Sterling Infrastructure Inc (STRL) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Sterling Infrastructure third quarter webcast and conference call. (Operator Instructions)

女士們、先生們，早安，歡迎參加 Sterling Infrastructure 第三季網路直播和電話會議。（操作說明）

As a reminder, this call is being recorded on Tuesday, November 4th, 2025. I would now like to turn the conference over to Noelle Dilts, Vice President of Investor Relations and Corporate Strategy. Please go ahead.

再次提醒，本次通話將於2025年11月4日星期二進行錄音。現在我將把會議交給投資者關係和企業策略副總裁 Noelle Dilts 主持。請繼續。

Good morning to everyone joining us and welcome to Sterling Infrastructure's 2025 third quarter earnings conference call and webcast. I'm pleased to be here today to discuss our results with Joe Cutillo, Sterling's Chief Executive Officer, and Nick Grindstaff, Sterling's Chief Financial Officer. Joe will open the call with an overview of the company and its performance in the quarter.

各位早安，歡迎參加Sterling Infrastructure 2025年第三季財報電話會議和網路直播。今天我很高興能在這裡與 Sterling 的執行長 Joe Cutillo 和財務長 Nick Grindstaff 討論我們的表現。喬將首先概述公司及其本季的業績。

Nick will then discuss our financial results and guidance, after which Joe will provide a market and employer outlook. We will then open the call up for questions. As a reminder, there are accompanying slides on the investor relations section of our website. These slides include details on our full year 2025 financial guidance.

接下來，Nick 將討論我們的財務表現和指導意見，之後 Joe 將提供市場和雇主展望。接下來我們將開放提問環節。提醒各位，我們網站的投資者關係部分有相關的幻燈片。這些幻燈片包含了我們2025年全年財務預測的詳細資訊。

Before turning the call over to Joe, I will read the Safe Harbor statement. The discussion today may include forward-looking statements. Actual results could differ materially from the statements made today. Please refer to Sterling's most recent 10-K and 10-Q filings for a more complete description of risk factors that could affect these projections and assumptions. The company assumes no obligations to update forward-looking statements as a result of new information, future events, or otherwise. Please also note that management may reference EBITDA, adjusted EBITDA, adjusted net income, or adjusted earnings per share on this call, which are all financial measures not recognized under US GAAP.

在將電話轉給喬之前，我將宣讀安全港聲明。今天的討論可能包含前瞻性陳述。實際結果可能與今天所作的聲明有重大差異。有關可能影響這些預測和假設的風險因素的更完整描述，請參閱 Sterling 最新的 10-K 和 10-Q 文件。本公司不承擔因新資訊、未來事件或其他原因而更新前瞻性聲明的義務。另請注意，管理層可能會在本次電話會議中提及 EBITDA、調整後 EBITDA、調整後淨收入或調整後每股收益，這些都是美國通用會計準則 (US GAAP) 未認可的財務指標。

As required by SEC rules and regulations, these non-GAAP financial measures are reconciled to their most comparable GAAP financial measures in our earnings release issued yesterday afternoon.

根據美國證券交易委員會的規章制度，這些非GAAP財務指標已在我們昨天下午發布的盈利報告中與其最可比的GAAP財務指標進行了核對。

Our discussion of all results today, including revenue and backlog, referred to figures that adjust prior period results to conform to the current accounting for RHB JV unless otherwise noted. Additionally, all comparisons are to the prior year quarter unless otherwise noted.

除非另有說明，我們今天討論的所有業績，包括收入和積壓訂單，均指根據RHB合資公司當前會計準則調整前期業績的數字。此外，除非另有說明，所有比較均與上年同期進行比較。

I'll now turn the call over to our CEO Joe Catello.

現在我將把電話交給我們的執行長喬·卡特洛。

Thanks, Noelle. Good morning, everyone, and thank you for joining today's call.

謝謝你，諾埃爾。各位早安，感謝各位參加今天的電話會議。

Sterling delivered another outstanding quarter as we achieved strong revenue growth, expanded margins, grew backlog, and generated excellent cash flow.

Sterling 又迎來了一個出色的季度，我們實現了強勁的收入成長、利潤率擴大、訂單積壓增加，並產生了良好的現金流。

We're pleased to discuss these results today with you, but even more excited about the opportunities ahead of us.

我們很高興今天能與大家討論這些結果，但更讓我們興奮的是未來的機會。

Beginning with the third quarter results, revenue grew 32%, fueled by 58% growth in our e-infrastructure solution segment, including 42% organic growth. In addition, our transportation segment grew 10% in the quarter.

從第三季業績來看，營收成長了 32%，這主要得益於我們的電子基礎設施解決方案部門 58% 的成長，其中包括 42% 的內生成長。此外，我們的運輸業務板塊在本季成長了 10%。

We grew adjusted earnings per share by 58% to USD3.48 and delivered adjusted EBITDA of USD156 million an increase of 47%.

調整後每股收益成長 58% 至 3.48 美元，調整後 EBITDA 為 1.56 億美元，成長 47%。

Our gross profit margins expanded 280 basis points from the prior year to reach 24.7%. Additionally, operating cash flow generation in the quarter was again very strong in USD84 million.

我們的毛利率比上年增長了 280 個基點，達到 24.7%。此外，本季經營現金流再次表現強勁，達到 8,400 萬美元。

Our backlog position and strong visibility drive our confidence in the future. Backlog at the end of the quarter totaled USD2.6 billion a 64% year over year increase.

我們目前的訂單儲備充足，前景光明，這增強了我們對未來的信心。本季末積壓訂單總額為 26 億美元，較去年同期成長 64%。

Excluding the contribution from the recent acquisition of CEC, backlog increased a strong 34% year over year. The infrastructure solutions backlog of USD1.8 billion was up 97% in total and 45% excluding the contributions from CEC.

不計入近期收購 CEC 的貢獻，積壓訂單年增 34%。基礎設施解決方案積壓訂單總額為 18 億美元，年增 97%，若不計入 CEC 的貢獻，則年增 45%。

When you layer in our unsigned awards and pipeline of future phase opportunities, we have visibility into a pool of work in excess of USD4 billion for sterling.

如果把我們尚未簽署的合約和未來階段的機會儲備也算進去，我們就能掌握超過 40 億美元的工作機會。

The Sterling way, which is our commitment to take care of our people, our environment, our investors, and our communities, while we work to build America's infrastructure, remains our guiding principle as we execute our strategy and grow the company.

Sterling 的方式，即我們致力於關懷員工、環境、投資者和社區，同時努力建立美國的基礎設施，仍然是我們執行策略和發展公司的指導原則。

Now, I'd like to discuss our segment results in more detail. In the infrastructure, third quarter revenue grew 58% over prior year and over 34% sequentially. Excluding CEC, revenue grew more than 42% over prior year and 21% sequentially.

