Target Hospitality Corp. (TH) 2026 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Target Hospitality second quarter 2026 earnings conference call. (Operator Instructions) This call is being recorded on Monday, August 10, 2026.

各位女士、各位先生，早安，歡迎參加 Target Hospitality 2026 年第二季財報電話會議。(接線員指示) 本通話於 2026 年 8 月 10 日（星期一）錄音。

I would now like to turn the conference over to Mark Schuck, Senior Vice President of Finance and Investor Relations. Please go ahead.

現在我想把會議交給財務與投資人關係資深副總裁 Mark Schuck。請開始。

Thank you. Good morning, everyone, and welcome to Target Hospitality's second quarter 2026 earnings call. The press release we issued this morning, outlining our second quarter results, is available in the Investors section of our website. In addition, a replay of this call will be archived on our website for a limited time. Please note the cautionary language regarding forward-looking statements contained in the press release.

謝謝。各位早安，歡迎參加 Target Hospitality 2026 年第二季財報電話會議。我們今早發布的新聞稿概述了第二季業績，已可於我們網站的「投資人」專區取得。此外，本次通話的重播將在我們網站上存檔一段有限時間。請注意新聞稿中關於前瞻性陳述的警示性用語。

This same language applies to statements made on today's conference call. This call will contain time-sensitive information as well as forward-looking statements, which are only accurate as of today, August 10, 2026. Target Hospitality expressly disclaims any obligation to update or amend the information contained in this conference call to reflect events or circumstances that may arise after today's date, except as required by applicable law.

同樣的用語也適用於今天電話會議中的陳述。本通話將包含具時效性的資訊以及前瞻性陳述，其準確性僅截至今日（2026 年 8 月 10 日）。除非適用法律另有要求，Target Hospitality 明確聲明不負有更新或修訂本次電話會議所含資訊以反映今日之後可能發生之事件或情況的任何義務。

For a complete list of risks and uncertainties that may affect future performance, please refer to Target Hospitality's periodic filings with the SEC. We will discuss non-GAAP financial measures on today's call. Please refer to the tables in our earnings release posted in the Investors section of our website to find a reconciliation of non-GAAP financial measures referenced in today's call and their corresponding GAAP measures. Leading the call today will be Brad Archer, President and Chief Executive Officer; followed by Jason Vlacich, Chief Financial Officer. After their prepared remarks, we will open the call for questions.

如需可能影響未來表現之風險與不確定性的完整清單，請參閱 Target Hospitality 向美國證券交易委員會（SEC）提交的定期申報文件。我們將在今天的通話中討論非 GAAP 財務衡量指標。請參閱我們在網站「投資人」專區發布的財報新聞稿中的表格，以查閱今天通話所提及之非 GAAP 財務衡量指標與其對應 GAAP 指標的調節表。今天由總裁兼執行長 Brad Archer 主持，接著由財務長 Jason Vlacich 發言。在他們的準備發言之後，我們將開放提問。

I'll now turn the call over to our Chief Executive Officer, Brad Archer.

現在我把電話交給我們的執行長 Brad Archer。

Thanks, Mark. Good morning, everyone, and thank you for joining us on the call today. We delivered a strong second quarter, defined by disciplined execution on recent WHS contract awards and continued advancement of our growth pipeline. Our focus on converting commercial wins into operating results underscores the momentum driving Target's performance.

謝謝你，Mark。各位早安，感謝各位今天加入我們的電話會議。我們交出強勁的第二季表現，主要來自於對近期 WHS 合約得標的紀律性執行，以及持續推進我們的成長案源管線。我們專注於將商務勝利轉化為營運成果，凸顯推動 Target 表現的動能。

Since January 2026, we have secured over 9,000 contracted beds, representing more than $1.4 billion of multiyear contracts, supporting unprecedented growth in our WHS segment and reinforcing Target's role as a leading provider of essential mission-critical solutions for AI-driven data center development and critical power generation expansion. That commercial momentum is translating directly into operational execution with average WHS utilized beds surpassing 4,000 during the second quarter.

自 2026 年 1 月以來，我們已取得超過 9,000 張簽約床位，代表超過 14 億美元的多年期合約，支撐我們 WHS 事業部前所未有的成長，並強化 Target 作為 AI 驅動資料中心開發與關鍵電力發電擴張之必要、任務關鍵解決方案領先供應商的角色。這股商務動能也直接轉化為營運執行，第二季 WHS 平均已使用床位數超過 4,000 張。

We are delivering on recent contract wins while our Target Hyper/Scale platform improving operating capabilities support accelerating customer demand. We continue to see expanding opportunities across North America with active discussions supporting a pipeline exceeding 20,000 beds. This breadth and durability of demand across our WHS end markets give us confidence in our ability to advance the largest commercial pipeline in our history, supported by a multitrillion-dollar long-term investment cycle.

我們在交付近期合約勝利的同時，Target Hyper/Scale 平台也在提升營運能力，以支援加速成長的客戶需求。我們持續在北美看到擴大的機會，並透過積極洽談支撐超過 20,000 張床位的案源管線。WHS 終端市場需求的廣度與持久性，讓我們有信心推進公司史上最大的商務案源管線，而其背後由數兆美元規模的長期投資循環所支撐。

Turning to our individual segments. Our HFS-South segment continues to support world-class customers through an established network of communities across an expansive operating region. Target's reliable service delivery, network scale and long-standing customer relationships consistently support an over 90% renewal rate, highlighting the value of our differentiated offering.

接著談各個事業部。我們的 HFS-South 事業部透過遍布廣大營運區域、已建立的社區網絡，持續為世界級客戶提供支援。Target 可靠的服務交付、網絡規模與長期客戶關係，持續支撐超過 90% 的續約率，凸顯我們差異化方案的價值。

Moving to our Workforce Hospitality Solutions, or WHS, segment. The unprecedented growth in our WHS segment reflects building commercial momentum, disciplined operational execution and our intentional pivot toward high-value end markets. We continue to demonstrate the value of our Target Hyper/Scale platform and our scalable speed-to-market solutions, positioning Target to benefit from accelerating customer activity and long-term demand dynamics.

接著談我們的 Workforce Hospitality Solutions（WHS）事業部。WHS 事業部前所未有的成長，反映出商務動能的累積、紀律性的營運執行，以及我們有意識地轉向高價值終端市場。我們持續展現 Target Hyper/Scale 平台與可擴展的快速上市（speed-to-market）解決方案之價值，使 Target 能受惠於加速的客戶活動與長期需求動態。

Importantly, as we mobilize a growing number of contracted beds across concurrent community development, our focus remains on execution, delivering the essential solutions our customers need to advance complex, time-sensitive projects. Together, accelerating end market demand, growing awareness of our mission-critical solutions and our proven ability to execute continue to drive advanced discussions on additional large-scale community development.

