Limbach Holdings Inc (LMB) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Limbach Holdings first quarter 2026 earnings conference call and webcast. (Operator Instructions)

早安，歡迎收聽 Limbach Holdings 2026 年第一季財報電話會議與網路直播。(接線員指示)

I will now turn the conference over to your host, Lisa Fortuna of Financial Profile. You may begin.

現在我將把會議交給本次主持人——Financial Profile 的 Lisa Fortuna。您可以開始了。

Good morning, and thank you for joining us today to discuss Limbach Holdings financial results for the first quarter of 2026. Yesterday, Limbach issued its earnings release and filed its Form 10-Q for the period ended March 31, 2026. Both documents as well as an updated investor presentation are available on the Investor Relations section of the company's website at limbachinc.com. Management may refer to select slides during today's call and encourages its investors to review the presentation in its entirety.

早安，感謝各位今天加入我們，一同討論 Limbach Holdings 2026 年第一季的財務結果。昨日，Limbach 已發布財報新聞稿，並就截至 2026 年 3 月 31 日止期間提交了 Form 10-Q。上述兩份文件以及更新後的投資人簡報，皆可於公司網站 limbachinc.com 的投資人關係專區取得。管理團隊在今日電話會議中可能會引用部分投影片，並鼓勵投資人完整檢視整份簡報。

On today's call are Michael McCann, President and Chief Executive Officer; and Jayme Brooks, Executive Vice President and Chief Financial Officer. We will begin with prepared remarks and then open the call to questions.

今天與會者包括：總裁兼執行長 Michael McCann，以及執行副總裁兼財務長 Jayme Brooks。我們將先進行準備好的發言，隨後開放提問。

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 those about expected financial performance are also forward-looking statements. Actual results may differ materially from those contemplated by such forward-looking statements. 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.

在開始之前，我想提醒各位，今天的評論將包含依據聯邦證券法所定義的前瞻性陳述。前瞻性陳述可由「將」、「是」、「打算」、「相信」、「預期」、「預估」或其他類似字詞與片語辨識。非歷史事實的陳述，例如關於預期財務表現的陳述，也屬於前瞻性陳述。實際結果可能與此等前瞻性陳述所預期者存在重大差異。可能導致公司結果與這些前瞻性陳述出現重大差異的因素討論，載於 Limbach 向 SEC 提交的文件中，包括 Form 10-K 與 10-Q 報告。

Please note 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 first quarter 2026 earnings release and in our investor presentation, both of which can be found on Limbach's Investor Relations website and have been furnished in the Form 8-K filed with the SEC.

請注意，今天的電話會議中我們將提及非 GAAP 衡量指標。您可在我們 2026 年第一季財報新聞稿與投資人簡報中，找到這些非 GAAP 指標與最直接可比 GAAP 指標之間的調節表；兩者皆可於 Limbach 投資人關係網站取得，並已隨同提交給 SEC 的 Form 8-K 提供。

With that, I'll turn the call over to President and CEO, Mike McCann.

接下來，我把電話會議交給總裁兼執行長 Mike McCann。

Good morning, and welcome to our stockholders, analysts and interested investors. We appreciate you joining us today. Yesterday, we reported our first quarter 2026 results, which were in line with the expectations we discussed on our last earnings call in March. Before turning to the details of the quarter, I want to briefly recap where we've been and where we're headed.

早安，歡迎各位股東、分析師與關注我們的投資人。感謝各位今天加入我們。昨日我們公布了 2026 年第一季的業績，結果符合我們在 3 月上次財報電話會議中所討論的預期。在進入本季細節之前，我想先簡要回顧我們走過的路，以及接下來的方向。

Our long-term vision and strategy are to become an indispensable building system solutions partner for our customers' mission-critical facilities. We provide cost-effective, innovative and dependable services designed to support uninterrupted operations. We operate as an integrated organization that aligns our people, capabilities and service offerings. Our culture is built on the value of caring. At Limbach, our people care about our customers and are dedicated to delivering and maintaining systems that support some of their most critical assets while staying safe.

我們的長期願景與策略，是成為客戶關鍵任務設施不可或缺的建築系統解決方案夥伴。我們提供具成本效益、創新且可靠的服務，以支援不中斷的營運。我們以整合式組織運作，使人員、能力與服務內容相互對齊。我們的文化建立在「關懷」的價值之上。在 Limbach，我們的同仁關心客戶，致力於交付並維護能支撐客戶最關鍵資產之一的系統，同時確保安全。

Over the last five years, we've transitioned and scaled our business to focus on direct relationships with building owners. This has raised our margin profile, improved the quality of our revenue and deepened our relationships with customers who operate mission-critical facilities.

過去五年，我們已完成業務轉型並擴大規模，聚焦於與建築物業主建立直接關係。這提升了我們的毛利結構、改善了營收品質，並加深了與營運關鍵任務設施客戶的關係。

Our revenue mix between ODR and GCR has reached stabilization, reflecting progress toward what we view as the optimal balance between the two business segments. Going forward, we intend to continue to prioritize ODR growth while selectively pursuing high-quality GCR opportunities where customer, partner, risk profile and end market align with our strategy, particularly in data centers where demand is accelerating rapidly.

我們在 ODR 與 GCR 之間的營收組合已趨於穩定，反映我們朝向自認為兩大業務部門最佳平衡的進展。展望未來，我們打算持續優先推動 ODR 成長，同時在客戶、合作夥伴、風險結構與終端市場與我們策略一致時，有選擇性地追求高品質的 GCR 機會，尤其是在需求快速加速的資料中心領域。

As we move forward into 2026, our focus is on scale and growth. We see significant opportunities to deepen and expand our customer relationships, supported by the strong foundation we have built over the previous 5 years.

邁入 2026 年，我們的重點在於規模化與成長。我們看到顯著機會可深化並擴展客戶關係，而這些機會建立在過去五年所打造的堅實基礎之上。

Now turning to our first quarter results. First quarter revenue was $138.9 million, in line with our expectations. Although total revenue growth was 4.3%, organic revenue was down as expected, decreasing by 13.4%. As previously discussed, the results reflect the impact of lower bookings in the middle of 2025 and normal seasonal patterns among industrial customers.

接著談我們第一季的業績。第一季營收為 1.389 億美元，符合我們的預期。雖然總營收成長 4.3%，但如預期，內生成長的營收下滑，下降 13.4%。如先前所述，結果反映 2025 年年中接單較低的影響，以及工業客戶的正常季節性型態。

The revenue mix was 71.9% ODR and 28.1% GCR, with ODR revenue growing 10.4% and organic ODR revenue declining 5.4%. Total gross margin was 22.4%, primarily due to lower fixed cost absorption in our ODR segment from lower revenue during the quarter, the absence of higher net project write-ups that benefited the prior year period, which is largely timing related and the current lower gross margin profile of Pioneer Power.

