MYR Group Inc (MYRG) 2025 Q3 法說會逐字稿

Good morning everyone and welcome to the MYR Group third quarter 2025 earnings results conference call.

各位早安，歡迎參加 MYR 集團 2025 年第三季業績電話會議。

(Operator Instructions)

（操作說明）

I would like to turn the call over to Jennifer Harper, MYR Group's Vice President of Investor relations and treasurer. Please go ahead, Jennifer.

現在我將把電話交給MYR集團投資者關係副總裁兼財務主管詹妮弗·哈珀女士。請開始吧，詹妮弗。

Thank you and.

謝謝。

Good Morning, Everyone. I would like to welcome you to the NYR group conference call to discuss the company's third quarter results for 2025, which were reported yesterday.

各位早安。歡迎各位參加紐約遊騎兵集團的電話會議，我們將討論公司昨天公佈的2025年第三季業績。

Joining us on today's call are Richard Swartz, President and Chief Executive Officer. Kelly Huntington, senior Vice President and Chief Financial Officer. Brian Stern, senior Vice President and Chief Operating Officer of MYR Group's transmission and distribution segments, and Don Eagan, senior Vice President and Chief Operating Officer of MYR Group's commercial and Industrial.

今天參加電話會議的有：總裁兼執行長理查德·斯沃茨；高級副總裁兼首席財務官凱利·亨廷頓；MYR集團輸配電部門高級副總裁兼首席營運官布萊恩·斯特恩；以及MYR集團商業和工業部門高級副總裁兼首席營運官唐·伊根。

A copy of yesterday's press release is available on the MYR Group website at MYRgroup.com under the investors tab. A webcast replay of today's call will be available on the website for seven days following the call.

昨日發布的新聞稿副本可在MYR集團網站MYRgroup.com的「投資者關係」欄位下查閱。今日電話會議的網路直播回放將在會議結束後七天內保留在網站上。

Please note, today's discussion may contain forward-looking statements. Any such statements are based upon information available to MYR Group's management as of this date, and MYR Group assumes no obligation to update any such forward-looking statements.

請注意，今天的討論可能包含前瞻性陳述。任何此類陳述均基於截至今日MYR集團管理層可獲得的信息，MYR集團不承擔更新任何此類前瞻性陳述的義務。

These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.

這些前瞻性陳述涉及風險和不確定性，可能導致實際結果與前瞻性陳述有重大差異。

Accordingly, these statements are no guarantee of future performance. For more information, please refer to the risk factors discussed in the company's most recently filed annual report on Form 10-K and quarterly report on Form-10 and in yesterday's press release.

因此，以上聲明並不構成對未來績效的保證。更多信息，請參閱公司最新提交的10-K表格年度報告和10-K表格季度報告以及昨日新聞稿中討論的風險因素。

Certain non-GAAP financial measures will also be presented. A reconciliation of these non-GAAP measures to the most comparable GAAP measures is set forth in yesterday's press release.

報告也將列示某些非公認會計準則（非GAAP）財務指標。這些非GAAP指標與最接近的GAAP指標的調節表已在昨日的新聞稿中列出。

With that, let me turn the call over to.

那麼，我把電話交給…

Rick Fords.

瑞克福特斯。

Thanks, Jennifer. Good morning, everyone. Welcome to our third quarter of 2025 conference call to discuss financial and operational results.

謝謝，珍妮佛。大家早安。歡迎參加我們2025年第三季財務與營運業績電話會議。

I will begin by providing a summary of the third quarter results, and then we'll turn the call over to Kelly Huntington, our Chief Financial Officer, for a more detailed financial review. Following Kelly's overview, Brian Stern and Don Egan, chief operating officers for our T&D and C&I segments, will provide a summary of our segment's performance and discuss some of the more our group's opportunities going forward.

首先，我將簡要概述第三季業績，然後我們將把電話會議交給財務長凱莉·亨廷頓，由她進行更詳細的財務分析。凱莉概述之後，我們輸配電業務和工商業業務的首席營運官布萊恩·斯特恩和唐·伊根將分別總結我們業務部門的業績，並探討集團未來的發展機遇。

I will then conclude today's call with some closing remarks and open the call up for your questions. The strength of our long-term customer relationships and a strong market position resulted in a solid third quarter performance.

接下來，我將作總結發言，並開放提問環節。我們與客戶建立的長期穩固關係以及強大的市場地位，促成了第三季穩健的業績。

Our teams continue to execute projects with operational excellence and expand existing client relationships through master service and alliance agreements across our districts. Bidding activity remains healthy as we strategically pursue and capture new opportunities that position us for potential future growth.

我們的團隊持續以卓越的營運能力執行項目，並透過與各區域簽訂的主服務協議和聯盟協議，拓展與現有客戶的關係。我們積極進行投標活動，策略性地尋求並掌握新的機遇，為未來的成長奠定基礎，因此投標活動仍保持活躍。

The Edison Electrical Institute's 2024 Financial Review released earlier this month, projects that US investor-owned utilities will exceed $1.1 trillion in combined capital investments for 2025 through 2029.

愛迪生電氣協會本月稍早發布的《2024 年財務回顧》預測，2025 年至 2029 年，美國投資者所有的公用事業公司的總資本投資將超過 1.1 兆美元。

More than $123 billion of this is forecasted to be spent on transmission in the first three years from 2025 to 2027. The report also found that electric utilities are on pace to spend nearly $208 billion on grid upgrades and expansions in 2025, the highest amount ever.

預計其中超過 1,230 億美元將用於 2025 年至 2027 年這三年間的輸電建設。該報告還發現，電力公司預計在 2025 年投入近 2,080 億美元用於電網升級和擴建，這將是有史以來最高的金額。

Growing demand for electrification, a focus on grid monetization and hardening, and technology advancements continue to be strong market drivers and could present opportunities for consistent success across our business.

