FIRSTSERVICE CORPORATION (FSV) 2026 Q1 法說會逐字稿

Good day, and welcome to the first-quarter investor conference call. (Operator Instructions) Today's call is being recorded.

各位好，歡迎參加第一季投資人電話會議。（接線員指示）今天的電話會議將被錄音。

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.

法律顧問要求我們提醒各位，今天預計進行的討論可能包含前瞻性陳述，涉及已知與未知的風險與不確定性。實際結果可能與前瞻性陳述所預期的任何未來結果、表現或成就存在重大差異。

Additional information concerning factors that could cause actual results to materially differ 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所述結果出現重大差異之因素的更多資訊，載於本公司向加拿大證券管理機構提交的年度資訊表，以及向美國證券交易委員會提交的 40-F 表格年度報告中。

As a reminder, today's call is being recorded. Today is April 23, 2026.

提醒各位，今天的電話會議將被錄音。今天是 2026 年 4 月 23 日。

I would now like to turn the call over to Chief Executive Officer, Mr. Scott Patterson. Please go ahead, sir.

現在我想把電話交給執行長 Scott Patterson 先生。先生，請開始。

Thank you, Olivia. Good morning, everyone. Thanks for joining our Q1 conference call. We reported solid results this morning that were generally in line with expectation. I'll provide a high-level review, touch on some highlights, and then pass to Jeremy Rakusin for a more in-depth discussion of the results.

謝謝你，Olivia。各位早安。感謝參加我們第一季電話會議。我們今天早上公布了穩健的業績，整體而言大致符合預期。我將先做高層次回顧、提及一些重點，接著把時間交給 Jeremy Rakusin，對業績進行更深入的說明。

Total revenues were up 5% over the prior year, with the organic growth accounting for over half of the increase. EBITDA for the quarter was up 2%, reflecting a modest and expected decline in our consolidated margin. Jeremy will walk through the detail in a few minutes. And finally, our earnings per share for the quarter were $0.95, up 3% over the prior year.

總營收較去年同期成長 5%，其中有機成長占增幅的一半以上。本季 EBITDA 年增 2%，反映我們合併毛利率出現溫和且符合預期的下滑。Jeremy 會在幾分鐘後說明細節。最後，本季每股盈餘為 0.95 美元，較去年同期成長 3%。

Looking at our divisional results. FirstService Residential revenues were up 4% in the seasonally weak first quarter. All of the growth was organic. We had a solid quarter of contract wins and renewals in our core management business at the upper end of expectation. And as we discussed in our year-end call, divisional growth was tempered by modest declines in ancillary services, including pool construction and renovation and contracted labor for commercial maintenance. Looking forward at FirstService Residential, we expect similar or slightly better organic growth in Q2 and some sequential improvement for Q3 and Q4.

來看各事業部表現。首先是 FirstService Residential，在季節性偏弱的第一季，營收年增 4%。所有成長皆為有機成長。我們核心物業管理業務在合約得標與續約方面表現穩健，達到預期區間的上緣。正如我們在年終電話會議中提到的，事業部成長受到附屬服務小幅下滑的影響，包括泳池建造與翻新，以及商用維護的外包勞務。展望 FirstService Residential，我們預期第二季有機成長將與第一季相近或略佳，第三季與第四季可望逐季改善。

Moving on to FirstService Brands. Revenues for the quarter were up 6%, balanced between organic growth and tuck-under acquisition. Organic growth was again this quarter driven by increases at Century Fire. Organic revenues within restoration, roofing and home services were all approximately flat with the prior year.

接著是 FirstService Brands。本季營收年增 6%，有機成長與併購（tuck-under acquisition）各占一半左右。有機成長本季仍主要由 Century Fire 的成長所帶動。修復（restoration）、屋頂（roofing）與居家服務（home services）的有機營收與去年同期大致持平。

Looking more closely at our segments, our Restoration Brands, FIRST ONSITE, and Paul Davis together were up mid-single digit over the prior year, and as I said, flat organically. We're pleased with the performance in Q1 after entering the quarter with a soft pipeline relative to prior year due to the mild weather we experienced in Q4.

更細看各分部，我們的修復品牌（Restoration Brands）—FIRST ONSITE 與 Paul Davis 合計較去年同期成長約中個位數；如我所說，有機成長則持平。考量我們在第四季因天候溫和而使管線相較去年同期偏弱、在此情況下進入第一季，我們對第一季的表現感到滿意。

We saw increased activity from winter storm work that benefited both our brands. The work was primarily [quick turn] water mitigation and very little carried into Q2. As a result, our overall restoration backlogs at quarter end are at similar levels to year-end and down modestly from the prior year. Based on current activity levels and the quarter end backlog, we expect Q2 revenues to be flat to slightly down from prior year levels.

我們看到冬季風暴相關工程活動增加，兩個品牌皆受惠。這些工作主要是[快速周轉]的抽水與除濕等水損緩解（water mitigation），延續到第二季的很少。因此，我們在季末的整體修復在手訂單（backlog）與年末水準相近，並較去年同期小幅下降。依目前活動水準與季末在手訂單，我們預期第二季營收將與去年同期持平至略為下滑。

Moving now to our Roofing segment. Q1 revenues were up 7% over the prior year, driven by tuck-under acquisitions, primarily Lakeland, Florida-based Springer-Peterson during Q3 last year. Organically, revenues were flat with the prior year and in line with our expectation. We expect a similar result in Q2 with single-digit top-line growth from acquisitions and approximately flat revenue organically relative to a year ago.

接著談屋頂（Roofing）分部。第一季營收較去年同期成長 7%，主要由併購（tuck-under acquisitions）所帶動，尤其是去年第三季收購的佛羅里達州萊克蘭（Lakeland）Springer-Peterson。就有機而言，營收與去年同期持平，符合我們的預期。我們預期第二季也將呈現類似結果：併購帶來個位數的營收成長，而有機營收相較一年前大致持平。

Outside of data center work, the new construction market remains depressed, and the commercial reroof market is flat to slightly up while becoming increasingly competitive. We have a strong team in our roofing platform and solid underlying branch operations. We firmly believe we're in a position to accelerate when the market improves.

除資料中心相關工程外，新建市場仍然低迷；商用換屋頂（commercial reroof）市場持平至略增，但競爭日益激烈。我們的屋頂平台擁有強大的團隊與穩健的分支營運基礎。我們堅信，一旦市場改善，我們具備加速成長的有利位置。

Moving to Century Fire. We had a strong quarter with total revenues up over 10% and organic growth at a high single-digit level. The Century results continue to be balanced between strong growth in repair, service and inspection revenues supported by solid growth in installation and contract revenues. The backlog is robust, and we expect a similar result in Q2 and for the balance of the year.