營收組合為 ODR 71.9%、GCR 28.1%；其中 ODR 營收成長 10.4%，而內生 ODR 營收下滑 5.4%。總毛利率為 22.4%，主要原因包括：本季 ODR 部門因營收較低導致固定成本吸收不足；去年同期受惠於較高的專案淨額加回（write-ups）但本期未出現（多屬時點因素）；以及 Pioneer Power 目前較低的毛利率結構。

Adjusted EBITDA was $8.7 million, which was also in line with our expectations. As anticipated, we experienced a cash outflow due to the lower net income and higher working capital needs in Q1. Q1 bookings were exceptionally strong at $209 million, generating a book-to-bill ratio of 1.5. Approximately 27% of bookings came from data center opportunities, reflecting strong demand in this vertical and the value of Limbach's existing customers with brand-name hyperscaler customers.

調整後 EBITDA 為 870 萬美元，同樣符合我們的預期。如預期，由於淨利較低以及第一季營運資金需求較高，我們出現現金流出。第一季接單（bookings）表現格外強勁，達 2.09 億美元，產生 1.5 的接單/出貨比（book-to-bill）。約 27% 的接單來自資料中心機會，反映該垂直領域的強勁需求，以及 Limbach 既有客戶的價值，其中包含具品牌知名度的超大規模雲端（hyperscaler）客戶。

As a reminder, in 2026, we remain highly focused on our three strategic growth pillars: ODR organic and total revenue growth, margin expansion through evolved customer solutions, scaling the business through acquisitions.

提醒各位，2026 年我們仍高度聚焦於三大策略成長支柱：ODR 的內生與總營收成長、透過更進階的客戶解決方案推動毛利率擴張、以及透過併購擴大業務規模。

While first quarter organic revenue was down as expected, the more important development in the quarter was the acceleration of demand. Over the past two quarters, we recorded more than $434 million of bookings, including $209 million in Q1 of 2026 and $225 million in Q4 of 2025.

雖然第一季內生營收如預期下滑，但本季更重要的發展是需求加速。過去兩個季度，我們累計接單超過 4.34 億美元，其中 2026 年第一季為 2.09 億美元、2025 年第四季為 2.25 億美元。

Our Q1 2026 book-to-bill ratio of 1.5 times is a strong indicator that revenue momentum is building as we move through 2026. We believe the strength of these bookings reflect the traction we are getting from recent investments in our national sales, vertical market teams, customer solution teams as well as our ability to serve increasingly complex mission-critical facilities.

我們 2026 年第一季 1.5 倍的接單/出貨比，是我們在 2026 年推進過程中營收動能正在形成的強力指標。我們認為，這些接單的強勁表現反映了我們近期在全國銷售、垂直市場團隊、客戶解決方案團隊的投資所帶來的成效，以及我們服務日益複雜之關鍵任務設施的能力。

Earlier this year, we invested in dedicated sales enablement tools to support productivity. This type of sales support is only possible in an organization that works collaboratively and shares best practices. During the first quarter, we rolled out an updated sales process system designed to better highlight what differentiates Limbach in the marketplace.

今年稍早，我們投資了專用的銷售賦能工具，以支援生產力提升。這類銷售支援只有在能協同合作並分享最佳實務的組織中才有可能實現。第一季期間，我們推出了更新的銷售流程系統，旨在更清楚凸顯 Limbach 在市場上的差異化優勢。

We also continue to invest across three national vertical market teams. The health care team is now fully built and delivered strong bookings over the past two quarters, positioning revenue to accelerate in the second half as those bookings convert. In addition, during the first half of the year, we are focused on adding resources to our data center team, combining experienced Limbach employees with new hires to drive scale and deepen existing customer relationships.

我們也持續在三個全國性垂直市場團隊進行投資。醫療保健團隊現已完整建置，並在過去兩個季度取得強勁接單，隨著這些接單逐步轉為營收，將使下半年營收加速。此外，在上半年期間，我們聚焦於為資料中心團隊增補資源，結合具經驗的 Limbach 員工與新進人員，以推動規模化並深化既有客戶關係。

Our second pillar is to expand margins by driving more evolved customer solutions. We differentiate ourselves from our competition by delivering creative integrated solutions that solve real business problems. Our strategy is focused on six core customer solutions, including integrated facility planning, service and maintenance, replacement equipment and retrofits, rental equipment, MEPC infrastructure upgrades and energy efficiency decarbonization projects. Over time, our goal is to deliver all six customer solutions at both the national and local level across our customer base. By bundling these offerings, we can create a more comprehensive solutions for customers while layering on incremental margin.

我們的第二個支柱，是透過推動更進階的客戶解決方案來擴大毛利率。我們透過提供具創意的整合式解決方案、解決真實的商業問題，從競爭對手中脫穎而出。我們的策略聚焦於六大核心客戶解決方案，包括：整合式設施規劃、服務與維護、更換設備與翻新改造、租賃設備、MEPC 基礎設施升級，以及能源效率與去碳化專案。長期而言，我們的目標是在全國與在地層級，於整體客戶群中提供全部六項客戶解決方案。透過將這些服務打包，我們能為客戶創造更全面的解決方案，同時疊加額外的利潤率。

Our third strategic pillar is targeted acquisitions, designed to extend the Limbach brand, strengthen our market presence and expand our capabilities. By pursuing disciplined acquisitions, we seek to diversify our vertical market exposure, broaden our geographic reach and add new offerings that enhance and scale our customer solutions.

我們的第三個策略支柱是鎖定式併購，旨在延伸 Limbach 品牌、強化我們的市場能見度並擴大我們的能力。透過推動紀律嚴謹的併購，我們希望分散在垂直市場的曝險、拓展地理覆蓋範圍，並新增可強化且可規模化客戶解決方案的新產品與服務。

Given robust demand from customers with national operations who are increasingly seeking partners with comparable geographic reach and technical capabilities, we believe there's an opportunity to further refine our acquisition strategy. We're actively evaluating acquisitions and are open to larger acquisitions where the strategic rationale is compelling. Many of our customers operate nationally and increasingly want partners whose geographic footprint and technical capabilities can match the scale of their own businesses.

鑑於擁有全國性營運的客戶需求強勁，且其愈來愈尋求在地理覆蓋與技術能力上相當的合作夥伴，我們認為有機會進一步精進我們的併購策略。我們正積極評估併購案，並在策略理由充分且具說服力時，對較大型的併購持開放態度。我們的許多客戶在全國範圍營運，並愈來愈希望合作夥伴的地理版圖與技術能力能與其自身業務規模相匹配。

We are focused on businesses that expand and extend our local service capabilities, deepen our presence in attractive geographies and enhance our ability to deliver mission-critical solutions across a larger national platform.

