FirstService Corp (FSV) 2024 Q4 法說會逐字稿

Welcome to the fourth quarter Investors conference call. Today's call is being recorded at this time. (Operator Instructions)

歡迎參加第四季投資者電話會議。今天的通話目前正在錄音。（操作員指令）

Legal counsel requires us to advise that the discussion scheduled to take place today may contain forward-looking statements that involve known and unknown risks and uncertainties. Actual results may be materially different from any future results, performance or achievements contemplated in the forward-looking statements

法律顧問要求我們告知，今天計劃進行的討論可能包含涉及已知和未知風險和不確定性的前瞻性陳述。實際結果可能與前瞻性陳述中設想的任何未來結果、績效或成就有重大差異

Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in the company's annual information form as filed with the Canadian securities administrators and in the company's annual report on form 40-F as filed with the US Securities and Exchange Commission.

有關可能導致實際結果與前瞻性陳述存在重大差異的因素的其他信息，包含在公司向加拿大證券管理人員提交的年度信息表和公司向美國證券交易委員會提交的 40-F 表年度報告中。

As a reminder, today's call is being recorded. Today is February 5th, 2025. I would now like to turn the call over to Chief Executive Officer, Mr. Scott Patterson. Please go ahead, sir.

提醒一下，今天的通話正在錄音。今天是2025年2月5日。現在我想將電話轉給執行長史考特·帕特森先生。先生，請繼續。

Thank you, [Gigi]. Good morning, everyone and welcome to our fourth quarter and year end conference call. Thank you for joining us.

謝謝你，[吉吉]。大家早安，歡迎參加我們的第四季和年終電話會議。感謝您加入我們。

Jeremy Rakusin, is on the line with me today and will follow my overview comments with a more detailed review of our financial results. And let me start by emphasizing how pleased we are with how the year closed out. We had a very strong Q4 that capped off another stellar year for first service corporation. You all know, our long-term goal is to average 10% growth on the top line and to match that growth or do a bit better at the EBITDA line. In 2024 we doubled our long-term goal with 20% growth in revenues and 24% growth in our EBITDA.

傑里米·拉庫辛 (Jeremy Rakusin) 今天與我在線溝通，他將在我的總體評論之後更詳細地回顧我們的財務業績。首先，我想強調一下，我們對今年的結束感到非常高興。我們第四季的業績表現十分強勁，為第一服務公司又一個輝煌的一年畫上了圓滿的句號。大家都知道，我們的長期目標是實現營業收入平均成長 10%，而 EBITDA 也達到或略高於這個成長水準。2024 年，我們的長期目標將翻一番，營收成長 20%，EBITDA 成長 24%。

Much of the growth was driven by the acquisition of roofing Corp. of America late last year, but the growth was well supported by most of our other brands. And we're particularly pleased with our consolidated margin for the year that ticked up 20 basis points in a tough environment. It's a credit to our teams that continue to create efficiencies and battle as best they could to match price increases with cost inflation. Jeremy will speak more to the annual results in his comments.

大部分成長是由去年年底收購美國屋頂公司所推動的，但我們大多數其他品牌也為這一成長提供了很好的支持。我們對今年的綜合利潤率感到特別滿意，在艱難的環境下，利潤率上升了 20 個基點。這要歸功於我們的團隊，他們不斷提高效率，並盡最大努力使價格上漲與成本膨脹相匹配。傑里米將在他的評論中更多地談論年度業績。

Let me move on to the overview of the fourth quarter. Revenues were up 27% with organic growth at 10% driven primarily by strong results in our brands division. EBITDA was up 33% reflecting a 50 basis points improvement in margins and earnings per share were up 21%. Indeed, a strong finish to the year. Looking now at the separate divisions, revenues at first service residential for the quarter were up 5% with the organic growth at 3% matching our expectations and the results for Q3.

讓我繼續介紹第四季的概況。營收成長 27%，有機成長率為 10%，這主要得益於我們品牌部門的強勁業績。EBITDA 成長 33%，反映利潤率提高了 50 個基點，每股收益成長 21%。確實，今年取得了很好的結束。現在來看各部門，本季第一服務住宅部門的營收成長了 5%，有機成長率為 3%，符合我們的預期和第三季的業績。

We laid out last quarter that our communities have been experiencing budgetary pressures from rising costs including insurance premiums and legislated increases in reserves and maintenance and repairs. The budgetary pressure has in turn put pressure on our management contracts including the levels of sighted labor. As I said last call, we do see this as temporary as communities work their way through the immediate cash crunch by prioritizing their spend increasing monthly resident HOA dues and in some cases funding projects through special assessments or securing loans.

我們在上個季度指出，我們的社區一直面臨著由於成本上漲而帶來的預算壓力，包括保險費和法定儲備金以及維護和維修費用的增加。預算壓力反過來又給我們的管理合約帶來了壓力，包括視力正常的勞動力的水平。正如我上次所說的，我們確實認為這只是暫時的，因為社區正在通過優先考慮支出、增加每月居民 HOA 會費以及在某些情況下通過特殊評估或獲得貸款來資助項目來解決眼前的現金短缺問題。

Looking forward, we see organic growth in the low single digit range for the first half of 2025. The trough will be most acute in the first quarter and then organic growth will build from there through the year. First service residential grew organically by 5% for the full year in 2024. And we expect the division to grow at a similar level in 2025. Moving on to first service brands. Revenues for the quarter were up 45% driven primarily by the addition of Roofing Corp of America and very strong year-over-year results in our restoration segment. Organic growth was 16% for the division almost entirely driven by restoration.

展望未來，我們預計 2025 年上半年的自然成長率將達到個位數的低點。低谷將在第一季最為嚴重，然後有機成長將從那時開始持續到全年。2024 年全年首間服務住宅有機成長 5%。我們預計該部門在 2025 年將保持類似的成長水準。轉向第一個服務品牌。本季營收成長 45%，主要得益於美國屋頂公司的加入以及修復部門的同比業績強勁增長。該部門的有機成長率為 16%，幾乎完全由修復業務推動。

Looking more closely at restoration, Paul Davis and first on site, together recorded revenues that were up 40% over the prior year. Both brands benefited during the quarter from Hurricanes, Helene and Milton. In the aggregate, we generated about $60 million in revenue from named storms compared to $15 million in the prior year quarter. We're pleased with how the year closed out for us in restoration. After a slow start, we finished strong and showed organic growth for the full year of about 5%.

