Shimmick Corp (SHIM) 2025 Q2 法說會逐字稿

Good afternoon, and thank you for joining us on today's conference call to discuss Shimmick's second quarter 2025 results. Slides for today's presentation are available on the investor relations section of our website, www.shimmick.com.

下午好，感謝您參加今天的電話會議，討論 Shimmick 2025 年第二季的業績。今天示範的幻燈片可在我們網站 www.shimmick.com 的投資者關係部分找到。

During this conference call, management will make forward-looking statements based on current expectations and assumptions which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect.

在本次電話會議中，管理階層將根據目前的預期和假設做出前瞻性陳述，這些陳述受風險和不確定性的影響。如果我們的任何關鍵假設不正確，實際結果可能與我們的前瞻性陳述有重大差異。

We identify the principal risks and uncertainties that may affect our performance in our reports and filings with the Securities and Exchange Commission, which can also be found on our investor relations website. We do not undertake a duty to update any forward-looking statements.

我們在向美國證券交易委員會提交的報告和文件中指出了可能影響我們業績的主要風險和不確定性，這些報告和文件也可以在我們的投資者關係網站上找到。我們不承擔更新任何前瞻性陳述的義務。

Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the company's second quarter press release for definitional information and reconciliations of historical non-GAAP measures to the comparable GAAP financial measures.

今天的演示也涉及非公認會計準則財務指標。您應該參考公司第二季新聞稿中包含的信息，以了解定義資訊以及歷史非 GAAP 指標與可比較 GAAP 財務指標的對帳。

With that, it is my pleasure to turn the call over to Ural Yal, Shimmick, CEO.

我很高興將電話轉給執行長 Shimmick 的 Ural Yal。

Good afternoon, and thank you all for joining us on today's call. I'm joined by Todd Yoder, Shimmick's CFO. And let's get started.

下午好，感謝大家參加今天的電話會議。與我一起參加的是 Shimmick 的財務長 Todd Yoder。讓我們開始吧。

I'm-going to start by discussing our results for the second quarter and the increasing momentum we are experiencing in our business. For the second quarter of 2025, we delivered revenues of $128 million, the gross margin of $8 million and a nearly flat adjusted EBITDA of negative $234,000.

我將首先討論我們第二季的業績以及我們業務中正在經歷的成長勢頭。2025 年第二季度，我們的營收為 1.28 億美元，毛利率為 800 萬美元，調整後的 EBITDA 幾乎持平，為負 234,000 美元。

Of the second quarter revenues, over 88% came from Shimmick projects, which is a 12% improvement from the first quarter of 2025. We've also tripled our gross margin on our shimming projects from prior year second quarter on the heels of the continued operational improvements we have been putting in place since the beginning of the year.

在第二季的收入中，超過 88% 來自 Shimmick 項目，比 2025 年第一季提高了 12%。自今年年初以來，我們一直在持續改善營運，因此墊片專案的毛利率也比去年第二季成長了兩倍。

We expect our core business to generate higher margins as we continue to build our backlog. We are now referring to the source of revenue previously defined as legacy and foundations projects within the income statement as noncore projects to better define our vision forward.

我們預計，隨著我們繼續增加訂單量，我們的核心業務將產生更高的利潤率。我們現在將損益表中先前定義為遺留和基礎項目的收入來源稱為非核心項目，以便更好地定義我們的未來願景。

In this quarter, similar to last quarter, these noncore projects, which are projects that date back to previous ownership or types of projects we no longer intend to pursue saw losses as we continue to work through that backlog. However, the share of these projects are decreasing both in our backlog and in the end revenue quarter after quarter and replaced by projects that align with our go-forward strategy and profitable core business.

本季度，與上一季類似，這些非核心項目（可追溯到以前所有權的項目或我們不再打算繼續進行的項目類型）因我們繼續處理積壓項目而出現虧損。然而，這些項目在我們的積壓訂單和最終收入中所佔的份額逐季下降，並被符合我們未來策略和獲利核心業務的項目所取代。

We also strengthened our liquidity position in the second quarter, finishing the quarter with a total liquidity of $73 million, a sequential increase of $2 million compared to the first quarter. As we move through the second half of 2025, I'm pleased to report accelerating momentum in the business.

我們也在第二季加強了流動性狀況，本季末的總流動性為 7,300 萬美元，與第一季相比連續增加 200 萬美元。隨著我們進入 2025 年下半年，我很高興地報告業務發展勢頭正在加速。

This progress is the direct result of the revamped strategy we introduced at the beginning of the year. One centered on driving better margins through bidding projects aligned with our core competencies, deeper client engagement that drive improved project outcomes and sharper operational discipline that enhance employee satisfaction and effective execution.

這項進展是我們年初推出的修訂策略的直接成果。其中一個重點是透過競標符合我們核心競爭力的專案來提高利潤率，透過更深入的客戶參與來改善專案成果，透過更嚴格的營運紀律來提高員工滿意度和有效執行。

We are especially encouraged to see strong positive activity in adding to our backlog, which I will discuss next. We are now seeing our growth strategy take hold, starting with a significant uptick in bidding activity.

我們尤其高興地看到，我們在增加積壓工作方面採取了強有力的積極行動，我將在下文中討論這一點。現在，我們看到我們的成長策略正在發揮作用，首先是投標活動的大幅增加。

Both the volume and the quality of opportunities have improved meaningfully over the last two quarters. In fact, we hit our best month of bid volume per month recently, and our 12 month bidding outlook stands at over $4.5 billion, which supports our robust backlog growth based on our historical win rates.

