Sterling Infrastructure, Inc. (STRL) 2026 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Sterling Infrastructure second-quarter webcast and conference call. (Operator Instructions) As a reminder, this call is being recorded on Tuesday, August 4, 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 第二季網路直播與電話會議。（接線員指示）提醒各位，本通話於 2026 年 8 月 4 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 second quarter 2026 earnings conference call and webcast. I'm pleased to be here today to discuss our results with Joe Cutillo, Sterling's Chief Executive Officer; Nick Grindstaff, Sterling's Chief Financial Officer; and Dan Govin, Sterling's Chief Operating Officer. 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.

各位與會者早安，歡迎參加 Sterling Infrastructure 2026 年第二季財報電話會議與網路直播。今天很高興與 Sterling 執行長 Joe Cutillo、財務長 Nick Grindstaff，以及營運長 Dan Govin 一同說明我們的業績。提醒各位，我們網站「投資人關係」專區備有隨附簡報。簡報包含我們 2026 全年財務指引的詳細資訊。

Before turning the call over to Joe, I will read the safe harbor statement. The discussion today may include forward-looking statements. Actual results could differ materially from the statements made today. Please refer to Sterling's most recent 10-K and 10-Q filings for a more complete description of risk factors that could affect these projections and assumptions. The company assumes no obligation to update forward-looking statements as a result of new information, future events or otherwise.

在把電話交給 Joe 之前，我先宣讀安全港聲明。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。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。公司不因新資訊、未來事件或其他原因而承擔更新前瞻性陳述之義務。

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 U.S. GAAP. As required by SEC rules and regulations, these non-GAAP financial measures are reconciled to their most comparable GAAP financial measures on our earnings release issued yesterday afternoon. I'll now turn the call over to our CEO, Joe Cutillo.

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財務指標，這些皆非美國GAAP 所認列之財務衡量指標。依據 SEC 規則與法規要求，這些非 GAAP 財務衡量指標已於我們昨日下午發布的財報新聞稿中，與其最具可比性的 GAAP 財務衡量指標進行調節。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 Second Quarter 2026 Earnings Call. Sterling delivered another outstanding quarter with revenue growth of 90% and adjusted diluted EPS growth of 116% from $2.69 to $5.80. These results reflect the strength of our strategy, accelerating demand across our markets and the exceptional execution by our teams. Adjusted EBITDA more than doubled in the quarter with margins expanding 150 basis points year-over-year to reach 22%.

謝謝你，Noelle。各位早安，感謝各位參加 Sterling 2026 年第二季財報電話會議。Sterling 再度交出亮眼的一季，營收成長 90%，調整後稀釋每股盈餘成長 116%，由 2.69 美元提升至 5.80 美元。這些成果反映我們策略的強勁、各市場需求加速，以及團隊卓越的執行力。本季調整後 EBITDA 較去年同期倍增以上，且利潤率年增 150 個基點至 22%。

The current market demand allows us to be selective. Rather than chasing every opportunity, we are concentrating on the projects that strengthen our customer relationships, position us for future growth and enhance our margins. Signed backlog at quarter end totaled $4.3 billion, up 116% year-over-year and combined backlog increased 150% to reach $5.6 billion. In addition, we have visibility into high probability future phase opportunities that exceed $1.4 billion.

目前的市場需求讓我們得以更有選擇性。我們不追逐每一個機會，而是專注於能強化客戶關係、為未來成長奠基並提升利潤率的專案。季末已簽約在手訂單（signed backlog）合計 43 億美元，年增 116%；合併在手訂單（combined backlog）增加 150% 至 56 億美元。此外，我們也能掌握高機率的未來階段（future phase）機會，金額超過 14 億美元。

Together, our signed backlog, unsigned awards and future phase opportunities provide visibility into a total addressable pool of work of more than $7 billion, an increase of more than $2.5 billion since year end. The growth in our backlog and future phase work in the quarter, together with our visibility into customers' multiyear capital plans further strengthens our confidence in our multiyear outlook.

綜合已簽約在手訂單、未簽約授標（unsigned awards）以及未來階段機會，我們可見的可承攬工作總池（total addressable pool of work）超過 70 億美元，較年末增加逾 25 億美元。本季在手訂單與未來階段工作的成長，加上我們對客戶多年期資本支出計畫的能見度，進一步強化我們對多年期展望的信心。

Now I'd like to discuss our segment results for the quarter in more detail. In E-infrastructure, second quarter revenue grew 192% and mission-critical activity, including work on data centers and semiconductor campuses was the primary growth driver in the quarter. E-Infrastructure adjusted operating income increased 148%, and adjusted operating margins remained strong at 24%. Margins continue to benefit from our strong execution on large time-sensitive, mission-critical projects.

接下來我想更詳細說明本季各事業部門的表現。在 E-infrastructure（電力／數位基礎設施）方面，第二季營收成長 192%，其中以關鍵任務（mission-critical）業務活動為主要成長動能，包括資料中心與半導體園區的工程。E-Infrastructure 調整後營業利益成長 148%，調整後營業利潤率維持強勁，達 24%。利潤率持續受惠於我們在大型、時程敏感的關鍵任務專案上的強勁執行力。

Revenue for our site development operations more than doubled on an organic basis, and adjusted operating margins expanded both year-over-year and sequentially. We saw robust growth across each of our geographies with particular strength in our Rocky Mountain division, where revenue increased nearly 700%. We also saw strong increases in our Northeast business as work on our large semiconductor campus ramped up.

我們的場址開發（site development）業務營收以有機方式倍增以上，調整後營業利潤率不論年比或季比皆擴張。各地區均呈現強勁成長，其中落磯山（Rocky Mountain）事業部表現尤為突出，營收增加近 700%。隨著大型半導體園區專案加速推進，我們在東北地區的業務也出現顯著成長。

CEC delivered 140% revenue growth compared to its prior year second quarter, with margins strengthening both year-over-year and sequentially. The Texas market remains exceptionally strong. During the quarter, CEC secured several additional project wins contributing to a $1.7 billion increase in its combined backlog since year-end 2025. We Additionally, we are seeing continued success on winning projects where we are performing electrical and site work in an integrated manner.

CEC 第二季營收較去年同期成長 140%，利潤率亦在年比與季比皆走強。德州市場依然異常強勁。本季 CEC 再取得多項新增專案，推動其合併在手訂單自 2025 年底以來增加 17 億美元。此外，我們在以整合方式同時執行電氣與場址工程的專案得標方面，持續取得成功。

We continue to see tremendous opportunities ahead in both electrical and site development. In aggregate, our E-Infrastructure signed backlog, unsigned electrical awards and future phase site development opportunities now exceed $6 billion, representing an increase of $2.7 billion since year-end.

我們在電氣與場址開發兩大領域仍看到極為可觀的前景機會。整體而言，我們 E-Infrastructure 的已簽約在手訂單、未簽約電氣授標，以及未來階段場址開發機會目前合計已超過 60 億美元，較年末增加 27 億美元。

Mission-critical work, including data centers, large manufacturing projects and semiconductor represented more than 92% of E-Infrastructure signed backlog at the end of the quarter. Future phase work is predominantly related to mission-critical projects. Moving to Transportation Solutions.

截至季末，關鍵任務工程（包括資料中心、大型製造專案與半導體）占 E-Infrastructure 已簽約在手訂單的 92% 以上。未來階段工作亦主要與關鍵任務專案相關。接著談 Transportation Solutions（交通解決方案）。

Second quarter revenue declined 20%. The reflecting our ongoing reallocation of resources from transportation projects to higher-margin infrastructure projects. This shift is now taking place at an accelerated pace as activity on our infrastructure projects in the Rocky Mountain and Texas regions has increased.

第二季營收下滑 20%。這反映我們持續將資源自交通專案重新配置至利潤率更高的基礎設施專案。隨著落磯山與德州地區的基礎設施專案活動增加，此一轉移目前正以更快速度進行。

This was the first quarter that our Rocky Mountain operation generated more infrastructure revenue than transportation revenue. In addition, we are continuing to wind down our low bid heavy highway work in Texas, which is nearing completion. Transportation Solutions adjusted operating margins reached 19.5% in the quarter, up more than 500 basis points from the prior year period, and adjusted operating income grew 8%. The strength in margins and profitability was driven by our focus on pursuing the most attractive opportunities within the transportation market.

這是我們落磯山營運單位基礎設施營收首次高於交通營收的季度。此外，我們也持續縮減在德州以低價投標為主的重型公路（heavy highway）業務，該業務已接近完工。Transportation Solutions 本季調整後營業利潤率達 19.5%，較去年同期提高逾 500 個基點，調整後營業利益成長 8%。利潤率與獲利能力的提升，主要來自我們專注於在交通市場中追求最具吸引力的機會。

We ended the quarter with Transportation Solutions backlog at $969 million, a 35% year-over-year increase. This primarily reflects the conversion of unsigned backlog to sign backlog. On a combined backlog basis, Transportation Solutions is up 8% from second quarter 2025 and is down 11% from year-end [2025].

本季末 Transportation Solutions 在手訂單為 9.69 億美元，年增 35%。這主要反映未簽約在手訂單轉為已簽約在手訂單。以合併在手訂單口徑計算，Transportation Solutions 較 2025 年第二季增加 8%，較 [2025] 年底下降 11%。

Shifting to Building Solutions. Segment revenue declined 1% in the quarter driven by relatively flat homebuilder activity and adjusted operating margins were 9.9%. 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 growth in high-margin end markets enabled us to deliver another fantastic quarter.

