Sterling Infrastructure, Inc. (STRL) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Sterling Infrastructure first quarter webcast and conference call. (Operator Instructions) As a reminder, this call is being recorded on Tuesday, May 5, 2026. I would now like to turn the conference call over to Noelle Dilts, Vice President of Investor Relations and Corporate Strategy. Please go ahead.

各位女士、先生，早安，歡迎參加 Sterling Infrastructure 第一季網路直播與電話會議。(接線員指示) 提醒各位，本次電話會議於 2026 年 5 月 5 日（星期二）錄音。現在我想將電話會議交給投資人關係與企業策略副總裁 Noelle Dilts。請開始。

Good morning to everyone joining us, and welcome to Sterling Infrastructure's 2026 first 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. Nick 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.

各位與會者早安，歡迎參加 Sterling Infrastructure 2026 年第一季財報電話會議與網路直播。今天很高興與 Sterling 執行長 Joe Cutillo 以及財務長 Nick Grindstaff 一同討論本季業績。Joe 將以公司概況與本季表現開場。接著 Nick 將說明我們的財務結果與 2026 年指引，之後 Joe 會就市場與展望補充評論。最後我們將開放提問。

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 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.

提醒各位，我們網站投資人關係專區提供隨附簡報。簡報包含 2026 全年財務指引的詳細資訊。在把電話交給 Joe 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。實際結果可能與今日所述有重大差異。

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 operating income, adjusted net income or adjusted earnings per share on this call, which are all financial measures not recognized under US GAAP. 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.

請參閱 Sterling 最新的 10-K 與 10-Q 申報文件，以取得可能影響這些預測與假設之風險因素的更完整說明。公司不承擔因新資訊、未來事件或其他原因而更新前瞻性陳述的任何義務。另請注意，管理層在本次電話會議中可能會提及 EBITDA、調整後 EBITDA、調整後營業利益、調整後淨利或調整後每股盈餘等指標，這些皆為美國 GAAP 未認列的財務衡量指標。依據 SEC 規則與法規要求，這些非 GAAP 財務衡量指標已在我們昨天下午發布的財報新聞稿中，與最可比的 GAAP 財務衡量指標進行調節。

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

現在我把電話交給我們的執行長 Joe Cutillo。

Thanks, Noelle. Good morning, everyone, and thank you for joining Sterling's first quarter 2026 earnings call. Sterling is off to a fantastic start, delivering strong revenue growth of 92% and adjusted diluted EPS growth of 120%. Adjusted EBITDA more than doubled with margins expanding over 150 basis points year-over-year to reach a new first quarter record of 20%. During this period of unprecedented demand, our focus remains on pursuing projects that offer the most attractive returns.

謝謝你，Noelle。各位早安，感謝參加 Sterling 2026 年第一季財報電話會議。Sterling 開局表現非常亮眼，營收強勁成長 92%，調整後稀釋每股盈餘成長 120%。調整後 EBITDA 超過倍增，且在年增超過 150 個基點的帶動下，利潤率擴張至 20%，創下第一季新高紀錄。在需求空前強勁的期間，我們仍專注於爭取能提供最具吸引力報酬的專案。

We're not looking to win all projects. We are looking to win the best projects. Signed backlog at the end of the quarter totaled $3.8 billion, a 78% year-over-year increase and combined backlog grew 131% to reach $5.2 billion. Additionally, we have visibility into high probability future phase opportunities that now total over $1.3 billion. Together, our signed backlog, unsigned awards and future phase opportunities provide visibility into a total pool of work approaching $6.5 billion.

我們並不追求贏下所有專案。我們要贏的是最好的專案。本季末已簽約在手訂單（signed backlog）合計 38 億美元，年增 78%；合併在手訂單（combined backlog）成長 131% 至 52 億美元。此外，我們也掌握高機率的未來階段（future phase）機會，目前合計超過 13 億美元。綜合已簽約在手訂單、未簽約得標（unsigned awards）以及未來階段機會，我們可見的總工作量池接近 65 億美元。

This has grown by approximately $2 billion since year-end. Notably, during the quarter, we were awarded the first phase of a multiphase semiconductor fabrication campus. This first phase, which will be executed under a joint venture, totals over $0.5 billion and is expected to be completed in late 2027 or early 2028. The campus build is expected to span a multi-decade period and presents opportunities for additional scopes of work through 2027 and beyond. The growth in our backlog and future phase work in the quarter, combined with our visibility into our customers multiyear plans, strengthen our confidence in our outlook.

相較於年末，這一數字約增加了 20 億美元。值得一提的是，本季我們獲得一座多期半導體晶圓製造園區的第一期工程。第一期將以合資方式執行，總額超過 5 億美元，預計於 2027 年底或 2028 年初完工。該園區建置預期將橫跨數十年，並在 2027 年及其後提供更多工作範疇的機會。本季在手訂單與未來階段工作量的成長，加上我們對客戶多年期計畫的能見度，進一步強化我們對展望的信心。

We believe we are perfectly positioned to continue to deliver strong earnings growth and return for our shareholders for many years to come. 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. Now I'd like to discuss our segment results for the quarter in more detail. In E-Infrastructure, first quarter revenue grew 174%, including organic growth of over 100%. The data center market was again the primary growth driver in the quarter.

我們相信，公司已處於絕佳位置，未來多年將持續為股東帶來強勁的獲利成長與報酬。「Sterling Way」是我們在建設美國基礎建設的同時，致力於照顧員工、環境、投資人與社區的承諾；在我們執行策略並擴大公司規模的過程中，這仍是我們的指導原則。接下來我想更詳細地說明本季各事業部門的表現。在 E-Infrastructure（電子基礎建設）方面，第一季營收成長 174%，其中有機成長超過 100%。資料中心市場再次成為本季主要成長動能。

E-Infrastructure adjusted operating income increased 177% as margins expanded despite the dilutive impact of the CEC acquisition. Revenue for our site development operations more than doubled and operating margins expanded both year-over-year and sequentially. Margins continue to benefit from our strong execution on large time-sensitive mission-critical projects. CEC delivered 78% revenue growth compared to its prior year first quarter, with margins performing in line with our expectations. The Texas market remains exceptionally strong with robust award activity in early 2026.

E-Infrastructure 的調整後營業利益成長 177%，儘管 CEC 併購帶來稀釋影響，利潤率仍擴張。我們的場址開發（site development）業務營收超過倍增，營業利潤率不僅年增，也較前一季提升。利潤率持續受惠於我們在大型、時程敏感的關鍵任務（mission-critical）專案上的強勁執行力。CEC 的營收較去年第一季成長 78%，利潤率表現符合我們的預期。德州市場依然異常強勁，2026 年初的得標活動十分活躍。

During the quarter, CEC secured several large project wins, contributing to a $1.2 billion increase in its combined backlog since year-end 2025. We continue to see tremendous opportunities ahead for both electrical and site development. In aggregate, our E-Infrastructure signed backlog, unsigned electrical awards and future phase site development opportunities now exceeds $5 billion, representing an increase of $2 billion since year-end. Mission-critical work, including data centers, large manufacturing projects and semiconductor represented over 90% of E-Infrastructure signed backlog at the end of the quarter. Future phase work is predominantly related to mission-critical projects.

本季 CEC 拿下數個大型專案，推動其合併在手訂單自 2025 年底以來增加 12 億美元。我們持續看到電氣工程與場址開發兩大領域在未來都有龐大機會。整體而言，我們 E-Infrastructure 的已簽約在手訂單、未簽約電氣得標以及未來階段場址開發機會，目前合計已超過 50 億美元，較年末增加 20 億美元。季末 E-Infrastructure 已簽約在手訂單中，關鍵任務工作（包含資料中心、大型製造專案與半導體）占比超過 90%。未來階段工作也主要與關鍵任務專案相關。

Moving to Transportation Solutions. First quarter revenue grew 10%, driven by strong activity in the Rocky Mountain region, which benefited from favorable weather conditions and some earlier-than-anticipated project starts. Adjusted operating income grew 26%, reflecting strong execution and mix shift towards higher-margin projects. We ended the quarter with Transportation Solutions backlog at $1.04 billion, a 20% year-over-year increase. Shifting to Building Solutions.

接著談 Transportation Solutions（交通解決方案）。第一季營收成長 10%，主要由落磯山地區的強勁活動帶動；該地區受惠於有利天候條件，以及部分專案較預期更早啟動。調整後營業利益成長 26%，反映出強勁的執行力以及產品組合轉向較高毛利專案。本季末交通解決方案在手訂單為 10.4 億美元，年增 20%。接著談 Building Solutions（建築解決方案）。

In the first quarter, segment revenue grew 3%, driven by a pickup in homebuilder activity and adjusted operating margins were 8.7%. While we're encouraged by the slight revenue increase in the quarter, we continue to anticipate that the residential market will face strong headwinds throughout 2026. The strength of Sterling's diversified portfolio and strategy to focus on high-growth and high-margin end markets enabled us to deliver another fantastic quarter. With that, I'd like to turn it over to Nick to give you more details on some of our financial metrics and 2026 guidance. Nick?