過去兩個季度，機會的數量和品質都有了顯著提高。事實上，我們最近創下了每月最佳投標量，我們 12 個月的投標預期將超過 45 億美元，這支持了我們基於歷史中標率的強勁積壓增長。

This is a strong indication of our ability to pursue larger volumes of work across our geographies and disciplines. Our pipeline is large and well aligned with our core capabilities, targeting complex infrastructure projects where our self-perform model drives profits and adds value for our public and private clients.

這有力地證明了我們有能力跨地域、跨學科進行更大規模的工作。我們的管道規模龐大，與我們的核心能力高度契合，針對複雜的基礎設施項目，我們的自主執行模式可以帶來利潤，並為我們的公共和私人客戶增加價值。

We are also focused on developing our backlog with projects delivered through integrated, risk-balanced delivery models that over time will yield more consistent results for Shimmick. Now with our investment in increased capacity and resources and work winning, we have the ability to pursue and win projects where we can perform, deliver and scale sustainably and profitably.

我們也專注於透過整合的、風險平衡的交付模式來開發我們的積壓項目，隨著時間的推移，這些項目將為 Shimmick 帶來更一致的結果。現在，透過對增加產能和資源的投資以及贏得工作，我們有能力追求和贏得能夠可持續和盈利地執行、交付和擴展的項目。

We are seeing good opportunities across water, electrical and public transportation fields, which we expect to capitalize on in the second half of the year. In the second quarter, we added a few projects to our backlog, but we've seen greater momentum in the business post quarter close.

我們在水利、電力和公共交通領域看到了良好的機遇，我們預計將在今年下半年抓住這些機會。在第二季度，我們增加了一些積壓項目，但我們看到季度結束後業務發展勢頭更加強勁。

To highlight a few of the project wins that we added to the backlog in the second quarter. These include an electrical power distribution system improvements project for Orange County sanitation district, another electrical project for Redwood Materials battery recycling facility in Nevada and a flood control project for the Sacramento area flood control agency.

重點介紹一下我們在第二季度添加到積壓項目中的一些勝利。其中包括奧蘭治縣衛生區的電力分配系統改進項目、內華達州 Redwood Materials 電池回收設施的另一個電力項目以及薩克拉門托地區防洪機構的防洪項目。

Since the end of the second quarter, we've been awarded several projects and have been selected as preferred bidder on two others, which underscores the strength of our new positioning. At the end of July, we announced a $51 million contract for Bellota Weir modifications in Stockton, California.

自第二季末以來，我們已中標多個項目，並被選為另外兩個項目的優先投標人，這凸顯了我們新定位的實力。7 月底，我們宣布了一份價值 5,100 萬美元的合同，用於改造加州斯托克頓的貝洛塔堰。

This project includes the construction of a gate ware, surface water intake and fish screens and ladders within a conveyance system. This project exemplifies how infrastructure can serve both people and the environment.

該項目包括建造閘門、地表水取水口以及輸送系統內的魚柵和梯子。該項目體現了基礎設施如何服務於人類和環境。

By combining advanced water conveyance with ecological safeguards, we are helping shape the future of water management in California. Additionally, we have been awarded several contracts for $70 million that added to our backlog in July and have been selected as preferred bidder on two additional projects for $164 million totaling $234 million across California and Washington, spanning different aspects of water, transportation and electrical infrastructure.

透過將先進的輸水技術與生態保護措施相結合，我們正在幫助塑造加州水資源管理的未來。此外，我們還獲得了幾份價值 7000 萬美元的合同，這增加了我們 7 月份的積壓訂單，並且我們還被選為另外兩個項目的優先投標人，這兩個項目的總價值為 1.64 億美元，總計 2.34 億美元，涉及加利福尼亞州和華盛頓州的水、交通和電力基礎設施的不同方面。

These projects are expected to be awarded and commenced in the third quarter and reflect the growing demand for Shimmick's integrated delivery solutions, which includes civil, mechanical and electrical self-perform capabilities.

這些項目預計將於第三季授予並開始實施，反映了對 Shimmick 綜合交付解決方案日益增長的需求，該解決方案包括土木工程、機械和電氣自主執行能力。

These not only reinforce our standing with existing clients, but also open stores with new partners and agencies that value dependable delivery. And with electrical work, nearly 30% of the contract value, these wins reflect another successful outcome of our strategy of increasing the share of electrical work in our backlog.

這些不僅鞏固了我們與現有客戶的關係，而且還與重視可靠交付的新合作夥伴和代理商開設了商店。其中電氣工程佔合約價值的近 30%，這些勝利反映了我們增加電氣工程在積壓工作中所佔份額的策略的另一個成功成果。

Turning to our electrical project focus. I'm pleased to share that we've officially announced Axia Electric in the second quarter, a dedicated electrical subsidiary designed to meet the growing market demand for specialized electrical and power distribution solutions.

轉向我們的電力項目重點。我很高興告訴大家，我們已於第二季正式宣布成立 Axia Electric，這是一家專門的電氣子公司，旨在滿足市場對專業電氣和配電解決方案日益增長的需求。

This new brand identity, which means value in Greek, not only aligns with how the market views us today, but also positions us for where we're headed and reflects our vision for Shimmick. Axia Electric will serve a range of infrastructure markets, including industrial, transportation, commercial and advanced manufacturing and data center construction in addition to our core water-related electrical work.

這個新的品牌標誌在希臘語中意為“價值”，它不僅符合當今市場對我們的看法，而且還為我們的發展方向定位，並反映了我們對 Shimmick 的願景。除了核心的水利電力工程外，Axia Electric 還將服務一系列基礎設施市場，包括工業、交通、商業和先進製造以及資料中心建設。

The subsidiary self-perform model, strong safety culture and the ability to deliver turnkey solutions offer our clients the best possible budget and schedule outcomes. As a reminder, with the investments we're making in estimating sales and operations, we expect electrical work to continue to grow and share of our backlog with a target of 30% by 2027 from approximately 17% today.