更仔細地看一下修復情況，保羅戴維斯 (Paul Davis) 和第一個現場人員合計記錄的收入比去年增長了 40%。本季度，這兩個品牌均受益於 Hurricanes、Helene 和 Milton 的貢獻。總體而言，因命名風暴我們獲得了約 6,000 萬美元的收入，而去年同期為 1,500 萬美元。我們對這一年的修復工作進展順利感到很滿意。雖然一開始進展緩慢，但我們最終表現強勁，全年有機成長率約為 5%。

If we adjust for named storms, organic growth was over 10%. We booked approximately $90 million of revenue from named storms in 2024 compared to $160 million in 2023. We continue to grow and make progress year-to-year in our restoration segment. Since acquiring first on site, our two brands together have averaged organic growth of almost 10% over the last six years. We feel like we're right on track with our original thesis in this business when we took the big step into commercial restoration with the acquisition of first on site in 2019.

如果我們根據命名風暴進行調整，有機成長率將超過 10%。2024 年，我們從命名風暴中獲得的收入約為 9,000 萬美元，而 2023 年為 1.6 億美元。我們在修復領域不斷發展壯大，逐年進步。自首次收購以來，我們兩個品牌在過去六年中的平均有機成長率接近 10%。當我們在 2019 年收購第一家現場公司並向商業修復邁出重要一步時，我們感覺我們在這個行業的最初理念已經步入正軌。

Looking forward, we are through the mitigation work from the Q4 hurricanes and focus now on securing or preparing for the related reconstruction work. As I've mentioned previously, the process of scoping and approving work with adjusters and insurance carriers can take time and that is before permitting starts. All that to say that backlog conversion becomes hard to forecast. We enter Q1 with a solid backlog that is up modestly over prior year.

展望未來，我們已經完成了第四季颶風的減災工作，現在的重點是確保或準備相關的重建工作。正如我之前提到的，在許可開始之前，與理賠員和保險公司確定範圍和批准工作的過程可能需要一些時間。所有這些都表明積壓訂單的轉換變得難以預測。進入第一季度，我們擁有充足的積壓訂單，且較去年同期略有增加。

In addition, we're seeing an uptick in leads from the L.A. Wildfires and the recent cold weather across North America. Based on current visibility, we expect to show mid-single digit growth in our restoration segment in the first quarter. Moving now to Roofing Corp of America, we had another good quarter to end the year. Our first full year in partnership with the team at RCA. We accomplished much of what we set out to do in year one, including hitting our due diligence forecast and adding strategic tuck under in key markets.

此外，我們還看到有關洛杉磯山林大火和近期北美寒冷天氣的線索增加。根據目前的狀況，我們預計第一季修復部門將實現中等個位數成長。現在轉到美國屋頂公司，我們又以一個好的季度結束了這一年。這是我們與 RCA 團隊合作的第一個完整年。我們完成了許多在第一年就設定的目標，包括達到我們的盡職調查預測和在關鍵市場增加策略收入。

The acquisitions of Crowther and Hamilton midway through the year were important additions and we anticipate further expanding our footprint in 2025. Looking forward in our roofing segment, we expect to show a significant revenue increase in Q1 of 50% or more primarily due to the inclusion of Crowther and Hamilton, two non-seasonal roofing contractors. Their impact will be exaggerated in the first quarter for Roofing Corp when many of the existing branches are slower due to winter weather, we'll see a lesser impact in Q2.

今年年中收購 Crowther 和 Hamilton 是重要的補充，我們預計 2025 年將進一步擴大我們的足跡。展望我們的屋頂部門，我們預計第一季的營收將大幅成長 50% 或更多，這主要歸功於兩家非季節性屋頂承包商 Crowther 和 Hamilton 的加入。對於 Roofing Corp 來說，它們的影響在第一季將會被誇大，因為受冬季天氣影響，許多現有分公司的業務發展緩慢，但在第二季度，它們的影響會較小。

Now to our home service brands where revenues were slightly down from the prior year right in line with our expectation. The environment has improved only modestly since our last call at the end of Q3. lead activity continues to be down year-over-year. We're driving higher conversion rates and seeing an increase in average job size which we expect will lead to a revenue level that is flat to slightly down for the first half of 2025.

現在談談我們的家居服務品牌，其收入較上年略有下降，這符合我們的預期。自從我們在第三季末進行上次電話會議以來，環境僅略有改善。鉛活動較去年同期持續下降。我們正在提高轉換率，並看到平均工作規模的增加，我們預計這將導致 2025 年上半年的收入水準持平或略有下降。

We're cautiously optimistic that we'll start to see market improvement in Q2 leading to revenue growth in the back half of the year. Home equity values remain strong, and home prices continue to increase. These indicators and others all point to a more buoyant home improvement market in 2025. Although the implementation of tariffs may well temper consumer confidence and further delay market improvement time will tell.

我們謹慎樂觀地認為，第二季市場將開始改善，從而帶來下半年營收的成長。房屋淨值保持強勁，房價持續上漲。這些指標和其他指標都表明，2025年的家裝市場將更加活躍。儘管關稅的實施可能會削弱消費者信心並進一步推遲市場改善，但時間會證明一切。

And I'll finish with Century Fire where we had another strong quarter that was up nominally versus the prior year due to a very robust comparative quarter that was up 25% organically versus the fourth quarter in 2022. The team at Century did well to exceed the prior year. Activity levels remain buoyant at century and we expect another solid year upcoming with organic growth approaching 10% spread evenly across the quarters.

最後，我將以 Century Fire 為例，我們度過了又一個強勁的季度，與上一年相比名義上有所增長，這要歸功於非常強勁的比較季度，與 2022 年第四季度相比，有機增長了 25%。世紀團隊表現出色，超越了去年。世紀以來，活動水準仍保持旺盛，我們預計未來一年將是另一個穩健的一年，有機成長率接近 10%，且均勻分佈在各個季度。

Let me now call on Jeremy, to review our results in detail and provide a consolidated look forward.

現在，請容許我請傑里米詳細回顧我們的結果並提供綜合的展望。

Thank you, Scott and Good morning, everyone. As you just heard, we are pleased with the strong fourth quarter and full year results we delivered. Particularly when looking back to what we outlined as our annual growth objectives at the beginning of 2024. We saw increasing momentum throughout the year and ultimately met or exceeded our financial targets across the board. The fourth quarter specifically showed strong outperformance in aggregate for our two divisions, which more than offset significant, negative, non-cash foreign exchange adjustments and corporate costs outside of the operating segments.

謝謝你，斯科特，大家早安。正如您剛才聽到的，我們對第四季度和全年的強勁業績感到非常滿意。特別是回顧我們在 2024 年初概述的年度成長目標時。我們全年都保持著不斷增長的勢頭，最終全面達到或超越了我們的財務目標。第四季度，我們兩個部門的整體表現尤其出色，足以抵消重大的負面非現金外匯調整和營運部門以外的公司成本。

I will elaborate with further details in just a moment. During the fourth quarter, our operating results included consolidated revenues totaling $1.37 billion and adjusted EBITDA of $137.9 million up 27% and 33% respectively. With our margin at 10.1% up 50 basis points compared to 9.6% during the prior year. Our Q4 adjusted EPS was $1.34 up 21% over last year's fourth quarter.

