Limbach Holdings Inc (LMB) 2024 Q4 法說會逐字稿

Good morning, and welcome to the fourth quarter and fiscal year 2024 Limbach Holdings, Inc. earnings conference call and webcast. (Operator Instructions)

早上好，歡迎參加 Limbach Holdings, Inc. 2024 財年第四季和收益電話會議和網路廣播。（操作員指示）

I will now turn the conference over to your host, Julie Kegley of Financial Profiles. You may begin.

現在我將會議交給主持人、《金融概況》的朱莉·凱格利 (Julie Kegley)。你可以開始了。

Good morning, and thank you for joining us today to discuss Limbach Holdings financial results for the fourth quarter and fiscal year 2024. Yesterday, Limbach issued its earnings release and filed its Form 10-K for the period ended December 31, 2024. Both documents as well as an updated investor presentation are available on the Investor Relations section of the company's website at limbachinc.com.

早安，感謝您今天加入我們，討論 Limbach Holdings 2024 年第四季和財年的財務表現。昨天，Limbach 發布了其收益報告，並提交了截至 2024 年 12 月 31 日的 10-K 表格。這兩份文件以及更新的投資者介紹均可在公司網站 limbachinc.com 的投資者關係部分找到。

Management may refer to select slides during today's call and encourages investors to review the presentation in its entirety. On today's call are Michael McCann, President and Chief Executive Officer; and Jayme Brooks, Executive Vice President and Chief Financial Officer.

管理層可能會在今天的電話會議中參考精選幻燈片，並鼓勵投資者完整地查看簡報。參加今天電話會議的有總裁兼執行長 Michael McCann；以及執行副總裁兼財務長 Jayme Brooks。

We will begin with prepared remarks and then open the call to your questions. Before we begin, I would like to remind you that today's comments will include forward-looking statements under federal securities laws. Forward-looking statements are identified by words such as will, be, intend, believe, expect, anticipate or other comparable words and phrases. Statements that are not historical facts, such as statements about expected financial performance, are also forward-looking statements. Actual results may differ materially from those contemplated by such forward-looking statements.

我們將首先發表準備好的發言，然後開始回答您的問題。在我們開始之前，我想提醒您，今天的評論將包括聯邦證券法下的前瞻性陳述。前瞻性陳述可透過諸如將、是、打算、相信、期望、預期或其他類似詞語和短語來識別。非歷史事實的陳述，例如有關預期財務表現的陳述，也屬於前瞻性陳述。實際結果可能與此類前瞻性陳述所預期的結果有重大差異。

A discussion of the factors that could cause a material difference in the company's results compared to these forward-looking statements is contained in Limbach's SEC filings, including reports on Form 10-K and 10-Q. Please note that on today's call, we will be referring to non-GAAP measures. You can find the reconciliation of these non-GAAP measures to the most directly comparable GAAP measures in our fourth quarter and fiscal year 2024 earnings release and in our investor presentation, both of which can be found on Limbach's Investor Relations website and have been furnished on the Form 8-K filed with the SEC.

對於可能導致公司實際結果與這些前瞻性陳述產生重大差異的因素的討論包含在 Limbach 提交給美國證券交易委員會 (SEC) 的文件中，包括 10-K 和 10-Q 表報告。請注意，在今天的電話會議上，我們將參考非公認會計準則指標。您可以在我們的第四季度和 2024 財年收益報告以及投資者介紹中找到這些非 GAAP 指標與最直接可比較的 GAAP 指標的對賬，這兩份報告均可在 Limbach 的投資者關係網站上找到，並已在向美國證券交易委員會提交的 8-K 表格中提供。

With that, I will now turn the call over to President and CEO, Mike McCann.

現在，我將把電話轉給總裁兼執行長 Mike McCann。

Good morning. Welcome to our stockholders, analysts, and interested investors. We appreciate you joining us today. Throughout 2024, our focus was creating value for our customers, driving margin expansion and delivering record profitability for our stockholders by continuing to execute the three pillars of our strategy. Our first pillar is shifting our revenue mix from new construction projects in the general contractor or GCR segment to working directly for building owners and existing facilities in the owner direct or ODR segment.

早安.歡迎我們的股東、分析師和有興趣的投資者。感謝您今天加入我們。在整個 2024 年，我們的重點是透過繼續執行我們的三大策略支柱，為客戶創造價值、推動利潤率擴張並為股東帶來創紀錄的獲利能力。我們的第一個支柱是將我們的收入結構從總承包商或 GCR 部門的新建築項目轉變為業主直接或 ODR 部門的直接為建築業主和現有設施工作。

In 2024, approximately 67% of total revenue came from our Owner Direct segment, contributing 75% of total gross profit dollars. The second pillar is the evolution of our offerings, which expands our capabilities and increases our margins. In 2024, total gross margin increased meaningfully to 27.8% from 23.1% in 2023. Our third pillar is to scale our business through acquisitions. In 2024, we completed two strategic acquisitions, which should add approximately $6 million to our adjusted EBITDA in 2025.

2024 年，約 67% 的總收入來自我們的 Owner Direct 部門，貢獻了 75% 的總毛利。第二個支柱是我們產品的演變，這擴大了我們的能力並增加了我們的利潤。2024年，總毛利率將從2023年的23.1%大幅上升至27.8%。我們的第三個支柱是透過收購來擴大業務規模。2024 年，我們完成了兩項策略性收購，這將使我們 2025 年的調整後 EBITDA 增加約 600 萬美元。

We maintained a disciplined approach by focusing on six mission-critical market verticals that drive consistent demand across economic cycles. Among these, health care has emerged as our largest and most significant vertical, where we play a critical role in ensuring the operational continuity of medical facilities, enabling them to deliver life-saving care.

我們保持了嚴謹的態度，並專注於六個關鍵任務垂直市場，以推動整個經濟週期的持續需求。其中，醫療保健已成為我們最大、最重要的垂直領域，我們在確保醫療設施的運作連續性方面發揮關鍵作用，使其能夠提供挽救生命的護理。

According to the American Hospital Association, the US health care market needs hundreds of billions of dollars in capital investment to address its infrastructure deficiencies, workforce challenges and technological gaps while ensuring readiness for future public health emergencies. Each of our 20 locations prioritizes health care services, and we are actively expanding our national footprint in this sector.