子公司的自我執行模式、強大的安全文化和提供交鑰匙解決方案的能力為我們的客戶提供了最佳的預算和進度結果。提醒一下，透過我們在估算銷售和營運方面所做的投資，我們預計電氣工作將繼續成長，並在積壓訂單中所佔份額將從目前的約 17% 達到 2027 年的 30%。

Our business operates in a very active segment of the market. with a wide base of existing and potential clients, reflecting an addressable market of over $100 billion of annual spend based on our geographic focus and core capability markets. That said, I want to take a moment to address the quickly improving operating environments across our broader pipeline, particularly as it relates to the timing of work.

我們的業務在市場中非常活躍的領域運營，擁有廣泛的現有和潛在客戶群，根據我們的地理重點和核心能力市場，可尋址市場每年的支出超過 1000 億美元。話雖如此，我想花點時間談談我們更廣泛的管道中快速改善的營運環境，特別是與工作時間相關的環境。

Last quarter, I talked about some of the delays in bidding and award activity by our clients due to uncertainties around the economy. In the second quarter, we have seen these concerns ease substantially and bidding activity recover.

上個季度，我談到了由於經濟不確定性導致我們的客戶在投標和授予活動方面出現一些延遲。在第二季度，我們看到這些擔憂大幅緩解，競標活動有所恢復。

We have seen this trend continue into the first couple of months of the third quarter and the good news is that we're taking advantage of this rebound. We're winning work and improving operationally through disciplined cost and risk management and our efforts towards attracting and retaining talent.

我們看到這一趨勢持續到了第三季的頭幾個月，好消息是我們正在利用這一反彈。我們透過嚴格的成本和風險管理以及吸引和留住人才的努力來贏得工作並改善營運。

We are optimistic about our future and the quarters ahead.

我們對我們的未來和未來幾季充滿樂觀。

And in the meantime, we are focused on precise execution of our active work and preserving our ability to scale quickly. I'm excited about the progress we've made so far in 2025.

同時，我們專注於精確執行我們的積極工作並保持快速擴展的能力。我對我們到 2025 年為止所取得的進展感到非常興奮。

Our business is strong and will continue to get stronger as we burn off our noncore backlog and continue to capitalize on favorable market conditions. Looking ahead, we feel confident about the trajectory we're on.

我們的業務很強勁，隨著我們消除非核心積壓訂單並繼續利用有利的市場條件，我們的業務將繼續變得更加強勁。展望未來，我們對目前的發展軌跡充滿信心。

With a stronger pipeline and growing backlog and a sharper execution model, we're well positioned to carry this momentum into 2026 and beyond. And with that, I'd like to turn it to Todd, who will review our financials in more detail.

憑藉更強大的產品線、不斷增長的訂單量以及更敏銳的執行模式，我們已準備好將這一勢頭延續到 2026 年及以後。接下來，我想把話題轉到托德身上，他將更詳細地審查我們的財務狀況。

Thank you, Ural. It was an amazing second quarter at Shimmick and a very productive first quarter for me. During the quarter, I had the opportunity to visit many of our projects across the country and spend time with the talented men and women who are out on our project sites, making it happen every day.

謝謝你，烏拉爾。對我來說，在希米克的第二季度表現非常出色，而第一季則非常有成效。在本季度，我有幸參觀了我們在全國各地的許多項目，並與每天在項目現場工作的才華橫溢的男男女女們共度時光，使這一切成為現實。

I want to thank all of you for the warm welcome to Shimmick and for the great work that you're all doing to make Shimmick safe and successful. And like Ural, I couldn't be more excited with the momentum and the opportunities we have going into the second half of the year.

我要感謝大家對希米克的熱烈歡迎，以及你們為確保希米克的安全和成功所做的出色工作。和烏拉爾一樣，我對我們下半年的發展動能和機會感到無比興奮。

With that, let's jump into the results for the second quarter. All comparisons made today will be on a year-over-year basis as compared to the same period in 2024.

有了這些，讓我們來看看第二季的業績。今天進行的所有比較都將以 2024 年同期為基準。

So to kick off with revenue for the second quarter of 2025, we had $128 million. That's up 42% compared to $91 million for the second quarter of 2024. Shimmick project revenue for the second quarter 25 was $113 million, up 35% compared to $84 million last year.

因此，2025 年第二季我們的營收為 1.28 億美元。與 2024 年第二季的 9,100 萬美元相比，這一數字成長了 42%。Shimmick 專案第二季營收 25 億美元，較去年同期的 8,400 萬美元成長 35%。

The $29 million increase in revenue was driven in part by $18 million of revenue from new water and infrastructure projects ramping up and $18 million of revenue from our California Palisades fire cleanup project. This was partially offset by $7 million of lower burn on a combination of existing projects and projects winding down.

2900 萬美元的收入成長部分得益於新水利和基礎設施項目建設帶來的 1800 萬美元收入，以及加州帕利塞德火災清理項目帶來的 1800 萬美元收入。這部分被現有項目和逐步結束的項目合計 700 萬美元的較低消耗所抵消。

Noncore project revenue for the second quarter was $16 million, up 129% compared to $7 million last year. The increase versus the prior year period was driven by the settlement of a claim on a large noncore loss project during the second quarter of 2024, which did not recur during the second quarter of 2025.