我稍後將進一步詳細說明。第四季度，我們的經營業績包括綜合收入總計 13.7 億美元，調整後 EBITDA 為 1.379 億美元，分別成長 27% 和 33%。我們的利潤率為 10.1%，較前一年的 9.6% 上升了 50 個基點。我們第四季的調整後每股收益為 1.34 美元，較去年第四季成長 21%。

For the full year consolidated revenues increased 20% to $5.22 billion including 4% organic growth. Adjusted EBITDA came in at $513.7 million up 24% over the prior year. and yielding a 9.8% margin up 20 basis points compared to 9.6% in 2023. Adjusted EPS for the 2024 fiscal year was $5 even up 7% versus 2023. Note that these comments on our adjusted EBITDA and adjusted EPS results respectively reflect adjustments to GAAP operating earnings and GAAP, EPS which are disclosed in this morning's release and are consistent with our approach in prior periods.

全年綜合收入成長 20% 至 52.2 億美元，其中有機成長 4%。調整後 EBITDA 為 5.137 億美元，較上年成長 24%。利潤率為 9.8%，較 2023 年的 9.6% 上升 20 個基點。2024 財年的調整後每股收益為 5 美元，較 2023 年成長 7%。請注意，這些對我們的調整後 EBITDA 和調整後 EPS 結果的評論分別反映了對 GAAP 營業收入和 GAAP、EPS 的調整，這些調整已在今天上午的新聞稿中披露，並且與我們前期的方法一致。

Now, walking through the -- quarterly and annual results in our two divisions, I will lead off with first service residential for Q4 revenues were $521 million up 5% versus the prior year period. And the division reported EBITDA of $46 million up 6% quarter-over-quarter. Our margin for the quarter was 8.8% matching the prior year period for the full year revenues were $2.1 billion increasing by 7% over 2023 including 5% organic growth. Annual EBITDA increased 6% with our full year margin at 9.3% and in line with the 9.4% margin for 2023.

現在，讓我來介紹一下我們兩個部門的季度和年度業績，首先我想說的是，第一季住宅服務收入為 5.21 億美元，比去年同期增長 5%。該部門報告的 EBITDA 為 4,600 萬美元，季增 6%。我們本季的利潤率為 8.8%，與去年同期持平，全年營收為 21 億美元，比 2023 年成長 7%，其中有機成長 5%。年度 EBITDA 成長 6%，全年利潤率為 9.3%，與 2023 年 9.4% 的利潤率一致。

The division performance matched our expectations both for 2024 as well as the long-term targets of mid-single digit annual organic top line growth with annual margins remaining within our typical 9% to 10% margin band. Looking next at our first service brands division, the very strong fourth quarter included revenues of $844 million up 45% compared to Q4, 2023 and EBITDA came in at $100.7 million up 65% year-over-year.

該部門的業績符合我們對 2024 年的預期，也符合長期目標，即年度有機營收實現中等個位數增長，年利潤率仍保持在我們典型的 9% 至 10% 的利潤率範圍內。接下來看看我們的第一個服務品牌部門，第四季表現非常強勁，營收為 8.44 億美元，與 2023 年第四季相比成長 45%，EBITDA 為 1.007 億美元，年成長 65%。

The significantly higher profitability was driven by contribution of our Roofing Corp acquisition acquired in late 2023 as well as improved margins on an organic basis. The brand's division margin during the quarter was 11.9% up 140 basis points over 10.5% in the prior year quarter. Our restoration brands saw higher margins driven by operating leverage from the strong top line growth that Scott described in his comments. We also had improved margins within home services as our California closets company owned operations continue to reduce their promotional activities and optimize their labor costs compared to the prior year quarter.

獲利能力的大幅提高得益於我們於 2023 年底收購 Roofing Corp 的貢獻以及有機利潤率的提高。該品牌本季的部門利潤率為 11.9%，較去年同期的 10.5% 上升了 140 個基點。正如史考特在評論中所描述的那樣，強勁的營收成長帶來了營業槓桿的推動，我們的修復品牌的利潤率也隨之上升。由於我們加州壁櫥公司所屬的業務與去年同期相比繼續減少促銷活動並優化勞動力成本，我們的家居服務利潤率也提高了。

The strong finish to the year in the brands division produced robust annual growth metrics. Revenues, eclipsing $3 billion and up 32% while EBITDA grew 40% over the prior year. Our full year 2024 brands margin came in at 11% up 60 basis points over the prior year of 10.4%. Finally, two remaining points to highlight regarding profitability below the operating division lines. First, we reported significantly higher corporate costs of almost $9 million in the fourth quarter compared to just over $1 million in Q4 of 2023 with almost all of the variants driven by non-cash foreign exchange movements related to the translation of Canadian dollar debt from a prior acquisition.

品牌部門在今年底取得了強勁的業績，實現了強勁的年度成長指標。營收超過 30 億美元，成長 32%，EBITDA 比上年成長 40%。我們 2024 年全年品牌利潤率為 11%，比前一年的 10.4% 上升了 60 個基點。最後，關於經營分部線以下的獲利能力，還有兩點要強調。首先，我們報告稱，第四季度的公司成本大幅增加，達到近 900 萬美元，而 2023 年第四季僅為 100 萬美元，幾乎所有變化都是由與先前收購的加元債務轉換相關的非現金外匯變動所驅動。

This FX adjustment had a negative impact of $0.08 to our adjusted earnings per share in the fourth quarter. For the full year our corporate costs were $25 million compared to a little over $14 million versus the prior year. And once again, non-cash foreign exchange movements were the principal driver for the significant increase. Secondly, our annual interest costs were 75% higher in 2024 than the prior due to the higher rate environment as well as increased debt levels to finance our roofing platform and subsequent tuck under acquisitions.

這項外匯調整對我們第四季的調整後每股盈餘產生了 0.08 美元的負面影響。全年我們的企業成本為 2500 萬美元，而前一年則略高於 1400 萬美元。非現金外匯變動再次成為大幅成長的主要動力。其次，由於利率環境較高以及為資助我們的屋頂平台和隨後的收購而增加的債務水平，我們 2024 年的年度利息成本比之前高出 75%。

This tempered our annual EPS performance to 7% year-over-year growth which was a meaningful GAAP to our top line and operating earnings growth rates. In the fourth quarter we started to see our EPS growth approach, our strong operating growth performance as interest rates have started to moderate. I'll now summarize our cash flow and capital deployment for the year. We delivered cash flow from operations totaling $285 million which was up modestly versus 2023.