第一季該事業部營收成長 3%，主要由住宅建商活動回溫帶動，調整後營業利潤率為 8.7%。雖然我們對本季營收小幅增加感到鼓舞，但我們仍預期 2026 年住宅市場將面臨強勁逆風。Sterling 多元化投資組合的優勢，以及聚焦高成長、高利潤終端市場的策略，使我們再度交出非常亮眼的一季。接下來我把時間交給 Nick，請他就部分財務指標與 2026 年指引提供更多細節。Nick？

Thanks, Joe, and good morning. I'll begin with our consolidated backlog metrics. Our first quarter backlog totaled $3.8 billion, a 78% year-over-year increase or 51% excluding CEC. Combined backlog of $5.2 billion increased 131% or 46% excluding CEC. First quarter 2026 book-to-burn ratios were 2.1 times for backlog and 3.5 times for combined backlog.

謝謝你，Joe，各位早安。我先從合併在手訂單指標談起。我們第一季在手訂單為 38 億美元，年增 78%；若排除 CEC，年增為 51%。合併在手訂單 52 億美元增加 131%；若排除 CEC，增加 46%。2026 年第一季的接單/消化（book-to-burn）比率，在手訂單為 2.1 倍，合併在手訂單為 3.5 倍。

Moving to our cash flow metrics. Cash flow from operating activities for the first quarter of 2026 was a strong $166 million. We expect continued strength in operating cash flow for the full year. Cash flow used in investing activities included $20 million of CapEx. For 2026, we are forecasting CapEx in the range of $100 million to $110 million, which is unchanged from prior guidance.

接著談我們的現金流量指標。2026年第一季營運活動產生的現金流量強勁，達1.66億美元。我們預期全年營運現金流將持續維持強勁。投資活動使用的現金流包含2,000萬美元的資本支出（CapEx）。針對2026年，我們預估CapEx將落在1億至1.1億美元區間，與先前指引一致。

Cash flow from financing activities was a $27 million outflow, including share repurchases of $12 million at an average price of $305.14 per share. Remaining availability under the existing repurchase authorization is $362 million. We will remain opportunistic in our approach to share repurchases. We are in great shape from a balance sheet perspective. We ended the quarter with $512 million of cash and debt of $287 million for a cash net of debt balance of $224 million.

籌資活動現金流為淨流出2,700萬美元，其中包含以每股平均305.14美元回購1,200萬美元的股份。現有回購授權下的剩餘可用額度為3.62億美元。我們將持續以機會主義方式進行股份回購。從資產負債表角度來看，我們的狀況非常穩健。本季末我們持有現金5.12億美元、負債2.87億美元，淨現金（現金減負債）為2.24億美元。

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. Our current backlog visibility and strong market tailwinds position us for an even better year than we originally anticipated. We're increasing our guidance ranges for 2026 as follows: Revenue of $3.7 billion to $3.8 billion, which at the midpoint is a 20% increase over previous guidance and represents more than 50% growth over 2025. Diluted EPS of $16.50 to $17.15.

此外，我們的1.5億美元循環信用額度在本期間內仍未動用。鑑於我們強勁的流動性，未來數年我們具備極佳條件，持續把握內生成長與外延式（併購）成長機會。目前的在手訂單能見度與強勁的市場順風，使我們有望迎來比原先預期更好的一年。我們將2026年指引區間上調如下：營收37億至38億美元，中位數較先前指引提高20%，並較2025年成長逾50%。稀釋後每股盈餘（EPS）為16.50至17.15美元。

Adjusted diluted EPS of $18.40 to $19.05, which at the midpoint is a 36% increase from previous guidance and represents 72% growth over 2025. EBITDA of $801 million to $831 million, adjusted EBITDA of $843 million to $873 million. Now I will turn the call back to Joe.

調整後稀釋EPS為18.40至19.05美元，中位數較先前指引提高36%，並較2025年成長72%。EBITDA為8.01億至8.31億美元，調整後EBITDA為8.43億至8.73億美元。接下來我把電話交回給Joe。

Thanks, Nick. For quite some time, we've been communicating a bullish view on our markets and outlook. As we sit here today, that outlook is stronger than ever and continues to surpass our expectations. Customers are continuing to ask for more with projects growing in size, complexity and duration. At the same time, we're being pulled into new geographies with urgency as customers prioritize alignment with partners who have the capability and capacity to execute over the long term.

謝謝你，Nick。相當長一段時間以來，我們一直在傳達對市場與展望的樂觀觀點。就今天而言，這個展望比以往任何時候都更強勁，並持續超出我們的預期。客戶持續提出更多需求，專案在規模、複雜度與工期上都在增加。同時，隨著客戶優先選擇具備長期執行能力與產能的合作夥伴，我們也被急迫地帶入新的地理市場。

Together, these dynamics reinforce our conviction in the multiyear opportunities across our markets. Moving to our segment expectations for 2026. In E-Infrastructure Solutions, we anticipate that the current strength in data center demand will continue for the foreseeable future. We continue to have conversations with our customers regarding how we can best support their strong multiyear capital deployment programs. As part of this, we are getting pulled more rapidly into new geographies, including Texas, the Pacific Northwest and the Midwest.

這些動態共同強化了我們對各市場多年期機會的信心。接著談我們對2026年各事業部門的預期。在E-Infrastructure Solutions方面，我們預期資料中心需求目前的強勁態勢在可預見的未來仍將延續。我們持續與客戶討論，如何最佳地支持其強勁的多年期資本投入計畫。在此過程中，我們更快速地被帶入新的地理區域，包括德州、太平洋西北地區與中西部。

In the semiconductor market, our industry-leading capabilities enabled us to be selected as the site development partner for a mega-fab semiconductor campus. This award highlights how Sterling's highly differentiated capabilities make the company the partner of choice for large mission-critical projects in the US. We believe that this is just the beginning of a wave of semiconductor fabrication activity that will begin to accelerate at the end of the decade. In addition, there are still several opportunities in the broader manufacturing market that we believe could be awarded in 2026 or early 2027. We're gaining meaningful traction in our cross-selling efforts between site development and electrical services.

在半導體市場方面，我們業界領先的能力使我們獲選為一座超大型晶圓廠（mega-fab）半導體園區的場址開發合作夥伴。此項得標凸顯Sterling高度差異化的能力，使公司成為美國大型關鍵任務（mission-critical）專案的首選合作夥伴。我們相信，這只是半導體製造活動浪潮的開端，該浪潮將在本十年末開始加速。此外，在更廣泛的製造業市場中，仍有數個機會我們認為可能在2026年或2027年初得標。我們在場址開發與電氣服務之間的交叉銷售上，正取得實質進展。

We are currently in active construction on two data center projects where we are executing both services in an integrated capacity. These joint awards have materialized approximately six to eight months ahead of our original expectations. For the full year 2026, we expect to deliver E-Infrastructure revenue growth of 80% or higher, including the full year contribution of CEC. We anticipate that the legacy business will grow at rates approaching 60% or higher as several of our larger projects accelerate. Adjusted operating profit margins for E-Infrastructure are expected to be in the mid-20% range.

目前我們正對兩個資料中心專案進行施工，並以整合方式同時執行兩項服務。這些聯合得標比我們原先預期提早約6到8個月實現。就2026年全年而言，我們預期E-Infrastructure營收成長80%或更高，包含CEC的全年貢獻。隨著數個較大型專案加速推進，我們預期既有業務的成長率將接近60%或更高。E-Infrastructure的調整後營業利益率預期落在20%中段區間。

In Transportation Solutions, we're in the final year of the current federal funding cycle, which concludes in September of '26. 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. 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 continue to drive margin improvement as we move through the year. We expect Transportation Solutions revenue to grow in the low to mid-single-digit range in 2026.

在Transportation Solutions方面，我們正處於本輪聯邦資金週期的最後一年，該週期將於2026年9月結束。我們已累積超過兩年的在手訂單，且持續看到良好的投標活動水準。針對2026年，我們預期核心落磯山脈市場將持續成長。我們在德州以低價得標為主的重型公路業務縮減，正按計畫推進，這將使Transportation Solutions的營收與在手訂單略為趨緩，但隨著年度推進，仍應持續帶動利潤率改善。我們預期2026年Transportation Solutions營收將以低至中個位數百分比成長。

After the strong first quarter, we anticipate a moderation of growth rates in the remaining quarters. This is driven by 3 factors: The early start of projects in the first quarter that we originally expected to start in the second quarter; the allocation of resources towards E-Infrastructure projects; and the final wind down of our Texas low bid work. In Building Solutions, we believe the business is well positioned for growth over a multiyear period. Our key geographies of Dallas-Fort Worth, Houston and Phoenix are expected to see population growth driving new home demand. Additionally, there is an opportunity for share gain coming out of the down cycle.

