Matrix Service Co (MTRX) 2026 Q2 法說會逐字稿

Good morning, and welcome to the Matrix Service Company conference call to discuss results for the second quarter of fiscal 2026. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the conference over to today's host, Ms. Kellie Smythe, Senior Director of Investor Relations for Matrix Service Company.

早安，歡迎參加Matrix Service Company 2026財年第二季業績電話會議。 （操作說明）提醒各位，本次電話會議正在錄音。現在我將會議交給今天的主持人，Matrix Service Company投資者關係高級總監凱莉·史密斯女士。

Thank you, Victor. Good morning, and welcome to Matrix Service Company's second quarter fiscal 2026 earnings call. Participants on today's call include John Hewitt, President and Chief Executive Officer; and Kevin Cavanah, Vice President and Chief Financial Officer. Following our prepared remarks, we will open up the call for questions. The presentation materials referred to during the webcast today can be found under Events and Presentations on the Investor Relations section of matrixserviccompany.com.

謝謝 Victor。早安，歡迎參加 Matrix Service Company 2026 財年第二季財報電話會議。今天參加會議的有總裁兼執行長 John Hewitt 和副總裁兼財務長 Kevin Cavanah。在兩位發言人作完發言後，我們將開放問答環節。今天網路直播中提到的簡報資料可以在 matrixserviccompany.com 網站「投資者關係」版塊的「活動與簡報」欄位下找到。

As a reminder, on today's call, we may make various remarks about future expectations, plans and prospects for Matrix Service Company that constitute forward-looking statements for the purposes of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking results because of various factors, including those discussed in our most recent annual report on Form 10-K and in subsequent filings made by the company with the SEC. The forward-looking statements made today are effective only as of today. To the extent we utilize non-GAAP measures, reconciliations will be provided in various press releases, periodic SEC filings and on our website. Finally, all comparisons today are for the same period as the prior year, unless specifically stated.

再次提醒各位，在今天的電話會議上，我們可能會就Matrix Service Company的未來預期、計劃和前景發表各種評論，這些評論構成1995年《私人證券訴訟改革法案》所界定的前瞻性陳述。由於各種因素，包括我們在最新年度報告（10-K表格）以及公司隨後向美國證券交易委員會（SEC）提交的文件中討論的因素，實際結果可能與這些前瞻性陳述所指出的結果存在重大差異。今天所作的前瞻性陳述僅截至今日有效。如果我們使用非GAAP財務指標，我們將透過各種新聞稿、定期提交給SEC的文件以及我們的網站提供相關調整資訊。最後，除非另有特別說明，今天的所有比較均與去年同期進行比較。

As we open today's earnings call, let's take a brief moment to focus on what matters most, keeping ourselves and each other safe. With about six weeks to go before the official start of spring, this winter has already brought a range of extreme weather across the country from blizzard and ice storms to record-breaking cold snaps and heavy rainfall. These conditions disrupt daily life and create serious safety challenges for everyone, especially those working outdoors. But the challenges go beyond just physical safety, shorter days and colder temperatures take this toll, not just physically, but mentally and emotionally. Challenges to mental health are as real and as important as physical risk.

在今天的財報電話會議開始之際，讓我們先花一點時間關注最重要的事情：保障我們自身和他人的安全。距離春季正式開始還有大約六週時間，但今年冬天全國各地已經出現了一系列極端天氣，從暴風雪和冰暴到破紀錄的寒流和強降雨。這些天氣狀況擾亂了日常生活，並給每個人帶來了嚴峻的安全挑戰，尤其是那些在戶外工作的人員。但這些挑戰不僅限於人身安全，日照時間縮短和氣溫降低不僅會造成身體上的負擔，還會影響人們的心理和情緒。心理健康方面的挑戰與身體風險一樣真實且重要。

This is especially true for those in construction and field work, where teams often face harsh outdoor working conditions and are also far from home and their personal support networks, all of which can lead to increased stress, fatigue and isolation. That said, regardless of where we work, it's important to take time to check in with ourselves and those around us. Watch for signs of stress, start a conversation, listen and offer support. When we look out for one another and use the resources available, we help keep our teams and workplaces safe, healthy and strong. If you or a colleague needs help, reach out to someone you trust or use the support resources available.

對於建築和現場作業人員來說，這一點尤其重要。他們的團隊經常面臨惡劣的戶外工作環境，而且遠離家鄉和個人支持網絡，所有這些都可能導致壓力、疲勞和孤獨感的增加。因此，無論我們在哪裡工作，抽出時間關注自身和周圍人的狀況都至關重要。留意壓力跡象，主動與他們交談，傾聽他們的心聲並提供支持。當我們互相關心並利用現有資源時，就能幫助維護團隊和工作場所的安全、健康和穩定。如果您或您的同事需要協助，請聯絡您信任的人或使用現有的支援資源。

Let's keep safety, both physical and mental, at the forefront, especially during challenging times. Together, we can make sure everyone goes home safe every day. I will now turn the call over to John.

讓我們始終把身心安全放在第一位，尤其是在充滿挑戰的時期。齊心協力，我們就能確保每個人每天都能平安回家。現在我將把電話交給約翰。

Thank you, Kellie, and good morning, everyone. Before we address our second-quarter results, I want to highlight important developments announced yesterday regarding our succession planning at Matrix. Over the past year, Matrix is focused on actively advancing our strategic objectives and our leadership succession plan while continuing to evolve our organizational structure to support long-term growth and success. As you might recall, as part of this effort, Sean Payne was promoted to President of E&C in May of 2025. Yesterday, in our leadership transition release, we announced that Sean has now been elevated to the Chief Operating Officer of Matrix.

謝謝凱莉，大家早安。在討論第二季業績之前，我想先重點介紹昨天宣布的關於Matrix繼任計畫的重要進展。過去一年，Matrix一直致力於積極推進策略目標和領導層繼任計劃，同時不斷優化組織架構，以支持公司的長期發展和成功。大家可能還記得，作為這項工作的一部分，肖恩·佩恩於2025年5月晉升為工程與電腦業務總裁。昨天，我們在領導層過渡公告中宣布，肖恩現已升任Matrix首席營運長。

And then per our succession plan, I will step down as President and Chief Executive Officer on June 30, 2026. At that time, Sean will assume the role of Chief Executive Officer, ensuring a seamless leadership transition. I've worked alongside Sean for nearly 30 years, first at a previous employer and later by recruiting him to Matrix in 2012.

根據我們的繼任計劃，我將於2026年6月30日卸任總裁兼執行長一職。屆時，肖恩將接任首席執行官，確保領導層平穩過渡。我與肖恩共事近30年，最初是在我之前的公司，後來在2012年我把他招入Matrix公司。

Sean is a proven leader with exceptional operational expertise and unwavering commitment to our people and our stakeholders. He has been instrumental in the growth of our backlog, our business turnaround, organizational streamlining and strategic planning, and he will actively participate in future calls and investor meetings throughout this transition period.