這使得我們的年度每股收益年增 7%，這對我們的營收和營業利潤成長率來說是一個有意義的 GAAP。在第四季度，隨著利率開始緩和，我們開始看到每股盈餘成長，以及強勁的營運成長表現。我現在將總結我們今年的現金流和資本配置。我們實現的經營現金流總計 2.85 億美元，較 2023 年略有成長。

Normalizing our operating cash flow to exclude working capital movements given prior year pickups, we saw a 19% increase on a year-over-year basis. We fully redeployed our cash flow with over $300 million allocated to support our continued growth. 2/3 going towards our tuck under acquisition program and the remaining third towards capital expenditures for existing operations. Our acquisition spending during the year totaled $212 million largely directed towards expanding the geographic footprint of our Roofing Corp operating platform.

將我們的營運現金流標準化，以排除前幾年回升帶來的營運資本變動，我們發現年增了 19%。我們完全重新部署了我們的現金流，並分配了超過 3 億美元來支持我們的持續成長。三分之二將用於我們的收購計劃，剩餘三分之一將用於現有營運的資本支出。我們本年度的收購支出總計 2.12 億美元，主要用於擴大我們 Roofing Corp 營運平台的地理覆蓋範圍。

Our CapEx for 2024 tally just below our annual target of $115 million. In 2025 we expect total capital expenditures to be approximately $125 million growing in lockstep with our operations and remaining in-line with historical investment trends measured relative to our revenues in EBITDA. In addition to these capital allocation priorities, we also announced CSA 10% dividend increase to $1.10 per share annually in US dollars up from the prior $1.

我們的 2024 年資本支出略低於 1.15 億美元的年度目標。到 2025 年，我們預計總資本支出將達到約 1.25 億美元，與我們的營運同步成長，並與相對於 EBITDA 收入衡量的歷史投資趨勢保持一致。除了這些資本配置優先事項之外，我們還宣布將 CSA 的股息從先前的 1 美元增加 10% 至每年 1.10 美元。

Our consistent and robust growth in financial performance over the long-term has allowed us to establish a track record of healthy annual dividend hikes of 10% plus over the past decade. We are able to allocate our growth capital and deliver incremental dividend returns because our balance sheet continues to remain strong. At 2024 year-end our leverage sits at two times net debt to adjusted EBITDA down slightly from the prior year end notwithstanding the significant acquisition activity I noted earlier. We have approximately $360 million of liquidity through our cash on hand and undrawn portion of our bank credit facility.

我們長期持續強勁的財務業績成長，使我們在過去十年中創下了每年 10% 以上的健康股息成長記錄。由於我們的資產負債表持續保持強勁，我們能夠分配成長資本並提供增量股息回報。截至 2024 年底，我們的槓桿率為淨債務與調整後 EBITDA 的兩倍，儘管我之前提到重大的收購活動，但仍較上年底略有下降。我們擁有約 3.6 億美元的流動資金，包括庫存現金和尚未提取的銀行信貸部分。

This level is ample for our foreseeable needs. And with the strong support of our bank syndicate and long term note holders, we have the ability to tap into incremental debt capacity as necessary. Looking forward, Scott has already provided some color on the top line growth outlook for the individual brands. Aggregating those indicators the upcoming first quarter consolidated revenue growth will approach 10% and this pacing should continue into Q2 as we benefit through the incremental contribution from roofing acquisitions that closed in mid 2024.

這個水準足以滿足我們可預見的需求。在我們的銀行財團和長期票據持有人的大力支持下，我們有能力在必要時利用增量債務能力。展望未來，斯科特已經對每個品牌的營收成長前景做出了一些預測。綜合這些指標，即將到來的第一季綜合收入成長將接近 10%，而且這種速度應該會持續到第二季​​度，因為我們將受益於 2024 年中期完成的屋頂收購帶來的增量貢獻。

In the back half of the year, we will revert back to consolidated mid-single digit top line growth without accounting for any further tuck under acquisitions. Piecing this together for the full year we expect our businesses to collectively deliver high single digit top line growth. In terms of our consolidated margin, we expect Q1 to be modestly higher versus prior year with the residential division margin roughly flat and our brands division margin up on the continuation of the same themes as recent quarters.

今年下半年，我們將恢復到中等個位數的綜合營收成長，不考慮任何進一步的收購。綜合考慮全年情況，我們預計我們的業務將共同實現高個位數的營收成長。就我們的綜合利潤率而言，我們預計第一季的利潤率將比去年同期略高，其中住宅部門的利潤率基本持平，而我們的品牌部門的利潤率將延續最近幾季的相同主題。

These positive brands margin dynamics will moderate in Q2 and beyond assuming no additional significant weather driven events and large loss claims in restoration. For the full year we expect brands division margins to be modestly up and our first service residential margins to be flat to potentially slightly up. This will drive incremental consolidated EBITDA margin expansion during the year compared to 2024.

假設沒有其他重大天氣事件和修復過程中的巨額損失索賠，這些積極的品牌利潤率動態將在第二季度及以後有所緩和。就全年而言，我們預計品牌部門的利潤率將小幅上升，而我們的首項服務住宅利潤率將持平或略有上升。與 2024 年相比，這將推動本年度綜合 EBITDA 利潤率逐步擴大。

This concludes our prepared comments, Operator. Please open up the call to questions. Thank you.

操作員，我們的準備好的評論到此結束。請打開電話來回答問題。謝謝。

(Operator Instructions) Steven MacLeod, BMO Capital Markets.

（操作員指示）Steven MacLeod，BMO 資本市場。

Morning guys. Steven MacLeod, from BMO, not William Blair, but anyways, yeah, just thanks for the color. A few call up, follow up calls, follow up questions here. Just as you think about the pressures you saw in the first service, residential business from those budgetary constraints and insurance premiums. Just wondering what kind of visibility there is into those beginning to ease as you think about the balance of the year.

早安，大家。Steven MacLeod，來自 BMO，不是 William Blair，但無論如何，是的，只是感謝你提供的資訊。這裡有一些電話、跟進電話和跟進問題。正如您想到在第一個服務中看到的壓力一樣，住宅業務也面臨預算限制和保險費的壓力。只是想知道，當你考慮今年的平衡時，這些開始緩解的跡像有什麼樣的可見性。

Yes, Steven, I mean, we're certainly seeing it normalized the organic growth that we're seeing in Q4, and we'll see in Q1 it reflects the net of wins less losses over the last year. And it also bakes in renewals where we've made accommodations around price or where the level of service and number of cited staff has changed, and it flows through does not turn on a dime in this business. So we're riding it out for the next few quarters, as I said. But again, we fully expect it to pick up later in the year and we expect our full year organic growth to match what we experienced in 2024 mid-single digit.