對電氣化日益增長的需求、對電網貨幣化和加固的重視以及技術進步，仍然是強勁的市場驅動力，並可能為我們的業務帶來持續成功的機會。

According to FMI's 2025 North American Engineering and Construction Outlook released in July, chosen key markets for our CNNI segments are forecasted for healthy growth through 2025 and into 2026, including data centers, transportation, healthcare, education, and wastewater construction.

根據 FMI 於 7 月發布的《2025 年北美工程和建築展望》，我們 CNNI 業務板塊選定的關鍵市場預計將在 2025 年及 2026 年保持健康成長，包括資料中心、交通運輸、醫療保健、教育和廢水處理建設。

By expanding existing relationships with our preferred customers and strategically bidding and expanding work in our chosen markets, we continue to experience a steady backlog of work and could see potential growth moving forward.

透過擴大與現有優選客戶的關係，並在我們選擇的市場中進行策略性投標和擴大業務，我們持續獲得穩定的工作積壓，並有望在未來實現成長。

As always, our greatest strength lies within our talented and dedicated employees. We continue to develop and empower our teams to reach their highest potential as we grow our company.

一如既往，我們最大的優勢在於我們才華洋溢、兢兢業業的員工。隨著公司的發展，我們將繼續培養和賦能團隊成員，幫助他們充分發揮潛力。

Our team members strive to provide excellence in safety and project delivery, helping our customers achieve their business goals. Now Kelly will provide details on our third quarter 2025 financial results.

我們的團隊成員致力於在安全和專案交付方面做到卓越，幫助客戶實現業務目標。接下來，Kelly 將詳細介紹我們 2025 年第三季的財務表現。

Thank you, Rick, and good morning, everyone. Our third quarter, 2025 revenues were $950 million which represents an increase of $62 million or 7% compared to the same period last year.

謝謝里克，大家早安。我們2025年第三季的營收為9.5億美元，比去年同期成長6,200萬美元，增幅為7%。

Our third quarter T&D revenues were $503 million an increase of 4% compared to the same period last year. The breakdown of T&D revenues was $293 million for transmission and $210 million for distribution with increases in revenues from both transmission and distribution projects from the prior year.

第三季輸配電營收為5.03億美元，較去年同期成長4%。其中，輸電收入為2.93億美元，配電收入為2.1億美元，輸電和配電項目的收入均較上年同期成長。

Work performed under master service agreements continued to represent approximately 60% of our T&D revenue. C&I revenues were $447 million an increase of 10% compared to the same period last year. The C&I segment revenues increased primarily due to an increase in revenue on fixed price contracts.

根據主服務協議所進行的工作繼續約占我們輸配電收入的60%。工商業收入為4.47億美元，較去年同期成長10%。工商業收入成長主要得益於固定價格合約收入的增加。

Our growth margin was 11.8% for the third quarter of 2025 compared to 8.7% for the same period last year.

2025年第三季度，我們的成長率為11.8%，而去年同期為8.7%。

The increase in gross margin was primarily due to the third quarter of 2024 being negatively impacted by certain T&D clean energy projects and ACNI project. In the third quarter of 2025, growth margin was also positively impacted by better than anticipated productivity, favorable change orders, and favorable job closeouts.

毛利率成長的主要原因是2024年第三季受到部分輸配電清潔能源計畫和ACNI計畫的不利影響。 2025年第三季度，毛利率成長也得益於高於預期的生產效率、有利的變更訂單以及順利的專案收尾。

These margin increases were partially offset by an increase in costs associated with project inefficiencies, unfavorable change orders, and inclement weather.

這些利潤成長被專案效率低、不利的變更指令和惡劣天氣等相關成本的增加部分抵消。

TND operating income margin was 8.2% for the third quarter of 2025 compared to 3.6% for the same period last year.

2025年第三季度，TND的營業利潤率為8.2%，而去年同期為3.6%。

The increase was primarily due to the third quarter of 2024 being negatively impacted by certain clean energy projects, as well as favorable change orders and better than anticipated productivity on certain projects during the third quarter of 2025.

成長的主要原因是 2024 年第三季受到某些清潔能源項目的負面影響，以及 2025 年第三季某些項目的有利變更訂單和超出預期的生產力。

These increases were partially offset by higher costs related to project inefficiencies, unfavorable change orders, and inclement weather.

這些成長部分被專案效率低、不利的變更指示和惡劣天氣導致的成本增加所抵消。

C&I operating income margin was 6.4% for the third quarter of 2025 compared to 5.0% for the same period last year. The increase was primarily due to the third quarter of 2024 being negatively impacted by a single project, as well as contingent compensation expense related to a prior acquisition that did not recur in the third quarter of 2025.

2025年第三季工商業業務營業利益率為6.4%，高於去年同期的5.0%。成長的主要原因是2024年第三季受到單一專案的負面影響，以及與先前收購相關的或有補償支出在2025年第三季不再發生。

Operating income margin for the third quarter of 2025 was also positively impacted by better than anticipated productivity and favorable job closeouts.

2025 年第三季的營業利潤率也因生產力高於預期和專案收尾順利而受到正面影響。

These positive drivers were partially offset by unfavorable change orders and higher costs related to project inefficiencies.

這些積極因素被不利的變更指令和與專案效率低下相關的較高成本部分抵消。

Third quarter 2025 SG&A expenses were $66 million an increase of approximately $8 million compared to the same period last year. The increase was primarily primarily due to an increase in employee incentive compensation costs and an increase in employee-related expenses to support future growth.

