Rollins Inc (ROL) 2025 Q4 法說會逐字稿

Greetings. Welcome to Rollins, Inc. fourth quarter 2025 earnings conference call. (Operator Instructions) Please note, this conference is being recorded. I would now like to turn the conference over to Lyndsey Burton, Vice President of Investor Relations. Thank you. You may begin.

問候。歡迎參加 Rollins, Inc. 2025 年第四季財報電話會議。（操作員說明）請注意，本次會議正在錄音。現在我將把會議交給投資者關係副總裁林賽伯頓。謝謝。你可以開始了。

Thank you. In addition to the earnings release that we issued yesterday, the company has also prepared a supporting slide presentation. The earnings release and presentation are available on our website at www.rollins.com.

謝謝。除了昨天發布的獲利報告外，該公司還準備了一份配套的幻燈片簡報。收益報告和簡報可在我們的網站 www.rollins.com 上查看。

We have included certain non-GAAP financial measures as part of our discussion this morning. The non-GAAP reconciliations are available in the appendix of today's presentation, as well as in our earnings release.

在今天上午的討論中，我們納入了一些非GAAP財務指標。非GAAP財務報表調整表可在今天簡報的附錄以及我們的獲利報告中查閱。

The company's earnings release discusses the business outlook and contains certain forward-looking statements. These particular forward-looking statements and all other statements that will be made on this call, excluding historical facts, are subject to a number of risks and uncertainties, and actual results may differ materially from any statement we make today.

該公司發布的盈利報告討論了業務前景，並包含一些前瞻性陳述。這些前瞻性陳述以及本次電話會議上將作出的所有其他陳述（歷史事實除外）均受諸多風險和不確定性的影響，實際結果可能與我們今天所做的任何陳述有重大差異。

Please refer to yesterday's press release and the company's SEC filings, including the Risk Factors section of our Form 10-K for the year ended December 31, 2025, which will be filed later today. On the line with me today and speaking are Jerry Gahlhoff, President and Chief Executive Officer, and Ken Krause, Executive Vice President and Chief Financial Officer.

請參閱昨天的新聞稿和公司向美國證券交易委員會提交的文件，包括我們截至 2025 年 12 月 31 日止年度的 10-K 表格中的「風險因素」部分，該表格將於今天晚些時候提交。今天和我連線並發言的是總裁兼執行長傑瑞·加爾霍夫，以及執行副總裁兼財務長肯·克勞斯。

Management will make some opening remarks, and then we'll open the line for your questions. Jerry, would you like to begin?

管理階層將作開場致辭，之後我們將開放提問環節。傑瑞，你想開始嗎？

Thank you, Lyndsey. Good morning, everyone. Fiscal 2025 was another solid year for Rollins as we achieved a milestone of $3.8 billion in revenue. As Ken will detail, we delivered double-digit revenue, earnings and cash flow growth, but we did have a tougher finish to the year in the fourth quarter.

謝謝你，林賽。各位早安。2025 財年對 Rollins 來說又是穩健的一年，我們實現了 38 億美元的營收里程碑。正如肯將詳細介紹的那樣，我們實現了兩位數的收入、盈利和現金流增長，但第四季度年底的業績卻更加艱難。

Early winter weather caused demand to soften especially in the Midwest and Northeast, which impacted onetime and certain seasonal projects across all three business lines. Revenue from onetime business in the quarter declined by almost 3% compared to year-to-date growth through the first nine months of the year of 4%.

初冬天氣導致需求疲軟，尤其是在中西部和東北部地區，這影響了所有三個業務線的一次性項目和某些季節性項目。本季一次性業務收入下降了近 3%，而今年前九個月的年內成長率為 4%。

The erratic weather patterns hindered demand for onetime projects and at times made it difficult for us to service the demand that did come through. Organic growth in the recurring portion of our business and ancillary services which represent over 80% of total revenue, was above 7% for both the quarter and the year.

反覆無常的天氣模式阻礙了一次性專案的需求，有時甚至使我們難以滿足實際出現的需求。我們業務和輔助服務中經常性收入部分的有機成長率（佔總收入的 80% 以上）在本季和本年度均超過 7%。

Our underlying markets remain healthy, customer retention rates are strong. And we are confident that nothing has fundamentally changed with respect to our end consumer. Lower volumes in the quarter did hamper profitability, which can happen in shoulder seasons, particularly when weather gets choppy.

我們的基礎市場依然健康，客戶留存率強勁。我們相信，就我們的終端消費者而言，沒有任何根本性的改變。本季銷售下降確實影響了獲利能力，這種情況在淡季可能會發生，尤其是在天氣惡劣的時候。

It's important that we maintain healthy staffing levels ahead of peak season so that we aren't hiring, training and onboarding a large number of new teammates at the same time, seasonal demand ramps up. We've learned that extreme ramp-ups in hiring drives teammate turnover rates higher, and that will not yield the optimal experience for our customers.

在旺季來臨之前保持充足的人員配備非常重要，這樣我們就無需在旺季需求激增時同時招募、培訓和接納大量新員工。我們發現，大幅增加招募會導致團隊成員離職率上升，這不會為我們的客戶帶來最佳體驗。

This can impact productivity in the short term as it did in the fourth quarter. but it's the right decision for the business long term as it sets us up to capitalize on peak season demand that's right around the corner.

這可能會像第四季一樣，在短期內影響生產力。但從長遠來看，這對企業來說是正確的決定，因為它使我們能夠抓住即將到來的旺季需求。

Moving on to some highlights. This year, we prioritized getting better as we become bigger and made a number of investments throughout our business to support our teammates and enhance our customer experience.

接下來是一些亮點。今年，我們優先考慮在公司規模擴大的同時不斷提升自身實力，並在整個業務範圍內進行了多項投資，以支持我們的團隊成員並提升客戶體驗。

In support of our efforts around the Rollins way, we are making significant investments to support the future growth of our company and establish consistent leadership behaviors across the enterprise. Our talent and development team has designed a program called the CoLab for all people managers. Servant leadership is the foundation of these sessions which are designed to help leaders enhance skills for personal development, team development and business growth.

為了支持我們圍繞羅林斯之道所做的努力，我們正在進行重大投資，以支持公司的未來發展，並在整個企業中建立一致的領導行為。我們的人才發展團隊為所有人事經理設計了一個名為 CoLab 的專案。僕人式領導是這些課程的基礎，這些課程旨在幫助領導者提升個人發展、團隊發展和業務成長的技能。

Our efforts here are intended to create a culture of cross-brand collaboration and cross-functional talent where teammates can seamlessly transfer between brands, divisions, our home office and field operations. This will further enhance career opportunities for our teammates and create a robust pipeline of future leaders who can not only sustain our growth but also help us reach our full potential.

我們在此所做的努力旨在創造一種跨品牌協作和跨職能人才的文化，讓團隊成員能夠在品牌、部門、總部和現場營運之間無縫調動。這將進一步提升我們團隊成員的職涯發展機會，並打造一支強大的未來領導者隊伍，他們不僅可以維持我們的成長，還可以幫助我們充分發揮潛力。

Operationally, we remain committed to hiring and developing top talent. The hiring environment was healthy in 2025 as we put significant energy into onboarding the right people in both support functions and the customer-facing side of our business.

在營運方面，我們將繼續致力於招募和培養頂尖人才。2025 年的招募環境良好，因為我們投入了大量精力來招募合適的人才，無論是在支援職能部門還是面向客戶的業務方面。

We're proud of the tenure and experience of our team as well as their engagement level and commitment to both our company and our customers. While overall teammate retention has been consistently healthy, we have made encouraging progress in improving retention of our newer teammates, specifically those who are with us for one year or less.

我們為團隊成員的資歷和經驗，以及他們對公司和客戶的投入程度和奉獻精神感到自豪。雖然整體團隊成員的留存率一直保持良好，但我們在提高新團隊成員的留存率方面取得了令人鼓舞的進展，特別是那些在我們公司工作一年或一年以下的團隊成員。

While there is still work to be done here, we saw teammate retention in this category improved by approximately 8% in 2025 and has improved nearly 18% since 2023, thanks to our ongoing efforts. In 2025, we closed the acquisition of Saela and completed 26 additional tuck-in deals. The performance of Sala has continued to exceed our expectations, and integration has progressed very smoothly thanks to the efforts of our collective teams.

雖然這方面還有許多工作要做，但我們看到，到 2025 年，這一類別的團隊成員留存率提高了約 8%，並且自 2023 年以來提高了近 18%，這要歸功於我們持續不斷的努力。2025年，我們完成了對Saela的收購，並完成了26項其他收購交易。Sala 的表現持續超越我們的預期，而且由於我們團隊的共同努力，整合工作進展得非常順利。

We have a robust M&A pipeline with a number of opportunities that we are actively evaluating to drive additional growth. As we look ahead to 2026, we are encouraged by the opportunities that are in front of us across all aspects of our business. We remain committed to providing our customers with the best customer experience and investing meaningfully in our team to drive growth, both organically as well as through disciplined acquisitions.

我們擁有強大的併購專案儲備，目前正在積極評估多個機會，以推動進一步成長。展望 2026 年，我們倍感鼓舞，因為我們業務的各個方面都面臨著許多機會。我們將繼續致力於為客戶提供最佳的客戶體驗，並對我們的團隊進行有意義的投資，以推動成長，包括內生成長和透過審慎的收購。

We are pleased with where our business stands today and what lies ahead of us in 2026. And I want to thank each of our 22,000-plus teammates around the world, for their efforts and contribution to our success in 2025.

