years, not months or quarters. We have a very, very good acquisition pipeline. But of course, pricing for acquisitions has been high. I think it might be -- that might be rolling over right now with interest rates and with the continued lack of exits for certain private people, but we'll see. We've always bought our shares more aggressively when they dip, right?

我們是以多年、而不是以幾個月或幾季的尺度來看這些決策。我們有非常、非常好的併購案源管線。但當然，併購的估值一直偏高。我認為在利率變動，以及某些私募人士持續缺乏退出機會的情況下，這可能——現在可能正在開始回落，但我們再觀察。我們一向在股價下跌時更積極地回購自家股票，對吧？

Over a long period of time, we typically use -- we have used 15% to 20% of our free cash flow to buy shares. But if you look over the time we've bought them since 2007, we buy a lot more during DeepSeek in a two-week period, we bought -- we spent $200 million, right? And the $200 million, by the way, more than a year ago was more to us than it is today.

長期來看，我們通常會——我們過去會用自由現金流的15%到20%來回購股票。但如果你看我們自2007年以來的回購節奏，我們在DeepSeek期間的兩週內買得更多——我們買了——我們花了2億美元，對吧？順帶一提，2億美元在一年多前對我們而言比今天更有份量。

We spent $200 million this last quarter. So I guess, all of those things are -- we're trying to do exactly what you would do. We have a lot of confidence in our future. So we have a lot of confidence in stock buybacks, especially when the price is softer. And we have a really good acquisition pipeline, but we will not do a deal just because we have money. And by the way, one turn of EBITDA and cash, we've had that many, many times in the past. This is not -- it's a big dollar amount, but it's not a big dollar amount on the scale of what Comfort is yet.

我們在上一季花了2億美元。所以我想，所有這些事情——我們正試著做你也會做的事。我們對未來非常有信心。因此我們對股票回購也很有信心，尤其是在價格較疲弱的時候。我們也有非常好的併購管線，但我們不會只是因為手上有錢就做交易。另外，EBITDA與現金的一個turn（倍數），我們過去很多次都達到過。這不是——以金額來說很大，但以Comfort的規模來看，還不算是很大的金額。

Brian Brophy, Stifel.

Brian Brophy，Stifel。

Yeah, thanks. Good morning. Appreciate you taking the question. Bill, Julie, congrats to you both. Bill, quite an incredible career. And Julie, very well deserved. I guess just one for me. Curious if there's any areas of geographic exposure that kind of stand out this quarter in terms of relative strength or weakness that is worth calling out. Obviously, it sounds like Texas remains quite strong, but curious if there's other regions that are notable.

是的，謝謝。早安。感謝讓我提問。Bill、Julie，恭喜你們兩位。Bill，真是相當精彩的職涯。Julie，也實至名歸。我這邊只有一個問題。想請教本季是否有任何地理區域的曝險，在相對強弱上特別突出、值得點名的？顯然聽起來德州仍然非常強，但也想知道是否還有其他值得注意的區域。

Yes. You hit it right on the head. Texas is really strong. Georgia strong and getting stronger. We're seeing a lot in Mississippi. Louisiana, we don't do much work in, but Louisiana is strong. And then, of course, you've got North and South Carolina and the Southeast areas. But Texas right now is really strong. Utah is very strong. Bill, any other --

有的。你說得完全正中要點。德州非常強。喬治亞州很強，而且還在變得更強。我們在密西西比州看到很多機會。路易斯安那州我們做的不多，但路易斯安那州也很強。然後當然還有北卡、南卡以及東南部地區。但目前德州真的很強。猶他州也非常強。Bill，還有其他——

Utah's woken up. There's a new --

猶他州醒過來了。有一個新的——

Yes, it is a new one. Yes. If you're talking about the areas that we consider above normal strength, those would probably be the territories.

是的，這是一個新的。是的。如果你問的是我們認為高於正常強度的區域，那大概就是這些地區。

By the way, we -- I'm not saying we'll play there because we may choose other options. But Arizona is -- the next phases of some of the big semiconductor work is about to hit. We have opportunities there. I don't know that we'll take very much of that because we're so busy in Texas. But if you're just asking about geographies, there's some monster work in Arizona.

順帶一提，我們——我不是說我們一定會在那裡投入，因為我們可能會選擇其他選項。但亞利桑那州——一些大型半導體工程的下一階段即將啟動。我們在那裡有機會。我不確定我們會承接多少，因為我們在德州已經忙不過來。但如果你只是問地理區域，亞利桑那州有一些超大型的工程。

Very helpful. I appreciate it. I'll pass it on. Congrats again.

非常有幫助。感謝。我把時間交給下一位。再次恭喜。

I would now like to hand the conference back over to Brian Lane for closing remarks.

現在我想把會議交回給Brian Lane做結語。

All right. In closing, I want to thank our teams across the country for their dedication, skill and excellence they bring to serving our customers every day. Demand remains strong and our people continue to rise to the challenge of meeting an unprecedented need for their expertise.

好的。最後，我要感謝我們全國各地的團隊，他們每天以投入、專業技能與卓越表現來服務客戶。需求仍然強勁，而我們的同仁也持續迎接挑戰，以滿足對其專業能力前所未有的需求。

Conditions remain favorable for continued strong performance, and we have the resources and commitment to build on that momentum. Thank you for your confidence, and I hope you all have a great weekend. Thank you.

整體條件仍然有利於延續強勁表現，而我們也具備資源與承諾，在這股動能上再接再厲。感謝各位的信任，祝大家週末愉快。謝謝。

This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝各位參與，現在可以掛線。各位，祝今天愉快。