MYR Group Inc (MYRG) 2026 Q2 法說會逐字稿

Good morning, everyone, and welcome to the MYR Group second-quarter 2026 earnings results conference call. (Operator Instructions) Today's conference is being recorded.

各位早安，歡迎參加 MYR Group 2026 會計年度第二季財報結果電話會議。(接線員指示) 今天的會議將被錄音。

I will now turn the call over to Jennifer Harper, Vice President of Investor Relations and Treasurer, for introductory remarks.

現在我將把電話交給投資人關係副總裁兼財務主管 Jennifer Harper 進行開場致詞。

Thank you, and good morning, everyone. I would like to welcome you to the MYR Group conference call to discuss the company's second-quarter results for 2026, which were reported yesterday. Joining us on today's call are Rick 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 segment; and Don Egan, Senior Vice President and Chief Operating Officer of MYR Group's Commercial and Industrial segment.

謝謝，各位早安。歡迎各位參加 MYR Group 電話會議，討論公司 2026 年第二季業績（已於昨日公布）。今天與會者包括：總裁兼執行長 Rick Swartz；資深副總裁兼財務長 Kelly Huntington；MYR Group 輸電與配電（T&D）事業部資深副總裁兼營運長 Brian Stern；以及 MYR Group 商業與工業（C&I）事業部資深副總裁兼營運長 Don Egan。

A copy of yesterday's press release announcing our second-quarter results can be found on the MYR Group website at myrgroup.com under the Investors tab. 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.

昨日發布、公告我們第二季業績的新聞稿副本，可於 MYR Group 官網 myrgroup.com 的 Investors（投資人）頁籤下查閱。請注意，今天的討論可能包含前瞻性陳述。任何此類陳述均係基於截至本日 MYR Group 管理階層可得之資訊，且 MYR Group 不承擔更新任何前瞻性陳述之義務。

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

這些前瞻性陳述涉及風險與不確定性，可能導致實際結果與前瞻性陳述存在重大差異。因此，這些陳述不保證未來績效。更多資訊請參閱公司最近提交之 Form 10-K 年度報告中所討論的風險因素。我們也將呈現若干非 GAAP 財務衡量指標。這些非 GAAP 指標與最可比較 GAAP 指標之調節表已載於昨日新聞稿。

With that, let me turn the call over to Rick Swartz.

接下來，我把電話交給 Rick Swartz。

Thanks, Jennifer. Good morning, everyone. Welcome to our second-quarter 2026 conference call to discuss financial and operational results. I will begin by providing a summary of the second-quarter results and then turn the call over to Kelly Huntington, our Chief Financial Officer, for a 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 performance and discuss some of MYR Group's opportunities going forward.

謝謝你，Jennifer。各位早安。歡迎參加我們 2026 年第二季電話會議，討論財務與營運成果。我將先概述第二季結果，接著把電話交給我們的財務長 Kelly Huntington 進行更詳細的財務回顧。在 Kelly 的說明之後，我們 T&D 與 C&I 事業部的營運長 Brian Stern 與 Don Egan 將概述各事業部表現，並討論 MYR Group 未來的一些機會。

I will then conclude today's call with some closing remarks and open the call up for your questions. We achieved solid second-quarter financial results, reflecting consistent performance throughout our business. During the quarter, we saw steady activity across our markets with ongoing infrastructure investments and electrification initiatives supporting demand.

最後我將以結語結束今天的會議，並開放各位提問。我們第二季取得穩健的財務成果，反映公司各業務持續一致的表現。本季我們在各市場看到穩定的活動量，持續的基礎建設投資與電氣化倡議支撐了需求。

We remain focused on maintaining operational discipline, pursuing opportunities aligned with our strategy and creating long-term value for our stakeholders. On July 1, we closed the acquisition of Valley Electric and Comet Electric, further expanding our commercial and industrial capabilities and geographic presence. Their diverse project portfolios, strong customer relationships and extensive pre-fabrication capabilities complement our existing capabilities, positioning us to pursue a broader range of opportunities.

我們仍專注於維持營運紀律、把握符合策略的機會，並為利害關係人創造長期價值。7 月 1 日，我們完成收購 Valley Electric 與 Comet Electric，進一步擴大我們在商業與工業領域的能力與地理布局。他們多元的專案組合、穩固的客戶關係以及廣泛的預製能力，與我們既有能力相輔相成，使我們得以追求更廣泛的機會。

We look forward to working together to leverage our combined strengths and support continued growth across an expanded footprint. As we continue to build our capabilities and serve our customers, our commitment to safe, reliable execution remains unchanged. Our teams are focused on maintaining strong customer relationships, producing high-quality results and working collaboratively across our organization. I'm grateful to our teams for their continued dedication and the contributions they make every day.

我們期待攜手合作，發揮整合後的優勢，並在更大的服務版圖上支持持續成長。在我們持續強化能力並服務客戶的同時，我們對安全、可靠執行的承諾不變。我們的團隊專注於維持良好的客戶關係、交付高品質成果，並在組織內部協同合作。我感謝團隊持續的投入與每天所做出的貢獻。

Now Kelly will provide details on our second-quarter 2026 financial results.

現在由 Kelly 說明我們 2026 年第二季的財務結果細節。

Thank you, Rick, and good morning, everyone. Our second-quarter 2026 revenues were a record $1.08 billion, which represents an increase of $181 million or 20% compared to the same period last year. Our second-quarter T&D revenues were $524 million, an increase of 4% compared to the same period last year. T&D segment revenues increased primarily due to higher revenue on T&E contracts and unit price contracts, partially offset by lower revenue on fixed price contracts.

謝謝你，Rick，各位早安。我們 2026 年第二季營收創新高，達 10.8 億美元，較去年同期增加 1.81 億美元（或 20%）。第二季 T&D 營收為 5.24 億美元，較去年同期增加 4%。T&D 事業部營收增加主要來自 T&E 合約與按單價計價合約的營收提高，部分被固定價格合約營收下降所抵銷。

Work performed under master service agreements represented approximately 65% of our T&D revenues. C&I revenues were $558 million, a record high for our C&I segment and an increase of 42% compared to the same period last year. C&I segment revenues increased primarily due to higher revenue on fixed price contracts. Our gross margin was 13.2% for the second-quarter of 2026 compared to 11.5% for the same period last year.