我們對公司目前的經營狀況以及2026年的發展前景感到滿意。我還要感謝我們全球超過 22,000 名團隊成員，感謝他們為我們 2025 年的成功所付出的努力和貢獻。

I'll now turn the call over to Ken.

現在我將把電話交給肯。

Thanks, Jerry, and good morning, everyone. Our results for the quarter and the year reflect continued solid execution by the Rollins team. Let me begin with a few highlights for 2025. First, we delivered robust revenue growth of 11% for the year with strong growth across each of our service offerings. Organic growth was 6.9% for the year, while acquisitions continue to be a meaningful part of our growth profile.

謝謝你，傑瑞，大家早安。本季和年度的業績反映了羅林斯團隊持續穩健的執行力。讓我先介紹一下2025年的一些亮點。首先，我們全年實現了 11% 的強勁營收成長，各項服務均實現了強勁成長。本年度有機成長率為 6.9%，而收購仍是我們成長的重要組成部分。

Second, despite making significant growth investments, adjusted EBITDA grew by 10.8% to $854 million. And finally, we delivered operating cash flow of $678 million and free cash flow of $650 million, up 11.6% and 12.1%, respectively, versus last year.

其次，儘管進行了大量成長投資，調整後的 EBITDA 仍成長了 10.8%，達到 8.54 億美元。最後，我們實現了 6.78 億美元的營運現金流和 6.5 億美元的自由現金流，分別比去年增長了 11.6% 和 12.1%。

Cash flow was negatively impacted by an out-of-period tax payment of $22 million associated with the disaster relief measures that allowed us to defer our payment in the fourth quarter of last year to the first half of this year. Excluding this, free cash flow growth was approximately 20% for the year.

現金流受到與災害救濟措施相關的 2,200 萬美元非當期稅款支付的負面影響，該款項允許我們將去年第四季的付款推遲到今年上半年。排除這部分因素，全年自由現金流成長率約為 20%。

Our strong cash flow performance enabled us to execute a balanced capital allocation strategy deploying over $880 million of capital in 2025 with a focus on investing for growth while returning cash to shareholders through a growing dividend and share repurchase.

我們強勁的現金流表現使我們能夠執行均衡的資本配置策略，在 2025 年投入超過 8.8 億美元的資本，重點是投資成長，同時透過不斷增長的股息和股票回購向股東返還現金。

Turning to our fourth quarter performance. Revenue in the fourth quarter was up 9.7% and organic growth was 5.7% versus last year. In the fourth quarter, residential revenue increased 9.7% and Commercial pest control increased 8.7% and termite and ancillary was up 11.9%.

接下來來看看我們第四季的業績。第四季營收年增 9.7%，有機成長率為 5.7%。第四季度，住宅收入成長了 9.7%，商業害蟲防治收入成長了 8.7%，白蟻防治及相關業務收入成長了 11.9%。

Organic growth was 5.7% in the quarter across all services. Organic growth was 4.4% in residential, 6.4% in commercial and 7.6% in the termite and ancillary area. Growth across each category was namely impacted by softer onetime revenues.

本季所有服務的有機成長率為 5.7%。住宅有機成長率為 4.4%，商業有機成長率為 6.4%，白蟻防治及相關領域有機成長率為 7.6%。各類別成長主要受到一次性收入疲軟的影響。

Unpacking organic growth further, it is important to look at the recurring and related ancillary service area versus our onetime business. Recurring revenue and ancillary services, which represent over 80% of our business grew at over 7% organically. The remaining part of the portfolio, primarily onetime work, declined almost 3% in Q4 after growing 4% through the first nine months of the year.

要進一步剖析有機成長，重要的是要將經常性及相關的輔助服務領域與一次性業務進行比較。經常性收入和輔助服務占我們業務的 80% 以上，有機成長超過 7%。投資組合的其餘部分（主要是一次性工作）在今年前九個月成長 4% 之後，第四季下降了近 3%。

This business has more recently grown at approximately 1% to 2% annually. Weather was erratic in the quarter and had an impact here. Demand for onetime services and the ability to service this related demand was particularly subdued in November and December due to early winter weather in the eastern half of the United States, where we have significant location density.

該業務近來以每年約 1% 至 2% 的速度成長。本季天氣變化無常，對這裡造成了影響。由於美國東部地區（我們業務密度較高）冬季天氣提前到來，11 月和 12 月對一次性服務的需求以及滿足這種相關需求的能力都特別低迷。

We see the slower growth in onetime is transitory, while the stability of growth in our recurring and ancillary areas gives us confidence in our outlook, which continues to be anchored to 7% to 8% organic growth. Gross margin was 51% in the quarter, a decrease of 30 basis points.

我們認為一次性業務成長放緩是暫時的，而經常性業務和輔助業務的成長穩定性使我們對前景充滿信心，我們將繼續保持 7% 至 8% 的有機成長。本季毛利率為 51%，下降了 30 個基點。

Looking at our four major buckets of service costs, people, fleet, materials and supplies and insurance and claims fleet expenses were higher as a percentage of revenue primarily due to timing of vehicle gains compared to last year. This represented 80 basis points of headwind in the quarter.

從我們四大主要服務成本類別來看，人員、車隊、材料和用品以及保險和索賠，車隊支出佔收入的比例較高，主要是由於車輛增長的時間與去年相比有所變化。這意味著本季面臨 80 個基點的不利因素。

Deleverage from people costs was driven by lower volume in the quarter. These pressures were partially offset by improvement in margins associated with insurance and claims as well as materials and supplies SG&A costs as a percentage of revenue increased by 50 basis points versus last year.

本季銷售下降是人力成本降低的主要原因。這些壓力部分被保險和索賠利潤率的提高以及材料和供應品銷售、一般及行政費用佔收入的百分比較去年增長了 50 個基點所抵消。

We continue to be bullish on our markets and related position and are making investments in our business that will enable long-term value creation despite the lower volumes we realized in the quarter associated with the onetime business. This had a negative impact on SG&A as a percentage of revenue in the quarter. Fourth quarter GAAP operating income was $160 million, up 6.3% year-over-year.

我們仍然看好我們的市場和相關地位，並正在對我們的業務進行投資，以實現長期價值創造，儘管本季度與一次性業務相關的銷量有所下降。這導致本季銷售、管理及行政費用佔收入的百分比受到負面影響。第四季 GAAP 營業收入為 1.6 億美元，較去年同期成長 6.3%。

Adjusted operating income was $167 million, up 8.1% versus last year. Quarterly EBITDA was $194 million and EBITDA margin was 21.2%. The effective tax rate was 24.7% for the quarter versus 27.3% last year and 24.9% for the full year period versus 26% in 2024.

經調整後的營業收入為 1.67 億美元，比去年增長 8.1%。季 EBITDA 為 1.94 億美元，EBITDA 利潤率為 21.2%。本季實際稅率為 24.7%，而去年同期為 27.3%；全年實際稅率為 24.9%，而 2024 年為 26%。

The 2025 rate was lower primarily due to the great work our tax team has done to continue to improve our effective tax rate. Quarterly GAAP net income was $116 million or $0.24 per share. For the fourth quarter, we had non-GAAP pretax adjustments associated with acquisition-related and other items totaling approximately $6 million of pretax expense in the quarter.

2025 年稅率降低主要是因為我們的稅務團隊為持續降低實際稅率做出了巨大努力。以美國通用會計準則計算的季度淨利潤為 1.16 億美元，即每股 0.24 美元。第四季度，我們與收購相關的項目和其他項目進行了非GAAP稅前調整，該季度稅前支出總計約600萬美元。

Considering these adjustments, adjusted net income for the fourth quarter was $121 million or $0.25 per share, increasing just under 9% from the same period area. Turning to cash flow and the balance sheet. Operating cash flow decreased 12.4% in the quarter to $165 million.

考慮到這些調整，第四季度調整後淨收入為 1.21 億美元，即每股 0.25 美元，比同期增長近 9%。接下來我們來看現金流量表和資產負債表。本季經營現金流下降12.4%至1.65億美元。

As a reminder, cash flow in Q4 2024 benefited from a disaster relief measure granted to those with operations impacted by Hurricane Helene that allowed us to defer an estimated $22 million tax payment, which was paid here in the second quarter of 2025. Free cash flow conversion, the percent of income that was converted into free cash flow was 137% for the quarter.

提醒一下，2024 年第四季的現金流得益於一項針對受颶風海倫影響的企業的救災措施，該措施允許我們延期繳納預計 2200 萬美元的稅款，這筆稅款已於 2025 年第二季度支付。本季自由現金流轉換率（收入轉換為自由現金流的百分比）為 137%。

We generated $159 million of free cash flow on $116 million of earnings. We made acquisitions totaling $21 million, and we paid $88 million in dividends in the fourth quarter. Dividend payments increased 11% from the prior year and are at a healthy and very sustainable rate. Including the recent increase announced in Q4, we've raised our regular dividend by more than 80% since the beginning of 2022.

我們以 1.16 億美元的利潤創造了 1.59 億美元的自由現金流。我們在第四季度進行了總額為 2,100 萬美元的收購，並支付了 8,800 萬美元的股息。股息支付比上年增長了 11%，處於健康且非常可持續的水平。包括最近在第四季度宣布的增長在內，自 2022 年初以來，我們的常規股息已增長超過 80%。

Additionally, we've invested approximately $200 million in share repurchases in the quarter, affirming our long-term view on the value of our company. Our leverage ratio stands at 0.9 times. Our balance sheet remains very healthy and positions us well to continue to execute our balanced approach to capital allocation.

