Sterling Infrastructure Inc (STRL) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Sterling Infrastructure fourth quarter and full year webcast and conference call. At this time, all lines are in listen-only mode, and following the presentation, we will conduct a question-and-answer session.

女士們、先生們，早安，歡迎參加 Sterling Infrastructure 第四季及全年網路直播和電話會議。目前所有線路均為唯讀模式，演示結束後，我們將進行問答環節。

(Operator Instructions)

（操作說明）

As a reminder, this call is being recorded on Thursday, February 26, 2026. I would now like to turn the call over to Noelle Dilts, Vice President, Investor Relations and Corporate Strategy. Please go ahead.

再次提醒，本次通話將於2026年2月26日星期四進行錄音。現在我將把電話交給投資者關係和企業策略副總裁諾埃爾·迪爾茨。請繼續。

Good morning to everyone joining us and welcome to Sterling Infrastructure's fourth quarter and full year 2025 earnings conference call and webcast.

各位早安，歡迎參加 Sterling Infrastructure 2025 年第四季及全年財報電話會議及網路直播。

I'm pleased to be here today to discuss our results with Joseph Cutillo, Sterling's Chief Executive Officer, and Nicholas Grindstaff, Sterling's Chief Financial Officer. Joseph will open the call with an overview of the company and its performance in the quarter. Nicholas will then discuss our financial results and 2026 guidance, after which Joe will provide some additional commentary on our markets and outlook. We will then open the call up for questions.

今天我很高興能在這裡與 Sterling 的執行長 Joseph Cutillo 和財務長 Nicholas Grindstaff 討論我們的業績。Joseph 將在電話會議上首先概述公司及其本季的業績。接下來，Nicholas 將討論我們的財務表現和 2026 年的業績展望，之後 Joe 將對我們的市場和前景進行一些補充評論。接下來我們將開放提問環節。

As a reminder, there are accompanying slides on the investor relations section of our website. These slides include details on our full year 2026 financial guidance. Before turning the call over to Joseph, I'll read the Safe harbour statement.

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 2026 年全年財務預測的詳細資訊。在將電話轉給約瑟夫之前，我將宣讀安全港聲明。

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 10k and 10Q 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.

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。

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 USAA. 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.

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 USAA 未認可的財務指標。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, refer to figures that adjust prior period results to conform to the current accounting of our RHBJV unless otherwise noted. I'll now turn the call over to our CEO Joseph Cutillo.

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，均指根據我們RHBJV目前的會計準則調整前期業績的數字。現在我將把電話轉交給我們的執行長約瑟夫·庫蒂洛。

Thanks, Noelle.

謝謝你，諾埃爾。

Good morning, everyone and thank you for joining Sterling's fourth quarter and full year 2025 earnings call. I'd like to start by thanking our team for delivering another outstanding year in 2025.

各位早安，感謝各位參加Sterling公司2025年第四季及全年業績電話會議。首先，我要感謝我們的團隊，感謝他們在2025年又取得了卓越的成績。

We achieved strong revenue growth of over 32%. An adjusted diluted EPS growth of over 53% this is the fifth consecutive year we have achieved adjusted EPS growth of over 35%. Full year gross margins reached 23% and adjusted EBITDA margins exceeded 20% for the first time in our history. The strength of our margins reflects our continued focus on pursuing opportunities that offer the most attractive returns.

我們實現了超過 32% 的強勁營收成長。經調整後的稀釋每股盈餘成長超過 53%，這是我們連續第五年實現經調整後的每股盈餘成長超過 35%。全年毛利率達 23%，調整後 EBITDA 利潤率首次超過 20%，創歷史新高。我們穩健的利潤率反映了我們持續專注於尋求最具吸引力回報的機會。

Additionally, our operating cash generation remains strong at $440 million. We are pleased to discuss these results with you today, but even more excited about the opportunities ahead of us. 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.

此外，我們的營運現金流依然強勁，達到 4.4 億美元。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。Sterling Way 是我們致力於在建立美國基礎設施的同時，照顧好我們的員工、環境、投資者和社區的承諾，這仍然是我們執行策略和發展公司的指導原則。

Moving to the fourth quarter results, revenue grew 69%, fuelled by 123% growth in the infrastructure solutions and 24% growth in our transportation solutions. Organic growth in the quarter was 36%. We grew adjusted earnings per share by 78% to $3.08 and adjusted EBITDA by 70% to $142 million.

第四季業績顯示，營收成長了 69%，其中基礎設施解決方案成長了 123%，交通運輸解決方案成長了 24%。本季有機成長率為36%。調整後每股收益成長 78% 至 3.08 美元，調整後 EBITDA 成長 70% 至 1.42 億美元。

Additionally, operating cash flow generation in the quarter was again very strong at $186 million. Our backlog position and strong visibility drive our confidence in the future. Signed backlog at the end of the quarter totalled $3 billion a 78% increase from year end 2024.

此外，本季經營現金流產生情況再次非常強勁，達到 1.86 億美元。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。截至本季末，已簽署的積壓訂單總額為 30 億美元，比 2024 年底成長 78%。

On the same store basis, backlog increased approximately 50%. When you layer in our unsigned awards of $301 million in pipeline of future phase opportunities, which now exceeds a billion dollars, we have visibility into a pool of work approaching $4.5 billion for sterling. Now, I'd like to discuss our segment results for the full year and fourth quarter in more detail.

在同一家門市，積壓訂單增加了約 50%。如果再加上我們尚未簽署的價值 3.01 億美元的未來階段機會儲備（目前已超過 10 億美元），我們就能預見到價值近 45 億美元的英鎊業務。現在，我想更詳細地討論我們全年和第四季度的各業務板塊業績。

In the infrastructure, full year revenue grew 59%, including 40% organic growth, and adjusted operating income grew 67% adjusted operating margins reached nearly 25% an increase of more than 120 basis points.

在基礎設施方面，全年收入成長了 59%，其中有機成長了 40%，調整後的營業收入成長了 67%，調整後的營業利潤率接近 25%，成長超過 120 個基點。

This was driven by our shift towards large mission critical projects where our superior project management and ability to finish jobs on or ahead of schedule is extremely valuable to our customers.

這是由於我們轉向大型關鍵任務專案所致，在這些專案中，我們卓越的專案管理能力和按時或提前完成工作的能力對我們的客戶來說極其有價值。

In the fourth quarter, revenue grew 123%, including 67% organic growth. The data center market again was the primary growth driver in the quarter. Additionally, our geographic expansion efforts are really paying off. A Rocky Mountain site development operation, which is solely focused on mission critical work, grew more than 150% from the prior year period adjusted the infrastructure operating income grew 91%.

第四季度，營收成長123%，其中有機成長67%。本季資料中心市場再次成為主要成長動力。此外，我們的地域擴張努力也確實取得了成效。專注於關鍵任務的落基山脈場地開發業務，較上年同期成長超過 150%，經調整後的基礎設施營運收入成長 91%。

Operating margin for the Legacy the infrastructure site development business were flat with prior year levels. Margins continue to benefit from our focus on large mission critical projects and strong execution. The CDC acquisition is performing very well in the quarter, CEC revenue increased 21% from its prior year, fourth quarter, and margins were in line with our expectations.

傳統基礎設施場地開發業務的營業利潤率與去年同期持平。利潤率持續受益於我們對大型關鍵任務項目的專注和強大的執行。CDC 收購在本季表現非常出色，CEC 營收比去年同期成長了 21%，利潤率符合我們的預期。

The Texas market in particular is very strong, and we continue to see tremendous opportunities ahead for both electrical and site development. Our multi-year visibility in the infrastructure business remains excellent.