肖恩是一位經驗豐富的領導者，擁有卓越的營運專長，並始終堅定地致力於服務員工和利害關係人。他在我們訂單成長、業務轉型、組織架構優化和策略規劃方面發揮了關鍵作用，他將在過渡期內積極參與未來的電話會議和投資者會議。

I'm confident in Sean's leadership, and I'm excited about the future of Matrix as well as our market strength and the unprecedented generational infrastructure investment underway across the country. Now moving on to second-quarter results, which reflect continued positive execution across our business and culminated in revenue growth of 12% compared to the second quarter of last year.

我對肖恩的領導能力充滿信心，也對Matrix的未來、我們的市場實力以及正在全國範圍內開展的前所未有的基礎設施投資感到振奮。接下來談談第二季的業績，反映了我們業務的持續正面進展，最終實現了與去年同期相比12%的營收成長。

And while our underlying results for the quarter reflect strong growth and solid execution, we did record an unfavorable adjustment related to warranty responsibilities and miscellaneous subcontractor and vendor commercial items we are working to resolve on a substantially complete storage project. EPS was a $0.03 loss for the quarter, which included the negative $0.13 impact from this issue. Kevin will discuss this in more detail during his comments.

儘管本季基本業績反映了強勁的成長和穩健的執行，但我們確實記錄了一項不利調整，該調整與保固責任以及我們正在努力解決的一個基本完工的倉儲項目相關的其他分包商和供應商商業項目有關。本季每股虧損0.03美元，其中包括該問題造成的0.13美元的負面影響。凱文將在發言中對此進行更詳細的討論。

That said, given our overall positive execution, current backlog of $1.1 billion and projects already in flight, we are reiterating our full year revenue guidance of $875 million to $925 million and we will achieve profitability in the second half of the year. Turning to awards. Project awards during the second quarter were approximately $177 million, resulting in a book-to-bill of $0.8. The overall volume of project awards has been tempered due to uncertainty around trade policy, permitting and the government shutdown that occurred in late 2025. This uncertainty has delayed FIDs and award progression on many projects in our specific market pipeline.

儘管如此，鑑於我們整體積極的執行情況、目前11億美元的積壓訂單以及正在進行的項目，我們重申全年營收預期為8.75億美元至9.25億美元，並將在下半年實現盈利。再來看項目授予情況。第二季項目授予金額約1.77億美元，訂單出貨比為0.8。由於貿易政策、審批流程以及2025年底發生的政府停擺等不確定因素，項目授予總量有所下降。這種不確定性導致我們特定市場通路中許多項目的最終投資決定(FID)和授予進度有所延遲。

While this will likely persist through the end of this fiscal year, it does not represent a fundamental slowdown in our end market demand. In fact, our overall opportunity pipeline continues to expand, increasing to $7.3 billion at the end of the fiscal second quarter. As we gain more brand recognition and momentum in the power and data center infrastructure market, this will add to the pipeline in future quarters.

雖然這種情況可能會持續到本財年結束，但這並不代表我們的終端市場需求出現了根本性的放緩。事實上，我們的整體潛在項目儲備持續成長，截至第二財季末已增至73億美元。隨著我們在電力和資料中心基礎設施市場獲得更高的品牌知名度和發展勢頭，未來幾季的潛在項目儲備還將繼續增加。

Now I want to step back and provide a clear overview of the macro environment we are operating in, our strategic response and our outlook for the future. Matrix and our entire sector has experienced a once-in-a-generation surge in demand for critical energy, power, rare earth and industrial infrastructure.

現在我想退後一步，清楚地概述一下我們所處的宏觀環境、我們的策略應對措施以及未來展望。 Matrix以及我們整個產業都經歷了百年一遇的關鍵能源、電力、稀土和工業基礎設施需求激增。

Companies like Matrix with proven expertise in safely delivering complex projects on time and on budget that are essential to addressing the nation's vast infrastructure needs. We firmly believe we are still in the early stages of this transformative build-out. The shortage of reliable, cost-effective power generation has steadily intensified nationwide and the surge in demand from AI data centers, which require continuous and substantial power has only compounded this issue. Demand for natural gas widely recognized as the essential bridge fuel for a cleaner energy future has soared by over 100%, while pipeline capacity has grown by only 50%. At the same time, the onshoring of manufacturing, electrification of devices, transportation and equipment are increasing electricity needs.

像Matrix這樣擁有豐富經驗的公司，能夠安全、按時、按預算交付對滿足國家龐大基礎設施需求至關重要的複雜專案。我們堅信，我們仍處於這場變革性建設的早期階段。全國可靠、經濟高效的發電短缺問題日益嚴峻，而人工智慧資料中心對電力需求的激增（這些資料中心需要持續大量的電力供應）更是加劇了這個問題。天然氣被廣泛認為是通往更清潔能源未來的關鍵過渡燃料，其需求量已飆升超過100%，而管道輸送能力僅增加了50%。同時，製造業回流、設備電氣化、交通運輸和設備等也增加了電力需求。

The United States is now critically short of affordable, reliable electric generation, most of which depends on natural gas and abundant energy source in North America. Crucially, the global race for AI dominance hinges on electricity availability. Governments increasingly recognize that this is not merely a matter of business efficiency or quality of life, but at its core, a national security imperative.

美國目前嚴重缺乏價格合理、可靠的電力供應，而其大部分電力依賴北美豐富的天然氣資源。至關重要的是，全球人工智慧主導地位的爭奪戰取決於電力供應的穩定性。各國政府日益認識到，這不僅關乎商業效率或生活質量，其核心是國家安全。

Today, the urgent need for affordable, reliable power and connectivity and the fuels that enable them has ignited an unprecedented investment cycle backed by strong political resolve. In addition to power generation and electrical infrastructure, we're seeing a compelling multiyear opportunity in mining and minerals.

如今，對價格合理、可靠的電力和網路連接以及相關燃料的迫切需求，在強有力的政治支持下，引發了一輪前所未有的投資浪潮。除了發電和電力基礎設施之外，我們還看到採礦和礦產領域蘊藏著巨大的多年發展機會。

The push to onshore and secure critical and rare earth material supply chains in the US is accelerating investment in mining, processing and associated infrastructure, signaling the early stages of a new multiyear upcycle in project demand. This generational investment cycle has not only had a direct impact on wages, productivity and a growing domestic manufacturing base that combined with federal fiscal and tax policy changes as well as private and public investment will continue to drive a positive economic environment and GDP growth, all of which will create positive tailwinds for our industry.