依主服務協議（master service agreements）執行的工作約占我們 T&D 營收的 65%。C&I 營收為 5.58 億美元，創 C&I 事業部新高，較去年同期增加 42%。C&I 事業部營收增加主要來自固定價格合約的營收提高。我們 2026 年第二季毛利率為 13.2%，去年同期為 11.5%。

The increase in gross margin was primarily due to better-than-anticipated productivity, favorable job closeouts and an increase in scope on certain projects. These margin increases were partially offset by an increase in costs associated with inefficiencies on certain projects. T&D operating income margin was 9.4% for the second-quarter of 2026 compared to 8% for the same period last year.

毛利率上升主要由於生產力優於預期、專案結案表現有利，以及部分專案範疇增加。上述毛利率提升部分被某些專案效率不彰所導致的成本增加所抵銷。2026 年第二季 T&D 營業利益率為 9.4%，去年同期為 8%。

The increase was primarily related to better-than-anticipated productivity, favorable job closeouts and an increase in scope on a project, partially offset by an increase in costs associated with inefficiencies on certain projects. C&I operating income margin was 8.5% for the second-quarter of 2026 compared to 5.6% for the same period last year.

該增幅主要與生產力優於預期、專案結案表現有利，以及某專案範疇增加有關；部分被某些專案效率不彰所導致的成本增加所抵銷。2026 年第二季 C&I 營業利益率為 8.5%，去年同期為 5.6%。

The increase was primarily related to better-than-anticipated productivity on certain projects, most of which are nearing completion and an increase in scope on a project, partially offset by an increase in costs associated with inefficiencies on certain projects. C&I operating income margin was also positively impacted by a larger portion of our projects progressing at higher contractual margins, some of which are nearing completion.

該增幅主要與部分專案（多數接近完工）生產力優於預期，以及某專案範疇增加有關；部分被某些專案效率不彰所導致的成本增加所抵銷。C&I 營業利益率亦受惠於較大比例的專案以較高的合約毛利率推進，其中部分亦接近完工。

second-quarter 2026 SG&A expenses were $74 million, an increase of approximately $11 million compared to the same period last year. The increase was primarily due to higher employee incentive compensation costs and employee-related expenses to support future growth. Our second-quarter effective tax rate was 25.7% compared to 29.2% for the same period last year.

2026 年第二季 SG&A（銷售、一般及行政）費用為 7,400 萬美元，較去年同期增加約 1,100 萬美元。增加主要由於員工激勵獎酬成本提高，以及為支持未來成長而增加的員工相關費用。我們第二季有效稅率為 25.7%，去年同期為 29.2%。

The decrease was primarily due to a favorable impact from stock compensation excess tax benefits, partially offset by higher US taxes on Canadian income and other permanent difference items. Second-quarter 2026 net income was a record $50 million compared to net income of $27 million for the same period last year. Net income per diluted share of $3.17 increased 86% compared to $1.70 for the same period last year.

稅率下降主要由於股票酬勞超額稅務利益帶來的有利影響，部分被加拿大所得在美國課稅增加及其他永久性差異項目所抵銷。2026 年第二季淨利創新高，達 5,000 萬美元，去年同期淨利為 2,700 萬美元。稀釋後每股淨利為 3.17 美元，較去年同期的 1.70 美元增加 86%。

Second-quarter 2026 EBITDA was a record $85 million compared to $56 million for the same period last year. Total backlog as of June 30, 2026, was a record $3.16 billion, 20% higher than a year ago. Total backlog as of June 30, 2026, consisted of $1.27 billion for our T&D segment and $1.89 billion for our C&I segment.

2026 年第二季 EBITDA 創新高，達 8,500 萬美元，去年同期為 5,600 萬美元。截至 2026 年 6 月 30 日，總在手訂單（backlog）創新高，達 31.6 億美元，較一年前高 20%。截至 2026 年 6 月 30 日的總在手訂單中，T&D 事業部為 12.7 億美元，C&I 事業部為 18.9 億美元。

Second-quarter 2026 operating cash flow was $3 million compared to operating cash flow of $33 million for the same period last year. The decrease in cash provided by operating activities was primarily due to the timing of tax payments and the timing of billings and payments associated with project starts and completions. second-quarter 2026 free cash flow was negative $26 million compared to positive free cash flow of $12 million for the same period last year.

2026 年第二季營業活動現金流為 300 萬美元，去年同期為 3,300 萬美元。營業活動提供的現金減少主要由於稅款支付時點，以及與專案開工與完工相關的開立帳單與付款時點所致。2026 年第二季自由現金流為負 2,600 萬美元，去年同期自由現金流為正 1,200 萬美元。

The decrease was due to the decrease in operating cash flow and higher capital expenditures to support future growth. Moving to liquidity in our balance sheet. We had approximately $307 million of working capital, $9 million of funded debt, $460 million in borrowing availability under our credit facility and $138 million in cash and cash equivalents as of June 30, 2026. We had a funded debt-to-EBITDA leverage ratio of 0.03x at the end of the second-quarter.

下降主要是由於營運現金流減少，以及為支持未來成長而增加的資本支出。接著談談資產負債表上的流動性。截至2026年6月30日，我們約有3.07億美元的營運資金、900萬美元的有息負債、在我們的信貸融資額度下有4.60億美元的可動用借款額度，以及1.38億美元的現金及約當現金。在第二季末，我們的有息負債對EBITDA槓桿比率為0.03倍。

After quarter end, on July 1, we acquired all issued and outstanding capital stock of Valley Holdings and its subsidiaries for initial cash consideration of $328 million, which is subject to working capital and net asset adjustments. We funded the cash payment at closing through a combination of approximately $93 million of cash on hand and $235 million of borrowings under our revolving credit facility.

在季度結束後的7月1日，我們以3.28億美元的初始現金對價收購了Valley Holdings及其子公司所有已發行且流通在外的股本，該對價將依營運資金與淨資產調整而變動。我們在交割時以約9,300萬美元的手頭現金與在我們的循環信貸融資額度下借款2.35億美元的組合，來支付該筆現金款項。

We continue to believe that the remaining borrowing availability under our credit facility and future cash flow from operations will enable us to support the organic growth of our business, pursue future acquisitions and opportunistically repurchase shares of our common stock.