2025年第三季銷售、管理及行政費用為6,600萬美元，較去年同期增加約800萬美元。此成長主要歸因於員工激勵性薪酬成本的增加以及為支持未來成長而增加的員工相關費用。

These increases were partially offset by contingent compensation expense related to a prior acquisition recognized during the third quarter of 2024 that did not recur.

這些成長部分被 2024 年第三季確認的與先前收購相關的或有補償費用所抵消，該費用不會再次發生。

Our third quarter effective tax rate was 28.3% compared to 42.5% for the same period last year.

第三季實際稅率為 28.3%，去年同期為 42.5%。

The decrease was primarily due to lower permanent difference items, mostly associated with deductibility limits of contingent compensation experienced in the prior year, as well as lower US taxes on Canadian income.

下降的主要原因是永久性差異項目減少，這主要與上一年或有補償的扣除限額有關，以及美國對加拿大收入徵收的稅款減少。

Third quarter 2025 net income was a record $32 million compared to net income of $11 million for the same period last year. Net income per diluted share of $2.05 increased 215% compared to $0.65 for the same period last year. Third quarter 2025 EBITDA was a record $63 million compared to $37 million for the same period last year.

2025年第三季淨利創歷史新高，達3,200萬美元，去年同期淨利為1,100萬美元。稀釋後每股淨利為2.05美元，較去年同期的0.65美元成長215%。 2025年第三季EBITDA也創歷史新高，達6,300萬美元，去年同期為3,700萬美元。

Total backlog as of September 30, 2025 was $2.66 billion 2.5% higher than a year ago. Total backlog as of September 30, 2025 consisted of $929 million for our TND segments and $1.73 billion for our C&I segment.

截至2025年9月30日，總積壓訂單為26.6億美元，較上年同期成長2.5%。截至2025年9月30日，總積壓訂單中，TND業務部門的積壓訂單為9.29億美元，C&I業務部門的積壓訂單為17.3億美元。

Third quarter of 2025 operating cash flow was a record $96 million compared to operating cash flow of $36 million for the same period last year. The increase in cash provided by operating activities was primarily due to the timing of billings and payments associated with project starts and completions and higher net income.

2025年第三季經營活動產生的現金流達到創紀錄的9,600萬美元，去年同期為3,600萬美元。經營活動產生的現金流增加主要歸因於專案啟動和竣工相關的帳單和付款時間表以及淨利潤的增長。

Third quarter 2025 free cash flow was $65 million compared to free cash flow of $18 million for the same period last year. Reflecting the increase in operating cash flow partially offset by higher capital expenditures to support future growth.

2025年第三季自由現金流為6,500萬美元，去年同期為1,800萬美元。這主要得益於經營現金流的成長，但部分被支持未來成長的資本支出增加所抵銷。

Moving to liquidity in our balance sheet, we had approximately $267 million of working capital, $72 million of funded debt, and $400 million in borrowing availability under our credit facility as of September 30th, 2025.

從資產負債表的流動性來看，截至 2025 年 9 月 30 日，我們擁有約 2.67 億美元的營運資金、7,200 萬美元的已融資債務以及 4 億美元的信貸額度。

Funded debt to EBITA leverage remains strong at 0.34 times as of September 30th, 2025.

截至 2025 年 9 月 30 日，有息負債與 EBITA 的槓桿率仍維持在 0.34 倍的強勁水準。

We believe that our credit facility, strong balance sheet, and future cash flow from operations will enable us to meet our working capital needs, support the organic growth of our business, pursue acquisitions, and opportunistically repurchase shares.

我們相信，憑藉我們的信貸額度、強勁的資產負債表以及未來的營運現金流，我們將能夠滿足我們的營運資金需求，支持業務的內生成長，進行收購，並伺機回購股份。

I'll now turn the call over to Brian Stern, who will provide an overview of our transmission and distribution segments.

現在我將把電話交給布萊恩·斯特恩，他將概述我們的輸配電業務。

Thanks, Kelly, and good morning, everyone.

謝謝凱莉，大家早安。

The continued focus on strengthening and expanding existing relationships with key customers along with executing our work to their expectations led to solid third quarter results in our TND segment.

我們持續專注於加強和拓展與重要客戶的現有關係，並按照他們的期望完成工作，這使得我們在TND業務部門取得了穩健的第三季業績。

We continue to see steady bidding activity and are pleased with our strong backlog consisting of master service agreements and a healthy mix of various sized projects.

我們看到投標活動持續穩定，並且對我們強大的積壓訂單感到滿意，這些訂單包括主服務協議和各種規模項目的良好組合。

This quarter, Ellie Myers was awarded a mid-size transmission line rebuild project in North Carolina as well as substation and transmission work in Iowa.

本季度，Ellie Myers 獲得了北卡羅來納州的一個中型輸電線路重建項目，以及愛荷華州的變電站和輸電工程項目。

In addition, high country line construction on multiple transmission line projects in the Midwest, while ES Boulis and Harlan Electric were awarded substation and transmission work respectively throughout the Northeast.

此外，ES Boulis 和 Harlan Electric 分別獲得了中西部多個輸電線路項目的高地線路建設工程，而 ES Boulis 和 Harlan Electric 則分別獲得了東北地區的變電站和輸電線路工程。

Great Southwestern Construction received transmission line and substation Project awards in Texas with Sturgeon Electric winning work in Arizona, Oregon, and Alaska. As Rick mentioned, we are seeing significant investments in electrical infrastructure throughout North America.

Great Southwestern Construction公司在德克薩斯州獲得了輸電線路和變電站項目，而Sturgeon Electric公司則贏得了亞利桑那州、俄勒岡州和阿拉斯加州的項目。正如Rick所提到的，我們看到北美各地的電力基礎設施都在進行大量投資。

Utilities continue to invest in upgrading and expanding their electric infrastructure, driven by several factors including aging infrastructure, concern over resiliency and reliability, and the need to accommodate larger low growth.