再來是 Century Fire。本季表現強勁，總營收成長超過 10%，有機成長達高個位數。Century 的成果仍維持均衡：維修、服務與檢測收入強勁成長，同時安裝與合約收入也有穩健成長。在手訂單相當充沛，我們預期第二季以及今年其餘期間將有類似表現。

Now on to our home services brands, which as a group generated revenues that were up slightly from year ago levels, modestly lower than our expectation. We started the quarter with an uptick in lead flow and some optimism. However, this dissipated moving into February and reversed with the onset of the Middle East conflict.

接著談我們的居家服務品牌。整體而言，該群組營收較去年同期小幅成長，但略低於我們的預期。我們在季初看到潛在客戶（leads）流量回升，並抱持一些樂觀。然而，進入二月後這股動能消退，並在中東衝突爆發後轉為下滑。

Leads and activity levels dropped immediately. Our teams made a decision to increase promotional spending and marketing spend to maintain momentum and capacity utilization as we ride out the storm. We were successful in holding our revenue, driving higher conversion rates and larger job size, and certainly taking share in a tough margin. It did impact our margin for the quarter, and Jeremy will speak to this in his comments.

潛在客戶與活動水準立即下降。我們的團隊決定提高促銷與行銷支出，以在度過這段逆風期間維持動能與產能利用率。我們成功守住營收，提升轉換率並提高單筆案件規模，且在艱困的利潤環境下確實取得市占。不過，這也影響了本季的利潤率，Jeremy 會在他的說明中談到。

Our lead flow for Q1 was down double digit with a steeper decline in March. It remains at depressed levels and is moving in line with consumer sentiment, which is 10% lower than a year ago. It's expected that increased gas prices and inflation in general will dampen home improvement demand in Q2 beyond what we foresaw at the beginning of the year.

第一季的潛在客戶流量呈雙位數下滑，且三月降幅更為明顯。目前仍處於低迷水準，並與消費者信心同步變動；消費者信心較一年前低 10%。預期油價上漲與整體通膨將在第二季進一步抑制居家改善需求，幅度將超出我們年初的預估。

Based on our sales and backlogs currently, we expect to get close to prior-year revenues in Q2. This outlook is impressive in the current environment and again, reflects on the tenacity and commitment of our teams. We do remain optimistic that there is pent-up demand in the market and believe we could see a pop in activity with stability in the Middle East and reduced concerns around inflation.

依我們目前的銷售與在手訂單，我們預期第二季營收可接近去年同期水準。在目前環境下，這樣的展望令人印象深刻，也再次反映我們團隊的韌性與投入。我們仍樂觀看待市場存在被壓抑的需求，並相信若中東局勢趨於穩定、以及對通膨的疑慮降低，活動量可能出現一波回升。

On the acquisition front, we acquired two of our larger franchises during the quarter: our Paul Davis franchise covering the Cleveland and Akron markets and our California Closets operation that owns the franchise territories encompassing Indianapolis, Louisville, Lexington, and Cincinnati.

在併購方面，我們於本季收購了兩個較大型的加盟據點：涵蓋克里夫蘭（Cleveland）與阿克倫（Akron）市場的 Paul Davis 加盟店，以及 California Closets 的營運單位，該單位擁有涵蓋印第安納波利斯（Indianapolis）、路易維爾（Louisville）、列克星敦（Lexington）與辛辛那提（Cincinnati）的加盟區域。

As a reminder, we've had company-owned operations at Paul Davis and California Closets for many years now. We selectively acquire franchises yet we believe we can drive incremental growth in the market in partnership with local operators, always in the best long-term interest of the brands. We have other tuck-unders in the pipeline across our segments and expect to complete further deals over the balance of the year.

提醒各位，我們在 Paul Davis 與 California Closets 皆已擁有公司自營據點多年。我們會選擇性收購加盟店，但我們相信，與在地經營者合作能在市場中帶來額外成長，且始終以品牌的長期最佳利益為依歸。我們在各分部仍有其他小型併購（tuck-under）案源，並預期在今年其餘期間完成更多交易。

I will now pass over to Jeremy for his comments.

接下來我把時間交給 Jeremy 發表意見。

Thank you, Scott. Good morning, everyone. We reported consolidated first-quarter results in line with the outlook we provided on our prior year-end call. And in particular, the top-line performance in each of our brands matched our expectations, as you just heard from Scott's walk-through of each business line.

謝謝你，Scott。各位早安。我們公布的合併第一季業績符合我們在去年年終電話會議中提供的展望。尤其是各品牌的營收表現皆符合我們的預期，正如各位剛才聽到 Scott 對各業務線的說明。

Highlights of the consolidated quarterly results included revenues of $1.32 billion, reflecting 5% growth over the $1.25 billion last year. Adjusted EBITDA of $106 million, up 2% year over year with an 8% margin, down 30 basis points versus the 8.3% margin in Q1 '25 and adjusted EPS at $0.95, a 3% increase over the prior year. Our adjustments to operating earnings and GAAP EPS in arriving at adjusted EBITDA and adjusted EPS, respectively, are consistent with our approach in prior periods.

合併季度業績重點包括：營收 13.2 億美元，較去年 12.5 億美元成長 5%；調整後 EBITDA 為 1.06 億美元，年增 2%，EBITDA 利潤率為 8%，較 2025 年第一季的 8.3% 下降 30 個基點；調整後每股盈餘（adjusted EPS）為 0.95 美元，較去年同期增加 3%。我們在計算調整後 EBITDA 與調整後 EPS 時，對營業利益與 GAAP EPS 所做的調整，與過往期間的作法一致。

Turning now to the segmented results for our two divisions. I'll lead off with FirstService Residential. The division generated revenues of $546 million, up 4% over last year's first quarter while EBITDA was $46 million, a 10% growth rate over the prior year. This resulted in an EBITDA margin of 8.4%, a 50-basis-point increase over the 7.9% level in Q1 '25. The margin expansion was driven by broad-based labor cost efficiencies across our operation. This encompassed both a continuation from last year of the initiatives around our client accounting and portfolio management functions as well as other productivity gains across our teams.

