TIC Solutions Inc (TIC) 2025 Q3 法說會逐字稿

Hello and welcome to the TIC Solutions third quarter 2025 earnings conference call.

大家好，歡迎參加TIC Solutions 2025年第三季財報電話會議。

(Operation Instructions)

（操作說明）

As a reminder, this conference call is being recorded. I would now like to turn the call over to your host, Andrew Shen, director of investor relations. Thank you. You may begin.

再次提醒，本次電話會議正在錄音。現在我將把電話交給主持人，投資者關係總監安德魯·申。謝謝。你可以開始了。

Thank you, operator. Good morning, everyone, and thank you for joining the call today. Joining me this morning is Tal Pizzey, our Chief Executive Officer, Kristin Schultes, our Chief Financial Officer, and Robbie Franklin, Executive Chairman. Ben Heraud, our President and Chief Operating Officer, will join us for the Q&A session.

謝謝接線生。各位早安，感謝大家今天參加電話會議。今天早上和我一起出席的有我們的執行長塔爾·皮齊、財務長克里斯汀·舒爾特斯和執行董事長羅比·富蘭克林。我們的總裁兼營運長本·赫羅德將參加問答環節。

Before we begin, I'd like to remind you that certain statements in the company's earnings press release and on this call are forward-looking statements which are based on expectations, intentions, and projections regarding the company's future performance, anticipated events or trends, and other matters that are not historical facts. These statements are not a guarantee of future performance and are subject to known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.

在開始之前，我想提醒各位，公司盈利新聞稿和本次電話會議中的某些陳述屬於前瞻性陳述，這些陳述基於對公司未來業績、預期事件或趨勢以及其他非歷史事實事項的預期、意圖和預測。這些聲明並非對未來績效的保證，並且受到已知和未知風險、不確定性及其他因素的影響，這些因素可能導致實際結果與此類前瞻性聲明中明示或暗示的結果有重大差異。

In our press release and filings with the SEC, we detailed material risks that may cause our future results to differ from our expectations. Our statements are as of today, November 12th, 2025, and we undertake no obligation to update any forward-looking statements we may make except as required by law.

我們在新聞稿和提交給美國證券交易委員會的文件中詳細列出了可能導致我們未來業績與預期存在差異的重大風險。我們的聲明截至今日（2025 年 11 月 12 日）有效，除法律要求外，我們不承擔更新任何前瞻性聲明的義務。

As a reminder, we have posted a presentation detailing our third quarter financial performance on the investor relations page of our new website, reflecting our recent name change, www.ticsolutions.com. Our comments today will also include non-GAAP financial measures and other key operating metrics. The required reconciliations of our non-GAAP financial metrics can be found in our press release and in our presentation.

再次提醒，我們已在新網站（www.ticsolutions.com，已更名）的投資者關係頁面發布了第三季度財務業績詳情。我們今天的演講也將包含非GAAP財務指標和其他關鍵營運指標。有關我們非GAAP財務指標的必要調整信息，請參閱我們的新聞稿和簡報。

Before we begin, let me outline the flow of today's prepared remarks. Tal will cover business performance and key operational highlights. Kristin will review our financial results, provide an update on our outlook, and share progress on our integration program. Robbie will share perspectives on the strategic alignment of the combined company and how TIC Solutions is positioned for long-term growth. It's now my pleasure to turn the call over to Tal.

在正式開始之前，讓我先概述一下今天準備好的發言稿的想法。Tal將介紹業務表現和主要營運亮點。克里斯汀將審查我們的財務業績，介紹我們的展望，並分享我們整合計畫的進展。Robbie 將分享他對合併後公司的策略調整以及 TIC Solutions 如何為長期成長做好準備的看法。現在我很高興把電話交給塔爾。

Thank you, Andrew. Good morning, everyone and thank you for your continued interest in TIC solutions. Welcome to our third quarter 2025 earnings call.

謝謝你，安德魯。各位早安，感謝大家一直以來對TIC解決方案的關注。歡迎參加我們2025年第三季財報電話會議。

As you may have seen, our new name TIC Solutions reflects the unification of Acuren and NV5 under a single platform dedicated to reliability, innovation, and service excellence. During the quarter, we brought together these two strong organizations under the TIC Solutions banner. This creates a unified tech-enabled tech and engineering services leader with scale, diversification, and momentum across infrastructure, energy transition, and data centers that deliver comprehensive asset integrity and infrastructure solutions.

如您所見，我們的新名稱 TIC Solutions 體現了 Acuren 和 NV5 在單一平台下的統一，致力於可靠性、創新和服務卓越。本季，我們將這兩個實力雄厚的組織合併到 TIC Solutions 旗下。這將打造一家集技術賦能和工程服務於一體的領導企業，在基礎設施、能源轉型和資料中心領域擁有規模、多元化和發展勢頭，能夠提供全面的資產完整性和基礎設施解決方案。

I am pleased with what I'm seeing in these early months. Our teams are collaborating well, and we're laying the groundwork for meaningful synergy capture as integration actions move from year end into 2026. The new name also reflects our intention to continue to expand the markets we serve and the services we provide within the TIC and engineering space.

我對這幾個月來所看到的情況感到滿意。我們的團隊合作良好，我們正在為實現有意義的協同效應奠定基礎，因為整合行動將從年底延續到 2026 年。新名稱也體現了我們繼續擴大在TIC和工程領域所服務的市場和所提供服務的意圖。

Let me start with our strategic vision, recent performance, and market momentum. As a combined entity, we now support clients across the full life cycle of critical assets and infrastructure from design and construction through commissioning, operation, ongoing maintenance, compliance, and decommissioning.

首先，我想談談我們的策略願景、近期業績和市場動能。作為合併後的實體，我們現在為客戶提供關鍵資產和基礎設施的全生命週期支持，從設計和建造到調試、營運、持續維護、合規和退役。

Our technicians and technology collect critical data on asset condition, whether the asset is as small as a pressure safety valve or as large as a data center, a bridge, or a shoreline. Our engineers then analyze that data with capabilities to use artificial intelligence to assess integrity, extend life, and where needed, mitigate risk through our industrial rope access and remediation capabilities. We are not simply larger, we're more capable, and that matters in serving the complex regulated needs of our end markets where reliability, safety, and compliance are paramount. Equally important is the diversification we've achieved through the combination.

我們的技術人員和技術收集有關資產狀況的關鍵數據，無論資產小到壓力安全閥，還是大到資料中心、橋樑或海岸線。然後，我們的工程師利用人工智慧技術分析這些數據，以評估完整性、延長使用壽命，並在需要時透過我們的工業繩索作業和修復能力來降低風險。我們不僅規模更大，而且能力更強，這對於滿足終端市場複雜的監管需求至關重要，因為可靠性、安全性和合規性是這些需求的重中之重。同樣重要的是，我們透過合併實現了多元化。

We're now a $2 billion-plus business with balanced exposure across multiple attractive end markets. On a combined year-to-date basis, we delivered year over year revenue growth of approximately 5% across our three segments. Our growth was supported by double-digit expansion in our consulting engineering segment. The exciting data center work for our hyperscaler clients more than doubled over the trailing 12 months, reflecting accelerating demand from AI and cloud infrastructure buildouts.