是的，史蒂文，我的意思是，我們確實看到它使我們在第四季度看到的有機增長正常化，並且我們會看到在第一季它反映了去年勝率減去虧損的淨額。而且，它還會考慮到我們在價格方面所做的調整，或者服務水準和所引用員工數量發生變化的情況，並且它在這個行業中不會發生任何變化。所以正如我所說的，我們將在接下來的幾季裡堅持下去。但是，我們再次完全預計它會在今年晚些時候回升，並且我們預計全年有機增長將與 2024 年經歷的中等個位數增長相匹配。

That's great. Thanks, Scott. And then maybe just turning to the brands division. You talked a little bit about getting through the sort of initial phase of the Helene and Milton hurricane destruction. And just wondering if you can give some color around sort of how that tends to evolve into more kind of remediation and construction work. What's the typical timeline you see when those weather events pass through and how that conversion works.

那太棒了。謝謝，斯科特。然後也許只是轉向品牌部門。您談到如何度過海倫颶風和米爾頓颶風破壞的初期階段。我只是想知道您是否可以解釋一下這將如何演變為更多的補救和建設工作。當這些天氣事件發生時，您看到的典型時間線是什麼樣的，以及這種轉換是如何進行的。

It's taking longer and longer. We saw it with hurricane in work from these hurricanes is going to be slow to convert, the backlog of reconstruction works it's taking shape. But as I said in my prepared comments, it's very slow, the adjudication and approval from carriers and then from permitting is slow. This backlog will convert over the next year, but it will take over a year. That's certainly what we saw with. So it reduces our visibility from quarter-to-quarter, but we do have work, the backlog is building just very difficult to forecast in the near term.

所花的時間越來越長。我們看到颶風過後的工作進展緩慢，積壓的重建工作正在成形。但正如我在準備好的評論中所說的那樣，它非常慢，來自承運人的裁決和批准以及許可都很慢。這些積壓訂單將在明年轉換，但這將需要一年以上的時間。這確實是我們所看到的。因此，它降低了我們季度間的可見性，但我們確實有工作，積壓工作正在增加，只是短期內很難預測。

Okay. That makes sense. Thanks, Scott. And then maybe just finally just putting together kind of those, those dynamics around the restoration business. I don't know, and I apologize if I missed it, but I know you gave some full year color around the residential top line. Just curious if you have something similar for the brands top line as we kind of factor in that the -- those the storm revenues, potentially being more delayed than, than previously thought.

好的。這很有道理。謝謝，斯科特。然後也許最終只是把這些圍繞著修復業務的動態整合在一起。我不知道，如果我錯過了，我很抱歉，但我知道你給了一些有關住宅營收的全年數據。我只是好奇，您是否對品牌營收有類似的看法，因為我們考慮到，風暴收入可能會比之前預想的更加延遲。

I think, Jeremy, and his and his full year commentary. I think we're looking at a mid-single digit organic growth and then we add in the year-over-year impact of the roofing tuck under hunters. Jeremy, do you have any more on that?

我認為，傑里米，以及他和他的全年評論。我認為，我們正在看到中等個位數的有機增長，然後我們加上屋頂隱藏獵人的同比影響。傑里米，你對此還有什麼看法嗎？

That's correct. Scott, direction, the front half stronger with the with the roofing acquisitions and then the back half flat sorry down to mid-single digits. So organically, Steven for the brand division of mid-single digit or grow for the year would be a good Number.

沒錯。斯科特，方向，前半部分由於屋頂收購而更加強勁，然後後半部分持平，抱歉下降到中等個位數。因此，從有機角度來看，史蒂文對於品牌部門來說，今年實現中等個位數成長或成長將是一個不錯的數字。

That's great color. Thanks guys. Appreciate it.

顏色真棒。謝謝大家。非常感謝。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓，威廉布萊爾。

Hey, thanks guys and nice work in the in the year. Just first on the on the 2025 revenue guidance. Can you maybe just parse out how much of the high single digit revenue growth that you expect would be organic versus the impact of tuck under acquisitions? You've already completed. If there's a way to roughly frame that.

嘿，謝謝大家，今年你們做得很好。首先談談 2025 年的收入指引。您能否分析一下，您預期的高個位數營收成長中有多少是有機成長，有多少是受內部收購的影響？你已經完成了。如果有辦法粗略地概括這一點的話。

Yes. Steven, it's Jeremy again. Again, mid-single digit, we grew 4% this year organically. We see it being mid-single digits next year. So in that 4% to 5% range would be a good organic number with the rest being again, tuck-under acquisitions, largely filtering through the front half, the first two quarters of the year.

是的。史蒂文，又是傑瑞米。我們今年的有機成長率再次達到 4%，達到中等個位數。我們預計明年該數字將達到個位數的中段。因此，4% 到 5% 的範圍將是一個很好的有機數字，其餘部分又是秘密收購，主要在前半年，即今年的前兩個季度進行過濾。

Got it. That's helpful. And then, kind of thinking about Roofing Corp now that you've owned that for over a year and I know you've done some, some additional capacity kind of investments there, but just if you're thinking about the margin profile of that business over the longer-term changed at all. And, specifically, are there potentially bigger benefits of scale than maybe what you considered when you entered that market, just a little bit over a year ago.

知道了。這很有幫助。然後，現在您已經擁有 Roofing Corp 一年多了，而且我知道您在那裡做了一些額外的產能投資，但如果您考慮一下該業務的長期利潤率狀況，它是否會發生變化。具體來說，規模效益是否可能比您一年多前進入該市場時所考慮的更大？

Jeremy, why don't I speak to scale and you can add anything as it relates to margins. There's a few things I would point out, Steven one is that the scale and as we grow, it enables us to service what we call premier accounts in our roofing business. That is large regional or national owners of commercial real estate and think of it similar to our National Accounts Program at Century or first on site. And as a sort of a single operation or even a few branches, it's really not of interest to the larger owners, but at the scale we're at today we're able to make, get some traction that front.

傑里米，我為什麼不談談規模，你可以添加任何與利潤相關的內容。史蒂文，我想指出幾點，第一點是，隨著我們的成長，規模使我們能夠為屋頂業務中所謂的優質客戶提供服務。他們是大型區域性或全國性的商業房地產所有者，可以將其視為與我們世紀或第一個現場的國家帳戶計劃類似。作為單一業務甚至幾個分支機構的業務，它對於較大的業主來說確實沒有什麼吸引力，但是以我們今天的規模，我們能夠取得一些進展。

The other thing I would say is relates to purchasing as we grow, we move into higher tiers of discounts with the major vendors. It does make a difference to our profitability. So that would be on the material side but also enables us to build an insurance program which safety and, and insurance is a big issue and something that we focus on very closely with the RCA team and having the scale does bring cost reduction in insurance.

我想說的另一件事是，隨著我們的成長，我們會與主要供應商一起提供更高等級的折扣。這確實對我們的獲利能力產生了影響。因此，這不僅是物質方面，而且還使我們能夠建立一個保險計劃，其中安全和保險是一個大問題，也是我們與 RCA 團隊密切關注的問題，規模化確實可以降低保險成本。

And Stephen, just to weigh in on the margin. I mean, in the near term, adding additional tuck under and scaling we're running these on very decentralized basis that the individual branches keep their own brand. So we're not integrating significantly in any way to take out cost reduction. As Scott, mentioned, the benefits of scale in the form of procurement on raw materials could have an uptake, other things that could drive margin performance as we increase.