美國大力推動關鍵稀土材料供應鏈的本土化和保障，正在加速對採礦、加工及相關基礎設施的投資，預示著專案需求即將迎來新的多年成長週期。這一代人級別的投資週期不僅直接影響了工資水平、生產力和不斷壯大的國內製造業基礎，而且結合聯邦財政和稅收政策的變化以及公私投資，還將繼續推動積極的經濟環境和GDP增長，所有這些都將為我們的行業帶來積極的推動作用。

Against that backdrop, Matrix is especially well positioned as a leading end-to-end EPC general industrial contractor that designs, builds and maintains critical energy, mining and industrial infrastructure. We possess market expertise, specialized capabilities, resources, relationships and a proven track record to deliver comprehensive, high-quality services safely.

在此背景下，Matrix作為一家領先的端到端EPC總承包商，在設計、建造和維護關鍵能源、礦業和工業基礎設施方面擁有得天獨厚的優勢。我們具備市場專業知識、專業能力、資源、人脈關係和卓越的業績記錄，能夠安全地提供全面、高品質的服務。

Matrix meets these standards and is exceptionally well positioned to benefit from this opportunity. Over the past fie years, Matrix has proactively transformed our organization to meet these challenges and capitalize on the opportunities ahead. We have strategically exited non-core businesses, invested in our people, systems and processes to strengthen our core expertise in energy, power and industrial projects.

Matrix 符合這些標準，並擁有得天獨厚的優勢來把握這一機會。過去五年，Matrix 積極推動組織轉型，以應對這些挑戰並抓住未來的機會。我們已策略性地剝離了非核心業務，並投資於人才、系統和流程，以增強我們在能源、電力和工業專案領域的核心競爭力。

We have streamlined our operations to deliver on our purpose and value proposition to all stakeholders. And as a result, we have built a business positioned at the intersection of powerful macro growth drivers, one that will deliver sustainable and profitable growth for years to come.

我們優化了營運流程，以實現我們對所有利害關係人的目標和價值主張。因此，我們打造了一家業務定位在強勁宏觀成長驅動因素交匯點的企業，這家企業將在未來數年內實現可持續的獲利成長。

Our recent project awards, including those secured this quarter and a robust pipeline in LNG facilities, power generation, electrical connectivity, substation, mining and minerals underscore the strategic evolution of our business. While we continue to serve traditional energy and industrial clients, our future growth and sustainable performance are firmly anchored in this generational investment cycle. This quarter, for example, we secured the LNG storage component for the first phase of a peak shaving facility in the Virginia AI corridor, additional storage to support two gas-fired generating facilities in the Southeast and multiple smaller strategic electrical connectivity projects in the Northeast, which is ground zero for this huge data center investment cycle.

我們近期獲得的項目，包括本季斬獲的項目，以及在液化天然氣設施、發電、電力連接、變電站、採礦和礦產領域強勁的業務儲備，都凸顯了我們業務的戰略演進。在繼續服務傳統能源和工業客戶的同時，我們未來的成長和永續發展牢牢紮根於這一代際投資週期。例如，本季度，我們獲得了弗吉尼亞州人工智慧走廊一期調峰設施的液化天然氣儲存部分，為東南部的兩座燃氣發電廠提供了額外的儲存設施，並在東北部（本屆大型數據中心投資週期的中心地帶）獲得了多個規模較小的戰略性電力連接項目。

Subsequent to the end of the quarter, we were awarded the FEED study and are currently developing the full scope of work for a Midwestern utility to provide them the ability to run dual fuel on two of their gas-fired power facilities. We are frequently asked about our role in power generation and delivery and more specifically about our role in supporting data centers and advanced manufacturing facilities.

季度末之後，我們獲得了FEED研究項目，目前正在為一家中西部公用事業公司製定完整的項目方案，旨在使其兩座燃氣發電廠具備雙燃料運行能力。我們經常被問到在發電和輸電領域，特別是為資料中心和先進製造設施提供支援方面所扮演的角色。

So I want to take a few minutes to share with you at a high-level overview of the work we do supporting these critical growth markets. Matrix has a strong legacy in power generation and power delivery. This includes simple and combined cycle plant construction, centerline erection, HRSG erection, balance of plant mechanical and electrical as well as construction of greenfield substations, brownfield substation upgrades, including grid interconnects.

因此，我想花幾分鐘時間，向大家簡要概述我們為這些關鍵成長市場所做的工作。 Matrix 在發電和輸電領域擁有深厚的歷史底蘊。這包括單循環和聯合循環電廠的建設、中心線安裝、餘熱鍋爐安裝、輔助設備的機械和電氣工程，以及新變電站、現有變電站的升級改造，包括併網改造。

This, together with our expertise in both LNG peak shaving and backup fuel facilities, provides our clients with the integrated solutions needed to meet existing and increasing demand for electricity to power homes and businesses, including data centers, stabilize the grid during peak periods and ensure reliable operation during emergencies. This same expertise is needed by data center developers, OEMs, owners and others who are pursuing their own energy infrastructure to ensure reliability and redundancy in their operations.

憑藉我們在液化天然氣調峰和備用燃料設施方面的專業知識，我們能夠為客戶提供所需的綜合解決方案，以滿足現有及不斷增長的電力需求，為家庭和企業（包括數據中心）供電，在高峰時段穩定電網，並在緊急情況下確保可靠運作。資料中心開發商、原始設備製造商、業主以及其他正在建造自有能源基礎設施以確保營運可靠性和冗餘性的企業也需要同樣的專業知識。

In short, Matrix does not build the data center or advanced manufacturing facility. However, we do build the required critical energy infrastructure needed to power them. Through both organic and inorganic growth, Matrix is positioned to accelerate its momentum as a critical provider of the services demanded by this massive infrastructure build-out.

簡而言之，Matrix 並沒有建造資料中心或先進製造工廠。但是，我們建造為這些設施提供動力所需的關鍵能源基礎設施。透過內生式成長和外延式成長，Matrix 已做好準備，加速發展成為這項大規模基礎建設所需服務的關鍵供應商。

Our momentum was fueled by the steady conversion of opportunities into awards and those awards into revenue, all executed by the business we have purposely built for this moment. In summary, I'm proud of the team's continued execution as we proceed through this critical chapter of growth for Matrix. We have plenty of opportunities ahead, and I'm confident that our focus on our core pillars of win, execute and deliver will drive compounding profitable growth and long-term value for our shareholders and customers alike.

我們之所以能夠取得今天的成就，得益於我們不斷將機會轉化為訂單，並將訂單轉化為收入，而這一切都離不開我們為此刻精心打造的業務團隊的出色執行。總而言之，我為團隊在Matrix發展的關鍵階段所展現出的持續高效而感到自豪。未來我們擁有眾多機遇，我相信，我們始終專注於「贏得、執行和交付」這三大核心支柱，必將推動持續獲利成長，並為我們的股東和客戶創造長期價值。

I'll now turn the call over to Kevin.