重要的是，隨著我們在多個社區同步開發中動員越來越多的簽約床位，我們仍將重點放在執行，提供客戶推進複雜且具時效性專案所需的必要解決方案。綜合而言，加速的終端市場需求、對我們任務關鍵解決方案的認知提升，以及我們經驗證的執行能力，持續推動對更多大型社區開發的深入洽談。

Building on this momentum, we are finalizing multiple definitive agreements to establish large-scale workforce hubs supporting new customers' long-term AI data center development. As these customers face increasingly compressed development schedules, the urgency to secure workforce accommodations continues to grow, giving us confidence that we will see incremental contract awards in the coming quarters.

在此動能基礎上，我們正完成多項具約束力的最終協議，以建立大型勞動力樞紐，支援新客戶的長期 AI 資料中心開發。隨著這些客戶面臨日益壓縮的開發時程，確保勞動力住宿的急迫性持續升高，讓我們有信心在未來幾季看到新增的合約得標。

This expanding customer base and sustained commercial momentum further validates why customers choose Target, our proven ability to deliver scale, speed, customization and proven execution through our differentiated Target Hyper/Scale offering. These same capabilities are creating opportunities for incremental scope expansion within existing communities.

不斷擴大的客戶基礎與持續的商務動能，進一步驗證客戶為何選擇 Target：我們透過差異化的 Target Hyper/Scale 方案，具備交付規模、速度、客製化與經驗證執行力的能力。同樣的能力也在既有社區內創造追加範疇擴張的機會。

As customers accelerate activity levels, they increasingly seek expanded solutions in fast-paced environments where reliability, flexibility and speed are critical. As large-scale infrastructure developments grow more complex, remote and time-sensitive, Target is uniquely positioned to meet this demand through a vertically integrated turnkey model that gives customers a single partner for their dynamic requirements.

隨著客戶加速活動水準，他們在節奏快速的環境中愈發尋求更完整的解決方案，而可靠性、彈性與速度至關重要。隨著大型基礎建設開發變得更複雜、更偏遠且更具時效性，Target 透過垂直整合的一站式交鑰匙（turnkey）模式具備獨特優勢，可為客戶提供單一合作夥伴以滿足其動態需求。

These capabilities are supported by Target's multi-decade operational track record and full life cycle model, spanning design and development through full-service operations. This integrated approach enables us to deliver essential solutions for customers, support local communities and remain well positioned as demand continues to build.

這些能力由 Target 數十年的營運實績與全生命週期模式所支撐，涵蓋從設計與開發到全方位服務營運。此一整合式方法使我們能為客戶提供必要解決方案、支持在地社區，並在需求持續增長之際保持良好定位。

Looking ahead, we continue to see expanding geographic opportunities across North America with active, ongoing discussions supporting a pipeline exceeding 20,000 beds. As our presence across these end markets grow, we are confident in our ability to capitalize on accelerating demand, advance our strategic growth initiatives and deliver durable long-term value.

展望未來，我們持續在北美看到擴大的地理機會，並透過積極且持續的洽談支撐超過 20,000 張床位的案源管線。隨著我們在這些終端市場的布局擴大，我們有信心把握加速的需求、推進策略性成長計畫，並交付可持續的長期價值。

I'll now turn the call over to Jason to discuss our financial results and 2026 outlook in more detail.

接下來我把電話交給 Jason，請他更詳細說明我們的財務結果與 2026 年展望。

Thank you, Brad. Second quarter total revenue was approximately $86 million with adjusted EBITDA of approximately $18 million, driven primarily by significant growth in our WHS segment. This growth also strengthened year-to-date cash flows from operating activities, which exceeded $110 million and included more than $100 million of advance payments from customers tied to recent WHS segment contract awards.

謝謝你，Brad。第二季總營收約為 8,600 萬美元，調整後 EBITDA 約為 1,800 萬美元，主要由 WHS 事業部的顯著成長所帶動。此一成長也強化了年初至今的營運活動現金流，超過 1.10 億美元，其中包含超過 1.00 億美元、與近期 WHS 事業部合約得標相關的客戶預收款。

These payments underscore the strength of our contract fundamentals and the value customers place on our speed-to-market solutions. More broadly, our results reflect continued execution on recent contract awards, strong unit economics and increasing operating leverage as communities ramp. This supported more than 700 basis points of adjusted EBITDA margin expansion compared to the first quarter. As these awards come online and communities continue to scale, we expect revenue and adjusted EBITDA to build further through 2026 and into 2027.

這些款項凸顯我們合約基本面的強勁，以及客戶對我們快速上市（speed-to-market）解決方案所賦予的價值。更廣泛而言，我們的業績反映出對近期合約得標的持續執行、強勁的單位經濟效益，以及隨著社區爬坡而提升的營運槓桿。相較第一季，這使調整後 EBITDA 利潤率擴張超過 700 個基點。隨著這些得標案上線、社區持續擴張規模，我們預期營收與調整後 EBITDA 將在 2026 年並延伸至 2027 年進一步成長。

Turning to our individual segment performance. Our WHS segment generated approximately $36 million of quarterly revenue, a 142% increase over the prior year as several communities advanced through their ramp-up phases and activity shifted from construction into full-service operations. Average WHS segment utilized beds surpassed 4,000 during the quarter, further demonstrating the depth of our operational platform, the scalability of our business model and our ability to execute multiple large-scale customer developments concurrently.

接著談各事業部的表現。我們的 WHS 事業部第二季營收約為 3,600 萬美元，較去年同期成長 142%，原因在於多個社區推進其爬坡階段，且活動重心由施工轉入全方位服務營運。本季 WHS 事業部平均已使用床位數超過 4,000 張，進一步展現我們營運平台的深度、商業模式的可擴展性，以及同時執行多個大型客戶開發案的能力。

This operating momentum reflects accelerating demand across our WHS segment end markets and should translate into greater contribution as communities continue to scale, supported by strong unit economics, growing operational efficiencies and increased activity across recently announced large multiyear contract awards. Our WHS segment is positioned to become Target's largest segment for full year 2026, contributing more than 50% of consolidated revenues based on the current contracted portfolio.