接著談 Building Solutions（建築解決方案）。本季部門營收下滑 1%，主因住宅建商活動相對持平；調整後營業利潤率為 9.9%。我們仍預期住宅市場在 2026 年將面臨強勁逆風。Sterling 多元化投資組合的優勢，以及聚焦於高利潤終端市場成長的策略，使我們得以再度交出非常出色的一季。

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?

接下來我想把時間交給 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 second quarter backlog totaled $4.3 billion, a 116% year-over-year increase. Backlog increased 50% year-over-year on an organic basis despite the strong revenue burn in the quarter. Combined backlog of $5.6 billion increased 150% or 36% on an organic basis. Second quarter 2026 book-to-burn ratios were 1.4x for backlog and 1.3x for combined backlog exclusive of the impact of the Stone Ridge acquisition.

謝謝你，Joe，各位早安。我先從我們的合併在手訂單指標開始。我們第二季在手訂單合計 43 億美元，年增 116%。儘管本季營收認列（burn）強勁，在手訂單仍以有機方式年增 50%。合併在手訂單 56 億美元增加 150%，或以有機方式增加 36%。2026 年第二季 book-to-burn 比率為：在手訂單 1.4 倍、合併在手訂單 1.3 倍（不含 Stone Ridge 併購影響）。

Turning to cash flow. Cash flow from operating activities for the first half of 2026 was $328 million. We expect continued strength in operating cash flow for the full year. Cash flow used in investing activities included $70 million of CapEx. Given the significant increase in our full year 2026 revenue expectation over the past six months, and our visibility into future demand, we are increasing our CapEx guidance to $130 million to $140 million, which is a $30 million increase from prior guidance.

接著談現金流。2026年上半年營運活動產生的現金流為3.28億美元。我們預期全年營運現金流將持續強勁。投資活動使用的現金流包含7,000萬美元的資本支出（CapEx）。鑑於過去六個月我們對2026年全年營收預期大幅上調，且對未來需求具備能見度，我們將資本支出指引上調至1.30億至1.40億美元，較先前指引增加3,000萬美元。

These incremental investments in our fleet will drive productivity and expand capacity. First half 2026 cash flow from financing activities was a $48 million outflow including share repurchases of $35 million at an average price of $511.18 per share. Remaining availability under the existing repurchase authorization was $339 million at the end of the quarter. We will remain opportunistic in our approach to share repurchases.

這些對車隊的增量投資將提升生產力並擴充產能。2026年上半年融資活動現金流為淨流出4,800萬美元，其中包含以每股平均511.18美元回購3,500萬美元的股份。截至本季末，現有回購授權下的剩餘可用額度為3.39億美元。我們將在股份回購方面維持機動、把握時機的策略。

Moving to our balance sheet. We ended the quarter with $464 million of cash and debt of $284 million for a cash net of debt balance of $181 million. On July 2, we closed on the extension and expansion of our revolving facilities to $1.5 billion and extended the maturity to July 2031. We used this facility to pay off our existing term loan. The amended facility provides additional flexibility as we look to grow the business, both organically and through M&A.

接著看資產負債表。本季末我們持有現金4.64億美元、負債2.84億美元，淨現金（現金扣除負債）為1.81億美元。7月2日，我們完成循環授信額度的延長與擴增至15億美元，並將到期日延至2031年7月。我們使用該授信額度償還既有的定期貸款。修訂後的授信安排在我們尋求業務成長（包括內生成長與併購）之際，提供了更大的彈性。

Our current backlog, visibility and strong market tailwinds position us for an even better year than we originally anticipated. We are increasing our guidance ranges for 2026 to reflect both the improved outlook for the core business as well as the addition of Stone Ridge. Our guidance ranges are: revenue of $4 billion to $4.15 billion, diluted EPS of $17.25 to $17.85 and adjusted diluted EPS of $19.70 to $20.30, EBITDA of $829 million to $854 million, adjusted EBITDA of $891 million to $916 million.

我們目前的在手訂單、能見度以及強勁的市場順風，使我們有望迎來比原先預期更好的一年。我們上調2026年的指引區間，以反映核心業務展望改善以及納入Stone Ridge的影響。我們的指引區間為：營收40億至41.5億美元、稀釋每股盈餘（EPS）17.25至17.85美元、調整後稀釋EPS 19.70至20.30美元、EBITDA 8.29億至8.54億美元、調整後EBITDA 8.91億至9.16億美元。

Now I will turn the call back to Joe.

現在我把電話交回給Joe。

Thanks, Nick. Positive trends we've been talking about over the past several quarters have continued to accelerate. We're seeing projects become larger, more complex and longer in duration, which reflects both the scale of what's being built and the importance of these assets to our customers. Our customers are asking us to do more. We are continuing to get pulled into new geographies because they know Sterling can deliver complex projects faster and safer than anyone else.

謝謝，Nick。我們在過去幾個季度談到的正向趨勢持續加速。我們看到專案規模更大、複雜度更高、工期更長，這反映了建設規模的擴大，以及這些資產對客戶的重要性。客戶要求我們承擔更多工作。我們持續被帶入新的地理市場，因為他們知道Sterling能比任何人更快、更安全地交付複雜專案。

Our customers' recognition with our critical contribution to their success has allowed us to participate in their long-term planning process. What we're seeing ahead is going to be far greater than we originally anticipated. Our focus today is making sure we stay ahead of what's coming. Internally, we are working to ensure that we have the right people, resources and capacity in place to support sustained strong growth in the years ahead. I'm going to hand the call over to Dan Govin, our Chief Operating Officer, to discuss some of these key areas of focus. Dan?

客戶認可我們對其成功的關鍵貢獻，使我們得以參與其長期規劃流程。我們所看到的未來機會將遠超出原先預期。我們今天的重點是確保我們能領先於即將到來的需求。在內部，我們正努力確保具備合適的人才、資源與產能，以支撐未來數年的持續強勁成長。我將把電話交給我們的營運長Dan Govin，請他說明其中一些關鍵聚焦領域。Dan？

Thanks, Joe. Planning for the future is a core part of our strategy. We aren't just focused on meeting today's demand. We're making the investments now in our people, equipment and capabilities that will support sustained growth for years to come. Our people remain our greatest competitive advantage.

謝謝，Joe。為未來做規劃是我們策略的核心部分。我們不僅著眼於滿足當前需求。我們現在就投資於人才、設備與能力，以支撐未來多年持續成長。我們的人才仍是我們最大的競爭優勢。

As our customers undertake larger time-sensitive, mission-critical projects across the country, our experienced project managers and operating teams are setting us apart through exceptional operational execution. That's why we are increasing our investments in developing, attracting and retaining the industry's best talent.

當客戶在全國各地推動更大、時程敏感且攸關任務成敗的關鍵專案時，我們經驗豐富的專案經理與營運團隊以卓越的營運執行力脫穎而出。因此，我們正加大投資於培育、吸引並留任業界最優秀的人才。

Through expanded recruiting efforts and training programs like Sterling Academy and CEC University, we're building the workforce skill sets that will support our accelerated growth. Combined with our strong reputation for safety, quality and execution, these investments position Sterling as the employer of choice, helping us to attract talent as we enter into new markets. We're also investing strategically in our equipment fleet as we grow and upsize our fleet, we're increasing our capacity and improving productivity and operational efficiency in new geographies.

透過擴大招募力度以及如Sterling Academy與CEC University等訓練計畫，我們正在打造可支撐加速成長的人力技能組合。結合我們在安全、品質與執行方面的強勁聲譽，這些投資使Sterling成為首選雇主，並在我們進入新市場時有助於吸引人才。隨著我們成長並擴大車隊規模，我們也在設備車隊上進行策略性投資，以提升在新地理市場的產能、改善生產力與營運效率。

This creates benefits that support margin expansion over time. At CEC, we are making great progress in ramping up production at our prefabrication facilities, which will drive productivity with our field electricians and provide cost savings. And finally, we're complementing these organic investments with tuck-in acquisitions.

這將帶來效益，並在時間推移下支持利潤率擴張。在CEC，我們在提升預製化（prefabrication）設施產能方面取得重大進展，這將提升現場電工的生產力並帶來成本節省。最後，我們也以補強型（tuck-in）收購來搭配這些內生投資。

These acquisitions bring a strong local leadership while expanding our presence in attractive markets. The recent Stone Ridge acquisition is a great example of this strategy in action as it positions us well for coming activity in the Pacific Northwest. Together, these strategic investments ensure we're well positioned to capitalize on significant opportunities ahead. Now I will hand the call back to Joe.

這些收購在擴大我們於具吸引力市場的布局之際，也帶來強而有力的在地領導團隊。近期收購Stone Ridge正是此策略落地的絕佳例證，使我們能在太平洋西北地區即將到來的活動中占得先機。綜合而言，這些策略性投資確保我們已做好準備，把握前方重大的機會。現在我把電話交回給Joe。

Thanks, Dan. Turning to our segment expectations for 2026. In E-Infrastructure Solutions, we continue to see exceptionally strong demand for large mission-critical infrastructure, and we believe this will support meaningful growth for many years to come. In the data center market, customer activity is stronger than ever. Projects are becoming larger, lasting longer and expanding into more markets across the country.

謝謝，Dan。接著談我們對2026年的分部預期。在E-Infrastructure Solutions方面，我們持續看到對大型、攸關任務成敗的關鍵基礎設施需求異常強勁，我們相信這將在未來多年支撐顯著成長。在資料中心市場，客戶活動比以往任何時候都更強。專案規模更大、工期更長，並擴展到全國更多市場。

Not only are we seeing more new projects. We're seeing many of our existing projects grow well beyond their original scope. Much of this incremental opportunity is not yet reflected in our backlog or future phase opportunities, giving us additional confidence in the runway ahead.