受多種因素驅動，包括基礎設施老化、對韌性和可靠性的擔憂以及滿足更大低成長的需求，公用事業公司繼續投資升級和擴大其電力基礎設施。

After roughly two decades of flat electricity demand, it is now growing rapidly and driving the need for electric infrastructure investments.

在經歷了近二十年的電力需求平穩期後，電力需求現在正快速增長，並推動了對電力基礎設施投資的需求。

According to Power Insights 2025 North American Transmission market forecast released in September.

根據 Power Insights 於 9 月發布的 2025 年北美輸電市場預測報告。

The report forecasts 9.1% compound annual growth rate and transmission spending from 2024 to 2029.

該報告預測，2024 年至 2029 年輸電支出將以 9.1% 的複合年增長率成長。

In summary, we believe these encouraging forecasts could generate growth opportunities for our business as we continue a firm dedication to our customers and a strict adherence to our operating principles. I would like to thank all of our talented employees for their commitment and effort in making our success possible.

總之，我們相信，這些令人鼓舞的預測將為我們的業務帶來成長機會，我們將繼續堅定地致力於服務客戶，並嚴格遵守我們的經營原則。我衷心感謝所有才華橫溢的員工，感謝他們的付出和努力，使我們取得了今天的成就。

I will now turn the call over to Don Egan who will provide an overview of our commercial and industrial segment.

現在我將把電話交給唐伊根，他將概述我們的商業和工業部門的情況。

Thanks, Brian, and good morning everyone.

謝謝你，布萊恩，大家早安。

Our C&I segment achieved solid results in the third quarter thanks to the strength of our chosen core markets. We continue to strategically monitor and pursue new opportunities in a healthy bidding environment while executing projects of various sizes in close collaboration with our valued customers.

得益於我們重點核心市場的強勁表現，我們的工商業業務部門在第三季取得了穩健的業績。我們將繼續在健康的投標環境中，策略性地關注並尋求新的機遇，同時與我們尊貴的客戶緊密合作，執行各種規模的專案。

Recent market outlooks suggest positive indicators for the segment. The Dodge Momentum index increased 3.4% in September, and commercial planning expanded 4.7% in the same period.

近期市場展望顯示該細分市場前景樂觀。道奇動量指數9月上漲3.4%，同期商業規劃成長4.7%。

Year-to-date, the DMI is up 33% from the average reading over the same period in 2024. The unprecedented growth in spending on data centers is expected to continue at an elevated pace.

今年迄今為止，資料中心指數 (DMI) 比 2024 年同期平均讀數高出 33%。預計資料中心支出的空前成長將繼續保持較高速度。

According to the American Institute of Architects, the AIA July 2025 consensus construction forecasts reported that after increasing more than 50% in 2024, data center spending is expected to grow by an additional 20% in 2026.

根據美國建築師協會 (AIA) 2025 年 7 月發布的共識建築預測報告顯示，資料中心支出在 2024 年成長超過 50% 之後，預計 2026 年還將成長 20%。

These encouraging forecasts could generate growth for our business, and we continue to leverage our expertise to place us in a leading position to win opportunities in these markets while bolstering our our strategy to remain diversified across our chosen core markets.

這些令人鼓舞的預測可能會為我們的業務帶來成長，我們將繼續利用我們的專業知識，使我們在這些市場中處於領先地位，贏得機會，同時加強我們的策略，以保持我們在所選核心市場的多元化。

In the third quarter, our teams across all subsidiaries earned multiple awards and secured new work in each of our core markets. This includes wins in data centers, healthcare, clean energy, warehousing, higher education, and transportation.

第三季度，我們所有子公司的團隊都獲得了多項獎項，並在我們所有核心市場都贏得了新的專案。這包括在資料中心、醫療保健、清潔能源、倉儲、高等教育和交通運輸領域的成功中標。

These achievements reflect our continued momentum and strong market presence across the US and Canada.

這些成就反映了我們在美國和加拿大持續的發展勢頭和強大的市場地位。

To conclude, our chosen core markets are healthy, and the strength of our customer relationships continue to generate additional opportunities. This is thanks to our committed employees and their daily dedication to executing projects with a safety first mindset.

總之，我們選擇的核心市場發展良好，與客戶的良好關係持續為我們創造更多機會。這要歸功於我們敬業的員工，以及他們始終秉持著安全第一的理念，兢兢業業執行專案。

Thanks everyone for your time today. I will now turn the call back to Rick, who will provide us with some closing comments.

感謝各位今天抽出時間。現在我將把電話轉回給里克，他將為我們做最後的總結發言。

Thank you for those updates, Kelly, Brian, and Don. Due to the strength of our core markets and our ability to bolster and broaden our customer relationships to create growth opportunities, we are proud of our third quarter performance.

感謝Kelly、Brian和Don提供的最新資訊。由於我們核心市場的強勁表現，以及我們加強和拓展客戶關係以創造成長機會的能力，我們對第三季的業績感到自豪。

Our focus remains on safely executing projects, strategically bidding opportunities, and meeting the needs of our customers as they adapt to dynamic market conditions and a shifting energy landscape.

我們始終專注於安全地執行專案、有策略地競標機會，並滿足客戶在適應動態市場條件和不斷變化的能源格局時的需求。

This is supported by our continued investment and development of our teams across the company as our people enable us to maintain our status as an industry leader by the work they perform every day. A commitment to our employees and customers is the foundation we build from to remain a strong and agile partner for customers.