德克薩斯州的市場尤其強勁，我們繼續看到電氣和場地開發方面存在巨大的機會。我們在基礎設施業務領域多年的發展前景依然十分樂觀。

The aggregate of our e infrastructure sign backlog unsigned electrical awards and future phase site development opportunities totalled more than $3 billion. Mission critical work, including data centers, large manufacturing projects, and semiconductor represented 84% of the infrastructure signed backlog at the end of the year.

我們的電子基礎設施招標積壓、未簽署的電氣工程合約以及未來階段的場地開發機會總價值超過 30 億美元。關鍵任務型工程，包括資料中心、大型製造項目和半導體項目，佔年底基礎設施已簽約積壓訂單的 84%。

Future phase work is predominantly related to mission critical projects. Moving to transportation solutions. For the full year, revenue grew 17% and adjusted operating profit grew 66% driven by strong market demand and the benefit of mix towards higher margin services.

後續階段的工作主要與關鍵任務項目相關。轉向交通運輸解決方案。全年來看，受強勁的市場需求和產品組合向高利潤率服務傾斜的推動，收入增長了 17%，調整後的營業利潤增長了 66%。

Fourth quarter revenue grew 24% and adjusted operating profit grew over 100%. We ended the quarter with transportation solutions backlog at $1.1 billion an 81% year over year increase driven by strong award activity and the conversion of unsigned backlog to signed backlog. Shifting to building solutions, full year revenue declined 6% and adjusted operating profit declined 23%.

第四季營收成長24%，調整後營業利潤成長超過100%。本季末，運輸解決方案積壓訂單達到 11 億美元，年增 81%，這主要得益於強勁的訂單授予活動以及未簽署的積壓訂單轉化為已簽署的積壓訂單。轉向建築解決方案後，全年收入下降了 6%，調整後的營業利潤下降了 23%。

In the fourth quarter, segment revenue declined 9% in adjusted operating margins were 10%. Overall demand for homes has been impacted as potential buyers struggle with affordability challenges.

第四季度，分部收入下降了 9%，調整後的營業利潤率為 10%。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。

Even with the 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 fantastic year. With that, I'd like to turn it over to Nick to give you more details on some of our financial metrics in the 2026 guidance.

即使在建立解決方案方面面臨許多不利因素，但 Sterling 多元化的產品組合和專注於高利潤市場成長的策略，使我們能夠再創佳績。接下來，我想把麥克風交給尼克，讓他為大家詳細介紹我們在 2026 年業績指引中的一些財務指標。

Nick

缺口

Thanks, Joe and good morning. I'll begin with our consolidated backlog metrics. Our year-end backlog totalled $3 billion a 78% increase from year-end 2024 or 49% excluding CEC combined backlog of $3.3 billion increased 81% from prior year end or 42% excluding CEC. Fourth quarter 2025 book to burn ratios were 1.64 times for backlog and 0.81 times for combined backlog.

謝謝喬，早安。我先從我們彙整的積壓訂單指標開始。我們年底的積壓訂單總額為 30 億美元，比 2024 年底增長 78%，如果不包括 CEC，則增長 49%；合併後的積壓訂單總額為 33 億美元，比上一年年底增長 81%，如果不包括 CEC，則增長 42%。2025 年第四季訂單交付率（待交付訂單）為 1.64 倍，綜合待交付訂單率為 0.81 倍。

Moving to our cash flow metrics, cash flow from operating activities for 2025 was a strong $440 million. We expect continued strength in operating cash flow in 2026 in both the legacy and recently acquired businesses.

再來看我們的現金流量指標，2025 年經營活動產生的現金流強勁，達到 4.4 億美元。我們預計，2026 年公司原有業務和近期收購的業務的經營現金流將繼續保持強勁勢頭。

Cash flow used in investing activities for 2025 included $77 million of CapEx and $482 million for acquisitions including CEC. For 2026, we are forecasting CapEx in the range of $100million to $110 million with the increase driven by investments to support growth and productivity.

2025 年投資活動所使用的現金流量包括 7,700 萬美元的資本支出和 4.82 億美元的收購支出（包括 CEC）。預計 2026 年資本支出將在 1 億美元至 1.1 億美元之間，成長主要來自支持成長和提高生產力的投資。

Cash flow from financing activities was $162 million outflow primarily driven by share repurchases of $74 million at an average price of $168.72 per share.

融資活動產生的現金流為 1.62 億美元流出，主要原因是股票回購金額為 7,400 萬美元，平均每股價格為 168.72 美元。

In the quarter we deployed $26 million into share repurchases at an average price of $310.09 per share. Remaining availability under the existing repurchase authorization is $374 million we will remain opportunistic in our approach to share repurchases.

本季我們投入 2,600 萬美元用於股票回購，平均價格為每股 310.09 美元。在現有回購授權下，剩餘可用額度為 3.74 億美元，我們將繼續採取機會主義的股票回購方式。

We are in great shape from a balance sheet perspective. We ended the quarter with $391 million of cash and debt of $291 million for a cash net of debt balance of $100 million.

從資產負債表的角度來看，我們的狀況非常好。本季末，我們持有現金 3.91 億美元，負債 2.91 億美元，淨現金餘額為 1 億美元。

Additionally, our $150 million revolving credit facility remained undrawn during the period. Given our strong liquidity, we are in an excellent position to continue to take advantage of both organic and inorganic growth opportunities in the years ahead. Now, I'd like to discuss our guidance.

此外，我們在此期間未動用 1.5 億美元的循環信貸額度。鑑於我們充裕的流動資金，我們處於非常有利的地位，可以在未來幾年繼續把握有機成長和無機成長的機會。現在，我想談談我們的指導原則。

Our current backlog, visibility, and strong market tailwinds position us well for another great year ahead. We're initiating the following guidance ranges for 2026 revenue of $3.05 billion to $3.2 billion diluted EPS of $11.65 to $12.25 adjusted diluted EPS of $13.45 to $14.05.

我們目前的訂單積壓、市場前景以及強勁的市場利好因素，使我們為未來又一個輝煌的年份做好了充分準備。我們現公佈以下 2026 年業績指引範圍：營收 30.5 億美元至 32 億美元，稀釋後每股收益 11.65 美元至 12.25 美元，調整後稀釋後每股收益 13.45 美元至 14.05 美元。

EBITD of $587 million to $620 million adjusted EBITD of $626 million to $659 million. The midpoints of these ranges reflect strong year over year growth of 25% or higher for each of these metrics. Now I will turn the call back to Joe.

EBITD 為 5.87 億美元至 6.2 億美元，調整後 EBITD 為 6.26 億美元至 6.59 億美元。這些範圍的中點反映出，每項指標的年增率均達到 25% 或更高。現在我把電話轉回給喬。

Thanks.

謝謝。

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 conversations with our core customers on the size and number of future projects contribute to our confidence.

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、未來階段的機會以及與核心客戶就未來專案規模和數量進行的對話，都增強了我們的信心。

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

在電子基礎設施站點開發方面，我們預計目前資料中心需求的強勁勢頭將在可預見的未來持續下去。

We have discussed for some time that we're in conversations with our customers regarding how we can best support their strong multi-year capital deployment programs. As part of this, we are getting pulled more rapidly into the new geographies, including Texas and the Pacific Northwest.

我們已經討論過一段時間，我們正在與客戶探討如何才能最好地支持他們強有力的多年資本部署計劃。作為其中的一部分，我們正更快地被拉入新的地理區域，包括德克薩斯州和太平洋西北地區。

Additionally, our projects are getting larger and are spanning longer time periods. In the semiconductor and manufacturing markets, there remains a very big pool of mega projects on the horizon for the later part of the decade.

此外，我們的專案規模越來越大，持續時間也越來越長。在半導體和製造業市場，未來十年後半段仍有大量大型專案即將啟動。

This would include planned semiconductor fabrication facilities we believe that some of these projects are close to shore and will be awarded in 2026. In e-commerce distribution, awards strengthened significantly in 2025 as large customers restarted their investment programs following the post-COVID buildout and correction.

