Onterris, Inc. (ONT) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Onterris first quarter fiscal year 2026 financial results conference call (Operator Instructions) This call is being recorded on Thursday, May 7, 2026.

各位女士、各位先生，早安，歡迎參加 Onterris 2026 會計年度第一季財務業績電話會議（操作員指示）。本通話於 2026 年 5 月 7 日（星期四）錄音。

I would now like to turn the conference over to Adrianne Griffin. Senior Vice President, Investor Relations and Treasury. Please go ahead.

現在我想將會議交給 Adrianne Griffin，投資人關係與財務（資金）管理資深副總裁。請開始。

Thank you, operator. Welcome to our first quarter 2026 earnings call. Joining me today are Vijay Manthripragada, our President and Chief Executive Officer; and Allan Dicks, our Chief Financial Officer. During our prepared remarks today, we will refer generally to our earnings presentation, which is available on the Investors section of our website. Our earnings release is also available on the website.

謝謝，操作員。歡迎參加我們 2026 年第一季財報電話會議。今天與我一同出席的有我們的總裁暨執行長 Vijay Manthripragada，以及財務長 Allan Dicks。在今天的準備發言中，我們將概括參考我們的財報簡報，該簡報可於我們網站的「投資人」專區取得。我們的財報新聞稿也可於網站上查閱。

Moving to slide 3. I would like to remind everyone that today's call includes forward-looking statements subject to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to known and unknown risks and uncertainties that should be considered when evaluating our operating performance and financial outlook.

請看第 3 頁。我想提醒各位，今天的通話包含前瞻性陳述，並受 1995 年《私人證券訴訟改革法》安全港條款之規範。由於已知與未知的風險與不確定性，實際結果可能與前瞻性陳述有重大差異；在評估我們的營運表現與財務展望時，應將這些因素納入考量。

We refer you to our recent SEC filings, including our annual report on Form 10-K for the fiscal year ended December 31, 2025. As supplemented by the quarterly report Form 10-Q for the quarter ended March 31, 2026, which identifies the principal risks and uncertainties that could affect any forward-looking statements and our future performance. We assume no obligation to update any forward-looking statements.

我們請各位參閱我們近期向 SEC 提交的文件，包括截至 2025 年 12 月 31 日止會計年度的 Form 10-K 年報，以及截至 2026 年 3 月 31 日止季度的 Form 10-Q 季報（作為補充），其中辨識了可能影響任何前瞻性陳述與我們未來表現的主要風險與不確定性。我們不承擔更新任何前瞻性陳述之義務。

On today's call, we will discuss or provide certain non-GAAP financial measures, such as consolidated adjusted EBITDA. Adjusted net income per share, and free cash flow. We provide these non-GAAP results for informational purposes, and they should not be considered in isolation from the most directly comparable GAAP measures. Please see the appendix to the earnings presentation or our earnings release for a discussion of why we believe these non-GAAP measures are useful to investors, certain limitations of using these measures, and a reconciliation to their most directly comparable GAAP measure.

在今天的通話中，我們將討論或提供若干非 GAAP 財務衡量指標，例如合併調整後 EBITDA、調整後每股淨利，以及自由現金流。我們提供這些非 GAAP 結果僅供資訊參考，且不應脫離與其最直接可比的 GAAP 指標而單獨解讀。請參閱財報簡報附錄或我們的財報新聞稿，以了解我們認為這些非 GAAP 指標對投資人有用的原因、使用這些指標的若干限制，以及與其最直接可比 GAAP 指標之調節表。

On April 17, 2026, Montrose Environmental Group rebranded to Onterris. Beginning in the first quarter of 2026, the company realigned its reportable segments to reflect updates made to the organizational structure and operating model. As a result of the reporting segment realignment, the company's assessment, permitting, and response segment and remediation and reuse segment were aggregated into a. Newly created consulting and treatment segment.

2026 年 4 月 17 日，Montrose Environmental Group 更名為 Onterris。自 2026 年第一季起，公司重新調整其可報導部門，以反映組織架構與營運模式的更新。由於報導部門重新調整，公司之「評估、許可與應變」部門以及「整治與再利用」部門被合併至新設立的「顧問與處理」部門。

The company's measurement and analysis and corporate segments were not affected by the realignment. Prior period results have been recast to conform to this new structure.

公司的「量測與分析」部門以及「公司（Corporate）」部門未受此次調整影響。前期期間的結果已重編，以符合此一新架構。

With that, I would now like to turn the call over to Vijay, beginning on slide 5.

接下來，我想把電話交給 Vijay，從第 5 頁開始。

Thank you, Adrianne, and welcome to everyone joining us today. I will begin with our first quarter performance. Provide perspective on the launch of our new brand, Onterris, which is part of the evolution of our environmental science platform, and then discuss our outlook for the balance of the year.

謝謝你，Adrianne，也歡迎今天加入我們的各位。我將先從第一季表現談起，接著就我們新品牌 Onterris 的推出提供一些觀點——這是我們環境科學平台演進的一部分——然後討論我們對今年剩餘期間的展望。

Allan will provide the financial highlights, and following our prepared remarks, we will host the question-and-answer session. Before we get into the numbers, I want to acknowledge the extraordinary work of our approximately 3,500 colleagues around the world. Our results belong to them.

Allan 將提供財務重點；在我們的準備發言之後，我們將進行問答環節。在進入數字之前，我想先肯定我們全球約 3,500 位同仁的卓越工作。我們的成果屬於他們。

We continue to demonstrate that environmental stewardship, human and economic development, and shareholder value creation are not in tension. At Onterris, we are for planet and progress. Regarding our financials, as we have noted each quarter, our business is best assessed on an annual basis.

我們持續證明，環境管理、人類與經濟發展，以及股東價值創造並非彼此衝突。在 Onterris，我們支持地球，也支持進步。就財務而言，如同我們每一季所提到的，我們的業務最適合以年度為基礎來評估。

Demand for environmental science-based solutions. Such as seasonality of field-based projects and the episodic contribution from environmental emergency responses, can be variable in any given quarter and are not reflective of the annual trend. However, on an annual basis, the underlying demand profile and long-term trajectory of our business is very consistent. This is why we manage our operations on an annual basis, and we recommend you similarly view our performance.

對以環境科學為基礎的解決方案之需求——例如以現場作業為主的專案具有季節性，以及環境緊急應變帶來的間歇性貢獻——在任何單一季度都可能波動，且不代表年度趨勢。然而，以年度來看，我們業務的基本需求輪廓與長期軌跡非常一致。這也是我們以年度為基礎管理營運的原因，我們也建議各位以同樣方式看待我們的表現。

Before we speak to our financial performance, I want to note that on Earth Day 2026, we rebranded to Onterris. This was an effort that has been underway for approximately one and a half years. And is part of our continued evolution into a more integrated environmental science platform designed to help clients navigate environmental complexity, strengthen performance, and enable responsible progress.

在談及財務表現之前，我想指出，在 2026 年地球日，我們更名為 Onterris。這項工作已推動約一年半之久，並且是我們持續演進為更整合的環境科學平台的一部分，旨在協助客戶因應環境複雜性、強化績效，並促進負責任的進步。

Our new brand further integrates our existing capabilities across consulting, measurement, analysis, and treatment into a cohesive model that supports clients across the full lifecycle of their environmental and operational needs.