我們仍然相信，信貸融資額度下剩餘的可動用借款額度，以及未來來自營運的現金流，將使我們能夠支持業務的內生成長、推動未來收購，並在適當時機回購我們的普通股。

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

接下來我把電話交給Brian Stern，他將概述我們的輸電與配電事業部門。

Thanks, Kelly, and good morning, everyone. The T&D segment delivered another solid quarter, reflecting effective execution across a broad range of small to midsized projects throughout our markets. Our teams remain focused on delivering safe, high-quality work while maintaining reliable project performance. We continue to leverage our trusted customer relationships while selectively expanding our presence with new and existing customers amid ongoing investments in transmission and distribution infrastructure.

謝謝你，Kelly，各位早安。輸電與配電（T&D）部門本季再度交出穩健的一季，反映我們在各市場廣泛的小型至中型專案上有效的執行力。我們的團隊仍專注於提供安全、高品質的工作，同時維持可靠的專案績效。在輸電與配電基礎設施持續投資的背景下，我們持續運用值得信賴的客戶關係，並有選擇性地擴大與新舊客戶的合作版圖。

This quarter, L. E. Myers Company was awarded two large transmission jobs for Xcel Energy with a combined value in excess of $200 million. Sturgeon Electric was selected for a 500 kV substation project in Arizona. Great Southwestern Construction was awarded a 345 kV transmission rebuild project in Texas, along with a greenfield substation project in Colorado with an additional substation work in New Mexico.

本季，L. E. Myers Company獲Xcel Energy授予兩項大型輸電工程，合計價值超過2億美元。Sturgeon Electric獲選承攬亞利桑那州一項500 kV變電站專案。Great Southwestern Construction獲授予德州一項345 kV輸電線路重建專案，並在科羅拉多州取得一項綠地變電站專案，另在新墨西哥州也有額外的變電站工程。

Harlan was awarded a substation expansion project in Ohio, along with several distribution projects in Pennsylvania. Electricity demand continues to reshape utility capital investment priorities across the transmission and distribution market. Deloitte Research Center for Energy and Industrials notes that utilities are making significant long-term investments to modernize transmission and distribution infrastructure as electricity demand increases and grid reliability requirements continue to evolve.

Harlan獲授予俄亥俄州一項變電站擴建專案，以及賓夕法尼亞州數項配電專案。電力需求持續重塑輸電與配電市場中公用事業的資本投資優先順序。德勤能源與工業研究中心指出，隨著電力需求增加且電網可靠性要求持續演進，公用事業正進行重大的長期投資以現代化輸電與配電基礎設施。

We believe these ongoing grid needs are creating opportunities within our T&D markets where we continue to see steady bidding activity. Our ability to execute in this environment is driven by the strength of our teams, our commitment to safety and quality and to the continued investment in our workforce. We remain focused on delivering consistent results for our customers while maintaining the operational discipline that supports long-term success. We appreciate our employees' dedication to safety and performance across the organization.

我們認為，這些持續的電網需求正在我們的T&D市場中創造機會，我們也持續看到穩定的投標活動。我們在此環境下的執行能力，來自團隊的實力、對安全與品質的承諾，以及對人力資本的持續投資。我們仍專注於為客戶提供一致的成果，同時維持支持長期成功的營運紀律。我們感謝員工在全公司對安全與績效的投入與奉獻。

I will now turn the call over to Don Egan, who will provide an overview of our Commercial and Industrial segment.

接下來我把電話交給Don Egan，他將概述我們的商業與工業（C&I）部門。

Thanks, Brian, and good morning, everyone. Our C&I segment continued to perform well during the second-quarter, reflecting steady activity across our core markets and the disciplined execution of our teams. Bidding activity remained healthy during the quarter, and backlog continued to grow, supported by a balanced mix of new project opportunities and repeat business.

謝謝你，Brian，各位早安。我們的C&I部門在第二季持續表現良好，反映核心市場活動穩健，以及團隊有紀律的執行。本季投標活動維持健康，且在新專案機會與回頭客業務的均衡組合支持下，積壓訂單持續成長。

We remain focused on understanding our customers' evolving needs, delivering projects safely and efficiently and positioning ourselves to support a diverse range of projects. We believe these long-standing customer relationships remain a key differentiator for our business and will support sustainable growth over time. Market conditions continue to support demand across our commercial and industrial markets.

我們仍專注於理解客戶不斷演變的需求，以安全且高效率的方式交付專案，並定位自身以支援多元類型的專案。我們相信，這些長期的客戶關係仍是我們業務的關鍵差異化因素，並將隨時間推動可持續的成長。市場狀況仍持續支撐我們商業與工業市場的需求。

Recent data points to sustained investment in data centers, grid modernization, power infrastructure and industrial facilities. ConstructConnect reports US data center construction starts remain at historically elevated levels, while utilities and developers continue to accelerate investment in the electrical infrastructure needed to support growing power demand.

近期數據顯示，資料中心、電網現代化、電力基礎設施與工業設施的投資仍在持續。ConstructConnect報告指出，美國資料中心建設開工量仍處於歷史高位，而公用事業與開發商也持續加速投資，以建置支援不斷成長用電需求所需的電力基礎設施。

These trends combine to reinforce a healthy backdrop for electrical contracting, particularly in mission-critical facilities and complex commercial and industrial projects. Our teams throughout all subsidiaries continue to deliver on existing commitments while pursuing new project opportunities, leveraging the breadth of our capabilities and customer relationships.

這些趨勢共同強化了電氣承包業的健康基本面，特別是在關鍵任務設施以及複雜的商業與工業專案方面。我們各子公司的團隊持續履行既有承諾，同時把握新專案機會，並運用我們廣泛的能力與客戶關係。

We were awarded data center work in New Jersey and Arizona, multiple data center projects in Colorado, aerospace work in California and hospitality and higher education work in New York. These wins highlight ongoing activity in key markets and a broad range of project types. We remain focused on supporting our customers' needs and broadening our ability to serve them. In closing, we recognize the dedication of our employees and remain focused on executing our strategy as we continue to build on the strengths of our organization.