第二季非核心專案營收為 1,600 萬美元，較去年同期的 700 萬美元成長 129%。與去年同期相比有所增長，原因是 2024 年第二季度解決了一項大型非核心虧損項目的索賠，但該索賠在 2025 年第二季度沒有再次發生。

Gross margin for the second quarter of 2025 was $8 million, up 126% and compared to negative gross margin of $31 million for the second quarter of 2024. Gross margin recognized on Shimmick projects was $15 million up 226% compared to $5 million for the second quarter of 2024.

2025 年第二季的毛利率為 800 萬美元，成長 126%，而 2024 年第二季的毛利率為負 3,100 萬美元。Shimmick 專案的毛利為 1,500 萬美元，較 2024 年第二季的 500 萬美元成長 226%。

The $10 million increase in gross margin was driven by $6 million from new water and infrastructure projects ramping up and $4 million from our California Palisades fire cleanup one project. Gross margin recognized on noncore projects was negative $7 million for the second quarter.

毛利率增加 1000 萬美元，其中 600 萬美元來自新的水利和基礎設施項目，400 萬美元來自加州帕利塞德火災清理項目。第二季非核心專案的毛利率為負 700 萬美元。

Favorable $29 million as compared to a negative gross margin of $36 million for the second quarter of 2024, driven by the claim settlement that occurred in the second quarter of 2024 that I mentioned earlier. This is a good time to remind our attendees as noncore projects in a loss position continue to wind down to completion.

與 2024 年第二季的負 3,600 萬美元毛利率相比，本季的毛利率為 2,900 萬美元，這得益於我之前提到的 2024 年第二季的索賠解決。這是一個提醒與會者的好時機，因為處於虧損狀態的非核心專案正在逐步完成。

No further gross margin will be recognized. And in some cases, we could experience additional costs associated with the completion of these projects, all of which will be recognized in the period.

不再確認毛利率。在某些情況下，我們可能會遇到與完成這些項目相關的額外成本，所有這些成本都將在該期間確認。

Moving on to G&A. Expenses for the second quarter of 2025 were $15 million, down 20% or nearly $4 million as compared to the second quarter of 2024.

繼續討論一般及行政事務。2025 年第二季的支出為 1,500 萬美元，與 2024 年第二季相比下降了 20%，即近 400 萬美元。

The lower G&A expense is a testament to our diligence and the continued implementation of our transformation plan. We reported a net loss for the second quarter of 2025 of $8 million compared to a net loss of $51 million for the second quarter of 2024.

較低的一般及行政費用證明了我們的勤勉和轉型計劃的持續實施。我們報告 2025 年第二季淨虧損為 800 萬美元，而 2024 年第二季淨虧損為 5,100 萬美元。

This $43 million improvement was driven by favorable gross margin of $39 million and the reduction in G&A expenses of $4 million that I mentioned earlier. Adjusted EBITDA, for the second quarter 2025 was nearly flat at negative $234,000 compared to negative adjusted EBITDA of $40 million in the second quarter.

這 4,300 萬美元的增長得益於我之前提到的 3,900 萬美元的良好毛利率和 400 萬美元的 G&A 費用減少。2025 年第二季的調整後 EBITDA 幾乎持平，為負 234,000 美元，而第二季的調整後 EBITDA 為負 4000 萬美元。

Turning to the balance sheet. Unrestricted cash and cash equivalents at the end of the quarter totaled $21 million, and the availability under our credit agreements totaled $52 million.

轉向資產負債表。本季末的非限制現金和現金等價物總額為 2,100 萬美元，而我們根據信貸協議可用的現金總額為 5,200 萬美元。

This results in our total liquidity position of $73 million ending in the second quarter. And I'll note that's a $2 million increase from where we ended the first quarter.

這導致我們第二季末的總流動資金狀況為 7,300 萬美元。我要指出的是，這比第一季末增加了 200 萬美元。

We feel comfortable that our liquidity position ending the second quarter provides the capital needed to continue executing on our strategic and operational priorities. We ended the second quarter of 2025 with backlog of $652 million.

我們感到欣慰的是，第二季末的流動性狀況為繼續執行我們的策略和營運重點提供了所需的資金。截至 2025 年第二季度，我們的積壓訂單金額為 6.52 億美元。

The mix of our backlog continues to improve as Shimmick's projects now represent 88% of the total backlog as of the end of the second quarter. We are fully committed to winning the right way.

我們的積壓訂單結構持續改善，截至第二季末，Shimmick 的專案已佔總積壓訂單的 88%。我們全力以赴以正確的方式贏得勝利。

One of the three pillars that define our growth strategy is sustainable risk balanced backlog, which centers around a disciplined approach to how we bid work, what type of work we bid, where we bid work, all of this while remaining focused on risk balance pursuits that align with our core capabilities and strategic growth plan.

定義我們成長策略的三大支柱之一是可持續風險平衡積壓，它圍繞著我們如何競標工作、我們競標什麼類型的工作、我們在哪裡競標工作的嚴謹方法，所有這些都同時專注於與我們的核心能力和戰略增長計劃相一致的風險平衡追求。

We are pleased with the second quarter progress and especially pleased and excited about the momentum we have going into the second half of the year. Moving on to slide 8, we experienced stronger revenue burn on both Shimmick projects and noncore projects during this first half of 2025.

我們對第二季度的進展感到滿意，尤其對下半年的發展勢頭感到高興和興奮。繼續看投影片 8，2025 年上半年，我們在 Shimmick 專案和非核心專案上的收入消耗都更大。

As well as a slower ramp-up of new work as compared to our initial guidance. In our initial guidance, we estimated noncore projects would be approximately 10% of our total revenue in the second half and we now expect noncore project burn to be in the range of 14% to 18% in the second half of our total revenue.