現在，我想更詳細地討論一下我們各細分市場的表現。在基礎設施方面，第三季營收年增 58%，季增超過 34%。剔除 CEC 的影響，營收年增超過 42%，季增 21%。

The data center market again was a primary growth driver in the quarter as revenue from this market grew more than 125% year over year. Adjusted segment operating income grew 57% or 48% excluding CEC.

本季資料中心市場再次成為主要成長動力，該市場的營收年增超過 125%。經調整後的分部營業收入成長了 57%，若不計入 CEC，則成長了 48%。

Adjust in operating margins for the legacy infrastructure site development business for 28.4% and increased over 140 basis points from prior year levels and 10 basis points sequentially.

傳統基礎設施場地開發業務的營業利潤率調整為 28.4%，比上年同期成長超過 140 個基點，較上季成長 10 個基點。

This was driven by our continued shift towards large mission critical projects, including data centers where our superior project management and ability to finish jobs on or have schedule are extremely valuable to our customers.

這是由於我們不斷轉向大型關鍵任務項目，包括資料中心項目，在這些專案中，我們卓越的專案管理能力和按時完成工作的能力對我們的客戶來說極為有價值。

We are pleased to have closed the CEC acquisition during the quarter. We see tremendous opportunities ahead to leverage our expanded service portfolio and are seeing early positive reception from our customers.

我們很高興在本季完成了對 CEC 的收購。我們看到了利用我們不斷擴大的服務組合的巨大機遇，並且已經看到了客戶早期的正面回饋。

CEC contributed USD41.4 million of revenue in September and adjusted operating margins that were in line with our expectations. We continue to have very good visibility in the e-infrastructure business.

CEC 9 月貢獻了 4,140 萬美元的收入，調整後的營業利潤率符合我們的預期。我們在電子基礎設施業務領域仍然擁有非常好的發展前景。

With the recent CEC acquisition the aggregate of our e-infrastructure signed backlog, unsigned electrical awards, and future phase site development opportunities total approximately USD3 billion.

隨著最近對 CEC 的收購，我們已簽署的電子基礎設施積壓訂單、未簽署的電氣項目合約以及未來階段的場地開發機會的總價值約為 30 億美元。

Moving to transportation solutions, third quarter revenue grew 10% and adjusted operating profit grew 40%, driven by strong market demand and the benefits of the mix shift towards higher margin services.

在運輸解決方案方面，第三季營收成長了 10%，調整後營業利潤成長了 40%，這得益於強勁的市場需求以及向高利潤率服務轉型帶來的收益。

We ended the quarter with transportation solutions backlog of USD733 million a 23% year over year increase.

本季末，我們的運輸解決方案積壓訂單金額為 7.33 億美元，年增 23%。

Sequentially, segment backlog was roughly flat, with the wards keeping pace with.

從順序來看，各部門的積壓工作量大致持平，各病房的工作量也維持同步。

As a reminder, the wind down of our Texas low bid heavy highway operation is impacting backlog to some extent this year, but will ultimately benefit segment margins.

提醒大家，我們逐步停止在德州的低價競標重型公路業務，這在一定程度上影響了今年的積壓訂單，但最終將有利於該業務板塊的利潤率。

Shifting to building solutions. In the 3rd quarter, segment revenue declined 1% and adjusted operating income declined 10%. Adjusted operating margins in the quarter for 12%.

轉向建置解決方案。第三季度，分部收入下降 1%，調整後營業收入下降 10%。本季調整後營業利益率為 12%。

Overall demand for homes has been impacted as potential buyers struggle with affordability challenges. Revenue from our legacy residential business declined 17% driven by softness in the overall housing market.

由於潛在購屋者面臨購屋能力的挑戰，整體住房需求受到影響。受整體房地產市場疲軟的影響，我們傳統住宅業務的收入下降了 17%。

Even with these headwinds in building solutions, the strength of Sterling's diversified portfolio and strategy to focus on growth in high margin and markets enabled us to deliver another record quarter.

即使在建立解決方案方面面臨這些不利因素，Sterling 多元化的產品組合和專注於高利潤市場成長的策略優勢，使我們能夠實現又一個創紀錄的季度業績。

With that, I'd like to turn it over to Nick to give you more details on some of our financial metrics and full year guidance. Nick?

接下來，我想把麥克風交給尼克，讓他為大家詳細介紹我們的一些財務指標和全年業績預期。缺口？

Thanks, Joe, and good morning. I'll begin with our consolidated backlog metrics, all of which are adjusted to exclude RHB from the prior year.

謝謝你，喬，早安。首先，我將介紹我們綜合後的積壓訂單指標，所有這些指標都經過調整，剔除了上一年的RHB數據。

Our third quarter backlog totaled USD2.58 billion a 64% increase from the prior year second quarter. CEC contributed USD475 million to backlog, excluding CEC backlog increased 33.8% year over year.

我們第三季的積壓訂單總額為 25.8 億美元，比上年第二季成長了 64%。CEC 為積壓訂單貢獻了 4.75 億美元，不包括 CEC 積壓訂單在內，積壓訂單年增 33.8%。

We closed the quarter with combined backlog of USD3.44 billion, which was up 88%, excluding CEC, combined backlog increased 43.5% year over year.

本季末，我們的累計訂單總額為 34.4 億美元，年增 88%；若不計入 CEC，累計訂單總額較去年同期成長 43.5%。

Third quarter, 2025, book to burn ratios excluding CEC were 1.23 times for backlog and 1.76 times for combined backlog.

2025 年第三季度，不包括 CEC 的訂單交付比率，積壓訂單為 1.23 倍，合併積壓訂單為 1.76 倍。

Year-to-date book to burn ratios excluding CEC were 1.31 times for backlog and 1.58 times for combined backlog.

截至目前，不包括 CEC 在內的訂單量與訂單完成率分別為：積壓訂單 1.31 倍，合併積壓訂單 1.58 倍。

Moving to our cash flow metrics, cash flow from operating activities for the first nine months of 2025 was a strong USD253.9 million compared to USD322.8 million in prior year period.

再來看我們的現金流指標，2025 年前九個月的營運活動現金流強勁成長至 2.539 億美元，去年同期為 3.228 億美元。

Cash flow used in investing activities for the first nine months of 2025 included USD46.9 million of net CapEx and USD484.2 million for acquisitions, including CEC.

2025 年頭九個月投資活動所使用的現金流量包括 4,690 萬美元的淨資本支出和 4.842 億美元的收購支出（包括 CEC）。

Year-to-date cash flow from financing activities was an USD80.7 million outflow.