我們現在是一家市值超過 20 億美元的企業，業務遍及多個具有吸引力的終端市場，且規模均衡。今年迄今為止，我們三個業務部門的總收入年增約 5%。我們業務的成長得益於諮詢工程業務板塊兩位數的成長。在過去 12 個月裡，我們為超大規模客戶所進行的令人興奮的資料中心工作量增加了一倍多，這反映出人工智慧和雲端基礎設施建設的需求正在加速成長。

As hyperscalers expand into new geographies, we're growing with them both domestically and internationally. Activity in infrastructure conformity assessment, building planning and design, and building digitization also continues to strengthen alongside infrastructure buildout across North America. Finally, infrastructure investments supporting grid modernization and the energy transition are creating new opportunities across all three of our segments. These are not short-term trends, they are multi-year growth drivers. Reinvestment in both new and aging infrastructure expands our addressable market, and our combined capabilities position us well to compete and win.

隨著超大規模企業向新的地域擴張，我們在國內和國際上也與他們共同成長。隨著北美各地基礎設施建設的推進，基礎設施合規性評估、建築規劃和設計以及建築數位化領域的活動也不斷加強。最後，支持電網現代化和能源轉型的基礎設施投資正在為我們所有三個業務領域創造新的機會。這些並非短期趨勢，而是多年成長的驅動因素。對新建和老舊基礎設施的再投資擴大了我們的目標市場，而我們綜合的能力使我們能夠更好地參與競爭並取得成功。

Moving to geospatial, our geospatial data collection and analytics services performed well with steady mid-single-digit growth against the prior year as well as a compelling margin during the quarter. Performance was supported by healthy utilization, increased momentum in aerial hydro spatial, and stable demand across both public and private sector clients. The inspection and mitigation segment has delivered year-to-date growth despite the negative impact related to the timing of capital projects such as LNG construction, softness in the chemicals, customer base, and foreign exchange headwinds. In the third quarter, growing run and maintain activity along with stable callout work helped offset these declines.

再來看地理空間資料收集和分析服務，我們的地理空間資料收集和分析服務表現良好，與上年相比實現了穩定的中等個位數成長，並且本季利潤率也相當可觀。良好的利用率、航空水文空間分析發展勢頭的增強以及公共和私營部門客戶的穩定需求，都支撐了業績的實現。儘管受到液化天然氣建設等資本項目時間表、化學產業疲軟、客戶群變化以及外匯逆風等負面影響，但檢查和緩解業務板塊今年迄今仍實現了成長。第三季度，不斷增長的日常維護活動以及穩定的緊急呼叫工作幫助抵消了這些下滑。

Turning to integration and cross-sell execution, we are having meaningful conversations with our clients about delivering more solutions than either business could provide independently. In several cases, we're already collaborating on opportunities that leverage our combined capabilities, and these joint efforts will translate into tangible revenue wins and new value for our clients as we further integrate.

在整合和交叉銷售執行方面，我們正在與客戶進行有意義的對話，探討如何提供比任何一家公司單獨都能提供的解決方案更多的解決方案。在某些情況下，我們已經在利用雙方綜合能力的機會上展開合作，隨著我們進一步整合，這些共同努力將轉化為切實的收入成長，並為我們的客戶創造新的價值。

We've seen examples of tangible cross-selling momentums. I'll provide two. Our consulting engineering team is partnering with our inspection and mitigation team on a nationwide laser scanning and digital blueprinting initiative covering more than 1,000 retail sites, with expansion into Canada planned for next year. The program integrates legacy Acuren field workforce and legacy NV5's digital modeling capabilities to deliver high resolution, data-rich building scans that support real-time asset tracking and space management for the client. The scans enable the technology to achieve roughly 99% accuracy for tracking both quantity and location of individual retail products, providing a scalable foundation for future digital inventory applications.

我們已經看到了交叉銷售勢頭強勁的實例。我會提供兩個。我們的諮詢工程團隊正與我們的檢查和緩解團隊合作，開展一項涵蓋 1000 多個零售點的全國性雷射掃描和數位藍圖計劃，並計劃明年擴展到加拿大。該程式整合了原有的 Acuren 現場工作人員和原有的 NV5 數位建模功能，提供高解析度、數據豐富的建築掃描，支援客戶進行即時資產追蹤和空間管理。掃描技術能夠以大約 99% 的準確率追蹤單一零售產品的數量和位置，為未來的數位庫存應用提供可擴展的基礎。

We're also collaborating on a digital twin initiative for a major mining operator in Canada, combining our site access and inspection expertise with our modeling and analytics capabilities for one of our long-standing clients. The program covers more than a dozen facilities and is focused on creating asset level maintenance models that allow the client to track individual asset component, condition, age, and replacement needs to optimize long-term reliability.

我們還與加拿大一家大型礦業營運商合作開展數位孿生計劃，將我們的現場訪問和檢查專業知識與我們的建模和分析能力相結合，為我們的一位長期客戶提供服務。該計劃涵蓋十幾個設施，重點在於創建資產級維護模型，使客戶能夠追蹤單一資產組件、狀況、使用年限和更換需求，從而優化長期可靠性。

These examples demonstrate how the combined organization is actively unlocking opportunities that neither could have pursued independently as stand-alone companies, highlighting the practical value of our value creation for our clients. More broadly, the strength of the platform lies in the essential nature of our work. Our customers rely on us to keep critical assets, buildings, and infrastructure operating safely and efficiently.

這些例子表明，合併後的組織正在積極地發掘兩家獨立公司都無法單獨追求的機會，突顯了我們為客戶創造價值的實際價值。更廣泛地說，該平台的優勢在於我們工作的本質性質。我們的客戶依靠我們來確保關鍵資產、建築物和基礎設施安全且有效率地運作。

Our work is fundamental to how these assets are managed. Our recurring, run and maintained business provides stability, while our specialized offerings command premium pricing when timing is critical and when deep technical expertise is required. Together, these factors drive a resilient business model with durable performance through varying business cycles.

我們的工作對於這些資產的管理至關重要。我們持續營運和維護的業務提供了穩定性，而我們的專業服務在時間緊迫和需要深厚技術專長時，則能獲得高價。這些因素共同推動了具有韌性的商業模式，使其能夠在不同的商業週期中保持持久的績效。

As we move forward, our focus is on disciplined execution, growing the business, advancing integration, capturing synergies, both revenue and cost synergies, enhancing margins and driving long-term value creation for our stakeholders. We see clear opportunities to invest prudently in the growth, improve efficiency, and continue strengthening our platform for scale. I will now hand the call over to Kristin to walk through our financial performance in greater detail.

展望未來，我們將專注於嚴謹執行、發展業務、推動整合、實現協同效應（包括收入和成本協同效應）、提高利潤率，並為我們的利害關係人創造長期價值。我們看到了明確的機會，可以審慎地投資於成長，提高效率，並繼續加強我們的平台以實現規模化。現在我將把電話交給克莉絲汀，讓她更詳細地介紹我們的財務表現。

Thank you, Tal, and good morning, everyone.

謝謝你，塔爾，大家早安。

Third quarter revenue of $473.9 million grew substantially year over year, reflecting two months of NV5's contribution following the August closing. This growth reflects continued performance across our core end markets. If we look at the growth of the business as if the acquisition had happened on January 1, 2024, the third quarter growth of the combined business would have been approximately 2.4%. On a year-to-date basis, the combined business grew approximately 4.7%. Beginning with this 10-Q, we've introduced segment level reporting that aligns with how we lead and manage the business and how we plan to communicate about the business going forward. We felt it was important to provide a clear view of the different parts and how each contributes to our performance.