在第一季表現強勁之後，我們預期其餘季度的成長率將趨於溫和。這主要由三項因素所致：第一季提前啟動了原本預期第二季才開始的專案；資源配置轉向E-Infrastructure專案；以及德州低價得標業務的最終收尾。在Building Solutions方面，我們認為該業務已具備多年期成長的良好條件。我們的重點地區達拉斯—沃斯堡、休士頓與鳳凰城，預期將因人口成長而帶動新屋需求。此外，在景氣下行週期過後，也存在市占提升的機會。

We anticipate that Building Solutions revenue will be modestly down in 2026 and that adjusted operating margins will be in the low double digits. On the acquisition front, we continue 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 a year ago. Our significant balance sheet firepower positions us to take advantage of these opportunities. Moving to our full year 2026 guidance.

我們預期Building Solutions在2026年的營收將小幅下滑，調整後營業利益率將落在低雙位數百分比。在併購方面，我們持續尋找在策略上契合、能強化我們服務內容與地理版圖的收購標的。相較一年前，我們目前在市場上看到更多高品質的併購標的。我們資產負債表上可觀的「火力」使我們能把握這些機會。接著談我們2026年全年指引。

The midpoint of our guidance ranges would represent a 51% revenue growth, a 72% adjusted EPS growth and a 70% adjusted EBITDA growth. With that, I'd like to turn it over for questions.

以我們指引區間的中位數計算，將代表營收成長51%、調整後EPS成長72%、以及調整後EBITDA成長70%。接下來我想把時間交給提問環節。

(Operator Instructions) Sangita with KeyBanc.

（接線員指示）KeyBanc的Sangita。

Maybe, Joe, you can help us understand what you think went a lot better in 1Q versus expectations maybe on revenue and margins since usually we consider 1Q to be a seasonally slower quarter.

Joe，也許你可以幫我們理解一下，你認為第一季在營收與利潤率方面，哪些地方比預期好很多？因為通常我們會把第一季視為季節性較慢的一季。

Yes, sure. Yes. Q1 is historically and will probably be consistently our lowest quarter. A couple of things helped us. We certainly had some very good weather in the Rocky Mountains and some of the other regions, which enabled us in the Transportation segment to start some projects a little earlier and execute projects through the winter months when we normally shut down.

是的，當然。是的。第一季在歷史上，而且可能也會一貫地，是我們最低的一季。有幾件事幫了我們。我們在落磯山脈以及其他一些地區的天氣確實非常好，使我們在運輸事業部能夠更早啟動一些專案，並在冬季月份持續執行專案，而我們通常在那段時間會停工。

So that definitely helped us. But more importantly, as we look at E-Infrastructure, we're really starting to see the impact of the new projects that are coming in larger and more complex and what the added values of our vertical integration are adding to the margin profile and productivity through the build of these projects. So we're far enough along. Again, a little bit of history. We started this journey when data centers became really data centers and data campuses and hit 100 acres.

所以這確實幫了我們。但更重要的是，當我們看E-Infrastructure時，我們真的開始看到新進專案的影響：它們規模更大、複雜度更高；而我們的垂直整合所帶來的附加價值，正在這些專案的建置過程中，提升利潤結構與生產力。因此我們已經推進到足夠的階段。再補充一點背景。我們是在資料中心真正成為「資料中心」、成為資料園區並達到100英畝規模時，開始這段旅程的。

Now we're doing projects that are north of 1,000 acres and the future projects coming out look like they're multi-thousand acres. So the larger they get, the more complex they get, the more we can leverage our vertical integration and our size and our scope, which drives more productivity. And that's why we've said all along and we feel even more confident as we're executing, we'll continue to see nice margin growth in E-Infrastructure.

現在我們正在做的專案規模都超過 1,000 英畝，而未來即將推出的專案看起來會是數千英畝的規模。因此，規模越大、複雜度越高，我們就越能運用垂直整合能力，以及我們的規模與範疇，進而帶動更高的生產力。這也是為什麼我們一直以來都說、而且在執行過程中更有信心：我們將持續看到 E-Infrastructure 的利潤率有不錯的成長。

Great. And then if I can ask a follow-up on the comment you made on M&A targets and the fact that you're seeing better targets now. Can you tell us how you define these targets as being better than what you saw before?

很好。接著我想就你提到的併購（M&A）標的，以及你說現在看到更好的標的這點追問一下。你能否說明，你如何界定這些標的比你之前看到的更好？

Yes. So we have some significant criteria that we look at. We always say we buy people, we don't buy businesses. So it's absolutely critical on the caliber of the talent and the willingness of the key team to stay. But our primary focus is in the infrastructure.

可以。我們有一些重要的評估標準。我們一直說，我們買的是人才，不是買企業。因此，人才的素質，以及核心團隊願意留下來，絕對是關鍵。但我們的主要聚焦仍在基礎建設領域。

If we take a look in kind of a couple of different areas, either geographic expansion of capabilities that we have, more focus on the site development from a geographic expansion standpoint. And then on the electrical side, a combination of geographic expansion and incremental services or products that we can offer. I'll tell you, we're looking beyond electrical as well. So we're looking at the whole portfolio. We really spend a lot of time with our customers and understand what are their needs and what are driving the success or the complexity of these projects, and we'll constantly look for those services to add to our portfolio.

如果從幾個不同面向來看，可能是我們既有能力的地理版圖擴張，或是從地理擴張的角度，更聚焦於場地開發（site development）。而在電氣（electrical）方面，則是地理擴張與我們可提供的增量服務或產品的組合。我也可以告訴你，我們也在看電氣以外的領域。所以我們是在看整個產品／服務組合。我們確實花很多時間與客戶交流，了解他們的需求，以及哪些因素在驅動這些專案的成功或複雜度，並且會持續尋找可加入我們組合的服務。

It's how we moved into electrical.

這也是我們當初如何切入電氣領域的。

Noah with William Blair.

William Blair 的 Noah。

Great quarter. You highlighted a robust bidding environment in Texas. Can you walk us through your current presence in that state as it relates to capacity, project manager availability and how you would characterize Texas data center market today versus where, say, the Atlanta or Greater Georgia market is at today and your ability to gain share over there in Texas?

本季表現很棒。你提到德州的投標環境相當強勁。你能否說明你們目前在該州的布局，包括產能、專案經理的可用性；以及你會如何描述目前德州資料中心市場，相較於例如亞特蘭大或大喬治亞（Greater Georgia）市場的成熟度；以及你們在德州取得市占的能力？

Yes. So our approach in Texas is we have CEC located up in Dallas, we'll call that North Central Texas. And we're attacking Texas from the West, and we're attacking Texas from the East. We're using our Rocky Mountain assets and businesses to come from the West to hit the Western Texas, even into New Mexico, there's a little bit of activity there. And then we're leveraging the Atlanta folks and Southeast team to come east.

可以。我們在德州的策略是：CEC 設在達拉斯，我們稱之為德州北中部（North Central Texas）。我們從西邊切入德州，也從東邊切入德州。我們利用落磯山（Rocky Mountain）地區的資產與業務，從西邊進攻德州西部，甚至延伸到新墨西哥州，那邊也有一些活動。同時我們也運用亞特蘭大團隊與東南部團隊，從東邊過來。

They'll make it all the way to Dallas and both of those teams are kind of meet in the middle. So we've got current capabilities and capacity to do that. We're constantly looking for acquisitions that could be in the upper Pacific Northwest, also in Texas that we can add capacity as we move along the way. So we'll continue to do that. If I look at the market, I would tell you that the Atlanta Southeast market is more mature, has a longer runway and today is probably a larger market.

他們會一路做到達拉斯，兩支團隊大致上在中間會合。因此我們目前具備相應的能力與產能來執行。我們也持續尋找可能的併購標的，可能在太平洋西北上部（upper Pacific Northwest），也可能在德州，以便在推進過程中增加產能。所以我們會持續這麼做。若看市場面，我會說亞特蘭大／東南部市場更成熟、跑道更長，而且目前可能也是更大的市場。

As I look forward the next four to five years, I think people will be shocked with the size and scope and quantity of data centers along with some other stuff being built in the Texas market. So we're in the early innings, but the projects are extremely big. They're coming out extremely quickly. And we see not only this year, next year, but what our core customers and key customers are talking about starting '28, '29. These projects on top of being large, will obviously take longer in time frame to complete.