接著看兩大事業部的分部業績。我先從 FirstService Residential 開始。該事業部營收為 5.46 億美元，較去年第一季成長 4%；EBITDA 為 4,600 萬美元，較去年同期成長 10%。因此 EBITDA 利潤率為 8.4%，較 2025 年第一季的 7.9% 提升 50 個基點。利潤率擴張主要來自我們營運中廣泛的勞動成本效率提升，包含延續自去年的客戶會計與投資組合管理職能相關措施，以及團隊各項生產力提升。

Now to FirstService Brands, where we reported revenues of $771 million for the current quarter, up 6% over last year's Q1. Our EBITDA for the division was $64 million, a 5.5% decline versus the prior-year quarter. The resulting margin was 8.3%, down 100 basis points compared to last year's 9.3% level and primarily driven by our roofing and home services businesses.

再來是 FirstService Brands，本季營收為 7.71 億美元，較去年第一季成長 6%。該事業部 EBITDA 為 6,400 萬美元，較去年同期下降 5.5%。因此利潤率為 8.3%，較去年的 9.3% 下降 100 個基點，主要受屋頂與居家服務業務影響。

The performance in our roofing platform was expected. As we indicated on our February year-end call, the forecast decline was due to job margin pressures in a heightened competitive environment against the backdrop of dormant commercial new development activity.

我們在屋頂平台的表現符合預期。正如我們在2月的年終電話會議中所指出的，預測的下滑主要是因為在商業新開發活動停滯的背景下、競爭環境加劇，導致工程毛利率承壓。

At our home services business, we saw the need during the quarter to increase our marketing spend to preserve our top-line performance in the face of macroeconomic uncertainty and the weakening consumer sentiment that Scott referenced. Remodeling spending in our home improvement brands is influenced by interest rate levels and consumer sentiment and home affordability indices, all of which have been undermined by recent geopolitical developments.

在我們的居家服務業務方面，本季我們看到有必要提高行銷支出，以在宏觀經濟不確定性以及Scott所提到的消費者信心轉弱之下，維持我們的營收表現。我們家居改善品牌的裝修支出會受到利率水準、消費者信心與房屋可負擔性指數影響，而這些因素都因近期地緣政治發展而受到削弱。

Periodically, in the past, when we have encountered these types of exogenous challenges impacting our key performance indicators, we have tactically deployed promotional initiatives to support the brand and our market share. We expect to continue with these investments at least over the short-term covering the second quarter, but we'll be keeping a close pulse on our leading indicators to pull back the spending once the environment improves.

過去我們在面對這類外生性挑戰、影響關鍵績效指標時，會不定期地策略性推出促銷活動，以支持品牌與市占率。我們預期至少在短期內（涵蓋第二季）會持續這些投入，但也會密切追蹤領先指標，一旦環境改善就會回收相關支出。

A second factor contributing to the first-quarter margin compression at our home services brands was reduced capacity utilization of our frontline teams. While we delivered revenues in line with prior year, job volumes declined, and we were reluctant to flex our labor cost down in proportion to these reduced activity levels until conditions stabilize, and we have greater clarity of market demand trends.

導致我們居家服務品牌第一季毛利率被壓縮的第二個因素，是第一線團隊的產能利用率下降。雖然我們的營收與去年同期大致相當，但工程量下滑；在情勢穩定、且我們對市場需求趨勢有更清楚的掌握之前，我們不願意按這些活動水準的下降幅度等比例下調人力成本。

With respect to our consolidated operating cash flow, we generated $88 million during the first quarter, a sizable level during our seasonal trough first quarter and up more than double compared to Q1 2025. Capital expenditures during the quarter were $28 million, slightly below prior year, and we now expect to have our full-year CapEx coming modestly lower than the initial guidance of $140 million.

就合併營運現金流而言，我們第一季產生了8,800萬美元，這在我們季節性低谷的第一季屬於相當可觀的水準，且較2025年第一季增加逾一倍。本季資本支出為2,800萬美元，略低於去年同期；我們目前預期全年資本支出將略低於原先1.4億美元的指引。

The resulting high free cash flow conversion rate is a function of our business model and focus around generating cash even when we have periods of more tempered growth on the P&L. This translated into further deleveraging on our balance sheet, where our leverage is measured by net-debt to EBITDA ticked down to a very conservative 1.5 times compared to 1.6 times at prior year-end, and versus the 2 times level at Q1 last year. We have a well-balanced mix of floating and fixed rate and varying maturities of debt instruments.

如此高的自由現金流轉換率，反映了我們的商業模式，以及即使損益表成長較為溫和的期間仍專注於創造現金的策略。這也帶來資產負債表的進一步去槓桿化：以淨負債對EBITDA衡量的槓桿比率降至非常保守的1.5倍，低於去年年底的1.6倍，也低於去年第一季的2倍水準。我們的債務工具在浮動與固定利率之間配置均衡，且到期結構多元。

And lastly, our liquidity reflecting cash and undrawn credit facility balances exceeds $1 billion, the highest level in the history of the company, which puts us in a strong financial position to deploy capital as opportunities in our acquisition pipeline arise.

最後，我們的流動性（包含現金與未動用的信貸額度）超過10億美元，為公司史上最高水準，使我們在併購管線出現機會時，具備強勁的資本部署能力。

Looking forward, in the upcoming second quarter, we are forecasting similar year-over-year trends as we just saw in Q1 across both divisions. We see a continuation of similar EBITDA margin expansion and growth in the FirstService Residential division. This will be largely offset by brands division declines, reflecting the ongoing margin pressures in roofing and home services I referenced earlier, and which are dictated by the current uncertain geopolitical and macroeconomic environment. This all aggregates on a consolidated basis for Q2 to mid-single-digit top line growth and EBITDA performance flat to slightly up compared with the prior year.

展望未來，在即將到來的第二季，我們預測兩大事業部的年對年趨勢將與第一季相近。我們預期FirstService Residential事業部將延續類似的EBITDA利潤率擴張與成長；但這將在很大程度上被品牌事業部的下滑所抵銷，反映我先前提到的屋頂與居家服務持續的利潤率壓力，而這些壓力由當前不確定的地緣政治與宏觀經濟環境所主導。綜合而言，第二季合併口徑預計營收將呈現中個位數成長，EBITDA表現與去年同期持平至小幅上升。

That concludes our prepared comments. Olivia, you can now open up the call to questions. Thank you.

以上是我們事先準備的發言。Olivia，現在可以開放提問。謝謝。

(Operator Instructions) Stephen MacLeod, BMO Capital Markets.