今年迄今為止，融資活動產生的現金流為 8,070 萬美元流出。

Primarily driven by shared repurchases of USD48.5 million at an average price of USD135.96 per share.

主要原因是該公司以每股 135.96 美元的平均價格回購了 4,850 萬美元的股票。

Remaining availability under the existing repurchase authorization is USD80.9 million.

現有回購授權下剩餘可用額度為 8,090 萬美元。

We are in great shape from a balance sheet perspective. We ended the quarter with a very strong liquidity position consisting of USD306.4 million of cash and debt of USD294.6 million for a cash net of debt balance of USD11.8 million. Our USD150 million revolving credit facility remained undrawn during the period.

從資產負債表的角度來看，我們的狀況非常好。本季末，我們的流動性狀況非常強勁，現金為 3.064 億美元，債務為 2.946 億美元，淨現金餘額為 1,180 萬美元。在此期間，我們的 1.5 億美元循環信貸額度未被動用。

Now, I'd like to discuss our guidance. The strong tailwinds behind our business positioned us for another record year at Sterling in 2025. We're increasing our guidance ranges too.

現在，我想談談我們的指導原則。強勁的業務發展勢頭使我們預計在 2025 年再次創下斯特林公司業績的新紀錄。我們也在擴大指導範圍。

Revenue of USD2.375 billion to USD2.39 billion which is a more than 5% increase at the midpoint relative to our previous guidance range. Diluted EPS of USD8.73 to USD8.87. Adjusted diluted EPS of USD10.35 to USD10.52. This represents a 9% increase at the midpoint over our previous guidance range.

營收預計為 23.75 億美元至 23.9 億美元，較我們先前預期的範圍中位數成長超過 5%。稀釋後每股收益為 8.73 美元至 8.87 美元。調整後稀釋後每股收益為 10.35 美元至 10.52 美元。這比我們先前預期的範圍中位數高出 9%。

EBITDA of USD448 million to USD453 million. Adjusted EBITDA of USD486 million to USD491 million a 6% increase at the midpoint over our previous guidance range.

息稅折舊攤提前利潤為 4.48 億美元至 4.53 億美元。調整後 EBITDA 為 4.86 億美元至 4.91 億美元，較我們先前預期的中位數成長 6%。

From a financial standpoint, we're in an excellent position to continue to take advantage of both organic and inorganic growth opportunities in the years ahead. Now, I will turn the call back to Joe.

從財務角度來看，我們處於非常有利的地位，可以在未來幾年繼續利用內生式和外延式成長機會。現在，我將把電話轉回給喬。

Thanks, Nick. As we look to the future, we remain very bullish on the multi-year opportunity in each of our markets. Our strong backlog, future phase opportunities, and discussions with our customers contribute to our confidence.

謝謝你，尼克。展望未來，我們對各市場未來多年的發展機會依然非常樂觀。我們強大的訂單儲備、未來的發展機會以及與客戶的溝通，都增強了我們的信心。

First, in the infrastructure site development, we anticipate that the current strength in data center demand will continue for the foreseeable future.

首先，在基礎設施建設方面，我們預計目前資料中心需求的強勁勢頭在可預見的未來將繼續保持。

Our customers are discussing multi-year capital deployment plans and our focus on how to align with the right partners to support these plans.

我們的客戶正在討論多年資本部署計劃，而我們的重點是如何與合適的合作夥伴攜手支持這些計劃。

We are getting pulled into new geographies by our customers, including Texas, where we are now performing site development work.

我們的客戶正將我們帶入新的地域，包括德克薩斯州，我們目前正在那裡進行場地開發工作。

In the manufacturing market, we are seeing a fairly steady pace of activity in 2025. As we look out to 2026 in 2027, there remains a very big pool of mega projects on the horizon. This would include planned semiconductor fabrication facilities.

2025年，製造業市場預計將維持相當穩定的成長速度。展望 2026 年和 2027 年，未來還有大量大型專案即將啟動。這其中包括計劃建造的半導體製造工廠。

The e-commerce market has strengthened significantly in 2025. We have built a sizable level of backlog and believe we should continue to see momentum in 2026. Together, these dynamics support strong growth opportunities over a multi-year period.

2025年電子商務市場顯著增強。我們已經累積了相當可觀的訂單儲備，並相信在 2026 年將繼續保持成長勢頭。這些因素共同支撐著未來多年強勁的成長機會。

Moving the CEC. We have very good momentum heading into 2026. Customer demand is very strong, particularly in the data center market, and the organization has booked several large projects in recent months.

移動 CEC。進入2026年，我們擁有非常良好的發展動能。客戶需求非常強勁，尤其是在資料中心市場，該組織近幾個月來已接到幾個大型專案。

We continue to see opportunities for margin expansion over the next couple of years. We have a high degree of confidence in our ability to leverage the combination of site development and electrical services as we head into the new year.

我們預計未來幾年利潤率仍有提升空間。我們對在新的一年充分利用場地開發和電氣服務的能力充滿信心。

For 2025, we expect to deliver the infrastructure revenue growth of 30% or higher on an organic basis and approaching 50%, including CEC.

預計到 2025 年，基礎設施收入將實現 30% 或更高的有機成長，如果包括 CEC，則接近 50%。

Adjusted operating profit margins for e infrastructure should approximate 25% for the full year, including CEC, as compared to 23.7% in 2024.

經調整後，包括 CEC 在內的電子基礎設施全年營業利潤率應約為 25%，而 2024 年為 23.7%。

In transportation solutions, we are approaching the final year of the current federal funding cycle, which concludes September 2026. We have built over 2 years of backlog and continue to see good levels of bid activity.

在交通運輸解決方案方面，我們即將迎來當前聯邦撥款週期的最後一年，該週期將於 2026 年 9 月結束。我們已經累積了超過兩年的訂單儲備，並且投標活動持續保持良好水準。

For 2025, we anticipate continued growth in our core Rocky Mountain and Arizona markets. The downsizing of our low bid heavy highway business in Texas is progressing according to plan, resulting in some moderation of transportation solutions top-line and backlog, but should drive meaningful margin improvements as we move through the year. We expect transportation solutions revenue growth in the low teams on an adjusted basis in 2025.

預計到 2025 年，我們在落基山脈和亞利桑那州的核心市場將繼續成長。我們在德州的低價重型公路業務縮減計劃正在按計劃進行，這將導致運輸解決方案的收入和積壓訂單有所減少，但隨著我們今年的工作進展，應該會推動利潤率的顯著提高。我們預計 2025 年交通運輸解決方案收入將以低收入團隊為基礎進行調整後成長。

We forecast adjusted operating profit margins in the 13.5% to 14% range compared to 9.6% in 2024.