美國醫院協會表示，美國醫療保健市場需要數千億美元的資本投資來解決其基礎設施不足、勞動力挑戰和技術差距，同時確保為未來的公共衛生緊急情況做好準備。我們的 20 個辦事處均優先提供醫療保健服務，並且我們正在積極擴大該領域的全國影響力。

This growth positions us to become a trusted enterprise partner, delivering comprehensive solutions across the markets we serve. We have seen reoccurring revenue develop for these customers as those relationships evolve. One great example is a hospital group in the Philadelphia market, which has over 1,000 licensed beds. We have been working at this facility for several years. But last year, we decided to double down on the account and add a dedicated on-site account manager.

這種成長使我們成為值得信賴的企業合作夥伴，為我們服務的市場提供全面的解決方案。隨著這些關係的發展，我們看到這些客戶的經常性收入不斷增加。一個很好的例子是費城市場的一家醫院集團，該集團擁有超過 1,000 張許可證床位。我們已經在這個工廠工作好幾年了。但去年，我們決定加倍投入，並增加一位專門的現場客戶經理。

After six months of extreme focus, we built a strong relationship with the facility manager, proactively inspecting areas of the hospital that experienced deferred maintenance. Things finally started to break free after several system failures, and we started to see a much larger transaction volume. Right now, we're in the process of repairing and replacing their entire steam system, while the facility is being supported by temporary heating equipment.

經過六個月的高度關注，我們與設施經理建立了牢固的關係，並主動檢查醫院中維護延期的區域。在經歷了幾次系統故障之後，事情終於開始好轉，我們開始看到交易量大幅增加。目前，我們正在修復和更換他們的整個蒸汽系統，同時該設施正在由臨時供暖設備提供支援。

Our long-term go-to-market approach with customers puts Limbach in a position to capture this revenue and continue cultivating this long-term relationship. Our second largest vertical has become industrial manufacturing.

我們與客戶採取的長期行銷策略使 Limbach 能夠獲得這筆收入並繼續培養這種長期關係。我們的第二大垂直領域是工業製造。

As a result of our strategic acquisitions over the past few years, we partner with facility owners to support their complex systems in order to ensure the lines and manufacturing processes continue running smoothly in the existing facilities.

由於我們過去幾年的策略性收購，我們與設施所有者合作以支援他們的複雜系統，從而確保生產線和製造流程在現有設施中繼續順利運作。

Our company is well poised to address significant upgrades to systems and facilities from compliance with regulatory standards to the possibility of increased reshoring and nearshoring to address supply chain resilience.

我們公司已做好準備，對系統和設施進行重大升級，從遵守監管標準到增加回流和近岸外包的可能性，以解決供應鏈彈性問題。

One of our larger customers in this space has multiple manufacturing facilities in several states. They base their infrastructure program directly around our engineered solutions and equipment lines, which controls temperature humidity while filtering and cleansing the air in the environment. They trust our ability to provide installed solutions around our equipment, evidenced by growing our growing installed base in most of their locations.

我們在這個領域的一個較大的客戶在多個州擁有多家製造工廠。他們的基礎設施計劃直接以我們的工程解決方案和設備線為基礎，控制溫度濕度，同時過濾和淨化環境中的空氣。他們相信我們有能力圍繞我們的設備提供安裝解決方案，我們在他們大多數地點不斷增長的安裝基礎證明了這一點。

We collaborate with this customer to resolve their business challenges as a partnership. In our other four verticals, we continue to see growth opportunities as existing buildings age and need either critical repair work or an upgraded building system solution to keep building the building's environments at an optimal temperature and humidity levels.

我們與該客戶合作，以合作夥伴的形式解決他們的業務挑戰。在我們的其他四個垂直領域，我們繼續看到成長機會，因為現有建築老化，需要進行關鍵的維修工作或升級的建築系統解決方案，以保持建築環境處於最佳溫度和濕度水平。

One of our largest customers traditionally has $1.5 billion infrastructure budget and is still unable to be as proactive as they need to be in order to avoid equipment failures. To support these systems, we placed an incredible staff of people specializing in mission-critical work within these key facilities, making us an integral team member to the existing building owner. In many cases, particularly due to labor concerns from the owner, we've augmented their staff.

我們最大的客戶之一傳統上擁有 15 億美元的基礎設施預算，但仍無法採取必要的主動措施來避免設備故障。為了支援這些系統，我們在這些關鍵設施內安排了一群專門從事關鍵任務工作的優秀員工，使我們成為現有建築業主不可或缺的團隊成員。在許多情況下，特別是由於業主的勞動力問題，我們增加了他們的員工。

As a building system solutions firm, we typically go to market differently than a contractor. We are expanding wallet share with our existing customers when their existing facilities and solving complex problems with engineered solutions.

作為一家建築系統解決方案公司，我們通常以與承包商不同的方式進入市場。我們正在利用現有客戶現有的設施並透過工程解決方案解決複雜問題，從而擴大與現有客戶的錢包份額。

We focus on large-scale customers with multiple facilities by assigning an on-site account manager to learn the building and earn the trust of the customer through day-to-day problem solving. We assign additional resources to augment our customers' building staff through either a master service agreement or a maintenance contract. Once we have built that relationship, we offer our capital planning services, allowing us to develop a long-term vision for the building and related capital projects.

我們專注於擁有多個設施的大型客戶，指派現場客戶經理了解建築狀況，並透過日常問題解決贏得客戶的信任。我們透過主服務協議或維護合約分配額外資源來增強客戶的建築人員。一旦建立了這種關係，我們就會提供資本規劃服務，使我們能夠為建築和相關資本項目制定長期願景。

Our objective is to build an entire account team that becomes an indispensable partner to the customer, focusing on future long-term repeatable revenue opportunities. This is an important differentiator for Limbach. We're often compared to engineering and construction companies. However, while our competition is focused on new construction, we have spent the last five years transitioning our business to working directly with building owners and existing facilities. We are now delivering on demand repairs and system solutions for their existing facilities.

我們的目標是建立一支完整的客戶團隊，成為客戶不可或缺的合作夥伴，專注於未來長期可重複的收入機會。這對 Limbach 來說是一個重要的區別因素。我們經常被比作工程和建築公司。然而，雖然我們的競爭集中在新建築上，但我們在過去五年中一直致力於將業務轉型為直接與建築業主和現有設施合作。我們現在正在為他們現有的設施提供按需維修和系統解決方案。

We're building a unique long-term model with durable demand, allowing for shorter sales cycles. In our past GCR model, backlog was critical to our future as the projects could last up to three years in duration under a fixed price agreement, whereas now we're able to share price increases on materials with our customers.