（接線員指示）Stephen MacLeod，BMO資本市場。

Thank you. Good morning, guys. Just wanted to ask about the roofing vertical, which obviously you're seeing some pressure and -- both in the end markets as well as from competitive intensities. And I'm just curious, are you still expecting that some of those reroofing jobs are being delayed into later points in the year or beyond this period of geopolitical and macro uncertainty?

謝謝。各位早安。我想問一下屋頂這個垂直領域，顯然你們正面臨一些壓力——不論是終端市場，或是競爭強度。我想了解的是，你們是否仍預期部分重鋪屋頂（reroofing）的工程會延後到今年稍晚、或延後到這段地緣政治與宏觀不確定性之後？

I think, Stephen, it has delayed a rebound. The reroof market, certainly stabilizing, but stubbornly weak. I think the persistent uncertainty does continue to impact decision-making around major projects. I mean, we're seeing it in some of our other businesses. So we do believe we'll grow organically this year.

Stephen，我認為確實延後了復甦。重鋪屋頂市場當然正在趨於穩定，但仍然頑固地疲弱。我認為持續的不確定性確實會影響大型專案的決策。我們在其他一些業務也看到了這點。因此我們相信今年仍會有有機成長。

We expect to. We expected to see some organic growth in Q2, but I think that the rebound has been pushed out. We do expect to see sequential improvement in Q3 and Q4. There are opportunities that were delayed last year that we're seeing scheduled now. We're bidding work, we're winning work.

我們預期會。我們原本預期第二季會看到一些有機成長，但我認為復甦被往後推了。我們確實預期第三季與第四季會逐季改善。有些去年延後的機會現在正在排程中。我們在投標、也在得標。

Generally, we're feeling optimistic. We believe that we're -- we have a very solid branch network, and we're poised to really take advantage when the market improves.

整體而言，我們感到樂觀。我們相信——我們擁有非常穩健的分支網絡，並已準備好在市場改善時充分把握機會。

Okay. That's helpful color, Scott. Thank you. And then maybe just with respect to capital allocation. You have a strong free cash flow. Leverage is not very high. You do have an NCIB outstanding. Just curious if you would consider a buyback in -- or being active on the buyback in this -- given where the stock is and given sort of some of the weakness in terms of the outlook.

好的。這些補充很有幫助，Scott，謝謝。接著想問資本配置方面。你們自由現金流很強，槓桿也不高，而且目前有NCIB（正常發行人買回）計畫在進行中。我想了解，在目前股價水準以及展望略顯疲弱的情況下，你們是否會考慮進行回購——或在這段期間更積極回購？

Yeah, Stephen, it's Jeremy. Yeah. No, it's one of the alternatives that's always in the forefront of our minds, particularly over the current environment, and as you said, leverage giving us ample room.

是的，Stephen，我是Jeremy。是的，這一直是我們優先考量的選項之一，尤其在目前的環境下；而且如你所說，槓桿水準也讓我們有充足空間。

First and foremost, we're a growth company and we're looking to deploy capital towards those growth initiatives and supporting the brands where we have capital allocation opportunity. So I think that's our primary focus.

首先也是最重要的，我們是一家成長型公司，我們希望把資本投入到那些成長計畫上，並在我們有資本配置機會的地方支持各品牌。所以我認為這是我們的主要重點。

You're right, we can pull the trigger on the NCIB at any point in time. We have given consideration to it. But I think for now, it's a pause just given potential opportunities in the pipeline, the growth mindset and really where the uncertainty is in the geopolitical and how it influences stock market valuation.

你說得對，我們隨時都可以啟動NCIB。我們也確實有考慮。但我認為目前先暫停，主要是因為管線中可能出現的機會、我們的成長思維，以及地緣政治不確定性及其對股市估值的影響。

Okay. That's great. Thanks, Jeremy. And then maybe just finally, just on the M&A. Scott, you referenced that you have done some tuck-ins recently. I guess when you think about M&A and the outlook from here, would it mostly be kind of bringing in those company -- turning franchises into company-owned? Or do you see other alternatives in your other verticals as well?

好的。非常好，謝謝你，Jeremy。最後再問一下併購（M&A）。Scott，你提到最近做了一些小型併購（tuck-ins）。我想問，從現在起看M&A與後續展望，是否主要會是把那些公司——也就是把加盟店轉為公司自營？還是你們在其他垂直領域也看到其他選項？

No, I really think it's tuck-unders in the other verticals. Nothing has really changed as we approach the company-owned strategies at Paul Davis or California Closets. Those will be very episodic, one or two a year at each brand. So we're not looking to accelerate that.

不，我認為主要是在其他垂直領域做小型併購（tuck-unders）。至於在Paul Davis或California Closets推進公司自營策略方面，並沒有真正改變。那些會非常零星，每個品牌一年一到兩件。因此我們不打算加速。

Daryl Young, Stifel.

Daryl Young，Stifel。

I just wanted to touch on Century Fire for a second. It seems to continue to defy gravity amid a soft commercial construction market. So I'm just wondering, has there been any regulatory changes that might help explain some of the growth here in terms of maybe frequency of inspections or system retrofits or anything else that can explain that growth?

我想先簡單談一下Century Fire。即使商業建築市場偏弱，它似乎仍持續逆勢成長。所以我想請問，是否有任何法規變動可以解釋這裡的成長，例如檢查頻率、系統改造（retrofits）或其他因素，能說明這樣的成長？

No. The growth has really been in the service, repair, and inspection side has been very consistent in the last number of years, and it continues to be a driver for them. There's just a real focus on it across all the branches. And they're still in the process of layering in service expertise at some of the branches that were primarily installation focused. So there's nothing on the regulatory environment, certainly that we're aware of that's accelerated the growth in the service side. It's just a continued focus on it.

沒有。成長主要來自服務、維修與檢測這一端，過去幾年一直非常穩定，且持續成為他們的驅動力。所有分支都非常聚焦在這一塊。而且他們仍在一些原本以安裝為主的分支，逐步導入服務端的專業能力。因此就法規環境而言，至少我們所知並沒有任何因素加速服務端的成長；就是持續聚焦所帶來的結果。

Okay. And then with respect to restoration, the outlook is maybe a little bit lighter than I would have expected in the short term. Is there any loss of market share or anything going on with national accounts that might explain that as well? Because I would have thought there's a lot of white space from a geographic expansion perspective.