我們在新澤西州與亞利桑那州取得資料中心工程，在科羅拉多州取得多個資料中心專案，在加州取得航太相關工程，並在紐約取得飯店與高等教育相關工程。這些得標凸顯關鍵市場的持續活動，以及多元的專案類型。我們仍專注於支援客戶需求，並擴大我們服務客戶的能力。最後，我們肯定員工的投入，並將持續專注於執行策略，在既有組織優勢上再接再厲。

Thank you, everyone, for your time today. I will now hand the call back to Rick for his closing remarks.

感謝各位今天撥冗參與。我現在把電話交回給Rick，請他做結語。

Thank you for those updates, Kelly, Brian and Don. Our second-quarter 2026 results reflect the continued strength of our operating model, supported by the capabilities of our teams and the relationships we have built with our customers across both segments. We continue to see opportunities throughout our markets as investment in electrical infrastructure evolves, and we remain committed to disciplined project selection, operational execution and serving our customers' needs.

謝謝Kelly、Brian和Don的更新。我們2026年第二季的業績反映營運模式持續強勁，這得益於團隊的能力，以及我們在兩個部門與客戶建立的關係。隨著電力基礎設施投資持續演進，我們在各市場仍看到機會，並將持續致力於有紀律的專案選擇、營運執行，以及滿足客戶需求。

Our commitment to integrity, collaboration and delivering quality work provides a strong foundation as we pursue initiatives aligned with our long-term strategy. I want to thank our employees for their exceptional dedication and our shareholders for their confidence and support. We welcome the employees of Valley Electric and Comet Electric to MYR Group and are focused on leveraging the capabilities and expertise they bring to the organization. Looking ahead through 2026, we continue executing our strategy and maintaining the standards we have supported our success.

我們對誠信、協作與交付高品質工作的承諾，為推動符合長期策略的各項計畫提供了堅實基礎。我要感謝員工的卓越奉獻，也感謝股東的信任與支持。我們歡迎Valley Electric與Comet Electric的員工加入MYR Group，並專注於運用他們為組織帶來的能力與專業。展望2026年後續期間，我們將持續執行策略並維持支撐我們成功的各項標準。

Operator, we are now ready to open the call up for your comments and questions.

接線員，我們現在準備開放各位提出意見與問題。

(Operator Instructions) Caitlin Donohue, Goldman Sachs.

(接線員指示) Caitlin Donohue，高盛。

I just want to ask on the acquisition of Valley and Comet Electric. It was great to see. Can you walk us through your expectations now that you have them in-house, how you see that growing your customer base and your capabilities within C&I throughout the geography within the US

我想就收購Valley和Comet Electric提個問題。看到這個消息很不錯。能否請你們說明一下，現在把他們納入集團後的預期？你們如何看待這將如何擴大你們的客戶基礎，以及在美國各地的C&I能力？

We've talked about that a little bit in the past as we did some of our press releases and went through it. Their capabilities are very similar to our own. So we see that leveraging both their customer base and then having an influx with our own customer base. So we've been able to do that on past acquisitions and expand both markets. So for us, we see that as a continued opportunity for us.

我們過去在一些新聞稿以及相關說明中已稍微談過。他們的能力與我們非常相近。因此我們認為，可以同時運用他們的客戶基礎，並與我們自身的客戶基礎相互導流。我們在過去的收購案中也做到了這點，並擴大了兩邊的市場。所以對我們而言，我們把這視為持續的機會。

As I said earlier, they're very strong with prefab, strong customer relationships similar to our own, and we see that as a very good acquisition going forward.

如我先前所說，他們在預製（prefab）方面非常強，客戶關係也與我們相似，我們認為這將是一項非常好的收購，對未來發展有利。

That's helpful. And then just another one for me. Can you talk a little bit about -- I know we've seen margins come in pretty strong in both segments within the first half of the year. And I know we had talked previously about maybe full year landing in that middle range of those margin guide. How do you see the back half of the year shaping up from a margin perspective given the strength that we've seen in the first 2 quarters.

這很有幫助。另外我還有一個問題。能否談談——我知道我們看到今年上半年兩個部門的利潤率都相當強勁。而且我知道我們之前談過，全年可能落在你們利潤率指引區間的中段。鑑於前兩季展現的強勁表現，你們如何看待下半年在利潤率方面的走勢？

Yes. Yes. I think we've had good strength. We've had good project closeouts as we've gone through both segments this year. We continue to see good performance across really our project portfolio. But again, as we look at the total year, nothing has changed with our kind of projections that we will be in the mid part of our projections for operating margins on the C&I of that 6% to 9% and T&D will fall in that midrange of that 8% to 11%. We see that continue. We'd love to see an uptick from there. But right now, when we look at the market and the jobs that are closing out, we see it kind of in that midrange for the rest of the year.

是的。是的。我認為我們的表現一直很強勁。今年在兩個業務部門的推進過程中，我們的專案結案表現都很好。我們持續看到整體專案組合都有良好表現。但同樣地，當我們看全年時，我們對於營業利益率的預期並沒有改變：C&I 仍將落在 6% 到 9% 的區間中段，而 T&D 也將落在 8% 到 11% 的區間中段。我們仍然看到這樣的趨勢延續。我們當然希望能在此基礎上再往上提升。但就目前而言，從市場以及正在結案的工作來看，我們預期今年剩餘期間大致會維持在該區間中段。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc Capital Markets。

Kelly, can you help us understand the revenue bridge for second half now that you have Valley in your -- now that you've closed on the Valley acquisition? I understand that the application may be more muted.

Kelly，現在你們已將 Valley 納入——也就是你們已完成 Valley 併購交割之後——能否協助我們理解下半年營收的銜接（revenue bridge）？我理解其對 EPS 的貢獻可能會比較溫和。

Yes, I can cover that. So you're correct. I'll just maybe start on that last point you made around the EPS contribution. Typically, our acquisitions have higher amortization expense in the first 12 months, really driven by the shorter amortization period for backlog. So we would expect the contribution to be more neutral from Valley on EPS and also operating income as we look through that first year of owning them.

可以，我來說明。你說得沒錯。我先從你剛提到的 EPS 貢獻那點開始。通常，我們的併購在前 12 個月會有較高的攤銷費用，主要是因為在手訂單（backlog）的攤銷期間較短所致。因此，從擁有 Valley 的第一年來看，我們預期其對 EPS 以及營業利益的貢獻會較為中性。

From a revenue perspective, we expect their contributions will be in that approximately $250 million range rest of year. And then maybe I'll turn it over to Rick just to talk about our revenue expectations overall.