史蒂芬，我們只是想談邊際。我的意思是，在短期內，我們將在非常分散的基礎上增加額外的收入和擴大規模，以便各個分支機構都能保留自己的品牌。因此，我們不會採取任何方式進行大規模整合來降低成本。正如斯科特所提到的，原材料採購形式的規模效益可能會得到提升，其他因素也可能會隨著我們的成長而推動利潤率的提高。

Servicing, that's typically a higher margin category of revenue, but that will be incremental and over time. So I would not be modeling any incremental margin improvement beyond what we've indicated previously for the Roofing Corp platform in the near-term.

服務通常是利潤率較高的收入類別，但其成長將是漸進的、隨著時間的推移而增加的。因此，我不會對近期屋頂公司平台超出我們之前所指出的任何增量利潤率改善進行建模。

Okay, got it. That's very helpful, Scott and Jeremy. And maybe just one more if I could just back on residential and I already got asked a little bit about that, but your customers on the residential side? Thinking about amenities heading into the spring and I know you have some seasonal amenities there such as pools, any signs that the budgetary pressure may weigh on the opening and or staffing levels for amenities as we, as we enter 2Q and 3Q.

好的，明白了。這非常有幫助，斯科特和傑里米。也許我還可以再問一個關於住宅的問題，我已經被問到這個主題了，但是您在住宅方面的客戶呢？考慮到春季即將到來，我知道那裡有一些季節性設施，例如游泳池，任何跡象表明，隨著我們進入第二季度和第三季度，預算壓力可能會對設施的開放和/或人員配備水平造成影響。

I think in certainly in some cases, it's impacted staffing, it wouldn't impact the opening of any amenities. They would perhaps cut back on our or the level of service with the amenities. It's part of the overall reduction insighted staff that we've seen, but it wouldn't be necessarily specific or targeted at the amenities. It's more broad than that and would include all cited staff, janitorial and food and beverage and, and so on. Steven ?

我認為在某些情況下，它肯定會影響人員配備，但不會影響任何設施的開放。他們或許會削減我們的設施或降低服務水準。這是我們所見過的整體減少洞察員工的一部分，但它不一定是具體的或針對便利設施的。它的範圍比這更廣泛，包括所有被推薦的工作人員、清潔人員、食品和飲料人員等等。史蒂文？

All right, thanks. And nice work again.

好的，謝謝。再次表現出色。

Thanks.

謝謝。

Scott Fletcher, CIBC World Markets Inc.

加拿大帝國商業銀行全球市場公司 (CIBC World Markets Inc.) 的 Scott Fletcher

Hi, good morning. You mentioned it briefly in the prepared remarks just on the LA fires. Just curious if that could be something that makes a difference in the first half of the year or if you have enough capacity in the region to sort of have, get enough business to make a difference. There, just any commentary, there would be helpful.

嗨，早安。您在洛杉磯火災的準備好的發言中簡要地提到了這一點。只是好奇這是否會對上半年產生影響，或者您在該地區是否擁有足夠的產能來獲得足夠的業務以產生影響。那裡，任何評論都會有幫助。

Yes, sure. I mean, we're definitely seeing an uptick in leads and claims relating to the LA fires. We have built that into our general guidance that we provided on this call. With, in that area we're primarily serving our national accounts in relation to smoke damage. We don't have a significant branch footprint in the area which limits our response to local businesses. But we do have a number of claims and work is still coming in so it will benefit us. And I wouldn't just say in Q1, I would say it'll benefit us this year, but still taking shape, I would say Scott.

是的，當然。我的意思是，我們確實看到與洛杉磯火災有關的線索和索賠增加。我們已將其納入本次電話會議中提供的一般指導中。在該地區我們主要為與煙霧損害有關的國家帳戶提供服務。我們在該地區沒有設立大型分支機構，這限制了我們對當地企業的回應。但我們確實收到了一些索賠，而且工作仍在進行中，因此這將對我們有利。我不會只說在第一季度，我會說它將在今年使我們受益，但仍在成形，我想說斯科特。

Okay, thanks. And then just on the M&A and the Tuck-under program going forward, I think you sort of clearly focus has been on roofing in '24. Would that still be the case? All of being equal in '25 that roofing deals would be front of the line.

好的，謝謝。然後，關於未來的併購和 Tuck-under 計劃，我認為你們的重點顯然是 24 年的屋頂。情況還會這樣嗎？在 25 年，所有條件都相同，即屋頂交易將處於領先地位。

I think that's fair just because of the activity and in the roofing market, it's consolidating quickly. There are dozens of private equity owned platforms that are, being established and, that activity is spurring all the independent owners to take advantage of the consolidation. So it's happening and we'll participate certainly, but we do have prospects across all our segments right now, I would say, but -- '25 will could well resemble '24 with more of our capital being deployed on roofing than the other segments.

我認為這是公平的，因為屋頂市場的活動正在迅速整合。目前有數十個私募股權平台正在建立，這些活動正促使所有獨立所有者利用整合的機會。所以它正在發生，我們肯定會參與，但我想說，目前我們在所有領域都有前景，但是 - '25年可能會與'24年相似，我們將更多的資金部署在屋頂上而不是其他領域。

Okay, excellent. Thank you

好的，非常好。謝謝

(Operator Instructions). Daryl Young, Stifel.

（操作員指令）。達裡爾楊（Daryl Young），Stifel。

Hey, good morning, everyone. First question is around insurance dynamics and just the cost of residential and commercial insurance today and some of the signs of cancellation of insurance that we've seen by some of the carriers. How is that impacting how you think about your growth plans for the residential property management business? And I guess as well restoration is it impacting where you want your footprint to be in the future or anything there you can speak to.

嘿，大家早安。第一個問題是關於保險動態和當今住宅和商業保險的成本，以及我們看到的一些保險公司取消保險的跡象。這對您對住宅物業管理業務成長計畫的看法有何影響？我想，修復是否也會對您希望將來的足跡所在的地方或您可以談論的任何事情產生影響。

Yes, I mean, it's, interesting and it's real time because insurance carriers are in and out of markets and as events happen and certainly increasing premiums, it's very much an evolving market. I think the one thing that is clear is that the cost of property insurance is going up and in high-risk areas it's going up significantly and, many insurers are declining to renew. So you have more uninsured properties, and you have more self- insured homes than ever.