我們持續投資並發展公司各團隊，正是員工的辛勤付出，才使我們得以維持產業領先地位。我們對員工和客戶的承諾，是我們成為客戶強大且靈活的合作夥伴的基石。

I would like to extend a thank you to our employees for their invaluable contributions and to our shareholders for your continued support of MYR Group. I look forward to connecting you within the future quarters, operator, we are now ready to open the call up for your comments and questions.

我謹代表MYR集團，衷心感謝全體員工的寶貴貢獻，以及各位股東的持續支持。期待在未來幾季與您保持聯繫。各位運營商，我們現在開始接受您的意見和提問。

(Operator Instructions)

（操作說明）

First question comes from Sangeeta Jain of KeyBank. Your line is open.

第一個問題來自KeyBank的Sangeeta Jain。您的提問已接通。

Great, thank you. Good morning and thanks for taking my questions. So first, if I can ask on C&I margins, they were considerably stronger than they have been in the recent quarters even though you had a negative change order.

太好了，謝謝。早上好，感謝您回答我的問題。首先，關於工商業利潤率，即使你們有一筆負面變更訂單，利潤率也比最近幾季高得多。

So can you talk a little bit about that and how we should think about those C&I margins going forward?

那麼，您能否談談這方面，以及我們今後該如何看待工商業利潤率？

I would say, yeah, I would say we did have a slight negative there, but overall we had some positive adjustments too, so our margins were a little higher than what we projected coming into this year. I think as we look to next year, I would say our margin profile is probably, we've always said it's going to be.

是的，我們確實遇到了一些負面影響，但總體而言，我們也做出了一些積極的調整，所以我們的利潤率略高於年初的預期。展望明年，我認為我們的利潤率狀況應該會和我們一直以來所說的一樣。

That 4% to 6% in the past and I think as we look into next year it'll kind of go to the mid range of kind of that 5% to 7.5% so we're upping that a little bit as we forecast out next year with probably, 10% growth both in our C&I and T&D areas.

過去這一比例為 4% 至 6%，我認為展望明年，這一比例將達到 5% 至 7.5% 的中等水平，因此我們略微提高了這一比例，預測明年工商業和輸配電領域的增長率可能達到 10%。

So 10% core growth, sorry, go ahead.

所以核心成長率是 10%，抱歉，請繼續。

Kelly.

凱莉。

I was just going to say to elaborate, just looking at full year for C&I, given that we have been trending a little higher, we are expecting that we'll be in the upper half of, the target range for this year of the 4% to 6% for full year 25, and then, as Rick mentioned looking to to raise that expectation for next year to that 5% to 7.5% range.

我正要詳細說明一下，就全年工商業而言，鑑於我們一直呈略微上升的趨勢，我們預計今年全年增長率將達到目標範圍 4% 至 6% 的上半部分，然後，正如 Rick 所提到的，我們希望將明年的預期提高到 5% 至 7.5% 的範圍內。

Okay, did I just hear Rick say 10% for next year? No, or did I get that wrong?

等等，我剛剛是不是​​聽到瑞克說明年漲幅是10%？不，還是我聽錯了？

I would look for 10% revenue growth.

我希望營收成長達到10%。

10% revenue growth company wide.

公司整體營收成長10%。

Yes.

是的。

Okay, great, but 5% to 7.5% C&I.

好的，很棒，但是工商業佔比為 5% 到 7.5%。

Yeah, with our margin profile remaining the same on T&D that 7% to 10.5% and probably operate in the middish range of those those numbers just because we're not seeing the large projects really rolling till 2027.

是的，我們的輸配電利潤率保持在 7% 到 10.5% 之間，可能會在這個數字的中間範圍內運營，因為我們預計大型專案要到 2027 年才會真正啟動。

Okay, that's helpful. And then, appreciate the breakdown of the new awards in the quarter on the TND side. Does how sizable are they in the sense that does that change your breakdown between MSA and non MSA work in that segment?

好的，這很有幫助。另外，請問能否提供本季TND方面新增獎勵的詳細數據？這些獎勵的規模有多大？它們是否會改變該板塊中MSA和非MSA項目之間的比例？

No, we really didn't speak anything about large projects coming into our backlog so it's small and mid-size, so somewhere in that same range, where we've been, I would say is kind of how we're forecasting it for this next quarter.

不，我們並沒有真正討論過大型項目進入我們的待辦事項清單，所以目前都是中小型項目，因此，我們目前的項目規模大致與此相當，我認為我們對下一季度的預測也大致如此。

Okay, got it.

好的，明白了。

Thank you. I appreciate you letting me ask questions.

謝謝。感謝您允許我提問。

Thank you.

謝謝。

Thank you.

謝謝。

And our next question comes from Andrew Whitman of Baird. Your line is open.

下一個問題來自貝爾德公司的安德魯·惠特曼。您的提問已接通。

Hi Greg, good morning and thanks for taking our questions here.

嗨，格雷格，早安，謝謝你回答我們的問題。

Everybody wants to talk about data centers, so let's talk about data centers. I mean, obviously this is a growth and market for electricians, broadly speaking, Rick, in the past when we've talked to you about this, you're like totally see the opportunity there, you're open to it.

大家都想聊聊資料中心，那我們就聊聊資料中心吧。我的意思是，很明顯，從廣義上講，這對電工來說是一個成長點和市場。里克，過去我們和你談過這個話題，你當時就完全看到了其中的機會，並且持開放態度。

You've always said we don't want to abandon our our legacy customers everywhere else as well so just kinda wanted to get an update on your view here. Is this market evolving faster and bigger than you maybe thought six months ago?