我們正在建立一個具有持久需求的獨特的長期模型，以縮短銷售週期。在我們過去的 GCR 模型中，積壓訂單對我們的未來至關重要，因為根據固定價格協議，專案可能持續長達三年，而現在我們能夠與客戶分擔材料價格上漲。

With our ODR focus, we have gone a different direction; building a durable model by collaborating with building owners, providing quick hit repair type work on a T&M basis, along with building system solutions that provide value to our customers and drive higher margin. We continue to evolve and optimize our business mix towards ODR segment to create a high-margin, sustainable business with a repeatable revenue across all cycles. Our M&A strategy is a key part of our growth.

由於我們關注 ODR，所以我們走了不同的方向；透過與建築物業主合作建立持久的模型，在 T&M 基礎上提供快速修復類型的工作，同時建立系統解決方案，為我們的客戶提供價值並提高利潤率。我們將繼續發展和優化面向 ODR 細分市場的業務組合，以打造高利潤、可持續發展且在所有周期內都能獲得可重複收入的業務。我們的併購策略是我們成長的關鍵部分。

As I noted earlier, as a result of past acquisitions, industrial and manufacturing has become our second largest vertical. To that end, most recently, we acquired Consolidated Mechanical in December, a leading provider of industrial facility system solutions serving Kentucky, Michigan and Illinois, expanding our owner-direct relationships and footprint.

正如我之前提到的，由於過去的收購，工業和製造業已成為我們的第二大垂直領域。為此，我們最近在 12 月收購了 Consolidated Mechanical，這是一家為肯塔基州、密西根州和伊利諾伊州提供工業設施系統解決方案的領先供應商，擴大了我們與業主的直接關係和業務範圍。

Other than our typical system integration, which is nearly complete, the cultural fit has allowed us to integrate quickly, and we've added focused sales resources that can help expand wallet share with already existing building owners. We believe the breadth of our national resources, combined with local relationships will enable us to expand both quality and quantity of their gross profit contribution.

除了我們典型的系統整合（已接近完成）之外，文化契合使我們能夠快速整合，並且我們增加了重點銷售資源，可以幫助擴大現有建築業主的錢包份額。我們相信，我們廣泛的全國資源與本地關係相結合將使我們能夠擴大其毛利貢獻的品質和數量。

Over the past three years, we've acquired five companies, and with each acquisition, our process has become more efficient and repeatable. Our goal is to fully integrate each acquired company into our shared systems and strategy within two to three years of closing. Expanding into new geographic areas through these acquisitions helps Limbach grow its footprint and better serve our national customers, many of whom operate in more than 10 states. This approach is expected to drive revenue growth, reduce sales costs and ultimately leverage our SG&A.

在過去三年中，我們收購了五家公司，隨著每次收購，我們的流程變得更加高效和可重複。我們的目標是在收購完成後的兩到三年內將每家公司完全整合到我們的共享系統和策略中。透過這些收購擴展到新的地理區域有助於 Limbach 擴大其業務範圍並更好地服務我們的全國客戶，其中許多客戶的業務範圍遍布 10 多個州。這種方法有望推動收入成長、降低銷售成本並最終利用我們的銷售、一般和行政費用。

We have a strong pipeline of acquisition opportunities that meet our criteria of fitting culturally, filling a niche, prioritizing building on relationships and are accretive on a free cash flow basis. Our target is to acquire $8 million to $10 million in adjusted EBITDA per year and apply our scalable value creation process to drive growth and long-term impact.

我們擁有強大的收購機會管道，這些機會符合我們的標準：文化契合、填補市場空白、優先建立關係，並且能夠在自由現金流基礎上實現增值。我們的目標是每年獲得 800 萬至 1000 萬美元的調整後 EBITDA，並應用可擴展的價值創造流程來推動成長和長期影響。

As we continue to execute our strategy, our mix shift should normalize to approximately 80% owner direct revenue and 20% general contractor revenue. In 2025, we expect our ODR revenue to land between 70% to 80% of total revenue for the full year. Once our mix reaches 80-20, we believe we'll begin to generate considerable consolidated revenue growth.

隨著我們繼續執行我們的策略，我們的組合轉變應該正常化至約 80％ 的業主直接收入和 20％ 的總承包商收入。到 2025 年，我們預計 ODR 收入將佔全年總收入的 70% 至 80%。一旦我們的產品組合達到 80-20，我們相信我們將開始實現可觀的綜合收入成長。

Over time, we anticipate our evolved offerings will expand our gross margins to comparable levels of OEMs that provide similar solutions to those offered by the company, which tend to be in the 35% to 40% range. Looking forward to 2025, we expect organic top line revenue growth to be in the 10% to 15% range for the full year.

隨著時間的推移，我們預計我們不斷發展的產品將使我們的毛利率達到與提供類似解決方案的 OEM 相當的水平，而後者的毛利率通常在 35% 到 40% 之間。展望 2025 年，我們預計全年有機營業收入成長率將介於 10% 至 15% 之間。

When we layer on two acquisitions from 2024, we anticipate total revenue in the range of $610 million to $630 million. Over the past few years, as we continued our shift towards ODR revenue, which has seen more seasonality in the business, the first quarter tends to be our softest quarter with the second half of the year being stronger than the first half of the year.

當我們從 2024 年開始進行兩次收購時，我們預計總收入將在 6.1 億美元至 6.3 億美元之間。過去幾年，隨著我們繼續向 ODR 收入轉變，而 ODR 收入的業務季節性更強，第一季往往是我們最疲軟的一個季度，而下半年則強於上半年。

Going into 2025, we expect the same seasonality with Q1 2025 being similar to Q1 2024 with an even stronger second half of the year. With our expected revenue growth for 2025 and the continued focus on improving our total gross margin, we expect adjusted EBITDA for 2025 to be in the range of $78 million to $82 million. While 2024 was a very strong year for execution and results, we're still in the early innings of shifting to our three-pillar strategy.

進入 2025 年，我們預計季節性將保持不變，2025 年第一季將與 2024 年第一季相似，但下半年將更加強勁。由於我們預計 2025 年收入將成長，並且我們將繼續致力於提高總毛利率，因此我們預計 2025 年調整後的 EBITDA 將在 7,800 萬美元至 8,200 萬美元之間。雖然 2024 年在執行力和業績方面非常強勁，但我們仍處於轉向三大支柱策略的早期階段。

There are plenty of growth opportunities ahead with geographic footprint expansion, gross margin opportunity, both for mix shift and evolving our offerings and tremendous opportunity for mission-critical owners with aging infrastructure.

未來有大量的成長機會，包括地理覆蓋範圍的擴大、毛利率機會、產品組合的轉變和產品的改進，以及對於基礎設施老化的關鍵任務所有者來說巨大的機會。

I'd like now to turn the call over to Jaymie for our financial results.