我們不僅看到更多新專案。我們也看到許多既有專案的規模遠超出其原始範疇。這些增量機會多數尚未反映在我們的在手訂單或未來階段機會中，讓我們對前方的成長跑道更具信心。

With the CEC acquisition, we have broadened our capabilities and are even better positioned to serve our data center customers. In the semiconductor market, we are making very good progress on our Northeast project and are running ahead of schedule. We expect to generate significant revenue on this project in the third quarter with a weather-related slowdown in the fourth quarter. We believe our exceptional performance on this project will position us in the semiconductor market as the go-to solution for large complex projects, just like we have done in the data center market.

透過收購CEC，我們擴大了能力版圖，並更有利於服務資料中心客戶。在半導體市場，我們在東北地區專案上進展非常順利，且進度超前。我們預期第三季將在該專案上創造可觀營收，而第四季將因天候因素出現放緩。我們相信在此專案上的卓越表現，將使我們在半導體市場成為大型複雜專案的首選解決方案，就如同我們在資料中心市場所做到的一樣。

In addition to the data centers and semiconductor, we are seeing some momentum in the broader manufacturing market. During the second quarter, we were awarded the initial scope of work on an electric vehicle plant in Atlanta. In addition, there are still several opportunities we believe could be awarded in 2026 or early 2027. For full year 2026, we now expect to deliver E-Infrastructure segment revenue growth of over 100%, including the contribution from CEC and Stone Ridge.

除資料中心與半導體之外，我們也在更廣泛的製造業市場看到一些動能。在第二季，我們獲得亞特蘭大一座電動車工廠的初始工作範疇授標。此外，我們仍有數個機會，預期可能在2026年或2027年初獲得授標。就2026年全年而言，我們目前預期E-Infrastructure分部營收成長將超過100%，其中包含CEC與Stone Ridge的貢獻。

We anticipate that the legacy site development business will grow at rates approaching 70% or higher as several of our large projects accelerate. Adjusted operating profit margins for E-Infrastructure are expected to be in the mid-20% range. In Transportation Solutions, we are in the final year of the current federal funding cycle, which concludes September 2026. We have built over two years of backlog and are continuing to pursue select attractive opportunities.

我們預期既有的場址開發（site development）業務，隨著多個大型專案加速推進，成長率將接近70%或更高。E-Infrastructure的調整後營業利益率預期將落在20%中段區間。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。我們已建立超過兩年的在手訂單，並持續追求部分具吸引力的精選機會。

For 2026, we are now anticipating a decline in Transportation Solutions revenue in the 7% to 10% range as we are shifting resources towards E-Infrastructure work at a faster pace. We expect significant year-over-year adjusted operating margin expansion roughly in the range of 150 to 200 basis points.

針對 2026 年，由於我們正以更快的速度將資源轉向 E-Infrastructure（電力基礎設施）相關工作，我們目前預期 Transportation Solutions（運輸解決方案）營收將下滑約 7% 至 10%。我們預期經調整營業利益率將出現顯著的年對年擴張，約在 150 至 200 個基點的區間。

In Building Solutions, we anticipate that revenue will decline modestly in 2026 and that adjusted operating margin will be in the high-single to low-double digits. We continue to see opportunities for share gain coming out of the down cycle. Shifting gears as we look forward to the second half of the year and early 2027, we believe that the strong levels of bid activity we are seeing today will translate into strong awards.

在 Building Solutions（建築解決方案）方面，我們預期 2026 年營收將小幅下滑，且經調整營業利益率將落在高個位數到低雙位數百分比。我們仍持續看到在景氣下行循環結束後取得市占率提升的機會。轉換話題，展望今年下半年及 2027 年初，我們相信目前所見的強勁投標活動水準將轉化為強勁的得標。

However, given the lumpiness and timing, we could see softer third quarter awards with higher levels in the fourth quarter and early 2027. This, coupled with our forecast for strong revenue burn in the third quarter would result in a sequential backlog decline in the third quarter. This would reflect award timing not a change in demand.

然而，考量到案量的波動性與時點因素，我們可能會看到第三季得標較為疲弱，而第四季及 2027 年初的得標水準較高。再加上我們預估第三季營收認列（burn）強勁，將導致第三季在手訂單（backlog）較前一季下滑。這反映的是得標時點，而非需求出現變化。

On the acquisition front, we are continuing to look for acquisitions that are the right strategic fit to enhance our service offering, expand our geographic footprint and add capacity. We are seeing more high-quality acquisition targets in the market today than a year ago. Moving to our full year 2026 guidance. The midpoint of our ranges versus prior year would represent a 64% revenue growth and 84% adjusted EPS growth and a 79% adjusted EBITDA growth.

在併購方面，我們仍持續尋找在策略上契合的併購標的，以強化我們的服務內容、擴大地理版圖並增加產能。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。接著談我們 2026 全年指引。以我們區間中位數相較前一年，將代表營收成長 64%、經調整 EPS 成長 84%，以及經調整 EBITDA 成長 79%。

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。

(Operator Instructions)

（接線員指示）

Brent Thielman, Oppenheimer.

Brent Thielman，Oppenheimer。

Hey, thanks. Good morning. Congrats on a great quarter. Maybe first question, if I look at the backlog, you're up where you were a year ago. You have Stone Ridge also contributing here in the back half. Maybe a little surprised you wouldn't see a bigger step up in revenue in the second half? And I guess I'm wondering, are there longer than usual lead times associated with some of the backlog? Or is this more work start kind of later in the year or 2027? Maybe you could just cash that out.

嗨，謝謝。早安。恭喜本季表現很棒。也許先問第一個問題：如果我看在手訂單，你們回到一年前的水準。下半年也有 Stone Ridge 的貢獻。我有點意外你們下半年營收不會有更明顯的跳升？我想問的是：是否有些在手訂單的前置期比平常更長？或者這些工作是會在今年較晚才開工，或延到 2027 年？也許你可以把這點說清楚。

Yes. No, we feel very confident in the backlog that's there, Brent, in the projects are happening on schedule and taking place. I will tell you, we're being very conservative in the fourth quarter right now. We never know what the weather is going to be in the fourth quarter. If we have weather like last year, I think we'll have a much stronger fourth quarter than we have in our forecast.

是的。不，我們對目前的在手訂單非常有信心，Brent，這些專案都按計畫進行並如期推動。我可以告訴你，我們目前對第四季的預估非常保守。我們永遠無法確定第四季的天氣會如何。如果天氣像去年一樣，我認為第四季會比我們預測的強很多。

But frankly, we're just being conservative on the outlook. We got plenty of work ahead of us and plenty of opportunities coming, especially as we get into the fourth and first quarter, we see some really strong bid activity that's going to take place there. So no, nothing of a slowdown, more of a cautious behavior on us. We've raised guidance a couple of times. We've come up significantly in all the areas. We would have never expected CEC. We've had about a year now, and we've doubled that business already. So we're seeing great progress just the conservative nature we have.

但坦白說，我們只是對展望採取保守態度。我們前方有大量工作，也有很多機會即將到來，尤其進入第四季與第一季時，我們看到將會出現非常強勁的投標活動。所以不是放緩，而是我們比較謹慎。我們已經上調指引好幾次。我們在各個面向都大幅上修。我們原本從未預期 CEC 會這樣。我們併入大約一年，該業務已經翻倍。所以我們看到很大的進展，只是我們一貫比較保守。

Understood. Okay. And then enough point on CEC, Joe, maybe just the profile of the new work awarded or pending, it seems like you've seen a huge step-up in award activity at the electrical business. Just talk about maybe how the size and scope has changed on some of the pursuits maybe the profile of margins you're starting to see come through and kind of your thought process I know margins all for the business going forward.

了解。好。另外談到 CEC，Joe，也許請你談談新得標或待定案子的輪廓：看起來你們電氣業務的得標活動大幅躍升。請談談在一些追案上，規模與範疇如何改變，以及你們開始看到的利潤率輪廓，還有你對未來該業務整體利潤率的思考。

Yes, we're tickled to death with CEC and what they're doing. If we step back and think when we made the acquisition, we thought it would take us a year to fill their capacity. And we actually talked about shifting some resources to the Southeast. We filled their capacity up in about 90 days. And as a result, they've grown nicely. I think what -- what you don't see in the numbers is kind of what's happening and what's coming from CEC.

是的，我們對 CEC 以及他們的表現非常滿意。如果退一步回想我們做併購時，我們原本以為需要一年才能把他們的產能填滿。我們甚至談過要把一些資源轉到美國東南部。但我們大約 90 天就把他們的產能填滿了。因此他們成長得很好。我想你從數字上看不到的是，CEC 內部正在發生的事，以及他們接下來會帶來的動能。

One of the strategic things we said we're going to do is they are in some end markets with some services then we said we were going to get out of it. We're in the process of getting out of those. It takes a little time. So when we look at the business, we look at it from the old pieces that we're getting out of and then the remaining business as it goes forward.

我們說過要做的一個策略性動作是：他們在某些終端市場提供一些服務，而我們先前表示要退出那些領域。我們正在退出的過程中。這需要一些時間。所以當我們看這個業務時，我們會把正在退出的舊業務部分，與未來持續發展的剩餘業務分開來看。

And when we look at that piece, the margins are going up very, very nicely in that area. But also the job size is going up significantly and I think one of the really rewarding things for us in the quarter, again, that doesn't show up is CEC is now getting the second buildings on data centers that they're at, which says they're performing at or above customer expectations and they're giving them the next phases and the next levels of work.