此營運動能反映我們 WHS 事業部門終端市場需求正在加速，且隨著各社區持續擴張，在強勁的單位經濟效益、日益提升的營運效率，以及近期公布之大型多年期合約得標所帶動的活動增加支持下，預期將轉化為更高的貢獻。依據目前已簽約的合約組合，WHS 事業部門有望在 2026 全年成為 Target 最大的事業部門，對合併營收的貢獻將超過 50%。

Moving to our other operating segments. Our HFS-South segment generated approximately $33 million in quarterly revenue. While the segment experienced some moderation, it continues to deliver strategic value through its established presence in high activity regions and its long-standing customer relationships. We continue to evaluate opportunities to optimize this network while preserving flexibility to redeploy capacity towards high-return opportunities across our broader portfolio.

接著談我們其他營運事業部門。HFS-South 事業部門本季創造約 3,300 萬美元的季度營收。儘管該事業部門的表現略有趨緩，但憑藉其在高活動區域的既有布局與長期客戶關係，仍持續提供策略性價值。我們將持續評估優化此網路的機會，同時保留彈性，以便將產能重新部署至我們更廣泛投資組合中具高報酬的機會。

Our Government segment generated approximately $13 million in revenue during the quarter, driven by the reactivation of our Dilley, Texas assets. As we optimize certain Government segment assets to support recently announced WHS segment contract awards, we expect to incur approximately $5 million to $7 million of transitional costs over the next two quarters. These transitory costs will temporarily pressure Government segment margins, which is reflected in our 2026 outlook.

政府事業部門本季營收約 1,300 萬美元，主要受德州 Dilley 資產重新啟用所帶動。隨著我們優化政府事業部門的部分資產以支援近期公布的 WHS 事業部門合約得標，我們預期未來兩季將產生約 500 萬至 700 萬美元的過渡成本。這些一次性過渡成本將暫時壓抑政府事業部門的利潤率，並已反映在我們對 2026 年的展望中。

Recurring corporate expenses, excluding stock-based compensation and transaction expenses, were approximately $15 million for the quarter. As we advance Target's strategic initiatives, we remain focused on managing costs prudently while ensuring we have the resources needed to execute effectively. Our 2026 outlook reflects the recalibrated corporate expenses required to support this growth over the coming quarters.

本季經常性公司費用（不含以股票為基礎之酬勞及交易費用）約為 1,500 萬美元。在推進 Target 的策略性計畫之際，我們仍專注於審慎控管成本，同時確保具備有效執行所需的資源。我們對 2026 年的展望反映為支援未來數季成長所需而重新校準的公司費用水準。

Turning to capital management. Total capital spending for the quarter was approximately $132 million as mobilization and construction activity began on multiple large community developments tied to recent WHS segment contract awards. We ended the quarter with approximately $141 million in total available liquidity and a net leverage ratio of 0.6 times. As previously announced on July 24, we replaced our $175 million revolving credit facility with a new $660 million credit facility, nearly quadrupling Target's committed borrowing capacity and meaningfully expanding the company's banking relationships.

接著談資本管理。本季資本支出總額約 1.32 億美元，因近期 WHS 事業部門合約得標所帶動的多個大型社區開發案開始進行動員與施工。本季末我們的可用流動性總額約 1.41 億美元，淨槓桿比率為 0.6 倍。如先前於 7 月 24 日所公告，我們以新的 6.60 億美元信貸融資取代原本 1.75 億美元的循環信用額度，使 Target 的承諾借款能力接近四倍成長，並顯著擴大公司的銀行往來關係。

This expanded capacity significantly enhances our financial flexibility and lowers our cost of capital, allowing us to execute on recent contract awards and capitalize on our robust multiyear growth pipeline. Driven by the depth of our Target Hyper/Scale offerings and accelerating customer demand, we continue to identify opportunities to expand our value-added solutions and address specific customer challenges.

此一擴增的額度大幅提升我們的財務彈性並降低資本成本，使我們得以執行近期合約得標並把握強勁的多年期成長管線。在 Target Hyper/Scale 產品與服務的深度以及客戶需求加速的帶動下，我們持續尋找機會擴大增值型解決方案，並因應特定客戶挑戰。

For example, we recently expanded our service offering for an existing customer by providing a temporary full-service workforce solution. This offering supports their ability to accelerate project development ahead of completing their customized multi-thousand bed community. It further demonstrates how we tailor solutions to customers' unique requirements.

例如，我們近期透過提供臨時的全方位人力解決方案，擴大了對既有客戶的服務內容。此項服務有助於其在完成客製化、可容納數千床位的社區之前，加速專案開發進度。這也進一步展現我們如何依客戶的獨特需求量身打造解決方案。

Together, our ability to deliver flexible value-added solutions like this one, combined with growing contributions from recently announced WHS segment contracts, reflects the sustained operating momentum behind our increased 2026 outlook. This includes total revenue of $410 million to $420 million and adjusted EBITDA of $85 million to $95 million with capital spending, excluding acquisitions, of $490 million to $510 million to fund our long-term growth.

綜合而言，我們提供如上述具彈性的增值型解決方案之能力，加上近期公布的 WHS 事業部門合約所帶來的貢獻持續提升，反映支撐我們上調 2026 年展望的持續營運動能。其中包括總營收 4.10 億至 4.20 億美元、調整後 EBITDA 8,500 萬至 9,500 萬美元，以及資本支出（不含併購）4.90 億至 5.10 億美元，以支應我們的長期成長。

As I mentioned earlier, a meaningful portion of this capital spending is supported by customer advance payments associated with recently awarded WHS segment contracts, supporting efficient capital deployment and maintaining strong financial flexibility. As recent contract awards continue to scale, we expect revenue and adjusted EBITDA to build steadily through 2026 with additional operating leverage and improved unit economics supporting margin expansion into 2027.

如我先前提到，這些資本支出中有相當一部分由近期獲授予之 WHS 事業部門合約相關的客戶預付款所支撐，有助於提升資本部署效率並維持強勁的財務彈性。隨著近期合約得標持續放量，我們預期營收與調整後 EBITDA 將於 2026 年穩步成長，並在 2027 年受益於額外的營運槓桿與改善的單位經濟效益，推動利潤率擴張。

Together, these factors position us to exit 2027 with annualized revenue exceeding $700 million and adjusted EBITDA above $260 million. Importantly, this projection is supported by our existing contract portfolio and does not assume contribution from our broader commercial pipeline. As we deploy capital to achieve these near-term financial objectives, these investments will temporarily increase our net leverage. However, our committed contract portfolio, customer advance payments and attractive unit economics are expected to support meaningful cash generation, particularly as communities continue to ramp.