此外，本季我們已投資約 2 億美元用於股票回購，這印證了我們對公司長期價值的看法。我們的槓桿率為0.9倍。我們的資產負債表依然非常健康，這使我們能夠繼續執行均衡的資本配置策略。

Reinvesting in the business, growing our dividend as earnings and cash flow compound and pursuing share repurchases opportunistically. Throughout our history, we have managed this business through an investment-grade lens and we'll continue to do so in the future.

我們將資金再投資於業務，隨著獲利和現金流的成長而提高股息，並以伺機進行股票回購。縱觀我們的發展歷程，我們一直以投資等級企業的視角來管理這項業務，未來我們將繼續這樣做。

We are committed to maintaining a strong investment-grade rating with leverage well under 2 times. We are encouraged as we look to 2026 and are focused on delivering another year of double-digit revenue, earnings and cash flow growth.

我們致力於維持強勁的投資級評級，槓桿率遠低於2倍。展望 2026 年，我們倍感鼓舞，並致力於實現另一個兩位數的營收、獲利和現金流成長年。

We continue to expect organic growth in the range of 7% to 8% and with additional growth from M&A of at least 2% to 3%. While we may see weather impacts on the business from time to time, we remain committed to our long-term growth outlook. Additionally, we are focused on improving our incremental margin profile while investing in growth opportunities. We anticipate that cash flow will continue to convert at a rate that is above 100% again in 2026.

我們繼續預期有機成長率在 7% 到 8% 之間，併購帶來的額外成長至少為 2% 到 3%。儘管天氣可能會不時對業務造成影響，但我們仍致力於實現長期成長目標。此外，我們致力於提高增量利潤率，同時投資於成長機會。我們預計到 2026 年，現金流轉換率將持續維持在 100% 以上。

With that, I'll turn the call back over to Jerry.

這樣，我就把電話轉回給傑瑞了。

Thank you, Ken. We're happy to take any questions at this time.

謝謝你，肯。我們很樂意回答大家現在提出的任何問題。

(Operator Instructions) Tim Mulrooney, William Blair.

（操作說明）蒂姆·穆爾魯尼，威廉·布萊爾。

Thanks, Jerry, the detail around the onetime sales and the recurring base of business. It's all very helpful to understand how the underlying business is performing. But I'm curious if you could expand a little bit more on that 7% growth that you're seeing in the recurring and ancillary business.

謝謝傑瑞，你詳細解釋了一次性銷售和經常性業務基礎的情況。了解公司業務的營運狀況非常有幫助。但我很好奇，您能否再詳細解釋一下您在經常性業務和輔助業務中看到的 7% 的成長情況。

Like how do you get comfortable that, that level of growth is sustainable heading into 2026? Like can you provide any details on retention rate or net gains or customer wins, any of these underlying metrics that might help shed some additional light for us?

如何才能確保這種成長水準能夠持續到 2026 年？能否提供一些關於客戶留存率、淨收益或客戶成長等方面的詳細資訊？這些基礎指標或許能幫助我們更了解狀況。

Tim, this is Jerry. I'll give you -- I'll walk you through a few of the main points on my mind, and maybe Ken can add a little color to it. I think there's a lot of data points that we have that give us that comfort, if you will, about the future.

提姆，我是傑瑞。我會告訴你我腦海中的一些要點，也許肯可以補充一些細節。我認為我們掌握的許多數據點都讓我們對未來感到安心。

In the fourth quarter, we looked at our price increase data and we monitor that throughout the year and we look at what the consumer health is like, for example, we have really super low impact of things -- percentages of rollbacks and things along those lines. That gives us a great deal of confidence that our consumer is still healthy.

第四季度，我們查看了價格上漲數據，並且全年都在監測這些數據，同時我們也關註消費者的健康狀況，例如，我們發現價格回滾率等因素的影響非常低。這讓我們非常有信心，我們的消費者依然健康。

And also indicates to us that we affirm our plan to continue to move forward with our pricing initiatives that we've laid out for ourselves to continue to use price as a lever as we move into 2026. So we're very comfortable there.

這也表明，我們重申了我們已製定的定價策略計劃，即在 2026 年繼續利用價格作為槓桿。所以我們在那裡感覺很舒服。

If you look at the customer retention side, it's very stable, and we've also had some areas that have improved and looking specifically take Orkin, for example, the net gain of the customers they carried in what they had at the end of the year. But compared to the beginning of the year.

從客戶留存率來看，情況非常穩定，而且我們在某些​​方面也有所改善。以 Orkin 為例，看看他們年底的客戶淨成長。但與年初相比。

They had the best performance in growing their customer base that they had since the COVID era. So that first year of COVID was everyone at home and signing up for services, and they saw the really big net gain there. And this is the best year since then.

他們在拓展客戶群方面取得了自新冠疫情以來最好的成績。所以，在新冠疫情爆發的第一年，每個人都待在家裡，紛紛註冊各種服務，他們也因此獲得了巨大的淨收益。這是自那以來最好的一年。

We look at things -- monitor things like our close rates on customers calling in and that also tells you a little bit about the health of the consumer the health of our pricing programs, things like that. When we look at the leads and our closure rates, the closure rates, it's up, it's not down.

我們會觀察一些事情——例如監控客戶來電的成交率，這也能反映出消費者的健康狀況、我們定價方案的健康狀況等等。當我們查看銷售線索和成交率時，成交率是上升的，而不是下降的。

So we're also seeing, for example, on ancillary business, our customers are not overly price-sensitive and we have financing options that give them the ability to get the much needed work that they need done to give them peace of mind and allow them to pay over time. So we see all those -- those are the things that we look at every single day.

例如，在輔助業務方面，我們也看到我們的客戶對價格不太敏感，我們提供的融資方案讓他們能夠完成他們急需的工作，讓他們安心，並允許他們分期付款。所以我們看到的都是這些——這些都是我們每天都會看到的東西。

And it just gives us a lot of comfort. That's why again that's why I said what I said fairly emphatically in my opening remarks is that there's nothing fundamental about our business has changed. We're going to keep doing what we do and trying to deliver the best service that we possibly can for our continuing growing customer base because that's the most important part of our business is the recurring piece, and that's what we -- that's where we want to spend our marketing dollars is creating recurring base, and that's how we want to continue to invest in our business.

這給我們帶來了很多安慰。這就是為什麼我在開場白中非常強調的那樣，我們的業務本質上沒有任何改變。我們將繼續做好我們一直在做的事情，努力為我們不斷增長的客戶群提供最好的服務，因為對我們業務而言，最重要的部分是回頭客，而這正是我們——我們希望把行銷資金花在建立回頭客群體上的地方，也是我們希望繼續投資於我們業務的方式。

Tim, just to add on to what Jerry had mentioned there, another couple of points. If you look at the recurring organic business without ancillary, right, if you actually look at it even and unpack it even further, you actually saw 10 basis points more of growth in Q4 versus Q3. And so you've actually seen that business hold in. And if anything, it's strengthened a little bit between Q3 and Q4.

提姆，我再補充傑瑞剛才提到的幾點，還有幾點。如果你只看不帶輔助性的經常性有機業務，對吧，如果你真的仔細觀察並進一步分析，你會發現第四季度比第三季度增長了 10 個基點。所以你其實已經看到這家企業撐過來了。而且，從第三季度到第四季度，這一趨勢似乎略有增強。

The ancillary business is still growing strong high teens, mid-teens double digits. That business normally grows in that 20% range. When you can't get people on the roof safely and you can't get them out into the work site you'll fill the pain and you'll site impact there. But that business, again, growing at mid- to high teens, very healthy. And that's the big ticket.

輔助業務仍維持強勁成長，成長率達到兩位數以上。該業務通常增長在 20% 左右。當無法安全地將人員送上屋頂，也無法將他們送入工作現場時，你會感到痛苦，並且會對現場造成影響。但這項業務再次以十幾到十幾的成長率穩步發展，非常健康。這就是關鍵所在。

That's the nine shots goal that I've talked about quite frequently with investors is that we have all these opportunities, and we continue to see good demand there. So I think those two things, I think, especially at recurring revenue, which is 75% of our business, strengthening by 10 or so basis points between Q3 and Q4, I think gives us a sense that the business is holding in there.

這就是我經常和投資者談到的九次嘗試的目標，那就是我們有很多機會，而且我們繼續看到這方面有良好的需求。所以我認為這兩件事，尤其是經常性收入（占我們業務的 75%），在第三季和第四季之間成長了 10 個基點左右，我認為這讓我們感覺業務正在保持穩定。

And I think, too, Ken, if you think about Q4 of 2024 was our best quarter of 2024, and we were having to lap that, right, and some a little more challenging conditions. And we knew, starting the year that was going to be a tougher comparable for us year-over-year. And certainly, that was a little bit of a headwind for us the last couple of months of the year.

而且我認為，肯，如果你想想 2024 年第四季度是我們 2024 年表現最好的一個季度，我們不得不超越它，對吧，而且還有一些更具挑戰性的條件。年初我們就知道，今年的業績與去年相比會更難以比較。當然，在今年最後幾個月裡，這確實為我們帶來了一些不利影響。

Yeah, tough comps. Definitely. That's definitely another aspect of this whole thing. So that's all great color. And I think more comfortable with the fact that the underlying business is fine. This is all weather related. Can you dive into this weather disruption by segment? Like was it more on the -- I'm thinking about it more like, hey, it would be on the [resi] and termite side more, but your resi business actually held in better than what I was expecting given [comp] situation.