現在我將把電話交給凱文。

Thank you, John. Let's start with the results for the second quarter of fiscal 2026. Revenue was $210.5 million, an increase of $23.3 million or 12% over the second quarter of last year, driven by growth in all 3 segments with utility and power infrastructure accounting for over 60% of the increase. We expect to achieve our full year revenue guidance of $875 million to $925 million on strong growth in the second half of the fiscal year, particularly in the fourth quarter. This growth will be driven by large LNG and NGL projects already underway in the Storage and Terminal Solutions segment.

謝謝約翰。我們先來看2026財年第二季的業績。營收為2.105億美元，較去年同期成長2,330萬美元，增幅達12%，這主要得益於三大業務板塊的全面成長，其中公用事業和電力基礎設施業務的成長貢獻了超過60%。我們預計，在下半年（尤其是第四季）強勁成長的推動下，全年營收將達到8.75億美元至9.25億美元的預期目標。這一增長將主要由儲運和終端解決方案業務板塊中已在建的大型液化天然氣（LNG）和天然氣凝液（NGL）項目推動。

Consolidated gross profit increased 21% to $13.1 million in the second quarter compared to $10.9 million in the prior year. Second-quarter gross margin was 6.2% as compared to 5.8% for the second quarter of fiscal 2025. Higher revenues resulted in improved recovery of overhead costs and project execution was generally strong throughout the business.

第二季綜合毛利年增21%，達1,310萬美元，而上年同期為1,090萬美元。第二季毛利率為6.2%，高於2025財年第二季的5.8%。收入成長帶動了間接費用回收率的提高，且公司整體專案執行良好。

That said, costs associated with items arising during commissioning of a specialty tank project in the Storage and Terminal Solutions segment resulted in a $3.6 million reduction of gross profit during the quarter or about $0.13 per share. Adjustments to project cost estimates and therefore, direct margin, both positive and negative, are a normal aspect of our business, especially as we work to close out a project.

儘管如此，由於倉儲和碼頭解決方案業務板塊中一個特殊儲罐項目調試過程中產生的相關成本，導致本季毛利減少了360萬美元，約合每股0.13美元。專案成本估算的調整，以及由此產生的直接利潤率的調整（無論正負），都是我們業務的正常組成部分，尤其是在專案收尾階段。

During the course of the year, these variations generally net to a positive and improved direct margin across the portfolio, which we expect to occur this year as well. Year-to-date, the direct margin performance, including this issue is above plan. As backlog converts to revenue and activity levels continue to ramp, if these types of project level dynamics occur, we expect them to be absorbed more efficiently across the P&L, reducing quarter-to-quarter variability. Moving down the income statement. SG&A expenses decreased to $15.1 million in the second quarter compared to $17.3 million in the prior year.

年內，這些波動通常會帶來整體投資組合直接利潤率的提升，我們預計今年也將如此。年初至今，包括此次波動在內，直接利潤率表現超乎預期。隨著積壓訂單轉化為收入，業務活動持續成長，如果此類專案層面的動態變化持續發生，我們預計它們將在損益表中得到更有效的消化，從而降低季度間的波動。再來看損益表。第二季銷售、管理及行政費用降至1,510萬美元，而上年同期為1,730萬美元。

The 13% decrease is primarily due to cost reductions resulting from our organizational realignment and lower stock-based compensation expense, which decreased $0.7 million associated with the variable accounting for cash-settled awards as a result of fluctuations in our stock price. As we previously discussed, our ongoing SG&A quarterly run rate is about $16.5 million.

下降13%主要歸因於組織架構調整帶來的成本降低以及股權激勵費用減少，其中因股價波動導致現金結算獎勵的變動會計處理減少了70萬美元。正如我們之前所述，我們目前的季度銷售、管理及行政費用約為1650萬美元。

As we return to profitable performance, that will be impacted by variable compensation expense tied to earnings. We also incurred restructuring costs of $0.2 million in the second quarter, primarily facility-related costs. We will incur additional expenses in the second half of the fiscal year related to the CEO transition.

隨著公司恢復盈利，與收益掛鉤的可變薪酬支出將對其業績產生影響。此外，我們在第二季也產生了 20 萬美元的重組成本，主要用於設施相關支出。下半年，我們將因執行長的過渡而產生額外費用。

Details of that CEO transition are included in Item 5 of the Form 10-Q, which will be filed this afternoon. The company generated $1.5 million of interest income in the quarter from a strong balance sheet that has been built up through effective working capital and contract management. For the quarter, the company had a net loss of $0.9 million compared to a $5.5 million net loss in the second quarter of last year. EPS was a loss of $0.03 compared to a $0.20 loss in the prior year. And then adjusted EBITDA in the second quarter improved $4.6 million to a positive $2.4 million compared to a loss of $2.2 million in the second quarter last year.

執行長更迭的詳情包含在今天下午提交的10-Q表格第5項中。該公司本季憑藉著穩健的資產負債表，實現了150萬美元的利息收入。這得益於有效的營運資本和合約管理。本季度，該公司淨虧損90萬美元，去年同期淨虧損為550萬美元。每股虧損0.03美元，去年同期虧損0.20美元。此外，第二季調整後EBITDA為240萬美元，較去年同期虧損220萬美元改善了460萬美元。

Now moving to the operating segments, starting with Storage and Terminal Solutions, which represented 47% of consolidated revenue. Second-quarter revenue was $99.9 million compared to $95.5 million last year. The growth was a result of an increased volume of work for LNG and NGL projects, partially offset by lower volumes for crude oil projects.

接下來我們來看營運部門的狀況，首先是倉儲和碼頭解決方案業務，該業務佔合併收入的47%。第二季營收為9,990萬美元，去年同期為9,550萬美元。成長主要得益於液化天然氣（LNG）和天然氣凝液（NGL）專案業務量的增加，但部分被原油專案業務量的下降所抵消。

We expect specialty storage projects, including LNG and NGL to drive robust growth for the Storage and Terminal Solutions segment as we move through the remainder of fiscal 2026. Storage and Terminal Solutions segment gross profit of $4.8 million represented a $2.5 million decrease in the quarter compared to the same period last year.

我們預計，包括液化天然氣和天然氣凝液在內的特種儲存項目將推動儲存和碼頭解決方案業務在2026財年剩餘時間內實現強勁成長。儲存和碼頭解決方案業務的毛利為480萬美元，較去年同期減少250萬美元。

The segment gross margin of 4.8% was lower than segment gross margin of 7.6% last year. The decrease occurred due to the $3.6 million charge we previously discussed. We expect to see significant margin improvement in the remainder of the year based on expected project execution on our high-quality backlog and improved overhead cost recovery resulting from increased revenue levels.