從營收角度來看，我們預期他們在今年剩餘期間的貢獻約在 2.5 億美元左右。接著我把時間交給 Rick，請他談談我們整體的營收展望。

Yes. I think when we look at our overall revenue projections for the year, again, that should add roughly that $250 million. And then when I -- when we look at our growth, I think it will kind of be in that overall growth, probably in that 13% to 15% if I looked at our overall growth on an organic basis going forward.

是的。我認為，當我們看今年整體營收預測時，確實會增加大約那 2.5 億美元。然後就成長而言，我認為若以未來的有機基礎來看，我們整體成長大概會落在 13% 到 15% 的區間。

Great. And then on that Xcel $200 million award that you just highlighted, is that part of that MSA that you won a few quarters ago? Or is this outside of that? And is it all in your backlog.

很好。另外，關於你剛提到的 Xcel 2 億美元得標案，這是否屬於你們幾季前贏得的那份 MSA 的一部分？還是這是在 MSA 之外？而且是否都已計入你們的在手訂單（backlog）？

This is in our backlog. So those two projects are in our backlog. It's the larger projects I've been talking about for the last 6 months that we anticipated coming into our backlog in the second half of this year. So those projects did mature into contracts, and we were able to add them to our backlog during this quarter. So yes, they are in there.

這已在我們的在手訂單中。所以那兩個專案都在我們的在手訂單裡。這就是我過去 6 個月一直在談的那些大型專案，我們原本預期它們會在今年下半年進入在手訂單。這些專案已成熟並轉為合約，我們也在本季把它們加入在手訂單。所以是的，它們都在裡面。

And again, we continue to see good activity on the large project side. But again, those projects are always lumpy, how they come into our backlog. But these ones, as I said earlier, came into our backlog just as we projected for the last six, eight months that we've been talking about those projects coming in.

同時，我們仍持續看到大型專案端有良好動能。但同樣地，這些專案進入在手訂單的節奏一向比較不均勻。不過如我先前所說，這些專案確實如我們過去六到八個月所預期的那樣，在本季進入了在手訂單。

Manish Somaiya, Cantor.

Manish Somaiya，Cantor。

Two questions for me. Kelly, if you can just touch on the cash flows. I guess there were some timing-related issues. If you could just help us understand how we should kind of think about second half cash flow and working capital in particular?

我有兩個問題。Kelly，能否談一下現金流？我想這季可能有一些與時點相關的因素。能否協助我們理解下半年現金流、特別是營運資金應該如何看待？

Sure. So we've seen some very strong cash flows over the past five quarters. And in the second-quarter here, we did see the timing of cash payments, tax payments really impacting the quarter. So that was about $30 million higher than the second-quarter of last year. So still positive from an operating cash flow perspective. As we look out the rest of the year, we do see strong EBITDA growth with the revenue growth that Rick was talking about as well as with our improving margins with those higher target ranges.

當然。過去五個季度我們的現金流非常強勁。而在第二季，我們確實看到現金支付時點、尤其是稅款支付時點對本季造成影響。這部分比去年第二季高出約 3,000 萬美元。因此從營運現金流角度來看仍為正值。展望今年剩餘期間，隨著 Rick 所提到的營收成長，以及我們在較高目標區間下的毛利率/利潤率改善，我們確實看到 EBITDA 將強勁成長。

The headwind, just as we talked about the last quarter is we are sitting at near record low DSOs. And we do see -- a lot of that is driven by the strong overbillings we have on some projects, and those do naturally balance out over time. So we could see our DSOs going from the current kind of mid to more of the low to mid-50s as we progress through the next few quarters. So we do see that as a little bit of a headwind against that strong EBITDA growth that we see going forward.

逆風因素如同我們上季所談到的，我們目前的 DSO（應收帳款週轉天數）接近歷史低點。而其中很大一部分是由於部分專案存在強勁的超額開票（overbillings），這些會隨時間自然回歸平衡。因此，未來幾季我們可能會看到 DSO 從目前大約中段水準，上升到約 50 天出頭到中段的區間。所以相較於我們預期的強勁 EBITDA 成長，這會形成一些小幅逆風。

That's helpful. And then -- sorry, I don't know if somebody had a comment, but I was just going to follow up on the T&D side. Obviously, nice activity, especially on the backlog with some pretty significant sequential increase. How should we think about the cadence of that backlog in terms of the conversion to revenues as we go into second half '26 and '27.

很有幫助。另外——抱歉，我不確定是否有人要補充，但我想追問一下 T&D 方面。顯然活動很不錯，尤其是在在手訂單上，季對季增加相當顯著。我們應該如何看待這些在手訂單轉換為營收的節奏，特別是進入 2026 年下半年與 2027 年？

Yes. I would look at those kind of carving out that -- the two projects that we captured on the large project side and that excess of $200 million, I'd look at that contribution is really coming in and starting kind of in that second half of '27. So there won't be much contribution from those projects prior to that. There's a chance material could come in a little sooner than that. But if you really -- as you model it out, look at that revenue starting to burn kind of in that second half of '27 and then kind of continuing for an 18-month period beyond that.

是的。我會把你提到的那兩個大型專案先單獨拆出來看，也就是我們拿下的、合計超過 2 億美元的那兩個案子；我會認為它們的營收貢獻主要會在 2027 年下半年開始出現。因此在那之前，這些專案不會有太多營收貢獻。材料（material）有可能會稍微更早進場。但如果你要建模，我會把營收認列（burn）起點放在 2027 年下半年，並在之後大約持續 18 個月。

Congrats again.

再次恭喜。

Brent Thielman, Oppenheimer & Company.

Brent Thielman，Oppenheimer & Company。

Congrats. Great quarter. Rick, I just had maybe a follow-up on the T&D business. Again, really solid bookings, great backlog here to finish the quarter. I guess, could you talk about your ability to absorb sort of new business for the segment just given the huge backlog you have today and certainly finite level of resources out there. But if you could just talk about that.