我們的新品牌進一步整合了我們在顧問、量測、分析與處理方面的既有能力，形成一致的模式，以支援客戶在其環境與營運需求的全生命週期。

We believe this rebrand is both timely and important. The environment in which our clients operate continues to evolve, driven by regulatory complexity, environmental stewardship priorities and an increasing focus on operational risk, and our platform has evolved alongside those needs.

我們認為此次更名既及時也重要。客戶所處的營運環境持續演變，驅動因素包括法規複雜度、環境管理優先事項，以及對營運風險日益提高的關注；而我們的平台也隨著這些需求同步演進。

We recently published a study alongside the Financial Times that speaks to these trends from our clients' perspectives. Importantly, we are already seeing clients respond to this more integrated approach. Engagement is increasingly on broader coordinated solutions rather than discrete services.

我們近期與《金融時報》共同發布了一項研究，從客戶的角度闡述這些趨勢。重要的是，我們已經看到客戶對這種更整合的方法做出回應；合作內容正日益轉向更廣泛、協同的解決方案，而非零散的單項服務。

We believe this positions us to deepen client relationships and capture greater share of wallet, which we expect will manifest in better organic growth and stakeholder value creation over time. We also believe this brand shift will allow us to deliver more comprehensive solutions, improve outcomes for our clients, and create a more durable and scalable growth platform.

我們相信，這使我們能夠深化客戶關係並取得更高的客戶支出占比（share of wallet），我們預期這將隨時間反映為更佳的有機成長與利害關係人價值創造。我們也相信，這次品牌轉變將使我們能提供更全面的解決方案、改善客戶成果，並打造更具韌性且可擴展的成長平台。

I want to take a moment to recognize our team, because this brand reflects a year and a half of focused effort, and I want to thank our Onterris colleagues for their continued commitment to our clients.

我想花點時間肯定我們的團隊，因為這個品牌代表了一年半以來的專注努力；我也要感謝 Onterris 同仁持續致力於服務我們的客戶。

And for the work they have done to bring this new brand forward. With that context, let me turn to first-quarter 2026 results. Revenue for the quarter was $168.5 million, a $9 million decrease from the prior-year quarter. Excluding environmental emergency response variability, revenue was in line with our expectations. The primary driver of the year-over-year change was timing and lower emergency response revenues, not underlying demand.

以及他們為推動這個新品牌所做的工作。在此背景下，讓我轉到 2026 年第一季的業績。本季營收為 1.685 億美元，較去年同期減少 900 萬美元。若排除環境緊急應變的波動性，營收符合我們的預期。年對年變動的主要驅動因素是時點差異與較低的緊急應變營收，而非基本需求。

First-quarter adjusted EBITDA of $17.8 million, or 10.6% of revenue, were both above our expectations, reflecting continued progress in driving operating efficiency with scale across the business. The first quarter of this year was impacted by unseasonably severe winter weather in North America that limited field activity in certain regions and delayed transportation of samples to our labs in our measurement and analysis segment. These impacts were most pronounced in January and February, where weather conditions constrained access to client sites and disrupted sample flows.

第一季調整後 EBITDA 為 1,780 萬美元，或占營收 10.6%，兩者皆高於我們的預期，反映我們持續透過業務規模化推動營運效率的進展。今年第一季受到北美反常嚴峻的冬季天候影響，限制了部分地區的現場作業，並延遲樣本運送至我們「量測與分析」部門的實驗室。這些影響在 1 月與 2 月最為明顯，當時天候狀況限制進入客戶場址並干擾樣本流量。

In addition, environmental emergency response revenue in our consulting and testing segment declined to approximately $8 million from approximately $14 million in the prior-year period, reflecting the inherently episodic nature of that work.

此外，我們「顧問與測試」部門的環境緊急應變營收由去年同期約 1,400 萬美元下降至約 800 萬美元，反映該類工作本質上具有間歇性。

We view both of these dynamics as transitory, with underlying demand remaining strong and continuing to grow across our core services. This is why our annual guidance for 2026 is unchanged. It is also important to contextualize the year-over-year comparison.

我們認為這兩項動態皆屬暫時性，基本需求仍然強勁，並在我們的核心服務範疇持續成長。這也是我們 2026 年度指引維持不變的原因。同時，將年對年比較置於適當脈絡中也很重要。

The first quarter of 2025 represented an elevated baseline relative to historical patterns, driven in part by higher emergency response activity. And in contrast, the current quarter reflects a more normalized seasonal profile, which we expected and was factored into our first quarter '26 outlook provided on this year's February call.

2025 年第一季相較歷史型態呈現較高的基期，部分原因是緊急應變活動較多。相對地，本季反映較為正常化的季節性輪廓，這在我們預期之內，並已納入我們於今年 2 月電話會議所提供的 2026 年第一季展望。

I would like to take a moment on environmental emergency response, which remains a strategically important part of our business. These engagements are often mission-critical for our clients and position us at the center of complex environmental challenges requiring rapid mobilization and coordinated technical execution.

我想就環境緊急應變多談一下，這仍是我們業務中具策略重要性的部分。這些合作案往往對客戶而言至關重要（mission-critical），並使我們處於複雜環境挑戰的核心位置，這些挑戰需要快速動員以及協同的技術執行。

Importantly, these responses frequently serve as an entry point for broader engagement and multi-phase relationships, which we colloquially refer to as cross-selling. They enable us to deploy additional capabilities across our consulting, measurement, and treatment services, often extending into longer duration remediation compliance and monitoring work.

重要的是，這些回應往往作為更廣泛互動與多階段合作關係的切入點，我們口語上稱之為交叉銷售。它們使我們能夠在顧問、量測與處置服務中部署更多能力，並且經常延伸至更長期的補救合規與監測工作。

In that sense, while the emergency response revenue itself is episodic across quarters, the strategic value is durable, supporting cross-selling, deeper client integration, and longer-term revenue visibility. That durability is also reflected in our outlook for 2026.

從這個角度來看，雖然緊急應變收入本身在各季度之間呈現間歇性，但其策略價值具有持久性，能支持交叉銷售、更深度的客戶整合，以及更長期的收入可視性。這種持久性也反映在我們對 2026 年的展望中。

As a reminder, we expect environmental emergency response to contribute approximately $50 million to $70 million annually with variability across quarters. As it relates to timing versus demand, more broadly, the impacts we saw in the first quarter were driven by timing, not demand.

提醒一下，我們預期環境緊急應變每年約貢獻 5,000 萬至 7,000 萬美元，且各季度之間會有波動。就時點相對於需求而言，更廣泛地說，我們在第一季看到的影響是由時點所驅動，而非需求。

These timing shifts were concentrated in specific services, such as air and emissions testing and project-based consulting, where execution is closely tied to scheduling windows and field conditions.

這些時點變動集中在特定服務上，例如空氣與排放測試以及專案型顧問服務，其執行與排程窗口及現場條件密切相關。

While the first quarter included delayed project starts primarily due to weather, our project awards, sales pipeline, and fieldwork are progressing very nicely, just on a shifted timeline over the course of 2026.

雖然第一季的專案啟動延遲主要是因天候所致，但我們的專案得標、銷售管線與現場作業進展非常順利，只是時間表在 2026 年期間有所後移。

This work has not been lost. It remains active, and it is in the process of being executed, which is why our annual outlook and guidance is unchanged. We expect significant growth in the second quarter of this year compared to the first quarter and continued acceleration in the third and fourth quarters.