好的。接著關於修復（restoration），短期展望似乎比我預期的要弱一些。是否有任何市占流失，或全國性客戶（national accounts）方面的狀況，可以解釋這點？因為我原本以為從地理擴張角度來看，仍有很大的空白市場（white space）。

No. I mean, I think we are definitely holding our own. These storm events are all very, very different from one to the other and what areas they impact, where we have branches relative to the affected areas. So we feel -- we continue to feel very good about our position in the marketplace as it relates to national accounts. And it's just -- this is a weather influenced business. And it's hard for us to call from quarter to quarter.

沒有。我的意思是，我認為我們確實維持得不錯。這些風暴事件彼此差異很大，影響的區域也不同，而我們的分支位置相對於受影響區域的分布也不同。因此就全國性客戶而言，我們仍然對自身在市場上的定位感到非常有信心。只是——這是一個受天氣影響的業務，我們很難逐季預測。

We do see some activity. We have some large loss opportunities. So there's potential upside. But based on where our backlogs are, we do think the revenues will be flat, perhaps even down a bit in Q2.

我們確實看到一些活動，也有一些大型損失案件（large loss）的機會，因此存在上行空間。但基於目前的在手訂單（backlogs），我們認為第二季營收將持平，甚至可能小幅下滑。

Stephen Sheldon, William Blair.

Stephen Sheldon，William Blair。

Nice to see strong margin improvement once again in the residential segment with the labor efficiency gains you've called out. So curious if you see opportunities to leverage AI and other businesses and segments, similar to what you've done in potential around client accounting and call center operation.

很高興再次看到住宅業務板塊的毛利率顯著改善，這也反映了你提到的勞動效率提升。我想了解你是否看到運用 AI 的機會，並可在其他業務與板塊複製，類似你們在客戶會計與客服中心營運方面所做的那些潛在應用？

Yeah. Stephen, Jeremy. In our brands businesses, obviously, we've done it in residential, as you're aware, and that's part of the efficiencies. And the brands businesses, all of them are exploring tools to be more efficient on the front lines.

是的。Stephen、Jeremy。在我們的品牌業務中，顯然我們已在住宅業務上做了相關應用，如你所知，這也是效率提升的一部分。而在品牌業務方面，所有品牌都在探索工具，以提升第一線作業效率。

I can point out one example, restoration, where in walk-throughs, job estimating and scoping, AI tools are being used to speed the process, be more productive for those estimating teams, and also helping enhance the accuracy, making sure nothing is missed and we captured in that scoping exercise. That would be one example to call out, but all of our brands are using AI in an early stage, incremental way as we speak.

我可以舉一個例子：在修復（restoration）業務中，於現場勘查、工程估價與範疇界定（scoping）時，正在使用 AI 工具來加速流程，讓估價團隊更具生產力，同時也有助於提升準確性，確保不遺漏任何項目，並在範疇界定過程中完整捕捉。這是一個例子；但就目前而言，我們所有品牌都在以早期、漸進的方式使用 AI。

Got it. Makes sense. And then on roofing, I guess how are you thinking about the margin trajectory over the coming years? Those activity hopefully picks back up. Are there still a lot of levers to pull where there could be structural margin improvement over the medium term and a better backdrop with more pricing power and things like that? I guess what -- how are you thinking about the long term or the medium-term margin trajectory there?

了解，合理。接著談屋頂（roofing）業務，我想問你們如何看待未來幾年的毛利率走勢？希望相關活動能回升。中期是否仍有很多槓桿可拉動，讓結構性毛利率改善，並在更好的景氣背景下擁有更強的定價能力等？你們對那邊長期或中期的毛利率軌跡是怎麼思考的？

Yeah. I think short to medium term, meaning 2026, we've called the margin compression right from the outset, again, largely due to competitive pressure. So once we get through that and once new construction, new development sort of resumes its normal course, we think the competitive pressures in reroof will abate, we'll get more pricing power.

是的。我認為短到中期，也就是到 2026 年，我們從一開始就提到毛利率會受到擠壓，主要仍是競爭壓力所致。因此，一旦我們度過這段期間，且新建與新開發恢復到正常節奏，我們認為重鋪屋頂（reroof）領域的競爭壓力會緩解，我們也會有更強的定價能力。

The other thing that's tempering our margins a little bit, we're pulling together one ERP financial reporting platform for all of our branches. That's a bit of investment that we knew about into '26 and '27. And once we get that and again a better environment, I think there are opportunities.

另外一個稍微壓抑毛利率的因素是：我們正在把所有分支機構整合到同一套 ERP 財務報表平台上。這是一項我們早已預期會延續到 2026、2027 年的投資。等到這項工作完成，再加上更好的市場環境，我認為會有一些機會。

There could be opportunities even on the cost synergy side around procurement, using our scale to garner materials at better prices and just as we scale up the platform. But I think that's too early to map out at this juncture. But directionally to your question, yeah, there would be opportunities medium to long term.

甚至在成本協同方面也可能有機會，例如採購端，利用我們的規模以更好的價格取得材料，以及隨著平台擴張而帶來的效益。不過我認為現在要在此時點把它具體量化還太早。但就你問題的方向而言，是的，中長期會有機會。

Erin Kyle, CIBC.

Erin Kyle，CIBC。

Jeremy, just a follow-up on the margin side, on the residential side. Good to see that margin strength in the quarter. Could you maybe expand a bit more on the labor and cost efficiencies we achieved? It was my understanding that most of those cost savings have already been implemented in 2025. So is it the AI efficiencies that you're speaking to that's kind of contributing to the efficiency in the quarter? Or how do we think about that?

Jeremy，我想就毛利率再追問一下，關於住宅業務。很高興看到本季毛利率表現強勁。你能否再多談一些我們達成的勞動與成本效率？我的理解是，多數成本節省措施在 2025 年就已經落地。所以是你提到的 AI 效率在本季帶來貢獻嗎？或我們應該如何看待？

Yeah. So a portion of the 50 basis points would have been a continuation of last year's initiatives around client counting that's offshoring a lot of -- some of the financial statement and accounting functions, lower cost opportunities there as well as AI-driven portfolio management efficiencies where we can reduce head count in our call centers and enhanced portfolio manager productivity. So that's just a continuation.

是的。其中約 50 個基點的一部分，來自去年相關措施的延續，包括客戶記帳（client counting）方面把部分財務報表與會計職能外包到離岸，以取得較低成本的機會；以及 AI 驅動的投資組合管理效率提升，使我們能降低客服中心人力並提升投資組合經理的生產力。這些都只是延續性的成果。

And then a little bit on the mix, Scott spoke about the exit from low-margin accounts at the beginning of the year around ancillary, commercial maintenance, and pool reno services. Those are lower margins. So we get a little bit of a tick up.