恭喜。本季表現很棒。Rick，我想針對 T&D 業務再追問一下。再次強調，接單非常扎實，本季結束時在手訂單也很漂亮。我想問的是，考量你們目前龐大的在手訂單，以及外部資源畢竟有限，你們在該部門吸收新業務的能力如何？能否談談這點？

Yes. I think we're well positioned. I mean, we've been modeling this growth for a long time. It's not that it's something new or that we haven't been targeting. I think you've seen our growth over the last 6, 7 years, primarily organic on the T&D side, so well positioned on that side. I think from a labor standpoint, we're well positioned to continue to capture additional projects.

是的。我認為我們的布局很到位。我們已經對這樣的成長做了很長時間的規劃建模。這不是什麼新情況，也不是我們沒有鎖定的方向。你也看到過去 6、7 年我們在 T&D 端的成長主要來自有機成長，因此在這方面我們的準備很充分。從勞動力角度來看，我們也具備條件持續承接更多專案。

We feel we're well aligned with 345, 500 and even some of that 765 work that will be available. But as I said before, we really don't see that work starting until the second half of '27 and beyond. We're doing a lot of budgeting and looking at a lot of projects and doing constructability for projects that are going to construct in that kind of '28 and beyond, way out into the '30s. So lots of good activity, lots of good opportunities, and I think we're well positioned to continue to capture future large projects as this market moves forward.

我們認為自己在 345、500，甚至部分 765 的工作機會上都已對齊並做好準備。但如我之前所說，我們確實不認為這些工作會在 2027 年下半年之前開始，且會延續到更後面。我們正在做大量預算編列、檢視許多專案，並為那些將在 2028 年及之後施工的專案做可施工性（constructability）評估，甚至一路看到 2030 年代。所以活動很多、機會很多，我認為隨著市場持續推進，我們也很有條件繼續拿下未來的大型專案。

Great. And just a follow-up, I guess, just on the C&I business, if you could just talk about the quality of the business you're adding here? I mean what's the competitive environment look like for the types of projects you're securing in that business? And I guess just an opportunity to talk about what you're seeing outside the data center world as well.

很好。另外我想追問一下，關於 C&I 業務，您能否談談您在這裡新增的業務品質如何？我的意思是，就您在該業務中正在取得的各類專案而言，競爭環境看起來如何？另外也想請您談談，除了資料中心領域之外，您還看到了哪些情況。

Sure. Sure. I'll let Don start that one, and then I'll add to it.

當然。當然。我先請 Don 來回答，然後我再補充。

I think as I mentioned in my script, we were awarded a couple of the jobs outside the data center world in New York and also in California. So our markets are strong. We're seeing a fair amount of activity. But unfortunately, we are not price makers as it will, but it's still a competitive landscape out there.

我想如同我在講稿中提到的，我們在資料中心領域之外，也在紐約以及加州拿下了幾個案子。所以我們的市場很強勁。我們看到相當多的活動。但不幸的是，我們並不是所謂的定價者，不過外部環境仍然相當競爭。

But we are seeing strong activity. So again, as I described it on the T&D front, a lot of projects that we're budgeting and doing constructability that are going to build in '28, '29, '30. We're seeing that same activity on the C&I side. So I'd say a very robust market and making sure we're well positioned to capture that work as we go forward.

但我們確實看到強勁的活動。所以同樣地，如我在 T&D 方面所描述的，很多我們正在編列預算並做可施工性評估的專案，將在 2028、2029、2030 年開工。我們在 C&I 端也看到同樣的活動。因此我會說市場非常強勁，而我們也確保自己處於有利位置，以便在未來持續承接這些工作。

Julian Dumoulin-Smith, Jefferies.

Julian Dumoulin-Smith，Jefferies。

It's Brian Russo on for Julian. Just to follow up on -- I think it was the $250 million second half of the year run rate of revenue for Valley. There seems to be quite a bit of growth relative to what you kind of disclosed to be for the full year average over the last 2 years. And I'm just wondering, I know the deal just closed in early July, but is the performance of Valley and Comet exceeding your expectations? And how does that kind of play into what is very strong first half C&I performance out of your core business?

我是代替 Julian 的 Brian Russo。想追問一下——我想是關於 Valley 在下半年年化營收約 2.5 億美元的部分。相較於你們先前披露的過去兩年全年平均水準，這看起來成長幅度相當大。我想問的是，我知道交易在 7 月初才完成交割，但 Valley 和 Comet 的表現是否超出你們的預期？另外，這與你們核心業務在上半年 C&I 表現非常強勁之間，有什麼關聯？

Well, I think when we look at the contribution that we anticipate that making in the second half, a portion of that is material and as it comes in. So again, material is always going to be lumpy as it comes in. That can vary quarter-to-quarter. But I would say when we look at that market overall, we're pleased with the acquisition, we look forward to it. But I would say it's as projected.

嗯，我想當我們看下半年預期的貢獻時，其中一部分來自材料，且會隨著材料進場而確認。所以材料的進場本來就會呈現不均勻的特性。這可能會在各季度之間有所波動。但我會說，從整體市場來看，我們對這項收購感到滿意，也期待它帶來的效益。不過我會說目前表現符合我們的預測。

I wouldn't say there's any things we're shocked about or we haven't seen big revenue move forward. It's really that -- how that material comes into play and how that delivery comes. So again, I would say, as anticipated, but again, very positive on this acquisition. We think it's going to be very positive for us going forward.

我不會說有任何讓我們震驚的事情，或是我們看到營收有大幅超前。主要還是在於——材料如何發揮作用，以及交付如何到位。所以我會說一切如預期，但同時我們對這項收購仍然非常正面。我們認為它在未來會對我們非常有利。

Okay. Great. And then could you comment on the C&I end market diversification? What's driving the 40% year-over-year revenue growth and the top end of those margins. I would just assume that the data center end market is growing a lot faster than, say, education or health care. I just want to get a bit of understanding of how that mix is evolving.

好的。很好。另外，能否評論一下 C&I 終端市場的多元化？是什麼在推動年增 40% 的營收成長，以及毛利率區間的高端表現？我會假設資料中心終端市場的成長速度遠快於例如教育或醫療保健。我只是想更了解一下這個組合是如何演變的。

I would say it varies quarter-to-quarter and geographic area by geographic area. So again, we've described it before as we've talked about it, that data centers isn't the number one market in every geographic area we're in. We see good activity on whether it's advanced manufacturing, whether it's transportation work, some of our other key markets we're in, we like being diversified.