該業務類股毛利率為4.8%，低於去年同期的7.6%。毛利率下降的主要原因是我們之前討論過的360萬美元費用。我們預計，隨著高品質積壓訂單項目的順利執行以及收入成長帶來的間接費用回收率提高，今年剩餘時間內毛利率將顯著提升。

Moving on to the Utility and Power Infrastructure segment, which accounted for 36% of consolidated revenues. Second-quarter segment revenue increased $14.3 million or 23% to $75.4 million compared to $61.1 million in the second quarter of fiscal 2025, benefiting from higher volumes of work associated with LNG peak shaving and power delivery projects.

接下來是公用事業和電力基礎設施板塊，佔合併收入的36%。第二季該板塊營收成長1,430萬美元，增幅23%，達7,540萬美元，而2025財年第二季為6,110萬美元，主要得益於液化天然氣調峰及電力輸送工程相關工作量的增加。

Segment gross profit of $7.2 million increased by $3.8 million or 112% in the second quarter compared to $3.4 million in the same quarter last year. The increase resulted from higher revenue and an improved gross margin, which increased to 9.6% compared to 5.6% in the same period last year. The margin increased due to strong project execution and improved construction overhead cost recovery as a result of higher revenues.

第二季度，該業務部門毛利為720萬美元，較去年同期的340萬美元成長380萬美元，增幅達112%。成長主要得益於營收增加和毛利率提升，毛利率從去年同期的5.6%提高至9.6%。毛利率的提升主要歸功於專案執行的強勁表現以及營收成長帶來的施工管理費用回收率的提高。

Finally, the Process and Industrial Facilities segment accounted for 17% of consolidated revenue or $35.3 million in the second quarter compared to $30.6 million last year. We expect similar revenue levels until we capture additional project opportunities from the strong market and our expansion efforts. Segment gross profit was $1.2 million or 3.5% in the second quarter compared to $0.4 million or 1.2% last year.

最後，製程和工業設施業務部門第二季營收佔合併總營收的17%，即3,530萬美元，去年同期為3,060萬美元。我們預計，在強勁的市場環境和擴張計畫帶來更多項目機會之前，營收水準將維持類似水準。該板塊第二季毛利為120萬美元，佔3.5%，去年同期為40萬美元，佔1.2%。

The current margin level is due to the mix of work, which is primarily lower margin reimbursable activity and the low revenue level, which results in under recovery of construction overhead costs. Both issues should improve as the company captures additional revenue opportunities. Moving to the balance sheet and cash flow. Cash increased $7 million in the quarter, ending at $224 million as of December 31, 2025.

目前的利潤率水準是由於業務組合（主要為利潤率較低的報銷型業務）和收入水平較低造成的，這導致建築管理費用未能充分收回。隨著公司獲得更多收入機會，這兩個問題都應該會改善。接下來看一下資產負債表和現金流量。本季現金增加700萬美元，截至2025年12月31日，現金餘額為2.24億美元。

The balance sheet and liquidity remain in a strong position, with liquidity of $258 million and no outstanding debt. We also expect to maintain our strong cash balance through the remainder of fiscal 2026 and have the financial strength and liquidity needed to support and grow the business. As we stated previously, the improvement in our consolidated revenue, combined with continued focus on execution excellence and leverage of our construction overhead and SG&A cost structures will allow us to return to profitability in the fiscal year and make significant progress towards the achievement of our long-term financial target.

資產負債表和流動性狀況依然穩健，流動資金達2.58億美元，且無未償債務。我們預計在2026財年剩餘時間內將保持強勁的現金儲備，並擁有支持和發展業務所需的財務實力和流動性。正如我們先前所述，合併收入的改善，加上我們持續專注於卓越執行以及對建築管理費用和銷售、管理及行政費用結構的優化利用，將使我們能夠在本財年恢復盈利，並在實現長期財務目標方面取得顯著進展。

That concludes our prepared remarks. So we'll now open the call up for questions.

我們的發言稿到此結束。現在開始接受提問。

(Operator Instructions) John Franzreb, Sidoti.

（操作說明）John Franzreb，Sidoti。

I'd like to start with that onetime issue or the issue you called out, the $3.6 million in storage. I'm curious, is that bleeding into the current quarter? And is there any other large issues similar to that, that we should be cognizant about?

我想先談談您提到的一次性問題，也就是360萬美元的倉儲費用。我想知道，這筆費用是否會影響到本季？有其他類似的大問題需要我們注意嗎？

No. I mean, we think we've captured the issues associated there and that we would not expect anything leading, as you said, leading over into the third quarter. We think we've got our hands around what the issues are and a path to get them resolved.

不。我的意思是，我們認為已經掌握了相關問題，而且正如你所說，我們預計不會出現任何問題延續到第三季。我們認為我們已經了解了問題的癥結所在，並找到了解決方案。

And is there anything similar --?

還有類似的嗎？

Nothing similar hanging around someplace else.

其他地方都沒有類似的東西。

Okay. Good to know. You also called out in your prepared remarks the opportunity pipeline. It looks like it's up roughly 10% or $600 million from last quarter. What's driving that growth?

好的，知道了。您在事先準備好的演講稿中也提到了潛在項目。看起來比上一季成長了約10%，也就是6億美元。是什麼因素推動了這項成長？

I think probably -- I don't have the statistics in front of me, John. I think a lot of it is -- a lot of it is in the LNG market space and NGL space, but we're also seeing more activity in mining and minerals, and we're seeing more activity in, I think, in electrical. And while those projects aren't necessarily as big, but they're strategically significant for the business.

約翰，我手邊沒有具體統計數據。我覺得大部分成長都集中在液化天然氣和天然氣凝析液市場，但我們也看到採礦和礦產領域的活動增加，電力領域的活動也增加。雖然這些專案規模可能沒有那麼大，但它們對公司而言具有重要的策略意義。

Okay. Got it. And again, you did reference this in your prepared remarks about the backlog. I'm kind of curious, not only in aggregate, has the backlog kind of been weak the last couple of quarters, but also notably in utility, which I really thought would have been stronger. Can you kind of talk about what's going on in the overall marketplace?

好的，明白了。您在關於積壓訂單的準備發言稿中也提到了這一點。我有點好奇，不僅是整體而言，過去幾季的積壓訂單是否比較疲軟，尤其是公用事業領域的積壓訂單，我原本以為會更強勁。您能談談整體市場的情況嗎？

Yes. I think the award cycle, obviously, we feel as though it's been a little muted. And I think some of the uncertainty in energy markets and permitting, the process of permitting is difficult. I think some of those things is just taking a little bit longer for a lot of those projects to get from our opportunity pipeline into a situation of FID and award. We think all the projects in there are good solid projects that we're going to have an opportunity to bid and win our fair share of them.