與我們最初的指導相比，新工作進展也較慢。在我們的初步指導中，我們估計非核心項目將佔下半年總收入的約 10%，現在我們預計下半年非核心項目消耗將佔總收入的 14% 至 18%。

Our first half gross margin for Shimmick projects was 10%, while our gross margin on these noncore projects was a negative 16% for the quarter, for the first half. This creates an overall net negative mix impact on total Shimmick gross margin.

我們上半年 Shimmick 專案的毛利率為 10%，而本季上半年這些非核心專案的毛利率為-16%。這對 Shimmick 的總毛利率產生了整體淨負組合影響。

We're updating our full year 2025 guidance, and we now expect Shimmick projects revenue in the range of $405 million to $415 million, up from our initial guidance of $392 million to $410 million. With an overall gross margin on Shimmick projects between 9% and 12%, noncore projects revenue we now expect in the range of $80 million to $90 million, up from our initial guidance of $50 million to $60 million with gross margin for noncore projects between negative 15% and negative 5%.

我們正在更新 2025 年全年指引，目前我們預計 Shimmick 專案營收將在 4.05 億美元至 4.15 億美元之間，高於我們最初指引的 3.92 億美元至 4.1 億美元。Shimmick 專案的整體毛利率在 9% 到 12% 之間，我們目前預計非核心專案收入將在 8,000 萬美元到 9,000 萬美元之間，高於我們最初預測的 5,000 萬美元到 6,000 萬美元，非核心專案的毛利率在負 15% 到負 5% 之間。

We now expect to achieve consolidated adjusted EBITDA of between $5 million and $15 million versus our initial guidance range of $15 million to $25 million. This is driven by the negative mix impact that I just mentioned earlier.

我們現在預計合併調整後 EBITDA 將達到 500 萬美元至 1500 萬美元之間，而我們最初的指導範圍是 1500 萬美元至 2500 萬美元。這是由我之前提到的負面混合影響所導致的。

With that, I want to thank those of you who are joining us on the call today and for your continued interest in Shimmick. Now back to Ural.

最後，我要感謝今天參加電話會議的各位，感謝你們對 Shimmick 的持續關注。現在回到烏拉爾。

Last quarter, I stated our goal of making Shimmick one of the nation's leading sustainable infrastructure companies. We are on our way towards that goal.

上個季度，我提出了我們的目標是將 Shimmick 打造成為全國領先的永續基礎設施公司之一。我們正在朝著這個目標前進。

To recap our investments towards growing our backlog is working. And as the share of our overall revenue represented by loss-generating noncore projects decline, we expect that our overall margins will continue to improve.

回顧一下，我們為增加積壓訂單而進行的投資是有效的。隨著虧損的非核心項目占我們總收入的份額下降，我們預計我們的整體利潤率將繼續提高。

And now with our newly established electrical subsidiary, we are able to target growth markets for even higher margin work in industrial, advanced manufacturing and data center markets in addition to our core water and wastewater work. I'm encouraged by the positive signs of our strategy taking hold.

現在，憑藉我們新成立的電力子公司，除了核心的水和廢水處理業務外，我們還能夠瞄準成長市場，在工業、先進製造和資料中心市場中開展利潤更高的業務。我們的策略取得成效的正面跡象令我感到鼓舞。

Over the upcoming quarters, I'm confident that we will show continued progress in getting through lost projects of the past, deliver stronger results on our core profitable work and quickly grow our backlog with work that is better aligned with our strengths. As always, I want to express my appreciation for the entire Shimmick team for their enthusiasm and contributions to our company's bright future.

在接下來的幾個季度裡，我相信我們將在解決過去丟失的項目方面繼續取得進展，在我們的核心盈利工作上取得更好的成果，並通過與我們的優勢更加匹配的工作迅速增加我們的積壓工作。一如既往，我要對整個 Shimmick 團隊的熱情和對我們公司美好未來的貢獻表示感謝。

Operator, you may now open the line for questions.

接線員，您現在可以打開熱線來回答問題了。

(Operator Instructions)

（操作員指示）

Aaron Spychalla, Craig-Hallum.

亞倫·斯皮查拉、克雷格·哈勒姆。

Maybe first for me on the pipeline, $4.5 billion 12 months. Can you just maybe talk a little bit about how that compares to the past couple of quarters and then maybe just remind us of kind of your historical win rates or a targeted win rates as you kind of think about that over the next three to four quarters?

也許對我來說，這是第一個管道項目，每年 45 億美元。您能否稍微談談與過去幾季相比的情況，然後提醒我們您的歷史勝率或目標勝率，以及您對未來三到四個季度的預期？

Yeah. No, that's a great question. So 4.5% is a mix of what I would call fixed price contracts and negotiated contracts. So we have generally had traditional different win rates between those two.

是的。不，這是一個很好的問題。因此，4.5% 是我所謂的固定價格合約和協商合約的混合。因此，我們通常認為這兩者之間的勝率是不同的。

So generally, we average around 15% on the fixed-price contracts and more like 20%-ish on the negotiated contracts. So it will be a mix between those two.

因此，一般來說，我們在固定價格合約上的平均費用約為 15%，在協商合約上的平均費用約為 20% 左右。所以這將是兩者的混合。

So from a backlog growth perspective, 4.5% is a sign of a great market. And I think our expanded geographical reach and access to electrical market is kind of growth, showing that increase over quarter after quarter as to what that number is.

因此，從積壓訂單成長的角度來看，4.5% 是一個良好市場的標誌。我認為我們擴大的地理覆蓋範圍和進入電力市場的管道是一種增長，顯示出這一數字逐季度遞增。

When we first started the beginning of the year, it was more in the $2 billion range. So we've seen some significant growth there. And that's partly related to the market just not having that pause that I talked about.