而當我們看後者那一塊時，那部分的利潤率正在非常、非常漂亮地上升。同時，案子的規模也顯著變大。

So everything is coming together exactly as we had hoped. They're doing a great job. They're growing very, very rapidly and adding capacity. And we see, candidly, if we had 1,000 or 2,000 more electricians, we'd be growing it even faster. So we've got a lot of programs in place on not only developing the electricians, but we got a full recruiting team that's recruiting every week to bring those electricians in. So it's been great.

所以一切都正如我們所希望的那樣逐步到位。他們做得非常好。他們成長非常、非常快，並且在擴充產能。坦白說，我們看到如果我們多 1,000 或 2,000 名電工，我們還能成長得更快。因此我們已經推動許多計畫，不僅培訓電工，也有一支完整的招募團隊每週都在招募，把電工補進來。所以進展非常好。

The only downside, which is the only reason I could see that our stock is not up exponentially today and looks like it's down is the mix makes our margin look like it's lower. And if you look at every element of E-Infrastructure margins were up in every single piece of it, the only thing that drove the difference in margin is mix. When we have CEC grow 140%, we love that. We'll take that all day long. When we have our Rocky Mountain business and we convert it for transportation to E-Infrastructure, and they grow 700% in a year, we'll take that.

唯一的缺點——也是我唯一能想到為什麼我們股價今天沒有大幅上漲、看起來反而下跌的原因——是產品組合（mix）讓我們的利潤率看起來較低。如果你看 E-Infrastructure 的每一個構成要素，其利潤率在每一個部分都上升；造成利潤率差異的唯一因素就是組合。當 CEC 成長 140%，我們很喜歡。我們每天都願意接受這樣的成長。當我們的 Rocky Mountain 業務從運輸轉向 E-Infrastructure，並在一年內成長 700%，我們也願意接受。

Understood, Joe. I appreciate the clarification there. Just the last one, maybe an update on the cross-selling opportunities between our CEC and the legacy site development business and how that's progressing?

了解，Joe。我很感謝你在這裡的釐清。最後一個問題：能否更新一下 CEC 與既有場址開發（site development）業務之間的交叉銷售機會，以及目前進展如何？

Yes. So we're on more sites today than we were on in the second quarter. And as we look forward, a lot of the data centers that will be coming out we've had -- let me step back, let me just say this, we've had more opportunities that have joint efforts that we have capacity in the electrical side.

可以。所以我們目前參與的場址比第二季時更多。而展望未來，許多即將釋出的資料中心專案，我們已經——讓我退一步先說，我們已經有更多需要共同合作的機會，只是我們在電氣端的產能有限。

So as we're building up that capacity, Brent, that number will grow. The reason it's not growing even faster than it is, it's growing faster than we thought. We thought it would take us until this time to be on our first one. We're on three or four now, it's just pure capacity. Our customers are asking it for it. If we had a union operation, I would tell you we'd be on a semiconductor plant up in New York right now with the electrical side.

因此，隨著我們逐步建立那個產能，Brent，那個數字會成長。之所以沒有比現在更快成長，是因為它其實已經比我們原先想的成長更快了。我們原本以為要到這個時間點才會在第一個案子上線。現在我們已經有三到四個了，這純粹是產能問題。我們的客戶正在要求我們提供這項服務。如果我們有工會營運，我會告訴你，我們現在就會在紐約的一座半導體工廠做電氣端的工作。

So we're getting asked. They see the value of our acquisition. Frankly, it's even stronger than we anticipated. We're pretty bullish on it. So we're very happy with that. The faster we can ramp up additional capacity or as you know, we're looking at -- continue to look at acquisitions in and around this space, we can add some capacity there. The more joint projects will be on.

所以我們一直被詢問。他們看到了我們併購的價值。坦白說，這股力道甚至比我們預期的更強。我們對此相當看多。所以我們對此非常滿意。我們越快能把額外產能拉升起來，或者如你所知，我們也在——持續評估在這個領域及其周邊的併購，我們就能在那裡增加一些產能。那麼聯合專案就會越多。

Michael Louie DiPalma, William Blair.

Michael Louie DiPalma，William Blair。

Joe, Nick, Dan, and Noel. Good morning.

Joe、Nick、Dan，以及Noel。早安。

Hey, Louie.

嗨，Louie。

Joe, you mentioned how the CEC has lower margins relative to site development and how the CEC margin should grow very nicely. From a high level, can you discuss like where CEC margins could grow to in the long term? And just in general, explain and why is there such a significant variation between the margins for sick development versus electrical services. And should those margins converge over time?

Joe，你提到CEC相較於場址開發的利潤率較低，而CEC的利潤率應該會非常不錯地成長。從較高層次來看，你能談談CEC的利潤率長期可能提升到什麼水準嗎？另外也請整體說明一下，為什麼場址開發與電氣服務之間的利潤率差異會這麼大？而這些利潤率是否會隨時間推移而趨於收斂？

Yes. So let me make sure people don't get too delusional. We don't ever expect electrical margins to be up at the peak of our site development. There are so many more complexities and differences with the site development and things we can do to truly change the scope and drive productivity in those projects versus an electrical project is pretty laid out, right? I mean, the design is there, the amount of wire, et cetera, et cetera, I'm overly simplifying it, but it's laid out. So there's always so much you can get there.

是的。所以我先確保大家不要想得太不切實際。我們從不預期電氣的利潤率會達到我們場址開發的高峰水準。場址開發有更多複雜性與差異，我們能做很多事情去真正改變範疇、提升生產力；相較之下，電氣專案基本上是很明確的，對吧？我的意思是，設計都在那裡，線材用量等等等等——我這樣說有點過度簡化，但它是被規劃好的。所以在那裡你能提升的幅度總是有限。

However, we're not happy with the margins or CEC with where they are today. And as we move to a better mix of projects, we see 300 to 500 basis points on top of some things we're doing internally of margin improvement, and we've said over 12 to 18 months. I think we'll see some of that sooner. The faster we get out of some of this other stuff, the faster that's going to come through. We're watching that very closely. We watch it every month, Louie and we have seen great progress. The team is doing a fantastic job there.

不過，我們對CEC目前的利潤率並不滿意。隨著我們轉向更好的專案組合，再加上我們內部正在做的一些事情，我們看到利潤率有機會改善300到500個基點，我們之前也說過會在12到18個月內實現。我認為其中一部分會更早看到。我們越快退出一些其他的業務，那些改善就會越快反映出來。我們正非常密切地追蹤。我們每個月都在看，Louie，而且我們已經看到很大的進展。團隊在那邊做得非常出色。

If I step back and think three to five years, I don't know why today, the electrical world is kind of low double-digit margins, call it, 10% to 12% EBITDA margins. I don't know why we can get that close to 20%. I really don't. Based on the project size, scope and the quality of the projects that's our goal is over a long period of time to get there. And we've been pretty successful at driving margins and our business is much higher than anybody else, and we feel like we can do the same.

如果我退一步看三到五年，我不知道為什麼在今天，電氣產業大概是低雙位數的利潤率，就算是10%到12%的EBITDA利潤率。我不覺得我們不能接近20%。我真的不這麼認為。基於專案規模、範疇以及專案品質，我們的目標是在較長時間內達到那個水準。而且我們在推動利潤率方面一直相當成功，我們的業務利潤率遠高於其他任何人，我們覺得同樣也能在這裡做到。

And I was also wondering, could you provide more detail in terms of why the future phase work metric doesn't always capture the full visibility that you have in terms of your pipeline?

另外我也想請教，你能否更詳細說明，為什麼「未來階段工作」這個指標並不總是能完整反映你們在管線方面所掌握的能見度？

Great question. One of the things is you spend enough time with us, and most of the people have spent enough time with us, we're pretty conservative. And if anything, we want to overperform and make people happy. But one of the things we do not include and we're thinking about how we should be communicating this better is we're on a lot of projects today that have a defined scope to build out a piece of property.

問得很好。其中一點是，只要你花夠多時間了解我們——而大多數人也確實花了不少時間——我們是相當保守的。如果有什麼的話，我們希望超額達成，讓大家滿意。但我們目前沒有納入的一件事——我們也在思考應該如何更好地對外溝通——是我們現在參與很多專案，其範疇是明確要把某一塊土地開發完成。

So let's just say we have 600 acres of land. And they say, we're going to build 5 buildings on the first 300 acres. And then we're going to build five buildings on the next 300 acres. We only talk about the first 300 acres, okay? We know that when they're finished with that, we're going to move the equipment to the next one. But that project hasn't been perfectly defined and articulated. But we know that other projects we've been on that happens.

比方說，我們有600英畝的土地。他們說，我們要在前300英畝先蓋5棟建築。然後在後300英畝再蓋5棟建築。我們只談前300英畝，好嗎？我們知道他們完成那一段後，我們會把設備移到下一段。但那個專案還沒有被非常完整地定義與表述。不過我們知道，過去我們參與的其他專案也會發生這種情況。

But the other thing that's happening, Louie, that it is a relatively new dynamic is we are seeing them purchase incremental property on projects that we're on. So let's just say we're on a 300-acre project today. There has to be one that's close to that. They have now purchased another 600 acres touching that property that they're going to expand and grow that. That's not in any of our numbers. Now we're there. We're working with the customers. We're working with them on plans. We're working with that on the future.

但另外一件正在發生的事，Louie，而且這算是相對新的動態，是我們看到他們在我們正在做的專案上，會再購買額外的土地。所以假設我們今天在一個300英畝的專案上。附近一定還有一個差不多的。他們現在又買了另外600英畝、與那塊土地相連的地，準備擴建並把規模做大。這些都沒有反映在我們任何數字裡。但我們人已經在那裡了。我們在跟客戶合作。我們在跟他們一起做規劃。我們也在為未來的部分一起推進。

These projects we've historically have said have been three years, we just got out of our executive leadership team meeting, and we're looking at projects with our team. And a number of projects, we're going to be on 5 to 8 to 12 years. If they continue to expand on this property is unbelievable.