這將包括計劃建設的半導體製造設施，我們相信其中一些項目距離海岸較近，並將於 2026 年授標。在電子商務分銷領域，隨著大型客戶在新冠疫情后的重建和調整後重新啟動投資計劃，2025 年獎勵力度顯著增強。

We believe that that momentum will continue into 2026 as these programs accelerate together these dynamics across our end markets support strong growth opportunities over a multi-year period.

我們相信，隨著這些項目加速推進，這種勢頭將持續到 2026 年，這些項目在我們終端市場的共同發展將為未來幾年帶來強勁的成長機會。

We have very good momentum in our electrical business for 2026 customer demand is very strong, particularly in the Texas data center market. We have a high degree of confidence in our ability to leverage the combination of our site development and electrical services to drive growth and margin expansion across the platform.

我們的電氣業務發展勢頭良好，預計 2026 年客戶需求將非常強勁，尤其是在德州資料中心市場。我們對利用場地開發和電氣服務相結合的能力充滿信心，相信能夠推動整個平台的成長和利潤率的提升。

For 2026, we expect to deliver infrastructure revenue growth of 40% or higher. This includes 20% growth or higher in the legacy business adjusted operating profit margins for key infrastructure are expected to be in the 23% to 24% range.

我們預計到 2026 年，基礎設施收入將成長 40% 或更高。這包括傳統業務成長 20% 或更高，關鍵基礎設施的調整後營業利潤率預計將在 23% 至 24% 的範圍內。

In transportation solutions, we're in the final year of the current federal funding cycle, which concludes in September of 2026. We have built over two years of backlog and continue to see good levels of bid activity. For 2026, we anticipate continued growth in our core Rocky Mountain market.

在交通運輸解決方案方面，我們正處於當前聯邦撥款週期的最後一年，該週期將於 2026 年 9 月結束。我們已經累積了兩年多的訂單儲備，並且投標活動持續保持良好水準。預計到 2026 年，我們在核心的落基山脈市場將繼續成長。

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, which should continue to drive margin improvement as we move through the year.

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，隨著我們今年的工作進展，這應該會繼續推動利潤率的提高。

We expect transportation solutions revenue growth in the low to mid-single digits in 2026 and continued margin expansion. In building solutions, we believe the business is well positioned for growth over a multi-year period.

我們預計 2026 年交通運輸解決方案收入將實現低至中等個位數的成長，利潤率也將持續擴大。在建立解決方案方面，我們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 all expected to see population growth, driving new home demand. Additionally, there is an opportunity for share gain coming out of the down cycle. In the near term, we believe the current soft market conditions will continue.

我們的主要地區，如達拉斯-沃斯堡、休士頓和鳳凰城，預計都將出現人口成長，從而推動新房需求。此外，走出下行週期後，也存在著市場佔有率成長的機會。我們認為，短期內當前疲軟的市場狀況將會持續。

We anticipate that building solutions revenue will decline in the high single to low double-digits in 2026, and that adjusted operating margins will remain in the low double-digits.

我們預計 2026 年建築解決方案收入將出現高個位數到低兩位數的下降，調整後的營業利潤率將維持在低兩位數。

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 acquisitions that are the right strategic fit to enhance our service offering and geographic footprint. We are seeing more high-quality acquisition targets in the market today than we did a year ago.

在收購方面，我們將繼續尋找合適的策略性收購目標，以增強我們的服務能力和地理覆蓋範圍。與一年前相比，我們現在在市場上看到了更多高品質的收購目標。

Moving to our full year 2026 guidance. The midpoint of our guidance range would represent 25% revenue growth 26% adjusted EBS growth and 28% adjusted EBITDA to growth.

接下來我們將介紹2026年全年業績指引。我們給出的指導範圍的中點將代表營收成長 25%，調整後 EBS 成長 26%，調整後 EBITDA 成長 28%。

With that, I'd like to turn it over for questions.

接下來，我想把時間交給大家提問。

Thank you.

謝謝。

(Operator Instructions) Brian Braffy from Sniffle. Please go ahead.

（操作說明）來自 Sniffle 的 Brian Braffy。請繼續。

Yeah, thanks. Good morning, everybody. Appreciate you taking the question. I guess just wanted to ask about transportation awards and backlog. It seems like it was a lot stronger than folks were expecting. Anything notable to call out there? Were there any large awards worth highlighting? Thanks.

嗯，謝謝。大家早安。感謝您回答這個問題。我只是想問一下運輸獎項和積壓訂單的情況。看來它的威力比人們預期的要強得多。有什麼值得一提的嗎？有哪些值得重點介紹的大獎？謝謝。

Yeah, thanks Brian. Nothing in particular. There wasn't one big giant project or anything. I think what people tend to get confused with is even though we're coming to the end of a funding cycle, only about 50% to 60% of the total funding has been spent, so we will continue to see good bid activity through that September time frame.

謝謝你，布萊恩。沒什麼特別的。並沒有什麼大型專案之類的。我認為人們容易混淆的是，儘管我們即將結束一個資助週期，但總資金只用了大約 50% 到 60%，因此在 9 月我們將繼續看到良好的投標活動。

As projects are continuing to be let, which will obviously be built for a time period after that, so we feel very good, of where we're positioned, and we like the bid activity. Nothing major, just good, singles, doubles, and maybe a little triple now and then, as we go forward, but I also want to just remind you and everybody that at the end of the funding cycle, the world doesn't stop this isn't a toggle switch.

由於項目仍在不斷招標，而且顯然會在招標後的一段時間內進行建設，所以我們對自己的定位感到非常滿意，我們也喜歡目前的投標情況。沒什麼大事，只是些不錯的單打、雙打，也許偶爾會有三打，隨著我們前進，但我也想提醒大家，融資週期結束後，世界不會停止運轉，這不是開關。

Generally, what happens if they don't have the next funding bill in place is they will do an extension of the existing funding bill. They have generally or historically adjusted that for inflation, and as a result, bids will continue to come up.

一般來說，如果他們沒有製定下一項撥款法案，他們就會延長現有的撥款法案。他們通常或歷史上都會根據通貨膨脹進行調整，因此，競標活動將會繼續出現。

Yeah, that's helpful, and then I guess just as a follow-up you touched on this a bit in your opening comments but hoping you could expand a little bit more but just an update on some of the progress entering into Texas on the site prep side, and how is progress going marrying that with some of the joint awards at CEC thanks.

是的，這很有幫助。我想作為後續，您在開場白中已經稍微提到了這一點，但我希望您能再詳細闡述一下，關於進入德克薩斯州進行場地準備方面的一些進展，以及將這些進展與CEC的一些聯合獎項結合起來的進展情況，謝謝。

Yeah, we're really excited about the Texas market, one from the CDC side on what we're seeing for. Data center expansion electrical, but two, we're getting pulled very rapidly on the site development side, and I think in the first half of this year, we're going to be able to talk about some very nice awards that take place in Texas, and we have been, I will tell you, what I believe ahead of schedule and more, optimistic about the strength of putting these two together.

是的，我們對德州市場感到非常興奮，一方面是因為疾管中心方面看到了前景。資料中心擴建的電氣工程，但另一方面，我們在場地開發方面進展非常迅速，我認為今年上半年，我們將能夠談論一些在德克薩斯州舉辦的非常棒的獎項，而且我可以告訴你，我相信我們提前完成了計劃，並且對將這兩者結合起來的力量更加樂觀。

And the responses that we're receiving from customers, so we're very pleased on the thesis is coming true, and I think we'll see some very good activity in the first half of this year that'll make everybody happy.