我們聚焦於能擴大並延伸在地服務能力、加深在具吸引力地區的布局，並提升我們在更大規模的全國平台上提供關鍵任務解決方案能力的企業。

Our integration of Pioneer Power is progressing well. Pioneer expands our capabilities, broadens our customer base and gives us additional avenues to participate in high-growth mission-critical end markets, including data centers. We're in the process of increasing gross margin at Pioneer Power to align with our company average.

我們對 Pioneer Power 的整合進展順利。Pioneer 擴充了我們的能力、拓寬了客戶基礎，並為我們提供更多途徑參與高成長的關鍵任務終端市場，包括資料中心。我們正著手提升 Pioneer Power 的毛利率，使其與公司平均水準一致。

Our key strategic priorities to achieve this include reviewing and renegotiating existing contracts for better pricing, optimizing project mix with prioritizing revenue by specific target margins, leveraging cross-selling opportunities and implementing Limbach sales and operating tools. We expect Pioneer's margins to begin improving in 2026 with continued progress over the next two to three years.

為達成此目標，我們的關鍵策略重點包括：檢視並重新談判既有合約以取得更佳定價、優化專案組合並以特定目標毛利率優先配置營收、運用交叉銷售機會，以及導入 Limbach 的銷售與營運工具。我們預期 Pioneer 的利潤率將於 2026 年開始改善，並在接下來兩到三年持續進展。

From a macro perspective, conditions were generally favorable in the first quarter. We believe the optimal mix for Limbach is centered on three key areas: institutional markets led by health care and higher education, industrial markets and data centers. Our experience in 2025 reinforce that market vertical diversification and geographic expansion will make our business model more resilient.

從總體角度來看，第一季整體環境大致有利。我們認為 Limbach 的最佳組合聚焦於三個關鍵領域：以醫療保健與高等教育為主的機構型市場、工業市場，以及資料中心。我們在 2025 年的經驗進一步印證，垂直市場多元化與地理擴張將使我們的商業模式更具韌性。

Starting with health care. Customers remain focused on near-term mission-critical spending while thoughtfully planning longer-term capital investments. As discussed last quarter, DC policy changes extended budgeted time lines for several of our customers. We are now seeing those budgets normalize with spending expected to pick up in the second half of the year and align with historical patterns.

先談醫療保健。客戶仍聚焦於短期的關鍵任務支出，同時審慎規劃較長期的資本投資。如同上季所述，華盛頓特區（DC）的政策變動延長了我們部分客戶的預算時程。我們目前看到這些預算正逐步回歸常態，預期下半年支出將回升並與歷史模式一致。

At the national level, our team is gaining traction with key customers and aligning sales efforts with anticipated funding releases.

在全國層面，我們的團隊正與關鍵客戶取得進展，並使銷售工作與預期的資金釋出節奏對齊。

Locally, customers remain disciplined in how they allocate capital, prioritizing investments to maintain and upgrade critical systems. Our local engineering expertise and solution-oriented approach remain key differentiators, and it's our responsibility to structure opportunities that clearly meet each customer's ROI requirements.

在地方層面，客戶在資本配置上仍維持紀律，優先投資於維持與升級關鍵系統。我們在地工程專業與以解決方案為導向的方法仍是關鍵差異化優勢，而我們的責任是設計出能清楚符合各客戶投資報酬率（ROI）要求的機會。

Jake Marshall was a key contributor to our margin expansion over the last four years. They've been focused on building relationships in the health care sector. This momentum continued in the first quarter with the award of a multiphase renovation project at Chattanooga-based facility, further strengthening our presence with this customer.

Jake Marshall 在過去四年我們的利潤率擴張中是重要貢獻者。他們一直專注於在醫療保健領域建立關係。這股動能在第一季延續，我們獲得位於 Chattanooga 的一處設施之多階段翻新專案，進一步強化我們與該客戶的合作關係。

Our Chattanooga team has successfully deployed multiple customer solutions, including maintenance agreements, rental fleet utilization and on-site account management. These solutions enabled us to win this significant infrastructure project.

我們的 Chattanooga 團隊已成功部署多項客戶解決方案，包括維護合約、租賃車隊使用，以及駐點客戶管理。這些解決方案使我們得以贏得這項重要的基礎設施專案。

Turning to data centers. We want to emphasize that Limbach has long-standing 10-plus year relationships with brand-name hyperscaler customers, and we are focused on building on that foundation as demand accelerates. What has changed is the scale and urgency of demand in the market and our ability to bring a broader, more coordinated set of capabilities to those customers.

接著談資料中心。我們想強調，Limbach 與知名的超大規模（hyperscaler）客戶已建立超過 10 年的長期關係，我們正專注於在需求加速之際，持續在此基礎上深化拓展。改變之處在於市場需求的規模與急迫性，以及我們能為這些客戶提供更廣泛、更協同的一整套能力。

As mentioned on our fourth quarter call, we were awarded a unique infrastructure data center project. Additionally, in the first quarter, we successfully won a similar but even larger project from one of the hyperscalers in the market. We will be providing a fabricated package encompassing of steel structures, piping systems and the execution is expected to be rapid. We anticipate the final contract value of this project to exceed $30 million and expect to generate the revenue over the next few quarters.

如同我們在第四季電話會議中提到的，我們獲得了一項獨特的資料中心基礎設施專案。此外，在第一季，我們也成功自市場中的某家超大規模業者手中拿下類似但規模更大的專案。我們將提供包含鋼構、管路系統在內的預製套件，且預期執行速度將相當迅速。我們預期該專案最終合約金額將超過 3,000 萬美元，並預計在未來幾個季度認列營收。

Our experience and disciplined approach has made us highly selective around customer quality, contract structure, project execution risk and partner alignment. We are approaching this opportunity with discipline. We're not pursuing growth for growth's sake. We are pursuing data center work where we believe Limbach has a differentiated right to win and where the risk-adjusted return profile is attractive.

憑藉我們的經驗與紀律化方法，我們在客戶品質、合約架構、專案執行風險與合作夥伴一致性方面採取高度審慎的選擇。我們將以紀律方式把握此機會。我們不會為了成長而成長。我們只會承接我們認為 Limbach 具備差異化勝出優勢，且風險調整後報酬具吸引力的資料中心業務。

One of the key value creation initiatives of Pioneer Power is expanding its reach into the data center market. In the first quarter, we were awarded one of the initial projects within an existing data center, which is expected to provide immediate contributions beginning in the second quarter. The contract value is approximately $6 million, features a rapid execution schedule, involves a complete retrofit of the space to support new server installation. Layering data center work into Pioneer's existing customer profile remains an important driver of the margin expansion over time.