第三季營收為 4.739 億美元，年成長顯著，反映了 NV5 在 8 月完成交易後兩個月的貢獻。這一成長反映了我們在核心終端市場持續的良好表現。如果我們假設收購發生在 2024 年 1 月 1 日，那麼合併後業務的第三季成長率約為 2.4%。今年迄今為止，合併後的業務成長了約 4.7%。從這份 10-Q 表格開始，我們引入了分部層級的報告，這與我們領導和管理業務的方式以及我們計劃未來如何溝通業務的方式相一致。我們認為，清晰地展示各個組成部分以及每個部分如何對我們的業績做出貢獻非常重要。

Our inspection and mitigation segment, which is primarily the legacy Acuren business, generated approximately $293 million in revenue, down approximately 3% from the prior year period and up approximately 1% year-to-date. Strong activity in our run and maintain business, along with steady demand in our callout work was offset by the impact of less project work, along with softness in our chemicals and market and FX headwinds.

我們的檢查和緩解業務部門（主要是原有的 Acuren 業務）創造了約 2.93 億美元的收入，比去年同期下降了約 3%，比年初至今增長了約 1%。我們日常營運和維護業務的強勁表現，以及出勤工作的穩定需求，被專案工作減少、化學業務疲軟以及市場和外匯逆風的影響所抵消。

Our consulting engineering segment, which is primarily legacy NV5's infrastructure and buildings and technology businesses, contributed approximately $122 million during the two-month stub period following the close with strong momentum across infrastructure, buildings, and data center services. If NV5's results were included for the full quarter, consulting engineering revenue would have been approximately $189 million or roughly 11% higher than the prior year on both a quarterly and year-to-date basis, reflecting data center growth as well as revenue from acquisitions.

我們的顧問工程部門（主要包括 NV5 原有的基礎設施、建築和技術業務）在交易完成後的兩個月內貢獻了約 1.22 億美元的收入，基礎設施、建築和資料中心服務方面均保持強勁增長勢頭。如果將 NV5 的業績計入整個季度，諮詢工程收入將約為 1.89 億美元，比上年同期增長約 11%，無論按季度還是按年初至今計算，這反映了數據中心的增長以及收購帶來的收入。

The geospatial segment contributed about $62 million during the same two-month period. Including NV5 results for the full quarter, geospatial would have been about $90 million approximately 4% higher than the last year, and 5% year-to-date, driven by steady federal and utility program demand.

在同一兩個月期間，地理空間板塊貢獻了約 6,200 萬美元。如果將 NV5 的季度業績也計算在內，地理空間業務的收入將達到約 9,000 萬美元，比去年同期成長約 4%，今年迄今成長約 5%，這主要得益於聯邦政府和公用事業項目的穩定需求。

On a consolidated basis, adjusted gross profit, which excludes depreciation, was approximately $171 million with an adjusted gross margin of 36.1%, up from the prior year period, reflecting the favorable gross margin mix from added NV5 services. For our inspection and mitigation segment, adjusted gross margin was 28.5% for the quarter and 27.7% for the full year-to-date period. In the third quarter, consulting engineering and geospatial both generated strong gross margins of 51.4% and 48.4% respectively, supported by favorable project mix and strong operational execution.

合併後的調整後毛利（不包括折舊）約為 1.71 億美元，調整後毛利率為 36.1%，高於去年同期，這反映了新增 NV5 服務帶來的有利毛利率組合。就我們的檢查和緩解業務部門而言，本季調整後的毛利率為 28.5%，年初至今的調整後毛利率為 27.7%。第三季度，諮詢工程和地理空間業務的毛利率分別達到 51.4% 和 48.4%，這得益於有利的專案組合和強勁的營運執行。

Adjusted SG&A for the quarter was approximately $93 million, or 19.7% of revenue compared to 12.9% in the prior year period. The increase was primarily due to the inclusion of NV5 operations, which have a higher proportion of SG&A as a percentage of sales.

本季調整後的銷售、一般及行政費用約為 9,300 萬美元，佔營收的 19.7%，而去年同期為 12.9%。成長的主要原因是納入了 NV5 業務，該業務的銷售、一般及行政費用佔銷售額的比例較高。

Adjusted EBITDA for the third quarter was 77.3 million, representing an adjusted EBITDA margin of 16.3% compared to $51.3 million with a margin of 16.9% in the prior year period. The year over year increase in dollars reflects the addition [of 5] results without the impact of real synergies. We expect to begin realizing cost energies late in the fourth quarter of this year and into 2026.

第三季調整後 EBITDA 為 7,730 萬美元，調整後 EBITDA 利潤率為 16.3%，而去年同期為 5,130 萬美元，利潤率為 16.9%。年比美元成長反映了新增 [5] 項業績，但未考慮實際綜效的影響。我們預計今年第四季末開始實現成本能源效益，並持續到 2026 年。

Operating cash flow for the nine months ended September 30th, 2025, was approximately $45 million, reflecting efficient working capital management and the inherent cash generative nature of our services-based revenue model. Capital expenditures for the first nine months totaled approximately $21 million or 2.1% of revenue. This is slightly below our historical average due to the NV5 acquisition.

截至 2025 年 9 月 30 日的九個月，經營現金流約為 4,500 萬美元，這反映了高效的營運資本管理以及我​​們以服務為基礎的收入模式固有的現金產生特性。前九個月的資本支出總額約為 2,100 萬美元，佔收入的 2.1%。由於收購了 NV5，這略低於我們的歷史平均水平。

Turning now to an overview of our balance sheet and capital resources. As of September 30th, 2025, we had total liquidity of $282.9 million, including cash and cash equivalents of $164.4 million, as well as $118.5 million of available capacity under our revolving credit facility. Total term loan debt was approximately $1.6 billion.

現在來概覽一下我們的資產負債表和資本資源。截至 2025 年 9 月 30 日，我們的總流動資金為 2.829 億美元，其中包括 1.644 億美元的現金及現金等價物，以及循環信貸額度下的 1.185 億美元可用額度。定期貸款總額約16億美元。

In October, we completed a $250 million private placement of approximately 20.8 million shares of common stock and pre-funded warrants at $12 per share to an existing shareholder. This transaction strengthened our balance sheet and provides additional flexibility to fund selective growth opportunities as well as accelerate deleveraging. These proceeds enhance our capital position and provide ongoing opportunity to allocate capital to our creative tuck in acquisition strategy, as well as considering more material opportunities as they arise. Our balance sheet is in a solid position, and we remain focused on using free cash flow to reduce leverage over time. We continue to target a long-term net leverage ratio below three times through disciplined cache generation and integration execution.

10 月份，我們向現有股東完成了 2.5 億美元的私募配售，以每股 12 美元的價格發行了約 2,080 萬股普通股和預付認股權證。此交易增強了我們的資產負債表，並為選擇性成長機會提供了更大的資金靈活性，同時加快了去槓桿化進程。這些收益增強了我們的資本實力，並為我們持續分配資本以實施創新的收購策略提供了機會，同時也讓我們有機會考慮更多實質的機會。我們的資產負債表狀況穩健，我們將繼續專注於利用自由現金流逐步降低槓桿率。我們將繼續透過嚴格的緩存生成和整合執行，力爭將長期淨槓桿率保持在三倍以下。

Now, turning to our Outlook. We are reaffirming our full year 2025 guidance, expecting revenue in the range of $1.530 billion to $1.565 billion, an adjusted EBITDA in the range of $240million to $250 million. This outlook reflects steady year-to-date performance and continued confidence in demand across our core markets. For illustrative purposes, if NV5 had been included for the full year, these guidance ranges would equate to approximately $2.11 billion to $2.15 billion of revenue in 2025 on a combined basis.