但往未來四到五年看，我認為大家會對德州市場中資料中心的規模、範疇與數量，以及一些其他建設的量體感到震驚。所以我們現在還在早期階段，但專案非常大。而且推出速度非常快。我們不只看到今年、明年，也聽到我們的核心客戶與關鍵客戶在談 2028、2029 年開始的規劃。這些專案除了規模大之外，完成所需的時間也顯然會更長。

So a typical project today is more like three years. These will be pushing out more like four and five year projects.

因此，現在典型的專案比較像是三年期。而這些專案會更接近四年到五年的期程。

And one other thing, Noah, just to add here is we're getting pulled into these new geographies by our customers. So it's not like we're just going into these new geographies cold. They're looking for partners that can support their builds in these new areas. And that's really a continuation of the geographic expansion strategy we've had since the beginning. So it's just kind of taking that one step further.

另外補充一點，Noah：我們是被客戶帶進這些新地理區域的。所以不是我們毫無基礎地直接進入這些新市場。他們在尋找能夠支持他們在新區域建置的合作夥伴。這其實就是我們自一開始以來地理擴張策略的延續。只是再往前推進一步。

Yes. And just to add to that, I think that's a great point. Our customers, if you look at our geographic expansion from the beginning of this, going back to when we started this, we've let the major hyperscalers pull us into new markets. I will tell you, we generally take our time to do that. They're more than pulling now.

是的。再補充一下，我覺得這點說得很好。如果你回頭看我們從一開始到現在的地理擴張，我們一直是讓主要的超大規模雲端業者（hyperscalers）把我們帶進新市場。我可以說，我們通常會花時間、循序漸進地做這件事。但他們現在不只是拉著我們走了。

They're kind of screaming to get into these markets faster with what they see coming in capital spending they're going to do. So it's really, it's exciting times for us. Our challenge is how do we grow as fast as we can and still deliver at the same levels in caliber. But it also allows us to be extremely picky on the projects we decide to do and the projects we're not going to do. And that only helps us long term on margins and capacity planning.

他們幾乎是在催促我們更快進入這些市場，因為他們看到自己即將投入的資本支出規模。所以對我們來說確實是令人振奮的時刻。我們的挑戰是：如何在盡可能快速成長的同時，仍以同樣的水準交付品質與能力。但這也讓我們能在決定要做哪些專案、以及不做哪些專案時，變得非常挑剔。而這對我們長期的利潤率與產能規劃只會更有幫助。

Noah LevitzAnalyst

Noah Levitz 分析師

Fantastic. That was great color. And then just a follow-up. As it relates to CEC, can you walk us through your current level of integration with the business as it relates to what you're seeing with revenue and cost synergies? You mentioned the 2 active projects that are involved, are involving both the legacy site development work with CEC's Electrical.

太棒了。這些說明很有幫助。接著再追問一下。就 CEC 而言，你能否說明你們目前與該業務的整合程度（就你們看到的營收與成本綜效而言）？你提到目前有 2 個正在進行的專案，同時包含既有的場地開發工作與 CEC 的電氣業務。

But how much of their collective bidding pipeline is collaborative with this cross-selling? And then what's the progress on CEC's margin expansion opportunity?

那他們整體投標管線中，有多少比例是透過這種交叉銷售而進行協作的？另外，CEC 的利潤率擴張機會目前進展如何？

Joseph CutilloExecutive

Joseph Cutillo 高階主管

Yes. So we call it assimilation, not integration. But we've been really happy with the progress made with CEC. As I said on the call, we're 6 to 8 months. We really didn't think we would see a joint opportunity or joint effort take place until late second quarter, early third quarter of this year.

是的。我們稱之為「同化」（assimilation），而不是「整合」（integration）。但我們對 CEC 的進展非常滿意。如同我在電話會議上說的，我們目前才 6 到 8 個月。我們原本不認為會在今年第二季末、第三季初之前看到聯合機會或聯合行動。

We started those in the first quarter, which is fantastic. We've got great reception from the hyperscalers, and they will quickly and are seeing the benefit of combining these together and what it does to the cycle time of the build process. So we're really happy with that. Integration is going great. On the margin expansion piece, we're still extremely bullish that we're going to see 300 to 500 basis points of margin in really 12 to 18 months.

但我們在第一季就開始了，這非常棒。超大規模雲端業者（hyperscalers）的反應很好，他們很快就、也正在看到把這些能力結合在一起的好處，以及這對建置流程週期時間（cycle time）的影響。所以我們對此非常滿意。整合進展非常順利。至於利潤率擴張部分，我們仍然非常看好，在大約 12 到 18 個月內，利潤率可提升 300 到 500 個基點。

One of the things that people need to realize that CEC is, there's a couple of end markets and products that we knew they were doing to have much lower margin. We are exiting those. And as we exit those, those margins will come up. I will tell you on the core business ex those markets, we saw a really nice margin expansion in the quarter. I would tell you that it was actually ahead of what we anticipated.

大家需要了解的一點是：CEC 有幾個終端市場與產品，我們早就知道那些業務的利潤率會低很多。我們正在退出那些業務。隨著我們退出，那些利潤率就會上來。我也可以說，就核心業務（不含那些市場）而言，我們在本季看到相當不錯的利潤率擴張。我會說，實際表現甚至比我們原先預期的還要好。

So we're very confident in where those margins will go over the next 12 to 18 months and feel really good about what the business is bringing to us and what we can do jointly with that business as we go forward. In addition, it's taken off so quickly. We talked about expanding or growing our modular capabilities. We just locked down a lease to triple the size of our modular build capabilities. We're building a world-class manufacturing site to do that.

因此，我們對未來12到18個月這些利潤率的走勢非常有信心，也對這項業務為我們帶來的貢獻，以及我們未來與該業務共同能做的事情感到非常踏實。此外，它起飛得非常快。我們談到要擴大或提升我們的模組化能力。我們剛剛敲定了一份租約，將我們的模組化建造產能擴大到原來的三倍。我們正在打造一座世界級的製造基地來做到這一點。

And we think we'll ultimately expand that to other locations in the US over the next 18 months. So we're excited about it. I feel very good about what it's bringing. I just wish I had 2,000 or 3,000 more electricians, and we would grow it even faster.

而且我們認為，未來18個月內最終會把這項能力擴展到美國其他地點。所以我們很興奮。我對它帶來的貢獻感覺非常好。我只是希望我能再多2,000或3,000名電工，那我們就能把成長速度再拉得更快。

Manish with Cantor.

Cantor 的 Manish。

Manish? We lost him.

Manish？我們跟他斷線了。

Brian with Stifel.

Stifel 的 Brian。

Congrats on a great quarter here. Just a follow-up on Texas in your traditional site development business. How much do you expect Texas to account for as a percentage of revenue there, kind of putting CEC aside? And can you remind us where about it was last year? And then is there any notable differences in margin profile in the site development business in Texas relative to some of your other regions?

恭喜本季表現非常出色。我想就你們傳統場址開發業務中的德州再追問一下。撇開 CEC 不談，你預期德州在該業務營收中大概會占多少百分比？也請提醒我們去年大約是多少？另外，在德州的場址開發業務，其利潤率結構相較於你們其他地區是否有任何顯著差異？

Yes. So it's really hard to say where Texas will be as a percent of revenue. I will tell you, it is growing extremely quickly. But so is, people forget the Southeast is still growing incredibly fast, too, right? And we've just got pulled into the Midwest by one of our customers, and so there's another market there.

是的。所以，德州會占營收多少比例其實很難說。我可以告訴你，它成長得非常快。但同時，大家也別忘了東南部仍然也在以非常快的速度成長，對吧？而且我們也因為其中一位客戶而被帶進中西部，所以那裡又是一個市場。

So it's hard for me to, I'll only be wrong if I try to give you an answer. Margin profile, as legacy things are getting bigger and more complex, margin profiles will be fine. We certainly have seen in some of the far Pacific Northwest projects early on where we've got a little smaller equipment group, and we're not as fully vertically integrated as we are in the Southeast. Those margins are a little lower. but they would be margins everybody would love to have.

所以我很難——如果我試著給你一個答案，我只會答錯。至於利潤率結構，隨著既有業務變得更大、更複雜，利潤率表現會沒問題。我們確實在一些太平洋西北偏遠地區的專案早期看到，由於我們的設備團隊規模較小，而且不像在東南部那樣高度垂直整合，那些利潤率會稍微低一些。但那仍然是大家都會很想要的利潤率。

So we're not worried about that. Part of our acquisition strategy is to look at how do we start putting in those elements or even organically adding those elements of vertical integration. We are really, really seeing the benefits of these ancillary goods and services, not only from time reduction of the project because we control more of it, but that's what's really helping drive these margins. Everybody keeps asking us if we're getting more price. The answer is no, we're not getting more price.

所以我們不擔心。我們併購策略的一部分，就是去看我們要如何開始導入那些要素，或甚至以有機方式增加那些垂直整合的要素。我們真的、真的看到了這些周邊商品與服務的效益，不僅因為我們掌控更多環節而縮短專案工期，而且這正是推動利潤率的關鍵。大家一直問我們是不是拿到更高的價格。答案是否定的，我們沒有拿到更高的價格。

This is all around effectiveness and efficiency and what we're able to drive through the execution of these projects for our customers.