Pioneer Power 的一項關鍵價值創造計畫，是擴大其在資料中心市場的觸及範圍。第一季，我們在既有資料中心內獲得其中一個初始專案，預期自第二季起即可帶來即時貢獻。合約金額約 600 萬美元，具備快速的執行時程，並涉及對該空間進行全面改造，以支援新伺服器安裝。將資料中心業務疊加至 Pioneer 既有客戶結構之上，仍是推動其利潤率隨時間擴張的重要動因。

We continue to see meaningful opportunities within this vertical market and expect momentum to build through the year. To support this growth, we are developing a dedicated data center vertical market team focused on leveraging both our fabrication resources and our available field talent.

我們持續在此垂直市場看到具意義的機會，並預期動能將在今年逐步增強。為支援此成長，我們正建立一支專責的資料中心垂直市場團隊，聚焦於同時運用我們的預製資源與現場可用人才。

Industrial manufacturing activity began to show meaningful momentum starting in April with our strength in this vertical beginning to translate into new opportunities. Our other vertical markets are trending in a positive direction, though we expect most of the growth to come in the latter part of the year.

工業製造活動自 4 月起開始展現明顯動能，我們在此垂直領域的優勢也開始轉化為新的機會。我們其他垂直市場亦呈現正向趨勢，但我們預期大部分成長將出現在今年後半段。

Moving to our outlook. We are reaffirming the full year guidance we provided for 2026 back in March. We expect revenue between $730 million and $760 million, implying year-over-year growth of 13% to 17%. Adjusted EBITDA of $90 million to $94 million, implying year-over-year growth of 10% to 16%. The following underlying assumptions support this guidance: total organic revenue growth of 4% to 8%, ODR organic revenue growth of 9% to 12%, ODR as a percentage of total revenue to be in the range of 75% to 80%, reflecting the stabilization of the mix shift, total gross margin of 26% to 27%.

接著談我們的展望。我們重申 3 月所提供的 2026 全年財測指引。我們預期營收介於 7.30 億至 7.60 億美元，代表年增 13% 至 17%。調整後 EBITDA 介於 9,000 萬至 9,400 萬美元，代表年增 10% 至 16%。支撐此指引的主要假設如下：整體有機營收成長 4% 至 8%、ODR 有機營收成長 9% 至 12%、ODR 佔總營收比重介於 75% 至 80%（反映組合轉移趨於穩定）、整體毛利率 26% 至 27%。

SG&A expense as a percentage of total annual revenue to be 15% to 17% and free cash flow to be 75% of adjusted EBITDA.

SG&A 費用佔全年總營收比重為 15% 至 17%，自由現金流為調整後 EBITDA 的 75%。

For the second quarter of 2026, we expect sequential improvement in revenue adjusted EBITDA and are comfortable where the consensus expectations currently stand.

對於 2026 年第二季，我們預期營收與調整後 EBITDA 將呈現季比改善，且我們對目前市場一致預期所處水準感到安心。

With that, I'll turn the call over to Jayme to walk through the financials in more detail. Jayme?

接下來，我把電話會議交給 Jayme，請她更詳細說明財務狀況。Jayme？

Our Form 10-Q and earnings press release filed yesterday provide comprehensive details of our financial results. So I'll focus on the highlights of the first quarter of 2026 with all comparisons versus the first quarter of 2025, unless otherwise noted.

我們昨日提交的 10-Q 表格與財報新聞稿，已提供我們財務結果的完整細節。因此，除非另有說明，我將聚焦於 2026 年第一季的重點，並以 2025 年第一季作為比較基準。

We generated total revenue of $138.9 million compared to $133.1 million in Q1 of 2025. The increase was primarily due to $23.5 million revenue contribution from Pioneer Power. ODR revenue grew 10.4% to $99.8 million, with ODR acquisition-related revenue increasing 15.8%, partially offset by an expected 5.4% decrease in ODR organic revenue. ODR revenue accounted for 71.9% of total revenue during the quarter.

我們的總營收為 1.389 億美元，相較於 2025 年第一季的 1.331 億美元。增加主要來自 Pioneer Power 貢獻的 2,350 萬美元營收。ODR 營收成長 10.4% 至 9,980 萬美元，其中 ODR 併購相關營收增加 15.8%，部分被預期的 ODR 有機營收下滑 5.4% 所抵銷。本季 ODR 營收佔總營收的 71.9%。

As expected, GCR revenue declined by 8.6% to $39 million from GCR organic revenue decreasing by 30.2%, partially offset by a 21.6% increase in GCR acquisition-related revenue.

如預期，GCR 營收下滑 8.6% 至 3,900 萬美元，主因 GCR 有機營收下降 30.2%，部分被 GCR 併購相關營收成長 21.6% 所抵銷。

Total gross profit decreased 15.1% from $36.7 million to $31.2 million. Total gross margin on a consolidated basis was 22.4%, down from 27.6% in the prior year quarter. Excluding Pioneer Power, total gross margin would have been 25% due to the lower margin profile of Pioneer Power. As Mike mentioned earlier, our acquisition integration strategy is focused on improving Pioneer Power's gross margin to align with our broader operating model over the next two to three years.

總毛利由 3,670 萬美元下降 15.1% 至 3,120 萬美元。合併基礎下的總毛利率為 22.4%，低於去年同期的 27.6%。若排除 Pioneer Power，由於 Pioneer Power 的毛利率結構較低，總毛利率本可達 25%。如 Mike 先前提到，我們的併購整合策略聚焦於在未來兩到三年內提升 Pioneer Power 的毛利率，使其與我們更廣泛的營運模式一致。

ODR gross profit comprised 73.7% of total gross profit dollars or $23 million. ODR gross profit decreased 12.1% or $3.2 million and ODR gross margin was 23% compared to 28.9% in the prior year period. The decrease in gross margin was primarily due to lower fixed cost absorption as a result of higher fixed costs and seasonally lower revenue, the absence of higher net profit write-ups in Q1 2026 compared to the first quarter of 2025 and Pioneer Power's current lower gross margin profile.

ODR 毛利占總毛利金額的 73.7%，約 2,300 萬美元。ODR毛利下降 12.1%（或 320 萬美元），ODR 毛利率為 23%，去年同期為 28.9%。毛利率下降主要因固定成本吸收較低（由於固定成本較高且季節性營收較低）、2026 年第一季相較 2025 年第一季缺少較高的淨利寫增（write-ups），以及 Pioneer Power 目前較低的毛利率結構。

Project write-ups are typically recorded when projects are at or near the end of their life cycle to reflect strong execution. During the first quarter of 2025, more projects were at or near the end of their life cycle than in the first quarter of 2026.