現在，讓我們來看看展望未來。我們重申 2025 年全年業績預期，預計營收在 15.3 億美元至 15.65 億美元之間，調整後 EBITDA 在 2.4 億美元至 2.5 億美元之間。這項展望反映了今年迄今為止的穩定業績以及我們對核心市場需求的持續信心。舉例來說，如果將 NV5 納入全年業績，則這些指導範圍相當於 2025 年合併後的收入約為 21.1 億美元至 21.5 億美元。

Looking ahead to next year, we expect revenue to grow between 3% and 5% relative to the 2025 combined company baseline. An adjusted EBITDA margin should be in the range of 15.5% to 16.5%, including the impact from cost energies as they are realized. We look forward to providing a more detailed update in connection with our fourth quarter and full year 2025 results in March.

展望明年，我們預計營收將比 2025 年公司合併基準成長 3% 至 5%。調整後的 EBITDA 利潤率應在 15.5% 至 16.5% 之間，其中包括能源成本的影響。我們期待在三月提供有關 2025 年第四季和全年業績的更詳細更新資訊。

Next, I'd like to touch on the work the team is doing to integrate these businesses. At the end of this month, we will conclude the planning phase of the integration program and move into our execution phase. Our teams are working hard, and I am excited to announce that we have increased our cost synergy target from $20 million to $25 million, and we expect to be at that full run rate by mid-2027, within our original timeline of 18 to 24 months post close.

接下來，我想談談團隊在整合這些企業所做的工作。本月底，我們將完成整合計畫的規劃階段，並進入執行階段。我們的團隊正在努力工作，我很高興地宣布，我們將成本協同效應目標從 2000 萬美元提高到 2500 萬美元，我們預計到 2027 年年中將達到這一全面目標，這符合我們最初設定的交割後 18 至 24 個月的時間表。

The largest area of savings are coming from overlapping corporate resources and service providers. System consolidation, real estate footprint optimization, and compute and procurement and vendor optimization. Integration is advancing with discipline. A dedicated integration management office with leadership from both legacy companies is driving execution against defined milestones, and we look forward to continuing to update you on our progress.

最大的節省空間來自於重疊的企業資源和服務提供者。系統整合、房地產佔地面積最佳化以及計算、採購和供應商最佳化。融合進程正有條不紊地推進。由兩家原公司領導的專門整合管理辦公室正在推動各項工作按既定里程碑執行，我們期待繼續向您報告我們的進展。

With that, I'll turn the call over to Robbie to talk through the long-term strategy for TIC solutions.

接下來，我將把電話交給羅比，讓他來討論TIC解決方案的長期策略。

Thank you, Kristin, and good morning, everyone.

謝謝你，克里斯汀，大家早安。

With the NV5 transaction complete, we're seeing the benefits of bringing these complementary businesses together, creating new opportunities and measurable value for clients. The early success comes from how naturally these businesses fit together. Acuren's inspection and mitigation expertise combines with NV5's engineering design and geospatial intelligence to cover the full asset integrity life cycle, enabling us to move quickly and deliver broader solutions for our clients.

隨著 NV5 交易的完成，我們看到了將這些互補業務結合起來的好處，為客戶創造了新的機會和可衡量的價值。早期的成功源自於這些企業之間自然而然的契合度。Acuren 的檢測和緩解專業知識與 NV5 的工程設計和地理空間智慧相結合，涵蓋了資產完整性的整個生命週期，使我們能夠快速行動，並為客戶提供更廣泛的解決方案。

Culturally, this combination is working because both organizations share the same foundation, technical excellence, professional integrity, and a client-focused mindset. This shared culture gives us confidence in the long-term success of the platform.

從文化角度來看，這種組合之所以奏效，是因為這兩個組織擁有相同的基礎、卓越的技術、專業的誠信和以客戶為中心的理念。這種共同的文化讓我們對平台的長期成功充滿信心。

Looking ahead, TIC Solutions now has the characteristics of a long-term compounder, meaningful scale and fragmented markets, diversification that drives resilience, and exposure to secular tailwinds such as infrastructure renewal, energy transition, and investment in digital infrastructure. The company also has both the scale to invest across geographies and the financial flexibility to invest selectively where we see attractive returns. The work we do is essential. Critical infrastructure across the globe depends on our services, ensuring asset integrity, verifying compliance, designing resilient systems, and delivering geospatial insight.

展望未來，TIC Solutions 現在具備了長期複合成長型公司的特徵，規模可觀，市場分散，多元化發展增強了韌性，並受益於基礎設施更新、能源轉型和數位基礎設施投資等長期利好因素。公司既有足夠的規模進行跨地域投資，又有足夠的財務彈性，可以選擇性地投資於我們認為有吸引力回報的地區。我們所做的工作至關重要。全球關鍵基礎設施依賴我們的服務，確保資產完整性，驗證合規性，設計彈性系統，並提供地理空間洞察。

Demand for these capabilities is non-discretionary, and the complexity of modern infrastructure creates sustained need for expertise. We're building tech solutions for the long-term, disciplined execution, consistent cash generation, and durable value creation for shareholders while offering meaningful careers for our people and reliable outcomes for our clients.

對這些能力的需求是不可或缺的，現代基礎設施的複雜性也使得對專業知識的需求持續存在。我們致力於打造技術解決方案，以實現長期、嚴謹的執行、持續的現金流和為股東創造持久價值的目標，同時為員工提供有意義的職業發展機會，並為客戶提供可靠的成果。

Thank you. With that, let me turn the call back to Tal for closing remarks.

謝謝。那麼，現在讓我把電話轉回給塔爾，請他作總結發言。

Thanks Robbie and thank you Kristin.

謝謝羅比，也謝謝克里斯汀。

Our third quarter results demonstrate that we're executing effectively through a milestone year for our company. We completed a major acquisition, are integrating large teams while continuing to deliver for our clients without interruption. This is a testament to the dedication and professionalism of our people across both organizations.

我們第三季的業績表明，在公司具有里程碑意義的一年裡，我們正在有效地執行各項任務。我們完成了一項重大收購，正在整合龐大的團隊，同時繼續為客戶提供不間斷的服務。這充分體現了我們兩個機構員工的敬業精神和專業素養。

We've built a platform with meaningful scale, technical depth, and diversification across attractive end markets. The inspection and access capabilities that define Acuren now connect seamlessly with NV5's engineering and geospatial expertise, creating opportunities neither business could have achieved alone. The structural trends supporting our markets remain powerful aging infrastructure, increasing regulatory and technical complexity, and the acceleration of AI data center and clean energy investment.

我們建構了一個具有規模、技術深度和多元化優勢的平台，涵蓋了許多有吸引力的終端市場。Acuren 的偵測和存取能力與 NV5 的工程和地理空間專業知識無縫結合，創造了兩個企業單獨都無法實現的機會。支撐我們市場的結構性趨勢仍然強勁，包括老化的基礎設施、日益​​複雜的監管和技術，以及人工智慧資料中心和清潔能源投資的加速發展。

Our priorities remain clear. Operate safely, deliver exceptional service, and translate growth into strong cash flow and long-term value. We are executing on a unified operating model, accelerating cross-selling across end markets, aligning our people and processes under one culture and focusing on high growth capabilities like data centers, renewables, and grid modernization.

我們的工作重點依然明確。安全運營，提供卓越服務，並將成長轉化為強勁的現金流和長期價值。我們正在推行統一的營運模式，加速跨終端市場的交叉銷售，將我們的人員和流程整合到一種文化之下，並專注於資料中心、再生能源和電網現代化等高成長能力。

Finally, I want to recognize our 11,000 team members across more than 250 locations across the globe. Combining two organizations while delivering for our customers every day requires focus, flexibility, and commitment. Our people are rising to that challenge, and their professionalism reflects the culture we've built, one centered on safety, quality, and a higher level of reliability for our clients. With that, I would now like to open the call for questions.