這些工作並未流失，仍然在進行中，且正處於執行過程，這也是我們年度展望與指引維持不變的原因。我們預期今年第二季相較第一季將有顯著成長，並在第三與第四季持續加速。

Turning to profitability, we continue to see strong results based on increased efficiency in the business. In our Consulting and Treatment segment, margins expanded by approximately 370 basis points year-over-year to 17.6%, driven by improved project mix, disciplined pricing, and stronger operating execution.

談到獲利能力，我們持續看到因營運效率提升而帶來的強勁成果。在我們的顧問與處置（Consulting and Treatment）部門，受惠於更佳的專案組合、嚴謹的定價策略與更強的營運執行，利潤率年增約 370 個基點至 17.6%。

This was offset by margin compression in measurement and analysis, where margins declined to 18.4% from 23.3% in the prior year, primarily due to lower revenue from weather-related disruption. At a consolidated level, margins remain stable despite lower revenue, underscoring the earnings and cash resilience of our model and the benefits of our integrated platform.

這部分被量測與分析（Measurement and Analysis）部門的利潤率壓縮所抵銷；該部門利潤率由前一年的 23.3% 降至 18.4%，主要因天候相關干擾導致收入較低。在合併層面，儘管收入下降，利潤率仍保持穩定，凸顯我們商業模式的獲利與現金韌性，以及整合式平台帶來的效益。

More broadly, these dynamics are consistent with what we are seeing across the segments, where integrated service delivery, improved mix, and operating discipline are contributing to sustained margin expansion over time.

更廣泛而言，這些動態與我們在各部門所見一致：整合式服務交付、更佳的組合，以及營運紀律，正共同促成利潤率隨時間持續擴張。

Stepping back, underlying demand remains strong across our core services. I'll remind everyone that approximately 90% of our 2025 revenue was generated by a private sector client base consistent with prior-year trends.

回過頭來看，我們核心服務的基本需求仍然強勁。我再提醒大家，我們 2025 年約 90% 的收入來自民間企業客戶群，與前一年的趨勢一致。

We are benefiting from a shift as environmental performance is no longer viewed as a discrete compliance requirement, but increasingly as a driver of operational efficiency, competitiveness, and access to capital. This demand for our services is supported by sustained investment in each of our key geographies in infrastructure and industrial activity and increasing regulatory complexity.

我們正受惠於一項轉變：環境績效不再被視為單一的合規要求，而是日益成為營運效率、競爭力與資本取得的驅動因素。對我們服務的需求，受到我們各主要地理區域在基礎建設與工業活動的持續投資，以及日益增加的法規複雜性所支撐。

We also continue to see strong demand in water and multi-contaminant water solutions where regulatory requirements and long-term infrastructure investment are driving green shoots. Of durable growth. The breadth of our platform and the diversity of our client base continue to position us well to perform across a range of operating conditions.

我們也持續看到在水務與多污染物水處理解決方案方面的強勁需求，法規要求與長期基礎建設投資正帶來持續成長的初現端倪。我們平台的廣度與客戶基礎的多元性，持續使我們能在各種營運環境下保持良好表現。

Turning to the 2026 outlook, our confidence in the full year remains unchanged. We are reiterating our guidance for revenue of $840 million to $900 million and adjusted EBITDA of $125 million to $130 million.

談到 2026 年展望，我們對全年仍維持相同信心。我們重申指引：營收 8.4 億至 9.0 億美元，調整後 EBITDA 為 1.25 億至 1.30 億美元。

Pipeline visibility, backlog conversion, and client engagement remain consistent with our expectations and support our long-term organic revenue growth framework of approximately 7% to 9%. The midpoint of the adjusted EBITDA range represents approximately 10% growth over 2025, and we remain committed to achieving 15% adjusted EBITDA margins for the full year 2026.

管線可視性、在手訂單轉換，以及客戶互動均符合我們的預期，並支持我們長期約 7% 至 9% 的有機營收成長框架。調整後 EBITDA 區間的中點代表相較 2025 年約 10% 的成長，我們仍致力於在 2026 全年達成 15% 的調整後 EBITDA 利潤率。

As of this week, we are also introducing the Onterris Outlook, which was developed in partnership with the Financial Times. We expect to publish the Onterris Outlook annually and provide clients with valuable and actionable insights into the intersection of environmental performance and business performance.

截至本週，我們也推出 Onterris Outlook，該報告與《金融時報》（Financial Times）合作開發。我們預期每年發布 Onterris Outlook，為客戶提供關於環境績效與企業績效交會點的有價值且可採取行動的洞見。

This inaugural report reinforces a fundamental shift we're seeing across our markets. It provides compelling evidence that environmental performance has crossed a critical threshold.

這份首度發布的報告強化了我們在市場中看到的一項根本性轉變。它提供了有力證據，顯示環境績效已跨越一個關鍵門檻。

What was once treated as a compliance requirement is now also a core driver of how companies operate, allocate capital, and compete. Organizations embedding environmental performance into strategy are seeing tangible results, including stronger margins, improved access to capital, and greater resilience.

過去被視為合規要求的事項，如今也成為企業如何營運、配置資本與競爭的核心驅動因素。將環境績效納入策略的組織正看到具體成果，包括更高的利潤率、更佳的資本取得，以及更強的韌性。

What's particularly compelling is the clear performance gap that's emerging. Companies with more advanced environmental programs are significantly more likely to outperform, demonstrating that execution, data quality, and integrated solutions are now true differentiators.

特別引人注目的是，正在浮現明確的績效差距。擁有更成熟環境方案的公司顯著更可能表現優於同業，顯示執行力、資料品質與整合式解決方案如今已是真正的差異化因素。

At the same time, rising investor scrutiny and regulatory pressure are increasing the need for credible, high-quality environmental data and systems, which plays directly to our strengths. This is exactly where Onterris Outlook is positioned to lead. As clients increasingly seek integrated science-based solutions that deliver measurable outcomes, we are positioned to capture long-term growth opportunities.

同時，投資人審視與監管壓力的上升，正提高對可信且高品質環境資料與系統的需求，這正好契合我們的優勢。這也正是 Onterris Outlook 定位為領先之處。隨著客戶日益尋求能交付可衡量成果的整合式、科學為本解決方案，我們具備掌握長期成長機會的有利位置。

In summary, our first quarter margins and EBITDA were consistent with expectations despite revenue being impacted temporarily by weather and lower emergency response activity. Importantly, the underlying demand and long-term drivers of our business remain intact. Our outlook is unchanged. And we expect strong sequential revenue and EBITDA growth in the second quarter, as Allan will further describe shortly.

總結而言，儘管營收因天候與緊急應變活動較少而短暫受到影響，我們第一季的利潤率與 EBITDA 仍符合預期。重要的是，我們業務的基本需求與長期驅動因素依然完好。我們的展望不變。我們預期第二季營收與 EBITDA 將出現強勁的季比成長，Allan 稍後會進一步說明。

With that, I will turn the call over to Allan. Thank you.

接下來，我把電話會議交給 Allan。謝謝。

Thanks, Vijay. I walked through our first quarter results in more detail, including revenue, segment performance, profitability, cost structure, and cash flow.