專案寫增通常在專案生命週期接近尾聲或已接近完成時認列，以反映強勁的執行成果。在 2025 年第一季，處於或接近生命週期末端的專案數量多於 2026 年第一季。

Additionally, we incurred higher fixed costs impacting the cost of revenue in the first quarter of 2026, primarily due to the increase in the size of our vehicle fleet and increase in our insurance premiums as well as increase in tools, supplies and safety costs. As revenue levels increase in 2026, we expect fixed cost absorption to improve.

此外，2026 年第一季我們發生較高的固定成本，影響營收成本，主要因車隊規模擴大、保險費率上升，以及工具、耗材與安全相關成本增加。隨著 2026 年營收水準提升，我們預期固定成本吸收將改善。

GCR gross profit decreased 22.5% from $10.6 million to $8.2 million. GCR gross margin decreased from 24.7% to 21%. The decrease was due to lower gross margin work associated with Pioneer Power and lower total net project write-ups in the first quarter of 2026 compared to the first quarter of 2025, similar to the ODR.

GCR 毛利由 1,060 萬美元下降 22.5% 至 820 萬美元。GCR 毛利率由 24.7% 降至 21%。下降原因為與 Pioneer Power 相關的較低毛利率工作，以及 2026 年第一季相較 2025 年第一季的專案淨寫增總額較低，與 ODR 類似。

SG&A expense for the first quarter was $28.1 million, an increase of approximately $1.6 million from $26.5 million. The increase was primarily driven by an increase in payroll-related expenses. As a percentage of revenue, SG&A expense increased to 20.2% compared to 19.9% in the first quarter of 2025.

第一季 SG&A 費用為 2,810 萬美元，較 2,650 萬美元增加約 160 萬美元。增加主要由薪酬相關費用上升所致。以營收百分比計，SG&A 費用上升至 20.2%，高於 2025 年第一季的 19.9%。

Interest expense increased $0.2 million to $0.7 million, driven by higher borrowings under the company's revolving credit facility to finance working capital as well as higher financing costs associated with a larger vehicle fleet.

利息費用增加 20 萬美元至 70 萬美元，主要因公司在循環信用額度下借款增加以支應營運資金，以及因車隊規模擴大而產生較高的融資成本。

Net income for the first quarter decreased 57.1% from $10.2 million to $4.4 million and earnings per diluted share was $0.36 compared to $0.85. Adjusted net income decreased 42.6% to $7.8 million compared to $13.5 million and adjusted diluted earnings per share decreased 42.9% from $1.12 to $0.64.

第一季淨利由 1,020 萬美元下降 57.1% 至 440 萬美元，稀釋後每股盈餘為 0.36 美元，去年同期為 0.85 美元。調整後淨利下降 42.6% 至 780 萬美元，去年同期為 1,350 萬美元；調整後稀釋每股盈餘下降 42.9%，由 1.12 美元降至 0.64 美元。

Adjusted EBITDA for the quarter decreased 41.7% to $8.7 million compared to $14.9 million. Adjusted EBITDA margin was 6.2% compared to 11.2% in Q1 last year, primarily driven by the lower gross profit and slightly higher SG&A expense.

本季調整後 EBITDA 下降 41.7% 至 870 萬美元，去年同期為 1,490 萬美元。調整後 EBITDA 利潤率為 6.2%，去年第一季為 11.2%，主要受毛利較低及 SG&A 費用略高所影響。

Turning to cash flow. Net operating cash outflow during the first quarter was $7.8 million compared to a $2.2 million cash inflow in the year ago period, driven by lower net income and higher working capital. The primary drivers of the reduction in operating cash during the quarter were incentive compensation payments, contingent consideration payments related to prior acquisitions and prepaid insurance premiums.

接著看現金流。第一季營運活動現金淨流出 780 萬美元，去年同期為淨流入 220 萬美元，主要因淨利較低及營運資金較高。本季營運現金減少的主要因素包括獎酬支付、與先前併購相關的或有對價支付，以及預付保險費。

Additionally, as part of our capital allocation to offset stock issuances for our long-term incentive plan, we used $5.8 million of cash to pay employee taxes related to the shares withheld to cover their taxes.

此外，作為我們資本配置的一部分，用以抵銷長期激勵計畫的股票發行，我們動用 580 萬美元現金支付員工因扣留股份以代扣其稅款所產生的員工稅負。

Free cash flow, defined as cash flow from operating activities, excluding changes in working capital, minus capital expenditures, was $7.7 million in the first quarter compared to $15 million in Q1 last year, representing a $7.4 million decrease. The free cash flow conversion of adjusted EBITDA for the quarter was 88.7% versus 101.1% last year. As Mike already mentioned, for the full year 2026, we continue to target a free cash flow conversion rate of at least 75% of adjusted EBITDA and expect CapEx to have a run rate of approximately $5 million.

自由現金流定義為：營運活動現金流（排除營運資金變動）減去資本支出；第一季為 770 萬美元，去年第一季為 1,500 萬美元，減少 740 萬美元。本季自由現金流對調整後 EBITDA 的轉換率為 88.7%，去年為 101.1%。如 Mike 已提到，對於 2026 全年，我們仍以自由現金流轉換率至少達調整後 EBITDA 的 75% 為目標，並預期資本支出（CapEx）年化水準約為 500 萬美元。

Turning to our balance sheet. As of March 31, we had $15.8 million in cash and cash equivalents and total debt of $57 million, which includes $32.4 million borrowed on our revolving credit facility and $7 million of standby letters of credit. As a reminder, at the end of June last year, we expanded our revolving credit facility from $50 million to $100 million in principal amount borrowings. Total liquidity, defined as cash and availability on our revolving credit facility was $76.4 million at the end of the first quarter.

接著看資產負債表。截至 3 月 31 日，我們持有現金及約當現金 1,580 萬美元，總負債為 5,700 萬美元，其中包括循環信用額度借款 3,240 萬美元，以及 700 萬美元的備用信用狀。提醒一下，去年 6 月底我們將循環信用額度的本金借款額度由 5,000 萬美元擴增至 1 億美元。第一季末總流動性（定義為現金加上循環信用額度可用額度）為 7,640 萬美元。

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

以上為我們的預先準備發言。接下來我將請接線員開始問答。

(Operator Instructions)

(接線員指示)

Rob Brown, Lake Street Capital.

Rob Brown，Lake Street Capital。

Good morning. First question is on your kind of gross margin trends. You addressed some of the ins and outs, but how -- what's sort of the timing of the improvement on Pioneer kind of this year? I know you gave a two- to three-year window, but how much improvement can you see this year from Pioneer integration?

早安。第一個問題是關於你們的毛利率趨勢。你們提到了一些來龍去脈，但 Pioneer 今年改善的時點大概會是如何？我知道你們給了兩到三年的時間窗，但今年從 Pioneer 的整合中，你們能看到多少改善？

Good morning, Rob, so from a Pioneer Power perspective, obviously, we've discussed this before, but the first piece of this really was from an integration perspective from a systems, process, accounting system. So that was really last year. This year, it's focused on, obviously, from a gross profit improvement perspective. So a number of different things we've talked about. But obviously, dedicating resources to the best accounts, analyzing them, going back from renegotiation from accounts as well, too.