最後，我要感謝我們遍佈全球 250 多個地點的 11,000 名團隊成員。在整合兩個組織的同時，也要每天為客戶提供服務，這需要專注、靈活和投入。我們的員工正在迎接這項挑戰，他們的專業體現了我們所建立的企業文化，這種文化以安全、品質和為客戶提供更高水準的可靠性為中心。接下來，我想邀請大家提問。

Thank you. We will now be conducting a question-and-answer session.

謝謝。接下來我們將進行問答環節。

(Operator Instructions)

（操作說明）

One moment please while we pull for questions.

請稍等片刻，我們正在徵集問題。

Chris Moore, CJS Securities.

克里斯摩爾，CJS證券。

Hey, good morning, guys. Thanks for taking a [couple]. So, you did the $250 million equity raise in early October, that leaves leverage a little above three times based on at least my '26 adjusted EBITDA. Just trying to get a sense of a reasonable range for annual free cash flow, after the integration is a little bit further along.

嘿，大家早安。謝謝你抽出時間[夫妻]。所以，你們在 10 月初完成了 2.5 億美元的股權融資，根據我 2026 年調整後的 EBITDA 計算，槓桿率略高於 3 倍。只是想了解一下在整合工作進一步完成後，年度自由現金流的合理範圍。

Hi Chris, good morning. This is Kristin. Thanks for the question.

嗨，克里斯，早安。這是克里斯汀。謝謝你的提問。

I think cash flow for us is a big opportunity for us with regard to the scale of and the profitability of the combined business. I think if you step back, the business continues to be a high free cash flow business, low CapEx, high margin. If we just mentioned some of the building blocks for that, we haven't provided guidance on free cash flow yet, but from a building block perspective, we've got the cash interest of roughly $105 million, and that's a reminder that that assumes no repayments and no changes to the current interest rate environment.

我認為，就合併後企業的規模和獲利能力而言，現金流對我們來說是一個巨大的機會。我認為，從整體來看，這家企業仍然是一家自由現金流高、資本支出低、利潤率高的企業。如果我們只提及一些構成要素，我們還沒有提供自由現金流的指導，但從構成要素的角度來看，我們有大約 1.05 億美元的現金利息，需要提醒的是，這是假設沒有償還款項，並且當前的利率環境沒有變化。

On the cash taxes piece, we're in the range of about $20 million to $30 million. And then again, we've talked about this in the past, but our CapEx is roughly 3% of revenue. And from there, it would just be any changes in working capital.

現金稅部分，我們估計在 2000 萬美元到 3000 萬美元之間。此外，我們過去也討論過這個問題，我們的資本支出約佔收入的 3%。之後，就只需要關注營運資金的任何變動了。

Got it. I appreciate that. So NV5 had a $400 million dollar revenue target for data center, in four to five years, a little while ago. Just trying to get a sense if is that still the target? And does the combination with Acuren, does that potentially accelerate anything?

知道了。我很感激。不久前，NV5 為資料中心設定了 4 億美元的收入目標，計劃在四到五年內實現。我只是想確認一下，這是否仍然是目標？那麼，與 Acuren 合併使用是否會加速某些療效？

Yeah, that's a great question. The data center business is something that we're really proud of and very excited about the way we've been able to grow that. I would tell you that the revenue on a quarter and year-to-date basis is up over 100%. It's still, only about 3% of our revenue, but we're excited about where it's headed. We started outside of North America with our data center business, and it was fairly limited in scope, and it continues to grow, and we're looking for ways to expand services from there. So, I'll let Ben comment if he wants to add anything.

是的，這是一個很好的問題。資料中心業務是我們引以為傲的領域，我們對該領域的成長方式感到非常興奮。我可以告訴你，季度營收和年初至今的營收都成長了100%以上。雖然目前僅占我們收入的3%左右，但我們對它的發展方向感到興奮。我們的資料中心業務最初是在北美以外地區開展的，當時規模相當有限，但現在仍在不斷發展壯大，我們正在尋找從那裡擴展服務的方法。所以，如果本來想補充什麼，我會讓他發表意見。

Yeah, Chris, it's Robbie. I would say we're in the process of building out our strategic, like our 5-year strategic plan. And I think the targets that NV5 had historically, were great and very ambitious, and I think that there's a glide path to get there. The opportunity for us in this combination is really to marry the on the ground services that Acuren can provide within the data center environment with sort of the technical expertise and the commissioning side that NV5 had historically. So, it's certainly a big area of focus for us given the secular tailwinds you see in the space.

是的，克里斯，我是羅比。我想說，我們正在製定我們的策略，例如我們的五年策略計畫。我認為 NV5 過去設定的目標非常遠大，也很有雄心，而且我認為實現這些目標是有條不紊的。此次合併對我們來說，真正的機會在於將 Acuren 在資料中心環境中提供的現場服務與 NV5 歷來擁有的技術專長和調試方面的能力結合起來。因此，鑑於該領域目前的長期發展趨勢，這無疑是我們重點關注的領域。

Got it. I appreciate that. Maybe just the last one for me. Q2, Acuren was still exiting some lower margin customers contracts. Just trying to get a sense is that, did that still happen in Q3 and where that process is?

知道了。我很感激。也許這是我的最後一個了。第二季度，Acuren仍在終止一些利潤率較低的客戶合約。我只是想了解一下，這件事在第三季是否仍然發生，以及目前的進展如何？

Yeah, thanks Chris. Margin is important for us. We're continuing to look at relationships and if needed, exiting those relationships through pricing. I think, the softness you see in the third quarter is primarily timing, project related and LNG construction related. And so, we'll continue to look at that, but we're also really excited about the growth opportunities that we see heading into 2026 in that segment.

謝謝你，克里斯。利潤率對我們很重要。我們將繼續審視合作關係，如有必要，將透過價格調整來終止這些合作關係。我認為，第三季的疲軟主要與時間安排、專案相關以及液化天然氣建設有關。因此，我們將繼續關注這一點，但我們也對該領域在 2026 年的發展機會感到非常興奮。

I appreciate it. I'll jump back in line. Thanks guys.

謝謝。我重新排隊。謝謝各位。

Thanks.

謝謝。

Justin Hawk, Robert W. Baird.

賈斯汀·霍克，羅伯特·W·貝爾德。

Oh great, thank you very much, and I appreciate the new segment disclosure that helps understand the moving pieces a little bit better. I wanted to ask about the geospatial, I mean it was good in the quarter. I'm just curious, because in the past, it's been levered to activity with the federal government and funding and things like that. So I'm just curious if there's been any impact from the shutdown in the fourth quarter or how we should think about that business in the year end?

哦，太好了，非常感謝！我很欣賞這種新的分段披露方式，它有助於更好地理解各個組成部分。我想問一下地理空間方面的情況，我的意思是，這學期它表現不錯。我只是好奇，因為過去它曾與聯邦政府的活動、資金等等連結在一起。所以我很好奇，第四季停工是否產生了任何影響，或者我們應該如何看待年底的業務？

Yeah, good morning, Justin. Thanks for the question. Yeah, so on a consolidated basis, we have roughly 20% exposure with government work, less than 10% from a federal perspective. I would tell you that there has been a non-material limited impact here in the fourth quarter. So far, we're optimistic that the reopening is happening and that it will be quick in terms of individuals getting back to work and getting through the stack of papers on their desk and there's limited impact from issuing POs and work orders for our business. But, aside from that, that's really it.