我們過去一直說這些專案是三年期；我們剛結束高階主管領導團隊會議，正在和團隊一起檢視專案。而有不少專案，我們將會待上5年、8年，甚至12年。如果他們持續在這塊土地上擴建，那真是令人難以置信。

So we don't put any of that into right now our future face work. And we're trying to figure out a way to still remain extremely conservative, but I don't feel like we're painting adequate picture for the outside community to understand what our guys say they're going to be on a job for five to eight years. We don't talk about that a lot. We talk about the three years because that's the project scope we're doing.

所以我們目前沒有把任何這些納入我們的未來階段工作。我們正在想辦法，在仍然保持極度保守的同時，但我覺得我們並沒有充分描繪出一個足以讓外部市場理解的圖像：我們的人說他們會在一個工地待上五到八年。我們並沒有常常談這件事。我們談的是三年，因為那是我們正在執行的專案範疇。

The people just don't understand the size and scope of these jobs and the duration. It is getting significantly bigger, which is perfect for us. Now remember, not only do we have the site side, now we have the electrical side that stays there after the site is done for another couple of years.

大家並不了解這些工作的規模、範疇以及持續時間。它正在顯著變得更大，這對我們來說非常理想。現在請記得，我們不只有場址端，現在還有電氣端；在場址完成後，電氣端還會再留在那裡多做幾年。

So our visibility keeps getting better and better, project size keeps growing. So we feel very confident the opportunity is much bigger than we've been talking about. But what it's also done strategically for us is we had a very, very aggressive organic growth strategy put in place we think and a strategy to build that capacity.

因此，我們的能見度持續變得越來越好，專案規模也持續成長。所以我們非常有信心，這個機會遠比我們一直在談的還要大。但從策略面來看，這也讓我們制定了一個非常、非常積極的有機成長策略，以及我們認為用來建立那個產能的策略。

When we step back and we started looking at these projects and the size of the ones we're just on, in addition to the ones that are coming, we said, my goodness, we've got to really accelerate the rate in which we're adding capacity, just to keep up with this. So that's all exciting stuff. It's a challenge for us, obviously. We've always felt comfortable with 20% to 30% organic growth. This year, we're growing a hell of a lot more than that. And we've got to figure out how to keep up with that pace.

當我們退一步開始檢視這些專案，以及我們目前正在做的專案規模，再加上即將到來的那些，我們就想，天啊，我們必須大幅加快新增產能的速度，才能跟上這個需求。所以這些都很令人振奮。但對我們來說顯然也是個挑戰。我們一直都覺得20%到30%的內生成長是可以從容應對的。今年，我們的成長遠遠超過這個水準。而我們必須想辦法跟上這樣的節奏。

Brian Brophy, Stifel.

Brian Brophy，Stifel。

Yes. Nice quarter. Can you give us a sense for how pricing in terms and conditions are trending within your end for a backlog today versus a year ago?

是的。本季表現不錯。你能否讓我們了解一下，相較於一年前，你們目前在手積壓訂單在定價、條款與條件方面的趨勢如何？

We're not seeing anything fundamentally shift. We've seen a few attempts on the electrical side to add some terms and conditions into some things if we have not accepted frankly. But we haven't really seen a fundamental shift in any of that, Brian. Nick, are you aware of?

我們沒有看到任何根本性的變化。在電氣業務這一端，我們確實看到有幾次嘗試想在某些事項中加入一些條款與條件，但坦白說我們並未接受。不過，Brian，我們確實沒有看到這方面有任何根本性的轉變。Nick，你有注意到嗎？

No. No.

沒有。沒有。

Appreciate it. And then just touching on the capacity comments, maybe a little bit more color on spare capacity that you have at the moment. Where are things tightest for you -- how are you thinking about your ability to add project managers and equipment if we remain in this healthy demand environment that you're seeing?

謝謝。另外回到產能的評論，能否再多補充一些你們目前的閒置產能狀況？你們哪一塊最吃緊——在你們所看到的這種健康需求環境若持續下去，你們如何看待增聘專案經理與添購設備的能力？

Yes. So definitely, the tightest is around electricians. I'll start there. That's always the tightest part of the market. Our teams have done a really good job at making sure we have adequate supply or adequate number of electricians to do the jobs we have. It certainly has curtailed us from taking on more jobs than we could, frankly, there's more opportunities out there, some of the joint opportunities we talked about earlier.

是的。所以最吃緊的確是在電工這一塊。我先從這裡說起。這一直都是市場上最緊的部分。我們的團隊在確保有足夠供給、或足夠數量的電工來完成手上工作方面做得非常好。但坦白說，這確實限制了我們承接更多工作的能力——外面其實還有更多機會，包括我們先前提到的一些合資機會。

So we're working hard on that. As you get into the site side, we've done a really good job. But I will tell you, for the first time, we're getting really tight on the capacity piece. We've been able to flex up proactively. We've done some stuff proactively several years ago to make sure we're preparing for some of this and as we're stretching further and further geographically, and let me remind everybody, geographic expansion for us historically when we had plateaued in Petillo was kind of one state further from where they were to maybe two states.

所以我們正在努力解決這點。至於工地端（site side），我們做得相當不錯。但我得說，這是第一次我們在產能這一塊變得非常吃緊。我們一直能夠主動地彈性擴充。幾年前我們就做了一些前瞻性的安排，確保能為其中一部分做好準備；而隨著我們在地理範圍上越拉越遠——我也提醒大家，我們過去在Petillo達到平台期時，歷史上的地理擴張大概就是從原本所在州往外一州、最多兩州。

Now we're serving the east part of Texas out of Atlanta in the west part of Texas out of Utah, that's a much further stretch than moving one or two states. So as a result, it requires a few more resources. You can't lever local resources as much as you can bounce around so we're getting tight on the capacity there. So we're doing -- as Dan talked about, we're doing stuff on the equipment side. We're doing stuff on the people side.

現在我們從亞特蘭大服務德州東部，並從猶他州服務德州西部，這比起只往外移動一兩州要拉得遠得多。因此，這需要更多資源。你無法像在附近跳點那樣大量運用在地資源，所以我們在那邊的產能開始吃緊。因此我們正在做——如Dan所說，我們在設備端做一些事情。我們在人力端也在做一些事情。

But another big part of this is we're going to have to make more acquisitions in and around the geographic expansions that we are that we can add that pure human capital resource to execute these jobs. So I think as we go forward, we're starting to look at a little bit smaller players where we would like to have really large players, but unfortunately, there's really not that many out there and augmenting that with some of our resources.

但這其中另一個很大的部分是：我們必須在我們正在進行的地理擴張周邊做更多併購，才能增加純粹的人力資本資源來執行這些工作。所以我認為往後我們開始把目光放在規模稍小的業者；我們當然希望是很大的業者，但不幸的是市場上真的沒有那麼多，於是就用一些我們自身的資源來補強。

So we don't have to put a full team in Texas. We could put a partial team with an acquisition in Texas or in New Mexico or Oklahoma, wherever that may be, and that helps us build that capacity quicker and faster is a little bit of what we're doing with Stone Ridge, frankly, and why we made that acquisitions.

這樣我們就不必在德州配置一整支完整團隊。我們可以在德州、或新墨西哥州、奧克拉荷馬州等地，透過當地併購搭配一支部分團隊，這能幫助我們更快、更迅速地建立產能；坦白說，這有點像我們在Stone Ridge所做的事情，也是我們進行那次併購的原因。

Alex Rygiel, Texas Capital.

Alex Rygiel，Texas Capital。

Very nice quarter, gentlemen. An additional when additional phases of work come out, are these being competitively bid? Or do you find Sterling just basically directly negotiating on these additional phases? And kind of same question, but are you seeing an increase in competition for additional phases of work?

本季表現非常好，各位先生。當後續追加的工作階段釋出時，這些會採取競標嗎？還是你們看到Sterling基本上會就這些追加階段直接進行協商？同樣的問題，你們是否看到追加階段工作的競爭有所增加？

Yes. So if we perform, which we have on everyone, not aware of anything where we've lost we to phase it. We generally are negotiating those prices with the customer on the future phase work unless it's an extreme change of scope. Let's just say it's not part of our project and they want something else added to that project that's outside our normal scope that would be a normal bit. We give them a number would not be atypical for them to maybe get another number.

是的。所以只要我們表現到位——而我們在每一個案子上都是如此——我沒有聽說有任何我們在分階段（phase）上失去的情況。一般而言，除非是非常極端的範疇變更，否則我們會就未來階段的工作與客戶協商價格。比方說，如果那不是我們專案的一部分，而他們想在專案中新增一些超出我們正常範疇的內容，那就會是一般的競標案。我們會給他們一個報價，而他們再去拿另一個報價也不算罕見。

A perfect example of that is they need to put a road through to get to a new phase and they need paving and curbs and a bunch of stuff like that. They may ask us to give them a bid on that. We may subcontract that or they may bid it out to somebody else.

一個很好的例子是：他們需要鋪一條路通往新的階段，還需要鋪面、路緣石以及一堆類似的工程。他們可能會請我們對此提出投標報價。我們可能會把它分包出去，或者他們也可能把它拿去給其他人競標。

But for the most part, once we're on the job, and this is really important, and I'll talk strategically on what we're doing and why we're advancing so quickly in Texas and some of the other markets is the way our teams would tell you is once we plant our flag, we are there. We're not leaving.