當我們今年年初剛開始時，這個數字就超過了 20 億美元。因此，我們看到了那裡的一些顯著增長。這在某種程度上與市場沒有出現我所說的停頓有關。

So more projects are coming into the mix and into the pipeline. And we're just identifying more because we have access to more geographies and types of work than we did eight months ago.

因此，越來越多的專案正在進入籌備階段。我們之所以能辨識出更多對象，是因為與八個月前相比，我們能夠接觸到更多的地理和工作類型。

All right. And then maybe on the operational improvements, good to see the margins tick up this quarter for the Shimmick projects. Can you just maybe talk about where you're at in that progress there, confidence in that moving forward, what types of margins are in backlog today? And just maybe what you're targeting moving forward as you bid on projects?

好的。然後也許在營運改善方面，很高興看到本季 Shimmick 專案的利潤率有所上升。您能否談談您在這方面的進展、對未來發展的信心以及目前積壓的利潤類型？也許您在競標專案時的目標是什麼？

Yeah. So like Todd talked about the Shimmick margins are going up. We're still kind of saddled by the legacy noncore work margins that are in the negatives. So that brings down the overall average.

是的。因此，正如托德所說的那樣，希米克的利潤率正在上升。我們仍然受到遺留的非核心工作利潤負值的困擾。因此這降低了總體平均值。

But I see a gradual increase over the next couple of quarters and probably as the work we're winning now kicks into and really start generating revenue. It will accelerate the overall Shimmick margins.

但我預計未來幾季收入會逐漸增加，而且可能隨著我們現在贏得的工作開始發揮作用並真正開始產生收入。它將加速 Shimmick 整體利潤的成長。

And then you have that dynamic where there's more -- there's less of the noncore work that's negative. There's more of the new Shimmick work that's positive and also a lot of these jobs are really just starting and not at the back end of them.

然後你會看到這樣的動態：非核心的負面工作越來越多，越來越少。希米克 (Shimmick) 的新工作越來越多，而且這些工作中有很多才剛開始，而不是處於最後階段。

So overall slower increase in margins over the next couple of quarters and then into 2026, I see a faster increase through that. While we're bidding ranges anywhere from 10% to 20% with a good average probably around that 14% range, 14%, 15% range right now.

因此，未來幾季利潤率的整體成長速度會比較慢，但到 2026 年，我認為利潤率的成長速度會比較快。我們的出價範圍從 10% 到 20%，目前較好的平均值大概在 14%、14%、15% 左右。

And market conditions are improving. So I expect that to also go up as far as our bidding structure goes.

市場狀況正在改善。因此，我預計我們的競標結構也會隨之上升。

All right. And then maybe last for me, good to see some of the legacy activity moving into 2025. I mean, understand the dynamic on how that impacts the guidance.

好的。然後也許對我來說最後一次，很高興看到一些遺留活動進入 2025 年。我的意思是，了解這對指導有何影響。

But can you just talk a little bit about how much is left for 2026 and just how comfortable you are at completing the remainder of that work generally on budget and maybe not seeing as much kind of volatility as past quarters?

但是，您能否簡單談談 2026 年還剩下多少資金，以及您對在預算範圍內完成剩餘工作有多放心，而且可能不會像過去幾個季度那樣出現那麼大的波動？

Yes. Good question. So there's really two sides to the noncore work. One is the foundations piece, which we're entirely done with the field work a couple of commercial issues that we need to close out, but they are not substantial. So that part is I can comfortably say that, that part is done.

是的。好問題。因此非核心工作實際上有兩個面向。一個是基礎部分，我們已經完全完成了現場工作，還有一些商業問題需要解決，但這些問題並不重要。因此我可以放心地說，那部分已經完成了。

And on the noncore work out of the six or seven projects where it started a couple of years, three years ago, we're down to, I would call it, project, one of the two projects left, we are going to finish in the fourth quarter, possibly even in the back end of the third quarter.

至於三年前開始的六、七個專案中的非核心工作，我們目前只剩下兩個專案中的一個，我們將在第四季完成，甚至可能在第三季末完成。

And the second project has another roughly four quarters left, maybe five quarters left and into middle of late 2026. There is still a bit of risk on that second project.

第二個項目還剩下大約四個季度，也許還剩下五個季度，到 2026 年中後期。第二個項目仍然存在一些風險。

But if I think about what the risk profile of noncore work looked like at the end of '24. When I first joined as to now, it's a gradual decrease on that front as well. So every quarter, we're feeling more comfortable getting to the finish line.

但如果我考慮一下 24 年底非核心工作的風險狀況。從我剛加入到現在，這方面的情況也逐漸減少。因此，每個季度，我們都更安心地到達終點線。

Gerry Sweeney, ROTH.

格里·斯威​​尼，羅斯。

I just want to dig in a little bit more on some of the noncore project work. It has expanded a little bit more, I guess, in the second half, which is changes in the mix of work and is impacting margins and some of your guidance, which I understand.

我只是想更深入地了解一些非核心專案工作。我猜，下半年它會進一步擴大，這是工作組合的變化，會影響利潤率和您的一些指導，我理解這一點。

But I'm just curious if that means less noncore work was going to be performed in 2026 that is being pulled forward? Or did the work, was there an expansion in scope with some of that work?

但我只是好奇，這是否意味著 2026 年要完成的非核心工作會減少？或者說，部分工作的範圍是否有擴大？

It's both. That's a really good question. It is both. We pulled some of it forward, but there's also been some scope growth. I mean it's the job that especially the project that I mentioned at it's about 90%, 88%, 90% complete.