早安，賈斯汀。謝謝你的提問。是的，綜合來看，我們大約有 20% 的業務與政府相關，從聯邦政府的角度來看，這一比例不到 10%。我可以告訴你，第四季這裡受到的影響微乎其微。到目前為止，我們對重新開放持樂觀態度，認為這將很快使員工重返工作崗位，處理完辦公桌上的大量文件，並且對我們業務的採購訂單和工作單的發放影響有限。但除此之外，就真的沒什麼了。

Okay, thank you. And my second question would just be in the inspection and mitigation segment, you talked about the weaker turnaround activity is timing related, maybe separate from the oversupply in the chemical markets, but the specific to the turnarounds. I'm just curious because that's also seasonal, how that's trending in 4Q of those kind of snapped back or are you still kind of waiting for turnaround releases on that? Thank you.

好的，謝謝。我的第二個問題是關於檢查和緩解措施部分，您提到檢修活動減弱與時間有關，可能與化學市場供應過剩無關，而是與檢修活動本身有關。我只是好奇，因為這也有季節性，第四季的趨勢如何？這些產品是否已經反彈，還是你仍在等待市場回升？謝謝。

I can take that.

我可以接受。

The turnaround activity is not really material change this quarter for us. The decline we mentioned was related to the timing of the starting and ending of LNG projects. We see a pretty good multi-year horizon in construction of LNG facilities. It's an area of particular expertise for the accurate business, and as these projects come to an end and the next one starts up, there can be gaps there and that's what we saw in the quarter. And as we indicated, the end market pressure we saw was really the chemicals, but the outage business for us is not as spiky as some companies and I don't really see that as a big issue in the quarter or the year.

本季度，扭虧為盈的舉措對我們來說並不會帶來實質的改變。我們提到的下降與液化天然氣項目的啟動和結束時間有關。我們看到液化天然氣設施的建設前景相當樂觀，預計未來幾年內都將持續發展。對於精準型企業來說，這是一個需要特別專業知識的領域。隨著這些專案結束，下一個專案開始，就會出現一些空白，而這正是我們在本季看到的情況。正如我們所指出的，我們看到的終端市場壓力實際上是化學品，但我們的停電業務不像某些公司那樣波動劇烈，我並不認為這會是本季或本年度的一大問題。

Okay, all right, thank you for clarifying that I appreciate it.

好的，謝謝你的解釋，我很感激。

Kathryn Thompson, Thompson Research Group.

Kathryn Thompson，Thompson 研究小組。

Hi, thank you for taking my questions today, and I appreciate the call that you're also providing the 10Q that you filed today on the segments. Just circling back to the synergies that you outlined, appreciate you bumped it up to $25 million. Could you give a little bit more color on the driver for the upside and how much of this, of the components of the synergies are more cost driven? And do they include any revenue synergies that can come from the combination?

您好，感謝您今天回答我的問題，也感謝您在電話中提供了今天提交的關於各業務板塊的 10Q 表格。回到您之前提到的協同效應，感謝您將其提高到 2500 萬美元。您能否更詳細地說明一下推動成長的因素，以及這些綜效的組成部分中有多少是成本驅動的？合併後是否會產生任何所得綜效？

Morning, Kathryn. Thanks for the question.

早上好，凱瑟琳。謝謝你的提問。

Yeah, I would tell you, I'm very excited about the momentum that the integration team has internally so far. Given that, this acquisition just recently closed in August, and we really didn't kick off the integration until after Labor Day. I'm pleased with the way that we've accelerated the progress in identifying cost synergies. I would tell you that the $25 million is purely cost synergies, nothing with revenue. It's a different topic for us, and it's primarily, back-office support and the way that we're, organizing the business and supporting the business to sell and execute work. So, we're going to continue to push on that number, but excited about the progress we've made so far.

是的，我可以告訴你，我對整合團隊目前內部的進展感到非常興奮。有鑑於此，此次收購直到 8 月才完成，而我們直到勞動節之後才真正開始整合工作。我對我們加快識別成本協同效應的進展方式感到滿意。我可以告訴你，這 2500 萬美元純粹是成本綜效，與收入無關。對我們來說，這是一個不同的主題，主要涉及後台支持，以及我們如何組織業務、支持業務進行銷售和執行工作。所以，我們將繼續努力實現這個目標，但對目前的進展感到興奮。

Do you have any, in a ballpark standpoint, any type of early assessment of what the revenue synergies could be?

從大致估算的角度來看，您能否對可能產生的收入綜效進行任何初步評估？

Yeah, so Robbie mentioned some of the long-term strategic planning we're doing and to put a number on that, but it's an area of immense focus within the team right now and we're really excited about some of the early momentum and the opportunities, we have cross-selling opportunities, intercompany as well as inter-segment as well as a cross segment. And so we are looking to provide some internal targets on that front, but nothing to share externally yet.

是的，羅比提到了一些我們正在進行的長期策略規劃，雖然還沒有具體的數字，但這確實是團隊目前非常關注的領域，我們對目前的一些進展和機會感到非常興奮，我們有交叉銷售的機會，包括公司內部、部門內部以及跨部門的銷售機會。因此，我們正在尋求制定一些這方面的內部目標，但目前還沒有什麼可以對外分享的。

Okay, thank you. And then, on slide 7 of the deck that you published today in conjunction to earnings has a nice breakout of the diverse side and market mix for the combined entities and you can see that data centers is technically 2% of the mix. But from our visiting site of a construction site, we know that there's more involved and just the center itself there's the power of the utilities, there's the energy side.

好的，謝謝。然後，在您今天發布的與收益相關的簡報的第 7 頁中，對合併實體的多元化業務和市場組合進行了很好的細分，您可以看到資料中心實際上只佔組合的 2%。但從我們參觀建築工地的情況來看，我們知道其中涉及的因素更多，僅僅是中心本身就涉及到公用設施的力量，涉及能源方面。

When you step back and look at broad, not just data centers, but the reindustrialization, what of your main buckets that you've outlined in your in-market mix touches on both data center build out and reindustrialization secular trend in the US?

當你退後一步，從更廣泛的角度來看，不僅僅是數據中心，而是再工業化，你在市場組合中概述的主要類別中，有哪些既涉及數據中心建設，又涉及美國再工業化的長期趨勢？

Yeah, so Kathryn, in terms of end market mix, I'll just highlight a few areas of of bright spots or areas that we're excited about as it relates to some of the mega trends that we're seeing aside from data centers. Our renewables business is up significantly, I think our wind business in the inspection mitigation segment is up 30% year over year, and we also see a lot of opportunities within the manufacturing and fabrication space, to your point. And also, I would just add the access solution business that we have is largely untapped, and there's a tremendous amount of opportunity, to grow that across the globe. So, is there anything you want to add to that?

是的，凱瑟琳，就終端市場組合而言，我只想重點介紹一些亮點領域或讓我們感到興奮的領域，因為它們與我們看到的除資料中心之外的一些大趨勢有關。我們的再生能源業務大幅成長，我認為我們在風能檢測緩解領域的業務同比增長了 30%，正如您所說，我們在製造和加工領域也看到了許多機會。另外，我還想補充一點，我們現有的門禁解決方案業務在很大程度上尚未開發，在全球範圍內有著巨大的發展機會。那麼，你還有什麼要補充的嗎？

Sure. I think there's a lot of excitement around data centers for sure and we are working with the individual segments to think of the cross-selling opportunities, things like accurate technicians performing commissioning tasks, the undergrounding team dealing with power delivery and utilities coming to and from. And then, of course, the generation of power itself is quite exciting as we see more and more companies looking at gas-powered turbines as well as in the future, I'm sure we'll see small package nuclear facilities. So, these are all areas we're going to pay attention to and Ben, you may have some comments on this as well as you've been working on the data center.