但大多數情況下，一旦我們進場，這點非常重要——我也會從策略角度談談我們在做什麼，以及為什麼我們在德州和其他一些市場推進得這麼快——我們的團隊會告訴你：一旦我們插旗，我們就會在那裡。我們不會離開。

And that gives us an opportunity to drive project productivity along the way as you've seen, our future phase where margins tend to get better than our early phase work, right? So we're going to be incredibly competitive to plant that flag and then we're going to use productivity and technology to drive margins up through the rest of that project and get better margins for each of the phases as we go on.

這讓我們有機會在過程中提升專案生產力；如你所見，我們的後續階段通常比早期階段有更好的毛利率，對吧？所以我們會以極具競爭力的方式先把旗插下來，接著我們會運用生產力與科技，在該專案後續推進中把毛利率拉升，並在每個階段持續取得更好的毛利率。

And secondly, can you speak to some of the other end markets that are seeing green shoots like pharma and semi and other factories?

第二個問題，你能談談其他終端市場是否也出現一些復甦跡象，例如製藥、半導體以及其他工廠嗎？

Yes. And then just back, the one thing I didn't answer is on the competition side. We always see local competition, especially when we go into a new market. There's a lot of small players, but generally, after we do 1 job that gets a lot smaller. The first one is always the hardest one for us to get, frankly.

是的。另外回到前面，我有一點沒回答到，就是競爭方面。我們總是會看到在地競爭，尤其是當我們進入新市場時。那裡有很多小型業者，但通常在我們做完第一個案子之後，競爭就會小很多。坦白說，第一個案子對我們來說永遠是最難拿到的。

But we have not seen an influx of major new players or anything along those lines, especially on these large jobs, somebody went a $20 million or $30 million data center in one of our markets. probably, we don't even generally look at those unless the customer forces us to. So those sort of things are going to continue to happen. But we haven't seen any major influx of large competitors in our markets. I'm sorry, what was the next question?

但我們沒有看到大量新的大型業者湧入或類似情況，尤其是在這些大型案子上；如果有人在我們某個市場拿到一個2,000萬或3,000萬美元的資料中心案子，我們通常甚至不會去看那種案子，除非客戶要求我們。所以這類事情還是會持續發生。但我們沒有看到我們市場中有任何大型競爭者的大量湧入。抱歉，下一個問題是什麼？

Other like pharma, semi and other factories. Any progress there?

其他像是製藥、半導體以及其他工廠呢。那邊有任何進展嗎？

Yes. So -- we're -- we still see all of that progressing. We think pharma is '28 semis are around 2030. I will tell you the team up in New York is doing an outstanding job. I mean it made not by name, but they've made all the local and some of the national news up there on how far ahead of schedule they are on this project.

有。所以——我們——我們仍然看到這些都在推進。我們認為製藥是『28』，半導體大概在2030年前後。我可以告訴你，紐約那邊的團隊做得非常出色。我的意思是，雖然我不點名，但他們因為這個專案進度遠超預期，已經上了當地甚至一些全國性的新聞。

I will tell you that the general contractors on job and the end customer on this child is extremely happy and frankly, has never seen progress like these guys are making. I think that's going to be the entry point to a lot more semiconductor plants for us coming around 2030.

我可以告訴你，這個案子的總承包商以及終端客戶都非常滿意，而且坦白說，從沒見過像他們這樣的進度。我認為這將會成為我們在2030年前後切入更多半導體廠的切入點。

But I think there might be some intermediate opportunities on some facilities that are being built today in regions and geographies we have historically not been in that we may get pulled into. In addition, we saw the start of the EV plant in Atlanta, just outside Atlanta this quarter. So we're seeing some mixed activities in the manufacturing space, one-off, two-off, those sort of things. But we haven't seen any delays in the pharma for the next generation of semiconductors so far.

但我認為在一些目前正在興建的設施上，可能會有一些中期機會，地區與地理位置是我們過去歷來沒有涉足的，我們可能會被拉進去。此外，我們本季也看到亞特蘭大、就在亞特蘭大市外的電動車（EV）工廠開始動工。所以我們在製造業領域看到一些混合型的活動，一次性、兩次性的那種案子。但到目前為止，我們還沒有看到製藥或下一代半導體方面有任何延遲。

Manish Somaiya, Cantor.

Manish Somaiya，Cantor。

Can you hear me okay?

你聽得到我說話嗎？

Yes.

聽得到。

Wonderful. Congrats on the quarter, Joe. A couple of questions. One, from a big picture standpoint. Obviously, we're seeing a lot of news about data centers being banned in a lot of new markets. I guess there was an article yesterday on Texas, on Greg Abbott beating new data center approvals.

太好了。恭喜本季表現，Joe。我有幾個問題。第一個，從宏觀角度來看。顯然我們看到很多新聞說，許多新市場正在禁止資料中心。我想昨天有一篇文章提到德州，說Greg Abbott在阻擋新的資料中心核准。

Maybe if you could just help us understand the dynamics of what's going on, on the ground because obviously, you're closer to what's happening. Are things really getting delayed? Or is it just politics as usual? That's my first question.

也許你可以幫我們理解一下第一線正在發生什麼，因為你們顯然更貼近現況。事情真的有被延後嗎？還是只是照常的政治操作？這是我的第一個問題。

We haven't -- we certainly -- we haven't seen anything that's impacted any of our schedules at this time. There's going to be states. I think people have to realize there's going to be states and geographies that will never have data centers or have very New York seems to be against everything that brings revenue to the state and they ban the data centers is one of those.

我們沒有——我們當然——目前沒有看到任何影響我們時程的事情。會有一些州。我想大家必須理解，會有一些州與地區永遠不會有資料中心，或是會有非常——像紐約似乎反對任何能為州帶來收入的事，他們禁止資料中心就是其中之一。

In Texas, they're moving forward very quickly. I think we'll continue to see anything new and anything big, there's always the political side that's raising Ruckus, I guess, is the best way to put it. But so far, we have not seen any issues or delays with the projects we're on nor are the projects coming.

在德州，他們推進得非常快。我想我們會持續看到，任何新的、任何大型的事情，政治面總是會出來鬧一鬧，我想這是最貼切的說法。但到目前為止，我們在手上的專案沒有看到任何問題或延遲，未來要進來的專案也沒有。

Do I think realistically, down the road, could there be other supply chain delays once the build starts out on some of these projects, I think some of the upstream or downstream, however you want to look at it, supply chain elements or the companies are getting pressure on capacity and stuff.

我認為更務實地說，往後在某些專案一旦開始建置後，供應鏈是否可能出現其他延遲？我想在某些上游或下游——不管你怎麼看——供應鏈環節或公司，確實會在產能等方面承受壓力。

You certainly can see some of that stuff. But on the site side, they want to get that done as soon as possible. It's the only place they can pick up time if we prepared. So we have not seen any delays there. And candidly, on the electrical side, our teams have not seen any -- they may see a week delay or a couple of days, but I have not seen anything of significance that's concerned us.

你確實可能會看到一些這類情況。但在工地端，他們希望越快完成越好。如果我們準備好了，那是他們唯一能搶回時間的地方。所以我們沒有看到那邊有任何延遲。坦白說，在電氣端，我們的團隊也沒有看到任何——可能會有一週或幾天的延遲，但我沒有看到任何重大到讓我們擔心的事情。

That's helpful, Joe. And then just on the Infrastructure margins, Obviously, in the second quarter, we had about 24.1%. I think you addressed some of the factors there. Mix was a big factor. But how should we think about normalized margins at least for this year and possibly into '27.

這很有幫助，Joe。接著談基礎建設的毛利率，顯然第二季大約是24.1%。我想你提到了一些因素。組合（mix）是一個很大的因素。但我們應該如何看待至少今年、以及可能到2027年的常態化毛利率？

And perhaps speaking just kind of help us understand where the margin improvement for CEC is coming from, I think you mentioned 12 to 18 months. But if you can just kind of help us understand the different buckets of margin improvement. And then finally, on storage, I guess the margins there are mid-teens, if you can also kind of frame that same pathway for us.

另外也請你幫我們理解一下，CEC的毛利率改善來自哪裡？我想你提到12到18個月。但如果你能幫我們拆解一下不同的毛利率改善來源。最後，關於儲能（storage），我想那邊的毛利率在十幾個百分點（mid-teens），也請你用同樣的方式幫我們框架一下那條改善路徑。

Yes. So let me step back a little bit in time when we bought plateau who has fantastic margins today. Their margins were in that 15% to 18% range. And it's taken us a few years, and we've moved those margins up significantly. If you take a look to the plateau business, they're getting close to peak margins.

好的。我先把時間拉回一點，當我們收購Plateau時，他們今天的毛利率非常好。當時他們的毛利率大約在15%到18%。我們花了幾年時間，把那些毛利率顯著拉升。如果你看Plateau這個業務，他們已經接近毛利率高峰。

We still have some small incremental gains, but we're not going to see the monumental gains in that business that we've seen a lot of projects change to a further degree. But in the rest of our key infrastructure pieces, the Petillo business has always been a lower margin business.

我們仍有一些小幅的增量改善，但不會再看到像過去那樣巨大的提升，因為很多專案已經在更大程度上完成了轉變。但在我們其他關鍵的基礎建設板塊中，Petillo業務一直是毛利率較低的業務。

As they're getting into bigger and bigger jobs, data centers, chip plants, those margins will come up. Margins are bigger jobs or better. Our Rocky Mountain transportation business that we've shifted grown 700% and into infrastructure. Infrastructure margins there, even with their small equipment suite, even with what they're doing from not being vertically integrated as an example, are still significantly better than transportation. But it's going to take us a little time to do some vertical integration.