是的。我認為，很明顯，我們感覺目前的專案授予週期略顯平淡。能源市場和審批流程的不確定性，以及審批本身的複雜性，都導致了許多項目從我們的機會儲備到最終決策和授標所需的時間有所延長。我們認為所有這些項目都是優質可靠的項目，我們有機會參與競標並贏得其中應有的份額。

There has not been -- so we track what comes in and out of our opportunity pipeline on a monthly basis. And so if you go look at that, that isn't a lot of those things are getting won by someone. It's not a high percentage of them that are getting won by competitors, right? They're either moving out of our opportunity pipeline back into our prospects because of some permitting delay or a client's investment decision. And then we have projects moving in out of prospects into opportunities.

一直以來都是如此——所以我們每月都會追蹤專案機會管道的流入和流出情況。如果你查看這些數據，你會發現並沒有很多項目最終被別人拿下。被競爭對手拿下的比例並不高，對吧？這些項目要么是因為審批延誤或客戶投資決策等原因，從我們的專案機會管道重新回到潛在客戶名單中。同時，也有一些專案從潛在客戶名單轉入專案機會管道。

But I can't tell you, we're looking at our statistics every month, every quarter and it's saying, oh, wow, we're not winning any of this work. The stuff is just kind of moving around on us. And you got to remember, too, a decent chunk, and I think we've said in the past, probably $70 million to $100 million worth of stuff happens for us every quarter. It's just small projects and maintenance activity and all that. It just -- it's not in that opportunity pipeline.

但我不能告訴你，我們每個月、每季都在查看統計數據，結果顯示，哇，我們一個項目都沒拿下。專案就像在別人那裡流轉。而且你也要記住，相當一部分項目——我想我們之前也說過——每季大概有價值7000萬到1億美元的項目。這些都是一些小型專案、維護工作等等。只是——它們不在我們預期的機會範圍內。

Because we don't think it's relevant to have mixed in with all that other stuff. So we have this baseline of awards and work that comes in and out of -- can come in and out in the quarter, not in that opportunity pipeline. And so it makes it sort of -- it almost makes it sort of invisible. But that stuff is continuing to happen for us. And we're focused to continue to expand our maintenance operations and maintenance work. And we're geographically looking into new areas to expand our refinery maintenance and some of the other maintenance activities we have.

因為我們認為把它和其他那些事情混在一起並不合適。所以我們有一個基本的獎項和工作量統計表，這些獎項和工作量會在每季內進出，而不是在機會儲備表中。因此，它幾乎變得難以察覺。但這些事情仍在繼續發生。我們專注於持續擴大維護營運和維護工作。我們也在地域上尋找新的區域，以擴大我們的煉油廠維護和其他一些維護活動。

So while we certainly would like to have big book-to-bills every quarter, but I think we've communicated to you guys in the past that we're going to have a quarter with a big book-to-bill and then we could have two, three, four quarters where it's going to be below one. So I think it's okay. I think we're in a good spot. I would say, if you look at the details, the book-to-bill for the year, the book-to-bill in storage is above one. So we're continuing to have a strong bookings in that, and it represents a big chunk of the business.

所以，雖然我們當然希望每季都能維持較高的訂單出貨比，但我認為我們之前已經和大家溝通過，我們會有一個季度的訂單出貨比很高，然後可能會有兩到三個季度低於1。所以我認為目前的情況還可以接受，我們處於一個不錯的階段。我想說的是，如果你仔細分析一下，你會發現今年的訂單出貨比，尤其是庫存訂單出貨比高於1。因此，我們在庫存訂單方面持續保持強勁勢頭，而且庫存訂單占我們業務的很大一部分。

So John, just a follow-up. Do you expect these awards to be moved to the right such that they're going to be awarded in the second half of the fiscal year? Or they move to the right that they're going to be a fiscal 2027 award? I'm just kind of curious about maybe the exit velocity of backlog in fiscal 2026. Because we kind of talked about it being around 1.0 overall and maybe if that dynamic has changed at all.

約翰，我還有一個後續問題。你預計這些獎項的授予時間會提早到下半年嗎？還是會延到2027財年？我比較好奇2026財年積壓訂單的完成速度。因為我們之前討論過整體進度在1.0左右，所以不知道這個趨勢是否有改變。

Right. I think what we've said and what we've communicated in the past, and I'll use an NFL term chunk place, so like chunk projects, right? So the big chunk projects that drive -- really drive a big book-to-bill in the quarter, they're out there. We're positioned for them. Those big chunk projects are the ones that I think are going to be -- we're going to see in our award cycle in fiscal '27, which starts July 1.

沒錯。我認為我們過去說過和溝通過的內容，我借用一下NFL的術語“大項目”，就是那些能真正推動季度訂單出貨比大幅增長的大項目，它們已經擺在那裡了。我們已經做好準備了。我認為這些大項目將會－我們將在2027財年的授標週期中看到它們，這個週期從7月1日開始。

But we're going to see some -- probably some strategic awards, some smaller awards that are going to be in the next two quarters. But it probably isn't likely that we're going to exit the quarter over 1.0 collectively across the business. But you continue to see a strong book-to-bill in any one of the segments.

但我們將會看到一些——可能是一些策略性訂單，也可能是一些規模較小的訂單，這些訂單將在未來兩個季度發放。但我們不太可能在本季末實現全公司整體訂單出貨比超過1.0。不過，各業務部門的訂單出貨比仍保持強勁。

Brent Thielman, D.A. Davidson.

布倫特·蒂爾曼，D.A.戴維森。

John, maybe just to follow up on the conversation about all the things you can do around data centers, I sort of bundle things you can do directly on those sites with the power component of that as well, which just seems to be sort of feverish demand here. Why wouldn't that be more influential to your bookings here in the next few quarters, just given the appetite and the fact that you have these capabilities that seem to be in the sweet spot of that.

約翰，或許可以接著剛才關於資料中心相關功能的討論，我把可以直接在資料中心進行的操作與相關的電力組件結合起來考慮，而電力組件的需求似乎非常旺盛。鑑於市場需求旺盛，以及你們擁有恰好滿足這些需求的能力，為什麼這不會對未來幾季的預訂量產生更大的影響？

Yes. So I think it's a good question. We're -- we've been focused on that market here. It didn't just start yesterday, right? So we've been working on it probably over the last 12 months and we recognize like everybody else that there's a significant amount of spend there.

是的。所以我覺得這是個好問題。我們一直專注於這個市場。這並非始於昨日，對吧？在過去12個月裡，我們一直在努力開拓這個市場，我們和其他人一樣，都意識到那裡蘊藏著巨大的消費潛力。

But you got to remember, a lot of those clients are new clients to us. Yes, we've got a power generation capability in-house. We've built some significant power plants that's on our resume. And obviously, the electrical connectivity issues that our electrical connectivity capabilities that's principally in the Northeast and then all the backup fuel and all that stuff. But we're kind of entering that market, and we've got to sell our resume.