綜合上述因素，我們預期在 2027 年底時，年化營收將超過 7.00 億美元，調整後 EBITDA 將高於 2.60 億美元。重要的是，此一預測係以我們既有的合約組合為基礎，並未假設我們更廣泛商業管線的貢獻。在我們部署資本以達成這些短期財務目標之際，這些投資將暫時推升我們的淨槓桿。然而，我們已承諾的合約組合、客戶預付款以及具吸引力的單位經濟效益，預期將支持可觀的現金創造，特別是在各社區持續爬坡之際。

As a result, we expect leverage to decline as these communities open and anticipate exiting 2027 with net leverage well below 3 times based on our current project schedule. Target is well positioned with a flexible operating model and strong financial profile as we continue to evaluate a robust growth pipeline.

因此，隨著這些社區開放營運，我們預期槓桿將下降，並依據目前的專案時程，預期在 2027 年底時淨槓桿將遠低於 3 倍。在持續評估強勁的成長管線之際，Target 具備彈性的營運模式與穩健的財務體質，處於有利位置。

Our focus remains on expanding the WHS segment, which we believe offers the greatest opportunity to accelerate value creation for our shareholders. Importantly, as we pursue these opportunities, we will remain focused on maintaining the strong financial profile we've built while maximizing margin contribution through our efficient operating structure.

我們的重點仍是擴大 WHS 事業部門，我們相信這提供了為股東加速創造價值的最大機會。同時，在追求這些機會時，我們將持續專注於維持我們所建立的強勁財務體質，並透過高效率的營運架構最大化利潤貢獻。

With that, I will hand it back to Brad for closing remarks.

接下來我把時間交回給 Brad 進行結語。

Thanks, Jason. Our second quarter results reflect the strong execution that has defined Target's performance this year as we translate commercial momentum into tangible operating results, finalize incremental contract awards and advance our strategic growth pipeline. Since January, this discipline has delivered more than 9,000 contracted beds and over $1.4 billion in multiyear contract awards, reinforcing Target's position as a trusted mission-critical partner across our WHS end markets.

謝謝，Jason。我們第二季的結果反映了今年以來定義 Target 表現的強勁執行力：我們將商業動能轉化為具體的營運成果，完成額外的合約得標，並推進策略性成長管線。自 1 月以來，這份紀律已帶來超過 9,000 床位的簽約量，以及超過 14 億美元的多年期合約得標，強化 Target 在 WHS 終端市場中作為值得信賴、關鍵任務合作夥伴的地位。

This momentum is underpinned by durable long-term contracts that provide greater revenue and cash flow visibility. Combined with a well-capitalized balance sheet and significant financial flexibility, we are positioned to execute and fund an active pipeline of over 20,000 beds tied to power generation, AI-driven data centers and other critical infrastructure projects across North America.

此一動能以具韌性的長期合約為基礎，提供更高的營收與現金流可視性。再加上資本充足的資產負債表與顯著的財務彈性，我們具備執行與資金支應的能力，可推進一條活躍管線：在北美各地，與發電、AI 驅動的資料中心及其他關鍵基礎建設專案相關、合計超過 20,000 床位。

As industry adoption of our mission-critical workforce solutions continues to build, we anticipate incremental contract awards in the coming quarters. Together, our proven Target Hyper/Scale platform, disciplined capital allocation and financial strength position us to capitalize on this multi-decade investment cycle and deliver sustainable long-term value creation for our shareholders.

隨著產業對我們關鍵任務人力解決方案的採用持續提升，我們預期未來數季將有新增的合約得標。綜合而言，我們經驗證的 Target Hyper/Scale 平台、嚴謹的資本配置與財務實力，使我們得以把握這一跨數十年的投資循環，並為股東創造可持續的長期價值。

Thank you for joining us on the call today. And once again, we appreciate your interest in Target Hospitality. We will now open the call for questions.

感謝各位今天參與本次電話會議。再次感謝各位對 Target Hospitality 的關注。我們現在開放提問。

(Operator Instructions)

（接線員指示）

Faiza Alwy, Deutsche Bank.

德意志銀行 Faiza Alwy。

I wanted to just ask about the revenue and EBITDA guidance increase first. The way I understand it is that you've had good execution and you're benefiting from timing potentially this year, but then you also talked about expansion at some of the existing projects and you've raised the 2027 exit year revenue and EBITDA. So I just wanted to get a little bit more color around what you're seeing, if it's one specific contract? Or just any additional color would be helpful.

我想先請教關於營收與 EBITDA 指引上調的部分。我的理解是，你們執行得很好，且可能也受惠於今年的時點因素；但你們也提到部分既有專案的擴張，並上調了 2027 年退出年度的營收與 EBITDA。因此我想更了解你們目前看到的情況，這是否來自某一個特定合約？或任何額外說明都會很有幫助。

Faiza, thanks for the question. This is Jason, CFO. I appreciate you calling in. So I would say, overall, what drove the outlook increase, both short term and long term, was essentially community enhancements, scope expansions from multiple customers actually, I would say, also just improved visibility, continued execution on our part. And the contract awards are progressing quite well ahead of our expectations.

Faiza，謝謝你的提問。我是 Jason，財務長。感謝你來電。我會說，整體而言，推動展望上調（不論短期或長期）的因素，主要是社區升級、來自多位客戶的範疇擴增，我也會說還包括能見度提升，以及我們持續的執行力。而合約得標的進展也明顯優於我們的預期。

Customers have, again, expanded scope in certain areas. Some of that is temporary. Some of that is longer term, which fed into the longer-term increase to our outlook. And then just general operating efficiencies that are materializing faster than expected.

客戶再次在某些領域擴大了範疇。其中一部分是暫時性的。其中一部分是較長期的，這也反映在我們對長期展望的上調之中。另外，一般性的營運效率也正以快於預期的速度實現。

Yes. Maybe let me just touch on incremental scope expansion just for a minute as well, Faiza. As we bid off these massive workforce communities, our customers -- bottom line is they see the value we bring. We're bringing in a lot of staff in those areas. They're looking for us to do more.

是的。Faiza，我也想再花一分鐘談談增量的範疇擴張。當我們競標這些大型的勞動力社區時，客戶——歸根結底——看到了我們帶來的價值。我們在那些領域投入了大量人員。他們希望我們做得更多。

There's definitely a bigger portion of the wallet, if you will, the bigger portion of the spend, we think we can get more of, right? So there's some incremental things that we already do that we can do more of on the construction side and not just the workforce hub. We think over time, we continue to pick up some of that. And some of that's playing into what we're doing today on some of the guidance as well.