我們預測，經調整後的營業利潤率將在 13.5% 至 14% 之間，而 2024 年為 9.6%。

In building solutions, we continue to believe the business is well positioned for growth over a multi-year period.

在建立解決方案方面，我們仍然相信公司已做好充分準備，在未來幾年內實現成長。

Our key geographies of Dallas, Fort Worth, Houston, and Phoenix are expected to see continued population growth, driving new home demand.

預計達拉斯、沃斯堡、休士頓和鳳凰城等主要地區的人口將持續成長，從而推動新房需求。

Additionally, there is a significant opportunity for share gain in Houston and Phoenix.

此外，休士頓和鳳凰城還有很大的市佔率成長機會。

In the near term, we are anticipating a continuation of soft market conditions driven by affordability challenges. For full year building solutions revenue, we forecast a mid to high single-digit decline.

短期內，我們預期受購屋能力挑戰的影響，市場疲軟的局面將持續。我們預測全年樓宇解決方案收入將出現中高個位數的下滑。

We anticipate adjusted operating margins in the low double-digits as compared to 14.8% in 2024.

我們預計調整後的營業利潤率將處於兩位數低位，而 2024 年為 14.8%。

As a reminder, from a seasonality perspective, our fourth quarter and first quarter tend to be slower than our second and third quarter, with the first quarter typically our lowest of the year.

提醒一下，從季節性角度來看，我們的第四季和第一季往往比第二季和第三季慢，其中第一季通常是一年中最低的。

On the acquisition front, we are continuing to look for small to mid-size acquisitions that are the right strategic fit to enhance our service offerings and geographic footprint.

在收購方面，我們將繼續尋找合適的中小型收購目標，以增強我們的服務產品和地理覆蓋範圍。

Moving to our full year guidance, the midpoint of our increased 2025 guidance range would represent 27% revenue growth year over year as adjusted for RHP. 47% adjusted EPS growth and 42% adjusted EBITDA growth. With that, I'd like to turn it over for questions.

展望全年業績，我們調高後的2025年業績指引區間中位數將代表經RHP調整後的營收年增27%，經調整後的每股盈餘年增47%，經調整後的EBITDA年增42%。接下來，我想把時間交給大家提問。

(Operator Instructions)

（操作說明）

Brent Thielman, D.A. Davidson.

布倫特·蒂爾曼，D.A.戴維森。

Hey, thanks, good morning. Congrats on a tremendous quarter.

嘿，謝謝，早安。恭喜你本季取得了巨大的成功。

Thank you, Brent.

謝謝你，布倫特。

Joe, yeah, maybe just the first question. It looks, I mean it looks like CEC signed and unsigned work is substantially grown since the June deal announcement. So again, we would just be sort of interested on kind of what's behind the momentum and award activity there and how do we think about sounds like some large data center projects, but how do we think about them converting that over the next sort of 12+ months.

喬，嗯，或許就回答第一個問題吧。看起來，我的意思是，看起來自 6 月宣布達成協議以來，CEC 已簽約和未簽約的工作量都大幅增長了。所以，我們再次想了解這股勢頭和獎項活動背後的原因，以及我們如何看待這些聽起來像是大型資料中心項目，但我們如何看待它們在未來 12 個月或更長時間內的轉換。

Yeah, so they had a very good and strong bookings and, wins, in the quarter it's mostly around the data center front as that continues to move forward, along with a couple other big projects that little, outside of the data center front, we are, here's what I'll tell you they had a they had a great bookings quarter we're excited about that. But we're really excited about the reception that we're getting from our end customers and our end markets from this combination and in our in the early stages of talking about several 2026 projects and how do we do those as a joint package instead of an individual package. So, we're very excited about that is, we said in the in the call.

是的，他們本季的預訂量和成交量都非常可觀，主要集中在資料中心領域，因為該領域正在持續推進，此外還有幾個其他的大型專案。除了資料中心領域之外，我們…我可以告訴你，他們的預訂量在本季度非常出色，我們對此感到非常興奮。但我們對最終客戶和最終市場對此次合併的積極反響感到非常興奮，目前我們正在早期階段討論幾個 2026 年的項目，以及如何將這些項目作為一個聯合方案而不是單獨的方案來完成。所以，我們對此感到非常興奮，我們在電話會議中也提到過。

We have started doing site development in Texas. We think that is going to grow very aggressively as we go into 2026, and I will tell you the teams are working diligently together to pull each other into that market, into these next big future phase jobs. So we're, man, I, I'm tickled to death with the. With where we are, the team spent two weeks together right out of the chute, working on stuff, and I was excited about the deal before. I came away even more excited, after that two weeks together on the opportunities they saw between the site development and the electrical teams.

我們已開始在德克薩斯州進行網站開發。我們認為，隨著我們進入 2026 年，這個市場將會快速成長，我可以告訴你們，各個團隊正在努力合作，互相扶持，進入這個市場，進入下一個重要的未來階段。所以，夥計，我，我高興極了。就目前的情況來看，團隊一成立就一起待了兩週，忙著處理各種事情，在此之前我就對這筆交易感到興奮。在那兩週的相處之後，我更加興奮了，因為他們看到了場地開發和電氣團隊之間的機會。

And Joe, you, it sounded as though you're optimistic around some margin expansion opportunities. There are some specific things that you're seeing in the award activity that, gives you some confidence there or what drives that?

喬，聽起來你對一些利潤率擴張的機會持樂觀態度。您在頒獎活動中看到的一些具體情況，是否讓您對頒獎活動充滿信心？或者說，是什麼因素促使您做出這樣的決定？

Yeah, so, combination of things, certainly on just the pure site development the size of these projects continue to get bigger and bigger and, what our customers are talking to us about the the next level of of projects that are coming out again they just they're getting bigger which is fantastic for us, on the combination of the the electrical and and site development side. We've proven, significant productivity gains with the small dry conduit business, tuck in we did at the beginning of January, we've seen their margins approved 40%, just by combining that with the site development. We think there's certainly some opportunities to lever that larger with CEC. But also as CEC continues to move further and further into the data center space, those margins are accretive to their average margins. So if we can build their portfolio and backlog stronger in that area, their margins will continue to increase as well. So we feel very good on on continued margin enhancement across the segment.