謝謝，Vijay。我將更詳細地說明我們第一季的結果，包括營收、部門表現、獲利能力、成本結構與現金流。

Revenue for the quarter was $168.5 million, compared to $177.8 million in the prior year period, a decrease of $9.3 million or 5.2%. The decrease was primarily driven by lower environmental emergency response revenue of $5.8 million. And a $5.1 million decline, primarily due to weather, in our Measurement and Analysis segment, partially offset by organic growth in our Consulting and Treatment segment.

本季營收為 1.685 億美元，較去年同期的 1.778 億美元減少 930 萬美元或 5.2%。下降主要由環境緊急應變收入減少 580 萬美元所致；以及我們量測與分析部門因天候因素導致的 510 萬美元下滑，部分被我們顧問與處置部門的有機成長所抵銷。

As Vijay discussed, our first quarter results reflect timing-related variability within an otherwise stable operating environment, rather than any change in underlying demand.

如 Vijay 所述，我們第一季結果反映的是在整體營運環境穩定下的時點性波動，而非基本需求出現任何變化。

Turning now to our segment performance. Let me start by addressing the re-segmentation of our assessment, planning, and response and remediation and reuse segments into a combined consulting and treatment segment effective in the first quarter.

接著談部門表現。我先說明自第一季起，我們將評估、規劃與應變（assessment, planning, and response）以及補救與再利用（remediation and reuse）兩個部門重新分組，合併為顧問與處置部門。

This realignment reflects changes made to our organizational and operating structure to further enhance cross-selling collaboration and to drive operational efficiencies, such as improved cross-utilization of our team members. In our Consulting and Treatment segment, first quarter revenue was $114.6 million, compared to $118.8 million in the prior year period.

此一調整反映我們對組織與營運架構所做的變更，以進一步強化交叉銷售協作並提升營運效率，例如改善團隊成員的跨職能調度。在顧問與處置部門，第一季營收為 1.146 億美元，較去年同期的 1.188 億美元下降。

The decrease reflects the $5.8 million reduction in emergency response revenues and the prior year European operations contribution, which you may recall was sold at the end of 2025, partly offset by growth in our core consulting and advisory services.

下降反映緊急應變收入減少 580 萬美元，以及去年歐洲營運的貢獻（您可能記得該業務已於 2025 年底出售），部分被我們核心顧問與諮詢服務的成長所抵銷。

The segment's adjusted EBITDA was $20.1 million with a margin of 17.6%, a 370 basis point improvement over the prior year period. This segment, adjusted EBITDA improvement, reflects stronger operating performance, improved project mix, disciplined pricing, and the absence of losses associated with our renewables business in the prior year period.

該部門調整後 EBITDA 為 2,010 萬美元，利潤率 17.6%，較去年同期改善 370 個基點。此部門調整後 EBITDA 的改善，反映更強的營運表現、更佳的專案組合、嚴謹的定價，以及去年同期與我們再生能源業務相關的虧損不再發生。

In our Measurements and Analysis segment, revenue was $53.9 million. Compared to $59 million in the prior-year period. The decrease was primarily driven by severe weather conditions in January and February 2026, which limited field activity and delayed deliveries of sample volumes to our labs.

在量測與分析部門，營收為 5,390 萬美元，較去年同期的 5,900 萬美元下降。下降主要由 2026 年 1 月與 2 月的惡劣天候所致，限制了現場活動並延後樣本量送達我們實驗室的交付。

Segment adjusted EBITDA was $9.9 million, or 18.4% of revenue. Compared to $13.8 million or 23.3% of revenue in the prior-year period. The declining margin was primarily due to lower revenue, given the fixed cost nature of much of the segment in the short-term.

該分部調整後 EBITDA 為 990 萬美元，約占營收的 18.4%。相較於去年同期的 1,380 萬美元（占營收 23.3%）。毛利率下滑主要係因營收較低所致，鑑於該分部在短期內多數成本具固定成本特性。

Importantly, we view this margin pressure as temporary and driven by utilization rather than any change in the underlying economics of the business. As volumes normalize over the course of the year, we expect margin performance in the segment to recover accordingly.

重要的是，我們認為此一毛利率壓力屬暫時性，且主要由產能利用率所驅動，而非業務基本經濟性發生任何變化。隨著全年期間量能逐步正常化，我們預期該分部的毛利率表現將相應回升。

At the consolidated level, adjusted EBITDA was $17.8 million compared to $19 million in the prior-year period. Adjusted EBITDA margin was 10.6% compared to 10.7% in the prior year. The decrease in Adjusted EBITDA, was primarily driven by lower revenue and margin in the Measurement and Analysis segment, as well as investments in marketing, business development, and IT, which have an exaggerated impact on margin in Q1 given revenue seasonality, partially offset by improved performance in consulting and treatment.

在合併層面，調整後 EBITDA 為 1,780 萬美元，去年同期為 1,900 萬美元。調整後 EBITDA 利潤率為 10.6%，去年同期為 10.7%。調整後 EBITDA 的下降主要由「測量與分析」分部營收與利潤率下滑所致，另加上對行銷、業務開發與 IT 的投資；由於營收具季節性，這些投資在第一季對利潤率的影響被放大；部分則由顧問與處理業務表現改善所抵銷。

From a consolidated perspective, higher overall operating segment margin and the maintenance of consolidated margin at prior year levels, despite lower revenues, reflects the benefit of improved mix and continued cost discipline and operating efficiency across the business. As we move through the year, we expect improved utilization and project timing to drive both margin expansion and strong cash flow conversion.

從合併角度來看，儘管營收較低，整體營運分部利潤率較高且合併利潤率仍維持在去年水準，反映出組合改善的效益，以及全公司持續的成本紀律與營運效率。隨著年度推進，我們預期利用率提升與專案時點將帶動利潤率擴張，並帶來強勁的現金流轉換。

Turning to costs. Cost of revenue for the quarter was approximately 60.2% of revenue compared to 61% in the prior year period. The margin improvement reflects better operating efficiency, improved project mix and the absence of prior year costs associated with the wind down of our renewables business. Selling, general and administrative expenses decreased by approximately $4.9 million or 7.4% compared to the prior year period.

接著談成本。本季營收成本約占營收的 60.2%，去年同期為 61%。利潤率改善反映更佳的營運效率、專案組合改善，以及去年與我們再生能源業務收尾相關成本的消失。銷售、一般及行政費用較去年同期減少約 490 萬美元或 7.4%。

This decrease was primarily driven by a $3.3 million reduction in stock-based compensation, lower labor and bonus-related costs, and lower bad debt expense resulting from improved collections. These reductions were partially offset by continued investments in IT systems. Data infrastructure, and marketing and business development capabilities.

此一減少主要來自股權基礎薪酬減少 330 萬美元、人力與獎金相關成本降低，以及因收款改善而使壞帳費用下降。上述降幅部分被持續投資於 IT 系統、資料基礎設施，以及行銷與業務開發能力所抵銷。

Overall, these cost trends reflect the continued execution of our operating discipline initiatives and provide a solid foundation for margin expansion as volumes normalize. Other income was favorable in the quarter, driven by gains on interest rate swaps and foreign currency hedging instruments, compared to losses in the prior-year period.