早安，Rob。就 Pioneer Power 而言，顯然我們之前談過，第一個部分其實是整合面向，包含系統、流程、會計系統。那主要是在去年完成。今年則聚焦在毛利改善上。我們談過許多不同的事項。但很明顯地，我們會把資源投入在最佳客戶上，進行分析，也會回頭與客戶重新談判。

I think the other thing we talked about in the prepared remarks, too, was our ability to infuse some data center work on top of their markets from industrial and institutional as well, too. So I think those are going to take some time to come into play. And I think we're going to improve. It will be towards the back half of the year. But we're making a lot of -- I think the team, along with management is making a lot of proactive steps to really think through what that improvement process is.

我想我們在預先準備發言中也提到另一點，就是我們有能力在其工業與機構市場之上，導入一些資料中心的業務。因此我認為這些需要一些時間才會發酵。我認為我們會改善。改善會偏向在下半年。但我們正在做很多事情——我認為團隊與管理層正採取許多主動措施，仔細思考改善流程應該如何推進。

And quite frankly, there's a number of different levers that we can pull, and we're kind of doing those in a very coordinated effort. So we're optimistic for sure with Pioneer Power margin improvement.

坦白說，我們有許多不同的槓桿可以拉動，而我們正以非常協調一致的方式來推進。因此我們對 Pioneer Power 的毛利率改善確實感到樂觀。

Okay. Great. And then on the bookings, strong bookings in the quarter, particularly in data center, how much -- it seems like you're early in that effort. How much opportunity do you see in the data center vertical as you get your national accounts teams in place?

好的。很好。接著談到訂單（bookings），本季訂單表現強勁，尤其是在資料中心方面，看起來你們在這項布局還算早期。當你們的全國性大客戶團隊到位後，你們在資料中心這個垂直領域看到多大的機會？

Yes. We've definitely been pleased with the last two quarters, $434 million booked in the last 2 quarters. I think one thing we -- from a data center perspective, there's so much need for people that work in a mission-critical environment. We're leveraging some relationships we've had for a number of different years. I think we're off to a strong start in Q1.

是的。我們對過去兩季的表現確實感到滿意，過去兩季合計簽下了4.34億美元的訂單。我想從資料中心的角度來看，在任務關鍵（mission-critical）環境中工作的人才需求非常大。我們正在運用一些多年來建立的合作關係。我認為我們在第一季有個很強的開局。

There's a lot more opportunity as well, too. So I think -- as we continue to work our way through that vertical, dedicate resources, we have a national vertical market team as well, too, that will be working relationships and understanding where we fit in.

同時也還有更多機會。所以我想——隨著我們持續深耕這個垂直領域、投入專屬資源，我們也有一個全國性的垂直市場團隊，將負責經營關係並了解我們適合切入的位置。

Ultimately, though, the skill set that we have in the mission-critical environment translates really well from a data center perspective as well, too. So we haven't really provided any forward-looking outlook as far as from a percentage basis, but I think we're pleased with the 27% in Q1, and we see tons of opportunity for players like us.

不過歸根結底，我們在任務關鍵環境的技能組合，從資料中心的角度來看也非常適用。因此我們尚未就占比提供任何前瞻性展望，但我想我們對第一季的27%感到滿意，而且我們看到像我們這樣的業者有大量機會。

The other thing I would tell you, I think from a data center perspective, the things that we continue to learn are they're looking for somebody that has a -- is a national contractor that has a good footprint that matches aligns with their footprint. And again, that quality mission-critical expertise. So we anticipate the combination of those 2 to be favorable for us as we look forward through this year and I think the next couple of years.

另外我想補充的是，從資料中心的角度來看，我們持續學到的一點是：他們在找的是具備全國性承包商身分、且版圖良好，能與他們的版圖相匹配、相對齊的合作夥伴。以及同樣重要的高品質任務關鍵專業能力。因此我們預期這兩者的結合，將在今年以及我想接下來幾年對我們都相當有利。

Thank you. I'll turn it over.

謝謝。我把時間交回去。

Chris Moore, CJS Securities.

Chris Moore，CJS Securities。

Hey, good morning, guys. Thanks for taking a couple. Maybe just one more follow-up on the data center. So it sounds like the lead times in terms of converting the data center orders is -- at least on these orders is a little bit quicker than the average bookings. Is that fair?

嗨，早安，各位。謝謝讓我問幾個問題。我想再追問一個關於資料中心的問題。聽起來資料中心訂單的轉換前置期——至少就這些訂單而言——比平均的訂單（bookings）要快一些。這樣理解對嗎？

Yes. We -- one of the examples that we gave in the prepared remarks was a fabrication project, which is a very quick burn, which will burn in the next several quarters. So it depends on the work. I think the one thing that seems pretty consistent with the data center work is, unless on our end is they -- it's speed to market at the end of the day. So it does take time to set the work up, even the jobs that we did, we think it will move pretty quickly, but there is a reasonable setup period of time as well, too.

是的。我們在事先準備的發言中提到的一個例子是製造（fabrication）專案，這類專案消化（burn）速度非常快，會在接下來幾個季度內逐步認列。所以要看工作內容而定。我認為資料中心工作有一點相當一致——至少就我們這端來看——就是最終重點在於上市速度（speed to market）。因此即使我們認為我們做過的那些案子會推進得很快，前期的建置與啟動仍然需要一段合理的準備時間。

But we're excited.

但我們很興奮。

I think our ability to leverage our capacity to move quickly. We won several of these fabrication type projects. And this one that we recently were awarded that encompasses steel and pipe and a number of different structures that we can put into place that they want to -- I think they're looking at us for capacity and speed to market. So it will depend on the opportunity, but I think that particular opportunity or at least a couple that we mentioned in the prepared remarks will burn very quickly.

我想我們能夠運用自身產能、快速推進的能力。我們贏得了好幾個這類製造型專案。而我們最近拿到的這個案子涵蓋鋼材、管線以及多種不同結構，我們可以把這些建置到位；我想他們看中的是我們的產能與上市速度。所以會取決於機會本身，但我認為那個特定機會——或至少我們在事先準備的發言中提到的幾個——會非常快地消化。

Terrific. Are the margins there consistent with your ODR targets?

很好。那邊的毛利率是否與你們的ODR目標一致？

We've done some work. The margins -- the work that we've done in the past, the margins have been really good. So we definitely wouldn't be getting into this vertical if we felt like the margins weren't as good, if not better. Again, we're going to be very selective as well, too. So I think that's -- we're going to be very measured just like we are overall from a strategic standpoint.