是的，我的意思是，這很有趣，而且是即時的，因為保險公司進出市場，隨著事件的發生，保費肯定會增加，這是一個不斷發展的市場。我認為有一點很清楚，那就是財產保險的成本正在上漲，在高風險地區，保險成本上漲幅度尤其大，許多保險公司都拒絕續保。因此，未投保的房產比以往任何時候都多，而自我投保的房屋也比以往任何時候都多。

So that would, impact, perhaps Paul Davis, more than first on site on the restoration side. Paul Davis is our brand that primarily serves the residential market. In high-risk areas, I think that what Paul Davis will do in this environment is, is create more awareness, brand awareness campaigns in high-risk areas to specifically target self-insured homeowners. As, again, there's just going to be an increasing number of, properties that, will be self-insured, but the thing that, -- the thing that we have to keep in mind is that, -- the building stock is ever increasing, and the damage and the weather events are ever increasing.

因此，這可能會對保羅戴維斯 (Paul Davis) 產生影響，而不僅僅是首先在現場進行修復。Paul Davis 是我們的品牌，主要服務住宅市場。在高風險地區，我認為保羅戴維斯在這種環境下會做的是在高風險地區提高意識，開展品牌知名度活動，專門針對自保房主。再說一遍，越來越多的房產將進行自我保險，但我們必須牢記的是，建築存量不斷增加，損壞和天氣事件也不斷增加。

So the work's going to be there it's just a question of who's going to pay for it, whether it's covered by insurance or whether it's a self-pay or where the government stepping in some way. But the work's going to be there for our restoration brands. We're confident of that. And then on the first service residential side, I think that we're the cost of insurance again, is going up but communities are dealing with it. And it goes to my comments around organic growth and first service residential.

因此，這項工作將會存在，唯一的問題是誰來支付費用，是否由保險承保，還是自付，或政府以某種方式介入。但我們的修復品牌仍將繼續進行工作。我們對此充滿信心。然後，在第一個服務住宅方面，我認為我們的保險成本再次上漲，但社區正在應對。這是我關於有機增長和第一個服務住宅的評論。

They're having to increase the monthly ho a dues to deal to deal with rising costs. And the homeowners, if it's a single-family home, they'll have increased insurance costs directly. So they're working their way through it, I think. That there will be insurance always for communities it's more of the individual homeowner where we're going to see more of the disruption, I think.

他們不得不增加每月的費用來應對不斷上漲的成本。對於房主來說，如果是單戶住宅，他們的保險費用就會直接增加。所以我認為他們正在努力解決這個問題。我認為，社區始終都會有保險，而個人房主的保險將受到更多的干擾。

Got it. Okay, thanks. And then maybe one on margins. Is there an element of conservatism that's in the run rate margin guide that you're giving. And I'm just looking at it from the perspective of roofing seems to be in a creative driver of the mix. And then I would think as the home improvement brands recover in the back half a year, they would be additive to margins as well. And then potentially even in resy, some of the home resale transaction, and disclosure recovery as well. Is there an argument for upside to margins?

知道了。好的，謝謝。然後也許還有一個關於邊緣的問題。您給出的運轉率保證金指南中是否有保守因素。我只是從屋頂的角度來看這個問題，它似乎是混合材料的創意驅動力。然後我認為隨著家居裝飾品牌在下半年的復甦，它們的利潤率也會增加。然後甚至可能在住宅中，一些房屋轉售交易和披露恢復也是如此。是否存在利潤率上升的可能性？

A little bit potentially there? I don't want to get ahead of our skis, the home improvement, -- improving in the back up, that's a little early to speculate on that. Obviously, that, that would help. Although we've gotten a lot of margin improvement, through the latter half of '24 and we'll get it into the first half of '25 for sure. I don't want to commit to much more than that in the back half. Again, Resi home activity would help that piece of the business, but we haven't seen a turn yet. Home resales did accelerate in Q4.

有一點潛力嗎？我不想超越我們的滑雪板，家庭裝修，後面的改進，現在推測這些還為時過早。顯然，那會有所幫助。儘管我們的利潤率已經有很大提高，但到24年下半年和25年上半年我們肯定會實現這一目標。我不想在後半段做出太多承諾。再次，Resi 住宅活動將有助於這部分業務，但我們尚未看到轉機。第四季房屋轉售確實加速了。

But that's, the last two months of that quarter was a step up and let's see if it's sustainable and then what we get out of it. And then, I can't remember there were other parts to your upside, question. But that, yeah, I think we're being, I think we've given you the right kind of indicators from as far as the eye can see right now.

但那是，該季度的最後兩個月取得了進步，讓我們看看它是否可持續，然後看看我們從中得到了什麼。然後，我不記得你的問題還有其他優點。但是，是的，我認為我們已經從目前目睹的情況給出了正確的指標。

Got it. Okay. That's great. I'll jump back in the queue. Thanks guys.

知道了。好的。那太棒了。我將重新回到隊列中。謝謝大家。

Tim James, TD Securities.

道明證券的 Tim James。

Thank you, good morning, everyone. Wondering if you could talk or provide some additional details on the residential contract wins that you called out in Texas, Toronto and Chicago. Just any kind of insights on the nature of those contracts any competitive dynamics involved there.

謝謝大家，早安。想知道您是否可以談論或提供一些有關您在德克薩斯州、多倫多和芝加哥贏得的住宅合約的更多細節。只是對這些合約的性質以及其中涉及的競爭動態的任何見解。

Not too much to note Tim, but high rise I would say is the theme. It's a particular expertise of ours. It has been for years. We're the clear leader in high rise management across North America and are better able to differentiate ourselves in the high-rise environment than perhaps a sort of vanilla single family home community. So that would be the one thing I would call out.

沒有太多值得注意的地方，提姆，但我想說高層建築是主題。這是我們的一項特殊專長。已經好幾年了。我們是北美高層建築管理領域的領導者，與普通的獨戶住宅社區相比，我們更能在高層建築環境中脫穎而出。這是我要強調的一點。

Okay, thank you. Just returning to the discussion around changes in the world of insurance and as the environment evolves in terms of insurance and its impact, I guess on your restoration businesses, can you talk about what it means from a competitive environment perspective? I would assume they're sort of puts and takes for you. Maybe some, some challenges it creates, you talked about maybe creating a bit more brand awareness as people self insure but maybe there are actually some benefits to you as well in terms of, of scale there. I'm just wondering if you could sort of talk about the competitive environment and what that means for the changing insurance landscape.

好的，謝謝。回到有關保險世界變化的討論，隨著保險環境及其影響的發展，我想對您的修復業務來說，您能從競爭環境的角度談談這意味著什麼嗎？我認為它們對你來說是一種取捨。也許它會帶來一些挑戰，您談到隨著人們進行自我保險，也許會創造更多的品牌知名度，但從規模的角度來看，也許實際上也會為您帶來一些好處。我只是想知道您是否可以談論競爭環境以及這對不斷變化的保險格局意味著什麼。

As I digest your question, it's not clear to me that, -- there's a competitive advantage in this evolving market. I think that certainly we're in a position to be nimble. We've got, we have capital, we can invest in marketing and brand awareness if we need to choose to and in high-risk areas. So I think we're in a position to get our customers and serve our customers, which is always our focus to drive referral and repeat business. But there's nothing else that jumps out of me. Tim?