確實有更大一部分「錢包份額」（如果你願意這麼說的話），也就是更大一部分支出，我們認為我們可以爭取到更多，對吧？因此，在施工端而不僅僅是勞動力樞紐方面，我們已經在做的一些增量事項，還可以做得更多。我們認為隨著時間推進，我們會持續拿到其中一部分。而其中一些也反映在我們今天對部分指引所做的安排之中。

Great. That's very helpful. And then I wanted to ask about Dilley, because there's been some speculation in the media and elsewhere around potential divestiture. So just curious kind of what you're hearing about that and sort of if you could comment on that at all.

很好。這非常有幫助。接著我想問一下 Dilley，因為媒體及其他地方一直有一些關於可能剝離的揣測。所以想了解你們對此聽到的是什麼，以及你們是否能對此做任何評論。

Yes. So we're not going to comment on any kind of monetization of assets or potential monetization of assets. What we can say with respect to the Government segment is it's tied to a contract that is expected to go through 2030. And that facility has been operating since 2014 with the same customer, we're focused on servicing that contract at this point. But we're -- in terms of growth, we're not focused on growing the government segment. Our capital is primarily focused on being deployed to grow the WHS segment because that's where the lion's share of the pipeline opportunities are at this point.

是的。我們不會就任何資產變現或潛在資產變現發表評論。就政府業務分部而言，我們可以說的是，它與一份預計將延續至 2030 年的合約綁定。該設施自 2014 年起便與同一客戶營運，我們目前專注於履行該合約。但就成長而言，我們並不著重於擴大政府業務分部。我們的資本主要用於推動 WHS 業務分部的成長，因為目前絕大部分的管線機會都在那裡。

I appreciate it. And if I could just sneak one more in. You did raise your CapEx guide for the year. Could you talk to us a little bit about how you see the trend of operating cash flow this year?

感謝。如果我可以再追問一個問題。你們上調了今年的資本支出（CapEx）指引。能否談談你們如何看待今年營運現金流的走勢？

Yes. So as you can see from our Q2 results and cash flows are flowing in ahead of adjusted EBITDA and full economics on the contract, and that's driven by those advance payments from customers that we talked about at the top of the call and alluded to on our last call as well. So cash flows this year are going to outpace adjusted EBITDA for this year as well.

是的。如你從我們第二季的業績可見，現金流入的進度領先於調整後 EBITDA 以及合約的完整經濟效益，而這是由我們在電話會議一開始提到、並在上次電話會議也提及的客戶預付款所驅動。因此，今年的現金流也將超越今年的調整後 EBITDA。

And I would say with respect to the CapEx, the majority of the CapEx spend is anticipated to happen this year as evidenced by the outlook, and we increased that because of the community enhancements that the customers have requested. And so I would anticipate a lot of the CapEx spend to decelerate quite significantly as we move through 2027. And that's, again, based on what we've contracted to date that doesn't anticipate anything in our pipeline at this point in time.

至於資本支出，我會說大部分的 CapEx 支出預期會在今年發生，這也反映在我們的展望之中；我們之所以上調，是因為客戶要求進行社區（園區）改善。因此，隨著我們邁向 2027 年，我預期 CapEx 支出將顯著放緩。再次強調，這是基於我們截至目前已簽約的內容，並未在此時點納入任何管線中的項目。

Scott Schneeberger, Oppenheimer.

Scott Schneeberger，Oppenheimer。

I think for the first one, I'd like to ask on the ripeness of the pipeline. Could you please speak to what you're seeing there? And I guess a part B to this question is, what is it in your pipeline kind of speaking historically, who did you see competitively? How many competitors usually are bidding against you? And if you're aware of that in your current pipeline? If you could address it as well.

第一個問題我想問管線的成熟度。能否談談你們看到的情況？另外作為問題的第二部分，從歷史角度看，你們的管線中通常會遇到哪些競爭對手？一般有多少競爭者與你們同場競標？以及你們是否了解目前管線中的競爭情況？也請一併說明。

Yes, Scott, just high level on this. Pipeline for us continues to outperform our expectations as far as just the sheer numbers that we're seeing of beds being requested, beds that are coming in. Geography is also expanding outside of Texas into the Rockies, the Midwest and further. So number of beds, again, number of requests and then the growth in just the geography, right? I would tell you there's a growing industry adoption as the projects are going more remote.

是的，Scott，我先從高層次回答。就我們而言，管線持續超出我們的預期，主要是我們看到的床位需求數量——被要求的床位、進來的床位——在量上非常強勁。地理範圍也從德州擴展到落磯山脈地區、中西部以及更遠的地方。所以是床位數、需求數，以及地理範圍的擴張，對吧？我會說，隨著專案走向更偏遠地區，整個產業的採用度正在提升。

When you look at some of the pushback across the country on the data centers, the companies that maybe thought they didn't need our type of solution are now being -- they're looking at this much differently. They're coming to us earlier to help them on the community engagement piece. They're asking us to get involved early on, just like you've seen in the Uinta County in Wyoming, right?

當你看到全國各地對資料中心的反對聲浪時，那些原本可能認為不需要我們這類解決方案的公司，現在——他們的看法已經大不相同。他們更早來找我們，協助處理社區互動（community engagement）這一塊。他們要求我們及早介入，就像你在懷俄明州 Uinta County 所看到的那樣，對吧？

We've been working on that with that customer shoulder to shoulder for a while. So we think some of the things that Governor Abbott put out, right, are a positive for our business and will help strengthen this pipeline. As far as competition, sure, there are several out there that are competing. Some are just competing for the services and then some are saying they're a turnkey operator, right? We'll buy the land, develop the facility as we do.

我們與那位客戶肩並肩合作已經有一段時間了。因此，我們認為 Abbott 州長提出的一些措施，對我們的業務是正面的，並將有助於強化這條管線。至於競爭，當然，市場上有幾家在競爭。有些只是競爭服務項目，另一些則表示他們是交鑰匙（turnkey）營運商，對吧？他們會像我們一樣買地、開發設施。

We have always seen competition on that. I would tell you it's not as great as what you might think, but there's definitely some competition out there. Most are regional players, some private equity owned on that side. But I'm not going to call out names, but definitely some competition out there.

我們一直都看到這方面的競爭。我會告訴你，競爭程度沒有你可能想像的那麼大，但確實存在一些競爭者。多數是區域型業者，有些是私募股權持有的公司。我不會點名，但確實有一些競爭。

And just on the guidance, kind of following up on a prior question. There's $30 million, and that was in there last time you provided guidance of variable revenue. It was termed data center hub contract last time. Now it's just referenced to the whole WHS segment. Could you speak if there's -- is it still just that? And could you speak about what level above committed minimum? Just kind of curious how aggressive or conservative that is looking out if it has -- if that includes others and is taken down within data center hub?