您一直都說我們不想放棄其他地區的老客戶，所以我想了解您對這方面的看法。這個市場的發展速度和規模是否比您六個月前預想的要快、規模更大？

And how has your company approaching the data center opportunity? Are you going to go for it directly or wait for overall demand? To lift demand for the types of services you offer and still compete in the traditional markets as well. I'm just wondering if you talk about that.

貴公司如何看待資料中心領域的機會？是打算直接進軍，還是等待整體需求成長？我希望能夠提升貴公司所提供服務的需求，同時繼續在傳統市場中保持競爭力。我想知道貴公司是否談到過這一點。

Maybe the simple way of asking that question, of course, is do you expect the data center as a percentage of your DNI mix to materially increase or not?

當然，或許更簡單的問法是：您是否預期資料中心在您的直接輻射功率 (DNI) 組合中所佔的比例會大幅增加？

I think you know as we go forward, data centers could could increase, but you know our other core markets are very strong too within C&I. So when we talked about the overall, markets we're in, whether it's waste water or hospitals or. Solar even on that side that we see good growth opportunities there.

我認為您也知道，隨著業務發展，資料中心可能會成長，但我們在工商業領域的其他核心市場也非常強勁。所以，當我們談到我們所處的整體市場時，無論是廢水處理、醫院或太陽能，我們都看到了良好的成長機會。

So, really not focused on just data centers but again a lot of good opportunities going forward, but I don't see that outpacing the other segments at this point.

所以，我們其實不是只關注資料中心，未來還有很多不錯的機會，但我認為目前來看，資料中心的發展速度不會超過其他領域。

Got it. Okay, and then I guess, I wanted to follow-up on, your balance sheet and your ability and desire to deploy capital. Obviously balance sheet, like normal is in a very good spot here. Historically you've done some M&A pretty consistently over the years.

明白了。好的，接下來我想問貴公司的資產負債表以及您運用資本的能力和意願。顯然，和往常一樣，貴公司的資產負債表狀況非常好。從歷史數據來看，貴公司這些年來一直持續進行併購活動。

But the dynamics and the growth rates behind your business have changed and I've got to think the multiples like your own stocks multiple are up.

但是，貴公司業務的動態和成長率已經發生了變化，我認為像貴公司股票的本益比這樣的倍數也上升了。

I was just wondering kind of like what you're seeing out there and your and your desire as well as your ability to deploy M&A capital in an environment like this where prices are up. What do you think?

我只是想了解一下您目前觀察到的市場形勢，以及您在當前價格上漲的環境下部署併購資本的意願和能力。您怎麼看？

The multiples are definitely up. I mean, as you said, there are multiples up, but when we look at it, for us it's really just focused on that right strategic fit.

估值倍數確實上漲了。我的意思是，正如你所說，估值倍數確實上漲了，但當我們審視這個問題時，我們真正關注的還是找到合適的策略契合點。

There's opportunities out there, but again, it's got to fit us, from a cultural fit and then from a a structural fit. So we continue to look at them and evaluate them and.

機會是有的，但關鍵在於它是否符合我們的需求，包括文化契合度和組織架構契合度。所以我們會繼續關注和評估這些機會。

There's quite a bit of activity out there, so that's positive and you know hopefully we can capitalize on the right opportunity, but our balance sheet enables us to really go after, any acquisition. We've always said that, our kind of goal is to anything within that annual revenue of $500 million to $600 million is kind of our target.

目前市場活動相當活躍，這是個好兆頭，希望我們能抓住合適的機會。我們雄厚的資產負債表使我們能夠積極尋求任何收購機會。我們一直強調，我們的目標是收購年收入在5億至6億美元之間的公司。

We're not looking for something transformational, but again, we continue to see good activity in that market, just trying to find the right fit.

我們不尋求變革性的東西，但我們仍然看到該市場活動活躍，只是想找到合適的契合點。

Thanks a lot.

多謝。

Thank you.

謝謝。

And our next question comes from John Bratz of KCCA. Your line is open.

下一個問題來自KCCA的約翰·布拉茨。您的提問已接通。

Morning everyone.

各位早安。

Rick, on the margin, profile for the C&I segment, increase the range a little bit. Does that reflect, market conditions or execution?

Rick，就邊際效益而言，針對工商業領域的概況，稍微擴大一下範圍。這反映的是市場狀況還是執行？

I would say both. I think our, we're always focused on execution, how how we better improve our performance out there, but also seeing, some market. I guess ex expansion in our margins within the market, so we push margins every chance we get, but we're also focused on our own performance.

我認為兩者兼而有之。我們始終專注於執行，思考如何更好地提升業績，同時也關注市場動態。例如，我們力求在市場中擴大利潤率，所以我們抓住一切機會提升利潤率，但我們也同樣重視自己的表現。

So I would say it's a mixture of the two.

所以我認為它是兩者的混合體。

Okay. And then industry-wide in the utility and the TND segment, every time you read a report from from utility companies, they talk about accelerating spending plans and I guess from an overall perspective, Rick, does the, is there enough labor out there to meet this demand that seems to be forthcoming and if not, is there going to be some opportunity to take some additional margin?

好的。然後，在整個公用事業和TND領域，每次你閱讀公用事業公司的報告，他們都會談到加快支出計畫。我想從整體上看，里克，是否有足夠的勞動力來滿足即將到來的需求？如果沒有，是否還有機會獲得一些額外的利潤？

Well, we hope, we definitely hope so, and that's the way we've always said it. I mean, as we look at it into this market, it's an elongated market and it's going to go out for years.

當然，我們希望如此，我們真心希望如此，我們一直都是這麼說的。我的意思是，就我們觀察這個市場而言，這是一個長期市場，它將持續多年。

Not all these projects are going to be built overnight and it's just not the labor side, it's also the material shortages or those time delays on that material coming in. So I would say those cycles on material aren't getting any shorter.