我會說這會因季度而異，也會因地區而異。所以我們之前也提過，資料中心並不是我們所處每一個地理區域的第一大市場。我們看到不錯的活動，不論是先進製造、交通運輸相關工程，或是我們所參與的其他一些關鍵市場；我們喜歡保持多元化。

We want to make sure we continue to be diversified. But we are seeing good activity, I would say, across all our key markets. So there's five or six key markets we talk about. And when I look at it, good activity in them all. So again, we're not going to focus just on data centers. We like data centers. We like those opportunities there. But again, we've got a lot of long-term clients that have been with us a long time that build other types of facilities, and we see great opportunities with them.

我們希望確保我們能持續保持多元化。但我會說，我們在所有關鍵市場都看到不錯的活動。我們通常談到五到六個關鍵市場。而就我所見，這些市場的活動都很不錯。所以我們不會只聚焦在資料中心。我們喜歡資料中心。我們也喜歡那裡的機會。但同時，我們也有許多合作已久的長期客戶，他們興建的是其他類型的設施，我們也看到與他們合作的絕佳機會。

Okay. And then just one last question on high-voltage transmission. How are discussions progressing with some of the other key customers maybe in ERCOT in Texas in addition to the nice $200 million of 2 project awards with Xcel?

好的。最後一個問題關於高壓輸電。除了與 Xcel 拿下兩個專案、合計 2 億美元的好消息之外，你們與其他一些關鍵客戶（例如德州 ERCOT）之間的討論進展如何？

Yes. No, I would say those -- when you look at the 765 and some of those projects that will be coming to market in the future here, I would say good conversations going on with our clients again. As you read and you see in the headlines, a lot of them are still going through siting issues and making sure that they get that all addressed before the projects are released. But again, making good progress on that.

是的。不，我會說——當你看 765kV 以及未來將進入市場的那些專案時，我會說我們與客戶之間仍在進行良好的對話。如同你在新聞標題中看到的，許多專案仍在處理選址（siting）問題，並確保在專案釋出之前把這些問題都解決。但總體而言，這方面正在取得良好進展。

I would say we're having good conversations, and we see good opportunities going forward. But again, those projects, as I said before, will really start at best case, the end of '27, but more likely '28 and beyond when you look at that 765 work.

我會說我們的對話進展良好，也看到未來不錯的機會。但同樣地，正如我之前說的，這些專案在最佳情境下也要到 2027 年底才會真正開始，但更可能是在 2028 年及之後，尤其是就 765kV 的工作而言。

Brian Brophy, Stifel.

Brian Brophy，Stifel。

Congrats on the nice quarter. I know there was some commentary on competitiveness still in the market. But just curious generally how you're seeing terms and conditions trending within some of the awards you've gotten recently? And to what extent does that increase the odds of continued positive closeout activity moving forward?

恭喜這一季表現亮眼。我知道你們提到市場競爭仍然存在。但我想一般性地請教，對於你們最近拿到的一些案子，你們看到條款與條件的趨勢如何？以及這在多大程度上提高了未來持續出現正向結案（closeout）活動的可能性？

Well, for us, it's always a focus of ours. We're getting the best terms and conditions we can, both on the C&I and T&D front. I think we're always pushing for that side to have fair terms and conditions. And again, over 90% of our business is return clientele. So we have strong relationships with these clients. Hopefully, that's reflected in less risk for us as we go forward. But again, try to be fair with our customers.

嗯，對我們而言，這一直是我們的重點。無論在 C&I 或 T&D 方面，我們都在爭取我們能拿到的最佳條款與條件。我想我們一直在推動讓合約端具備公平的條款與條件。而且我們超過 90% 的業務來自回頭客。所以我們與這些客戶有很強的關係。希望這能反映在我們未來承作時承擔較低的風險。但同時，我們也會努力對客戶保持公平。

And I think, in turn, our long-term customers are fair with us. So good opportunities, I would say, from a business standpoint and probably, as I said before, more favorable terms and conditions today than we saw in contracts eight months or a year ago. So continue to see advancements on that side.

我想反過來，我們的長期客戶也會公平對待我們。所以我會說，從業務角度看機會不錯，而且如我之前所說，現在的條款與條件可能比八個月或一年前的合約更有利。因此我們仍持續看到這方面的改善。

That's helpful. And then obviously, great award quarter, particularly in T&D. But maybe just touch on the labor environment, how tight is it? And generally, where are you seeing more or less tightness in the marketplace when you look across T&D and C&I.

這很有幫助。另外，這一季的得標表現顯然很出色，尤其是在 T&D。但也請談談勞動力環境，目前有多緊俏？以及當你們橫跨 T&D 與 C&I 來看時，在哪些領域你們看到市場的緊俏程度較高或較低？

Yes. I don't think -- I think some areas are a little tighter than others, but we're starting to see a lot of markets tighten up a little bit. But with that, a lot of these projects are longer-term projects. So they're not going to all be built in '27. And as I said, we've been building out this -- our groups for a long time. We see these opportunities, and I think we're well strategically positioned to capture these projects.

是的。我不認為——我認為有些地區比其他地區稍微緊一些，但我們開始看到許多市場都在稍微收緊。不過，這些專案中有很多是較長期的專案。所以它們不會全部都在 2027 年建成。而且如我所說，我們長期以來一直在擴建——我們的團隊。我們看到了這些機會，我認為我們在策略上已做好充分布局來掌握這些專案。

So again, from a labor standpoint of retaining our employees, advancing our employees and recruiting new employees, we continue to see those opportunities. And I would say our conversations with customers still remain around two items. They're concerned about how they get their material on time to build their projects and making sure that they have the labor aligned to do their projects when that construction takes place.

所以再說一次，從勞動力的角度來看，無論是留任員工、培育員工晉升，或招募新員工，我們仍持續看到這些機會。我會說，我們與客戶的對話仍主要圍繞兩件事。他們擔心如何能準時取得材料來建造他們的專案，並確保在施工發生時，他們有相應配置到位的勞動力來完成專案。

So very strong positions again, but our backlog is always going to be lumpy as it comes in because as we've talked before, some of these projects are two to three years in the development stage. But again, we see a very long runway on these projects and lots of good opportunities out there.