兩者都有。這真是一個好問題。兩者皆有。我們把其中一部分提前了，但範圍也有一些擴大。我的意思是這項工作，特別是我提到的項目，它已經完成了大約 90%、88%、90%。

And this stage of the project, when you're trying to kind of finalize and close it out, we generally see some scope growth. So that's it. I would say it's a mixture of both that we've seen in this quarter, and we might see some of that in the next quarter as well as kind of pulling it forward.

在專案的這個階段，當您嘗試完成並結束專案時，我們通常會看到範圍有所增長。就是這樣。我想說，這是我們在本季看到的兩種情況的混合，我們可能會在下個季度看到其中的一些情況，並將其向前推進。

We're trying to get it done as fast as we can. Obviously, our clients want it done. We want it done. But yes, there is some scope growth there as well.

我們正在努力盡快完成它。顯然，我們的客戶希望這樣做。我們希望它能夠完成。但是是的，那裡也有一些範圍的增長。

Is there any ability for change orders or collections or write-ups in any of these projects? Or are we through with that?

這些項目中是否有變更訂單、收集或撰寫的能力？或者說我們已經結束了？

We have change orders that are in process that we're negotiating and talking to our clients around related to some of the scope growth. So however, they tend to happen towards the end of the project or sometimes after the project is done.

我們正在處理一些變更單，我們正在與客戶協商並討論與某些範圍成長相關的事宜。然而，它們往往發生在專案結束時或有時在專案完成後。

So we don't expect anything immediate there. But certainly, there are change orders and change orders related to the scope growth that we expect to negotiate with our clients next year.

所以我們並不期望立即出現任何結果。但可以肯定的是，我們預計明年將與客戶協商變更單和與範圍成長相關的變更單。

Got it. And I apologize. Aaron, maybe asked this. I had some connection issues and lost you for a couple of seconds. But as we look out to next year, I mean, next couple of years, we have negotiated work, we have Axia Electric working on.

知道了。我深表歉意。亞倫，也許問過這個。我遇到了一些連線問題，有幾秒鐘的時間無法聯絡你。但當我們展望明年，我的意思是未來幾年，我們已經與 Axia Electric 就工作進行了談判。

We have more of a traditional water infrastructure work that's coming through. How should we think about margins trending over the next couple of years? I think you mentioned 14% to 15%.

我們正在進行更多傳統的水利基礎設施工程。我們該如何看待未來幾年的利潤趨勢？我認為您提到了 14% 到 15%。

And I'm not sure if there's a contingency built into that, and that's the numbers we're using in our model? Or we should use something else? And then how does it go from these levels? A little bit of long winded question.

我不確定其中是否有意外情況，這就是我們在模型中使用的數字嗎？或者我們應該使用其他東西？那麼從這些層面來看情況會是如何呢？有點冗長的問題。

Yeah. No, that's a good question. I would say as we win more Shimmick work, which we are now, which we're pretty happy about. And I think finally, we're at a point where we feel very strong around rapidly replacing and increasing our backlog with good Shimmick work.

是的。不，這是個好問題。我想說的是，隨著我們贏得更多 Shimmick 的工作，我們對此感到非常高興。我認為，最終，我們處於一個非常強大的階段，能夠用優秀的 Shimmick 作品快速取代並增加我們的積壓工作。

And a lot of that's going to start playing out at the first of the year and Q4 and Q1, the work that we're winning right now. So we'll see margins kick up.

其中許多工作將在年初、第四季和第一季開始發揮作用，這些都是我們目前正在完成的工作。因此我們會看到利潤率上升。

That's going to allow our margins to kick up and the wind down of the noncore work is going to allow us to also not have negative margin work. So all of our margins are going to kick up.

這將使我們的利潤率上升，而非核心工作的減少也將使我們不再有負利潤率的工作。因此，我們所有的利潤都會上升。

I would say it's going to be more gradual because we still have other work to get through. So if you're bidding at an average 14%, we guided 9% to 12%. I think at the high end of that is where we're targeting.

我想說這將是一個更漸進的過程，因為我們還有其他工作要做。因此，如果您的出價平均為 14%，我們指導的價格為 9% 至 12%。我認為我們的目標就是高端。

And I think we're confident that we can work our way towards that. But also, as a whole, we expect our revenues to grow and going into next year, and kind of take more advantage of our overhead structure that can handle a lot more work. So there's a benefit to growing our revenues as well, which I really playing out in 2026, yes.

我認為我們有信心能夠實現這一目標。但總體而言，我們預計明年我們的收入將會成長，並且能夠更好地利用我們的管理費用結構來處理更多的工作。因此，這對增加我們的收入也有好處，是的，我將在 2026 年真正實現這一點。

Got you. Axia, right? So the electrical opportunity -- on the slide, you highlighted some areas that I think are maybe nontraditional for you.

明白了。阿克西亞，對吧？因此，電力機會—在幻燈片上，您強調了一些我認為對您來說可能是非傳統的領域。

I think I saw just Tennessee or maybe the Southwest a little bit. How do you move into those markets, build that business in a sort of risk-adjusted way.

我想我只看到了田納西州或西南部一點點。您如何進入這些市場，以某種風險調整的方式建立業務。

Yeah. So our electrical team and our Axia is a lot more, I would say, mobile than the rest of the Shimmick business. So we tend to be a lot more regional.

是的。因此，我想說，我們的電氣團隊和 Axia 比 Shimmick 業務的其他部分更具機動性。因此我們更傾向於區域化。

We are California focused, we are West Coast focused, Washington focused, et cetera, for core Shimmick work. But Axia, we can move people around a lot easier in that group.