另外還有一些組合（mix）因素，Scott 提到我們在年初退出了一些低毛利客戶，主要在附屬服務（ancillary）方面，例如商業維護與泳池翻新服務。這些毛利率較低，因此我們的毛利率會有些微上升。

And then really, a little pockets. We're a 20,000-associate division, very labor-intensive. So both the timing around contract wins and when we add head count to support that as well as just incremental pockets of efficiencies across our 100-plus offices. Those would be the sort of three or four reasons that aggregate to the 50 basis points. We'll see more of it in Q2 and then I believe, it will flatten out to second half of the year.

再來就是一些零星的改善。我們這個部門有 20,000 名員工，非常勞力密集。因此，無論是合約得標的時點、以及為支援得標而增聘人力的時點，或是在我們 100 多個辦公室中逐步出現的效率提升，這些加總起來就是那 50 個基點的三到四個原因。我們在第二季會看到更多，然後我認為下半年會趨於持平。

Thank you. That's helpful color. And then maybe just on the M&A side. If I go back to M&A spending and looking forward for the rest of the year, Jeremy, you touched on the two tuck-in acquisitions of franchise operations that was announced a few weeks ago.

謝謝，這些補充很有幫助。接著談併購（M&A）。如果回到併購支出並展望今年剩餘時間，Jeremy，你提到幾週前宣布的兩筆收購加盟營運（franchise operations）的補強型併購（tuck-in acquisitions）。

Just wondering, maybe more broadly, what you're seeing in terms of the broader market if valuations remain elevated and what the strategy would look like in case that -- if deals do remain elevated, do you expect to do more of those franchise operation, acquisitions?

我想更廣泛地了解，你們看到整體市場的情況如何：估值是否仍然偏高？如果交易估值持續偏高，策略會是什麼？在那種情況下，你們是否預期會做更多這類加盟營運的收購？

I think this year will play out similar to last year where we allocated about $100 million for acquisitions. Multiples do remain high across all the platforms. And the market, it's still active, but it's still slower than we've seen in previous years. I think many sellers are waiting for more stability in the economy. Certainly, in roofing and restoration, we've seen deals pull back. Results are generally down. So sellers are waiting until there's a rebound.

我認為今年的走勢會與去年類似，我們大約配置了 1 億美元用於收購。各平台的倍數（multiples）確實仍然偏高。市場仍然活躍，但相較過去幾年仍偏慢。我認為許多賣方在等待經濟更穩定。尤其在屋頂與修復業務，我們看到交易縮手，整體業績普遍下滑，因此賣方在等反彈。

But we do have prospects in the pipeline across most of our segments and believe we will close incremental tuck-unders over the next three quarters. Not -- probably not incremental franchise acquisitions because we're just not aggressively pursuing those. Those -- I mean, we obviously know all our franchisee owners and we're taking that one step at a time as transition makes sense for those owners and families.

不過，我們在大多數板塊都有潛在標的在管線中，並相信未來三個季度會完成額外的補強型併購。至於加盟收購，可能不會再增加，因為我們並未積極追求那類交易。也就是說，我們當然認識所有加盟主，我們會一步一步來，在對那些業主與家庭而言轉換時機合理時再推進。

Tim James, TD Cowen.

Tim James，TD Cowen。

First question, just returning to the residential segment. You mentioned some headwinds there in property management related to pool construction and some commercial maintenance, I think it was. I was wondering if you could elaborate on what the drivers of that are or what you think they may be? And kind of how sustainable that you expect that pressure to be as you go through the balance of the year?

第一個問題回到住宅業務板塊。你提到物業管理（property management）方面有一些逆風，與泳池建造以及某些商業維護有關（我想是這些）。我想請你更詳細說明其驅動因素是什麼，或你認為可能是什麼？以及在今年剩餘時間裡，你預期這種壓力會有多可持續？

Right. We've been in the pool management, renovation construction business for many, many years. And the renovation construction side of it is facing the same headwinds we're facing in roofing in many of our businesses just with the reluctance to allocate CapEx to major projects and the deferral. We are entering the seasonal period, and we'll see a resumption of that activity, probably not at the same level as prior year. So it will continue to be a bit of a drag on our organic growth.

好的。我們從事泳池管理、翻新與建造業務已經很多很多年。而其中翻新與建造端，正面臨與我們在屋頂以及其他多項業務相同的逆風：客戶不太願意把資本支出（CapEx）投入大型專案，並選擇延後。我們正進入季節性旺季，活動會恢復，但可能不會回到去年同等水準。因此，它仍會對我們的有機成長造成一些拖累。

And then we referenced the other ancillary service, which is the provision of janitorial front desk personnel to the multifamily market, primarily in the Northeast, and there were a few contracts and with -- they tend to be REITs and owners of several buildings. And often you -- when you win or lose a contract, it can be for a number of buildings.

另外我們也提到另一項附屬服務：為多戶住宅市場提供清潔與前台人員，主要在美國東北部。有一些合約——客戶通常是 REITs 以及擁有多棟建築的業主。很多時候，你贏得或失去一份合約，可能就涵蓋多棟建築。

And we just made a decision on price to move away from some contracts, which will continue to be a drag, a modest drag. But we feel very good about where we are with our core management business, solid quarter and end of '25 in terms of renewals, retention, and wins, and expect that it will -- the core business will hold our growth in this division at mid-single digit, and we expect to see incremental sequential improvement through the year.

而我們基於價格考量，決定退出部分合約，這會持續帶來一些拖累，但幅度不大。不過我們對核心管理業務的狀況非常有信心：本季表現穩健，且在 2025 年底在續約、留存與得標方面都很扎實。我們預期核心業務將使本部門的成長維持在中個位數，並預期全年會看到逐季的額外改善。

Okay. That's super helpful. Thank you. Just turning to the home services and the promotional activity that you kind of kicked up in the first quarter there, it sounds like that's due to sort of the macro environment, the overall demand environment.

好的，這非常有幫助，謝謝。接著談居家服務（home services）以及你們在第一季加大的一些促銷活動，聽起來這是因為總體環境、整體需求環境所致。

I'm just trying to understand when you step up promotional activity in an environment that's impacting all your competitors, is the idea here that your competitors are getting more aggressive on pricing and therefore, you're trying to offset some of that and sort of get the brand back in front of them? Or I'm just trying to understand, I know you've had experience with this in the past, so maybe it's more a matter of refreshing on kind of the success that that drove and how it works.