現在我想將電話轉給 Jaymie 來報告我們的財務表現。

Thank you, Mike. Our Form 10-K and earnings press release filed yesterday provides comprehensive details of our financial results. So I will focus on the highlights for the full year and fourth quarter. All comparisons are full year 2024 versus 2023 and fourth quarter 2024 versus fourth quarter of 2023, unless otherwise noted. For the year, we generated total revenue of $518.8 million compared to $516.4 million in 2023.

謝謝你，麥克。我們昨天提交的 10-K 表格和收益新聞稿提供了我們財務業績的全面詳細資訊。因此，我將重點放在全年和第四季的亮點。除非另有說明，所有比較均為 2024 年全年與 2023 年以及 2024 年第四季與 2023 年第四季的比較。今年，我們的總收入為 5.188 億美元，而 2023 年為 5.164 億美元。

Total revenue growth was nearly flat at 0.5%, while ODR revenue grew 31.9% and GCR revenue declined 31.9%. As we have said before, the GCR revenue decline is by design as we execute our mix shift strategy towards ODR. ODR revenue accounted for 66.6% of total revenue for the year, up from 50.7% in 2023.

總營收成長率幾乎持平於 0.5%，而 ODR 營收成長 31.9%，GCR 營收下降 31.9%。正如我們之前所說，GCR 收入下降是因為我們執行了向 ODR 轉變的組合策略。ODR 收入佔當年總收入的 66.6%，高於 2023 年的 50.7%。

During the quarter, we generated total revenue of $143.7 million versus $142.7 million in 2023. Total revenue growth was nearly flat at 0.7%, while ODR revenue grew 21.4% and GCR revenue declined 24.8% in the fourth quarter, ODR revenue was 66.5% of total revenue, up from 55.1% in 2023.

本季度，我們的總營收為 1.437 億美元，而 2023 年為 1.427 億美元。總營收成長幾乎持平於 0.7%，而第四季 ODR 營收成長 21.4%，GCR 營收下降 24.8%，ODR 營收佔總營收的 66.5%，高於 2023 年的 55.1%。

Our ODR backlog at quarter end was $225.3 million compared to $147 million at December 31, 2023. GCR backlog was $140 million compared to $186.9 million at December 31, 2023. The increase in ODR backlog and the decrease in GCR backlog are due to our continued focus on accelerating the growth of our high-margin ODR business. Keep in mind that the backlog in the ODR segment does not reflect our complete book of business. Many ODR projects are short term in nature and can be sold and executed within the quarter.

本季末我們的 ODR 積壓訂單為 2.253 億美元，而 2023 年 12 月 31 日為 1.47 億美元。GCR 積壓訂單為 1.4 億美元，而 2023 年 12 月 31 日為 1.869 億美元。ODR 積壓訂單的增加和 GCR 積壓訂單的減少是由於我們繼續致力於加速高利潤率 ODR 業務的成長。請記住，ODR 部分的積壓訂單並不反映我們完整的業務記錄。許多ODR項目本質上是短期的，可以在本季度內出售和執行。

Total gross profit for the year increased 20.9% from $119.3 million to $144.3 million, reflecting our focus on growing our ODR segment. Total gross margin on a consolidated basis for the full year was 27.8%, up from 23.1% in 2023, driven by the combination of higher-margin ODR revenue, higher quality GCR work and the contribution from our acquisitions.

全年總毛利從 1.193 億美元成長 20.9% 至 1.443 億美元，反映出我們專注於擴大 ODR 部門。全年綜合總毛利率為 27.8%，高於 2023 年的 23.1%，這得益於利潤率更高的 ODR 收入、更高品質的 GCR 工作以及收購的貢獻。

ODR gross profit contributed $107.8 million or 74.7% of the total gross profit dollars. ODR gross profit increased $31.7 million or 41.6%, driven by higher revenue and expansion of our ODR gross margins to 31.2% from 29% in 2023. GCR gross profit declined $6.7 million or 15.5% due to our selectivity of higher-quality projects, which increased our GCR gross margin to 21.1% from 17% in 2023.

ODR 毛利貢獻了 1.078 億美元，佔總毛利的 74.7%。ODR 毛利增加了 3,170 萬美元，即 41.6%，這得益於收入的增加以及 ODR 毛利率從 2023 年的 29% 擴大至 31.2%。由於我們選擇了品質較高的項目，GCR 毛利下降了 670 萬美元，降幅為 15.5%，這使得我們的 GCR 毛利率從 2023 年的 17% 升至 21.1%。

Total gross profit for the quarter increased 30.8% from $33.3 million to $43.6 million, again, reflecting our ongoing emphasis on ODR. Total gross margin on a consolidated basis for the fourth quarter was 30.3%, up from 23.3% in 2023, mainly due to the mix of higher-margin ODR revenue, higher quality GCR work and the impact from our acquisitions.

本季總毛利從 3,330 萬美元成長 30.8% 至 4,360 萬美元，這再次反映了我們對 ODR 的持續重視。第四季合併總毛利率為 30.3%，高於 2023 年的 23.3%，主要由於利潤率更高的 ODR 收入、更高品質的 GCR 工作以及收購的影響。

ODR gross profit contributed $30.6 million or 70.2% of the total gross profit dollars. ODR gross profit increased $6.9 million or 29.3%, driven by higher revenue and expanded gross margins of 32.1% versus 30.1% in 2023. GCR gross profit increased $3.3 million or 34.5%, driven by our focus on better quality projects and expanding gross margins to 26.9% versus 15% in 2023.

ODR 毛利貢獻了 3,060 萬美元，佔總毛利的 70.2%。ODR 毛利增加 690 萬美元，增幅 29.3%，這得益於收入增加和毛利率擴大至 32.1%，而 2023 年為 30.1%。GCR 毛利增加了 330 萬美元，即 34.5%，這得益於我們專注於更高品質的項目，並將毛利率從 2023 年的 15% 擴大至 26.9%。

For the year, SG&A expense was $97.2 million, an increase of approximately $9.8 million from $87.4 million in 2023. As a percentage of revenue, SG&A expense was 18.7%, up from 16.9% in 2023. The increase was driven primarily by higher payroll and incentive-related expenses and costs incurred due to Acme and Industrial Air transactions, which were not acquired entities for the full year of 2023.