並非所有項目都能一夜之間建成，而且不僅僅是勞動力短缺的問題，材料短缺或材料到貨延遲也是一大難題。所以我認為，材料的供應週期並沒有縮短。

So I think it's a balancing act between kind of, the labor availability in the market, but also the material availability. So I would say a lots of early conversations with our clients, very positive on the conversation, but really, none of our customers are concerned about what they're going to build more or less than 26.

所以我認為這需要在勞動力供應和材料供應之間找到平衡。我與客戶的早期溝通非常積極，但實際上，我們的客戶都不擔心他們最終建造的數量會超過或少於26個。

They're more concerned about what they're going to build in 27, 28, 29, and beyond. So very good conversations going on.

他們更關心的是2027年、2028年、2029年以及更遠的未來要建造什麼。所以，各方正在進行非常好的討論。

Okay, all right, thank you, Rick.

好的，謝謝你，里克。

Thank you.

謝謝。

Thank you.

謝謝。

And our next question comes from Brian Brophy of Stifel. Your line is open.

下一個問題來自Stifel公司的Brian Brophy。您的提問已接通。

Thanks. Good morning. Appreciate you taking the question. I appreciate the thoughts on 2026. I'm curious if you're expecting any change to some of the high single-digit growth, excluding solar and TND and C&I that you've communicated for this year.

謝謝。早安.感謝您回答我的問題。我很想了解您對2026年的看法。我想知道，您預計今年除太陽能、TND和工商業領域外，其他一些高個位數成長率的行業會有什麼變化嗎？

As Kelly said, we're running a little ahead of that on, the TND side. C&I is right in that range for kind of that overall revenue growth, so we see that coming in maybe a little stronger on the C&I or on the TND side and kind of maintaining where we're at on the C&I side this year.

正如凱利所說，我們在TND業務方面略微領先於預期。 C&I業務的整體營收成長也基本上在這個範圍內，所以我們預期C&I業務或TND業務的成長可能會更強勁一些，並維持今年C&I業務的現狀。

And so we're at 10% so far year-to-date on C&I.

所以，今年迄今為止，工商業領域的成長率為 10%。

Got it. That's helpful. And then just curious the latest you're hearing from your customers on large transmission project opportunities and what that outlook could look like as we look out a couple of years. Thanks.

明白了，這很有幫助。另外，我想了解您從客戶那裡了解到的關於大型輸電項目機會的最新情況，以及未來幾年的發展前景。謝謝。

It's strong on that side. I would say lots of good conversations going on, lots of good activity. We're doing a lot of budgeting with our clients, a lot of working with our clients on on longer-term projects. So again, remains a very active market.

這方面情況很好。可以說，有很多有益的交流，也有很多積極的活動。我們正在與客戶一起制定預算，並就長期專案進行大量合作。所以，市場依然非常活躍。

Those projects, as I said before, they're large projects that we're discussing aren't going to start in 26, but they'll start in 27, 28, 29, and we're even having conversations with clients on projects that go out past them.

正如我之前所說，這些項目都是我們正在討論的大型項目，它們不會在 2026 年啟動，而是在 2027 年、2028 年、2029 年啟動，我們甚至還在與客戶討論一些會持續到更晚的項目。

Appreciate it. I'll pass it on.

謝謝。我會轉達的。

Thank you.

謝謝。

And our next question comes from Adi Modak of Goldman Sachs. Your line is open.

下一個問題來自高盛的阿迪·莫達克。您的提問已接通。

Hey, good morning guys. Rick, can I ask you for directional comments relative to that 10% overall revenue growth you talked about for 26?

嘿，各位早安。瑞克，關於你之前提到的2026年10%的整體營收成長，我可以請你談談一些方向性的看法嗎？

Is that a decent bogie for a run rate expectation based on everything that you're seeing in the market, or what factors would you ask us to consider as we think about that?

根據你目前在市場上看到的一切，這個預期得分率是否合理？或者，你認為我們在考慮這個問題時還需要考慮哪些因素？

Well, I would say it doesn't have a, that we don't forecast a dip in the economy or a dip in anything going forward with our clients as far as pulling back work when we look at the project availability and the current market, I would say that's how we're forecasting it right now with that kind of 10% overall growth and pretty equally spread between C&I and T&D as we see it today.

嗯，我想說，目前來看，我們預計經濟不會下滑，也不會出現任何下滑，因此我們不會因為專案可用性和當前市場而減少客戶的業務。我認為，我們目前的預測是，整體成長率將達到 10%，而且工商業和輸配電領域的成長將相當均衡。

Got it. That's super helpful. And then maybe Kelly one for you, no buybacks this quarter. Just curious if there's anything to point out there or, point out in terms of, related to near term capital allocation program.

明白了，這很有幫助。另外，凱利可能還有一點要補充，本季沒有股票回購。我只是好奇，關於近期資本配置計劃，有沒有什麼需要特別指出的地方。

Sure, so you're right, we did announce that program at the last earnings call for another $75 million and we continue to look at that opportunistically, so it remains part of our capital allocation strategy, but I would say, as usual we are prioritizing, directing capital towards growth, so.

沒錯，你說得對，我們在上次財報電話會議上宣布了這項計劃，將再投入 7500 萬美元，我們也會繼續關注並把握機會，所以它仍然是我們資本配置策略的一部分。但我想說的是，像往常一樣，我們優先考慮的是將資本投入成長領域。

On the organic side that comes in the form of both our capital expenditures, which you could see this quarter did trend a little higher. Part of that was timing from earlier in the year, but part of that is to support that longer-term growth that we see, particularly on the TND side, which is of course the more capital intensive side of the business.