我們從客戶那裡得到的回饋讓我們非常高興，我們的設想正在實現，我認為今年上半年我們將看到一些非常好的業績，這將讓每個人都感到高興。

Great to hear. I'll pass it on.

聽到這個消息真是太好了。我會轉達的。

Thank you.

謝謝。

Thanks, Brian.

謝謝你，布萊恩。

Thank you.

謝謝。

(Operator Instructions) Brent Thielman from Davidson. Please go ahead.

（操作說明）來自戴維森的布倫特·蒂爾曼。請繼續。

Hey, thanks, great quarter, guys. Hey, Joe, maybe just, to tack on to Brian's question, to get out a little bit more about how the pipeline has evolved at CEC since you've acquired it, are the award opportunities getting a lot bigger, and maybe if you could comment on what you're doing or seeing already that might support a higher threshold for margins, for that business going forward.

嘿，謝謝，夥計們，這季度太棒了。嘿，喬，或許可以補充一下布萊恩的問題，再詳細說說自從你收購 CEC 以來，公司業務發展情況如何？得標機會是否變得更大了？你能否談談你正在做或已經看到哪些事情，這些事情或許可以支持未來該業務更高的利潤率門檻？

Yeah, we are. The jobs are getting a lot bigger, these data centers in Texas, we were joking in our recent leadership meeting, our team said remember when we were so excited we got the first 100-acre data center, and this is just a few years ago.

是的，我們是。這些工作規模越來越大了，例如德州的這些資料中心。在最近的領導層會議上，我們開玩笑說，我們的團隊還記得幾年前我們多麼興奮地獲得了第一個佔地 100 英畝的資料中心嗎？

And we said yeah, we thought it was, the biggest project and all that kind of stuff. They said, yeah, we just started one in Texas and the parking lot is 100 acres, right? Kind of put it in perspective. These things keep getting larger and larger, having more and more, these aren't data centers anymore, they're data campuses. I think people get confused about that and we'll have multiple buildings on them.

我們當時就說，是啊，我們當時也覺得這是個大項目，諸如此類。他們說，是啊，我們剛在德州開了一個，停車場佔地100英畝，對吧？這樣可以更客觀地看待這件事。這些地方規模越來越大，功能越來越多，它們不再是資料中心，而是資料園區了。我認為人們會對此感到困惑，而且我們會在上面建造多棟建築。

CEC is, has got great traction, in combined, the site development CEC are getting great traction. We see margin improvements in a couple areas. Obviously, as CEC moves for their makeshift towards data center, that margin is historically better than the smaller, industrial commercial jobs, but also as we're combining. The exterior electric with the site development, we have already seen significant margin improvements with the small dry utility business we bought in Georgia last year and the exact same thing will happen with CDC over a period of time.

CEC 已經取得了巨大的成功，綜合來看，網站開發 CEC 正在取得巨大的成功。我們看到幾個領域的利潤率有所提高。顯然，隨著 CEC 向資料中心轉型，其利潤率歷來優於規模較小的工業商業項目，而且我們也不斷合併。隨著場地開發的進行，我們已經看到去年在喬治亞州收購的小型乾式公用事業業務的利潤率顯著提高，隨著時間的推移，CDC 也將發生同樣的情況。

So, we're in the early phases of getting into those projects. That's why I say I think we'll see some great progress in the first half of this year and we'll start seeing some of that impact as we get to the second half of this year.

所以，我們目前還處於這些專案的早期階段。所以我認為今年上半年我們會取得一些重大進展，到了下半年，我們會開始看到這些進展的影響。

Okay. All right, thanks, Joe and then, maybe just on the legacy site development margins, as you mentioned, sort of flat here, obviously at great levels. Maybe Joe, you could just comment on why we should, shouldn't think they've peaked at this point.

好的。好的，謝謝喬。然後，正如你所提到的，也許只是關於傳統網站開發利潤率，這裡比較平穩，顯然處於很高的水平。喬，或許你可以說說我們為什麼應該或不應該認為他們已經達到了巔峰。

Sorry, Brent, I mis misheard you. You're asking about site margins, site development margins in the court. We don't see them going negative, that's for sure, especially as we're seeing larger and larger jobs come out. We're also seeing some opportunities in the Northeast for some larger jobs that will help their margins improve, significantly.

抱歉，布倫特，我聽錯了。你問的是場地利潤率，也就是法庭上的場地開發利潤率。我們肯定不會看到它們出現負成長，尤其是在我們看到越來越多的大型專案湧現的情況下。我們也看到東北地區出現了一些機會，一些較大的工作將有助於顯著提高他們的利潤率。

One of the things we'll begin talking about more and more, is we said in the script, our Rocky Mountain site development business grew 150% year over year. We're really excited about that. But one of the things we have that hurts our margins out in that area is we tend to have a little bit smaller and different equipment suite that we use on the East Coast.

我們將越來越多地談論的一件事是，正如我們在劇本中所說，我們的落基山脈場地開發業務同比增長了 150%。我們對此感到非常興奮。但是，影響我們在該領域利潤率的一個因素是，我們在東海岸使用的設備套件規模較小，而且與東海岸的設備套件有所不同。

So, we're going to be investing in some capital and doing some different capital planning that we think we can drive their margins up. A fair amount as well just by duplicating exactly what we do, in the Southeast and the East Coast and then strategically we'll continue to look at more vertical integration.

因此，我們將投入一些資金，並進行一些不同的資本規劃，我們認為這些規劃可以提高他們的利潤率。我們可以透過完全複製我們在東南部和東海岸的做法來獲得相當多的收益，然後從戰略上講，我們將繼續尋求更多的垂直整合。

There are some leverage and productivity we can get out of vertical integration as we move to a new geography. That's not where we start. We get our feet wet.

隨著我們向新的地理擴張，垂直整合可以帶來一些優勢和生產力提升。這裡不是我們開始的地方。我們開始試水溫。

Get into the site development, execute that, gives us time to evaluate, some of those players around the vertical integration, pick the best ones, and you'll see over the next 12 to 18 months, us tucking in. Some of those around the US. I do want to add one more comment though on your CDC, question on how rapid they're growing and everything else.

進入網站開發階段，執行該項目，這給了我們時間去評估垂直整合領域的一些參與者，挑選出最好的參與者，在接下來的 12 到 18 個月裡，你會看到我們逐步推進。美國各地的一些地區。關於您提到的疾管中心，關於他們成長速度以及其他方面的問題，我還想補充一點。

I would tell you if I had another 1,000 electricians in Texas and I have a much bigger number; I think we could put them to work in 30 days or less. But when we Bought CEC. They had a small modular build facility. We just are in the progress, the process of signing a lease to triple the size of that will also help their margins so we can start pre-building more in a factory condition and ship those to the field.

我會告訴你，如果我在德克薩斯州再有 1000 名電工（而我實際人數遠不止 1000 名），我認為我們可以在 30 天或更短的時間內讓他們投入工作。但當我們收購 CEC 時。他們有一個小型模組化建築工廠。我們目前正處於推進階段，簽署租賃協議將規模擴大三倍也將有助於提高他們的利潤率，這樣我們就可以開始在工廠條件下預製更多產品，然後將它們運送到現場。

Okay, great, thanks, I'll pass it on.

好的，太好了，謝謝，我會轉達的。

Thank you.

謝謝。

(Operator Instructions) Manish Somaiya from Cantor. Please go ahead.

（操作說明）來自 Cantor 的 Manish Somaiya。請繼續。

Good morning, Noel, Joe, Nick, congrats on the quarter. A couple of questions for me, maybe beginning with, Joe, you talked about a billion dollars of high probability future phase work. Can you, give us a sense if that's tied to existing customers or programs, or is it, completely new, and how should we think about the expected conversion window?