我們專注於加州、西岸、華盛頓等地，進行 Shimmick 的核心工作。但是 Axia，我們可以更輕鬆地調動該組中的人員。

And a lot of the work is, even though it's different than what we have done in the past, fundamentally, what you're doing is not that different. And we have a really strong team of over 150 people that have a lot of great talent and experience on that side of the business.

儘管很多工作與我們過去所做的不同，但從根本上來說，我們所做的並沒有太大的不同。我們擁有一支由 150 多人組成的強大團隊，他們在該業務方面擁有大量優秀人才和豐富經驗。

So going into markets like Texas and Georgia and Tennessee, where we see a lot of that advanced manufacturing data center type work. I have great confidence in our team.

因此，進入德克薩斯州、喬治亞州和田納西州等市場，我們看到了許多先進的製造資料中心類型的工作。我對我們的團隊非常有信心。

I've been very impressed. We are also making some strategic hires in that part of the business. So moving around and getting in there.

我印象非常深刻。我們也在該業務領域進行了一些策略性招募。所以四處走動並進入那裡。

And a lot of the times, the other aspect of that is you're not in a general contracted position there. We're generally subcontractors just doing the electrical work.

很多時候，另一方面，你並不處於總承包的地位。我們一般是只做電氣工作的分包商。

So going into a new job and managing it is a lot easier, a lot less complicated as long as we're able to move people around and get them to the right places. So we're bidding work in Nevada.

因此，只要我們能夠調動員工並將他們安排到合適的職位，那麼接受和管理新工作就會變得容易得多，也不那麼複雜。所以我們正在內華達州競標工作。

We're bidding work in Washington in that space, Georgia, Tennessee, Texas. Those are really strong markets for that kind of technology-related electrical work right now.

我們正在華盛頓、喬治亞州、田納西州和德克薩斯州競標該地區的工作。目前，這些市場對於與技術相關的電氣工作來說確實非常強勁。

Got it. And final question. SG&A structure, I know you've been doing some work tweaking that. Is that all done? Or what should we be thinking about on SG&A on a go-forward basis?

知道了。最後一個問題。銷售、一般和行政費用結構，我知道您一直在對其進行一些調整。都完成了嗎？或者我們應該如何考慮銷售、一般和行政費用 (SG&A) 的未來發展？

We still have a little bit more work to do there with Todd here. We're doing a lot of deep dives and looking for better ways to go about things.

我們和托德還有一點工作要做。我們正在進行深入研究並尋找更好的方法來解決問題。

So I can see a little bit more efficiency and decrease there going into the next coming few quarters. But no, it's not going to be like the 20% we've achieved from 2024, it will be probably more modest.

因此，我可以看到，在接下來的幾個季度裡，效率會提高，成本也會下降。但不，它不會像我們在 2024 年實現的 20% 那樣，它可能會更溫和。

I think what we're going to see going into next year is revenues increasing and SG&A not increasing at that same percentage or at all. And the percentages of SG&A to revenue will come into a lot more aligned with or better than industry average.

我認為，明年我們將看到收入增加，而銷售、一般及行政費用不會以相同的百分比增加，或根本不會增加。銷售、一般及行政費用佔收入的百分比將與行業平均更一致或更好。

I would just say in second half there'll be some puts and takes in G&A. So it was a huge improvement over prior year, slightly up from the first quarter, but there were some onetime events in the second quarter that won't repeat.

我只想說，下半年 G&A 方面會有一些變動。因此，與去年相比，這是一個巨大的進步，比第一季略有上升，但第二季的一些一次性事件不會重複發生。

Got you. So what would be maybe aspirational target for SG&A as a percentage of revenue. I mean I think it's running 11%, 11.5% for the quarter. Maybe 11% --

明白了。那麼，銷售、一般及行政費用佔收入的百分比的理想目標可能是什麼？我的意思是，我認為本季的成長率為 11% 到 11.5%。大概11%——

7.5% is where we want to be. 7.5% is the aspirational goal. That's where we're going to be.

7.5%是我們想要達到的目標。 7.5% 是我們的理想目標。那就是我們要去的地方。

Yeah. I was going to say 10%, but I'll take 7.5%.

是的。我本來想說 10%，但我認為是 7.5%。

Well, You have to get to 10% to get to 7.5%. So one step at a time.

嗯，你必須達到 10% 才能達到 7.5%。所以一步一步來。

Yeah, so you're right, right in the middle. All right. I appreciate it, guys. I know it's been a long road, and I dare I say, I think maybe some green shoots are coming up. And I know there's still some more work to do, but appreciate the quarter.

是的，您說得對，就在中間。好的。我很感激你們。我知道這是一條漫長的道路，但我敢說，我想也許有些綠芽正在萌芽。我知道還有一些工作要做，但我珍惜這個季度。

Thanks, Gerry. We're pretty excited definitely.

謝謝，格里。我們確實非常興奮。

There are no more questions at this time. I'd now like to turn the call over to Ural for closing remarks.

目前沒有其他問題。現在我想將電話轉給烏拉爾，請他做最後發言。

Thank you for joining our second quarter 2025 earnings call and presentation. Like we've expressed, we're excited about the future of our company.

感謝您參加我們的 2025 年第二季財報電話會議和演示。正如我們所表達的，我們對公司的未來感到興奮。

Excited about the progress we're making to get through past issues and move forward, increase our margins, grow our size and look to a strong couple of quarters next rest of the year and into 2026. So thank you for your time.

我們很高興看到我們取得的進展，克服了過去的問題並繼續前進，提高了利潤率，擴大了規模，並期待在今年剩餘時間和 2026 年的幾個季度中表現強勁。感謝您抽出時間。