我想理解的是：當你在一個同樣影響所有競爭對手的環境中加大促銷力度時，你們的想法是競爭對手在價格上變得更激進，因此你們試圖抵消部分影響，並讓品牌重新回到消費者眼前嗎？我只是想更清楚理解。我知道你們過去有相關經驗，所以也許你可以回顧一下這種做法帶來的成效，以及它是如何運作的。

Yeah. Certainly, there's some of what you suggest. The key -- the real key for us is try to maintain momentum and take share in a very tough environment and then keep our teams busy. I mean, we invest a lot in training our people. And with the lack of clarity we have today, we don't want to move quickly to adjust that unless we have more clarity about the market that we're dealing with.

是的。你提到的確實有一部分因素。對我們而言真正的關鍵是：在非常艱難的環境中，盡量維持動能並提升市占，同時讓我們的團隊保持忙碌。我的意思是，我們在員工訓練上投入很多。而在目前缺乏明確性之下，除非我們對所面對的市場有更清楚的判斷，否則我們不希望太快去調整。

And as I said in my prepared comments, we do believe it could turn positive quickly with some stability and clarity around the Middle East and inflation. So we're currently trying to ride out the storm, as I said. We've got our fingers on the dial around the marketing spend and the cost structure. And if we -- Jeremy mentioned it in his prepared comments, if we do see or believe that this is a prolonged downturn, we will adjust quickly.

正如我在事先準備的發言中所說，我們確實相信，只要中東局勢與通膨在穩定性與明確性方面有所改善，情況就可能很快轉為正面。所以我們目前正如我所說，努力撐過這場風暴。我們在行銷支出與成本結構方面都把手放在調節旋鈕上。若我們——Jeremy 在他事先準備的發言中也提到——如果我們看到或認為這是一段較長期的下行，我們會迅速調整。

Okay. Thank you. The last question, just turning back, and you've touched on the kind of the M&A environments. But I just wanted to kind of focus in on one particular aspect here. And I'm wondering if you're seeing any evidence or hearing of any evidence that kind of the recent challenges related to funding for private equity, if that's had any impact on their approach to M&A in the markets, in the industries where you're looking in terms of their activity levels, their pricing behavior? Just if you're seeing any sort of knock-on effect from that at all?

好的。謝謝。最後一個問題，回到你剛才也提到的併購環境。不過我想聚焦在其中一個特定面向。我想請問，你是否看到或聽到任何跡象顯示，近期私募股權在募資方面的挑戰，是否對他們在你們關注的市場與產業中的併購策略造成任何影響——例如他們的活躍程度、出價行為？也就是說，你是否看到任何由此帶來的連鎖效應？

The one thing I would say is that while it appears that the multiples are not trending up or down, they remain very high. But the number of bidders for opportunities is probably lower right now. As you suggest, some funds and buyers have pulled back. So there aren't as many people at the table but the valuations appear to be holding.

我會說的一點是，雖然看起來估值倍數沒有明顯上升或下降的趨勢，但仍然非常高。不過，目前針對機會案源的競標者數量可能比較少。正如你所提，有些基金與買方已經收手。因此桌上的人變少了，但估值看起來仍在支撐。

The other thing I would say is that for the first time, we're seeing and hearing about distressed platforms, particularly in the roofing space where the bank is getting involved either through their special loans group or in one instance even taking control.

另外我想說的是，我們第一次看到並聽到有困境中的平台公司，特別是在屋頂（roofing）領域，銀行開始介入——要嘛透過其特殊貸款部門（special loans group），甚至在某個案例中直接接管控制權。

Himanshu Gupta, Scotiabank.

Himanshu Gupta，豐業銀行（Scotiabank）。

Thank you and good morning. So first on the restoration business. It looks like organic growth is likely to be flat in the first half of the year. What are your expectations for full year 2026? I think previously, we got an impression that it could be high single-digit growth business for the year.

謝謝，早安。首先談修復（restoration）業務。看起來今年上半年有機成長可能會持平。你們對 2026 全年的預期是什麼？我記得先前我們的印象是，這可能是一個全年高個位數成長的業務。

Jeremy, why don't I let pass that to you?

Jeremy，我把這題交給你回答好嗎？

Yeah. I mean, Himanshu, our expectation is mid to high historically. We've looked at it since we've owned the commercial restoration business, and we've averaged about 8% organic growth. But it's not a business that goes in a straight line. Scott spoke about the weather-driven events where we're positioned, where our branches are. So a quarter-to-quarter fluctuation is one thing that people should realize this business can be a little more -- have greater fluctuations in terms of top line and bottom line from quarter to quarter.

好的。Himanshu，我們的預期是回到歷史中位到偏高的水準。自從我們擁有商業修復業務以來，我們觀察到平均約 8% 的有機成長。但這不是一個直線成長的業務。Scott 談到我們所在區域、分支據點所受的天氣事件驅動因素。因此，大家需要理解，這個業務在營收與獲利上，季度之間可能會有更大的波動。

And also, we exited '25 on a very mild weather year. So the backlog that Scott mentioned, entering 2026 we're quite low. We did get a shot in the arm from Winter Storm Fern, but it was a small event. So it's still an early part of the year, the backlogs from last year, again, lower due to mild weather. And we just think that the randomness of weather is one aspect.

另外，我們在 2025 年是在一個天氣非常溫和的年度結束。因此如 Scott 所提，進入 2026 年時我們的在手訂單（backlog）相當低。我們確實因冬季風暴 Fern 得到一些短期提振，但那是個小事件。所以目前仍在年初階段，去年因天氣溫和導致的在手訂單也較低。我們認為天氣的隨機性是其中一個因素。

But on average, we do expect weather events to resume their normal level of activity, and we've captured share over the years. So that's why we feel confident in doing better in the half of the year and for the year than we do in the front half of the year being flat.

但平均而言，我們預期天氣事件會回到正常的活動水準，而且我們多年來也持續取得市占。因此，我們有信心下半年以及全年表現會優於上半年目前的持平狀態。

Got it. Thank you for the lead through. Thank you for the color. Okay. And then now moving on to roofing segment, and I know a bit of discussion already has happened so far. Can you speak about the roofing backlog? I mean, in terms of quality of the backlog or directionally, how is it trending?