早安，Noel、Joe、Nick，恭喜你們本季取得佳績。我有幾個問題想問，或許可以先問，喬，你提到未來階段有十億美元的高機率專案。您能否告知我們這是否與現有客戶或專案有關，還是完全全新的？我們該如何看待預期的轉換窗口期？

Well, first, that billion plus is tied to projects we're actively working on today. So that's real work. That's what it's going to take at a minimum to finish out those projects. If you remember, as they continue to design, they released that work in a package. We did that next phase of work and then we executed so it's very solid we can't technically call it backlog but internally for capacity planning and everything else it's backlog for us it's tied to existing customers, but we're always getting a new customer here and there, so we're not just fixated on one or two, but the lion's share of that are with the big name.

首先，這十多億美元與我們目前積極的計畫有關。這才是真正的工作。完成這些項目至少需要這麼多錢。如果你還記得的話，隨著他們不斷進行設計，他們把這些設計成果打包發布了出來。我們已經完成了下一階段的工作，並且執行到位，所以現在非常穩定。從技術上講，我們不能稱之為積壓工作，但在內部，為了進行產能規劃和其他所有事情，它就是我們的積壓工作。它與現有客戶相關，但我們總是不時地獲得新客戶，所以我們並不只專注於一兩個客戶，但其中絕大部分都來自知名企業。

Hyper scalers that everybody knows that have all announced their budgets, plans and future forecasts, which are all up significantly. I will tell you as we look ahead to the next three to five years, and work with them on their planning, we don't see anything slowing down. If anything, we continue to see it accelerate.

大家都知道的超大規模資料中心營運商都已公佈了預算、計畫和未來預測，而且這些數字都大幅成長。我可以告訴你們，展望未來三到五年，並與他們一起制定計劃，我們看不到任何放緩的跡象。如果有什麼改變的話，那就是這種趨勢還在加速發展。

And then a question for, Nick. As you guys scale up the intra business, how should we think about investments in working capital and, free cash flow conversion?

然後，我問尼克一個問題。隨著你們擴大內部業務規模，我們該如何考慮營運資金投資和自由現金流轉換？

Yeah, so.

是啊，就是這樣。

So, we expect to continue to have strong free cash flow conversion. I mean conservatively we're seeing free cash flow conversion in the EBITDA in the 80% range or so, and that's a conservative number, and we expect that to continue as we, move further into the infrastructure space throughout the year.

因此，我們預計自由現金流轉換率將持續保持強勁成長。我的意思是，保守估計，自由現金流轉化為 EBITDA 的比例在 80% 左右，這還是一個保守的數字，我們預計隨著我們今年進一步拓展基礎設施領域，這種情況還會持續下去。

Okay, and then, back to, Joe, as we think about capital allocation, Joe, you mentioned, obviously you have an active share buyback program, $400 million, initiated back in November of last year, you talked about M&A. You're talking about good assets coming on the market, which is interesting because I haven't heard that in a while. Obviously, multiples are high.

好的，那麼，回到喬的話題，當我們考慮資本配置時，喬，你提到，顯然你們有一個積極的股票回購計劃，4億美元，該計劃於去年11月啟動，你還談到了併購。您說的是市場上即將出現優質資產，這很有意思，因為我已經很久沒聽到這種消息了。顯然，倍數很高。

But maybe if you can just give us your sense of your priorities, is that 1/4 leg that we should be thinking about to the sterling business? So how do you sort of think about allocation, capital allocation, M&A, fourth leg, and why this whole. Abundance of, good acquisitions because we've heard that on a couple of calls and it's been a little bit surprising, but if you can please help us understand that, thank you.

但或許您可以告訴我們您的優先事項是什麼，那是不是我們應該考慮的英鎊業務的四分之一腿？那麼，你如何看待資產配置、資本配置、併購、第四階段以及這一切呢？有很多不錯的收購機會，因為我們在幾次電話會議中都聽到了這種說法，這讓我們有點驚訝，如果您能幫我們理解一下，那就太感謝了。

Yeah. Our focus won't be necessarily on 1/4 leg. It's really around when we step back and we look at.

是的。我們的重點不一定是1/4腳。當我們退後一步，仔細審視時，它就真正體現出來了。

Data centers, semiconductors, pharma's coming, some other manufacturing that we see along with longer-term projects right now for the next five to seven years, the best returns for us are going to be how do we grow, expand. Goods, services and geographic footprint within the infrastructure.

資料中心、半導體、製藥業即將到來，以及我們目前看到的一些其他製造業，還有一些未來五到七年的長期項目，對我們來說，最好的回報將取決於我們如何發展、擴張。基礎設施內的商品、服務和地理覆蓋範圍。

Now that's not to say we won't, if the right fourth leg came along, we wouldn't aggressively go after it, but right now, the opportunities that are ahead of us and what our core customers are asking us for in asking locations to go to services to provide for the next three to five years, really has us focused on continuing to look for that geographic expansion of site development and then also incremental electrical footprint and services and skills, and we will be looking at mechanical along the way as well it's a natural progression.

當然，這並不是說我們不會這樣做。如果合適的第四個機會出現，我們也會積極爭取。但就目前而言，擺在我們面前的機會以及我們核心客戶對我們未來三到五年服務地點的要求，確實讓我們專注於繼續尋求地域擴張，拓展場地開發，並逐步擴大電力覆蓋範圍、服務和技能。同時，我們也會關注機械領域，這是一個自然而然的發展過程。

So that's where we're focusing. Why do I think there are more quality businesses on the market. I think two things, multiples are certainly up, some on the businesses. But two, I think, a lot of these owners see this tremendous opportunity ahead of them.

所以這就是我們關注的重點。為什麼我認為市場上會有更多優質企業？我認為有兩點，一是估值倍數肯定上漲了，有些企業的估值倍數確實上漲了。但第二，我認為，很多業主都看到了擺在他們面前的巨大機會。

And they're not able to capitally fund the growth and they feel like they're going to miss the opportunity and frankly, if they don't team up with somebody big, they're going to be on the outside looking into this and they're going to ultimately lose that work.

他們沒有足夠的資金來支持成長，他們覺得自己會錯失良機，坦白說，如果他們不與大公司合作，他們就會被排除在外，最終會失去這份工作。

So, they're they've been around this world a long time and this is Something that, none of us have seen in our career from a standpoint of the, it's not billions. I think it'll get the trillions of dollars of infrastructure spend that's coming in front of us that whether it's our yellow iron or our electrical skills or some of our other things that fit right into.

所以，他們在這個世界上已經存在很久了，而從某種意義上說，這是我們所有人職業生涯中從未見過的事情，它不是數十億。我認為它將獲得擺在我們面前的數萬億美元的基礎設施支出，無論是我們的鋼鐵設備、電氣技術，還是其他一些非常適合這項支出的領域。

That's super helpful.

這太有幫助了。

Thank you, Joe.

謝謝你，喬。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions) Alex Rygiel from Texas Capital. Please go ahead.

（操作員說明）來自德克薩斯資本的 Alex Rygiel。請繼續。

Thank you and good morning gentlemen. When you talk about manufacturing and high tech and fab plants, can you sort of help us to maybe understand how big that market opportunity could be sort of in the coming years?

謝謝，各位先生早安。當您談到製造業、高科技和製造工廠時，您能否幫助我們了解未來幾年這個市場機會可能有多大？

Well, when you, let's start, we can start with the semiconductor stuff and I'm a believer that we are at the early innings of semiconductor.

好吧，讓我們開始吧，我們可以從半導體方面入手，我相信我們目前還處於半導體發展的早期階段。

I don't think we're going to see the, a major phase of semiconductor come out until 2030 or so just with the length of time of the announced capital spend that it takes to get a project ready to break ground, but in the meantime there are a few projects that are going to be hitting here in the near future put it in perspective, a data center job for us is, a three year average I would say.