我們做過一些相關工作。就我們過去做過的案子而言，毛利率一直都很不錯。所以如果我們覺得毛利率不夠好、甚至無法更好，我們肯定不會進入這個垂直領域。同樣地，我們也會非常有選擇性。因此我想——我們會像整體策略上一樣，非常審慎、步步為營。

But we're excited about the margin opportunity. It's all about delivering on time with a high level of quality, and they will pay the margins that's relative to that effort.

但我們對毛利率機會感到興奮。關鍵在於準時交付並維持高品質，而他們會支付與這種投入相匹配的毛利率。

Got it. So in terms of -- on the guide, ODR organic growth, 9% to 12% versus the 17% last year. Last year, you had a big Q4. Is there a similar expectation in '26 that the organic ODR kind of builds in Q2 through Q4?

了解。那在指引方面，ODR有機成長9%到12%，相較去年是17%。去年你們第四季很強。在2026年是否也有類似的預期，也就是ODR有機成長在第二季到第四季逐步走高？

Yes, it will definitely build throughout the year. I mean, I think a similar cadence that we've had and similar cadence that we had last year as well, too. So -- and I think it's part of the cadence with the owner direct customers as well, too. I think as we layer data center work in, I think that could have a little bit of a different profile that's not so backloaded. But a good chunk of our revenue, obviously, this year is based on the institution and industrial markets.

是的，全年肯定會逐步走高。我的意思是，我們的節奏會與以往相近，也與去年相近。而且我認為這也部分反映在業主直營（owner direct）客戶的節奏上。我想隨著我們把資料中心工作納入，可能會呈現稍微不同的型態，不會那麼集中在下半年。但今年我們相當大一部分營收，顯然仍是來自機構與工業市場。

Industrial doesn't really start hitting until April. And then the institutional, they set their budget at the beginning of the year, and they see how it goes and they tend to really spend towards the back half. So yes, I would say similar cadence to last year and especially due to the institutional and industrial work that we do.

工業市場通常要到4月才會開始明顯貢獻。而機構客戶會在年初制定預算，先觀察執行情況，往往會在下半年花得更多。所以是的，我會說節奏與去年相似，尤其是因為我們所做的機構與工業類工作。

Got it. And so you do expect a positive ODR organic growth in Q2, that's I guess what I was asking.

了解。所以你們確實預期第二季ODR有機成長會是正成長，這是我想問的。

I think it will build throughout the year for sure.

我認為它肯定會在全年逐步走高。

I will leave it there. I appreciate it, guys.

我就問到這裡。謝謝各位。

Thanks, Chris.

謝謝你，Chris。

Brian Brophy, Stifel.

Brian Brophy，Stifel。

Yeah, thanks. Good morning, everybody. Congrats on the data center activity.

是的，謝謝。各位早安。恭喜你們在資料中心方面的進展。

Morning.

早安。

Morning.

早安。

Hey, morning. Just I realize awards are kind of hard to predict. But the data center activity in terms of awards that you saw this quarter, is that unusually high? Or just given the demand environment that we're seeing, could we see this potentially grow from this level? I guess how sustainable do you think this level of activity on data center side is?

嗨，早安。我知道得標（awards）其實很難預測。但就你們本季看到的資料中心得標活動而言，這是否異常偏高？或者考量到我們看到的需求環境，這個水準有可能在此基礎上繼續成長？我想問的是，你們認為資料中心端這種活動水準有多可持續？

It's tough for us to tell. But I will say we've talked to various customers in this space. The opportunity is there, no doubt about it. I mean we're going to have to figure out what our cadence is. We're off to a good start, but I think we don't have enough quarters in a row to kind of figure out our cadence or our year-end percentage.

這對我們來說很難判斷。但我會說，我們已經和這個領域的多位客戶交流過。機會確實存在，毫無疑問。我的意思是，我們還需要摸索我們的節奏會是什麼。我們開局不錯，但連續的季度數還不夠多，讓我們能夠判斷自身的節奏或年終占比。

But there is so much spend that they're looking for people that understand quality, speed to market, kind of all the things that kind of play into our expertise. So we haven't necessarily run into a position or a customer where there wasn't the need. And so I think it's going to be -- the demand is there for us to take advantage of for sure.

但他們有非常大量的支出需求，正在尋找了解品質、上市速度，以及所有與我們專長相關要素的合作夥伴。因此我們並沒有真的遇到某個情況或某位客戶是「沒有需求」的。所以我認為需求確實存在，我們肯定可以加以把握。

Okay. That's helpful. And then obviously, it sounds like fabrication work is part of the awards here. Do you guys have enough capacity currently to support what you're being awarded? Or is there any more CapEx that is needed to support some of that work?

好的。這很有幫助。然後很明顯地，聽起來製造加工（fabrication）工作也是這些得標案的一部分。你們目前的產能足以支援你們正在獲得的這些案子嗎？或者是否需要更多資本支出（CapEx）來支援其中一些工作？

And I guess at what point would you need to add more fabrication capacity? Or are we pretty far away from that at this point?

另外我想問，大概在什麼時點你們會需要增加更多製造加工產能？還是就目前而言，我們離那個狀況還很遠？

No, it's a good question. So we have a decent amount of capacity right now. If anything, we have excess capacity, one thing that we're able to leverage is we -- when we purchased Jake Marshall in late 2021, they had a very large fabrication facility. I think it's almost 14 acres. So we have a lot of capacity.

不，這是個好問題。我們目前有相當不錯的產能。如果要說的話，我們其實有多餘產能；我們能夠運用的一點是——我們在2021年末收購 Jake Marshall 時，他們有一座非常大的製造加工廠。我想大概接近14英畝。所以我們有很多產能。

I'd love to get to the point where we need more because that means that, that shop. We also have other shops at locations as well, too. So I think the advantage for us is when some players or competitors are filled up, we have the capacity. So we spent a lot of time touring people through our facility. And they can see physically that there's capacity as well, too.

我很希望能到需要更多產能的那個階段，因為那代表那間工廠（的產能）——我們在其他地點也還有其他工廠。所以我認為我們的優勢在於，當一些同業或競爭對手產能滿載時，我們仍有產能。因此我們花了很多時間帶人參觀我們的設施。他們也能親眼看到確實還有產能。

So I'd love to be discussing a CapEx in some sense because that means -- but I think we're quite a bit of ways away from that. And we're trying to use the capacity that we have and fill it up. So there are several of these jobs that we could handle at one point. And then we also have overflow as well, too. So that's the message that we're telling our customers.