是的，競爭很激烈。確實。這絕對是整件事的另一個面向。所以，這些顏色都很棒。而且我覺得，公司基本面好這一點讓我更安心。這一切都與天氣有關。您能否依細分市場深入分析這次天氣災害？例如，我更多是在想，嘿，它應該更多地側重於[住宅]和白蟻防治方面，但考慮到[競爭]情況，你的住宅業務實際上比我預期的要好。

But then I look at the commercial side, and I saw Ecolab's fourth quarter results, their commercial pest business was fine in the fourth quarter. It doesn't seem like they saw that disruption that you saw. So I'm just trying to reconcile all that. Can you talk a little bit about impact by segments from that weather?

但當我查看商業方面時，我看到了藝康集團第四季度的業績，他們的商業害蟲防治業務在第四季度表現良好。他們似乎並沒有看到你所看到的這種混亂局面。所以我現在只是想把所有這些事情都理清。能談談這種天氣對各個細分市場的影響嗎？

Yeah. I'll take that and then Jerry will add on to that as well. But I think just starting with commercial and looking at the commercial business, -- the commercial recurring business grew at 7.3%. And so again, we continue to see good demand there. The challenge was, again, onetime business even in the commercial setting, which is roughly 15% of that business.

是的。我接受這個，然後傑瑞也會補充。但我認為，僅從商業角度來看，商業業務的成長率為 7.3%。因此，我們再次看到那裡的需求依然強勁。挑戰依然在於，即使在商業環境中，一次性業務也佔業務的約 15%。

And so you certainly saw the onetime impact on the portal. You saw it in the residential. I mean our residential recurring business is holding in there and is strong, and we feel good about it. But the onetime business, the Wildlife business and things like that, certainly felt the impact of the slower -- the challenging weather patterns.

所以你肯定看到了這對門戶網站造成的一次性影響。你在住宅區看到了。我的意思是，我們的住宅定期業務保持穩定且強勁，我們對此感到滿意。但曾經的產業，例如野生動物產業等等，肯定受到了氣候模式放緩和挑戰性變化的影響。

And then on the termite, you're spot on. The termite to pretreat that sort of work you saw some weakness. The recurring -- the base in the recurring business continues to do very well. It continues to be a very healthy growth pace for us. But some of the pretreat onetime termite you saw a little bit of weakness.

至於白蟻那部分，你說得完全正確。你在那種工作中發現了一些白蟻防治上的弱點。經常性收入－經常性收入業務的基礎部分持續表現良好。我們依然保持著非常健康的成長速度。但是有些預先處理過一次白蟻的植株卻出現了一些弱點。

And so I think when you frame it, we feel good about, again, all of the businesses and the recurring business is coming through, we feel like the fact that we couldn't get out, we couldn't service, we couldn't get that work done, that caused the most significant impact on our revenue growth in the quarter.

所以我覺得，從整體來看，我們對所有業務和經常性業務的進展都感到滿意，我們覺得，我們無法外出、無法提供服務、無法完成這些工作，這才是本季營收成長受到最嚴重影響的原因。

And Tim, and looking at the commercial side, in particular, it was the commodity fumigation business that on the tail end of the year ahead, that's the one that's all onetime work and year-over-year, we had a comp there that was more challenging for us.

提姆，從商業角度來看，尤其是商品熏蒸業務，在年底的時候，由於都是一次性工作，而且與去年同期相比，我們面臨著更大的挑戰。

And so again, while our recurring base in commercial continues to grow, the onetime in the -- isn't the onetime necessarily selling to our existing customer base, adding on programs and services. It was driven very heavily through commodity fumigation.

因此，雖然我們在商業領域的經常性客戶群持續成長，但一次性客戶——並不一定是指向我們現有的客戶群銷售產品、增加專案和服務。商品熏蒸是造成這種情況的主要原因。

And then when you look at the residential side, a lot of that is wildlife and some of the seasonal pests that we didn't have as long of a window of time to get at some of those seasonal pest that take the fall pest, box elder bugs and stink bugs and these kinds of things that are things that come up that we kind of rely on and get those onetime calls to go take care of them or general pest just seeking indoor shelter that season was just a little shorter.

然後，從居民的角度來看，許多問題都與野生動物和一些季節性害蟲有關，我們沒有那麼長的時間窗口來處理這些季節性害蟲，例如秋季的臭蟲、槭樹椿像等等。這些害蟲經常出現，我們只能依靠它們來處理，接到一次性的電話，或者處理那些尋找室內棲身之所的普通害蟲，因為那個季節的時間稍微短了一些。

And it was really more in the Eastern seaboard, parts of the Midwest. We didn't see as strong a trend in that in out west in California and some of those other markets that remain very strong. So again, that just tells us it's -- the underlying business is still pretty strong. It was there, but we were just impacted by this choppiness.

而且這種情況主要發生在東海岸和中西部部分地區。我們在加州西部以及其他一些仍然非常強勁的市場並沒有看到這種明顯的趨勢。所以，這再次說明──公司的基本面依然非常強勁。它一直都在那裡，但我們只是受到了這種波動的影響。

Understood. Commodity fume, I hadn't even considered that, that fully explains on the commercial side as well.

明白了。商品煙霧，我之前都沒考慮到這一點，這也能很好地解釋商業方面的問題。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

Thank you. Yes, I was hoping you could just put some numbers by segment as well, how you gave us the plus 4% year-to-date and then down 3% for fourth quarter, just by segment as well? And also what's the margin profile of this onetime business just to consider that as well?

謝謝。是的，我希望您也能按細分市場給出一些數據，就像您之前給出的年初至今增長 4%，然後第四季度下降 3% 的數據一樣，也請按細分市場給出一些數據？另外，也需要考慮這項一次性業務的利潤率。

Yeah, that's a great question, Manav. And thank you for asking that. The margin profile on this onetime business is oftentimes better than the margin on our recurring business because we're pricing that business assuming that it's not coming back. And so if you're going to a customer knowing you're going one time you might get $200, $300, $400 for a service.

是的，馬納夫，這是一個很好的問題。謝謝你的提問。這種一次性業務的利潤率通常比我們的經常性業務的利潤率要好，因為我們在為這種業務定價時假設它不會再來了。所以，如果你去拜訪客戶，知道你只會去一次，你可能會因為一次服務而獲得 200 美元、300 美元或 400 美元。

The cost isn't necessarily that different than it would be on a recurring service that you might be getting $150 or $200, for example. So you see a much better margin profile on the onetime business. That has an impact on the overall results. And I think it's -- again, it's only 15% of the business, so I don't want to overstate how much of an impact that had on margins. But it certainly is -- it is margin accretive to our overall business.

費用未必與定期服務（例如每月 150 美元或 200 美元）的費用有太大區別。因此，一次性業務的利潤率要好得多。這會對整體結果產生影響。而且我認為——再說一遍，這只是業務的 15%，所以我不想誇大它對利潤率的影響有多大。但它確實能提高我們整體業務的利潤率。

And I would say it was -- there's some impact in every category I think the residential side was probably hurt a little bit more, especially in things like wildlife and road work and things along those lines, and the ancillary and termite side some of that softness, we're able to get back to that just creates a workload that maybe we couldn't get to and we sell it still have some backlog that we carry into January.

我認為確實如此——每個類別都受到了一定程度的影響。我認為住宅方面受到的衝擊可能更大一些，尤其是在野生動物、道路工程以及類似的事情上。此外，附屬設施和白蟻防治方面也存在一些疲軟，我們能夠恢復這些工作，但這會造成一些我們可能無法完成的工作量，而且我們仍然有一些積壓的工作要到一月份才能完成。

I think we carried into January, things along those lines on some of that kind of work. But some of it, you just never really make up. You're not going to make it up.

我認為我們把這類工作延續到了1月。但有些事，你永遠無法真正彌補。你編不出個所以然來。

Got it. And then just so we're not surprised in the next quarter as well. I mean I know your full year guide is 7% to 8%, but just -- you talked about spillover into January. Just thoughts on what 1Q might look like relative to the rest of the year.

知道了。這樣一來，我們下個季度就不會感到意外了。我知道你們全年的指導價是 7% 到 8%，但──你們提到了會延續到一月份的情況。一些關於第一季相對於全年其他季度可能呈現的走勢的想法。

Yeah. It's always hard to -- it's such a short-cycle business, which can change on a down. But what I would say is we still are firmly anchored in a 7% to 8% organic growth for the year. I would not be surprised if it's a little bit slower to start the year. Because January, we had more branches closed in January than we did a year ago because of some of the weather that we endured.

是的。這總是很難的——這是一個週期很短的行業，在低迷時期可能會改變。但我想說的是，我們今年的有機成長率仍然穩居 7% 至 8%。如果年初增速稍慢一些，我不會感到驚訝。由於一月份的惡劣天氣，我們關閉的分店數量比去年同期要多。

But I do firmly believe the business still is going to be that for the year at that 7% to 8% pace of growth.

但我堅信，今年的業務仍將維持 7% 到 8% 的成長速度。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

Hi, thanks for taking my question. So maybe just a question on the margins. Are there any puts and takes to be cognizant of as we think about incremental margins in '26? And those margins of 25% to 30% are still below the midterm targets. So how should we think about the tailwinds, not just in '26 but going forward to drive it closer to the midterm targets? Thanks.

您好，感謝您回答我的問題。所以，這或許只是一個無關緊要的問題。在考慮 2026 年的增量利潤時，有哪些需要注意的買賣點？而這25%到30%的差距仍低於中期目標。那麼，我們該如何看待這些順風因素，不只是2026年，還有未來，才能推動經濟更接近中期目標？謝謝。

Yeah. Thanks for the question, Ashish. When I look at the overall margin profile and I think about 2026, I'll take you through a few thoughts. One, pricing remains very healthy. The 3% to 4% pricing is very realistic to expect.