我認為，半導體產業要到 2030 年左右才會迎來一個主要階段，這主要是因為從宣布的資本支出到專案準備就緒需要很長時間。但同時，也有一些項目將在不久的將來落地。從這個角度來看，對我們來說，一個資料中心專案平均需要三年時間。

A semiconductor plants that are coming out will be closer to seven-to 10-year projects. Instead of hundreds of millions of dollars, the total scope of those projects could approach a billion dollars. So that's pretty sizable for us. The pharma plants have announced multiple facilities around the country.

即將建成的半導體工廠專案週期將接近七到十年。這些項目的總規模可能接近十億美元，而不是數億美元。所以這對我們來說意義重大。這些製藥廠已宣佈在全國各地建造多家工廠。

Again, don't get confused when they announce it. From the time they announced to the time anything happens, is going to be three to five years. It's just the. Cycle by the time you get the land, you permit it, you get utilities run, they have to purchase equipment, usually that's specialty equipment and it's not quick turnaround, so there's anywhere from two to five years of lead times depending on the parts and components of the industry, so we see all of that coming.

再次提醒，當他們宣佈時不要感到困惑。從他們宣布消息到任何事情發生，大概需要三到五年。只是…從獲得土地、獲得許可、鋪設公用設施，到購買設備（通常是專用設備​​），整個過程都需要時間，週轉時間也不短，因此根據行業零件的不同，交貨週期可能從兩到五年不等，所以我們預見到所有這些情況都會發生。

In parallel, I will tell you our data center customers over that same time horizon are not slowing down. They're talking about bigger builds, more builds, and working with us to try to commit, capacity and capabilities, but also, when you see our geographic expansion taking place over the next 12 to 18 months. It's not necessarily.

同時，我還要告訴大家，在同一時期，我們的資料中心客戶並沒有放慢發展腳步。他們正在談論更大的建設、更多的建設，並與我們合作，努力實現產能和能力，但同時，你也會看到我們在未來 12 到 18 個月內的地域擴張。不一定。

Because there's something there today, it's because we know something is coming in the future and we're working with our customers to be prepared for that, and the Texas market is on fire, to say the least. It is unbelievable what is happening in Texas, and we're attacking that from the east and we're attacking it from the west, and then we've got our CDC business right in the middle of Dallas.

之所以今天市場有所起色，是因為我們知道未來會有新的機遇，我們正在與客戶合作，為此做好準備。毫不誇張地說，德州的市場非常火爆。德州正在發生的事情令人難以置信，我們從東部和西部同時發動進攻，而我們的疾控中心就位於達拉斯市中心。

We feel very good about what Texas will add to our company over the next three to five years.

我們對德州在未來三到五年內將為我們公司帶來的貢獻感到非常樂觀。

Very helpful.

很有幫助。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions) Louis De Palma from William Blair. Please go ahead.

（操作說明）路易斯·德·帕爾馬，來自威廉·布萊爾。請繼續。

Hello, Nick and Noelle, good morning. I'm sorry that I joined the call late.

尼克和諾埃爾，早安。很抱歉我遲到了。

Good morning, Joe, you previously on past calls, you've discussed, Sterling's entry into West Texas, are you able to further expand into Texas to cover other key markets? I know you said that you're attacking it from the east and attacking it from the west. Have you already, won jobs, on the east side of Texas and in other markets across the state?

早安，喬，你之前在電話會議上討論過斯特林公司進軍西德克薩斯州的計劃，你們能否進一步拓展德克薩斯州市場，覆蓋其他重點市場？我知道你說過你要從東邊進攻，也要從西面進攻。您是否已經在德克薩斯州東部以及該州其他地區找到了工作？

Yeah, when we, well, let me talk about the attacking from the east, attacking from the west, and then the market, okay, just to make sure I don't create more confusion. So West Texas is growing very rapidly, and I will tell you we're actively working and winning jobs in West Texas that we'll be able to announce in the first quarter.

是的，當我們……嗯，讓我談談從東方發起的進攻，從西方發起的進攻，然後是市場，好的，只是為了確保我不會造成更多混亂。所以西德州發展非常迅速，我可以告訴大家，我們正在積極努力，爭取在西德州獲得一些工作機會，我們將在第一季宣布這些工作機會。

What we consider east is kind of Dallas Houston that corridor, not East Texas is the piney forest. There's not a lot going on there yet maybe there will be, but when I say we're attacking it from the east and attacking it from the west, we're using our plateau business to come and start hitting.

我們所認為的東部指的是達拉斯-休斯頓走廊一帶，而不是德克薩斯州東部的松樹林地帶。那裡現在還沒什麼動靜，也許以後會有，但當我說我們要從東面和西面同時進攻時，我們是在利用我們在高原上的業務來發動攻擊。

What we call East Texas, so that Dallas market, there's stuff going on up in Oklahoma in the near future that's coming out. And then believe it or not, what most people don't realize is it's almost the same distance from Houston to West Texas as it is from Salt Lake City to West Texas. That's how big the state is.

我們所說的東德克薩斯，也就是達拉斯市場，在不久的將來，俄克拉荷馬州也會有一些事情發生。信不信由你，大多數人沒有意識到的是，休士頓到西德州的距離幾乎與鹽湖城到西德州的距離相同。這個州的面積就是這麼大。

We're attacking the West using our Rocky Mountain resources and assets and we'll be looking for strategic acquisitions obviously within Texas or closer proximity to continue to add assets and resources and capability and capacity.

我們將利用落基山脈的資源和資產向西部進軍，顯然，我們將在德克薩斯州境內或附近地區尋求戰略收購，以繼續增加資產、資源、能力和產能。

Does that help?

這樣有幫助嗎？

Yeah, that was great, Joe, and so should investors view 2026 as a year for in which you're focused, in terms of your geographic expansion, you're focused mostly on Texas, or are there other data center and mission critical geographies, outside of the Southeast and outside of Texas that you can potentially expand into for 2026.

是的，喬，那太棒了。投資人應該把 2026 年視為你重點發展的年份嗎？就你的地理擴張而言，你主要專注於德州嗎？還是說，除了東南部和德克薩斯州之外，還有其他資料中心和關鍵任務地區，你可以考慮在 2026 年將其擴展到這些地區？

Yeah, I think in 2026, the lion's share of the data center growth will come in those areas. But there's some good activity taking place now in the Northeast. It's early. We're excited about some projects up there. We will, the two other markets that are out there, in one, I think, in 2026.

是的，我認為到 2026 年，資料中心成長的絕大部分將來自這些地區。但目前東北地區有一些不錯的活動正在進行中。現在還早。我們對那裡的一些項目感到很興奮。我認為，到 2026 年，我們將把另外兩個市場合併成一個。

You will see us start moving more assets and resources to the Pacific Northwest and again, there are several projects that will probably be released in '27 up there that could be very exciting for us. The market we haven't figured out how to get into yet, is the Ohio, Indiana market, that's always a potential for us. I won't tell you we're on the 10-yard line and getting in there or anything else, but that's another, fairly sizable market. But when I step back and I just look at.

你會看到我們開始將更多資產和資源轉移到太平洋西北地區，而且，那裡可能會在 2027 年推出幾個項目，這對我們來說可能非常令人興奮。我們尚未找到進入俄亥俄州和印第安納州市場的方法，但這始終是我們的潛在市場。我不會告訴你我們已經到了10碼線，即將達陣之類的，但這的確是另一個相當大的市場。但當我退後一步，仔細觀察時。

The Southeast, a few of the projects up in the Northeast in Texas, and you got the lion's share of the new stuff coming out, at least with our core customers, and the size of those projects really fit our profile, versus when you get into like the mid-Atlantic, there's a lot of number of data centers but they're small and you know just don't necessarily fit our profile.