就有機成長而言，這體現在我們的資本支出上，正如您所看到的，本季資本支出略有上升。部分原因是年初的支出週期，但部分原因是為了支持我們所看到的長期成長，尤其是在TND業務方面，這當然是公司資本密集型業務的一部分。

So you know that we could see running closer to 3% of revenue given the growth opportunity that's out there and then I would say, back to Rick's answer to the earlier question, we're also in a really good position to pursue acquisitions that are the right fit, so continue to be active in evaluating opportunities there.

所以你知道，考慮到目前存在的成長機會，我們可能會看到營收接近 3%。然後，我想回到 Rick 對先前問題的回答，我們也處於非常有利的位置，可以進行合適的收購，所以要繼續積極評估這方面的機會。

So I think you know just to summary, as I say we're in a great position to do all three.

所以我想你們都知道，總而言之，正如我所說，我們處於非常有利的位置，可以做到這三件事。

Yeah.

是的。

That's.

就是這樣。

Very.

非常。

Helpful.

很有幫助。

Thank you. I appreciate it.

謝謝，我很感激。

Thank you.

謝謝。

And our next question comes from Julian Demole Smith of Jeffrey's. Your line is open.

下一個問題來自傑弗裡餐廳的朱利安·德莫爾·史密斯。您的提問已接通。

Yeah, hi, good morning. It's Brian Russau on for Julian.

嗨，早安。我是布萊恩·魯索，代朱利安為您報道。

Hey, just to follow-up on the TND segment. How should we think about, your current MSAs or new or or potentially enhanced MSAs with the with the upward CapEx provisions that we're seeing with many of your large utility customers already this this quarter, is that part of what might be driving the 10% growth in that segment in '26 over high single-digits in '25?

您好，關於TND業務板塊，我想跟進一下。鑑於本季度許多大型公用事業客戶的資本支出準備增加，我們應該如何看待您目前的MSA（主服務協議）、新的或潛在的增強型MSA？這是否是推動該板塊在2026年實現10%成長（高於2025年的個位數成長）的部分原因？

Yeah, that's definitely a component of it as we look at that. Most of our customers are forecasting, some increased spend next year and as we said then in future years beyond that we'll see some large projects hopefully come into the mix, but I would say it's increased spend on MSA is a good component of that.

是的，這絕對是我們分析的一個組成部分。我們的大多數客戶都預測明年會增加支出，正如我們之前所說，未來幾年我們希望會看到一些大型項目加入進來，但我認為，MSA（主服務協議）支出的增加是其中一個重要因素。

And with the whole, lighter labor shortage, maybe backdrop in the in the latter years and say 27, 28, when you resign your MSAs, do you have more, leverage, in terms of the the premium for skilled labor, or should we just kind of assume similar, margins as they are today?

考慮到勞動力短缺情況可能在後期幾年（例如 27、28 年）有所緩解，當你辭去 MSA 合約時，你在熟練勞動力溢價方面是否有更大的議價能力？或者我們應該假設利潤率與今天類似？

Well, I think we're always, pushing on our performance to to outperform where we've been, but with that being said, 90% over 90% of our clients are return clientele, so we're always going to treat those clients there.

我認為我們一直在努力提升業績，力求超越以往的水平，但即便如此，我們90%以上的客戶都是回頭客，所以我們會始終如一地善待這些客戶。

We're going to look at our productivity side and we're going to TRY to enhance our margins where we can, but again, always treating our customers fairly.

我們將審視我們的生產效率，並盡可能努力提高利潤率，但始終公平對待我們的客戶。

And then lastly, I appreciate, the project discussions at TND earlier.

最後，我感謝之前在TND的專案討論。

Could you kind of triangulate any of those projects that might be more significant than others or or what was added to the September backlog or that is still to be added?

您能否大致分析哪些項目可能比其他項目更重要，或者哪些項目已經添加到九月的待辦事項清單中，哪些項目還會繼續添加？

I would say, our backlog we always capture it at a month end. So again, it's always going to be lumpy at any given time. I think when you're looking at, as we said, no large project came into it. Brian talked about some of the projects, smaller and mid-size projects that were captured, and you see that.

我想說，我們的待辦事項清單總是在月底進行統計。所以，任何時候的待辦事項清單都會有所波動。正如我們所說，沒有新增大型專案。布萊恩提到了一些小型和中型項目，這些項目都被統計在內，這一點也反映了出來。

Continuing, but again, we, I would say we don't get down to a customer by customer but good activity in all the markets we're in and we pretty much have coast to coast coverage a little bit into Canada, so, pretty excited about the opportunities that lie in front of us.

繼續說，我們雖然不會逐個客戶進行分析，但我們在所有市場都取得了良好的業績，而且我們的業務幾乎覆蓋了整個國家，甚至延伸到了加拿大，所以，我們對擺在我們面前的機遇感到非常興奮。

Okay, great.

好的，太好了。

Thank you very much.

非常感謝。

Thank you. I'm showing no further questions in the queue. I would now like to turn the call back over to Rick Schwartz for any additional or closing remarks.

謝謝。隊列中沒有其他問題了。現在我想把電話轉回給里克·施瓦茨，請他補充或作總結發言。

Conclude, on behalf of Kelly, Brian, Dawn, and myself, I sincerely thank you for joining us on the call today. I don't have anything further, and we look forward to working with you in the future and speaking with you again on our next conference call. Until then, stay safe.

最後，我謹代表凱莉、布萊恩、道恩和我本人，衷心感謝您今天參加我們的電話會議。我沒有其他要說的了，我們期待未來與您合作，並期待在下次電話會議上再次與您交流。在此之前，請注意安全。

Thank you. This concludes today's conference call. We thank you for your participation and you may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與，您可以斷開連接了。