是的，所以，各種因素綜合起來，當然，就純粹的場地開發而言，這些項目的規模越來越大，我們的客戶告訴我們，即將推出的下一階段的項目規模也在不斷擴大，這對我們來說是件好事，無論是在電氣方面還是場地開發方面。我們已經證明，小型乾式導管業務的生產力顯著提高，自從我們在 1 月初進行調整以來，我們已經看到他們的利潤率提高了 40%，這僅僅是透過將該業務與場地開發結合起來實現的。我們認為，利用 CEC 擴大規模肯定有一些機會。但隨著 CEC 不斷深入資料中心領域，這些利潤率也提高了其平均利潤率。因此，如果我們能夠增強他們在該領域的投資組合和積壓訂單，他們的利潤率也會繼續提高。因此，我們對該業務板塊利潤率的持續提升感到非常樂觀。

Okay, just last one I think along those lines on the e-infrastructure business and the current backlog I guess for the legacy site development side. Joe, could you talk about maybe how the size of projects even within mission critical has evolved over the last 12 plus months. I know Mission critical is bigger for you now, but you know how is that sort of being redefined with the projects you're putting them back on now?

好的，最後一個問題，我想說的是電子基礎設施業務以及目前遺留網站開發的積壓工作。喬，你能談談在過去 12 個月多的時間裡，即使是關鍵任務型專案的規模也發生了怎樣的變化嗎？我知道現在對你來說，關鍵任務的重要性更大，但是你知道隨著你現在把他們重新投入到這些專案中，關鍵任務的意義是如何被重新定義的嗎？

I don't know that we're really redefining it, the only incremental ad, the structure is obviously the, CEC acquisition fees, but the base business was up, was it 34%, I think, in backlog. And so, for us mission critical again is data centers manufacturing e-commerce distribution is kind of what I'll call the three core elements of it. Did I miss anything? 45%, yeah, so we're up 45% in that in that area, so we haven't redefined anything. Just the project size of these data centers, and when the chip plants come out, those are pretty sizable as well, will continue to help us on the margin front.

我不知道我們是否真的在重新定義它，唯一的增量廣告，結構顯然是 CEC 獲取費用，但基礎業務增長了，我想是 34%，積壓訂單。因此，對我們來說，關鍵任務再次是資料中心製造電子商務分銷，我稱之為它的三個核心要素。我漏掉了什麼嗎？45%，是的，所以我們在這個領域成長了45%，所以我們沒有重新定義任何東西。這些資料中心的專案規模，以及即將建成的晶片工廠（規模也相當可觀），都將繼續幫助我們提高利潤率。

One of the things we really don't talk about in the script that I think is important that everybody understands is, we said we're in Texas, I will tell you that, there's some other geographic footprints that we are aggressively looking at expanding into not because there's large projects there today, but we believe there's going to be large projects there based on our customers telling us that, over the next 2 to 3 years. So, we're trying to get in early, get our footprint, established and be ready for those to come out.

劇本中我們沒有真正談到的一件事，我認為對每個人來說都很重要，那就是我們說我們在德克薩斯州，但我要告訴你們，我們正在積極考慮擴展到其他一些地區，這並不是因為現在那裡有大型項目，而是因為我們相信，根據客戶告訴我們的，在未來 2 到 3 年內，那裡將出現大型項目。所以，我們想儘早進入市場，站穩腳跟，準備好迎接競爭對手的到來。

Yeah, Brent, this is Noelle. I would just say, we're now over 80% of our work is mission critical in backlog, looking at kind of data centers, manufacturing, etc. So that continues to move higher and then to Joe's point, even within that bucket of mission critical, the projects are getting larger and more complex than that there's underground infrastructure which is which is great for us and so that intensity of the work we're doing continues to, expand.

是的，布倫特，這是諾埃爾。我想說的是，我們現在超過 80% 的工作都是關鍵任務型的，像是資料中心、製造業等等。這個比例還在不斷上升，就像喬說的那樣，即使在這些關鍵任務型項目中，規模也越來越大，複雜度也越來越高，比如地下基礎設施，這對我們來說是件好事，所以我們工作的強度也在不斷增加。

Yeah, and just to add to that, I think it it's sparkly the kind of a thought. If you think not only we talk about data centers getting bigger, but I will tell you that every piece of mission critical jobs are getting bigger in size, as we talk about e-commerce distribution coming back, and I think we're up 150% in backlog growth in e-commerce distribution. Those jobs are about 2 to 2.5 times the size of historical ones. Not only are the footprints getting bigger. But what Noelle mentioned the infrastructure associated with these, an e-commerce distribution center is starting to look a little bit more like a data center and what I mean by that is with all the EVs that are being used by an Amazon, all the underground utilities that now have to be run to these charging stations and everything else look like a mini duck bank. So, it just continues to add to the complexity, the size, and the scope, which is perfect for us and now adding the electrical piece, you can quickly in your head see how we can integrate those two together and make that part of the package.

是的，而且我還要補充一點，我覺得這個想法很棒。如果你認為我們不僅在談論資料中心規模的擴大，那麼我還要告訴你，每個關鍵任務的規模都在擴大，就像我們談論電子商務分銷的復甦一樣，我認為我們在電子商務分銷方面的積壓訂單增長了 150%。這些工作崗位的規模大約是以往工作的 2 到 2.5 倍。不僅腳印越來越大。但正如諾埃爾所提到的，與這些相關的基礎設施，一個電子商務配送中心，看起來越來越像一個資料中心。我的意思是，亞馬遜使用的所有電動車，現在必須鋪設到這些充電站的所有地下公用設施，以及其他一切看起來都像迷你鴨子銀行。所以，它不斷增加複雜性、規模和範圍，這對我們來說非常完美。現在再加上電子部分，你很快就可以在腦海中看到我們如何將這兩者整合在一起，使其成為整體的一部分。

Okay, very good, thanks all for all the detail. I'll pass it on.

好的，非常感謝大家提供的所有細節。我會轉達的。

Thanks, Brent.

謝謝你，布倫特。

Julio Romero, Sidoti & Co.

Julio Romero，Sidoti & Co.

Thanks. Hey, good morning, Joe, Nick, and Noelle. Wanted to [H1] in on the combined backlog plus the forward pipeline of future phase work of USD4 billion plus that you mentioned. Help us think about the mix of in markets or customers that are driving the growth of that forward pipeline. And then secondly, what's your estimation of when that forward pipeline begins to convert into orders?

謝謝。嘿，早上好，喬、尼克和諾埃爾。想參與您提到的價值 40 億美元的合併積壓訂單和未來階段工作的規劃。請幫助我們思考，哪些市場或客戶組合正在推動未來銷售管道的成長。其次，您預期這些潛在客戶何時會開始轉換為實際訂單？

Well I think you got to break it down into the into the pieces, the backlog we're either converting or we'll be converting shortly into work, the on the low unsigned, those are projects that we either have letters of intent or we have one of the physical job or negotiating terms of contracts or there's a final design work that's taking place those are likely to start in 26', depending on the actual project, when in 26' could vary, and some may start first quarter, second quarter, third quarter. A lot of the big design build highway projects, I will tell you are going to start second and third quarter of next year, kind of in the process there, and then that future phase work, the way to look at it is as we burn off current backlog the work we're working on today that then flows into current backlog so that spreads out over what I'll call a 26', 27' and in 28' time frame in which that will hit.