是的。謝謝你的提問，阿什什。當我審視整體利潤率狀況並展望 2026 年時，我會和大家分享一些想法。第一，價格依然非常健康。3%到4%的定價是完全合理的預期。

That's what we're introducing across the portfolio, just like we had here in the past couple of years. Second, two third of our cost of services are people cost. And we are really doing a lot better job at onboarding and training and keeping those new hires with us. That turnover and new hire is really expensive. And we're seeing improvements there. That will be a tailwind for us as we go into 2026.

我們正在整個產品組合中推行這種做法，就像過去幾年我們在這裡所做的那樣。第二，我們服務成本的三分之二是人力成本。我們在新進員工入職培訓和留任方面確實做得更好了。人員流動和新進員工招募成本真的很高。我們看到這方面正在取得進步。這將是我們邁向 2026 年的順風。

Third, fleet cost. Second, another large item on cost of services. When we think about fleet in the 2025 financials, there was about a $17 million headwind. $6 million of that was in Q4 alone associated with the sale of leased vehicles. That should not be as much of a concern for 2026 as it was in 2025.

第三，車隊成本。其次，服務成本也是一項大額支出。當我們考慮2025年財務數據中的車隊問題時，會發現大約有1700萬美元的不利因素。其中僅第四季就有600萬美元與租賃車輛的銷售有關。2026 年，這應該不會像 2025 年那樣令人擔憂。

And so when I think about the gross margin, I think there's a lot of reasons to be optimistic in our ability to lift margins and improve margins in 2026. And then when I go down the P&L and I look at SG&A, and back office and all the work there continues to be great opportunities there.

因此，當我考慮毛利率時，我認為有很多理由讓我們對 2026 年提高毛利率的能力保持樂觀。然後，當我查看損益表，看到銷售、管理及行政費用、後台營運以及所有相關工作時，我發現那裡仍然存在著巨大的機會。

We're launching a company-wide systems implementation around our financial processes in 2026. We'll start to see some benefits of that as we go throughout the year and into next year. So we remain very optimistic and confident in our ability to deliver that 25% to 30% margin profile.

我們將於 2026 年啟動公司範圍內的財務流程系統實施。隨著今年及明年的推進，我們將開始看到其中的一些好處。因此，我們對實現 25% 至 30% 的利潤率仍然非常樂觀和有信心。

That's great color. And then maybe just on the competitive environment, a question that we get quite often is, have you seen any change from a competitive perspective? Obviously, the strength in hoteling revenue seems to suggest that things are trending really well, but any color on that front would be helpful. Thank you.

顏色真好看。那麼，就競爭環境而言，我們經常被問到的一個問題是，從競爭的角度來看，您是否看到了任何變化？顯然，酒店業收入的強勁增長似乎表明情況發展良好，但如果能提供這方面的具體資訊就更好了。謝謝。

We -- this is Jerry. We haven't seen or heard too much in that arena. We are very internally focused, and we have lots of great competitors and new ones that pop up all the time that keeps us on our toes, and we wake up every day ready to find another daily battle in that competitive space.

我們是──這位是傑瑞。我們在這個領域還沒有看到或聽到太多消息。我們非常注重內部事務，我們有很多優秀的競爭對手，而且新的競爭對手層出不窮，這讓我們時刻保持警惕，我們每天醒來都準備好在這個競爭激烈的領域迎接新的挑戰。

This is a competitive industry and there's just so many out there, and it can be local, it can be regional, and so I wouldn't characterize anything that we've seen really throughout 2025, as having any significant shift in the competitive environment, right?

這是一個競爭激烈的行業，市場上有太多這樣的企業，而且可以是本地的，也可以是區域性的，所以我認為我們在 2025 年看到的任何事情都不會對競爭環境產生任何重大影響，對吧？

We continue to invest in the business in Q4. You saw that. And it's not that we're out allocating large amounts of capital to the digital side, but we continue to put more feet on the street. We continue to fund our door knocking areas, which are our fastest-growing areas. And so we continue to be bullish about our position in our overall markets.

我們在第四季繼續加大對業務的投資。你看到了。這並不是說我們要在數位領域投入大量資金，而是我們繼續加大投入。我們繼續為挨家挨戶拜訪的區域提供資金，這些區域是我們成長最快的區域。因此，我們依然對我們在整體市場中的地位持樂觀態度。

Greg Parrish, Morgan Stanley.

格雷格·帕里什，摩根士丹利。

Good morning, thanks for taking my question. Yeah, I just wanted to double click on 1Q, and apologies for that. But just given many of us have been snowed in here for a few weeks. I know you said slower start maybe with the weather impact be kind of similar to what you saw in the fourth quarter. Will it be worse? I don't know, like a similar pace to fourth quarter. Is that a decent way to think about 1Q? I guess any further color, I think, would be helpful for us.

早上好，謝謝您回答我的問題。是的，我只是想雙擊 1Q，對此我深感抱歉。但考慮到我們很多人已經被困在這裡好幾個星期了。我知道你說過開局可能比較慢，天氣因素的影響可能會和第四節的情況類似。情況會更糟嗎？我不知道，感覺節奏和第四節差不多。這樣思考第一季是否合理？我想，如果能提供更多信息，對我們來說應該會有幫助。

Our weather forecast or can't get the forecast tomorrow, right? We don't -- we try not to manage our business around that. We -- it's our jobs to get our work done and continue to move forward and do everything we can despite that. And what I can assure you is that our team is going to work really hard despite whatever those headwinds are get through that.

我們明天能收到天氣預報嗎？還是根本查不到？我們不會－我們盡量避免圍繞這一點來經營我們的業務。我們－我們的職責就是完成工作，繼續前進，盡我們所能克服困難。我可以向你們保證，無論遇到什麼困難，我們的團隊都會非常努力地克服難關。

It's really hard to say because just as we saw -- and you look at November, December, in some of the areas we mentioned earlier, where you had two weeks where it just got frigid cold in the next, thanksgiving you're wearing shorts.

這真的很難說，因為正如我們所看到的——看看十一月、十二月，在我們之前提到的一些地區，有兩週的時間天氣驟然變得異常寒冷，到了感恩節，人們就穿著短褲了。

And you're just -- so these things just surprise us. And that same thing can happen here. It could be really bad for longer. We could have two weeks of spell in late February or late a late start to spring. So we can't predict today or tomorrow. So I think it's really hard for us to think about those impacts. What I can tell you though is that our team engaged, and we're going to do our darndest to fight through that.

而你——所以這些事情總是讓我們感到驚訝。同樣的事情也可能發生在我們這裡。情況可能會持續更長時間，而且會非常糟糕。二月下旬可能會有兩週的晴朗天氣，或者春天會來得晚一些。所以我們無法預測今天或明天。所以我覺得我們很難去思考這些影響。但我可以告訴你們的是，我們的團隊已經投入戰鬥，我們將竭盡全力克服困難。

Okay. Okay. That's helpful. I appreciate it. I had to try. Maybe just for my follow-up, maybe talk about some of the ancillary opportunities. I know you have a lot of shots on goal, a lot of things you're excited about. Maybe in '26, what are you most excited about in terms of gaining traction or maybe picking up a little bit versus the prior year? Thanks.

好的。好的。那很有幫助。謝謝。我必須試一試。或許我可以跟進一下，談談一些相關的其他機會。我知道你有很多射門機會，也有很多讓你興奮的事情。或許在 2026 年，你最期待在哪些方面取得進展，或比前一年有所進步？謝謝。

I think when you look at that business, what I consistently say, Greg, is that we've got a number of opportunities. We're not necessarily excited about just one opportunity. We've got so many different opportunities that we avail ourselves to with our customer base. And it continues to be a very low penetration rate.

我認為，格雷格，當你審視這家企業時，我一直強調的是，我們有很多機會。我們未必只對某個機會感到興奮。我們有很多不同的機會可以利用我們的客戶群。而且滲透率仍然很低。

We estimate that less than 3% or 4% of our customers are using those ancillary services. And quite frankly, it's predominantly all in our Orkin brand. It's not in our specialty brands. And so we're doing a lot of work to really get out.

我們估計，只有不到 3% 或 4% 的客戶在使用這些輔助服務。坦白說，這主要都歸因於我們的 Orkin 品牌。它不在我們的特色品牌之列。所以我們正在努力擺脫困境。

And as Jerry indicated in his prepared commentary, improved collaboration across the brand portfolio to enable us to see some improvements in this area with some of our specialty brands. Really important area of growth for us, growing for the year growing at 20%, really exciting, and it's a good area to continue to invest in because we're seeing great results coming out of that area.

正如傑瑞在他準備好的評論中所指出的那樣，加強品牌組合之間的合作，使我們能夠在一些特色品牌中看到這方面的一些改進。對我們來說，這是一個非常重要的成長領域，今年的成長率為 20%，非常令人興奮，而且這是一個值得繼續投資的領域，因為我們在這個領域看到了很好的成果。

There's just so much upside the runway is so long to continue to drive that. And much when we talked about the Rollins way and collaboration between our brands, the opportunities that we have also, we have some brands, say, like a home team that doesn't do certain other services.

這條路還有很大的上升空間，跑道很長，可以繼續開下去。當我們談到羅林斯之道以及我們品牌之間的合作時，我們有很多機會，例如我們有一些品牌，像一個主隊，它不提供某些其他服務。

And how do we leverage our other brands and then passing certain types of ancillary business that maybe they don't do, but somebody else does over to our -- their sister companies. There's so much opportunity for that, and we're getting more and more mature in that space using both with technology and really just bringing people together so that we're one big family, all working together, taking care of each other. So that part, as we're watching that come together and come to life is what excites me the most.