整體而言，這些成本趨勢反映我們持續推動營運紀律措施的執行，並在量能正常化時為利潤率擴張奠定穩固基礎。本季其他收益表現有利，主要由利率交換與外匯避險工具的收益所帶動，相較去年同期為損失。

Interest expense was approximately $5.5 million, compared to $5.1 million in the prior-year period. This slight interest expense increase is primarily the result of the full redemption of the Series A2 preferred last year, which was funded via our credit facility. Of important note, the Series A2 dividend was also eliminated, and the net result of higher interest and low dividends is cash positive.

利息費用約為 550 萬美元，去年同期為 510 萬美元。此一利息費用小幅增加主要係因去年全數贖回 A2 系列優先股，並透過我們的信貸額度融資所致。值得注意的是，A2 系列股利亦已取消；利息增加與股利降低的淨效果對現金流為正面。

In the first quarter of 2026, diluted net loss per share attributable to common stockholders was $0.35, compared to a diluted net loss per share of $0.64 in the prior-year period, a $0.29 improvement year-over-year. The improvement was primarily due to lower net loss and the absence of preferred dividends following the full redemption of our Series A2 preferred stock in 2025 and an increase in weighted average common shares outstanding.

2026 年第一季，歸屬普通股股東之稀釋後每股淨損為 0.35 美元，去年同期稀釋後每股淨損為 0.64 美元，年增改善 0.29 美元。改善主要來自淨損降低、於 2025 年全數贖回 A2 系列優先股後不再支付優先股股利，以及加權平均流通普通股股數增加。

Diluted adjusted net income per share was $0.12 in the first quarter of 2026, compared to $0.07 in the prior year period, or an increase of $0.05. This improvement in adjusted EPS was attributable to the elimination of the Series A2 dividend and lower fully diluted common shares outstanding.

2026 年第一季稀釋後調整每股淨利為 0.12 美元，去年同期為 0.07 美元，增加 0.05 美元。此一調整後 EPS 的改善歸因於 A2 系列股利的取消，以及完全稀釋後流通普通股股數較低。

As a reminder. Our adjusted net income per diluted share attributable to common stockholders is calculated using adjusted net income attributable to stockholders divided by fully diluted shares, and we believe this methodology remains the most helpful net income metric for Onterris Outlook and common equity investors.

提醒一下，我們歸屬普通股股東之稀釋後每股調整淨利，是以歸屬股東之調整淨利除以完全稀釋股數計算；我們認為此方法仍是對 Onterris Outlook 與普通股權投資人最具參考價值的淨利指標。

Operating cash flows for the quarter was negative $11.6 million, compared to positive $5.5 million in the prior-year period. Free cash flow was negative $17.2 million for the quarter. These decreases were primarily driven by $16.3 million of higher bonus payments tied to strong 2025 performance as well as normal seasonal working capital dynamics.

本季營業活動現金流為負 1,160 萬美元，去年同期為正 550 萬美元。本季自由現金流為負 1,720 萬美元。這些下降主要由於與 2025 年強勁表現連動的獎金支付增加 1,630 萬美元，以及正常的季節性營運資金變動所致。

As we look forward, we expect a meaningful improvement in cash flow conversion over the balance of the year, consistent with the seasonal cadence of the business and the normalization of working capital. We remain committed to converting at least 60% of adjusted EBITDA into operating cash flow for the full year.

展望未來，我們預期在今年剩餘期間現金流轉換將顯著改善，符合業務的季節性節奏與營運資金正常化。我們仍致力於全年至少將調整後 EBITDA 的 60% 轉換為營業活動現金流。

We were also pleased with the strength of our balance sheet at quarter end. We ended the quarter with $10 million of cash and $178 million of availability under our revolving credit facility for a total liquidity of $188 million. Our leverage ratio was 2.8 times as of March 31, 2026.

我們也對季末資產負債表的穩健感到滿意。本季結束時，我們持有 1,000 萬美元現金，循環信貸額度可用額度為 1.78 億美元，合計流動性為 1.88 億美元。截至 2026 年 3 月 31 日，我們的槓桿比率為 2.8 倍。

This provides us with substantial flexibility to support our capital allocation priorities, including organic investment, selective acquisitions and share repurchases. With respect to capital allocation, we continue to take a disciplined and balanced approach to capital allocation.

這使我們在支持資本配置優先事項方面具備相當彈性，包括有機投資、選擇性併購與股票回購。就資本配置而言，我們持續採取有紀律且均衡的資本配置方式。

During the quarter, we repurchased 376,313 shares of common stock for approximately $10 million under our board-authorized program, leaving $30 million of repurchase capacity. These repurchases reflect our view that the current valuation does not fully capture the intrinsic value. And long-term earnings power of the business. Over the past year, we have focused on driving operating efficiency and margin expansion, and we are delivering on those commitments.

本季我們依董事會授權計畫回購 376,313 股普通股，金額約 1,000 萬美元，尚餘 3,000 萬美元回購額度。這些回購反映我們認為目前估值尚未充分反映企業內在價值與長期獲利能力。過去一年，我們專注於提升營運效率與擴大利潤率，並正履行這些承諾。

As we move forward, we see significant opportunities to drive incremental value through revenue growth, including expanding share of wallet with existing clients, scaling our water and technology capabilities, and selectively pursuing accretive acquisitions. Against that backdrop. We believe our shares represent an attractive opportunity to deploy capital in a way that compounds long-term shareholder value.

展望未來，我們看到透過營收成長帶動增量價值的重大機會，包括提高既有客戶的錢包份額、擴大我們的水務與科技能力規模，以及選擇性追求具增益性的併購。在此背景下，我們相信本公司股票代表一項具吸引力的資本部署機會，可複利累積長期股東價值。

Turning to our outlook, Vijay discussed that our full-year revenue and adjusted EBITDA outlook remained unchanged. For the second quarter, we expect revenue to be between $190 million and $210 million, with an expectation of adjusted EBITDA margin of 16% to 18% at the midpoint of that revenue range. Our focus on significantly larger multi-service line opportunities, which by their nature take longer to close, is pushing more of our revenue into the back half of the year.

接著談展望，Vijay 提到我們對全年營收與調整後 EBITDA 的展望維持不變。第二季我們預期營收介於 1.90 億至 2.10 億美元，並預期在該營收區間中點的調整後 EBITDA 利潤率為 16% 至 18%。我們聚焦於規模顯著更大的多服務線機會，這類機會本質上需要更長時間完成簽約，因此使更多營收落在下半年。

We are excited about the momentum building around these opportunities, which tend to be multi-year in nature and therefore will translate into increasingly formal backlog.

我們對這些機會所累積的動能感到振奮；這些機會通常具多年期特性，因此將轉化為日益正式的在手訂單（backlog）。

Overall. We are pleased with our start to 2026 and the continued resilience of our core business. We remain focused on executing against our full-year 2026 outlook, driving continued margin expansion and converting a meaningfully higher proportion of adjusted EBITDA into operating cash flow as the year progresses. Our full-year guidance remains unchanged, and the qualitative factors Vijay discussed reinforce our confidence in the trajectory of the business.