這完全是關於效能與效率，以及我們在為客戶執行這些專案時所能推動的成果。

Yes. That's great. And then just a follow-up on CEC. In the release, you guys talked about $600 million-ish contribution to backlog, but a $1.9 billion contribution to combined backlog. Can you help us understand the delta here?

是的。很好。那再追問一下 CEC。在新聞稿中，你們提到對積壓訂單（backlog）的貢獻大約是6億美元，但對合併積壓訂單（combined backlog）的貢獻是19億美元。你能幫我們理解這中間的差額嗎？

Is that some underground electrical work that you won that hit RPOs and maybe some of the inside work is coming later? Or how should we think about that?

那是一些你們贏得的地下電力工程，計入 RPO（剩餘履約義務）而室內工程可能之後才會進來嗎？或者我們應該怎麼看待？

Yes, it's a combination. It's both external and internal electrical work, and that will be on upcoming centers and existing centers. The contracts with CEC are very similar to what we've talked about in our site development where this stuff is phased. So they'll release a small phase. We know the scope of the project.

是的，這是多種因素的組合。包含外部與內部的電力工程，會涵蓋即將建置的中心以及既有中心。與 CEC 的合約非常類似於我們在場址開發中談到的情況，也就是這些工作是分階段釋出的。所以他們會先釋出一個小階段。我們知道整個專案的範圍。

Internal electrical package is $300 million to $500 million generally. So we know kind of the total scope of the project but they'll release those in small pieces along the way. So that's why you see kind of some backlog, some in that future phase work. But those are projects that we're either actively working on or getting ready to work on.

內部電力工程套案通常是3億到5億美元。所以我們大致知道專案的總範圍，但他們會在過程中分成小段逐步釋出。因此你會看到一部分在積壓訂單中，另一部分在未來階段的工作中。但這些都是我們正在積極執行或準備開始執行的專案。

Brian, this is, sorry, just one thing to add. We've actually, within some of that work that fell into combined backlog, they have, and again, the terms and conditions are kind of already finalized on that piece of the contract that would, is maybe unsigned, but would fall into combined backlog. And some of that has subsequently moved into signed here as we've moved into the second quarter, a pretty big chunk of it.

Brian，我補充一點，抱歉。其實在那些落入合併積壓訂單的工作中，他們——而且那部分合約的條款與條件基本上已經定案——可能尚未簽署，但會歸入合併積壓訂單。而其中有相當大一部分在我們進入第二季後，已經陸續轉為已簽署。

Alex with Texas Capital.

Texas Capital 的 Alex。

How should we think about your new work being competitively bid versus negotiated? And how has that changed or how might that change?

我們應該如何看待你們新承接工作的取得方式：是以競標為主，還是以議價/協商為主？這種情況目前如何變化，或未來可能如何變化？

Well, in theory, everything is bid. The question is, in certain instances, we're asked to go work on specific projects with the customer. I guess you could consider that negotiated. Our pricing, what people don't understand, we've done a tremendous amount of work for these customers in the past. So it's not like we can raise our prices 20% or 30% even if we're negotiating it.

嗯，理論上，所有案子都是競標。問題在於，在某些情況下，客戶會直接邀請我們去做特定專案。你可以把那視為協商取得。至於我們的定價，大家不太理解的是，我們過去已經為這些客戶做了大量工作。所以即使是協商案，也不代表我們就能把價格提高20%或30%。

They know what the price range is going to be. It's our ability at the end of the day to execute this stuff faster than anybody else and be on time every single time with our customers that gets us pulled into these jobs. So that's really where we're at. I think as we go forward, we're looking at these multiyear programs of our core customers and the size and scope of these and it's really causing us to look harder at those. And we'll be passing up on more jobs as we go forward that may be smaller in size or scope or may have lower margin profiles because they're not as complex as some of these bigger jobs, and we'll just keep moving assets to where the most money is.

他們知道價格區間會落在哪裡。歸根結底，是我們能比任何人都更快地執行這些工作，並且每一次都能準時交付給客戶，這讓我們被拉進這些案子。所以我們目前就是這樣的狀態。我認為，往前看，我們在檢視核心客戶的多年期計畫，以及這些計畫的規模與範圍，這也確實促使我們更嚴格地篩選。未來我們會放棄更多案子——可能規模或範圍較小，或因為不如大型案複雜而利潤率較低——我們會持續把資源移到最能賺錢的地方。

I will tell you, with the combination of electrical and the site side, it really gives us a whole another avenue on some of these extremely large projects coming out in the future.

我可以告訴你，電力業務與場址端的結合，確實讓我們在未來一些超大型專案上多了一條全新的切入途徑。

And congratulations on the semi-fab campus. It sounds really exciting. Do you see other opportunities developing sort of outside the data center market this calendar year? Or is that more of a 2027 event?

也恭喜你們拿下半導體晶圓廠園區（semi-fab campus）。聽起來非常令人振奮。你們在今年曆年內是否看到資料中心市場以外的其他機會正在形成？還是那會更像是2027年的事件？

Yes. So let's talk about the semi fab for a little bit. here's a job that's going to be one of the bigger jobs in the US. It's the biggest semi-fab plant in the US. And I will tell you, it was fun.

是的。那我們來談一下這個半導體晶圓廠（semi fab）。這是一個將會是美國最大型專案之一的案子。它是美國最大的半導體晶圓廠。我可以告訴你，這很有趣。

We actually participated in the process, and I say we, some of us in corporate because we didn't know if we wanted to do the project or not, to be honest. We went through the process and it was really fascinating to see the differentiation that we had over anybody else that spoke to the customer about doing this project. It was just so blindingly evident. There was no one else in the room that was going to have a chance at this. But more importantly, it's the first semiconductor project we've done.

我們其實參與了整個流程——我說「我們」，是指公司總部的一些人——因為老實說，我們一開始也不確定是否想做這個專案。我們走完整個流程後，看到我們相較於其他任何與客戶談這個專案的競爭者所具備的差異化，真的非常耐人尋味。那種差異明顯到刺眼。現場沒有其他人有機會拿下這個案子。但更重要的是，這是我們做的第一個半導體專案。

It's not a market we've been in, in the past. It's not a market that's really existed in the US. But a lot of the GCs in that space, the engineering firms in that space are not people we deal with every day. Now we're dealing with them every day. And when we show them the capabilities of what we're able to do, we feel very confident that just like in data centers, we will be the supplier of choice for every chip plant that comes out in the future.

這不是我們過去涉足過的市場。這也不是一個在美國真正存在過的市場。但在那個領域裡的許多總承包商（GC）以及工程公司，並不是我們每天都會打交道的人。現在我們每天都在和他們打交道。當我們向他們展示我們能做到的能力時，我們非常有信心，就像在資料中心一樣，未來每一座新建的晶片廠，我們都會成為首選供應商。

We don't see the huge rush of chip plants coming out until '29, 2030 kind of looks like the timeline, but we're positioned perfectly for that as we go forward with that. I'm sorry, what was the second part of the question?

我們認為要到 2029 年才會看到晶片廠大量湧現，2030 年看起來也差不多是那個時間表，但隨著我們持續推進，我們在那方面的布局非常到位。不好意思，問題的第二部分是什麼？

That covered it.

那已經涵蓋了。

Julio with Sidoti.

Sidoti 的 Julio。

I wanted to ask about how your competitive positioning is evolving due to these shifting and increasing customer needs. As you said, these customers are no longer asking you to scale, but kind of screaming for you to go into other geographies. And as they act with more urgency, are you realizing a better pricing environment? Are you negotiating better payment terms?

我想請教，隨著客戶需求轉變且不斷提高，你們的競爭定位如何演進。如你所說，這些客戶不再只是要求你們擴大規模，而是幾乎在吶喊要你們進入其他地理區域。在他們行動更為急迫的情況下，你們是否看到更有利的定價環境？你們是否在談判更好的付款條件？

And kind of related to that, how do you maintain risk discipline and essentially not allow these large customers to force your hand for lack of a better word, into taking on more work than you would typically handle?

另外也相關的是，你們如何維持風險紀律，基本上不讓這些大型客戶（換句話說）逼你們接下超出你們通常能承接的工作量？

Yes. I think if we were going to get criticized for something it would be that we're probably not aggressive enough on price. And we just, we have a philosophy that we have a fair price and we make our money on execution. If we take care of customers, they'll have us back. There's no reason for us to try to take advantage of the situation.