我們如何利用我們的其他品牌，然後將他們可能不做但其他人做的某些輔助業務轉交給我們的——他們的姊妹公司。這方面有很多機會，我們在這個領域也越來越成熟，我們利用技術，真正地把人們聚集在一起，讓我們成為一個大家庭，大家一起工作，互相照顧。所以，看著這一切逐漸成形、最終成型，這才是最讓我興奮的。

Tomo Sano, JP Morgan.

Tomo Sano，摩根大通。

Thank you for taking my questions. Could you give us more colors on sailor's revenue margin, EPS contribution in Q4? And if you could give some more color on pipeline for M&A in 2026 would be great. Thank you.

謝謝您回答我的問題。能否詳細介紹一下Sailor公司第四季的營收和每股盈餘貢獻？如果您能詳細介紹一下2026年的併購計劃，那就太好了。謝謝。

Certainly. Thanks for the question, Tom. Saela is performing exceptionally well, just like Fox did two years ago. Saela contributed upwards of $16 million in the quarter of revenue. I think, year-to-date. We bought it in April of last year and year-to-date, it's contributed $55 million. We've actually seen $0.02 of non-GAAP or adjusted EPS accretion.

當然。謝謝你的提問，湯姆。Saela 的表現非常出色，就像兩年前的 Fox 一樣。Saela 在本季貢獻了超過 1,600 萬美元的營收。我認為，就今年迄今為止而言。我們去年四月買下了它，截至目前，它已貢獻了 5500 萬美元。我們實際上已經看到非GAAP或調整後每股收益成長了0.02美元。

That's really difficult to do in the first nine months of owning an asset, especially with the cost of financing where it is albeit our teams doing an exceptional job with our commercial paper program and bond market. So with that said, continues to perform well. really good to have that group of teammates as part of our organization and really excited about what we can do in that area going to the 2026. Thank you.

在擁有資產的前九個月裡，這真的很難做到，尤其是在融資成本如此高昂的情況下，儘管我們的團隊在商業票據計畫和債券市場方面做得非常出色。綜上所述，他們繼續表現出色。很高興能有這樣一群隊友加入我們的團隊，也對我們2026年在這個領域能取得的成就感到非常興奮。謝謝。

And any comments on M&A pipeline in 2026 to get to 2% to 3%, please?

請問對於2026年達成2%至3%的併購目標，您有什麼看法？

Certainly. Yes, thanks for that question. I missed that. But the M&A continues to be very healthy. We firmly believe at this point that 2% to 3% is very realistic and reasonable to expect we're carrying over 1 point or so slightly above that of growth from M&A.

當然。是的，謝謝你的提問。我錯過了。但併購活動依然非常健康。我們堅信，目前 2% 到 3% 的成長率非常現實合理，預計我們將比併購帶來的成長率略高出 1 個百分點左右。

And we've got a very full pipeline that we're continuing to evaluate. We've invested over the last three years, we've invested almost $900 million in acquisitions and bringing new teammates and new brands into the portfolio, we expect to continue to invest in 2026 and add 2% to 3% of revenue growth from acquisitions again in 2026.

我們目前有非常多的產品線正在持續評估中。過去三年，我們投入了近 9 億美元用於收購，將新的團隊成員和新品牌納入投資組合。我們預計 2026 年將繼續投資，並透過收購再次實現 2% 至 3% 的收入成長。

Josh Chan, UBS.

瑞銀集團的 Josh Chan。

Hi, good morning, Jerry and Ken. I guess maybe on the quarter, you mentioned that most of the weather effects were in eastern side of the US. So is it true that the West and the South or basically the nonimpacted regions grew at a similar rate as Q3, just some ways to maybe kind of ballpark or ring-fence the weather issues, I guess.

嗨，傑瑞和肯，早安。我想可能是在季度報告中，你提到大部分天氣影響都發生在美國東部。所以，西部和南部，或基本上未受影響的地區，是否真的以與第三季相似的速度成長？我猜這只是一些用來大致估算或排除天氣影響的方法。

Yeah, they absolutely did. So they had strong performances in the fourth quarter, generally speaking. And again, that's what gives us some of that reassurance. Now some of that, Texas, Northern South Central area going up into Tennessee -- certainly got a little more impact in January. But in the fourth quarter, those areas performed to plan.

是的，他們確實這麼做了。總的來說，他們在第四節表現非常出色。而正是這一點，讓我們感到安心。現在，德克薩斯州、中北部地區以及田納西州的部分地區——在一月肯定受到了更大的影響。但第四季度，這些領域均達到了預期目標。

They just couldn't exceed plan enough to offset some of the challenges that we had in other parts of the country.

他們只是無法超額完成計劃，以抵消我們在國家其他地區遇到的一些挑戰。

Yeah. That makes sense. And then on the Q1 kind of comment. I know that freezes are typically not the greatest thing and there seems to be more freezes in this Q1 than normal, I guess. So is -- is that a potential concern when it comes to spring selling season? Like how are you thinking about that?

是的。這很有道理。然後是關於Q1的評論。我知道冰凍天氣通常不是什麼好事，而且今年第一季的冰凍天氣似乎比往年要多。那麼，這是否會對春季銷售旺季構成潛在威脅？你是怎麼看待這件事的？

When we have the ice storms, the [sleep] and things like that, that's what shuts down branches. And we can't safely drive on the road, you can't safely access customers' homes. And so we had some of that in January. And all things considered, we continue to fight through that. And so yes, we have to prepare for that.

冰暴、睡眠等天氣狀況會導致樹枝停止生長。我們無法安全地在路上行駛，你們也無法安全地進入客戶家中。所以一月份我們遇到了一些這種情況。綜上所述，我們將繼續努力克服困難。所以，是的，我們必須為此做好準備。

And a lot of that is operationally when the sun is shining and the weather is good, we have to be as productive as we can possibly be because you don't know what's going to happen two days from now, right? So it's how do we front-end load our work?

很多時候，在陽光明媚、天氣晴朗的時候，我們必須盡可能地提高生產效率，因為你不知道兩天後會發生什麼，對吧？所以，我們如何在前端載入我們的工作？

How do we make, hey, when you can make hay. And sometimes that requires us work in weekends and things along those lines, but we have to do our best to get ahead of that and prepare and plan in order to perform as best as we possibly can in the first quarter.

既然能收割乾草，我們要怎麼賺錢呢？有時這意味著我們需要在周末加班等等，但我們必須盡最大努力提前做好準備和計劃，以便在第一季盡可能發揮最佳水平。

When you look back and you think about it, weather is always going to be a factor. It's just part of the business. Sometimes, it's more of a factor than others. But when the recurring revenue continues to perform and our ancillary business, our additional work with existing customers continues to grow, and we're able to grow those businesses north of 7% and we feel really good about our position.

回顧過去，仔細想想，天氣始終是影響因素。這只是生意的一部分。有時，它比其他因素更重要。但是，當經常性收入持續成長，輔助業務和與現有客戶的額外合作持續成長，並且我們能夠使這些業務成長超過 7%，我們就會對自己的處境感到非常滿意。

We feel really good about our ability to continue to grow earnings at double-digit pace and cash flow also at a double-digit pace. We are certainly enduring -- we endured a challenging January with weather. But that's one month out of three.

我們非常有信心能夠繼續以兩位數的速度實現獲利成長和現金流成長。我們確實撐過來了——我們撐過了充滿挑戰的一月，天氣十分惡劣。但那隻是三個月中的一個月。

We still got a couple of months left in the first quarter. And so we're not giving up on the first quarter. We have a lot of reasons to be optimistic because I think the team is highly engaged and focused on delivering exceptional results again here in 2026.

第一季還有幾個月的時間。所以，我們不會放棄第一季。我們有很多理由保持樂觀，因為我認為團隊高度投入，專注於在 2026 年再次取得卓越的成績。

Jason Haas, Wells Fargo.

傑森‧哈斯，富國銀行。

Hey, good morning and thanks for taking my questions. I'm curious if you could talk about how digital leads have been trending? And if you plan to make any changes to your marketing strategy? Thank you.

嗨，早上好，謝謝你回答我的問題。我很好奇您能否談談數位行銷線索的發展趨勢？如果您打算對行銷策略進行任何更改呢？謝謝。

We make changes to our marketing strategy every day, every week. Digital leads, you were still constantly fighting increases and the price of that, the cost of generating digital leads, and we have to reallocate and adjust those plans all the time.

我們每天、每週都會對行銷策略進行調整。數位線索，你仍然要不斷應對成長及其價格，也就是產生數位線索的成本，而且我們必須不斷地重新分配和調整這些計畫。

We don't necessarily responsibly go spend into the market just to get leads. We have a budget. Having that budget forces you to manage within it and allocate resources to drive the best results we can to drive new recurring customers into our portfolio of brands.

我們可能不會為了獲取銷售線索而負責任地投入市場。我們有預算。有了預算，我們必須在預算範圍內進行管理，並合理分配資源，以取得最佳成果，為我們的品牌組合吸引新的回頭客。

So that continues to be the focus digital is a channel. It's not our only channel. We have brands that acquire customers lots of different ways. So we're not overly reliant on that. We love that about our business. But that has been a challenging evolving for, I guess, as long as we've been in digital that except it's just changing even faster these days. And I think our team does a really good job adjusting to that.