當然。我認為資料中心領域確實有很多令人興奮的地方，我們正在與各個細分市場合作，思考交叉銷售機會，例如執行調試任務的精準技術人員，以及負責電力傳輸和公用設施進出的地下工程團隊。當然，發電本身也令人興奮，我們看到越來越多的公司關注燃氣渦輪機，我相信，在未來，我們也會看到小型核電廠。所以，這些都是我們將要關注的領域。本，你一直在資料中心方面工作，你對此可能也有一些看法。

Yeah, I mean, when we started the data center business, it was with a very narrow range of services. It was really just MEP and commissioning. As we brought in that was in Asia Pacific largely, a couple of years ago, we really invested in bringing those services in the sector heavily to the states and what that enabled us to do is start layering in other services. So this, we talked cross selling, but this has actually been happening actively over the last couple of years where we're bringing substation design, power delivery, fire protection, security, structural engineering, and then more recently bringing the NDT work and so it enables us to generate more revenue per megawatt of data centers and so it's sort of a double-edged sword. While those traditional services we were providing continue to grow rapidly, we layer on these additional services both here in the US and now international. So, it's a sort of a compounding effect in terms of our growth on the data center side.

是的，我的意思是，當我們剛開始涉足資料中心業務時，提供的服務範圍非常有限。其實就是機電工程和調試工作。幾年前，我們主要在亞太地區引入了這些服務，並投入大量資金將該行業的這些服務引入美國，這使我們能夠開始逐步引入其他服務。所以，我們談到了交叉銷售，但實際上在過去幾年裡，我們一直在積極地將變電站設計、電力傳輸、消防、安防、結構工程，以及最近引入的無損檢測工作納入其中，這使我們能夠為每兆瓦數據中心創造更多收入，因此這有點像一把雙刃劍。在我們提供的傳統服務持續快速成長的同時，我們在美國以及現在的國際範圍內，不斷增加這些額外的服務。因此，就我們在資料中心方面的成長而言，這是一種疊加效應。

Okay, thank you, helpful. Just one follow-up question on the somewhat related to the government shutdown. So, when we based on our conversations with state departments of transportation, it does not appear that at least right now, their flow has been impacted, which would obviously impact your infrastructure roughly a quarter of your business. I just wanted to confirm that that has also been your experience, but that has been our feedback from our industry contacts.

好的，謝謝，很有幫助。關於政府停擺這件事，我還有一個後續問題。因此，根據我們與各州交通部門的溝通，至少目前看來，他們的交通流量似乎還沒有受到影響，而交通流量的增加顯然會影響你們的基礎設施，大約影響你們四分之一的業務。我只是想確認一下，這是否也是您的經歷，但這是我們從業內人士那裡得到的回饋。

Yeah, I think so, Kathryn. Like I mentioned, our impact is not zero, but it's also not significant. I think there's some individual departments within the government that have had an impact, and some of it is just more timing like we said so I think getting through getting through this and getting things up and running again quickly will be really helpful.

是的，我也這麼認為，凱瑟琳。正如我之前提到的，我們的影響並非為零，但也不顯著。我認為政府內部的一些部門受到了影響，有些只是時間問題，就像我們之前說的，所以我認為盡快度過難關，讓一切恢復正常運作將非常有幫助。

Well, I would echo your thoughts around the infrastructure side of the business. That's not where we've been seeing impact.

嗯，我同意你對公司基礎設施的看法。我們看到的影響並非來自那裡。

Okay, great.

好的，太好了。

Thank you. I'll jump back in the queue.

謝謝。我重新排隊。

Josh Chan, UBS.

瑞銀集團的 Josh Chan。

Hi, good morning. Thanks for taking my questions. I know that you said some of the Q3 chopiness was timing-related, so kind of setting those aside. On the chemical side, do you expect that softness to persist into Q4 and into 2026? And does that kind of color that the range that you gave us for 2026? Thank you.

您好，早安。謝謝您回答我的問題。我知道你說過第三季的一些波動與時間安排有關，所以我們暫且把這些放在一邊。從化學產業來看，您預期這種疲軟態勢會持續到第四季甚至2026年嗎？那麼，您給出的 2026 年的顏色範圍是否就是那種顏色呢？謝謝。

Good morning, Josh. Thanks for the question. Yeah, I would say what we're seeing is that we hope that it stabilizes in the chemical space, but, when we look at our guidance for Q4 and into the next year, I would tell you that we're modeling a little bit of the same, and hope that there's some upside there. But in general, we're excited about our ability to deliver against the Q4 and next year results and hope that there's some bright spots within the chemical space soon.

早安，喬希。謝謝你的提問。是的，我認為我們目前看到的是，我們希望化學領域能夠趨於穩定，但是，當我們展望第四季度以及明年的業績指引時，我想說，我們的預測與此類似，並希望能夠有所好轉。但總的來說，我們對實現第四季和明年業績目標的能力感到興奮，並希望化學領域很快就會出現一些亮點。

I could just add to that. In the chemical space, I thought it'd be helpful to play out what it looks like when they're under pressure because we know the work we do is really essential services to maintain the integrity of facilities and if our customers are under stress financially, it's not wise for them to push inspection very far.

我還可以補充一點。在化學領域，我認為模擬他們在壓力下的表現會很有幫助，因為我們知道我們所做的工作對於維護設施的完整性至關重要，如果我們的客戶面臨財務壓力，那麼讓他們把檢查工作推得太遠是不明智的。

So, what we might have seen is if you have 20 inspectors on site, maybe they reduce headcount to 15, or if they have an outage, they might be able to replace some aged equipment, we refer to that as sustaining capital investments. And those sustaining capital investments have been smaller and deferred and so often. When we see that, there can be a bounce back at some point because these facilities are not closing, they're still operating and they need to operate safely. So, we do expect at some point to be a bounce back because this is essential work that we do.

因此，我們可能會看到，如果現場有 20 名檢查員，他們可能會將人數減少到 15 人；或者如果發生故障，他們可能會更換一些老舊設備，我們稱之為維持性資本投資。而且，這些維持性資本投資規模較小，經常被延後。我們看到這種情況，說明經濟在某個時候可能會反彈，因為這些設施並沒有關閉，它們仍在運營，而且它們需要安全運作。所以，我們預計在某個時候會出現反彈，因為這是我們所做的至關重要的工作。

Yeah, that makes a lot of sense. Yeah, I appreciate that call there, Tal. I guess, on the margin front, I think the level that you gave for 2026 may be roughly in the same ballpark as what it might be in 2025. So, is there any thoughts on why that wouldn't be maybe a little bit better given the realization of at least some of the cost synergies?

是的，這很有道理。是的，謝謝你打來的電話，塔爾。我想，就利潤率而言，我認為你給出的 2026 年的水平可能與 2025 年的水平大致相同。那麼，考慮到至少部分成本綜效的實現，有沒有人認為這樣做可能會更好一些？

Yeah thanks Josh. So, the range that we provided of 15.5% to 16.5% does include some slight margin improvement as well as the impact of realizing some of the synergies that that we've identified.

謝謝你，喬許。因此，我們提供的 15.5% 至 16.5% 的範圍確實包含了一些輕微的利潤率提升，以及我們已確定的一些協同效應的實現所帶來的影響。

Okay, great. That's encouraging. Yeah, thanks for the color and good luck in Q4.