我認為你需要把它分解成各個部分，積壓的項目，我們正在轉化或即將轉化成工作，還有那些尚未簽約的項目，這些項目要么我們已經有了意向書，要么已經有了實際工作，要么正在協商合同條款，要么正在進行最終設計工作，這些項目可能會在2026年啟動，具體取決於項目本身，具體時間可能會有所不同，有些可能會有所不同，有些可能會在第三季度啟動。很多大型設計建造高速公路項目，我可以告訴你們，將在明年第二季和第三季開始，目前正在進行中。至於未來的階段性工作，我們可以這樣理解：隨著我們逐步完成目前的積壓工作，我們今天所做的工作也會逐漸融入到目前的積壓工作中，因此這項工作會分散到我所說的 26 年、27 年和 28 年的時間範圍內。

Got it very helpful there and then.

當時就覺得很有幫助。

Just.

只是。

Go ahead sorry.

請繼續，抱歉。

I'm sorry, I just want to make sure I answered everything you're looking for there.

抱歉，我只是想確保我回答了您想要的所有問題。

I would say in terms of the composition.

就構成而言。

Well, yeah, if you take a look at it 3 billion of the 4 is in the infrastructure, and the highest percentage of that is going to be data center which would probably be 75% or 80% of that piece there.

嗯，是的，如果你仔細看看，你會發現這 40 億美元中有 30 億美元用於基礎設施，而其中比例最高的是資料中心，可能占到這部分總額的 75% 或 80%。

Got it extremely helpful there.

在那裡得到了極大的幫助。

And then maybe just turning the transportation solutions, really notable margin strength there here in the third quarter if you could help us unpack the drivers there. I don't think the impact of low bid phase is starting to come through yet unless I'm mistaken, and then, just talk about the margin profile of what you have in transportation backlog and unsigned awards.

然後，或許可以談談運輸解決方案，第三季該領域的利潤率確實非常顯著，如果您能幫我們分析其驅動因素，那就太好了。除非我弄錯了，否則我認為低價競標階段的影響還沒有開始顯現。那麼，就談談你們在運送積壓訂單和未簽署的合約方面的利潤情況吧。

Yeah, I think, people grossly underestimate the progress of transportation group is is really bad. We got that in class margins and they continue to get better. It's really, again, it's really around what I'll call project selection and focus as we continue to do more, design build or alternative delivery type projects along with aviation and rail, continue to diversify that portfolio, the margins will continue to increase. We haven't seen a significant part of that though we've seen a little, from the wind down of our our Texas low bid, business.

是的，我認為人們嚴重低估了交通運輸部門的進展，情況真的很糟糕。我們在班級差距方面取得了進展，而且差距還在不斷縮小。其實，關鍵在於我所說的專案選擇和重點。隨著我們繼續進行更多設計建造或替代交付類型的項目，以及航空和鐵路項目，並不斷豐富我們的投資組合，利潤率將會繼續提高。雖然我們從德克薩斯州低價中標業務的逐步結束中看到了一些端倪，但我們還沒有看到其中很大一部分。

We'll see that impact more in 2026 as we weed out or wean down, I should say that backlog, but that'll continue through probably the first, most of that will be burned off in the first half of 2026.

到 2026 年，隨著我們逐步清理或減少積壓訂單，我們將更清楚地看到這種影響，但這種情況可能會持續到 2026 年上半年，其中大部分積壓訂單將在 2026 年上半年解決。

Great, I'll pass it on thanks very much.

好的，我會轉述的，非常感謝。

Adam Thalhimer, Thompson Davis.

亞當·塔爾海默，湯普森·戴維斯。

Good morning guys, great quarter.

各位早安，本季表現出色。

Hey Adam, thank you.

嗨，亞當，謝謝你。

Joe, I wanted to ask you about, so you said 26 and 27 big pool of mega projects. Obviously your ability to bid on mega projects isn't or your capacity to bid isn't infinite. So how do you think about how you prioritize, what you're bidding on and how do you price that work?

喬，我想問你關於你說的 26 和 27 個大型超級專案。顯然，你競標大型專案的能力並非無限的。那麼，你是如何考慮優先事項、投標內容以及如何為這些工作定價的呢？

Yeah, I think it that's a good question, Adam. We do have a fair more capacity, we've been planning for this. We've been in conversations on some of these projects for a couple of years now with our customers, so we've been doing stuff internally to plan for this as we've said, generally our biggest limitation to capacity is around project management and in the program, we put in place to develop future project managers, we've been doing it for I think 4 or 5 years now is really starting to pay off to add some increased capacity but at the end of the day, I don't want anybody to be surprised if we pass on one of these mega projects because if the pricing is not right, the margins are not right or the complexity of the contracts don't make sense for us. We're okay to pass on that with the visibility we have in data centers and the rest of this critical stuff coming out, but I will tell you we're looking at those, and we will continue to build capacity as needed, to do those, just to keep in mind if we have a year runway to build capacity we can build a lot. If somebody comes in tomorrow and says, I've got 3 USD500 million jobs, it may be tough for us to, and they need to start 60 days. That would be a challenge for us.

是的，我覺得這是個好問題，亞當。我們的確還有相當大的產能，我們一直在為此做準備。過去幾年，我們一直在與客戶就其中一些項目進行洽談，所以我們內部也一直在為此做準備。正如我們所說，我們最大的能力限制在於專案管理，而我們設立的未來專案經理培養計劃，我們已經實施了四五年，現在確實開始取得成效，提高了我們的能力。但最終，如果定價不合適、利潤空間不理想，或者合約過於複雜，導致我們不得不放棄某個大型項目，我不想讓任何人感到驚訝。鑑於我們對資料中心和其他關鍵事項的了解，我們可以暫時擱置這個問題。但我必須告訴你們，我們正在關注這些問題，並將根據需要繼續擴大產能。請記住，如果我們有一年的時間來擴大產能，我們可以建造很多東西。如果明天有人進來跟我說，我有三個價值 5 億美元的項目，我們可能很難做到，而且他們需要在 60 天內開始。那對我們來說將是一個挑戰。

But we've got our customers have been very good, the hyper scalers and even these big chip plants have been very good at kind of forward-looking and anticipating what's coming out. The other good thing on the chip plants is they've taken much longer than I think the builders have anticipated for them to hit the ground running with all the upfront work that's had to be done. So, we've seen these coming now for two years. So we'll be ready.