全年銷售、一般及行政費用為 9,720 萬美元，較 2023 年的 8,740 萬美元增加約 980 萬美元。銷售、一般及行政費用佔收入的百分比為 18.7%，高於 2023 年的 16.9%。成長的主要原因是 Acme 和 Industrial Air 交易導致薪資和激勵相關費用及成本增加，而這兩家公司並非 2023 年全年的收購實體。

For 2025, we are targeting SG&A expense as a percentage of revenue to be around 18% to 19% as we continue to invest in our ODR business to drive growth. During the quarter, SG&A expense increased approximately $2.4 million to $27.4 million from $25 million in 2023.

到 2025 年，我們的目標是銷售、一般及行政費用佔收入的百分比達到 18% 至 19% 左右，我們將繼續投資 ODR 業務以推動成長。本季度，銷售、一般及行政費用 (SG&A) 從 2023 年的 2,500 萬美元增加約 240 萬美元至 2,740 萬美元。

As a percentage of revenue, SG&A expense was 19.1%, up from 17.5% in 2023. The increase was driven by a $2.8 million increase in payroll and incentive-related expenses, offset by a decrease in legal costs. Interest expense for Q4 was $0.5 million and $1.9 million for the year. Interest income for the quarter was $0.5 million and $2.2 million for the year, driven by the company's investment strategy in placing our excess cash in overnight repurchase agreements, US treasury bills and money market funds.

銷售、一般及行政費用佔收入的百分比為 19.1%，高於 2023 年的 17.5%。成長的原因是工資和獎勵相關費用增加了 280 萬美元，但法律成本的減少抵消了這一增長。第四季的利息支出為 50 萬美元，全年利息支出為 190 萬美元。本季利息收入為 50 萬美元，全年利息收入為 220 萬美元，這得益於公司將過剩現金投入隔夜回購協議、美國國庫券和貨幣市場基金的投資策略。

For the year, adjusted EBITDA was $63.7 million, up 36.1% from $46.8 million in 2023, and we exceeded the top end of our 2024 adjusted EBITDA guidance of $60 million to $63 million. Adjusted EBITDA margin for the year was 12.3% compared to 9.1% in 2023. Adjusted EBITDA for the fourth quarter was $20.8 million, up 65.5% from $12.6 million in 2023.

全年調整後 EBITDA 為 6,370 萬美元，較 2023 年的 4,680 萬美元增長 36.1%，並且超過了 2024 年調整後 EBITDA 指導值的最高值 6,000 萬美元至 6,300 萬美元。本年度調整後 EBITDA 利潤率為 12.3%，而 2023 年為 9.1%。第四季調整後 EBITDA 為 2,080 萬美元，較 2023 年的 1,260 萬美元成長 65.5%。

Adjusted EBITDA margin for the fourth quarter was 14.5% compared to 8.8% in 2023. For the year, net income grew 48.8% from $20.8 million to $30.9 million, and earnings per diluted share grew 46% from $1.76 to $2.57.

第四季調整後的 EBITDA 利潤率為 14.5%，而 2023 年為 8.8%。全年淨收入從 2,080 萬美元成長 48.8% 至 3,090 萬美元，每股收益從 1.76 美元成長 46% 至 2.57 美元。

Adjusted net income grew 48.2% from $29.2 million to $43.2 million and adjusted earnings per diluted share grew 45.2% from $2.48 to $3.60. Net income for the fourth quarter grew 87.5% from $5.2 million to $9.8 million, and earnings per diluted share grew 86.4% from $0.44 to $0.82. Adjusted net income grew 70.9% from $8.1 million to $13.8 million, and adjusted earnings per diluted share grew 69.1% from $0.68 to $1.15.

調整後淨收入從 2,920 萬美元成長 48.2% 至 4,320 萬美元，調整後每股攤薄收益從 2.48 美元成長 45.2% 至 3.60 美元。第四季淨收入從 520 萬美元成長 87.5% 至 980 萬美元，每股收益從 0.44 美元成長 86.4% 至 0.82 美元。調整後淨收入從 810 萬美元增長 70.9% 至 1,380 萬美元，調整後每股攤薄收益從 0.68 美元增長 69.1% 至 1.15 美元。

Turning to cash flow. Our operating cash flow during the fourth quarter was $19.3 million compared to $13.9 million in 2023, representing a 38.7% increase. Operating cash flow for the year was $36.8 million compared to $57.4 million in 2023, representing a 35.9% decrease due to the timing of differences in certain accounts receivable.

轉向現金流。我們第四季的經營現金流為 1,930 萬美元，而 2023 年為 1,390 萬美元，成長了 38.7%。本年度經營現金流為 3,680 萬美元，而 2023 年為 5,740 萬美元，由於某些應收帳款的時間差異而下降了 35.9%。

Free cash flow, defined as cash flow from operating activities less changes in working capital and capital expenditures, excluding our investment in rental equipment for the year was $52.3 million compared to $36.7 million in 2023, an increase of 42.6%. The free cash flow conversion of adjusted EBITDA for the year was 82.1% versus 78.4% in 2023.

自由現金流（定義為經營活動產生的現金流量減去營運資本和資本支出的變化，不包括我們對租賃設備的投資）為 5,230 萬美元，而 2023 年為 3,670 萬美元，成長了 42.6%。本年度調整後 EBITDA 的自由現金流轉換率為 82.1%，而 2023 年為 78.4%。

For 2025, we are continuing to target a free cash flow conversion rate of at least 70%, which again, we define as cash flow from operations minus changes in working capital, minus capital expenditures, excluding our investment in rental equipment divided by adjusted EBITDA. We expect CapEx for 2025 to have a run rate of approximately $4 million, primarily because of our acceleration of our ODR strategy. This amount excludes an additional investment of $3.5 million in rental equipment in the first half of 2025.

對於 2025 年，我們繼續將自由現金流轉換率定為至少 70%，我們再次將其定義為經營現金流量減去營運資本變化，再減去資本支出（不包括租賃設備投資）除以調整後的 EBITDA。我們預計 2025 年的資本支出運作率約為 400 萬美元，這主要是因為我們加速了 ODR 策略。這筆金額還不包括2025年上半年350萬美元的租賃設備額外投資。

Turning to our balance sheet. As of December 31, we had $44.9 million in cash and cash equivalents and total debt of $27.2 million, which includes $10 million borrowed on our revolving credit facility at a hedge rate of 5.72%. Our balance sheet remains strong, and we are well positioned to support our strategy of generating ODR growth and margin expansion, which we believe will create significant long-term value for our stockholders. In addition, our balance sheet supports our acquisition strategy by providing the capital to make our opportunistic decisions for growth.