所以我們的態勢依然非常強勁，但我們的在手訂單（backlog）在進來時一向會有波動，因為如我們之前談過的，其中一些專案在開發階段要兩到三年。但同樣地，我們看到這些專案有非常長的成長跑道，外面也有很多很好的機會。

Tim Moore, Clear Street.

Tim Moore，Clear Street。

Impressive backlog growth and operating margin leverage in the quarter. My first question is just around within T&D. I believe you formed a large project group team there separate from the MSA side work staff. Can Rick or anyone on the team just provide some insights on kind of either risk management and the trade-off that you make of maybe geographic concentration with fleet utilization in one area of benefit versus maybe taking on a larger project in a less scaled geography. So I'm just trying to wrap my head around, is one of the drivers also servicing the 90% repeat customers kind of wherever they are.

本季在手訂單成長與營業利益率槓桿表現令人印象深刻。我的第一個問題是關於 T&D（輸電與配電）。我相信你們在那裡成立了一個大型專案團隊，與 MSA 端的作業人員分開。Rick 或團隊中的任何人能否分享一些見解，例如風險管理，以及你們在取捨上如何在某一地區的地理集中、車隊在單一區域的利用率效益，與在規模較小的地理區域承接更大型專案之間做平衡。我只是想釐清，是否其中一個驅動因素也是為了服務那 90% 的回頭客——不論他們在哪裡。

I'll start, and I'll let Brian add a little bit to this. I'd say a large project group we formed 20 years ago in the anticipation of these larger projects coming into play because we wanted to make sure that we continue to take care of our day-to-day MSA contracts. But remember, a lot of these investor-owned utilities that we have MSAs with are also the same ones that are doing some of these larger projects out there.

我先說，然後讓 Brian 再補充一些。我會說，我們在 20 年前就成立了大型專案團隊，預期這些更大型的專案會開始出現，因為我們希望確保能持續照顧我們日常的 MSA 合約。但請記得，我們簽有 MSA 的許多投資人持有型公用事業公司，也正是外面在做一些大型專案的同一批客戶。

So it's really -- it's being able to service them on both sides. We centralized our fleet years ago so that we could make sure that we utilize our fleet the best we could and took advantage of both the MSA work and also positioned ourselves well to be able to take on some of these larger projects. So making sure we have the right equipment available to take on some of these larger projects while we serve those customers with that MSA work. Brian, anything you want to add as you've gone through your marketing phase.

所以這真的——是要能在兩個面向都服務他們。我們多年前就把車隊集中管理，確保能以最佳方式運用車隊，同時兼顧 MSA 工作，也讓我們在承接這些大型專案時具備良好定位。因此，要確保我們有合適的設備可用來承接這些大型專案，同時也以 MSA 工作來服務那些客戶。Brian，你在推廣（marketing）階段走過一輪後，有沒有想補充的？

No, you kind of hit it there other than our large projects teams work hand-in-hand with the local teams, as Rick said, to service those customers. So it's an independent group, but it's to make sure we can handle any of our customer needs or other projects that may come out of the market.

沒有，你基本上都說到了；另外就是，我們的大型專案團隊會如 Rick 所說，與在地團隊密切合作來服務那些客戶。所以它是一個獨立的團隊，但目的是確保我們能處理客戶的任何需求，或市場上可能出現的其他專案。

Great. That's helpful color. And then just one more follow-up on the Valley and Comet acquisitions. Is it fair to assume that they can integrate fairly quickly because they're C&I and you don't have to integrate a large fleet like you might have to if it was T&D and then mostly kind of reporting systems integration?

很好。這些補充很有幫助。接著再追問一個關於 Valley 與 Comet 併購案的問題。是否可以合理假設它們能相當快速整合，因為它們是 C&I（商業與工業），你們不需要像 T&D 那樣整合一個龐大的車隊，主要是報表系統的整合？

Yes. I would say, as we go through that, we did the initial assessment. I think, as we said, we're always going to look at all their systems. Their systems are very strong as they stand alone. But some of that stuff on the accounting side and the finance side, we're going to bring them on to our systems. That's planned from day one. We've done that with our other acquisitions we've done.

是的。我會說，在我們推進的過程中，我們做了初步評估。我想，如我們所說，我們一向會檢視他們所有的系統。他們的系統以獨立運作來看非常強。但在會計與財務端的一些內容，我們會把他們導入我們的系統。這從第一天起就已規劃好。我們在其他併購案也都是這麼做的。

And then from -- as far as an integration standpoint and assimilating them into our company, I would say we're pleased at the speed that's going, very early conversations with them about what would change, what would remain the same. And again, they are a very strong operating company. So they had very good systems in place as they run their business.

另外，從整合的角度以及把他們納入我們公司的融合（assimilation）來看，我會說我們對目前的進度速度感到滿意；我們很早就與他們對話哪些會改變、哪些會維持不變。而且他們本身是一家非常強的營運公司。因此，他們在經營業務時已建立了非常好的系統。

So really, it's -- I'd say, in a lot of cases, when we do acquisitions, we learn from each other. There's a lot of things we try to add to them, but I think we also try to learn as much as we provide to them. So I think we've got some areas that we can see that they've done stuff maybe a little better than we have in some cases, and we adapt to that. So I would say it's been a very good sharing experience so far.

所以其實——我會說，在很多情況下，當我們做併購時，我們彼此學習。我們會嘗試把很多東西帶給他們，但我想我們也同樣努力學習，學到的並不比我們提供的少。因此我認為，我們已看到一些領域，他們在某些情況下做得可能比我們更好，而我們也會加以調整採納。所以我會說，到目前為止這是一個非常好的分享交流經驗。

At this point, I'm showing no further questions in the queue. I'd like to turn the call back over to Rick Swartz for any additional closing remarks.

此時，我看到隊列中沒有其他問題。我想把電話會議交回給 Rick Swartz，請他做任何額外的結語。

To conclude, on behalf of Kelly, Brian, Don and myself, I sincerely thank you for joining us on the call today. I do not 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，我代表 Kelly、Brian、Don 以及我本人，衷心感謝各位今天加入我們的電話會議。我沒有其他補充，也期待未來與各位合作，並在下一次電話會議再與各位交流。在那之前，請注意安全。

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

謝謝。今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。