是的。我想如果有人要批評我們，可能會說我們在價格上不夠積極。我們的理念是：我們提供公平的價格，並靠執行力來賺錢。只要我們把客戶照顧好，他們就會再找我們。我們沒有理由想要趁機佔便宜。

My history says at some point in time, that comes back, too. So if somebody wanted to be critical of us, it would be that we're probably not pushing price hard enough, but we keep, we will keep growing margins with vertical integration and the productivity. On the risk profile, the beauty of all of this stuff coming at us is we're not afraid to say no. And sometimes our biggest customers may not like that. There may be a geography or something that takes place.

依我的經驗，某個時間點那種做法也會反噬。所以如果有人要對我們挑剔，可能就是我們沒有把價格推得夠強勢；但我們會透過垂直整合與生產力提升，持續擴大毛利率。在風險輪廓方面，這些案子大量湧來的好處是：我們不怕說不。有時候我們最大的客戶可能不喜歡這樣。可能會是某個地理區域或某些事情發生。

It could be a real small job that, frankly, just for the time, effort and energy would take away significant capacity from doing their bigger jobs. So what we try to do is work with them and say, here's the jobs we're going to do. Here's the jobs proactively we're going to pass on. We'll even help them in some cases if they need help try to find somebody to get that done. So that's where we go.

也可能是一個非常小的案子，坦白說，光是投入的時間、努力與精力，就會大幅排擠我們去做他們更大的案子的產能。所以我們會試著和他們合作並說明：這些案子我們會做。這些案子我們會主動婉拒。在某些情況下，如果他們需要，我們甚至會協助他們找人把那個案子完成。我們就是這樣處理。

On the risk profile, we are incredibly risk averse. It's another reason why our margins are where they are. We won't take on high-risk jobs that are going to get us in trouble. So we don't see that as an issue. Right now, our biggest challenge is they would like to have us in two or three or four new markets tomorrow.

在風險輪廓上，我們極度保守。這也是我們毛利率能維持在目前水準的原因之一。我們不會接那些高風險、會讓我們陷入麻煩的案子。所以我們不認為這會是問題。現在我們最大的挑戰是：他們希望我們明天就能進入兩個、三個或四個新市場。

We've had to say no to some of those. We really have. And some days, it kills us because we'd like to be in all those markets, but we've just had to say no. And over the long term, that enhances or continues to build our credibility with them because we'll never let them down. So that's important to us.

其中有一些我們不得不說不。確實如此。有些時候這讓我們很難受，因為我們也想進入所有那些市場，但我們只能說不。長期來看，這反而會提升或持續建立我們在他們心中的可信度，因為我們永遠不會讓他們失望。所以這對我們很重要。

Very helpful. And that kind of dovetails into my next kind of question is about expanding production capacity. I know you discussed earlier expanding your modular build capabilities. I think last call, we talked about AI deployment internally to improve production capacity for product managers. And then obviously, you have a joint venture with the first phase of the semiconductor facility project here.

非常有幫助。這也剛好銜接到我下一個問題：關於擴充產能。我知道你們先前談到擴大模組化建造能力。我記得上次電話會議我們談到在內部導入 AI，以提升產品經理的產能。另外，很明顯你們也在這個半導體設施專案的第一期有一家合資企業。

How would you kind of rank order the levers you have to pull to expand production capacity to continue to grow, both in the near term and in the longer term?

你會如何為你們可用來擴充產能、以持續成長的各項槓桿排出優先順序，包含短期與長期？

Well, I think it's different in each area. So electrical is very different than site development. Electrical comes down to electricians. It really does. And so as we said before, we've got the university, it's great.

我想各個領域都不一樣。例如電氣工程就和場地開發非常不同。電氣工程歸根結底取決於電工。確實如此。所以如同我們之前說的，我們有那所大學，這很棒。

We're graduating people as we speak. The downside of the university is it's a four year program to get somebody from start through apprenticeship into a certified electrician. That doesn't mean they can't work along the way as an apprentice, but it's a long, lengthy process, and we can't put out thousands of people a year.

我們正在培養畢業生。那所大學的缺點是：要把一個人從入門一路培訓到完成學徒制、成為合格電工，是一個四年的課程。這不代表他們在過程中不能以學徒身分工作，但這是一個漫長、冗長的流程，而且我們不可能一年培養出數千人。

So that's one avenue. Second avenue, as we get these larger multiyear jobs, you can actually attract electricians from smaller shops that may be on small jobs that are moving every three or four months to where they can be some place for 18, 24, 36 months, depending on the size and scope of the project.

所以這是一條路。第二條路是，當我們拿到這些更大型、跨多年的案子時，實際上可以從一些小型公司吸引電工；那些公司可能在小案子上每三、四個月就要換一次工地，而我們這邊可以讓他們在同一個地方待 18、24、36 個月，取決於專案的規模與範圍。

So there's an attractive piece of that. And then the third piece is acquisitions. And that's a combination of can we buy something, someone larger that gives us a nice geographic expansion element? Or are there some small tuck-in smaller shop electrical contractors that don't have the size and scope to do data centers or large mission-critical projects, but they've got 150 or 200 electricians. We can buy those and we can convert those electricians to work on mission-critical stuff.

所以這有其吸引力。第三個部分是併購。這包含：我們能否收購一家較大的公司，讓我們在地理版圖上有很好的擴張？或者是否有一些小型的補強式併購標的——較小的電氣承包商——他們沒有能力承接資料中心或大型關鍵任務專案，但他們有 150 或 200 名電工。我們可以買下他們，並把這些電工轉換到關鍵任務類的工作上。

So that's kind of how we're going at it in the electrical space. And then the last piece of the modular, which is anything I can build in a factory where I don't have to have a certified electrician doing 100% of the work, saves me that electrical work in the field, okay? Plus there's some added quality and other advantages of doing it in a factory, quite frankly. So we have that. On the site development side, we have a waiting list of operators.

這大致就是我們在電氣領域的做法。最後一塊是模組化：任何我能在工廠裡製造、而不需要合格電工完成 100% 工作的項目，都能減少我在現場的電氣施工量，好嗎？坦白說，在工廠製造還能帶來一些額外的品質與其他優勢。所以我們也有這一塊。在場地開發方面，我們的操作員有一份候補名單。

It's really about project managers. We've talked about that in the past. The AI project we did first was focused on project managers. We picked up about 15% capacity in project managers. We've got the apprenticeship program or internship program, I should say.

真正的關鍵在於專案經理。我們過去談過這點。我們第一個做的 AI 專案就是聚焦在專案經理。我們讓專案經理的產能提升了大約 15%。我們也有學徒計畫，或者我應該說是實習計畫。

So we're literally hiring people in their sophomore year. We run them all through college, and then we got a program that they go into right after that. We're graduating for, I think, a year, four or five a year right now that are not only through college, but through the program itself and are becoming real project managers in the field for us. So we'll continue to do that. And we're looking hard for acquisitions.

所以我們實際上在他們大二時就開始招募。我們讓他們一路完成大學學業，之後還有一個他們畢業後立刻銜接的培訓計畫。我們目前每年大概培養出四、五位，不僅完成大學，也完成該計畫本身，並開始成為我們在現場真正的專案經理。所以我們會持續這麼做。而且我們也在積極尋找併購機會。

It's challenging on the site development side, candidly, for us to find the right acquisitions for a couple of reasons. One, the size and scale that we have is so much bigger than anybody else. There's a lot of small players out there. They tend to have either small equipment fleet or most of them have no equipment at all, they rent and lease it. And I would tell you that the rental and lease market right now is extremely tight.

坦白說，在工地開發這一端，基於幾個原因，我們要找到合適的併購標的很有挑戰。第一，我們的規模與量體遠遠大於其他任何人。市場上有很多小型業者。他們往往不是設備車隊很小，就是大多數根本沒有設備，而是用租賃的。我可以告訴你，目前設備租賃市場非常吃緊。

So they're going to be highly limited on capacity and capabilities. So we're looking hard. And if we can find the right ones, we will buy them. It's just hard for us to find that. But that's our strategy on that front on top of, I'll call it, the internal development.

所以他們在產能與能力上會受到很大限制。因此我們正在積極尋找。如果能找到合適的，我們就會買下來。只是對我們來說很難找到。但這就是我們在這方面的策略，除了我所稱的內部開發之外。

Adam with Thompson Davis.

Thompson Davis 的 Adam。

Congrats on putting up one of the best earnings reports I've ever seen.

恭喜你們交出我看過最好的財報之一。

Thanks, Adam.

謝謝你，Adam。

You had some large awards, you said, recently for CEC. What should our expectation be for continued awards from those guys? And as they get out of some of their lower-margin ventures, you talked about that, does that free up electricians that you can move back and take on more mission-critical work?