轉向我們的資產負債表。截至 12 月 31 日，我們擁有 4,490 萬美元的現金和現金等價物，總債務為 2,720 萬美元，其中包括以 5.72% 的對沖利率透過循環信貸額度借入的 1,000 萬美元。我們的資產負債表依然強勁，我們已準備好支持實現 ODR 成長和利潤率擴張的策略，我們相信這將為我們的股東創造巨大的長期價值。此外，我們的資產負債表透過提供資本來支持我們的收購策略，讓我們能夠做出有利於成長的決策。

That concludes our prepared remarks. I'll now ask the operator to begin Q&A.

我們的準備好的演講到此結束。現在我請接線生開始問答環節。

(Operator Instructions) Rob Brown, Lake Street Capital.

（操作員指示） Rob Brown，Lake Street Capital。

Just wanted to touch on the organic growth you talked about in 2025, 10% to 15%. Is that the ODR business in particular? Or is that the overall business in total? And I guess what would be implied organic ODR? (technical difficulty)

只是想談談您所說的 2025 年有機增長 10% 到 15%。這是具體的 ODR 業務嗎？或者說這就是整個業務的整體情況？我猜想隱含的有機 ODR 是什麼？（技術難度）

That's the overall -- sorry, not hearing you very well. That's the overall top line.

整體來說就是這樣——抱歉，我聽不太清楚。這就是總體情況。

Okay. Great. And then what's sort of the implied ODR organic growth? (technical difficulty)

好的。偉大的。那麼隱含的 ODR 有機成長是什麼樣的呢？（技術難度）

You broke up again. I'm sorry, Rob.

你們又分手了。對不起，羅布。

Sorry about that. I apologize. Just wanted to know the implied organic growth in the ODR segment.

很抱歉。我很抱歉。只是想知道 ODR 部分隱含的有機成長。

We're looking at it from a kind of a perspective of both the top line just from a -- once we do our acquisitions as well as layering that in. So we've not necessarily specifically comment on a percentage growth. I would assume you could see maybe 23% to 46% if you take the top end and the low end of the range that we provided from an adjusted EBITDA and revenue perspective.

我們從某個角度來看待這個問題——一旦我們完成收購並將其分層。因此，我們不一定對百分比成長做出具體評論。我認為，如果從調整後的 EBITDA 和收入角度來看我們提供的範圍的最高端和最低端，您可能會看到 23% 到 46% 的增幅。

Okay. Good. And then on the gross margin comment about kind of getting to OEM level gross margins, just wanted to get a sense of what you need to sort of do to get there. Is that a kind of long-term goal? Or what additional kind of services would you need to get to that point?

好的。好的。然後關於達到 OEM 水平毛利率的毛利率評論，只是想了解一下您需要做些什麼才能達到這一水平。這是一種長期目標嗎？或者您需要什麼額外的服務才能達到這一點？

Yes, Rob, it's definitely a long-term goal. Our margin journey really -- there's two pieces to it. Maybe there's more than two pieces. But the first piece has been shifting to the revenue as much to the Owner Direct segment. That's going to get us a natural lift.

是的，羅布，這絕對是長期目標。我們的保證金之旅實際上有兩個部分。或許不止兩件。但第一部分已經轉移到業主直銷部分的收入。這將為我們帶來自然的提升。

The second part of it is building our channel and our connected integrated platform among all of our locations. Acquisitions, of course, will help that. And then being able to offer new evolved offerings through our sales chain, our integrated sales chain.

第二部分是在我們所有地點之間建立管道和連接的整合平台。當然，收購將有助於實現這一點。然後能夠透過我們的銷售鏈、我們的整合銷售鏈提供新的發展產品。

So it's going to be a combination of both. It's going to be a combination of really getting to that optimal mix plus from an evolved offerings perspective. And it's very much a long-term perspective on where gross profit could go to.

所以這將是兩者的結合。這將是真正實現最佳組合以及從不斷發展的產品視角的結合。這在很大程度上是一個關於毛利去向的長期觀點。

Gerry Sweeney, ROTH Capital.

羅仕資本（ROTH Capital）的格里·斯威​​尼（Gerry Sweeney）。

Question on ODR. Hopefully, I can ask this the right way. When you're looking at existing customers, where are you in terms of hitting that truly, we'll say, trusted adviser level as opposed to getting into the maintenance contracts and developing that relationship? I'm just trying to see where you are in terms of existing customers and growing into that sort of long-term goal or target with them.

關於 ODR 的問題。希望我能以正確的方式提出這個問題。當您考慮現有客戶時，您如何達到真正值得信賴的顧問級別，而不是簽訂維護合約並發展這種關係？我只是想了解您在現有客戶方面處於什麼位置，並與他們一起實現這種長期目標。

Yes. I mean we've got a long way to go. And maybe the best way to do this is to kind of go back to the example that I covered in the prepared remarks. That's kind of a perfect -- where we're at. We've got that hospital group in the Philadelphia market.

是的。我的意思是我們還有很長的路要走。也許做到這一點的最好方法就是回到我在準備好的發言中提到的例子。我們現在的處境真是完美。我們在費城市場有這個醫院集團。

We've been -- we had the account. And I think our whole objective in the last couple of years is like let's place resources there and let's really capture this relationship. And typically, the relationships are built on some sort of quick repair work that happens of some total system failure. And that really starts the spend process going. I think once the spend process happens, then the outlook is how can we avoid these situations in the future?

我們已經──我們有這個帳戶。我認為我們過去幾年的整個目標是將資源投入那裡並真正掌握這種關係。通常，這些關係是建立在某些系統整體故障後進行的某種快速修復工作之上的。這才真正啟動了支出流程。我認為，一旦支出過程發生，那麼前景就是我們未來如何避免這些情況？

How can we proactively build your capital plan? So I would say most of our customers are kind of a perfect example of that. We've started to really see the recurring revenue start to come in the OpEx type work. And I think the outlook, I think, as we go into deeper in the year is how can we get to the point where we're starting to plan those budgets.

我們如何才能積極地制定您的資本計劃？所以我想說我們的大多數客戶都是這方面的完美典範。我們已經開始真正看到經常性收入開始來自營運支出類型的工作。我認為，隨著今年的深入，我們的前景是，我們如何開始規劃這些預算。

Got it. How does the environment sort of play into that in terms of like availability of skilled technicians, HVAC, et cetera? I mean it feels as though there's less and less maybe people available in that space and systems are becoming more and more complicated. I mean does this sort of play into this maybe longer theme of you being a trusted adviser for some of these multi-location clients?