所以某種程度上我很希望能在討論資本支出（CapEx），因為那代表——但我認為我們離那一步還有一段距離。我們正努力把現有產能利用起來並把它填滿。所以這裡面有好幾個案子我們在同一時間點都能承接。而且我們也還有溢出（overflow）產能。這就是我們傳達給客戶的訊息。

I think it's going to help the business all around as if we fill up that fabrication capability capacity.

我認為如果我們把那個製造加工能力的產能填滿，將會對整體業務都有幫助。

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

了解。謝謝你。我把問題交給下一位。

Tomo Sano, JPMorgan.

JPMorgan 的 Tomo Sano。

Hi. Good morning, everyone.

嗨。各位早安。

Good morning.

早安。

Thank you. Could you talk about industrial manufacturing situations? You mentioned you're seeing meaningful momentum start in April. So if you could talk about what exactly you're seeing? And any more color would be appreciated.

謝謝。可以談談工業製造的情況嗎？你提到你們從4月開始看到顯著的動能。所以如果可以說明你們具體看到的是什麼？也希望能提供更多細節。

Sure, sure. So a lot of our industrial work in manufacturing has really come from our acquisitions from Pioneer Power in Minneapolis and Consolidated in Kentucky as well as Jake Marshall in our Chattanooga location as well, too. So for us, part of it is just -- I think as we continue to acquire companies that work in that space, there seems to be kind of a natural cadence that April starts that spend.

當然，當然。我們在工業製造領域的許多業務，主要來自我們收購的公司：明尼阿波利斯的 Pioneer Power、肯塔基的 Consolidated，以及我們在查塔努加據點的 Jake Marshall。所以對我們而言，其中一部分就是——我想隨著我們持續收購在這個領域運作的公司，似乎會有一種自然的節奏：支出會從4月開始。

So we see positive outlook for sure. But I think that seems like that's the spend. That's the timing. I mean, especially even from a PPI perspective, I think some of this is just seasonal as well, too. But as we continue to acquire in this space, I think we're going to see kind of the pattern that happens.

所以我們確實看到正向展望。但我認為那似乎就是支出發生的時點。也就是那個時間安排。我的意思是，尤其從 PPI 的角度來看，我認為其中一些也具有季節性。但隨著我們持續在這個領域收購，我想我們會看到這種模式持續出現。

So we're optimistic and looking forward, I think, to the work that happens this year.

所以我們很樂觀，也期待今年會發生的工作量。

And a follow-up on national versus local sales contribution. Last quarter, you discussed investing in 2 senior executives, one focused on local sales enablement and one on the national relationship. How much of the $209 million in Q1 booking was driven by national account relationship versus local sales? And are you seeing the national strategies begin to contribute meaningfully?

再追問一個關於全國性與在地銷售貢獻的問題。上季你們提到投資兩位資深主管，一位專注在地銷售賦能（enablement），另一位專注全國性客戶關係。第一季2.09億美元的接單（booking）中，有多少是由全國性大客戶關係帶動、相對於在地銷售帶動？你們是否看到全國性策略開始有顯著貢獻？

Yes. We didn't provide a breakout per se, but I will say there's a good mix between the two. Still more heavily locally weighted but definitely starting to see some efforts from a national perspective as well, too. So very -- Jayme and I are very happy with the way that we -- from a structure standpoint and an executive management standpoint as far as one executive is on sales enablement with local sales, been very successful. And then we have somebody dedicated from a national account perspective.

是的。我們並未特別提供拆分數據，但我可以說兩者的組合相當均衡。目前仍然較偏向在地端的比重，但也確實開始看到一些全國性層面的成果。所以——Jayme 和我對於我們在組織架構與高階管理配置上的做法非常滿意：一位主管負責在地銷售的銷售賦能，成效非常好。另外我們也有一位專責全國性大客戶的主管。

So that's going really well. I think there are -- I would also tell you, too, that the two of them work together and those functions work really well together as well, too. So if we have a national account or an opportunity, the 2 of those execs collaborate as well as the local branch as well, too. So I see them working really closely together. As we expand not only our footprint, but as well as our exposure from a national account perspective, the more overlap, the better.

所以進展得很順利。我也想補充的是，兩位主管彼此協作，而且這兩項職能之間的配合也非常好。因此如果我們有全國性大客戶或某個機會，這兩位主管會與在地分公司一起協同合作。所以我看到他們合作得非常緊密。隨著我們不僅擴大據點版圖，也提升全國性大客戶的觸及度，重疊越多越好。

So that means we're getting synergies as well, too. So I think for us, especially from a customer buy perspective and the way that we go to market and differentiate ourselves, the ability to have local and national, I think, is going to be a game changer as we continue to expand resources.

這也代表我們能取得協同效益。所以我認為對我們而言，特別是從客戶採購（buy）角度，以及我們的市場進入策略與差異化方式來看，同時具備在地與全國性能力，我認為將會是我們持續擴充資源過程中的一個改變遊戲規則的因素。

Thank you. Very clear and helpful.

謝謝。非常清楚也很有幫助。

Thank you. Ladies and gentlemen, we have reached the end of question-and-answer session. I would now like to turn the floor over to Mike McCann for closing comments.

謝謝。各位女士先生，問答環節到此結束。接下來我想把時間交給 Mike McCann 做結語。

In closing, our strategic priorities for 2026 are the following: ODR organic revenue growth and total revenue growth, margin expansion through evolved customer solutions, smart capital allocation and scale through acquisitions. Our first quarter book-to-bill ratio of 1.5 times, expanding data center opportunities, growing national account relationships and healthy acquisition pipeline all reinforce our confidence in our strategy.

最後，我們2026年的策略優先事項如下：ODR 有機營收成長與總營收成長、透過進化的客戶解決方案來擴大利潤率、聰明的資本配置，以及透過併購擴大規模。我們第一季1.5倍的接單出貨比（book-to-bill ratio）、持續擴大的資料中心機會、成長中的全國性大客戶關係，以及健康的併購案源管線，都進一步強化了我們對策略的信心。

We believe Limbach remains in the early stages of building a larger, more valuable, more durable building systems solutions platform, and we're focused on executing that opportunity with discipline. Our model combines engineering expertise with direct execution, enabling us to partner with customers through multiyear consultative capital planning efforts that extend beyond traditional backlog. We believe this is a differentiated approach, supports sustained growth and shareholder value creation. Thank you again for your interest in Limbach, and have a great rest of your day.

我們相信 Limbach 仍處於打造更大、更有價值、也更具韌性的建築系統解決方案平台的早期階段，我們專注以紀律執行這個機會。我們的模式結合工程專業與直接執行能力，使我們能透過多年期、顧問式的資本規劃工作與客戶合作，其範圍延伸至傳統在手訂單（backlog）之外。我們相信這是一種差異化的方法，能支持持續成長並創造股東價值。再次感謝各位對 Limbach 的關注，祝各位今天剩下的時間愉快。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。