好的，太好了。這令人鼓舞。是的，謝謝你的點綴，祝你第四季好運。

Thank you.

謝謝。

Stephanie Moore, Jefferies.

Stephanie Moore，傑富瑞集團。

Hello, this is Harold Lanto on for Stephanie Moore. So, I think in your prepared [marks], you discussed some premium pricing and some of your specialized services. So, thinking about organic growth in 4Q '25 or '26 and just trying to get a sense for what was premium pricing in the quarter. How should you expect it to run next quarter? and then in 2026? And then just any comments on the revenue guide you gave for '26 was 3% to 5%. If you could give us a sense for what percent of that is, organic, and then what you need to see to hit the high end of your even a margin range target. Thank you.

大家好，我是哈羅德·蘭托，代史蒂芬妮·摩爾為您報道。所以，我認為在你準備的[分數]中，你討論了一些高級定價和一些你的特色服務。所以，我正在考慮 2025 年或 2026 年第四季的有機成長，並試圖了解該季度的溢價情況。你預計下個季度它的營運狀況會如何？那麼，2026年呢？然後，對於您給出的 2026 年收入預期為 3% 至 5%，您有什麼意見嗎？如果您能大致說明其中有機成長的百分比是多少，以及您需要達到怎樣的利潤率目標才能實現目標範圍的高端水平，那就太好了。謝謝。

Good morning. Thank you. Can you clarify the first part of your question again, please?

早安.謝謝。請您再澄清一下問題的第一部分好嗎？

Yeah, so, you discussed some premium pricing and some of your specialized services, so I wanted to get a sense of what pricing was in the quarter and then in 4Q and then I guess your expectations for 4Q '25 and 2026.

是的，您討論了一些高級定價和一些專業服務，所以我想了解本季和第四季的定價情況，以及您對 2025 年第四季和 2026 年的預期。

Yeah, I think we're excited to be providing guidance for 2026. It does include some margin improvement and in terms of specialized or premium pricing during the quarter, I think we've provided the adjusted growth margin in the tables, but I think it's important to point back just given the noise with the timing of the acquisition back to our adjusted EDM margin. And I think that's the best way to be looking at the business in the short-term, given the noise of the transaction.

是的，我們很興奮能夠為 2026 年提供指導。這確實包括一些利潤率的提高，就本季度的專業化或高端定價而言，我認為我們已經在表格中提供了調整後的成長利潤率，但考慮到收購時間上的不確定性，我認為有必要回顧一下我們調整後的 EDM 利潤率。我認為，考慮到交易帶來的種種幹擾，這是短期內看待這項業務的最佳方式。

Got it. At a high level, from where the company is today, and we discussed it, the data center opportunity a little bit. Where do you see the most opportunity for growth in the business? Is it still data center or is it expanding infrastructure in the Canada, or, doubling down on GS ratio, we would love to hear your comments of which area of the business gets you most excited. And then on a separate point, I think you discuss having a balanced capital allocation of view given the pipe transaction. So, I know that pay down is a focus but also wanted to hear any comments on M&A. And which side of the business you would like to gain exposure in M&A?

知道了。從公司目前的狀況來看，我們之前也討論過資料中心的機會。您認為公司在哪些方面最具成長潛力？是繼續發展資料中心，還是擴大在加拿大的基礎設施，又或加倍投入高盛比率？我們很想聽聽您對公司哪個業務領域最感興趣的評論。另外，關於管道交易，我認為您討論瞭如何平衡資本配置的觀點。我知道償還債務才是重點，但也想聽聽大家對併購的看法。您希望在併購業務的哪個方面獲得經驗？

Okay, I can take the first part of that question.

好的，我可以回答這個問題的第一部分。

I think the biggest opportunity to really realize the potential of these three companies working together, these three segments working together, there's a lot of white space to fill in the total value chain or the life cycle of an asset and the engineering design leading to a plan for inspection, leading to an inspection and collecting data, and then back to engineering design. And I know that we have also a lot of white space in Canada as an example where NV5 has almost no presence and Acuren has a very strong stable base of customers. So, as we fill in these holes to connect the engineering, the consulting engineering, the geospatial, and the inspection mitigation is a great opportunity for us. Of course, there are, stronger end markets, and as we think about mix of work to the extent that consulting engineering, geospatial, the higher gross margin work has higher growth, then that will realize a better mix for us. So, I think there's a lot of work to be done on just filling white space between the companies and following the end markets things like data centers.

我認為最大的機會在於真正實現這三家公司、這三個部門合作的潛力，在整個價值鍊或資產生命週期中，從工程設計到檢驗計劃，再到檢驗和數據收集，然後再回到工程設計，還有很多空白領域需要填補。我知道我們在加拿大也有很多空白市場，例如 NV5 幾乎沒有市場份額，而 Acuren 則擁有非常強大穩定的客戶群。因此，當我們填補這些空白，將工程、諮詢工程、地理空間和檢查緩解聯繫起來時，對我們來說是一個絕佳的機會。當然，也有更強大的終端市場，當我們考慮工作組合時，如果諮詢工程、地理空間等毛利率更高的工作成長更快，那麼這將為我們實現更好的組合。所以，我認為還有很多工作要做，例如填補公司之間的空白，以及專注於資料中心等終端市場。

I think Kristin, you could probably talk to the (technical difficulty).

我覺得克里斯汀，你或許可以和…談談。（技術難題）

Yes, I'll take the question on capital allocation. So, yeah, we're excited about the opportunity that the additional pipe provides from a flexibility perspective. I would tell you that we're going to continue to be opportunistic and disciplined from a capital allocation perspective. We have a very strong pipeline of bolt-on M&A. We closed two deals during the quarter and nine on a year-to-date basis, and we've got a few more in the hopper for Q4.

是的，我會回答關於資本配置的問題。是的，從靈活性的角度來看，我們對新增管道帶來的機會感到興奮。我想告訴大家的是，從資本配置的角度來看，我們將繼續保持機會主義和嚴謹的態度。我們擁有非常強大的併購專案儲備。本季我們完成了兩筆交易，今年迄今完成了九筆交易，而且我們還有幾筆交易正在籌備中，預計將在第四季度完成。

And those are businesses that we're buying in the 4 to 6 times range, so immediately accreta for us, and we'll continue to be deploying capital there. We're the ones we've done so far this year have been across all three segments.

這些是我們以 4 到 6 倍市盈率收購的企業，因此對我們來說立即具有成長潛力，我們將繼續向這些企業投入資金。今年到目前為止，我們已經完成了所有三個領域的工作。

Thank you, and I'll hop back in the queue.

謝謝，我這就重新排隊。

This concludes the question-and-answer session. I would like to turn the floor back over to Tal Pizzey for closing comments.

問答環節到此結束。現在我把發言權交還給塔爾·皮齊，讓他做總結發言。

Thank you everyone for joining us today and for your thoughtful questions.

感謝各位今天蒞臨現場，也感謝大家提出的寶貴問題。

We appreciate your continued support and look forward to updating you on our progress as a combined organization next quarter. We're excited about the opportunities ahead and we remain committed to executing our integration successfully while we remain focused on the business operational excellence and customer service.

感謝您一直以來的支持，我們期待在下個季度向您報告我們作為合併後組織的最新進展。我們對未來的機會感到興奮，並將繼續致力於成功完成整合，同時繼續專注於卓越的業務營運和客戶服務。

Have a great day, everyone. Thanks.

祝大家今天過得愉快。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。