但你要記住，很多客戶對我們來說都是新客戶。沒錯，我們公司內部有發電能力。我們建造過一些大型發電廠，這些都寫在我們的履歷上了。當然，我們主要在東北地區提供電力連接服務，還有備用燃料等等。但我們算是剛進入這個市場，所以必須好好推銷我們的業績。

We've got to build relationships with those clients. We have got to want to make sure we're positioning ourselves for work that's fits our risk profile and our financial profile. We need to appreciate how we compete and how we win in that market. And so all that stuff is going on. And I think we're starting to see some fruits of that work by our business development and operations people.

我們必須與客戶建立關係。我們必須確保自身定位，承接符合我們風險承受能力和財務狀況的工作。我們需要了解如何在市場中競爭並取得成功。所有這些工作都在進行中。我認為，我們的業務拓展和營運人員已經開始取得一些成果。

And so as we said in the prepared remarks, my thoughts are that we're going to start to see some growth in the opportunity pipeline as some of this stuff gets to -- hits where we can -- are going to be choose deciding to bid or being invited to bid on certain projects. But we're already bidding projects from an electrical infrastructure standpoint on new substations that are directly connected to a data center power needs.

正如我們在事先準備好的演講稿中所說，我認為隨著一些項目進入我們能夠參與的階段，機會管道將會開始增長——我們會選擇是否參與某些項目的投標，或者受邀參與投標。但我們已經在從電力基礎設施的角度參與一些專案的投標，例如直接與資料中心電力需求相關的新建變電站。

And so we have several of those that we're bidding now, and I would hope that we're going to be able to put some of those into backlog in this second half of the year. And so we're also working with EPC power plant constructors where we can come in and provide our services and any one of the things that I mentioned there, whether it's putting the turbines in or doing the mechanical work or electrical work or erecting the boilers or whatever that is, all those things we've got capabilities and skills for. And so we're -- so we're -- I think we're doing a good job.

所以，我們現在正在競標幾個項目，我希望今年下半年能夠把其中一些項目納入待辦清單。此外，我們也與EPC電廠建設公司合作，我們可以提供我們的服務，包括我剛才提到的任何一項工作，無論是安裝渦輪機、進行機械工程、電氣工程、鍋爐安裝等等，我們都具備相應的能力和技能。所以，我認為我們做得很好。

We're working into those markets. And I think we're going to see here over the -- we're going to start to see some impact to that effort in our opportunity pipeline and to a small degree into our award cycle this fiscal year, but it's going to really start to grow, I think, as we move into '27.

我們正在努力開拓這些市場。我認為，在本財年，我們將開始看到這項工作對我們的機會儲備和授標週期產生一些影響，但隨著我們進入2027年，我認為它會真正開始成長。

Appreciate that, John. Any thoughts on the midstream side? I mean, as you talk about all the demand around gas power coming, I mean, it's becoming pretty evident with some other companies. Is there -- are there things that you're starting to see in the midstream arena pop up for you that could also be an opportunity?

謝謝你的回复，約翰。你對中游領域有什麼看法嗎？我的意思是，就像你提到的天然氣發電需求即將成長，其他一些公司也已經明顯感受到這一點。你是否注意到中游領域出現了一些新的機會？

So when you say midstream, are you talking about crude oil or are you talking about gas?

所以，您說的中游是指原油還是天然氣？

Yes. Yes.

是的。是的。

Yes to both.

兩個問題的答案都是肯定的。

Yes.

是的。

Yes. So I think the crude market is fairly muted. There's some new tanks getting built. There's certainly tank maintenance repair works going on all the time. We do that work.

是的。所以我認為原油市場相當平靜。雖然有一些新的儲罐正在建設中，但儲罐的維護和維修工作也一直在進行。我們就是做這方面的工作的。

But I think a lot of our storage resources have been a little more focused on the specialty vessel stuff we're doing, where it's more complex construction, better margins for us, less competition. And so while we're still doing -- we continue to offer services on the crude storage and midstream side of the company, it's become a smaller and smaller piece of the revenue of the business.

但我認為，我們的大部分倉儲資源都更多地投入了我們正在開發的特種船舶項目上，這些項目結構更複雜，利潤更高，競爭也更小。因此，雖然我們仍在繼續提供原油倉儲和中游業務，但這部分業務的收入佔比越來越小。

So there's activity out there. On the natural gas side, certainly, we've got a great position in gas storage in LNG and in NGLs, both from a storage perspective, but also the balance of plant construction for those facilities and whether they're utility connection or there for fueling or whatever. So I think we're -- the activity level there, I think, related to gas is strong, getting stronger.

所以市場上的活動很活躍。就天然氣方面而言，我們在液化天然氣 (LNG) 和凝析油 (NGL) 的儲存方面佔據有利地位，這不僅體現在儲存方面，也體現在這些設施的配套建設方面，例如公用設施連接、燃料供應等等。因此，我認為——與天然氣相關的活動水平很高，而且還在不斷增強中。

A lot of permitting issues around that. As we said in the prepared remarks, there's a lot of pipeline issues out there in the marketplace because of permitting challenges. And so you have companies that are unsure about tying up dollars when they're uncertain about the ability to get a permit pushed through. So one of the projects that we announced an award last quarter, we're building the balance of plant for NGL facility, which we're also building the storage tank for.

這方面有很多審批問題。正如我們在準備好的演講稿中所提到的，由於審批方面的挑戰，市場上存在著許多管道項目問題。因此，有些公司不確定能否順利取得許可，所以不願投入資金。上個季度我們宣布得標的項目之一，是為液化天然氣（NGL）設施建造輔助設備，同時也在建造儲槽。

And we had expected more revenues in Q2 on that project, but the permitting delays have kind of pushed has slid the [indiscernible] our ability to go burn revenue into the back half of this fiscal year. The project is in flight. We're starting to get permits. We're starting to work through it. But that's certainly one of the issues, I think that's impacting probably a lot of people in the midstream market.

我們原本預計該專案第二季度會有更多收入，但審批延誤導致我們實現收入的能力被推遲到了本財年下半年。專案正在推進中，我們正逐步取得許可，也開始著手處理相關事宜。但這無疑是影響中游市場眾多參與者的問題。

Okay. And then you did mention minerals and mining. Obviously, critical materials become more topical here lately. Your positioning there and kind of maybe waited for us to size the opportunity for you?

好的。然後您提到了礦產和採礦。顯然，關鍵材料最近變得更加熱門。您在這方面的佈局，是不是在等待我們幫您評估市場機會？

Yes. So we've got a legacy history in mining and minerals. We used to -- we had -- when that market was stronger, we had an operation in Arizona and did work for some of the big miners down there. And then that market kind of fell apart. And so we've kind of kept our hand in there from a sales perspective, but really haven't done any work.