另外關於指引，延續前面一個問題。有 3,000 萬美元的可變收入，上次你們提供指引時就已包含在內。上次稱之為資料中心樞紐合約（data center hub contract）。現在則只是提到整個 WHS 業務分部。能否說明是否仍然只是那一項？以及可變收入相對於承諾最低額度之上的水準大概如何？我只是想了解，往前看這個假設是偏積極還是偏保守——如果它包含其他項目，或是在資料中心樞紐內被下調了？

Yes. Sure, Scott. I'll take that one. So I appreciate the question. So in terms of the variable revenue that is attached to our longer-range outlook, which is the 2027 outlook, that is still attached to that data center hub contract, and that's the only variable revenue that's considered about $30 million of annual variable revenue is considered there. No other variable revenue is considered.

是的。當然，Scott。我來回答這題。謝謝你的問題。就與我們較長期展望（也就是 2027 年展望）相關的可變收入而言，仍然是綁定在那份資料中心樞紐合約上，而且所考量的可變收入只有這一項——約每年 3,000 萬美元的可變收入被納入考量。沒有納入其他可變收入。

However, as you know, from the other contracts that we talked about, there continues to be variable revenue upside above and beyond that $30 million for sure. We just want to be prudent about our long-range outlook there. Now in terms of the short-term outlook, so 2026 outlook does not include any variable revenue above the contracted minimums for any of the new contracts.

不過，如你所知，從我們談到的其他合約來看，確實仍然存在高於這 3,000 萬美元之上的可變收入上行空間。只是我們希望在長期展望上保持審慎。至於短期展望，2026 年展望並未納入任何新合約在合約最低承諾額度之上的可變收入。

So relatively conservative there. It's definitely variable revenue upside. We want to be thoughtful about the contract ramp schedules and things of that nature in terms of how we thought about the variable revenue. But the 2026 outlook is geared towards the fixed minimum revenue commitments with no variable revenue considered.

所以在那方面相對保守。這確實是可變收入的上行空間。就我們如何看待可變收入而言，我們希望在合約爬坡時程以及諸如此類的事項上審慎思考。但 2026 年展望是以固定的最低收入承諾為主，未納入任何可變收入。

I think, Jason, the variable starts to get a little clear as we start to open up more rooms, right, to see the pace that the customer puts heads in beds, right? But we didn't want to get too far ahead of ourselves on that until we start opening up these phases.

我想，Jason，當我們開始開放更多房間時，可變的部分就會變得更清楚，對吧？因為我們能看到客戶把人安排入住的速度，對吧？但在我們開始開放這些階段之前，我們不想在這件事上走得太前面。

Yes. And as we talked about last time, the two most recent contracts that we announced, the larger ones take about a year to sort of fully ramp up, and that pretty much happens in 2027.

是的。而且如同我們上次談到的，我們最近宣布的兩份最新合約中，較大型的合約大約需要一年才能算是完全爬坡完成，而那基本上會發生在 2027 年。

I appreciate that color. I'm going to sneak a follow-up to something Brad said earlier. Brad, the -- your ability to source, if you win a new contract or multiple new contracts, the geographical expansion is getting diverse, as you mentioned. And you've usually had some concentration in certain parts of the country. Just curious if you could comment on your ability to efficiently source assets for development, just your positioning.

感謝這些補充說明。我想追問一下 Brad 先前提到的一點。Brad，你們的——你們在贏得一份新合約或多份新合約時的資產來源能力，正如你提到的，地理擴張正變得更加多元。而你們過去通常在國內某些地區有較高的集中度。想請你談談你們有效率地取得用於開發的資產的能力，也就是你們的布局定位。

Yes. Look, these communities, they scale quickly, right, after initial mobilization. But we went out early on. We've talked about this before. We secured line time. We're now executing on the projects that we've put out in the press months ago. In fact, we're making very good progress on this. So execution has been our strength since I've been here for 18 years.

是的。你看，這些社區在初期動員之後擴張很快，對吧？但我們很早就開始著手。我們之前談過這點。我們已經確保了產線時段（line time）。我們現在正在執行幾個月前在新聞稿中公布的專案。事實上，我們在這方面進展非常順利。所以自從我在這裡的 18 年來，執行力一直是我們的強項。

And I think you'll start to see even more of that flow through as we get through 2026 and 2027. To answer your more pointedly on being able to source, at this point, we've locked up enough line time. We absolutely have the ability and bandwidth to take on more projects, multiple and continue to do what we're doing today. So we don't have an issue at this point with supply construction, getting these lights turned on and the facilities ramped up. And we expect to sign more quickly and execute on it.

而且我認為，隨著我們走過 2026 年與 2027 年，你會看到更多成果反映出來。更直接回答你關於取得資產來源的問題：就目前而言，我們已鎖定足夠的產線時段。我們絕對有能力與產能帶寬承接更多專案、同時多案並行，並持續做我們今天正在做的事。因此在供應與施工方面、讓這些設施啟用並完成爬坡，我們目前沒有問題。而且我們預期能更快簽約並加以執行。

Stephen Gengaro, Stifel.

Stephen Gengaro，Stifel。

I think two for me. The first is when I think about -- you referenced a little bit earlier. When I think about the legacy oilfield service, HFS-South operations, you mentioned sort of optimizing beds. And I was curious, as it pertains to that, I know I've asked similar questions in the past. But what's the flexibility of moving some of those beds -- but maybe on top of that, like the contractual obligations you have to those customers given sort of your network approach in that region? And how does that kind of all play into the ability to mobilize assets that may be underutilized in the oil patch?

我有兩個問題。第一個是，回到你稍早提到的一點。當我想到傳統油田服務、HFS-South 的營運時，你提到某種程度上在最佳化床位。我很好奇，就這點而言，我知道我過去也問過類似問題。把其中一些床位移動的彈性有多大——但更進一步，考量你們在該區域採取網絡式布局，你們對那些客戶的合約義務是什麼？而這整體又如何影響你們動員在油田可能未充分利用資產的能力？

First, let me address the -- we have a lot of flexibility. But first and foremost, we have a lot of long-term customers there that we aren't going to kick out and not allow them to have a room, right? With that said, we are going to optimize the part of the HFS portion, right? I mean we all know that, that area in the Permian Basin, it's a hot bed for the data centers as well as the oil and gas, but more so the data centers at this point.