整體而言，我們對 2026 年的開局以及核心業務持續展現韌性感到滿意。我們仍專注於落實 2026 年全年展望，推動利潤率持續擴張，並隨著年度推進將調整後 EBITDA 以更高比例轉換為營業活動現金流。我們的全年指引維持不變，且 Vijay 所討論的質性因素強化了我們對業務發展軌跡的信心。

Thank you all for joining us today and for your continued interest in Onterris Outlook. We look forward to the opportunities ahead and to updating you on our progress next quarter.

感謝各位今天與會，並持續關注 Onterris Outlook。我們期待未來的機會，並期待在下季向各位更新我們的進展。

Operator, we are ready to open the lines to questions.

接線員，我們已準備好開放提問。

Thank you. Ladies and gentlemen (Operator Instructions)

謝謝。各位女士、先生（接線員指示）

Timothy Mulrooney, William Blair.

Timothy Mulrooney，William Blair。

Vijay, Allan, good morning. So, I want to start off about growth. I mean, it looks like first quarter revenue came in a little light on weather and emergency response, and second quarter is coming down relative to prior expectations, but you're holding that full-year guide intact. Can you just help us bridge that gap a little bit more? I know you addressed it a little bit in your prepared remarks, but just stepping back, what you confidence to maintain the guide given the factors that I just listed.

Vijay、Allan，早安。我想先從成長談起。我的意思是，看起來第一季營收在天候與緊急應變方面略低於預期，而第二季相較先前預期也有所下修，但你們仍維持全年指引不變。你們能否協助我們更清楚地銜接這中間的落差？我知道你們在事先準備的發言中已稍作說明，但退一步來看，考量我剛列出的因素，你們維持指引的信心來源是什麼？

Yeah, Tim, this is Vijay. That's a great question. Let me take it. And Tim, if I may, let me just put some context behind it. So not to sound repetitive, but I say this on every call, this is not a quarterly business. The quarters fluctuate, but demand is consistent over the year.

是的，Tim，我是Vijay。這是個很好的問題。我來回答。Tim，如果可以的話，我先補充一些背景脈絡。不是要聽起來重複，但我每次電話會議都會說：這不是一門以季度為單位的生意。季度之間會有波動，但全年需求是穩定一致的。

And so on the back of that, the reason we're reiterating guidance for the year and where our conviction is coming from is because of projects we've already won, the deployment of our field teams, which is in process and looking very healthy, and because of the rapid strengthening of our pipeline.

基於這一點，我們之所以重申全年指引、以及我們信心的來源，是因為我們已經贏得的專案、我們外勤團隊的部署（正在進行中且看起來非常健康），以及我們管線正在快速強化。

And the other dynamic I think that's important to note here is that we're holding or actually slightly increasing our EBITDA for the first half of the year despite the revenue shifting, and I'll get back to that word in a second given your question, Tim, and that's a function of our increased profitability and efficiency, which is coming through in the numbers.

另外一個我認為在這裡很重要的動態是：儘管營收在移動——我等一下會回到你問題裡提到的「移動」這個詞，Tim——我們仍在上半年維持、甚至略微提高EBITDA。這反映了我們獲利能力與效率的提升，並且已在數字中呈現出來。

On the revenue side, you're right. Emergency response was slower, and January and February were slow due to the severe winter. And effectively, what that meant, Tim, is that our field teams couldn't go out. Samples couldn't come into our labs. But it's important to note that the work wasn't lost. It just got delayed, and so it was a slow start.

在營收方面，你說得對。緊急應變（emergency response）較慢，而由於嚴冬，1月與2月也偏慢。實際上，這代表我們的外勤團隊無法外出，樣本也無法送進我們的實驗室。但重要的是，這些工作並沒有流失，只是延後了，所以起步較慢。

And so let me give you kind of a more explicit bridge if you map the numbers we provided at the start of the year versus what we're seeing now. So there's about $10 million of testing revenue that kind of shifted from the first half to the second-half, there's about $25 million of consulting and treatment revenue that shifted from the first half to the second-half, and there's about $15 million of emergency response.

我再更明確地說明一下，如果你把我們年初提供的數字與現在看到的情況對照：大約有1,000萬美元的檢測（testing）營收從上半年移到下半年；大約有2,500萬美元的顧問與處理（consulting and treatment）營收從上半年移到下半年；另外大約有1,500萬美元的緊急應變營收也從上半年移到下半年。

That's kind of shifted from the first half to the second-half, and the reason for our conviction is on the testing side, these are compliance requirements, it's not something you get to choose to do, it's something you have to do and we're seeing that as a result pick up nicely, so again, work not lost, just shift in timing. On the consulting and treatment side, that those projects are already underway, and then on emergency response, this is always tough to predict, as Tim, it's not absolute, but when we look over the last 10 to 20 years, it's around Q3 is when the busy season is from a response perspective, and that's not really been the case over the last couple of years.

這些大致上都是從上半年移到下半年。我們之所以有信心：在檢測端，這些是合規要求（compliance requirements），不是你可以選擇做不做，而是你必須做；我們也看到因此而回升得很不錯，所以再次強調，工作沒有流失，只是時間點移動。在顧問與處理端，這些專案已經在進行中。至於緊急應變，這一向很難預測，Tim，並非絕對；但回看過去10到20年，從應變角度來看，通常Q3左右是旺季，而過去幾年其實不太符合這個模式。

But that's why we don't really have many concerns around the timing shift there either. So for all those reasons, right, the compliance drivers, projects being underway, strong demand continuing, clients not really changing course and what our historical patterns look like, we're holding our annual revenue guidance and earnings for the first half are staying steady despite the shift because of increased profitability. Does that make sense?

但這也是為什麼我們對那邊的時點移動並沒有太多疑慮。綜合以上原因——合規驅動、專案已在進行、強勁需求持續、客戶並未真正改變方向，以及我們歷史型態所呈現的情況——我們維持全年營收指引；而上半年獲利在營收移動的情況下仍能保持穩定，是因為獲利能力提升。這樣說有道理嗎？

Yes, that does make sense, Vijay. And -- maybe for my follow-up question, I'll shift gears a little bit. This one might be for Allan. But, we saw that negative free cash flow in the first quarter, and I can see that the accrued payroll came down, which I guess accounts for the bonuses that you highlighted in your release. But I also see larger cash outflow from account payables. And a larger cash inflow from receivables. I was just hoping you could walk us through those dynamics in a little more detail.

有的，這樣很有道理，Vijay。那——作為我的追問，我想稍微換個方向。這題可能要問Allan。我們看到第一季自由現金流為負，我也看到應計薪資（accrued payroll）下降，我猜這反映了你們在新聞稿中提到的獎金。但我也看到應付帳款（accounts payables）的現金流出更大，以及應收款（receivables）的現金流入更大。我希望你能更詳細地帶我們走一遍這些變化。

Yeah, happy to, Tim. Recall, Q1 is typically a net outflow quarter. That was not the case in 2025 because we had a catch-up from some of the delayed invoicing in '24. So that was atypical.

好的，Tim，很樂意。回想一下，Q1通常是淨流出的一季。2025年不是這樣，因為我們有一些2024年延遲開票的追補（catch-up），所以那是非典型的情況。

Q1 this year is a much more typical quarter. So there was around $28 million of bonus payments in the quarter that was up $16 million year-over-year, which accounts for almost all of the change year-over-year, despite, again, Q1 last year being higher than a typical quarter.