你提到 CEC 最近拿到一些大型案子。我們對他們後續持續得標應該有什麼樣的預期？另外，當他們退出一些低毛利的業務（你也談到過），是否能釋放出電工人力，讓你們把人調回來承接更多關鍵任務型的工作？

Yes. So we get kind of a double benefit from the low-margin stuff we want to exit. You free up people and your margins move pretty significantly when you do that. So we get two benefits of that as we go forward. We have more opportunities than we have capacity to get to with CEC.

是的。所以我們從想退出的低毛利業務中，某種程度上會得到雙重好處。一方面釋放人力，另一方面毛利率也會在你這麼做時相當明顯地改善。因此隨著我們往前推進，會有兩個好處。就 CEC 而言，我們的機會比我們能消化的產能還多。

So just like we've talked about with everything else, we'd like to focus more on where we get joint opportunities because we can really lever that on the total project scope and take out some significant time and drive some significant productivity. So our net margins will go up as well. So that's kind of where we're focusing their growth activities on as we go forward. And we'll continue to look at it's been really fun to watch. We've had CEC for eight months now or so, watching them kind of transform as well from where they were, which is a great business to with all these opportunities and what's happening in these joint opportunities, watching them quickly trying to shift and move more and more resources, assets and capabilities there because they really see the benefit of what that brings to them as well.

所以就像我們談到其他所有事情一樣，我們希望更聚焦在能取得聯合機會的地方，因為我們可以在整體專案範疇上有效槓桿化，縮短不少工期並大幅提升生產力。因此我們的淨利率也會上升。這就是我們接下來聚焦他們成長活動的方向。而且我們也會持續觀察，這真的很有趣。我們擁有 CEC 大概八個月左右，看著他們也從原本的狀態轉型——他們本來就是很棒的事業——到現在有這麼多機會、這些聯合機會正在發生；看著他們很快地嘗試把更多資源、資產與能力轉移到那裡，因為他們也確實看到了這對他們帶來的好處。

So it's fun to watch. Like I said, if I had 2,000 more electricians, I can tell you we can put them to work in a quarter for sure out there right now. It's a really good time on the electrical insight side.

所以看著這一切很有意思。就像我說的，如果我現在多 2,000 名電工，我可以跟你說，我們肯定能在一季內把他們安排上工。就電氣洞察（electrical insight）這一端而言，現在真的是很好的時機。

And then on the M&A side, you, since your electrical deal has worked out so well, you said that you would go to where they're asking you to add scope. So I guess my question is where are they asking you to add more scope? And could that include maybe something just purely on the manufacturing side?

接著談到併購（M&A），既然你們的電氣併購案成效很好，你提到你們會往客戶要求你們增加範疇的地方去。所以我的問題是，他們現在要求你們在哪些地方增加更多範疇？這是否可能包含某些純製造端的內容？

Yes. Well, it's interesting you say that because there's a lot more to these projects than people realize. And there are underground components that are manufactured by others that we purchase and put in that may make sense for us to do. As we look at this modular capability piece, we're kind of starting out with the basic stuff, but there's no reason that we can't go to whole modules of these being built in a factory and put on site. So we see that expanding and growing very rapidly as an opportunity.

是的。你這麼說很有意思，因為這些專案的內容比大家以為的多得多。其中有些地下工程的組件是由其他廠商製造、我們採購後再安裝，這些可能就有意義由我們自己來做。當我們看模組化能力這一塊時，我們目前是從基本項目開始，但沒有理由不能把整個模組在工廠製造完成後再運到工地安裝。所以我們看到這會是一個非常快速擴張與成長的機會。

And for two reasons. One, just pure electrical capacity; and two, it could open up other end markets for us that we're not in today.

而且有兩個原因。第一，純粹是電氣產能；第二，它可能為我們打開一些我們目前尚未涉足的其他終端市場。

Manish with Cantor.

Cantor 的 Manish。

Congrats again. Joe, two questions for you. One is on E-Infrastructure. The margins that we're seeing, are they structurally sustainable? And should we think of them as peak margins? Or is there more room to be had?

再次恭喜。Joe，我有兩個問題。第一個是關於 E-Infrastructure。我們看到的毛利率，在結構上是否可持續？我們應該把它們視為高峰毛利率嗎？還是還有更多上行空間？

Well, when you ask if they're sustainable, I will tell you, if you consider them going up higher than they are now, then they're not sustainable because they will continue to go up. Our margins will improve, and they will improve for a couple of reasons. As these jobs become more complex, we drive better productivity. As we vertically integrate through the Rocky Mountains and add larger equipment suites, they will get further productivity. Those will both drive margins.

嗯，當你問是否可持續時，我會告訴你：如果你指的是它們要比現在更高，那它們就「不可持續」，因為它們還會繼續往上。我們的毛利率會改善，而且會因為幾個原因而改善。隨著這些案子變得更複雜，我們能推動更好的生產力。當我們在落磯山脈以西（through the Rocky Mountains）進行垂直整合並增加更大型的設備套組時，生產力會進一步提升。這兩者都會推動毛利率。

As we combine the electrical packages and the site civil packages, there's another element of productivity that we can drive, which helps the margins. And then the inherent margin of that is actually better for our CEC business on top of it. When you couple all those together on top of the end markets that we'll get out of with CEC, what that does with the margin profile, we will continue to see margins tick up in E-Infrastructure as we go forward. So we're very bullish that we're certainly not at the top and feel like we've still got a long way to go before we're peaking out on this thing. So you may see some variability quarter-over-quarter because of volumes.

當我們把電氣工程包與工地土木工程包結合時，還有另一個我們可以推動的生產力要素，這也有助於毛利率。此外，疊加上去之後，對我們的 CEC 業務而言，其固有毛利其實更好。把這些因素再加上 CEC 將退出的終端市場所帶來的影響，對整體毛利結構而言，我們會在未來持續看到 E-Infrastructure 的毛利率逐步上升。所以我們非常看多，確定還沒到頂，而且覺得距離這件事見頂還有很長一段路。因此你可能會看到因為量的關係，季度之間會有一些波動。

But if you take the trend line of margins, we're going to, we'll continue to grow.

但如果你看毛利率的趨勢線，我們會持續成長。

And Joe, how should we think about margins, risk profile between data center and advanced manufacturing work?

另外，Joe，我們應該如何看待資料中心與先進製造業務之間的毛利率與風險輪廓？

Fundamentally the same. Margins are, again, size matters to us. So I'll tell you a 50-acre data center is not going to have the margins that a 1,000-acre data center has, just like a 50-acre mission-critical plant is not going to have the margins of a 1,000-acre mission-critical plant is. But I will tell you, there's opportunity for some large manufacturing projects either late this year or early next year that we're on top of, and they will have similar margin profiles.

基本上是一樣的。毛利率方面，再次強調，規模對我們很重要。所以我會告訴你，一個 50 英畝的資料中心，不會有 1,000 英畝資料中心那樣的毛利率；同樣地，一個 50 英畝的關鍵任務工廠，也不會有 1,000 英畝關鍵任務工廠那樣的毛利率。但我也會告訴你，我們正在掌握一些可能在今年稍晚或明年初啟動的大型製造專案機會，而它們會有類似的毛利輪廓。

And then if I can just squeeze, go ahead, sir.

然後如果我可以再擠一個問題，請講，先生。

The only variable that we see is that if you look geographically, historically, our Northeast region has had lower margins than the others. The driver of that is size of their projects is generally smaller and some of their projects mandate vertical integration more than others with the union base. But other than that, really not a big differentiation. Think of it in size, not end market.

我們看到的唯一變數是：如果從地理區域來看，歷史上我們東北區的毛利率一直比其他區域低。原因在於他們的專案規模通常較小，而且其中一些專案因工會基礎而比其他專案更要求垂直整合。但除此之外，真的沒有太大的差異。用規模來思考，而不是用終端市場來思考。

Right. Okay. That's super helpful. And then, Joe, one last question. Residential and Transportation segments, we don't really talk about those two segments a whole lot.

了解。好。這非常有幫助。然後，Joe，最後一個問題。住宅與運輸這兩個事業部，我們其實不太常談。

Obviously, all the thunder is on E-Infrastructure for all the right reasons. But how should we think about those two segments long term? I mean, are they core, noncore? Would you monetize them if you found a bigger acquisition that gives you more scale in E-Infrastructure?

很明顯，所有焦點都在 E-Infrastructure 上，這有充分的理由。但長期來看，我們應該如何看待這兩個事業部？我的意思是，它們是核心還是非核心？如果你們找到一個能在 E-Infrastructure 帶來更大規模的更大型併購案，你們會把它們變現嗎？

Well, let's start with transportation. If you asked me seven years ago, I probably would have answered this differently. But today, we turned transportation, first, Transportation is like the Rodney Dangerfield of our business. They don't get enough respect. If you take a look at their margins, they are now almost 2x better than best-in-class in margins.