東南部地區，東北部德克薩斯州的一些項目，以及大部分即將推出的新產品，至少對於我們的核心客戶而言，這些項目的規模非常符合我們的定位。相較之下，像大西洋中部地區，資料中心數量眾多，但規模較小，不一定符合我們的定位。

But, and 11 final one related to this, discussion for your entry into, new markets, is it reasonable to assume that the profitability in terms of, the operating margins will be lower than like the profitability for your core, e-infrastructure mission critical business such that as investors and the sell side as we're modelling, should there be any, negative impact from expanding into Texas and expanding into the Northwest, or how should we consider that?

但是，關於您進入新市場的討論，最後一個問題（第 11 個問題）是，假設其營運利潤率低於您核心電子基礎設施關鍵業務的利潤率是否合理？作為投資者和賣方，我們在建模時，擴張到德州和西北地區是否會產生任何負面影響？或者我們應該如何考慮這一點？

Yeah, I think, depending on if we move equipment suites as an example from the Southeast to Texas, we're going to see the exact same margins. We've seen a little lower margins, the same pricing, same process, a little bit lower margins in a Rocky Mountain, not because of the market, just because we're ramping up that equipment profile. Remember, we converted, highway assets.

是的，我認為，如果我們把設備套件從東南部搬到德克薩斯州，利潤率應該會完全一樣。我們發現，在相同的定價和流程下，落基山脈的利潤率略有下降，這不是因為市場原因，只是因為我們正在增加對該設備的需求。記住，我們改造了高速公路資產。

Plus, some large assets to get them underway as we continue to build that out those margins will grow where we would see where I think we will see when we look at acquisitions as an example, most acquisitions margins are a little bit lower than ours, right?

此外，我們還有一些大型資產可以啟動這些項目，隨著我們不斷推動這些項目，利潤率將會成長。例如，當我們觀察收購項目時，大多數收購項目的利潤率都比我們的要低一些，對吧？

But we believe that after we get those acquisitions in our footprint, introduce our processes, our procedures, our technology, and do those sorts of things, we can continue to grow those margins up to where we are.

但我們相信，在我們完成這些收購，將我們的業務版圖擴大到我們自己的規模，引入我們的流程、程序和技術，並做好這些事情之後，我們可以繼續提高利潤率，達到我們目前的水平。

And yeah, I just the other thing to keep in mind Louis is our margins, our projects remember the multi-phases anywhere 357, they always start out at a lower margin, and those margins improve based on productivity and what we're able to do, staging earlier phases to help, productivity on the future phases.

是的，路易斯，還有一點需要記住，那就是我們的利潤率，我們的項目，記住任何多階段項目（比如 357），它們的利潤率總是從較低的水平開始，而這些利潤率會根據生產率和我們能夠做的事情而提高，比如提前完成一些階段來幫助提高未來階段的生產力。

Excellent. Thanks, Joe and thanks everyone.

出色的。謝謝喬，也謝謝大家。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions) Adam Felmer from Thompson Davidson. Please go ahead.

（操作說明）來自 Thompson Davidson 的 Adam Felmer。請繼續。

Hey, good morning, guys. Nice quarter. Joe, can you talk more about the CEC modular expansion? Curious.

嘿，大家早安。不錯的街區。Joe，可以詳細談談CEC模組化擴充嗎？好奇的。

What that'll take you to on a square footage basis and what exactly are you doing modularly versus in the field?

以平方英尺計算，這將需要多少成本？模組化施工和現場施工的具體區別是什麼？

Yeah, so, it was our simple take on that is, we're not the only ones doing modular, but anything we can take out of the field in prefab to move into the field.

是的，我們的想法很簡單，我們並不是唯一一家做模組化的公司，但任何我們可以從現場預製出來並運送到現場的東西，我們都可以做到。

Reduces the number of electricians we need on that site, right? But it also improves productivity and cost, so the new facility is over 300,000 square feet. I will tell you that we're looking at.

這樣可以減少工地所需的電工數量，對吧？但它也提高了生產效率並降低了成本，因此新設施佔地超過 30 萬平方英尺。我會告訴你我們正在關注的。

Does it or doesn't make sense to have multiple facilities throughout the US that can make these components, so we're doing everything from the exterior piping and conduit around the duct banks to the actual cabinets.

在美國各地設立多個能夠生產這些組件的工廠是否有意義？因此，我們正在生產從風管周圍的外部管道和導管到實際的機櫃等所有部件。

That go into these centers and we're looking at how do we continue to expand that capability and growth. It's pretty exciting because it really, when you run the numbers, it's significant what it frees up for capacity and how it positively impacts your margins.

這些資源將進入這些中心，我們正在研究如何繼續擴大這種能力和成長。這非常令人興奮，因為當你仔細計算後，你會發現它能釋放多少產能，以及它對利潤率的正面影響都非常顯著。

Future of construction.

建築業的未來。

What's that?

那是什麼？

I said its future of construction.

我說過，這是建築業的未來。

Yeah, I think we will see, regardless of us or our space or other spaces, you're going to continue to see modular activities grow as the labour pool just gets tighter and tighter. It's the, it's the most logical thing to do, right.

是的，我認為無論我們自己、我們的空間或其他空間，隨著勞動市場越來越緊張，模組化活動都將繼續成長。這是，這是最合乎邏輯的做法，對吧。

And then just lastly, I wanted to see where your head was at on the residential business and does it make sense to do an acquisition there when multiples might be more depressed, or does it just make sense to let that play out?

最後，我想了解您對住宅業務的看法，在估值倍數可能較低的情況下進行收購是否明智，還是應該靜觀其變？

Yeah, and we don't, I'd like to tell you there's a, there's light on the horizon. I think it's going to be, a tough, certainly first half of 2026.

是的，我們並沒有，我想告訴你，地平線上已經出現了一線曙光。我認為2026年上半年肯定會很艱難。

Things are just there's nothing positive that's happening to spark or drive, the residential business turnaround.

目前的情況是，沒有任何積極的因素能夠激發或推動住宅業務的復甦。

I also warn everybody that, once it does turn around, there's three or four months of inventory on the ground that these builders are going to sell before we start seeing new builds start, right? I think that's just a fact, but you're not far off, I will tell you.

我還想提醒大家，一旦情況好轉，這些建築商會在新建築開工之前，先把三、四個月的庫存賣掉，對吧？我認為那確實是事實，但你的說法也相差不遠。

If the right acquisition came along in residential, and, multiples are down, and by the way, their earnings are down, we feel optimistic long-term because the last time when we went back and looked at Teal stone coming out of the last.

如果住宅領域出現合適的收購機會，而且由於倍數下降，順便說一句，他們的收益也下降了，我們對長期前景感到樂觀，因為上次我們回顧了 Teal Stone 從上個時期出來的情況。

Downturn, they picked up significant market share on the back half of this, and we think we'll pick up market share coming out of this, especially in the Houston and Arizona markets. So if we found the right acquisitions, we would shy away from them, but we get them at a huge discount and we'd look really smart, 18 months from now.

在經濟低迷時期，他們在下半年獲得了顯著的市場份額，我們認為我們將在經濟復甦後獲得市場份額，尤其是在休士頓和亞利桑那州市場。所以，如果我們找到了合適的收購目標，我們會避免貿然出手，但我們卻能以極低的價格買到它們，18 個月後，我們會顯得非常精明。

Perfect thanks Joe.

太好了，謝謝喬。

That Thank you and your last question comes from Julio Romero from Sidoti and Company. Please go ahead.