今年的Q1就更接近典型季度。因此本季大約支付了2,800萬美元的獎金，年增1,600萬美元，幾乎解釋了年對年的全部變動——儘管再次強調，去年Q1其實也高於典型季度。

We were very happy with invoice AR coming down over $30 million. From the end of the year. So on the collection side, we feel really good about our progress toward reducing day sales outstanding.

我們很高興看到已開票應收帳款（invoice AR）自年末以來下降了超過3,000萬美元。因此在收款端，我們對於降低應收帳款週轉天數（day sales outstanding）的進展感到非常良好。

And then payables is just a normal it's just a typical Q1 outflow. So what we had said before, Tim, is we expect to convert at least 60% of our adjusted. EBITDA into operating cash for the year. That contemplated these higher bonus payments.

至於應付帳款，這就是正常的、典型的Q1流出。所以我們之前跟你說過，Tim，我們預期全年至少能把調整後EBITDA的60%轉換為營運現金流。這個預期已經把較高的獎金支付納入考量。

So Q1 is right in line with what we expected, and that 60%-plus conversion is still intact for the year.

所以Q1完全符合我們的預期，而全年60%以上的轉換率目標仍然維持不變。

Okay, thanks, Allan. Sounds like it was all contemplated and guided and expected. Appreciate the detail there, and you as well, Vijay. Have a good one.

好的，謝謝你，Allan。聽起來這些都已經在規劃、指引與預期之內。感謝你提供的細節，也謝謝你，Vijay。祝你們一切順利。

Tim Moore, Clear Street.

Tim Moore，Clear Street。

Thanks, I appreciate it. Are you hiring more -- Based on the rebranding, which is great, are you hiring more customer relationship members, for this collaborative, integrated effort? And then I was just curious, the second part to that question is, what end markets, Vijay, do you think make the most cross-selling penetration uptick sense? I mean, you're already doing a great job in oil and gas, cross-selling there as the poster child, but maybe just relay any marks you think have the most penetration potential to cross-sell?

謝謝，我很感激。基於這次品牌重塑（rebranding）——做得很棒——你們是否會多聘請一些客戶關係人員，以支援這種協作、整合式的努力？另外我也好奇，第二部分是：Vijay，你認為哪些終端市場最有機會帶來交叉銷售滲透率的提升？我的意思是，你們在油氣領域已經做得很好，交叉銷售是典範，但也請分享一下你認為哪些市場最有交叉銷售的滲透潛力？

Sure, yeah, Tim, just on the hiring concept, let me step back and just explain why we rebranded. The goal is to make it easier for our clients to understand the breadth of what we offer. One of the data points we received and reflected on was the fact that clients wanted what we were offering, but we're not fully aware of what we could offer. And so this makes it much easier for them. It also allows us to increase brand awareness more effectively. In essence, our return on investment on our marketing dollar spent is much higher with this approach.

當然可以。Tim，先談招募這個概念，我先退一步解釋我們為什麼要重塑品牌。目標是讓客戶更容易理解我們提供服務的廣度。我們收到並反思的一個數據點是：客戶想要我們提供的內容，但並未完全了解我們能提供什麼。因此這會讓他們更容易理解。同時也讓我們能更有效地提升品牌知名度。本質上，用這種方式，我們每一塊行銷費用的投資報酬率（ROI）會高很多。

And so no, there's not really an incremental hiring process per se. Everything that we've decided to do is already baked into guidance. There's no change from that perspective. The brand really is more about client awareness, increased ROI and marketing spend. The other variable with our brand is it deepens our cultural integration, Tim.

所以答案是：不，並沒有真正所謂的額外增量招募流程。我們決定要做的事情都已經納入指引之中，這方面沒有變化。品牌更多是關於提升客戶認知、提高ROI與行銷支出效率。品牌的另一個變數是，它也會加深我們的文化整合，Tim。

It's something we don't talk a lot about in this context, but having one voice and having a consistent employee value proposition is just a continuation of our journey that we started last year when we paused M&A.

在這個脈絡下我們不常談這點，但用同一個聲音對外、並提供一致的員工價值主張（employee value proposition），只是延續我們的旅程——這段旅程始於去年我們暫停併購（M&A）之時。

We've been working on this for over a year. And so as I then reflect on the second part of your question, Tim, which is which other sectors other than energy would we consider attractive? We're seeing a lot of really nice activity on the technology side. So more broadly, technology, semiconductors, pharma, these are areas where given some of the onshoring that's occurring, we're seeing really nice demand upticks.

我們已經為此努力了一年多。接著回到你問題的第二部分，Tim，也就是除了能源之外，我們認為哪些其他產業具吸引力？我們在科技端看到很多很不錯的活動。因此更廣泛來說，科技、半導體、製藥——在一些回流本土（onshoring）正在發生的背景下，我們在這些領域看到很好的需求上升。

In addition to energy, which is both oil and gas, we're also seeing some really nice opportunities within the transportation sector, within the waste industry, within the chemical sector. And we continue to see really nice demand tailwinds on our water business and kind of the contaminants side of it, as well as the broader air business. So when we kind of look. Across where the growth drivers would come from, those would be the primary areas we're seeing demand cycles uptick now.

除了能源（包含油氣）之外，我們也在運輸產業、廢棄物產業、化工產業看到一些很不錯的機會。我們也持續在水務業務、以及其中的污染物（contaminants）相關領域看到很好的需求順風，同時也包括更廣泛的空氣（air）業務。因此當我們整體來看成長動能可能來自哪裡，這些就是我們目前看到需求循環正在上升的主要領域。

(Operator Instructions)

（接線員指示）

Tami Zakaria, JPMorgan Chase.

Tami Zakaria，摩根大通。

I appreciate all the numbers that you gave about revenue shifting in the back half. I wanted to clarify, in terms of modeling, are you expecting bulk of those revenues to hit 3Q or 4Q or evenly split?

感謝你提供了關於下半年營收遞延的所有數字。我想釐清一下，就建模而言，你們預期這些營收大部分會落在第三季或第四季，還是會平均分配？

It should be evenly split. As we look at how this should roll out, Tami.

應該會平均分配。就我們看這件事應該如何展開而言，Tami。

Understood. So that $25 million, $15 million, $10 million, all of it, we should evenly split between the last 2 quarters of the year?

了解。所以那 2,500 萬美元、1,500 萬美元、1,000 萬美元，全部都應該在今年最後兩個季度平均分配？

Yes. Look, ER is really hard to predict. But for modeling purposes, you have to split that.

是的。你看，ER 真的很難預測。但就建模目的而言，你必須把它拆分。

Understood. That's very helpful. And my second question, your EBITDA margin guide for 2Q. If I have to go to your full year guide, it seems like it would be a step down in 3Q and 4Q from the 2Q levels. Given the sequential acceleration, I would have thought margin would be better in the back half. So could you elaborate on that?

了解。這非常有幫助。我的第二個問題是，你們對第二季的 EBITDA 利潤率指引。如果我對照你們的全年指引，看起來第三季和第四季會比第二季水準下滑。考量到營收逐季加速，我原本以為下半年利潤率會更好。你能否再說明一下？

Yeah, that's, Tammy, that's mostly just project mix. It fluctuates. Q1 revenue was slightly weaker and yet margins held with prior year as an example. We are certainly seeing the benefits of a lot of the operational efficiencies that we were able to put in place with the M&A pours in the prior year and that are still underway.