知道了。就熟練技術人員、暖通空調等設施的可用性而言，環境對此有何影響？我的意思是，感覺好像那個領域可用的人越來越少，而係統也變得越來越複雜。我的意思是，這是否與您作為這些多地點客戶值得信賴的顧問這一更長遠的主題有關？

Absolutely. Our labor story is a lot different than a lot of other companies in the E&C space. Our field labor has shifted from production type labor to super specialized labor. And obviously, even from a productivity perspective, the dollars per hour of our labor has gone up significantly from a profitability perspective. And obviously, from a cost that we've been able to pass that along.

絕對地。我們的勞工故事與 E&C 領域的許多其他公司有很大不同。我們的田間勞動已經由生產型勞動轉變為超專業化勞動。顯然，即使從生產力的角度來看，從獲利能力的角度來看，我們每小時的勞動成本也大幅上漲了。顯然，我們已經能夠將成本轉嫁出去。

But that's been our focus is having super technical people that take care of these customers, understand complex systems. And a lot of times, in many cases, the owners can't work on these systems. They need us to come in and help them and advise them always through these critical repairs and complex issues is when we really start to develop that relationship.

但我們的重點是擁有超級技術人員來照顧這些客戶，並了解複雜的系統。很多時候，在很多情況下，業主無法在這些系統上工作。他們需要我們介入並幫助他們，並​​在這些關鍵的維修和複雜問題上始終為他們提供建議，這時我們才真正開始發展這種關係。

So I think our specialized labor is important now and will continue to be important in the future, just our approach of how we've gone to existing building mission-critical spaces. And that's going to play really well, I think, into our future.

因此，我認為我們的專業勞動力現在很重要，並且在未來仍將很重要，這就是我們如何進入現有建築關鍵任務空間的方法。我認為這對我們的未來將產生很大的影響。

Got it. And one more. Obviously, I mean, ODR has been great, and I don't want this to come out in any other way. But is there a way to even speed this up to get deeper penetration, invest more in account managers, et cetera. And I think there's probably even an ability to spread more services across more branches. Just how does that play out in the next couple of years and in terms of growth?

知道了。還有一個。顯然，我的意思是，ODR 已經很棒了，我不希望以任何其他方式將其公諸於世。但是有沒有辦法可以加快這一進程，獲得更深的滲透，在客戶經理方面投入更多資金，等等。我認為甚至可能有能力將更多的服務擴展到更多的分公司。就未來幾年的成長而言，這將如何發展？

Yes. So a couple of things. One thing is we've learned that this strategy takes time. And I think it's not necessarily easy entry for people that are not focused on existing infrastructure. It takes three, four years. So it's a very, I think, building block type strategy. And you've got to earn that trust. Just because you've done a large construction project, it doesn't mean that they're going to have you start working on the existing infrastructure. It's taken us three to five years to get to that point. So -- but I think going forward, our growth profile kind of looks like this.

是的。有幾件事。我們知道，這項策略需要時間。我認為，對於那些不關注現有基礎設施的人來說，這並不一定容易進入。這需要三、四年的時間。所以我認為這是一個非常基本的積木式策略。你必須贏得這種信任。僅僅因為你完成了一個大型建設項目，並不意味著他們會讓你開始在現有的基礎設施上工作。我們花了三到五年的時間才達到這一點。所以——但我認為展望未來，我們的成長概況大致如下。

Locally, we want to get to the point we start to penetrate those capital planning budgets, co-authoring, authoring. So we get a lot more visibility in the future, and we're able to have a nice mix between OpEx and CapEx budget.

在當地，我們希望開始滲透到那些資本規劃預算、共同創作和創作。因此，我們對未來有了更多的了解，並且能夠在營運支出和資本支出預算之間實現良好的組合。

The other piece of it is our whole goal from an acquisition strategy and from an organic location strategy get on the same integrated platform. Both from a systems and a strategy perspective. So over time, as we develop footprint, we're going to be able to be a national provider of some of these large spend type customers, national customers.

另一部分是，我們的整個目標是從收購策略和有機定位策略進入同一個整合平台。從系統和戰略角度來看。因此，隨著時間的推移，隨著我們業務範圍的擴大，我們將能夠成為一些大型消費型客戶、全國客戶的全國供應商。

That's another area that's going to start to accelerate that allows us to sell capital projects on a much larger scale and to kind of leverage this local and type national type relationship. I think that's when things really start to take off.

這是另一個將開始加速發展的領域，它使我們能夠更大規模地銷售資本項目，並利用這種地方和國家類型的關係。我認為那時事情才真正開始起飛。

(Operator Instructions) Brian Brophy, Stifel.

（操作員指示） Brian Brophy，Stifel。

Wanted to ask kind of a clarifying question here on the first quarter. I think you guys said flat revenue 1Q '25 relative to 1Q '24. Did I hear that correctly? And was that an ODR comment? Or was that a total revenue comment? Any clarity there would be helpful.

想在這裡就第一季提出一個澄清問題。我認為你們說的是 2025 年第一季的營收與 2024 年第一季的營收持平。我沒聽錯吧？這是 ODR 評論嗎？或者這是一個總收入評論？任何澄清都會有幫助。

We said basically it would be similar to Q1 -- Q1 of '25 would be similar to Q1 of '24. If you keep in mind, in Q1 of '24, we did have $2 million of a write-up in that quarter. So just kind of top line, bottom line, we expect it to be similar.

我們說基本上它會與 Q1 相似——25 年第一季將與 24 年第一季相似。如果你還記得的話，在 2024 年第一季度，我們確實有 200 萬美元的增值。因此，就頂線和底線而言，我們預計它們會相似。

Okay. And that's total revenue?

好的。這就是總收入嗎？

Yes.

是的。

Okay. That's helpful. And then I guess, can you help us with, I guess, what gives you guys confidence in reaccelerating growth here later in the year?

好的。這很有幫助。然後我想，您能否幫助我們，我想，是什麼讓你們有信心在今年晚些時候重新加速成長？

Yes. It's a similar pattern that we've seen. There's a good degree of seasonality that happens within the business. I think that piece of it -- I think the other part of it, too, is obviously getting our mix to the point where now we're starting to see that owner direct revenue start to translate to top line where past year, we've been kind of holding back that total revenue. I think the other factor is obviously factoring the two acquisitions as well, too. So it's a combination of maybe the three of those things working together where we feel the confidence from that perspective.

是的。這是我們曾經見過的類似模式。業務中存在相當大的季節性。我認為其中的一部分——我認為其中的另一部分，顯然是讓我們的組合達到現在的程度，我們開始看到業主直接收入開始轉化為營業收入，而去年，我們一直在抑制總收入。我認為另一個因素顯然也與這兩筆收購有關。因此，這三者或許共同作用，讓我們從這個角度感受到信心。

Okay. That's helpful. And then a question on GCR gross margins in the quarter. They were notably better than we were expecting. Is there anything that was more onetime in there?