首先，讓我先回應——我們有很大的彈性。但最重要的是，我們在那裡有很多長期客戶，我們不會把他們趕走、不讓他們有房間住，對吧？話雖如此，我們會去最佳化 HFS 這一部分，對吧？我的意思是，我們都知道二疊紀盆地那一帶，不只是油氣的熱點，資料中心也是熱點，但就目前而言更偏向資料中心。

So we will continue to optimize there while taking care of our long-term customers. But I think that's the growth story. And Steve, I mean, you talked about this a year ago in New York. All Midland to Pecos to, you name it in the Permian Basin, we think the growth story there is the data center play, right, the power play that we're seeing, and we're starting to prove that out by signing contracts. And we think that's just getting started in that area.

所以我們會在照顧長期客戶的同時，持續在那裡做最佳化。但我認為那就是成長故事。而且 Steve，你一年前在紐約就談過這個。從 Midland 到 Pecos 到——二疊紀盆地你說得出的地方，我們認為那裡的成長故事是資料中心的布局，對吧？也就是我們看到的電力題材，而我們也開始透過簽約來證明這點。我們認為那個區域才剛開始起步。

Okay. Okay. The other question -- and I know you're not going to speculate too much, but in reference to the question earlier about Dilley -- if hypothetically, you sold an asset that brought in hundreds of millions of dollars, how would you deploy that cash?

好的。好的。另一個問題——我知道你不會過度臆測，但回到先前關於 Dilley 的問題——如果假設你出售一項資產、帶來數億美元的資金流入，你會如何運用那筆現金？

Well, I would say we're not going to speculate on monetizing assets. However, we are focused on deploying our capital to grow the WHS segment because that's where our pipeline of opportunities is at this point, and that's the most accretive place to deploy our capital for the shareholders.

嗯，我會說我們不會臆測資產變現。不過，我們專注於把資本投入以成長 WHS 部門，因為目前我們的機會管線就在那裡，而且那也是對股東而言最具增值性的資本配置方向。

Okay. And then -- and maybe one more. And Brad has always been very careful about speculating on contracts, et cetera. But you seem very confident in the 20,000 bed pipeline opportunity. Is there any time frame like the contracts that you're in discussions with, are these things that could happen in the next month, the next half year? Like what's -- without sort of kind of committing to a time, what's the kind of cadence of the discussions and the timing on some of these projects?

好的。然後——也許再一個。而且 Brad 一向對臆測合約等等非常謹慎。但你看起來對 20,000 床位的管線機會非常有信心。是否有任何時間框架？例如你們正在洽談的合約，可能在下個月、接下來半年內發生嗎？也就是說——在不算是承諾時間的前提下，這些討論的節奏與部分專案的時程大概是怎樣？

Yes. I'll try to be less evasive for you on this one. So I would look on our kind of prepared remarks and what we've talked about here, I would look at two separate statements. First, being in advanced discussions. We continue to say we're in advanced discussions for multiple quarters. What we've added here is kind of a separate statement, finalizing multiple definitive agreements. That's separate and apart from advanced discussions.

是的。我會盡量在這題上對你少一點閃躲。所以我會請你看我們準備好的講稿，以及我們在這裡談到的內容，我會把它看成兩個不同的表述。第一個是「處於深入討論中」。我們已經連續好幾個季度都說我們在進行深入討論。而我們這次新增的是另一個表述：「正在敲定多份最終確定協議（definitive agreements）」。這與「深入討論」是分開、不同層次的。

I would tell you, we feel very comfortable near term that we're going to have some new projects come on board, right? I'm not going to get into sizes and terms and customers. I would tell you, 1,000-plus beds, right, each as we move forward, they're sizable projects that we feel comfortable giving you the information I just did. So again, kind of bifurcated advanced discussions and then finalizing multiple definitive agreements.

我可以告訴你，我們對短期內會有一些新專案加入非常有把握，對吧？我不會談規模、條款與客戶。我會說，每個專案都是 1,000 張床位以上，對吧？隨著我們往前推進，這些都是相當具規模的專案，我們也很有信心向你提供我剛才那樣的資訊。所以再次強調，這是把「深入討論」與「敲定多份最終確定協議」做區分。

Greg Gibas, Northland Securities.

Greg Gibas，Northland Securities。

One, I wanted to touch on the margins within WHS quite a bit stronger than we expected. And wondering if you could provide some context on whether there were any particular drivers of that strength there? Or if that -- I think it was 53.5% is fair go-forward expectation for that segment?

第一個，我想談一下 WHS 的利潤率，明顯比我們預期強很多。想請問你能否提供一些背景，是否有任何特定因素驅動了那邊的強勁表現？或者說——我想是 53.5%——這是否是該部門未來合理的持續性預期？

Yes. I think the margin profile on that is pretty much in line with the type of contract structures that we've outlined previously that we see in our pipeline. And what you're seeing there is just a ramp-up ahead of schedule, right? And operational efficiencies materializing quicker and execution, ultimately, right? And so those are long-term impacts that we anticipate going forward. It just happened a bit quicker.

是的。我認為那樣的利潤率輪廓，基本上與我們先前所概述、並且在我們機會管線中看到的合約結構類型相當一致。而你看到的情況是爬坡進度超前於原定時程，對吧？以及營運效率更快實現，最終就是執行力，對吧？因此，這些都是我們預期未來會持續存在的長期影響。只是發生得稍微快了一些。

And look, they continue to increase.

你看，他們還在持續增加。

Fair. I appreciate that. And I wanted to follow up because I know you mentioned it, Brad, but nice to see the -- you guys secured the permit for the Uinta County, Wyoming data center opportunity. Wondering if you could provide maybe an update on where that opportunity stands and I guess, just where is that in the contracting process?

合理。我很感謝。我想追問一下，因為我知道你提到過，Brad，但很高興看到——你們已經取得了懷俄明州尤因塔郡（Uinta County）資料中心機會的許可。想請你更新一下該機會目前的進展，以及我想，合約簽訂流程目前進行到哪一步？

Yes. And I would say this one kind of fits in the advanced discussions piece, right? I would say, well, first, we're excited to be a part of this project and the eventual build-out of the workforce hub. What we did there is we worked with a customer for literally months and months the developer of the data center on site selection, community engagement, city planning.

是的。我會說這個案子有點符合我們所說的「深入討論」那一類，對吧？我會說，首先，我們很興奮能參與這個專案以及未來勞動力樞紐（workforce hub）的建置。我們在那裡與客戶——也就是資料中心開發商——合作了好幾個月又好幾個月，針對選址、社區溝通、市政規劃等事項。

And ultimately, what you've seen in the press is we received an approval for the development of a workforce hub in support of the overall project. So final terms, conditions as well as start date for first heads in beds still being worked through contractually. And I would say just as we have more details, we'll come back to you with that. But really excited about the project, large project, gets us in a different geography that we're used to working and we have a facility in Wyoming now. I feel very comfortable with executing on that, and we look forward to it.