隨著他們承接越來越大型的案子——資料中心、晶片廠——那些毛利率會上來。案子越大，毛利率越好。我們的落磯山（Rocky Mountain）運輸業務，我們已經把它轉型並成長了700%，轉向基礎建設。那邊的基礎建設毛利率，即使他們的設備組合還不大、即使以他們目前的做法（例如尚未垂直整合）來看，也仍然顯著優於運輸業務。但我們需要一些時間來做垂直整合。

We got to have enough critical mass in the market to make vertical integration work is wild, right? So as we build enough critical mass as we build up their equipment suite and the really simple way to think of it is, if I have a bucket that's 3x the size of an existing bucket for every scoop by scoop 3x as much, it's really that simple, right? So it takes me 1/3 the time to move the dirt.

我們必須在市場上有足夠的臨界規模，垂直整合才會有效，對吧？所以當我們建立足夠的臨界規模、擴充他們的設備組合後，用最簡單的方式來想：如果我有一個桶子是原本桶子的3倍大，那每一鏟就能鏟起3倍的量，就這麼簡單，對吧？所以我只需要1/3的時間就能把土移走。

So we'll continue to improve and grow their equipment suite, their margins have come up. On CEC, there's really 2 big drivers there. One is we're getting out of some legacy business segments that have relatively low margin, that will improve their margin, right? It's just portfolio management.

所以我們會持續改善並擴充他們的設備組合，他們的毛利率也已經上來。至於CEC，那裡主要有兩個驅動因素。第一，我們正在退出一些歷史遺留、毛利率相對較低的業務區塊，這會提升他們的毛利率，對吧？這就是投資組合管理。

The second piece is as they're getting more and more engaged on these data centers and the data centers are getting bigger, we're watching their margins go up as job sizes go up. So it's a combination of things. So we'll continue to see those go up. Where people are going to get infused every single quarter because it's not perfect math is the mix of that's going to change.

第二個部分是，隨著他們越來越多地參與這些資料中心，而且資料中心規模越來越大，我們看到他們的毛利率會隨著案子規模變大而上升。所以這是多種因素的組合。因此我們會持續看到毛利率上升。而大家每一季都會被「灌輸」一些波動，因為這不是完美的數學，組合會改變。

And when CEC grows at a much greater rate than E-Infrastructure, it's going to appear our margins are going down. Even though their margins are going up and site development and margins are going up, it's -- that's just mix. There's nothing we can do. But if you look at the returns we're getting on the dollars and the growth, I think most people would take that any day of the week.

當CEC的成長速度遠高於E-Infrastructure時，看起來就會像是我們的毛利率在下降。即使他們的毛利率在上升、場地開發的毛利率也在上升——那只是組合效應。我們也無能為力。但如果你看我們在投入資金上的報酬與成長，我想大多數人任何一天都會願意接受那樣的結果。

So just quickly then, Joe, if you can just help us frame what the legacy infrastructure margins are versus what the CEC margins are? And I'll get back in queue.

那麼很快地問一下，Joe，你能否幫我們釐清一下，傳統（legacy）基礎設施的利潤率相較於 CEC 的利潤率各是多少？我再回到隊列裡。

Do we have the exact numbers, Nick?

Nick，我們有確切的數字嗎？

What that is full year -- just through the quarter. In the second quarter, on an adjusted basis, we're high 20s or (inaudible).

那是全年——還是只到本季為止。第二季在調整後口徑下，我們在接近 20% 高段或(聽不清)。

So you're looking at -- if you take the site side, you're in upper 20s and the CEC side is roughly 12%. So there's a big difference. It's over 2x the margin profile. So it doesn't take a lot of mix shift or incremental growth in CEC to dilute the overall margin. Yes. That's just really quarter.

所以你看——如果看場址（site）端，你在 20% 高段，而 CEC 端大約是 12%。所以差異很大。利潤率輪廓超過 2 倍的差距。因此不需要太多的組合轉移或 CEC 的增量成長，就會稀釋整體利潤率。是的。那只是就本季而言。

Thank you, Jim.

謝謝你，Jim。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc Capital Markets。

Can I follow up on the margin question. I kind of just want to understand the go-forward guidance and whether it's a function of CEC growing a lot faster than you had anticipated, let's say, a few months ago when you gave us this guidance?

我想追問一下利潤率的問題。我主要想了解未來的指引，這是否是因為 CEC 的成長速度遠快於你們先前的預期——比如說，幾個月前你們給出這個指引時的預期？

Yes. So the easier way to think of margins is if you take the infrastructure, you break it down into site development in electrical, right? We'll keep it that simple. In the quarter, we saw improved margins in site and electrical. But the revenue mix of the electrical being growing at a much faster rate brings down that overall margin. As we go through the rest of the year, the margin is diluted by the accelerated growth rate of CEC, okay?

是的。所以理解利潤率更簡單的方式是：如果你把基礎設施拆開來看，分成場址開發與電氣（electrical），對吧？我們先簡化成這樣。本季我們看到場址與電氣的利潤率都有改善。但電氣的營收組合成長速度快得多，會把整體利潤率拉低。隨著今年剩餘時間推進，利潤率會因 CEC 加速的成長率而被稀釋，好嗎？

So it's really -- this is purely mix, not -- we're not losing margin in our businesses. I want to make sure everybody understands that. This is purely a mix of revenue that drives that. Yes, and then the other piece you have on the site side, where we saw the increase -- the trajectory of growth in margins slowed down is we have one new projects where the beginning phases of new projects are lower.

所以其實——這完全是組合因素，不是——我們的業務並沒有在流失利潤率。我想確保大家都理解這點。這純粹是營收組合所驅動的。是的，另外在場址端，我們看到提升——利潤率成長的軌跡放緩，是因為我們有一些新專案，而新專案的起始階段利潤率較低。

But two, we also have that 700% growth in the Rocky Mountains Transportation business, which has that smaller equipment suite is vertically integrated, grow at a faster rate than our Southeast business. So when that happens, their margins are lower. I will tell you that, their margins are improving, but they're still lower than our Southeast margin. So that blend makes it appear that the tow margin is down, but the individual elements are all going in the right direction.

第二點，我們在落磯山運輸（Rocky Mountains Transportation）業務也有 700% 的成長；該業務的設備配置較小、且是垂直整合的，成長速度比我們東南部（Southeast）業務更快。因此在那種情況下，他們的利潤率較低。我可以告訴你，他們的利潤率正在改善，但仍低於我們東南部的利潤率。所以這樣的混合讓拖運（tow）利潤率看起來下降，但各個單項其實都在往正確方向走。

So relative to our previous expectations, yes, the growth at CDC has been higher and the ramp on some of those newer projects has been faster.

所以相較於我們先前的預期，是的，CDC 的成長更高，而其中一些較新的專案爬坡也更快。

Understood. Thank you. That's all for me. Thanks.

了解。謝謝。我這邊就到這裡。謝謝。

Thank you.

謝謝。

Adam Thalhimer, Thompson Davis.

Adam Thalhimer，Thompson Davis。

Hey, good morning, guys. Great quarter.

嘿，大家早安。本季表現很棒。

Thanks.

謝謝。

Joe, the infrastructure orders came in a record level, and I couldn't believe that they were even up sequentially. Can you give more color about what was in there? And maybe how much Stone Ridge added.

Joe，基礎設施訂單創下紀錄水準，而且我很難相信它們甚至還是季比季增加。你能多補充一些裡面包含了什麼嗎？以及 Stone Ridge 大概貢獻了多少？

Yes. So what makes it even more impressive is that we're able to do that on a pretty strong revenue quarter, which is always tough to do. Nick, do you want to go through some of the backlog numbers. Stone Ridge certainly added some of that. CEC had a great quarter with their bookings on that. I don't know, Nick, if you have the detailed numbers there.

是的。更令人印象深刻的是，我們是在營收相當強勁的一季仍能做到這點，這通常很難。Nick，你要不要帶大家看一下部分在手訂單（backlog）的數字。Stone Ridge 的確貢獻了一部分。CEC 在這方面的接單（bookings）本季表現很出色。我不確定，Nick，你那邊是否有更細的數字。

Yes. So CEC, was it about $2.4 billion combined backlog for the quarter, June. Stone Ridge was at about $140 million for committed backlog and it's -- I think it's $140 million for signed backlog.

有的。所以 CEC——六月這一季合計在手訂單大約是 24 億美元。Stone Ridge 的已承諾在手訂單大約是 1.4 億美元，而且——我想已簽約在手訂單也是 1.4 億美元。

Yes. The biggest driver, though, for the CEC of great bookings. And Adam, what they are, that's the next phases and next set of buildings of projects that they're currently on. So for us, everybody likes to look at just the pure raw number, but what's really encouraging for us is the fact that they are winning those next phases and winning those next level of projects, which is just proof in the pudding that they're executing well. They're delivering to the customer. They're doing what they need. And as part of the portfolio, we see the same thing happening with them as we have with plateau or ROW or Voila.

是的。不過最大的驅動因素，還是 CEC 的強勁接單。Adam，這些接單主要是他們目前正在執行的專案之下一階段、以及下一批建築物。所以對我們而言，大家都喜歡只看單一的原始數字，但真正讓我們感到鼓舞的是，他們正在贏得後續階段、贏得更高層級的專案，這就是最好的證明，顯示他們執行得很好。他們有交付給客戶。他們在做該做的事。而作為投資組合的一部分，我們也看到他們身上發生的情況，與我們在 plateau、ROW 或 Voila 上看到的一樣。

Got it. Okay. And then, Joe, your comment about the potential for softer Q3 awards I think you talked about the stock being down. That's probably the biggest reason. Can you provide additional color on what you meant by that? Maybe more color on what you're seeing in the bidding?