但是我們的客戶一直都非常好，超大規模資料中心營運商，甚至這些大型晶片工廠，都非常善於前瞻性地預測未來趨勢。晶片工廠的另一個好處是，由於前期準備工作必須完成，因此它們投入運作所需的時間比建造者預期的要長得多。所以，我們兩年前就預料到這種情況了。所以我們會做好準備。

And then I was curious you talked about entering Texas for site prep I guess you're doing that organically and I was curious if or kind of what you're doing with the assets from the Texas highway work that's winding down.

然後我很好奇，你提到要進入德克薩斯州進行場地準備，我想你是按部就班地進行這項工作的，我很好奇你是否或如何處理即將結束的德克薩斯州高速公路工程的資產。

Yeah, another good question. Well, you may see those on a site development job or two, the smaller assets that we have there are very capable of doing some of the utility and underground work with CEC, in those assets combined, now we can start doing duck banks in Texas. So I think, over the next 6 to 12 months if you go to one of our sites you may see some stuff that has a TSC logo on.

是的，又是一個好問題。你可能會在一兩個場地開發項目中看到這些設備，我們在那裡擁有的較小資產完全有能力與 CEC 合作完成一些公用設施和地下工程，結合這些資產，現在我們可以開始在德克薩斯州建造鴨形土堤了。所以我認為，在接下來的 6 到 12 個月裡，如果你訪問我們的網站，你可能會看到一些帶有 TSC 標誌的東西。

Cool, and then lastly you said you were, you continue to look at small and mid-size deals with that was that just a comment in the residential segment or is that for the whole company?

好的，最後您說您會繼續關注中小規模的交易，這是指住宅領域還是整個公司的情況？

No, we're, yeah, we're looking the vast majority of deals we're looking at are in and around the infrastructure, it's not that we won't look at stuff and be opportunistic in building solutions. But I would tell you right now about 95% of everything we're looking at or folks we're talking to isn't around, added either capabilities, geographic expansion, or just pure assets in and around the infrastructure.

不，是的，我們正在關注的絕大多數交易都與基礎設施相關，但這並不意味著我們不會關注其他領域，也不會​​抓住機會建立解決方案。但我現在可以告訴你，我們正在考察或正在洽談的人員中，大約 95% 的人都沒有增加能力、擴大地理範圍，或者只是基礎設施內外的純粹資產。

Okay, thanks guys.

好的，謝謝大家。

Thank you.

謝謝。

Noah Levitz, William Blair.

諾亞·萊維茨，威廉·布萊爾。

Thanks, Joe, Nick, and Noelle, good morning and thanks for taking my questions. To start off on the transportation side, has there been any impact from the government shutdown on transportation funding? And you've also mentioned in the past, about a potential successor bill to the IIJA, can you give any update as to if do you still think that's moving along, should it be bigger anything you can add there, thanks.

謝謝喬、尼克和諾埃爾，早安，謝謝你們回答我的問題。首先從交通運輸方面來看，政府停擺是否對交通運輸資金造成了任何影響？您之前也提到可能會有一項法案取代《國際司法改革法案》（IIJA），請問這項法案目前進展如何？是否還在推進？如果規模更大，您還有什麼補充嗎？謝謝。

Yeah, so first, no impacts from, government shutdown, but the funding, that's on these jobs has already been allocated. It's out there, so no impact at all on that. That's not to say there may be some grant projects or grant programs that somebody has out there, that could be delayed. Good news is I'm not aware that we have anything tied to that. I haven't heard a single word from our business units in a year so not an issue there.

是的，首先，政府停擺不會造成任何影響，因為這些工作所需的資金已經分配完畢。它已經發布了，所以對那方面沒有任何影響。這並不是說某些資助項目或資助計劃可能會被推遲。好消息是，據我所知，我們沒有任何與此相關的問題。一年來我都沒收到業務部門的任何消息，所以這方面應該沒問題。

On the next bill, the existing bill, ends at the end of September of 2026. I will say that I was with the DC team. It's probably been four weeks ago now or 5 things have been progressing very well. I always use the caveat, it is DC and it is the government, and we can see the functions or dysfunctions of things. But they're probably 6 months ahead of where they have been historically, and I'm optimistic that something will happen in a timely manner. However, keep in mind that why we are not losing any sleep over this is we will go into September with roughly 2 years of backlog.

下一項法案，即現行法案，將於 2026 年 9 月底到期。我可以說我當時是DC團隊的一員。大概已經過去四周或五週了，事情進展得非常順利。我總是會加上一句警告，這是華盛頓特區，這是政府，我們可以看到事情的運作或失靈之處。但他們目前的進度可能比以往任何時候都要快 6 個月，我樂於認為事情會及時解決。但是，請記住，我們之所以對此毫不擔心，是因為到九月份，我們積壓的工作量將達到大約兩年。

Second, if there is not a resolution or a new bill passed is probably how I should phrase it. They will put an extension in place generally or historically the extensions have then the current kind of spend rates plus an inflation adjustment so we don't stop, we continue, at that. The thing that does generally happen in that year, where there's a GAAP or that 6 months or whatever time frame it takes to to bridge to the new new bill.

其次，如果未能通過決議或新法案，我大概應該這樣表達。他們通常會實施延期，或者從歷史經驗來看，延期措施會保持當前的支出水平，並進行通貨膨脹調整，這樣我們就不會停止，而是繼續下去。在那一年裡，通常會發生這樣的事情：要么有 GAAP（通用會計準則），要么有 6 個月或其他任何過渡期，以過渡到新的法案。

Is the states tend to do more smaller projects than the big multi-year projects because they're unsure of how much funding they'll have over a multi-year period, but the reality is the world doesn't shut down.

各州傾向於開展更多小型項目，而不是大型多年期項目，因為他們不確定在未來幾年內能獲得多少資金，但現實情況是，世界不會停擺。

Our projects don't stop, the bid activity, projects change a little bit. But what we're seeing, the thing that people don't understand is that there is spending that will continue to take place on this current bill. There's still two years of spending left approximately on the current bill that they have to get out before the end. So today we're anticipating going in with two years of backlog. We can go in with more backlog than that depending on what projects get squeezed into this last call it 18 months or less now I guess it's almost a year, till the next one.

我們的項目從未停止，投標活動仍在進行，項目內容略有變化。但我們看到的是，人們不理解的是，根據目前的法案，還會繼續產生支出。他們目前的帳單還有大約兩年的支出需要償還，必須在年底前還清。所以今天我們預計將面臨兩年的積壓訂單。我們可能會有比這更多的積壓項目，這取決於哪些項目會被擠到上一次會議中來，現在看來，距離下一次會議還有18個月或更短的時間，差不多一年了。

Right, that's helpful, and then just my last question, you said that data center growth was greater than 125%, which is exceptional, and it comes after last quarter, which was more than doubled. Can you break that down a bit more just is that growth in existing projects is that new projects coming online? Is it the current phases that the work was being done during the quarter being bigger phases like can you, yeah.