所以，數位化仍然是關注的重點，它是一個管道。這不是我們唯一的管道。我們旗下品牌透過多種不同的方式獲取客戶。所以我們並不是過度依賴它。我們喜歡我們業務的這一點。但我想，自從我們進入數位化時代以來，這一直是一個充滿挑戰的演進過程，只是如今變化的速度更快了。我認為我們的團隊在這方面適應得很好。

I think the broad diversification of the brand portfolio is certainly a competitive advantage. As I mentioned earlier, the door knocking business Saela, but also Fox, if you go back to Foxn23, that business is growing exceptionally well. And so our ability to pivot and maneuver and change the agile as market conditions change is certainly advantageous for us and helping us continue to deliver some solid financial results.

我認為品牌組合的廣泛多元化無疑是一項競爭優勢。正如我之前提到的，挨家挨戶推銷業務 Saela，還有 Fox，如果你回顧 Foxn23，這項業務發展得非常好。因此，我們能夠根據市場狀況的變化靈活調整策略，這無疑對我們有利，並有助於我們繼續取得穩健的財務表現。

Got it, thank you. Makes sense. And then as a follow-up, are you able to talk about when you get a onetime business, how often does that translate into recurring relationship with a customer? Is that like a source of new customers and you're able to build that recurring relationship from those onetime calls?

明白了，謝謝。有道理。其次，您能否談談，當您獲得一次性業務時，這種業務多久會轉化為與客戶的長期合作關係？這是否可以被視為新客戶的來源，並且能夠透過這些一次性通話建立起持續的客戶關係？

Sometimes, certainly, that happens. What you don't want to do is sell somebody who really wants a onetime service and is not fully committed to recurring services, sell them a recurring service because it usually results in somebody that's not happy. What we do find -- and this is really true. We've done the research on this over the years, particularly at Orkin, we have a lot of what we call recurring onetime customers. These are customers that come back to us year after year.

有時，這種情況確實會發生。你不應該向真正想要一次性服務、並且沒有完全承諾持續服務的人推銷持續服務，因為這通常會導致客戶不滿意。我們發現的——而且這確實是真的。多年來，我們一直在研究這個問題，尤其是在 Orkin，我們有很多所謂的「回頭客」。這些客戶年復一年地光顧我們。

They get one or two services a year and they're willing to pay more for those one or two services a year, but they don't want get, say, 4 to 6 services. It's just not their model.

他們每年接受一到兩項服務，並且願意為這每年一到兩項服務支付更多費用，但他們不想接受比如說 4 到 6 項服務。這不符合他們的模式。

But yes, they trust Orcan, they trust the brand, they know they got results and they come back. So we know there's certainly a portion there. But we also have to have a balance of providing something to someone that -- service someone that they don't really want. That just sets a relationship up for failure.

是的，他們信賴Orcan，信賴這個品牌，他們知道Orcan能帶來效果，所以他們會再次光顧。所以我們知道那裡肯定有一部分。但我們也必須找到一種平衡，既要為某些人提供他們並不真正需要的服務，又要滿足他們的其他需求。那樣做只會讓關係走向失敗。

Peter Keith, Piper Sandler.

彼得·基思，派珀·桑德勒。

Oh, thanks. Good morning, everyone. I wanted to just dig into the incremental EBITDA margin, which was below 20% and to make sure I understand it. So I guess, the weaker sales came in, but is it that you were still hiring and training and investing in those people costs? And then if that's right, just how does that inform your thinking around budgeting and those costs in Q1 with also some potential for sales weakness?

哦，謝謝。各位早安。我只想深入了解增量 EBITDA 利潤率，它低於 20%，並確保我理解它。所以我想，銷售額下滑是因為你們仍在招募、培訓和投資人力成本嗎？那麼，如果情況屬實，這會如何影響您對第一季預算和成本的思考，同時也要考慮銷售疲軟的可能性？

Yeah, certainly, continue to invest. Markets continue to be very healthy. Recurring business continues to come in, new customers continue to come in, Peter. And so we continue to see really good demand for our services -- when I impact the margin in Q4, certainly the volume had an impact.

當然，請繼續投資。市場持續保持健康態勢。老客戶不斷湧入，新客戶也不斷增加，彼得。因此，我們繼續看到對我們的服務有非常好的需求——當我談到第四季度的利潤率時，銷售肯定產生了影響。

When you look at that volume, call it, $12 million to $15 million of additional volume, probably $7 million to $8 million of additional profitability from an incremental perspective because that business is a little bit more profitable than our other business.

從增量角度來看，如果增加 1,200 萬到 1,500 萬美元的銷量，可能會帶來 700 萬到 800 萬美元的額外利潤，因為這項業務比我們的其他業務利潤更高。

And then the other thing that I called out, which should help us here as we go into is the fleet costs and the gain on vehicle sales. We had a headwind of, I believe, $6 million in Q4 associated with this. That was roughly 80 basis points of headwind. So I think those two items are certainly impacting -- they impacted the Q4 results I certainly expect fleet to be -- to improve. And I also expect that onetime business to improve as we move throughout 2026.

還有一點我之前提到過，這對我們接下來的討論很有幫助，那就是車隊成本和車輛銷售收益。我認為，第四季我們因此面臨 600 萬美元的不利影響。那大約是 80 個基點的逆風。所以我認為這兩項因素肯定會對第四季業績產生影響——我預計車隊規模將會擴大。我也預計，隨著我們進入2026年，這種一次性業務將會改善。

And I wouldn't say we're still hiring a lot in the fourth quarter. What I would say is we have more people that we brought on earlier in the year, have carried through the year, have them trained, experienced. And as long as they're performing, they're going to stay through those, call them, the winter or the late fall where months. so long as the performance is good. And so more than anything, we just had more people on staff that we brought in earlier.

我不會說我們在第四季還在大量招募。我想說的是，我們今年早些時候引進了一些人，他們一直留任到年底，接受過培訓，經驗豐富。只要他們還能演出，就會一直待到冬季或深秋，只要演出效果好。因此，最主要的原因是，我們增加了先前引進的員工人數。

And now those people having gone through a season as we get into February, March, April, as we turn the corner and get into season, these people are put in a much better position, much better experience to be able to serve our customers quite optimally.

現在，隨著二月、三月、四月的到來，隨著季節更迭，進入旺季，這些人已經經歷了一個繁忙的季節，他們擁有了更好的條件和經驗，能夠更好地為我們的客戶提供服務。

Okay. That's very good feedback. And then I wanted to circle back on one of the comments about what you're most excited about for 2026, and driving that across collaboration amongst your brands. There's also a potential for maybe a CRM database upgrade. And I'm wondering just on the IT front, are there any investments that need to be made or any sort of structural changes to the CRM infrastructure to help drive that collaboration?

好的。這是非常好的回饋。然後，我想回到之前的一個評論，即你對 2026 年最期待的是什麼，以及如何推動你的品牌之間的合作。此外，還有可能進行客戶關係管理（CRM）資料庫升級。我想知道，就 IT 方面而言，是否需要進行任何投資，或對 CRM 基礎架構進行任何結構性改變，以幫助推動這種協作？

We're evaluating that. We've had a lot of recent meetings about that, and those are really ongoing discussions more than anything. We're really talking about the use of AI because most of the CRMs are heavily driven on just like customer databases. But how do we use AI to link all these systems together and orchestrate them irrespective of exactly which CRM they're on.

我們正在評估這一點。最近我們為此開了很多會，這些與其說是正式的會議，不如說是正在進行的討論。我們實際上是在討論人工智慧的應用，因為大多數客戶關係管理系統都嚴重依賴客戶資料庫。但是，我們如何利用人工智慧將所有這些系統連接起來，並協調它們，而不管它們具體運行在哪個客戶關係管理系統上？

So we're having those conversations now and making some decisions around particularly how we invest in AI to help us do that. More so than just strictly making, we'll have some brands in some places that may need some CRM changes to help us make this work, but that's on our radar screen. It's still -- we're still probably in the first inning of those discussions.

所以我們現在正在進行這些討論，並就如何投資人工智慧來幫助我們實現這一目標做出一些決定。除了單純的生產製造之外，我們有些地方的品牌可能需要對客戶關係管理系統進行一些調整，以幫助我們實現這一目標，但我們已經注意到了這一點。目前，我們可能還處於這些討論的第一階段。

Yeah, when you look at the capital needs, we don't see a major change in capital outlay with respect to CapEx in 2026. We're making investments. I mean I commented earlier around our enterprise-wide financial systems that we're putting in place to help enable improvements. That's going to take some investment.

是的，從資本需求來看，我們認為 2026 年資本支出方面不會有重大變動。我們正在進行投資。我的意思是，我之前提到過我們正在建立的企業級財務系統，以幫助實現改進。那需要一些投資。

But not anything I don't believe that will be noticeable and disrupt our cash flow profile. There's nothing that's an overhaul of anything. It's more of what do we layer on top to enable and get systems talking to each other better -- how do we remind it. How do we continue to modernize all the things that we're doing and improve the tools that our teammates are using to improve the collaboration across brands.

但我認為這些事情不會造成明顯的影響，也不會擾亂我們的現金流狀況。沒有任何徹底的改革。更重要的是，我們要在上面添加什麼層，才能讓系統更好地相互溝通——我們如何提醒它這一點。我們如何不斷改進我們正在做的事情，並改進我們的團隊成員使用的工具，以改善跨品牌的協作？

George Tong, Goldman Sachs.

喬治唐，高盛集團。

Hi, thanks. Good morning. You mentioned that you expect few onetime revenue performances to be set to revenues for the rest of the year. And how that will be supportive of your overall 7% to 8% organic revenue growth outlook?