是的，Tammy，這主要就是專案組合的因素。它會波動。以第一季為例，營收略弱，但利潤率仍與去年同期持平。我們確實正在看到許多營運效率提升所帶來的效益，這些是我們在前一年透過併購整合所推動並且仍在進行中的。

So we're very happy with the progress we're making on the operational efficiency side and you're going to see that some of that manifest in Q2. And in the back half is just that is project mix is why we're not calling for a much higher margin. There's nothing in the business itself other than mix that would cause back-off margins to be slightly lower than the original guide, but still up year-over-year, fairly nicely in the back half of the year and for the full year.

所以我們對營運效率方面的進展非常滿意，你會看到其中一部分在第二季反映出來。至於下半年，之所以我們沒有給出更高的利潤率預期，原因就是專案組合。除了組合之外，業務本身沒有任何因素會導致下半年利潤率較原先指引略低；但仍會在下半年以及全年呈現相當不錯的年增。

Timothy Mulrooney, William Blair.

Timothy Mulrooney，William Blair。

Hey, thanks for squeezing me in again. I just wanted to follow-up on a couple of things. Just the revenue pushout, Vijay, that you were highlighting to me earlier. In the testing business, can you just help me understand conceptually why that works? Why would a test that you couldn't take in January or February because it's too cold, why would that get pushed out into the second-half of the year? Or is it all just kind of like dominoes? Yeah, help me.

嗨，謝謝你再次讓我插個問題。我想追問幾件事。Vijay，你先前跟我提到的營收遞延，在檢測業務上，你能不能幫我從概念上理解為什麼會這樣運作？為什麼一個因為太冷、在一月或二月無法做的測試，會被推遲到下半年？還是說這一切就像骨牌效應？對，請幫我解釋一下。

Yeah, think of it as dominoes, Tim. So typically you, let's say you had, I'm using very simplistic examples, right, 12 months to do work and now you lost, call it two to three of those months because of weather. You still have to get that work done. Now it has to occur over the course of nine months. And so it's a balance between the cadence at which the clients are going to get that reactivated and our ability to get deployed to address. So it's just a shift in timing as opposed to the work going away because the compliance requirement is still there.

是的，把它想成骨牌效應，Tim。通常你——我用很簡化的例子——假設你有 12 個月可以做工作，但因為天氣你少了大概 2 到 3 個月。你仍然必須把那份工作做完，現在就得在 9 個月內完成。因此，這取決於客戶重新啟動的節奏，以及我們能否派員部署去執行。這只是時間點的移動，而不是工作消失，因為合規要求仍然存在。

As a simple example, I've used this with you in the past, if you scheduled a test in June and instead you now do it in July, that shifts from Q2 to Q3, but in reality, from our perspective and the client's perspective, it's kind of a meaningless shift.

舉個簡單例子，我以前也跟你說過：如果你原本排定在六月做一項測試，但現在改到七月，那就從第二季移到第三季；但實際上，從我們和客戶的角度來看，這種移動其實沒有太大意義。

Okay, yeah, thank you for explaining that. That was going to bother me if I didn't get on here and ask. The other thing I wanted to ask about was the resegmentation. It's like, I understand that in your R&R segment, look, you acquired a lot of companies over the last five years.

好的，謝謝你解釋。如果我沒有上來問清楚，這件事會一直困擾我。另一件我想問的是重新分段（resegmentation）。我理解在你們的 R&R 部門，你看，你們過去五年收購了很多公司。

A lot of those had consulting revenue streams, but they were tucked into R&R, probably belonged better in AP&R. Like, I get the concept of why you bring those together. What I'm... Don't get as much as that water treatment business. That does seem more separate and distinct relative to the typical types of work that you're doing in AP&R. Do you agree with that statement? Would you ever consider breaking that out separately for investors to see and understand? And how is that performing? Thank you.

其中很多都有顧問型營收來源，但被放在 R&R 裡，可能更適合歸在 AP&R。我理解你們把它們整合在一起的概念。我比較不理解的是那個水處理業務。相較於你們在 AP&R 通常做的工作，那看起來更獨立、也更有區隔。你同意這個說法嗎？你們是否曾考慮把它單獨拆出來，讓投資人更容易看到並理解？另外它的表現如何？謝謝。

Yes. Right now, our consulting and engineering business is deeply integrated with and tied into our. Water business, Tim, by virtue of our consultants understanding where there may be water treatment pressures and bringing our water experts in. As a simple example, we've seen, and I alluded to this, with the question around where we're seeing sectors with demand increase, for example, the waste industry.

是的。目前我們的顧問與工程業務，因為我們的顧問能理解哪些地方可能存在水處理壓力並引入我們的水務專家，所以與我們的水務業務高度整合並緊密連結，Tim。舉個簡單例子，我也提到過，在你問到我們看到哪些產業需求增加時，例如廢棄物產業。

Our consultants and our experts are intimately involved with some of the largest waste companies helping deal with subterranean water-related issues. And the water technology team is coming in alongside them to help treat. So they are deeply integrated teams.

我們的顧問與專家深度參與一些最大的廢棄物公司，協助處理地下與水相關的問題。而水技術團隊會與他們並肩進場協助處理。因此這些團隊是高度整合的。

But yes, over time as that business grows, Tim, we would certainly consider separating it. We expect double-digit growth, very attractive growth in that business this year and that outlook has not changed. We're pretty excited about the prospects for that business independent of PFAS. But certainly, as that continues to come in, not only this year, but in the medium to long-term, the outlook there is looking very encouraging.

不過是的，隨著該業務隨時間成長，Tim，我們當然會考慮將其拆分。我們預期今年該業務將有雙位數成長、非常具吸引力的成長，而這個展望沒有改變。即使不考慮 PFAS，我們也對該業務的前景感到相當振奮。但當然，隨著這些因素持續發酵，不僅是今年，在中長期來看，那邊的展望也非常令人鼓舞。

There are no further questions at this time. I will now turn the call over to Vijay for closing remarks. Please continue.

目前沒有進一步的問題。我現在把電話交回給 Vijay 作結語。請繼續。

Thank you. I just want to reiterate that as we look ahead, our confidence in the trajectory of the business continues to build. We're seeing strong underlying demand, increasing client need for integrated solutions, and clear progress in improving the efficiency and scalability of our platform, as you saw in the numbers. Importantly, we're reaching a point where the breadth of our capabilities, the depth of our client relationships, and the scale of opportunities in front of us is beginning to reinforce.

謝謝。我只想重申，展望未來，我們對業務走勢的信心持續提升。我們看到強勁的基本需求、客戶對整合式解決方案的需求增加，以及在提升平台效率與可擴展性方面的明確進展，正如你在數字中所看到的。重要的是，我們正到達一個階段：我們能力的廣度、客戶關係的深度，以及眼前機會的規模，開始以更有意義的方式彼此相互強化。

Each other in a much more meaningful way. And so, taken together, these dynamics position us to continue driving sustained growth and higher margins while operating the business at a materially larger scale over the next few years. So with that, thank you again for your time and for your continued interest in Onterris.

因此，綜合而言，這些動態使我們在未來幾年能夠在以顯著更大規模營運的同時，持續推動可持續的成長與更高的利潤率。最後，再次感謝各位撥冗，以及持續關注 Onterris。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

各位女士、先生，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。