當我消化你的問題時，我並不清楚——在這個不斷發展的市場中是否存在競爭優勢。我認為我們確實處於一個可以靈活應對的位置。我們有資本，如果需要的話，我們可以選擇在高風險地區投資行銷和品牌知名度。因此我認為我們有能力吸引客戶並為客戶提供服務，這始終是我們推動推薦和重複業務的重點。但我心裡沒有其他想法。提姆？

Okay. Thank you very much.

好的。非常感謝。

Himanshu Gupta, Scotiabank.

加拿大豐業銀行的 Himanshu Gupta。

Thank you and good morning. So my question is on the margins as well. I mean, and thanks for the color on the margins, slightly up for brands and mostly flat on the residential side. So the question is that, do you think, residential or brands will get impacted by these Trump tariffs, which we were talking about this week. And like what input or material cost will get impacted and your ability to pass on to the consumer?

謝謝你，早安。所以我的問題也跟邊緣有關。我的意思是，感謝邊緣的顏色，品牌邊緣略有上升，而住宅邊緣則基本持平。所以問題是，您認為住宅或品牌會受到我們本週討論的川普關稅的影響嗎？哪些投入或材料成本會受到影響，以及您有能力將其轉嫁給消費者？

Sure, I can jump in there. We have largely exclusively service-based businesses across most of our operations. Three brands have modest raw material inputs as part of their cost structure California closets century fire protection and Roofing Corp. Most of the suppliers and vendors, for those brands are domestic and therefore wouldn't be impacted by tariffs, but to the extent, there is some modest sourcing from foreign markets requiring imports and we believe and our, -- the operating leaders of those brands are committed to covering off the cost of those tariffs through pass through cost increases in pricing.

當然，我可以跳進去。我們的業務大多以服務為主。三個品牌的成本結構中原材料投入適中，加州壁櫥世紀防火和屋頂公司。

We think the impact is going to be modest to our costs in any event because again, because of the bias and skewing more towards labor costs in these businesses and so they'll be modest to begin with and the net impact to margin will be relatively insignificant because of our ability to pass through. That's what we think the market will do and our competitors as well.

我們認為，無論如何，這對我們的成本的影響都是適度的，因為這些業務更偏向勞動成本，所以一開始的影響就很小，而且由於我們有能力轉嫁成本，對利潤率的淨影響相對較小。我們認為市場將會如此，我們的競爭對手也是如此。

Awesome. Thank you, show me for the color. That's helpful and then, just turning to Century Fire, which has been a very strong segment for you. And I think you're still calling for like, I think 10% organic growth this year. So just wondering how much the growth is, driven by new installations versus like the recurring recruitment maintenance kind of business. As commercial development slows down, which we are seeing in, a number of asset classes within real estate, will that have any impact in going forward in terms of organic growth on Century Fire.

驚人的。謝謝，請給我看顏色。這很有幫助，然後，讓我們來談談 Century Fire，這對您來說是一個非常強大的部分。我認為您仍然期望今年的有機成長率達到 10%。所以只是想知道由新安裝推動的成長與由經常性招募維護類業務推動的成長相比有多少。隨著商業開發放緩，我們看到房地產中的許多資產類別都在放緩，這會對 Century Fire 未來的有機成長產生任何影響嗎？

Yeah, we're, -- we certainly saw a slow down last year, Himanshu, but bid activity is pretty solid right now and our backlog is up. So we do expect to see growth in commercial construction which drives installation. We feel good about that this year but at the same time, our service division, our National Account Division will continue to be a growth driver at Century also. So it's a balance between those two for 2025 is what we're, what we're seeing right now.

是的，我們——去年我們確實看到了放緩，Himanshu，但現在競標活動相當穩定，我們的積壓訂單也增加了。因此，我們確實預計商業建築將成長，從而推動安裝。我們對此感到很滿意，但同時，我們的服務部門、國家客戶部門也將繼續成為世紀的成長動力。所以我們現在看到的是 2025 年這兩者之間的平衡。

Got it. Thank you, Scott. And my final question is on the roofing side. I mean, obviously you have now completed one year with RCA. I mean, how did that compare to your underwriting? And What's the organic growth in this business in the like the medium to long-term on?

知道了。謝謝你，斯科特。我的最後一個問題是關於屋頂方面的。我的意思是，顯然你已經在 RCA 工作了一年。我的意思是，這與您的承保相比如何？從中長期來看，該業務的有機成長如何？

Right. First year, I think I said in my prepared comments, we accomplished much of what we had set out to or hope to and, first and foremost, it's hitting our, our forecast, the, as you described the underwritten amount. And then secondly, it was to start to fill out the footprint in key markets. And certainly, Florida was a high priority for us and we were very pleased to get the crowder and Hamilton deal done. In terms of organic growth, you know, long-term, going back to our original thesis. This is a primarily a commercial roofer as a, as a first priority.

正確的。第一年，我想我在準備好的評論中說過，我們完成了很多我們設定的目標或希望完成的任務，首先，它達到了我們的預測，正如你所描述的承保金額。其次，它開始填補在主要市場的足跡。當然，佛羅裡達州對我們來說是重中之重，我們很高興能夠完成克勞德和漢密爾頓的交易。就有機成長而言，從長遠來看，回到我們最初的論點。這主要是作為商業屋頂工人的首要任務。

But with the increased frequency of weather, the aging building stock, the increased cost of construction, coastal building codes, all of these things are going to drive opportunity in roofing and restoration. And so we have seen since we stepped into restoration in a bigger way. Six years ago, we've seen a high single digit to 10% organic growth. And longer-term, we expect to see the same in roofing.

但隨著天氣變化頻率的增加、建築物老化、建築成本的增加、沿海建築規範的出台，所有這些都將為屋頂施工和修復帶來機會。自從我們開始更大範圍地進行修復以來，我們就看到了這一點。六年前，我們的有機成長率達到了個位數至 10%。從長遠來看，我們預計屋頂產業也將出現同樣的情況。

Thank you for the color and I'll turn it back.

謝謝你的顏色，我會把它變回來。

Thank you. At this time, I would now like to turn the conference back over to Scott Patterson, for closing remarks.

謝謝。現在，我想將會議交還給史考特·帕特森，請他作結束語。

Okay. Thank you, Gigi and thank you everyone again for joining us. Our Q1 is scheduled for end of April. So we look forward to talking to you again and enjoy the rest of your day.

好的。謝謝你，Gigi，再次感謝大家的加入我們。我們的第一季計劃在四月底。因此，我們期待再次與您交談並享受您剩餘的時光。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。