您好，謝謝。早安.您提到，您預計今年剩餘時間裡，很少有一次性收入成長會影響到全年的收入。那麼這將如何支持您實現 7% 至 8% 的整體有機收入成長預期？

Yeah, we haven't put a number out there in terms of what we expect in Q1 with onetime revenue. What I did say in my prepared comments is this business is growing if you go back over time, 1% to 2%. In my -- have a quarter where it jumps up to [3] but then you have a quarter like Q4, where it was declining 2% to 3% or so. And so you really the plus percent, 7.5% of growth from recurring and ancillary, and I can get 1% to 2% from this other business.

是的，我們還沒有公佈第一季一次性收入的預期數字。我在準備好的發言稿中確實說過，如果回顧過去，這個行業正在成長，成長率為 1% 到 2%。在我的季度中，有的季度增長了 3%，有的季度增長了 2% 到 3%，但有的季度，例如第四季度，增長卻下降了 2% 到 3% 左右。因此，你實際上可以從經常性收入和輔助性收入中獲得 7.5% 的成長，而我可以從其他業務中獲得 1% 到 2% 的成長。

It's very acceptable, and it allows us and enables us to grow our overall portfolio organic growth is 7% to 8%, allows us to get that double-digit earnings growth to come through the model. So that's kind of how I view it. That's how I look at it, and that's what I would hope to continue to deliver.

這完全可以接受，它使我們能夠實現整體投資組合的有機成長，達到 7% 到 8%，使我們能夠透過該模型獲得兩位數的收益成長。我大概就是這麼看的。我是這麼看的，也是我希望繼續做到的。

Got it. That's helpful. And then related to that, are there certain indicators or metrics that you can use to track how onetime revenue performance performing? Any leading indicators or APIs that can give you confidence or visibility into performance in the coming quarters?

知道了。那很有幫助。與此相關的是，是否有某些指標或衡量標準可以用來追蹤一次性收入的績效？是否有任何領先指標或 API 可以幫助您對未來幾季的業績有信心或更清晰的了解？

That's a good question. I think the one thing that, as we look at it, again, it's such a small business, like it's not a major business. It doesn't move with economic cycles. So it's hard to pull a macro factor and say, hey, when this does this, industrial production does this, we do this. That's just not the case.

這是個好問題。我認為，從我們的角度來看，這確實是一家規模很小的企業，不算是一家大企業。它不受經濟週期的影響。所以很難找出宏觀因素，然後說，嘿，當這種情況發生時，工業生產就會發生這種情況，我們也會這樣做。事實並非如此。

We don't -- we're not tied to purchase managers. We're not tied to industrial production. It's very much one-off business. But when you look at weather patterns, you look at the average temperature, I mean, when you look at the Northeast -- you look at the Midwest in November and December, the weather was much colder than it was a year ago. And it's quite frankly, that simple.

我們不需要－我們不受採購經理的約束。我們並不依賴工業化生產。這完全是一次性的交易。但是，當你觀察天氣模式，觀察平均氣溫時，我的意思是，當你觀察東北部——當你觀察中西部地區 11 月和 12 月的天氣時，你會發現那裡的天氣比一年前要冷得多。坦白說，事情就是這麼簡單。

If you can't get out on the road, if you can't get safely on a building to a house, we're not going to send our people out. And so that certainly has an impact on the business. But again, it's such a small business in terms of overall portfolio size that it's hard to tie that to any macro factor.

如果不能上路，如果不能安全地登上建築物到達房屋，我們就不會派人出去。因此，這無疑會對企業產生影響。但話說回來，就整體投資組合規模而言，這是一家規模很小的企業，很難將其與任何宏觀因素聯繫起來。

I think about over the years, Ken, over the last 15 years since bed bugs have had their resurgence in the US. There's been years when bedbugs suddenly shoot back up, and it's all over the news and that people bring them home or hotels and it's a lot more. And then all of a sudden, there could be a year where it's soft.

肯，我想起了這些年來，尤其是過去15年，自從臭蟲在美國捲土重來以來。有些年份，臭蟲會突然捲土重來，新聞鋪天蓋地報道，人們把臭蟲帶回家或帶到飯店，情況變得更加糟糕。然後突然之間，可能就會出現一年氣候溫和的時期。

And instead, something else is there, so all those types of various tests that cause that onetime business to come and go have been in our business over decades and it will continue to be that way. And when one thing kind of goes away, another issue arises or some invasive test comes. So it's really hard to predict.

相反，還有其他因素在起作用，因此，所有那些導致曾經的生意興隆又衰落的各種測試，幾十年來一直存在於我們的生意中，並將繼續如此。當一個問題逐漸消失時，另一個問題又出現了，或者需要進行一些侵入性檢查。所以真的很難預測。

And we don't use that measure determine how healthy our business is our command it goes. It's just -- it's this extra business or that comes in. And so our measure and our metric for determining how healthy our business our revenue from recurring contracts and recurring arrangements with customers and then the nine shots on goal, the ancillary business.

我們不會用這個指標來判斷我們企業的健康狀況，我們的指示就是這樣。就是──就是這額外的生意或那額外的生意。因此，我們衡量和確定我們業務健康狀況的指標是來自客戶的經常性合約和經常性安排的收入，以及九次射門得分，即輔助業務。

I mean that's what the business, I believe, is valued upon, and that's how we measure the health of our business.

我的意思是，我認為，企業的價值就在於此，這也是我們衡量企業健康狀況的標準。

Brian McNamara, Canaccord Genuity.

Brian McNamara，Canaccord Genuity。

Good morning, guys. Thanks for taking the question. So I'm curious about the new tech retention. You guys had mentioned that you outlined that in New York in early December. And you mentioned a retention improved, I think, 8% in the prepared remarks. So I'm assuming that's first year tax, does that mean you had to hire 8% fewer new tech? Or what does that 8% specifically measure?

各位早安。感謝您回答這個問題。所以我很好奇新科技的留存率如何。你們之前提到過，你們在 12 月初在紐約概述了這一點。你提到，準備的發言稿的保留率提高了8%，我想是這樣的。所以我假設這是第一年的稅，那是不是代表你們需要減少8%的新技術招募？或者說，這 8% 具體衡量的是什麼？

And then I think you mentioned in December, you had mentioned the kind of a $5 million to $10 million in savings number expected for the year. I'm curious where that landed and what's embedded in your 2026 expectation there. Thank you.

然後，我想您在 12 月提到過，預計今年將節省 500 萬至 1000 萬美元。我很想知道最終結果如何，以及你對 2026 年的預期中蘊含著什麼。謝謝。

Yeah, the last number I saw was approaching us hiring -- having higher about 600 fewer people year-over-year as a result of our improvements that we made in retention. And that that certainly has an impact on payroll margin helped us the first, especially the first nine months of the year, which is more of the time when you're actually hiring.

是的，我看到的最新數據顯示，由於我們在員工留任方面取得了進步，我們預計招募人數將比前一年減少約 600 人。而這無疑對薪資利潤率產生了影響，這對我們幫助很大，尤其是在年初的前九個月，因為這段時間正是我們實際招募的高峰期。

we still have room to go there, to continue to improve that. And our team has done a really good job sort of blueprinting the first year journey of our people, so that -- we can we know we know if we can keep keep you here for a year we can have you fall in love with this business and you'll stay at an awful lot longer.

我們在這方面還有進步空間，可以繼續改進。我們的團隊在規劃員工第一年的發展藍圖方面做得非常出色，這樣一來，我們就能知道，如果我們能讓你在這裡待上一年，我們就能讓你愛上這份工作，你也會在這裡待更長時間。

So our team has really put forth, some plans and a kind of a model for us to follow that first year. We in January we had our leadership meeting with all our region managers. We had 250 people in the room, and this was part of our breakouts, and part of our teachings that we did to ensure that we're driving these best practices down through our business because this continues to be such an opportunity for upside.

所以我們的團隊確實提出了一些計劃和一種模式，供我們第一年遵循。一月份我們召開了領導會議，所有區域經理都參加了。當時房間裡有 250 人，這是我們分組討論的一部分，也是我們教學的一部分，目的是確保我們將這些最佳實踐貫徹到我們的業務中，因為這仍然是一個巨大的發展機會。

It's not only to improve our retention as we know this this will be a direct correlation to help us improve our customer retention in the end.

這不僅是為了提高我們的客戶留存率，因為我們知道這將與最終幫助我們提高客戶留存率直接相關。

Yeah. I mean when we look at it, 600 people, $10,000 to $15,000 of onboarding costs is between $5 million and $10 million of savings. And we hire a lot of people every year, and we lose way too many. And 600 is just a small fraction of those people. And we're focused on this because we feel like this is tens of millions of dollars of opportunity.

是的。我的意思是，我們來看，600 人，1 萬到 1.5 萬美元的入職成本，就能節省 500 萬到 1000 萬美元。我們每年招募很多人，但流失的人也太多了。而600人只是這些人中的一小部分。我們之所以關注這件事，是因為我們認為這其中蘊藏著數千萬美元的商機。

And it also is an opportunity help influence growth. Because what we know is turnover in technicians is tied to turnover in customers. And so if we can do a better job at onboarding and keeping people, we're going to do a better job of keeping customers.

這也是幫助影響成長的機會。因為我們知道，技術人員的流動率與客戶的流動率密切相關。因此，如果我們能在人員入職和留存方面做得更好，就能更好地留住客戶。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to management for closing remarks.

我們的問答環節到此結束。我謹將會議交還給管理階層，請他們作閉幕致詞。

Thank you, everyone, for joining us today. We appreciate your interest in our company, and we look forward to speaking with you on our first quarter earnings call in just a few months.

謝謝各位今天蒞臨。感謝您對我們公司的關注，我們期待在幾個月後的第一季財報電話會議上與您交流。

Thank you. That will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開線路了，感謝您的參與。