最終，如你在媒體上看到的，我們已獲得批准，可開發一個支援整體專案的勞動力樞紐。因此，最終條款與條件，以及第一批入住（first heads in beds）的起始日期，仍在合約層面持續協商中。我會說，一旦有更多細節，我們會再回來向各位更新。但我們對這個專案非常興奮，這是個大型專案，讓我們進入一個過去較少涉足的地理區域，而且我們現在在懷俄明州也有設施了。我對執行這個案子非常有信心，也很期待。

Got it. And then I guess last one here. If you could maybe just speak to the pipeline, how that looks for non-data center opportunities, right? I know I would ask maybe the percentage of that 20,000-plus beds or so, but don't necessarily want to exclude oil and gas-related opportunities as well.

了解。那我想最後一個問題。你能否談談非資料中心機會的案源（pipeline）狀況如何？我知道我可能會問那 20,000 多張床位中所占的比例，但也不想把油氣相關機會排除在外。

Yes, a lot of critical mineral in there. We're seeing in different parts of the US, lots of power, right, tied to data center, lots of that. That's being driven by a lot of the regulations. If you're going to build and they're definitely forcing you to bring your own power, which we've been dealing with that already. We have a couple of power contracts as we've noted earlier in the year.

是的，其中有很多關鍵礦產（critical minerals）的案子。我們在美國不同地區看到很多電力相關需求，對吧，與資料中心綁在一起的很多。這主要是由許多法規所驅動。如果你要建，他們確實在要求你自備電力（bring your own power），而這我們其實早就在處理了。如同我們今年稍早提到的，我們已經有幾份電力合約。

And we think that continues. Look, it's very strong on the power side and then critical minerals piece. I'm not going to break down the 20,000 beds. It's definitely a portion of it, but it's heavily weighted to data center and power when you look at the 20,000 beds.

我們認為這個趨勢會持續。你看，電力端非常強勁，另外就是關鍵礦產這一塊。我不會把那 20,000 張床位做細項拆分。它肯定占其中一部分，但如果你看那 20,000 張床位，權重明顯偏向資料中心與電力。

(Operator Instructions)

（接線員指示）

Alex Rygiel, Texas Capital.

Alex Rygiel，Texas Capital。

It's Alex Rygiel. A couple of quick questions and very nice quarter. Regarding the timing of additional workforce housing contracts, how has the pace of negotiations for future contracts changed in the last kind of two or three months? Have you seen them accelerate? Is it sort of moving at the same kind of pace that it's been at? Has it slowed?

我是 Alex Rygiel。幾個簡短問題，這一季表現很不錯。關於新增勞動力住房合約的時程，過去兩三個月未來合約的談判節奏有什麼變化？你們有看到加速嗎？還是大致維持原本的節奏？或是變慢了？

I would say maybe the overall time from negotiation to signature is about the same. I would just tell you there's more of them, if you will, in discussions, in negotiations. Again, I mentioned earlier, the adoption of what we do is becoming stronger and stronger. So the pipeline is growing and it's getting upgraded as well, if you will. And so we're seeing good things come out of that.

我會說，從談判到簽約的整體時間可能差不多。但我想告訴你的是，正在討論、正在談判的案子變多了。同樣地，我先前提到，我們所做的事情被採用的程度正變得越來越強。所以案源在成長，也在「升級」，如果你願意這麼說的話。因此我們看到一些很好的成果。

And then your average bed utilization was 4,000 in the quarter. What is implied in your 2026 estimate and 2027 estimate where you'll be kind of exiting on the bed utilization rate in 2026?

另外，你們本季平均床位使用量是 4,000。在你們對 2026 年與 2027 年的預估中，隱含你們在 2026 年底的床位使用率大概會到什麼水準？

Well, I would say we have, what, 9,000 beds contracted this year. That includes the last two large contracts, one for 3,300 beds, approximately another one for 4,000. Those are going to take about a year to fully ramp up. As we said on our last call, we expect those communities to be fully ramped up by mid-2027. And so obviously, we anticipate the utilization to increase as we move through the year.

嗯，我會說我們今年已簽約的床位大概是 9,000 張。這包含最近兩份大型合約，一份是 3,300 張床位，另一份大約 4,000 張。這些要大約一年時間才能完全爬坡到位。如同我們上次電話會議所說，我們預期這些社區會在 2027 年年中全面到位。因此很明顯地，隨著我們在今年推進，我們預期使用量會增加。

Even on those two large contracts that will take about a year, we anticipate delivering about 1,000 beds a quarter. We're on track for that. And so you'll see a higher number than the 4,000 bed utilization, not the full 9,000 beds because that will basically happen in 2027.

即便是那兩份需要約一年時間的大型合約，我們也預期每季可交付約 1,000 張床位。我們正按計畫進行。所以你會看到比 4,000 張床位使用量更高的數字，但不會立刻到完整的 9,000 張，因為那基本上會在 2027 年發生。

There are no further questions at this time. I will now turn the call over to Brad Archer for closing remarks.

目前沒有其他問題。我現在把電話交回給 Brad Archer 做結語。

Thank you. In closing, I just wanted to reiterate a few points. Number one, industry adoption as well as federal, state and local municipality adoption around the services we offer continues to grow as they see our offering lessening any impact caused by the growth they are experiencing in their communities. Community relations is becoming a huge piece of all of this, right? So number two, we are executing. You heard me and Jason talk about that. Revenue and profits are increasing and will continue to accelerate as we move through 2026 and 2027.

謝謝。在結語中，我想重申幾點。第一，隨著產業以及聯邦、州與地方政府對我們所提供服務的採用持續增加，他們看到我們的方案能減輕其社區因成長所帶來的任何影響。社區關係正成為這一切中非常重要的一環，對吧？第二，我們正在落實執行。你們也聽到我和 Jason 談到這點。營收與獲利正在增加，並將在 2026 年與 2027 年持續加速。

Number three, sales pipeline continues to strengthen, and we fully expect new wins to flow from this. And my last point, as a company, Target Hospitality has the bandwidth to take on more, and we fully expect to do that in the near future. Last but not least, I want to thank you for all joining the call today, and we look forward for your support in the future. Operator, that ends the call for today.

第三，銷售案源持續強化，我們完全預期會有新的得標從中產生。最後一點，作為一家公司，Target Hospitality 有能力承接更多，我們也完全預期在不久的將來會這麼做。最後但同樣重要的是，感謝各位今天參與電話會議，也期待未來繼續獲得各位的支持。接線員，今天的電話會議到此結束。

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

各位女士、先生，今天的電話會議到此結束。感謝各位參與，並請各位掛斷電話。