了解。謝謝你帶我釐清。也謝謝補充說明。接著談屋頂（roofing）部門，我知道前面已經討論了一些。你能談談屋頂的在手訂單嗎？例如在手訂單的品質，或方向上目前趨勢如何？

Yeah. It's down modestly from a year ago, really due to the shift from having some new construction of backlog down to primarily reroof. And -- but it's stable in the last few quarters and starting to build. Our branches are bidding work and generally active and winning.

可以。相較一年前略有下降，主要是因為在手訂單結構從部分新建工程（new construction）轉向以翻修換屋頂（reroof）為主。不過過去幾季相對穩定，並開始回升。我們的分支正在投標，整體也相當活躍且有得標。

And as I said, we're feeling optimistic that we just need to battle through this period of uncertainty because the reroof market, the fundamental demand drivers are there. And we feel like we're in a great position to capitalize on it.

而且如我所說，我們對未來保持樂觀；我們只需要挺過這段不確定期，因為翻修換屋頂市場的基本需求驅動因素仍在。我們也覺得自己處於非常有利的位置，可以把握這個機會。

Got it. Thank you. And is the new roofing mostly tied to industrial warehouses in a new supply, construction cycle? Is it a thought to add exposure to data center here, I mean, given we've just seen a fair amount of construction?

了解，謝謝。新屋頂（new roofing）主要是與工業倉庫的新供給、建築週期相關嗎？另外，鑑於我們看到資料中心建設相當多，是否有考慮在這裡增加對資料中心的曝險？

I mean, the new construction outside of data centers, office, retail, industrial, those markets are all weak. If you look across North America, there are pockets of activity. But generally, those areas are weak. Data centers is -- it's a big driver of the new construction market.

我的意思是，除了資料中心之外的新建市場——辦公、零售、工業——這些市場都偏弱。放眼北美，確實有一些局部地區仍有活動，但整體而言都偏弱。資料中心是——它是新建市場的一個重要驅動因素。

Yeah, fair enough. And I assume you don't have much exposure to the data center within the roofing segment. So is that --

好的，可以理解。我猜你們在屋頂部門對資料中心的曝險不大。所以那是否——

Not on the roofing side. No, we don't, Himanshu.

在屋頂這一塊沒有。是的，我們沒有，Himanshu。

Yeah. And there is no thought to add exposure in that segment anytime soon.

了解。而且短期內也沒有打算在那個部門增加曝險。

Well, it's not so easy to add exposure. The operations that comprise Roofing Corp of America have not historically participated in data centers. And part of the reason is that the focus has been reroof and repair and maintenance. That's our strategic focus long term. So I mean, we will be opportunistic, but it's not something we're aggressively pursuing, no.

嗯，要增加曝險並不容易。構成 Roofing Corp of America 的營運單位，過去在資料中心領域並沒有參與。部分原因是我們的重點一直放在翻修換屋頂，以及維修與保養（repair and maintenance）。這是我們長期的策略重點。所以我們會把握機會，但不是我們正在積極追逐的方向，沒有。

Thank you. And my last question is on FSR on the residential side. I mean, do you have visibility in terms of new contract wins or losses in the next three months or six months? Any color there?

謝謝。最後一個問題是關於住宅端的 FSR。你們是否能見度足夠，看到未來三個月或六個月的新合約得標或流失情況？能否分享一些看法？

Yes. We have visibility in that business, absolutely. And as I said in my comments, I believe we will be -- show growth at similar or up in Q2 and for the balance of the year.

是的，我們對那項業務的能見度非常高。正如我在發言中所說，我相信我們在第二季以及今年剩餘期間，將呈現與目前相近或更高的成長。

Daryl Young, Stifel.

Daryl Young，Stifel。

Just one quick follow-up. You mentioned some distress in roofing. What would your appetite be to take on a more complicated acquisition that maybe has some distress?

我只有一個很快的追問。你提到屋頂領域出現一些困境。你們對於承接一個更複雜、可能帶有困境狀況的收購案，意願會有多高？

And then secondly, has your appetite in roofing to deploy capital into roofing changed at all just given the market dynamics you've seen over the last 12 months? Or is it still a core vertical for the long term?

第二個問題是，考量過去 12 個月你們看到的市場動態，你們在屋頂領域投入資本的意願有任何改變嗎？還是它仍然是長期的核心垂直領域？

It's very much a core vertical for the long term. We're focused on an active in terms of looking at opportunities. And certainly, most of these businesses were familiar with and have a view on in terms of their position in their local markets. So we're keeping a finger on the pulse of all the activity in the roofing space and absolutely interested in opportunities as they present.

它非常明確仍是長期的核心垂直領域。我們在尋找機會方面保持積極。而且這些企業多半我們都熟悉，也對其在當地市場的定位有所了解。因此我們持續掌握屋頂領域所有活動的脈動，並且在機會出現時絕對有興趣。

Stephen MacLeod, BMO Capital Markets.

Stephen MacLeod，BMO 資本市場（BMO Capital Markets）。

Just one follow-up question. I just wanted to ask about -- I just want to confirm on the FSR margin side. Because I believe you talked about inorganic sales growth being up and sequentially improving through the year. So just on the margin side, would you expect a similar trend on margins, just noting that last year, you had very strong kind of margins in the 11% range in Q2 and Q3. Were there -- those anomalies to the high side?

再追問一個問題。我想問——我想確認一下 FSR 的毛利率/利潤率（margin）部分。因為我記得你提到非有機銷售成長（inorganic sales growth）在提升，且全年逐季改善。那麼在利潤率方面，你是否也預期會有類似趨勢？另外注意到去年第二季與第三季利潤率非常強，大約在 11% 左右。那——那些是否屬於偏高的異常情況？

Well, I said in my prepared comments and in some of the Q&A, we expect the trend in Q2 to resemble Q1. So we're up 50 basis points, something of that order or magnitude. I wouldn't assume anything more than that. And then I think we've flattened out in the back half of the year, Q3 and Q4, on a year-over-year basis.

嗯，我在事先準備的發言以及部分問答中提到，我們預期第二季的趨勢會與第一季相似。所以大概是上升 50 個基點，差不多這個量級。我不會假設會比這更多。然後我認為在下半年，也就是第三季與第四季，以年對年來看會趨於持平。

Thank you. And I'm showing no further questions in the queue at this time. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation, and you may now disconnect.

謝謝。目前我這邊顯示隊列中沒有其他問題。各位女士、先生，今天的電話會議到此結束。感謝各位的參與，現在可以掛線。