是的。我們在採礦和礦產領域有著悠久的歷史。過去，在市場行情好的時候，我們在亞利桑那州有一個礦場，為當地一些大型礦業公司提供服務。後來，那個市場就衰退了。所以，從銷售的角度來看，我們一直保持著對那個領域的關注，但實際上並沒有開展任何業務。

That market is coming back strongly, copper, rare earth minerals, gold. And so we're seeing a lot more opportunities finally get off the drawing board. And we've got a couple of really nice projects that we're bidding now in the mining and minerals market. And again, we're -- we think our brands continues to be strong there. And so we're kind of rebuilding those relationships and I think there's a real opportunity for us here.

銅、稀土礦物和黃金市場正在強勁復甦。因此，我們看到許多專案終於從規劃階段走向實際階段。目前，我們正在礦業和礦產市場競標幾個非常好的項目。而且，我們認為我們的品牌在該領域依然保持強勁勢頭。因此，我們正在重建這些關係，我認為這對我們來說是一個真正的機會。

Plus you got the -- besides the demand for those kind of nonferrous metals related to what's going on with all this infrastructure build-out, you've also got the federal government now that is -- again, from a national security issue is investing money in rare earth minerals to make sure that from a national security issue that we've got those minerals here in this country. So I think there's a lot of good tailwinds associated with that market. And I think we've got a resume and the relationships to be able to take advantage of it.

此外，除了基礎建設帶來的這類有色金屬的需求之外，聯邦政府也出於國家安全考慮，投資稀土礦產，以確保我國擁有這些礦產資源。因此，我認為這個市場有許多利好因素。而我認為我們擁有相關的經驗和人脈，能夠充分利用這些優勢。

Okay. And just last one, guys. I appreciate you taking all these. I think about the outlook for the rest of the year, the return to profitability you're anticipating and what seems to me like a lot of green shoots here in the business, notwithstanding some of the uncertainty in some of your markets here in the short term. And you got a lot of cash on the balance sheet.

好的。最後一個問題，各位。感謝你們抽空回答這些問題。我想談談今年剩餘時間的展望，你們預計的獲利能力恢復情況，以及在我看來，儘管你們的一些市場短期內存在一些不確定性，但公司業務中似乎有很多復甦的跡象。而且你們的資產負債表上現金充裕。

I mean, John, just to refresh on buybacks, why wouldn't they make sense here? It just seems like business is heading in the right direction. You've got some good things coming for you. Maybe just update on your thoughts there?

約翰，我是說，關於股票回購，我再簡單提一下，為什麼現在回購不合適？感覺公司的發展方向是對的，你未來可期。不然你跟我說說你的想法？

I think as we've always said, I think our -- as we want to -- as we return to profitability, yes, we have cash on the balance sheet. We're going to be focused on -- we've been pretty lean as an organization on how we spend our capital internally for our operations.

我認為正如我們一直所說，隨著我們恢復盈利，是的，我們的資產負債表上有現金。我們將專注於—作為一個組織，我們一直非常注重如何精簡內部營運資金的使用。

And so there's some catch-up for us to do there. We are going to be looking for inorganic opportunities that round out our business offering. And certainly, the inability to find inorganic opportunities to add to the business could result in us making the decision that maybe we buy back shares.

因此，我們在這方面還有一些工作要做。我們將尋找能夠完善我們業務組合的非有機成長機會。當然，如果找不到合適的非有機成長機會，我們可能會決定回購股票。

So I would say all that stuff is on the table. And so we're -- as we've said in previous calls, we're waiting -- we're driving the business to return to profitability to win, execute and deliver. And as that happens, then we're going to be looking for more expanded things to do with the cash on the balance sheet.

所以我覺得所有這些方案都在考慮範圍內。正如我們之前電話會議中所說，我們正在等待——我們正在努力推動業務恢復盈利，以贏得市場、執行計劃並交付成果。一旦實現獲利，我們就會考慮如何更廣泛地利用資產負債表上的現金。

Okay, thanks for taking all the questions, guys. Appreciate it.

好的，謝謝各位回答所有問題。非常感謝。

John Franzreb, Sidoti.

約翰·弗蘭茲雷布，西多蒂。

Yes. I'm just actually curious about the competitive landscape. Are new jobs being written at target margins? Or is there pressure in certain end markets versus others? And I guess on the flip side of that, are some being written at above target? Can you just kind of talk a little bit about that?

是的。我其實還蠻好奇競爭格局的。新簽的合約利潤率都達到目標了嗎？還是說某些終端市場比其他市場面臨更大的壓力？另外，有沒有一些合約的利潤率高於目標？能稍微談談這方面嗎？

Yes. I mean, the work that we're booking on a collective basis is falling within our targeted margin ranges. So I would say we're not -- it's not the same as it was three years ago where contractors are out chasing projects and driving margins to the bottom. That's -- we're not experiencing that.

是的。我的意思是，我們整體承接的專案都在我們設定的利潤率範圍內。所以我覺得現在的情況和三年前不一樣了，那時承包商到處追逐項目，把利潤壓到最低。我們沒有遇到那種情況。

And any of the markets above target margins at all?

以上所有市場的目標利潤率是多少？

Yes. I mean it depends on which piece of our business. Some pieces will get a higher margin. Some of the bigger the job, sometimes we're able to get a higher margin. So I think we've talked about a margin range of 10% to 12%.

是的。我的意思是，這取決於我們業務的哪個部分。有些部分的利潤率更高。有些專案規模越大，我們有時就能獲得更高的利潤率。所以我想我們之前討論過的利潤率範圍是10%到12%。

Some pieces of our business are in the high end of that range; some are a little bit above. And -- but some more of the maintenance activities and those things are certainly at the lower end of those margin range or even below. But the portfolio overall, I think the margin ranges there in the backlog is well within our expected range.

我們部分業務的利潤率處於該範圍的高端；部分業務略高於該範圍。而一些維護活動等業務的利潤率則處於該範圍的低端，甚至更低。但總體而言，我認為積壓訂單的利潤率完全在我們預期的範圍內。

I'm not showing any further questions in the queue. I'd like to turn it back over to Kellie for any closing remarks.

隊列中不再顯示其他問題。我想把時間交還給凱莉，讓她做最後的總結發言。

Thank you. As always, our approach is to be open and transparent with our investors. And as such, I would like to invite you if you'd like to have a conversation with management to contact me through Matrix Service Company Investor Relations website. You can also sign up for MTRX News by scanning the QR code on your screen. Thank you so much for your time.

謝謝。我們一如既往地秉持著對投資者公開透明的原則。因此，如果您想與管理層交流，歡迎透過 Matrix Service Company 投資者關係網站與我聯繫。您也可以掃描螢幕上的二維碼訂閱 MTRX 新聞。非常感謝您抽出寶貴時間。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝各位參加今天的會議。本次會議到此結束，您可以斷開連線了。祝大家今天過得愉快。