感謝您的提問，最後一個問題來自 Sidoti and Company 的 Julio Romero。請繼續。

Thanks. Hey, good morning, Joe, Nick, Noel. I wanted to stay on the topic of these projects getting bigger, as you said, Joe, they're not even data centers anymore. They're data center campuses. As these mission critical projects get bigger, more complex, is the mix of aboveground work versus underground infrastructure changing at all? And if so, is that mix shift margin accretive?

謝謝。嘿，早上好，喬、尼克、諾埃爾。我想繼續討論這些專案規模越來越大的問題，正如你所說，喬，它們甚至不再是資料中心了。它們是資料中心園區。隨著這些關鍵任務項目規模越來越大、越來越複雜，地上工程與地下基礎設施的組合是否改變了？如果真是如此，這種混合模式的轉換是否會帶來增益？

Yeah, we, I would say we've seen any significant and shift above ground versus below ground. I think what we will see, kind of the next generation of these projects are going to have self-power generation on them, that will create more.

是的，我認為我們沒有看到地上和地下有任何顯著的變化。我認為我們將會看到，下一代這類項目將會配備自發電裝置，這將創造更多價值。

Development opportunities on these because if you have a power plant, you've got all the underground whether it's water utilities, you've got the electrical coming in all that stuff so we think that the size and scope of these projects, not only in physical size will get bigger, but the amount of stuff that we will touch.

這些計畫蘊藏著發展機遇，因為如果你有一個發電廠，你就需要處理所有地下的設施，無論是水利設施、電力線路等等，所以我們認為這些項目的規模和範圍，不僅在物理規模上會更大，而且我們將要涉及的事物數量也會更多。

Will continue to grow. Those projects really won't start hitting until '27, '28, we may see one this year, but that, that's the lion's share. But it also opens up opportunities to look at other goods and services that we can add to those projects.

將繼續增長。這些項目要到 2027 年、2028 年才會真正開始落地，我們今年可能會看到一個，但這已經是絕大部分了。但這也為我們提供了機會，讓我們能夠考慮將其他商品和服務添加到這些項目中。

Got it. And does that Does that change at all, if the mix within mission critical begins, does skew over time to semiconductor and advanced manufacturing?

知道了。如果關鍵任務領域的業務組合隨著時間的推移逐漸向半導體和先進製造業傾斜，這種情況是否會改變？

Yeah, no, there's not a, there, there's not a tremendous difference, obviously you got duck banks in the data centers, but you know there's all-what people don't realize is any of these facilities literally thousands of miles of underground pipe and wire and everything else.

是的，不，這裡沒有，這裡沒有巨大的區別，顯然資料中心裡有鴨子銀行，但你知道，人們沒有意識到的是，所有這些設施實際上都有數千英里的地下管道、電線和其他東西。

It's an underground city. So, for us, we're not concerned if the mix shifts more towards semiconductors and away from data centers or more towards manufacturing. We've historically seen, we've got more data on the site development side, obviously, but we've seen comparable margins.

這是一座地下城市。所以，對我們來說，我們並不擔心產業結構是更多地向半導體傾斜，減少資料中心的使用，還是更多地向製造業傾斜。從歷史數據來看，我們在網站開發方面擁有更多數據，這是顯而易見的，但我們也看到了類似的利潤率。

Of those, that's the beauty of the model we have and now with electrical and as we continue to expand the footprint of electrical and capabilities.

其中，這就是我們現有模型的魅力所在，現在有了電氣化技術，我們將繼續擴大電氣化技術的應用範圍和能力。

Our stuff's fungible. We really, we big projects obviously are much better for us, but we don't really care if it's a data center or a chip plant or a large automotive facility or a battery plant.

我們的東西是可以互換的。顯然，大型專案對我們來說更有利，但我們並不在乎它是資料中心、晶片廠、大型汽車工廠還是電池廠。

Very helpful and I wanted to ask how Sterling is positioned amongst other specialty contractors with regards to AI driven tools. As these tools kind of become more adopted across the industry. Joe, how are you thinking about staying ahead of competitors? I'm sure some of those competitors would say, they're probably using AI to narrow the GAAP of reliability or maybe scale versus Sterling.

非常有幫助，我想問一下，在人工智慧驅動工具方面，Sterling 與其他專業承包商相比定位如何。隨著這些工具在業界得到更廣泛的應用。喬，你打算如何保持對競爭對手的領先地位？我相信一些競爭對手會說，他們可能正在利用人工智慧來縮小可靠性方面的公認會計準則 (GAAP) 差距，或擴大規模以對抗英鎊。

How do you see Sterling position in that context, and could you be using these tools to maybe widen your differentiation versus some of these peers?

您如何看待Sterling在這種背景下的地位？您能否利用這些工具來擴大您與一些同行之間的差異化優勢？

Yeah, well, I certainly would not be able to speak. I don't know where our peers are. I can tell you where we are. I think people would be shocked at what we've done and what we're doing in and around AI and how we're tying that to not only the estimating and bid process, but the project execution, we did three pilots last year, to say the teams were excited they, when we first started them, everybody said how is AI applicable to what we do?

是啊，那我肯定沒辦法說話了。我不知道我們的同行在哪裡。我可以告訴你我們現在在哪裡。我認為人們會對我們過去和現在在人工智慧領域所做的工作感到震驚，以及我們如何將人工智慧與估算和投標流程以及專案執行聯繫起來。去年我們進行了三個試點項目，團隊對此感到興奮。當我們最初開始這些專案時，每個人都在問：人工智慧如何應用於我們所做的事情？

Remember we're running drones, we're running all kinds of analytics off our equipment, we're now tying all that into project management and making things happen faster. We picked up just in. Remember our capacity constraint in site development is project managers, and we picked up somewhere between 15% to 20% of incremental capacity on project managers just from our first AI project. We've got 6 AI projects underway right now.

記住，我們正在操控無人機，我們正在利用我們的設備進行各種分析，現在我們正在將所有這些都與專案管理聯繫起來，讓事情進展得更快。我們剛接上車。請記住，我們在網站開發方面的能力限制是專案經理，而我們僅透過第一個人工智慧專案就獲得了 15% 到 20% 的專案經理增量能力。我們目前正在進行6個人工智慧專案。

So, I will tell you it's, when people talk about, well, is AI real and all that, I always say if guys like us are running very quickly at this and our guys, every time they touch it, they come up with four or five other things that we can incorporate. Which will improve the efficiency, the effectiveness, the quality, and just as importantly, there's some really cool things we're doing on the safety side, with this, that will help, make our employees even safer than they are today.

所以，當人們談論人工智慧是否真實存在等等問題時，我總是說，像我們這樣的人如果在這個領域發展得非常迅速，而且我們的人每次接觸人工智慧，都會提出四五個我們可以整合到其中的其他技術。這將提高效率、效果和質量，同樣重要的是，我們在安全方面也做了一些非常棒的事情，這將有助於使我們的員工比現在更安全。

Absolutely. Thanks again for taking the questions.

絕對地。再次感謝您回答問題。

Thank you.

謝謝。

Thank you and there are no further questions at this time, Mr. Joseph Cutillo, you may continue.

謝謝，目前沒有其他問題了，約瑟夫·庫蒂洛先生，您可以繼續。

Thank you. I want to thank everybody for joining today's call. If you have any follow-up questions, please contact Noelle Dilts.

謝謝。感謝各位參加今天的電話會議。如有任何後續問題，請聯絡 Noelle Dilts。

Her contact information is in the press release. Hey, I appreciate it. I appreciate what our team did. Another great quarter and have a great day.

她的聯絡方式在新聞稿中。嘿，謝謝。我非常感激我們團隊所做的一切。又是一個出色的季度，祝您今天過得愉快。

Ladies and gentlemen, this does conclude your conference call for today. We thank you very much for your participation. You may now disconnect. Have a great day.

女士們、先生們，今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線了。祝你有美好的一天。