好的，這很有幫助。我的最後一個問題是，您提到資料中心的成長超過了 125%，這非常了不起，而且這是在上一季成長超過一倍之後取得的。能再詳細解釋一下嗎？這個成長是指現有專案的成長，還是指新專案上線？當前階段的工作是本季正在進行的更大階段的工作，就像你能做到的那樣，是的。

Yeah, it's a combination. I think, if you talk to our teams out in the field, one of the things they're most proud about in the quarter, isn't the great quarter they had, and the results are able to deliver, but It was really impressive for them to grow total backlog with the burn rates that they have, but some of that is new projects, and the way to look at it is if we didn't get new projects and we just shifted from future phase to backlog, our total would have decreased, right? So we not only shifted future phase to backlog, but we want enough new projects to offset that burn rate and grow that total backlog.

是的，是多種因素共同作用的結果。我認為，如果你和我們一線團隊交流，他們在這個季度最引以為豪的事情之一，並不是他們取得了多麼出色的季度業績，也不是他們能夠交付成果，而是他們在目前的資金消耗速度下還能實現總積壓訂單量的增長，這確實令人印象深刻。但其中一些是新項目，我們應該這樣理解：如果我們沒有獲得新項目，只是從未來階段轉向積壓訂單，那麼我們的總訂單量就會下降，對吧？因此，我們不僅將未來階段轉移到了積壓項目，而且我們還希望有足夠的新項目來抵消這種消耗速度並增加總積壓項目數量。

Great thank you very much that's all from me.

非常感謝，我的話就這些了。

Alex Rago, Texas Capital.

Alex Rago，德州資本。

Good morning, a very nice quarter and thanks for taking my questions. Lot of good answers here so far on the call, but I got a few here questions for you. Do you generally experience any permitting issues that possibly delay project starts historically?

早安，這學期過得非常愉快，謝謝您回答我的問題。到目前為止，電話會議上已經有很多很好的回答，但我還有一些問題想問你。從歷史資料來看，您是否經常遇到可能導致專案延期開工的審核問題？

Well, what I will tell you is, the permitting process certainly is longer today than it was pre-COVID and I would have told you pre-COVID that it sucked and was really long, okay? It definitely takes longer for permits to happen, but we generally, on the site development side. Where we see the delay isn't from the time we get the contracts to start, it's more waiting to get the contract, so we know the projects are coming, we know that it's going to, we're going to win them, but we may not win them in this month and maybe a month later, may not be this quarter, maybe the next quarter, we haven't seen. Historically where we've got equipment ready to go, we're ready or on the site and we have the links, so we're fortunate in that where it takes place in our process tends to be before we start. However, I will tell you that from historical numbers it certainly is, what used to take 6 weeks for a permit, now takes 3 months maybe 5 in certain markets, so that up front pieces is delaying stuff.

嗯，我要告訴你的是，如今的審批流程肯定比新冠疫情前要長得多，而新冠疫情前我就會告訴你，審批流程很糟糕，而且非常漫長，明白嗎？獲得許可確實需要更長時間，但我們通常在場地開發方面是如此。我們看到的延誤並非源自於我們拿到合約開始的時間，而是源自於等待拿到合約的時間。我們知道項目即將到來，我們也知道我們會贏得這些項目，但我們可能不會在這個月贏得它們，也許一個月後，也許不是這個季度，也許是下個季度，我們還沒有看到結果。從歷史上看，只要我們有了準備就緒的設備，我們就隨時可以出發，或者我們已經到達現場，並且有連接，所以我們很幸運，因為在我們的流程中，這種情況往往發生在我們開始之前。不過，我可以告訴你，從歷史數據來看，情況確實如此。以前辦理許可證需要 6 週時間，現在在某些市場可能需要 3 個月甚至 5 個月，所以前期投入的資金確實會延誤事情的進展。

It's also why some of these mega projects are taking so long to hit the ground, these chip plants we know they're there, we know they're coming, but they're still going through a lot of the permitting, getting utilities and utilities require permits and everything else, right? So, it kind of cascades. So, it's definitely, a long pole in the tank. I will tell you and I I've told everybody this, if the US wants to accelerate onshoring, reshoring, chip plants, whatever it is on to build, if they can get through the regulatory and permitting issues, it will speed up these projects and spending and funding exponentially.

這也是為什麼有些大型專案需要這麼長時間才能啟動的原因，例如這些晶片工廠，我們知道它們就在那裡，我們知道它們即將建成，但它們仍在辦理各種許可證，接入公用設施，而公用設施又需要許可證等等，對吧？所以，它就像滾雪球一樣越滾越大。所以，這絕對是一根長長的桿子。我要告訴你們，我也告訴過所有人，如果美國想要加快製造業回流、晶片工廠建設，或任何需要建設的項目，如果他們能夠解決監管和許可問題，這些項目、支出和資金投入將會呈指數級增長。

[Double] and then within building solutions are you are you seeing any signs of green shoots?

[雙倍] 那麼在建造解決方案的過程中，您是否看到任何復甦的跡象？

I'm sorry, say that again.

對不起，請再說一次。

Within building solutions, are you seeing any signs that 2026 could start to improve again?

在建築解決方案方面，您是否看到任何跡象表明 2026 年可能會開始好轉？

No, I think we don't believe honestly that anything would happen until the second half of 2026 at the earliest. Certainly, interest rates continue to creep down. Builders have a lot of programs in place. We have not seen, we, we've flattened, okay, it's not getting worse, that's the good news, but we have not seen anything. That would tell us we're going to see an uptake here any anytime soon.

不，我認為我們真心認為最早也要到 2026 年下半年才會發生任何事情。當然，利率仍在持續下降。建商們已經制定了很多方案。我們沒有看到，我們已經控制住了，好吧，情況沒有惡化，這是個好消息，但我們什麼也沒看到。那將表明，我們很快就會看到這種趨勢得到提振。

Thank you very much.

非常感謝。

Thank you. We have no further questions. I will now turn the call back over to Joe Cutillo for closing comments.

謝謝。我們沒有其他問題了。現在我將把電話轉回給喬·庫蒂洛，請他做總結發言。

Thank you. Thanks again, everybody for joining, today's call. If you have any further follow-up questions or would like to set up a call, please contact Noelle Dilts or if contact information is in our earnings release. Hope everybody has a great day and I appreciate you taking the time. Thanks.

謝謝。再次感謝各位參加今天的電話會議。如果您還有任何後續問題或想安排通話，請聯絡 Noelle Dilts，或者您也可以查看我們財報中的聯絡資訊。祝大家今天過得愉快，感謝你們抽出時間。謝謝。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and we ask you that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，請您斷開線路。