好的。這很有幫助。然後是關於本季 GCR 毛利率的問題。他們的表現明顯超出我們的預期。那裡面還有比這更一次性的東西嗎？

And I think you guys mentioned some net material write-ups, gross profit write-ups in the release. Did that have anything to do with driving the GCR margin in the quarter?

我認為你們在發布中提到了一些淨材料增值、毛利潤增值。這與推動本季的 GCR 利潤率有什麼關係嗎？

Yes. Our GCR, a lot of it depends on what work is being executed and being finalized within that quarter. Obviously, we've been super selective. And I think that has helped us tremendously as well, too, as well as trying to -- obviously, we derisk these projects as much as we can.

是的。我們的 GCR 很大程度上取決於該季度內正在執行和完成的工作。顯然，我們非常挑剔。我認為這也對我們有很大幫助，同時我們也在努力——顯然，我們盡可能地降低這些項目的風險。

Yes. And then on the GCR side, we did have about -- I think it was around $2.9 million of a write-up within the quarter in Q4 that did benefit those margins.

是的。然後在 GCR 方面，我們確實有大約 - 我認為第四季度內約有 290 萬美元的增值確實有利於這些利潤率。

Okay. That's helpful. And then I wanted to ask about your kind of account manager hiring plans this year? Are you guys planning on continuing to add folks at this point? And how should we be thinking about that impacting your SG&A for 2025?

好的。這很有幫助。然後我想問您今年的客戶經理招募計畫是怎麼樣的？你們現在還打算繼續增加人員嗎？我們應該如何看待這會對您 2025 年的銷售、一般及行政費用 (SG&A) 產生影響？

Yes. We're still in investment mode from an account perspective. It's -- every year, we're always looking to figure out how can we continue to accelerate that growth from an owner direct perspective as well, too. And part of that is obviously making sure that we have enough people on these accounts. So our strategy has been very different than others.

是的。從帳戶角度來看，我們仍處於投資模式。每年，我們都在思考如何從業主直接的角度繼續加速這一成長。其中一部分顯然是確保我們有足夠的人員負責這些帳戶。所以我們的策略與其他策略截然不同。

Our focus on existing building, aging infrastructure, making sure that we're on the account every single day is really important. The specialization of our labor, I think, as well, too, and then really building that long-term plan as well, too. So we want to make sure that we're at the accounts as much as we can to capture relationships and make it as sticky as possible as well, too.

我們專注於現有建築、老化的基礎設施，確保我們每天都專注於帳戶，這非常重要。我認為，我們的勞動力也要專業化，然後也要真正制定長期計畫。因此，我們希望確保盡可能多地專注於客戶關係，並使其盡可能緊密。

Okay. And then maybe pivoting a little bit thinking bigger picture here. Can you talk about the opportunity to grow your MSA count? You're in about 20 MSAs today. Where can this go over time? And is that primarily going to be a function of M&A? Or is there an opportunity to greenfield here as well?

好的。然後也許可以稍微轉變一下視角來思考更大的圖像。能談談增加 MSA 數量的機會嗎？您今天加入了大約 20 個 MSA。隨著時間的推移，這會發展到什麼程度？這主要是併購的功能嗎？或者這裡也有機會進行綠地開發嗎？

Yes. We have a lot of footprint. Just if you looked at our map, there's at least 20 or 25-plus type MSAs that we could be in that are great markets for us as well, too. I think -- where we're at in the middle of the country from an industrial manufacturing, we've really just started to take a look at being able to capture that. So I think a good chunk of it will come from M&A.

是的。我們有很多足跡。只要看一下我們的地圖，你就會發現至少有 20 或 25 多個類型的 MSA 可供我們選擇，這些 MSA 對我們來說也是很好的市場。我認為——我們處於美國工業製造的中部，我們才剛開始考慮如何抓住這一機會。所以我認為其中很大一部分將來自併購。

Every once in a while, we -- if there's a customer that wants us to be in an area, if we have the talent in place, they want to be in the area. We have in the past done organic start-ups. But I would say the majority is going to come from an acquisition perspective.

有時候，如果有客戶希望我們進入某個地區，如果我們有合適的人才，他們會希望進入該地區。我們過去曾做過有機創業。但我想說，大部分將來自收購的角度。

Okay. That's helpful. And then I think last one for me. Can you just remind us how much data center exposure do you guys have? Where is that exposure? How much of that is new construction related? And how are you thinking about the long-term opportunity in that market?

好的。這很有幫助。然後我想對我來說這是最後一個了。您能否提醒我們一下你們的資料中心暴露了多少？曝光度在哪裡？其中有多少與新建築有關？您如何看待該市場的長期機會？

Yes. So from a -- again, we're very different from a data center perspective. About three years ago, we essentially -- in one of our locations, we were building data centers, and we basically turned the faucet off and stopped building those data centers, which our location at the time was wondering what we're doing. So from a new construction perspective, we -- two or three years ago, we stopped from that perspective. So our data center work that we have is existing building data center work, existing infrastructure.

是的。所以從——再說一次，我們從資料中心的角度來看非常不同。大約三年前，我們基本上——在其中一個地點，我們正在建造資料中心，我們基本上關掉了水龍頭，停止了建造這些資料中心，當時我們所在的地點不知道我們在做什麼。因此，從新建築的角度來看，兩、三年前我們就停止了從這個角度來建造。因此，我們的資料中心工作是現有的建設資料中心工作，現有的基礎設施。

There's only a couple of markets that we're even able to take advantage of that, Columbus and a little bit in the Northern Virginia market. So it hasn't been a big part of our past. And I think in the future, it's just a matter of that -- watching that infrastructure age and then being a partner for those types of facilities

我們能夠利用這一優勢的市場只有幾個，即哥倫布和北維吉尼亞的一小部分市場。所以它並不是我們過去的重要組成部分。我認為，未來只需要觀察基礎設施的老化，然後成為這些設施的合作夥伴

We have no further questions at this time. Mr. McCann, I'd like to turn the floor back over to you for closing comments.

目前我們沒有其他問題。麥肯先生，我想把發言權交還給您，請您發表最後評論。

Thank you for listening today and for your continued interest in Limbach. We look forward to seeing many of you at the UBS Services Conference this week and at the ROTH Conference next week. Hope everybody has a great day. Thank you.

感謝您今天的收聽以及對林巴赫的持續關注。我們期待在本週的瑞銀服務會議和下週的羅仕證券會議上見到大家。祝大家有個愉快的一天。謝謝。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與，祝您有美好的一天。