好，那我們先從運輸業務開始。如果你在七年前問我，我可能會有不同的回答。但今天，我們已經把運輸業務——首先，運輸就像我們業務裡的 Rodney Dangerfield。他們沒有得到足夠的尊重。如果你看看他們的利潤率，現在幾乎是同級最佳利潤率的 2 倍。

So they've got great margins. They've done a phenomenal job. We've turned that into a cash cow that really we work off customers money and that throws off great cash for us that we can then use to grow our high-margin, high-growth project, product lines, E-Infrastructure and at one time it was Residential. So when we look at it, great solid business today. But in addition, what we've been able to do is start shifting those assets towards E-Infrastructure.

所以他們的利潤率非常好。他們做得非常出色。我們把它變成了一頭真正的現金牛：基本上是用客戶的資金運作，並為我們帶來大量現金，然後我們可以用這些現金去成長我們高毛利、高成長的專案與產品線——E-Infrastructure，而在某個時期也包括 Residential。所以當我們看它時，今天它是一個很穩健扎實的業務。但此外，我們也開始把那些資產轉向 E-Infrastructure。

And I'll give you a couple of perfect examples. We started with a pilot with Meta, as a matter of fact, who asked us to go to the upper Northwest, Pacific Northwest, and we used the yellow iron and assets out of our highway business in Utah with our project management teams and stuff out of Atlanta, and they executed a project level. They've got five or six projects out of that between the customers and the GCs with their ability to execute. So we continue to shift assets there. We've talked about closing down our low bid heavy highway business in Texas.

我給你幾個非常典型的例子。我們先從與 Meta 的試點開始，事實上，是他們要求我們到美國西北上部、太平洋西北地區；我們動用了猶他州公路業務的重型設備與資產（yellow iron），再加上亞特蘭大的專案管理團隊等，並在專案層級完成了執行。憑藉他們的執行能力，他們在客戶與總承包商（GCs）之間又延伸出了五、六個專案。因此我們持續把資產轉移到那裡。我們也談過要關閉德州低價競標為主的重型公路業務。

We're coming into the final innings of that. However, what we've been able to do is we've started shifting their underground assets to E-Infrastructure. So now we're helping with underground utilities and some of the underground duct bank work by leveraging those assets and converting them into E-Infrastructure. So we've taken lemons and we're making lemonade out of it and the lemonade keeps getting better and better. So there's not really, one, a reason for us to do anything different with Transportation.

我們正進入那件事的最後階段。不過，我們已經開始把他們的地下工程資產轉向 E-Infrastructure。所以現在我們透過運用那些資產，協助地下公用設施以及部分地下管道群（duct bank）工程，並把它們轉化為 E-Infrastructure。我們把檸檬變成檸檬水，而且這杯檸檬水愈做愈好。所以就運輸業務而言，基本上沒有任何理由要我們做不同的事。

And two, it will be really hard even if we wanted to because it's now so intertwined with our E-Infrastructure business, it's not an easy thing you can break out. So that's where we are with that. Building Solutions, it's been a great business for us. It's been a great cash cow business for us. We'll continue to look for opportunities to grow it.

第二，就算我們想做，也會非常困難，因為它現在與我們的 E-Infrastructure 業務高度交織，並不是一件能輕易拆分出來的事。所以這就是我們目前的狀況。Building Solutions 對我們來說一直是一門很好的業務。它也一直是我們很好的現金牛業務。我們會持續尋找機會來擴大它。

We look at everything every day, is it or is it not a strategic fit for us. Right now, we believe it's still got long-term, great long-term growth potential. We're in the best three markets in the US. So we have no different plans for Building Solutions, but to grow it out as we move.

我們每天都在檢視所有事情：它對我們而言是否具有策略契合度。目前我們認為它仍然具備長期、非常好的成長潛力。我們位於美國最好的三個市場。所以我們對 Building Solutions 沒有不同的計畫，只有在前進的過程中把它做大。

Louie with William Blair.

William Blair 的 Louie。

Following up, is your large semi-fab project for your Petillo division? And secondly, what is the timing for the expansions into the Northwest and the Midwest? I think you just referenced how you were doing a trial project with Meta in the Northwest but has that already started?

接續追問，你們 Petillo 事業部的大型半導體晶圓廠（semi-fab）專案是那個嗎？第二，向西北與中西部擴張的時程是什麼？我想你剛才提到你們在西北與 Meta 做試點專案，但那已經開始了嗎？

Yes. So let's talk about the semiconductor fab. It is being done in the Northeast, and it is being done by a union operation. And that would be Petillo that's doing that. So that's an exciting project for us.

是的。那我們來談半導體晶圓廠。它是在美國東北部進行，而且是由工會體系的作業方式來執行。負責的是 Petillo。所以這對我們來說是一個令人振奮的專案。

It's right in our backyard and it should be a great project. The Pacific Northwest, Louie, I have confused everyone. That's one we did. We started two years ago. That was our foray into kind of transitioning RLW into E-Infrastructure site development, and we've got multiple through there.

它就在我們家門口，應該會是一個很棒的專案。Louie，關於太平洋西北地區，我把大家都搞混了。那是我們已經做過的一個。我們兩年前就開始了。那是我們將 RLW 轉型到 E-Infrastructure 場址開發的一次嘗試，而我們也在那裡拿到了多個專案。

What we're seeing is we believe, based on conversations with our customers, in '27, '28, there will be some nice projects coming out in the Pacific Northwest. And believe it or not, the Pacific Northwest and Western Texas are a lot closer than people think from our Salt Lake City office to our West Texas job is plus or minus 200 miles difference than us driving from Houston, right? So Texas is a pretty big state. It goes pretty far west. So we're using those resources to come further east as well.

我們看到的是，根據與客戶的對話，我們相信在 2027、2028 年，太平洋西北地區會有一些不錯的專案釋出。而且信不信由你，從我們鹽湖城辦公室到太平洋西北地區，與到西德州工地的距離，其實比大家想像的更接近——相較於我們從休士頓開車過去，差距大約只有正負 200 英里。所以德州是一個很大的州。它往西延伸得很遠。因此我們也在運用那些資源，往更東邊延伸。

But we believe in '27, '28 is going to be the start of some really nice projects in the Pacific Northwest. So you'll see us adding capacity and capabilities in that area over the next 6 to 12 months, and we'll be able to talk more about that probably in the second or third quarter.

但我們相信 2027、2028 年會是太平洋西北地區一些非常不錯專案的起點。所以在接下來 6 到 12 個月，你會看到我們在那個區域增加產能與能力；我們大概會在第二或第三季能談更多細節。

Julio with Sidoti.

Sidoti 的 Julio。

You guided to legacy business E-Infrastructure growth of 60% for '26. I think that implies some moderation of the year-over-year growth rates above the 102% that was this quarter. That makes sense. But just given the larger order intake this quarter, which I assume has some timing variability, how would you have us think about the year-over-year legacy growth rates expected in the E-Infrastructure over the remaining three quarters of the year to get to that 60%.

你們對 2026 年 legacy 業務的 E-Infrastructure 成長指引是 60%。我想這意味著年增率會從本季的 102% 以上有所放緩。這很合理。但考量到本季更大的接單量（我假設其中有一些時點上的波動），你希望我們如何看待今年剩下三個季度 E-Infrastructure 的年增率走勢，才能達到那個 60%？

I haven't laid it out in that level of detail. The question around the big wins and all that, it's timing, right? It's when do these kick off, when do they start, how fast do they go. If we get great weather through the rest of the year and projects kick off earlier, we'll be really happy and we'll beat those numbers. There's just a lot of variables left from now to the rest of the year.

我還沒有把它拆到那麼細的層級。關於那些大案子與其他因素，關鍵在於時點，對吧？也就是它們何時啟動、何時開始、進度推進有多快。如果今年剩下的時間天氣很好、而且專案更早啟動，我們會非常開心，也會超過那些數字。從現在到年底還有很多變數。

Julio, we can lay that out exactly for you and talk more about what that does quarter-by-quarter. I just don't, I don't have that.

Julio，我們可以為你把它精確地拆解出來，並多談談它在各季度的影響。只是我現在手上沒有那個。

Thank you. There are no further questions at this time. I'll turn the call back over to Joe Cutillo. Please go ahead.

謝謝。目前沒有其他問題。我把電話交回給 Joe Cutillo。請繼續。

Thank you, Melissa. I want to thank everybody again for joining today's call. We're off to a great start, and we're going to have an amazing year. If you have any follow-up questions or want to schedule further calls, feel free to contact Noelle Dilts.

謝謝你，Melissa。我想再次感謝各位參加今天的電話會議。我們有一個非常好的開局，而且我們將會有非常精彩的一年。如果你有任何後續問題或想安排進一步的通話，歡迎聯絡 Noelle Dilts。

Her contact information is in the press release. Hope everybody has a great day. And again, thank you very much.

她的聯絡資訊在新聞稿中。祝大家今天愉快。再次非常感謝。

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

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。