了解。好。另外，Joe，你提到第三季可能會有較疲弱的 Q3 授標（awards），我想你也談到股價下跌。那可能是最大的原因。你能再多說明一下你指的是什麼嗎？也許多談談你在投標（bidding）上看到的情況？

It's just timing. I wish we could get our customers to bid equal amounts every quarter through the year and make our lives a lot easier. But the reality is they don't. We can have a quarter where they did 3 or 4 new projects, and we look like the greatest inks and slice spread. In the next quarter, they did 1 or not. It's just the timing of their cycle and when it comes out.

這只是時點問題。我希望我們能讓客戶在一年中每一季都平均釋出相同量的投標，讓我們的日子好過一點。但現實是他們不會。我們可能有一季他們做了 3 或 4 個新專案，我們看起來就像最厲害的一樣。下一季他們可能只做 1 個，或甚至沒有。這只是他們週期的時點，以及何時釋出而已。

The important thing for us -- and I get, if you're not kind of in the mix of things, people are looking for indicators. But for us, we're in conversations with them all the time. We know what's coming. As long as we know it's coming, we feel good. When it hits less of a concern for us, right, whether it's third quarter or fourth quarter. But we see really strong activity that's going to take place in the fourth quarter and first quarter of next year and there's just a little bit of a lull in the third quarter.

對我們而言重要的是——我理解，如果你不是身在其中，大家會想找一些指標。但我們一直都在和他們對話。我們知道接下來會有什麼。只要我們知道會來，我們就覺得安心。至於它什麼時候落地，對我們來說就沒那麼擔心，對吧，是第三季還是第四季。但我們看到第四季以及明年第一季會有非常強的活動量，只是第三季會稍微空窗一下。

So we're trying to give people a heads up that we see that coming. We know it's coming, don't panic. It's not a problem. But instead of telling people after the facts, when we know it's -- that's just going to probably happen could something slip in the third quarter, and we look like idiots and it comes in early, possibly, but I wouldn't plan that.

所以我們想先提醒大家，我們看到這件事會發生。我們知道它會發生，別恐慌。這不是問題。但與其在事後才告訴大家，既然我們知道——第三季可能會有一些案子延後，然後我們看起來像白痴一樣；當然也可能會提早進來，但我不會把它納入規劃。

Julio Romero, Sidoti & Company.

Julio Romero，Sidoti & Company。

Maybe starting off here. You recently upsized the revolver to $1.5 billion. You're carrying a net cash position. How should we think about that? Should we read that larger facility as kind of the M&A acquisition candidate size moving up? Is it purely optionality? Just help us think about that here.

也許先從這裡開始。你們最近把循環信貸額度提高到15億美元。你們目前是淨現金部位。我們應該如何看待這件事？我們是否可以把這個更大的額度解讀為你們可鎖定的併購標的規模正在上移？還是純粹是為了保留選擇權？請幫我們釐清一下。

Yes, Nick, do you want to answer that?

是的，Nick，你要回答嗎？

Yes, sure. We upsized the facility certainly to take advantage of opportunities for acquisitions and to have that dry powder to be able to execute on those. Also, we paid off our existing term loan and moved to an all-revolver structure and so we enhanced pricing. We added some key relationship banks to the mix. And so overall, I feel really good about our revolver and how it positions us going forward.

是的，當然。我們擴大這項額度，確實是為了把握併購機會，並保有可用的「乾火藥」以便執行這些交易。另外，我們也償還了既有的定期貸款，改為全循環信貸的架構，因此也改善了定價條件。我們也把幾家重要的往來銀行納入其中。整體而言，我對我們的循環信貸以及它對未來布局的支撐感到非常有信心。

But the use is there's no question. We've always been acquisitive, our acquisitions turned out pretty good. If we can double every acquisition like CEC in a year, I think we'd get the acquisition price of the year, I don't know what that is. So we've been very good, we're going to need to add more acquisitions for capacity with what we're seeing, the part that everybody is missing, but down the newspapers up reading the craziness that's out there.

但用途方面毫無疑問。我們一向積極併購，而我們的併購成果相當不錯。如果我們能像CEC那樣在一年內把每一筆併購的規模翻倍，我想我們會拿到年度最佳併購獎吧，我也不知道那是什麼獎。所以我們做得很好；就我們目前看到的情況，我們將需要透過更多併購來增加產能——這是大家都忽略的部分，反而只是在報紙上讀那些外界的瘋狂消息。

What we are seeing just from our top hyperscalers, the amount of work that is coming, we have to add capacity significantly faster just to keep up with them. That's not including all the other players that are entering the market building stuff. It is unbelievable what is coming down the tracks. And so we are going to have to make more acquisitions not only just from a strategic geographic standpoint, but from a pure capacity add standpoint, just to keep up with that demand that's coming.

就我們最主要的超大規模雲端客戶（hyperscalers）而言，我們看到即將到來的工作量之大，我們必須以顯著更快的速度擴充產能，才能跟上他們。這還不包括其他正在進入市場、開始建設的所有玩家。未來的趨勢之強勁，令人難以置信。因此，我們將不得不進行更多併購，不僅是從策略性的地理布局角度，也是從純粹增加產能的角度，才能跟上即將到來的需求。

Excellent. And kind of relates to my follow-up here is just CEC is running well ahead of the revenue expectations you said at the announcement, obviously, it's making up more of the infrastructure mix as we've talked about today.

很好。這也和我接下來的追問有關：CEC的表現遠超過你們在宣布時所提到的營收預期，顯然如同我們今天討論的，它在基礎設施組合中的占比也更高了。

And I'm curious how that in your comments about more capacity needed related to your M&A priorities, kind of ranking them today, where do your priorities kind of sit at with regards to geographical, electrical versus specialty mechanical, more site development, just help us think about those priorities here.

我想了解的是，結合你剛才提到需要更多產能的評論，這對你們的併購優先順序有何影響？如果今天要把優先事項排個序，你們在地理布局、電氣相對於專業機電、更多場址開發等方面的優先順序目前如何？請幫我們梳理一下。

Yes. The answer is a little bit all of the above. But if you would ask me kind of in the third quarter last year after we purchased CEC, would you look for more electrical capacity in the Texas market, I would have said no, probably going to focus more on the Southeast.

是的。答案在某種程度上是以上皆是。但如果你在去年第三季、我們收購CEC之後問我：你會不會在德州市場再尋找更多電氣產能？我會說不，大概會更聚焦在美國東南部。

Today, if the right opportunities came up, I would add two or three more CECs to the Texas market. That's how big we believe that market is going to be. We certainly would like to add the electrical capabilities in the Southeast. And we think that's obviously a large market for us and the value proposition is the same.

但今天，如果出現合適的機會，我會在德州市場再增加兩到三個CEC。我們相信那個市場的規模會大到這種程度。我們當然也希望在東南部補強電氣能力。我們認為那顯然是我們的一個大市場，而價值主張也是相同的。

So we continue to look hard for the right acquisition in that market. And then on the site side, especially as we're moving further and further from the West East, from the East West to Texas, in some of the surrounding markets, the Texas market is going to be bigger in the next three years than any other market related to data centers, everything else. It is coming.

因此，我們持續在那個市場積極尋找合適的併購標的。至於場址（site）方面，尤其是當我們的布局越來越從西往東、從東往西延伸到德州，以及周邊一些市場時，德州市場在未來三年在資料中心等相關領域的規模，將會超過任何其他市場。它正在到來。

And I guess there's always something that could stop it, but I don't know what that is right now. And so we're working really, really hard on what do we need to do to add that incremental capacity today to start getting ahead of that curve. Just like we did with Stone Ridge because we believe in -- late '27, '28, some of the upper Pacific Northwest areas are going to start taking off as well.

我想總會有某些事情可能讓它停下來，但我目前看不出會是什麼。因此，我們非常、非常努力在思考：我們今天需要做什麼來增加那部分的增量產能，好讓我們開始走在曲線之前。就像我們在Stone Ridge所做的一樣，因為我們相信——在2027年末、2028年，太平洋西北部的一些上游區域也會開始起飛。

I sound like a broken record, but we have great visibility to multiyear projects that are coming and we are continuing to position ourselves to be there. So we look really smart when they come out, but it's just our customers telling us where they're going.

我聽起來像是在重複同樣的話，但我們對未來多年將到來的專案有很高的能見度，而我們也持續調整自身定位以便到場。所以當它們真正出現時，我們看起來會很聰明，但其實只是我們的客戶在告訴我們他們要往哪裡去。

Helpful. Thanks very much.

很有幫助。非常感謝。

Thank you.

謝謝。

That concludes our question-and-answer session for today. I would now like to turn the conference call back over to Joe Cutillo for the closing remarks.

以上為我們今天的問答環節。接下來我想把電話會議交回給Joe Cutillo作結語。

Great. want to thank everybody again for joining our call today. If you have any follow-up questions, please feel free to contact Noelle Dilts. For contact information can be found in the press release. Thanks, everybody, and have a great day.

很好。再次感謝各位今天參加我們的電話會議。如果你們有任何後續問題，請隨時聯絡Noelle Dilts。聯絡資訊可在新聞稿中找到。謝謝大家，祝各位有美好的一天。

Thank you. Ladies and gentlemen, the conference call has now ended. Thank you all for joining. You may now disconnect your lines.

謝謝。各位女士、先生，本次電話會議到此結束。感謝各位參與。現在可以掛斷電話線。